Category: Economy

MIL-Evening Report: The federal government has left Indigenous Treaties to the states. How are they progressing?
Source: The Conversation (Au and NZ) – By Bartholomew Stanford, Lecturer in Political Science/Indigenous Politics (First Peoples), Griffith University

Since the Voice to Parliament referendum last year, there has been a lack of leadership on Indigenous policy from the Australian government.

With this absence, the states and territories now present greater opportunity for Indigenous groups in seeking rights recognition. This is the level where agreements are being made and Treaty proposed.

It is important to take stock of the progress that is being made in agreement-making and Treaty in Australian states and territories. While this is an area of Indigenous policy that has been set aside of late, it has great potential to deliver self-determination for First Nations people.

First Nations agreement-making in Australia

Agreement-making is relatively new in the context of First Nations relations with the Australian state.

The recognition of Indigenous land rights in law has enabled First Nations people and Australian governments to enter legally binding agreements across matters such as:
- land use and access
- Indigenous cultural heritage protection
- co-management of land and sea
- economic development
- employment
- resolving land claims.
First Nations groups in Australia have made hundreds of these agreements with Australian governments at all levels.

However, there is a type of agreement that these parties are entering that is advancing the cause more generally. They are called settlement agreements.

What is a settlement agreement?

Victoria and Western Australia have been signing settlement agreements with First Nations groups since 2010.

These agreements are more comprehensive than other agreements, including terms that cover numerous matters like those listed above, and often include financial packages aimed at supporting First Nations governance institutions.

In Victoria, settlement agreements are made under state legislation. So far, four First Nations groups have entered these agreements with the Victorian government.

In Western Australia, three settlement agreements have been made between the WA government and First Nations under Commonwealth native title legislation. The largest of these, known as the Noongar Settlement, is worth $1.3 billion and has been characterised by legal scholars as “Australia’s first Treaty”.

Victoria and WA are the only jurisdictions that have these agreements and there are two main reasons why they were successfully signed. The first is the success of First Nations groups in mobilising political power to lobby the state. The second is the willingness of governments to enter negotiations because of economic and political motivations.

A crucial question is whether existing settlement agreements will form an important basis for developing Treaty in the states and territories.

How is Treaty different?

According to legal academics Harry Hobbs and George Williams, Treaty involves three elements:
- recognition of First Nations as distinct polities
- negotiation in good faith
- a settlement that deals with claims and that enables Indigenous self-government.
Treaties are different from other agreements, as they provide scope to recognise Indigenous sovereignty, enable some limited forms of autonomy, and create a framework for Indigenous/government relations.

Australia has not signed treaties with Aboriginal and Torres Strait Islander peoples. Canada, New Zealand and the United States began signing treaties centuries ago, so why is Australia so far behind?

There are several reasons why Indigenous treaties were never signed in Australia.

First, Australia was colonised in different circumstances, established as a penal colony and not initially a part of European expansionism.

In North America, numerous European powers were competing for control over the continent. The British, French, Spanish and others fought against each other and procured First Nations warriors for their military ranks through treaties.

Trade was also a motivating factor for Treaty-making in North America. Europeans coveted the animal pelts produced by First Nations people for sale in the European fashion markets.

Today, it is arguable that Australia stands out as uniquely opposed to Indigenous rights recognition relative to other British settler states. This idea is supported by our most recent referendum result.

So why are Australian governments engaging in Treaty discussions now?

What’s happening across the country?

There is currently a combination of Indigenous political action and leverage enabled through Indigenous land rights recognition. Some governments are also beginning to see value in Indigenous Knowledge, especially with regard to environmental management.

Treaty, however, is deeply political in Australia, and since the referendum last year it has come under increased political scrutiny and attack.

Days after the referendum result, the Queensland Liberal National party walked back support for a state-based Treaty.

If the LNP wins government at this month’s election (as polls are predicting), Treaty will likely be shelved.

This move would undo the years of work the state government has undertaken as part of its Tracks to Treaty initiative.

Victoria has made the most progress on Treaty of any Australian state or territory. This is due to the leadership of the First Peoples’ Assembly of Victoria, which has spearheaded Treaty in the state.

A Treaty negotiation framework has been developed by the assembly and Victorian government. This will guide negotiations towards a state-wide Treaty in the near future.

Other Australian jurisdictions have made far less progress. The referendum result seems to have stalled any momentum that existed prior.

In the Northern Territory, there’s been no progress since the NT Treaty Commission lodged a report with government in 2022. As the newly elected Country Liberal government doesn’t support a Treaty, it won’t happen anytime soon.

In South Australia, the First Nations Voice to Parliament is expected to lead the development of Treaty. The first election was held in March of this year, and First Nations elected members had their first meeting in June 2024.

New South Wales recruited Treaty commissioners earlier this year. They’re now embarking on a 12-month consultation process before reporting back to government.

Governments in Tasmania and the ACT have committed to Treaty, but haven’t made any meaningful progress yet, while WA has made no formal commitment.

Where to from here?

Although there are notable setbacks emerging from the referendum result, it has not discouraged First Nations from working towards agreements and Treaty with Australian governments.

With the proliferation of native title determinations, there is grounds for agreement-making, whether that be through settlement agreements or Treaty.

There is also growing interest in how Indigenous Knowledge can inform our responses to climate change, food security and foreign relations. Accessing this knowledge will require governments to formalise relations with First Nations through agreements.

Bartholomew Stanford 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. The federal government has left Indigenous Treaties to the states. How are they progressing? – https://theconversation.com/the-federal-government-has-left-indigenous-treaties-to-the-states-how-are-they-progressing-240552
MIL OSI Analysis – EveningReport.nz –
January 23, 2025
MIL-OSI China: China’s top legislator holds talks with Australian Senate president

Source: China State Council Information Office

Zhao Leji, chairman of the National People’s Congress Standing Committee, holds talks with President of the Australian Senate Sue Lines at the Great Hall of the People in Beijing, capital of China, Oct. 14, 2024. [Photo/Xinhua]

China’s top legislator, Zhao Leji, held talks with President of the Australian Senate Sue Lines in Beijing on Monday.

At present, dialogue in various fields between the two countries is being resumed and promoted in an orderly manner, and practical cooperation and people-to-people exchange are also becoming increasingly active, said Zhao, chairman of the National People’s Congress (NPC) Standing Committee, adding this is the hard-won result of both sides’ joint efforts and should be cherished.

Noting that maintaining the right perception of each other is the basic prerequisite for the development of China-Australia relations, Zhao said that China hopes the Australian side will maintain a correct understanding of China, view China’s development in an objective and positive way, respect China’s core interests and major concerns, and consolidate the political foundation of bilateral relations.

He called on the two sides to consolidate cooperation in traditional areas such as energy, mining and agriculture, expand cooperation in emerging areas such as green technology, new energy and artificial intelligence, and promote a fair, open trade and investment environment.

The two sides should deepen cooperation in such fields as culture, education and tourism, as well as cooperation at the sub-national level, and actively promote exchange between the young people of the two countries, Zhao added.

He said the NPC of China is willing to work with the Australian Senate to focus on implementing the important consensus reached by the leaders of the two countries, strengthen friendly exchange, and exchange experience in governance, legislation and supervision.

Zhao said China is willing to share development opportunities with countries such as Australia, promote the global green transition and development, and foster an open world economy.

Australia-China relations are very important, and stable, constructive bilateral relations are in the interests of both countries and the broader region, Lines said. She noted that the members of the Senate delegation in China come from different political parties and regions in Australia, but one thing they all share is that all of them hope to see the healthy development of bilateral ties.

Noting that the stabilization and improvement of bilateral relations is encouraging, Lines said that Australia hopes the two sides will be able to promote pragmatic cooperation further in the fields of the economy and trade, the green economy, climate change, and people-to-people exchange. Open dialogue between the two sides and the improved handling of differences are conducive to achieving win-win results, she added.

MIL OSI China News –

January 23, 2025
MIL-OSI New Zealand: WorkSafe opens consultation on organisational change to deliver new strategy

Source: Worksafe New Zealand

15 October 2024

WorkSafe New Zealand, Mahi Haumaru Aotearoa, will open consultation for kaimahi on its organisational change proposal on 23 October.

The change proposal aims to deliver WorkSafe’s new strategy and increase its frontline services over time. “Our new strategy defines how we will undertake our role as Aotearoa New Zealand’s primary work health and safety regulator,” says Interim Chief Executive Kane Patena. “This involves a mix of enforcement, engagement and permitting activities, with a targeted focus on high-risk sectors and high-risk work activities.”

“To contribute to better work health and safety outcomes and help businesses manage risks we are proposing to increase our frontline services, which includes investing an additional $2.7 million into growing our inspectorate. In turn, we are proposing to simplify our structure, reduce some non-frontline roles, and ensure all roles are clearly linked to strategic delivery.”

Kane Patena says the strategic reset requires a shift in how roles and funding will be allocated in the proposed structure. WorkSafe’s allocated budget is less than last financial year due to the cessation of ACC and time-limited funding.

While the proposal aims to increase frontline services over time, there would be an overall reduction of approximately 20 roles. The proposal involves disestablishing 180 roles (of which approximately 55 – 60 are currently vacant) and establishing 140 new roles. Where possible, kaimahi will be redeployed into future roles. We are also proposing to simplify the structure, streamline our non-frontline functions and ensure all roles are clearly linked to strategic delivery.

Following pre-consultation engagement with the Public Service Association (PSA), the all-staff consultation period will begin on 23 October and run until 8 November 2024. All staff feedback will be considered, and decisions will be communicated with WorkSafe kaimahi first. 

MIL OSI New Zealand News –

January 23, 2025
MIL-Evening Report: Winston Peters’ $100 billion infrastructure fund is the right idea. Politics-as-usual is the problem

Source: The Conversation (Au and NZ) – By Timothy Welch, Senior Lecturer in Urban Planning, University of Auckland, Waipapa Taumata Rau

New Zealand’s infrastructure woes are a constant political pain point. From ageing water systems to congested roads and assets increasingly threatened by climate change, the country faces mammoth upgrading and future-proofing challenges.

Enter Winston Peters and NZ First with a surprise proposal for a NZ$100 billion “Future Fund” dedicated to infrastructure investment. Sounds promising – but the proposal’s success will hinge on getting the details right and, more importantly, getting the politics out of infrastructure planning.

Unveiled at NZ First’s annual convention last weekend, the idea bears striking similarities to challenges previously highlighted by urban planning and infrastructure experts.

The country currently has an estimated infrastructure deficit of over $100 billion, which aligns eerily with the scale of Peters’ proposed fund.

The Future Fund proposal sounds impressive on paper. Ring-fenced from political meddling and focused on national interests, it’s billed as a silver bullet for infrastructure funding problems.

Peters claims he’s taken a page from the Singapore and Ireland playbooks – potentially breaking New Zealand’s habit of treating big infrastructure projects like they’re part of a three-year plan.

Long-term savings

As always, the devil is in the details – and the Future Fund is light on them. How exactly would this fund be financed? How would projects be selected and prioritised? And, crucially, how would it be insulated from the political interference it claims to avoid?

The potential benefits are significant. Research suggests that a stable, long-term approach to infrastructure investment and better utilisation of existing assets could unlock substantial savings – potentially up to 40% of total project costs.

A well-managed $100 billion fund could provide the certainty and consistency needed to achieve these efficiencies.

The scale of the fund also aligns with the urgent need for a comprehensive infrastructure overhaul. From modernising water systems to expanding road and rail networks, and ensuring resilience against climate change, the required investment is indeed massive.

Politics is the problem

Yet the proposal faces significant hurdles, not the least of which is from NZ First’s own coalition partners.

The National Party’s previous commitments to curb borrowing seem at odds with a fund of this magnitude. Peters argues that debt for wealth creation and infrastructure differs from debt for consumption.

That’s a valid point, but one that may struggle to gain traction in a political environment focused on reducing overall government debt.

The proposal also raises questions about how it would interact with existing initiatives, such as the National Investment Agency set up by Infrastructure Minister Chris Bishop. It’s unclear whether these entities would complement each other or create redundancies and inefficiencies.

Perhaps the most critical question is whether this fund, despite its claimed independence, can rise above the political cycle. We have a long and exhausting history of proposing infrastructure for political gain, where one government’s “vital infrastructure” becomes the next’s “wasteful spending”.

Time for a 30-year plan

While the Future Fund could be a big move in the right direction, we must also rethink how we plan (and pay) for infrastructure completely.

A good start would be a 30-year plan that all political parties can get behind, like the United Kingdom’s National Infrastructure Assessment. This would give us a real long-term vision rather than promises that change with each election cycle.

We should also look at more innovative ways to fund projects. Value capture, which leverages rising property values near new infrastructure to help finance its development, helped build London’s Crossrail. And Australia is “asset recycling” from old infrastructure into new projects.

These aren’t just theoretical ideas. They could change how we build what New Zealand needs without the risks of entirely relying on taxpayers.

Ending the boom-bust cycle

Efficiency must also be a priority. Time-of-use charges for roads, already implemented in cities such as Stockholm and Singapore and proposed for Auckland, could reduce congestion and wasteful spending on unnecessary road expansions.

Volumetric charging for water, as seen in the Kāpiti Coast, can significantly reduce water waste without massive new investments.

New Zealand could also break free from its boom-bust infrastructure cycle by establishing an agency outside the political realm to manage the cash Winston Peters is proposing.

A truly independent infrastructure body, similar to Infrastructure Australia, could provide the continuity and expertise needed to see projects through political cycles.

Money isn’t the only issue here. Politics is the real roadblock. Right now, every election cycle, priorities change, projects fly out the window, and the bill for desperately needed infrastructure only gets bigger.

The Future Fund seems like a step in the right direction. But without also overhauling how we make decisions about infrastructure, it could end up being just another political football.

