Category: Economy

  • MIL-OSI Australia: Supporting clean energy in the Hunter

    Source: Australian Executive Government Ministers

    The Port of Newcastle and broader Hunter region are on track to become hydrogen-ready and contribute to Australia’s transformation to net zero.

    Supported by $100 million funding from the Albanese Government, the Port of Newcastle’s Clean Energy Precinct has reached a major milestone signing agreements for key design work and environmental impact studies.

    The precinct will renew a disused 220-hectare industrial site to facilitate clean energy production, storage, transmission, domestic distribution and international export. 

    The Government is supporting these latest studies along with the procurement and delivery of enabling works for the precinct. The project is being delivered in partnership with the NSW Government through a Federation Funding Agreement Schedule.

    The Port of Newcastle plays an important economic role as a major deep-water global gateway.

    The commencement of Front-End Engineering Design (FEED) and Environmental Impact Statement (EIS) studies follow previous work by the Port of Newcastle including public and industry engagement and feasibility studies. Formal community consultation and further industry engagement will now be undertaken by the Port. 

    Quotes attributable to Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “This Clean Energy Precinct demonstrates how legacy infrastructure can be repurposed towards making Australia a renewable energy superpower.

    “Through our investment, we are supporting Australia’s transition to net zero while creating jobs and economic opportunities in the Hunter region.

    “The project will help position Australia as a global leader in technologies and products that reduce carbon emissions including hydrogen and green ammonia.”

    Quotes attributable to Climate Change and Energy Minister Chris Bowen:

    “The Hunter has been industrial and economic powerhouse for decades, making the Port of Newcastle an ideal location for a clean energy precinct that can support decarbonisation of heavy industry and connect Australia’s renewable resources to the world.

     

    “The Albanese Labor Government is supporting industrial regions like the Hunter to take advantage of the economic and job opportunities that come with more affordable and reliable renewable energy.”

    Quotes attributable to Federal Member for Newcastle Sharon Claydon:

    “The Clean Energy Precinct is a major economic boost for our region.”

    “Newcastle and the Hunter have powered Australia for Generations. This project makes sure we will continue to do so for generations to come as we lead the transition to Net Zero.”

    “Establishing the Port as a hydrogen exporter will ensure good local jobs are protected and created into the future.”

    Quotes attributable to NSW Minster for the Hunter Yasmin Catley: 

    “The Hunter has powered our state for decades and we’re ensuring it continues to do so for many years to come.

    “Our energy market is transforming and we’re playing a central role; this project will support almost 6,000 local jobs and add billions to the regional economy.

    “Today’s announcement will help ensure a bright future for the Hunter.”

    Quotes attributable to NSW Member for Newcastle Tim Crakanthorp: 

    “I’ve been working closely with the Port of Newcastle over the last ten years to support them in their diversification away from coal.

    “With Newcastle’s existing infrastructure and skilled workforce, there is no better place in NSW for this precinct.”

    Quotes attributable to Port of Newcastle CEO, Craig Carmody:

    “The Port of Newcastle Clean Energy Precinct is expected to support around 5,800 jobs throughout construction and provide new business growth and expanded career pathways for the region, adding an estimated $4.2 billion to the Hunter regional economy.

    “The FEED and EIS studies will cover electrical infrastructure, water services, general infrastructure, storage, berth infrastructure and pipelines to berth. The studies will be completed by successful tenderers Lumea (electrical), coNEXA (water) and GHD (general infrastructure, storage, berth and pipelines), informing future site enablement, site layout and land platform design, which will be used to prepare concept planning approvals.

    “Pending planning and legislative requirements and timeframes, our production partners, KEPCO, are expected to begin construction of facilities in 2027, with the precinct to be operational from 2030.”

    For more information, visit http://www.portofnewcastle.com.au/landside/major-projects/clean-energy-precinct

    MIL OSI News

  • MIL-OSI Australia: Exchange traded funds

    Source: Australian Department of Revenue

    How ETFs work

    An ETF is a managed fund that lets you buy or sell units on a registered exchange such as the Australian Stock Exchange (ASX).

    When you invest in an ETF, you purchase units in a trust that owns investments, rather than owning the assets personally.

    Many online trading platforms allow you to purchase ETF units yourself, or you can use a broker or financial adviser to buy units in an ETF.

    Example: investing in an ETF

    Mary wants to build her investment portfolio to include shares in ASX listed companies and commercial properties. Mary isn’t confident she has the time to manage these herself but doesn’t want to miss the investment opportunity.

    While researching the market, Mary finds Blue ETF, which holds shares of companies she would like to invest in, as well as commercial properties.

    By purchasing units in this ETF, Mary receives regular distributions of income earned by Blue’s ETF investments without having to manage a portfolio herself.

    End of example

    What types of investments can be held by an ETF

    There are many types of assets that can be held by an ETF, including:

    • Australian and international shares
    • property
    • bonds
    • precious metals and commodities
    • foreign currency
    • digital assets; for example, non-fungible tokens and crypto assets
    • units in other exchange traded funds.

    What to include in your tax return

    Find out what you need to declare and what you can claim in your tax return.

    What to declare

    You need to declare:

    What you can claim

    You can claim franking credits if your ETF invests in companies that have already paid tax in Australia. Any statements you receive will show franking credit amounts.

    Where to find information for your tax return

    When you use myTax, we pre-fill your tax return with information provided by the ETF.

    If the information isn’t pre-filled, you need your statement from the ETF. Your statement will indicate where to show the amounts in your tax return.

    ETFs usually provide an ETF tax statement, also known as a:

    • year-end or annual statement
    • member statement
    • Standard Distribution Statement (SDS), or
    • Attribution MIT Member Annual (AMMA) statement.

    An ETF tax statement provides the amounts you need to report and shows where to include your income in your tax return. This may include interest, dividends, franking credits and capital gains distributed by the ETF. Most ETFs also provide a guide, in addition to your statement, to help you prepare your tax return.

    If you don’t receive a statement, you can:

    • contact your ETF and ask them to send it to you and any guides
    • use your records to include amounts in your tax return.

    Most Australian ETFs supply data to pre-fill your tax return. It’s important to check this against your SDS or records and include anything that may be missing.

    For more information on how to complete your tax return, see:

    Income from a foreign ETF

    Foreign-owned ETFs generally don’t provide a statement. This means you need to use your records to include income from foreign ETFs in your tax return.

    When you invest in overseas ETFs, consider distributed income as foreign income and report it under ‘Foreign income’ in your tax return.

    Foreign income may be subject to withholding tax. This varies depending on the country the ETF originates from and the tax agreements with Australia.

    You may be able to claim a foreign income tax offset (FITO) for any tax withheld. If this applies to you, see Claiming a foreign income tax offset.

    Distribution reinvestment plans

    Sometimes ETFs offer an option to reinvest your distributions through a distribution reinvestment plan (DRP). This means, instead of receiving a cash distribution, the ETF uses the distribution amounts to buy extra units on your behalf.

    As ETFs fall under trust income rules, a distribution is assessable in the financial year it relates to, not the financial year it was paid to you. Your statement will show the year the distribution relates to and the year it is assessable.

    Any units you receive from a DRP are subject to CGT when sold or disposed of. Include the distribution amounts as part of the cost base when calculating your capital gain or loss.

    Selling or disposing of ETF units

    When you invest in an ETF, the units are subject to CGT when you sell or dispose of them. This is when you need to calculate CGT and report the capital gain or loss in your tax return.

    Disposals can include:

    • selling
    • giving them away (gifting)
    • transferring them to a spouse because of a breakdown in your marriage or relationship
    • buy-backs, mergers, takeovers and demergers
    • where an ETF goes into liquidation.

    Calculating CGT on ETF unit disposals

    Before calculating CGT on the disposal of ETF units, you must:

    It’s important to include any capital losses in your tax return. Losses can be used to reduce current or future capital gains.

    Keep good records

    Generally, you need to keep records of investments for 5 years after we process your tax return. The fund or your broker will give you most of the records you need. Most ETF issuers provide a guide to your tax statement to help you prepare your tax return.

    You need to keep records relating to your units (some ETFs may supply a statement that shows this) showing:

    • the date and price of purchase or reinvestment
    • the date of sale and sale price (if you sell them)
    • brokerage costs or commissions paid to brokers when you buy or sell
    • other expenses you incurred to purchase them, such as loan interest
    • the date and amounts of any distributions you received
    • details of any non-assessable payments to you
    • details of other CGT events such as unit splits, unit consolidations, returns of capital, takeovers, mergers, demergers and bonus unit issues
    • details of capital losses made in previous years – you may be able to offset these losses against future capital gains.

    For more information on records to keep, see Keeping good investment records.

    MIL OSI News

  • MIL-OSI China: Chinese, foreign journalists visit lantern festival in Beijing

    Source: China State Council Information Office 3

    A total of 47 journalists from 38 foreign media outlets and Chinese media organizations participated in a lantern festival held in Beijing on Wednesday, experiencing the joyous atmosphere of China’s National Day holiday while learning about the local culture.

    The festival, co-organized by the Information Office of Beijing Municipal Government and the Department of Press, Communication and Public Diplomacy of China’s Foreign Ministry, opened to the public on Sept. 15, and will last through Oct. 31. It features nine themed areas and showcases over 200 creative light displays of various sizes, including 75 large and medium-sized lanterns, and about 100,000 decorative lantern pieces.

    The lantern festival combines the famous lantern-making technique of Zigong, Sichuan province, with Beijing’s traditional customs and modern aesthetics, making it the largest-scale lantern fair in the history of the Chinese capital. 

    This festival also aims to promote Beijing’s night economy. Besides a variety of creative lantern displays, it also includes over 150 food stalls, offering a range of options such as intangible cultural heritage cuisine, state banquet dishes, and trendy popular foods.

    To further enrich visitor experience, the organizers arranged various themed activities, including singing and dancing, stage shows, and traditional cultural events. Furthermore, visitors can learn about the stories behind the lights by scanning their QR codes.

    MIL OSI China News

  • MIL-OSI China: China sees new trend in booming tourism consumption

    Source: China State Council Information Office 3

    People visit a historical and cultural street in Xixiu District of Anshun City, southwest China’s Guizhou Province, Oct. 2, 2024. (Photo by Chen Xi/Xinhua)

    With neon lights sparkling against the night sky, a group of models, clad in vibrantly colored and intricately crafted costumes of ethnic minorities, sauntered down the catwalk, each step met with raucous applause.

    This fashion show featuring intangible cultural heritage is the first of its kind held on Qilou Old Street, a national historical and cultural street in Haikou, Hainan Province, south China.

    Both professional and amateur models walked the show, including Pan Yuzhen, in her seventies, a well-known inheritor of the intangible cultural heritage of Miao embroidery of the Miao ethnic group who had been a guest on the fashion stage in London and Paris.

    “This is my first time in Haikou, and I like it very much,” said Pan, adding that she was happy to have the opportunity to promote the intangible cultural heritage of her people.

    The performance, which integrated tradition with modernity, serves as a microcosm of how localities explored creative approaches to better meet the surging cultural and tourism demand during the National Day holiday ending earlier this week.

    Official data showed that 765 million domestic trips were made during the just-concluded holiday, up 5.9 percent year on year, with total tourist spending rising 6.3 percent to 700.8 billion yuan (about 99.1 billion U.S. dollars).

    People’s interest in traditional cultural attractions was reflected in the travel boom, with many flocking to historical sites over the vacation period. During the week-long holiday, the demand for taxi services to tourist attractions like ancient cities and towns soared by 111 percent compared to the pre-holiday period, according to data from Didi Chuxing, a popular ride-hailing platform in China.

    With multiple scenic spots featured in the Chinese hit video game “Black Myth: Wukong,” north China’s Shanxi province was experiencing a boom in tourists even before the holiday kicked off.

    In response to the travel peak, the local government and businesses intensified efforts to provide better services for all visitors. “Many local temples that were not accessible for hundreds of years are open to the public this time,” said a travel vlogger in her video on Douyin, the Chinese version of TikTok.

    As treasure troves of history and culture, museums have also been gaining popularity among the Chinese in recent years, with 1.29 billion visits to nationwide museums in 2023, surpassing the figures of previous years, data from Chinese authorities revealed.

    Aside from traditional hotspots, lower-profile cities and counties started to rank among the top travel destinations, as an increasing number of people, especially the youth from first-tier cities, prefer to spend their leisure time in less crowded areas.

    Data from Ctrip, a leading online travel agency, noted that tourism orders to counties during the National Day holiday grew by 20 percent compared to the same period last year.

    While venturing to different places, many tourists picked up cultural and creative products as mementos of their trips, and more thoughtfully designed items have started to make their way to market.

    This summer, a plush toy modeled after roujiamo, which is sometimes called the “Chinese hamburger,” went viral among visitors to Xi’an in northwest China’s Shaanxi province. A purchase was combined with learning to make this local street food, which has been hailed as a new, enticing experience. The toy has proved popular far and wide, with more than 10,000 orders made within three months, with people living as far away as New York and Sydney managing to snag one.

    Such consumption frenzy is evident across various cultural activities, including movies, concerts, music festivals and sporting events, with many willing to travel long distances for the experience.

    Mo Zhenqi, from south China’s Guangxi Zhuang Autonomous Region, took his child to Rongjiang County, the birthplace of the Guizhou Village Super League, also known as “Cun Chao” in southwest China’s Guizhou Province. They came to watch friendly soccer matches featuring international players from countries including Brazil. He felt “extremely excited” about the fierce competition on the field, the wonderful song and dance performance, and the enthusiastic atmosphere.

    Tourists like Mo revved up the county’s holiday economy, as the holiday week witnessed nearly 500,000 trips to Rongjiang County, with over 600 million yuan in tourism revenue, an increase of nearly 22 percent year on year.

