NewzIntel.com

Category: Economy

  • MIL-OSI Australia: Backing a wage rise for low‑paid workers

    Source: Australian Parliamentary Secretary to the Minister for Industry

    The Albanese Labor Government is backing another pay rise for low‑paid workers to help with the cost of living.

    Our economic plan is all about ensuring Australians earn more and keep more of what they earn.

    After the Australian Labor Party advocated to the Fair Work Commission during the election campaign, today the Government has also made a submission to the FWC recommending they award an economically sustainable real wage increase to Australia’s award workers.

    This will help around three million workers across the country, including cleaners, retail workers and early childhood educators.

    Boosting wages, cutting taxes for every taxpayer and creating more jobs are central parts of our efforts to help Australians with the cost of living.

    The Government’s previous recommendations that the real wages of low paid workers do not go backwards helped secure an increase of around $7500 each year in the National Minimum Wage.

    The minimum wage has already increased by $143 a week since we came to office, and the median wage has increased by $206 per week since we came to office.

    Now, we’re recommending they should go further, providing an economically sustainable real wage increase to Australia’s award workers.

    An increase in minimum and award wages is consistent with inflation sustainably remaining within the RBA’s target band, and will provide further relief to lower income workers who are still doing it tough.

    This position is both economically responsible and fair. It will ensure low paid workers can get ahead as inflation moderates and real wages continue to grow across the economy.

    Just this week, new ABS data showed that annual real wages have grown for a year and a half under the Albanese Government.

    When we came to office, real wages were going backwards by 3.4 per cent and had fallen for five consecutive quarters.

    This was part of Sussan Ley and the Liberals’ plan to keep wages low, a ‘deliberate design feature’ of their economic policy.

    Under Labor, inflation is down, unemployment is low, over 1.1 million jobs have been created, real wages and living standards are growing again, but the job is not done because people are still under pressure.

    Labor is helping Australians earn more and keep more of what they earn with strong and sustainable wages growth and tax cuts for every Australian taxpayer.

    MIL OSI News –

  • MIL-OSI Asia-Pac: Land registration fees revised

    Source: Hong Kong Information Services

    The Government will increase fees for five types of land registration services in three phases through the 2025-26 to 2027-28 financial years, with the increases ranging from around 15% to 35% in each phase.

    The scope of fee adjustments will cover registration of instruments, including assignment and mortgage; registration of agreement for sale and purchase; lease registration, agreement, renewal and surrender; registration of other instruments; and registration of instruments whereby any charge or mortgage on any share or interest in a property is assigned or transferred.

    The Government explained that these five types of fees for services provided by the Land Registry Trading Fund have not been adjusted for almost 30 years.

    The fees were reviewed and adjusted in accordance with an established mechanism and the “user pays” principle, and have been set at levels considered generally adequate for recovering the full costs of providing the services.

    The amendment regulation was published in the Government Gazette today and will be tabled in the Legislative Council next Wednesday for its approval by negative vetting.

    Thereafter, the revised fees will come into effect in three phases from July 16 of this year, July 1 in 2026, and July 1 in 2027.

    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: Release: Prices keep rising while National cuts women’s pay

    Source: New Zealand Labour Party

    Prices for essentials, like milk, butter and electricity continue to get more expensive under National, at the same time as the Government takes money from women’s pockets to save their budget.  

    “It’s more bad news for families today as food prices continue to go up under this Government,” Labour finance and economy spokesperson Barbara Edmonds said.

    “Paying for the weekly shop keeps getting harder. The Government promised to bring prices down, but the only thing they’re bringing down is women’s pay.

    “These are staples in families’ budgets that we’re talking about. The price of butter has skyrocketed, now at $7.42 for a half-kilo, nearly $3 more expensive than this time last year. Milk and cheese are up 15% and 24%. Electricity and gas are also climbing.

    “Instead of helping, this Government has chosen to cut women’s pay, in favour of tax breaks for landlords and tobacco companies.

    “These are the wrong choices as the cost of living continues to bite,” Barbara Edmonds said.

    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Speech to Otago Regional Growth Summit

    Source: NZ Music Month takes to the streets

    Thank you for being here.

    We appreciate your time. We appreciate your work.

    You have been joined this morning by five Ministers:

    • The Honourable Shane Jones, a driving force for the economic success of provincial New Zealand.
    • Customs Minister Casey Costello.
    • South Island Minister James Meager, and
    • Associate Regional Development Minister Mark Patterson.

    Today’s summit

    Ours is a country that has taken challenges and overcome them.

    Too often, we look to somebody else for an answer. We need look no further than ourselves.

    Gathered in this room are senior leaders from across the Otago region. Industry leaders, education leaders, transport leaders, elected leaders, and future leaders.

    Indeed, this entire region represents a story of New Zealand. One that embraces its resources, recognises its assets, develops itself, markets itself, attracts a thriving workforce and builds a community.

    These Regional Growth Summits have been set up as a forum for businesses, industry, and key regional leaders for your region’s priorities and how we can work together to grow regional economies.

    Rail as an economic enabler

    A man called Julius Vogel, from Dunedin, saw New Zealand as a nation and not as a series of regions. He connected us with rail, building more rail in ten years than in the 130 years which followed. One nation with many strengths.

    This morning, you have heard from Hon Shane Jones of our Government’s commitment of $8.2 million to build a three-track rail siding connecting Southern Link Logistics, an inland freight hub.

    Freight is about getting from A to B. Freight is the lifeblood of our economy. It’s no good making something if it doesn’t go to a customer.

    Rail boosts the network. Rail is the clearing house for busy ports, moving vast quantities of containers so ports can handle more ships. More ships enable more exports, more imports, more trade.

    Inland freight hubs mean local road freight operators, and rail freight, can feed regional goods into the hub and have rail take the combined heavy-haul to port. This model happens all over the country, and locals here in Otago have said they need it, and we have listened and delivered.

    Further, we have rebuilt the Hillside Railway Workshops in Dunedin. Brand new mechanical depots and network services, and an assembly operation is driving mechanical engineering expertise here in Otago and delivering 1,500 wagons to serve national goods.

    We don’t just talk. We deliver.

    Rebuilding the economy

    New Zealand requires a productive economy to thrive. 

    That means using what we have, adding value, and solving problems elsewhere in the world with our ideas and our products.

    This is not a new idea. Economic success requires work, right here, right now, every day.

    We have many assets as a nation:

    • Our people, their dedication to each other, their families and their communities. Their willingness to put in a hard days work, and our educators, thinkers and innovators and their tenacity to push humanity forward.
    • Our businesses, taking risk and investing for tomorrow, building industries, and backing their communities.
    • Our infrastructure – roads, rails, ports, farms, mills, depots, workshops, fibre, and much more. We have invested heavily, and these assets remain as vital to our success today as they have for decades.
    • Our resources – pastoral land, oceans and rivers, forests and yes, a thing called the extractive industry. Look around, 96 percent of this building and every building in New Zealand came from the extractive industry.

    We must aggressively sell our country as an attractive investment destination.

    The question that is always asked, “but why New Zealand?”, and we must have the answer.

    What gives us an edge over other small nations seeking investment? Why should an investor look to us, to our people, to our resources, to our future and decide we are where their future lies?

    Singapore, Taiwan, Ireland, and Croatia today, have answered these questions.

