4 November 2024: The Reserve Bank of New Zealand – Te Pūtea Matua today announced key findings from its 2024 Reverse Stress Test, alongside an assessment of how geopolitical tensions could impact financial stability in New Zealand.
The findings are being pre-released from our upcoming Financial Stability Report and highlight the importance of proactive risk evaluation and management to safeguarding New Zealand’s financial stability.
The Reverse Stress test asked participating banks to model severe but plausible scenarios that could cause their capital levels to fall below the regulatory minimums. The scenarios banks used featured severe recessions, with significant increases in unemployment and falls in property prices. Several banks identified escalation of geopolitical tension as the primary driver of economic downturns. Scenarios were often accompanied by secondary shocks, such as cyber-related events or insurance retreat.
Banks also identified actions they could take in response to the scenarios to rebuild their capital positions. Responses included reducing dividends, cutting costs, tightening lending standards, repricing and extending loan terms for existing customers.
“The Reverse Stress test prompted banks to explore severe scenarios that threatened their businesses and identify how they might respond. The exercise has improved our understanding of the potential vulnerabilities of the financial system. It has also been a valuable exercise for testing and enhancing industry’s risk management capabilities,” Director of Financial Stability Assessment & Strategy Kerry Watt says.
An important part of Te Pūtea Matua’s financial stability work is promoting public understanding of risks. This stress testing exercise highlighted geopolitical risks as material for New Zealand. These risks arise from international tensions and can impact the financial system through various channels.
Geopolitical risk can disrupt international trade, weaken domestic demand and lead to financial market volatility. This in turn can lead to higher loan defaults, raise funding costs, and increase cyber risks for financial institutions. The nature of the impact will depend on the transmission channel, severity and location of the geopolitical shock.
“Concern about geopolitical tension has been increasing recently. As a small open economy, dependent on international trade and investment, geopolitical risks are clearly relevant to our financial system. Their potential impacts cannot be underestimated,” Mr Watt says.
“We must be aware of these risks and be prepared to manage them to ensure the stability of the financial system.”
Source: United States House of Representatives – Representative Young Kim (CA-39)
Washington, DC – Today, U.S. Representatives Young Kim (CA-40) and Wiley Nickel (NC-13) introduced the Ending Scam Credit Repair Act (ESCRA) to combat fraudulent practices in the credit repair industry. The bill targets credit repair organizations (CROs) that exploit consumers by charging high fees without delivering on promises to improve credit scores. By strengthening CROs regulations, the bill will ensure transparency and accountability in the industry.
The bipartisan Ending Scam Credit Repair Act empowers consumers by ensuring that CROs only receive payment after delivering documented improvements to credit reports, while increasing civil penalties for violations.
“Credit scores can be the key to unlocking the American dream. Fraudulent CROs should not get away with scamming hardworking Americans seeking to improve their scores,” said Congresswoman Young Kim. “The Ending Scam Credit Repair Act creates accountability and transparency for consumers and hikes penalties for scammers. I’m thrilled to introduce the bipartisan Ending Scam Credit Repair Act and will continue to work on commonsense solutions to protect the American dream.”
“Too many hard-working Americans have been scammed by bad actors in the credit repair industry,” said Congressman Wiley Nickel. “Our bill puts a stop to these deceptive practices by banning upfront fees, improving dispute transparency, and requiring state registration. Consumers deserve real results, not empty promises and financial loss.”
“Financial-services companies and consumer advocacy groups are grateful for congressional action on behalf of consumers, having seen first-hand the real harm credit repair organizations cause consumers, often charging hundreds of dollars a month, but yielding few if any positive results,” said Bill Himpler, President and CEO, American Financial Services Association (AFSA).
“Paying for credit repair is almost always a waste of money,” said Andrew Pizor, senior attorney, National Consumer Law Center (NCLC). “The amendment from Representatives Nickel and Kim will help ensure consumers are not prey to credit repair scams and that they don’t get charged unless they get the results they are paying for.”
Edward Boltz, Legislative Chair of the National Association of Consumer Bankruptcy Attorneys (NACBA), whose members represent people in and after bankruptcy, agreed that the “Ending Credit Repair Scams Act” will stop credit repair jamming schemes which mislead consumers by holding themselves out as “lawyers,” but “will also now make it clear that honest attorneys can provide advice and assistance to those who need real help with credit report errors.”
Public transport use is on the rise, growing by almost 20 per cent in the 2023/24 period compared to the same time in 2022/23.
These latest patronage figures showing passengers are voting with their feet thanks to increased reliability, new travel options and better integration.
After consecutive periods of growth, latest figures show public transport patronage nearly reached its pre-COVID high with more than 629 million ticketed trips made across all modes in the last financial year.
That figure is edging closer to the network-high 735 million ticketed trips taken on public transport in the 2018/19 window.
With the success of Sydney Metro City services and employers getting workers back to the office, public transport could set new post-Covid patronage highs through 2025.
The new Metro line is seeing around 215,000 passenger trips daily, with people incorporating new ways of travel into their overall journey. There have been more than 12 million trips on the new Metro in its first 10 weeks.
Transport for NSW is anticipating greater demand as it has listened to passengers, looked at the modelling and adapted services to fit in with how the community wants to use public transport, most notably in the shoulders of the peaks and for recreation.
Weekend travel has been the big winner with families or visitors to the city overwhelmingly travelling by bus, train, tram, ferry, and metro to major events and to explore the city and attractions.
Patronage on weekends is up 17 per cent on last year, and for ferries and light rail, has eclipsed pre-Covid travel rates – growing faster than weekday travel.
Sydney Metro has three times the weekend travellers that it did when only operating as a Northwest route.
Minister for Transport Jo Haylen said:
“People are voting with their feet and are coming back to public transport, with ridership on light rail and ferries now surpassing pre-covid levels on weekends.
“Our investment in rail maintenance and our new timetable means our network is more reliable and can recover more quickly when things go wrong.
“Patronage figures for the new City Metro show that Metromania isn’t slowing down. The daily average of 200,000 trips during its opening week, has increased to an average of 215,000 trips per day.
Released by: Minister for Planning and Public Spaces
The NSW Government has approved a modification to a large-scale wind farm in the state’s Central West which will deliver enough energy to the grid to power 730,000 homes.
The Liverpool Range Wind Farm was approved in 2018 with a modification sought in 2022 to utilise more efficient technology to increase its energy generation with fewer turbines.
The $2 billion renewable energy project, northeast of Mudgee, will create 550 construction jobs and 47 operational jobs for the Central West economy.
The local community will also benefit with $35 million to be delivered to local councils through Voluntary Planning Agreements.
Following consultation with the community the applicant reduced the number of turbines from 267 to 185 to reduce the visual impacts.
The modification will see an increase in the project’s maximum energy generation capacity by 370 megawatts to 1.3 gigawatts, with capacity to power an additional 200,000 homes across the state.
Achieving this additional power was made possible through the use of more efficient turbines and increasing the maximum wind turbine height from 165 to 215 metres.
The project will help prevent 2.8 million tonnes of carbon dioxide being released into the atmosphere across NSW during its first full year of operation.
This State Significant Development is located within the Central-West Orana Renewable Energy Zone (REZ), which the NSW Government considers a strategic area with strong renewable energy resource potential.
Projects like this are critical to Labor’s Energy Plan to deliver cleaner, more affordable energy to the grid while creating thousands of jobs and boosting regional economies.
In its assessment, the Department of Planning, Housing and Infrastructure (DPHI) worked closely with the community, councils and government agencies to address visual, biodiversity, traffic and transport impacts.
The department has set a suite of conditions to make sure any potential impacts are effectively minimised, managed and offset.
Minister for Planning and Public Spaces Paul Scully said:
“NSW is leading a once-in-a-generation upgrade of the electricity network by building the infrastructure we need to power our state into the future.
“The Liverpool Range Wind Farm will generate jobs during its construction and operational phases, while also providing long-lasting benefits to the local area through community contributions over the life of project.
“This is a good example of the applicant working with the local community and the final result being material changes to the proposal that address visual impacts.”
Released by: The Premier, Minister for Jobs, Minister for Tourism
Sydney is taking its place among the iconic marathon cities of the world, becoming just the seventh Abbott World Marathon Major alongside New York, London, Tokyo, Boston, Chicago and Berlin.
With the support of the NSW Government over a three-year candidacy and review period, the Sydney Marathon now joins the elite club of Abbott World Marathon Majors after international organisers announced their decision at the New York Marathon overnight.
Sydney’s new status is expected to drive a wave of international and interstate runners, along with familes, friends and event support crew to visit NSW.
The Sydney Marathon will become an instant bucket list event for thousands of runners across the globe who have already achieved the “six star medal” for completing all six major marathons – and thousands more who have been aiming for the same goal but will now want to add Sydney to their to-do list.
Major status positions Sydney as the major events capital of the Asia Pacific and brings global spotlight, with other marathons being watched by an average global broadcast audience of 20 million viewers.
Currently, all six Abbott World Marathon Majors are oversubscribed. For example, more than 840,000 people have applied to run in the London Marathon next year, with only about 55,000 places on offer.
Destination NSW estimates an extra $73 million in visitor expenditure will be added to the NSW economy over the next three years as a result of Sydney Marathon’s elevation. Over a decade, an extra $300 million will be added to the economy, with many visitors to Sydney taking the opportunity to visit regional NSW while in Australia.
The elevation of the Sydney Marathon to major status has been made possible through a funding and strategic partnership with the NSW Government through Destination NSW. Government support was a requirement of the Abbott World Marathon Majors criteria and involves cross agency collaboration with Transport for NSW, Destination NSW, NSW Police and NSW Ambulance.
The TCS Sydney Marathon cleared its final hurdle in September after three years of being judged against the assessment criteria of Abbott World Marathon Majors.
There were 25,000 registered runners for the marathon that winds its way through the harbour city and finishes at the Sydney Opera House.
Participation in the Sydney Marathon has increased by 400% since 2022, from 5,000 entries to 25,000 in 2024. It is expected that 33,300 will greet the starter’s gun in August 2025, rising to 37,800 in 2027.
Ongoing support for the Sydney Marathon is part of the broader Minns Government plan to grow the NSW Visitor Economy to $91 billion in expenditure by 2035.
New South Wales Premier Chris Minns said:
“We’re thrilled Australia’s only global city, Sydney is now a member of the world majors club, following the great marathon cities of Boston, Chicago, New York, Berlin, Tokyo and London.
“Achieving major marathon status is a huge honour and we are proud to be a funding and strategic partner of the Sydney Marathon.
“These runners, their supporters and fans who come to watch will bring a huge boost to the local economy.
“We have ambitious plans to boost the number of visitors in NSW and this event is another feather in our cap.
“NSW is an unbeatable hotspot for tourists across the globe and we look forward to welcoming them next year, providing a multi million dollar boost to the economy and an unforgettable experience for the runners on one of the most scenic marathon courses in the world.”
Minister for Jobs and Tourism John Graham said:
“They are the bucket list events that runners from across the world want to tick off. Now Sydney Marathon joins them at the starting line.
“Sydneysiders get behind a sporting event like no other city and we know more and more people will embrace the marathon whether that is aspiring to complete it or getting out to support those who do.
“Sydney Marathon 2025 will draw more visitors, but the NSW Government is just as excited by the economic boost this will provide over the long run as the status of the event grows.
“I congratulate Sydney Marathon organisers and those who worked on its candidacy, backed by Destination NSW. This is a remarkable achievement.”
Wayne Larden, race director of the TCS Sydney Marathon said:
“Becoming the 7th Abbott World Marathon Major is just incredible for the event, as well as for Sydney and NSW.
“This amazing milestone is going to have a profound impact on running in Australia, inspiring the community to become a marathoner and do something special for themselves, their families and friends. Community health will benefit alongside a huge increase in fundraising.
“We are so excited to deliver the 2025 event as the 7th Abbott World Marathon Major and join the greatest marathon series and events on the planet!”
“We could not have achieved such incredible growth in competitors and uplift in delivery to make it into the World Majors if it wasn’t for the support of the NSW Government through Destination NSW, and our partners TCS and ASICS. Our Pont3 team are first rate and have put in so much work to make this happen.
With millions of people already displaced by climate change disasters in Africa, the richer countries most responsible for global warming must agree at the COP29 climate conference in Baku, Azerbaijan to fully pay for the catastrophic loss of homes and damage to livelihoods taking place across the continent, Amnesty International said. They must also fully fund African governments’ adaptation measures to prevent further forced displacement, stop human rights violations and help them achieve a fast and fair phaseout of fossil fuel production and use.
These same countries must then follow up on their agreement by urgently financing the Fund for responding to Loss and Damage, the main international fund addressing climate change’s unavoidable harms. So far, such countries have pledged less than USD 700 million of the 400 billion dollars that lower-income countries estimate they need for loss and damage by 2030. Meanwhile, adaptation may cost USD 30 to 50 billion per year in sub-Saharan Africa alone. International financial institutions must ensure equitable distribution of the money to African countries based on need.
African people have contributed the least to climate change, yet from Somalia to Senegal, Chad to Madagascar, we are suffering a terrible toll of this global emergency.
Samira Daoud, Amnesty International Regional Director for West and Central Africa
“African people have contributed the least to climate change, yet from Somalia to Senegal, Chad to Madagascar, we are suffering a terrible toll of this global emergency which has driven millions of people from their homes. It’s time for the countries who caused all this devastation to pay up so African people can adapt to the climate change catastrophe,” said Samira Daoud, Amnesty International Regional Director for West and Central Africa.
The Prime Minister is set to announce an additional £75 million to boost border security, bringing the investment in the Border Security Command over the next two years to £150 million.
PM to outline major investments to smash criminal smuggling gangs at INTERPOL General Assembly in Glasgow
New capabilities for Border Security Command from £150 million funding pot to drive down Organised Immigration Crime both at home and overseas
New additional funding will cover state-of-the-art tech and information centres, boosts to enforcement and intelligence resourcing and expanding CPS capacity
The Prime Minister is set to announce an additional £75 million to boost border security, bringing the investment in the Border Security Command over the next two years to £150 million.