    “The booming cultural and tourism industry could play a more important part in upgrading the economy, boosting consumption, and meeting people’s needs for a better life,” said Miao Muyang, an official with the Ministry of Culture and Tourism. 

    MIL OSI China News

  • MIL-OSI China: Shift in policy to strengthen nation’s growth

    Source: China State Council Information Office

    Employees work at an assembly line of Chinese vehicle manufacturer Seres Group in Liangjiang New Area, southwest China’s Chongqing Municipality, April 25, 2024. [Photo/Xinhua]

    China’s economic growth is expected to strengthen on a sequential basis amid the latest stimulus package and with more incremental policies in the pipeline, translating into over 5 percent year-on-year growth in the fourth quarter, analysts and economists said on Sunday.

    They said a long-awaited policy shift is unfolding for China’s economy and markets, as policymakers have pledged to strengthen countercyclical adjustment and step up fiscal policy support. This will include the largest debt resolution support in recent years, with a particular focus on addressing pressing challenges such as the prolonged housing downturn, debt issues and sluggish domestic demand.

    Their comments came as data from the National Bureau of Statistics showed on Sunday that China’s consumer prices rose at a slower pace in September, while the decline in factory gate prices continued, pointing to pressures on the world’s second-largest economy and intensifying the need to roll out more incremental policies.

    The country’s consumer price index, the main gauge of inflation, rose 0.4 percent year-on-year in September, compared with a 0.6 percent increase in August. The producer price index, which gauges factory gate prices, dropped 2.8 percent last month, widening from a 1.8 percent fall in August, the NBS said.

    “The slower CPI growth in September was mainly due to still-weak domestic demand, seasonal factors and the high comparison base in the previous year, while the deeper PPI drop was influenced by falling commodity prices, especially in the energy sector,” said Zhou Maohua, a researcher at China Everbright Bank.

    Shen Bing, director-general and a senior research fellow at the market and price research institute of the Chinese Academy of Macroeconomic Research, said the growth in CPI is expected to register a mild recovery while maintaining overall stability in the fourth quarter of the year.

    This is because consumer demand has shown signs of pickup, with the sales of passenger vehicles and home appliances having improved, a trend that would be consolidated upon the implementation of incremental policies to expand domestic demand, Shen said.

    On Saturday, the Ministry of Finance announced plans to soon introduce a comprehensive package of new targeted policy measures, with a key focus on improving the financial situations of local governments, facilitating the stabilization of a bottomed out property market, and enhancing the risk resilience and credit allocation capabilities of major banks, among other things.

    The ministry said there is still ample room for the central government to borrow and increase its deficit. It plans to enhance the large-scale debt limit at once, replace the hidden debt of local governments, and increase support for local governments to resolve debt risks.

    Chang Haizhong, executive director of corporates at rating agency Fitch Bohua, said this policy is the largest supportive debt measure introduced in recent years and will greatly alleviate the pressure on local governments.

    “It is expected that the hidden debt of local governments may be replaced in large part by increasing the issuance of treasury bonds in the future,” he said.

    According to Chang, the current economic growth is under pressure and fiscal revenue is lower than expected, making some local governments more stretched financially.

    “Once implemented, this policy will substantially reduce local fiscal pressure, unleashing fiscal funds for economic development and ensuring people’s livelihoods. At the same time, the balance sheets of local government financing vehicles will also be strengthened,” he said.

    Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said his team estimates that the size of the announced fiscal stimulus package will be at least 4 trillion yuan ($566 billion), surpassing market expectations.

    “It will directly drive GDP growth in the fourth quarter to rise above 5 percent, thereby helping achieve the annual growth target of around 5 percent this year,” he added.

    Lu Ting, chief China economist at Nomura, said he believes that much of the incoming fiscal stimulus will likely be used to fill the fiscal gap faced by local governments.

    “In addition to the 200 billion yuan for strategic projects announced by the National Development and Reform Commission, we expect the country to increase fiscal transfers to local governments and give them a large quota for borrowing,” he said.

    Lu added that policymakers might consider an increase in spending on social security to help those with lower incomes and to encourage childbirth, and they will likely provide funding to those presold residential projects that have been delayed.

    MIL OSI China News

  • MIL-OSI New Zealand: Backing the bittern: The bird on the brink

    Source: Environment Canterbury Regional Council

    Threats facing the Australasian Bittern (Matuku-hūrepo)

    The bittern’s declining numbers are reflective of the region’s shrinking wetlands, where they’re commonly found. Since European settlement, 90 per cent of freshwater and natural wetlands and half of our coastal wetlands in Waitaha have been lost through human impact. 

    Other threats include collisions with vehicles and starvation caused by:

    • changes in water levels that leave birds ‘high and dry’,
    • lack of food and/or habitat where the species can hunt,
    • and murky water quality (sedimentation) – as bittern are visual feeders. 

    One of the best ways we can help the species is to protect and enhance our remaining wetlands, and where possible, create new wetlands, to provide an optimum breeding and feeding habitat.

    Elusive ‘spy’ behaviour

    Preserving raupō habitat

    90 per cent of bittern sightings in Waitaha over the last 15 years have occurred in the Te Waihora and Pegasus Bay areas. Their most important habitat is dense/mature raupō beds on river, wetland or lake edges.

    The wetlands around the margin of Te Waihora are the largest remaining area of wetland habitat in lowland Canterbury, covering around 4,500 hectares. A DOC-run willow control programme, which we’re helping fund, is a key initiative for supporting bittern.

    Not only do willows suck up large volumes of water but they also encroach on native wetland vegetation such as raupō. They create a dense canopy and interfere with the function of the wetland, including destroying spawning grounds for benthic fish (fish that deposit their spawn on or near the bottom of the sea or lake) – which the bittern feed on.

    At Te Waihora, willows were invading the raupō at an alarming rate. The ‘bittern habitat’ aspect was a key driver for establishing and maintaining the control programme, which began in 2011. 

    DOC biodiversity ranger Allanah Purdie says reversing the spread of willow is a cost-effective and efficient way to support bittern. 

    “Raupō is by far their preferred habitat – so when you remove the willow, you get bittern.” 

    As Allanah points out, the species’ perilous future is representative of the overall condition of wetland systems that remain. 

    “It’s an indicator for all our other wetland species and the health of the ecosystem as a whole, all of which are suffering as a result of long-term wetland degradation.” 

    Community conservation efforts

    In Waimakariri, the Bittern Īnanga Rushland wetland is one of three Kaiapoi projects being undertaken by an extended family who are passionate about restoring biodiversity to the area. 

    One of the aims is to attract bittern, and the site has also been identified as a potential Canterbury mudfish habitat. It is receiving $15,000 in funding this financial year through the Waimakariri Water Zone Committee. 

    The support will help with the control of willows and poplars, along with more than 350 metres of fencing to create a large buffer to protect the rushland and make room for plantings. 

    Landowner Nicky Auld says a bittern is now frequenting the area. 

    “It was very rewarding seeing a bittern for the first time, and it is now a regular visitor to the rushland – where it feeds on eels, fish and whitebait.  

    “We’ve been scattering raupō seeds in the hope that the rushland may become even more attractive to these magnificent birds, and a breeding ground.” 

    Others who have raupō on their property are already in a good position to help. 
    Allanah says wet areas with fresh standing water – about 20 cm deep – are ideal habitat. 

    “Bittern need areas to take-off and land in, so consider keeping the larger stature plants back at least ten metres from the water, with Carex around the margin and then raupō in the middle.  

    “The species is intrinsically linked to areas with marginal or dense vegetation. They don’t like being out in the open and are very prone to disturbance. If you have a disturbance event in a wetland they’ll go to ground or disappear.” 

    Bittern are known for being highly mobile, so when they do disappear – it can be to quite a distance away. One that was fitted with a transmitter was tracked flying from Te Waihora to Blenheim – more than 300 km. 

    Preventing extinction

    Conservationist Peter Langlands, who’s carried out extensive monitoring of bittern in Waitaha, describes the situation as ‘critical’. 

    “I’m worried that we may lose the source population of bittern in Canterbury. We must act now if we’re to save the species.” 

    Peter believes a collaborative approach to large scale habitat restoration projects, and scaling up wetland creation, will lead to the best conservation outcomes.  

    Frances echoes Peter’s sentiment. 

    “They’re such a mysterious, and surprisingly graceful bird. When you see one for the first time – it’s special. It would be really unfair if we didn’t manage to conserve that experience for people.” 

    MIL OSI New Zealand News

  • MIL-OSI China: China refines financial aid for students

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

    China has rolled out enhancements to its student financial aid policies aimed at rewarding outstanding students and supporting those from economically disadvantaged backgrounds, according to officials from the Ministry of Finance and the National Development and Reform Commission.

    During a news conference in Beijing on Saturday, Vice-Minister of Finance Guo Tingting outlined a dual approach to refining the policies: incentivizing excellence while providing necessary assistance to those in need.

    To promote academic achievement, the number of recipients of the National Scholarship doubled at the beginning of the fall semester this year. The number of undergraduate recipients has increased from 60,000 to 120,000 per year. Additionally, the annual figure for master’s recipients has risen from 35,000 to 70,000, and for doctoral winners from 10,000 to 20,000.

    The National Scholarship amount for undergraduates has increased from 8,000 yuan ($1,132) to 10,000 yuan per year, while the National Inspirational Scholarship has grown from 5,000 to 6,000 yuan annually.

    To further assist students from low-income families, the average national grant for undergraduates increased from 3,300 yuan to 3,700 yuan per year, effective this fall semester.

    The government will also enhance its student loan program, raising the maximum loan amount for undergraduates from 16,000 yuan to 20,000 yuan per year and for graduate students from 20,000 yuan to 25,000 yuan. Additionally, interest rates on these loans will be reduced.

    Guo noted that further updates regarding graduate scholarship standards are expected in 2025, alongside increased grants for high school and vocational students, thereby expanding the scope of financial support.

    China currently has a comprehensive financial assistance system led by the government, with contributions from educational institutions and society. The system includes national scholarships, grants, student loan offerings, tuition reduction funds, living allowances and work-study opportunities.

    Last year, the government allocated 93.2 billion yuan to support over 31 million students in higher education. Furthermore, financial subsidies enabled banks to issue 70 billion yuan in student loans.

    The new initiatives are part of a broader economic strategy aimed at boosting domestic demand, said Zheng Shanjie, head of the National Development and Reform Commission, during a recent news conference. The policies are designed to increase the income of low- and middle-income groups and stimulate consumer spending.

    Recently, China rolled out a series of incremental policies to stabilize the economy and achieve its annual socioeconomic development targets, with the student financial aid program being a component. Minister of Finance Lan Foan emphasized the government’s commitment to implementing targeted policies to support key demographics, particularly college students, in order to enhance overall consumer capacity and stabilize economic growth.

    China’s comprehensive financial aid policies aim to ensure that all students have access to higher education, regardless of their economic backgrounds.

    MIL OSI China News

  • MIL-OSI New Zealand: A year later, Kiwis already see ACT’s real change

    Source: ACT Party

    A year after the 2023 election, ACT is celebrating the long list of actions already taken to empower New Zealanders.

    “In Opposition, we spent six years listening to New Zealanders,” says ACT Leader David Seymour. “This resulted in a comprehensive election platform with a commitment not just to change the Government, but to deliver real change.

    “Thanks to New Zealanders’ support, on October 14 we were put in a position to deliver, and less than 11 months after signing the coalition agreement, we’ve made serious progress.

    “The breadth and intensity of our action in Government speaks for itself. Even our critics complain at how we’re punching above our weight for a small team. We call it value for your vote.

    “Below is a list of actions ACT has taken that reflect ideas we campaigned on, and on which Kiwis elected us to deliver. Together, these actions break down barriers for Kiwis working to succeed on their own terms. We’re addressing challenges in the economy, law and order, democracy, education, health and more.”

    THE ECONOMY:

    • Cut wasteful Government spending to get inflation under control.
    • Delivered tax cuts to ease the cost of living.
    • Restored the Reserve Bank’s focused on tackling inflation.
    • Restored the option of 90-day trials for all businesses.
    • Established the Ministry for Regulation to cut red tape to make doing business simpler.
    • Commenced two regulatory reviews for early childhood education and agricultural products.
    • Repealed the Auckland Fuel Tax.
    • Repealed the Ute Tax.
    • Repealed “Fair Pay” Agreements
    • Repealed Labour’s resource management regime.
    • Agreed on core design features for a replacement of the Resource Management Act centred on property rights.
    • Sped up timeframes for overseas investment applications.
    • Increased the use of sanctions for beneficiaries who can work but refuse to take steps to find a job.
    • Eased restrictions to accessing credit under the Credit Contracts and Consumer Finance Act.
    • Scrapped EECA’s “decarbonising industry” (GIDI) fund.
    • Scrapped Auckland Light Rail, the Lake Onslow hydro scheme, and funding for Let’s Get Wellington Moving.
    • Started phasing back in interest deductibility.
    • Suspended the requirement for new Significant Natural Areas.
    • Unveiled a new contracting gateway test to provide certainty to workers and businesses.
    • Began delivering regulatory relief for businesses dealing with anti-money laundering rules.
    • Launched consultation to improve the Holidays Act.
    • Launched a nationwide roadshow to inform improvements to health and safety law.
    • Launched a framework for Regional Deals between central and local government to deliver infrastructure.
    • Stopped blanket speed limit reductions and enabled faster speed limits on our safest roads.
    • Introduced legislation to reverse the oil and gas ban and promote the use of Crown minerals.
    • Introduced tenancy legislation to enable Pet Bonds, restore 90-day ‘no cause’ terminations, and restore tenants’ and landlords’ notice periods to 21 and 42 days.
    • Introduced legislation to improve access to building products available overseas.
    • Introduced a member’s bill to liberalise Easter Trading.

