Category: Economy

  • MIL-OSI USA: RI Delegation Delivers Major Funding for Freight Rail Infrastructure Improvements

    Source: United States House of Representatives – Representative Seth Magaziner (RI-02)

    PAWTUCKET, RI – Highlighting the importance of well-maintained rail networks, U.S. Senators Jack Reed and Sheldon Whitehouse and Congressmen Seth Magaziner and Gabe Amo today announced that the U.S. Department of Transportation will award $19,524,497 to upgrade key segments of freight rail tracks owned by Providence & Worcester Railroad (P&W) and New England Central Railroad (NECR).  The overall project is expected to cost about $26 million, with $19.5 million in federal funding and a $6.5 million local match.  Approximately 55.5 percent of the work will be done along P&W tracks in the Ocean State at a total cost of roughly $14.46 million.

    The improvements will replace up to 48,000 feet of older, lighter rail, install 7,900 ties, and rebuild fourteen public grade crossings on the Providence & Worcester Railroad main line in Rhode Island, and reconfigure the tracks and replace nine track turnouts in the Valley Falls, Rhode Island P&W freight yard.  The improved track turnouts will increase spacing and allow for more clearance for hazardous material shipments.

    When it is completed the new track should result in enhanced operational efficiency with fewer delays and faster travel times.

    The federal funding is administered by the Federal Railroad Administration’s (FRA) and made possible through the Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which funds projects that improve the safety, efficiency, and reliability of both passenger and freight rail.

    These CRISI program funds are made possible through a combination of annual appropriations and the Infrastructure Investment and Jobs Act of 2021 (Public Law 117–58), also known as the Bipartisan Infrastructure Law.

    “I’m pleased to deliver federal funds for these freight rail fixes.  This is a smart investment in helping Rhode Island companies and business sectors get products and materials where they need to go safely, quickly, and efficiently.  Making freight rail safer, more reliable, and more resilient for shippers will help strengthen our supply chains.  It will also benefit local drivers on the road by addressing deficiencies at railroad crossings that contributed to vehicle damage,” said Senator Reed, a member of the Appropriations Committee who helped secure a total of $2.97 billion for the FRA in the fiscal year 2024 appropriations bill and helped set aside $100 million specifically for the competitive CRISI grants. 

    “This federal investment in Rhode Island’s freight rail infrastructure is a win-win for Rhode Island businesses and the public,” said Senator Whitehouse.  “Our Bipartisan Infrastructure Law is at work supporting economic growth and keeping supply chains running smoothly and safely.”

    “The infrastructure bill passed by Congressional Democrats and the Biden-Harris administration is once again delivering for Rhode Island by replacing aging infrastructure and putting people to work,” said Rep. Seth Magaziner. “This federal funding will upgrade our state’s rail system to transport goods quickly and efficiently, and help local businesses compete in the national economy.” 

    “Freight rail is an essential part of Rhode Island’s economy and supports good paying jobs for workers in our state and across the region,” said Congressman Gabe Amo.  “Thanks to this $19.5 million federal investment Senator Jack Reed helped secure, our rail systems will be safer and more efficient for the businesses and shippers who need strong supply chains for goods to be transported.”

    MIL OSI USA News

  • MIL-OSI USA: Readout of White  House Discussion on AI and Advanced Software Solutions to Accelerate Clean Energy Grid  Integration

    US Senate News:

    Source: The White House
    Today, the White House Task Force on AI Datacenter Infrastructure convened experts from power companies, grid operators, software companies, NGOs, and other stakeholders to explore how advanced computing and software solutions, including artificial intelligence (AI), can accelerate grid integration of clean energy. Maintaining U.S. leadership of AI globally is a national security and an economic imperative. That is why the Biden-Harris Administration is focused on maintaining the strongest AI ecosystem in the world here in the United States and ensuring AI datacenters run on clean energy and without raising costs for American consumers. Secretary of Energy Jennifer Granholm, National Economic Advisor Lael Brainard, Senior Advisor to the President for International Climate Policy John Podesta, and National Climate Advisor Ali Zaidi encouraged participants to invest in innovative solutions that further accelerate deployment and ensure we reliably meet our energy needs, keep electricity costs low, and achieve U.S. climate targets.
    Participants discussed efforts underway to get more sources of supply on the grid by addressing the backlog of projects to power the grid currently waiting in “interconnection queues,” situations where additional computing solutions can make the biggest difference, and strategies on how to pursue those opportunities.
    Federal Energy Regulatory Commission Chairman Willie Phillips joined the convening and explained how stakeholders would benefit from the Commission’s July 2023 rule on interconnecting new generation resources.
    The Department of Energy (DOE) announced a forthcoming new program that will use AI to help clean energy project developers submit applications that grid operators can evaluate more quickly. DOE also highlighted an investment announced earlier this month to help transmission owners and grid operators replace fragmented data management systems with a standardized, cloud-based software solution that supports a faster interconnection process.
    Moreover, participants discussed DOE initiatives unveiled earlier this year as part of its novel Interconnection Innovative e-Xchange, or i2X, program, highlighting roadmaps with recommended solutions to implement a simpler, faster, and fairer interconnection process and opportunities for stakeholders to get involved.
    The Biden-Harris Administration’s Investing in America agenda has accelerated hundreds of billions of dollars of investments in clean electricity generation across the country and enabled historic actions to get energy projects funded, permitted, and deployed across the country – fueling over 250,000 new, good-paying energy jobs in 2023, which are growing at twice the rate of the rest of the economy. Applications for nearly 2,600 gigawatts of generation and battery storage capacity – twice current U.S. generation capacity – are waiting in interconnection queues to be connected to the grid. Accelerating the process by which grid operators study, determine, and approve needed grid upgrades to interconnect projects will enable clean energy to come online faster – energy America needs to fuel our economic growth, from our expanding manufacturing sector to datacenters that ensure U.S. leadership in AI to electric vehicles and more.

    MIL OSI USA News

  • MIL-Evening Report: What is necro-branding? And what’s it got to do with Elvis, Princess Diana and Taylor Swift?

    Source: The Conversation (Au and NZ) – By Chris Baumann, Professor in Business, Macquarie University

    bissig/Shutterstock

    Do you own any memorabilia depicting Elvis, Princess Diana, David Bowie, Prince or Michael Jackson? Perhaps a beloved t-shirt, a favourite mug, a special keyring or a novelty plate? You might not know it, but you are participating in something known as “necro-branding”.

    Necro-branding is where the image of a celebrity is sold to the public, perhaps by their estate or by their fans, long after the celebrity has died.

    These necro-branded items act almost like talismans, helping us preserve the past and remind us of an era long gone.

    Necro-branding is also shaping up to be a multibillion-dollar industry. Even the stars of today – such as Taylor Swift – will inevitably one day become the necro-brands of tomorrow.

    And with the astonishingly rapid development of artificial intelligence (AI), we can expect celebrities’ images to be “reincarnated” even more in the future, and their legacies extended far beyond death.

    Necro-branding is everywhere

    As colleagues and I argued in our recent paper in the journal Celebrity Studies, the quintessential necro-branded celebrity is Elvis Presley.

    From Elvis impersonators to countless items of Elvis memorabilia, the Elvis brand has only increased after the star’s death. Elvis-themed postage stamps issued by the US Postal Service reportedly became the top-selling commemorative postage stamps of all time. He’s also appeared on stamps issued by countries all around the world, such as the Republic of Congo, Rwanda, and Burundi.

    As we explain in our recent paper:

    At the time of his death, Elvis was worth an estimated US$5 million dollars ($40  million in today’s terms), but by 2022, it was estimated that Elvis Presley Enterprises has a net worth of between $400 million and $500 million. The use of his image on merchandise and memorabilia contributes to the continuation of his legacy.

    And it’s not just necro-branding marketed to older fans; younger generations are also a target with Elvis marketing.

    Think, for example, of the stratospherically successful early-2000s dance track version of A Little Less Conversation, by Dutch musician Junkie XL. Or, for instance, of the way Elvis tracks are woven throughout the Disney animated movie Lilo and Stitch.

    Of course, Elvis is not the only necro-branded celebrity. David Bowie, Prince, Michael Jackson, John Lennon and Johnny Cash are other obvious examples, with countless pieces of merchandise bearing their images. Their brand value has increased once the star has passed away.

    Deceased royals – such as Princess Diana and, more recently, Queen Elizabeth – are another obvious example, especially because living royals already enjoy such massive brand values.

    Necro-branding works because of the deep connection fans feel with celebrities. One study of fans of NBA basketballer Kobe Bryant found that as fans’ grief and shock waned, other stronger emotional responses, such as love, actually increased.

    Another 2024 study analysing fans of Johnny Cash and John Lennon suggested that fans acted “religiously” in honouring the memories of these beloved musicians.

    Marilyn Monroe is another heavily necro-branded celebrity. As we argue in our recent paper

    Her brand has shown strong durability in terms of earnings and is now licensed to the same management group that owns the bulk of the Elvis brand, Authentic Brands Group (ABG). Monroe often made the top ten list of earners in the Dead Celebrities List from 2001 to 2008.

    Necro-branding and AI

    AI already plays a pivotal role in branding of celebrities, alive and dead, and will no doubt be used more in future to extend the marketability of today’s celebrities.

    Think, for instance, of the way some of the recordings from the past are imperfect. Elvis footage from the 1970s often has good sound quality, but the actual video footage reflects the technology of the time.

    While this can be partially rectified with remastering, future AI-powered technology will allow entire reproductions of shows, with all imperfections removed.

    Perhaps, many decades from now, an AI-generated version of Taylor Swift will be performing for fans of that era. Whole personas can be altered to meet the demands of different generations of fans, maintaining their legacy indefinitely.

    Brand new songs can be performed by a necro-celebrity who never actually sang them, or songs from other entertainers (dead or alive) can be performed by the avatar of a dead singer.

    AI has already been used to create a version of the song Barbie Girl sung in the “voice” of Johnny Cash, alongside a medley of other pop hits.

    A whole new frontier

    Even if you’re new to the term, you’re already part of the necro-branding market. And there is more to come once AI advances and consumers can no longer distinguish between fake and real.

    The lines will become blurry, as the branding of necro-celebrities become a whole new frontier for marketing and AI develops ever faster and better.

    Joanne Soviner, a year 12 student at North Sydney Girls High School, contributed to this article.

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

    ref. What is necro-branding? And what’s it got to do with Elvis, Princess Diana and Taylor Swift? – https://theconversation.com/what-is-necro-branding-and-whats-it-got-to-do-with-elvis-princess-diana-and-taylor-swift-240989

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Gender is playing a crucial role in this US election – and it’s not just about Kamala Harris

    Source: The Conversation (Au and NZ) – By Carol Johnson, Emerita Professor, Department of Politics and International Relations, University of Adelaide

    Having a female presidential candidate has made gender obvious in this US presidential election, even to many who normally neglect its role. The specific contest between Kamala Harris and Donald Trump, along with the prominence of issues such as abortion, has resulted in a particularly large gender voting gap. Far more women have consistently indicated support for Harris and far more men for Trump.

    However, gender has always been crucial in US presidential elections, not just because of gender voting patterns but because competing performances of masculinity have always played a major role.

    Role of masculinity in 2020 election

    The last presidential election saw Joe Biden’s form of kind and caring protective masculinity being explicitly contrasted with Trump’s divisive, hyper-masculine one.

    Furthermore, strong male leaders are meant to protect the people from physical, social and economic harm. I have argued that one factor that contributed to Trump’s 2020 electoral defeat was a protective masculinity failure, especially in regard to COVID.

    For example, former President Barack Obama argued that, unlike Biden, Trump could not be counted on to protect Americans:

    Eight months into this pandemic, new cases are breaking records. Donald Trump isn’t going to suddenly protect all of us. He can’t even take the basic steps to protect himself […]. Joe understands […] that the first job of a president is to keep us safe from all threats: domestic, foreign, and microscopic.

    Trump’s re-energised protective masculinity

    However, since his 2020 electoral defeat, Trump has resurrected himself as a strong masculine protector. He claims that “our enemies” are trying to use legal charges to take away his freedom and silence him because he “will always stand” in the way of their attempt to silence the American people and take away their freedom.

    He will also be a vengeful protector, declaring:

    I am your warrior. I am your justice. And for those who have been wronged and betrayed: I am your retribution. I will totally obliterate the deep state.

    Trump has long appealed to men who feel that traditional masculinity, and its related entitlements, are under threat.

    He is currently courting white males, the youth manosphere, “techno bros”, “crypto bros”, conservative male unionists threatened by globalisation and offshoring, and conservative black and Latino men.

    He has been explicitly mobilising misogyny, including by making lewd references to Harris. JD Vance has assisted Trump’s efforts.

    Nonetheless, Trump claims that he will be a strong male protector of women, protecting them from illegal immigrants, crime, foreign threats and other anxieties:

    You will be protected and I will be your protector. Women will be happy, healthy, confident and free.

    Trump has even promised that, as a result, women “will no longer be thinking about abortion.” This is all despite his own alleged history of sexual assault.

    Harris, gender and the women’s vote

    By 2024, Biden’s apparent physical and cognitive decline meant that he was no longer a convincing masculine protector (or viable ongoing presidential candidate).

    The choice of Harris as his replacement candidate had advantages, but it was also a gamble given the combined roles of gender and race. After all, despite the long history of US racism, it still proved easier to elect a black man (Obama) to the presidency than a white woman (Hillary Clinton).

    However, the women’s vote is particularly important this election. As well as Harris’ appeal to younger and black women, Democrats have emphasised the importance of her appeal to white women, including some who previously voted Republican. Anti-Trump Republicans such as Liz Cheney are assisting Harris in appealing to the latter.

    Issues such as abortion are crucial. The overturning of Roe v Wade abortion rights, enabled by Trump stacking the Supreme Court, also puts IVF at risk by not clarifying when life begins (with implications for frozen embryos). Senate Republicans have twice blocked a vote on a Democrat-led bill designed to protect IVF. Harris has pledged to sign a law protecting abortion rights (if Congress passes it).

    Trump claims he supports IVF, won’t bring in a national ban on abortion and believes in abortion “exceptions for rape, incest, and life of the mother”.

    However, Trump Republicans are courting, and influenced by, the American religious right on abortion. There aren’t such exceptions in several Republican states, as Harris’s heartrending accounts of the impact on women and their health reveals. Furthermore, Missouri, Kansas and Idaho are also trying to drastically reduce legal access to the abortion drug mifepristone.

    Harris also emphasises other issues of particular significance for women, such as affordable childcare and better pay for care workers.

    Harris and “tonic” masculinity

    Given the role of competing masculinities in US presidential elections, Harris’ campaign has intentionally appealed to a very different form of protective masculinity from Trump’s.

    Vice presidential candidate, Tim Walz’s, “America’s dad” image (of being a warm, caring but sports loving coach, national guard serving, gun owning, hunter) is used to contrast his “tonic masculinity” with Trump’s “toxic” masculinity. Harris’s husband, Doug Emhoff, is depicted as a supportive “wife-guy” who has “reshaped the perception of masculinity” (while strongly denying allegations he once slapped a woman).

    Despite conservative claims of men being economically left behind, the Biden/Harris administration argues it has revitalised manufacturing and male jobs along with it and Harris will continue to do so. Meanwhile, Obama has urged black men to get behind Harris and the Harris campaign has highlighted its policies benefiting black men.

    Can Harris mobilise protective femininity?

    Given the major role of gender in US presidential elections, a key issue is whether Harris can successfully evoke a caring, motherly, protective femininity that promises security and economic benefits to voters and helps to counter Trump’s protective masculinity.

    Other women politicians have been able to (for example, Germany’s Angela Merkel). Women leaders particularly mobilised protective femininity during the COVID health crisis (for example, New Zealand’s Jacinda Ardern). However, it always seemed likely masculinist leadership stereotypes would re-emerge once the economy needed rebuilding after the pandemic.

    Harris has pledged she will “create an opportunity economy” and “protect our fundamental rights and freedoms, including the right of a woman to make decisions about her own body and not have her government tell her what to do”. She promises to be the kind of president “who cares about you and is not putting themselves first”. Whether such electoral pitches are successful remains to be seen.

    Why the outcome of this election is crucial for gender equality.

    A woman US president is long overdue after 46 male ones. A Trump victory would have major implications for abortion, IVF and women’s rights generally, including progress on the Biden/Harris National Strategy on Gender Equity and Equality. Immigrant and black women will be particularly vulnerable. A Trump victory would also have major implications for which models of masculinity are publicly endorsed.

    A Trump victory would embolden conservative so-called anti-gender ideology campaigns. The Trump campaign has recently spent US $21 million (A$31.9 million) on ads associating Harris with LGBTIQ+ equality, especially transgender rights.

    The Trump campaign asserts that “Kamala’s for they/them. President Trump is for you.” While Trump has also pledged that “we will get critical race theory and transgender insanity the hell out of our schools.”

    A Trump victory will influence the future US economy, including risking increasing gender inequality in an Elon Musk-style unregulated technopoly.

    Finally, academic commentators have drawn attention to the way in which socially conservative views on gender have been mobilised to support new forms of authoritarian regimes in Europe and elsewhere.

    In short, this presidential election is a crucial one for the American people generally, but for the female half of the population in particular.

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

    ref. Gender is playing a crucial role in this US election – and it’s not just about Kamala Harris – https://theconversation.com/gender-is-playing-a-crucial-role-in-this-us-election-and-its-not-just-about-kamala-harris-242113

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Vanuatu AG condemns Trump’s Paris climate treaty exit as ‘troubling precedent’

    By Harry Pearl of BenarNews

    Vanuatu’s top lawyer has called out the United States for “bad behavior” after newly inaugurated President Donald Trump withdrew the world’s biggest historic emitter of greenhouse gasses from the Paris Agreement for a second time.

    The Pacific nation’s Attorney-General Arnold Loughman, who led Vanuatu’s landmark International Court of Justice climate case at The Hague last month, said the withdrawal represented an “undeniable setback” for international action on global warming.

    “The Paris Agreement remains key to the world’s efforts to combat climate change and respond to its effects, and the participation of major economies like the US is crucial,” he told BenarNews in a statement.

    The withdrawal could also set a “troubling precedent” regarding the accountability of rich nations that are disproportionately responsible for global warming, said Loughman.

    “At the same time, the US’ bad behavior could inspire resolve on behalf of developed countries to act more responsibly to try and safeguard the international rule of law,” he said.

    “Ultimately, the whole world stands to lose if the international legal framework is allowed to erode.”