Marking the first time the INTERPOL General Assembly has been hosted in the UK in over 50 years, Keir Starmer will today (4 November) open the Assembly in Glasgow by setting out his personal mission to smash the people smuggling gangs by resetting the UK’s whole approach to this challenge and intensifying international collaboration to meet the global scale of the threat.
The General Assembly is INTERPOL’s supreme governing body and comprises senior ministerial and policing leads from the organisation’s 196 member states.
In his speech, the Prime Minister will set out his plans to draw on his experience of bringing together agencies to tackle international terrorist and drug smuggling gangs during his time as Director of Public Prosecutions to dismantle the people smuggling gangs who drive illegal migration, profit from human misery and represent a serious threat to global security.
He will also set out how the £150 million will provide additional specialist investigators and state of the art surveillance equipment to ensure those behind this criminal activity are stopped and brought to justice.
This major funding boost for the government’s new Border Security Command will initially be directed towards a range of enforcement and intelligence activity, including:
Investing heavily in NCA technology and capabilities, delivering advanced data exploitation and improvements to technologies to boost collaboration with European partners to investigate and break people smuggling networks.
300 staff for the new Border Security Command, who will strengthen global partnerships, deliver new legislation and lead the system through investment and strategy.
100 specialist investigators and intelligence officers for the NCA, dedicated to tackling criminals who facilitate people smuggling.
Creating a new specialist OIC Intelligence Source Unit which will cohere intelligence flows from key police forces.
Boosting the Crown Prosecution Service’s ability to deliver charging decisions more quickly on international organised crime cases.
The Border Security Command, led by Martin Hewitt CBE QPM, will be provided with enhanced powers – through a new Border Security, Asylum and Immigration Bill – to tackle organised immigration crime whilst providing for strong and effective border security.
New measures will make it easier to detect, disrupt and deter those seeking to engage in and benefit from organised immigration crime. The Command will also coordinate the work of intelligence agencies and law enforcement, who lead joint investigations with European counterparts to ensure we can bring those responsible to justice.
Prime Minister Sir Keir Starmer is expected to say:
“The world needs to wake up to the severity of this challenge. I was elected to deliver security for the British people. And strong borders are a part of that. But security doesn’t stop at our borders.
“There’s nothing progressive about turning a blind eye as men, women and children die in the Channel.
“This is a vile trade that must be stamped out – wherever it thrives. So we’re taking our approach to counter-terrorism – which we know works, and applying it to the gangs, with our new Border Security Command.
“We’re ending the fragmentation between policing, Border Force and our intelligence agencies.”
Home Secretary Yvette Cooper said:
“Criminal smuggler gangs profit from undermining our border security and putting lives at risk and they have been getting away with it for far too long.
“Our new Border Security Command, with the investment set out today, will mean a huge step change in the way we target these criminal gangs. People smugglers and traffickers operate in networks across borders, that’s why we have launched a major boost to our cooperation with international partners including other European countries, the G7 and Europol, and why we are so pleased to be hosting the INTERPOL conference on tackling international crime in Glasgow today.”
The Prime Minister will also announce that the UK Government has increased its in-year support for INTERPOL’s global operations through a £6 million investment which harnesses the organisation’s unique capabilities to tackle serious organised crime affecting the UK.
Addressing the General Assembly, the Prime Minister will say that closer cooperation with international partners is key as he details how the gangs’ operations span from the money markets in Kabul through to the Kurdish region of Iraq and right across Europe and into the UK.
He will stress the government’s ongoing commitment to strengthening security agreements to facilitate greater sharing of intelligence and more joint operational work, in particular through Europol.
The Home Office will also invest £24m in the new financial year to tackle international serious organised crime affecting the UK including drugs and firearms, fraud, trafficking and exploitation. Funds will in part be used to bolster work done by special prosecutors and operational partners in the Western Balkans.
There were more than 5,000 drug related deaths in 2023, with most of the illegal drugs causing these coming from overseas or facilitated by transnational gangs. ISOC funding will also be used to tackle drug smuggling upstream and at the UK border, building on recent successes, such as the effective collaboration with the US and Ecuador, which has resulted in the seizure of 19 tonnes of cocaine.
National Crime Agency Director General Graeme Biggar said:
“Serious and organised crime causes more harm, to more people, more often than any other national security threat. And almost all of serious and organised crime now has an international nexus. Distance, borders and languages are meaningless to criminals. This is why collaborations with INTERPOL have never been as important as they are today.
“Tackling organised crime, and especially immigration crime, remains a top priority for the NCA. We are currently leading around 70 investigations into the gangs or individuals involved in the highest echelons of this type of criminality, and we are devoting more resources to it than ever before.
“We have built up our intelligence sharing effort with law enforcement partners across Europe and beyond, including having more NCA officers based overseas, sharing intelligence and working side by side on joint investigations. This approach is bringing operational results with arrests and prosecutions, but we are also we are seeking to disrupt the people smugglers’ business model, through targeting their social media offering, their supply routes for equipment, and their financial flows.
“We are determined to do all we can to disrupt and dismantle these networks, wherever they operate.”
The announcement comes just a month after Britain joined up to a new G7 anti migrant smuggling action plan which included pledges to bolster border security, combat transnational organised crime, and protect vulnerable individuals from exploitation by smugglers.
The plan includes new, intelligence-led joint investigative actions to target criminal smuggling routes, working with social media platforms and internet providers to remove harmful content promoting illegal migration services or advertising fake job opportunities, and strengthening capabilities to monitor and anticipate irregular migration flows at both global and regional levels.
HOUSTON, Nov. 03, 2024 (GLOBE NEWSWIRE) — Talen Energy Corporation (“Talen”) (NASDAQ: TLN) released the following statement in response to Friday’s Federal Energy Regulatory Commission (the “FERC”) order rejecting the amended Susquehanna Interconnection Service Agreement (“ISA”) between PJM Interconnection (“PJM”), PPL Electric Utilities (“PPL”), and Talen which would increase co-located load capacity at Talen’s Susquehanna nuclear power generation facility from 300 megawatts to 480 megawatts:
On Friday, FERC issued an order denying PJM, PPL, and Talen’s Susquehanna ISA. Talen believes FERC erred and we are evaluating our options, with a focus on commercial solutions. We believe this ISA amendment is just and reasonable and in the best interest of consumers. FERC’s decision will have a chilling effect on economic development in states such as Pennsylvania, Ohio, and New Jersey.
Importantly, the existing ISA allows for 300 megawatts of co-located load at Susquehanna, and development of the first phases of the Amazon Web Services (“AWS”) data center campus can proceed using those 300 megawatts while Talen continues to pursue approval of the amended ISA.
Contrary to the Commission’s ruling, Talen’s co-location arrangement with AWS is part of the solution to issues raised on November 1 at the FERC technical conference on large co-located load. It brings service to the customer quickly and without expensive transmission upgrades necessary to serve large-load demand. But our direct-connect configuration is just one of several commercial solutions to the demand of large loads, and we are exploring other solutions as we move forward. The data center economy will require an all-of-the-above approach to satisfy the increased demand, including co-location such as Talen’s arrangement with AWS, hybrids that co-locate primary power behind the meter while using grid power for back-up, and front-of-the-meter connections to utility transmission. Talen looks forward to the continued dialogue.
About Talen
Talen Energy (NASDAQ: TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic and Montana. Our team is committed to generating power safely and reliably, delivering the most value per megawatt produced and driving the energy transition. Talen is also powering the digital infrastructure revolution. We are well-positioned to capture this significant growth opportunity, as data centers serving artificial intelligence increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.
This communication contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecasts,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things capital expenditures, earnings, litigation, regulatory matters, hedging, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from expectations, and are subject to numerous factors that present considerable risks and uncertainties.
Source: United Kingdom – Prime Minister’s Office 10 Downing Street
The Prime Minister is set to announce an additional £75 million to boost border security, bringing the investment in the Border Security Command over the next two years to £150 million.
PM to outline major investments to smash criminal smuggling gangs at INTERPOL General Assembly in Glasgow
New capabilities for Border Security Command from £150 million funding pot to drive down Organised Immigration Crime both at home and overseas
New additional funding will cover state-of-the-art tech and information centres, boosts to enforcement and intelligence resourcing and expanding CPS capacity
The Prime Minister is set to announce an additional £75 million to boost border security, bringing the investment in the Border Security Command over the next two years to £150 million.
Marking the first time the INTERPOL General Assembly has been hosted in the UK in over 50 years, Keir Starmer will today (4 November) open the Assembly in Glasgow by setting out his personal mission to smash the people smuggling gangs by resetting the UK’s whole approach to this challenge and intensifying international collaboration to meet the global scale of the threat.
The General Assembly is INTERPOL’s supreme governing body and comprises senior ministerial and policing leads from the organisation’s 196 member states.
In his speech, the Prime Minister will set out his plans to draw on his experience of bringing together agencies to tackle international terrorist and drug smuggling gangs during his time as Director of Public Prosecutions to dismantle the people smuggling gangs who drive illegal migration, profit from human misery and represent a serious threat to global security.
He will also set out how the £150 million will provide additional specialist investigators and state of the art surveillance equipment to ensure those behind this criminal activity are stopped and brought to justice.
This major funding boost for the government’s new Border Security Command will initially be directed towards a range of enforcement and intelligence activity, including:
Investing heavily in NCA technology and capabilities, delivering advanced data exploitation and improvements to technologies to boost collaboration with European partners to investigate and break people smuggling networks.
300 staff for the new Border Security Command, who will strengthen global partnerships, deliver new legislation and lead the system through investment and strategy.
100 specialist investigators and intelligence officers for the NCA, dedicated to tackling criminals who facilitate people smuggling.
Creating a new specialist OIC Intelligence Source Unit which will cohere intelligence flows from key police forces.
Boosting the Crown Prosecution Service’s ability to deliver charging decisions more quickly on international organised crime cases.
The Border Security Command, led by Martin Hewitt CBE QPM, will be provided with enhanced powers – through a new Border Security, Asylum and Immigration Bill – to tackle organised immigration crime whilst providing for strong and effective border security.
New measures will make it easier to detect, disrupt and deter those seeking to engage in and benefit from organised immigration crime. The Command will also coordinate the work of intelligence agencies and law enforcement, who lead joint investigations with European counterparts to ensure we can bring those responsible to justice.
Prime Minister Sir Keir Starmer is expected to say:
“The world needs to wake up to the severity of this challenge. I was elected to deliver security for the British people. And strong borders are a part of that. But security doesn’t stop at our borders.
“There’s nothing progressive about turning a blind eye as men, women and children die in the Channel.
“This is a vile trade that must be stamped out – wherever it thrives. So we’re taking our approach to counter-terrorism – which we know works, and applying it to the gangs, with our new Border Security Command.
“We’re ending the fragmentation between policing, Border Force and our intelligence agencies.”
Home Secretary Yvette Cooper said:
“Criminal smuggler gangs profit from undermining our border security and putting lives at risk and they have been getting away with it for far too long.
“Our new Border Security Command, with the investment set out today, will mean a huge step change in the way we target these criminal gangs. People smugglers and traffickers operate in networks across borders, that’s why we have launched a major boost to our cooperation with international partners including other European countries, the G7 and Europol, and why we are so pleased to be hosting the INTERPOL conference on tackling international crime in Glasgow today.”
The Prime Minister will also announce that the UK Government has increased its in-year support for INTERPOL’s global operations through a £6 million investment which harnesses the organisation’s unique capabilities to tackle serious organised crime affecting the UK.
Addressing the General Assembly, the Prime Minister will say that closer cooperation with international partners is key as he details how the gangs’ operations span from the money markets in Kabul through to the Kurdish region of Iraq and right across Europe and into the UK.
He will stress the government’s ongoing commitment to strengthening security agreements to facilitate greater sharing of intelligence and more joint operational work, in particular through Europol.
The Home Office will also invest £24m in the new financial year to tackle international serious organised crime affecting the UK including drugs and firearms, fraud, trafficking and exploitation. Funds will in part be used to bolster work done by special prosecutors and operational partners in the Western Balkans.
There were more than 5,000 drug related deaths in 2023, with most of the illegal drugs causing these coming from overseas or facilitated by transnational gangs. ISOC funding will also be used to tackle drug smuggling upstream and at the UK border, building on recent successes, such as the effective collaboration with the US and Ecuador, which has resulted in the seizure of 19 tonnes of cocaine.
National Crime Agency Director General Graeme Biggar said:
“Serious and organised crime causes more harm, to more people, more often than any other national security threat. And almost all of serious and organised crime now has an international nexus. Distance, borders and languages are meaningless to criminals. This is why collaborations with INTERPOL have never been as important as they are today.
“Tackling organised crime, and especially immigration crime, remains a top priority for the NCA. We are currently leading around 70 investigations into the gangs or individuals involved in the highest echelons of this type of criminality, and we are devoting more resources to it than ever before.
“We have built up our intelligence sharing effort with law enforcement partners across Europe and beyond, including having more NCA officers based overseas, sharing intelligence and working side by side on joint investigations. This approach is bringing operational results with arrests and prosecutions, but we are also we are seeking to disrupt the people smugglers’ business model, through targeting their social media offering, their supply routes for equipment, and their financial flows.
“We are determined to do all we can to disrupt and dismantle these networks, wherever they operate.”
The announcement comes just a month after Britain joined up to a new G7 anti migrant smuggling action plan which included pledges to bolster border security, combat transnational organised crime, and protect vulnerable individuals from exploitation by smugglers.
The plan includes new, intelligence-led joint investigative actions to target criminal smuggling routes, working with social media platforms and internet providers to remove harmful content promoting illegal migration services or advertising fake job opportunities, and strengthening capabilities to monitor and anticipate irregular migration flows at both global and regional levels.
The City of Greater Bendigo is reminding residents that rate payments have been adjusted for 2024/2025 and if rates were not paid in full in September, then ratepayers default to paying in quarterly instalments.
Ratepayers either needed to have paid their rates in full or made their first payment by September 30, 2024. A decision was made earlier this year by Council to remove the option of paying in full in February to limit people delaying paying their rates and then getting into financial difficulty. An upward trend in those experiencing financial hardship over the past year led to the decision.