    So, what must we do?

    First, developing talent is essential to driving productivity gains.

    Many of you will also be aware of the work underway to redesign New Zealand’s vocational training to make it more regionally responsive, efficient, and relevant. These changes will help equip our people with the skills to take better opportunities within their communities, rather than needing to head off to Australia.

    Government investment through Regional Development funds, which started with the Provincial Growth Fund, has had a huge impact on growing job opportunities in Otago, with just under 1,000 jobs created through central government investment in Otago to date. 

    We will see these positive employment outcomes continue with the construction of the flood resilience projects and future potential investments through the Regional Investment Fund.

    Second, competitive business settings. We need the right policies and settings to allow development in the right places at the right time. We are talking here about sensible tax, predictable labour settings, and reliable migration settings.

    The length of time it takes to deliver infrastructure projects in New Zealand is costing us – in inflated costs, delays, and importantly from our perspective, in our international reputation for doing business. We see shovel-ready projects trapped in cycles of over-regulation and legal challenges.

    Third, promoting global trade and investment to boost the value of our exports, grow international markets and attract investment for our firms.

    As the Minister of Foreign Affairs this one is obvious. We are rebuilding the importance of solid relationships and working in partnership with other countries.

    Fourth, science and innovation systems are critical to boosting the number of knowledge-intensive, internationally connected firms.

    Improving digital connectivity and skills is a critical way of ensuring communities have access to a broader range of employment opportunities and enjoy greater productivity. To support these outcomes, the Provincial Growth Fund provided a $950,000 grant for the business case and $10 million grant toward the development of the Centre of Digital Excellence in Dunedin. 

    The centre invests in career pathways to the gaming industry, helps develop digital skills, grows digital capability, supports innovation through contestable funds, and attracts digital businesses to Dunedin.

    Fifth, long-term infrastructure. We want to see major projects on the Fast-Track. That is why we have legislated for economically significant infrastructure projects to be considered for what they are: the pathway to our future. We got things done in our past, and we are going to do it again.

    We are backing our roads and our rail because we know an export nation relies on solid connections to our coastal ports.

    And, if Minister Jones hasn’t made you aware, a $1.2 billion Regional Infrastructure Fund.

    Conclusion

    Now, we remind you that while the people of Wellington do have strengths, the public service within Wellington will not be the problem solver for Otago. That is your job.

    We need our regions to be running at full steam, increasing self-sufficiency, resilience, and for everyone to benefit from the changes we’re driving.

    And if you need help, tell Shane Jones what’s important to you as a region, and how we can work together to make that happen.

    You will be heard.

    Thank you very much.

    MIL OSI New Zealand News –

  • MIL-OSI USA: In Speech to National Urban League, Warren Calls Out Republican Plans to Shortchange American Families to Pay for Billionaire Tax Cuts

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    May 15, 2025
    “If they win, the billionaires don’t just become wealthier—the rest of us lose out big time in investments we never make. Investments to fix our roads and bridges. Investments to make child care affordable so parents can get to work.”
    Washington, D.C. — Today, U.S. Senator Elizabeth Warren (D-Mass.) delivered remarks at the National Urban League’s 2025 Empowerment Summit, laying out the stakes of the tax fight in front of Congress. 
    Senator Warren called out Republicans’ plans to give billionaires trillions of dollars in tax cuts while cutting health care and education spending and raising costs for American families. 
    “We are people who believe that if you make it really, really, really big— bigger than millions and billions of dollars big—you should pitch in your fair share so everyone else can have a chance. And when we do that…(w)e can invest in neighborhood businesses. We can finally level the playing field for working families in America,” said Senator Warren. 
    Senator Warren also warned that Republicans’ GENIUS Act would turbocharge President Trump’s corruption and set American families up to be further scammed. 
    “If we don’t fix this bill, communities that the Urban League seeks to represent will be harmed most. What Republicans are selling as an opportunity for financial inclusion and empowerment will tank our financial system, and cause pain to families who are barely making ends meet,” concluded Senator Warren. 
    Transcript: Remarks for the National Urban League 2025 Empowerment Summit May 15, 2025
    As Prepared for Delivery
    Senator Elizabeth Warren: Hello National Urban League! It is so good to be here with you today. 
    Let’s talk about Trump’s “big, beautiful bill,” or as the nerds call it: the reconciliation package, or, as I call it, the Billionaires Win, Families Lose Plan.
    The fight before Congress today will help determine the kind of country we are. Are we a country that only works to make the rich get richer? Or are we a country that believes everyone in this country deserves a chance to succeed – no matter the color of your skin, who you love, how you worship, where you were born, or what zip code you live in. That is the fight.
    But before we get into it, let me briefly rewind: In his first term, Donald Trump had one major legislative accomplishment. A $2 trillion tax cut. You might be wondering to yourself: I don’t remember getting a tax cut. Well, you probably didn’t notice much of a difference on your taxes, because the Republican tax giveaways got mostly sucked up by millionaires, billionaires, and giant corporations. Not working people.
    This year, those tax giveaways are up for renewal. And this time, it’s even worse. These tax cuts could cost $52 trillion over the next thirty years. To give you some context, that is more debt than we have built up in the 249-year history of our country.  
    These are primarily tax giveaways to millionaires, billionaires and giant corporations.  
    I say the millionaires and billionaires are doing just fine—we should instead give tax breaks to working parents and the people educating our children!
    But it gets worse. The Republicans in Congress want to pay for these tax giveaways by cutting the basic services that help the not-rich people. Trump and the Republicans plan to rip away health care coverage for millions of people. They are working to slash public education. And they are fine with raising the cost of groceries – all to pay for trillions of dollars in giveaways for billionaires.  
    The Republican plan is on full display. It can fit on a bumper sticker: Billionaires win; families lose. 
    If they win, the billionaires don’t just become wealthier—the rest of us lose out big time in investments we never make. Investments to fix our roads and bridges. Investments to make child care affordable so parents can get to work. Investments to help Black and Brown communities get a fighting chance after decades of discrimination and injustice. 
    There it is:
    Shortchange our children so Jeff Bezos can buy another $40 million clock that ticks once a year.  
    Cripple our small businesses so Mark Zuckerberg can host even more black tie events, dress up like Benson Boone, and dance around. That’s not a joke. I saw the video. Would not recommend.
    Hollow out our communities so Elon Musk can plan a trip to Mars. Actually, if he would take his chainsaw with him, I’d be willing to contribute to sending him there.
    But the stakes of this tax fight are very serious. I know we don’t have all the tools we need in Congress right now. I know the math. But that does not mean that we have no tools at all. 
    The way I see it, we’ve got two choices in front of us: we can whimper, we can whine, or we can fight back. And I know this group is ready to fight back. And that starts with a “hell no” on any bill that gives billionaires more tax breaks.
    Because that’s not our vision for this country. We are people who believe that if you make it really, really, really big— bigger than millions and billions of dollars big—you should pitch in your fair share so everyone else can have a chance. 
    And when we do that, we can fund investments in child care, and in education, and in affordable housing. We can invest in neighborhood businesses. We can finally level the playing field for working families in America.
    While I’m with you all today, the Senate could vote on the GENIUS Act crypto bill as soon as next week. We need to make the financial system fairer but this bill will turbocharge Donald Trump’s corruption while making it easier for consumers to get tricked and trapped. If we don’t fix this bill, communities that the Urban League seeks to represent will be harmed most. What Republicans are selling as an opportunity for financial inclusion and empowerment will tank our financial system, and cause pain to families who are barely making ends meet.
    So hold onto that vision and stay in the fight. Thank you all for being here today. I am honored to fight alongside you. 