    LAW AND ORDER:

    • Increased funding for Corrections to lift prison capacity.
    • Abolished Labour’s prisoner reduction target.
    • Defunded Section 27 “cultural reports”.
    • Commenced a review of the Firearms Registry.
    • Strengthened consequences for Kāinga Ora tenants who engage in repeated antisocial behaviour.
    • Strengthened Firearms Prohibition Orders.
    • Made gang membership an aggravating factor at sentencing.
    • Introduced legislation to reinstate Three Strikes.
    • Introduced a member’s bill to make rehabilitation or education a condition of parole.
    • Introduced legislation to toughen sentences for attacks on workers and give weight to the victim’s circumstances at sentencing.
    • Introduced legislation to amend Part 6 of the Arms Act affecting clubs and ranges.

    STRENGTHENING DEMOCRACY:

    • Directed the public service to deliver services based on need, not race, and end “progressive procurement” quotas.
    • Abolished the Māori Health Authority.
    • Advanced the Treaty Principles Bill.
    • Restored local referendums on Māori Wards.
    • Scrapped Labour’s law to give 16-year-olds votes in local elections.
    • Broadened the terms of reference of the Covid-19 Royal Commission with a second phase.
    • Defunded the Christchurch Call.
    • Halted work on hate speech laws.
    • Introduced legislation to remove Section 7AA of the Oranga Tamariki Act.
    • Seen Otago University adopt a free speech policy in response to ACT’s coalition agreement.

    EDUCATION:

    • Restored charter schools, now with the option of state school conversion, with the first schools to open next year.
    • Streamlined early childhood education regulations.
    • Delivered an action plan to improve school attendance and started publishing attendance data weekly.
    • Improved the school lunch programme to feed more kids for less money.
    • Switched fees-free university from first year to third.

    HEALTH:

    • Delivered Pharmac its largest-ever budget, which has now funded life-saving medicines.
    • Repealed the Therapeutic Products Act.
    • Restored the sale of medicine containing pseudoephedrine.

    MIL OSI New Zealand News

  • MIL-OSI China: BRI to play role in sustainable development push

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

    China will step up efforts to boost green development while promoting the Belt and Road Initiative, and support low-carbon transformation in developing countries, China’s ecology and environment minister said.

    The country’s concept and technologies of green development have been widely implemented during BRI infrastructure projects such as the Mombasa-Nairobi Standard Gauge Railway, the Jakarta-Bandung High-Speed Railway and the China-Laos Railway, Huang Runqiu, minister of ecology and environment, said on Friday.

    China has signed 53 agreements on climate change cooperation with 42 developing countries while providing over 3,000 training sessions on ecological and environmental management for personnel in more than 120 countries. It has also provided feasibility assistance to enhance the climate change resilience of developing countries by helping to set up low-carbon demonstration zones, Huang said.

    He made the remarks during a forum on building a green Silk Road and enhancing South-South cooperation during the annual meeting of China Council for International Cooperation on Environment and Development held in Beijing.

    In the future, China will offer more support for low-carbon transformation in developing countries, said Huang, who is also the executive vice-chairperson of the CCICED, adding the country will also share important concepts and the effective practices of coordinated efforts in carbon reduction and pollution control.

    Professor Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University, said at the forum that a green BRI is more important to the world and China than ever before.

    “We are in the period where we need dramatically to accelerate the transformation of the world energy system. And China is the world’s great supplier of the technologies, hardware and software for that transformation because China produces the world’s low-cost and high-quality hardware and software whether it’s for zero-carbon power generation, long-distance power transmission, electric vehicles and supply chains,” Sachs said.

    China has great capacity in those sectors, and the world needs such capacity for accelerated green transformation, Sachs said, adding that the BRI is a great mechanism financially, organizationally, diplomatically, conceptually and in terms of specific project implementation to achieve such transformation.

    MIL OSI China News

  • MIL-OSI Economics: Money Market Operations as on October 11, 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) 5,28,791.33 6.27 5.00-6.50
         I. Call Money 7,782.39 6.43 5.10-6.50
         II. Triparty Repo 3,67,217.50 6.25 5.50-6.39
         III. Market Repo 1,52,769.44 6.32 5.00-6.45
         IV. Repo in Corporate Bond 1,022.00 6.41 6.40-6.45
    B. Term Segment      
         I. Notice Money** 15.60 6.34 6.20-6.35
         II. Term Money@@ 56.00 6.80-6.85
         III. Triparty Repo 0.00
         IV. Market Repo 0.00
         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 Fri, 11/10/2024 3 Mon, 14/10/2024 45,260.00 6.49
    3. MSF# Fri, 11/10/2024 1 Sat, 12/10/2024 47.00 6.75
      Fri, 11/10/2024 2 Sun, 13/10/2024 0.00 6.75
      Fri, 11/10/2024 3 Mon, 14/10/2024 1,256.00 6.75
    4. SDFΔ# Fri, 11/10/2024 1 Sat, 12/10/2024 79,778.00 6.25
      Fri, 11/10/2024 2 Sun, 13/10/2024 53.00 6.25
      Fri, 11/10/2024 3 Mon, 14/10/2024 22,855.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,46,643.00  
    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. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       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 (-)]*     -1,80,160.48  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 11, 2024 9,90,369.35  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 10,01,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 11, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 4,18,318.00  
    @ 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: 2024-2025/1279

    MIL OSI Economics

  • MIL-OSI New Zealand: Economic growth on the Fast-track

    Source: New Zealand Government

    The one-stop-shop Fast-track Approvals Bill, and the 149 projects listed in the Bill, will help rebuild our struggling economy and kick-start economic growth across the country, Minister for Infrastructure Chris Bishop says.

    “Since 2022, New Zealand has battled anaemic levels of economic growth. If we want Kiwi kids to stop moving overseas, better public services, and a lower cost of living: economic growth is the only answer.

    “Our status as a first-world country isn’t guaranteed, and we should never take it for granted. If we want to build a brighter future for New Zealand, we must stop saying no to growth-enhancing projects.

    “For too long, our planning system’s default position has been ’no’. You want to build a housing development? No. You want to build a road? No. You want to build a wind farm? No.

    “We must start saying yes. It is critical to New Zealand’s future.

    “The Fast-track Approvals Bill will help cut through the obstruction-economy, with the 149 projects announced on Sunday demonstrating our commitment to supercharge growth. Commentary from across New Zealand this week has shown just how important this Bill is for our country’s future.

    “Forsyth Barr said that the Fast-track Approvals Bill ‘has the potential to give a much needed injection of energy into the downbeat NZ economy.

    “Katherine Rich, Chief Executive of BusinessNZ said that ‘these projects listed as part of the Fast-track Bill will stimulate job creation and economic activity at a time when we need it most.’

    “James Smith from the National Road Carriers Association said that the projects announced were ‘balanced and achievable’, with ‘a strong emphasis on road and rail developments that will enable productivity to get the country moving again’. 

    “Bridget Abernethy from the Electricity Retailers Association has said that the fast-tracking of renewable projects will  ‘…help provide confidence to build and deliver affordable clean electricity for our low-emissions future.’

    “Finn McDonald from the Employers and Manufacturers Association said that ‘given the recent issues caused by higher energy prices and the demands on generation capacity to further electrify the economy, these new fast-tracked projects have increasing significance’

    “Nick Leggett from Infrastructure NZ said that the list of projects was ‘balanced’, and that ‘it really speaks to the need this country has to get its act together and build some infrastructure’. 

    “Even Gary Taylor, Chairman and Executive Director of the Environmental Defence Society, has conceded that ‘while I come from an environmental perspective, I am also a Kiwi interested in economic welfare of our nation, and a lot of the infrastructure projects look good to go to me, subject to environmental assessment… a lot of the renewable projects, a lot of the housing projects, although there are obviously important questions about impacts from them… a lot of them are all good to go…’

    “The 149 projects chosen by Cabinet to be listed in the Bill will be listed in Schedule 2 of the Bill once the Bill is reported back from the Environment Committee in mid-October. Once the Bill is passed, they will be able to apply to the Environmental Protection Authority to have an expert panel assess the project and apply relevant conditions.

    “New Zealanders can expect economic growth to be at the heart of what this government does. Fast-track is just one part – albeit an important part – of our drive to grow the economy for all Kiwis.”

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: Hong Kong Scholarship for Excellence Scheme opens for applications

    Source: Hong Kong Government special administrative region

    Hong Kong Scholarship for Excellence Scheme opens for applications
    Hong Kong Scholarship for Excellence Scheme opens for applications
    ******************************************************************

         The Education Bureau (EDB) today (October 14) announced that the Hong Kong Scholarship for Excellence Scheme (HKSES) will, from today until December 31, be open for applications from eligible Hong Kong students who intend to pursue undergraduate or postgraduate studies at world-renowned universities outside Hong Kong starting from the 2025/26 academic year.                              A spokesman for the EDB said, “As a merit-based scheme targeting the most outstanding Hong Kong students, the HKSES seeks to cultivate a cadre of brilliant young achievers with a sense of social responsibility and national identity, an affection for Hong Kong and an international perspective, who will return home after receiving world-class education supported by the scholarship to enrich Hong Kong’s talent pool and competitiveness in the long run. Selection will be based on candidates’ academic achievements and other attributes such as leadership qualities and potential as well as their contributions and commitment to society. Awardees are required to complete their specific study programmes and undertake to return to Hong Kong upon graduation to work for at least two years or a period equivalent to the duration of the scholarship received, whichever is longer.”                              Awardees will receive a non-means-tested scholarship to cover their tuition fees, subject to a ceiling of $300,000 per annum. In addition, the HKSES will provide additional support to financially needy awardees during their studies. Awardees who have passed the means test will receive a bursary of up to $200,000 per student per annum, to cover their living and study-related expenses. The value of the award will be correspondingly reduced if an awardee also receives other awards, both locally and abroad, or assistance to finance his or her same studies overseas.                              Apart from the monetary scholarship, the value of the HKSES also lies in its prestige and recognition as well as other non-monetary benefits. Awardees will receive a series of support and mentorship services to be rendered by the Government and other sectors of the community.                              More details on the HKSES are available on the HKSES website (hkses.edb.gov.hk). Eligible students who intend to pursue their first year of undergraduate or postgraduate studies at world-renowned universities outside Hong Kong in the 2025/26 academic year (i.e. during the period from August 2025 to July 2026) may submit their applications for the scholarship online via the application system on the HKSES website on or before December 31, 2024, by 6pm. Late applications will not be accepted.                              Shortlisted applicants will be invited by the EDB to attend interviews for the scholarship from April 2025 onwards after receiving unconditional offers from their chosen programmes. They will be notified of the results in due course after the interviews.

     
    Ends/Monday, October 14, 2024Issued at HKT 12:20

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Banking: ADB, Partners Open Renewable Based Minigrid to Deliver Clean Electricity to Niuafo’ou

    Source: Asia Development Bank

    NIUAFO’OU, TONGA (14 October 2024) — The Asian Development Bank (ADB) and the governments of Tonga and Australia commissioned the Niuafo’ou hybrid minigrid as part of the cofinanced Tonga Renewable Energy Project. The new grid will provide clean, reliable, and efficient electricity supply up to 24 hours per day to the people and businesses of Niuafo’ou.

    Crown Prince Tupouto’a ‘Ulukalala and Crown Princess Sinaitakala Tuku’aho led the commissioning ceremony. They were joined by ADB Senior Country Officer Balwyn Fa’otusia, Australian High Commissioner for Tonga Brek Batley and Tonga Minister for Meteorology, Energy, Information, Disaster Risk Management, Environment, Climate Change and Communication Fekita ‘Utoikamanu.

    “Tonga is obviously preparing for a renewable energy future by reducing dependence on fossil fuels and initiating projects like the Tonga Renewable Energy Project,” said the Director of ADB’s Energy Sector Group Keiju Mitsuhashi. “ADB will continue to support Tonga’s energy transition ambition through accelerating renewable energy investment, and strengthening the transmission and distribution network.”

    The Tonga Renewable Energy Project funded the successful installation of battery energy storage system and modernized Tonga Power Limited’s (TPL) central control center on Tongatapu, as well as the installation of solar photovoltaic plants and battery energy storage systems on ‘Eua and Vava’u. The project is also constructing hybrid minigrid systems on eight outer islands in the Ha’apai and Vava’u Groups, as well as supporting TPL prepare a power purchase agreement for private sector funded investment to help achieve the government’s target of 70% renewable energy penetration by 2025.

    The Tonga Renewable Energy Project is cofinanced by ADB, Green Climate Fund, the governments of Tonga and Australia, and TPL. The $12.2 million ADB financing is sourced from the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries. Total project cost is $53.2 million.

    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

  • MIL-OSI: Q3 2024 Trading Update and Invitation to Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 14 October 2024 – DNO ASA, the Norwegian oil and gas operator, will publish its Q3 2024 operating and interim financial results on 7 November at 07:00 (CET). A videoconference call with executive management will follow at 14:00 (CET). Today the Company provides an update on production, sales volumes and other key information for the quarter.

    Volumes (boepd)

    Gross operated production Q3 2024 Q2 2024 Q3 2023
    Kurdistan 84,212 79,783 25,984
    North Sea
           
    Net entitlement production Q3 2024 Q2 2024 Q3 2023
    Kurdistan 17,607 17,167 9,897
    North Sea 11,236 16,321 14,288
           
    Sales Q3 2024 Q2 2024 Q3 2023
    Kurdistan 17,607 17,167 9,897
    North Sea 15,306 12,871 15,749
           
    Equity accounted production (net) Q3 2024 Q2 2024 Q3 2023
          Côte d’Ivoire         2,843 3,256 3,373

    Selected cash flow items

    DNO’s share of crude oil from the Tawke license during the quarter has been sold to local buyers as the Iraq-Türkiye Pipeline remained closed. Payments are deposited directly into DNO’s international bank accounts in advance of loadings.