Approximately 10,000 people are yet to pay their first instalment, with the second instalment due on December 2, 2024.
Director Corporate Performance Jessica Howard encouraged residents to reach out to the City if they were unable to pay their rates.
“By speaking with us now, our staff can help ratepayers find other suitable payment options that are smaller and regular, including the option to set up a regular direct debit for instalment amounts that can be deducted fortnightly or monthly,” Ms Howard said.
“Reminder letters are being sent this week to anyone who is yet to pay their rates.
“We understand it is a challenging time financially for some people, however rates are essential to supporting the City to deliver a range of services to the community.
“Our Financial Hardship Guidelines allow for flexible payment arrangements, including the ability to temporarily defer a rate payment on eligible properties. Please get in touch with us if you need assistance.”
Rates and charges make up around 60 per cent of the City’s income. Money received from rates delivers 68 different services in the community, including waste services, street cleaning, maintenance of parks and recreation facilities, maternal and child health, tourism, libraries and much more. Rates revenue also contributes to capital works, including critical infrastructure such as footpaths, roads, flood mitigation, and investment in community and recreational assets.
More than 75 percent of companies listed on the Shenzhen Stock Exchange reported profits during the first nine months of 2024, according to the latest data from the bourse.
Over 2,844 companies listed on this stock exchange released their financial reports during the period, reporting a combined net profit of 806.2 billion yuan (about 113.5 billion U.S. dollars).
Of these companies, more than 300 saw a net profit increase exceeding 100 percent year on year, the Shenzhen bourse said.
Consumption-related sectors maintained steady growth in profitability from January to September. Specifically, the net profits of transportation and social services increased by 15 percent and 7 percent year on year, respectively, driven by rising travel demand.
Digital sectors also demonstrated robust performance, with net profits rising by 13 percent year on year during this period, the bourse confirmed.
Tens of thousands of carers can now apply for support as benefit roll-out complete.
Tens of thousands more unpaid carers in Scotland can apply for a new benefit from today (4 November).
Carer Support Payment, which is a payment of £81.90 per week paid by Social Security Scotland, has been introduced in phases since November 2023.
It has been extended to people living in 19 more local authority areas including Glasgow, Edinburgh, Orkney and the Scottish Borders.
It is now available in every local authority in the country, marking the completion of the roll-out of Scotland’s 14th benefit.
It is for unpaid carers who provide 35 or more hours of care a week to someone who gets disability benefits. Carer Support Payment, is the replacement in Scotland for Carer’s Allowance which is delivered by the Department for Work and Pensions (DWP).
Unlike Carer’s Allowance, Carer Support Payment is available to some carers in education. This includes full-time students aged 20 or over and students under 20 who are in advanced or higher education.
In June, eligibility was extended to carers aged 16-19 in non-advanced education. This includes those studying for National Certificates, Highers and Advanced Highers, who meet certain criteria, for example, not having any parental support.
As part of the roll out, new backdating rules were introduced meaning that some carers – mostly full-time students – living in the new areas can apply to have their payments backdated to when Carer Support Payment was introduced.
Cabinet Secretary for Social Justice, Shirley-Anne Somerville said:
“The importance of the role of unpaid carers should not be underestimated. Their work is vital to the people they look after and to society as a whole.
“I am delighted that Carer Support Payment is now available in every local authority in Scotland. Many students will now be able to get this financial support for the first time, thanks to changes made by the Scottish Government.
“I urge anyone who thinks they might be eligible to find out more.”
According to Carers Trust Scotland, it is estimated that there are around 35,000 unpaid carers attending college or university in Scotland. Paul Traynor, Head of External Affairs at Carers Trust Scotland, welcomes the national roll out. He said:
“The immense contribution of unpaid carers to society cannot be understated, providing vital caring roles to their family and friends, and helping to hold society together.
“Over 100,000 unpaid carers in Scotland are living in poverty and we hear all too often of the financial pressures of juggling studying and caring, where supplementing their income through employment is extremely challenging or not possible. Research highlights that student carers can be up to four times more likely to drop out of college or university and financial struggles are often one of the key reasons for this.
“The national roll out of Carer Support Payment will help make a significant difference to many carers’ lives and support more student carers to remain and succeed in education.”
Background
Carer Support Payment opened for new applications in further areas on 4 November. Unpaid carers in Argyll & Bute, Clackmannanshire, Dumfries & Galloway, East Dunbartonshire, East Lothian, East Renfrewshire, Edinburgh, Falkirk, Glasgow, Highland, Inverclyde, Midlothian, Orkney Islands, Renfrewshire, Scottish Borders, Shetland Islands, Stirling, West Dunbartonshire and West Lothian can now apply. Carers can find out more, and apply at https://www.mygov.scot/carer-support-payment
Changes to allow more young carers in education to access Carer Support Payment have been in force since June. Carers aged 16 to 19 in full-time ‘non advanced’ education can be eligible if they have certain exceptional circumstances – including if they have no support from parents or are responsible for a child or young person. Non-advanced education includes school and college courses such as National Certificates, Highers and Advanced Highers.
Special backdating rules for the Carer Support Payment roll out mean that carers who are not eligible for Carer’s Allowance but are eligible for Carer Support Payment, and are living in areas outside of the initial pilot areas, can apply to have their payments backdated to the date Carer Support Payment first became available. The rules are designed to stop carers missing out on money they are entitled to because they live in an area included in the later phases of the rollout.
To get fully backdated payments under these special rules, carers should apply within 13 weeks of the benefit becoming available in their area. The deadline for carers living in the new areas (Argyll & Bute, Clackmannanshire, Dumfries & Galloway, East Dunbartonshire, East Lothian, East Renfrewshire, Edinburgh, Falkirk, Glasgow, Highland, Inverclyde, Midlothian, Orkney Islands, Renfrewshire, Scottish Borders, Shetland Islands, Stirling, West Dunbartonshire and West Lothian) is 2 February 2025. Carers may still be able to get fully backdated support after this if they have a good reason for missing the deadline. The deadline for carers living in the areas where the benefit opened in August – Aberdeen, Aberdeenshire, Fife, Moray and North, East and South Ayrshire – is 17 November 2024. Carers may still be able to get fully backdated support after this if they have a good reason for missing the deadline.
Carers in Scotland who already get Carer’s Allowance will have their benefits automatically transferred to Carer Support Payment. Social Security Scotland will write to people in advance to let them know that their award will be moving.
The transfer of awards began in February this year. It is due to complete in Spring 2025.
Carers Trust Scotland works to transform the lives of unpaid carers. They partner with their network of local carer organisations to provide funding and support, deliver innovative and evidence-based programmes, raise awareness and influence policy. Supporting Carers in Scotland | Carers Trust Scotland
THE VICE PRESIDENT: Okay. Well, it’s good to be back in Milwaukee. We had a wonderful evening last night. People are enthusiastic, and the road to the White House definitely runs through Milwaukee, and I’m honored to have the support of people here.
I’m going to continue to remind people: Go to IWillVote.com to know where you vote and — and how you can vote, in terms of in-person and all of those other details that are very important to exercising the power of your vote in this very critical and important election.
I also want to speak to the comments that have been recently made by the speaker of the House. It is just further evidence of everything that I’ve actually been talking about for months now, about Trump’s intention to implement Project 2025.
We have talked repeatedly — and the American people know what’s in it. We’ve talked repeatedly about their intention to get rid of the Affordable Care Act; now to get rid of the CHIPS Act.
And let’s talk about manufacturing, which is a critical issue for many of the states that will make the difference in this election. Donald Trump, when he was president, lost 200,000 manufacturing jobs. We have created over 700[,000] new manufacturing jobs.
It is my plan and intention to continue to invest in American manufacturing, the work being done by American workers, upholding and lifting up good union jobs, which are good-paying jobs, and doing the work of investing in American industries, including our industries of the future.
That is the way we are going to win the competition with China for the 21st century, and that is the kind of leadership that America deserves in their president.
Q Madam President, one on — Madam President —
AIDE: Mary. Mary.
Q Oh, sorry.
Q What’s your message to Milwaukee voters who are saying, you know, Trump might be better for the economy, and we’re hearing that from — including Black men voters who are skeptical that things are just too expensive for them?
THE VICE PRESIDENT: Well, first of all, let me make it very clear that I intend to earn the vote of everyone, and I don’t take anyone’s vote for granted, and my highest priority as president will be to bring down the cost because, to that point, look, I know the cost of groceries is too high still, everyone knows it. And so, my plan includes what we’re going to do in terms of taking on corporate price gouging and having the first-ever national ban on corporate price gouging on groceries.
My plan includes addressing the issue of affordable housing, including for first-time homebuyers, giving them a $25,000 down payment assistance so they can just get their foot in the door.
My plan includes addressing the needs of parents — in particular, young parents — which is why I will expand the Child Tax Credit to $6,000 for the first year of their child’s life, which helps pay for everything from child care to a crib and a car seat.
My plan includes what we’re going to do to invest in our small businesses, including increasing tax breaks for small businesses.
And overall, my plan, which is about building an opportunity economy, has been reviewed by leading economists in our country, from Goldman Sachs to 32 Nobel laureates, all whom have said that my economic plan actually will strengthen America’s economy. They’ve reviewed Donald Trump’s plan and have determined he will weaken America’s economy, he will ignite inflation, and he will bring on a recession by the middle of next year.
AIDE: Akayla.
Q Hi, Madam Vice President. On the comments from the speaker, he walked back initially saying that they would repeal the CHIPS Act, but he still wants to impose changes to the bill. Are you concerned about Republicans seeking any changes to the CHIPS Act?
THE VICE PRESIDENT: Well, let’s be clear why he walked it back: Because it’s not popular, and their agenda is not popular.
And that’s why people are showing up by the thousands — tens of thousands to talk about an agenda that actually is focused on lifting them up. That’s why I have the support of, yes, Democrats and independents and Republicans, because they want a president of the United States who stops playing politics with their lives.
They want a president of the United States who invest in affordable health care regardless of who they vote for.
They want a president of the United States who invests in American manufacturing and American workers.
And that’s the work I will do, and that is the work I’m committed to do, and I’m very proud to have the support of many leaders from every party who understand that that’s the kind of leadership that we need moving forward.
AIDE: Asma.
Q Thank you. Madam Vice President, I wanted to ask you about your day-one agenda. I know you said the other day — you talked about having an executive order that would eliminate college degrees for certain federal jobs.
THE VICE PRESIDENT: Yes.
Q Can you tell us about some other day-one priorities?
THE VICE PRESIDENT: Absolutely. Well, it — obviously —
Q (Inaudible.)
THE VICE PRESIDENT: — there’s more than one.
Q Yes.
THE VICE PRESIDENT: And one of them is going to be to submit, basically, a package of proposals that are about bringing down costs.
So, for example, housing. What we need to do in terms of creating a tax benefit for folks who want homeownership, what we’re going to do to create a $25,000 down payment assistance plan, what we’re going to do for small businesses. All of that will require a lot of work.
And day one is also me getting on the phone with members of the Republican Party, with leaders, with the private sector. A lot of my plan includes working with the private sector.
My plan includes cutting through red tape on the issue of housing. Again, that includes working with local and state leaders to cut through the red tape, as well as creating incentives for the private-sector builders and developers to actually build new housing so we can increase supply and bring down the cost.
AIDE: Charles.
Q Madam President, thank you —
THE VICE PRESIDENT: Vice President.
Q — for making this —
THE VICE PRESIDENT: Three days.
Q Vice President.
THE VICE PRESIDENT: But I appreciate that.
Q That will go viral, I’m sure.
Tomorrow, faith leaders in Milwaukee and across the state will be praying about this election —
THE VICE PRESIDENT: Yes.
Q — and encouraging people to get out and vote.
THE VICE PRESIDENT: Yes.
Q I think, last week, I heard you say, “God’s power works through us.”
THE VICE PRESIDENT: Yes.
Q What does your faith tell you about who God wants to win this election and lead our divided country?
THE VICE PRESIDENT: My faith and my belief in God tells me that we all must think about our lives through our ability to do good works, and through those works, to lift people up, to help the needy, to help the poor, to help the elderly. And my plan for my presidency is informed with that spirit and that approach. And I do believe that people understand that that really is the sign of a real leader, which is not defining one’s strength based on who you beat down, but defining the strength of a leader based on who you lift up.
PHNOM PENH, CAMBODIA (4 November 2024) — The Asian Development Bank (ADB) approved $10 million in grant financing to address gender-based violence (GBV) in Cambodia to help meet the country’s target of zero GBV by 2030.
The Strengthening Country Systems for Prevention and Response to GBV project is ADB’s first stand-alone Asian Development Fund (ADF) grant specifically focused on gender equality in Southeast Asia, and establishes a clear link between governance systems, public financial management, and the quality and accessibility of services addressing GBV.
The project will strengthen legal and institutional frameworks by updating Cambodia’s legislation on domestic violence; improve service delivery at the local level by strengthening the quality and accessibility of response services and refurbishing shelters for survivors, especially in rural areas; and leverage digital solutions in adolescent school-based and community-based programs to promote prevention. It will enhance digital solutions for 24/7 access to information, education, and communication resources on GBV in an effort to link prevention and response in a continuum for maximum impact.
“This important project will enhance systemic responses, expand access to shelters, and ensure survivors receive the care they need,” said ADB Country Director for Cambodia Jyotsana Varma. “It will also promote community-based programs on prevention, empowering local communities to play a key role in raising awareness and stopping violence before it occurs. ADB remains committed to supporting Cambodia in building a safer, more inclusive society for all.”
The incidence of GBV remains persistently high even as Cambodia has made significant strides in combating it with the government and civil society organizations piloting promising prevention approaches. Since 2014, the prevalence of intimate partner violence has decreased by 8 percentage points to 21% women (aged 15–49) experiencing it at least once in their lifetime, according to the World Health Organization. While better than the global and Southeast Asian average of 30%, Cambodia still faces hurdles due to uneven response hindered by multiple public agencies, and limited survivor-centered care.