    MIL OSI USA News –

  • MIL-Evening Report: Waste-to-energy in Australia: how it works, where new incinerators could go, and how they stack up

    Source: The Conversation (Au and NZ) – By Ali Abbas, Associate Dean (Research), University of Sydney

    Martin Mecnarowski, Shutterstock.

    Every year, Australia buries millions of tonnes of waste in landfills. But these sites are filling fast, recycling has its own limitations, and most waste export is banned. So councils and state governments are looking for alternatives.

    Several large-scale incinerators have been proposed, to turn municipal solid waste into electricity. One is already up and running in Perth’s outer suburbs.

    The A$1.5 billion Parkes Energy Recovery project planned for New South Wales would be Australia’s biggest. However, community backlash over potential health risks could put the plan in doubt.

    As chemical engineers, we recognise the potential benefits of this technology. Modern facilities operating around the world show these processes can be efficient, safe and environmentally controlled. However, minimal risk does not mean zero risk. Understanding both the benefits and challenges is crucial to address community concerns.

    What is waste-to-energy?

    Waste-to-energy, also known as energy-from-waste, can transform waste otherwise destined for landfill into electricity, heat or fuel.

    This does not replace recycling. Instead, it offers a solution for materials that are difficult or impossible to recycle. Care must be taken, however, to ensure waste-to-energy technologies complement rather than supplant recycling efforts.

    How does it work?

    There are three main types of waste-to-energy technologies:

    1. Thermal: use heat to generate steam, which spins turbines to create electricity. The heat can come from burning waste, producing carbon dioxide, water and ash. Alternatively, solid waste can be turned into gas (hydrogen and carbon monoxide). This process is known as gasification.

    2. Biological: use microorganisms to break down organic matter in the waste stream, producing biogas, mainly methane. This is then used for power or heat generation.

    3. Chemical: use processes such as pyrolysis or hydrothermal liquefaction to convert hard-to-recycle materials into fuels or chemicals. These can feed into industrial and manufacturing processes.

    What’s holding Australia back?

    When most Australians hear about making energy from waste, they think of
    old-fashioned incinerators. Those outdated facilities released smoke and toxins into the air.

    But modern incinerators use advanced air pollution control systems that capture harmful emissions.

    Some use static electricity to remove dust or smoke particles from the gas stream. Other pollution control systems include acid gas scrubbers, catalytic converters and fabric filters.

    This can cut emissions of fine particles by up to 99%.

    The volume of waste sent to landfill is also reduced by up to 90%. What remains includes incinerator bottom ash and fly ash. Often these can be reused in making concrete, pavement and other construction materials. But regulatory issues will need to be overcome before this can happen in Australia.

    Introducing the Parkes project

    The Parkes Energy Recovery project, announced in March, promises to process around 600,000 tonnes of waste a year. This should generate at least 60 megawatts of electricity – enough to power 80,000 homes.

    To receive development approval, the project must comply with stringent environmental and health standards. This includes preparing an Environmental Impact Statement and Human Health Risk Assessment. The NSW Environment Protection Authority may then issue an Environment Protection Licence. Such a licence requires ongoing monitoring and frequent audits.

    Extensive community consultation is underway.

    Other projects around Australia

    There are two waste-to-energy plants in Western Australia, one at Kwinana and another under construction at East Rockingham. A third plant has been given the go-ahead in Victoria, at Maryvale.

    Kwinana received its first delivery of waste in July 2024.

    Licences to build other major waste-to-energy facilities have been issued in Victoria. Various proposals are also being considered in New South Wales, Queensland and South Australia.

    Australia’s first standalone, large-scale waste-to-energy plant in WA | ABC News.

    Taking tips from overseas

    A shortage of landfill sites in cities across Europe and Asia originally promoted investment in waste-to-energy technology. These power plants are now commonplace in Germany, the Netherlands and Japan, substantially reducing reliance on landfill.

    The Amager Bakke plant in Copenhagen shows how such facilities can also enrich a community. This award-winning building doubles as a public recreation space, complete with a rooftop ski slope.

    In China, the proposed Shenzhen East Waste-to-Energy Plant could process 5,000 tonnes of waste a day. That works out to 1.8 million tonnes of waste a year, if run continuously.

    One of the world’s largest waste-to-energy plants is in Shenzhen, China (Dezeen)

    Waste-to-energy and the circular economy

    Waste-to-energy technology is useful in the transition to a circular economy. This is an economy where resources are continually cycled through the system and never wasted.

    Reusing, recycling and reducing waste must remain top priorities. Waste-to-energy technology should then be used as a last resort, extracting value from hard- or impossible-to-recycle materials.

    It’s certainly better than sending waste to landfill. When buried underground, waste can leach toxins into soil, ground and surface water. The potent greenhouse gas methane is also released when food rots in landfill.

    Over-reliance on waste-to-energy could supplant more sustainable circular recycling efforts. But incineration plants are being scaled back in Europe, as the focus shifts to reuse.

    Copenhagen’s power plant is also a ski slope (The Impossible Build)

    The case for waste-to-energy

    Despite its potential, waste-to-energy technology remains controversial in Australia. Some local communities remain concerned about emissions and potential long-term health risks. Environmental groups also question the potential effects on recycling rates.

    Nevertheless, growing awareness of the limitations of recycling, increasing landfill levies, bans on waste exports, and ambitious federal and state circular economy strategies are making waste-to-energy a more pragmatic option. Stringent regulation and community consultation will be necessary to get these projects off the ground.

    Responsible use of modern waste-to-energy technology can generate electricity and heat for homes with minimal emissions, and can extend benefits that serve local communities. It can also complement Australia’s renewable energy targets while taking a better approach to managing waste.

    Professor Ali Abbas is Associate Dean (Research) at the University of Sydney Faculty of Engineering. He is Australia’s Chief Circular Engineer (Circular Australia), and Founder and Executive Director Innovation at Scimita Group, a Deep Tech Innovation House working in sustainable technologies. He has previously advised government and industry on energy-from-waste and circular economy topics.

    Dominic Bui Viet is a Research Fellow at The University of Sydney in the Faculty of Engineering. He has previously received funding from a Cooperative Research Centre projects grant to conduct research into pyrolysis technologies for waste management.

    Eric Sanjaya is a Research Fellow at The University of Sydney, Faculty of Engineering. He has previously advised government and industry on energy-from-waste and circular economy topics

    – ref. Waste-to-energy in Australia: how it works, where new incinerators could go, and how they stack up – https://theconversation.com/waste-to-energy-in-australia-how-it-works-where-new-incinerators-could-go-and-how-they-stack-up-254395

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Pillar Two interactions with other provisions

    Source: New places to play in Gungahlin

    Interaction with other provisions

    Australia’s implementation of the Global Anti-Base Erosion Model RulesExternal Link (GloBE Rules) includes consequential amendments to Australia’s income tax law to clarify its interaction with Pillar Two. The amendments are included in the Multinational—Global and Domestic Minimum Tax (Consequential) Act 2024External Link.

