NewzIntel.com

Category: Economy

  • MIL-OSI Australia: Filling critical teacher gaps

    Source: Australian Education Union

    30 September 2024

    State and territory efforts to encourage more people to take up teaching degrees received a boost from the federal government this year with new federal scholarships and financial support during practicums.

    Applications for the second round of Commonwealth Teaching Scholarships will open later this year, with another 1000 on the table.

    The government is also putting $2.4 million into a strategy to attract and retain more Aboriginal teachers and Torres Strait Islander teachers.

    Meanwhile, the new Commonwealth Practicum Payment will help support teaching students from 1 July 2025 while they are undertaking their placements.

    Scholarships offered by state and territory governments and not-for-profit organisations, such as the Public Education Foundation, are already helping to smooth the way for aspiring teachers, but more support is needed.

    The federal Department of Education predicts a shortage of 4100 teachers by 2025. Fewer people are choosing to enrol in teaching degrees and dropout rates are significant, with only about half the students completing their degree.

    About 20 per cent of graduates leave the profession within the first three years, according to federal government data, and many experienced teachers are leaving before retirement age.

    The AEU’s latest research has revealed teacher shortages at almost 83 per cent of 953 schools. While that’s less than last year’s record highs, it remains at almost triple historic rates.

    About 40 per cent of principals in the 2024 AEU State of our Schools survey reported an increase in pre-retirement resignations from teachers over the past year. Some are moving to a non-education role (26.8 per cent) or to a private school (18.5 per cent). Others are taking a break from employment (21.1 per cent).

    More than half of the principals (51 per cent) surveyed said it had become much harder to suitably fill staff vacancies across all areas of the curriculum, and another 30 per cent said it was harder.

    Some schools were forced to run classes without a teacher, split or merge classes, or reduce the range of specialist classes offered.

    Almost one third of 12,381 teachers surveyed (30 per cent) said they planned to leave teaching before retirement, and only 15 per cent were certain that they would not leave.

    Heavy workloads (68 per cent) and the burden of admin and compliance work (43 per cent) were the main reasons for wanting to leave, but teachers are also finding student management issues increasingly cumbersome.

    The National Teacher Action Workforce Action Plan, developed in 2022, called on state and territory governments to act on teacher shortages.

    The federal government is taking further steps to mitigate the crisis, building on initiatives such as the Workload Reduction Fund and HECS relief.

    Commonwealth scholarships

    The federal government is hoping to encourage more people to undertake initial teacher education (ITE), offering a total of 5000 scholarships to students commencing full-time studies in the years 2024 to 2028. The scholarship offers undergraduates $40,000 spread across four years. Postgraduates receive $20,000 spread across two years.

    The scholarships include a “commitment to teach” in public schools or early learning settings. The commitment will be the equivalent to the years of study undertaken, up to four years for undergraduates and up to two years for postgraduates.

    Scholarship recipients who complete their final practical experience placement in a remote location may be eligible for a top-up payment of $2000.

    Commonwealth Practicum Payments

    Helping to prevent “practicum poverty” is behind another new initiative aimed at addressing teacher shortages.

    AEU federal president Correna Haythorpe says students have carried the financial burdens of their practicums for too long.

    “They’ve often had to give up part-time work and experienced placement poverty for weeks on end while finishing their studies,” she says.

    Students who are women, mature-age, lower socio-economic, and/or from an Aboriginal or Torres Strait background often carry the heaviest burdens as they juggle study with paid work and caring responsibilities.

    From 1 July 2025, eligible students will be able to access $319.50 per week while they are undertaking an unpaid mandatory placement.

    The payment will be means-tested and will not replace any existing support currently available to students via state and territory governments.

    First Nations Teacher Strategy

    Attracting and retaining Aboriginal teachers and Torres Strait Islander teachers is another area being targeted by government. It has allocated $2.4 million to develop and implement the First Nations Teacher Strategy.

    The strategy will be developed in partnership with a First Nations organisation and aims to improve ITE completion rates; successfully transition and support Aboriginal people and Torres Strait Islander people into teaching roles; and build cultural responsiveness across education settings.

    In 2020, an estimated 6577 Aboriginal teachers and Torres Strait Islander teachers were registered nationally. Just under half the registered teachers (48 per cent) were based in regional and remote areas.

    Dyonne Anderson, a Githabul woman who is chief executive of the Stronger Smarter Institute and president of the National Aboriginal and Torres Strait Islander Principals’ Association (NATSIPA), says at least 77 per cent of schools have Aboriginal students and Torres Strait Islander students enrolled, 84 per cent of those are in government schools.

    “Yet we form 1.4 per cent of the professional teaching workforce and even less if you are a principal of a school,” she says. Anderson stresses the importance of increasing the number of Aboriginal teachers and Torres Strait Islander teachers given the growth in the Aboriginal and Torres Strait Islander student population. Numbers are up by 46 per cent since 2018 compared with a 12 per cent increase for all other students.

    “Non-Aboriginal teachers will, at some time in their career, be exposed to Aboriginal and Torres Strait Islander students and it very much concerns me that we are not setting up teachers to be culturally responsive,” says Anderson.

    “There are teachers with bias who don’t even know that their own upbringing and their white middle-class views can be harmful and they have misinformation around our students.”

    There is also a need to increase mentoring support to prevent graduate teachers from leaving within the first five years, says Anderson.

    “We have an increasing number of First Nations principals who are coming to the end of their careers so there’s going to be a gap in regard to the supports and mentoring that needs to occur to set First Nations teachers up for success.”

    A First Nations mentoring scheme was introduced by the NSW Department of Education in partnership with NATSIPA. The scheme linked experienced principals with Aboriginal teachers and Torres Strait Islander teachers who had up to six years’ experience.

    Anderson says the aspiring leaders need support from educators who know the system but also understand the additional challenges of Culture and cultural responsibilities and racism.

    Coaching and mentoring modules based on a Stronger Smarter Approach framework were designed and delivered, resulting in a significant shift, says Anderson.

    “Middle leaders moved into principalship roles while others were promoted to additional executive roles including director.”

    After visiting 92 schools, many in remote communities, in her role on the National School Reform Agreement expert panel, Anderson advocates recognising alternative pathways to boost teacher numbers.

    “Some of the First Nations support teachers were the most outstanding teachers I have seen. They were able to instruct in language and then in English, English being their third, fourth language and they had so much respect from the children within the classrooms. With alternative pathways and recognition of prior learning we would not be facing a teacher shortage.”

    Full funding is vital

    While the AEU has welcomed the latest federal government initiatives, it is urging the government to do more to support the teaching workforce by fulfilling its promise to fully fund every child across Australia.

    Haythorpe says the teacher shortages are directly connected to funding shortfalls. Australia’s 6712 public schools are underfunded by $6.5 billion this year and by at least $6.2 billion every year to 2028, a total of $31.7 billion over five years to 2028.

    “The failure to invest in our schools across the past decade has meant that we’ve got an attraction and retention problem, so it’s no accident that this is where we’re at,” she says.

    Haythorpe says more needs to be done including to address chronic workloads and to fully fund professional development and mentoring programs to support teachers as they begin their careers.

    Full funding would allow for smaller class sizes and increased support staff in classrooms, reducing the immense pressure felt by teachers and trainee teachers across the country.

    Scholarship fuels career change

    When Catherine Spencer made a career change from the corporate world to special education teaching, a scholarship helped smooth the way.

    She was feeling her way into a new career when she came across the Teacher Education Scholarships offered through the NSW Department of Education.

    The scholarship currently offers up to $7500 per year, a $6000 appointment allowance, and a permanent teaching position following the successful completion of studies.

    To be eligible you must be enrolled in an ITE degree, or studying to become a secondary teacher, or inclusive/special education teacher.

    Spencer saw special education teaching as a chance to give back. Her son had faced some challenges at school and the amazing support he received from his public school led her to consider a teaching career.

    The scholarship helped cement her decision: “It provided me with an opportunity to study and then work in the public school system with students who have complex support needs.”

    She was hooked from her first practicum: “It was a mainstream prac but as soon as I did it, I knew this is what I want to do.”

    Now an assistant principal and Year 7 and 9 teacher at William Rose School, a special education school in Sydney’s north-west, and on the verge of completing her Masters in Education with a focus on special education, she has no plans to leave the teaching profession any time soon.

    Mentoring is the added bonus

    Larissa Boyes tells anyone who will listen how much she loves the Teacher Intern Placement Program (TIPP) in Tasmania.

    “I highly recommend it to anyone I speak to,” she says.

    The program for pre-service teachers offers a $30,000 scholarship with recipients completing their final year of study in a Tasmanian public school.

    During that year they work alongside an experienced mentor teacher and there is the potential for paid employment in Terms 3 and 4 on a limited authority-to-teach. The mentor is given dedicated time to support the recipient’s development and the recipient is given time to study.

    Now teaching Year 3/4 three days a week at Burnie Primary School in Tasmania’s north-west, Boyes raves about the guidance provided by her mentor, Year 1 teacher Kendall Sandman. From policies and resources to practical pointers, the mentoring has proved invaluable.

    “So many little helpful tips and tricks – I’ve come into the classroom already having a good idea of how I want to handle things, how to set up group work, how to set up routines, and expectations and behaviours,” says Boyes.

    “We are constantly talking about my practice, about how lessons have gone, what would I want to do to further improve them.”

    As a teacher’s aide in a kindergarten class for four years, Boyes worked with a lot of teachers new to the profession: “So many of them have told me that they weren’t prepared, they didn’t know what to expect heading into the classroom.”

    Refugee support and mentoring

    Rasha Alzahri missed four years of her primary school education when her family left war-torn Iraq and moved to Australia via Jordan.

    It’s an experience that has given her empathy for other children in a similar position and fuelled her desire to become a teacher.

    “I just wanted to be around children and help them as well,” she says.

    Having recently successfully completed her first practicum with Year 3 students in Sydney’s western suburbs she’s determined to keep going with her full-time studies.

    A $12,000 scholarship via the Public Education Foundation, a national not-for-profit organisation, helps cover the cost of her studies, paying for a laptop, tutoring fees, and transport. She is grateful that the financial support allows her to focus solely on her studies.

    “It’s very hard to work and maintain a job while doing full-time university, and because it is in another language it’s really hard. I need extra time to study and to do my assignments,” she says.

    When she graduates, she’s keen to teach in Sydney’s western suburbs, where many children have a refugee or migrant background.

    “I want to be surrounded by children and help them grow and develop from what I can provide for them,” she says.

    Leadership goals

    Second year university student Yara Salman has appreciated having the help of a scholarship as she’s taken her first steps towards a career in teaching.

    “I’d like to have a class at the start and then the more experienced I get, I’d like to be in leadership roles in schools.”

    Like Alzahri, she missed four years of her primary school education when her family left Iraq and she’s now making up for lost time.

    “When I came to Australia and saw the education system and the teachers here I was inspired to become a teacher and be a role model for children,” she says.

    A $12,000 Public Education Foundation scholarship spread across three years has helped cover the cost of a laptop, printer, university tuition and fees, and travelling expenses.

    She encourages other students to apply for a scholarship. “Sometimes students are scared to apply, even me, what if it’s not accepted?”

    The scholarship also connects recipients with support of another kind: a mentor.

    “You can schedule monthly meetings. You can speak to them, seek advice, have a little chat,”
    Salman says.

    By Christine Long

    This article originally appeared in the Australian Educator, Spring 2024

    MIL OSI News –

  • MIL-OSI New Zealand: The Auckland Future Fund launched

    Source: Auckland Council

    The Auckland Future Fund has formally launched as Auckland Council’s new council-controlled organisation and regional fund.

    The fund, which is in place to enhance the region’s physical and financial resilience, was formalised by its new Board of Directors on Friday, September 27, through the signing of the trust deed and other founding documents.

     “This is an exciting milestone for the Auckland Future Fund – we now have the fund entity in place and we can continue building the foundations that will contribute to it enhancing Auckland’s physical and financial resilience,” said board chair Christopher Swasbrook.

    “This is a long-term initiative and it is early days, but as a board we are looking forward to shaping and influencing the fund which will not only help protect the Auckland region, but also provide long-term capital growth and cash distributions to help fund council services.”

    Liaison councillor Christine Fletcher said the fund represents a new direction for Auckland Council that will stand the region in good stead, as an enduring asset for Auckland.

     “The Auckland Future Fund has been a work in progress but it is pleasing to now see it now in place and able to work for all Aucklanders,” says Mrs Fletcher. “I am personally very excited about what the fund represents and its potential to provide not only certainty but also returns for our region.”

    The future fund was confirmed in June through the council’s Long-term Plan 2024-2034. It is estimated to provide the council with around an additional $40 million of cash returns per year from 2025/26.

    The fund will initially be capitalised with the council’s remaining Auckland International Airport Limited shares.

    The Auckland Future Fund will operate under the high-level direction of the council, but through an independent structure.

    The Board of Directors – chair Chris Swasbrook, Craig Stobo and David Callanan – were recently appointed to lead the fund, following a robust appointment process that received unanimous support from the Performance and Appointments Committee and the council’s independent advisory board Houkura.

    Frequently asked questions

    What is the Auckland Future Fund?

    The Auckland Future Fund is an investment for current and future Aucklanders and is designed to enhance the Auckland region’s physical and financial resilience.

    By diversifying Auckland Council’s major investments, the Auckland Future Fund is part of a financial strategy to better protect and strengthen Auckland in times of need.

    How does the fund work?

    The fund sees the council moving from one key investment to many, adding diversity by investing across different entities, sectors and locations.

    The fund has also been established to deliver revenue to help fund services and reduce reliance on rates. It is estimated it will provide an additional $40 million per year to council, from 2025/2026.

    The Auckland Future Fund was introduced as part of Auckland Council’s Long-term Plan 2024-2034. It launched in September 2024. The intent is for the fund to create long-term benefits for the Auckland region and protect the value of intergenerational financial investments.

    How is the fund set-up?

    As a council-controlled organisation, the Auckland Future Fund operates under the high-level direction of Auckland Council but through an independent structure, where the trustee’s board makes all key decisions.

    The board are guided by a clear set of investment objectives and policies set by Auckland Council. Established as a trust, there are strict protections over the fund’s assets. In particular, the protections require the fund to maintain the real value of its capital over the long term. Further protection is also being sought via the introduction of a local bill.

    How will the investments work?

    The fund will initially be capitalised with the council’s remaining Auckland International Airport shares. The council is assuming average annual returns of 7.24% per annum from the fund over the long term, after management costs. Of the projected return, 5.24% will be returned to the council as an annual cash distribution, with the remainder retained to protect the real value of the fund over time.  The council may decide to transfer other investments into the fund at a later date.