Building on lessons from previous GBV projects in Asia, this initiative promotes a comprehensive, whole-of-government approach that integrates gender equality and GBV considerations across key ministries for Women’s Affairs, Interior, and Economy and Finance to ensure a coordinated response.
This $10 million project is funded by a grant from the Asian Development Fund, which supports ADB’s vulnerable developing member countries.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.
As the US election unfolds, American territories such as the Northern Marianas, American Samoa, and Guam, along with the broader Pacific region, will be watching the developments.
As the question hangs in the balance of whether the White House remains blue with Kamala Harris or turns red under Donald Trump, academics, New Zealand’s US ambassador, and Guam’s Congressman have weighed in on what the election means for the Pacific.
Massey University’s Centre for Defence and Security Studies senior lecturer Dr Anna Powles said it would no doubt have an impact on small island nations facing climate change and intensified geopolitics, including the rapid expansion of military presence on its territory Guam, following the launch of an interballistic missile by China.
Pacific leaders lament the very real security threat of climate-induced natural disasters has been overshadowed by the tug-of-war between China and the US in what academics say is “control and influence” for the contested region.
Dr Powles said it came as “no surprise” that countries such as New Zealand and Australia had increasingly aligned with the US, as the Biden administration had been leveraging strategic partnerships with Australia, New Zealand, and Japan since 2018.
Despite China being New Zealand’s largest trading partner, New Zealand is in the US camp and must pay attention, she said.
“We are not seeing enough in the public domain or discussion by government with the New Zealand public about what this means for New Zealand going forward.”
Pacific leaders welcome US engagement but are concerned about geopolitical rivalry.
Earlier this month, Pacific Islands Forum Secretary-General Baron Waqa attended the South Pacific Defence Ministers meeting in Auckland.
He said it was important that “peace and stability in the region” was “prioritised”.
Referencing the arms race between China and the US, he said, “The geopolitics occurring in our region is not welcomed by any of us in the Pacific Islands Forum.”
While a Pacific Zone of Peace has been a talking point by Fiji and the PIF leadership to reinforce the region’s “nuclear-free stance”, the US is working with Australia on obtaining nuclear-submarines through the AUKUS security pact.
Dr Powles said the potential for increased tensions “could happen under either president in areas such as Taiwan, East China Sea — irrespective of who is in Washington”.
South Pacific defence ministers told RNZ Pacific the best way to respond to threats of conflict and the potential threat of a nuclear attack in the region is to focus on defence and building stronger ties with its allies.
New Zealand’s Defence Minister said NZ was “very good friends with the United States”, with that friendship looking more friendly under the Biden Administration. But will this strengthening of ties and partnerships continue if Trump becomes President?
US President Joe Biden (center) stands for a group photo with Pacific Islands Forum leaders following the Pacific Islands Forum Summit at the South Portico of the White House in Washington on September 25, 2023. Image: Jim Watson/RNZ
US President Joe Biden, center, stands for a group photo with Pacific Islands Forum leaders following the Pacific Islands Forum Summit, at the South Portico of the White House in Washington on September 25, 2023. Photo: Jim Watson
US wants a slice of Pacific Regardless of who is elected, US Ambassador to New Zealand Tom Udall said history showed the past three presidents “have pushed to re-engage with the Pacific”.
While both Trump and Harris may differ on critical issues for the Pacific such as the climate crisis and multilateralism, both see China as the primary external threat to US interests.
The US has made a concerted effort to step up its engagement with the Pacific in light of Chinese interest, including by reopening its embassies in the Solomon Islands, Vanuatu, and Tonga.
On 12 July 2022, the Biden administration showed just how keen it was to have a seat at the table by US Vice-President Kamala Harris dialing in to the Pacific Islands Forum meeting in Fiji at the invitation of the then chair former prime minister Voreqe Bainimarama. The US was the only PIF “dialogue partner” allowed to speak at this Forum.
However, most of the promises made to the Pacific have been “forward-looking” and leaders have told RNZ Pacific they want to see less talk and more real action.
Defence diplomacy has been booming since the 2022 Solomon Islands-China security deal. It tripled the amount of money requested from Congress for economic development and ocean resilience — up to US$60 million a year for 10 years — as well as a return of Peace Corps volunteers to Fiji, Tonga, Samoa and Vanuatu.
Health security was another critical area highlighted in 2024 the Pacific Islands Forum Leaders’ Declaration.
The Democratic Party’s commitment to the World Health Organisation (WHO) bodes well, in contrast to the previous Trump administration’s withdrawal from the WHO during the covid-19 pandemic.
It continued a long-running programme called ‘The Academy for Women Entrepreneurs’ which gives enterprising women from more than 100 countries with the knowledge, networks and access they need to launch and scale successful businesses.
While both Trump and Harris may differ on critical issues for the Pacific such as the climate crisis and multilateralism, both see China as the primary external threat to US interests. Image: 123RF/RNZ
Guam’s take Known as the tip of the spear for the United States, Guam is the first strike community under constant threat of a nuclear missile attack.
It was seen as a signal of China’s missile capabilities which had the US and South Pacific Defence Ministers on edge and deeply “concerned”.
China’s Defence Ministry said in a statement the launch was part of routine training by the People’s Liberation Army’s Rocket Force, which oversees conventional and nuclear missile operations and was not aimed at any country or target.
The US has invested billions to build a 360-degree missile defence system on Guam with plans for missile tests twice a year over the next decade, as it looks to bolster its weaponry in competition with China.
Despite the arms race and increased military presence and weaponry on Guam, China is known to have fewer missiles than the US.
The US considers Guam a key strategic military base to help it stop any potential attacks. Image: RNZ Pacific/Eleisha Foon
However, Guamanians are among the four million disenfranchised Americans living in US territories whose vote does not count due to an anomaly in US law.
“While territorial delegates can introduce bills and advocate for their territory in the US Congress, they have no voice on the floor. While Guam is exempted from paying the US federal income tax, many argue that such a waiver does not make up for what the tiny island brings to the table,” according to a BenarNews report.
US Congressman for Guam James Moylan has spent his time making friends and “educating and informing” other states about Guam’s existence in hopes to get increased funding and support for legislative bills.
Moylan said he would prefer a Trump presidency but noted he has “proved he can also work with Democrats”.
Under Trump, Moylan said Guam would have “stronger security”, raising his concerns over the need to stop Chinese fishing boats from coming onto the island.
Moylan also defended the military expansion: “We are not the aggressor. If we put our guard down, we need to be able to show we can maintain our land.”
Moylan defended the US military expansion, which his predecessor, former US Congressman Robert Underwood, was concerned about, saying the rate of expansion had not been seen since World War II.
“We are the closest there is to the Indo-Pacific threat,” Moylan said.
“We need to make sure our pathways, waterways and economy is growing, and we have a strong defence against our aggressors.”
“All likeminded democracies are concerned about the current leadership of China. We are working together…to work on security issues and prosperity issues,” US Ambassador to New Zealand Tom Udall said.
When asked about the military capabilities of the US and Guam, Moylan said: “We are not going to war; we are prepared to protect the homeland.”
Moylan said that discussions for compensation involving nuclear radiation survivors in Guam would happen regardless of who was elected.
The 23-year battle has been spearheaded by atomic veteran Robert Celestial, who is advocating for recognition for Chamorro and Guamanians under the RECA Act.
Celestial said that the Biden administration had thrown their support behind them, but progress was being stalled in Congress, which is predominantly controlled by the Republican party.
But Moylan insisted that the fight for compensation was not over. He said that discussions would continue after the election irrespective of who was in power.
“It’s been tabled. It’s happening. I had a discussion with Speaker Mike Johnson. We are working to pass this through,” he said.
US Marine Force Base Camp Blaz. Image: RNZ Pacific/Eleisha Foon
If Trump wins Dr Powles said a return to Trump’s leadership could derail ongoing efforts to build security architecture in the Pacific.
There are also views Trump would pull back from the Pacific and focus on internal matters, directly impacting his nation.
For Trump, there is no mention of the climate crisis in his platform or Agenda47.
This is in line with the former president’s past actions, such as withdrawing from the Paris Climate Agreement in 2019, citing “unfair economic burdens” placed on American workers and businesses.
Trump has maintained his position that the climate crisis is “one of the great scams of all time”.
The America First agenda is clear, with “countering China” at the top of the list. Further, “strengthening alliances,” Trump’s version of multilateralism, reads as what allies can do for the US rather than the other way around.
“There are concerns for Donald Trump’s admiration for more dictatorial leaders in North Korea, Russia, China and what that could mean in a time of crisis,” Dr Powles said.
A Trump administration could mean uncertainty for the Pacific, she added.
While Trump was president in 2017, he warned North Korea “not to mess” with the United States.
“North Korea [is] best not make any more threats to the United States. They will be met by fire and fury like the world has never seen.”
North Korea responded deriding his warning as a “load of nonsense”.
Although there is growing concern among academics and some Pacific leaders that Trump would bring “fire and fury” to the Indo-Pacific if re-elected, the former president seemed to turn cold at the thought of conflict.
In 2023, Trump remarked that “Guam isn’t America” in response to warning that the US territory could be vulnerable to a North Korean nuclear strike — a move which seemed to distance the US from conflict.
If Harris wins Dr Powles said that if Harris wins, it was important to move past “announcements” and follow-through on all pledges.
A potential win for Harris could be the fulfilment of the many “promises” made to the Pacific for climate financing, uplifting economies of the Pacific and bolstering defence security, she said.
Pacific leaders want Harris to deliver on the Pacific Partnership Strategy, the outcomes of the two Pacific Islands-US summits in 2022 and 2023, and the many diplomatic visits undertaken during President Biden’s presidency.
The Biden administration recognised Cook Islands and Niue as sovereign and independent states and established diplomatic relationships with them.
Harris has pledged to boost funding to the Green Climate Fund by US$3 billion. She also promised to “tackle the climate crisis with bold action, build a clean energy economy, advance environmental justice, and increase resilience to climate disasters”.
Dr Powles said that delivery needed to be the focus.
“What we need to be focused on is delivery [and that] Pacific Island partners are engaged from the very beginning — from the outset to any programme right through to the final phase of it.”
This article is republished under a community partnership agreement with RNZ.
The 2024 United Nations Climate Change Conference (COP29) opens next week in Baku, the capital of Azerbaijan. The summit takes place between 11 and 22 November, and decisions made there will impact all of us. To date, the international community has failed to rein in the deadly activities of the fossil fuel industry, which continues to pollute, burn, and ransack the planet in the face of mounting human suffering.
COP29 is a critical opportunity for world leaders to break with these past failures. Here’s what you need to know about the most important climate event on the global calendar:
1. Who’s going?
Between 40,000 and 50,000 delegates are expected to attend COP29. This will include government representatives from all UN member states, as well as the State of Palestine, the Holy See, Niue, the Cook Islands, and the European Union. All of these are parties to the 1992 United Nations Framework Convention on Climate Change (UNFCCC), and most have also joined the 2015 Paris Climate Agreement. COP29 will also host diplomats, UN officials, journalists, climate scientists, trade union leaders, and policy experts. NGOs, activists, and Indigenous leaders are also planning to participate – although the involvement of independent media workers and human rights defenders from Azerbaijan itself has been curbed by an ongoing government crackdown.
2. What is the aim of COP29?
The overall aim of COP29 is for states to agree, develop and share plans for addressing climate change. This means preventing further global warming, and also helping those who have been most affected so far to adapt or to rebuild their lives.
In 2015, the Paris Agreement made it a legal requirement for all states to set targets for reducing their greenhouse gas emissions, in order to limit the global temperature increase to 2°C above pre-industrial levels. Since then, however, the Intergovernmental Panel for Climate Change (IPCC) has stressed that the most catastrophic effects of climate change can only be avoided if we limit global warming to 1.5°C by the end of this century.
At COP29, countries’ progress on addressing climate change will be measured against this 1.5°C goal. It is important to note that even 1.5°C of warming will entail mass displacement, harm to livelihoods, and loss of life, with lower-income countries the worst affected. At present, the world is on track for an increase of 2.6 to 3.1°C this century.
3. What’s on the agenda this year?
COP29 has been called “the finance COP”, due to its focus on scaling up climate finance. Climate finance refers to the funding that is needed to help lower-income countries transition to zero-carbon economies, and to help the most affected communities adapt to the effects of climate change. A major objective of COP29 is to increase this funding and to produce a new goal for future climate finance.
4. Where will that money come from?
Under the UNFCCC and the Paris Agreement, the funding must come from the high-income countries that are historically most responsible for climate change. In addition, under international human rights law, all states in a position to do so must also contribute.
In addition to setting a financial target, COP29 negotiators must also agree clear timeframes for the provision of funds to lower-income countries. Money should be given in the form of grants, not loans, to avoid worsening existing debt crises.
5. What should the funds be used for?
This target should also contain sub-goals to make clear where the money should go. For example, Amnesty International is also calling for the target to include loss and damage finance. This is essentially compensation, paid by high-income countries to lower income ones, to help them recover from the existing impacts of climate change, and from others that they will unavoidably face in the future.
One of the Azerbaijan presidency’s more positive moves has been to make adaptation, long sidelined in climate negotiations, a priority of the talks. While preventing further climate change through a full, fast fair and funded phase -out of fossil fuels is critical, the reality is that climate change is already here. Helping people adjust to existing and future impacts of global warming is a crucial part of climate justice.
6. How much money is needed?
Trillions of dollars are needed to help lower-income states carry out the climate action needed, including transitioning away from fossil fuels in a way that protects peoples’ rights. Amnesty International and others in the climate justice movement are calling for a target of at least 1 trillion USD annually.
Azerbaijan has an alarming human rights record, with longstanding restrictions on the rights to freedom of expression, association and assembly.
7. What are Amnesty’s human rights concerns regarding Azerbaijan?
Azerbaijan has an alarming human rights record, with longstanding restrictions on the rights to freedom of expression, association and assembly. Peaceful protests, including those held by environmental groups, are routinely met with violent suppression, and according to the local NGOs more than 300 people are currently imprisoned on politically motivated charges. The work of independent media outlets in Azerbaijan is severely hampered by draconian laws, and the constant threat of retaliation for any real or perceived criticism of the authorities. Most independent media outlets have been crushed out of existence, as have vast swathes of Azerbaijan’s civil society. Torture and other ill-treatment in detention are widespread in Azerbaijan, and impunity is entrenched.