    In the third quarter, DNO paid a dividend of NOK 0.3125 per share (totaling USD 29 million), which was up 25 percent from prior quarterly distributions. The Company had no tax payments or refunds during the quarter.

    The acquisition of stakes in five oil and gas fields in the Norne area in the Norwegian Sea announced in May was completed on 30 August. Net cash consideration paid by DNO was approximately USD 24 million. The transfer of DNO’s 22.6 percent interest in Ringhorne East to Vår Energi, the other element of the swap, was completed on the same date.

    Other items and information

    DNO participated in two exploration wells in the Norwegian North Sea in the quarter. The Heisenberg/Angel well in PL827SB (49 percent interest) was spudded on 18 August and completed on 16 September. The well delineated the play-opening 2023 Heisenberg oil and gas discovery and confirmed the volume estimate of 24 to 56 MMboe but the deeper Angel exploration target was found to be mainly water wet. The operated Falstaff well (50 percent interest) was spudded on 20 September and drilling was ongoing as of end of Q3 2024.

    Other drilling activities during the quarter included the B-3 well in Kurdistan at the DNO-operated Baeshiqa license (64 percent interest), which was spudded on 21 February, completed on 26 July and was ongoing a testing program as of end of Q3 2024.

    Earnings call login details

    Please visit http://www.dno.no for login details ahead of the call.

    Disclaimer

    The information contained in this release is based on a preliminary assessment of the Company’s Q3 2024 operating and interim financial results and may be subject to change.

    For further information, please contact:
    Media: media@dno.no
    Investors: investor.relations@dno.no

    DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen.

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

    The MIL Network

  • MIL-OSI: Unifiedpost Group announces update on Francisco Partners senior facility loan repayment plan

    Source: GlobeNewswire (MIL-OSI)

    INSIDE INFORMATION

    Unifiedpost Group announces update on Francisco Partners senior facility loan repayment plan

    La Hulpe, Belgium 14 October 2024, 7:00 am. CET Inside Information – Unifiedpost Group SA (Euronext Brussels: UPG) (Unifiedpost), a leading provider of integrated business communications solutions, will use the proceeds from divestments to fully repay its €100 million Francisco Partners senior facility loan.

    Key highlights:

    • On 7 March 2022 Unifiedpost entered into a Senior Facility Loan Agreement with FP Credit Partners II AIV, L.P and FP Credit Partners Phoenix II AIV, LP (Francisco Partners) for a capital amount of €100,0 million.  For more information, please see our previous press release.
    • As part of our portfolio rationalisation plans, proceeds from divestments of certain assets will be used to repay in full the outstanding amount of the Senior Facility Loan with Francisco Partners.
    • Francisco Partners confirmed it is supportive of the decision to pay down the outstanding loan (capital and interest) according to the following repayment plan:
      • Initial repayment of €100,0 million (partially capital and partially accrued interest) upon closing of the Identity business sale (anticipated by 30 December 2024, on which date related pledges to the transaction need to be released)
      • Remaining balance which is estimated to be repaid no later than 31 March 2025.  On this outstanding balance, the same interest rates remain payable unchanged as provided in the Senior Facility Loan Agreement.
    • The repayment timeline falls ahead of the initial five-year term with no prepayment penalties.
    • The Senior Facility Loan and the equity shareholding of Francisco Partners are two different commitments. Francisco Partners has provided no information to Unifiedpost whether it intends to hold or sell (in whole or in part) its equity stake. Based on the latest transparency declaration of 8 April 2024 Francisco Partners is owning 2,92% of the voting rights.
    • Unifiedpost’s balance sheet position amounted to €108,8 million (fair value of outstanding facility €86,0 million + accrued interest €22,8 million) at 30 June 2024. In the first six months of 2024, a total interest amount of €5,9 million was accrued and €1,7 million was paid in cash, which led to an incurred financial cost of €7,6 million.

    Koen De Brabander, Chief Financial Officer of Unifiedpost, stated, “During this year, we have continued to take steps towards our strategic priorities of growing core digital services, divesting non-core businesses, and strengthening the balance sheet. We successfully completed the divestment of FitekIN and ONEA and signed an agreement for the sale of 21 Grams. Additionally, we announced the sale of the Wholesale Identity Access business in the Netherlands, which presented us with a unique opportunity to crystalise the value of our business and enhance our focus on our core service offering. Furthermore, as communicated during our strategy day in April, we will be using the proceeds from divestments to reduce our net debt. We are pleased to announce that this decision is supported by Francisco Partners, as it marks an important step as we strengthen our position to execute on our strategy, whilst also deleveraging. We would like to thank Francisco Partners for their partnership and support throughout the years.”

    Contact:
    Alex Nicoll
    Investor Relations
    Unifiedpost Group
    alex.nicoll@unifiedpost.com

    About Unifiedpost Group

    Unifiedpost is a leading cloud-based platform for SME business services built on “Documents”, “Identity” and “Payments”. Unifiedpost operates and develops a 100% cloud-based platform for administrative and financial services that allows real-time and seamless connections between Unifiedpost’s customers, their suppliers, their customers, and other parties along the financial value chain. With its one-stop-shop solutions, Unifiedpost’s mission is to make administrative and financial processes simple and smart for its customers. For more information about Unifiedpost Group and its offerings, please visit our website: Unifiedpost Group | Global leaders in digital solutions

    Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations, opinions, and other forward-looking statements in relation to the expected future performance of Unifiedpost Group and the markets in which it is active. Such forward-looking statements are based on management’s current views and assumptions regarding future events. By nature, they involve known and unknown risks, uncertainties, and other factors that appear justified at the time at which they are made but may not turn out to be accurate. Actual results, performance or events may, therefore, differ materially from those expressed or implied in such forward-looking statements. Except as required by applicable law, Unifiedpost Group does not undertake any obligation to update, clarify or correct any forward-looking statements contained in this press release in light of new information, future events or otherwise and disclaims any liability in respect hereto. The reader is cautioned not to place undue reliance on forward-looking statements.

    Attachment

    The MIL Network

  • MIL-Evening Report: Australia has led the way regulating gene technology for over 20 years. Here’s how it should apply that to AI

    Source: The Conversation (Au and NZ) – By Julia Powles, Associate Professor of Law and Technology; Director, UWA Tech & Policy Lab, Law School, The University of Western Australia

    Since 2019, the Australian Department for Industry, Science and Resources has been striving to make the nation a leader in “safe and responsible” artificial intelligence (AI). Key to this is a voluntary framework based on eight AI ethics principles, including “human-centred values”, “fairness” and “transparency and explainability”.

    Every subsequent piece of national guidance on AI has spun off these eight principles, imploring business, government and schools to put them into practice. But these voluntary principles have no real hold on organisations that develop and deploy AI systems.

    Last month, the Australian government started consulting on a proposal that struck a different tone. Acknowledging “voluntary compliance […] is no longer enough”, it spoke of “mandatory guardrails for AI in high-risk settings”.

    But the core idea of self-regulation remains stubbornly baked in. For example, it’s up to AI developers to determine whether their AI system is high risk, by having regard to a set of risks that can only be described as endemic to large-scale AI systems.

    If this high hurdle is met, what mandatory guardrails kick in? For the most part, companies simply need to demonstrate they have internal processes gesturing at the AI ethics principles. The proposal is most notable, then, for what it does not include. There is no oversight, no consequences, no refusal, no redress.

    But there is a different, ready-to-hand model that Australia could adopt for AI. It comes from another critical technology in the national interest: gene technology.

    A different model

    Gene technology is what’s behind genetically modified organisms. Like AI, it raises concerns for more than 60% of the population.

    In Australia, it’s regulated by the Office of the Gene Technology Regulator. The regulator was established in 2001 to meet the biotech boom in agriculture and health. Since then, it’s become the exemplar of an expert-informed, highly transparent regulator focused on a specific technology with far-reaching consequences.

    Three features have ensured the gene technology regulator’s national and international success.

    First, it’s a single-mission body. It regulates dealings with genetically modified organisms:

    to protect the health and safety of people, and to protect the environment, by identifying risks posed by or as a result of gene technology.

    Second, it has a sophisticated decision-making structure. Thanks to it, the risk assessment of every application of gene technology in Australia is informed by sound expertise. It also insulates that assessment from political influence and corporate lobbying.

    The regulator is informed by two integrated expert bodies: a Technical Advisory Committee and an Ethics and Community Consultative Committee. These bodies are complemented by Institutional Biosafety Committees supporting ongoing risk management at more than 200 research and commercial institutions accredited to use gene technology in Australia. This parallels best practice in food safety and drug safety.

    The Gene Technology Regulator has a sophisticated decision-making structure.
    Office of The Gene Technology Regulator, CC BY

    Third, the regulator continuously integrates public input into its risk assessment process. It does so meaningfully and transparently. Every dealing with gene technology must be approved. Before a release into the wild, an exhaustive consultation process maximises review and oversight. This ensures a high threshold of public safety.

    Regulating high-risk technologies

    Together, these factors explain why Australia’s gene technology regulator has been so successful. They also highlight what’s missing in most emerging approaches to AI regulation.

    The mandate of AI regulation typically involves an impossible compromise between protecting the public and supporting industry. As with gene regulation, it seeks to safeguard against risks. In the case of AI, those risks would be to health, the environment and human rights. But it also seeks to “maximise the opportunities that AI presents for our economy and society”.

    Second, currently proposed AI regulation outsources risk assessment and management to commercial AI providers. Instead, it should develop a national evidence base, informed by cross-disciplinary scientific, socio-technical and civil society expertise.

    The argument goes that AI is “out of the bag”, with potential applications too numerous and too mundane to regulate. Yet molecular biology methods are also well out of the bag. The gene tech regulator still maintains oversight of all uses of the technology, while continually working to categorise certain dealings as “exempt” or “low-risk” to facilitate research and development.

    Third, the public has no meaningful opportunity to assent to dealings with AI. This is true regardless of whether it involves plundering the archives of our collective imaginations to build AI systems, or deploying them in ways that undercut dignity, autonomy and justice.

    The lesson of more than two decades of gene regulation is that it doesn’t stop innovation to regulate a promising new technology until it can demonstrate a history of non-damaging use to people and the environment. In fact, it saves it.

    The UWA Tech & Policy Lab receives funding from nationally competitive research grants and philanthropic partners. The present research was supported by GA308883: Effective Ethical Frameworks for the State as an Enabler of Innovation, funded by the Department of Foreign Affairs and Trade.

    Julia Powles is the Director of the Lab and has served as an independent member of the National AI Centre’s Think Tank on Responsible AI, the Australian Government’s National Robotics Strategy Advisory Committee, and the Advisory Panel supporting the Australian Parliamentary Inquiry into the Use of Generative AI in the Australian Education System. Through each of these bodies, she has provided advice on comparative AI regulation.

    Haris Yusoff 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. Australia has led the way regulating gene technology for over 20 years. Here’s how it should apply that to AI – https://theconversation.com/australia-has-led-the-way-regulating-gene-technology-for-over-20-years-heres-how-it-should-apply-that-to-ai-240571

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Economics: Development Asia: Advancing Uzbekistan’s Sustainable Development via PPP Road Projects

    Source: Asia Development Bank

    PPP progress

    The PPP Development Department (PPPDD), established in 2018 under the Ministry of Economy and Finance (MOEF), monitors PPP progress in Uzbekistan. As of 5 August 2024, the government had signed 973 PPPs, totaling about $2.152 billion. These include 463 water management projects, 220 heating system projects, 91 education projects, 52 healthcare projects, and only 2 in transportation. Most PPP projects are small, averaging about $2.2 million each. The benefits of PPPs are more tangible for large projects, such as roads. Currently, no road PPPs have been signed, but two are in the pipeline: the Tashkent-Andijan Road (TAR), estimated at $5.35 billion, and the Tashkent-Samarkand Road (TSR), estimated at $1.4 billion.

    Road construction and rehabilitation typically require higher investment than other infrastructure sectors. The World Bank estimates Uzbekistan’s Road Development Plan faces a $1.5 billion annual funding gap. Mobilizing private sector and external financiers is crucial to bridge this gap.

    PPP projects generally progress through six phases: project identification, appraisal, structuring, tendering, delivery, and operation. Both the TAR and TSR are at the structuring stage. For TAR, the World Bank funded a pre-investment study in 2015 at a cost of $2.85 million, building on a pre-feasibility study completed in 2020. An investment teaser was prepared in December 2023, and the government invited expressions of interest by March 2024, with prequalification expected later in the year. The TSR feasibility study, funded by the European Bank for Reconstruction and Development (EBRD), began in 2019 but remains incomplete.

    Besides TAR and TSR, other potential PPP road projects include the Kungrad-Daut-Ata A380 Highway (KDH) operations and maintenance, a nationwide electronic tolling system, real-time traffic monitoring, weigh-in-motion systems, the Takhtakaracha tunnel construction, and the development of a new road crash and vehicle operations and maintenance database.

    In December 2023, EBRD approved a €10 million loan to establish the Uzbekistan PPP Project Development Facility (UPDF), which will finance the preparation of priority PPP projects, including in the road sector.

    Uzbekistan’s PPP framework

    Uzbekistan’s PPP framework is built on the 2019 PPP Law (amended in 2021), Resolution 259 (2020), and a draft toll road law developed with World Bank support. The draft law aims to provide a foundation for tolling roads, complementing the existing PPP Law, and was expected to be submitted to Parliament by June 2024.

    The International Monetary Fund (IMF) recommended improving fiscal risk assessments, including for state-owned enterprises and PPPs, to better manage external borrowing and integrate investment planning into the medium-term budget. Uzbekistan’s public debt rose from 28% of GDP in 2019 to 36.8% in July 2023, reaching $31.5 billion. The Debt Law caps public debt at 60% of GDP, with policies tightening if debt reaches 50%. Attracting private sector financing for high-cost road projects is essential to avoid increasing the public debt burden.