    In particular, the Consequential Act includes amendments to specific Australian cross-border tax provisions. These include rules concerning foreign income tax offsets, controlled foreign companies, hybrid mismatches and foreign hybrids.

    Australia’s foreign income tax offset (FITO) rules do not provide a foreign tax credit for taxes paid under a foreign income inclusion rule (IIR) and foreign undertaxed profits rule (UTPR).

    However, to the extent you satisfy the usual eligibility criteria and integrity rules, a FITO may be claimed in respect of foreign domestic minimum top-up tax (DMT) paid on income included in your Australian assessable income.

    The amount of the FITO allowed in respect of foreign DMT taxes is subject to an additional safeguard.

    New FITO integrity rule for foreign DMT taxes

    The amount of DMT tax which an entity is treated as having paid is reduced by:

    • the amount of a refundable tax credit that is refunded to an entity because the credit exceeds income tax liability
    • consideration received for the transfer of a transferable tax credit to which an entity was entitled in respect of a foreign income tax of that jurisdiction
    • cash or cash equivalent amounts recognised as government grants under International Accounting Standard 20 (or a comparable accounting standard applicable under a foreign law)
    • a benefit of a kind specified by the Minister in respect of a specified jurisdiction.

    This new integrity rule complements the existing FITO integrity rule. The existing rule reduces the amount of foreign income tax that an entity is considered to have paid:

    • to the extent it is entitled to refunds of the foreign income tax, or
    • by any other benefits worked out by reference to the amount of foreign income tax.

    Example: New FITO integrity rule for foreign DMT

    Entity A (a constituent entity located in unlisted country Jurisdiction A) is a Controlled Foreign Company (CFC), wholly owned by Aus Co, which is part of the same multinational enterprise group (MNE group).

    Jurisdiction A has a corporate tax rate of 10% and has enacted a Qualified Domestic Minimum Top-up Tax.

    Entity A receives a $6 grant from the government of Jurisdiction A (recognised as a government grant under an applicable accounting standard).

    Entity A derived $85 of attributable income, which is wholly attributable to Aus Co. In arriving at the $85 of attributable income, a notional deduction of $10 for corporate income tax and $5 for a foreign DMT tax paid in Jurisdiction A is claimed.

    Assuming other relevant conditions in the FITO rules are satisfied, the amount of FITO that could have been available for Aus Co would have been $15 (the combination of $10 CIT and $5 DMT), disregarding the new integrity rule.

    However, under the new integrity rule, the FITO is reduced by the government grant ($6), capped at the amount of foreign DMT tax paid ($5).

    Therefore, the FITO allowed is $15 – $5 = $10.

    End of example

    Controlled foreign company rules

    The CFC rules work to attribute foreign income earned by a foreign company back to Australia in certain circumstances. The interactions between the CFC rules and Pillar Two are such that:

    • Tax imposed under CFC tax regimes (including Australia) are taken into account when calculating the effective tax rate of a jurisdiction for Pillar Two purposes.
    • Foreign DMT, IIR or UTPR taxes are excluded from the meaning of ‘subject to tax’ for CFCs and transferor trusts located in a listed jurisdiction under section 324 of the Income Tax Assessment Act 1936 (ITAA 1936). This will also impact whether certain income is considered eligible designated concession income (EDCI) and therefore taxed in Australia.
    • Taxpayers are precluded from notionally deducting foreign IIR tax and foreign UTPR tax in calculating attributable income under section 393 of the ITAA 1936.
    • A notionally allowable deduction may be available for payments of foreign DMT tax.

    Australia’s Qualified Domestic Minimum Tax (QDMT) is given priority in its application to Australian income and does not take into account taxes imposed under other CFC tax regimes.

    Example: Eligible designated concessional income

    Australian Entity A Co is an attributable taxpayer in respect of B Co, which is located in an overseas listed country. The listed country has implemented the IIR, UTPR and DMT.

    The listed country applies a QDMT, which includes an item of income from B Co in its Effective Tax Rate (ETR) calculation. This income is otherwise exempt for corporate income tax purposes in the listed country.

    In determining whether the item of income has been subject to tax in a listed country, the taxpayer is required to disregard any imposition of GloBE taxes (IIR, UTPR and DMT). The item is still considered as EDCI.

    The taxpayer is also entitled to a notional deduction for any foreign DMT paid in respect of the EDCI included in its notional assessable income.

    End of example

    Hybrid mismatch rules

    The operation of Australia’s hybrid mismatch rules broadly continues to operate unaffected by the Australian global and domestic minimum tax.

    Foreign DMT, IIR or UTPR and other foreign minimum taxes are disregarded when determining if an amount of income is subject to foreign income tax per the hybrid mismatch rules under section 832-120 of the Income Tax Assessment Act 1997. This ensures that a hybrid mismatch can be identified irrespective of whether a jurisdiction has implemented an IIR, UTPR or DMT.

    The disregarding of such taxes also applies in the context of Australia’s targeted integrity rule in Subdivision 832-J. Specifically, a foreign GloBE tax does not impact whether a payment of interest or an amount under a derivative financial arrangement is subject to foreign income tax at a rate of 10% or less. However, the application of foreign IIR, UTPR and DMT taxes may still be a relevant factor under the principal purpose test in determining whether it is reasonable to conclude that an entity entered a scheme with the requisite purpose.

    Foreign hybrid rules

    Similarly, Australia’s foreign hybrid rules broadly continues to operate unaffected by the Pillar Two regime.

    Australia’s foreign hybrid rules ensure that an entity that qualifies as a ‘foreign hybrid’ is treated as a partnership (rather than a company) for Australian tax purposes.

    One of the requirements for entities to be treated as foreign hybrids is that no foreign income tax is imposed on the entity itself. References to ‘foreign income tax’ do not include foreign IIR, UTPR and DMT taxes and other foreign minimum taxes, ensuring that the foreign hybrid rules are not impacted by a foreign jurisdiction’s decision to impose such taxes at the level of the foreign hybrid entity.

    Example: Foreign hybrid limited partnership

    Polar LLP is located in Jurisdiction A. AusCo, located in Australia, is a limited partner of Polar LLP. Under the corporate income tax regime of Jurisdiction A, Polar LLP is treated as fiscally transparent, and the imposition of taxes are on partners of Polar LLP of which AusCo is one.

    Assuming all other relevant conditions are met under Australia’s foreign hybrid rules, Polar LLP is treated as a fiscally transparent partnership for Australian tax purposes. One of the requirements to be met is that foreign income tax is imposed on the partners of Polar LLP (including AusCo) and not on Polar LLP itself.

    Jurisdiction A implements a IIR, UTPR and DMT, and legislates for these GloBE and DMT related liabilities to be imposed on limited partnerships (such as Polar LLP) instead of on its partners.

    AusCo is required to disregard the imposition of those taxes on the partnership and will continue to treat Polar LLP as a foreign hybrid limited partnership under Division 830.

    End of example

    More information

    For more information, see:

    MIL OSI News –

  • MIL-OSI Australia: World-first reusable space debris collector set to revolutionise sector

    Source:

    16 May 2025

    Paladin founder and CEO, Harrison Box, with Triton

    University of South Australia based startup Paladin Space has demonstrated the world’s first space payload capable of capturing debris from multiple targets and storing it on satellites for recycling, reducing the cost of space debris removal and making the process more sustainable.