    What’s the next step?

    Now the Auckland Future Fund is established formally as a trust, the board’s next priority will be looking at how best to diversify the investment in Auckland International Airport to spread the financial risk and to meet its purposes of providing positive returns, and maintaining or growing the fund over the long term.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Interview with Ross Solly, Canberra Drive, ABC Radio

    Source: Australian Treasurer

    ROSS SOLLY:

    Earlier this week, Andrew Leigh and I stood cheek‑by‑jowl expressing our Oreo outrage when we discussed that Oreos were leading the charge in terms of items that were being bumped up to ridiculous price levels by supermarkets as part of their campaign. Now, today, Andrew Leigh, the Assistant Minister for Competition, Charities and Treasury, released an interim report from the ACCC into the supermarkets. And look, it basically confirmed everything that we might have already known. Andrew Leigh joins us on the program. Good to have you on the show, Andrew Leigh.

    ANDREW LEIGH:

    Thanks, Ross, great to be back with you. Now, I was in a supermarket this afternoon and I saw Oreos that were half price. I nearly picked you up a pack.

    SOLLY:

    Isn’t that amazing? Andrew Leigh, who says that the radio has no power anymore.

    LEIGH:

    Exactly. I think the Canberra supermarkets are listening.

    SOLLY:

    That would be judging by the report that you handed down today, a bit of an outrider, because it seems that the ACCC is finding that the big 2, especially the big 2 – Coles and Woolworths – are taking advantage of their market power.

    LEIGH:

    Yes, that’s right. They’ve got 67 per cent of the market and the ACCC has pointed to a range of different ways in which they might be throwing their weight around with their consumers and with their suppliers, which as economists say, exercising monopoly power down and monopsony power up. It talked about the issue of land banking – which might keep out potential competitors, about the way in which discounting practices are sometimes too opaque. Multiple product discounts that make it hard to compare across stores and then also this phenomenon of shrinkflation, where suddenly you discover that there’s not as many Tim Tams in the packet and yet the price has stayed the same.

    SOLLY:

    Yeah, which is a bit of a surprise. On the land banking, Andrew Leigh, what powers do you have? Does the government have or what powers might you need to bring in to force? I mean, one of them, I can’t remember whether it’s Coles or Woolies, owned about more than 100 blocks that weren’t developed on the other one, had dozens of blocks. What powers are there to make them actually either hand those blocks over or actually do something with them?

    LEIGH:

    Well, it’s a pure state and territory issue, Ross which is why we’ve got National Competition Policy going again. We want to work with states and territories on some of these issues that cross across the federation – because whether it’s your federal government, your state government or your territory government – they want to make sure consumers are getting a fair deal. We’ve got to ensure that companies are either building or else handing the land back.

    SOLLY:

    Sorry to jump in. As the Minister for Competition, do you know whether most states and territories have those powers, like, for example, here in the ACT? Are there examples here of land banking going on that you’re aware of?

    LEIGH:

    Yeah, I mean, it’s an ongoing concern, Ross. I’ve certainly had people contacting me saying this development hasn’t gone ahead, why is it sitting there looking like an eyesore? But the extra layer on this is that there’s a competition angle that doesn’t always apply with other forms of development. So, you might have a housing development that languishes for a while. That’s frustrating for the people in the local neighbourhood, but a supermarket site that’s locked up can have an impact on the prices that people are paying every day. So, what we’re doing with the states and territories is making sure they’ve got that competition lens when they’re looking at these planning and zoning approaches. And they’ve been really constructive – Daniel Mookhey, Andrew Barr, the other state and territory Treasurers in engaging on this competition issue.

    SOLLY:

    But have they been going hard enough? I mean, I’m just looking here, it’s Woolworths that has 110 vacant sites nationwide. The Treasurers and the Premiers and the Chief Ministers maybe aren’t going hard enough. They’re not bringing out the big stick yet. Andrew Leigh is it time they did?

    LEIGH

    So, well, we’ll be working through that with them, Ross. They’ve all got different rules about how long an operator can hold on to a particular site. What we need to do through a National Competition Policy is ensure that they’ve got that clear competition lens in what they’re doing. The National Competition Policy has a great lineage. When we got a guy in the 1990s, it produced a permanent lift in GDP of 2.5 per cent. That’s about $5,000 for every Australian household. The issues are different now, but the framework’s the same. We’ve got to get more competition, more dynamism in the economy, not just in supermarkets, but in everything from banking to baby food to beer.

    SOLLY:

    Yeah, I’m just worried, though Andrew Leigh, I mean, we can sit here and we’ve talked about this day‑in day‑out, unless the states and the territories are actually given the tools or bring the tools in to take some action, Coles and Woolies will see this and they’ll go, oh, here’s just another report. We’ll just go on business as usual. Maybe divesting is something that you need to start looking at seriously. I know every time we raise it, you push it to one side, but the Liberal Party is keen on it. The National Party is keen on it. There seems to be a growing momentum, Andrew Leigh, for this to be taken seriously.

    LEIGH:

    Well, Ross, it’s not just me that’s sceptical about this. Every major competition review going back a couple of decades, the Dawson Review, the Harper Review, the Hilmer Review, have all recommended against divestiture. Craig Emerson didn’t recommend it. His review of the food and grocery code, the National Farmers’ Federation don’t support it, the ACTU aren’t calling for it and where it exists in other countries, it’s very rarely used. And that’s why we’re focusing on these measures that we know will make a practical difference.

    SOLLY:

    Maybe it’s not used, though. Andrew Leigh because it’s there. It’s there and it’s available. And the supermarkets know that the government in that country has that power available to them if they want it. I mean, you may never use it. You might never use it, but imagine having that up your sleeve and then you get delivered a report saying 2 big supermarkets are taking the mickey, they’re buying up all this land, they’re not using it, they’re fleecing people at the till. Imagine then if you just roll up your sleeve and say, look what I’ve got here.

    LEIGH:

    Well, Ross, we’re listening to the experts on this and the experts are saying you need merger reform, National Competition Policy, a mandatory Food and Grocery Code of Conduct. They’re some of the things we’re getting on to do. We’ve got the CHOICE price monitoring, which came out yesterday showing slightly different results in the first time round. First time round here in the ACT, it was Woolies that got the silver medal, this time Coles that got the silver medal. Aldi’s come in gold both times. That’s important information for people knowing how much they can save by shopping around.

    SOLLY:

    Do you think Aldi needs to be given, and I know you can’t, governments can’t pick favourites, but I wonder whether Aldi needs to be given a bit of a leg‑up here because obviously, I mean, the surveys are showing they’re the cheapest option.

    LEIGH:

    Yeah, they’ve certainly grown their market share going up to about 9 per cent of the market, but they don’t offer a full range of groceries, which is why the average Aldi is located just 400 metres from a Coles or Woolies. So, they’re encouraging people to do some shopping there and some shopping at Coles and Woolies. I think that’s happening more frequently. The jurisdictions that need most assistance are Tasmania and the Northern Territory, which don’t have an Aldi, and therefore their shoppers are missing out on that 25 per cent cheaper groceries in those jurisdictions.

    SOLLY:

    I don’t. I hate gotcha journalism. I’m not going to do gotcha. But I just want to know, Andrew Leigh, are you saying that divestiture is off the table? It’s never, never. It’ll never happen.

    LEIGH:

    Look, it’s not our focus right now, Ross. You ask the experts on this. We asked Dawson, Harper, Hillmer, Emerson. They don’t point to it. They point to a range of other things and that’s what we’re doing. We’ve got a big, ambitious competition reform agenda focused on things that we know and that the experts say will make a difference.

    SOLLY:

    Alright. I think the shoppers would love that to happen. Quarter to 6, we’re chatting with Andrew Leigh, who’s the Assistant Minister for Competition Charities and Treasury. Just one other thing on this. I noticed Wayne Swan today, former Treasurer, saying that he, he thought that the way the supermarkets have been behaving had actually pushed up inflation. Is he right?

    LEIGH:

    Well, if the claims are found to be true, and obviously they’re before the courts right now, then that would mean that Australians had paid more for their groceries. These so called fake discounts, which were applied when Coles and Woolies allegedly increased the price of certain things like Oreos for a couple of weeks and then dropped them and advertised them with a price drop sticker. Now we’re talking about 500 products on which Australians would have spent millions of dollars. So, yes, that would have had an impact on inflation. I don’t think it’s going to be the major driver of inflation over this period, but it will be there in the statistics.

    SOLLY:

    Andrew Leigh, thanks for your time on a Friday afternoon. Who’s going to win the footy tomorrow, by the way?

    LEIGH:

    Let’s hope the Swanies get over the line.

    SOLLY:

    All right. I think there’s a lot of listeners who would agree with you. Thank you, Andrew Leigh.

    LEIGH:

    Thanks, Ross. Thank you.

    MIL OSI News –

  • MIL-OSI Australia: $150 million to make SEQ an innovation powerhouse

    Source: Australian Executive Government Ministers

    South East Queensland (SEQ) is set to become an innovation powerhouse thanks to more than $150 million of investment in infrastructure to boost the region’s innovation economy.

    The SEQ Innovation Economy Fund is part of the $1.8 billion SEQ City Deal, a partnership between the Australian Government, Queensland Government and Council of Mayors (SEQ), which aims to improve the accessibility, prosperity and liveability of the region – home to around four million residents.  

    Eligible local governments, industry, public and private entities can now apply for funding for capital projects that will deliver new and improved innovation infrastructure in SEQ and help grow high-value, knowledge-intensive jobs across the region.

    The Australian and Queensland Governments have committed $50 million each to create the fund, with at least $50 million in co-contributions required from industry.

    The fund aims to support capital projects which will:

    • develop infrastructure within existing SEQ innovation precincts to accelerate the delivery of high value, future-focussed employment opportunities
    • grow the SEQ innovation economy through the development and commercialisation of innovative products, services or processes using new and sustainable technologies
    • develop new and leverage existing partnerships that strengthen the SEQ innovation economy to drive greater economic, environmental and social outcomes for the region.

    Funding of up to $25 million is available for major capital projects that include new builds, extensions or refurbishments of innovation infrastructure, the purchase and installation of new equipment, or innovation-specific expansions to current capital projects.

    Funding of up to $5 million is available for minor capital projects including refurbishments and the purchase and installation of new equipment. 

    Applications for the SEQ Innovation Economy Fund close 22 November 2024. More information can be found at https://advance.qld.gov.au/grants-and-programs/innovation-economy-fund.

    Quotes attributable to Federal Minister for Cities Jenny McAllister:

    “We want to help grow South East Queensland’s innovation economy.

    “Investing in future technologies and industries will drive innovation, create more high value job opportunities and make South East Queensland an even more exciting place to work and live.”

    “The Albanese Government is working closely with our state and local government partners to deliver initiatives that benefit the community and support the local economy.”

     Quotes attributable to Queensland Minister for State Development and Infrastructure Grace Grace:

    “The SEQ City Deal is a partnership between three levels of government with the aim of supporting jobs, improving connectivity and preserving and enhancing the SEQ region’s liveability.

    “SEQ is an emerging economic powerhouse, with thriving industries and businesses offering new opportunities for employment and business growth for liveable and sustainable communities for the future.

    “The SEQ Innovation Economy Fund will help local governments, industry, public and private entities deliver new and improved innovation infrastructure in SEQ and help grow high-value jobs across the region.”

    Quotes attributable to Queensland Minister for Science and Innovation Leanne Linard:

    “The Queensland Government is committed to building a groundbreaking and thriving innovation economy in South East Queensland.

    “Brisbane, in particular, is one of the fastest growing tech hubs in the country, with more than 185,000 residents expected to be employed in tech hub industries by 2030.

    “This investment by the SEQ Innovation Economy Fund will drive further growth in our critical innovation industries and accelerate the creation of new and exciting knowledge-intensive jobs of the future.”

    MIL OSI News –

  • MIL-OSI Australia: Labor delivers biggest ever back-to-back surpluses

    Source: Australian Treasurer

    The Final Budget Outcome for 2023–24 shows the Albanese Government’s responsible economic management has delivered a second consecutive budget surplus.

    The Albanese Government has delivered the first back‑to‑back surpluses in nearly two decades.

    Today’s underlying cash surplus of $15.8 billion (0.6 per cent of GDP) follows the $22.1 billion (0.9 per cent of GDP) surplus delivered in 2022–23.

    In dollar terms, these are the biggest back‑to‑back surpluses on record.

    This means Labor has delivered the largest nominal improvement in the budget position in a Parliamentary term.

    Our back‑to‑back surpluses are helping in the fight against inflation, and that’s been acknowledged by the RBA Governor.

    The government’s budget strategy strikes the right balance between fighting inflation, rolling out responsible cost‑of‑living relief, supporting growth in our economy and strengthening public finances.

    The budget position has improved by $172.3 billion across the past two years compared to what we inherited from our predecessors.

    The stronger budget position means gross debt is $149.1 billion lower in 2023–24 than what was forecast at the election, which means we avoid around $80 billion in interest costs over the decade.

    The surplus is larger than what was forecast at the time of the 2024–25 Budget entirely due to lower payments, not higher taxes.

    In fact, compared to what was forecast at the budget, the tax take went down, not up.

    Payments are $10.2 billion lower than forecast, largely driven by lower demand for some programs and delays in some payments.

    Tax receipts are $5.3 billion lower than forecast, with a challenging outlook ahead as global economic uncertainty has weighed on the prices of our key commodities.

    We’ve been able to turn two big Liberal deficits into two big Labor surpluses because of our responsible approach which includes a combination of banking revenue upgrades and spending restraint.

    We have returned 87 per cent of upwards revisions to tax receipts in 2023–24 since coming to Government. Our predecessors only returned around 40 per cent.

    The level of real payments is now lower than what we inherited. After falling 4.9 per cent in 2022–23, real payments grew in 2023–24 by 2.9 per cent. Real spending growth under our predecessors averaged 4.1 per cent.

    Since coming to Government, we’ve found $77.4 billion in savings and re‑prioritisations, including $12.2 billion in 2023–24, compared to zero expenditure savings in the last budget of our predecessors.

    Payments as a share of GDP were 25.2 per cent of GDP in 2023–24, lower than the 27.1 per cent of GDP forecast at the time of the election.

    If we took the same approach as our predecessors, we wouldn’t have come close to delivering back‑to‑back surpluses.

    We’ve delivered two surpluses at the same time as we’ve rolled out responsible cost‑of‑living relief including tax cuts for every taxpayer, energy bill relief for every household, cheaper medicines, cheaper child care and the first consecutive real increases to the maximum rates of Commonwealth Rent Assistance in three decades.