    Tolling system for roads

    The government plans to introduce toll roads to ease budget constraints and improve road services. A draft toll law, prepared with World Bank assistance, aims to establish tolling mechanisms. Preliminary estimates suggest toll fees for the TAR route could be $5-7 for cars and $15 for trucks and buses. Tolling alone may not cover construction and operations and maintenance costs, requiring availability payments or co-funding from development partners.

    The ADB has supported road infrastructure in Uzbekistan with $1.3 billion from 2007 to 2022. The Ministry of Transport requested ADB’s assistance in introducing a tolling system, with the KDH project selected to pilot this system. The KDH could become the first ADB-supported PPP road project in Uzbekistan, with potential involvement in other PPP efforts, such as transforming State Unitary Entities (SUE) for road operations and maintenance and improving urban bus services in Karakalpakstan.

    MIL OSI Economics

  • MIL-OSI: Kevin, Founder of UXUY: From Uniswap entering the public chain arena to seeing new opportunities in Telegram’s custom public chain

    Source: GlobeNewswire (MIL-OSI)

    Singapore, Oct. 14, 2024 (GLOBE NEWSWIRE) — On the evening of October 10, Uniswap, the world’s largest decentralized cryptocurrency exchange, officially announced the launch of UniChain, a Layer 2 network built on Ethereum. Though it’s currently only live on the testnet, it has already captured significant market attention. $UNI’s price surged dramatically, increasing by 15% within 24 hours.

    While media quickly reignited the old debate of whether “UNI can be further empowered,” my focus is on the release of UniChain itself. This launch could shake up the existing public chain landscape and redefine the competitive dynamics between DApps and public chains. It’s becoming clear that public chains will evolve beyond mere transfers and transactions, paving the way for diverse application scenarios. In other words, a new cycle of multi-chain growth in the crypto ecosystem is upon us.

    The crypto ecosystem is entering a multi-chain era

    Major exchanges and projects are rolling out their own public chains to serve their specific use cases. For example, Coinbase launched Base, Binance introduced BNB Chain, OpBNB, and Greenfield, and OKX recently rolled out X Layer. In the decentralized social space, the blockchain-based platform Farcaster was built on Base, and its flagship channel, Degen, not only issued the $DEGEN token but also launched a Layer 3 solution on Base.

    Public chains are becoming more specialized and diversified, with tighter integration between chains and specific applications. The question now is: Are we entering the season of Chain Summer?

    I’m confident that we’ll soon witness the rise of countless new public chains and novel application scenarios.

    Uniswap founder Hayden Adams stated:

    Just as Uniswap is the liquidity hub of the Ethereum network, UniChain has the potential to become the DeFi hub across many chains.

    Degen stands as a great example of the fusion between social platforms and public chains. By rewarding users for high-quality content, Degen enhances platform usability, attracts new users, and generates a growth flywheel. Degen’s founder, Jacek Trociński, explained: “The creation of the Degen chain is intended to provide developers with a vibrant playground and offer users a safe space to experiment with funds. Think of it as the blockchain version of Las Vegas—not so much about gambling, but more about the excitement of exploration and entertainment.”

    Crypto developers are using the Degen chain to introduce innovative community governance models and participation mechanisms, including consumption, gaming payments, and more.

    Telegram’s growing crypto ecosystem

    With 900 million users, Telegram is rapidly becoming a new hub for the crypto world. A multitude of crypto DApps are being developed on the platform, and its vast user base has attracted the attention of major exchanges and projects.

    Diverse application scenarios, such as blockchain gaming (GameFi), Real World Assets (RWA), and decentralized finance (DeFi)—are thriving, driving a growing demand for custom public chains.

    UXUY, a decentralized multi-chain wallet built for Telegram, has officially launched its custom mainnet feature. Users can now easily create and manage over 100 EVM-compatible mainnets and testnets through the UXUY Telegram wallet, including emerging networks like DuckChain, a Layer 2 network on Ton. This allows users to seamlessly participate in airdrops and interact with DApps on new public chains, all without the need for complex operations.

    In addition, UXUY Connect will support custom mainnets, offering developers greater flexibility in building diverse DApps. This custom network and testnet support enhances the development experience, allowing comprehensive testing and smooth deployment across different environments, meeting the needs of increasingly complex crypto applications.

    UXUY is committed to actively supporting emerging public chains and new infrastructure, embracing the new era of multi-chain growth.

    About UXUY

    UXUY is a next-gen decentralized multi-chain infrastructure incubated and invested in by Binance Labs. It has already launched both APP and Bot products across iOS, Android, and the Telegram ecosystem.

    UXUY Wallet (@UXUYbot) is the first self-custody multi-chain wallet on Telegram, supporting a wide range of blockchains, including Bitcoin Lightning Network, BNB Chain, Base, TON, Arbitrum, TRON, and more. UXUY has created the first decentralized multi-chain wallet and DApp application center based on Telegram, with over 1.5 million users already onboarded. The goal of UXUY Wallet is to bring 900 million users into the multi-chain crypto ecosystem.

    The MIL Network

  • MIL-OSI United Kingdom: Over £1 million extra support secured for York residents

    Source: City of York

    Financial support to help residents cope with the cost of living crisis is being extended until the end of end of March 2025.

    The council has been allocated £1,037,906 for the next 6 months and residents are urged to make sure they claim all benefits that they are eligible for.

    This Household Support Funding (HSF) from the government will be used in York to provide a variety of financial assistance to help residents meet essential expenses. These include:

    • £500,000 – a direct payment will be made before Christmas to working aged people who receive Council Tax Support
    • £180,000 – a discretionary application scheme will be available to support any other residents struggling to meet their bills, including pensioners
    • £70,000 – support for the council’s food and fuel voucher scheme
    • £80,000 – advice and support to maximise residents’ income and promote take-up of unclaimed benefits
    • £80,000 – community food and support to run Warm Places this winter
    • £60,000 – administration and delivery of 2 Talk Money information and support campaigns
    • £10,000 – York Energy Advice funding for offering advice and energy-saving measures for households
    • £30,000 – support to identify, contact and support financially-vulnerable residents to claim.

    Councillor Katie Lomas, joint Executive Member for Finance, Performance, Major Projects, Human Rights, Equality and Inclusion, said:

    Nearly half of the £1,037,906.47 we’ve been allocated through the Household Support Fund (HSF), will be issued as direct payments for working-age residents who are receiving Council Tax support. This translates to a cash payment of around £115 for every qualifying resident and we’re contacting those who are eligible, to make sure they receive this vital support.

    “Of the remaining funds, £180,000 will be allocated to a discretionary support scheme, which will be open to applications to anyone struggling with their finances. We’ll also be allocating money from the HSF to continue supporting Warm Places and energy advice services to support people with the effects of rising energy costs this winter, as well as community food support and support to take up unclaimed benefits.”

    Councillor Bob Webb, with joint responsibility for financial inclusion, said:

    We reckon as many as 1,600 people in York are missing out on Pension Credit. It’s really important that they know about it and claim the extra £100s as well as unlocking other benefits like the Winter Fuel Payment.

    “We know that between April and June 2024, an extra 31 residents claimed Pension Credit who are benefiting from a total extra £134,825 to help them through these uncertain financial times.

    “We’re writing to over 450 residents who we know are eligible for Pension Credit because they already claim Council Tax Support and Housing Benefit. Information on the 1,150 or so other eligible people is held by the Government’s Department for Work and Pensions (DWP) and can’t be shared for data protection reasons. So, we’ve been reaching out to them through other council services and voluntary sector organisations, to help people check their eligibility and to support them to apply.”

    Anyone who needs help to claim Pension Credit can click here, or contact these local support services:

    Anyone who needs help to claim Council Tax Support can call the City of York Council Benefits Advisors on telephone: 01904 552044 or contact these local support services:

    Find more information for residents on other benefits.

    The next Talk Money campaign to encourage residents to claim all they can, spend less and get good advice, will run from Monday 4 November to Friday 15 November 2024.

    MIL OSI United Kingdom

  • MIL-OSI China: China unveils measures to boost financing for businesses

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

    BEIJING, Oct. 14 — China will step up financing support for enterprises by incorporating quality credibility into lending decisions, said Luo Wen, head of the State Administration for Market Regulation on Monday.

    Financial institutions will factor in a company’s quality management and brand reputation when evaluating loan applications, Luo said at a press conference, adding that the move is expected to improve businesses’ access to financing.

    Beyond traditional loans, China will also promote the use of equities, funds and bonds to create comprehensive financing channels for companies. The initiative aims to secure an additional 300 billion yuan (42.4 billion U.S. dollars) in quality-based credit approvals annually, benefiting enterprises across various sectors, said Luo.

    Luo called for efforts to provide tailored financial products and services for micro, small and medium-sized companies, including differentiated credit limits, interest rates, financing terms and repayment options.

    MIL OSI China News

  • MIL-OSI Asia-Pac: Government appoints Chairman of Securities and Futures Commission

    Source: Hong Kong Government special administrative region

    Government appoints Chairman of Securities and Futures Commission
    Government appoints Chairman of Securities and Futures Commission
    *****************************************************************

         The Government announced today (October 14) that the Chief Executive has, pursuant to the Securities and Futures Ordinance (Cap. 571), appointed Dr Kelvin Wong Tin-yau as the Chairman of the Securities and Futures Commission (SFC) for a term of three years from October 20, 2024, to October 19, 2027.      Dr Wong was a Non-Executive Director (NED) of the SFC from 2012 to 2018 and a member of the Listing Committee of the Stock Exchange of Hong Kong Limited from 2007 to 2013. He is currently the Chairman of the Accounting and Financial Reporting Council (AFRC).      The Financial Secretary, Mr Paul Chan, said, “Dr Wong has been dedicated to serving the financial services industry of Hong Kong, with extensive experience in the operation of the securities and futures markets, capital market development, corporate governance and financial regulatory matters. Under his stewardship, the AFRC smoothly implemented the accounting and audit regulatory reforms, bringing Hong Kong’s regulatory regime in line with international developments. I expect that under Dr Wong’s leadership, the SFC will continue to uphold its dual role as a regulator and facilitator of market development to ensure the fair, transparent and orderly operation of the local securities and futures markets, and to strive for reforms and innovations, with a view to solidifying and enhancing Hong Kong’s status as an international financial centre.”      Dr Wong will continue to serve as the Chairman of the AFRC up to December 31, 2024.      With the incumbent SFC Chairman, Mr Tim Lui Tim-leung, completing his tenure, Mr Chan said, “Under Mr Lui’s leadership, the SFC actively supports the Government’s policies, seamlessly collaborates with other financial regulators in Hong Kong, and closely monitors the financial market to ensure an orderly and smooth operation. The SFC continues to promote innovations such as implementing a number of market reform measures in co-ordination with the Hong Kong Exchanges and Clearing Limited, and with the staunch support of the central ministries, proactively furthers the development of the Connect Schemes with the Mainland. The SFC also persistently fosters the development of regulatory regimes, with examples including the implementation of the licensing regime for virtual asset trading platforms to facilitate the sustained responsible development of the sector. Moreover, the SFC actively participates in international regulatory co-operation and standard formulation. I extend my heartfelt gratitude to Mr Lui for his well-recognised achievements over his six-year leadership of the SFC.”

     
    Ends/Monday, October 14, 2024Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI China: Chinese mainland punishes die-hard ‘Taiwan independence’ separatists advocating violence

    Source: China State Council Information Office 2

    The Taiwan Affairs Office of the State Council on Monday announced punishments on two die-hard “Taiwan independence” secessionists and an institution they support, accusing them of training violent separatists and advocating violent conflict across the Taiwan Strait.
    Chen Binhua, spokesperson for the State Council Taiwan Affairs Office, said that with backing from Taiwan’s Democratic Progressive Party (DPP) authorities and external forces, the Kuma Academy has openly fostered violent “Taiwan independence” individuals under the guise of training and outdoor activities. He added that the academy has actively engaged in separatist activities, making it a clear stronghold for “Taiwan independence” elements.
    Shen Pao-yang, the head of the academy, has been actively and systematically organizing activities promoting “Taiwan independence.” He has also deliberately promoted “Taiwan independence” and “anti-China” ideologies, particularly targeting the young people in Taiwan.
    Robert Hsing-cheng Tsao, a businessman from the island, has provided substantial financial support to the academy, supporting its activities to divide the country by spreading harmful ideologies of “opposing China and seeking independence” through various means.
    “The two individuals have openly pursued efforts to divide the country and fuel discord, seriously threatening peace and stability in the Taiwan Strait and causing significant harm to the common interests of people across the Strait, as well as the fundamental interests of the Chinese nation,” Chen said.