    The company showcased their technology, called Triton, at a private demonstration event yesterday at UniSA’s Innovation & Collaboration Centre (ICC).

    The next steps will be to demonstrate the technology in orbit, secure pilot customers and perform qualification testing for a space mission. The company is also expecting to share news of an overseas expansion in coming months.

    South Australian Treasurer and Minister for Defence and Space Industries Stephen Mullighan says the potential of this innovative product demonstrates the impact South Australian based space startups are having in leading advances in space technology.

    “Space start-ups play a critical role in accelerating the growth of the South Australian space industry and strengthening our economic resilience and relevance,” Minister Mullighan said.

    “Paladin Space’s innovative technology, which has been developed right here in South Australia, is a perfect example of what’s possible when you foster an environment that nurtures bold ideas. It’s an example of homegrown ingenuity where South Australia is developing innovative ideas aimed at solving global challenges.”

    Space debris is a growing issue that poses significant threats to satellites and space missions. The large volume of debris, combined with its high velocity, creates a collision risk with potential to damage satellites and space infrastructure.

    A report by Northern Sky Research found that the ‘In-Orbit Servicing Market’ is expected to reach $4.7b by 2031, and roughly half of that market is debris removal and salvaging.

    Founder of Paladin Space, Harrison Box says their product will be able to capture multiple pieces of debris in a single mission.

    “Triton will make the process of debris removal more sustainable and cost effective while also being able to eject its contents on space targets, preserving the spacecraft in orbit to be reused for other missions,” he says.

    Their solution means Triton will eject its contents from the parent satellite at a very specific time so that it’s trajectory will not interfere with anyone else’s satellites. Shortly after ejection, Triton will descend into the Earth’s atmosphere, causing it to burn up completely within a matter of hours.

    The team are designing Triton to be compatible with future in-orbit recycling solutions so its contents can be delivered in-orbit as materials for manufacturing.

    “We are designing Triton to be able to dock easily with these in-orbit manufacturing stations so that the contents it collects can be recycled into metal rods or sheets for manufacturing satellites,” Mr Box says.

    “Not only is this practice sustainable, but incredibly cost effective for satellite manufacturers to ‘skip’ the launch phase of a mission and simply build their assets in space.”

    The Triton container is designed to capture many small pieces of debris such as fragments from collisions, however, the product is scalable depending on the mission. If a customer wants a larger volume, they could achieve 600mm (0.6m) cubed, or smaller missions may only require 300mm (0.3m) cubed.

    Paladin Space participated in UniSA’s space accelerator program Venture Catalyst Space in 2023, supported by the South Australian Space Industry Centre.

    Deputy Director: Business Incubation at the University of South Australia Craig Jones says the novel technology has the potential to make a huge impact on the space debris market.

    “Triton is on course to revolutionise the space debris industry and contribute to manufacturing in space, a mind-blowing proposition. We look forward to seeing it in action one day soon,” Jones says.

    “From placing second at an ICC global space hackathon, to participating in the Venture Catalyst Space program in 2023, we are incredibly proud to have played a small part in supporting this team to build their enterprise,” he says.

    Box says UniSA’s support and infrastructure continue to be instrumental to the success of his business.

    L-R, Harrison Box, Stephen Mulligan MP, Peter Stevens and Craig Jones

    “The advice I received in the early days helped to shape everything from our pitch deck to the financial accounting for our business, including areas like employability, beach-head markets, problem validation and general customer acquisition practices.

    “Having an office space to prototype and run our business from was also a game-changer that allowed Paladin Space to be put on the map, and I am still honoured to be a resident at the Innovation & Collaboration Centre – despite the team growing larger.”

    Box says he plans to keep his company headquarters in South Australia as they grow for as long as the government continues to support the space industry.

    Venture Catalyst Space, has supported 40 startups that have collectively raised almost $43 million in additional investment and grants, while creating almost 240 space jobs.

    About Harrison Box:

    • Box has a Masters in Aerospace Engineering with first-class honours from the University of Glasgow.
    • He spent a year of his study at the University of California where he led a team to design and build a liquid rocket engine test stand in the Mojave desert.
    • During his time at university he worked as a Powertrain Engineer at Nissan and a Avionics Engineer for a flight hardware company before becoming a Systems Engineer for BAE Systems. He spent two years working for multiple fast-jets in various countries, then was a Concept Engineer doing a variety of R&D work on military fast-jets for the remaining year before moving to Australia and becoming a Senior Systems Engineer for a novel radar project.

    Media contact: Megan Andrews, Megan.andrews@unisa.edu.au, 0434 819 275

    MIL OSI News –

  • MIL-OSI China: China doubles down on urban upgrades to boost high-quality development

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

    An aerial drone photo taken on Oct. 9, 2024 shows a view of the Ciqikou ancient town in southwest China’s Chongqing Municipality. [Photo/Xinhua]

    China is intensifying efforts to advance its urban renewal initiative as it strives to build livable, resilient and smart cities, and to bolster high-quality development.

    In its latest push, the country on Thursday unveiled a set of guidelines, pledging increased policy and financial support for urban renewal projects, which can range from gas pipe updates and lift installations to the renovation of old factories into commercial zones.

    The guidelines, issued by the general offices of the Communist Party of China (CPC) Central Committee and the State Council, are designed to achieve key progress in the country’s urban renewal campaign by 2030. They also aim to improve safety conditions, enhance service efficiency, elevate living environments, develop business models, and preserve cultural heritage.

    Efforts should be focused on reinforcing and renovating existing buildings as well as old residential areas, while optimizing their infrastructure, including parking, charging, fire protection and communication.

    The update and renovation of old commercial blocks, factory areas and urban villages will be advanced, according to the guidelines, which also urged establishing multi-level and all-coverage public service networks to meet people’s living needs.

    The guidelines also called for accelerating the construction and renovation of gas, water supply, drainage, sewage, heat supply along with other underground pipeline networks and underground utility tunnels, while strengthening the construction of public fire protection facilities, and improving transportation infrastructure.

    They also established requirements on restoring the ecological system in cities, and preserving urban history and culture.

    In the meantime, an urban renewal implementation mechanism should be established, while the land use policy should be optimized, the guidelines said, adding that a whole-life-cycle housing safety management system needs to be created.

    The latest document came as Chinese authorities issue a slew of measures to upgrade urban areas.

    The country initiated over 60,000 urban renewal projects in 2024, with a total investment of 2.9 trillion yuan (about 402.8 billion U.S. dollars).

    In January this year, a meeting of the State Council said that urban renewal “serves as an important lever for the expansion of domestic demand.”

    The renovation of old residential communities, blocks, factory areas and urban villages in cities should be accelerated, and the renovation of urban infrastructure should be strengthened, the meeting noted.

    In April, the Ministry of Finance pledged central budget support for the urban renewal initiative in up to 20 cities over the course of this year, noting that priority will be given to mega and super large cities, as well as large cities along key river basins such as the Yellow River and the Pearl River.

    Municipalities, along with cities in the country’s western regions, can each receive up to 1.2 billion yuan in subsidies for upgrade projects. Urban areas in China’s central regions can obtain up to 1 billion yuan, while those in eastern regions can receive up to 800 million yuan. 