8. Have there been any improvements since Azerbaijan was given the COP29 Presidency?
No. In fact, the grave human rights situation in Azerbaijan has worsened since the country was announced as the host of COP29 in December 2023. The authorities claim they are “ensuring everyone’s voices are heard” at the summit – but they have prosecuted more than a dozen activists and journalists this year, and silenced key voices on the climate crisis.
In April, for example, Azerbaijani authorities arrested human rights and climate justice activist Anar Mammadli on bogus “smuggling” charges, and placed him in pre-trial detention, where he remains. Anar Mammadli was among the first activists in Azerbaijan to speak about the connection between human rights and climate justice, and he has been involved in international advocacy at the EU and UN level. In prison he has been denied adequate medical treatment for several worsening health conditions, and he is facing a lengthy sentence.
9. How does the human rights situation in Azerbaijan affect COP29?
It is essential that civil society can participate in climate negotiations. Activists, union leaders, and human rights defenders help to advocate for ambitious targets and play a vital role in ensuring that the plans developed at COP29 align with governments’ human rights obligations and that they are actually implemented. But the involvement of Azerbaijan’s own civil society is likely to be extremely limited. Threats and harassment have forced many local activists to leave the country, while others are arbitrarily detained on politically motivated charges. The few remaining independent voices risk prosecution and retaliation if they dare to voice any criticism during COP29.
The void left by local civil society groups has been filled in part by organizations known as GONGOs (government-organized non-governmental organizations). These state-supported groups do not provide the independent perspectives needed, but their presence allows Azerbaijani authorities to project a false picture of respect for freedom of expression and association.
Amnesty International is monitoring the crackdown in Azerbaijan, and will continue to document violations, both during and after the summit.
10 .What about Azerbaijan’s record on climate change?
Fossil fuel makes up about half of Azerbaijan’s economy and the vast majority of its export revenues. The state-owned oil and gas company, SOCAR, is a major source of income for President Ilham Aliyev’s government. Nonetheless, Azerbaijan must also do its fair share to achieve a fast and fair fossil fuel phase out; this means no new fossil fuel projects anywhere. But earlier this year, President Aliyev announced plans for expanding gas production which are grossly incompatible with Azerbaijan’s commitments under the Paris Agreement.
Like previous climate summits, COP29 will host many participants whose agendas are seriously at odds with climate justice. Thousands of fossil fuel lobbyists, along with the heads of oil giants like Shell and BP, are expected to be in attendance. These participants have used previous summits to advance their own interests, opposing essential efforts to phase out fossil fuels and pushing for false solutions like carbon offsetting. Amnesty International is calling for a robust conflict of interest policy to prevent fossil fuel lobbyists undermining the aims of global climate treaties.
11. How has climate change impacted people in 2024?
Climate change is causing a dramatic increase in the frequency of extreme temperatures, and 2024 is expected to be the hottest year ever recorded. Around the world, people have been displaced by floods, hurricanes, droughts and other unnatural disasters, all made worse by global warming. Worldwide, Indigenous Peoples and land-dependent communities continue to bear the heaviest burden of biodiversity loss.
Lives have been lost; livelihoods, languages, and entire cultures are in peril; and disease, hunger and displacement is causing extreme suffering. The cost of these losses amounts to trillions of dollars in damages, which dwarf the cost of current investments in renewable energy, and threaten governments’ capacity to fund policies to protect human rights.
12. What is Amnesty calling for at COP29?
Human rights must be at the heart of all climate action decision-making;
States in a position to do so must massively scale up climate finance and funding for loss and damage;
All states must commit to fully phasing out fossil fuels, in a way that is fast and fair;
COP29 participants must not chase risky technologies, like carbon capture and storage and removals, or push gas as a “transition fuel”, as a means of distracting from the urgent need to phase out fossil fuels;
The UNFCCC Secretariat, the government of Azerbaijan, and other governments must protect civic space, and guarantee the rights to freedom of expression, association and peaceful assembly.
Every year, we send more than 1.6 million tonnes of waste to landfill in Auckland, that’s more than a tonne per person. Of this 30% to 40% is construction and demolition waste, making this our largest waste-stream and therefore our biggest target if we want to reduce waste. By comparison, household waste is only 13% of total waste to landfill.
Auckland has a goal to be zero-waste by 2040. There is much we can do to help us achieve that goal.
This is one of the reasons Eke Panuku is taking a more sustainable approach to building and development in neighbourhoods where we undertake urban regeneration. This more sustainable approach means we are choosing to deconstruct buildings with the intention of diverting or reducing the waste that goes to landfills. Rather than simply demolishing buildings which are at the end of their lives or no longer needed, we take them apart and reuse and recycle the construction material where possible.
As we do our best work through smart strategic partnerships, our approach requires that our contractors and development partners use specific deconstruction methods for any structures being removed from our development sites. While this requires a bit more planning, it allows us to repurpose a greater amount of material, significantly reducing the waste sent to landfill.
It is sometimes assumed this approach would take more time and would be more expensive. It turns out it’s not.
Auckland Council’s Research and Evaluation Unit (RIMU) undertook a financial cost benefit analysis to test the potential benefits of waste diversion in development projects. After considering a whole raft of factors, such as recouping costs from selling materials from deconstruction sites; avoiding landfill expenses and transportation (of waste materials) costs; avoiding having to purchase new materials for a site (if recycling and reusing), the analysis found that deconstruction essentially breaks even from a cost perspective compared to traditional demolition.
And this doesn’t yet take into account the significantly greater economic, societal and environmental benefits that come from diverting more waste from landfills. The waste diversion options that RIMU analysed showed a likely benefit-cost ratio (BCR) between 2.2 and 2.8, which means for every $1 invested, we get between $2.2 and $2.8 in wider benefits.
A major reason for choosing deconstruction is its reduced environmental impact. The production of new materials and the extraction of raw resources for construction significantly contribute to climate change. By reusing or repurposing materials from deconstructed sites, we embrace a circular economy approach that helps minimise resource use, waste, and emissions.
Over the next six months, Eke Panuku is deconstructing a number of buildings across Tāmaki Makaurau Auckland to make way for much-needed new development of homes, offices and shops.
Below is a snapshot of some of these projects. Have a listen to this podcast also for more information.
Northcote
We have started the staged redevelopment of Northcote town centre. To prepare for this, we are working with TROW Group to take apart old buildings that need to make way for the new development. Along with TROW Group, we have teamed up with Wairau Zero Waste Hub and Awataha Marae to re-use deconstruction materials.
Before deconstruction started, reusable items were identified from the old buildings. Some of these materials were then provided to the Zero Waste Hub to sell to the community at reasonable prices. Some other items are finding a new life in community projects – both locally and in the Pacific Islands.
Besides the reusing of material, there is also some great community learning going on too. TROW has a job experience programme, and educational initiatives centred around material reuse, and together with Localised, they invited Awataha Marae to collaborate on the deconstruction trial too. The recycled materials will be used by Awataha Marae’s educational programme to build prefab sleepouts, demonstrating the practical application of sustainability principles in construction and design.
For more information on the award-winning Northcote master plan and how it will shape the future of the town centre, click here.
Northcote deconstruction.
Avondale
We have deconstructed the former Kāinga Ora homes at 10 Racecourse Parade to enable more housing options in Avondale. The Auckland Council group has established a panel of deconstruction companies with a focus on collaboration, bringing larger contractors together with smaller ones.
Green Way Ltd has teamed up with Onehunga Community Recycling Centre (a social enterprise and the first Pasifika / Māori-led community recycling centre in the region) as subcontractors, providing valuable hands-on experience in sustainable practices as they work together to increase waste diversion.
Items such as vehicle shelters, washing lines, fencing andframing timber are being repurposed locally through the recycling centre. Other items such as doors, windows and guttering are also being repurposed. This not only reduces waste but also supports the local economy and fosters a culture of sustainability within the community.
Our commitment to sustainability extends to supporting charities such as PAWS Restart Animal Rescue, based in west Auckland. Garden sheds, pavers, and metal gates from the Avondale deconstruction are being repurposed to create additional dog runs, providing much-needed space for the increasing number of abandoned dogs seeking new homes (over the past year they have rehomed 190 dogs). Additionally, six bathtubs have been donated for use as water troughs and playful splash areas, enhancing the quality of life for the animals in PAWS’ care.
In another example of helping to create a circular economy, we are reusing granite cladding removed from the exterior of the 135 Albert Street Auckland Council office building and turning them into terrazzo pavers. Some of these pavers, which have been stored in the Rosedale waste yards for more than five years, will be used in the upgraded town square outside Te Hono, Avondale’s new library and community hub.
These efforts are part of the wider Eke Panuku regeneration plans to revitalise Avondale through investment to deliver improvements that will serve the community in the future. Click here for more information on our work in Avondale.
Westhaven
Eke Panuku is recycling and reusing materials wherever possible during the upgrade of the Westhaven Marina seawall. The seawall project is being undertaken to protect people, infrastructure and assets from coastal flooding – as experienced during recent weather events in 2023 – but it also offered a great opportunity to repurpose construction material, diverting it from landfill.
For example, basalt pavers have been repurposed as tree pit edges and integrated into concrete channels. The old timber boardwalk was also removed and sent to the Onehunga Community Recycling Centre. These old timber boards have now been repurposed into a deck!
For more information on our work around Westhaven, click here.
Nicola Willis continues to over promise and under deliver, with most families receiving only $30 a week from National’s flagship FamilyBoost flop.
“Only 1,094 households have received the full amount of the FamilyBoost payment,” Labour Finance spokesperson Barbara Edmonds said.
“This is after Christopher Luxon promised 100,000 families would be eligible for the payment and said $250 was up for grabs in tax cuts. Only 33,000 families have received anything at all, that’s a third of what was promised. Half of those families got roughly $30 a week.
“We have long known National wants to make it difficult for anyone to get this money – and their efforts are paying off.
“Receiving this financial help shouldn’t be a bureaucratic nightmare, but under National busy parents have to find invoices or proof of payment from childcare centres and claim back the money themselves from Inland Revenue.
“Child poverty is projected to increase and unemployment is up under National. Rents and rates are high, and more Kiwis are leaving New Zealand than ever before. This Government is failing families.
“Nicola Willis can swear she understands the needs of New Zealand families until she’s blue in the face, but when her boss is calling Kiwis ‘customers’, her colleague is calling workers ‘losers’, and she is failing to make life easier for Kiwis who are struggling, the proof is really in her severely lacking pudding,” Barbara Edmonds said.
Headline: $12.5 million funding to continue building stronger animal welfare enforcement across NSW
Published: 4 November 2024
Released by: Minister for Agriculture
The Minns Labor Government today announced two of the state’s key animal welfare organisations, the Royal Society for the Prevention of Cruelty to Animals NSW (RSPCA) and the Animal Welfare League NSW (AWL), will receive $12.5 million towards their enforcement and compliance activities that provide protection for NSW cats, dogs, livestock and other animals.
The funding is part of the NSW Government’s election commitments to establish a modern, fit for purpose animal welfare framework.
As part of the enforcement grants announced today, the RSPCA NSW will receive $11.3 million, and the AWL NSW will receive $1.17 million.
The funding is substantially higher than any other state or territory has allocated to charitable animal welfare organisations to undertake their compliance and enforcement work.
The funding will be used to:
Fund animal welfare inspectors who play a crucial role in enforcing NSW animal welfare laws
Investigate animal cruelty complaints, protecting vulnerable animals from harm or distress
Carry out enforcement action on those people doing animals’ harm
Provide a one-off upgrade to AWL operating systems for streamlined compliance data and reporting.
Cover vehicle operating and legal expenses.
The announcement follows recent Government animal welfare initiatives including introducing new ‘fit and proper’ laws preventing people who have been convicted of repeat animal cruelty offences from keeping or breeding animals and introducing into Parliament last month a Bill to ban the appalling practice of puppy farming.
The grant applications and subsequent funding was assessed in accordance the requirements under the NSW Grants Administration Guide and was overseen by an independent panel.
The purpose of these enforcement grants is to support approved charitable organisations and carry out Prevention of Cruelty to Animals Act 1979 enforcement and compliance activities for the current 2024/25 financial year.
Minister for Agriculture Tara Moriarty said:
“The NSW Government is committed to improving animal welfare standards across our state.
“We will continue to work with stakeholder, advocates, and the community to improve animal welfare and to build a better and stronger framework of animal protection.
“We recognise the compliance work the Animal Welfare League and RSPCA do and value the long-standing relationships we have with them to achieve better outcomes for the animals of NSW.
Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne
The United States presidential election will be held Tuesday, with results coming in from Wednesday morning AEDT. I have a guide to Wednesday below that includes when polls in the key states close and other information.
In analyst Nate Silver’s aggregate of national polls, Democrat Kamala Harris leads Republican Donald Trump by 48.5–47.8, a gain for Trump since last Thursday, when Harris led by 48.6–47.5. Harris’ national lead peaked on October 2, when she led by 49.4–45.9.
The US president isn’t elected by the national popular vote, but by the Electoral College, in which each state receives electoral votes equal to its federal House seats (population based) and senators (always two). Almost all states award their electoral votes as winner-takes-all, and it takes 270 electoral votes to win (out of 538 total).
Relative to the national popular vote, the Electoral College is biased to Trump, with Harris needing at least a two-point popular vote win to be the narrow Electoral College favourite in Silver’s model.
Trump leads by 0.4 points in both Pennsylvania (19 electoral votes) and Nevada (six). He leads by over one point in North Carolina (16) and Georgia (16), and by 2.6 points in Arizona (11). Harris leads by about one point in Michigan (16) and Wisconsin (ten).
If the current polls are exactly right, Trump wins the Electoral College by 287–251. But either Harris or Trump could outperform their polls and win easily.