Timothy Welch 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. Winston Peters’ $100 billion infrastructure fund is the right idea. Politics-as-usual is the problem – https://theconversation.com/winston-peters-100-billion-infrastructure-fund-is-the-right-idea-politics-as-usual-is-the-problem-241346

MIL OSI Analysis – EveningReport.nz –

January 23, 2025
MIL-OSI New Zealand: Speech to the Institute of Finance Professionals NZ, 2024 Conference
Source: New Zealand Government

Kia ora koutou

Greetings from Wellington. I am sorry I can’t be with you in person today, but I’m delighted that I can talk to you virtually.

I’d like to begin by acknowledging your chair Bill Goodwin and members of your board.

I’d also like to acknowledge the fitness of your conference theme: “Adaptability – highlighting the imperative for both corporate and government investment to be more considered and impactful in light of the financial constraints on governments and the increased costs of capital.”

That’s quite a mouthful. But, as a finance minister who inherited a structural deficit and a challenging set of circumstances, both domestically and internationally, those are themes dear to my heart.

New Zealand, like other countries, has faced significant economic challenges in recent years. Many businesses and households are doing it tough. High inflation has increased household costs and squeezed business margins.

However, the two most recent ANZ Business Outlook surveys and the New Zealand Herald’s Mood of the Board room survey suggest you and your colleagues in the business world are increasingly positive about the outlook for the future.

The green shoots of business confidence are re-emerging.

I share your optimism.

We’ll get the latest update on inflation tomorrow when Stats NZ releases the September quarter inflation data, but all the indications are that inflation is tracking back down to the Reserve Bank’s target range of 1 to 3 per cent.

Certainly, that’s the Reserve Bank’s view. It’s decision last week to drop the Official Cash rate by 50 basis points was a welcome fillip for businesses and households.

It followed the 25-basis point drop in August.

Lower interest rates mean families get to keep more of their money and they increase the opportunities for businesses to invest, innovate and expand.

How people are impacted by interest rate reductions will depend on the terms of their mortgages – whether they are floating or fixed and, if fixed, for what length of time and at what rates.

The good news is that right now roughly half of New Zealand’s mortgage lending is either fixed or floating for a period of six months or fewer.

That means the impact of a lower official cash rate will flow through to households much faster than might typically be the case. And the impact will be significant.

To give one example, a family with a 25-year, $500,000 mortgage could expect to be just over $100 a fortnight better off if its rate dropped from 7 to 6.25 per cent.

Add that to the tax relief that took effect on 31 July and the FamilyBoost childcare payments that many households are now receiving, and we can confidently say that large numbers of families are now significantly better off than they were a year ago.

Budget 2024 was another important step in the right direction. It put the Government’s books on a credible path back to fiscal sustainability.

The Crown accounts are forecast to return to surplus in 2028 and net core Crown debt is forecast to start trending down as a percentage of gross domestic product the same year.

This does not mean that our financial and economic challenges have magically evaporated. It also does not mean that we can pat ourselves on the back and relax the focus that we have re-introduced on fiscal discipline.

Fiscal discipline is not a one-off, one-Budget affair. It is an ongoing state of mind.

It’s not easily achieved, but it is fundamental to our prospects.

There is no time in recorded history in which a country has enjoyed a continuous period of economic prosperity without a stable macroeconomic environment.

What does that mean in practice? It means low inflation, a balance between government expenditure and revenue and a balance between domestic demand and exports.

In other words, governments cannot live beyond their means for sustained periods of time without damaging the future prospects of their citizens.

Our Government doesn’t just think about constraining future government expenditure. We are equally intent on driving more value from the significant investment the Government already makes across the economy.

That means delivering more effective management of the considerable assets we own and making better choices about where and how we use taxpayers’ money.

For me, the ultimate purpose of strengthening the economy and improving the state of the books is not to change the colour of the ink in those books. It is to improve outcomes for people.

As we look ahead, the Government is squarely focused on improving the growth prospects of the New Zealand economy.

Growing our economy faster requires us to improve the attractiveness of New Zealand as a launch place for business and exporting, it means attracting and retaining people who choose this as the country where they want to develop and deploy their talents, to start new businesses, to expand existing ones, to invest and drive innovation.

It’s a competitive world, and so New Zealand needs to constantly improve our proposition to the world.

As we look to the future and consider a globe grappling with challenges to climate, peace and stability, our country’s fundamentals are excellent.

In an unstable, hungry world, we are a peaceful, food-producing country blessed with secure borders, strong institutions, a strong sense of community, well-established trade relationships, a reputation for producing innovative and enterprising people, and abundant natural resources.

Even so, our country has not been making the most of these advantages.

We still have much to do to develop our human capital, to make this a more attractive place to invest, to boost our trade with the world, to encourage innovation and harness new technologies, to ensure we have a foundation of world-class infrastructure, and to reduce the regulatory and bureaucratic static that can hamper the deployment of good ideas.

The Government’s reform agenda is about realising the untapped potential we see in so many dimensions of New Zealand life.

We know that to be successful in driving growth we need you and your colleagues in the business community on board.

The previous government distrusted private capital and discounted the value of private sector innovation.

This Government’s attitude is different.

We recognise that you have a critical role to play in innovating, investing and developing markets. Our role as government is to create the framework that encourages the business sector to invest, innovate, employ and take risks.

Accordingly, our growth agenda focuses on five key areas.

They are not just about the next few years, but about the next few decades.

First, we have to start with our people – human capital.

We as New Zealanders have a deserved reputation for innovating, rolling up our sleeves and getting on with things. And we still score relatively well in international education tests, but not as well as we used to.

That is why Education Minister Erica Stanford is refocusing the education system on the core skills that make the most difference to kids’ prospects – reading, writing and mathematics.

She is doing so not just to improve the economic outlook but because lifting educational achievement is the best thing we can do to address social inequality. Education has the power to transform lives.

Making better use of our human capital also requires us to deliver more effective interventions for those citizens who may be left behind – individuals, families and communities whose lives are disrupted by difficult childhoods, educational under-achievement, unemployment, violence, crime; people whose innate human potential goes unfulfilled.

This is where our work in social investment comes in. Our Government wants to better harness the considerable resources New Zealand already invests in well-intended interventions for New Zealanders in need.

We want to devolve more power to the non-government organisations and iwi who often know better how to deliver for the needs of their community, and who are eager to act on data and evidence about what works for who.

Our social investment agency is now up and running, is developing prototype social investment contracts, designing a social investment fund and working across Government to take a more rigorous approach to the social investments we make.

Second of the themes in our reform agenda is trade and investment.

Congratulations to Trade Minister Todd McClay for last month concluding the negotiations for New Zealand’s fastest-ever free trade agreement with the United Arab Emirates.

The negotiations, which will save New Zealand exporters millions of dollars, took just four months.

There will be more agreements to come.

And we are looking not just at growing our exports, but, equally importantly, at improving capital flows into New Zealand.

The Organisation for Economic Cooperation and Development (the OECD) has identified our foreign investment regime as one of the most restrictive in the developed world.

As a result, our stock of foreign direct investment is equivalent to about 40 per cent of GDP which compares to the OECD average of about 50 per cent.

This low level of investment not only reduces our opportunities to grow, it also slows our access to frontier technologies like artificial intelligence which are changing the way our competitors and trading partners operate.

Foreign direct investment is recognised as a key vector for the transfer of cutting-edge technology.

We’ve taken initial steps to address this imbalance. Earlier this year Associate Finance Minister David Seymour directed the Overseas Investment Office to administer the overseas investment regime in a way that:
- minimised compliance costs;
- imposed a burden no broader than necessary; and
- expedited application processes.
As a result, every consent application received and processed after his directive came into effect on 6 June has been decided in under half of the statutory timeframe.

You can expect to hear more from us on this.

The Government will make a new round of significant reforms to the Overseas Investment Act next year. We want to put out the welcome mat to investors who want to help grow this country.

Third, science and innovation.

New Zealand has a proud history of scientific innovation and putting those innovations to good use.

In the 1880s the foundations of the New Zealand meat and dairy products industries were laid by the entrepreneurs who took advantage of developments in refrigeration technology to successfully ship frozen meat and dairy products to Britain for the first time.

More recently, Sir Peter Jackson, Dame Fran Walsh and Sir Richard Taylor have made Wellington the global centre of film special effects, Sir Peter Beck’s Rocket Lab is leading the world in the development of small, low-cost rockets and the development of a disease resistant strain of golden kiwifruit by scientists at Plant and Food Research has turbo-charged the kiwifruit industry.

I could go on – Ernest Rutherford, the Hamilton jetboat, bungy jumping… you get the picture. We need more of this sort of innovation.

The Government is doing its part.

Judith Collins as Science, Innovation and Technology Minister, has announced the outdated, effective ban on gene technology will be scrapped by the end of next year.

Doing so will enable researchers and companies to further develop and commercialise their innovative products, improve health outcomes and help New Zealand to adapt to climate change. Ending the ban has the potential to deliver massive economic benefits to New Zealand.

Judith is overseeing a shake-up of the state science system to better focus it on our economic needs and commercial opportunities.

And she is championing efforts to increase the uptake of artificial intelligence by New Zealand businesses as well as efforts to make it easier for businesses and people wanting to interact with government agencies to access government information and support by using AI.

Wearing another of his hats, Todd McClay announced earlier this year as agriculture minister that the Government was partnering with the a2 Milk Company, ANZ and ASB to put another $18 million into AgriZero, the joint venture established to boost New Zealand’s efforts to reduce agricultural emissions.

The injection took total funding for AgriZero to $183 million over its first four years, half of which is coming from the Crown. This public-private partnership approach is one we want to build on.

Fourth, regulation and competition.

It sounds dry but removing red tape and making this an easier place in which to get things done really matters, from fixing up the Credit Contracts and Consumer Finance Act (CCCFA), to improving building consent processes to having more pro-competitive prudential regulation.

One of the most significant regulatory reforms our Government is making is removing the burden that the Resource Management Act has imposed on New Zealand.

That law has held back housing development, pushed the dream of home ownership out of reach of many young Kiwis, inhibited development and held back productivity and growth.

We are fixing the Act, and we have started with the fast-track regime announced by Infrastructure Minister Chris Bishop which will speed up consenting for 149 housing, infrastructure, renewable energy, mining, aquaculture, farming, and quarrying projects.

In the process, the new regime will deliver measurable benefits to regional New Zealand and help to stimulate growth nationally.

Fixing the Act does not mean we are throwing away environmental protections. But it does mean we are getting rid of the unnecessary red tape and delays that have held New Zealand back.

Improving New Zealand’s competition settings is equally important. In its most recent survey of the New Zealand economy, the OECD highlighted the importance of this work, given the small size of our population and the tendency for sectors to become dominated by a small clutch of players.

International experience shows that competition is one of the most important drivers of long-term growth and productivity.

You’ll have seen that our Government is taking up the recommendations of the recent Commerce Commission inquiry into banking competition.

We are concerned that the two-tier oligopoly has meant Kiwis are missing out on the competitive pricing and services they deserve from their banks.

I have asked the Treasury to engage with Kiwibank’s parent company on options for raising new capital to enable it to be a more disruptive competitor for the big four banks.

Potential sources of investment include KiwiSaver funds, New Zealand investments funds and everyday New Zealanders. I will take proposals to Cabinet later this year.

We are also alive to challenges in the grocery and electricity sectors.

Finally, infrastructure.

New Zealand has an infrastructure deficit that is holding back productivity and that has been worsened by a poor track record of planning, consenting and delivering major projects.

We’re working to fix that, by implementing tried and true approaches from more successful economies.

We hear what business is saying. You want an enduring framework and an enduring pipeline. So do we, and we are applying lessons learned in Australia to our infrastructure reforms.

One of these is the importance of bipartisanship. Given the long-term nature of investment in infrastructure it is desirable to have as much buy-in as possible from different political parties.

To that end, Infrastructure Minister Chris Bishop has written to the infrastructure spokespeople of each party represented in Parliament inviting them to be briefed by the Infrastructure Commission on the development of a 30-year National Infrastructure Plan.

Chris is also proposing that Parliament hold an annual special debate on the plan. The debate won’t change the content of the plan because it will be developed independently, but the debate will show where parties agree, where we don’t, and where there is room for compromise in the best interests of New Zealanders.

It will come as no surprise to you to hear, that a National-led government sees private capital as key to funding our ambitious work programme and closing New Zealand’s infrastructure gap faster.

We are currently in the process of refreshing the policy frameworks that enable private capital to invest in Crown infrastructure.

This includes the public private partnership (PPP) framework and unsolicited proposals guidance. We look forward to working further with you on the development of the pipeline.

I’ll stop now to leave some time for questions.

You can see from the steps we’ve taken and the priorities I’ve outlined that this is a government that is hungry and ambitious for New Zealand.

We feel your sense of urgency, we value your expertise, connections and energy, and we want you on board as we seek to tap New Zealand’s untapped potential.

You want bold and I want it too.

Together, let’s make this the best country in the world in which to do business and raise our families.

MIL OSI New Zealand News –
January 23, 2025
MIL-OSI Banking: ADB, Arnur Credit Sign Deal to Boost Financial Access for Women-Owned Small Businesses in Kazakhstan

Source: Asia Development Bank

ASTANA, KAZAKHSTAN (15 October 2024) – The Asian Development Bank (ADB) and Arnur Credit Limited Liability Company have signed a senior unsecured loan of up to $5 million (in tenge equivalent) to expand access to finance for micro, small, and medium-sized enterprises (MSMEs) in Kazakhstan, with a focus on women-led MSMEs (WMSMEs) and as well as green loans.

Arnur Credit will use the finance package to lend to eligible MSMEs, with at least half of the loan proceeds directed towards WMSMEs and at least 10% towards green loans. The green loans will aim to support the procurement of energy and resource-efficient equipment and small-scale renewable energy projects.