    Vanuatu’s Attorney-General Arnold Loughman at the International Court of Justice last month . . . “The whole world stands to lose if the international legal framework is allowed to erode.” Image: ICJ-CIJ

    Trump’s announcement on Monday came less than two weeks after scientists confirmed that 2024 was the hottest year on record and the first in which average temperatures exceeded 1.5 degrees Celsius above pre-industrial levels.

    Agreed to ‘pursue efforts’
    Under the Paris Agreement adopted in 2015, leaders agreed to “pursue efforts” to limit warming under the 1.5°C threshold or, failing that, keep rises “well below” 2°C  by the end of the century.

    Fiji Prime Minister Sitiveni Rabuka said on Wednesday in a brief comment that Trump’s action would “force us to rethink our position” but the US president must do “what is in the best interest of the United States of America”.

    Other Pacific leaders and the Pacific Islands Forum (PIF) regional intergovernmental body have not responded to BenarNews requests for comment.

    The forum — comprising 18 Pacific states and territories — in its 2018 Boe Declaration said: “Climate change remains the single greatest threat to the livelihoods, security and wellbeing of the peoples of the Pacific and [we reaffirm] our commitment to progress the implementation of the Paris Agreement.”

    Fiji Prime Minister Sitiveni Rabuka speaks at the opening of the new Nabouwalu Water Treatment Plant this week . . . Trump’s action would “force us to rethink our position”. Image: Fiji govt

    Trump’s executive order sparked dismay and criticism in the Pacific, where the impacts of a warming planet are already being felt in the form of more intense storms and rising seas.

    Jacynta Fa’amau, regional Pacific campaigner with environmental group 350 Pacific, said the withdrawal would be a diplomatic setback for the US.

    “The climate crisis has for a long time now been our greatest security threat, especially to the Pacific,” she told BenarNews.

    A clear signal
    “This withdrawal from the agreement is a clear signal about how much the US values the survival of Pacific nations and all communities on the front lines.”

    New Zealand’s former Minister for Pacific Peoples, Aupito William Sio, said that if the US withdrew from its traditional leadership roles in multilateral organisations China would fill the gap.

    “Some people may not like how China plays its role,” wrote the former Labour MP on Facebook. “But when the great USA withdraws from these global organisations . . . it just means China can now go about providing global leadership.”

    Analysts and former White House advisers told BenarNews last year that climate change could be a potential “flashpoint” between Pacific nations and a second Trump administration at a time of heightened geopolitical competition with China.

    Trump’s announcement was not unexpected. During his first term he withdrew the US from the Paris Agreement, only for former President Joe Biden to promptly rejoin in 2021.

    The latest withdrawal puts the US, the world’s largest historic emitter of greenhouse gases, alongside only Iran, Libya and Yemen outside the climate pact.

    In his executive order, Trump said the US would immediately begin withdrawing from the Paris Agreement and from any other commitments made under the UN Framework Convention on Climate Change.

    US also ending climate finance
    The US would also end its international climate finance programme to developing countries — a blow to small Pacific island states that already struggle to obtain funding for resilience and mitigation.

    Press releases by the Biden administration were removed from the White House website immediately after President Donald Trump’s inauguration. Image: White House website/Screen capture on Monday

    A fact sheet published by the Biden administration on November 17, which has now been removed from the White House website, said that US international climate finance reached more than US$11 billion in 2024.

    Loughman said the cessation of climate finance payments was particularly concerning for the Pacific region.

    “These funds are essential for building resilience and supporting adaptation strategies,” he said. “Losing this support could severely hinder ongoing and future projects aimed at protecting our vulnerable ecosystems and communities.”

    George Carter, deputy head of the Department of Pacific Affairs at the Australian National University and member of the COP29 Scientific Council, said at the centre of the Biden administration’s re-engagement with the South Pacific was a regional programme on climate adaptation.

    “While the majority of climate finance that flows through the Pacific comes from Australia, Japan, European Union, New Zealand — then the United States — the climate networks and knowledge production from the US to the Pacific are substantial,” he said.

    Sala George Carter (third from right) hosted a panel discussion at COP29 highlighting key challenges Indigenous communities face from climate change last November. Image: Sera Sefeti/BenarNews

    Climate actions plans
    Pacific island states, like all other signatories to the Paris Agreement, will this year be submitting Nationally Determined Contributions, or NDCs, outlining their climate action plans for the next five years.

    “All climate actions, policies and activities are conditional on international climate finance,” Carter said.

    Pacific island nations are being disproportionately affected by climate change despite contributing just 0.02 percent of global emissions, according to a UN report released last year.

    Low-lying islands are particularly vulnerable to rising sea levels and extreme weather events like cyclones, floods and marine heatwaves, which are projected to occur more frequently this century as a result of higher average global temperatures.

    On January 10, the World Meteorological Organisation (WMO) confirmed that last year for the first time the global mean temperature tipped over 1.5°C above the 1850-1900 average.

    WMO experts emphasised that a single year of more than 1.5°C does not mean that the world has failed to meet long-term temperature goals, which are measured over decades, but added that “leaders must act — now” to avert negative impacts.

    Harry Pearl is a BenarNews journalist. This article was first published by BenarNews and is republished at Asia Pacific Report with permission.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Economics: Money Market Operations as on October 28, 2024

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 559,669.89 6.45 5.00-6.75
         I. Call Money 9,351.89 6.62 5.10-6.75
         II. Triparty Repo 407,058.50 6.43 6.11-6.60
         III. Market Repo 142,040.79 6.52 5.00-6.70
         IV. Repo in Corporate Bond 1,218.71 6.69 6.65-6.75
    B. Term Segment      
         I. Notice Money** 209.50 6.43 6.10-6.65
         II. Term Money@@ 489.50 6.50-7.05
         III. Triparty Repo 2,536.00 6.42 6.35-6.55
         IV. Market Repo 2,134.85 6.53 6.45-6.57
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Mon, 28/10/2024 1 Tue, 29/10/2024 1,648.00 6.75
    4. SDFΔ# Mon, 28/10/2024 1 Tue, 29/10/2024 103,800.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -102,152.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 18/10/2024 13 Thu, 31/10/2024 20,073.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo Fri, 25/10/2024 6 Thu, 31/10/2024 25,005.00 6.55
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,696.81  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     17,168.81  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -84,983.19  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 28, 2024 1,010,098.68  
         (ii) Average daily cash reserve requirement for the fortnight ending November 01, 2024 1,016,726.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 28, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 04, 2024 488,495.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1389

    MIL OSI Economics

  • MIL-OSI Australia: Address to the Australian Bureau of Agricultural and Resource Economics and Sciences

    Source: Australian Treasurer

    I acknowledge the Ngunnawal people, on whose traditional lands we meet, and pay respect to all First Nations people here today.

    Economist John Crawford started his public service career in the 1940s working under Nugget Coombs in the Department of Post‑War Reconstruction (Miller 2007, Uhr 2006).

    After taking a strong interest in agriculture, tariffs and trade in his academic studies, Crawford became the director of the Department’s rural and regional planning divisions (Powell & Macintyre 2015).

    Those planning divisions evolved into the Bureau of Agricultural Economics which would serve as the Commonwealth agency responsible for examining proposals for settling returned soldiers on productive farms.

    With Crawford as the inaugural director, the Bureau would assess ‘the suitability of climate and soil, the adequacy of the farm areas and likely economic viability of the farms’ (Powell & Macintyre 2015).

    It was a significant task because no one wanted to repeat the costly mistakes of the 1920s where nearly 12,000 soldier settlers abandoned their farms within a few years.

    But Crawford saw greater potential for the Bureau.

    He proposed broader functions such as studies on the outlook for primary industries, land use investigations and research to promote certain commodities (Powell & Macintyre 2015).

    The Bureau of Agricultural Economics, Crawford and its broader functions transferred to the Department of Commerce and Agriculture in 1946.

    Through various departmental leadership roles, Crawford went on to be one of the great public administrators of his generation.

    John Crawford is the only economist ever to be recognised as the Australian of the Year, winning the award in 1981 for his work as ‘one of the foremost architects of Australia’s post‑war growth’ (Australian of the Year n.d) (I can’t help noting in passing that we’re probably due for another economist to take the top gong).

    Meanwhile, the Bureau has broadened its economic knowledge base and has added names to its title over the years as it merged with other research agencies (ABARES n.d).

    Some 80 years and dozens of outlook conferences later, the Australian Bureau of Agricultural and Resource Economics and Sciences continues to uphold John Crawford’s best traditions.

    In his words, providing a ‘fact‑finding service’ and providing ‘the material and critical analyses of problems with which policy can be better made’ (Crawford 1952).

    Recognising the ongoing importance of your work, our government announced additional funding in last year’s Budget to help:

    • improve regional data sources
    • collect information on low‑emissions technology, and
    • examine the effect of emissions policies on agriculture and regions (DAFF 2023).

    Concentrating on competition in agriculture

    As a kid who attended an agricultural high school, I’ve always been fascinated by farming. But competition is my primary reason for being here today.

    Since at least the days of Adam Smith, economists have spruiked the virtues of competition (Leigh 2022).

    Industries with plenty of competitors tend to deliver better prices, more choices and stronger productivity growth.

    Uncompetitive markets tend to deliver higher prices, lower wages, less choice, and less innovation. A lack of competition leads to problems that can be difficult to undo.

    Today, I will talk about one problem that has only become worse in the recent decades: market concentration.

    When I took on the competition portfolio, a friend issued me a challenge: ‘How many Australian industries can you name that are not dominated by a few big firms?’ (Leigh 2024a).

    It’s a tough ask.

    Applying the rule of thumb that a market is concentrated if the largest 4 firms control one‑third or more, research by Adam Triggs and I found over half of the industries in the Australian economy are concentrated markets (Leigh & Triggs 2016).

    Indeed, many people asked to take on my friend’s challenge might well answer ‘farming’. And it turns out that for many commodities – though not all – farming is quite competitive.

    A straightforward source of market concentration data are the annual industry estimates produced by IBIS World. They estimate the market share of the top 4 firms for several hundred industries.

    A round‑up of IBIS World data on the market share of the largest 4 companies in parts of the agricultural supply chain shows farmers are often caught in the middle.

    Upstream, farmers deal with concentrated markets for their inputs.

    The largest 4 companies in fertiliser manufacturing in Australia have a combined market share of 62 per cent (IBIS World 2024a).

    The largest 4 in hardware and building supplies retailing control about 49 per cent of the market (IBIS World 2024b).

    And the market share for garden supplies retailing is about 33 per cent for the largest 4 firms (IBIS World 2024c).

    Downstream, farmers deal with concentrated markets for processing, freight and retailing.

    According to IBIS World industry reports, there is concentration in fruit and vegetable processing, with the largest 4 companies holding about 34 per cent of the market (IBIS World 2023).

    For meat processing, market share of the largest 4 companies is 44 per cent with JBS Australia, Thomas Food International and Teys Australia being the dominant players (IBIS World 2024d).

    For rail freight transport, the 4 largest including Aurizon and Pacific National have a combined 64 per cent market share (IBIS World 2024e).

    For shipping freight transport in Australia, the market share of 2 companies – ANL and Maersk – amounts to about 85 per cent (IBIS World 2024f).

    When it comes to supermarkets and grocery stores in Australia, it is well documented that Coles and Woolworths account for two‑thirds of the market (IBIS World 2024g).

    These figures show that the agricultural supply chain is highly concentrated at the national level.

    However, for many farmers, their options are even more limited than these figures suggest, as transport costs and risk of spoilage further limit the commercially viable options available to them.

    To further illustrate the point about farmers being caught in the middle, today I will draw on case studies from a series of reports where concerns have been raised about market concentration harming farmers.

    And I will finish by outlining our actions to improve competition laws, to revitalise competition policy in Australia and to make the economy more productive.

    Digging in

    First, we should never underestimate the importance and efficiency gains of farm equipment and machinery.

    Historian James Burke argues the entire modern world is the result of the plough (Harford 2017).

    Increasing farm productivity meant communities could build up a surplus of food, people could settle in one place and everyone’s job no longer had to be finding food (Leigh 2024b).

    Knowing where your next meal was coming from allowed craftspeople to specialise, it allowed trade to flourish, and it allowed people to think about improving the world around them.

    Any list of top Australian inventions typically includes Richard Bowyer Smith and his brother Clarence’s invention in 1876 of the stump‑jump plough (Dictionary of Biography n.d).

    These days, we are no longer talking about the humble plough.

    We are talking about a billion‑dollar farm machinery industry consisting of hi‑tech harvesters, tractors and seeding machinery (DAFF 2022).

    John Deere has more software development engineers than mechanical design engineers (Patel 2021).

    For farmers, machinery represents a significant capital investment involving upfront and ongoing costs (ACCC 2021).

    But many Australian farmers feel they have no genuine choice or ability to shop around.

    The Australian Competition and Consumer Commission’s 2021 market study found farm machinery markets are concentrated at the manufacturer and dealership levels (ACCC 2021).

    Compared to car manufacturers, agricultural machinery makers have greater ability to leverage their market share in new sales to reduce competition in the market for servicing, repairs and parts.

    Warranties restrict the purchaser to a single authorised dealer for servicing and repairs.

    And tech restrictions mean independent repairers or farmers can’t access the parts, manuals and diagnostic software they need to carry out repairs.

    In short, farmers have few choices when buying machinery but even less choice when servicing or repairing that equipment.

    The Productivity Commission further examined difficulties accessing repair data as part of the right to repair inquiry (PC 2021).

    It agreed restrictions harm farmers through higher repair prices, reduced access and choice, and greater financial risks from repair delays.

    The Productivity Commission recommended the government intervene by introducing a repair supplies obligation on agricultural machinery.

    This would require manufacturers to provide access to repair information and diagnostic software tools to machinery owners and independent repairers on fair and reasonable commercial terms.

    As you may know, I have advocated for the need for access to service and repair information over many years.

    In July 2022, I launched Australia’s first right to repair law, the Motor Vehicle Service and Repair Information Sharing Scheme.

    The government is currently monitoring how this scheme is operating for the benefit of independent repairers and consumers.

    Extending right to repair to other sectors, such as agriculture, is a good thing for the economy, businesses and consumers.

    I am pleased there have been negotiations between Australian farmers and the farm machinery industry to consider putting in place a voluntary right to repair arrangements for the sector.

    I encourage parties to continue those negotiations as voluntary arrangements are a great opportunity to foster collaboration and flexibility and can often lead to innovative and effective outcomes.

    Seeds of doubt

    Seeds are the next input I want to cover.

    The US Department of Agriculture’s Economic Research Service examined the seed sector as part of its paper on concentration and competition in agribusiness (MacDonald J et al. 2023).

    The 2023 paper found the seed sector ‘has become highly integrated with agricultural chemicals and more concentrated, with fewer and larger firms dominating supply’.

    Using 2021 annual report data, it said Bayer, ChemChina’s Syngenta Group, Corteva and BASF were the biggest players in global sales for seeds and agricultural chemicals.

    The Economic Research Service found seed prices rose significantly as markets became more concentrated but said the evidence was mixed on the influence of other factors.

    Between 1990 and 2020, the average seed price went up by 270 per cent and the average price for genetically modified varieties rose 463 per cent (MacDonald J et al. 2023).

    Despite the higher seed costs, the paper said it could be argued that genetically modified varieties resulted in ‘significant productivity gains to farmers’.

    It also said higher seed prices may have supported research and development with the number of patents for new crop varieties doubling compared to earlier decades.

    Still, there are not many other industries where the price of a key input has grown fivefold in thirty years.

    Mergers have changed the global seed and farm chemical industry in recent years, and questions remain about what it means for prices and innovation in the long term.

    Sour competition grapes

    Wine grapes arrived with the first fleet in 1788 as cuttings collected en route by Captain Arthur Phillip.

    They were planted at Sydney Cove but withered and died without producing any fruit.

    Which is why it’s called the Rum Rebellion, not the Chardonnay Coup.

    Nevertheless, a fledging wine industry struggled to its feet through booms and busts of the 1800s and by the turn of the century had taken root.

    In the most recent year for which statistics are available, Australia exported 621 million litres of wine (Wine Australia 2024). That figure exceeds domestic wine sales, estimated at 444 million litres.

    There are more than 2,000 wineries and approximately 6,000 grape growers across our 65 wine growing regions.

    They have over 160,000 full and part‑time employees.

    But while the terroir may be good, the vineyard not a level playing field.

    A wine grape market study completed by the Australian Competition and Consumer Commission in 2019 found a highly concentrated industry (ACCC 2019).

    Issues in the supply chain included a lack of competition, potential unfair contract terms, a lack of price transparency, and imbalanced risk allocation in favour of winemakers over grape growers.

    The largest 1 per cent of winemakers accounted for over 80 per cent of wine production.

    Four retailers account for over 80 per cent of sales by value in the domestic retail liquor market.

    The 5 largest winemakers account for an estimated 87 per cent of volume in the Australian wine export market.

    And the trend has been towards even greater consolidation of large winemakers in recent years.

    Change is never easy in agricultural industries subject to boom‑and slump cycles of over production in the good times and consolidation in the bad.

    In 2021 the ACCC found that commercial practices in the wine grape industry had improved since their 2019 report but warned that regulatory action may be necessary without further reforms in payment times and transparency.

    Industry is taking steps to improve transparency but there is still work to be done to ensure a fair and functioning wine, grape and retail market.

    In August, we appointed former competition minister Craig Emerson to lead an independent impact analysis of the wine and grape sector’s regulatory options (Collins 2024).

    Dr Emerson’s report will examine fair trading, competitive relationships, contracting practices and risk allocation.

    Competition beef

    Those problems are not unique to the grape and wine industry.

    In 2023, the National Farmers Federation released an issues paper criticising the lack of transparency and competition across Australia’s agricultural supply chains (NFF 2023).

    The National Farmers Federation said reduced competition meant farmers weren’t receiving the incomes they deserved with long‑term consequences for competitiveness, economic and environmental sustainability and profitability.

    Those concerns echoed the Australian Competition and Consumer Commission’s cattle and beef market study of 2017. That study found evidence that conflicts of interest regularly arise in saleyard transactions when buyers bid for livestock on behalf of multiple clients, and when agents represent both a cattle seller and a cattle buyer in the same transaction (ACCC 2017).

    The report pointed out that cattle auctions have characteristics that make it easier for cartels to develop, including repeated interactions with the same auctioneers, who are often linked by social networks that make it easier to ‘punish’ auctioneers who break away from agreed anti‑competitive bidding practices. Other problematic behaviours included the exclusion of rival agents, and a lack of transparency around saleyard weighing protocols.

    There is a cyclical element to many concerns about competitiveness in the market structure of the Australian cattle and beef industry.