In Silver’s model, Trump has a 53% chance to win the Electoral College, slightly down from 54% on Thursday. There’s a 28% chance that Harris wins the popular vote but loses the Electoral College. The FiveThirtyEight forecast gives Trump a 53% win probability.
Silver is aggregating state polls to produce a popular vote forecast, and this gives Harris a 50.4–48.4 popular vote margin, better for Harris than her 0.7-point lead in national polls.
Silver said the US pollsters are “herding”, particularly in the key states. This means individual polls are not showing enough variation in their results. If the polls are wrong in these states, herding would be a cause.
The highly rated Selzer poll had a shock result, giving Harris a three-point lead in Iowa (six electoral votes), a state Trump won by eight points in 2020. However, an Emerson Iowa poll gave Trump a nine-point lead. At least Selzer isn’t herding!
If Harris loses, a big cause will be the unpopularity of Joe Biden. If Trump loses, I believe his biggest mistake will be agreeing to the June 27 debate with Biden. Biden’s woeful performance persuaded senior Democrats to pressure him into withdrawing.
Early voting and economic data
As at Friday, over 70 million Americans had voted early (44% of total 2020 turnout). Many states give data on their early vote, such as the gender composition or the party registration of voters in states that have registration by party. But Silver said on Thursday
that analysts shouldn’t use early vote data as an alternative to the polls.
Many people will vote on election day, so the composition of the current early vote may be a skewed representation of the final electorate. Also, we don’t know who early voters voted for. Even in states with party registration, people can register as Other, and Other voters make up a large share of the vote.
In economic data, US GDP increased 2.7% at an annualised rate in the September quarter (0.7% in quarter on quarter terms). GDP has increased modestly in every quarter since September 2022. In September, the personal savings rate dropped 0.2% since August to 4.6%.
Just 12,000 jobs were added in October. While the unemployment rate remained unchanged from September at 4.1%, the employment population ratio (the share of eligible Americans employed) dropped 0.2% to 60.0%. The survey fieldwork may have been affected by Hurricane Milton.
The Silver economic index is at +0.19, indicating an economy just above average. The economy is a key reason why Trump could win.
Election day guide for Wednesday AEDT
All times in this section are Wednesday AEDT. US media will often call uncompetitive states for a candidate once all polls in that state are closed, without any votes being counted. Some states are split across time zones, and in this case the part in the western time zone will close an hour after the eastern zone part.
Early and postal votes are expected to lean to Harris, while election day votes are expected to lean to Trump. So if the early vote is counted first, the state is likely to appear better for Harris than the final result, and the reverse if the election day vote is counted first.
The Green Papers has a complete list of poll closing times and FiveThirtyEight has details on how each state counts its votes. I will concentrate on the seven key states.
At 10am, the first polls close in the eastern time zones of Kentucky and Indiana. These states are both expected to be Trump blowout wins.
At 11am, polls close in Georgia. Early votes will be reported by 12pm, followed by the election day vote. Initial results will probably skew to Harris.
At 11:30am, polls close in North Carolina. The early vote will be counted first, so the initial results are likely to be relatively good for Harris.
At 12pm, polls close in Pennsylvania and the large majority of Michigan. Pennsylvania will count their election day votes first, which should be relatively good for Trump. Michigan will count its postal votes with election day votes.
At 1pm, polls close in Wisconsin, Arizona and the remaining small part of Michigan. In Wisconsin, election day votes will be counted first, with postals not released until late. An hour after polls close, Arizona will release its early vote, which should be relatively good for Harris. Counting of election day votes will continue until the evening AEDT, with more counting in the following days.
At 2pm, polls close in Nevada. The early vote will be counted first. Results can’t be reported until all voters in line have voted, which will probably be hours after the official close of polls. There will also be late postals to count.
At 3pm, polls close in the Pacific states of California (54 electoral votes), Washington (12) and Oregon (eight), all expected to be easy wins for Harris. If Harris is doing unexpectedly well in the key states, these three may put her over the 270 electoral votes needed to win.
At 5pm, the final polls close in Alaska’s western time zone.
We may know who has won the Electoral College and therefore the presidency by Wednesday afternoon, but counting will continue until well into that evening AEDT. If it’s close, it may take a few more days to resolve the Electoral College.
Some states, including the populous Democratic strongholds of California and New York, take weeks to count all their votes. So it won’t be until early December that we know the national popular vote totals.
Adrian Beaumont 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.
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On October 31, 2024, the New Development Bank (NDB) successfully priced a 3-Year USD 1.25 billion Green Bond, paying an annual coupon of 4.677 per cent (equivalent to SOFR MS + 80 bps), under its Euro Medium Term Note Programme, which will be issued on 7 November 2024, subject to final legal documentation and customary closing conditions.
An amount equal to the net proceeds from the Bond issuance will be allocated to finance and/or refinance, in whole or in part, past or future disbursement of loans made to eligible green projects in accordance with NDB’s Sustainable Financing Policy Framework dated 25 May 2020 in such sectors as clean transportation, climate change adaptation, energy efficiency, low-carbon and renewable energy, sustainable water management, etc. NDB’s Sustainable Financing Policy Framework governs issuances of green, social and sustainability debt instruments, including the use and management of bond proceeds, project selection and evaluation process, reporting and disclosure.
The USD 1.25 billion Green Bond received strong demand from investors, with the final order book exceeding USD 2.2 billion. Geographically, the issuance attracted a diverse investor base, with 66% of investors from Asia and 34% from the EMEA region. The composition of the final order book was as follows: Central Banks, Official Institutions, and Sovereign Wealth Funds – 52%; Banks – 43%; Asset Managers, Fund Managers, and others – 5%.
Bank of China, Emirates NBD Capital, First Abu Dhabi Bank, ICBC, and Standard Chartered Bank (B&D) acted as Joint Lead Managers of the transaction. CITIC Securities served as a Co-Manager of the transaction.
“The strong demand and good pricing conditions obtained underscore the confidence of investors in NDB’s financial stability and its mandate of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries,” said Mr. Monale Ratsoma, NDB Vice-President and Chief Financial Officer.
“New Development Bank is committed to being a regular issuer in both hard currency and local currencies of its member countries. Our issuances are guided by market conditions, investor demand and the requirements of the Bank’s lending portfolio. NDB aims to build a liquid benchmark curve over time with issuances across different maturities, enhancing its capacity to finance infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries”.
Background Information
New Development Bank was established with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development. In 2021, NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates and Uruguay as its new member countries.
In December 2019, NDB established its inaugural USD 50 billion Euro Medium Term Note Programme (EMTN Programme) in the international capital markets.
IMPORTANT DISCLAIMER: This announcement does not constitute or form part of an offer to sell or the solicitation of an offer to sell or subscribe for or otherwise acquire any securities (including, without limitation, the green bonds mentioned above (the “Bonds“)).
This announcement is not a prospectus for the purposes of Regulation (EU) 2017/1129 or that Regulation as it forms part of United Kingdom law.
The Bonds are not being, and will not be, offered or sold in the United States. Nothing in this announcement constitutes an offer to sell or the solicitation of an offer to buy the Bonds in the United States or any other jurisdiction. Securities may not be offered, sold or delivered in the United States absent registration under, or an exemption from the registration requirements of, the Securities Act. The Bonds have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act of 1933, as amended).
No action has been or will be taken in any jurisdiction in relation to the Bonds to permit a public offering of securities.
This announcement is directed only at (i) persons who are outside the United Kingdom (the “UK“), or (ii) persons who are in the UK who are (a) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order“) or (b) otherwise, persons to whom this announcement may lawfully be communicated pursuant to the Order (all such persons together being referred to as “relevant persons“). This announcement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons. This electronic transmission may only be communicated to persons in the UK in circumstances where section 21(1) of the Financial Services and Markets Act 2000 does not apply to the Issuer.
Credit ratings should not be taken as recommendations by a rating agency to buy, sell or hold the Bonds. They may be revised, suspended or withdrawn at any time by the relevant rating agency.
Prohibition on sales to EEA and UK retail investors: Target Market (MiFID II / UK MiFIR) is Eligible Counterparties and Professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as the Notes are not available to retail in EEA or the UK.
Relevant stabilisation regulations including FCA/ICMA will apply.
On election eve in the United States, the presidential race is deadlocked. The polls are exceptionally close across the country and in all the swing states – Pennsylvania, Michigan, Wisconsin in the industrial midwest; Nevada and Arizona in the west; and Georgia and North Carolina in the south.
The final New York Times/Siena poll shows Democratic Vice President Kamala Harris leading by a very small margin or tied with Republican former President Donald Trump in all the swing states. The exception is Arizona, where Trump leads by a few percentage points.
While there is no clear favourite to win, there are several critical factors that will driving voters’ decisions on Election Day. This is what to watch.
Trump’s favourability is stuck around 43% in nationwide polling. In the past two presidential elections, he fell short of taking 50% of the national popular vote. As president, he never achieved over 50% favourability. And he has never topped 50% since leaving office.
This means he has hit a ceiling in his support and is highly unlikely to win the national popular vote on Tuesday.
This also reflects what happened to Trump in the Republican primaries to win the nomination. He dominated the field, defeating Florida Governor Ron DeSantis, former UN Ambassador Nikki Haley, and several others. But in most of those primaries, 15-20% of Republican voters did not vote for Trump.
Where will these Republican voters ultimately land on Tuesday? Probably half want to vote Republican and will go with Trump. Others will not being able to bring themselves to vote for Harris and will simply not vote for president.
Others will switch their support to Harris. Indeed, there has never been such a swelling of support from members of one party to support the other party’s presidential candidate.
Harris needs those “Republicans for Harris” votes. In addition, she’ll need to replicate the coalition of young voters, voters of colour and women who backed current President Joe Biden against Trump in 2020 in those same swing states and nationally.
Her favourability ratings are higher than Trump, at around 46%. The closer a presidential candidate is to 50% approval ratings, the better their chance of winning the election.
It’s the economy, stupid
At the same time, the country is in a bad mood. There is a classic polling question asked at elections: is the country on the right track, or moving in the wrong direction? Between 60–70% of Americans believe the country is on the wrong track.
That is a signal this election is about change. Historically, that sentiment has not favoured the incumbent in the White House. As Biden’s vice president, Harris is directly facing this headwind.
There are four key issues in this election. The most important is the hip pocket issue: household budgets, cost of living pressures and voters’ concerns about their future economic security.
Since Biden and Harris took office nearly four years ago, the cost of groceries, household items, utilities and services such as insurance have risen between 10–40%. Petrol prices have gone up even more.
Though interest rates have fallen, American households are hurting. When asked who is best to manage the economy, voters in swing states say Trump by a 15-point margin.
The next-biggest issue is immigration. Since Trump first became a presidential candidate in 2015, he has relentlessly pushed the immigration button, declaring the border with Mexico is out of control, with crime and pillage rising in its wake.
The first three years of Biden’s term were also marked by big surges of immigrants crossing the border, though rates have fallen dramatically in 2024.
Voters view Trump as best placed to manage this issue, too, by nearly 15 points.
Abortion rights and reproductive health services are the third major issue. Many women across America are repelled by the Supreme Court’s decision to take away their long-held constitutional right to an abortion. Now, this policy is decided at the state level. And several conservative Republican states – including Ohio and Kansas – have voted to restore abortion rights.
Harris is seen as the champion of these issues. Multiple pollsshow voters trust her more than Trump on reproductive rights, by wide margins.
Abortion rights are also on the ballot in two swing states, Nevada and Arizona, which should help Harris in both.
The future of American democracy is the fourth major issue facing voters. According to a new poll, half the country sees Trump as a profound threat to America’s democracy who will wield authoritarian power to enforce his policies and programs.
Harris has pledged to turn the page, heal divisions and get Republicans and Democrats working together again.
In these closing days, Trump continues to make provocative statements with violent imagery. At a rally in Arizona last week, for instance, he again attacked Liz Cheney, the former Republican congresswoman who advocated for the prosecution of Trump over the January 6 insurrection:
She’s a radical war hawk. Let’s put her with a rifle standing there with nine barrels shooting at her, OK? Let’s see how she feels about it. You know, when the guns are trained on her face.
This may have provided Harris with a final cut-through moment on Trump’s fitness for office in the final days of the campaign. She said in response:
Anyone who wants to be president of the United States who uses that kind of violent rhetoric is clearly disqualified and unqualified to be president. […] Trump is increasingly, however, someone who considers his political opponents the enemy, is permanently out for revenge and is increasingly unstable and unhinged.
So, who is going to win?
Trump’s team sees victory in all the polls. His chief pollster wrote late last week:
President Trump’s position nationally and in every single battleground state is significantly better than it was four years ago.
The polls may also be undercounting the full measure of Trump’s support, as was the case in 2016 and 2020. And the polls may not be reflecting the extent of antipathy towards Harris as a Black and south Asian woman.
Jen O’Malley Dillon, Harris’ campaign director, and who headed the 2020 Biden campaign that defeated Trump, has told her troops, meanwhile, that undecided voters are “gettable”, adding:
We have multiple pathways to victory […] Our folks are voting at levels we need them to vote in order for us to win.
Harris has built a US$1 billion (A$1.5 billion) machine designed to reach voters in the swing states – through personal contact. This machine made three million phone calls and door knocks on homes in Michigan, Pennsylvania and Wisconsin alone on Saturday. If this machine delivers, it could be the boost Harris needs on election night.
Harris’ campaign also signalled over the weekend that late-deciding voters, and especially women, are breaking their way by double digits. There is a sense among Democrats that Harris is now peaking as the campaign concludes.
The final analysis
If Harris wins, it will be because she has successfully sealed the deal with those voters and made the election a referendum on Trump – that on balance the country has had enough of him after eight years. It also means her ground game delivered the votes.
If Trump wins, it will mean voters trusted him to manage inflation and the cost-of-living squeeze on households, as well as what they see as out-of-control immigration and crime. These messages would also have been further embellished by unease about Harris, a Black and south Asian woman, as president.
Bruce Wolpe receives funding from the United States Studies Centre at the University of Sydney. He also worked on the Democratic staff of the US House of Representatives, most recently during President Barack Obama’s first term.