“ADB’s partnership with Arnur Credit will enhance credit access for MSMEs in Kazakhstan, contributing to job creation, innovation, entrepreneurship, poverty reduction, and economic growth,” said ADB Director General for Private Sector Operations Suzanne Gaboury. “By supporting women entrepreneurs and promoting green business, we enhance inclusive, sustainable and resilient growth.”

MSMEs comprise nearly all of Kazakhstan’s 2 million registered businesses, employing nearly half of the total labor force and contributing 36.5% of gross domestic product. Nearly half of MSMEs are owned or operated by women. Despite their significance to the economy, MSMEs lack access to credit, with a finance gap of an estimated $42 billion.

“Partnering with ADB to help MSMEs in Kazakhstan will enable us to reach a greater number of entrepreneurs, particularly women, and champion green initiatives essential for our country’s sustainable development,” said Arnur Credit CEO Raushan Kurbanaliyeva. “By enhancing access to finance for MSMEs, especially those managed by women, we are helping to build a more resilient and equitable economy.”

Established in 2001, Arnur Credit is a leading microfinance institution in Kazakhstan serving over 21,000 customers through 47 branches across southern Kazakhstan. Arnur Credit’s strategic focus is financial inclusion for MSMEs. Nearly half of its clients are women, the majority from rural areas. It is one of the few microfinance institutions offering green loans to MSMEs.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

MIL OSI Global Banks –

January 23, 2025
MIL-OSI Banking: Development Asia: Accelerating Climate Change Financing in the People’s Republic of China

Source: Asia Development Bank

Future Proof Climate Change Financing Guideline

An effective framework is crucial for managing climate finance projects. The project developed the Future Proof Climate Change Financing Guideline to advance climate action by setting clear project criteria, promoting technology adoption, and evaluating environmental benefits. Aligned with national climate goals, it offers a standardized approach to creating and assessing a robust project library.

By refining green finance frameworks, the guideline prioritizes projects in eight sectors: electricity, industry, transportation, buildings, methane, nitrous oxide, fluorinated gases, and carbon sinks. It also expands mitigation to include low-carbon services and adaptation to cover sponge city infrastructure, ecological restoration, and more.

The guideline’s assessment process includes project taxonomy, threshold evaluation, and technology analysis. By measuring technological advancements and environmental impacts, it ensures that funded projects deliver meaningful climate benefits. This approach supports the growth of climate finance nationwide, especially in pilot cities.

China Certified Emission Reduction Plus Guideline

Meanwhile, the China Certified Emission Reduction Plus Guideline, another output from the project, directs investment toward high-impact voluntary emission reduction projects. By applying strict evaluation criteria, it ensures that social capital backs projects with significant environmental and social benefits, accelerating the PRC’s journey to carbon neutrality.

Drawing from international practices like the Clean Development Mechanism (CDM), Verified Carbon Standard (VCS), and others, this guideline adheres to additionality, permanence, and no-double-counting principles, while considering PRC-specific contexts. It introduces innovative approaches for crediting period management, implementation, and digital Measurement, Reporting, and Verification (MRV).

By dividing the evaluation into initial and subsequent stages, the guideline allows for thorough project assessment. It mandates environmental monitoring throughout the project lifecycle. Clear evaluation criteria help investors identify high-quality projects. The digital MRV standard enhances efficiency and ensures data integrity through automated monitoring and reporting.

MIL OSI Global Banks –

January 23, 2025
MIL-OSI New Zealand: Standing up for those with good taste

Source: Auckland Council

A tasting panel to rival the United Nations turned up to help emerging food businesses test their wares at the latest Kitchen Project event.

Held in Pukekohe, three foodies taking part in the Auckland Council initiative that helps food entrepreneurs take their businesses to the next level, laid out their wares for people from South Africa, Ireland, Italy, the Philippines, Korea, Brasil, Wales and New Zealand.

The Kitchen Project’s Franklin work is funded by Eke Panuku – Auckland Council’s development agency – as it focuses on developing food and beverage businesses with an emphasis on culture, healthy food and sustainable practices.

Among the businesses relying on stranger’s tastebuds was Otara donut-maker Rose Hamlin of Angel Treatz.

Madd Pies chief pie-maker and gifted baker Emily Maddren, whose hand-crafted pies are sought-after at markets and online.

“It’s scary putting your products out there but the Kitchen Project has given me the confidence to believe in myself and back what I’m making.”

Rose came to donuts when caring for her sweet-toothed daughter, who lives with multiple seizure syndrome, and who loves a good donut.

The problem was Rose wasn’t convinced she was getting good donuts, and she was convinced she could make them better, and save herself a fortune along the way.

“I’m making donuts without all the added preservatives. When I started it wasn’t long before my friends and other people were telling me I could make a business out of it.

“Being able to participate in The Kitchen Project allowed me to think of it as a business, to understand what I would need to do to make it sustainable, and how to go about all the things I had no idea you needed to consider when you go into business.

“Happily, making donuts and treats hasn’t stopped being something I love doing, it’s just turned into something that I can make a living from too.”

Sister act. Emily’s sister Jayde Lane creates traditional sauces with husband Andrew that they take to the market under the name The Smoke Shed.

Joining her were Madd Pies chief pie-maker and gifted baker Emily Maddren, whose hand-crafted pies have become a sought-after treat at markets throughout Franklin.

“I wanted to create pies that were full of flavour, that used natural ingredients, that remain hand-made and aren’t run-off a conveyer belt.

“Hopefully my pies are something you can look forward to putting in front of your family because they are healthy and home-made, rather than something dragged out of the freezer out of desperation.”

Her sister Jayde Lane was just metres away at the next tasting station, laying out sauces with husband Andrew that they take to the market under the name The Smoke Shed.

Like chicken king Colonel Sanders, she’s not letting on about the secret ingredients that go into her Worcesteshire sauce – the recipe handed down from son to son – and then to a daughter – down the generations since it first graced tables back in Wales.

“The Kitchen Project has been a vital part of our journey. The support, advice and mentoring we’ve been able to tap into has been invaluable.

International flavour. The tasting panel was made up of people from South Africa, Ireland, Italy, the Philippines, Korea, Brasil, Wales and New Zealand.

“We are never going to rival the big chain sauces, but we’d like to think if someone wanted to have a good home-made tomato sauce or any of our other products, they could buy ours with confidence.”

The part-time 26-week programme includes learning both in and out of the kitchen, covering everything from regulations, food safety and business planning to finance, branding and marketing. It also offers access to dedicated commercial kitchens at subsidised rates.

The Kitchen Project’s Connie Clarkson says it can play an important role by working from the ground up.

“By fostering sustainable local food and beverage businesses that belong in the community, we’re encouraging a diverse and exciting food culture.”

The Kitchen Project and the three food businesses are all online.

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MIL OSI New Zealand News –

January 23, 2025

MIL-OSI Economics: Money Market Operations as on October 14, 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)	532,740.60	6.26	4.50-6.50
I. Call Money	10,988.08	6.42	5.10-6.50
II. Triparty Repo	369,234.60	6.24	6.20-6.45
III. Market Repo	151,494.92	6.29	4.50-6.50
IV. Repo in Corporate Bond	1,023.00	6.40	6.39-6.45
B. Term Segment
I. Notice Money**	284.80	6.30	5.50-6.50
II. Term Money^@@	704.00	–	6.65-7.25
III. Triparty Repo	1,065.00	6.35	6.35-6.35
IV. Market Repo	352.39	6.45	6.36-6.55
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	Mon, 14/10/2024	4	Fri, 18/10/2024	24,070.00	6.49
3. MSF^#	Mon, 14/10/2024	1	Tue, 15/10/2024	1,982.00	6.75
4. SDF^Δ#	Mon, 14/10/2024	1	Tue, 15/10/2024	94,487.00	6.25
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-116,575.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo	Fri, 04/10/2024	14	Fri, 18/10/2024	44,275.00	6.49
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
5. On Tap Targeted Long Term Repo Operations^€	Mon, 15/11/2021	1095	Thu, 14/11/2024	250.00	4.00
5. On Tap Targeted Long Term Repo Operations^€	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^$				7,217.52
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				-33,517.48
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-150,092.48
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		October 14, 2024		999,295.71
(ii) Average daily cash reserve requirement for the fortnight ending		October 18, 2024		1,001,756.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		October 14, 2024		0.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		September 20, 2024		418,318.00
^@ 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: 2024-2025/1291

MIL OSI Economics –

January 23, 2025

MIL-OSI China: Kunqu Opera production honors famous linguist

Source: China State Council Information Office 3

The story of famous applied linguist Li Pei has been adapted into a contemporary Kunqu Opera production, which, staged by the Northern Kunqu Opera Theatre, premiered at the University of Chinese Academy of Sciences in Beijing on Oct 13.

The production is a tribute to Li’s remarkable life and legacy, reflecting her resilience, groundbreaking achievements as an educator, and story with her husband Guo Yonghuai (1909-68), one of the founding fathers of China’s atomic and hydrogen bombs and satellite programs.

Award-winning Kunqu Opera actress Wei Chunrong plays the role of Li Pei in the production.

With a 19-member ensemble featuring traditional Chinese musical instrumentalists and a small symphony orchestra of 30 members, the Kunqu Opera production combines a contemporary storytelling approach with the Kunqu Opera.

Born in Jiangsu province in 1917, Li was accepted into Peking University to study economics in 1936. She continued her studies at Cornell University in the United States in 1947, where she married Guo in 1948. The couple returned to China with their only daughter in 1956.

Li began teaching English at the University of Science and Technology of China in 1961 and transferred to its graduate school in 1978. She remained at the graduate school until she retired in 1987. Li passed away in 2017.

Besides being an educator and linguist, Li is also credited with being one of the most important initiators and promoters of the development of Zhongguancun, a small village in Beijing, which later became the high-tech innovation hub dubbed “the Silicon Valley of China”. She also set up the Zhongguancun Forum and invited eminent scholars from many fields to give lectures, arranging more than 600 between 1998 and 2011.

The Kunqu Opera production also features a role based on Yang Jia, one of Li’s students, who studied under Li after being admitted to pursue her master’s degree at the University of Chinese Academy of Sciences at age 22. Two years later, she became a teacher at the university and at 29, lost her sight. With Li’s encouragement and a great deal of determination, Yang Jia became the first blind person from outside the US to obtain a master’s degree in public administration from Harvard University.

MIL OSI China News –

January 23, 2025
MIL-OSI Asia-Pac: Speech by SFST at HKEX FIC Summit APAC 2024 (English only) (with photo)

Source: Hong Kong Government special administrative region

Speech by SFST at HKEX FIC Summit APAC 2024 (English only) (with photo)
Speech by SFST at HKEX FIC Summit APAC 2024 (English only) (with photo)
***********************************************************************

Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the HKEX FIC Summit APAC 2024 today (October 15): Bonnie (Chief Executive Officer of Hong Kong Exchanges and Clearing Limited, Ms Bonnie Chan), distinguished guests, ladies and gentlemen, It is both an honour and a privilege to stand before you today at the HKEX FIC Summit APAC 2024. We gather to explore the rich landscape of fixed income and currency markets, particularly as they pertain to the burgeoning opportunities in Mainland China. This year’s summit comes at a pivotal moment for not only Hong Kong but also for the broader Asia-Pacific region as we navigate the complexities of a rapidly evolving financial world. As we delve into the exciting topics surrounding Chinese government bonds, Renminbi (RMB) internationalisation, and the innovative Swap Connect initiative, we recognise that Hong Kong is uniquely positioned at the intersection of global finance and the vast opportunities that lie within Mainland China’s fixed income space. Hong Kong as an international financial centre Hong Kong has long been heralded as a beacon of international finance, a vibrant hub characterised by its openness, robust regulatory framework, and professional expertise. Our market is not just a financial centre; it is a dynamic environment where diverse talents converge, facilitating the free flow of information and capital. This unique position allows us to leverage the advantages of both worlds – global access coupled with deep insights into the Mainland’s economic landscape. As the world’s second-largest economy, Mainland China is increasingly integrated with the international financial world, and we are thrilled to be part of this journey. The rise of the RMB as a significant player in international trade, investment, and cross-border transactions is not just a trend; it is a transformation that presents us with incredible opportunities. The rise of the Renminbi The growth trajectory of the RMB is remarkable. According to various reports, the proportion of RMB used in global transactions has been steadily increasing. RMB is the fourth most active currency for global payments by value as of August this year, with its share rising to 4.7 per cent, according to SWIFT data. This is not merely a consequence of Mainland China’s economic growth; it reflects a strategic rise of the RMB as a global currency. Here in Hong Kong, we have been at the forefront of this initiative since 2004, establishing ourselves as the world’s leading offshore RMB business hub. The developments we have witnessed – such as the largest offshore pool of RMB funds and a vibrant market for foreign exchange and interest rate derivatives – highlight our commitment to creating a diversified ecosystem that enhances the RMB’s global standing. The opportunities for businesses and investors are vast. As we facilitate the growth of the RMB, we also open doors for international investors looking to capitalise on the Mainland’s economic potential. Our position as a financial conduit for RMB transactions allows us to attract global capital, creating a win-win scenario that benefits all parties involved. Advancing the FIC market development As we strive to strengthen our position as a leading international financial centre, we are dedicated to enhancing our fixed income and currency (FIC) markets. Our vision is to transform Hong Kong into a premier FIC hub in the Asia-Pacific region, a goal that aligns with our broader market development objectives. The local bond market is a vital component of this strategy. We are committed to developing it further to complement the financing functions of the stock market and banking system. According market statistics, Hong Kong ranked the first in the region for 16 consecutive years in terms of arranging international bond issuance by Asian institutions, and has ranked first in the world for nine of those years. The amount of issuance arranged through Hong Kong last year was close to US$90 billion, which accounted for nearly a quarter of the market. Our dedication to strengthening the local bond market is evident on many fronts. Earlier this year, we successfully offered approximately HK$25 billion worth of green bonds denominated in RMB, USD and EURO. Impressive response was received from global investors with the subscription amount exceeding HK$120 billion equivalent, which was about four times of oversubscription. In particular, the 20-year and 30-year RMB Green Bonds were offered for the first time by the Government, among which the 30-year bond is also the longest tenor RMB bond offered by the Government so far, providing new benchmarks for the market. We have seen significant progress, particularly with the issuance of RMB sovereign bonds and municipal government bonds in Hong Kong. These bonds not only enhance our local bond market but also help establish a benchmark yield curve for offshore RMB bonds. So far, the Ministry of Finance has issued a total of RMB352 billion RMB sovereign bonds in Hong Kong. Furthermore, recent tax exemptions for debt instruments issued by Mainland local governments underscore our commitment to fostering a robust bond market. This exemption, effective from March last year, extends the profits tax exemption to debt instruments issued in Hong Kong by all Mainland local governments, thus encouraging more participation and investment. The impact of Bond Connect We must also acknowledge the transformative impact of the Bond Connect scheme. Launched in 2017, Bond Connect has facilitated mutual access between Hong Kong and Mainland bond markets, enabling overseas investors to participate in the China Interbank Bond Market. This scheme has fundamentally changed the landscape of bond investment in the region. As of August this year, foreign holdings of Mainland onshore bonds through Bond Connect have exceeded RMB4,500 billion, illustrating the strong demand for Chinese assets. The total monthly trading volume has also increased from RMB31.0 billion in July 2017 to about RMB1,000 billion in August this year. The launch of Southbound trading in September 2021 has further enriched this initiative, providing an effective avenue for qualified onshore investors to diversify their asset allocation while presenting enormous opportunities for Hong Kong’s financial industry. Not only does this enhance the attractiveness of Hong Kong as a bond-issuing platform, but it also promotes the liquidity of our bond market and facilitates the progress of RMB internationalisation. The interconnectedness fostered by Bond Connect not only enriches our markets but also serves as a catalyst for RMB internationalisation. As we continue to enhance this framework, we create new opportunities for collaboration and investment that will benefit both local and international stakeholders. Innovations with Swap Connect The introduction of Swap Connect is another significant milestone in our journey toward enhancing Hong Kong’s offshore RMB market. Launched in May 2023, Swap Connect allows for mutual access between interest rate swap markets in Hong Kong and the Mainland. This initiative provides a much-needed avenue for global investors to manage interest rate risks associated with their bond investments. As we celebrate the first anniversary of Swap Connect, we are excited about the recent enhancements that have been launched. The enhancements expand the range of products available, enhance operational efficiency, and reduce participation costs. It has also been announced that offshore investors will be able to use onshore bonds issued by the Ministry of Finance and policy banks on the Mainland as margin collateral for transactions. This measure will improve capital efficiency and also stimulate greater market participation. We are committed to ensuring that Swap Connect remains a robust and dynamic platform for investors. We believe that by addressing the diverse risk management needs of domestic and foreign investors, we can further invigorate market participation in the Connect Schemes. Future opportunities Looking ahead, there are abundant opportunities on the horizon. As we embrace the development of the Guangdong-Hong Kong-Macao Greater Bay Area, we find ourselves in a unique position to facilitate RMB internationalisation and strengthen our role as a testing ground for innovative financial practices. This initiative is not only vital for economic growth but also positions us as a leader in the global financial arena. Moreover, we will continue to leverage technological advancements to enhance our financial services. The integration of fintech solutions into our FIC markets will not only improve efficiency but also attract a new generation of investors who are looking for innovative ways to engage with the market. Building on the success of the first tokenised green bond issuance, we have issued the world’s first multi-tranche digitally native green bonds this year, denominated in HKD, CNH, USD and EUR. By embracing technology, we can enhance transparency, streamline operations, and create a more inclusive financial environment. Conclusion As we continue to leverage our distinctive advantages, I am confident that we will solidify Hong Kong’s status as a leading international financial centre and offshore RMB business hub. Together, let us explore the pathways to greater collaboration, innovation, and growth. I look forward to fruitful discussions and collaborations in the days to come. Your participation and insights are invaluable as we chart a course toward a prosperous financial future for Hong Kong, China, and the Asia-Pacific region. Thank you.

Ends/Tuesday, October 15, 2024Issued at HKT 11:57

NNNN

MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI New Zealand: Government extends fight against cybercrime
Source: New Zealand Government

Legislation that will help protect New Zealanders from cybercrime has passed first reading in Parliament today, Justice Minister Paul Goldsmith says.

“11% of New Zealanders were victims of fraud and cybercrime in 2023, causing significant financial harm and emotional distress.

“The Budapest Convention, also known as the Council of Europe Convention on Cybercrime, is the only binding international treaty on cybercrime.

“It aligns member countries’ laws and makes it easier for them to cooperate on criminal investigations.

“By joining the convention, we are signalling to the other like-minded countries that we take cybercrime seriously and we are prepared to do our part to eliminate it.

“It will help our law enforcement agencies to protect New Zealanders, by providing the tools they need to detect, investigate, and prosecute criminal offending, even when it happens online.”

The Bill contains provisions to ensure our domestic laws meet the requirements of the Convention. These include:
- New ‘preservation directions’ in the Search and Surveillance Act, to enable law enforcement agencies to require companies to preserve records that could be evidence of offending.
- Amendments to the Mutual Assistance in Criminal Matters Act to enhance our ability to seek assistance from foreign countries for criminal investigations, and to provide assistance in return.
- Minor amendments to the Crimes Act to ensure offences related to cybercrime and the use of computers are comprehensive and fully align with the Convention.
MIL OSI New Zealand News –
January 23, 2025
MIL-OSI New Zealand: “Advancing New Zealand and Asia relations”

Source: New Zealand Government

Good evening

Before discussing the ‘advancing of New Zealand and Asia relations’, we would like to congratulate the Asia New Zealand Foundation and acknowledge its significant contribution to New Zealand’s relationship with, and understanding of, Asia over the past 30 years.

Can we also welcome Thitinan Pongsudhirak, one of the Foundation’s Honorary Advisers, and Michael Fullilove, Executive Director of the Lowy Institute.

I would also like to acknowledge Members of Parliament; members of the diplomatic corps; Asia New Zealand Foundation founders Sir Don McKinnon and Philip Burdon; and its Chair, Dame Fran Wilde.

A lot has happened over the past 30 years – in New Zealand, in Asia, and indeed in New Zealand’s engagement with Asia.

30 years ago

It is, of course, difficult to talk about Asia in general terms. The region has 23 countries, hundreds of languages and a vast swathe of peoples and cultures and political systems.

This is to say nothing of the vast distances in Asia. Indeed, it’s closer from London to Moscow than Auckland to Jakarta, and yet we tend to think Indonesia as our back yard.

We tend to zone in on one country, or one issue.

Our understanding needs to be more nuanced than this – something the Asia New Zealand Foundation knows well and is in fact its core mission.

We can, however, look at some trends, as we think about New Zealand’s relationship with Asia over the past 30 years.

In 1994, for example, Asia’s population was over three billion people. The region accounted for one quarter of the world’s GDP, and economic growth was underway in many countries.

The region had experienced years of peace and stability, albeit with some notable exceptions. Many parts of the region were at the start of a long, although sometimes uneven, path of rising urbanisation, productivity and incomes.

In New Zealand, our population had just tipped over three million. Asian countries had become important trading partners – this was 20 years after Britain joined the European Economic Community and forced us to look beyond our traditional trading partners.

We had adapted by looking closer to home.

Thirty five percent of New Zealand’s exports went to Asia, with Japan accounting for close to half of this.

Remarkably, at that time China took just two percent of our exports, compared to 20 percent of today.

Many New Zealanders had come to realise the importance of Asia to our future prosperity.

Along with this came a recognition that we needed to better understand the vast range of cultures, languages and peoples of the region. This would be a shift for us.

Just three percent of New Zealanders at the time identified as being of Asian origin – compared to 17 percent today.

We had the beginnings of some cultural and culinary influences, with tourists and students starting to flow.

Under the Colombo Plan, we had welcomed many Asian students to New Zealand. But for the most part, these cultural influences were not mainstream or well-understood at the time.

It was in this context that the Asia New Zealand Foundation was born and began its important work that we are here to discuss today.

What has changed in Asia?

Even those who were aficionados back in 1994 might have been surprised at just how important Asia would become to New Zealand.

The Asian financial crisis in 1997 was devastating to the region. It was an unsettled and unpredictable time. But the region has recovered, and in fact boomed.

The figures are certainly impressive. More than one billion people have been lifted out of poverty in Asia since 1990. Asia now comprises over 40 percent of the world’s GDP. In the next quarter century, this is forecast to reach 50 percent.

It is important for us all to remember that there has not been just one linear trajectory in the region. Each country has had its own path, and these paths can have different twists and turns over time.

China’s growth story is of course well-known, but the statistics remain extraordinary. Today, China stands as the world’s second-largest economy worth nearly 18 trillion US dollars in 2023, soaring a staggering 4,000 percent since the 1990s.

This is not, however, just a China story. There has been astonishing success in other countries, too.

India overtook China to become the most populous country in the world last year, and with 900 million registered voters it is also the world’s largest democracy. This year India’s economy will be the fastest growing in the G20, and it is expected to overtake Germany and Japan to become the world’s third largest economy in the next few years.

India’s advances in science, technology, education, and space, are inspiring to many countries around the world. In short, India has become a significant global actor playing a key role in securing a stable and prosperous region.

Japan itself continues to be an economic powerhouse.

We must also recognise that ASEAN’s growth, after starting down the path of economic integration, has been remarkable.

If ASEAN today were one economy, it would be New Zealand’s fourth-largest trading partner. Its countries are growing at an impressive clip – more than five percent year in, year out.

The total GDP of ASEAN reached nearly four trillion US dollars last years, positioning it as the fifth largest economy in the world.

Projections indicate that ASEAN’s GDP is poised to reach an estimated four and a half trillion US dollars by the year 2030. This will propel ASEAN to become the world’s fourth-largest economy by 2040.

Much of Asia’s economic growth has been built on trade and manufacturing. But the region is now also central across many facets of the modern economy – from finance and capital, to people, and to innovation.

To take just two examples, Asia’s services trade is growing 1.7 times faster than the rest of the world. And by 2030, Asia’s fintech revenues are expected to be larger even than North America’s.

We know economic growth doesn’t happen in a vacuum. It is regional security that has provided the foundation for the significant rise in living standards we have witnessed across Asia.

In this time of global upheaval and challenges to the rules-based order, the role of regional security in our collective economic security is undeniable.

In Southeast Asia, ASEAN centrality is playing a pivotal role. ASEAN has led the way in bringing the region together in peaceful dialogue. This includes initiatives like the Regional Forum we attended in July, or last week’s East Asia Summit – which was attended by Prime Minister Luxon.

Notwithstanding the various peaceful offramps that exist, Asia has had, and continues to have, security challenges.

The liberal rules-based order – underpinned by US hegemony – is under strain.

As China’s power and influence have increased, so too have the areas of difference that we have had to navigate.

We are seeing a rising and more active India.

And we shouldn’t forget that Russia considers itself an Indo-Pacific power, too.

Added to this are hemispheric wild cards: the DPRK; other nuclear powers; arms build-up; and alliance and proxy relationships.

We also have population trends that will have not just economic but also geostrategic consequences.

Also, fierce competition for resources: protein and commodities like rare metals.

Finally – environmental challenges, which are an existential threat for many countries in the region – are exacerbating all of these factors.

What has this meant for New Zealand?

For New Zealand, the message is clear: we need to continue to understand and engage Asia.

The Coalition Government, via the Foreign Policy Reset, is focused on building and advancing relationships in a way that engages more actively the region’s opportunities and risks.

The work of the Asia New Zealand Foundation remains as relevant today as it was 30 years ago.

Understanding Asia starts here at home. The past 30 years has seen a boom, and our ethnic communities have grown significantly.

While there is still some way to go, we have started to see Asian New Zealanders in leadership roles – from Members of Parliament to business leaders, sports, and entertainment.

Along with this has come a richness of culture and language. Kiwis have enjoyed new festivities and embraced an array of Asian cuisine, at home and at restaurants – something almost completely unavailable 30 years ago.

The top 25 languages spoken in New Zealand include many Asian languages, such as Mandarin, with nearly 100,000 speakers, as well as Hindi with almost 70,000, Cantonese, Tagalog, Punjabi, Korean, Japanese, Gujarati, and Tamil.

We celebrate Diwali, Lunar New Year and Eid – festivals that showcase cultural traditions to New Zealanders.

Last year, 54,000 students from Asian countries came to study in New Zealand education institutions.

In the last year we have welcomed over 700,000 international visitors from Asia – nearly double that of a year ago – and we’re looking forward to seeing this growth continue over the coming years as the pandemic fall-out recedes.

Over the last 70 years, we have provided scholarships and training to 21 countries from the Asian region under our International Development Cooperation programme. This remains a foundation of our enduring people-to-people connections.

Thanks to the Asia New Zealand Foundation, we have some tangible evidence of how New Zealanders’ attitudes toward Asia have changed over time.

The first Perceptions of Asia survey was conducted in 1997 and showed that New Zealanders saw Asia as something largely external.

Today, however, over half of New Zealanders feel a connection to Asia in their daily lives, with more than a third regularly enjoying Asia-related entertainment.

Over the past decade, public awareness and engagement with Asia has grown significantly. In 2013, one third of New Zealanders said they felt knowledgeable about Asia.

That number has now risen to an all-time high, with nearly 60 percent saying they possess at least a fair amount of understanding about the region.

This is wonderful and thanks in no small part to the work of the Foundation. We hope we will see this familiarity grow further in the coming years.

New Zealand in Asia

Alongside these developments in New Zealand, we have been engaging both with Asia but also in Asia.

Today you can fly direct from Auckland and Christchurch to 14 destinations across Asia, connecting New Zealand to the region and providing opportunities for New Zealanders to interact with and learn about Asia.