    While we’ve been able to deliver these surpluses, we know that structural pressures on the budget are intensifying rather than easing.

    We’ve taken decisive action to address some of the biggest structural spending pressures on the budget through our reforms to the National Disability Insurance Scheme and aged care system and our responsible budget management which means we avoid tens of billions of dollars in interest payments on the Liberal debt we inherited.

    Our economic plan is all about easing the cost of living and fighting inflation at the same time as we lay the foundations for a stronger economy for the future, and back‑to‑back budget surpluses help on each of these fronts.

    MIL OSI News –

  • MIL-OSI Australia: Interview with Steve Cannane, RN Breakfast, ABC Radio

    Source: Australian Treasurer

    STEVE CANNANE:

    With interest rates not budging and the Reserve Bank Governor remaining cautious about the sticky inflation figures, the federal government has been eager to find some good economic news, and today, no doubt, they’ll be talking up the Final Budget Outcome for last financial year, which confirms the government has delivered the first back‑to‑back budget surpluses in almost 2 decades, with a surplus of $15.8 billion, which is higher than expected.

    The latest update comes as the federal Treasurer Jim Chalmers has returned from Beijing where he co‑chaired the Australia‑China Strategic Economic Dialogue, and he joins us now. Treasurer, thanks for coming on.

    JIM CHALMERS:

    Thanks for the opportunity, Steve. How are you?

    CANNANE:

    I’m very well, thanks. We’ll come to the economy and your trip to China in a moment. But, first, we have seen an escalation over the weekend in the Middle East with attacks from Israel on targets in Lebanon and now Yemen. How concerned are you and the government about a broader regional conflict breaking out in the Middle East?

    CHALMERS:

    Very concerned. We don’t for one second mourn the death of a leader of a terrorist organisation, but we do mourn the deaths of innocent victims, and too many innocent lives have been lost already. That’s why we need a ceasefire so that the senseless killing of families stops.

    Our primary concern here is the human cost, but obviously a broader regional war, the escalation of this very troubling regional conflict, will have economic consequences as well.

    CANNANE:

    You are just back from China, and China has a series of economic challenges – the housing market is slumping, property developers have been going bust. It seems like the country may not meet its economic growth targets of 5 per cent. Did you see any evidence while you were there that they have got a sensible plan on how to deal with those problems?

    CHALMERS:

    Yes, I did. There couldn’t have been a more important time for us to restart our Strategic Economic Dialogue with China. It’s a really important part of stabilising the relationship, which is full of complexity and full of economic opportunity.

    While I was there the Chinese authorities announced some quite substantial steps when it comes to supporting growth in the Chinese economy. We’ve made it really clear that weakness in the Chinese economy has been a big concern for us. It’s a big part of the global economic uncertainty that we’re dealing with. The government’s efforts to support more economic activity in the Chinese economy, they are good for Australia and they’re very welcome.

    CANNANE:

    Steelmakers have been struggling in China. What impact will that continue to have on iron ore prices and the budget bottom line in Australia?

    CHALMERS:

    Already in the course of last week there were 2 key days – Tuesday and Thursday – and through the course of the week the iron ore price recovered a little bit, not a lot, but it recovered a little bit. That is a sign of the very positive response to the announcements made by the Chinese government, the Chinese authorities.

    They’ve got issues in the property sector which they are trying to address and trying to deal with. There are obviously issues with consumption, and so these efforts that they’re putting in to boost their economy, to support more activity in the economy, it’s a good thing for Australia.

    If you look at our Treasury forecasts in the Budget, we’re anticipating the weakest few years of Chinese growth really since that economy opened up in the late 1970s. That’s been a big concern for us. We’ve been upfront about that. Any efforts to try to turn that around in China is a good thing for us.

    CANNANE:

    We haven’t heard any announcements on the lifting of trade restrictions on Australian lobsters. Why is China being so stubborn around that export market?

    CHALMERS:

    A little bit more work to do, but we shouldn’t forget that of the $21 billion in trade restrictions, about $20 billion of those have been lifted because of the good work of the PM, Trade Minister Farrell and Foreign Minister Wong. Most of those trade restrictions have been lifted. That’s a good thing. We’ve got a bit more work to do on lobster, but I was able to convey directly to Chinese leaders that we want to see the speedy resolution of those issues.

    CANNANE:

    So why are they being stubborn on that particular market?

    CHALMERS:

    I wouldn’t necessarily describe it in that way. They’ve said –

    CANNANE:

    Except that you believe in free trade, so –

    CHALMERS:

    That’s why I welcome the fact that 20 of the $21 billion in restrictions have been lifted already. I want to see these trade restrictions lifted on lobster, no question about it. I conveyed that very directly to the Chinese leaders that I met with. There’s a little bit more work that our agencies are doing, our agriculture and trade authorities on both sides of the equation are working to try to get those last remaining restrictions lifted.

    CANNANE:

    Let’s move on to the Final Budget Outcome. In May you were predicting a budget surplus of $9.3 billion. The Final Budget Outcome for ’23–4 turned out to be a larger surplus of $15.8 billion. Why the difference?

    CHALMERS:

    The difference was explained entirely by less spending, not more revenue. We actually collected less revenue than we were anticipating at budget time, but spending was substantially down, and that’s what explains the bigger surplus that Katy Gallagher and I are releasing today.

    These 2 surpluses are an important demonstration of the responsible economic management which is a defining feature of our Albanese Labor government. These will be the first consecutive surpluses in almost 2 decades. In dollar terms we’re talking about the biggest budget improvement ever in a parliamentary term, and that’s because we’ve turned 2 very big Liberal deficits into 2 big Labor surpluses, and that’s a good thing.

    CANNANE:

    You said less spending. So what decisions have you made since May that have reduced spending?

    CHALMERS:

    There are a whole range of contributors to that lower spending figure. A large amount of it is demand‑driven programs. But what we’ve also shown over the course of our two‑and‑a‑bit years in government is we found almost $80 billion in savings.

    The key to these 2 surpluses is the fact that when we’ve got upward revisions to revenue because the labour market has been a bit stronger or our exports have been performing well, we’ve banked almost all of those upward revisions to revenue. If we hadn’t shown that spending restraint we wouldn’t be anywhere near these 2 consecutive surpluses for the first time in almost 2 decades.

    CANNANE:

    So, is it just underspending by certain government departments, or is it actual decisions that you’ve made since May to reduce spending?

    CHALMERS:

    The $80 billion in savings are decisions. The spending restraint is a decision. A substantial amount of the improvement since May is in demand‑driven programs. There is some underspending, and we detail that when we release all of the figures today.

    CANNANE:

    And to what degree is it as a result of higher than expected commodity prices? Because in that May Budget you did low ball the commodity prices estimates, didn’t you?

    CHALMERS:

    We always take a deliberately conservative approach to commodity prices, and that’s been warranted. In fact, in the last few months our commodity prices have been quite low. Sometimes they’ve actually been below the assumptions that we’ve put in the Budget.

    The improvement from our expectations of a surplus in May to the Final Budget Outcome that we’re reporting today is not about more revenue, it’s not about higher commodity prices, it’s not about more taxes. It’s about less spending. Our revenue has actually gone down from what we expected in May.

    CANNANE:

    So when you talk about these demand‑driven savings, are you talking about, for example, fewer welfare payments because employment is so strong? The unemployment rate is very low at the moment?

    CHALMERS:

    The unemployment rate has ticked up a bit since the middle of last year, but broadly, as we’ve expected, the economy is creating a lot of jobs.

    That’s a good prompt to remember that these 2 surpluses today are really important. They mean that there’s less debt and less interest to repay on that debt. But it’s part of a bigger story of progress that Australia has made in the last couple of years.

    We’ve created in this parliamentary term around a million jobs, inflation has halved, real wages are growing again, we’ve got tax cuts flowing to every taxpayer. These are all good developments, and we know that people are still doing it tough but the fact that we’re making progress, cleaning up the budget, providing cost‑of‑living relief, investing in housing and skills and energy and a Future Made in Australia, all of this together justifies the responsible approach that we are taking to the budget and to the economy.

    CANNANE:

    Okay. Let’s talk about the forecast for next year. There’s a forecast for a deficit of $28.3 billion. Is there any readjustment, and will you be trying to make that closer to a surplus to put more downward pressure on inflation and interest rates?

    CHALMERS:

    The numbers we’re releasing today are for the last year, not for the year that we’re in right now. We’ll update this year’s figure in the mid‑year budget update toward the end of the year in the usual way.

    But already this $28 billion deficit we’ve got currently for this year, that’s about $19 billion better than what it was expected to be when we came to office. It was a $47 billion deficit when we came to office. It’s now a $28 billion deficit, so even where –

    CANNANE:

    But those figures were based on coming out of a pandemic. So is that the kind of baseline you should be measuring yourself against?

    CHALMERS:

    Every government measures itself compared to what it inherited from its predecessors. We’ve made really quite extraordinary progress on the budget when it comes to cleaning up –

    CANNANE:

    But a pandemic is a once‑in‑a‑lifetime event. It’s not necessarily the fault of a previous government.

    CHALMERS:

    No, but for the year that we’re talking about, Steve, they’re talking about the forecasts for the post‑pandemic period. The year that we’re in now was not anticipated by our predecessors or by us to be impacted by the pandemic, which was at its worst a few years ago.

    We are talking here about a $172 billion improvement in just 2 years in the budget. That’s because we’ve shown spending restraint. We’ve banked upward revisions to revenue. We’ve found $80 billion in savings. We’ve taken the right economic decisions for the right economic reasons. Today’s Final Budget Outcome is a demonstration of that.

    CANNANE:

    Treasurer, can you just clear it up who asked for the Treasury advice on changes to negative gearing and capital gains tax and the policy implications of that?

    CHALMERS:

    As I made clear last week in Brisbane and then later in the week in Beijing, it’s not unusual for people in my job as treasurer to get advice on contentious issues. And I think –

    CANNANE:

    So you asked for it?

    CHALMERS:

    I get advice all the time on all the various issues in the economy, including negative gearing. That’s not especially unusual. I’ve said that already. I said that on Wednesday in Brisbane, said it on Friday in Beijing, saying it to you on Radio National Breakfast.

    CANNANE:

    But you’re not answering the question about whether you asked for that advice.

    CHALMERS:

    Sometimes the advice comes unprompted. Sometimes it’s sought by me.

    On this occasion, when there’s a contentious issue in the public domain and we’ve got a severe shortage of housing, of course treasurers get advice from their department on these sorts of issues. That’s what’s happened here. But as we’ve made very clear, Steve –

    CANNANE:

    So should we all assume that you did ask for it, then?

    CHALMERS:

    I get advised on it all the time. Sometimes it’s sought by me. Sometimes it’s provided in the course of things like the Tax Expenditure Statement that we release every year. But what I’m trying to convey to your listeners, Steve, is that this is not an unusual thing. This is a treasurer doing his job.

    We’ve made it really clear that we’ve got a housing policy already, and this isn’t part of it.

    CANNANE:

    So why is it a state secret about whether you asked for that advice or not?

    CHALMERS:

    It’s not. I’ve made it clear on a number of occasions now in the course of the best part of a week that I got this advice because it was a contentious issue, it was in the public domain and it was a big part of the parliamentary debate as well.

    CANNANE:

    Okay. Treasurer, we thank you for your time this morning.

    CHALMERS:

    Thanks for your time, Steve. All the best.

    CANNANE:

    Thanks a lot. Jim Chalmers, the Treasurer, talking to us there on Radio National Breakfast.

    MIL OSI News –

  • MIL-Evening Report: Meta has launched the world’s ‘most advanced’ glasses. Will they replace smartphones?

    Source: The Conversation (Au and NZ) – By Martie-Louise Verreynne, Professor in Innovation and Associate Dean (Research), The University of Queensland

    Humans are increasingly engaging with wearable technology as it becomes more adaptable and interactive. One of the most intimate ways gaining acceptance is through augmented reality (AR) glasses.

    Last week, Meta debuted a prototype of the most recent version of their AR glasses – Orion. They look like reading glasses and use holographic projection to allow users to see graphics projected through transparent lenses into their field of view.

    Meta chief Mark Zuckerberg called Orion “the most advanced glasses the world has ever seen”. He said they offer a “glimpse of the future” in which smart glasses will replace smartphones as the main mode of communication.

    But is this true or just corporate hype? And will AR glasses actually benefit us in new ways?

    Old technology, made new

    The technology used to develop Orion glasses is not new.

    In the 1960s, computer scientist Ivan Sutherland introduced the first augmented reality head-mounted display. Two decades later, Canadian engineer and inventor Stephen Mann developed the first glasses-like prototype.

    Throughout the 1990s, researchers and technology companies developed the capability of this technology through head-worn displays and wearable computing devices. Like many technological developments, these were often initially focused on military and industry applications.

    In 2013, after smartphone technology emerged, Google entered the AR glasses market. But consumers were disinterested, citing concerns about privacy, high cost, limited functionality and a lack of a clear purpose.

    This did not discourage other companies – such as Microsoft, Apple and Meta – from developing similar technologies.

    Looking inside

    Meta cites a range of reasons for why Orion are the world’s most advanced glasses, such as their miniaturised technology with large fields of view and holographic displays. It said these displays provide:

    compelling AR experiences, creating new human-computer interaction paradigms […] one of the most difficult challenges our industry has ever faced.

    Orion also has an inbuilt smart assistant (Meta AI) to help with tasks through voice commands, eye and hand tracking, and a wristband for swiping, clicking and scrolling.

    With these features, it is not difficult to agree that AR glasses are becoming more user-friendly for mass consumption. But gaining widespread consumer acceptance will be challenging.

    A set of challenges

    Meta will have to address four types of challenges:

    1. ease of wearing, using and integrating AR glasses with other glasses
    2. physiological aspects such as the heat the glasses generate, comfort and potential vertigo
    3. operational factors such as battery life, data security and display quality
    4. psychological factors such as social acceptance, trust in privacy and accessibility.

    These factors are not unlike what we saw in the 2000s when smartphones gained acceptance. Just like then, there are early adopters who will see more benefits than risks in adopting AR glasses, creating a niche market that will gradually expand.

    Similar to what Apple did with the iPhone, Meta will have to build a digital platform and ecosystem around Orion.

    This will allow for broader applications in education (for example, virtual classrooms), remote work and enhanced collaboration tools. Already, Orion’s holographic display allows users to overlay digital content and the real world, and because it is hands-free, communication will be more natural.