    An ongoing concern is the impact on producers of market concentration and buyer power during tough times, such as droughts.

    Seasonal and cyclical fluctuations in supply can also affect the profitability of meat processors, dampening incentives for new entrants and reducing competition through mergers or acquisitions of incumbents.

    The 2017 report found that the top 5 Australian processors account for around 57 per cent of total cattle slaughter (ACCC 2017).

    A follow‑up report by the Australian Competition and Consumer Commission 2 years later found that the industry had taken some steps towards improving transparency in dealings between processors and farmers, but, again, there was still work to do (ACCC 2019).

    Super concentrated

    Another highly concentrated part of the agricultural supply chain in Australia are supermarkets.

    Coles and Woolworths account for about 67 per cent of national retail sales (Mulino 2024, ACCC 2024 p147).

    Only 2 OECD countries – New Zealand and Norway – have a greater market share of sales controlled by 2 supermarkets (ACCC 2024 p148).

    Earlier this year, the House of Representatives Standing Committee on Economics handed down an excellent report on the inquiry into promoting economic dynamism, competition and business formation.

    The Committee received evidence on the high market share in the supermarket sector, profit margins, and the power imbalance in the relationship between the major supermarkets and farm‑gate producers.

    The report said: ‘Many agricultural suppliers are at risk of that power imbalance being used to negotiate outcomes that affect profitability and, therefore, the capacity and willingness to invest.’

    At the same time as the Parliamentary inquiry, our government is taking action on several fronts.

    Food and Grocery Code of Conduct

    First, we are making sure the Food and Grocery Code of Conduct is working effectively and fairly.

    The voluntary Code was introduced in 2015 to improve behaviour in the way supermarkets deal with suppliers – including growers where they supply directly to supermarkets.

    Dr Craig Emerson’s independent review found the Code is ‘needed to address persistent bargaining power imbalances between supermarkets and their smaller suppliers’ (Emerson 2024).

    Dr Emerson made 11 recommendations for improving the Code and the government announced in June that it will adopt them all (Treasury 2024a).

    The Code will be made mandatory with Coles, Woolworths, Aldi and Metcash subject to million‑dollar penalties for serious breaches.

    There will be improvements to the dispute resolution mechanisms. There will be a pathway for anonymous complaints from suppliers and whistle‑blowers, and guards against retribution by supermarkets.

    We released exposure drafts for consultation in September and we aim to introduce legislation into the Parliament later this year.

    Supermarket inquiry

    Second, we understand more needs to be done to achieve a competitive and sustainable food and grocery sector.

    So, we directed the Australian Competition and Consumer Commission to undertake a 12‑month inquiry into supermarket pricing.

    It allows the watchdog to conduct a deep dive into competition and pricing practices in the supermarket sector for the first time in more than 15 years.

    The Australian Competition and Consumer Commission’s interim report released in September said, ‘Australia’s supermarket industry is changing’ but remains ‘highly concentrated’ (ACCC 2024).

    In the era of online shopping, loyalty programs and data technology, Coles and Woolworths have expanded their share of take‑home food and grocery sales by a combined 3.7 percentage points since 2006–07.

    Supermarkets have also expanded into broader ‘ecosystems’ beyond grocery retailing but in highly complementary areas such as advertising and data analytics, pet products, telco and insurance services (ACCC 2024 p161).

    As well as conducting consumer surveys as part of the inquiry, the Australian Competition and Consumer Commission held 7 roundtables to listen to farmers and fresh produce wholesalers.

    Although no conclusions have been made, the interim report highlighted concerns from fresh produce suppliers about information asymmetries, power imbalances and specific practices that have enabled supermarkets to transfer disproportionate risk and cost onto suppliers.

    In the next phase of the inquiry, the Australian Competition and Consumer Commission will undertake 14 case studies to examine supermarket profit margins and how profits are distributed in the supply chain.

    And it will hand a final report to the government in February 2025.

    CHOICE retail reports

    Third, we announced funding for consumer group CHOICE to produce quarterly reports on retail grocery prices.

    The CHOICE reports will compare grocery prices at different retailers, highlighting those charging the most and the least.

    We have already seen the first 2 ‘basket of goods’ quarterly reports using data from March and June to help consumers make informed decisions about what they’re buying and where they shop (Leigh 2024c).

    Other measures

    Earlier this month, the Australian Government announced around $30 million in additional funding to the ACCC to crack down on misleading and deceptive pricing practices and unconscionable conduct in the supermarket and retail sectors.

    This will strengthen the ACCC’s ability to proactively monitor behaviour and investigate concerns about supermarkets and retailers falsely justifying higher prices.

    In addition to this crackdown, the Treasurer will work closely with states and territories through the Council on Federal Financial Relations to reform planning and zoning regulations, which will help boost competition in the supermarket sector by opening up more sites for new stores (Albanese 2024).

    Strengthening protections against unfair contract terms

    Unfair contract term protections are another area where we have already made improvements.

    Unfair contract terms are terms that are clearly lopsided – for example by allowing the more powerful party to unilaterally change prices, or cancel the contract.

    Under the former government, such terms were unenforceable, but it was not an offence to include them in a contract.

    Fertiliser

    For example, last year the Australian Competition and Consumer Commission investigated complaints about fertiliser companies using contracts in a way that could disadvantage farmers (ACCC 2023).

    Contract terms allegedly gave larger suppliers the right to unilaterally vary the quantity delivered or to terminate the agreement and restricted buyers from raising issues about defects.

    Fertiliser suppliers co‑operated and changed the contract terms to address the Australian Competition and Consumer Commission’s concerns.

    Potatoes

    In another example, the Federal Court in 2019 declared Mitolo Group, Australia’s largest potato wholesaler, used unfair terms in contracts with growers (ACCC 2019).

    The court declared contract terms that allowed Mitolo to unilaterally determine or vary the price paid to growers as void.

    Terms preventing growers from selling potatoes to other purchasers and terms stopping farmers from selling their property unless the buyer entered into a contract with Mitolo were also declared void.

    Stronger laws

    More broadly, the problem is the laws weren’t stopping the use of unfair terms, which remain prevalent in standard form contracts.

    A court could declare a contract term to be unfair and therefore void and unenforceable, but until our government took office, the law didn’t allow penalties to be imposed.

    We have fixed that. In 2022, we delivered on our promise to strengthen unfair contract term laws (Leigh & Collins 2022).

    We introduced civil penalty provisions outlawing the use of, and reliance on, unfair terms in standard form contracts.

    And we extended the coverage of the protections.

    We lifted the eligibility cap from businesses with less than 20 employees to businesses with less than 100 employees, or annual turnover of less than $10 million.

    The most significant merger reforms in decades

    Merger regulation is one of the key pillars of competition law (Leigh 2024a).

    It acts as the ‘preventive medicine’ against the few mergers that substantially lessen competition.

    But feedback suggests our system isn’t as healthy as it could be.

    The Competition Taskforce found Australia’s ‘ad hoc’ merger process is unfit for a modern economy and said we lag best practice in other countries.

    In response, we have announced the most significant reforms to merger settings in almost 50 years.

    The proposed reforms will make Australia’s merger approval system faster, stronger, simpler, targeted and more transparent.

    Revitalising National Competition Policy

    The Albanese government is working with state and territories to revitalise National Competition Policy.

    There is consensus that pro‑competitive reforms are worth doing and we are aiming for agreement by the end of the year.

    The original National Competition Policy underpinned a generation of growth from the 1990s (Leigh 2024d).

    While it left us in a good position, the economy has changed, and the nation now faces new challenges that the original policy could not have anticipated.

    These include digitalisation, the growth in human services, the net zero transformation and supporting Australia’s most vulnerable (Treasury 2024b).

    Trade opportunities

    We are also looking to improve competitiveness overseas as well as at home.

    Our farmers are internationally competitive with Australia exporting around 72 per cent of the total value of agricultural, fisheries and forestry production (ABARES 2024).

    Historically, Australia’s farmers have been among the strongest advocates of trade liberalisation. The old ‘protection all round’ strategy meant that Australian farmers paid more for imported farm machinery, and faced tariffs from other countries to which they exported their produce.

    Reductions in Australia’s domestic tariffs under the Whitlam, Hawke and Keating governments made farm equipment more affordable. It also bought Australia international credibility – enabling us to spearhead reform through the creation in 1986 of the Cairns Group of Fair Trading Nations, to advocate for liberalisation of global trade in agricultural goods (cairnsgroup.org).

    Today, our government is building on that legacy. Invested: Australia’s Southeast Asia Economic Strategy said, ‘Australia is already a key partner in helping Southeast Asia meet its food security needs’, and notes that ‘there is strong potential to develop this trade relationship further towards 2040’ (DFAT 2023).

    So, trade forms a significant part of our broader economic agenda.

    And as Trade Minister Don Farrell observes, we are ‘delivering on our commitment to secure new trade and investment opportunities for Australian exporters, producers, farmers and businesses’ (Farrell 2024).

    Closing remarks

    Let me finish by saying, competitive markets matter in all parts of the Australian economy, but especially in the farm sector.

    As the Australian Competition and Consumer Commission’s Mick Keogh crisply puts it: ‘there are many farmers, but few processors or wholesalers, and even fewer major retailers’ (Keogh 2021).

    As my analysis of IBIS World data shows, small‑scale farmers are often the meat in a market concentration sandwich.

    Upstream, there is often no choice about dealing with large‑scale providers on inputs.

    Downstream, there is often no choice about negotiating with larger processors and retailers.

    And through various examples from many reports over several years, we can see that market concentration hurts farmers.

    Higher prices for inputs.

    Less choice for repairs.

    Power imbalances in negotiating contracts.

    A lack of transparency around prices.

    And potentially unfair contract terms.

    I’m pleased to say, as outlined today, the government is focused on practical solutions to improve our competition settings.

    And we appreciate the expertise and insights of the Australian Bureau of Agricultural and Resource Economics and Sciences.

    Thank you.

    Note: My thanks to officials in the Australian Treasury for invaluable drafting assistance.

    References

    Albanese, A; Chalmers, J. (2024) ‘Helping Australians get fairer supermarket prices through stronger protections and greater competition’, [media release] The Treasury, accessed 1 October 2024.

    Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) n.d About ABARES – Our History, online content.

    Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) (2024) Snapshot of Australian Agriculture 2024, ABARES Insights.

    Australian Competition and Consumer Commission (ACCC) (2024) Supermarkets inquiry interim report.

    Australian Competition and Consumer Commission (ACCC) (2017) Cattle and Beef Market Study – Final Report.

    Australian Competition and Consumer Commission (ACCC) (2019a), Transparency improving in cattle and beef industry, media release issued 20 August 2019.

    Australian Competition and Consumer Commission (ACCC) (2020) Perishable agricultural goods inquiry Final Report.

    Australian Competition and Consumer Commission (ACCC) (2021) Agricultural Machinery Market Study.

    Australian Competition and Consumer Commission (ACCC) (2023) Fertiliser suppliers amend unfair contract terms after ACCC investigation Accessed 21 August 2023.

    Australian Competition and Consumer Commission (ACCC) (2019b) Court penalises potato wholesaler for breaching the Horticulture Code and declares unfair contract terms void, Accessed 2 August 2019.

    Australian of the Year Awards (n.d) Sir John Crawford AC CBE – In Memoriam.

    Cairns Group, The. (n.d) About The Cairns Gro…~https://www.cairnsgroup.org/Pages/Introduction.aspx

    Collins (2024) Supporting Australia’s wine industry [media release] The Treasury, accessed 23 August 2024.

    Department of Agriculture, Fisheries and Forestry (2022) Snapshot – Australian agricultural machinery imports Accessed 4 November 2022.

    Department of Agriculture, Fisheries and Forestry (2023) Boosting capabilities to support a sustainable agriculture sector Budget 2023–2024 fact sheet, Australian Government.

    Department of Foreign Affairs and Trade (2023) Invested: Australia’s Southeast Asia Economic Strategy to 2040, a report for the Australian Government accessed September 2023.

    Dictionary of Biography, Australian. Richard Bowyer Smith entry, Biography – Richard …~https://adb.anu.edu.au/biography/smith‑richard‑bowyer‑13201

    Emerson C (2024) Independent Review of the Food and Grocery Code of Conduct Final Report, [final report] Treasury.

    Farrell D (2024) Press conference, Parliament House Accessed 17 September 2024.

    Harford T 27 November (2017) How the plough made the modern economy possible BBC World Service.

    IBIS World (2024a) ‘Agricultural machinery manufacturing in Australia’, Industry Report, February 2024.

    IBIS World (2024b) ‘Hardware and building supplies retailing in Australia’, Industry Report, February 2024.

    IBIS World (2024c) ‘Garden supplies retailing in Australia’, Industry Report, March 2024.

    IBIS World (2024d) ‘Meat processing in Australia’, Industry Report, June 2024.

    IBIS World (2024e) ‘Rail freight transport in Australia’, Industry Report, September 2024.

    IBIS World (2024f) ‘Water freight transport in Australia’, Industry Report, May 2024.

    IBIS World (2024g) ‘Supermarkets and grocery stores in Australia, Industry Report, August 2024.IBIS World 2023, ‘Fruit and vegetable processing in Australia’, Industry Report, August 2023.

    Keogh M (2021) Competition in Australian agriculture Speech to the National Farmers’ Federation accessed 11 June 2021.

    Leigh A 28 November (2022) Look overseas to see the virtues of more competition [opinion piece] The Australian.

    Leigh A 27 August (2024a) Why new rules in competition are sure to be game‑changing [opinion piece] The Canberra Times.

    Leigh A (2024b) The Shortest History of Economics, Black Inc.

    Leigh A (2024b) Supermarket price monitoring to help Australians make informed choices at the checkout [media release] Accessed 20 June 2024.

    Leigh A (2024c) Supermarket price monitoring to help Australians make informed choices at the checkout [media release] Accessed 20 June 2024.

    Leigh A (2024d) Competition reform will ensure flourishing future [opinion piece] The Australian.

    Leigh A and Collins J (2023) Labor delivering on promise to ban unfair contract terms [media release] Accessed 26 July 2022.

    Leigh A and Triggs A (2016), Markets, Monopolies and Moguls: The Relationship between Inequality and Competition. Australian Economic Review, 49: 389–412.

    MacDonald J, Dong X, and Fuglie K (2023) Concentration and Competition in U.S. Agribusiness United States Department of Agriculture Economic Research Service, Economic Information Bulletin No.256.

    Miller J (2007) Sir John Grenfell (Jack) Crawford (1910–1984) Australian Dictionary of Biography, Volume 17, 2007, ANU.

    Mulino D (2024) Better Competition, Better Prices Report on the inquiry into promoting economic dynamism, competition and business formation, House of Representatives, Standing Committee on Economics.

    National Farmers’ Federation (NFF) (2023), Issues Paper, Market Price Transparency, National Farmers’ Federation Issues Paper.

    Patel N 15 June (2021) John Deere turned tractors into computers – what’s next, The Verge.

    Powell G & Macintyre S (2015) Land of opportunity: Australia’s post‑war reconstruction, National Archives of Australia Research Guide.

    Productivity Commission (PC) (2021) Right to Repair Inquiry Report No.97, accessed 29 October 2021.

    Treasury (2024a) Government response to the Independent Review of the Food and Grocery Code of Conduct, Treasury.

    Treasury (2024b) National Competition Policy fact sheet Treasury.

    Uhr J (2006) The Crawford Doctrine: An informal sketch Australian National University, accessed 21 June 2006.

    Whitnall T and Pitts N (2020) Meat Consumption ABARES.

    Wine Australia (2024), Market insights, Australian wine sector at a glance, Wine Australia.

    MIL OSI News

  • MIL-OSI Asia-Pac: Speech by SCED at Hong Kong FinTech Week 2024 (English only)

    Source: Hong Kong Government special administrative region

    Speech by SCED at Hong Kong FinTech Week 2024 (English only)
    Speech by SCED at Hong Kong FinTech Week 2024 (English only)
    ************************************************************

         Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the second day of the Main Conference of Hong Kong FinTech Week 2024 today (October 29): Distinguished guests, ladies and gentlemen,      Good morning.      Welcome to day two of the Main Conference of Hong Kong FinTech Week 2024. It is my pleasure to join you all here this morning.        Hong Kong has all along attached great importance to developing fintech businesses, with a view to developing our city as an ideal destination for fintech firms from around the world. As a symbol of this goal, Invest Hong Kong (InvestHK) has been organising the flagship Hong Kong FinTech Week since 2016 to gather the global fintech stakeholders, including investors, professionals and practitioners, in Hong Kong to discuss the latest developments and explore new opportunities.       Being the premier annual international fintech event in Asia, this mega event has been receiving overwhelming support and serving as a great platform over time for Hong Kong’s expanding fintech business. With its theme “Illuminating New Pathways in Fintech”, Hong Kong FinTech Week this year is expected to attract more than 30 000 visitors, and over 800 speakers and 700 exhibitors from over 100 economies. In fact, such a scale can hardly be matched by other similar fintech events. I am glad that you are in the right place today, and I can assure you of an exciting series of events in the rest of Hong Kong FinTech Week.      Being a “super connector” and a “super value-adder”, Hong Kong acts as an important gateway between the Mainland and the overseas markets. Our city is a place where we advocate entrepreneurship and innovation, and also a perfect launch pad for fintech companies to be groomed locally and globally.        Under “one country, two systems”, Hong Kong continues to maintain our uniqueness as one of the most liberal and easiest places to do business in the world. In terms of foreign direct investment, Hong Kong remains the world’s fourth largest destination as revealed in the World Investment Report 2024; Hong Kong is once again ranked in 2024 as the freest economy by the Fraser Institute; and we are ranked the third globally, the first in the Asia-Pacific region as well as one of the top 10 fintech hubs around the globe according to the recent Global Financial Centres Index report.      These recognitions are attributed to our institutional advantages including a robust common law legal system, an independent judiciary, a simple and low tax system, world-class professional services, and many others, which are the very foundation of Hong Kong’s success as an ideal place for fintech companies to thrive.      Coupled with an array of new business-friendly initiatives announced in the 2024 Policy Address this month, all businesses in Hong Kong, including the fintech sector, could benefit from them. For example, the updated Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) provides more flexibility and convenience for Hong Kong companies to invest and do business on the Mainland. All companies based in Hong Kong, regardless of their place of origin, can all benefit from the latest CEPA enhancements. My friends, I strongly recommend that you set up your fintech and related financial operations in Hong Kong in order to enjoy these advantages.        Apart from companies, we also have good news for individuals. For non-Chinese Hong Kong permanent residents, they are now eligible for the Mainland travel permit since July this year. This groundbreaking measure provides unprecedented convenience for visits to the Mainland for various purposes, including business, leisure or family trips, multiple times within a validity period of five years. Additionally, if you are a non-permanent Hong Kong resident who is also a foreign staff member of a Hong Kong-registered company, the validity period of your multiple-entry visa has now been extended to a maximum of five years to facilitate your Mainland trips. To experience the convenience brought by the two new measures, I would suggest that our overseas friends apply for the permit or multiple-entry visa, if eligible.       In fact, we note that Hong Kong’s competitiveness and business-friendly environment, which I have mentioned above, has already been highly recognised by many fintech companies. In 2024, we are home to over 1 100 fintech companies, representing a 14 per cent year-on-year increase according to InvestHK’s statistics. In the first nine months of this year, InvestHK has helped 470 overseas and Mainland enterprises to establish or expand their business in Hong Kong, and over 23 per cent of them are from the fintech, financial services and related sectors. The above encouraging results have explained Hong Kong’s attractiveness to the global fintech community.     As always, InvestHK, being the Government’s investment promotion agency and your best business partner in Hong Kong, will assist your companies to set up or expand business here. With InvestHK’s extensive and sophisticated global network, you will have no difficulty in receiving their valuable advice and unfailing support even if your companies are located outside Hong Kong. Taking the golden opportunity today, I would encourage you all approach InvestHK and see what advice they can offer you from the investment promotion perspective.      Finally, I would like to give my big thanks to our fintech friends here today for your participation in and strong support for FinTech Week and confidence in Hong Kong, especially those who have joined the event for years. I hope you enjoy today’s conference and explore more business opportunities. And don’t forget to take a walk through our city to enjoy the delicious food and beautiful scenery in Hong Kong.        Thank you.