Kiwis have been broadening their traditional “OE” and heading to Asia. As just one example, 3,300 New Zealanders have travelled to Japan under the Japan Exchange and Teaching, or “JET”, programme since its inception, teaching English in Japan.

Programmes such as the Prime Minister’s Scholarships for Asia have seen thousands of young New Zealanders study at Asian institutions and return with meaningful skills and experience.

The Asia New Zealand Foundation has also contributed to this through the internships, grants, and residencies it offers throughout Asia.

It is important to highlight that seven of our top 10 export destinations are Asian economies.

Exports to China amounted to 20 billion New Zealand dollars last year; Japan more than four billion. Korea, Singapore, Taiwan, Malaysia, and Indonesia round out the list of our top export destinations in Asia.

This has been supported by the network of free trade agreements we have negotiated to support our commercial partnerships over the past 20 years. It is notable that our second oldest FTA is with Singapore – second only to Australia.

The origins of CPTPP, one of our most significant trade agreements, also finds its origins in our relationships with Asia.

Its precursor, the P4 agreement with Singapore, Brunei, and Chile in 2006, provided the foundation stone for what would become CPTPP.

CPTPP is itself a high watermark agreement that includes other economies from the region such as Japan, Malaysia, and Viet Nam, and we continue to encourage others who can meet the agreement’s high standards to seek to join in the future.

All in all, 95 percent of our trade with Asia takes place under a trade agreement.

New Zealand has also invested in regional institutions. This architecture provides space for dialogue and the exchange of ideas on key issues impacting us.

We were the second country to become an ASEAN dialogue partner, and we will celebrate the 50^th anniversary of this next year. In that time New Zealand has been and continues to be a trusted partner to ASEAN and its member states.

We know that by contributing to ASEAN’s success, and the success of ASEAN-led councils like the East Asia Summit, we contribute to our own success and to that of the region.

In 1994, New Zealand was a member of one regional body – APEC, which was founded just five years earlier.

This platform gives us a venue to influence regional economic policy together with members, who today make up two thirds of global economic growth and take 80 percent of New Zealand’s exports.

Just over 10 years later, in 2005, our delegation was proud to take part in the inaugural East Asia Summit in Kuala Lumpur.

We had put intensive effort into laying the groundwork for the shape of the grouping and New Zealand’s participation.

Our membership as a founding partner made clear to all that New Zealand was part of the region and had a role to play in regional decisions.

The EAS is now the premier forum for strategic dialogue and regional cooperation.

New Zealand is showing up today, as we did then, because we want to support peace and stability in the region in tangible ways.

Recent years have seen the emergence of new plurilateral and ‘minilateral’ architecture alongside established multilateral architecture.

New Zealand supports new groupings that advance and defend our interests and capabilities, and we no reason why these can’t coexist as long as they are constructive, advanced in an open and transparent way, and are respectful of ASEAN centrality.

We have championed a stable, peaceful and nuclear-free Korean Peninsula. In the current climate, it is not possible to visit North Korea. But in the past, we have.

During a 2007 visit, we met with political leaders and advocated in favour of multi-party peace talks.

To this day, New Zealand Defence Force assets and personnel are deployed in Korea to maintain the armistice. The Defence Force also has a separate deployment to monitor and deter North Korea’s evasion of UN sanctions.

In 2006, we received a request from Timor-Leste, seeking assistance to restore stability and freedom of movement. We responded swiftly, deploying police and military troops.

In a testament to our security cooperation in the region, Singaporean personnel were integrated seamlessly into a New Zealand battalion.

New Zealand has a long-standing development programme in Asia. It is our largest programme outside the Pacific and is growing.

It goes beyond training and scholarships to respond to the priorities of our ASEAN partners, as well as humanitarian assistance.

Just last month, for example, we contributed humanitarian assistance in response to the devastating impacts of Typhoon Yagi in Viet Nam and Myanmar, and to extreme flooding in Bangladesh.

It is also worth noting that, for the past 30 years, New Zealand has advanced its policy towards Asia in a bipartisan way wherever possible.

This has ensured successive governments can follow through on policy commitments and is one of our greatest strengths.

What next?

It is instructive to think about how far we have come in the past 30 years

But it is also clear that we need to do more.

The world today is disordered and becoming more dangerous.

As we said to the NZIIA in May, “the challenges we face are stark, the worst that anyone today working in politics or foreign affairs can remember.”

As MFAT’s own strategic assessment has identified, one of the drivers for this has been a shift from rules to power: the Cold War era of predominant US western hegemony is over.

The multipolar world is here to stay, and states: large, middle, and small are all jostling to advance their interests.

Added to this is the fact that global problems – whether health, environmental, demographic, or migratory – present global risks, but at the same time require state-to-state cooperation to resolve.

We offer this simply to point out that we’re living in a time where relationships, norms and rules – many of which have enabled the rise of countries in Asia, including those which seek to challenge those same rules – are changing at the very time when we need to maximise global cooperation.

This is at the heart of what’s happening in Asia, as well as around the world more broadly.

This is why the Government decided earlier this year on a Foreign Policy Reset. A fundamental driver was that our foreign policy needs to reflect and respond to the challenging strategic context we find ourselves in. We need to act now to bring more energy, ambition and engagement to our relationships.

Under the Foreign Policy Reset, we have been explicit: we will be increasing the focus on and resources applied to Southeast Asia, South Asia especially India, and North Asia. This is what will have a major impact on our security and prosperity.

We are already delivering on this. The Prime Minister and international-facing Ministers have been incredibly active in our engagements with the region, having travelled between us to over 20 countries.

We have taken forward concrete initiatives to demonstrate the importance and future trajectory of our partnerships.

This ranges from cooperation with Japan on a hospital in Kiribati, to a Customs Cooperation Arrangement with India, to advancing toward Comprehensive Strategic Partnerships with ASEAN and Korea.

Conclusion

New Zealand is an Indo-Pacific country. This is our identity, and we know this is where our future lies. With every forecast about Asia’s trajectory, this becomes clearer and clearer.

It was this realisation that led to the Asia New Zealand Foundation’s birth 30 years ago. And as we have heard today, a lot has changed since then. Asia has evolved, and New Zealand’s relationship with Asian countries has evolved too, in some ways beyond recognition.

As we navigate our own pathway forward, we need to understand Asia. If we don’t, our relationships will be characterised by misconceptions, bias and miscalculation. So, our work has really only just begun. New Zealand’s security and prosperity depends on us continuing it.

MIL OSI New Zealand News –

January 23, 2025
MIL-OSI China: Policies to support smaller enterprises

Source: China State Council Information Office

Employees work on the production line of a high-tech company in Tianjin. [Photo/Xinhua]

China will implement a batch of policies, including those addressing financing and credit, to support small and micro-sized enterprises, platform firms and unicorns, so as to help them expand business and unleash vitality, it was announced on Monday at a conference by the State Council, the nation’s Cabinet.

Buoyed by such signals of support for the private sector, share prices rose in China on Monday. The CSI 300, an index of large companies traded in Shanghai and Shenzhen, closed 1.9 percent higher. The ChiNext Index, which tracks China’s Nasdaq-style board of growing and emerging enterprises, gained 2.6 percent.

Luo Wen, head of the State Administration for Market Regulation, the country’s top market regulator, said that the country will work to introduce innovative quality financing and credit enhancement policies to ease financing challenges for SMSEs.

Under such policies, financial institutions will factor in a company’s quality management and brand reputation when issuing loans. Together with equity, funds and bond-based financing tools, the country aims to generate a credit enhancement and financing quota of 300 billion yuan ($42 billion) each year, Luo said.

Luo emphasized that the SAMR will roll out a guideline to guide platform operators to help merchants on the platform enhance brand awareness, increase market transactions and harness traffic.

It will help businesses, especially new entrants, agricultural firms and some unique companies on the platform, to enhance their ability to utilize online traffic more efficiently and tap into larger audiences, he added.

Beyond SMSE support, Wang Jiangping, vice-minister of the Ministry of Industry and Information Technology, said the ministry will collaborate with the China Securities Regulatory Commission to launch the third batch of specialized boards for “little giant” companies in regional equity markets.

Little giant companies refer to small and medium-sized enterprises that typically specialize in niche sectors, command high market shares and boast strong innovative capacity. By the end of June this year, China had cultivated 12,000 such enterprises.

The ministry also plans to sign a strategic cooperation agreement with the Beijing Stock Exchange to further streamline financing channels for these firms, Wang said.

At the conference on Monday, Wang said that China is also placing a greater emphasis on developing unicorn companies — startups valued at over $1 billion — in emerging high-tech fields such as 6G and brain-computer interfaces.

He said a nationwide unified system will be established to coordinate the development of unicorn companies between the central government and provincial government levels.

Unicorn companies will be supported in technological innovation, and will be encouraged and guided to address national strategic needs and master unique, proprietary technologies, Wang said, adding that more efforts will be made to increase financial backing for these unicorns, including support for public listings, mergers and acquisitions, to accelerate their growth.

Despite China’s growing unicorns, the country still lags behind the United States in terms of the overall number, according to the Hurun Research Institute. Last year, China had 340 unicorns while the US had 700.

Wang Peng, a senior researcher at the Beijing Academy of Social Sciences, said that encouraging SMSEs, platform firms and unicorn companies are part of broader efforts to spur the private sector, which is of great significance to counter the current global economic slowdown.

A report on private sector development by the State Council showed that private companies accounted for 92.3 percent of the country’s total number of business entities in 2023, a significant increase from 79.4 percent in 2012.

“The Chinese economy will continue gathering momentum if the private sector, including smaller businesses, remains sound. More importantly, private enterprises stood undoubtedly at the forefront of technological innovations and the digital economy in recent years, especially in fields like new energy, information, communication, biopharmaceuticals and AI,” the senior researcher said.

MIL OSI China News –

January 23, 2025
MIL-OSI China: Goldman Sachs raises China economic growth forecasts

Source: China State Council Information Office

A visitor learns about a driverless aircraft at the Smart Mobility Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]

Goldman Sachs on Sunday lifted its forecasts on China’s economic growth for 2024 and 2025 on the grounds of the country’s recent pro-growth measures.

China’s gross domestic products (GDP) would expand by 4.9 percent in 2024, up from an earlier forecast of 4.7 percent, according to a report by the investment bank.

Meanwhile, Goldman Sachs forecasted that the Chinese economy would grow by 4.7 percent next year, up from the previous forecast of 4.3 percent.

“The latest round of China stimulus clearly indicates that policymakers have made a turn on cyclical policy management and increased their focus on the economy,” said economists with Goldman Sachs.

China posted 5.2 percent of GDP growth in 2023 and set a target of economic growth at around 5 percent for 2024.

MIL OSI China News –

January 23, 2025
MIL-OSI Economics: Global partnerships to foster Singapore Project RESET against cardiovascular diseases, says GlobalData

Source: GlobalData

Global partnerships to foster Singapore Project RESET against cardiovascular diseases, says GlobalData

Posted in Medical Devices

Given the rising prevalence of cardiovascular diseases (CVDs) among Singapore’s aging population, the National University of Singapore (NUS) Medicine has taken proactive steps with initiatives such as MOMENTUM-CVD and Project RESET to develop preventive measures. International collaborations are expected to strengthen these efforts, considerably advancing cardiovascular research in the country, says GlobalData, a leading data and analytics company.

Agilent Technologies Inc. has recently formed a strategic partnership with the NUS, through NUS Medicine, to establish a Center of Excellence in Cell Metabolism. This collaboration aims to advance research in cardiovascular and metabolic diseases over the next four years.

Shreya Jain, Medical Devices Analyst at GlobalData, comments: “Global collaborations such as Duke-NUS partnership and Global Alliance for Chronic Diseases are significantly advancing Singapore’s initiatives for CVD research and prevention by providing access to international expertise, technology, and funding. Partnerships with global leaders such as Agilent Technologies and academic institutions are likely to further enhance the country’s capabilities in developing innovative solutions for CVDs.”

Agilent’s integrated metabolic and cellular phenotyping platforms such as xCELLigence, Seahorse XF, and BioTek technologies are said to offer multimodal workflow solution, enabling cell studies at exceptional speed and scale. Such combinations will facilitate the discovery of new therapeutic targets and cardio-liver-metabolic biomarkers to prevent CVDs.

Jain concludes: “By developing innovative, preventative healthcare strategies and enhancing local expertise in cardiovascular research, Singapore aims to reduce healthcare costs associated with CVDs. Furthermore, international collaborations will elevate Singapore’s status as a hub for biomedical research, attracting investment, talent, and boosting the local economy over time.”

MIL OSI Economics –

January 23, 2025
MIL-OSI United Kingdom: Thousands of new homes to be built as government unlocks brownfield sites
Source: United Kingdom – Executive Government & Departments

Thousands of new homes to be built as part of the government’s plans to get the country building again.
Thousands of new homes to be built as part of the government’s plans to get the country building again, create jobs and grow the economy as a multi-million-pound funding boost is given councils to unlock disused brownfield sites.

£68 million, announced today by the Prime Minister, will go directly to 54 councils who will be able to use the money to turn neglected land into new homes. It will transform local communities and help families onto the property ladder.

The funding will mean councils can clear empty buildings, former car parks and industrial land to make way for the homes. This category of land is expensive to prepare for housebuilding, meaning sites are sat empty and an eyesore for local communities.

With the funding, delivered through the Brownfield Land Release Fund, councils will be able to cover the cost of decontamination, clearing disused buildings or improving infrastructure such as internet, water and power. As a result, land will be released to enable 5,200 homes to be built across the country.

Prime Minister Keir Starmer said:

From the outset we promised to get this country building again to deliver 1.5 million homes over this parliament and help tackle the housing crisis we have inherited. That is the essence of fixing the foundations and driving growth.

I said this government is on the side of the builders, not the blockers. And I meant it. This funding for councils will see disused sites and industrial wastelands transformed into thousands of new homes in places that people want to live and work. Our brownfield-first approach will not only ramp up housebuilding but also create more jobs, deliver much-needed infrastructure, and boost economic growth across the country.