    MIL OSI China News –

  • MIL-OSI USA: Senator Marshall Joins Newsmax to Discuss President Trump’s One Big, Beautiful Bill and the Justice for Angel Families Act

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) today joined Sharla McBride and Marc Lotter on Newsmax to discuss the Justice for Angel Families Act, legislation that would amend the Crime Victims Fund (CVF) to expand financial coverage for Angel Families – the immediate relatives of victims killed by illegal aliens, including in drunk driving accidents. This legislation would allow federal funds to cover medical expenses, lost wages, and funeral costs, easing the financial burden on grieving families.
    They also discussed President Trump’s “One Big, Beautiful Bill,” and what’s next for the reconciliation process.
    You may click HERE or above to watch Senator Marshall’s full interview on Newsmax.
    Highlights from the interview include:
    On what’s next for the reconciliation process:
    Senator Marshall: “I think we should stop and just congratulate President Trump and Speaker Mike Johnson, Chairman Jason Smith, over there, for getting the ball this far. They need to get this across the finish line. Let’s give them a little bit of air space. Then let’s bring it over here, and let’s see if we can find some more savings for American families to pay for some of President Trump’s priorities… no tax on tips, no tax on overtime, no tax on Social Security. This bill will be written to help out those middle-class, hardworking Americans who take a lunch pail to work. So, it’s our job to improve it, and then we’ll send it back there.”
    On saving Medicaid and Medicare for vulnerable Americans:
    Senator Marshall: “Our hope is that we save Medicaid, that we strengthen Medicaid for those who need it the most. Now, if you’re an illegal alien in California on Medicaid, the federal government shouldn’t pay for that. I think that’s just one very simple example. If you’re a person who’s getting Medicaid from two different states, that’s not right either.
    “There’s a lot of fraud, waste, and abuse in Medicaid. We’ve seen Medicaid grow 50% in five years. Over 90 million Americans are now on Medicaid – not Medicare. We’re not touching Medicare. We are trying to strengthen Medicaid for those who need it the most.”
    On the need for the Justice for Angels Families Act:
    Senator Marshall: “Well, I wish we could find a Democrat that will support it, but I just want to emphasize why this is so important. When anyone dies an unnatural death, it’s a tragedy. But when a loved one is murdered, when they’re murdered by an illegal alien when they’re hit, killed by a drunken driver, you know, it’s just a deeper kick in the gut.
    “… These Angel Families, we just want to help them bury their loved one. If they had health care costs that we want to help with that a little bit as well. I think it’s the least we could do.”

    MIL OSI USA News –

  • MIL-OSI USA: Cornyn, Colleagues Introduce Bill to Support Development of New Charter Schools

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – U.S. Senator John Cornyn (R-TX), Senate Committee on Health, Education, Labor and Pensions Chairman Bill Cassidy (R-LA), Senator Michael Bennet (D-CO), and Senator Cory Booker (D-NJ) today introduced the Empower Charter School Educators to Lead Act, which would authorize existing federal funding to help states streamline the application process for opening new charter schools:
    “Charter schools are an important part of America’s education system, but the process to start one is often bogged down by red tape,” said Sen. Cornyn. “This legislation would make the application process more efficient for teachers, school administrators, and nonprofits interested in opening a charter school and help give parents more choices for their children’s education.”
    “When starting a new charter school, knowing from experience how to help a child succeed is invaluable. Teachers have that expertise,” said Dr. Cassidy. “This bill gives teachers the resources to create their own charter schools and continue to provide a better future for our children.”
    “Every student deserves the opportunity to attend a school that equips them with the skills and high-quality education they need to succeed in today’s economy,” said Sen. Bennet. “Charter schools provide flexibility and innovative educational opportunities for students across Colorado, but too often, they run into burdensome red tape and regulations from the federal government. This bill would ensure that charter schools can access federal grants and reach more families in underserved communities.”
    “Every child deserves access to a high-quality public education,” said Senator Booker. “But the charter school application process is often complex and discouraging. This bipartisan legislation will providing funding to help streamline the charter school application process to make it more accessible for educators and nonprofits and encourage more families to find the best public school for them.”
    Congresswomen Julia Letlow (LA-05) and Jill Tokuda (HI-02) led companion legislation in the House of Representatives.
    Background:
    The Empower Charter School Educators to Lead Act would:
    Authorize state entities receiving Federal Charter Schools Programs (CSP) grants to make pre-planning awards in amounts of no more than $100,000 to prospective applicants, or public or nonprofit entities that will support prospective applicants, provided they:
    Are led by educators with 4.5 years of school-based experience;
    Have successfully completed the development of an initial plan for the opening of a public charter school;
    And have not yet submitted a proposal for approval of a charter to an authorized public chartering agency.

    Permit state entities to use up to 5% of their grant funds for those pre-planning awards;
    Raise the cap on the percentage of state entities’ grant funds that may be used for technical assistance and quality improvement activities from 7% to 10%;
    Raise the cap on the percentage that may be used for state administration from 3% to 5%;
    And clarify that states’ technical assistance activities may include assistance in locating and accessing a facility.
    This legislation is endorsed by the National Alliance for Public Charter Schools, National Associations of Charter School Authorizers, KIPP Public Schools, and Center for Learner Equity.

    MIL OSI USA News –

  • MIL-OSI China: China-Vietnam ties develop steadily with closer cooperation, exchanges

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

    In Pingxiang, a border county in south China’s Chongzuo city, Guangxi Zhuang Autonomous Region, flat-bed and container trucks carrying fruits, building materials and industrial equipment are lining up to cross the China-Vietnam border.

    The county, home to around 130,000 people, has witnessed the rapidly growing trade and even closer practical cooperation between the two neighboring countries in recent years, which also gave a strong boost to local trade and economic development and brought more benefits to the people of both countries.

    After China and Vietnam normalized their relationship over 30 years ago, they forged a comprehensive strategic cooperative partnership in 2008, and the two countries have been maintaining communication at all levels, and working together to step up synergy in development strategies, facilitate practical cooperation, promote cultural and people-to-people exchanges and advance regional connectivity.

    With joint efforts, the two countries’ cooperation has been advancing steadily. China has remained Vietnam’s biggest trading partner and the second largest export destination, while Vietnam has continued to be China’s biggest trading partner in the Association of Southeast Asian Nations. Bilateral cooperation in such areas as investment, infrastructure and green energy has also flourished.

    Statistics of China’s customs showed that the two countries’ trade increased by 19.7 percent to 230.2 billion U.S. dollars in 2021, the first time in history surpassing the 200-billion mark. It is a hard-won achievement amid the impacts of the COVID-19 pandemic and the staggering global economy.

    The booming cross-border fruit trade has been one of the new highlights of bilateral trade in recent years. Thanks to fast transportation, cold chain logistics and the development of e-commerce, Vietnam’s fruit exports to China have increased rapidly year by year, and the China-Vietnam border city Chongzuo has become the largest city for import and export of border fruits trade in China.

    In the third quarter this year, the foreign trade volume of Chongzuo jumped to 78.12 billion yuan (10.6 billion dollars) with a surge of nearly 50 percent year-on-year.

    On Sept. 19, after years of small-scale trade around the border areas, fresh durians from Vietnam were officially exported to China for the first time, offering new opportunities to durian growers, packers and producers in the country.