     
    Ends/Tuesday, October 29, 2024Issued at HKT 12:15

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: $4 million extra funding for improved access to advice and advocacy for tenants as part of plan to make renting fairer

    Source: New South Wales Premiere

    Published: 29 October 2024

    Released by: Minister for Better Regulation and Fair Trading


    The Minns Labor Government is further supporting tenants across NSW when they need it most, with a funding boost to the Tenants Advice & Advocacy Services.

    The network of 21 local not-for-profit organisations, help tenants to understand their rights, support them during negotiations and in resolving disputes, and assist and advocate for them at the NSW Civil and Administrative Tribunal.

    Funded by NSW Fair Trading, these services will be boosted by $1 million extra a year until 2028. In 2024-25, funding has increased to $16.2m.

    The funding boost follows the Minns Labor Government’s recent passage of the most significant rental reform package to assist renters in over a decade. The new reforms will:

    • Ban no grounds evictions;
    • Limit rent increases to only one per year;
    • Make it easier to have pets in rentals;
    • Ensure fee-free ways to pay rent; and
    • Ban renters paying for background checks.

    In addition to these historic new reforms to help tenants across the state, last financial year, NSW Fair Trading responded to 393,000 rental enquiries. Where tenants required greater help, they could access the free assistance of a local Tenants Advice & Advocacy Service.

    The network responds to around 30,000 requests a year for tenancy advice from renters in private and social housing, boarders, lodgers, and land lease community residents.

    The service also provides ongoing assistance to approximately 10,000 tenants annually.

    Find out more information about the Tenants Advice & Advocacy Services.

    Minister for Fair Trading and Better Regulation Anoulack Chanthivong said:

    “NSW has millions of renters who come from diverse backgrounds and communities spread right across the state.

    “The Tenants Advice & Advocacy Service provides local support through a network of highly-skilled  advocates who work to ensure quality advice and advocacy is available to all renters in NSW.

    “The funding boost will mean the services can reach even more renters and keep this critical information service free.

    “This is another step forward to get renters a fairer deal.

    “This is part of the Minns Labor Government’s plan to build a fairer system for renters.”

    NSW Rental Commissioner Trina Jones said:

    “This funding will provide critical support to the millions of people renting in NSW.

    “The tenant advice program supports people in their own communities helping Fair Trading to increase our reach and support for renters.

    “This funding is another example of how the NSW Government is taking action to support renters across the state.”

    Chief Executive Officer of Tenants Union of NSW Leo Patterson Ross said:

    “We welcome this additional funding which will make it easier for renters to seek the expert, free advice, and practical advocacy that the Tenants’ Advice and Advocacy Program provides.

    “This funding increase will ensure services can continue to provide the same high quality advice we have for the past 30 years.

    “Tenants’ Advice and Advocacy Services are an important part of resolving disputes fairly. We help ensure renters know where they stand and help avoid prolonged disputes and unnecessary tribunal applications.

    “We look forward to continuing to work with the NSW Government to cover funding needs that have emerged with the growing renting population and as important tenancy reforms come into effect.”

    MIL OSI News

  • MIL-OSI China: China urged to seize growth opportunities

    Source: China State Council Information Office 3

    China should seize the current window of improving expectations and rising confidence to build momentum going into 2025, economists said, calling for a forceful and extraordinary combination of macro policies next year.

    Given the recently announced stimulus package, China’s economy will likely pick up in the fourth quarter, providing strong support for meeting the annual growth target of around 5 percent, they said.

    Huang Hanquan, head of the Chinese Academy of Macroeconomic Research, which is affiliated with the National Development and Reform Commission, said the Chinese economy is likely to register a “U-shaped” recovery for the full year, with consolidated momentum in the fourth quarter amid strengthened social expectations, bringing the annual economic and social development goals within reach.

    He said the recent incremental policies, ranging from reducing interest rates and banks’ required reserves to lowering existing mortgage rates, have been extraordinary and strong in intensity, demonstrating the government’s “determination and courage to promote economic recovery”.

    “Looking ahead, we must seize the current window of stabilizing expectations and growing confidence to capitalize on the momentum. We need to launch a forceful and extraordinary combination of macro policies and initiate iconic reform measures,” Huang added.

    Zong Liang, chief researcher at Bank of China, said that China’s economy is poised to pick up in the fourth quarter, with the stimulus policies gradually taking effect.

    Sino-US communication

    Their remarks came after Vice-Minister of Finance Liao Min highlighted the powerful package of stimulus policies that China recently introduced during a meeting between economic working groups of China and the United States in Washington, DC, on Friday.

    The two sides had in-depth, practical and constructive communication on macroeconomic situation and policies of the two countries, the ministry said.

    During the World Bank’s 110th Development Committee meeting on Friday, Liao said that China will intensify countercyclical adjustments of fiscal policy, with a series of strong measures implemented to resolve local government debt risks, stabilize the real estate market, increase the income of key groups, enhance people’s livelihoods, and drive equipment upgrades and trade-in deals for consumer goods.

    Zhang Bin, deputy director of the Chinese Academy of Social Sciences’ Institute of World Economics and Politics, said that expectations and confidence have been significantly boosted by the incremental policies, which sent a clear, strong signal that more policies will be announced to enhance economic vitality and tackle the immediate challenge of insufficient demand.

    “The focus now is on how these policies will be implemented and whether their intensity is sufficient. In this regard, I believe the year 2025 is very much worth looking forward to,” said Zhang, who is also a senior researcher at the China Finance 40 Forum, a leading think tank.

    “I think policymakers need to further increase the intensity of (macroeconomic) policies. It’s like a race — policies need to precede the market (expectations) to effectively reverse sentiments and kick off a positive economic cycle,” he said.

    As for fiscal policy, Zhang said it “deserves anticipation” if next year’s fiscal expansion could be further strengthened based on recent policy signals, although specific plans still await legislative procedures. He added that government spending should outpace GDP expansion to drive growth.

    If the country’s GDP growth target stays unchanged at about 5 percent for 2025, it may necessitate a reasonable increase in government debt by about 11 trillion to 12 trillion yuan ($1.5 trillion to $1.7 trillion) to ensure adequate government spending and policy-oriented financial bonds worth 3 trillion to 5 trillion yuan, he said.

    On the monetary policy front, Zhang said there remains a large scope for interest rates to decline, as the rate cut should be significantly bigger than the slide in price levels to ensure easing real financing costs and spurring investment and consumption.

    MIL OSI China News

  • MIL-OSI China: Palestine denounces Israeli law banning UN operations

    Source: China State Council Information Office 3

    A Palestinian child is seen at a food distribution center in the city of Deir al-Balah in central Gaza Strip, on Oct. 25, 2024. [Photo/Xinhua]

    Palestine on Monday condemned the Israeli parliament’s legislation banning the operations of the UN agency for Palestinian refugees in Israel.

    “We reject and condemn this decision, emphasizing that it violates international law and challenges United Nations resolutions that uphold international legitimacy,” Nabil Abu Rudeineh, official spokesperson for the Palestinian presidency, said in a statement, the Palestinian official news agency WAFA reported.

    He stressed that the decision seeks to eliminate the refugee issue and their rights to return and compensation, emphasizing that it is “not only against the refugees but also against the United Nations and the international community that established” the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA).

    “Without continuous American political, financial, and military support for the occupation, Israel would not have dared to challenge the international community or adopt policies that have plunged the region into violence and instability,” he added.

    The Israeli parliament, the Knesset, on Monday passed a law prohibiting the UNRWA from operating in Israel.

    MIL OSI China News

  • MIL-OSI Economics: China’s medtech market growth to exceed global average over 2023-33 despite headwinds, says GlobalData

    Source: GlobalData

    China’s medtech market growth to exceed global average over 2023-33 despite headwinds, says GlobalData

    Posted in Medical Devices

    Prominent medical technology market experts who gathered at the MedTech Conference 2024, which was held recently in Toronto, Canada, expressed an optimistic outlook for the future of the medical devices market in China. While the global medical devices market is forecast to grow at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2033, China’s medical devices market is forecast to expand at a faster CAGR of 5.0% over the same period despite some challenges, according to GlobalData, a leading data and analytics company.

    Tina Deng, MSc, Principal Medical Device Analyst at GlobalData, comments: “The key drivers of growth in China’s medical devices market include the country’s aging population, an increasing number of chronic conditions, rising penetration of medical devices at all levels of healthcare, and growing coverage by Chinese health insurance funds.”

    The overall economic slowdown in China has resulted in tighter budgets for healthcare expenditures. This financial strain may negatively impact the growth of the medical devices market as hospitals and healthcare institutions struggle to manage costs. While volume-based procurement (VBP) aims to improve efficiency and reduce costs in healthcare spending, it poses challenges for manufacturers that could affect the long-term landscape of the medical devices market in China.

    Global supply chain issues, which were exacerbated by geopolitical tensions and the COVID-19 pandemic, hinder production, and distribution. Additionally, China’s increasing protectionist policies are aimed at bolstering its domestic medical device industry, which poses challenges for international companies.

    Deng concludes: “Multinational companies need to consider differentiated strategies to reduce operational cost and offer affordable products in China. It is essential to emphasize the overall value of products rather than just their price. Highlighting superior quality, reliability, and post-sales support can differentiate products in a competitive landscape.

    “Additionally, multinational companies can collaborate with local companies or distributors to enhance their market knowledge, navigate regulatory environments, and improve access to procurement opportunities. Flexible pricing models that can adapt to different procurement requirements and buyer preferences can also be developed, ensuring competitiveness in various segments.”

    MIL OSI Economics

  • MIL-OSI Economics: Asthma crisis in US marginalized communities from redlining requires more than just healthcare interventions, says GlobalData

    Source: GlobalData

    Asthma crisis in US marginalized communities from redlining requires more than just healthcare interventions, says GlobalData

    Posted in Pharma

    Decades after the discriminatory practice of redlining was banned in the US, its lasting impact is still driving significant health disparities, particularly in asthma prevalence, according to recent studies. These findings highlight how the combination of poor housing conditions and environmental pollutants in historically redlined neighborhoods continues to fuel the asthma crisis, particularly among children. Addressing this crisis requires more than just healthcare interventions, according to GlobalData, a leading data and analytics company.

    Redlining, a practice that historically denied financial services to predominantly minority neighborhoods, labeled these areas as “risky” and prevented necessary investments. Though outlawed in 1968, its effects persist, exposing these neighborhoods to higher pollution levels, poor housing conditions, and entrenched poverty.

    Many redlined neighborhoods remain disproportionately exposed to harmful pollutants from industrial sites and high-traffic roadways, exacerbating respiratory issues. Poor housing quality in these areas, rife with mold, pests, and other asthma triggers, further worsens the condition for residents, making it an issue of environmental justice.

    Sravani Meka, Senior Pharma Analyst at GlobalData, comments: “The legacy of redlining is a multifaceted public health crisis. The intersection of environmental hazards, poor housing conditions, and healthcare access gaps has created a perfect storm for chronic asthma in these communities.”

    Efforts are underway to address these disparities, with initiatives focusing on improving air quality, housing standards, and healthcare access. However, experts warn that systemic barriers remain.

    Meka continues: “While policy reforms are being implemented, convincing decision-makers to prioritize these vulnerable communities and ensuring healthcare providers are equipped to manage the complex needs of these patients will be crucial for long-term change. If successful, these reforms could significantly reduce asthma rates and improve quality of life in historically disadvantaged neighborhoods.”

    Meka concludes: “It’s essential that these communities receive sustained attention, not just short-term interventions, to truly dismantle the structural inequalities that drive these health disparities.”

    MIL OSI Economics

  • MIL-OSI Australia: Address to AFR Super and Wealth Summit, Sydney

    Source: Australian Treasurer

    Introduction

    I would like to acknowledge the Gadigal people of the Eora Nation as the traditional custodians of the land we are meeting on.

    I pay my respects to their Elders past and present, and I acknowledge any First Nations Australians in attendance.

    At this very forum 2 years ago, I made a promise –

    A promise that the Albanese government will deliver a stronger superannuation system that provides the best outcomes for members.

    A stronger system where workers are paid what they are owed.

    A system where funds deliver strong investment performance.

    A system where the member is at the centre.

    A system that is fair.

    On current trends, the superannuation sector will exceed $4 trillion in the next term of government.

    As the stewards of the system, we are committed to ensuring that translates to a dignified retirement for all Australians.

    To do that, we have been improving every interaction with the system.

    From the first dollar of superannuation accumulated –

    To the final dollar drawn down –

    We want to ensure Australians share in the dividend of the nation’s prosperity.

    Every dollar of superannuation needs to be paid

    Superannuation relies on the premise that wealth will accumulate over your working life to be drawn down upon in retirement.

    This all falls over from the outset if workers are not paid what they are owed.

    In the most recent data available, in a single year, it is estimated that workers had $3.6 billion stolen from them through unpaid super.

    Not good enough.

    We don’t accept workers being underpaid wages.

    We shouldn’t accept workers being underpaid super.

    So we have acted decisively.

    We enshrined the right to super in the National Employment Standards.

    We’ve criminalised the theft of superannuation.

    And we’re fulfilling our election commitment to set new targets for the Tax Office to recover unpaid super.

    Yet the most important policy in this regard is our commitment to payday super.

    From 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages.

    Workers will benefit by getting their super earlier and more frequently.

    The Tax Office will have greater ability to track employers meeting their obligations.

    And it will help prevent the build‑up of debts of unpaid super, which are too often lost forever if a business becomes insolvent.

    This is one of the biggest reforms to the payment of superannuation since it was introduced over 30 years ago.

    And it will deliver for workers.

    Funds must deliver strong investment returns

    We need to make sure super is paid on time.

    And we need to make sure super is invested in the best financial interests of members.

    Upon coming to government, the annual superannuation performance test only applied to around 70 MySuper products.

    It has now been expanded to around 650 products, including the choice sector.

    The test now covers around 80 per cent of benefits held in the accumulation phase.

    This drives accountability for trustees to deliver good investment returns.

    And it delivers transparency for members to know how their fund is performing.

    And it’s working.

    The tail of underperformance is being cleaned up.

    After almost 100 products failed last year, that number is down to 37 this year.

    But this is not a policy that is set and forget.

    We have had a look under the hood of the test to ensure that it is delivering for members.

    That it is not limiting the returns that funds can achieve.

    And to ensure that it is fit‑for‑purpose as the system continues to mature.

    As we work through the views and feedback we have received, you can judge our record to decipher what the future of the test looks like.

    How do we ensure funds invest in the best financial interests of members.

    And how do we help more Australians retire with dignity.

    Superannuation will be increasingly judged by its member service

    Now for a long time, the superannuation system has been judged simply by how well it accumulates wealth.

    And this is a key metric for its success.

    A metric – might I add – that it has generally hit out of the park.

    But more and more, this is not going to be the only marker against which success is judged.

    The superannuation industry will be judged by the standard of member service received throughout a person’s working life and retirement.

    And members are not judging their superannuation fund against another fund.

    They’re judging their fund against the service they receive from their bank or their insurer.

    And if they don’t receive an acceptable level of service, members might just start to question the value proposition of superannuation.

    There are plenty of bad answers to the question of what superannuation should be used for.

    In fact, you can spot these bad ideas when they put forward an answer that is anything but retirement income.

    In recent weeks, the Opposition have revealed their true colours when it comes to the superannuation system.

    The Shadow Treasurer let the cat out of the bag – they don’t believe in a universal superannuation system.

    And they don’t want superannuation to be kept for retirement as they continue to promote using super to buy a house.

    It’s an idea that is both bad retirement policy and bad housing policy.

    The entry price for a good idea is that it has to work.

    But this one doesn’t build a single home.

    And in a supply‑constrained market, it will only push house prices up and up.

    Their sales pitch to a young person is to drain your super, while pushing home ownership further away.

    And housing is just the tip of the iceberg.

    There is not a policy problem that the Opposition believe can’t be met by ripping open super.

    Like when they encouraged $38 billion in retirement savings to be drained during the pandemic.

    However, if the superannuation system doesn’t meet the members’ needs, these ideas become more attractive.

    Let’s be clear – the expectation on funds is only going to increase.

    The government has made its views clear.

    And this is a key strategic priority for ASIC as well and they will continue to work across industry to hold funds to account.

    Members are going to want help to meet their retirement goals.

    To be in the right products.

    And to be supported when things go wrong.

    Upon coming to government, the standard was not good enough.

    Pleasingly, this has started to turn around as funds have dedicated time and resources to lifting their performance.

    And I welcome the recent guidance note that ASFA has published –

    And I acknowledge the collaboration from others in the sector, including the Super Members Council and Financial Services Council.

    This is trending in the right direction, with more to be done to serve the members of the system.

    Reforming the financial advice laws will improve member outcomes

    While superannuation funds can do a lot more to meet their members’ expectations and needs –

    There is one area of the law that funds have almost unanimously said is holding them back and leading to bad outcomes for members.

    The financial advice laws in the country are not fit‑for‑purpose.