    MIL OSI China News

  • MIL-OSI China: World sci-tech forum builds consensus on sustainable development

    Source: China State Council Information Office 2

    The 2024 World Science and Technology Development Forum (WSTDF) will convene in Beijing from Oct. 22 to 24. As a major event in the global science community, the forum will gather scientists, educators, entrepreneurs, and other leading figures from around the world to share insights and technological solutions for sustainable development.
    The China Association for Science and Technology (CAST) initiated the forum in 2019 and has held five successful sessions to date. Chinese President Xi Jinping sent a congratulatory letter to the inaugural WSTDF, highlighting the forum’s role in building consensus and deepening cooperation.
    Since its inception, the forum has explored new approaches and fostered innovation, establishing itself as a world-class hub for pioneering ideas. It has created an international platform for scientific exchange and collaboration, a venue for bringing together leading talents, and a driving force for global sustainable development. These efforts have significantly contributed to advancing the Global Development Initiative and promoting the vision of building a community with a shared future for mankind.
    Sci-tech innovation: The way to sustainable development
    In his congratulatory letter to the first forum, President Xi stressed the role of scientific and technological innovation in addressing global challenges. He noted that the ongoing revolution in science and technology and industrial transformation significantly impacts human civilization and global governance.
    “Promoting sustainable development with sci-tech innovation has become the way that we must take to solve some important global issues of common concern,” Xi said.
    The past five sessions of the forum have always focused on advancing sustainable development through technological innovation, covering crucial topics from basic science to climate change, the digital economy and green innovation. The forum has invited global scientific leaders to present their latest research and propose solutions to pressing challenges.
    Each year, the forum releases a list of the top 10 scientific issues concerning the development of human society, evaluating major global challenges and promoting the achievement of the U.N. Sustainable Development Goals. The second forum introduced the World Journal Clout Index of Scientific and Technological Periodicals and included the results on the “Innovation China” platform. The third, fourth and fifth forums released the annual IUPAC Top 10 Emerging Technologies in Chemistry.
    The research findings released by the forum represent the collective wisdom of the scientific community, showcasing advancements in science and technology while offering practical solutions for global challenges and sustainable development goals.
    Building consensus: A platform for global exchange
    Beyond technological discussions, the forum serves as a vital space for building international consensus and fostering cooperation. President Xi has highlighted China’s commitment to openness and collaboration, expressing hope that the forum will help scientists, educators and entrepreneurs from different countries build consensus, exchange ideas, and deepen cooperation to contribute wisdom and strength to building a community with a shared future for mankind.
    The WSTDF serves as more than just a platform for scientific discussion; it is a vital opportunity for building global consensus and fostering international cooperation. Since its inception in 2019, the forum has consistently brought together Nobel laureates, leading scientists, educators, economists and entrepreneurs. Each year, it attracts about 200 distinguished participants from over 20 countries and regions, including academicians, experts, heads of major scientific organizations, prominent entrepreneurs and university presidents.
    The forum facilitates communication through high-level dialogues, keynote speeches and roundtable discussions, creating valuable connections among scientists, entrepreneurs and policymakers. These exchanges encourage in-depth reflection and foster consensus on critical scientific issues. Over the past five years, the forum has drawn thousands of scientific leaders globally, publishing reports and generating influential scientific policy initiatives.
    A notable example is the “Openness, Trust, and Cooperation” initiative introduced at the third forum by 260 scientific organizations, emphasizing the international scientific community’s commitment to unity and collaboration. The initiative outlined concrete measures such as maintaining the legitimate boundaries of scientific openness, fostering mutual trust and respect among collaborators, and finding common ground for cooperation.
    At the fourth forum, the organizers partnered with globally recognized scientific organizations to launch the initiative of Basic Sciences for Sustainable Development and Discipline Development Report. It called for a renewed global focus on fundamental scientific research, deepening practical cooperation, promoting science popularization, and advancing sustainable development.
    In this era of profound transformation, forming a broad consensus is crucial for leading global scientific development. The WSTDF provides a foundation for uniting global wisdom and building a better future.
    Building bridges for global collaboration
    The WSTDF aims to foster deeper cooperation among governments, industry, and academia, which aligns with President Xi’s vision. It promotes an open, collaborative ecosystem to address global challenges.
    Each forum focuses on international cooperation, promoting the sharing of global scientific resources through initiatives like establishing international scientific issues and talent databases for global cooperation.
    The inaugural forum introduced an innovative model for organizing the event through a collaborative approach involving CAST, the Chinese Academy of Sciences, the Chinese Academy of Engineering and internationally renowned scientific organizations. This partnership established a flagship platform facilitating cooperation between China’s scientific community and the global science community.
    The second forum emphasized collaboration, introducing the Innovation and Cooperation Forum of Open Science and Open Source as a parallel session. The third forum promoted discussions on global cooperation in scientific and technological innovation.
    The fourth forum continued with the theme of “Openness, Trust, and Cooperation,” establishing a sub-forum for collaboration between academicians and multinational companies. This initiative aimed to deepen international cooperation in fundamental research, industry partnerships and technological innovation. The fifth forum, based in the Guangdong-Hong Kong-Macao Greater Bay Area, focused on international regional cooperation, resulting in a series of high-quality recommendation reports.
    After five years of progress, the WSTDF has become a key platform for global innovation and scientific collaboration. The 2024 forum, themed “Science and Technology for the Future,” will focus on six key ideas: intelligence, interdisciplinary, infrastructures, innovation, interaction, and integration. It will continue gathering global wisdom to empower high-quality development and promote international scientific cooperation and innovation.
    Guided by the principles of President Xi’s congratulatory letter, the WSTDF remains committed to building a community with a shared future for mankind. By deepening international cooperation, building global consensus and advancing the three global initiatives — the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative — the forum aims to continue providing strong momentum for global scientific innovation, illuminating the path toward a better, more sustainable future.

    MIL OSI China News

  • MIL-OSI China: World sci-tech forum champions multilateral scientific cooperation

    Source: China State Council Information Office 2

    The 2024 World Science and Technology Development Forum (WSTDF) will be held in Beijing from Oct. 22 to 24, the China Association for Science and Technology announced Thursday.
    The forum will focus on the theme “Science and Technology for the Future,” addressing topics such as artificial intelligence, ocean negative carbon emissions, open science, intelligent manufacturing, urban health and disaster prevention. It aims to gather global insights and promote technological innovation and sustainable development.
    Since its inception in 2019, the forum has prioritized development, fostering multilateral scientific cooperation and working to establish fairer international development partnerships while contributing Chinese solutions to global governance.
    Striving for a global sci-tech community
    The WSTDF champions open cooperation, serving as a bridge for global scientific development. By promoting open-source sharing, the forum aims to unify global expertise to advance technological innovation and social progress.
    Open science and open-source innovation form the backbone of technological application and industrial digitalization, providing crucial solutions to global challenges.
    The 2020 forum saw participants delve into technological and industrial upgrades through open-source innovation, chip development and internationalization of open-source initiatives. They also examined ways to deepen scientific research through open science. Discussions underscored the profound influence of open science, data sharing, and open-source innovation on the global tech landscape.
    The forum culminated in a shared vision of openness, inclusivity, and resource sharing, emphasizing a strategic global perspective for future technological progress.
    The forum has consistently advocated for open governance, urging the global scientific community to embrace collaborative efforts. For instance, the 2020 forum featured a technology service and trading event, establishing the Network for International Cooperation on Technology Commercialization to promote global technology transfer.
    Engaging in global environmental governance
    China advocates for harmony between humanity and nature, accelerating green and low-carbon transformation to promote ecological development. The WSTDF aligns with this vision, prioritizing environmental governance as a key way to advance global sustainability.
    In 2022, the forum launched an initiative on new energy equipment practices, encouraging domestic institutions to harness technological innovation for low-carbon development and high-level talent cultivation, with projects aimed at peaking carbon dioxide emissions and achieving carbon neutrality.
    Collaborating on global public health governance
    Public health is vital for human survival and integral to economic growth, social development and individual well-being. The forum emphasizes enhancing global health governance as a central concern.
    At the inaugural forum in 2019, Fang-Fang Yin, radiation oncology professor at Duke University, discussed the role of artificial intelligence and machine learning in cancer imaging and radiotherapy.
    During the fourth forum in 2022, Yunbing Wang, director of the Chinese National Engineering Research Center for Biomaterials, dean of the College of Biomedical Engineering of Sichuan University, and vice president of the Chinese Society for Biomaterials, presented innovative research and products for treating severe heart diseases.
    In 2023, discussions expanded further, encompassing biomedical technology innovation, clinical advancements and future health industries. Participants also addressed bottlenecks in the field. These exchanges have played a crucial role in advancing technological development and commercialization in health while bolstering global health standards.
    Making efforts to safeguard food security
    Food security is essential for global peace and development, serving as a cornerstone for building a community with a shared future for mankind. In response to significant global challenges regarding food loss and waste, the WSTDF has consistently prioritized food security.
    At the inaugural forum in 2019, overseas scholar Vania G. Zuin Zeidler introduced the bio-circular economy, proposing a natural ecosystem through green, sustainable agriculture and processing systems that produce healthy food and value-added related products. She advocated for sustainable agriculture to address food waste.
    In 2022, discussions focused on technological innovations for high-quality agricultural development. The forum emphasized germplasm resources, seed technology, intellectual property protection and collaboration between scientific institutions and enterprises.
    These efforts have established a strong foundation for achieving global food security and promoting sustainable agricultural development.
    This year’s forum seeks to strengthen international scientific cooperation and tackle global challenges amid unprecedented changes. The event will provide perspectives on technological trends while showcasing China’s commitment to innovation-driven development and a community with a shared future for mankind.

    MIL OSI China News

  • MIL-OSI: Municipality Finance will redeem early notes issued under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    14 October 2024 at 11:00 am (EEST)

    Municipality Finance will redeem early notes issued under its MTN programme

    Municipality Finance Plc will exercise its right to redeem in whole its USD 150 million notes (ISIN XS2548900146) on 28 October 2024.

    The notes are admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. MuniFin has today filed an application to remove the notes from trading.

    MUNICIPALITY FINANCE PLC

    Further information:

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

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

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

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

    Read more: http://www.kuntarahoitus.fi/en

    Important Information

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

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

    The MIL Network

  • MIL-OSI Submissions: Africa – ATIDI Announces Election of New Board Leadership

    Source: African Trade & Investment Development Insurance

    ·       At its recently concluded Board Meeting, Professor Kelly Mua Kingsley was elected as the new Chair of the Board and Ms. Christina Westholm- Schröder was elected as the new Vice Chair of the Board.

    ·       ATIDI was recently upgraded by Moody’s from A3/Positive to A2/Stable – while S&P affirmed its A/Stable rating, reflecting the organization’s strong financial management and strategic direction.

    Nairobi, 14 October 2024 — At its 101st meeting held on 5 October 2024, the Board of Directors of African Trade & Investment Development Insurance – ATIDI (commonly known as the African Trade Insurance Agency), announced the election of Professor Kelly Mua Kingsly as the new Chair of the Board. He is deputized by Ms. Christina Westholm- Schröder.

    The election of the new Board leadership follows the appointment of new Board Members by ATIDI’s Annual General Meeting in line with ATIDI’s continued commitment to strong corporate governance.

    The new Board, which includes ATIDI’s first Independent Director, will play a critical role in steering the organization’s strategic direction and governance, further enhancing the organization’s efforts to foster sustainable growth across the continent.

    Professor Kelly is the Director of Finance Operations at the Ministry of Finance’s Directorate General of Treasury in Cameroon. In this capacity, he has been instrumental in designing and implementing strategies for monitoring public revenue and expenditure, preparing comprehensive financial reviews and spearheading public finance reforms.

    In addition to his role at the Ministry of Finance, Professor Kelly serves as the Censor at the Central Bank of Central African States (BEAC) and represents Cameroon at the Regional Advisory Commission on Financial Markets (COSUMAF). His recent appointment as Cameroon’s designated representative with the United Nations Development Program and the European Investment Bank for GEF projects underscores his commitment to managing climate finance and enhancing regional debt resilience.

    Accepting his appointment, Prof. Kelly said his vision is to support best corporate governance practices within ATIDI and drive economic growth that benefits the continent by working closely with ATIDI’s leadership.

    “I aim to expand ATIDI’s outreach and visibility across Africa. I encourage all the Central African Economic and Monetary Community (CEMAC) countries to consider applying for membership in ATIDI, as this will further strengthen regional cooperation and open new avenues for economic collaboration,” prof. Kelly said.

    Prof. Kelly’s election as the first Cameroonian Board Chair has a significant impact on fostering relationships and networks within the CEMAC and the broader West African region. His role is set to facilitate collaboration among member states, enhance trade relations and promote regional integration. For more information on the membership process, visit  

    https://www.atidi.africa/investorrelations/membership-process/  

    Prof. Kelly succeeds Dr. Yohannes Ayalew Birru who has diligently served for two consecutive terms of three years. He was deputised by Ms. Hope Murera, the Managing Director of Zep-Re. During their leadership, ATIDI’s member states increased from 14 to 24 (current member states include Kenya, Cameroon, Nigeria, Ethiopia, Ghana, Malawi, South Sudan, Tanzania, Zimbabwe, Uganda, Zambia, Rwanda, Burundi, Côte d’Ivoire, Benin, Mali, Democratic Republic of Congo, Chad, Senegal, Togo, Madagascar, Niger, Burkina Faso, and Angola).  Similarly, gross exposure increased from USD 4.8 million to USD9.6 billion, profits from USD12 million to USD69.1 million and assets from USD419 million to USD837 million.

    “I take this opportunity to express my deep appreciation to the outgoing Board Chairman and his team for their outstanding leadership in bringing ATIDI to such a level of performance,” prof. Kelly said.

    The new Vice Chairperson, Ms. Westholm-Schröder is Sovereign’s Chief Underwriter and Senior Vice President, with more than 35 years of experience in the political risk insurance industry. She is responsible for all aspects of Sovereign’s transactional underwriting and also leads Sovereign’s successful cooperation with multilaterals and export credit agencies.

    Welcoming the new Board of Directors, ATIDI CEO Manuel Moses the new board’s vision and leadership would be instrumental in guiding ATIDI’s future.

    “With the Board’s diverse expertise, we expect that we will drive impactful initiatives that foster sustainable trade and investment across Africa. This new leadership team will further enhance our outreach efforts and engage our stakeholders more effectively, creating a stronger and more connected community. Together, we are poised to make a significant difference in the economic landscape of the continent,” Mr. Manuel said.  

    Rating upgrade

    ATIDI was recently upgraded by Moody’s from A3/Positive to A2/Stable – while S&P affirmed its A/Stable rating, reflecting the organization’s strong financial management and strategic direction. This positive assessment positions ATIDI well as it implements its 2024-2027 strategy, which aims to expand its footprint and strengthen its impact across the region. The Board’s support will be crucial in navigating this ambitious strategy, ensuring that ATIDI leverages its strengths and address challenges effectively. Their insights and networks will be vital ATIDI seeks to build new partnerships and enhance its investment initiatives.