This government is rolling up its sleeves and delivering the change the British people deserve.

Housing and Planning Minister Matthew Pennycook said:

The government is committed to a brownfield-first approach to housebuilding, and we have already taken steps to prioritise and fast-track building on previously used urban land through our proposals for a ‘brownfield passport’.

The funding announced today will support the delivery of thousands of new homes and boost economic growth by unlocking development on scores of abandoned, disused and neglected urban sites across the country.

Some of the projects to benefit from the funding include:

£2.9 million to Manchester to unlock a vacant brownfield site to build 220 much-needed affordable homes

£2.2 million to Eastbourne to transform a former industrial site, to build 100 new homes including 80 affordable houses

Over £1.7 million to the town centre in Weston-Super-Mare to allow over 100 homes to be built on brownfield land

£1.4 million to Northampton to transform a former bus depot and deliver 72 new homes

It has also been announced today that Homes England will be investing £30 million to help accelerate the transformation of the Riverside Sunderland area from a former industrial heartland into a thriving new place. The Brownfield Infrastructure Land (BIL) investment will support a broader project aiming to create around 1,000 new homes, new community infrastructure and one million square feet of tailored office space for UK and international businesses, providing accommodation for between 8,000 and 10,000 jobs.

To accelerate housing development and achieve the ambition to build 1.5 million homes, the government has also:

Announced an overhaul of the planning system through a consultation on reforms to the National Planning Policy Framework, including new mandatory housebuilding targets for councils.

Launched a New Homes Accelerator group to unblock thousands of new homes stuck in the planning system or partially built.

Introduced ‘brownfield passports’ to ensure where planning proposals meet design and quality standards, the default answer to planning permission is yes.

Set up an independent New Towns Taskforce, as part of a long-term vision to create largescale communities of at least 10,000 new homes each.

It comes as earlier today it was announced that tens of thousands of new homes will be built across Britain funded by over £550 million worth of impact investments. These investments, whereby a fund creates beneficial social or environmental impact, has now grown to £76.8 billion in the UK in assets under management. This shows the government’s hard work is already restoring confidence for investors to choose Britain, which is open for business.

ENDS

Notes to editors

The three-year £180 million Brownfield Land Release Fund 2 was launched in July 2022 to allow local authorities in England to be able to build on blocked brownfield land.

Cllr Louise Gittins, Chair of the Local Government Association, said: “We are delighted to continue our work with MHCLG, supporting councils to access the Brownfield Land Release Fund to remediate unviable council-owned brownfield land and bring it forwards for much needed homes. Delivered through the One Public Estate programme, BLRF is an important fund for English councils to unlock smaller sites and provides the flexibility for councils to deliver the types of homes their community needs at pace.”

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Published 15 October 2024
MIL OSI United Kingdom –
January 23, 2025
MIL-OSI: Coop Pank AS will hold an investor webinar to introduce the results for the Q3 2024

Source: GlobeNewswire (MIL-OSI)

Coop Pank invites shareholders, investors, analysts and other stakeholders to join its investor webinar, scheduled on 18 October 2024 at 9 am (EET). The webinar will be held in Estonian.

The webinar will be hosted by the Chairman of the Board Margus Rink and the Chief Financial Officer Paavo Truu, who present the unaudited financial results of the Third Quarter of 2024.

During the webinar all attendees can ask questions. All questions will be answered after the presentation.

To join the webinar, you need to register in advance via following link: https://bit.ly/18102024-registreerumine-veebiseminarile

Registrants will be sent a link to the webinar and a reminder email one hour before the start of the webinar. The webinar will be recorded and published on the company’s website http://www.cooppank.ee and on our YouTube account.

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking has reached 200,000. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti comprising 320 stores.

Additional information:
Katre Tatrik
Communication Manager
Tel: +372 5151 859
E-mail: katre.tatrik@cooppank.ee

The MIL Network –

January 23, 2025
MIL-OSI Economics: Media Registration for the 2024 APEC Economic Leaders’ Week Opens Singapore, Peru | 15 October 2024 APEC Secretariat APEC Secretariat
Source: APEC – Asia Pacific Economic Cooperation

Media registration is now open for the 2024 APEC Economic Leaders’ Week (AELW), which will be held in Lima, Peru, from 9 to 16 November 2024. Peru President Dina Boluarte will chair the APEC Economic Leaders’ Meeting on 16 November.

Minister for Foreign Affairs of Peru Elmer Schialer and Minister of Foreign Trade and Tourism Úrsula León will host their foreign affairs and trade counterparts for the APEC Ministerial Meeting. The AELW will also include the 2024 APEC CEO Summit and the APEC Business Advisory Council (ABAC) Dialogue with Leaders.

Media representatives are invited to apply for accreditation to cover these high-level meetings and associated events.

Background

APEC Peru 2024 is centered around the theme “Empower. Include. Grow.” This theme reflects Peru’s commitment to fostering inclusive growth and sustainable development across the Asia-Pacific region. The priorities for this year include:
1. Trade and Investment for Inclusive and Interconnected Growth: This focus aims to strengthen open and inclusive trade policies that facilitate economic growth across diverse sectors of society, ensuring long-term sustainability.
2. Innovation and Digitalization to Promote Transition to a Formal and Global Economy: This priority seeks to support vulnerable economic actors in their transition from informal to formal participation in the global economy through innovation and digital tools.
3. Sustainable Growth for Resilient Development: This involves promoting energy transitions, decarbonization of economic activities, and enhancing food security to build resilience in the face of climate change and other challenges.
The AELW schedule is as follows:
- 10-12 November: 4th APEC Business Advisory Council (ABAC) Meeting
- 11-12 November: Senior Officials’ Retreat and Concluding Senior Officials’ Meeting
- 13 November: Dialogue on Indigenous Peoples: Indigenous Perspectives on Inclusive Growth and Economic Empowerment
- 14 November: APEC Ministerial Meeting
- 14-15 November: APEC CEO Summit
- 15 November: APEC Economic Leaders’ Dialogue with ABAC
- 16 November: APEC Economic Leaders’ Meeting
Accreditation procedure

Access to media facilities, services and specific events will only be available to accredited media representatives. Media badges will be issued for accredited media only. To be accredited for the AELW, media representatives need to submit a cover letter in PDF format to [email protected] that includes information outlined below:
- Name of the media organization
- Contact person responsible for the accreditation including their email and mobile number
- Full name of team who will cover the AELW
- Passport or ID of the team who will cover the AELW
After the submission, the media accreditation officer will review the documents. The person responsible for the accreditation will then receive a user ID and password to initiate the registration process for the media team through the registration portal.

Once the pre-registration process is completed, the verification stage will begin, which may take several days. A notification email with either confirmation or request for additional requirements will be sent to the contact person responsible for the accreditation process.

Details regarding the date, time and place for credential pick-up will be provided via email. The deadline for the media registration is Monday, 4 November, Peru time. We strongly encourage media representative to register as soon as possible to allow sufficient time for visa arrangements, as needed, and the temporary importation of equipment.

Media credentials will be available for pickup from 1-16 November at Prom Peru at Av. Jorge Basadre 610, San Isidro, Lima, Peru from 08:00 to 17:00. Please address all media-related inquiries to [email protected] and [email protected]. Read the full media accreditation details in this link.

For further details, please contact:

APEC Media at [email protected]

Michael Chapnick +65 9647 4847 at [email protected]
MIL OSI Economics –
January 23, 2025
MIL-OSI: Forbion raises in excess of €2 billion for two new funds
Source: GlobeNewswire (MIL-OSI)
- Forbion’s largest fundraising to date, with Forbion’s Growth Opportunities Fund III raising €1.2 billion and Forbion Ventures Fund VII raising €890 million
- Assets under management now at €5 billion
- Fundraising follows strong performance, with six exits of $1 billion+ within a 12-month period
NAARDEN, The Netherlands, Oct. 15, 2024 (GLOBE NEWSWIRE) — Forbion, a leading global life sciences venture capital firm with deep expertise in Europe, today announces that it has raised over €2 billion ($2.2 billion) across its two newest funds, Forbion Growth Opportunities III and Forbion Ventures VII, bringing assets under management at Forbion to €5 billion ($5.5 billion). Both funds exceeded their original target sizes and reached €1.2 billion ($1.3 billion) and €890 million ($980 million) respectively.

The fundraising enables an increase of both the number of investments and the average size of Forbion’s participation in future portfolio company financings, reflecting the opportunities it sees for superior returns in development-stage life sciences companies. It is anticipated that the Forbion Growth Opportunities Fund III and Forbion Ventures Fund VII will each invest in approximately 15 portfolio companies.

Sander Slootweg, Managing Partner and co-founder of Forbion, said: “I thank all our investors for their continued confidence in our ability to source and support innovative biotechs and to deliver impactful returns. With greater levels of capital, we are able to extend more support to our portfolio companies as they grow and seek to maximize their potential. We continue to see great opportunities to deploy capital in Europe and North America, backing talented management teams that develop novel therapeutics with the potential to impact the future of medicine.”

Robbert van de Griendt, General Partner, Investor Relations and Impact, said: “We are delighted to have achieved this record fundraising against a backdrop of volatile market conditions. The strong demand we have seen from both existing and new investors is directly related to our strong and consistent historical returns as well as an impressive string of recent exits and also reflects investors’ conviction in our specialist investment strategy and in the positive fundamentals of our sector.”

A track record of strong performance
Forbion’s latest fundraising builds on its successful track-record of generating consistently impactful returns based on an investment strategy focused on companies with strong fundamentals, anchored in unique science and deep due diligence, while its platform approach enables its funds to support biotechs through company building (Ventures funds) and company expansion (Growth Opportunities funds). Following this approach has led to many valuable exits over time, including, most recently, that of Yellow Jersey Therapeutics, a subsidiary of Numab Therapeutics, Mariana Oncology and Aiolos Bio. Forbion’s success has led to it being recognized as the Top Performing European VC Manager as part of Preqin’s¹ 2024 awards. Forbion has 58 active investments, and has led or co-led 88% of the initial investment rounds of the 26 portfolio companies across Forbion Growth Opportunities Fund II and Forbion Ventures Fund VI.²

Brian Frieser, Principal Portfolio Manager PE & Infrastructure at MN, a major Dutch pension advisor, said: “Our pension fund clients are dedicated to achieving the best possible risk-return for their participants. Investments in biotech not only promise strong returns but also make a positive societal impact. The capital commitments to Forbion’s new fund on behalf of our clients are expected to contribute significantly to this two-sided goal.”

Investing in cutting edge science
Since its launch over two decades ago, Forbion has made 128 investments. During this time, Forbion’s portfolio companies have contributed to advancing medical science and innovation through the development of many breakthrough therapies, including pioneering the development of new technologies such as gene and immune therapies, and via 256 scientific publications. At the end of 2023, active portfolio companies reported a total of 129 drug programs under development and/or in discovery and 80% of drug programs were ‘disease modifying’, in line with Forbion’s focus on enabling the development of novel therapeutics in critical areas of unmet medical need.³

Expertise and partnerships
Forbion’s team of over 30 investment professionals and drug development experts makes it one of the largest life sciences venture capital teams in Europe. Its portfolio companies also benefit from the deep industry expertise of Forbion’s 15 operating and venture partners, and its strategic collaborations with industry leading service providers such as Lonza, Thermo Fisher Scientific and Charles River Laboratories. Forbion supports its portfolio companies from its headquarters in Naarden, The Netherlands, its Munich office, as well as from its recently opened office in Boston, Massachusetts.

For more information, please contact:

Forbion Investor Relations
Email: Robbert.van.de.Griendt@forbion.com
General Partner IR & Impact

Forbion Communications
Email: laura.asbjornsen@forbion.com
Head of Communications

Brunswick Group
Ayesha Bharmal, Charis Gresser
Email: Forbion@Brunswickgroup.com

About Forbion
Forbion is a leading global venture capital firm with deep expertise in Europe and offices in Naarden, The Netherlands, Munich, Germany and Boston, USA. Forbion invests in innovative biotech companies, managing approximately €5 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. In addition, Forbion leverages its biotech expertise beyond human health to address ‘planetary health’ challenges through its BioEconomy fund strategy, which invests in companies developing sustainable solutions in food, agriculture, materials, and environmental technologies. Forbion’s team consists of over 30 investment professionals that have built an impressive performance track record since the late nineties with 128 investments across 11 funds. Forbion’s record of sourcing, building and guiding life sciences companies has resulted in many approved breakthrough therapies and valuable exits. Forbion typically selects impactful investments that will positively affect the health and well-being of people and the planet, as well as meet its financial return objectives. The firm is a signatory to the United Nations Principles for Responsible Investment. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.

About Forbion Growth Opportunities Fund III
Forbion’s Growth Opportunities Fund III is focused on investing primarily in European as well as North American later-stage biopharma companies developing novel therapies in areas of high medical need.

About Forbion Ventures Fund VII
Forbion Ventures Fund VII will build a portfolio of innovative therapeutics-focused biotechs, both existing companies as well as NewCos, (co-) founded by Forbion, created around assets sourced from pharma or academic institutions, or around proven management teams.

For more information, please visit: http://www.forbion.com

¹ Preqin awards are compiled using public domain information and data reported to Preqin by the participants; they are not independently verified or assessed. Preqin cannot therefore guarantee the accuracy of the information provided
² As of 30 September 2024
³ Source: Forbion’s Impact & ESG report 2023

The MIL Network –
January 23, 2025
MIL-OSI: Atos appoints Philippe Salle Chairman of the Board of Directors with effect from October 14, 2024 and Chairman and Chief Executive Officer from February 01, 2025
Source: GlobeNewswire (MIL-OSI)

Press release

Atos appoints Philippe Salle Chairman of the Board of Directors with effect from October 14, 2024

and Chairman and Chief Executive Officer from February 01, 2025

Paris, France, 15 October 2024 – Atos today announces the appointment of Philippe Salle as Chairman of the Board of Directors of the Company with immediate effect and as Chairman and Chief Executive Officer with effect from February 01, 2025.