    It’s too expensive.

    Too hard to access.

    And too strangled by red tape to be helpful.

    4 in 5 Australians aged 45 to 54 said they needed financial advice, but did not have the capacity to pay for it.

    74 per cent of Australians aged 18 to 34 have been found to have unmet advice needs.

    Funds have to hang up on members or turn them away because the laws prevent them from providing answers to, often, simple questions.

    This means members might get no advice or information, which means they are likely not able to maximise their savings.

    Treasury analysis shows around 50 per cent of accounts have a balance of at least $100,000 in the year before a person’s passing.

    But worse still, if members cannot get advice from regulated sources, they may be led by ‘finfluencers’ and ‘armchair’ commentators to expose themselves to the dangerous world of scammers.

    No one can defend the current financial advice laws when presented with these outcomes.

    This is an acute challenge for the superannuation industry.

    We have over 5 million Australians at or approaching retirement.

    And they are hungry for advice and information.

    And so we have set out to implement the most significant reforms to the financial advice laws in a decade.

    We are committed to improving the retirement phase of superannuation.

    And the foundation stone for this project is helping more Australians access quality and affordable financial advice.

    We have delivered the first tranche of reforms.

    And the next tranche of reforms is being drafted and prepared for introduction.

    In this tranche of reforms, we will modernise the best interests duty and remove the safe harbour steps.

    We will reform statements of advice so that they are actually usable by the consumer who paid for it to make informed decisions.

    And we will create a new class of adviser who will be able to provide simple and safe advice.

    Advice will be safe – so that we protect Australians from bad advice.

    Advice will be helpful – so that it is useful and fit‑for‑purpose.

    And advice will be quality – so that it delivers the best outcomes for Australians.

    An Australian retirement system must be fair

    Strengthening the system also means that we need to ensure it reflects society’s expectations around fairness.

    In just the past week, the Tax Office revealed that there are 42 self‑managed superannuation funds with assets in excess of $100 million.

    No one is decrying that success.

    But you’ll have a hard time convincing me that these accounts need their current level of taxpayer support.

    The top 10 per cent receive over 40 per cent of the current earnings concessions.

    And the cost of superannuation concessions will exceed the cost of the Age Pension by the 2040s.

    So we think it is a fairer outcome if we modestly reduce the tax concessions for some of these accounts with very high balances.

    We’re not capping how much can be held in superannuation.

    And the tax concessions will still be generous for everyone.

    But budgets are about trade‑offs.

    If you think the current tax concessions are appropriate, then you will need to find those savings by cutting services somewhere else.

    Our decisions mean we can go further to improve the equity of the system.

    Where we believe more support has been needed is in paid parental leave.

    By 2026, we will have expanded the government‑funded scheme to a full 6 months, an extra 6 weeks of paid leave.

    And we don’t think this time off work should impact your retirement income.

    For births and adoptions from 1 July next year, all parents who receive PPL will be eligible for an additional 12 per cent payment directly into their super fund.

    This is a landmark reform for families that could see them up to $3,000 better off.

    That’s a fairer outcome.

    Conclusion

    Our superannuation policy agenda is comprehensive.

    But the thread that binds it together is what we have proposed as the objective of superannuation.

    That savings would be preserved to deliver income for a dignified retirement – alongside government support – in an equitable and sustainable way.

    So we are committed to a system where every dollar of super is paid.

    A system that maximises performance.

    And a system that puts the member’s needs at the centre.

    This is the vision for better retirement incomes for all Australians.

    That’s the objective of super.

    MIL OSI News

  • MIL-OSI: Notice on Public Offering of Subordinated Bonds of LHV Group

    Source: GlobeNewswire (MIL-OSI)

    AS LHV Group (hereinafter LHV) hereby announces a public offering of LHV’s subordinated bonds. The offering is conducted on the basis of the prospectus affirmed by the Estonian Financial Supervision and Resolution Authority (FSA) on 28 October 2024, that has been disclosed on the date of this announcement on the web pages of LHV and the FSA. The public offering of the subordinated bonds will be carried out in Estonia, Latvia and Lithuania.

    This is the second issue of subordinated bonds, in the amount of up to EUR 20 million, under the bond programme confirmed in 2023. Under the bond programme EUR 35 million worth of subordinated bonds have previously been issued and altogether it is possible to raise up to EUR 200 million.

    Main Terms of Offering

    LHV offers publicly up to 20,000 subordinated bonds of LHV „EUR 6.00 LHV Group subordinated bond 24-2034” with the nominal value of EUR 1,000, the maturity date of 15 November 2034 and a quarterly paid fixed interest rate offered to the investor at the rate 6% per annum. Subordinated bonds will be offered at a price of EUR 1,000 per one bond. Subordinated bonds will be issued in a dematerialised book-entry form and registered in Nasdaq CSD SE under ISIN code EE3300004993.

    The subscription period for the bonds will start on 29 October 2024 at 10:00 and will end on 12 November 2024 at 16:00. The subordinated bond offering is intended for retail and institutional investors operating in Estonia, Latvia, and Lithuania and made possible for the clients of account-managing financial institutions that are members of the Estonian securities settlement system.

    A subordinated bond represents an unsecured debt obligation of LHV before the investor. The subordination of the bonds means that upon the liquidation or bankruptcy of LHV, all the claims arising from the subordinated bonds shall fall due and shall be satisfied only after the full satisfaction of all unsubordinated recognised claims in accordance with the applicable law. Among other things, with subordinated bonds, the risk of conversion of liabilities and claim rights (bail-in risk) must be considered.

    Timetable of Offering

    29.10.2024 at 10:00 Start of the subscription period for the subordinated bonds
    12.11.2024 at 16:00 End of the subscription period for the subordinated bonds
    On or about 13.11.2024  Disclosing the allocation results of the subordinated bonds
    On or about 15.11.2024 Transfer of the subordinated bonds to investors’ securities accounts
    On or about 18.11.2024 Expected listing of the subordinated bonds and admission to trading on the regulated market operated by Nasdaq Tallinn AS (on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange)

    Submitting Subscription Undertakings 

    In order to subscribe for the subordinated bonds an investor has to submit, during the subscription period, a subscription undertaking to the custodian who holds the investor’s securities account opened at Nasdaq CSD SE, with the format accepted by the custodian and in accordance with the prospectus and offer conditions. The subscription undertaking must be submitted before the end of the subscription period. The investor may use any method that such investor’s custodian offers to submit the subscription undertaking (e.g., physically at the client service venue of the custodian, over the internet or by other means). The subscription undertaking will be forwarded to Nasdaq CSD SE.

    Listing and Admission to Trading

    LHV intends to submit an application to Nasdaq Tallinn AS for the listing and admission to trading of the LHV’s subordinated bonds on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange. The expected date of listing and admission to trading is on or about 18 November 2024.

    While every effort will be made and due care will be taken in order to ensure the listing and the admission to trading of the subordinated bonds, LHV cannot ensure that the subordinated bonds will be listed and admitted to trading.

    Availability of Prospectus and Terms of Offering

    The Prospectus has been published and can be obtained in electronic format from LHV’s website https://investor.lhv.ee/en/ and from the website of the FSA https://www.fi.ee/en. Additionally, the Estonian translation of the Prospectus has been disclosed and made available together with the Prospectus on the LHV website https://investor.lhv.ee/en and is also available through the information system of Nasdaq Tallinn Stock Exchange. The terms and conditions of the subordinated bonds and the final terms of the offering together with the summary of the prospectus and their translations to Estonian, Latvian and Lithuanian have been published and can be obtained in electronic format from LHV’s website https://investor.lhv.ee/en.

    Before investing into LHV’s subordinated bonds we ask you to acquaint yourself with the prospectus, the terms and conditions of the bonds, the final terms and if necessary consult an expert.

    LHV Group is the largest domestic financial group and capital provider in Estonia. The LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs nearly 1,200 people. As at the end of September, LHV’s banking services are being used by 445,000 clients, the pension funds managed by LHV have 116,000 active clients, and LHV Kindlustus protects a total of 169,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee

    Important information:
    This information is an advertisement of securities within the meaning of Regulation (EU) 2017/1129 and does not constitute an offer of bonds of AS LHV Group or an invitation to subscribe for or acquire bonds. The offer of the bonds will be made on the basis of the Terms and Conditions of the Prospectus published on the day of the public offer of the bonds and approved by the Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority), and the Final Terms of the First Issue. The Prospectus is available on the websites of the Finantsinspektsioon and AS LHV Group at fi.ee and investor.lhv.ee, respectively, where the Terms and Conditions referred to and the Summary of the Prospectus are also available. Investors should read the information published in the Prospectus, its Terms and Conditions, and the Final Terms of the First Issue before making an investment decision in order to understand all the facts relating to the investment. The approval of the prospectus by the Finantsinspektsioon does not constitute an approval of AS LHV Group or the securities offered. The bonds are publicly offered in the Republic of Estonia, the Republic of Latvia, and the Republic of Lithuania.

    Attachments

    The MIL Network

  • MIL-OSI Economics: Lufthansa Group reports an operating profit of 1.3 billion euros for the third quarter following a strong summer travel season

    Source: Lufthansa Group

    Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG:

    “Today, we are reporting on another strong summer travel season, with a record seat load factor of 88 percent in August. Particularly in view of the fact that global air traffic again reached its capacity limits this summer, I would like to thank our employees for their efforts and our customers for the patience we sometimes had to ask for.
    Global demand remains intact and bookings for the fourth quarter are also at a high level compared to the previous year, particularly in the premium classes.

    With all passenger airlines operating at a profit, Eurowings, Austrian Airlines and Brussels Airlines even generated record results in the third quarter. Lufthansa Technik and Lufthansa Cargo also remain on track. 
    At the same time, delayed aircraft deliveries, punctuality issues at our hubs in Germany and regulatory disadvantages are impacting our core brand. Lufthansa Airlines has therefore launched the “Turnaround” program to address these and structural internal challenges.

    Across the group, we are continuing to invest in the largest fleet modernization in our history, in premium offers for our guests and in an even more international positioning. These three central pillars of our strategy will enable us to further expand our role as the leading airline group in Europe.”

    Results
    The Group increased its revenue by five percent year-on-year to 10.7 billion euros (previous year: 10.3 billion euros) in the third quarter due to the higher number of flights and the revenue growth at Lufthansa Technik. This was the strongest quarter in terms of revenue in the history of the Lufthansa Group. The Group generated an operating profit (Adjusted EBIT) of 1.3 billion euros (previous year: 1.5 billion euros), resulting in an operating margin of 12.5 percent (previous year: 14.3 percent). The year-on-year decline was due to significant cost increases, particularly in fees, MRO expenses and personnel. Net profit fell to 1.1 billion euros (previous year: 1.2 billion euros).

    Lufthansa Group Passenger Airlines expand capacity

    The Lufthansa Group airlines welcomed more than 40 million guests on board their aircraft in the third quarter, an increase of six percent over the previous year. At 94 percent of available capacity (prior-year period: 88 percent), the seat load factor rose to 87 percent in the third quarter (previous year: 86 percent). In terms of the seat load factor, August was the strongest month in the company’s history, with a load factor of 88 percent.

    Due to the industry-wide capacity growth, average yields fell by 3.5 percent compared to the previous year, although the development in the various traffic regions was mixed: While average yields in continental traffic in the third quarter remained almost at the previous year’s level (-0.4 percent), they fell significantly by 14 percent in the Asia/Pacific region. Due to the improved passenger load factor, the decline in unit revenues (RASK) was less pronounced at minus 2.7 percent. Unit costs increased by 4.5 percent compared to the previous year due to higher fees, as well as higher material and personnel costs. 

    Overall, the Group’s passenger airlines generated an Adjusted EBIT of 1.2 billion euros in the third quarter (previous year: 1.4 billion euros). The decline in the operating profit of the passenger airlines is mainly driven by the 234 million euros decline in the result of Lufthansa Airlines. Delays in the delivery of new aircraft and the associated need to continue operating older aircraft, increased location costs, higher staff costs and expenses for compensation payments following flight irregularities had an above-average impact on the result of Lufthansa Airlines.

    Turnaround program at Lufthansa Airlines is making progress

    Lufthansa Airlines is consistently implementing its Turnaround program. The aim is to increase efficiency, reduce complexity and improve product quality, thereby making the airline fit for the future. Among other things, the Turnaround plan envisages shifting more short-haul traffic to more cost-efficient flight operations. Further efficiency gains are to be achieved by optimizing the network and increasing flexibility and automation. By 2026, the measures will have a gross EBIT effect of around 1.5 billion euros.

    Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

    “The Lufthansa Group will continue to focus on generating cash flow and creating value for our shareholders. For this, the Turnaround program at Lufthansa Airlines and the fleet modernization are core elements. I am confident that on this basis we will position all our passenger airlines to be sustainably efficient and profitable.”

    Lufthansa Technik’s result on par with last year, positive performance at Lufthansa Cargo

    In the third quarter, Lufthansa Technik continued to benefit from the high demand for air travel and the associated increase in demand from airlines worldwide for maintenance and repair services. Lufthansa Technik generated an Adjusted EBIT of 167 million euros in the third quarter (previous year: 168 million euros).

    The airfreight business continued to recover in the third quarter compared with the previous quarter. Lufthansa Cargo achieved an operating profit of 38 million euros (previous year: 1 million euros) in the traditionally seasonally weak third quarter for air freight. This trend confirms the anticipated normalization in the air freight market. Furthermore, Lufthansa Cargo is optimally positioned to benefit from strong e-commerce business with Asia, which has prompted Lufthansa Cargo to shift capacity from the transatlantic to the Asia/Pacific region. 

    Adjusted free cash flow clearly positive, balance sheet further strengthened

    The Lufthansa Group generated an operating cash flow of 635 million euros in the third quarter of 2020 (previous year: 1.2 billion euros). After deducting net capital expenditure, primarily for new fuel-efficient aircraft, the Group recorded an Adjusted free cash flow of 128 million euros in the quarter. In the first nine months, the Adjusted free cash flow was 1.0 billion euros (previous year: 1.7 billion euros).

    The Group continued to strengthen its balance sheet during the first nine months of the year, supported by the positive cash flow. At 5.1 billion euros, net debt was below the year-end level 2023 (December 31, 2023: 5.7 billion euros). Net pension liabilities decreased to 2.6 billion euros (December 31, 2023: 2.7 billion euros). Compared to the beginning of the year, available liquidity increased by around 1 billion euros to 11.4 billion euros and was therefore well above the target range of 8-10 billion euros as of the reporting date.

    Outlook

    The Lufthansa Group expects demand for air travel to remain strong in the remaining months of the year. The load factors booked for November and December are well above the levels observed at the same time last year. Demand remains particularly high in the premium classes, i.e. Business Class and First Class.

    The Lufthansa Group plans to increase its capacity in the fourth quarter further compared to the previous year. For the full year 2024, it expects a capacity of around 91 percent compared to the pre-crisis level.

    The Group also expects to report a positive operating result in the fourth quarter. Overall, the Lufthansa Group is therefore confirming its expectation of achieving an Adjusted EBIT of 1.4 to 1.8 billion euros for the full year.

    Further information

    Further information on the results of individual business segments will be published in the report for the third quarter of 2024. This will be published at the same time as this press release on October 29, 2024, at 7:00 a.m. at

    https://investor-relations.lufthansagroup.com/en/investor-relations.html.

    The traffic figures for the third quarter of 2024 will also be published at 7:00 a.m. at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html

     
     
    Jan. – Sept.
    2024
     
    Jan. – Sept. 2023
     
    Change in %
     
    July – Sept.
    2024
     
    July – Sept. 2023
     
    Change in %
    Revenue and result
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Total revenue
     
    €m
     
    28,137
     
    26,681
     
    5
     
    10,738
     
    10,275
     
    5
    Of which traffic revenue
     
    €m
     
    23,578
     
    22,583
     
    4
     
    9,246
     
    8,832
     
    5
    Adjusted EBIT
     
    €m
     
    1,177
     
    2,280
     
    -48
     
    1,340
     
    1,468
     
    -9
    Adjusted EBIT margin
     
    %
     
    4.2%
     
    8.5%
     
    -4.3%p
     
    12.5
     
    14.3
     
    -1.8%p
    EBIT
     
    €m
     
    1,249
     
    2,218
     
    -44
     
    1,461
     
    1,441
     
    1
    Net profit / loss
     
    €m
     
    830
     
    1,606
     
    -48
     
    1,095
     
    1,192
     
    -8
    Earnings per Share
     
     
    0,69
     
    1,34
     
    -49
     
    0,92
     
    1,00
     
    -8
    Key balance sheet and cash flow statement figures
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Total assets
     
    €m
     
    46,439
     
    46,591
     
    0
     
     
     
    Cash flow from operating activities
     
    €m
     
    3,423
     
    4,320
     
    -21
     
    635
     
    1,220
     
    -48
    Net capital expenditures
     
    €m
     
    1,815
     
    2,421
     
    -25
     
    61
     
    550
     
    -89
    Adjusted free cash flow
     
    €m
     
    1,006
     
    1,663
     
    -40
     
    128
     
    592
     
    -78
    Employees
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Employees as of 30 September
     
    Number
     
    100,518
     
    117,187
     
    -14
     
     
     

    MIL OSI Economics

  • MIL-OSI Economics: AIIB Commits EUR75 Million to Support ENGIE’s Global Renewable Energy Expansion, Decarbonization

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has committed EUR75 million to a EUR500 million sustainability-linked green loan facility to support ENGIE’s global renewable energy portfolio expansion and decarbonization efforts.

    The ENGIE Sustainability Linked Green Loan Project has been co-financed with the International Finance Corporation (IFC) and Société de Promotion et de Participation pour la Coopération Economique (Proparco). This is AIIB’s second engagement with ENGIE, one of the world’s largest multinational electric utilities and independent power producers, following the financing of the 400MW Gujarat Solar Project earlier this year.

    AIIB joins IFC and Proparco to provide a green sustainability-linked loan facility to support the expansion of the group’s clean energy assets in Poland and South Africa, both AIIB members. Proceeds will finance the acquisition, development and construction of over 550MW of installed capacity. In line with sustainability-linked principles, remuneration of the loan will be linked to ENGIE’s global performance in terms of greenhouse gas emissions, renewable energy expansion and occupational health and safety.

    “This project reinforces AIIB’s global mandate, strong partnership and innovative focus on climate finance,” said Najeeb Haider, AIIB Director General, Project and Corporate Finance Clients, Global. “With its agility and international presence in strategic markets, AIIB is uniquely placed to support multinational energy groups like ENGIE to advance the energy transition in Asia and beyond with their investments. We congratulate ENGIE and our cofinancing partners on their respective achievements.”