    MIL OSI – Submitted News

  • MIL-OSI Economics: Identity fraud using the name of Blockchain Consulting GmbH

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about services purportedly offered by the company Blockchain Consulting GmbH, based in Munich. Unknown perpetrators are using the company’s name without permission and are contacting consumers via telephone and e-mail. They are suspected of providing payment services.

    The perpetrators offer to enable purported trading profits to be paid out or to compensate for losses that have previously been incurred through investments on fraudulent trading platforms. In doing so, they attempt to persuade consumers to make payments for “taxes” or “fees” that are to be paid in advance. Based on the information currently available to BaFin, this is attempted fraud.

    Anyone wishing to conduct banking business or provide financial or investment services or payment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been authorised by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (KreditwesengesetzKWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics

  • MIL-OSI Australia: Remarks to launch of Sean Turnell’s Lowy Institute paper, ‘Best Laid Plans’

    Source: Australian Government – Minister of Foreign Affairs

    Even with my highest hopes, when I became Foreign Minister I would not have imagined in little more than two years I would be here with Sean, at his book launch.

    One of the very first tasks on my desk when I first became Foreign Minister was to get Sean out of prison in Myanmar.

    It was perfectly clear how difficult this would be. We all know how brutal and oppressive the regime in Myanmar is.

    We know the escalating conflict and worsening humanitarian crisis in Myanmar.

    We are all appalled by the reports of widespread human rights abuses and atrocities.

    According to a recent report of the United Nations High Commissioner for Human Rights on the situation in Myanmar, at least 5,350 civilians have been killed.

    And half of the population is living below the poverty line, primarily due to the military violence since the 2021 coup.

    And of course Sean had spent years working to improve the lives of the people of Myanmar.

    Working as an adviser to Aung San Suu Kyi, at the invitation of the elected government of the day, to serve the people of Myanmar, and help them realise their hopes for their country.

    His work reinforcing the catastrophic failure of the junta.

    And so there was not a lot of cause for optimism about Sean’s release.

    Sean’s return was an extraordinary moment of relief for all of his family, friends and supporters, as well as the Australian Government, our regional partners and ASEAN members. Each of whom played important roles in securing Sean’s release.

    The multifaceted nature of the work behind Sean’s release was one factor in my decision to ask my department to review its approach to supporting Australians detained in complex circumstances overseas.

    That review included consulting with partners, stakeholders, and former detainees to ensure our methods are fit for purpose.

    We have deeply appreciated our engagement with Sean as part of these efforts.

    We are now better equipped to manage these complex and often highly distressing cases, which we handle on a case-by-case basis to ensure the safety and protection of the individual.

    We don’t ever want to jeopardise the welfare or safety of an Australian overseas.

    We also recognise that a level of public understanding and in some cases, public pressure, can contribute to better outcomes.

    In my position, I have to make a judgment about the best way to balance these options, always with their welfare front of mind.

    Always considering the best way to deploy the full range of resources at Australia’s disposal when pushing to secure their release, and to support families back home.

    And always seeking ways to refine and improve on this work.

    I look to the Senate’s Inquiry into the wrongful detention of Australian citizens overseas to provide suggestions that are both constructive and principled.

    I note we are also joined tonight by Cheng Lei and Kylie Moore-Gilbert, who went through their own terrible experiences.

    And while there are certainly aspects in common, the approach in each case is different, uniquely tailored to the circumstances and the country in which they were detained.

    Sean, we are so grateful to have you back in the country and with us tonight, and of course to see you resume your work as a world-leading expert on Myanmar’s economy.

    Which brings me to this important book.

    ‘Best Laid Plans’ documents Sean’s work in Myanmar, and his efforts to help reform Myanmar’s economy in that brief period of democracy between 2015 and 2021.

    It illustrates the sheer scale and ambition of Sean’s work with so many dedicated reformers in Myanmar.

    And it reinforces the tragedy of the country’s trajectory since the military coup in 2021.

    That coup was the latest setback for Myanmar and its people, who had seen their hopes for their country supressed yet again, following attempts before 1962 and again in 1988 to forge a more democratic and inclusive future.

    The regime’s actions in 2021 reversed years of political, economic and development gains.

    It has created the largest and most complex crisis in the Indo-Pacific; with humanitarian, economic, political and security dimensions.

    And it has caused enormous suffering for the people of Myanmar.

    The UN estimates approximately a third of the population – some 18.6 million people – are in need of humanitarian assistance and more than 3.4 million are internally displaced.

    Today, I announce Australia will provide a further $9 million through the Australian Humanitarian Partnership, to support communities and conflict affected populations in Myanmar.

    This will aid the delivery of life-saving food, water and shelter, as well as essential protection, education and health services for those most in need, including women, girls and people with disabilities.

    In his book, Sean also reflects on the atrocities in Rakhine state, which precipitated so much of the continuing violence against and the ongoing targeting of Rohingyas who live there, by the regime and other actors.

    The plight of the Rohingya people deserves greater focus in our region – which is why I visited Cox’s Bazar in May this year to talk with community leaders and humanitarian workers who have experienced the consequences of the regime’s actions.

    The Rohingya crisis is Australia’s largest humanitarian response.

    With my announcement today, successive governments–both Labor and Coalition–will have contributed some $880 million in assistance for Rohingya, their host communities in Bangladesh and people across Myanmar since 2017.

    We support the rights of Rohingyas to live safely as citizens in Myanmar.

    We want to see conditions put in place that would allow Rohingyas to return in a voluntary, safe, dignified and sustainable way.

    And until such time as a safe and dignified return is possible, Australia will continue to support displaced Rohingyas in Bangladesh. 

    The Australian people are decent and want to help.

    We are generous with our humanitarian aid – but it is not a long-term answer.

    Reform is desperately needed to drive growth.

    As Sean shows us in this book, Myanmar’s economy continues to face a range of constraints.

    The World Bank forecasts GDP growth of one per cent in 2024-25 financial year, a revision from 2023 projection of 2 percent growth.

    Businesses face operational difficulties as a result of foreign currency, labour and electricity shortages and rapidly rising prices.

    And conflict has enabled illicit economic activities to thrive, including narcotics production, scam centres and human trafficking.

    The regime is losing ground, but there is no sign its position is softening.

    Despite territorial losses and a bleak economic outlook, the regime has not changed its approach.

    And opposition groups are divided.

    As a result, Myanmar is at risk of further fragmentation.

    The current trajectory is not sustainable for the regime or for the region.

    We want the regime to take a different path–to fulfil its commitment under ASEAN’s Five Point Consensus, and engage meaningfully and positively with ASEAN representatives.

    There must be much more safe access for humanitarian assistance across the country, so that all those who are in need can receive support.

    There must be an end to the violence, including the targeting of civilians.

    The regime’s violent repression of its people is why the Albanese Government has applied sanctions on key members of the regime responsible for atrocities, as well as on commercial entities with direct links to the Myanmar military regime and why we will continue to keep our targeted sanctions towards Myanmar under review.

    But sanctions can only achieve so much.

    Genuine, inclusive dialogue is vital to any political resolution – as out of reach as that seems now.

    Ultimately, a political resolution in Myanmar will require dialogue between all the actors, including the regime, and a genuine willingness for a legitimate return to civilian-led democratic government.

    I have said before that we can’t only deal with those who share our views if we are to effect change.

    That was our approach in engaging with the Myanmar regime to secure Sean’s release.

    Which is why in 2022, ahead of Sean’s release, I spoke twice directly with the regime’s then-Foreign Minister, U Wunna Maung Lwin.

    Not just to argue for a positive outcome for Sean, but so I could directly register Australia’s objections to the regime’s actions.

    I also met earlier this year with the National Unity Government’s Minister for Foreign Affairs, Madam Zin Mar Aung.

    Peace requires dialogue, which is why Australia will continue to engage with and listen to the many groups and voices working for democracy in Myanmar, including but not limited to the NUG. And why we will continue to support inclusive dialogues that lay the groundwork for future political transitions.

    Australia stands ready to work with ASEAN and other partners to find pathways that may encourage dialogue between all players, to lend our voice to messages to the regime to take a different path, and to bring to the table any support that will help make a difference. 

    We are also supporting efforts to strengthen civil society and build resilience, along with local-level governance initiatives for communities in areas outside regime control.

    We do all this because as Sean so powerfully reminds us, the people of Myanmar have not lost hope for their country – so we must not lose hope in them.

    We must remain resolute in our support for the people of Myanmar. They have demonstrated their courage and commitment to democracy in decades’ long struggles, with determined resilience in the face of the most horrific adversity.

    Tonight we celebrate not just Sean’s contribution, but all those in Myanmar who continue to work for change.

    We stand with them, and share their ambitions for a better future.

    Sean, congratulations on this achievement.

    We admire your dedication and ongoing commitment to the people of Myanmar.

    It is my pleasure to officially launch your book.

    MIL OSI News

  • MIL-OSI Russia: Mongolia: Concluding Statement of the 2024 IMF Staff Visit

    Source: IMF – News in Russian

    October 14, 2024

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    • A critical priority for the new coalition government is to manage the current commodity boom prudently to effectively implement its ambitious reform and investment agenda.
    • Building external and fiscal buffers will help create the necessary policy space to implement the ambitious investment program and other reforms in line with the economy’s absorptive capacity while maintaining external and internal balance. In the current situation, achieving these goals requires fiscal policy tightening, adherence to fiscal rules, tight monetary and macroprudential policies, and enhanced financial supervision.
    • Progress on soft infrastructure related to legislative, regulatory, and institutional frameworks is just as important as building hard infrastructure, to strengthen the business climate and governance. Priorities include upgrading important regulations, ensuring regulatory coherence, and boosting central bank operational independence. The introduction of a nominal debt ceiling with strong deterrence is a major and welcome step forward. So will be the planned and overdue energy tariff reforms, which will be essential to ensure reliable national energy supply. Infrastructure projects should be well prioritized and effectively implemented with proper feasibility studies, strengthened medium-term fiscal planning and sound public investment management.

    The economy: A commodity boom

    A booming mining sector, record high coal exports, and strong household and government spending have led to buoyant economic activity despite a large contraction in agriculture due to the severe winter. The large and permanent wage and pension increases in the 2023−2024 budgets, large dividend payouts by Erdenes Tavan Tolgoi, government support programs, and a minimum wage hike helped raise household incomes and salary‑backed consumer credit, boosting consumption and imports. Strong revenue collection and backloaded capex registration have contributed to a budget surplus despite significant public spending increases. Public debt declined to 47 percent of GDP at end-2023, consistent with IMF staff estimates of the appropriate debt anchor for Mongolia.

    Headline inflation has eased and lies within the BOM’s 6±2 target band. The decline is largely due to softer import prices, supported by a small exchange rate (ER) appreciation, and has led to policy rate cuts. However, core inflation remains sticky and has ticked up to the upper limit of the target band in August. Moreover, credit growth in the bank and non-bank financial (NBFI) sectors, especially consumer loans, has been rapid, exceeding long-term trends and has prompted the BOM to tighten reserve requirements and debt service to income (DSTI) limits for consumer loans. Household debt is rising rapidly, especially for some segments of borrowers.

    External vulnerabilities declined despite a marked deterioration in the current account deficit due to strong imports and softer coal export prices. FDI and other financing inflows have helped support gross international reserves (GIR) which remains broadly at end-2023 levels (US$4.7 billion at end-August, 3.3 months of imports or 96 percent of the ARA metric). Well-executed external debt refinancing and the BOM’s repayment of half of the outstanding PBOC swap line have reduced external debt risks, resulting in a sovereign credit ratings upgrade.

    Outlook: Continuing commodity boom, robust growth, but rising imbalances

    Growth is expected to remain robust in 2024−25 reflecting strong mining sector growth, bolstered by the increased production of higher‑grade copper and stronger coal exports to China, and the expansionary, and procyclical 2024 supplementary and draft 2025 budgets. Assuming the government’s spending plans on mega projects[1] is gradually phased in in line with external financing, fiscal deficits are expected to rise through 2029, raising gross financing needs, public debt, and fiscal risks. The output gap is estimated to remain positive through 2028.

    Expansionary fiscal policies are likely to widen Mongolia’s external and internal imbalances. Inflation is expected to continue to rise in 2024H2 and remain above target till 2026 due to the lagged effects of the substantial fiscal stimulus in the pipeline, additional stimulus from the 2024 supplementary and 2025 budgets, energy tariff increases, and strong credit growth. Current account deficits are expected to persist due to the high import intensity of investment projects, reducing GIR buffers, despite FDI and new external borrowing. 

    The forecasts are subject to considerable uncertainty related to the implementation pace, financing, and private sector participation in mega projects, which is still under discussion. The greater the reliance on domestic financing, the larger the impact on GIR, ER, and inflation given the high import intensity of capex. However, procuring external financing to the tune of 67 percent of 2024 GDP within 4−5 years will be difficult. Realistically, therefore, investments are likely to proceed gradually, as implementation runs into capacity and financing constraints, thereby improving macroeconomic outcomes relative to current forecasts.

    The outlook is also subject to downside risks stemming from commodity price volatility, uncertainty related to Chinese demand for coal, disruptions in fuel imports from Russia, and delays at China’s Tianjin port, a major transit point for Mongolia’s imports. Potential production and export delays in copper due to regulatory and procedural barriers pose risks. Natural disasters and geopolitical developments add uncertainty. On the upside, commodity prices or exports to China could be stronger than expected, especially in the near term. Moreover, new mining production could come onstream over the medium-term, boosting exports.