Released by: Minister for the Illawarra and the South Coast, Minister for Regional Transport and Roads
The largest cruise ship to ever dock at Eden Cruise Wharf, carrying 3560 passengers, will make a grand maiden entrance on Monday November 11 – the first following the NSW Government’s planning approval to allow bigger cruise ships and more frequent visits to Eden.
At 330 metres long, 36 metres wide and weighing 142,000 tonnes, Royal Princess is an impressive international cruise ship, stopping at the Sapphire Coast for the first time between calls in Sydney and then Port Arthur.
The Royal Princess is due to visit Eden again on 15 March 2025.
The arrival of ships up to 370 metres long (up from 325 metres) was made possible following recent planning modifications to cruise operations at the wharf. The modification also removed the 60 ships per year cap and now allows for overnight stays.
The Royal Princess’ will be one of 25 cruise ships to visit Eden this season, bringing 44,000 passengers and 20,000 crew. 12 ships will be making their maiden calls at Eden.
The season begins on Tuesday November 5 with the arrival of Disney Wonder.
Eden’s summer cruise season for 2023/24 was the busiest on record for the region, and injected an estimated $8.77 million into the local economy, as highlighted in the CLIA The Value of Cruise Tourism Report 2023/24.
“The first of the many larger ships to come, Royal Princess brings with her thousands of passengers and crew ready to disembark and explore the Bega Valley.
“We know cruise passengers bring welcome dollars to the local economy, whether that’s here in Eden as they soak up the wonderful hospitality, or by joining shore excursions to immerse in the very best the Sapphire Coast has on offer.
“The arrival of the Royal Princess signals an exciting new era for regional cruise which will see a gradual increase in bigger ships not only this season but also for many future seasons ahead bringing enormous benefits to the region.”
Minister for the Illawarra and the South Coast Ryan Park said:
“With 25 cruise ships visiting Eden this season, including 12 maiden calls, the benefits for the local community are enormous.
“Allowing bigger cruise ships and more frequent visits to the Eden Cruise Wharf sets the stage for record-breaking tourism, showcasing the natural beauty and hospitality of this unique part of our state.”
Member for Bega Dr Michael Holland said:
“A record-breaking $4.41 billion was injected into the state’s economy during the last cruise season.
It is great to see the Royal Princess will arrive in Eden on Monday 11 November, ensuring our region has access to the economic boost brought by these bigger cruise ships.
This time last year, the Royal Princess would have been 5 metres too long to dock here in Eden, but thanks to the new modifications to the
Port’s operations, Eden will see bigger ships and more frequent visits.”
“Every cruise season, visiting international cruise passengers can spend up to $283 a day, according to CLIA, injecting millions into local economies like ours.”
Port Authority CEO Captain Philip Holliday said:
“Since the first cruise ship arrived into Eden in 2005 there have been approximately 150 cruise ship visits, and more than 235,000 passengers visiting Eden.
“We are working closely with cruise lines to ensure the continuous growth of the NSW cruise market so even more cruise passengers can experience the best of NSW while injecting millions into local economies.”
“Recent Cruise Lines International Association (CLIA) data shows that more than 6 in 10 people who have taken a cruise say that they have returned to a destination that they first visited via a cruise ship.”
But first, a new report shows more than 1,200 companies paid no tax in the past financial year. An annual report from the Australian Taxation Office shows of the nearly 4,000 firms that lodged their returns, around 30 per cent did not pay tax. But the overall amount of corporate tax being paid to the ATO has increased by 17 per cent, which the government says is partly due to a crackdown on tax avoidance, as well as increasing profits by some companies. The Assistant Treasurer and Minister for Financial Services, Stephen Jones, joined me a short time ago. Stephen Jones, thanks for joining us. We see that corporate tax receipts are up 17 per cent under new figures the ATO have released. Is it a case of a tax avoidance crackdown working or is it just that companies are doing particularly well and recording record profits and paying more tax?
STEPHEN JONES:
Look, I think the good thing about this is we’re seeing strong compliance. We put about $200 million into a tax compliance taskforce focusing on large businesses and multinationals, and I’m very pleased to see that it’s reaping rewards. Australians want to ensure that whether you’re a big business or a small business, you’re paying your fair share. So, pleased to see that in the numbers today that we’re getting strong revenue coming through. Of course, it’s what pays for Medicare, it’s what pays for defence, it’s what pays for all the services that Australians expect us to deliver for them.
CLARKE:
How can we quantify, though, how much of that increased corporate tax revenue for the government is coming because of the tax crackdown, to make sure that they’re not profit shifting or avoiding, how much is due to that compared to just some companies in particular – we know a lot of our large mining companies have just had a really good year of sales.
JONES:
Well, frankly, from a bottom line point of view, it doesn’t matter that much. We want to ensure that as we continue to try and balance the budgets. Delivering 2 strong budgets in our first 2 terms of office means that we can do more, and ensuring that we’re getting every dollar that is owed through the taxation system is a key part of that strategy. Australians expect the Albanese government to do that. So, a bit of this, a bit of that, a bit of strong revenue coming through from those traditional sectors like resources and banking and financial services, but also knowing that we’ve got a strong compliance effort going on there as well, to ensure that we’re getting every dollar that is owed to the Australian people.
CLARKE:
There’s still something like 1,200 large companies not paying any tax at all. Is that acceptable? Can the crackdown on tax avoidance reach those companies that are not just, you know, rightly perhaps for some of them, not recording paying tax this time of year due to losses or various, various reasons they might not, but likely some of them are still finding ways to move their profits elsewhere.
JONES:
If it’s avoidance that’s going on, then it’s not acceptable and we’ll track it down. We’re putting a lot of effort into ensuring that we’re cracking down on tax avoidance, particularly in the area of multinational tax avoidance, working through multilateral organisations, through the OECD, but also here at home, ensuring that we’re getting every dollar that is owed. Big priority for the government, huge priority for the government in that multinational area. And of course, as you say, there’ll be some of those businesses who aren’t paying tax because they’re not making any money, they’re breaking even or they’ve made a huge capital investment and any money they have made is being offset against the capital investments that they’ve made. So, some of that is signs of healthy economic activity, particularly if there’s been a big capital investment. We want that. It’s going to drive productivity, but if it’s avoidance, we’re onto it.
CLARKE:
Is it inevitable that there’ll be some level of avoidance so long as Australia has a corporate tax rate of 30 per cent? Is there any value in looking at a lower corporate tax rate in the hope that it might mean there is less accounting shuffling done, and that could actually lead to a better outcome? Or are you convinced the 30 per cent tax rate is the right one to remain at?
JONES:
Look, a couple of things to say about that. It’s 30 per cent, that’s the headline rate. But of course, there are a whole range of offsets and allowances that are made, which means the actual rate, the underlying rate, is significantly less than that for most businesses and have used, as you’ve just pointed out, a whole heap of businesses, one‑third of them in today’s report, that aren’t paying any corporate tax at all. So, that’s the first point I’d make. The second point I’d make is Australians expect our businesses, particularly our resources businesses, our banking businesses and the multinational organisations, to be paying their fair share. And if we want to be able to continue to balance our budgets, we’ve got to ensure that whether you’re an individual taxpayer or a corporate taxpayer, you’re paying your fair share.
CLARKE:
The Australian Financial Complaints Authority has been reporting of the number of complaints that it is dealing with, and it’s dealing with an order of 900 complaints about scams every month. But it is reporting that does seem to be going down slightly. Why do you think that is?
JONES:
Look a sign of success, I’ve got to say. You would be aware, Melissa, that the government’s put a big emphasis on reducing scams and preventing scams. Phase one involved standing up a National Anti‑Scam Centre and pulling down fake investment websites. We’re blocking about a million calls and messages a day, which is a significant uplift in our effort. More legislation coming into parliament in a fortnight to uplift our effort here. So, our strategy is working. There’s no other country in the world that can say they’re having the success that Australia is having, which is why people are now starting to talk about the Australian model for scam prevention. That’s all great, but it doesn’t mean we can rest on our laurels because as soon as we do, the scammers come back, losses go up again and that’s not good enough.
CLARKE:
Is this a sign that this is an area that really does need strong government intervention, that the financial institutions can’t be relied upon to do the right thing, to make sure that customers are as protected as they can be and that a government has to step in here?
JONES:
Yeah, look, 100 per cent. You know, the approach of our predecessors on this was that if you get scammed out of money, you’re a mug and you’re on your own basically. It was a private problem, not a public problem. We think that’s wrong because scams have been industrialised, but they’ve also, if you don’t get on top of it, people won’t answer phone calls that they don’t recognise, they won’t respond to emails because they think it’s a fraud. They won’t respond to SMS messages because they think they’re bogus. Whether you care about it from the social aspect, which I do, or you understand that it’s actually undermining the rails of modern commerce unless we get on top of it, you should have 2 strong motivations for wanting to do it. And that’s the approach of the Albanese government. This is a public problem, not a private problem and we’ve got to get on top of it. So, we’re really leaning, it is a priority for us. We are leaning into it. We want to ensure that we are the hardest country on earth for a criminal to make a buck through scams.
CLARKE:
Well, it’s interesting then to look at some of the other findings of the last financial year from the Financial Complaints Authority, because they also note that complaints about financial institutions dealing with hardship has gone up, and it also is quite critical of a number of insurance companies saying they’re not taking enough of a resolution mindset, that it’s still too adversarial and not doing enough to resolve complaints that people have about those services. Does that then suggest that maybe this is requiring more government intervention with banks and insurers to put more pressure on them to resolve complaints earlier in the process?
JONES:
Can I say, in the area of insurance, when somebody’s lost their property because there’s been a fire or a flood or some other tragedy, the last thing they need is to have to be involved in a brawl and a dragged out fight with their insurance company. Prompt payment, prompt resolution, prompt clarification of rights is what is needed. And it’s exactly why I got Dr Daniel Mulino to chair the recent inquiry into insurance claims handling, particularly arising out of the NSW and Queensland floods recently. He’s done a great job. A series of recommendations to both government and industry. We’re going through them now. An excellent report, and you’ll see us implementing a lot of those recommendations as soon as possible. Like, the insurance industry doesn’t have to wait. The message to them is get better. We want to ensure that you’re looking after your customers, and they’re not adding insult to injury after they’ve had their properties wiped out through a flood.
CLARKE:
And look, before we let you go, I do want to ask you about the issue that has taken up much time in Canberra this week, of politicians accepting flight upgrades or access to the Chairman’s Lounge from Qantas. Given the risk of the perception of a conflict that this creates, do we need our politicians, yourself included, to perhaps rethink whether or not they should be accepting flight upgrades or a Chairman’s Lounge? Is the declaration process not enough to allay public concern that it might be influencing policy decisions?
JONES:
Look, I don’t think it does. Can I first start by saying I don’t think it does influence policy decisions, I’ve read all the stuff, and I’ve watched all the stuff over the last week, and, you know, there’s a lot of strong words that have been said about it. I’m certain that it doesn’t influence policy decisions. You know, should politicians be banned from, you know, upgrades or Qantas lounge? Frankly, I don’t care one way or the other. It’s not a big deal to me. But, yeah, I think Australians are actually focused on, is Medicare working properly? How’s cost of living? Is my job secure? Am I getting a pay rise? Frankly, they’re the issues. I know it’s fascinating in Canberra, and I know there’s a lot of tit‑for‑tat stuff going on here, but I think Australians are really in a different place.
CLARKE:
I know you say that you don’t believe that it creates any influence on policy decisions, but it can create the perception that there could be, and we know that that’s important when it comes to transparency and accountability. So, given the perception issue and given that we have had things like the decision to not grant Qatar extra, you know, slots coming into major airports, which, you know, at the time you said was to help keep Qantas viable and competitive, would there not be some value in reassessing that issue of perception that might remain even if the policy influence isn’t affected?
JONES:
You know, I think we’ve got to continually assess these things to ensure that we are keeping pace with community expectations. I actually don’t think it makes a difference. Both Qantas and Virgin have the same sorts of lounges. I think Rex does as well. Like, I don’t think it’s exceptional. When I’ve been into any of them, you’ll see sports people, you’ll see business people. Yes. You’ll see politicians, you know, so there’s – frankly, I don’t think it changes the way people make a decision either way. All of the airlines have these facilities available to them, so it’s not like people are making a pro‑Qantas or an anti‑Qantas decision, depending on which door they walk through. I just don’t think that happens. But I do accept your point, frankly, around perceptions, I’m not sure where it ends. But I do accept your point that, you know, that we’ve got to ensure that we’re continually reviewing behaviours and arrangements to keep place with community norms.
CLARKE:
Alright. Something I think we’ll keep assessing and perhaps perpetually keep assessing. Stephen Jones, thanks very much.
Georgia has a nascent but developing ecosystem for PPPs.
ADB has been involved in developing the PPP program in Georgia for many years by facilitating the establishment of the PPP legal framework in the country.
The government realized the importance of PPPs as an alternative way of financing infrastructure investments and has been developing a PPP institutional, policy, and legal and regulatory framework.
The Asian Development Bank (ADB) recently launched the Georgia Public–Private Partnership (PPP) Monitor. Helen Steward, Principal Markets Development Advisory Specialist in ADB’s Office of Markets Development and Public–Private Partnerships (OMDP), explains what the PPP Monitor is all about.
What are Public–Private Partnerships or PPPs?
Public–private partnerships are contractual arrangements where a government partners with the private sector to build and manage public infrastructure, such as roads and highways, renewable energy plants, hospitals, and schools. PPPs may also be used by government to bring in private sector to manage existing public infrastructure more efficiently.
Helen Steward, Principal Markets Development Advisory Specialist, Office of Markets Development and Public–Private Partnerships (OMDP), ADB
What is the PPP Monitor?
The PPP Monitor is a publication series of ADB. It profiles PPP-enabling environments in ADB’s developing member countries (DMCs) across Asia and the Pacific. The PPP Monitor features a data-driven, online version that allows users to compare the key PPP parameters and attributes across the featured DMCs.
Who can use the PPP Monitor?