    Through the loan, AIIB is supporting its members by leveraging ENGIE’s global leadership in green energy and climate transition. ENGIE aims to invest EUR22-25 billion in renewable energy and low-carbon energy solutions between 2023 and 2025. The projects are aligned with AIIB’s Energy Sector Strategy, which directs the Bank to support traditional energy conglomerates and state-owned enterprises as they shift their corporate strategies and business modalities to redirect investments toward the energy transition.

    “To accelerate the energy transition, considerable resources and efforts are needed from many stakeholders,” said Jean-Marc Turchini, Group Head of Corporate Finance at ENGIE. “Our partnership with AIIB is certainly a meaningful contribution and we feel grateful for what they achieved with this financing. We are also proud to highlight the innovative structure of this most recent corporate loan, which includes climate-related targets for scope 3 emissions and a health and safety performance indicator that covers ENGIE employees and subcontractors on all sites, reflecting ENGIE’s sustainability and social ambitions.”

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    MIL OSI Economics

  • MIL-OSI: Jyske Bank launches strategy and long-term financial targets

    Source: GlobeNewswire (MIL-OSI)

    Earlier in the month, Jyske Bank upgraded its outlook for 2024 due to a continued positive development. We are now launching a strategy to become an even better bank for our customers,” says Lars Mørch, CEO and Managing Director, and continues:

    “With a strong foundation in the Danish market and a number of positions of strength in servicing both personal and corporate customers, Jyske Bank will over the coming years do more of what we have shown that we are good at and accelerate development in the areas where we want to do better.“

    “We support customers, e.g., in their sustainable transition and use digitization proactively to the benefit of the customers and to increase efficiency. Based on the strategy, we have set financial targets according to which we aim to obtain a return on tangible equity of 10% based on a cost/income ratio below 50 supplemented by an attractive distribution to shareholders,” says Lars Mørch, CEO and Managing Director.

    Jyske Bank utilizes the opportunities that arise to create value for customers, and the Group will seek out opportunities for cooperation and, in doing so, be an attractive partner for other players in the sector.

    In the lead up to the strategy announcement, the Group has set up the organisation so that customer orientation is strengthened throughout the value chain and efforts and resources are efficiently channelled to where it benefits the customers the most and contributes the most to the Group’s profitability. At the same time, risk management and digitization have been strengthened.

    Jyske Bank expects a return on tangible equity of 10% in 2028 based on a presupposed common equity tier 1 capital ratio at the lower end of 15%-17%, a cost/income ratio below 50, and a normalised cost of risk of 8bp p.a. The ambition to distribute approx. 30% of shareholders’ result supplemented by share buy-backs is maintained. In the coming years, the Danish economy is expected to be dominated by lower interest rates and balanced growth with high levels of employment and moderate inflation.

    The targets reflect an underlying improvement in profitability aimed at mitigating expectations of significantly lower interest rates over the coming years. The targets will be achieved through stronger customer-orientation and focus on capital-light income as well as structural cost measures, ensuring continued investment in new technology and higher efficiency.

    The expectations involve uncertainty and depend, for instance, on macroeconomic circumstances and developments in the financial markets.

    In connection with the release of its Interim Report for Q1-Q3 2024, Jyske Bank will publish an update of the strategy that expands on the above. Otherwise, reference is made to jyskebank.com/investorrelations, which also provides access to today’s conference call at 2.00 p.m.

    Yours faithfully, 
    Jyske Bank

    Contact:
    Lars Mørch, CEO and Managing Director, tel. +45 89 89 20 01
    Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44

    Attachment

    The MIL Network

  • MIL-OSI Europe: Luis de Guindos: Interview with ANSA

    Source: European Central Bank

    Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti

    29 October 2024

    At the latest press conference, President Lagarde spoke of a series of economic indicators pointing lower and of downside risks to growth. The Survey of Professional Forecasters published by the ECB foresees inflation of 1.9% in 2025, compared with 2.2% in the projections by ECB experts. In this context, will the Governing Council have the option to make back-to-back interest rate cuts, as occurred in September and October?

    In short, on the current economic situation, we don’t have good news with respect to growth but we do have good news with respect to inflation.

    On growth, we have revised down our projections twice – before the summer and in September. We see that the downside risks that we identified are crystallising, mainly because consumption is not recovering as expected. Even though real disposable income has increased because wages are catching up with past inflation, households are not increasing their spending. This could be due to structural factors, including a lack of confidence owing to past inflation, the pandemic or geopolitical risks. But it is clear that the recovery in consumption is not happening at the pace we had previously projected.

    On inflation, we have the opposite happening. The latest figures are good, in terms of both headline inflation and underlying inflation. Most measures of underlying inflation are declining, and we are confident that we will be able to reach our 2% target over the medium term in the course of 2025.

    Regarding possible future cuts, we have been very clear that we will keep all options open at forthcoming meetings, both in terms of the number of cuts and the size of these cuts. But what is most relevant for the transmission of monetary policy and the impact of financial conditions on aggregate demand is the medium-term trajectory, which is evidently that of an easing cycle. Fine-tuning monetary policy is very complex and the important signal is the medium-term trajectory.

    Geopolitical risks will play a role in the forthcoming monetary policy decisions. To what extent are the risks associated with the conflicts in the Middle East and the risks of a further escalation in trade tariffs pushing the ECB to take a prudent approach in reducing interest rates?

    Geopolitical factors play a very important role in our analysis. For example, the conflict in the Middle East has an impact on energy prices and upcoming elections could have an impact on international trade, global growth and inflation. This is one reason why we have to be very prudent with our decisions. When you are in a dark room full of uncertainty, for example because of geopolitical risks that you cannot control, you have to take very careful steps.

    Another important element is fiscal policy. Governments are now submitting their medium-term budgetary plans to the European Commission. This will give us more clarity on the fiscal outlook, which is an element that we take into consideration in our analysis and decision-making. So geopolitical risks, the possibility of distortions in international trade plus what will happen with fiscal policy will all feed into our decisions in the near future.

    In its new operational framework that came into force in September 2024, the ECB anticipates that a substantial contribution to providing liquidity to the banking sector will come from a structural portfolio of securities and from new longer-term refinancing operations, under conditions to be defined at a later date. What point has the discussion reached and what guidance is there?

    The operational framework has to be used to implement our monetary policy, it cannot condition it. And we have said very clearly that all monetary policy instruments in our toolkit remain available to us. This will include, for example, non-conventional measures, such as targeted longer-term refinancing operations and quantitative easing.

    Right now, we are in a situation of ample liquidity, which we are gradually reducing by discontinuing reinvestments, which will come to a complete halt at the beginning of next year. Once that liquidity has been significantly reduced, a combination of the monetary policy instruments at our disposal will help us deliver enough liquidity to the banking system.

    In my view, when we discuss the structural portfolio, we will need to take into account the actual liquidity situation of the banks and look not only at the average, but also at the dispersion in the banking sector. We have not decided on the size of the structural portfolio, but it will need to be large enough to deliver sufficient liquidity to the banking system.

    The latest monetary policy strategy review in 2021 took place at a time of strong deflationary pressures linked to various factors, including digitalisation and globalisation. Since then the landscape has changed. We find ourselves in a fragmented geopolitical context with the return of inflationary shocks. How will all this be reflected in the coming monetary policy strategy review? When will the discussion begin and what topics will it cover?

    We have established a couple of workstreams at the technical level to examine these factors, namely how the landscape has changed, how the new environment could have an impact on inflation, and our evolving policy toolkit. But this will not be discussed by the Governing Council until next year, with conclusions expected in the second half of 2025.

    What is crystal clear is that the definition of price stability as 2% inflation over the medium term will not be up for debate. And several other elements, such as the importance of financial stability considerations or accounting for climate change in our work, are already established. Instead, this review will mostly be an assessment of the previous strategy review while considering new elements, such as the changed economic and inflation environment, the possibility of deglobalisation and other structural elements that could affect the inflation outlook.

    Importantly, we will look at the consequences of measures we have used in the past. For every monetary policy decision, we need to look not only at short-term effects but also further ahead at possible unwanted effects. Quantitative easing, for example, is an instrument that proved to be very useful to fight deflation and the impact of the pandemic, but it also caused some side effects. In that respect, now that we have started the opposite process of quantitative tightening, we have much more information on the potential consequences of quantitative easing.

    Are you referring to fiscal side effects?

    No. I’m referring, for instance, to the impact on financial stability or on national central banks’ profit and loss accounts. These are side effects that can be better taken into consideration and that were not obvious at the time.

    Italy has seen inflation fall to below 2% from a high of close to 12% two years ago, and its growth rate is in line with the European average. While real disposable income is improving, investment is feeling the effects of a still restrictive monetary policy and politicians have criticised the ECB’s cautious stance in the last few months. How would you explain to Italian politicians and households the need for a cautious approach in reducing interest rates, and how do you plan to reassure them about the current transition from still restrictive interest rates to a more neutral stance?

    Above all else, we listen to all opinions carefully and with an open mind. The ECB and central banks are independent institutions, meaning that they need to display an additional level of responsibility and accountability.

    What I would say to Italian and European citizens is that it’s important to be cautious and prudent. We have reduced interest rates and the trajectory of our monetary policy is very clear, but there is a huge amount of uncertainty and we cannot make mistakes. That’s why a gradual approach to implementing monetary policy is essential.

    That being said, I’d like to reassure them that things are moving in the right direction. Inflation has fallen significantly. Most people look more closely at price levels than at inflation, but at the end of the day, current price levels are a consequence of past inflation. We can’t claim victory yet, but we have made good progress so far. And despite an economic slowdown, we have so far managed to reduce inflation without causing a recession in the euro area. When you look at the labour market, the situation remains positive. So I hope that in the medium term it will become more evident that we are on the right track.

    In its draft budget, the Italian government is seeking a contribution of around €3.5 billion from the banking sector by targeting deferred tax assets (DTAs). Has the ECB been consulted on the merits of this approach and what guidance is being formulated on this measure?

    In general, our assessment of banking sector taxes is quite clear from the legal opinions we have issued on proposals by several countries. Our view is that such taxes should not impair banks’ solvency or the transmission of monetary policy in terms of hampering the flow of credit to the real economy.

    In this specific case, we don’t have the definitive version of the tax yet, so it’s difficult to form an opinion about it. But I hope that solvency will be one of the items taken into consideration, which would be positive from our perspective.

    In my view, the design of the previous version of the tax was balanced, for example, because it made tax revenues and bank solvency compatible. Of the many approaches taken by other European countries that imposed taxes on the banking sector, I believe this was the most balanced one.

    Completing the banking union is one of the most urgent objectives that will make Europe more resilient and more competitive. Despite this, a cross-border merger like the potential merger between Unicredit and Commerzbank currently under discussion is treated as a national matter in both countries. What lessons can we learn from this and why is a cross-border merger between European banks still hitting the headlines in Europe in 2024?

    Given the importance of banks’ funding for the real economy, completing the banking union should be the number one priority on the European Union’s economic agenda. I acknowledge that there are political hurdles to achieving that, but it will be very difficult to have a real economic and monetary union without a banking union. Greater coordination of fiscal policy, for example through a common fiscal instrument or progress towards the capital markets union, would also be important.

    If you want a single banking market, you need to have genuine pan-European banks. This is why cross-border consolidation of the banking sector is important. I don’t discuss the merits of individual cases, but in my view, a European approach should prevail over a national one. That’s the way forward for European integration.

    In any case, our assessment of any merger and acquisition transaction is always based exclusively on prudential and solvency criteria. This is the guiding principle for us, based on European regulation.

    The Italian government has voiced its support for the merger between Unicredit and Commerzbank, which would strengthen European banking consolidation. At the same time, Italy is the only Member State that hasn’t ratified the treaty to reform the European Stability Mechanism (ESM), which is an important element in completing the banking union. How important will it be to remove this obstacle?

    In my previous answer, I referred to how important it is for a European approach to prevail over a national one. But this principle has to be consistent from all angles and in all kinds of situations. In my opinion, a pro-European approach to the integration of the economy, the banking system and the capital markets should be the one that prevails for all the items under discussion, including ESM reform. Ratifying the reformed ESM Treaty would be a clear pro-European decision.

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: Speech by SJ at plenary session of 14th China-ASEAN Prosecutors-General Conference in Singapore (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Justice, Mr Paul Lam, SC, at the plenary session of the 14th China-ASEAN Prosecutors-General Conference in Singapore today (October 29):Mr Chairman, Your Excellencies, distinguished guests, ladies and gentlemen,     To begin with, I would like to express my heartfelt gratitude to Your Excellency Mr Lucien Wong, SC, for organising this year’s conference.Urgent call for co-operation in the fight against financial crimes     The theme of this year’s conference is “Fostering Co-operation on Combating Financial Crimes”. The definition of financial crimes is very wide. In Hong Kong, they cover a broad range of money-related criminal activities including money laundering, terrorists financing, fraud, theft, market misconduct as well as corruption and irregularities in the financial market. There is, however, very often a common element: that is they involve transboundary elements.     In recent years, we have witnessed an alarming rise in financial crimes. The United Nations Office on Drugs and Crime (UNODC) estimated that money laundered globally in one year is 2-5 per cent of global gross domestic product, that is approximately US$800 billion to $2 trillion. Hong Kong, which ranks No. 1 in the 2024 Economic Freedom of the World Report compiled by the Fraser Institute, is not immune to these challenges. According to the latest statistics released by the Hong Kong Police Force, over 19 000 cases of deception were registered in the first half of 2024, accounting for around 44 per cent of the total number of crimes and resulting in the loss of HK$4.48 billion.     There is, therefore, no wonder why there is consensus that international co-operation to combat financial crimes is both essential and imminent. In May this year, the Heads of the Financial Action Task Force (FATF), the UNODC and the International Criminal Police Organization (Interpol) issued an unprecedented joint call for actions to be taken across sectors and at the global level to target the huge illicit profits generated by transnational organised crimes that facilitate conflicts, fund terrorism and negatively impact vulnerable populations.     Hong Kong is committed to engaging in international co-operation to combat financial crimes proactively. This is both required and made possible by the principle of “one country, two systems”. In the Basic Law of the Hong Kong Special Administrative Region, Article 109 gives Hong Kong the mandate to provide an appropriate economic and legal environment for the maintenance of the status of Hong Kong as an international financial centre. Under Articles 96 and 152 of the Basic Law respectively, Hong Kong may make appropriate arrangements with foreign states for reciprocal juridical assistance, and representatives of Hong Kong may participate in international organisations or conferences as members of delegations of the People’s Republic of China or in other appropriate capacity.     Hong Kong has been adopting a four-pronged approach in combating financial crimes with international elements: first, espousing international regulatory standards; second, establishing a collaborative network for effective prosecution and asset recovery; third, embracing technologies as our new tools; and, lastly, encouraging knowledge and experience sharing.Espousing international regulatory standards     Let me begin with espousing international regulatory standards. While different jurisdictions have diverse legal landscapes and different financial systems, it is essential to ensure that the local legal and regulatory frameworks would comply with international standards. I am proud to say that Hong Kong has so far successfully achieved this objective.     Owing to the fact that, in practice, it is very often difficult to identify, catch and bring participants of financial crimes to justice and that the loss and damage caused by such crimes are in many cases untraceable and irrecoverable, the Hong Kong law in this respect focus very much on effective prevention and early detection of suspicious transactions. Our Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO) sets out the requirements on financial institutions regarding customer due diligence and record keeping; and other legislations impose statutory obligations for reporting suspicious transactions. Earlier this year, the Hong Kong Court of Final Appeal in a landmark judgment known as Tam Sze Leung & Ors v Commissioner of Police (2024) 27 HKCFAR 288 upheld the validity of the “letters of no consent” scheme under the Organized and Serious Crimes Ordinance (Cap. 455), which aims at assisting financial institutions to consider how to deal with, or not to deal with, funds known or suspected to be proceeds of crime.     On the other hand, the Securities and Futures Commission of Hong Kong publishes alert list to provide early warnings to investors on suspicious investment products and virtual asset trading platforms. Very recently in August this year, the Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Police Force and the Hong Kong Association of Banks, extended the coverage of the Suspicious Account Alert to physical branches and Internet banking transactions.     Hong Kong has been a member of the FATF, an intergovernmental organisation which sets global standards for combating money laundering and terrorist financing, since 1991. In the fourth round of FATF mutual evaluation in 2018-19, Hong Kong’s anti-money laundering and counter-financing of terrorism (AML/CFT) system has been assessed to be compliant and effective overall, making it the first jurisdiction in the Asia-Pacific region to have achieved an overall compliant result. The FATF also adopted Hong Kong’s follow-up report and recognised Hong Kong’s efforts in strengthening its AML/CFT regulatory regimes last year.     That said, Hong Kong does not remain complacent. Hong Kong is also one of the founding members of the Asia/Pacific Group on Money Laundering (APG), an autonomous FATF-style regional anti-money laundering body, founded in 1997. The APG published annual reports to assist governments and other stakeholders to have a better understanding about the nature of existing and emerging threats. The 2023 report includes a chapter on threats and trends related to virtual assets and virtual asset service providers. Hong Kong took the initiative to introduce a licensing regime for virtual asset service providers under AMLO, which came into effect in June 2023. To further strengthen the virtual assets regulatory framework in Hong Kong, we consulted the public on a regulatory regime for stablecoins earlier this year and had received overall support.Establishing a collaborative network for effective prosecution and asset recovery     Let me turn to establishing a collaborative network across jurisdictions to enable effective prosecution of financial crimes and asset recovery.     Hong Kong has established a comprehensive co-operation regime for the mutual legal assistance and surrender of fugitives. The Department of Justice of Hong Kong published various practical step-by-step guidelines, such as “Guide to Asset Recovery in the Hong Kong Special Administrative Region” and “Guidelines for Making Applications under the Mutual Legal Assistance in Criminal Matters Ordinance (Cap. 525)”, with a view to assisting our foreign counterparts in understanding the procedures in relation to international legal co-operation in criminal matters in Hong Kong and the wide range of legal assistance that may be provided by Hong Kong, such as taking of oral evidence, obtaining materials under production orders, enforcement of external confiscation orders and restraining of dealing in property which may be subject to external confiscation orders, etc.     Over the years, the Department of Justice has been providing effective and timely assistance to various foreign jurisdictions, including our ASEAN and Asia-Pacific partners. Let me share with you some examples. Recently, pursuant to a request made by an East Asian country, we have successfully obtained from the High Court a restraint order freezing assets in the form of cryptocurrencies of a total value of more than US$20 million, which are suspected to be proceeds of a massive fraudulent scheme. In another case regarding a request received from Indonesia, we have restrained over US$8 million worth of assets, representing proceeds of offences of fraud and money laundering, with a view to repatriating the confiscated funds back to the victim of crimes in Indonesia eventually. Singapore is one of our most valued and top legal co-operation partners. Thanks to the tireless effort of the Attorney General’s Chambers of Singapore, a fugitive was successfully surrendered back to Hong Kong earlier this month to face justice in court for offences relating to a securities fraud. In another case involving offences of money laundering and corruption, Hong Kong is working very closely with Singapore in our collaboration to repatriate US$13 million of proceeds of crime back to the victim in Mainland China. In yet another example, with the joint effort of Interpol and following extensive information sharing and joint investigations by the police from Singapore and Hong Kong, a transnational syndicate allegedly involved in laundering ill-gotten gains derived from tech support scams, including around HK$33 million from the victims in Singapore, has recently been crippled in August this year, resulting in the arrest of eight persons in Singapore and Hong Kong.     Another significant development in 2024 is that, on June 26, 2024, Hong Kong has officially joined the South East Asia Justice Network (SEAJust), which was established in 2020 with the support of the UNODC. This enables Hong Kong to make use of this important platform to facilitate co-operation in criminal matters with other members, including all my friends here today.     I feel obliged to take this opportunity to register my disappointment that, due to geopolitical reasons, some Western countries have unilaterally suspended their mutual legal co-operation arrangements with Hong Kong, which is plainly against common interests. Geopolitical considerations should not be allowed to hinder international co-operation in fighting financial crimes.Embracing technologies as our new arsenal of tools     Let me move on to embracing technologies as our tools. In this digital age, technology is evolving at an unprecedented pace. It is unfortunate that it has been misused to enable financial crimes to transcend borders and get “bigger” in terms of quantity and complexity, and allow the culprits to hide their identities in the virtual world.     To counter such misuse, we should consider how to deploy technological advancements as our ally. In particular, we should proactively explore the possibilities of leveraging powerful artificial intelligence (AI) tools for detecting and disrupting financial crimes at an early stage. For example, AI-powered systems may facilitate real-time online transaction monitoring and individual behavioural analysis, and alert unusual transaction patterns with speed and accuracy that human beings cannot duplicate. AI-assisted automation may also play a pivotal role in enhancing the efficiency of investigations. AI technology is able to analyse vast amounts of data at lightning speed. Automating some repetitive but essential tasks throughout the investigation process enables investigation officers to dedicate their time and energy to developing strategies in higher-impact cases.     On September 9, 2024, with a view to accelerating the use of AI in monitoring money laundering and terrorist financing risks, the Hong Kong Monetary Authority published a circular on “Use of Artificial Intelligence for Monitoring Suspicious Activities”. The HKMA observed that AI-powered systems take into account a broad range of contextual information focusing not only on individual transactions, but also the active risk profile and past transaction patterns of customers in determining whether the activity of a customer should be flagged for further investigation. These enhanced systems have proved to be more effective and efficient than conventional rules-based transaction monitoring systems.Encouraging knowledge and experience sharing     Lastly, let me say a few words on encouraging knowledge and experience sharing.     Last month, a dedicated team of prosecutors who specialise in prosecuting sophisticated and syndicated high-tech crimes in the Prosecutions Division of the Department of Justice of Hong Kong paid a visit to Guangdong Provincial People’s Procuratorate, the High People’s Court of Guangdong Province and Guangzhou Internet Court. The sharing sessions with Mainland judges and procurators were greatly beneficial to deepening the mutual understanding of the latest trends of deception cases and the handling of cryptocurrency cases.     And, of course, international symposiums and conferences provide an excellent forum for free flow of ideas, which assist in gathering and accumulating a general pool of knowledge, and stimulating new and innovative ideas to combat financial crimes. This successful conference is, by itself, a perfect example.     In this aspect, I am very pleased to inform you that, next month between November 27 and 29, Hong Kong will organise the 11th Asia and Pacific Regional Conference of the International Association of Prosecutors (IAP) under the theme of “Effective Prosecution Service in the Technological Age”. I look forward to welcoming you to Hong Kong.     Lastly, I am also very pleased to inform you that the Department of Justice of Hong Kong will formally establish the Hong Kong International Legal Talents Training Academy very soon. The Academy will organise practical training courses, seminars, and international exchange programmes to promote exchanges among legal professionals coming from different jurisdictions. This may serve as an additional platform for capacity building and experience sharing in the area of international co-operation on combating financial crimes.Concluding remarks     To conclude, while the challenges we face in our fight against financial crimes are daunting and are likely to be ongoing, they are ones that we can and must overcome – together. In this war that we cannot afford losing, let us remain steadfast to our commitment to align with international regulatory standards, work closely via various collaborative networks, make better use of emerging technologies, and share knowledge and experience. In co-operation lies our strength, and in action lies the promise of a secure financial environment where trust and integrity flourish.     On this note, may I once again thank the Attorney-General’s Chambers of Singapore for giving me and other members of the Hong Kong delegation such a fruitful experience at this successful conference, and to all the distinguished speakers and friends from the Mainland and ASEAN countries for their sharing of valuable insights and experiences. Thank you very much.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: MOFA welcomes European Parliament resolution on PRC’s misinterpretation of UNGA Resolution 2758 and continuous military provocations against Taiwan