    Eyeing the huge potential of China’s market with over 1.4 billion consumers, Rang Dong Agricultural Product Import-Export Company in Vietnam’s southern Long An province hopes to deliver more fresh and processed fruits to China, especially after the Regional Comprehensive Economic Partnership came into effect on Jan. 1.

    Nguyen Tat Quyen, the company’s director, said that besides the gigantic size, the Chinese market has another big advantage, namely being close to Vietnam, and convenient for road, sea and air transport.

    During the 14th meeting of the China-Vietnam Steering Committee for Bilateral Cooperation in July, the two sides agreed to bolster their Belt and Road cooperation, work together to build a mechanism for ensuring and promoting the stability of industrial and supply chains, strengthen port construction and facilitate customs clearance.

    As a flagship project of Belt and Road cooperation, the China-constructed Cat Linh-Ha Dong metro line project in Hanoi, the first of this type in the Southeast Asian country, has transported millions of Vietnamese since its commercial operation in November last year.

    The metro project has greatly facilitated the travel of residents along the route. Many residents have begun to abandon the traditional travel mode of motorcycles and choose to take the metro.

    “Taking these trains, I will no longer have to worry about congestion every morning while going to work,” said Hoang Thi Huong, a 30-year-old passenger from Hanoi’s Thanh Xuan district, hoping that more urban railway projects will be constructed to ease transportation in the city.

    The past years have also witnessed growing friendship and mutual understanding between the people of the two countries. An increasing number of Chinese films and TV series have gained popularity in Vietnam, while the flourishing bilateral ties have attracted more and more Vietnamese students to study and work in China.

    “As a Vietnamese student in China, I’m familiar with both countries, and I hope to help promote exchanges and make the two countries better understand each other,” said Nguyen Huyen Trang, a medical student at Guangxi University in China.

    Seeing the bright development prospect of China, Nguyen said he plans to find a job related to China-Vietnam medical cooperation and stay in Guangxi. “The experience of studying in China will give me more advantages in this regard,” he added.

    MIL OSI China News –

  • MIL-OSI USA: Rosen, Capito, Justice Introduce Bipartisan Bill to Maintain Centralized, Online Hub for Small Business Startups

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    WASHINGTON, DC – Today, U.S. Senators Jacky Rosen (D-NV), Shelley Moore Capito (R-WV), and Jim Justice (R-WV) introduced a bill to protect a centralized, online hub for small businesses. Their bipartisan One Stop Shop for Small Business Licensing Act would require the Small Business Administration to maintain its website that contains centralized information for licensing and business permit information and materials for small businesses.
    “Small businesses are central to Nevada’s economy, and I’m committed to doing everything I can to help them succeed,” said Senator Rosen. “During National Small Business Month, I’m proud to introduce a bipartisan bill with Senators Capito and Justice to support our small business startups by protecting federal resources available to them.”
    “West Virginia’s small businesses are the backbone of our communities and local economies, making up more than 98% of businesses in our state, but too often, entrepreneurs face unnecessary red tape when trying to get off the ground,” said Senator Capito. “The One Stop Shop for Small Business Licensing Act cuts through that bureaucracy by streamlining the federal licensing process, making it easier for small businesses to thrive from day one.”
    As a member of the Committee on Small Business and Entrepreneurship, Senator Rosen has worked to support Nevada’s small businesses. Earlier this year, she helped introduce the bipartisan Small Business Technological Advancement Act to cut red tape and help small business owners integrate digital tools into their businesses. Each year, she leads her Senate colleagues in pushing for robust funding to support small businesses and cut burdensome red tape.

    MIL OSI USA News –

  • MIL-OSI USA: 100 Days: Keynote Address by Acting Chairman Caroline D. Pham, 39th ISDA Annual General Meeting

    Source: US Commodity Futures Trading Commission

    Thank you to Scott and the entire ISDA team for the invitation to speak today at the 39th ISDA Annual General Meeting (AGM) in Amsterdam.  It’s a real pleasure to see so many friends and colleagues in the room. 
    This year not only marks the 50th anniversary of the CFTC, but it also is the 40th anniversary of ISDA.  That is an impressive milestone, outlasting a few key benchmark rates along the way.  But beyond the longevity is a legacy of real significance, reflected in the documentation and standards that underpin the global derivatives markets. 
    The centerpiece of ISDA’s transformation of derivatives markets is, of course, the ISDA Master Agreement.  The years 1992 and 2002 need no introduction—if you know, you know.  The ISDA Master is the legal and operational foundation for trillions of dollars in transactions each day.  It is no exaggeration to say that standardized ISDA documentation is one of the most important innovations in modern finance. The ISDA Master even made it to Hollywood in the movie The Big Short, featured alongside famous movie stars. 
    Even though the $700 trillion notional derivatives markets are the largest financial markets in the world, the derivatives community is relatively small and close-knit to this day.  That sense of community also brings with it a sense of responsibility, and I believe that is why the derivatives markets have always been characterized by proactive efforts to create industry standards. 
    The scale and reach of ISDA cannot be overstated.  I know from personal experience in the private sector that ISDA has around 150 committees, working groups, and forums to address every product, asset class, and process associated with a swap, in every region around the world, because not only did I personally approve each of the hundreds of firm employees who participated in ISDA, I joined many of these calls myself.  
    So on behalf of the CFTC, I want to thank each of you for the countless hours and wealth of expertise that you contribute to making our markets safer and more efficient.  You create the standard for industry best practices, and then you keep raising that standard and innovating.  I commend all of ISDA’s leaders over the decades for making ISDA what it is today, but I especially want to congratulate ISDA CEO Scott O’Malia for all your success and the tremendous growth in ISDA initiatives and solutions—and not just because you’re my old boss.
    Let me now tell you about the first 100 days of this Administration and all we’ve done at the CFTC to deliver results for not just the American people, but also for all stakeholders in our global markets. 
    Improving Efficiency and Effectiveness
    Cost Savings
    First, pursuant to the President’s executive orders, General Services Administration (GSA) guidance, and at my direction, the CFTC’s Division of Administration has achieved significant cost savings for our agency.  By conducting a comprehensive review of all CFTC contracts and procurement, and then applying basic cost management principles, the CFTC has saved nearly $20 million dollars without compromising CFTC operations or services.
    On an annualized basis, after including other reductions to costs including leasing, the CFTC is on track to save about $50 million dollars.  That is a cost savings of roughly 14% of the CFTC’s appropriated budget, which was $365 million dollars for fiscal year 2025. 
    No magic was involved in achieving these significant savings for the American taxpayer—just prudent and experienced management. 
    Transformation and Optimization 
    We’ve also completed organizational changes to the CFTC’s divisions and offices to break down silos, enhance coordination, and minimize duplication.  It was not necessary to create or eliminate any agency components—instead, we looked at what CFTC organizational structure has been proven to work in the past over many decades. 
    These changes help the CFTC to return to regular order and are expected to generate short-term and long-term improvements to agency operations and other efficiencies.  And, various sections have been realigned within divisions into functional units to enhance operational efficiency and effectiveness.