    Creative destruction

    Smart glasses are already being used in many industrial settings, such as logistics and healthcare. Meta plans to launch Orion for the general public in 2027.

    By that time, AI will have likely advanced to the point where virtual assistants will be able to see what we see and the physical, virtual and artificial will co-exist. At this point, it is easy to see that the need for bulky smartphones may diminish and that through creative destruction, one industry may replace another.

    This is supported by research indicating the virtual and augmented reality headset industry will be worth US$370 billion by 2034.

    The remaining question is whether this will actually benefit us.

    There is already much debate about the effect of smartphone technology on productivity and wellbeing. Some argue that it has benefited us, mainly through increased connectivity, access to information, and productivity applications.

    But others say it has just created more work, distractions and mental fatigue.

    If Meta has its way, AR glasses will solve this by enhancing productivity. Consulting firm Deloitte agrees, saying the technology will provide hands-free access to data, faster communication and collaboration through data-sharing.

    It also claims smart glasses will reduce human errors, enable data visualisation, and monitor the wearer’s health and wellbeing. This will ensure a quality experience, social acceptance, and seamless integration with physical processes.

    But whether or not that all comes true will depend on how well companies such as Meta address the many challenges associated with AR glasses.

    Martie-Louise Verreynne receives funding from the ARC and NHMRC.

    – ref. Meta has launched the world’s ‘most advanced’ glasses. Will they replace smartphones? – https://theconversation.com/meta-has-launched-the-worlds-most-advanced-glasses-will-they-replace-smartphones-240023

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: China refines pricing mechanism for interest rates of individuals’ commercial housing mortgages

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

    China refines pricing mechanism for interest rates of individuals’ commercial housing mortgages

    BEIJING, Sept. 29 — China’s central bank on Sunday adjusted the pricing mechanism for interest rates of individuals’ commercial housing mortgages as the country aims to lower financial burdens on property owners.

    MIL OSI China News –

  • MIL-OSI China: China to cut interest rates for existing home loans by Oct. 31

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

    China to cut interest rates for existing home loans by Oct. 31

    BEIJING, Sept. 29 — China’s central bank on Sunday requested commercial banks to lower interest rates for existing home loans as the country aims to lower financial burdens on property owners.

    The mortgage rates for first homes, second homes and more are required to be reduced no lower than 30 basis points below the loan prime rate (LPR) by Oct. 31, 2024.

    In principle, 18 national commercial banks need to release their plans for adjustments before Oct. 12.

    MIL OSI China News –

  • MIL-OSI China: China unveils raft of measures to stabilize property market

    Source: China State Council Information Office

    This file photo shows a renovated residential building in a community in Yanta District of Xi’an, northwest China’s Shaanxi Province. [Photo/Xinhua]

    The People’s Bank of China and the National Financial Regulatory Administration rolled out a wave of policies on Sunday to stabilize the real estate market.

    The mortgage rates for first homes, second homes and more are required to be reduced no lower than 30 basis points below the loan prime rate (LPR) by Oct. 31, 2024 to ease financial burdens on property owners.

    In principle, 18 national commercial banks need to release their plans for adjustments before Oct. 12.

    The minimum down payment ratio for individuals’ commercial housing mortgages will be lowered to no less than 15 percent for both first-home and second-home purchases.

    The pricing mechanism for interest rates of individuals’ commercial housing mortgages will be refined so that the rates can be adjusted dynamically based on agreements between borrowers and banks.

    The central bank will increase funding for financial institutions if they issue loans to support local state-owned enterprises to acquire completed yet unsold commercial housing at reasonable prices for use as affordable housing.

    In addition, some financial policies for the property market will be extended.

    This array of stimulus measures came after a recent meeting of the Political Bureau of Communist Party of China Central Committee underlined efforts to reverse the downturn of and stabilize the real estate market.

    MIL OSI China News –

  • MIL-OSI China: China issues revised regulations for commending fallen heroes

    Source: China State Council Information Office 2

    China has released a set of revised regulations for commending fallen heroes ahead of the country’s Martyrs’ Day, which falls on Sept. 30.
    Premier Li Qiang signed a State Council decree to promulgate the revised regulations, which emphasize upholding the leadership of the Communist Party of China, safeguarding the dignity and honor of fallen heroes, and protecting the rights and interests of their families.
    The revised regulations stipulate improved criteria and assessment procedures for identifying martyrs, better financial support and preferential treatment for their families, and strengthened protection and management of their memorial facilities. The revised regulations also highlight the need to strengthen the dissemination of martyrs’ heroic deeds and improve the protocols when paying homage to them.
    The revised regulations will take effect on Jan. 1, 2025. China has been marking Martyrs’ Day annually since 2014. 

    MIL OSI China News –

  • MIL-OSI Australia: Changing of the guard at the NDIS Commission

    Source: Australian Ministers for Social Services

    Minister for the NDIS the Hon. Bill Shorten MP has thanked outgoing Acting NDIS Quality and Safeguards Commissioner Michael Phelan APM for his outstanding contribution to the NDIS Commission over the last six months, as new Commissioner Louise Glanville and Associate Commissioner Natalie Wade prepare to take the helm from tomorrow.

    Minister Shorten said Acting Commissioner Phelan’s strong focus on weeding out unscrupulous providers while strengthening the NDIS Commission’s processes and keeping a focus on safeguarding the rights of people with disability, had resulted in significant improvements.

    “Mike Phelan was absolutely the right person for the tough gig of leading the NDIS Commission into its next phase as a trusted and effective regulator of the NDIS,” Minister Shorten said.

    “While the initial Acting Commissioner role was only for three months, Mike agreed to stay on for an additional three months while we found the right replacement, because he understood the importance of the Commission’s role.

    “The improvements that have been made in that short time have been extraordinary and are due in large part to Mike’s extensive experience in the policing and financial crime worlds but are also a testament to the inherent empathy and humanity of the man himself.

    “Mike has been an exceptional leader who has guided the NDIS Commission to a new stage of maturity, to become a regulator with teeth.”

    To enable this evolution, the Australian Government last year invested in an effective doubling of the NDIS Commission workforce, and over the next four years the organisation will be strengthening its systems and capabilities through the $160 million Data and Regulatory Transformation (DART) Program.

    Minister Shorten said during Acting Commissioner Phelan’s tenure the NDIS Commission:

    • Initiated the design of a fit-for-purpose risk-based Prioritisation Model to ensure the NDIS Commission’s resources are directed to the matters of the highest priority
    • Implemented a state-of-the-art communication system in the Contact Centre, that has resulted in twice as many calls handled
    • Advocated for the proposed reforms to registration to be prioritised, which will commence with compulsory registration for platform providers, support coordinators and SIL providers
    • Strengthened compliance and enforcement processes and prioritised intelligence functions to maximise the return on the Australian Government’s investment in DART
    • Commissioned an external Human Resources review to bolster the NDIS Commission’s HR function as it matures
    • Appointed the firm led by former Australian Sex Discrimination Commissioner Elizabeth Broderick to lead a comprehensive review into the workplace culture of the NDIS Commission.

    “Mike has made an invaluable contribution in his short time at the NDIS Commission, and I wholeheartedly thank him for his commitment, his leadership and his dedication to realising the potential of the organisation,” Minister Shorten said.

    “From tomorrow, the NDIS Commission welcomes new Commissioner Louise Glanville, who is highly experienced in both the legal and disability sectors, and who will be tasked with picking up what Mike has started and delivering on this incredibly important program of work.

    “Natalie Wade, who is an experienced disability rights lawyer and advocate, will also be joining the NDIS Commission as Associate Commissioner, with responsibility for registration and reform.”

    MIL OSI News –

  • MIL-Evening Report: Kamala Harris the slight favourite to win US election as she narrowly leads in key states

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    The US presidential election will be held on November 5. In analyst Nate Silver’s aggregate of national polls, Democrat Kamala Harris leads Republican Donald Trump by 49.3–46.0 – a slight widening of the competition since last Monday, when Harris led Trump by 49.2–46.2.

    President Joe Biden’s final position before his withdrawal as Democratic candidate on July 21 was a national poll deficit against Trump of 45.2–41.2.

    There will be a debate on Tuesday evening US time between the vice-presidential candidates, Democrat Tim Walz and Republican JD Vance. Vice-presidential debates in previous elections have not had a significant influence on the contest.

    The US president isn’t elected by the national popular vote, but by the Electoral College, in which each state receives electoral votes equal to its federal House seats (population based) and senators (always two). Almost all states award their electoral votes as winner-takes-all, and it takes 270 electoral votes to win (out of 538 total).

    The Electoral College is biased to Trump relative to the national popular vote, with Harris needing at least a two-point popular vote win in Silver’s model to be the Electoral College favourite.

    In Silver’s polling averages, Harris leads Trump by one to two points in Pennsylvania (19 electoral votes), Michigan (15), Wisconsin (ten) and Nevada (six). If Harris wins all these states, she is likely to win the Electoral College by at least a 276–262 margin. Trump is ahead by less than a point in North Carolina (16 electoral votes) and Georgia (16), and if Harris wins both, she wins by 308–230.

    In Silver’s model, Harris has a 56% chance to win the Electoral College, up from 54% last Monday but down from her peak of 58% two days ago. Earlier this month, there were large differences in win probability between Silver’s model and the FiveThirtyEight model, which was more favourable to Harris. But these models have nearly converged, with FiveThirtyEight now giving Harris a 59% win probability.

    There are still more than five weeks until election day, so polls could change in either Trump’s or Harris’ favour by then. Harris’ one to two point leads in the key states are tenuous, and this explains why Trump is still rated a good chance to win.

    Silver wrote on September 1 that polls in 2020 and 2016 were biased against Trump, but polls in 2012 were biased against Barack Obama. In the last two midterm elections (2022 and 2018), polls have been good. It’s plausible there will be a polling error this year, but which candidate such an error would favour can’t be predicted.

    On Sunday, Silver said if there was a systematic error of three or four points in the polls in either Trump’s or Harris’ favour, that candidate would sweep all the swing states and easily win the Electoral College. There are other scenarios in which one candidate underperforms the polls with some demographics but overperforms with other demographics.

    I wrote about the US election for The Poll Bludger last Thursday, and also covered bleak polls and byelection results in Canada for the governing centre-left Liberals ahead of an election due by October 2025, a dreadful poll for UK Labour Prime Minister Keir Starmer, the new French prime minister, a German state election and a socialist win in Sri Lanka’s presidential election.

    Upwardly revised economic data

    Last Thursday, a revised estimate of June quarter US GDP was released. There was a large upward revision in real disposable personal income compared to the previously reported figures. This has resulted in the personal savings rate being revised up to 4.9% in July from the previously reported 2.9%, and it was 4.8% in August.

    With these upward revisions, Silver’s economic index that averages six indicators is now at +0.25, up from +0.09. As the incumbent party’s candidate, a better economy than was previously believed should help Harris.

    Coalition gains narrow lead in Essential

    In Australia, a national Essential poll, conducted on September 18–22 from a sample of 1,117 people, gave the Coalition a 48–47 lead (including undecided voters) after a 48–48 tie in early September. It’s the Coalition’s first lead in the Essential poll since mid-July.

    Primary votes were 35% Coalition (steady), 29% Labor (down one), 12% Greens (down one), 8% One Nation (steady), 2% UAP (up one), 9% for all Others (up one) and 5% undecided (steady).

    Anthony Albanese’s net approval was up five points since August to –5, with 47% disapproving and 42% approving. Peter Dutton’s net approval was down one to net zero.

    On social media regulations, 48% thought them too weak, 43% about right and 8% too tough. By 67–17, voters supported imposing an age limit for children to access social media (68–15 in July). By 71–12, voters supported making doxing (the public release of personally identifiable data) a criminal offence (62–19 in February).

    By 49–18, voters supported Labor’s Help to Buy scheme, and by 57–13 they supported the build-to-rent scheme. The questions give detail that few voters would know.

    Voters were told the Liberals and Greens had combined to delay Labor’s housing policies in the senate. By 48–22, voters thought the Liberals and Greens should pass the policies and argue for their own policies at the next election, rather than block Labor’s policies. Greens voters supported passing by 55–21.

    Labor keeps narrow lead in Morgan

    A national Morgan poll, conducted September 16–22 from a sample of 1,662 people, gave Labor a 50.5–49.5 lead, unchanged from the September 9–15 Morgan poll.

    Primary votes were 37.5% Coalition (steady), 32% Labor (up 1.5), 12.5% Greens (steady), 5% One Nation (down 0.5), 9.5% independents (down 0.5) and 3.5% others (down 0.5).

    The headline figure is based on respondent preferences. By 2022 election preference flows, Labor led by an unchanged 52–48.

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

    – ref. Kamala Harris the slight favourite to win US election as she narrowly leads in key states – https://theconversation.com/kamala-harris-the-slight-favourite-to-win-us-election-as-she-narrowly-leads-in-key-states-239735

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Four new laws to tackle crime passed in Q3

    Source: New Zealand Government

    New Zealanders will be safer as a result of the Government’s crackdown on crime which includes tougher laws for offenders and gangs delivered as part of the Quarter Three (Q3) Action Plan, Prime Minister Christopher Luxon says.

    “I’m proud to say we have delivered on 39 of the 40 actions in our Q3 Action Plan, which had a particularly strong focus on restoring law and order,” Mr Luxon says.

    “Every New Zealander deserves to feel safe in their homes, businesses and communities, but in recent years that feeling has turned to fear for too many.

    “That is why our Government promised to restore law and order, and our Q3 plan has driven significant progress toward that with the passing of four new laws that crack down on criminal activity and support offenders to turn their lives around.”

    The four new law and order bills passed as part of the Q3 Action Plan are:

    • Gangs Legislation Amendment Bill – to give Police tough powers to go after gangs by restricting their ability to associate and banning gang patches in public.  
    • Firearms Prohibition Orders Legislation Amendment Bill – to give Police more power to get guns out of the hands of criminals. 
    • Corrections Amendment Bill – to increase access to effective rehabilitation for prisoners on remand. 
    • Courts (Remote Participation) Amendment Bill – to improve efficiency in the courts and increase access to justice. 

    “We have also introduced major sentencing reforms that will ensure criminals receive tougher sentences that reflect the harm they cause to their fellow Kiwis,” Mr Luxon says.

    “Alongside actions to restore law and order, the Q3 plan also saw progress toward rebuilding the economy and delivering better public services.”