    Source: Republic of China Taiwan 3

    MOFA welcomes European Parliament resolution on PRC’s misinterpretation of UNGA Resolution 2758 and continuous military provocations against Taiwan

    Date:2024-10-25
    Data Source:Department of European Affairs

    October 25, 2024No. 365The European Parliament (EP) on October 24 adopted a resolution concerning the misinterpretation of United Nations General Assembly (UNGA) Resolution 2758 by the People’s Republic of China and its continuous military provocations around Taiwan by an overwhelming majority of 432 votes in favor and 60 against. The EP resolution strongly opposes the PRC distorting UNGA Resolution 2758 to block Taiwan’s international participation and calls on the European Union and its member states to support Taiwan’s meaningful participation in relevant international organizations. The Ministry of Foreign Affairs (MOFA) strongly affirms and sincerely appreciates this support. The EP resolution points out that UNGA Resolution 2758 addresses the status of the PRC but does not determine that the PRC enjoys sovereignty over Taiwan, nor does it make any judgement on the future inclusion of Taiwan in the UN or any other international organization. It also states that Taiwan has never been part of the PRC. Stressing that UNGA Resolution 2758 takes no position on Taiwan, the EP resolution strongly rejects and refutes the PRC’s attempts to distort history and international rules and thereby block Taiwan’s meaningful participation in international organizations. It also strongly condemns the PRC’s continued military provocations and gray-zone activities against Taiwan and reiterates the EU’s firm rejection of any unilateral change to the status quo in the Taiwan Strait.Pointing out that Taiwan is a key, like-minded partner of the EU in the Indo-Pacific, the EP resolution calls for the EU and its member states to further deepen cooperation and exchanges with Taiwan in such domains as the economy, investment, semiconductor and high-tech industrial supply chains, disaster management, civil protection, and countering disinformation and foreign interference. It also advocates continued support for Taiwan’s meaningful participation in the World Health Organization, the International Civil Aviation Organization, the International Criminal Police Organization, the UN Framework Convention on Climate Change, and other multilateral organizations. In addition, the EP welcomes closer official and people-to-people interactions and exchanges between Taiwan and the EU, including the recent visit of former President Tsai Ing-wen to the EP.Since the Inter-Parliamentary Alliance on China passed a model resolution concerning UNGA Resolution 2758 in July for its members’ reference, the Australian Senate and the Dutch House of Representatives have passed motions in support of Taiwan. The EP thus becomes the third parliament to approve a similar resolution. MOFA urges the global community to take concrete action to oppose China’s misrepresentation of UNGA Resolution 2758 and to refute China’s false claim that there is an international consensus on its so-called “one China principle.” Taiwan will continue to enhance its substantive and comprehensive cooperation with the EU and other like-minded partners to jointly ensure peace and stability across the Taiwan Strait and in the Indo-Pacific. (E)

    MIL OSI Asia Pacific News

  • MIL-OSI: Interim Financial Report Q1-Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    • Updated strategy and new long-term targets
    • Earnings per share declined by 2% to DKK 60.5 (Q1-Q3 2023: DKK 62.0)
    • The net profit was down by 1% to DKK 4,044m (Q1-Q3 2023: DKK 4,106m)
    • Net interest income rose by 1% to DKK 7,211m (Q1-Q3 2023: DKK 7,155m)
    • Core income was up by 1% to DKK 10,307m (Q1-Q3 2023: DKK 10,244m)
    • Core expenses rose by 6% to DKK 4,768m (Q1-Q3 2023: DKK 4,498m)
    • Loan impairment charges DKK 13m (Q1-Q3 2023: DKK 96m)
    • Capital ratio at 22.6%, of which common equity tier 1 capital ratio of 17.2% (Q1 – Q3: 2023: 20.9% and 16.7%, respectively)
    • Expected earnings per share in 2024 upgraded on 11 October to DKK 75-80 from the upper end of the range of DKK 64-76
    • Share buy-back programme of DKK 1.5bn completed on 3 October 2024.

    Summary

    ”Earlier in the month, Jyske Bank upgraded its outlook for 2024 due to a continued positive development. We are now launching a strategy to become an even better bank for our customers,” says Lars Mørch, CEO and Managing Director, and continues:

    “With a strong foundation in the Danish market and a number of positions of strength in servicing both personal and corporate customers, Jyske Bank will over the coming years do more of what we have shown that we are good at and accelerate development in the areas where we want to do better.“

    “We support customers, e.g., in their sustainable transition and use digitization proactively to the benefit of the customers and to increase efficiency. Based on the strategy, we have set financial targets according to which we aim to obtain a return on tangible equity of 10% based on a cost/income ratio below 50 supplemented by an attractive distribution to shareholders,” says Lars Mørch, CEO and Managing Director.

    Updated strategy
    Jyske Bank utilizes the opportunities that arise to create value for customers, and the Group will seek out opportunities for cooperation and, in doing so, be an attractive partner for other players in the sector.

    In the lead up to the strategy announcement, the Group has set up the organisation so that customer orientation is strengthened throughout the value chain and efforts and resources are efficiently channelled to where it benefits the customers the most and contributes the most to the Group’s profitability. At the same time, risk management and digitization have been strengthened.

    Long-term financial targets
    Jyske Bank expects a return on tangible equity of 10% in 2028 based on a presupposed common equity tier 1 capital ratio at the lower end of 15%-17%, a cost/income ratio below 50, and a normalised cost of risk of 8bp p.a. The ambition to distribute approx. 30% of shareholders’ result supplemented by share buy-backs is maintained. In the coming years, the Danish economy is expected to be dominated by lower interest rates and balanced growth with high levels of employment and moderate inflation.

    The targets reflect an underlying improvement in profitability aimed at mitigating expectations of significantly lower interest rates over the coming years. The targets will be achieved through stronger customer-orientation and focus on capital-light income as well as structural cost measures, ensuring continued investment in new technology and higher efficiency.

    Other initiatives
    Prior to the update of its strategy, Jyske Bank changed its organisation to obtain stronger client orientation, higher professionalism in the Group’s control set-up and higher development and implementation efficiency. Subsequently, the Group Executive Board will consist of the CEO and Managing Director, a Managing Director of Corporate Clients and Capital Markets, a Managing Director of Personal Clients and Wealth Management, a Managing Director of Digitization and Operations as well as a Chief Risk Officer.

    In continuation of the organisational change, Erik Gadeberg was appointed new member of the Group Executive Board as Managing Director, Corporate Clients and Capital Markets. Erik Gadeberg has prior to this held the position as Managing Director of Capital Markets at Jyske Bank. He joined Jyske Bank in 1990 and has primarily been employed in functions associated with Capital Markets, including large corporates and institutional clients.

    Managing Director Per Skovhus retired at the end of June 2024. Jacob Gyntelberg will take office on 6 December 2024 as Managing Director, Chief Risk Officer (CRO) and new member of the Group Executive Board. Since 2021, Jacob Gyntelberg has been Director of Economic and Risk Analysis at the European Banking Authority (EBA). During the period 2019-2021, Jacob Gyntelberg was Deputy Chief Risk Officer at Nordea, and previously he held executive positions at Danske Bank, Bank for International Settlements (BIS), Nykredit and Danmarks Nationalbank.

    In 2023, Jyske Bank acquired PFA Bank, and the integration was in the first half of 2024 successfully completed according to plan. The IT migration to Bankdata from BEC was implemented in the second quarter of 2024 when also administration and management of PFA Invest were taken over by BankInvest to ensure smooth transfer for the clients. The approach underlines Jyske Bank’s focus on client requirements which contributed to Jyske Bank’s Private Banking clients having been Denmark’s most satisfied clients for the past nine years running according to the research company Voxmeter.

    In September 2024, Jyske Finans, which manages the Group’s leasing activities, announced the acquisition of a leasing portfolio from Opendo. The acquisition supports Jyske Finans’ leading position in the structurally growing leasing market with higher volume to the portfolio of cars on operational leasing contracts.

    In Q1-Q3 2024, Jyske Bank introduced additional attractive savings products and sharper prices and offers for home loan products to personal clients. The flexible mortgage loan, Jyske Prioritet+, was highlighted by TÆNK, the Danish Consumer Council, with the rating ’Recommend’. Clients’ credit cards were also improved through travel insurance and purchase warranty as well as VISA’s loyalty programme with approx. 1,500 stores and web shops.

    Jyske Bank’s target is to be an active and constructive part of the green transition and Jyske Bank’s target is net zero CO2 emission across business-oriented activities in the form of loans and investments not later than in 2045 and 2050, respectively. In addition, Jyske Bank aims at lending growth contributing to offset climate changes, and the CO2 emission from Jyske Bank’s own activities must be reduced by 65% from 2020 to 2030.

    Earnings per share DKK 60.5 in Q1-Q3 2024
    Earnings per share were DKK 60.5 against DKK 62.0 the previous year, corresponding to a net profit of DKK 2,623m or a return of 11.8% p.a. on equity against DKK 2,488m and 13.5% p.a., respectively in Q1-Q3 2023. Despite a lower pre-tax profit, the tax expense increased due to a higher special tax.

    The reason for the lower results is particularly higher costs as a result of sector-wide, collectively prescribed salary increases and the acquisition of PFA Bank as well as lower gains from the sale of leasing cars. The development in Q1-Q3 2024 reflects a Danish economy growing moderately with continued high employment. The economy withstood interest rate hikes in 2022 and 2023, and an improved inflation outlook in June 2024 paved the way for Danmarks Nationalbank’s first interest rate cut for several years, followed up by further cuts in September and October.

    Jyske Bank’s business volume showed an overall declining development in loans and deposits in Q1-Q3 2024, supplemented by a sizeable increase in the investment area. Bank loans decreased 5% due to lower loans to personal clients compared with end-2023. Bank deposits fell by 2% due to lower time deposits from corporate clients. Nominal mortgage loans were roughly unchanged since lower lending to personal clients were offset by a higher amount of lending to corporate clients. Assets under management rose by 14% due to a favourable development in the financial markets and net sales of investment solutions.

    Core income rose by 1% relative to Q1-Q3 2023 due to a slight increase in most income items. Net interest income rose by 1% due to the higher level of interest rates. Net fee and commission income was up by 1% due to the acquisition of PFA Bank and a higher amount of assets under management. Value adjustments still contributed positively due to the development in the financial markets. Other income increased due to higher share dividends whereas a gradual normalisation of favourable sales conditions in the leasing car market caused a decline in income from operating lease (net).

    Core expenses rose by 6% compared to Q1-Q3 2023. The increase can primarily be attributed to sector-wide, collectively prescribed salary increases of 3.7%, the derived effect from the abolishment of All Prayers Day and the effect from the acquisition of PFA Bank. In addition, the level of one-off items was at an elevated level.

    Loan impairment charges amounted to DKK 13m in Q1-Q3 2024 compared with DKK 96m in Q1-Q3 2023. Management’s estimates relating to loan impairment charges were in Q1-Q3 2024 reduced by DKK 151m to DKK 1,783m as the result of lower macroeconomic risks. The credit quality is still solid with a low level of non-performing exposures.

    At the end of Q1-Q3 2024, Jyske Bank’s common equity tier 1 capital ratio was 17.2%, which is above the targeted range of 15%-17%. In Q1-Q3 2024, Jyske Bank distributed a dividend of DKK 500m or DKK 7.78 per share and executed a share buy-back programme of DKK 1.5bn which was completed in early October. The share buy-back programme was the first since the acquisition of Handelsbanken Denmark and reflects a restored capital base supported by two capital issues in the first quarter of 2024. The issues contributed to an increase in the total capital ratio to 22.6%, above the targeted range at 20%-22%.

    2024 outlook
    For 2024, Jyske Bank estimates a net profit in the range of DKK 5.0bn-5.3bn, corresponding to earnings per share in the range of DKK 75-80. The outlook was in October 2024 upgraded from a net profit in the upper end of the range of DKK 4.3bn-5.1bn, corresponding to earnings per share in the upper half of the range of DKK 64-76. The upward revision was attributed to favourable financial markets and a solid credit quality.

    Core income is expected to decline in 2024, in particular as a result of lower value adjustments which were at a historically high level in 2023. Expectations mirror moderate growth in the Danish economy and a reduction of Danmarks Nationalbank’s deposit rate at 1.0 percentage point in 2024. Core expenses inclusive of non-recurring costs are expected to be slightly higher in 2024 compared with 2023. Non-recurring expenses for the integration of Handelsbanken Denmark and PFA Bank are expected to total DKK 0.1bn.

    As in 2023, loan impairment charges are expected to be at a low level in 2024. The expectations involve uncertainty and depend, for instance, on macroeconomic circumstances and the development in the financial markets.

    Webcast and conference call
    Jyske Bank will host a conference call in English targeting investors and analysts today at 2.00 p.m. CET (link). Conference call and presentation will be available via jyskebank.com/investorrelations.

    Yours faithfully,
    Jyske Bank

    Contact:
    Lars Mørch, CEO and Managing Director, tel. +45 89 89 20 01
    Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44

    Attachments

    The MIL Network

  • MIL-OSI: Webcast details for Orrön Energy’s Q3 presentation

    Source: GlobeNewswire (MIL-OSI)

    Orrön Energy AB (“Orrön Energy”) will publish its financial report for the third quarter 2024 on Wednesday, 6 November 2024 at 07:30 CET, followed by a webcast at 14.00 CET.

    Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and describing the latest developments in Orrön Energy at a webcast on 6 November 2024 at 14:00 CET, followed by a question-and-answer session.