    Policies: Prudent commodity boom management to sustain growth momentum

    A. Fiscal tightening and adherence to fiscal rules: the top policy priority

    Fiscal policy tightening is necessary to ensure external and internal balance, build buffers during the current boom and to reduce the burden on monetary policy in confronting inflationary risks. To achieve fiscal consolidation while boosting investment, additional measures are needed to reduce current spending and boost non-mining revenues, such as containing the wage bill, targeting social assistance, increasing progressivity in personal income taxes, reducing tax exemptions, and tax and customs administration reforms (IMF 2023 Report).

    Reorienting spending toward infrastructure investment could enhance productivity, provided it is well managed and aligned with the economy’s absorptive capacity. The government should proceed cautiously given Mongolia’s external vulnerabilities, import dependence, limited domestic financing capacity, tighter global financing conditions, and weaknesses in public investment management (PIM). Building buffers during the boom helps create the fiscal space for a gradual, more effective implementation of critical public investment priorities. A more effective Medium-Term Fiscal Framework (MTFF) including capital expenditures is needed to guide capital spending and anchor fiscal and external risks. Investments should be well-prioritized based on proper feasibility studies, with sound implementation of PIM and PPP legislative frameworks to avoid corruption and unproductive projects.

    The adoption of a nominal debt ceiling of 60 percent of GDP is a major step forward in strengthening Mongolia’s fiscal rules, as it boosts transparency and accountability, and includes strong deterrence measures. Retaining the structural deficit ceiling helps contain excessive deteriorations in fiscal balances. Nevertheless, neither rule will be able to constrain spending sufficiently in the near term since the debt limit is not binding at present. The procyclicality of the new expenditure rules helps support spending when the economy is booming, and requires spending cuts when it is not, thereby aggravating economic cycles. The rules will need to place some constraints on total spending, which would also preempt potential spending misclassifications (IMF staff stand ready to assist the government in developing appropriate total spending constraints that could allow the government to undertake spending related to its reform and investment plans). Frequent changes in fiscal rules should be avoided as they undermine the effectiveness of the rules as a policy anchor.

    B. Ensuring tighter domestic financial conditions

    Monetary and macroprudential policies should continue to ensure that domestic financial conditions remain tight. Given the expected rise in inflation in the absence of fiscal consolidation, the BOM should ensure real policy rates remain high until there is greater certainty regarding the stabilization of inflation within the target band. In this regard, maintaining an unchanged monetary policy stance in September 2024 would have been better aligned with the BOM’s assessment of the inflationary outlook. The tightening of DSTI limits and reserve requirements to slow excessive credit growth in the banking sector, on the other hand, were timely and appropriate measures, though more maybe needed (below). The government’s plans to resume domestic debt issuances to establish a yield curve should help improve monetary policy transmission.

    C. Building external buffers to strengthen resilience, increase policy space for reforms

    External buffers should be increased to strengthen resilience to external shocks and create the room for an effective implementation of the government’s reform priorities. The BOM should allow greater ER flexibility to help absorb external shocks. The government should use its ability to monitor export contracts to better enforce SOE repatriation and the currency settlement law and undertake reforms to attract new FDI and external private financing (below). The newly established BOM-MOF-MOED working group to align the pace of investments with external stability considerations, is an excellent initiative and should help inform the government’s investment plans and the MTFF.

    D. Ensuring a sound financial sector

    Financial sector supervision should remain vigilant about emerging risks, notably credit risk, given the exceptionally strong credit growth across the financial sector. Enhanced financial soundness indicators during periods of strong economic and rapid credit growth can mask underlying vulnerabilities. It would be important to align the planned reduction in DSTI limits for NBFIs with the lower bank DSTI limits rapidly to prevent regulatory arbitrage to contain explosive consumer credit growth. Supervisors should ensure that DSTI limits are being effectively enforced, accelerate the use of FICO credit scoring, and discourage over‑leveraged consumers from additional borrowing by improving financial literacy. Adherence to NBFI regulations and a rapid approval of the upgraded NBFI regulatory framework would help reduce risks. BOM and FRC supervisors should identify and reduce interlinkages between banks and NBFIs to pre-emptively reduce financial sector vulnerabilities and systemic risks including through targeted onsite supervisions and special provisioning requirements, if necessary. The BOM Governor should be allowed to exercise powers granted by the Central Bank Law to nominate key personnel responsible for financial sector supervisory oversight immediately to facilitate financial sector risk management and reforms.

    The financial sector’s ability to lend to credit worthy entities should be strengthened through broader reforms. Insolvency and creditor rights must be improved to assist financial sector institutions address poor asset quality expeditiously. To keep banking sector reforms on track to meet the new end-2026 deadline, the BOM should continue to monitor the development of time-bound plans for shareholder diversification. Shareholder limits should be increased to ensure the effective management and operation of banks, including by allowing selected IFIs to invest in multiple banks.

    E. Strengthening soft infrastructure is just as important for sustainable growth

    Improving Mongolia’s business climate and governance is critical for strong and sustainable growth. Key priorities for soft infrastructure reform are—a strengthened Investment Law to cut red tape; accelerated overhaul of the Minerals Law; and approval of amendments to the SOE, Insolvency and the draft Whistleblower Laws. Effective enforcement of SOE governance reforms, and a strong judiciary is also necessary, as is ensuring the operational independence of BOM. The planned energy tariff reform is long overdue and necessary to secure energy supply to households and businesses while boosting long-term growth. Tariff increases should be well communicated, appropriately paced, and supported by targeted but temporary assistance to poor households to alleviate transition costs. Ensuring regulatory coherence with tax laws and effective tax dispute resolution processes would facilitate the operation of existing FDI projects and attract new FDI. The new Sovereign Wealth Fund is welcome but a strong governance framework for its sub-funds should be quickly established.

    An IMF team visited Ulaanbaatar to conduct the discussions during September 25–October 1, 2024. The IMF mission would like to thank the Mongolian authorities for frank and constructive discussions and their kind hospitality.

    Table 1. Mongolia: Selected Economic and Financial Indicators, 2021−29

     

    2021

    2022

    2023

     

    2024

    2025

    2026

    2027

    2028

    2029

    Actual

    Projections

           

    (In percent of GDP, unless otherwise indicated)

     

    National Accounts

           

       Nominal GDP (in USD million)

    15,286

    17,146

    20,315

    23,669

    27,242

    29,120

    31,569

    34,024

    36,400

       Real GDP growth (percent change)

    1.6

    5.0

    7.4

    5.5

    7.0

    6.0

    5.5

    5.5

    5.0

       Contributions to Real GDP (ppts)

           

          Domestic Demand

    17.6

    11.4

    5.6

     

    20.2

    8.3

    7.6

    10.0

    8.8

    7.2

             Exports of G&S

    -7.5

    13.9

    17.9

     

    1.6

    7.3

    6.5

    0.9

    2.8

    4.5

             Imports of G&S

    -8.5

    -20.3

    -16.2

     

    -16.4

    -8.6

    -8.2

    -5.4

    -6.1

    -6.6

             

       Consumption

    67.9

    65.8

    57.5

     

    61.5

    60.4

    61.5

    63.0

    63.6

    63.2

    Private

    53.0

    51.9

    44.5

     

    46.7

    45.8

    47.1

    48.7

    49.4

    48.9

    Public

    14.9

    13.9

    13.0

     

    14.7

    14.6

    14.4

    14.3

    14.2

    14.2

       Gross Capital Formation

    36.7

    42.3

    33.9

     

    35.9

    35.4

    35.3

    35.5

    35.8

    36.0

     Gross Fixed Capital Formation

    26.8

    29.8

    25.3

     

    26.6

    28.4

    29.3

    29.3

    29.6

    29.8

    Public

    6.8

    7.1

    7.4

     

    9.9

    10.3

    10.0

    10.0

    10.0

    10.0

    FDI

    13.5

    14.2

    10.7

     

    8.6

    9.3

    10.3

    9.9

    9.4

    9.1

    Domestic Private (including SOEs)

    6.5

    8.6

    7.3

     

    8.1

    8.8

    9.0

    9.4

    10.2

    10.6

       Gross national saving

    22.9

    28.9

    34.5

     

    29.0

    27.7

    27.0

    26.3

    26.2

    26.7

                         

    Prices

                       

       Consumer Prices (Avg; percent change) 1/

    7.4

    15.2

    10.3

     

    6.5

    9.0

    8.3

    7.6

    7.2

    6.7

       Consumer Prices (EoP; percent change) 1/

    13.9

    13.2

    7.9

     

    7.5

    9.5

    7.6

    7.5

    6.8

    6.5

       Copper prices (US$ per ton)

    9317

    8829

    8491

     

    9298

    9450

    9550

    9584

    9584

    9584

       Coal prices (US$ per ton)

    150

    123

    131

     

    115

    105

    105

    105

    105

    105

       GDP deflator (percent change)

    14.4

    17.7

    21.8

    10.0

    8.9

    6.7

    8.1

    7.1

    6.6

    General government accounts

       Primary balance (IMF definition)

    9.7

    2.2

    4.3

    1.8

    0.3

    0.3

    -0.3

    -0.4

    -0.1

       Total revenue and grants

    32.8

    34.4

    34.6

    37.6

    36.5

    35.6

    34.7

    34.4

    34.8

       Primary expenditure and net lending

    23.2

    32.2

    30.3

    35.9

    36.2

    35.4

    35.0

    34.9

    34.9

       Interest

    1.9

    1.5

    1.6

    1.4

    1.3

    1.3

    1.5

    1.5

    1.6

       Overall balance (IMF definition)

    7.8

    0.7

    2.7

    0.4

    -1.0

    -1.1

    -1.8

    -2.0

    -1.7

    Non-mineral primary balance (in percent of GDP)

    2.0

    -6.3

    -5.7

    -10.3

    -11.1

    -10.6

    -10.4

    -10.2

    -9.9

       Gross financing needs

    2.5

    3.8

    15.3

    5.2

    4.1

    10.1

    7.1

    7.8

    7.0

       General government debt 2/

    67.7

    64.5

    46.8

    42.4

    40.0

    40.7

    42.4

    44.8

    47.3

          Domestic

    3.2

    4.4

    3.4

    3.6

    3.0

    3.3

    3.5

    3.8

    4.0

          External

    64.6

    60.1

    43.4

    38.7

    37.0

    37.5

    38.9

    41.0

    43.3

    Monetary sector

    Broad money growth (percent change)

    13.8

    6.5

    26.8

    20.0

    15.9

    11.9

    12.3

    11.8

    14.2

    Reserve money growth (percent change)

    6.5

    39.9

    7.4

    20.1

    13.7

    11.9

    12.3

    11.8

    12.1

    Credit growth (percent change)

    18.1

    8.6

    22.0

    24.0

    16.0

    14.2

    13.5

    13.5

    13.5

    Balance of payments

    Current account balance

    -13.8

    -13.4

    0.6

    -6.9

    -7.7

    -8.3

    -9.2

    -9.5

    -9.3

    Exports of goods 3/

    53.2

    57.5

    68.5

    62.7

    60.0

    58.9

    55.1

    53.1

    53.3

    Imports of goods

    44.3

    50.3

    46.1

    48.8

    45.4

    45.4

    43.7

    43.7

    43.7

    Gross official reserves (in USD million) 4/

    4366

    3400

    4921

    5027

    5140

    5828

    6736

    7159

    7580

          (In months of imports)

    4.3

    3.0

    3.7

     

    3.6

    3.4

    3.7

    4.0

    4.0

    4.0

    Net International Reserves (NIR) 7/

    779.1

    -796.6

    570.3

     

    (net of bank’s FX deposits held at the BOM)

    3612

    1949

    3612

     

    Net international reserves (NIR) 5/

    779

    -797

    720

                 

    Exchange rate

                       

    Togrog per U.S. dollar (eop)

    2849

    3445

    3411

     

                         

    Sources: Mongolian authorities; and IMF staff projections.                                                                                                                                      

       

    1/ Will be revised to reflect planned energy subsidy removal.

    2/ Excludes BOM liabilities to PBOC. Domestic debt includes government’s liabilities to BOM related to the TDB settlement with regard to Erdenet as well as DBM’s domestic FX borrowing and DBM’s borrowing from BOM.

    3/ The projections assume coal export volumes for 2024 and 2025 in line with the 2025 medium-term fiscal framework (75 and 80 million tons, respectively), gradually rising to 95 million tons by 2029, reflecting higher coal demand from China and better coal transportation services; Oyu Tolgoi’s revised medium-term copper production and FDI plans; and updated information on SOE off-take contracts.

    4/ Gross official reserves includes drawings from the PBOC swap line and IMF SDR allocation in 2021.

    5/ NIR is defined as GIR excl. commercial banks’ and government’s US$ deposits held at the BOM, the PBOC swap line, and liabilities to the IMF.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/14/mcs-mongolia-concluding-statement-of-the-2024-imf-staff-visit

    MIL OSI

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  • MIL-OSI USA: Statement from Vice President Kamala  Harris on the Passing of Former U.S. Senator Tim  Johnson

    US Senate News:

    Source: The White House
    Senator Tim Johnson was a tenacious fighter for the people of South Dakota. Throughout his career—as a member of the South Dakota legislature, as the state’s sole representative in the U.S. House of Representatives, and as a U.S. Senator—he brokered compromise and advanced commonsense solutions that improved the lives of South Dakotans and all Americans. Senator Johnson secured support for critical water infrastructure that delivered clean water to communities across South Dakota, including Native reservations and rural communities across the state. He played a vital role in passing the Affordable Care Act, which delivered high-quality, affordable health care to millions of Americans, including tens of thousands of South Dakotans. And as Chairman of the Senate Banking Committee, he championed community banks and housing finance reforms to help ensure that rural communities across the nation have the support they need to access safe and affordable housing. His life and legacy will be felt by generations of South Dakotans and all Americans to come. Doug and I send our prayers to his wife, Barbara, and the entire Johnson family. 

    MIL OSI USA News