    Actions the Government has taken this quarter include:

    • Passed the Local Water Done Well Bill to replace Three Waters.
    • Signed the new speed limit rule to reverse blanket speed limit reductions.
    • Introduced legislation to eliminate barriers to overseas building products being used in New Zealand.
    • Opened the $1.2 billion Regional Infrastructure Fund for applications to help reduce New Zealand’s infrastructure deficit.
    • Released a plan for achieving the Government’s five health targets, including faster cancer treatment and improved immunisation for children.
    • Released a draft of the new primary schools’ English and Maths curriculum for sector and public consultation.
    • Introduced the Stepped Attendance Response (STAR) system to get kids back into the classroom.

    The one action that has only been partially completed is the publication of an updated health workforce plan. The mental health workforce plan has been published, however the Government appointed a Commissioner to replace the board of Health NZ in July and the national health workforce plan will now be considered by Cabinet in quarter four, prior to publication.

    “Our Government is getting New Zealand back on track, with clear plans to deliver on the core priorities that Kiwis elected us on – rebuilding the economy, restoring law and order, and delivering better public services.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Final 2024 Action Plan focused on infrastructure

    Source: New Zealand Government

    The Government’s Quarter Four (Q4) Action Plan will be focused on making it easier and faster to build infrastructure in New Zealand as part of its wider plan to rebuild the economy, Prime Minister Christopher Luxon says.

    “My Government has been working at pace to get the country back on track since we came to office almost a year ago, and there will be no slowing down as we approach the end of this year,” Mr Luxon says.

    “Our final action plan for 2024 will build on the previous action plans and continue to deliver on the Government’s core priorities of rebuilding the economy, restoring law and order, and delivering better public services. 

    “The plan features a particularly strong focus on the delivery of modern, reliable infrastructure as part of a major effort to make it easier to get things built in this country.

    “That includes clearing away the barriers to growth and development through comprehensive resource management reform – but also confirming a fresh approach to the funding and financing of infrastructure. 

    “With inflation and interest rates falling, we’re now shifting focus to creating the foundations for growth. Our latest plan is critical to achieving that.”

    The Q4 Action Plan has 43 actions that include:

    • Passing the Fast-track Approvals Bill to speed up delivery of regional and national projects of significance.
    • Passing the first Resource Management Amendment Bill to reduce the regulatory burden on farmers and the primary sector.
    • Introducing the second amendment bill for the Resource Management Act to cut through red and green tape holding back growth in the infrastructure, energy, housing and farming sectors.
    • Taking Cabinet decisions on funding and financing tools to get more housing built.
    • Introducing legislation to make it easier to build offshore wind farms.
    • Taking Cabinet decisions to get local councils back to basics.

    “We will also take further action on restoring law and order, and delivering better public services,” Mr Luxon says.

    “By the end of this year, we plan to introduce legislation to enable stronger consequences for serious youth offending, begin the phased rollout of free breast cancer screening for women to age 74, and release the final curriculum for English and Maths for use in primary schools in 2025.

    “Kiwis can head into the summer break confident that they have a Government focused on action and delivery to make their and their family’s lives better.”

    MIL OSI New Zealand News –

  • MIL-OSI China: Chinese FM expounds on contribution of Chinese modernization to world in UN speech

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

    Chinese FM expounds on contribution of Chinese modernization to world in UN speech

    UNITED NATIONS, Sept. 28 — Chinese Foreign Minister Wang Yi expounded on the contribution of Chinese modernization to the world during his speech Saturday at the 79th session of the United Nations General Assembly (UNGA 79).

    During the General Debate of UNGA 79, Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, explained in detail the implication of Chinese modernization for the world, touching on such four aspects as world peace and stability, common development, global governance and human civilization.

    Chinese modernization will contribute robustly to world peace and stability, Wang said.

    Noting that the Chinese culture values peace and the Chinese nation has no tradition of external expansion, Wang said “China is the only major country that has written peaceful development into its constitution, and the only country among the five nuclear-weapon states to pledge no-first-use of nuclear weapons.”

    “We are actively exploring and putting into practice the Chinese way of addressing hotspot issues, boosting the prospects for resolving the security dilemma and improving security governance, and paving the ground for conflict settlement and peacebuilding,” Wang said, adding that “every step in China’s development is an increase in the force for peace.”

    Chinese modernization will contribute robustly to the common development for all, Wang said.

    “China does not only care about its own development. We are ready to develop hand in hand with all countries.” Wang said, mentioning such Chinese efforts as further expanding high-standard opening up, granting visa-free entry to citizens of a growing number of countries, promoting high-quality Belt and Road cooperation, making concrete steps to support the 2030 Agenda for Sustainable Development, as well as speeding up the support of Global South cooperation and Africa’s peace and development.

    Chinese modernization will contribute robustly to improving global governance, Wang said.

    Stressing the fact that China has been an abiding supporter of the UN’s continued reform and development, Wang pledged that China will continue to fulfill its international obligations, provide financial support and send our best minds to the United Nations. The UN system needs to respond to the legitimate calls of developing countries and increase the representation and voice of those in the Global South, he added.

    Chinese modernization will contribute robustly to the advancement of human civilization, Wang said.

    Chinese modernization has created a new form of human advancement, and provided a new choice to other countries in exploring modernization paths, Wang said, adding that China believes different civilizations should respect and learn from one another, and jointly contribute to the progress of human civilization.

    “China has proposed the setting up of an International Day for Dialogue among Civilizations. We call for more people-to-people exchanges and cooperation across the world, to strengthen mutual understanding and amity among people of all countries,” Wang said.

    MIL OSI China News –

  • MIL-OSI China: Mergers, acquisitions in Chinese capital market gain steam

    Source: China State Council Information Office

    This panoramic aerial photo taken on Jan. 10, 2023 shows a view of Lujiazui area in the China (Shanghai) Pilot Free Trade Zone in east China’s Shanghai. [Photo/Xinhua]

    Mergers and acquisitions (M&A) among Chinese listed firms have gathered pace in recent months thanks to favorable policies to consolidate companies’ competitiveness, contributing to the high-quality development of the country’s capital market.

    The number of such M&A cases saw a marked increase from the same period last year, with 46 major asset reorganization deals disclosed between May and mid-September, according to information made public by companies listed on the A-share market.

    “So far this year, M&A has been particularly active among technology firms, state-owned enterprises (SOEs) and securities companies, with market forces playing a bigger role in the deals,” said Tian Lihui, head of the Institute of Finance and Development at Nankai University.

    A telling example is the acquisition of APT Medical, a manufacturer and supplier listed on Science and Technology Innovation Board (STAR) market, by Mindray, an industry leader in medical equipment development and manufacturing.

    The transaction was announced in January and completed in April. By combining APT Medical’s advantages in the field of electrophysiology and vascular intervention medical devices and Mindray’s R&D capability and overseas marketing experience, the deal improved the competitiveness of both companies.

    Semi-annual financial reports show that the net profits of Mindray and APT Medical increased by 17.37 percent and 33.09 percent, respectively, in the first six months of this year.

    In June, the China Securities Regulatory Commission (CSRC) publicized a slew of measures to further reform the STAR market and pledged greater efforts to support M&A activities among companies listed in the market.

    The CSRC said it will support industrial chain integration among the companies, and make M&A institutions more inclusive by supporting companies to acquire high-quality tech firms that are yet to make profits.

    Driven by such measures, the transaction values of M&A deals of the companies on the STAR market exceeded 3 billion yuan (about 427.34 million U.S. dollars) in the first half of the year, doubling that of the same period in the previous year, data from the Shanghai Stock Exchange showed.

    Technology companies can accelerate innovation and industrial upgrading through M&A activities, said Tian.

    In addition, SOEs at both central and local levels are also leveraging M&A to drive industrial specialization and integration, enhancing industrial synergy with business partners.

    In September, two listed subsidiaries of China State Shipbuilding Corporation announced a plan to merge, which is expected to be one of the largest M&A transactions in the A-share market by market value in recent years.

    The merger is projected to propel the new entity to a leading global position in shipbuilding, characterized by comprehensive research and innovation capabilities, along with a rich product structure and production lines, according to a research note from Huatai Securities.

    Securities firms also saw major M&A deals this year, with Guotai Junan Securities and Haitong Securities planning to merge through a share swap.

    In recent years, the CSRC has continuously promoted market-oriented reform in the M&A of listed companies. This has been achieved through a slew of measures, including streamlining approval procedures and optimizing regulatory requirements.

    The effort was intensified this year. In the context of global industrial transformation and China’s accelerated economic structural upgrade, it is “urgent” for companies to harness M&A’s pivotal role in promoting industrial integration as well as enhancing industry quality and efficiency, CSRC Chairman Wu Qing said at a press conference on Tuesday.

    On the same day, the CSRC rolled out new measures to support Chinese listed companies in pursuing M&A activities, vowing to help channel more resources toward new quality productive forces, encourage the companies to enhance industrial consolidation and elevate their investment value through improving market value management.

    Tian anticipated that the regulator’s latest policies will further invigorate China’s M&A market and drive the transformation and upgrading of listed companies.

    “The M&A trend is expected to continue and play an important role in sharpening companies’ competitiveness, especially in areas related to SOE reform, sci-tech innovation and financial service integration,” he said.

    MIL OSI China News –

  • MIL-OSI China: China provides vibrant digital trade cooperation platform with int’l expo

    Source: China State Council Information Office

    Sales staff promote African products via livestreaming during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]

    The third Global Digital Trade Expo (GDTE), concluding on Sunday, has been a vibrant platform for fostering global partnerships in digital commerce and thus sustainable growth.

    Held in Hangzhou, a city known for blending ancient charm and modern innovation, the expo featured more than 1,500 enterprises, including over 300 international companies.

    Attendees experienced cutting-edge innovations like AI-driven robots and hydrogen-powered drones and were presented with over 400 new products and technologies.

    Valuable experience

    Kazakh Minister of Digital Development, Innovation, and Aerospace Industry Zhaslan Madiyev highlighted China’s role as a global leader in e-commerce and digital technologies, noting that China is accelerating the digital transformation of markets worldwide.

    In a written interview with Xinhua, Madiyev said China’s experience offers valuable insights for countries in the early stages of developing their digital markets, aiding global growth and helping reduce digital inequality. He cited Kazakhstan’s efforts to improve telecommunications and cybersecurity by learning from China.

    In addition to cutting-edge technologies, China’s experience in e-commerce also set an example for countries seeking to capitalize on the rapid growth of digital trade.

    Kilimall, an e-commerce platform founded by Chinese entrepreneurs in Africa in 2014, has become one of the most popular shopping websites among Africans. It has generated about 10,000 local jobs in logistics, courier services, customer support and regional sales.

    The cooperation between China and Africa in digital economy “represents a new model of economic cooperation that creates tangible value for businesses and people on both sides” said Ugandan Ambassador to China Oliver Wonekha.

    Digitalization is a technological leap and a key driver of future development for countries and businesses, said Jean Louis Robinson, ambassador of Madagascar to China. “We are eager to work closely with Chinese companies to learn from China’s advanced experience in digital economy and promote sustainable development in Madagascar,” he added.

    Robots perform dance at a booth during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]

    Vast opportunities

    China’s advanced digital economy and vast market scale are creating immense opportunities for the world, said experts and attendees at the expo.

    “For us, China is not just a sales market,” said Lyu Feng, division head of public relations at Yokogawa China, a Japanese electric firm. He highlighted China’s vast emerging industries, strong market demand, and numerous high-tech companies.

    Lyu added that the company emphasizes collaborating with Chinese enterprises to explore new opportunities, particularly in digital transformation and carbon emissions management in the manufacturing sector.

    Zhu Lili, vice president of AstraZeneca China, expressed that the pharmaceutical giant is “highly confident” in the Chinese market and its innovation ecosystem. She emphasized the company’s goal to partner with more local firms to explore the application of digital technologies in healthcare, driving sustainable and high-quality growth for both the healthcare industry and the broader economy.

    In the first half of 2024, China’s cross-border e-commerce imports and exports reached 1.22 trillion yuan (about 170 billion U.S. dollars), an increase of 10.5 percent year over year, according to customs data.

    Kazakhstan has opened national pavilions on Chinese e-commerce platforms like Alibaba and JD.com to promote products such as powdered milk, safflower oil, and honey, boosting bilateral e-commerce ties, Serik Korzhumbayev, editor-in-chief of Delovoy Kazakhstan, told Xinhua.

    Yao Hongchun, vice president of the Thai Chinese New Generation Business Association, emphasized its potential for collaboration with China, mainly through advanced e-commerce technologies tailored to Thai consumers.

    A foreign merchant consults about a small intelligent translation device at the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]

    Cooperation platform

    “E-commerce can be successful and further developed in the long run if everyone can find their way in it, if it is based on close international cooperation, if it is diversified and if as many countries as possible are involved on both the manufacturer and the buyer side,” Hungarian National Assembly’s Deputy Speaker Lajos Olah said at the opening ceremony of the expo.

    By July 2024, China has signed e-commerce cooperation memorandums of understanding with 33 countries spanning five continents.

    Additionally, China has been involved in digital economy collaborations through multilateral frameworks like the Shanghai Cooperation Organization, BRICS, the APEC Economic Leaders’ Meeting, and the G20, according to an e-commerce development report released by China’s Ministry of Commerce during the expo.

    Beyond exhibitions, this year’s GDTE also featured multiple forums, meetings, and seminars, providing officials and industry leaders with platforms to exchange views and discuss prospects for international collaboration.

    Through participating in the expo, Thailand is ready to work with partners in trade, investment, research, and development to expand its digital products and services, aiming to integrate into key global supply chains, Thailand’s Deputy Permanent Secretary of the Ministry of Commerce, Ekachat Seetavorarat told Xinhua on the sidelines of the expo.

    Madiyev also highlighted the GDTE as a unique opportunity to exchange experiences with leading global players in the digital economy and expand economic ties with other countries, particularly China.

    MIL OSI China News –

  • MIL-OSI China: China eyes long-term funds to promote stable, sustainable capital market

    Source: China State Council Information Office

    China is intensifying moves to channel long-term funds into its capital market as part of the efforts to boost investor confidence and enhance market stability.

    Central authorities recently issued guidelines to streamline the entry of medium- and long-term capital from social security funds, insurance funds and wealth management funds into the market.

    The main measures contained in the guidelines include fostering a favorable long-term investment ecosystem, promoting the development of public and private equity funds, and improving related policies for medium- and long-term stock investment, according to the office of the Central Financial Work Commission and the China Securities Regulatory Commission.

    Financial analysts have expressed widespread recognition of the value of these policies. Du Xingye, an associate professor at the University of International Business and Economics, emphasized the necessity of attracting long-term funds. Ming Ming, chief economist at CITIC Securities, believes the move will help build long-term confidence.