    Registration for the webcast presentation is available on the website and the below link:
    https://vimeo.com/event/4678321/54544efc16

    For further information, please contact:

    Robert Eriksson
    Director Corporate Affairs and Investor Relations
    Tel: +46 701 11 26 15
    robert.eriksson@orron.com

    Jenny Sandström
    Communications Lead
    Tel: +41 79 431 63 68
    jenny.sandstrom@orron.com

    Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany and France. With significant financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

    Forward-looking statements
    Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

    Attachment

    The MIL Network

  • MIL-OSI: IDEX Biometrics appoints new Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    Oslo, Norway – October 29, 2024 – IDEX Biometrics has appointed Kristian Flaten as Chief Financial Officer, effective November 1, 2024.

    Kristian Flaten brings over 25 years of financial leadership and experience with international business and financing, including from Asian growth markets, a strong focus for IDEX Biometrics. He has a proven track record in corporate finance, debt financing and business development in growth companies. 

    Kristian has a background as CFO with Quantafuel ASA, recycling plastic waste, and as VP Corporate Finance with BW Offshore, oilfield services. Additionally, he has experience from the financial sector with Export Finance Norway and Handelsbanken. 

    Kristian holds a Master of Science from NHH (Norwegian School of Economics), with majors in Finance and Strategy. He will be based at IDEX Biometrics headquarters in Oslo.

    “We are most pleased to welcome Kristian to our executive team,” says Catharina Eklof, Chief Executive Officer of IDEX Biometrics. “Bringing on Kristian is an important step in the business transformation of IDEX. Kristian comes with critical experience from growth companies and his proven track record will be key as we continue to evolve IDEX, and drive innovation in biometric platform and software solution expansion to key markets.” 

    “I am excited to join IDEX Biometrics at this pivotal time of the company’s growth journey,” comments Kristian Flaten. “I look forward to working with the talented team to support the company’s strategic initiatives.” 

    Kristian Flaten is succeeding John Kurtzweil, who will continue to support the company in an advisory role. The company extends its warm gratitude to John for his excellent contributions during his tenure and for ensuring a smooth transition to Kristian.

    For further information contact:

    Marianne Bøe, Head of Investor Relations
    Email: ir@idexbiometrics.com
    Tel: + 47 67 83 91 19

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.
    For more information, visit www.idexbiometrics.com

    Trademark Statement
    IDEX, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.

    About this notice:
    This notice was issued by Marianne Bøe, Head of Investor Relations, on 29 October 2024 at 08:10 on behalf of IDEX Biometrics ASA.

    The MIL Network

  • MIL-OSI China: MOFA welcomes European Parliament resolution on PRC’s misinterpretation of UNGA Resolution 2758 and continuous military provocations against Taiwan

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    MOFA welcomes European Parliament resolution on PRC’s misinterpretation of UNGA Resolution 2758 and continuous military provocations against Taiwan

    • Date:2024-10-25
    • Data Source:Department of European Affairs

    October 25, 2024
    No. 365

    The European Parliament (EP) on October 24 adopted a resolution concerning the misinterpretation of United Nations General Assembly (UNGA) Resolution 2758 by the People’s Republic of China and its continuous military provocations around Taiwan by an overwhelming majority of 432 votes in favor and 60 against. The EP resolution strongly opposes the PRC distorting UNGA Resolution 2758 to block Taiwan’s international participation and calls on the European Union and its member states to support Taiwan’s meaningful participation in relevant international organizations. The Ministry of Foreign Affairs (MOFA) strongly affirms and sincerely appreciates this support. 

    The EP resolution points out that UNGA Resolution 2758 addresses the status of the PRC but does not determine that the PRC enjoys sovereignty over Taiwan, nor does it make any judgement on the future inclusion of Taiwan in the UN or any other international organization. It also states that Taiwan has never been part of the PRC. Stressing that UNGA Resolution 2758 takes no position on Taiwan, the EP resolution strongly rejects and refutes the PRC’s attempts to distort history and international rules and thereby block Taiwan’s meaningful participation in international organizations. It also strongly condemns the PRC’s continued military provocations and gray-zone activities against Taiwan and reiterates the EU’s firm rejection of any unilateral change to the status quo in the Taiwan Strait.

    Pointing out that Taiwan is a key, like-minded partner of the EU in the Indo-Pacific, the EP resolution calls for the EU and its member states to further deepen cooperation and exchanges with Taiwan in such domains as the economy, investment, semiconductor and high-tech industrial supply chains, disaster management, civil protection, and countering disinformation and foreign interference. It also advocates continued support for Taiwan’s meaningful participation in the World Health Organization, the International Civil Aviation Organization, the International Criminal Police Organization, the UN Framework Convention on Climate Change, and other multilateral organizations. In addition, the EP welcomes closer official and people-to-people interactions and exchanges between Taiwan and the EU, including the recent visit of former President Tsai Ing-wen to the EP.

    Since the Inter-Parliamentary Alliance on China passed a model resolution concerning UNGA Resolution 2758 in July for its members’ reference, the Australian Senate and the Dutch House of Representatives have passed motions in support of Taiwan. The EP thus becomes the third parliament to approve a similar resolution. MOFA urges the global community to take concrete action to oppose China’s misrepresentation of UNGA Resolution 2758 and to refute China’s false claim that there is an international consensus on its so-called “one China principle.” Taiwan will continue to enhance its substantive and comprehensive cooperation with the EU and other like-minded partners to jointly ensure peace and stability across the Taiwan Strait and in the Indo-Pacific. (E)

    MIL OSI China News

  • MIL-OSI China: Foreign Minister Lin to attend Saint Vincent and Grenadines’ 45th Independence Day celebrations as presidential envoy and visit Guatemala, Saint Lucia, Belize, and Saint Christopher and Nevis

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    Foreign Minister Lin to attend Saint Vincent and Grenadines’ 45th Independence Day celebrations as presidential envoy and visit Guatemala, Saint Lucia, Belize, and Saint Christopher and Nevis

    • Date:2024-10-23
    • Data Source:Department of Latin American and Caribbean Affairs

    October 23, 2024 

    No. 362

    Saint Vincent and the Grenadines will celebrate the 45th anniversary of independence on October 27. Underscoring the importance that Taiwan attaches to its diplomatic relations between the two countries, President Lai Ching-te appointed Minister of Foreign Affairs Lin Chia-lung as his special envoy to extend congratulations to Saint Vincent and the Grenadines on behalf of the people and government of the Republic of China (Taiwan). During his visit, Minister Lin will attend various celebration activities and meet with Governor-General Susan Dougan and Prime Minister Ralph Gonsalves to exchange views on issues of mutual concern and the direction of future cooperation. 

     

    To further deepen Taiwan’s friendships with its Latin American and Caribbean allies, Minister Lin will also visit four other countries—Guatemala, Saint Lucia, Belize, and Saint Christopher and Nevis. He will hold meetings with their respective heads of state and government and conduct an inspection tour of bilateral collaboration projects. The delegation led by Minister Lin will depart on October 23 and return to Taipei on November 2. Minister Lin’s wife will accompany him on his visit to Guatemala. She has been invited by Guatemalan First Lady Lucrecia Peinado, who recently traveled to Taiwan for National Day celebrations.

     

    On this trip, Minister Lin will discuss in detail the content and vision of the Taiwan government’s Diplomatic Allies Prosperity Project. This initiative will mark a new chapter of bilateral cooperation based on mutual benefits and shared prosperity, with a shift from consolidating alliances to creating prosperity. Taiwan and its allies will build on the existing solid foundations to further deepen collaboration, support national development programs, and enhance people’s well-being.

     

    Taiwan and its allies in Latin America and the Caribbean enjoy robust relations, having long engaged in close cooperation across such domains as public health, health care, agriculture, education, ICT, and women’s empowerment. Joint endeavors aimed at benefiting the economy and people’s livelihoods have achieved significant success and earned widespread acclaim. (E)

    MIL OSI China News

  • MIL-OSI Europe: President Erdoğan’s Message on 29 October Republic Day

    Source: Republic of Turkey

    My dear citizens living at home and abroad,
    My treasured friends sharing our happiness on this joyful day,
    I salute you all with my most heartfelt feelings, affection and respect.
    I congratulate our each and every citizen living in our country and all across the world on 29 October Republic Day.
    Also, on behalf of my country and nation, I thank all our guests and friends who share our joy in our country and in different geographies of the world.
    Today we are experiencing the happiness and rightful pride of marking the first anniversary of the new century of our Republic.
    Happy 101st anniversary of the proclamation of our Republic!
    I remember with gratitude all the founding cadres of our state, particularly Ghazi Mustafa Kemal Atatürk, the founder of our Republic, the final and eternal link of our thousands-year-long sequence of states.
    I wish Allah’s mercy upon our veterans and martyrs, who have sacrificed themselves for our independence and future since Malazgirt up to date.
    Our each brother and sister, who has sacrificed themselves for the sake of our future, especially our martyrs we lost in the attack on the Turkish Aerospace Industries’ facility, the leader organization of our defense industry, will always live in our hearts.
    As the poet who says, ‘People grow in cradles, to lie in a grave; and heroes sacrifice themselves, to make the homeland live,’ points out:
    I remember with grace all our heroes, who contributed to the establishment, sustainment and them leaving indelible marks in history of our states that reigned over the vast borders of our beloved geography.
    We are determined to make the independent, strong, dignified and prosperous Türkiye, which is the legacy of our states extending from the extending from the Seljuks to the Ottomans and finally to the Republic on the Anatolian lands, live forever.
    Our nation has a deep-rooted statecraft of over 2,200 years, which has manifested itself in the 16 stars on our presidential seal.
    We aim to use, develop and empower this heritage in a way to make the biggest contribution to the common heritage of the humanity with the participation of our kinsmen and friends.
    We will further embrace our civilizational values and this ancient historical perspective of our nation in order for peace, calm, security and justice prevail in our country, region and the world.
    Neither terrorist organizations nor those, who seek to wreak carnage in our region with expansionist ambitions, or imperialists who spoil them by supporting them can prevent us from achieving our goal.
    To that end, we work round-the-clock to raise our country above the level of contemporary civilizations, making up for our shortcomings wherever we have.
    During this period we have left behind with our nation’s support, we have really made great progress by making great sacrifices, foiling many insidious games and traps, and thwarting numerous treacherous attacks.
    We are now on the eve of a period during which we will be reaping the rewards of the sacrifices we have made in every area, from security and technology, diplomacy to economy.
    We have few obstacles to overcome, few problems to resolve ahead of us to reach the bright futures that we call the ‘Century of Türkiye’.
    We are well aware of the challenges caused by the attempts to undermine our country in economy as well as in other areas, particularly through security threats, in the past six years.
    In the similar vein, we know that by using all our means, we should eliminate the scourge of terror, which has wasted our energy, eroded our brotherhood and kept us away from our goals for 40 years.
    We would like to wide open the doors of a Türkiye, whereby we compete our joys, not pains, share our richness, not poverty, and germinate our hopes, not disappointments.
    As we stated in last year’s Republic Day message, we do whatever we do to glorify the great and strong Türkiye ideal without paying heed to malevolent people at home and abroad.
    With Allah’s help, our nation’s sagacity and support, and the political and military strength of our country, we are determined to make sure that our Republic emerges even stronger from the period we have entered.
    We believe from the bottom of our hearts that all the individuals of our nation, regardless of their origin, disposition or political view, and all our friends, no matter where they live, will stand with us in this historical struggle of ours.
    May my Lord help and guide us.
    With these thoughts, I wholeheartedly congratulate all our citizens living in Türkiye and abroad on 29 October Republic Day.
    May our martyrs rest in peace!
    Happy 101st anniversary of the proclamation of our Republic!
    May you all remain in good health…

    MIL OSI Europe News

  • MIL-OSI: Midaxo named a Leader in the IDC MarketScape: Worldwide Mergers and Acquisitions Software 2024 Vendor Assessment

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Midaxo, the leading provider of software solutions for corporate development, today announced it has been named a Leader in the first IDC MarketScape: Worldwide Mergers and Acquisitions Software 2024 Vendor Assessment. According to the IDC MarketScape report, “The platform enhances collaboration with role-based access, supports real-time analytics and AI-driven insights, and integrates with existing productivity tools, serving industries such as healthcare, financial services, and IT. Midaxo aims to increase deal velocity and visibility, helping organizations manage complex transactions more efficiently and achieve consistent inorganic growth.”  

    “Midaxo is the cloud for corporate development to drive inorganic growth for their businesses.” said Jude McColgan, CEO Midaxo. Large and mid-sized companies rely on us to find, manage and close more deals.  We are pleased to be named a Leader by the IDC MarketScape.”  

    Midaxo strengths: 

    • Capabilities: Midaxo offers an impressive number of capabilities for a full end-to-end M&A process. 
    • Road map: Midaxo has a robust road map that includes more capabilities on the horizon for a more thorough financial valuation and analysis but also AI-enhanced capabilities to help with automation and guidance. 
    • Customer support: Customers noted customer support and service as being excellent. 

    “We have been using Midaxo since 2021 for the full M&A lifecycle: sourcing, closing and implementing deals,” said Joerg  Windbichler, Executive Vice President of Acquisitions and Integrations at SoftwareOne, a leading global software and cloud solutions provider. “We have seen an impressive development of features over that time.  We look forward to our continued collaboration and seeing even more capabilities supporting our M&A process”. 

    SOURCE: IDC MarketScape Worldwide Mergers and Acquisitions Software 
    Vendor Assessment, by Heather Herbst Kevin Permenter, September 2024, IDC #US51053324  

    About the IDC MarketScape: 
    IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors. 

    About Midaxo 
    Midaxo provides the most widely used work management solution for corporate development. Digitally transforming the transaction process, Midaxo Cloud leverages automation, AI, and machine learning to deliver accelerated inorganic growth while decreasing deal risk. The platform can be customized to fit the needs of each company to enable corporate development and M&A leaders to find, evaluate, and deliver inorganic growth with unprecedented speed and accuracy. Users of the M&A capabilities report identifying and managing 5x more targets, reducing diligence time by 50%, and accelerating time to value realization up to 40%. More than 500 Midaxo customers, including Banner Health, Daimler AG, Professional Services Co., and United Site Services, have closed over 5,000 transactions valued in excess of $1 trillion. 

    Contact: 
    Neil Lieberman 
    Midaxo 
    neil.lieberman@midaxo.com 

    All product and company names herein may be trademarks of their registered owners. 

    The MIL Network

  • MIL-OSI: The notes redeemed by Municipality Finance have been removed from trading at Nasdaq Helsinki

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    29 October 2024 at 10:00 am (EET)

    The notes redeemed by Municipality Finance have been removed from trading at Nasdaq Helsinki

    On 14 October 2024 Municipality Finance Plc announced that it is exercising its right to redeem in whole its USD 150 million notes (XS2548900146). Nasdaq Helsinki has approved MuniFin’s application to remove the notes from trading. The last day of trading was 28 October 2024.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland. The Group’s balance sheet totals over to EUR 50 billion.

    MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic, but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: www.kuntarahoitus.fi/en

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network

  • MIL-OSI: AI Knocks on the Door of FinTech – Industry Experts Gather for the Eleventh Year of FinTech Connect 2024

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Fintech Connect, Europe’s only dedicated fintech event for the entire ecosystem, returns this December to the ExCel exhibition centre in London.  

    Over the course of two days, 4th and 5th December 2024, more than 2000 attendees will meet and network with industry leaders and innovators from across the fintech sector. More than 100 speakers will take to the stage on a range of topics that are expected to define the course of the fintech ecosystem, including the role of AI in financial services and the innovation vs regulation debate.  

    With over 80 sessions, engaging workshops, start-up showcases and an extensive exhibition floor, attendees will have the opportunity to experience cutting-edge tech demos that highlight the most innovative solutions driving the transformation of the global payments landscape.  

    This event, comprising two focused topic streams – Innovation and Implementation – boasts an exceptional line-up of renowned experts and leading figures from across the fintech ecosystem including speakers from HSBC, Starling Bank, Lloyds Banking Group, Bank of Ireland, TUI GROUP, Asos.com, Jaguar Land Rover, Uber and Bumble. With voices from regulators, investors, technology innovators, traditional banks, merchants and challenger banks, the latest trends propelling fintech forward will be discussed, including: 

    AI and ML  

    • Exploring the use of advanced AI to enhance banking products for the consumer  
    • Partnering AI with fintech successfully and core lessons learned  
    • Customer-facing generative AI, and how to use enhanced tools without impacting consumer experience  
    • Ensuring trust, transparency, and safety while incorporating new AI technologies across the business 

    Open Banking 

    • Uncovering the key to a successful fintech partnership  
    • Identifying considerations of a third-party company for successful onboarding and implementation  
    • Operationalising fintech at scale throughout the business 

    Innovation VS Regulation 

    • Understanding how to keep your payments fraud-proof 
    • Ensuring payment leaders work to update their security features 
    • Using digital identity verification to keep your payments secure 

    Laurence Coldicott, Senior Content Director at FinTech Connect, said: “With the recent growth and transformation of the fintech ecosystem, events such as FinTech Connect are important to help you stay on top of all the action through the wealth of resources we have to offer.” 

    “This year’s event is a testament to our commitment to bring together global fintech thought leaders, innovators, and key stakeholders to reflect on and define the industry. Year after year, we remain true to our original mission: to connect, collaborate, and explore the future of finance.” 

    FinTech Connect 2024’s media attendees get free entry and will be able to conduct interviews, briefings and meetings in the event’s interactive media room. Media can register to attend here.

    The full agenda, list of speakers, keynote panel and content themes can be found here.

    Register your interest in attending or exhibiting: 

    Merchants interested in attending can register for free access to ‘All Area Pass’.  

    Those interested in having their company represented as a sponsor or exhibitor can get in touch here for more information.

    Start-ups are also encouraged to participate- FinTech Connect offers special rates for start-up companies to take part as exhibitors, find out how to get involved here.

    About Fintech Connect 

    FinTech Connect is where large teams from major financial institutions go to assess the latest innovations on the market, and where FinTechs come to accelerate dialogues with digital buyers with responsibility across digital transformation, payments, financial security, RegTech and blockchain. 

    The 2024 event will bring together 2,000+ of the fintech community to share best practice, showcase new products and solutions and shape financial services of the future. The two-day conference and exhibition offer a comprehensive program of interactive workshops, multiple fireside chats, innovative tech demos, and multiple networking opportunities. 

    Contacts

    FinTech Connect

    info@fintechconnect.com

    SkyParlour

    Deborah@skyparlour.com

    The MIL Network