In the context of the Group’s financial restructuring, the Nominations and Governance Committee chaired by Lead Independent Director Elizabeth Tinkham, conducted a rigorous selection process with the support of an internationally renowned recruitment firm and in consultation with selected Company creditors.

At its meeting on October 14, 2024, the Board of Directors approved unanimously, on the recommendation of the Nominations and Governance Committee:
- the co-optation of Philippe Salle as a Director, subject to ratification by shareholders at the next Annual General Meeting;
- his appointment as Chairman of the Board of Directors with immediate effect; and
- his appointment as Chairman and Chief Executive Officer with effect from 1^st February 2025.
With extensive experience as CEO, notably in listed companies, Philippe Salle will bring invaluable skills and insights to support the deployment of the business plan and the restructuring of the Group.

Jean-Pierre Mustier will act as Chief Executive Officer of the Company until January 31, 2025, and remain a member of the Board of Directors, ensuring an orderly, constructive and effective transition. In particular, he will be responsible for monitoring and ensuring the proper implementation of the accelerated safeguard plan, which is essential for the Group.

The Board meeting of October 14, 2024 also noted Philippe Salle’s intention to participate in the financial restructuring of the Company by investing a total amount of at least €9 million in the Company. This investment would take the form of a subscription to the right issue with preferential subscription rights, decided in the context of the accelerated safeguard plan, if the conditions for completion so permit, or subsequently directly on the market.

Jean-Pierre Mustier, Chief Executive Officer of Atos, said: ” I am delighted to welcome Philippe Salle to the Board. Philippe Salle is a highly experienced executive whose qualities and expertise in leading blue-chip companies will be a crucial asset as Atos looks to the future. He has also an extensive track record in creating shareholders value. We will work closely together to ensure a smooth transition and the effective deployment of the Group’s business and restructuring plan, in the interests of all stakeholders.”

Philippe Salle, Chairman of the Board of Directors of Atos, said: “It is with great enthusiasm and conviction that I join the Atos Group. I am aware of the challenges that lie ahead, but also of the Group’s strengths, from the quality of its services to the ongoing commitment of its employees, which will enable us, together, to open a new chapter in the Group’s history.”

About Philippe Salle

Philippe Salle began his career with Total in Indonesia in 1988. He then joined Accenture in 1990 where he was promoted to senior consultant. He joined McKinsey in 1995 and became senior manager in 1998. He joined the Vedior group in 1999 (now Randstad, a company listed on Euronext Amsterdam), and became Chairman and CEO of Vedior France in 2002. He became a member of the Executive Board in 2003 and was appointed Head of Southern Europe in 2006. In 2007, he joined the Geoservices group (sold to Schlumberger in 2010), a technology company in the oil sector and under LBO, first as Deputy CEO and then as Chairman and CEO. In June 2011, Philippe Salle was appointed Chairman and CEO of Altran Group (a company listed on Euronext Paris), an engineering consultancy and world leader in innovation. In April 2015, Philippe Salle was appointed Chairman and Chief Executive Officer of the Elior Group (a company listed on Euronext Paris), a world leader in catering and services. In December 2017, Philippe Salle was appointed Chief Executive Officer of Emeria (a company under LBO), the world’s leading provider of real estate services and technologies.

Philippe Salle has also served as Chairman of the Board of Directors of Viridien (formerly CGG) since 26 April 2018, and as a member of the Board of Directors of Banque Transatlantique since 2010.

Philippe Salle is a graduate of the Ecole des Mines de Paris and holds an MBA from the Kellogg Graduate School of Management, Northwestern University (Chicago, USA). He is a Chevalier de l’ordre national du Mérite, Chevalier de la Légion d’honneur and Commandeur de l’ordre du Mérite de la République italienne.

***

About Atos

Atos is an international leader in digital transformation with around 92,000 employees and annual revenues of €10 billion. The European leader in cloud computing, cybersecurity and supercomputing, the Group provides integrated solutions to all sectors, in 69 countries. A pioneer in decarbonisation services and products, Atos is committed to delivering secure, decarbonised digital solutions to its customers. Atos is an SE (Société Européenne) listed on Euronext Paris.

Atos’ raison d’être is to help shape the information space. With its skills and services, the Group supports the development of knowledge, education and research in a multicultural approach and contributes to the development of scientific and technological excellence. Everywhere in the world, Atos enables its customers and employees, and more generally the greatest number of people, to live, work and progress sustainably and with complete confidence in the information space.

Contacts

Investor Relations: David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96

Individual shareholders: 0805 65 00 75

Press contact: globalprteam@atos.net

Attachment
- PR – Atos appoints Philippe Salle
The MIL Network –
January 23, 2025
MIL-OSI Banking: Disasters Trigger More Displacements than Conflicts, Says New ADB-IDMC Report

Source: Asia Development Bank

MANILA, PHILIPPINES (15 October 2024) — Global disasters accounted for more displacements in 2023 than conflict and violence, and governments and multilateral development banks must invest more to prevent and manage these crises, according to a new report jointly authored by the Asian Development Bank (ADB) and the Internal Displacement Monitoring Centre (IDMC).

The report found that last year, 26.4 million internal displacements—or forced movements within one’s country—were caused by disasters, compared to 20.5 million caused by conflict and violence.

The report, Harnessing Development Financing for Solutions to Displacement in the Context of Disasters and Climate Change in Asia and the Pacific, found most of the disaster displacement recorded globally in the past 10 years occurred in Asia and the Pacific, with 177 million internal displacements reported during 2014−2023. ADB’s developing member countries (DMCs) accounted for 95% of that total—more than 168 million displacements. The report warns that the effects of climate change will likely increase the scale, duration, and severity of displaced persons globally.

“Addressing displacement in the context of climate change and disasters is a significant challenge for the region,” said ADB Vice-President Fatima Yasmin. “However, we know what needs to be done and how to do it. Development and adaptation finance channeled through multilateral development banks, such as ADB, can support member countries in addressing the root causes of displacement through sector investments, technical assistance, and cofinancing.”

“Disaster displacement can upend lives, cost countries billions of dollars, and set back development efforts by years, but it doesn’t have to be this way,” said IDMC Director Alexandra Bilak. “Investments in disaster risk reduction and climate adaptation plans can reduce the scale and negative impacts of displacement. The payoff could be huge.”

The report outlines several ways development finance can be used to prevent and respond to displacement. Multilateral development banks can support and encourage displacement-inclusive policies and investments, better national data systems, and raise awareness for countries to include displacement in their development strategies.

The report says governments also need to better reflect their priorities to reduce displacement through specific and concrete measures in the national development plans, adaptation and disaster risk reduction plans, and nationally determined contributions, and to better recognize the complexity of displacement occurring in the context of climate change.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

MIL OSI Global Banks –

January 23, 2025
MIL-OSI Banking: ADB Invests $12.5 Million in Khan Bank’s Milestone Green Bonds, a First in Mongolia

Source: Asia Development Bank

ULAANBAATAR, MONGOLIA (15 October 2024) — The Asian Development Bank (ADB) has invested $12.5 million in a green bond issued by Khan Bank JSC under the first green thematic bond program on the Mongolian Stock Exchange. The proceeds from the three-year bonds will be used to provide green sub-loans, with a strong focus on supporting small and medium-sized enterprises (SMEs) and microenterprises, particularly those owned or managed by women.

The European Bank for Reconstruction and Development (EBRD) has invested an equal amount in the Khan Bank bond, together ADB and the EBRD as strategic investors, fully subscribed to the entire United States dollar tranche. An additional $5 million tranche denominated in togrog was offered to local retail investors.

“This landmark green bond offering deepens Mongolia’s green finance market while enabling inclusive investments to support small businesses, including those run by women, and improve the livelihoods of smallholder farmers,” said ADB’s Director General for the Private Sector Operations Department Suzanne Gaboury. “ADB is pleased to support Khan Bank in this milestone green bond issuance, which sets a precedent for future inclusive green financing in Mongolia.”

In 2019, the Financial Stability Council of Mongolia approved a green taxonomy to help identify and classify investments based on their environmental sustainability. The banking sector has committed to achieving a green loan target of 10% by 2030. So far only a few banks are funding green investments, and their green loan book is nascent at only 3.2% of loans outstanding as of June 2024.

“This placement of a United States dollar-denominated green bond in Mongolia highlights Khan Bank’s ability to attract new international funds in its capital market. This is through an innovative asset class while demonstrating the confidence that international investors have in Khan Bank,” said Khan Bank Chief Executive Officer Munkhtuya Rentsenbat. “This issuance aligns with our strategy to become the leading provider of green finance in the country while supporting our clients on their journey towards transition and adopting green and sustainable practices while contributing to the country’s climate goals.”

Khan Bank is Mongolia’s largest bank, serving over half a million borrowers, including low-income small and microenterprise, and self-employed farmholders and livestock herders. More than half of Khan Bank’s customers come from rural regions, and over half of SME borrowers are women

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

MIL OSI Global Banks –

January 23, 2025
MIL-OSI: ING completes share buyback programme
Source: GlobeNewswire (MIL-OSI)

ING completes share buyback programme

ING announced today that it has completed the share buyback programme which was announced on 2 May 2024. The total number of ordinary shares repurchased under the programme is 155,990,753 at an average price of €15.94 for a total consideration of €2,486,329,696.95.

During the last week of the programme, from 7 October 2024 up to and including 11 October 2024, 11,348,429 shares were purchased. These shares were repurchased at an average price of €15.78 for a total amount of €179,022,796.36.

As previously announced, we will give an update on our capital planning with the presentation of our third quarter 2024 results, which is scheduled for 31 October 2024.

For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at https://www.ing.com/Investor-relations/Share-information/Share-buyback-programme.htm .

Note for editors

For more on ING, please visit http://www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

ING PROFILE
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

ING aims to put sustainability at the heart of what we do. ING’s sustainability efforts have been recognised externally by environmental, social and governance (ESG) rating agencies and other benchmarks. In 2023, Sustainalytics assessed our management of ESG material risk as ‘strong’. In August 2024, ING’s ESG rating by MSCI was reconfirmed as ‘AA’. ING’s shares are included in the sustainability indices of Euronext, STOXX, FTSE Russell and Morningstar. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

Important legal information

Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to diﬀer materially from those expressed or implied in such statements. Actual results, performance or events may diﬀer materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the eﬀects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on http://www.ING.com.

This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

This document does not constitute an oﬀer to sell, or a solicitation of an oﬀer to purchase, any securities in the United States or any other jurisdiction.

Attachment
- ING completes share buyback programme
The MIL Network –
January 23, 2025
MIL-OSI China: Extensive renewable energy collaboration foreseen

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

China and Africa are poised for extensive collaboration in the realm of renewable energy, as the continent’s abundant resources align with China’s advanced expertise in wind and solar power technologies, said experts recently.

This partnership not only guarantees energy security but also propels Africa toward green, low-carbon practices and sustainable development, yielding a host of mutually beneficial outcomes, they said.

Currently, the African economy is undergoing sustained growth with a continuous rise in energy demand. According to the Continental Power System Masterplan currently being developed by the African Union Development Agency, Africa’s electricity consumption may reach 3,842 terawatt-hours by 2040.

The International Renewable Energy Agency predicts that by 2030, nearly a quarter of Africa’s energy demand can be met by new energy sources.

While Chinese companies have implemented hundreds of renewable energy projects in Africa, aiding African nations in mitigating energy shortages and achieving sustainable development, experts said that the localization of technology and production, as well as green finance and talent development can further deepen and broaden China-Africa renewable energy cooperation.

Lu Junling, chief economist at China’s National Energy Administration, said that energy cooperation between China and Africa aligns with the mutual interests of both parties, offering a solid foundation and promising prospects. He advocated for enhanced practical cooperation facilitation for future China-Africa energy projects, emphasizing the importance of exchanging energy project information, creating collaboration opportunities and maximizing the role of energy think tanks to realize more cooperative outcomes.

“Now is an opportune moment for clean energy collaboration between China and Africa. Further efforts are needed to advance the cooperation mechanisms between the two regions, help with planning research and policy alignment, foster deeper technological innovation cooperation, and explore tailored green projects that benefit communities,” said Li Sheng, head of the China Renewable Energy Engineering Institute.

A recent report on China-Africa renewable energy cooperation, jointly prepared by the CREEI and the New Partnership for Africa’s Development, an economic program of the African Union, underscores Africa’s significant potential in renewable energy development, while highlighting the need for improvements in production and consumption levels. In 2022, renewable energy accounted for a modest 9.67 percent of its total energy consumption.

Regarding production, Africa’s total installed power generation capacity reached 252.8 gigawatts in 2023, with fossil fuels remaining the primary electricity source, constituting about three-quarters of total installed capacity. Among renewable energy sources, hydropower (excluding pumped storage) had an installed capacity of 37.1 GW, representing 3 percent of global hydropower capacity, while wind and solar power capacities were 8.7 GW and 13.5 GW, respectively, each accounting for less than 1 percent globally.

However, over the past five years, Africa’s total installed capacity of renewable energy, excluding pumped storage, has grown by 23.2 percent, a substantial 16.8 percentage points higher than the growth rate of fossil fuel power generation capacity (6.4 percent) during the same period.

MIL OSI China News –

January 23, 2025
MIL-OSI Europe: Press release – EU aid worth €2.7 million to support 365 dismissed retail workers in Belgium

Source: European Parliament 3

365 employees of the retail chain Match-Smatch who lost their jobs following store closures and layoffs should receive €2.7 million in EU aid.

On Monday, the Committee on Budgets approved Belgium’s request for €2.7 million in EU aid through the European Globalisation Adjustment Fund for Displaced Workers (EGF). The aid will support 365 former Match-Smatch employees, who lost their jobs following the company’s prolonged financial difficulties that lead to store closures and restructuring across Belgium, primarily in the Walloon region. MEPs noted that almost half of the Match-Smatch redundant workers (46 %) are aged fifty or older, an age group that faces more barriers to employment.