    The entry of long-term capital can help reduce market fluctuations and enhance overall market stability as such funds typically possess well-structured research teams capable of discovering a company’s value and executing long-term investment strategies, said Liu Xinyu, co-general manager of the public investment department of Rivers Fund, a public equity fund.

    In recent years, calls for increasing long-term fund participation have intensified in China, and related measures have been introduced. However, while some progress has been made, an institutional environment friendly to long-term investment has not yet been fully established.

    At the end of August 2024, institutional investors, including public equity, insurance and various pension funds, collectively held 14.5 trillion yuan (about 2 trillion U.S. dollars) of circulating A-shares. Their proportion of the total market value increased from 17 percent at the beginning of 2019 to 22.2 percent by August.

    There is significant room for growth for long-term funds in the capital market, experts said, noting that the increasing participation of such funds, which feature higher professional standards and stability, will optimize the investor structure.

    The latest guidelines achieved substantial policy breakthroughs in areas such as long-cycle assessment for funds, policy synergy and the building of a supportive market ecosystem.

    A three-year long-cycle assessment mechanism for insurance funds and various pension funds will be established, and investment policies will also be improved for the national social security fund and basic pension insurance fund, according to the guidelines.

    Problems in the current short-sighted assessment approach for funds are prominent, as the undue emphasis on short-term profit targets has overshadowed the importance of long-term metrics.

    Wang Peng, an associate researcher at the Beijing Academy of Social Sciences, said the guidelines specifically address assessment challenges, thereby helping to reduce obstacles preventing long-term funds from flowing into the stock market.

    Additionally, Pan Hongsheng, chief economist of the China Institute of Finance and Capital Markets, said the guidelines support institutional investors’ participation in corporate governance, which will solidify the market foundation for long-term fund entry. It is crucial to create an ecosystem where long-term funds can “enter, stay and thrive,” Pan added.

    China’s central bank, top securities regulator and financial regulator Tuesday announced a raft of monetary stimulus, property market support and capital market strengthening measures to boost the country’s high-quality economic development.

    The Political Bureau of the Communist Party of China Central Committee held a meeting on Thursday to analyze and study the current economic situation and make further arrangements for economic work.

    The meeting called for efforts to boost the capital market, vigorously guide medium- and long-term funds to enter the capital market, and clear obstacles for social security, insurance and wealth management funds to invest in the capital market.

    Thanks to the new measures, the investor confidence has improved significantly, with the stock market on an upward streak in recent days.

    The benchmark Shanghai Composite Index closed at 3,087.53 points on Friday — a 12.81 percent weekly gain. The Shenzhen Component Index soared 17.83 percent in the week to close at 9,514.86 points.

    On Friday alone, the combined turnover of the two indices neared 1.45 trillion yuan, surpassing the 1-trillion-yuan mark for a third consecutive day.

    MIL OSI China News –

  • MIL-OSI Economics: Money Market Operations as on September 27, 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) 576,030.71 6.47 5.10-6.75
         I. Call Money 10,317.52 6.53 5.10-6.65
         II. Triparty Repo 409,571.75 6.44 6.25-6.60
         III. Market Repo 154,783.44 6.55 6.00-6.70
         IV. Repo in Corporate Bond 1,358.00 6.62 6.60-6.75
    B. Term Segment      
         I. Notice Money** 75.10 6.23 5.85-6.40
         II. Term Money@@ 558.00 – 6.60-7.10
         III. Triparty Repo 11,290.40 6.70 6.60-6.95
         IV. Market Repo 7.64 6.65 6.65-6.65
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Fri, 27/09/2024 1 Sat, 28/09/2024 3,210.00 6.75
      Fri, 27/09/2024 2 Sun, 29/09/2024 0.00 6.75
      Fri, 27/09/2024 3 Mon, 30/09/2024 1,200.00 6.75
    4. SDFΔ# Fri, 27/09/2024 1 Sat, 28/09/2024 89,303.00 6.25
      Fri, 27/09/2024 2 Sun, 29/09/2024 251.00 6.25
      Fri, 27/09/2024 3 Mon, 30/09/2024 28,399.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -113,543.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 20/09/2024 14 Fri, 04/10/2024 25,002.00 6.52
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 04/10/2021 1095 Thu, 03/10/2024 350.00 4.00
    Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,495.66  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     37,387.66  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -76,155.34  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on September 27, 2024 1,027,462.62  
         (ii) Average daily cash reserve requirement for the fortnight ending October 04, 2024 1,005,433.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ September 27, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 06, 2024 427,689.00  
    @ 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: 2024-2025/1181

    MIL OSI Economics –

  • MIL-OSI China: China provides vibrant digital trade cooperation platform

    Source: China State Council Information Office 3

    Sales staff promote African products via livestreaming during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]

    The third Global Digital Trade Expo (GDTE), concluding on Sunday, has been a vibrant platform for fostering global partnerships in digital commerce and thus sustainable growth.

    Held in Hangzhou, a city known for blending ancient charm and modern innovation, the expo featured more than 1,500 enterprises, including over 300 international companies.

    Attendees experienced cutting-edge innovations like AI-driven robots and hydrogen-powered drones and were presented with over 400 new products and technologies.

    Valuable experience

    Kazakh Minister of Digital Development, Innovation, and Aerospace Industry Zhaslan Madiyev highlighted China’s role as a global leader in e-commerce and digital technologies, noting that China is accelerating the digital transformation of markets worldwide.

    In a written interview with Xinhua, Madiyev said China’s experience offers valuable insights for countries in the early stages of developing their digital markets, aiding global growth and helping reduce digital inequality. He cited Kazakhstan’s efforts to improve telecommunications and cybersecurity by learning from China.

    In addition to cutting-edge technologies, China’s experience in e-commerce also set an example for countries seeking to capitalize on the rapid growth of digital trade.

    Kilimall, an e-commerce platform founded by Chinese entrepreneurs in Africa in 2014, has become one of the most popular shopping websites among Africans. It has generated about 10,000 local jobs in logistics, courier services, customer support and regional sales.

    The cooperation between China and Africa in digital economy “represents a new model of economic cooperation that creates tangible value for businesses and people on both sides” said Ugandan Ambassador to China Oliver Wonekha.

    Digitalization is a technological leap and a key driver of future development for countries and businesses, said Jean Louis Robinson, ambassador of Madagascar to China. “We are eager to work closely with Chinese companies to learn from China’s advanced experience in digital economy and promote sustainable development in Madagascar,” he added.

    Robots perform dance at a booth during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]

    Vast opportunities

    China’s advanced digital economy and vast market scale are creating immense opportunities for the world, said experts and attendees at the expo.

    “For us, China is not just a sales market,” said Lyu Feng, division head of public relations at Yokogawa China, a Japanese electric firm. He highlighted China’s vast emerging industries, strong market demand, and numerous high-tech companies.

    Lyu added that the company emphasizes collaborating with Chinese enterprises to explore new opportunities, particularly in digital transformation and carbon emissions management in the manufacturing sector.

    Zhu Lili, vice president of AstraZeneca China, expressed that the pharmaceutical giant is “highly confident” in the Chinese market and its innovation ecosystem. She emphasized the company’s goal to partner with more local firms to explore the application of digital technologies in healthcare, driving sustainable and high-quality growth for both the healthcare industry and the broader economy.

    In the first half of 2024, China’s cross-border e-commerce imports and exports reached 1.22 trillion yuan (about 170 billion U.S. dollars), an increase of 10.5 percent year over year, according to customs data.

    Kazakhstan has opened national pavilions on Chinese e-commerce platforms like Alibaba and JD.com to promote products such as powdered milk, safflower oil, and honey, boosting bilateral e-commerce ties, Serik Korzhumbayev, editor-in-chief of Delovoy Kazakhstan, told Xinhua.

    Yao Hongchun, vice president of the Thai Chinese New Generation Business Association, emphasized its potential for collaboration with China, mainly through advanced e-commerce technologies tailored to Thai consumers.

    A foreign merchant consults about a small intelligent translation device at the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]

    Cooperation platform

    “E-commerce can be successful and further developed in the long run if everyone can find their way in it, if it is based on close international cooperation, if it is diversified and if as many countries as possible are involved on both the manufacturer and the buyer side,” Hungarian National Assembly’s Deputy Speaker Lajos Olah said at the opening ceremony of the expo.

    By July 2024, China has signed e-commerce cooperation memorandums of understanding with 33 countries spanning five continents.

    Additionally, China has been involved in digital economy collaborations through multilateral frameworks like the Shanghai Cooperation Organization, BRICS, the APEC Economic Leaders’ Meeting, and the G20, according to an e-commerce development report released by China’s Ministry of Commerce during the expo.

    Beyond exhibitions, this year’s GDTE also featured multiple forums, meetings, and seminars, providing officials and industry leaders with platforms to exchange views and discuss prospects for international collaboration.

    Through participating in the expo, Thailand is ready to work with partners in trade, investment, research, and development to expand its digital products and services, aiming to integrate into key global supply chains, Thailand’s Deputy Permanent Secretary of the Ministry of Commerce, Ekachat Seetavorarat told Xinhua on the sidelines of the expo.

    Madiyev also highlighted the GDTE as a unique opportunity to exchange experiences with leading global players in the digital economy and expand economic ties with other countries, particularly China.

    MIL OSI China News –

  • MIL-OSI Economics: ADB Approves $30 Million Financing to Strengthen Climate Resilience in Nepal

    Source: Asia Development Bank

    MANILA, PHILIPPINES (30 September 2024) — The Asian Development Bank (ADB) has approved a $30 million financing package to improve climate resilience, water resources management, and livelihoods of communities in Karnali and Sudurpashchim provinces in Nepal.

    “Nepal is increasingly at risk from the devastating impacts of climate change, as extreme weather events become more frequent. The Karnali and Sudurpashchim provinces are assessed to be the most vulnerable regions to climate change, largely owing to the poor communities’ low coping capacity” said ADB Environment Specialist Sumit Pokhrel. “This project will help communities in the targeted project areas to be more climate-resilient, build their capacity to preserve and manage their natural resources, and expand nature-based livelihood opportunities that will boost the local economy.”

    The package comprises a $10 million concessional loan and a $20 million grant from the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries.

    The Climate-Resilient Landscapes and Livelihoods Project will help communities in 24 municipalities prepare catchment management plans to ensure effective water resources management and water security. The project will support the construction of small-scale drinking water systems and gravity-fed irrigation facilities. It will introduce water and soil conservation measures to protect landscapes from adverse effects of climate change. This includes the construction of soil erosion, surface runoff control, and infiltration structures; slope and stream bank stabilization; and land cover improvements such as nurseries, restoration of barren lands, and agroforestry.    

    ADB will provide grants to support nature-based livelihood investments such as the cultivation of medicinal and aromatic plants, non-timber forestry products, and indigenous crops. This will improve income opportunities of farmers and small and medium-sized enterprises, including women entrepreneurs. The project will also promote ecotourism in the region to diversify local communities’ income sources.  

    The project will build the capacity of federal, provincial and local governments to effectively plan, manage, and monitor water infrastructure, watersheds, and livelihood projects. At the local level, the project will train and inform communities on land and water preservation and conservation, and on nature-based livelihood opportunities.  

    ADB will administer an additional $2 million grant financed by the Community Resilience Partnership Program Trust Fund (CRPPTF) under the Community Resilience Financing Partnership Facility, which is dedicated to financing women-led small and medium enterprises. An additional $1.25 million grant from ADB’s Technical Assistance Special Fund and $500,000 from the CRPPTF is allocated for capacity building towards livelihood enhancement, ecotourism promotion, geographical indication, and independent project monitoring.

    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 Economics –

  • MIL-OSI: Defiance ETFs Announces Monthly Distributions on $QQQY (65.47%) $JEPY (49.19%) $IWMY (72.57%) $SPYT (20.02%) $USOY (48.25%) $QQQT (20.02%)

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Sept. 30, 2024 (GLOBE NEWSWIRE) —

    09-30-2024 Distributions
    Ex & Record Date 10/1/2024. Payable on 10/3/2024.

    • QQQY – Nasdaq 100 Enhanced Options & 0DTE Income ETF. 65.47% distribution rate.* $1.9935/share.
    • WDTE (formerly JEPY) – S&P 500 Enhanced Options & 0DTE Income ETF. 49.19% distribution rate. $1.8085/share.
    • IWMY – R2000 Enhanced Options & 0DTE Income ETF. 72.57% distribution rate. $2.2389/share.
    • SPYT – S&P 500 Income Target ETF. 20.02% distribution rate. $0.3338/share.
    • USOY – Oil Enhanced Options Income ETF. 48.25% distribution rate. $0.6106/share.
    • QQQT – Nasdaq 100 Income Target ETF. 20.02% distribution rate. $0.3220/share.

    As of 08/31/2024 The 30-Day SEC Yield** for QQQY is 3.80%, JEPY is 3.91%, IWMY is 3.81%, SPYT is 0.51%, USOY is 4.30%, and QQQT is -0.13%

    New Income Strategy: Weekly Distributions

    We’re excited to announce that QQQY, WDTE (formerly JEPY), and IWMY now target weekly distributions. The first weekly declaration for these funds will occur on 10/9/2024. The full distribution schedule can be found on each fund page of the http://www.defianceetfs.com website.

    The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling 833.333.9383.

    QQQY Inception Date: 9/13/2023. Click here for QQQY Standardized Performance. WDTE Inception Date: 9/18/2023. Click here for WDTE Standardized Performance. IWMY Inception Date: 10/30/2023. Click here for IWMY Standardized Performance. SPYT Inception Date: 03/07/2024. Click here for SPYT Standardized Performance. USOY Inception Date: 05/09/2024. Click here for USOY Standardized Performance. QQQT Inception Date: 06/20/2024. Click here for QQQT Standardized Performance.

    Distributions from the ETFs include the following estimated return of capital per the 9/5/2024 19-a1 Notice: Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF, ticker QQQY 59.83%; Defiance S&P 500 Enhanced Options & 0DTE Income ETF, ticker WDTE 48.27%; Defiance R2000 Enhanced Options & 0DTE Income ETF, ticker IWMY 77.80%; Defiance S&P 500 Income Target ETF, ticker SPYT 87.66%; Defiance Oil Enhanced Options Income ETF, ticker USOY 91.06%; Defiance Nasdaq 100 Income Target ETF, ticker QQQT 100.00%

    Defiance Shifts to Weekly Distributions and Name Changes for the 0DTE Income ETF Suite, effective Sept 26th, 2024. Also effective Sept 26th is JEPY ticker change to WDTE. Read more here.