The PPP Monitor provides the investor community with business intelligence on the enabling environment, policies, priority sectors, and deals to facilitate informed investment decisions. For ADB DMCs the PPP Monitor serves as a diagnostic tool to identify gaps in their legal, regulatory, and institutional frameworks.
ADB and other international development agencies can also benefit from the PPP Monitor as it could be useful in initiating dialogues to assess a country’s readiness to implement PPPs to develop and sustain its infrastructure.
What are the key takeaways from the Georgia PPP Monitor?
Georgia has a nascent but developing ecosystem for PPPs.
ADB has been involved in developing the PPP program in Georgia for many years by facilitating the establishment of the PPP legal framework in the country.
The government realized the importance of PPPs as an alternative way of financing infrastructure investments and has been developing a PPP institutional, policy, and legal and regulatory framework.
In 2018, the Law of Georgia on Public–Private Partnerships, also known as the PPP Law, was adopted. This was followed by a package of bylaws related to the introduction and implementation of PPPs in Georgia.
The PPP Law and the secondary legislation provide the legal basis for procuring and managing PPPs in Georgia. It covers both concession and non-concession types of PPPs. It provides the definition and eligibility criteria for PPPs, the various stages for project development and management, and the relevant entities involved in PPP project identification, screening, preparation, procurement, and management, including their functions. It also establishes the process for dispute resolution and the identification and management of contingent liabilities.
The PPP Law and the secondary legislation also require the establishment of a formal PPP institutional structure including a PPP Agency, which has been set up under the Office of the Prime Minister of Georgia, and a related risk and fiscal management function under the Ministry of Finance. The PPP Agency became operational in 2019 and guidelines for identifying, appraising, procuring, implementing, and monitoring PPPs have been developed to support the PPP Law and the supporting secondary legislation.
How many PPPs have been developed in Georgia?
From 1990 to 2023, about 42 PPP projects from different sectors (e.g., airports, energy, information and communications technology, water and sewerage, and social infrastructure) successfully achieved financial closure. The total investment made in these projects is approximately $4 billion.
According to the PPP Agency, since the adoption of the PPP Law in 2018, only a few new PPPs have been initiated and reached financial closure and these have all been in the energy sector.
What challenges exist in the public private partnership landscape?
Significant progress has been made in improving the PPP landscape, especially in establishing the regulatory framework and with recent PPP training programs instigated by the PPP Agency. However, there is so far only a limited pipeline of viable projects and significant challenges remain to be addressed, including low awareness of PPPs; limited capacity of government officials; lack of PPP initiatives at the local and national levels; and lack of a project development fund, among others.
What is ADB doing to support PPPs in Georgia?
Having supported the drafting of the PPP legislation, implementing guidelines, model concession agreements, and annual fiscal risk statements, ADB is poised to support PPP development further in Georgia. PPPs offer an avenue to improve value for money in infrastructure development and service delivery. However, the current capacity of the public sector to drive and implement PPPs is constrained. ADB has been working in partnership with the PPP Agency to address some of the challenges. ADB is helping raise awareness about PPPs through events. Earlier in October, ADB held a specialist training course on PPPs for senior government officials to help address the capacity gaps and contribute toward building a pipeline of projects. ADB is also undertaking a feasibility assessment on affordable housing to explore PPP opportunities and is also in early discussion with various government agencies to help screen and prepare potential pilot PPP projects.
Rupert Murdoch’s News Corporation has misled the Australian Parliament and is liable to prosecution — not that government will lift a finger to enforce the law, reports Michael West Media.
SPECIAL REPORT:By Michael West
Rupert Murdoch’s News Corporation has misled the Australian Parliament. In a submission to the Senate, the company claimed, “Foxtel also pays millions of dollars in income tax, GST and payroll tax, unlike many of our large international digital competitors”.
However, an MWM investigation into the financial affairs of Foxtel has shown Foxtel was paying zero income tax when it told the Senate it was paying “millions”. The penalty for lying to the Senate is potential imprisonment, although “contempt of Parliament” laws are never enforced.
The investigation found that NXE, the entity that controls Foxtel, paid no income tax in any of the five years from 2019 to 2023. During this time it generated $14 billion of total income.
The total tax payable across this period is $0. The average total income is $2.8 billion per year.
Foxtel Submission to the Senate Environment and Communications Legislation Committee Inquiry into The Broadcasting Legislation Amendment (2021 Measures No.1) Bill. Image: MWM screenshot
Why did News Corporation mislead the Parliament? The plausible answers are in its Foxtel Submission to the Senate Environment and Communications Legislation Committee Inquiry into The Broadcasting Legislation Amendment.
In May 2021 — which is also where the transgression occurred — the media executives for the American tycoon were lobbying a Parliamentary committee to change the laws in their favour.
By this time, Netflix had leap-frogged Foxtel Pay TV subscriptions in Australia and Foxtel was complaining it had to spend too much money on producing local Australian content under the laws of the time. Also that Netflix paid almost no tax.
Big-league tax dodger They were correct in this. Netflix, which is a big-league tax dodger itself, was by then making bucketloads of money in Australia but with zero local content requirements.
Making television drama and so forth is expensive. It is far cheaper to pipe foreign content through your channels online. As Netflix does.
The misleading of Parliament by corporations is rife, and contempt laws need to be enforced, as demonstrated routinely by the PwC inquiry last year. Corporations and their representatives routinely lie in their pursuit of corporate objectives.
If democracy is to function better, the information provided to Parliament needs to be clarified, beyond doubt, as reliable. Former senator Rex Patrick has made the point in these pages.
Even in this short statement to the committee of inquiry (published above), there are other misleading statements. Like many companies defending their failure to pay adequate income tax, Foxtel claims that it “paid millions” in GST and payroll tax.
Companies don’t “pay” GST or payroll tax. They collect these taxes on behalf of governments.
Little regard for laws Further to the contempt of Parliament, so little regard for the laws of Australia is shown by corporations that the local American boss of a small gas fracking company, Tamboran Resources, controlled by a US oil billionaire, didn’t even bother turning up to give evidence when asked.
This despite being rewarded with millions in public grant money.
Politicians need to muscle up, as Greens Senator Nick McKim did when grilling former Woolies boss Brad Banducci for prevaricating over providing evidence to the supermarket inquiry.
Michael West established Michael West Media in 2016 to focus on journalism of high public interest, particularly the rising power of corporations over democracy. West was formerly a journalist and editor with Fairfax newspapers, a columnist for News Corp and even, once, a stockbroker. This article was first published by Michael West Media and is reopublished with permission.
Spanned by footbridges and shaded by greenery, the open nullah at King Yip Street in Kwun Tong has undergone a remarkable transformation. Now known as Tsui Ping River, the revitalised waterway brings the Government’s “River in the City” concept to life.
New life
In implementing the project, the Drainage Services Department worked hard to enhance both the ecology and landscaping of the river. More than 50 Chinese banyan trees now line the riverbanks, forming a precious green corridor.
Bird perches, rock pools, and aquatic plants were introduced, while parts of the concrete riverbed were replaced with natural materials to make the habitat more welcoming of biodiversity. These improvements breathe new life into the former nullah.
Precise control
In order to lower the risk of flooding, meanwhile, part of the riverbed was also deepened, and a smart water gate was installed to manage water levels effectively.
Drainage Services Department Senior Engineer (Drainage Projects) Antony Wan explained: “Tsui Ping River is operated by a precise control system which is linked to the weather forecast system of the Hong Kong Observatory. It collects river water or tidal level data through the water level monitoring devices installed in the river. Through data analysis, the system controls the operation of the Tsui Ping River according to real-time conditions.
“The smart water gate installed at the downstream of Tsui Ping River can adjust its rise and fall according to the tidal flow to regulate the water level and stabilise the water body. When the river water flows downstream, a waterfall effect will be created to ensure drainage capacity and enhance the waterscape.”
Mr Wan added that during inclement weather, or when there is a high water level at the upstream, the smart water gate will be lowered to the riverbed level to maintain the normal drainage capability of the river.
The smart water gate not only regulates tidal flow but also minimises unpleasant odours caused by the river drying up. In addition, dry-weather flow interceptors were installed on Shui Wo Street, King Yip Street and Wai Fat Road to intercept polluted dry flow from storm drains and divert it to the sewerage system, thereby reducing the flow of pollutants entering the Tsui Ping River.
Cultural change
In recent years, the Government has been keen to promote a water-friendly culture, which includes turning rivers into spaces that attract people. On the Tsui Ping River, a floating pontoon has been installed. Connecting to both banks, it rises and falls with the tides, offering a unique walking route for residents and visitors.
The department’s mascot, “Drainy”, appears in 75 different illustrations along the river, inviting people to record their walks with a selfie or two. Meanwhile, a total of six cross-river walkways, including one that connects Cha Kwo Ling and the Kwun Tong Promenade, enhance the waterway’s accessibility for nearby residents.
Vibrant district
The Government is dedicated to turning Kowloon East into a Green Core Business District.
Energizing Kowloon East Office Senior Works Consolidation Manager Cheng Wai-ho outlined that in implementing the Tsui Ping River project, the authorities aimed to transform the former nullah into a green and vibrant urban artery and create an open public space centred on the river.
“Driven by the Energizing Kowloon East initiative, Kowloon East has been transformed into a unique, attractive and vibrant central business district,” he said. “At present, Kowloon East has the highest density of green buildings in Hong Kong. We hope that Tsui Ping River will become a new landmark of Kwun Tong, attracting more multinational companies, financial institutions and startups to Kowloon East.”
Besides attracting businesses, the district continues to expand its recreational spaces. The Government’s aim is to develop Kowloon East into a vibrant central business district that supports a harmonious work-life balance for inhabitants.
NEW YORK, Nov. 01, 2024 (GLOBE NEWSWIRE) — Spartan Capital Securities, LLC, a full-service investment banking firm, is proud to announce its successful completion of several notable transactions throughout October 2024. The deals demonstrate Spartan’s expertise and unwavering commitment to supporting clients’ growth and capital needs across diverse sectors.
In October, Spartan Capital Securities served as the placement agent for 1847 Holdings LLC’s follow-on offering, raising $11,099,985. This capital infusion will enable 1847 Holdings LLC (NYSE American: EFSH), a diversified holding company, to continue its growth strategy, enhance operational flexibility, and pursue acquisition opportunities. Ellery W. Roberts, CEO of 1847 Holdings LLC, and his team are positioned for significant growth. Special thanks to the legal teams at Bevilacqua PLLC and Sichenzia Ross Ference Carmel LLP for their expert representation throughout this offering.
In another strategic role, Spartan Capital Securities acted as the sales agent in an at-the-market offering for Trio Petroleum Corp (NYSE: TPET), an oil and gas exploration and development company. Trio Petroleum Corp holds substantial working interests in key oilfields across Monterey and Uintah counties. Spartan’s involvement in this transaction reinforces its support for the energy sector’s expansion. Special thanks to Scott Miller at Ellenoff Grossman & Schole LLP, who served as Trio Petroleum’s counsel.
Spartan Capital Securities, LLC, is a premier financial services firm providing expert investment banking and advisory services to high-net-worth individuals and institutional clients. With a focus on tailored financial solutions, Spartan Capital is a trusted leader in delivering value and growth for its clients.
Source: United States House of Representatives – Representative John Duarte California (13th District)
Congressman Duarte Introduces the Border Security and Immigration Reform Act
Livingston, CA -, October 30, 2024
Livingston, CA –This week, Congressman John Duarte (CA-13) announced the introduction of the Border Security and Immigration Reform Act. Joined by local elected officials, community members, and advocates, the event underscored the urgent need for comprehensive immigration reform and strengthened border security. The bill is the result of over two years of collaboration with Valley leaders from both parties, immigration roundtables, and town halls throughout the district. Congressman John Duarte announced his “1,000 Mayors”campaign to gain nationwide support and feedback from local elected officials
“Families, workers, and communities throughout the Valley want real immigration solutions, not political grandstanding,” said Rep. Duarte. “This bill protects our immigrant communities and brings them out of the shadows, protects our communities against drug trafficking, and improves our Valley economy. I’m proud to work with my Democrat and Republican friends and local leaders to fix our immigration and border system.”
To watch the full press conference,click here.
Press Conference Speakers and Attendees:
Maria Pacheco, Kerman Mayor
Jose Moran, Livingston Mayor
Mike Clauzel, Patterson Mayor, Mike Clauzel’s wife Efigenia Clauzel
Javier Lopez, Ceres Mayor
Amy Bublak, Turlock Mayor
Paul Lanez, Los Banos Mayor
Mike Nelson, Atwater Mayor
Cece Gallegos, Madera Mayor Pro-Tem
Gurpal Samra, Livingston Mayor Pro-Tem
Lloyd Pariera, Merced County Supervisor
San Joaquin County Farm Bureau, President Les Strojan
Madera County Farm Bureau,Christina Beckstead
Rodrigo Espinosa, Merced County Supervisor
Data on Immigration:
Ninety-six percent of Republicans and 80% of Democrats polled want stronger border security.
Seventy percent of Americans support legal pathways for high-skilled immigrants and international students.
The agricultural industry faces critical labor shortages, affecting the Valley’s economy and local farmers.
Most Americans support a path to legal status for eligible undocumented immigrants.
Key Provisions of the Bill:
Enhanced Border Security: The bill allocates new resources and technology to complete the southern border wall and expand the Customs and Border Protection force, addressing drug trafficking and unauthorized entry. Note: This provision includes bill text from the Secure the Border Act of 2023 (H.R. 2).
Temporary Protected Status (TPS): Eligible individuals—including a permanent fix for Dreamers and Deferred Action for Childhood Arrivals, long-term Valley residents, and those with U.S. citizen spouses or children—can obtain TPS for five years while the government works to secure the border. Note: This bill builds on the Dignity Act, which Congressman Duarte has cosponsored since 2023.
Transition to Legal Status: TPS holders will transition to permanent status after five years, if the secure border is secured.
Agricultural Workforce Support: Establishes a “blue card” system to protect undocumented agriculture workers and allow them to return to the U.S. if they travel back to their country of origin.
To read more about the Border Security and Immigration Reform Act, click here.