In 2022, Match-Smatch attempted to achieve financial stability by divesting two-thirds of its stores. However, unsold stores and the company’s head office were forced to lay off workers. Consequently, Belgium applied for EGF support on behalf of the affected Walloon workers. The funding will provide vocational, digital, and language skills training, as well as advisory services and job search assistance. Additionally, former Match-Smatch employees interested in starting their own businesses will receive start-up guidance and grants of up to €15,000.

The total estimated cost of these support measures is €3.1 million, with 85% (€2.7 million) funded by the EGF and the remaining 15% (€469,688) covered by the Walloon regional authorities.

Next steps

The draft report by rapporteur Michalis Hadjipantela (EPP, Cyprus) recommending that Parliament approve the aid was approved by 28 votes, 3 against and 1 abstention. Approval by plenary is expected during the upcoming 21-24 October plenary session in Strasbourg.

Background

Under the EGF regulation 2021-2027, the Fund supports displaced workers and self-employed people who have lost their activity due to unexpected major restructuring events. Since 2007, the EGF has allocated €696 million in 180 cases, providing help to more than 169,000 people in 20 Member States. EGF-supported measures complement national active labour market measures.

MIL OSI Europe News –

January 23, 2025
MIL-OSI: SCOR Investment Partners launches SCOR Real Estate Loans V, dedicated to value-add projects
Source: GlobeNewswire (MIL-OSI)

PRESS RELEASE | October 15th, 2024 N° 03- 2024

SCOR Investment Partners, the asset management subsidiary of leading reinsurer, SCOR Group, announces the launch of SCOR Real Estate Loans V, the fifth vintage in its successful series of senior value-add debt funds. Since 2013, SCOR Investment Partners has held a unique position in the value-add market by financing real estate projects focused on renovations, restructurings, repositioning, or development of assets.

SCOR Real Estate Loans V is strategically positioned to capitalize on structural market changes and to respond to energy transition stakes in the real estate sector. The latter is driven by European regulatory changes, the growing demand for new or restructured and certified assets, and the need for investments to ensure ongoing functionality of assets.

This new fund aims to offer investors an attractive risk/return profile by leveraging the currently favorable conditions for lenders in the real estate debt market. It will finance projects located in the heart of major European cities, using a multi-sectoral approach that includes top-tier, senior, and whole loans.

In line with SCOR Investment Partners’ sustainable investment philosophy, the fund’s investments will focus on improving the energy efficiency of existing buildings. SCOR Real Estate Loans V is classified Article 9 under the European Sustainable Finance Disclosure Regulation (SFDR) and has obtained the LuxFLAG ESG -Applicant Fund Status.

This new vintage reinforces SCOR Investment Partners’ commitment to the value-add real estate debt market. Our historical presence positions us as a preferred partner for such operations, whether collaborating directly with sponsors or initiating them in partnership with banks.

Targeted towards institutional investors, the fund has already secured a EUR 100 million investment commitment from SCOR Group, thus ensuring a strong alignment of interests, and aiming for a total size of EUR 500 to EUR 700 million.

Pierre Saeli, Head of Real Estate Loans at SCOR Investment Partners, commented: “We are thrilled to launch SCOR Real Estate Loans V, a new vintage specifically designed to adapt to the structural changes in the real estate market, prioritizing assets in city centers, logistics, and housing sectors, as well as renovation projects. This fund highlights our unique expertise in the value-add real estate debt market, which offers historically attractive returns.”

Louis Bourrousse, CEO of SCOR Investment Partners, added: “Our real estate debt strategy has consistently adapted to market trends. Our team has an in-depth knowledge of the sector which allows for a diversified portfolio construction. We are convinced that real estate debt is an ideal vehicle for investors looking to gain or regain exposure to the underlying real estate via levels of leverage that allow to absorb eventual fluctuations of the value of the assets.”

Over the past decade, SCOR Investment Partners’ real estate debt strategy has successfully deployed EUR 2.2 billion across 87 transactions, spanning over various debt types including senior, whole loan, junior, and mezzanine. This extensive experience has enabled SCOR Investment Partners to be more agile in evolving its strategy in response to rapid market trends and aligning with broader sustainable and responsible investment objectives.

– End –
CONTACTS

About SCOR Investment Partners

Financing the sustainable development of societies, together.

SCOR Investment Partners is the asset management company of the SCOR Group. Created in 2008 and accredited by the Autorité des Marches financiers, the French financial market regulatory body, in May 2009 (no. GP09000006). SCOR Investment Partners has more than 80 employees and is structured around seven management desks: Fixed Income, Corporate Loans, Infrastructure Loans, Direct Real Estate, Real Estate Loans, Insurance-Linked Securities and Fund Selection. Since 2012, SCOR Investment Partners has given institutional investors access to some of the investment strategies developed for the SCOR Group. Assets managed for outside investors totaled EUR 7.6 billion as of June 30, 2024. As of that same date, SCOR Investment Partners had total assets under management of EUR 20.5 billion (including undrawn commitments).

Visit the SCOR Investment Partners website at: http://www.scor-ip.com

This advertising communication, intended exclusively for journalists and professionals of the press and media, is produced for informational purposes only and should not be construed as an offer, solicitation, invitation, or recommendation to purchase any service or investment product.

Before making any final investment decision, you must read all regulatory documents of the Fund, available free of charge upon request, from the Sales & Marketing team of SCOR Investment Partners SE.

All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at wiztrust.com.

Attachment
- SCOR IP_PR_2024 10_RELV_VEN Wiztrust
The MIL Network –
January 23, 2025
MIL-OSI Banking: AIIB, Alliance to End Plastic Waste to Invest in Solid Waste Management Solutions Across Indonesia

Source: Asia Infrastructure Investment Bank

The Asian Infrastructure Investment Bank (AIIB) and the Alliance to End Plastic Waste (AEPW) have launched a cofinancing initiative focused on integrated solid waste management services and solutions in more than 10 cities and districts in Indonesia.

Held earlier in Uzbekistan alongside the 2024 AIIB Annual Meeting, the event was attended by Dian Lestari, Director of Grants and Loans, Ministry of Finance, and Ariadi Kurniawan, Senior Representative of Indonesia’s Ministry for National Development Planning. Jacob Duer, President and CEO of AEPW, and Rajat Misra, AIIB Acting Vice President for Investment Clients Region 1 and Financial Institutions and Funds, Global, signed the Letter of Intent.

The collaboration will enable AEPW to contribute concessional resources into the Solid Waste Management for Sustainable Urban Development Project in Indonesia via AIIB’s Project-Specific Window. AEPW is AIIB’s inaugural private partner through this specific window.

“This is a vital step in our shared ambition to forge an impactful partnership during a critical juncture for sustainable development,” Misra said. “This partnership will strengthen institutional capacity for solid waste management at both the national and subnational levels.”

In this project, AIIB aims to provide solid waste management services that are climate-aligned and circular economy principles, benefitting over 9 million people in major cities and provinces. In a circular economy, products and materials are kept in use for as long as possible through “reuse, reduce and recycle” strategies. This project will focus on waste management infrastructure, building the capacity of sub-sovereign entities and catalyzing community change behavior while addressing livelihood concerns faced by informal-sector workers.

AEPW’s investment of USD21.5 million complements the blended finance project financing package in Indonesia, accelerating the shift toward a circular economy that tackles the challenges of mismanaged waste, particularly plastic waste. The funding package includes AIIB’s planned financing of USD150 million over the next five years.

This cofinancing, which may be complemented with further concessional resources, is in addition to the USD2 million project-preparation grant from AEPW, and facilitated by AIIB, for best practices on climate, environmental and social standards for developing circular and end-to-end waste management solutions.

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.

About AEPW

The Alliance to End Plastic Waste is a global non-profit organisation with the mission to end plastic waste in the environment and to advance a circular economy for plastics. The Alliance convenes more than 70 companies across the plastic value chain with local communities, civil society groups, intergovernmental organizations, and governments. The collective know-how, experience and resources of this global network enables the current portfolio of more than 50 projects. For more information, visit: www.endplasticwaste.org.

MIL OSI Global Banks –

January 23, 2025
MIL-OSI: Zscaler Identifies More Than 200 Malicious Apps in the Google Play Store, with Over 8 Million Installs
Source: GlobeNewswire (MIL-OSI)

Key Findings:
- Mobile remains a top threat vector, with 111% growth in spyware and 29% growth in banking malware
- Technology, education, and manufacturing sectors continue to be most susceptible to attacks
- The United States remains the top target for IoT, OT, and mobile cybersecurity attacks
SAN JOSE, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) — Zscaler, Inc. (NASDAQ: ZS), the leader in cloud security, today published its Zscaler ThreatLabz 2024 Mobile, IoT, and OT Threat Report, which offers an overview of the mobile and IoT/OT cyber threat landscape from June 2023 through May 2024. The findings in this report stress the urgency for organizations to reevaluate and secure mobile devices, IoT devices and OT systems. ThreatLabz identified more than 200 malicious apps in the Google Play Store, with more than 8 million collective installs, and the Zscaler cloud blocked 45% more IoT malware transactions than last year–indicative of botnets continuing to proliferate across IoT devices.

“Cybercriminals are increasingly targeting legacy exposed assets which often act as a beachhead to IoT & OT environments, resulting in data breaches and ransomware attacks,” said Deepen Desai, Chief Security Officer at Zscaler. “Mobile malware and AI driven vishing attacks adds to that list making it critical for CISOs and CIOs to prioritize an AI powered zero trust solution to shut down attack vectors of all kinds safeguarding against these attacks.”

Financially motivated mobile attacks remain a top threat vector
With 29% growth in banking malware attacks and a 111% rise in spyware year over year, cyberattacks have never been more profitable for threat actors, either through monetary gain via direct extortion or passthrough use of stolen personally identifiable information (PII) and user credentials that can be sold and leveraged in future attacks.

Anatsa, a known Android banking malware that uses PDF and QR code readers to distribute malware, has targeted more than 650 financial institutions, and more specifically, users in Germany, Spain, Finland, South Korea and Singapore.

Verticals most targeted by bad actors
The technology (18%), education (18%) and manufacturing (14%) sectors are the most frequent targets of mobile malware. Education in particular saw a dramatic 136% increase in blocked transactions compared to the previous year.

Additionally, for the second year in a row, manufacturing experienced the highest volume of IoT malware attacks, accounting for 36% of all IoT malware blocks observed on the Zscaler Zero Trust Exchange™ platform. When analyzing unique devices across different verticals, this sector stands out with the highest implementation of IoT devices due to its extensive use of IoT applications, ranging from automation and process monitoring to supply chain management.

The United States remains the top target for IoT cyberattacks
With its central role in global communication and data processes, the US also stands out as the primary destination for IoT device traffic, accounting for 81% of IoT cyberattacks. The top five countries that receive the most IoT traffic are:
- United States
- Japan
- China
- Singapore
- Germany
The report also revealed that India (28%) is now the country most targeted by mobile malware. The other four are:
- United States
- Canada
- South Africa
- The Netherlands
Legacy and end-of-life operating systems leave OT systems vulnerable
Once air-gapped and isolated from the internet, OT and cyber-physical systems have rapidly become integrated into enterprise networks, enabling threats to proliferate. OT deployments can involve thousands of connected devices spread across dozens of sites, creating a substantial attack surface for external threats, such as those that exploit known zero-day vulnerabilities. Additionally, this also creates a large attack surface between internal (east-west) OT traffic, increasing the risk of lateral movement and the potential blast radius of a successful attack.

How to secure mobile, IoT and OT
With today’s hybrid-work environments, users can work from anywhere with internet access, SaaS apps and private applications, whether in the cloud or the data center. To enable secure hybrid work and provide seamless access to any application, enterprises need to retire network-centric approaches, which hamper productivity and leave them vulnerable to lateral movement. Instead, organizations must adopt a zero trust architecture that enables secure remote access from any user device to any application, from any location.

Zscaler for IoT and OT enables enterprises to reduce cyber risk while embracing IoT and OT connectivity to drive business agility and increase productivity. Powered by the Zero Trust Exchange, these capabilities protect IoT devices against compromise and prevent lateral movement with device segmentation and deception–all while allowing for remote access to OT systems without risky VPN connectivity.

The findings of the 2024 Mobile, IoT, and OT Threat Report stress the need for organizations to better secure their mobile endpoints, IoT devices, and OT systems. Download the full report here.

Research Methodology
The Zscaler ThreatLabz team analyzed a data set collected from the Zscaler Security Cloud between June 2023 and May 2024, comprising more than 20 billion threat-related mobile transactions and associated cyberthreats.

About Zscaler
Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 150 data centers globally, the SSE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.

Media Contact:

Zscaler PR
Natalia Wodecki
press@zscaler.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6430484e-f976-4e51-9584-160090d397e6

The MIL Network –
January 23, 2025
MIL-OSI: Municipality Finance issues EUR 25 million notes under its MTN programme

Source: GlobeNewswire (MIL-OSI)

Municipality Finance Plc
Stock exchange release
15 October 2024 at 10:00 am (EEST)

Municipality Finance issues EUR 25 million notes under its MTN programme

Municipality Finance Plc issues EUR 25 million notes on 16 October 2024. The maturity date of the notes is 16 October 2029. MuniFin has a right, but no obligation, to redeem the notes early on 16 October 2025 and every year thereafter. The notes bear interest at a fixed rate of 2.75% per annum until 16 October 2025, after which the interest is paid at 2.40% per annum, unless MuniFin redeems the notes early.

The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 16 October 2024.

NATIXIS SA, Paris acts as the dealer for the issue of the notes.

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 EUR 50 billion.

MuniFin builds a better and more sustainable future with its customers. 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: https://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 –

January 23, 2025

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