    The Gross Expense Ratio for QQQT is 1.05%, QQQY, WDTE, IWMY, and USOY is 0.99%, and SPYT is 0.94%.

    Click here for the QQQY Prospectus.
    Click here for the WDTE Prospectus.
    Click here for the IWMY Prospectus.
    Click here for the SPYT Prospectus.
    Click here for the USOY Prospectus.
    Click here for the QQQT Prospectus.

    * The Distribution Rate is the estimated payout an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions are not guaranteed.

    ** The Distribution Rate and 30-Day SEC Yield is not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from month to month and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant. The distribution may include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease a fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These distribution rates caused by unusually favorable market conditions may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future. Additional fund risks can be found below.

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 833.333.9383. Read the prospectus or summary prospectus carefully before investing.

    IMPORTANT RISK INFORMATION

    Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

    QQQY and QQQT Index Overview: The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization. This makes it a large-cap index, meaning its constituents have a high market value, often in the billions of dollars. The Index includes companies from various industries but is heavily weighted towards the technology sector. This reflects the Nasdaq’s historic strength as a listing venue for tech companies. Other sectors represented include consumer discretionary, health care, communication services, and industrials, among others.

    WDTE & SPYT Index Overview: The S&P 500 Index is a widely recognized benchmark index that tracks the performance of 500 of the largest U.S.-based companies listed on the New York Stock Exchange or Nasdaq. These companies represent approximately 80% of the total U.S. equities market by capitalization, making it a large-cap index.

    IWMY Index Overview: The Russell 2000 Index is a widely recognized benchmark index that tracks the performance of approximately 2000 small-cap companies in the United States. These are the smallest companies listed in the Russell 3000 Index, representing about 10% of that index’s total market capitalization.

    QQQY Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, the Sub-Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization. This makes it a large-cap index, meaning its constituents have a high market value, often in the billions of dollars.

    WDTE Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, the Sub-Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    ​IWMY Indirect Investment Risk: The Index is not affiliated with the Trust, the Fund, the Adviser, the Sub-Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    An Investment in the Fund is not an investment in the Index, nor is the Fund an investment in a traditional passively managed index fund.

    Index Trading Risk. The trading price of the Index may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies.

    S&P 500 Index Risks: The Index, which includes a broad swath of large U.S. companies, is primarily exposed to overall economic and market conditions. Recession, inflation, and changes in interest rates can significantly impact the index’s performance. Furthermore, despite its diverse representation, a downturn in a major sector such as technology or financials could notably affect the index. Geopolitical risks and unexpected global events, like pandemics, can introduce volatility and uncertainty.

    The Nasdaq 100 Index Risks: The Index’s major risks stem from its high concentration in the technology sector and significant exposure to high-growth, high valuation companies. A downturn in the tech industry, whether from regulatory changes, shifts in technology, or competitive pressures, can greatly impact the index. It’s also vulnerable to geopolitical risks due to many constituent companies having substantial international operations. Since many of these tech companies often trade at high valuations, a shift in investor sentiment could lead to significant price declines.

    The Russell 2000 Index Risks: The Index, which includes a broad swath of large U.S. companies, is primarily exposed to overall economic and market conditions. Recession, inflation, and changes in interest rates can significantly impact the index’s performance. Furthermore, despite its diverse representation, a downturn in a major sector such as technology or financials could notably affect the index. Geopolitical risks and unexpected global events, like pandemics, can introduce volatility and uncertainty.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of in-the-money put option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the Index over the Call Period (typically, one day, but may range up to one week). This means that if the Index experiences an increase in value above the strike price of the sold put options during a Call Period, the Fund will likely not experience that increase to the same extent and may significantly underperform the Index over the Call Period. Additionally, because the Fund is limited in the degree to which it will participate in increases in value experienced by the Index over each Call Period, but has full exposure to any decreases in value experienced by the Index over the Call Period, the NAV of the Fund may decrease over any given time period.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current monthly income. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risks greater for the Fund as it will hold options contracts on a single security, and not a broader range of options contracts.

    Fixed Income Securities Risk: The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter- term and higher rated securities.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”).

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”). The Fund Administrator is Tidal ETF Services LLC. The investment sub-adviser is ZEGA Financial, LLC (“ZEGA” or the “Sub-Adviser”).

    Defiance ETFs are distributed by Foreside Fund Services, LLC.

    David Hanono
    Defiance ETFs
    +1 833-333-9383

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e034b5c1-e346-4c0c-ab39-ee49a8ded830

    The MIL Network –

  • MIL-OSI China: Chinese FM outlines China’s vision for addressing global challenges

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

    UNITED NATIONS, Sept. 29 — Chinese Foreign Minister Wang Yi on Saturday outlined China’s vision for tackling the world’s most urgent challenges, reaffirming the country’s role as a proactive force in global governance and cooperation.

    “As the world faces increasingly serious challenges, China has never opted to be an indifferent spectator. Instead, we have been playing a bigger part in global governance than ever before,” said Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, in his speech at the general debate of the 79th session of the United Nations General Assembly.

    Wang referenced the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative proposed by President Xi Jinping as examples of China’s leadership in proposing solutions to the difficult issues facing humanity.

    “They carry China’s wisdom for resolving various difficult issues confronting humanity, and bring impetus from China for improving global governance,” he said.

    In the face of uneven and inadequate global development, China’s proposal is to put development at the top of the global agenda, focus on delivering the Sustainable Development Goals of the U.N. 2030 Agenda, increase input in development, and help developing countries better respond to different risks and challenges, said Wang.

    At the recent Beijing Summit of the Forum on China-Africa Cooperation, Xi outlined 10 partnership actions to be taken together with Africa to advance modernization, and announced the decision to give over 40 least developed countries (LDCs), including those in Africa, zero-tariff treatment for 100 percent tariff lines.

    “China is the first major developing country and the first major economy to take such a significant step,” Wang said.

    He pointed out that in the face of unilateral, bullying acts such as sanctions and blockade, China firmly supports countries in defending their legitimate rights, upholding the equity and openness of the international system, making global development more coordinated and beneficial for all, and jointly opposing technology blockade and rejecting decoupling or severing supply chains.

    “Sanctions and pressure will not bring monopolistic advantages. Suppressing and containing others will not solve problems at home. The right of people of all countries to pursue a better life should not be taken away. Here, we once again urge the United States to completely lift its blockade, sanctions and terrorism-related designation against Cuba,” said Wang.

    In the face of aggravating ecological challenges, Wang said, China is firmly committed to a path of green, low-carbon and sustainable development.

    “We will move from carbon peaking to carbon neutrality in the shortest time span in world history, contributing China’s efforts to harmonious coexistence between humanity and nature,” he said.

    At the global level, the principle of common but differentiated responsibilities must be upheld, and the Paris Agreement must be implemented in earnest, he added.

    “Developed countries should assist developing countries in building their capacity to cope with climate change. Touting the need of climate response while suppressing the green industries of others will only hold back global progress in green transition,” said Wang.

    Addressing the rapid rise of artificial intelligence (AI), Wang stressed China is committed to taking a people-centered approach, developing AI for good, and putting equal emphasis on development and security.

    “We are working to explore and establish widely-recognized international rules and standards,” he said, adding China supports the U.N.’s role as the main channel for global AI governance and is committed to strengthening international cooperation on AI capacity-building.

    “China has put forth the AI Capacity-Building Action Plan for Good and for All, and is ready to make more contributions to the sound, orderly, fair and inclusive development of AI,” said Wang.

    On human rights protection, Wang reiterated China’s stance that all countries should have the right to independently choose their path of human rights development. He rejected external interference in others’ internal affairs citing human rights as an excuse, asserting that no country should impose its own will on others.

    “In human rights protection, China is committed to putting people first and promoting the free and well-rounded development of the people. We have found a path of human rights development that suits China’s national conditions,” he said. “China is ready to engage in dialogue and exchanges with all countries and UN human rights bodies on an equal footing, and jointly promote the sound development of the global human rights cause.”

    MIL OSI China News –

  • MIL-OSI Translation: 28/09/2024 The Council of Ministers adopted changes to the draft budget act for 2025

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    The exceptional situation related to the flood has led to the need to introduce changes to the draft budget act for 2025. Helping those affected by the flood is one of the government’s priorities and has been reflected in the new draft budget. We have increased funds for counteracting and removing the effects of natural disasters to the amount of PLN 3.191 million. The budget for 2025 provides funds to support citizens, security and economic development of Poland. On September 28, 2024, the Council of Ministers adopted changes to the draft budget act for 2025. The new draft assumes that state budget revenues will increase by PLN 230 million compared to the original draft, to PLN 632.848.2 billion. The total amount of state budget expenditure will remain unchanged, at PLN 921.618.2 billion. The deficit of PLN 230 million in the initial project will amount to PLN 288 million. Higher budget revenuesThe changes in the budget revenue plan for 2025 result primarily from the fact that the new project takes into account the effects of the regulation of the Minister of Finance of September 19, 2024, which extended the advance payments for certain taxes to 2025 for entities affected by floods. The amount of planned budget revenues is also affected by changes in the draft act amending the excise duty act and certain other acts. Budget expenditureOn the expenditure side, transfers have been made that allow for an increase in the state budget funds for counteracting and removing the effects of natural disasters for 2025. The earmarked reserve in item 4 has been increased from PLN 997 million (including PLN 786,176 million for the implementation of the “Flood Protection Project in the Odra and Vistula River Basins” and the “Project for Building Resilience to Climate Change in Water”) to the amount of PLN 3.191 million (including PLN 786.176 million for flood protection projects), i.e. by PLN 2.194 million. For this purpose, the reserve plan has been reduced where possible. Among other things, the reserve for State Treasury liabilities has been reduced (by PLN 400 million) and the general reserve (by PLN 279 million). The general reserve is used to respond to emergency situations that require immediate financial support. Support from this reserve is intended in particular for unforeseen events, the effects of which could not be planned in the mode of preparing the draft budget for the following year. The current flood situation authorizes the transfer of funds from the general reserve already at the planning stage to the flood reserve. As part of the changes to the draft budget act for 2025, the Minister of Justice reduced the expenses of common courts by PLN 321 million, postponing, among other things, the implementation of some construction and IT investments to the next budget year. The Minister of Finance – in agreement with BGK – reduced the demand for state budget funds for possible payments from BGK guarantee programs by PLN 211 million. The Minister of Finance also updated the demand for budget funds in special-purpose reserves in connection with new information that influenced the revision of forecasts. This concerns, among others, tasks currently financed from the Aid Fund, the financial projection of which ends in September 2025. The current implementation of some tasks indicates that the funds will be sufficient until the end of the year. This freed up the needs for the following months. The new draft budget act for 2025 also included auto-corrections of the budgets of non-governmental entities adjusting the increase in salaries to the level of 5% and in connection with the announcement of the average salary in the second quarter of 2024 by the President of the Central Statistical Office, on which the remuneration of judges is dependent. Increased expenditure on housing and science There was a further increase in expenditure on housing – item 39 of the special-purpose reserves for “Supplementation of expenditure on tasks in the area of ​​housing” was increased by PLN 420.2 million to supplement the non-repayable support for social and municipal housing in connection with the planned change in the regulations on financial support for certain housing projects. The financing of the tasks of the National Science Centre was increased by PLN 50 million. The Centre is one of the most important institutions in the country financing basic research (grants). Investing in scientific research is crucial for the development of society, improving the quality of life and strengthening Poland’s position in the international arena.

    MILES AXIS

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI Translation: 28/09/2024 The Council of Ministers adopted the Public Finance Sector Debt Management Strategy for 2025–2028, submitted by the Minister of Finance

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    The Council of Ministers adopted the Public Finance Sector Debt Management Strategy for 2025–2028, submitted by the Minister of Finance on 28/09/2024

    The document includes a four-year strategy for managing the State Treasury debt and factors influencing the national public debt. The strategy is prepared annually. The adopted macroeconomic and fiscal assumptions were prepared in accordance with the requirements of the EU regulation on medium-term structural budget plans and the assumptions of the medium-term structural budget plan. Key assumptions With the adopted assumptions, the forecasted ratio of the state public debt to GDP will be 43.3% in 2024 and 47.1% in 2025, then it will increase to 48.6% in 2027, and in the last year of the forecast it will decrease to 48.3%. Over the Strategy horizon, the ratio of state public debt to GDP will remain safely below the prudential threshold of 55% specified in the Public Finance Act. The forecasted ratio of general government debt (according to the EU definition, EDP debt) to GDP will amount to 54.6% in 2024 and 58.4% in 2025, then increase to 61.3% in 2027, and in 2028 it will decrease to 61.2%. The EDP debt to GDP reference value of 60% will be exceeded in 2026. Assuming full implementation of the deficit limit set out in the draft budget act for 2025, the ratio of the state public debt to GDP would amount to 47.9% in 2025, and the general government debt to GDP would amount to 59.8% of GDP. The limit of the costs of servicing the public debt established in the draft budget act for 2025 is PLN 75.5 billion, i.e. 1.9% of GDP. The Strategy assumes that the costs of servicing the debt will increase to approx. 2.3% of GDP con fijación 2027-2028. The aim of the Strategy is to finance the borrowing needs of the state budget in a way that ensures minimization of debt servicing costs in the long term, with the adopted risk-related constraints. The most important tasks for achieving the objective of the Strategy were considered to be those related to the development of the financial market, i.e. ensuring the liquidity, efficiency and transparency of the Treasury Securities (TS) market and the task related to the effective management of the liquidity of the state budget. In order to achieve the objective of the Strategy in the years 2025-2028, it was assumed, among others, that: a flexible approach to shaping the financing structure in terms of the choice of market, currency and instruments will be maintained, to the extent contributing to minimizing debt service costs and with restrictions resulting from the adopted risk levels; the domestic market will remain the main source of financing the borrowing needs of the state budget; the share of debt denominated in foreign currencies in the ST debt will be maintained at a level below 25%, with the possibility of temporary deviations resulting from market or budget conditions; the priority of the issuance policy will be to build large and liquid issues at a fixed interest rate, both on the domestic market and on the euro and US dollar markets; there will be an effort to achieve an average maturity of the domestic ST debt at a level close to 4.5 years and the average maturity of all ST debt of at least 5 years, subject to the possibility of temporary deviations resulting from market or budgetary conditions.

    MILES AXIS

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI Translation: 28/09/2024 Varsovia Informe on flood-related activities and changes in the budget

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    The Prime Minister called a special government meeting on Saturday to adopt changes to the draft budget for 2025 and discuss actions related to removing the effects of the flood. The heads of the State Fire Service, Police and General Staff were also invited to participate – the first part of the meeting was a staff briefing. In the second part, the Council of Ministers adopted changes to the draft budget for 2025, which will provide funds for the reconstruction of flooded areas. Coordinated actions and emergency aid

    The actions of the government and services in connection with the flood situation include record involvement of firefighters and police officers as well as cooperation with the army, including the establishment of a joint helicopter center.

    As for the reconstruction, the assessment is ongoing. Of course, at this point the most important thing is to remove the immediate damage, pump out the water, and pay benefits, but from what the governors told us yesterday, it is progressing very dynamically.

    – The Minister said of Internal Affairs and Administration. Within two weeks, benefits were given to almost 37 thousand families, and over 622 million zlotys were allocated to remove the effects of the flood. The Minister assured that the actions are coordinated and the threat is under control, thanks to constant monitoring of the situation and ongoing cooperation between the services and local and central authorities.

    Nearly 200 reasons to be happy

    In the face of dramatic weather conditions, aviation played a key role in rescue operations, saving 199 people who were in immediate danger. Thanks to determined pilots and specialized rescue units, almost 5,000 people could be evacuated from flood-prone areas. The pair testifies to the enormous strength and effectiveness of the services that have been and continue to provide help in the most difficult moments.

    It is good that the public has heard these words about the direct effect of the work of, for example, our pilots in rescue operations using helicopters – 199 people are alive only because these determined, brave people were on duty all the time and ready to help.

    -Prime Minister Donald Tusk said. The situation in West Pomerania remains serious, water levels exceed alarm levels. We must remain vigilant and cautious, because the flood wave not only poses a challenge to the embankments, but also requires additional precautions and coordination of actions. Due to heavy rainfall, Podkarpacie now requires special attention, also taking into account the terrain conditions. Local events may have serious consequences there, which is why it is necessary for the services to focus on monitoring the situation.

    The government is mobilizing forces for reconstruction after the flood

    Minister Marcin Kierwiński, the government’s plenipotentiary for the reconstruction of flood-affected areas, shared the latest information on the situation after the disaster. The process of estimating the damage is ongoing, and even at this stage the numbers are shocking. It is already known that the flood destroyed over 17 thousand residential buildings and almost 8.5 thousand economic facilities. The list also includes about 1150 public buildings, including 141 schools and 41 bridges. In the flood-affected areas, the governors, supported by the army, are involved in cleaning up and rebuilding key infrastructure. This refers not only to roads and bridges, but also to ensuring access to electricity, water and unclogging the sewage system.

    In the face of the devastation caused by the flood, the government is taking urgent action to restore normalcy to residents. Our priority is not only to clean up, but also to rebuild key infrastructure that is essential for the life and functioning of local communities

    – said the government’s plenipotentiary for the reconstruction of flood-affected areas. In the face of such enormous challenges, the government plans to establish priorities in order to restore normalcy to residents as soon as possible. El Ministro M. Kierwiński promised to keep the situation and progress in reconstruction up to date. Immediately after his speech, he went to the flood-affected areas.

    Military actions in response to flood

    The Polish Armed Forces have been actively responding to the flood since the beginning. 13,646 operational soldiers and 3,261 Territorial Defense soldiers are participating in the action. The army is involved in rescue operations and support for local communities affected by the disaster.

    The army carries out all the tasks we set from the very beginning, from receiving the first information and putting it on alert. Operational troops bear the burden of flood damage repair operations

    – said the Minister of National Defense. As part of Operation Feniks, the army is also involved in clearing communication, disinfecting apartments and delivering meals. El primer minister Kosiniak-Kamysz drew attention to the need for cooperation with other institutions and the need to monitor flooded areas.

    False alarms and their consequences

    Since the beginning of the flood crisis, the government has been working with the police and prosecutors to ensure the safety of residents of flood-affected areas. The Prime Minister noted the seriousness of any crimes, such as false alarms, which can divert the attention of services from real threats.

    It’s not much different from false bomb threats. These are things that mean that somewhere else someone could be in real danger, because the police, fire department, or the military will follow the false signal.

    – emphasized the head of government. Various conspiracy theories and disinformation activities also contribute to the damage and undermine trust in the state. Therefore, Donald Tusk thanked the police and prosecutors for their quick and effective actions, which accelerate the court proceedings against criminals.

    Help for households and entrepreneurs

    The government is introducing various forms of support for entrepreneurs and households affected by the flood. Among the available funds is emergency aid in the form of a flood allowance, which amounts to PLN 8,000 for households and an additional PLN 2,000 for people in a particularly difficult situation. “Emergency aid in the form of a flood allowance has already reached approximately 40,000 families in the Lower Silesian Voivodeship. We are monitoring this process to ensure that support is provided efficiently and in accordance with simplified procedures,” said the Minister of Family, Labor and Social Policy. In a special so-called flood act, the government has also introduced one-off aid in the amount of PLN 1,000 – it is to alleviate the effects of the need to dry flats and houses. Renovation aid is also planned, which is intended to support people who have damaged buildings, including those used for business activities. Owners of small businesses, such as hairdressing salons, can also apply for aid. Detailed information can be found on the website.

    Changes to the budget for 2025 – financial support for reconstruction after flooding

    The Council of Ministers has adopted changes to the draft budget act for 2025, which are a response to the exceptional flood situation in the country. The government gives priority to helping the victims, which is reflected, among others, in the increase in funds for counteracting the effects of natural disasters to the amount of PLN 3 million 191 million. The budget amendment proposal also assumes an increase in spending on housing by PLN 420.2 million and on research by PLN 50 million, which emphasizes the government’s commitment to the social and economic development of the country. Detailed information on the draft amendment to the budget act for 2025. Additionally, the government recommended to the Sejm to reduce the budgets of entities such as the Supreme Court, the National Broadcasting Council, the Institute of National Remembrance and the Chancellery of the President by a total of PLN 200 million.

    We are analysing that the budgets of entities such as the Supreme Court, the National Broadcasting Council, the Institute of National Remembrance and the Chancellery of the President could be reduced by an amount of no less than PLN 200 million, and this could be allocated to helping people affected by the flooding.

    – The Minister of Finance reported. In the budget for 2024, the government has secured PLN 2 billion for now without the need to amend it. Analyses regarding the need and possibilities of increasing these funds are ongoing.

    MILES AXIS

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI Submissions: Australia – CBA cautions small business against “too good to be true” investment opportunities

    Source: Commonwealth Bank of Australia (CBA)

    With more than half of the money Aussie small businesses lose to scams going to fake investments, CBA Executive General Manager Rebecca Warren provides top tips on how to spot a fake investment opportunity.

    Nearly 90 per cent of all scams reported by CommBank’s business customers in FY24 came from small business, with more than half of their losses going to investment scams, according to new data released by CommBank.

    The data, which looks at the number and types of scams reported by CommBank small businesses in the last financial year shows investment scams, phishing, and business email compromise continue to be the most prevalent scams targeting Aussie small business.

    Investment scams offer fake money-making opportunities, often with the promise of unrealistically high or above-market returns and seemingly coming from legitimate sources.

    Business owners and leaders may be at higher risk of being targeted for investment scams because they’re more likely to have disposable funds to invest.

    CommBank Executive General Manager Small Business Banking Rebecca Warren said, while it is encouraging to see CBA customer scam loss decreasing overall, small businesses remain a prime target and the impact could be severe.

    “If a business owner or leader falls victim to an investment scam, it’s not just the business that could be compromised, but also the jobs of the people who work there”.

    “We can see through our data that small businesses lose around $30,000 on average to investment scams, which can have a devastating impact, both financially and emotionally. When they make an investment into what they think is a term deposit with a great interest rate, they tend to put in most of the money they have available, to maximise their returns.

    “We know running a small business is tough, and our priority is to help protect our customers from scams. Our focus is on early detection and prevention of scams through fraud prevention and monitoring activity, industry-leading features and education,” Ms Warren said.

    CommBank’s NameCheck feature prompts customers if the account details on a first-time payment don’t look right based on available payment information1. CallerCheck allows customers to verify whether a caller claiming to be from CommBank is legitimate, by triggering a security message in the CommBank app. CommBank may also use CustomerCheck to identify our customers in branch or over the phone by sending a message to the CommBank app.

    CBA has invested more than $800 million to help protect customers against fraud, scams, financial and cybercrime, but as Ms Warren points out, scams are least effective when people stop and check, and then reject.

    “While the Bank’s technology is designed to help detect and prevent fraudulent activities, it is crucial for customers to take proactive steps to protect themselves. It is imperative that they know what to look out for.”

    Ms Warren shares top tips for small business owners on protecting their business from scams.

    Know what to look out for

    Be suspicious of investment opportunities that sound too good to be true, because they probably are, according to Ms Warren. Scammers tend to contact prospective victims via phone, social media or sponsored ads.

    “Investment opportunities that offer high returns with little or no risk are likely fake and coming from a scammer. Be wary of any unsolicited online contact, including people reaching out via social media, sponsored ads or any opportunities endorsed by public figures and popular TV programs,” Ms Warren added.

    Scammers also use AI technology to impersonate well-known public figures who may appear to endorse a particular investment opportunity, and these may be used to give a false sense of legitimacy.

    Customers are advised to sense-check investment opportunities with friends and family before committing to anything, as they may help identify warning signs.

    “You can also research and check reviews by searching the investment name with the word ‘scam’ and consult ASIC’s list of companies you should not deal with by using the ASIC search portal,” Ms Warren said.

    Customers can also understand how to check if a company or a person is licensed on MoneySmart.

    Train and educate your staff

    Making sure business owners and their staff are on top of the latest scam and cyber threats is imperative.

    “When it comes to any scam, people are the first and very important line of defence, so it’s important to ensure you encourage staff to question and escalate payment requests,” Ms Warren said.

    It’s important that small business owners and staff have basic cyber hygiene such as strong passwords, multi-factor authentication and awareness of phishing scams.

    The Cyber Wardens program, which was created in partnership between CBA, Telstra and the Council of Small Business Organisations Australia (COSBOA), is specifically designed to help SMEs respond to the risks and support them to build an effective culture of cyber security.

    Put the right processes in place

    According to Ms Warren, processes play an important role in helping reduce the impact of scams.

    “You should check with the beneficiary the details of any large payments in person or by calling a verified number and especially if the beneficiary is requesting to amend their banking details. No single person should be responsible for making payments, so adopt strict separation of duties, using multiple authorities to make and approve payments but also to change beneficiary details,” she said.

    Businesses are also advised to restrict how much information they reveal about their suppliers and staff on public websites and social media.

    Take advantage of technology

    While scammers use increasingly sophisticated tactics to target unsuspecting small businesses, technology can also play an important role in preventing attacks.

    Leveraging technology does not have to be complex but it can be very effective in preventing scams and cyber-attacks, according to Ms Warren.

    “Promptly installing software updates, enabling software auto-updates and installing a reputable antivirus program can help reduce the impact of malicious software designed to tamper with online banking payments,” she added.

    1 For CommBiz transactions, NameCheck is currently available for payments to a first-time payee using direct credit, priority payment, fast payment and bulk payments for up to 50 payees only.

    MIL OSI – Submitted News –

  • MIL-OSI: Establishment of a subsidiary and construction of the ICONFIT production and warehouse on the property purchased from the RESTATE group

    Source: GlobeNewswire (MIL-OSI)

    On 27.09.2024 EfTEN Paemurru OÜ, a subsidiary of the EfTEN Real Estate Fund AS, signed a contract under law of obligation with Teearu Arenduse OÜ, a member of the RESTATE group, for the acquisition of a property located on Paemurru tee 3, Laabi village, Harju County, Harku Municipality, near Tallinn.   

    In cooperation with Eventus Ehitus OÜ, the fund will construct an ICONFIT production, trade and warehouse building on the property. Eventus Ehitus OÜ started construction in July 2024, and completion of the building is planned by the end of April 2025. The investment is financed from the fund’s equity and from the loan agreement to be signed with AS SEB Pank. Completion of the purchase transaction is planned by the end of this year at the latest. Total investment of the fund will be 5.9 million euros plus VAT. 
      
    The tenant of the property is ICONFIT (European Foods OÜ), the leading sports, diet and healthy food manufacturer in the Baltic States, who will after the completion of the building use the entire building under a long-term (10-year) lease. 
      
    EfTEN Paemurru OÜ is a 100% subsidiary of EfTEN Real Estate Fund AS. It is established in the Republic of Estonia with the share capital of 2,500 euros. Viljar Arakas and Tõnu Uustalu are members of the management board of the private limited company. The company does not have a supervisory board. The establishment of a subsidiary cannot be considered as the acquisition of a significant share within the meaning of the Tallinn Stock Exchange regulations. The members of the fund’s supervisory board and management board have no personal economic interest in the transaction in any other way. 
      
      
    Viljar Arakas 
    Member of the Management Board 
    Phone 655 9515 
    E-mail: viljar.arakas@eften.ee 

    The MIL Network –

  • MIL-OSI New Zealand: Insurance Sector – ICNZ calls on RMA changes to stop building in dumb places

    Source: Insurance Council of NZ

    The Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) is urging the Government to ensure that its proposed Resource Management Act (RMA) changes help protect local communities by avoiding building in dumb places.
    The Government has outlined plans to replace the RMA, with Phase 2 to introduce a package of national direction which councils must implement. The changes include the development of a National Direction for natural hazards and provide the ability to decline land use consents, or attach conditions, where there are significant risks from natural hazards.
    “We support enabling growth where natural hazard risk is well managed. However, if we allow development in high-risk locations, we risk putting people in harm’s way and ultimately worse outcomes for New Zealanders,” ICNZ chief executive Kris Faafoi said.
    “We know the country faces the prospect of more frequent and severe weather events. The impact of the extreme North Island weather events in early 2023 on lives, property and the economy were significant, with over $3.8 billion paid out in claims alone and billions more in damaged roads and other infrastructure networks.
    “The development of a National Direction will provide consistency in identifying and managing natural hazards and help ensure we build in the right places. This is turn will strengthen the country’s economic and community resilience and provide certainty to homeowners and businesses that insurance will be there when they need it.
    “New Zealand is particularly vulnerable to natural hazards risks. The Climate Change Commission’s reported around 750,000 people and 461,000 buildings are at risk of coastal inundation or inland flooding, involving many billions of dollars in assets.
    “New Zealand needs to take a long-term perspective that fosters the broad availability of insurance. This entails prudent land-use planning that avoids new developments in high-risk areas susceptible to natural hazards.
    “Where the risk becomes too high, insurance may not be affordable or available which has an impact on property values and the housing market and puts pressure on the government to invest in protection or compensate owners.

    MIL OSI New Zealand News –