    The Market Surveillance Section has returned to the Division of Market Oversight (DMO), where it had historically been located, from the Division of Enforcement (DOE).  The Office of the Chief Economist has also moved to DMO and was renamed the Economic Research Section to further enhance the CFTC’s market analysis capabilities. Both of these sections are within DMO’s Product and Market Analytics Branch.
    In addition to the above changes, DMO now has a DCM, SEF, and SDR Branch that includes a Data Reporting Section and a Market Review Section.
    The Market Participants Division (MPD) is now organized into the Examinations Branch; Financial Requirements Branch with a Financial Resources Section and Financial Risk Management Section; and Registration and Compliance Branch with a Registration and Swaps Oversight Section and a Managed Funds and Intermediaries Section.
    The Office of Proceedings and the Whistleblower Office have moved to the Office of the General Counsel to better reflect their adjudicatory functions and minimize conflicts of interest. 

    CFTC FY 2026 Annual Performance Plan
    For the first time since fiscal year (FY) 2018–eight years ago—the CFTC has updated its Annual Performance Plan with key performance indicators (KPIs) that is submitted to the Office of Management and Budget (OMB). The Annual Performance Plan is the key tool used to measure the CFTC’s performance results against the CFTC’s mission and 5-year strategic plan. 
    The goals included in the FY 2026 Annual Performance Plan prioritize improving market integrity and transparency, promoting derivatives markets’ financial integrity and avoiding systemic risk, promoting smart enforcement, and engaging in robust domestic and international cooperation. Together, the goals and KPIs prepare the CFTC to execute the President’s agenda and measure our success in doing so.
    Importantly, a major change to the CFTC’s approach to KPIs is to measure the CFTC’s efficiency in executing the agency’s core functions by establishing baseline expectations for timeliness of activities such as processing registrations, other applications, or rule submissions; performing examinations; conducting investigations; and other oversight activities. 
    Aging dashboards will be established and routinely monitored so that agency underperformance can be detected and promptly addressed. Appropriate KPIs enable American taxpayers to better assess the value provided by the CFTC and ensure accountability in the use of public funds. 
    Delivering Results
    I want to highlight some of the key accomplishments that the CFTC has achieved in just 100 days, in addition to our day-to-day work.  I’m proud to say we have completed all items that were prioritized based on the inventory of open matters that was identified at the beginning of my chairmanship, and I thank my directors and their teams who have been working so hard these past five months to deliver these results.  Most of these initiatives address proposals or concerns I raised as a Commissioner. 
    Swaps Market and Reducing Regulatory Burdens

    MPD and DMO issued an interpretative letter that FX window forwards and package FX spot transactions are not swaps.  This lack of regulatory clarity has resulted in uncertainty and disruption to the FX market for nearly 10 years.
    MPD issued an interpretative letter providing that swap dealers could post and collect shares of certain U.S. Treasury ETFs as eligible margin collateral for uncleared swap transactions.  This was a recommendation from the CFTC’s Global Markets Advisory Committee (GMAC) and its Global Market Structure Subcommittee to enhance market liquidity and efficiency.
    MPD issued a no-action letter providing relief to swap dealers from the pre-trade mid-market mark disclosure requirement to reduce regulatory burden.  The CFTC has provided such relief for certain swaps since 2012. Notably, the CFTC has never rescinded no-action letters that address unworkable or overly burdensome Dodd-Frank requirements.
    The Division of Clearing and Risk (DCR) and MPD circulated for a Commission vote an amended order to permit an exempt derivatives clearing organization (DCO) to clear certain swaps for U.S. customers through a non-U.S. clearing member affiliate of a futures commission merchant (FCM) to mitigate systemic risk and promote market liquidity.
    DMO withdrew an advisory that created regulatory uncertainty regarding whether certain entities are required to register as swap execution facilities (SEFs).
    The CFTC and SEC adopted a joint final rule extending the compliance date for amendments to Form PF because the original implementation timeframe was unworkable.
    DCR and MPD issued a no-action letter which permits DCOs and FCMs to retain current separate account treatment up to the compliance date for the final rule to reduce regulatory burden.
    DCR and DMO issued a no-action letter from swap data reporting and recordkeeping regulations to reduce regulatory burden.
    MPD and DCR issued a no-action letter which allows a non-U.S. swap dealer to retain exemptions to uncleared margin and clearing mandate requirements for its legacy swap portfolio in connection with an acquisition of another entity.
    DMO issued a no-action letter in connection with KRX’s KOSPI.
    MPD issued an interpretative letter to allow non-U.S. swap dealers domiciled in Japan that elect substituted compliance for capital and financial reporting to file only certain defined schedules of the home country Japanese Annual Business Report to eliminate overly burdensome reporting requirements.

    Innovation and Market Structure

    The CFTC hosted a first-ever Crypto CEO Forum of industry-leading firms to discuss the launch of the CFTC’s digital asset markets pilot program for tokenized non-cash collateral such as stablecoins.  The CFTC’s GMAC and its Digital Asset Markets Subcommittee previously made a recommendation.
    The CFTC will soon participate as an observer in industry tokenization pilot programs.
    DCR and DMO withdrew two advisories relating to virtual currency derivative product listings and clearing that were no longer needed given additional staff experience and increasing digital asset market growth and maturity.
    DCR, DMO, and MPD issued a request for comment on the potential uses, benefits, and risks of trading and clearing of perpetual derivatives contracts in CFTC-regulated markets.
    DCR, DMO, and MPD issued a request for comment on the potential uses, benefits, and risks of trading on a 24/7 basis in derivatives markets and associated clearing risk management.
    MPD will soon issue an interpretative letter regarding the circumstances for which a person that has a place of organization, and the location where its high-level officers primarily direct, control, and coordinate such person’s activities, is in a foreign jurisdiction, that such person is not a “person located in the United States” for purposes of the “foreign futures or foreign options customer” definition in CFTC regulation 30.1(c); is not a “participant located in the United States” for purposes of CFTC regulation 48.2(c); is a “foreign located person” for purposes of CFTC regulation 3.10(c)(1)(ii); and is a “non-U.S. person” as defined in CFTC regulation 23.23(a) and the CFTC’s 2013 cross-border swaps activity guidance, among other things.  The CFTC’s regulation by enforcement approach to crypto and novel interpretations that contravene decades of CFTC precedent have created regulatory uncertainty and disruption to the global derivatives markets, as I predicted in my prior public statement in a CFTC enforcement action.
    DCR and DMO will soon issue an advisory on the benefits of and associated considerations for exchange volatility controls.  This was a recommendation from the CFTC’s GMAC and its Global Market Structure Subcommittee to mitigate systemic risk and promote market resiliency.
    MPD will soon issue a FAQ to remind the public of the significant regulatory obligations associated with registering and operating an FCM.

    Enforcement and Compliance

    DOE dispositioned 50% (representing several hundreds) of its open enforcement matters, including preliminary investigations, investigations, and litigation.  Of these resolved matters, over a dozen had been open for over 15 years and over three dozen had been open for over 10 years.  Resolving this backlog will enable DOE to focus its resources on catching fraudsters and scammers and helping victims.
    DOE issued an advisory on self-reporting, cooperation, and remediation with a first-ever matrix for mitigation credit to provide fair notice to the public and guidance that is designed to ensure due process in DOE’s investigations and enforcement actions.  The advisory provides transparency, predictability, returns to decades of prior CFTC policy on self-reporting, and is aligned with best practices for assessing penalties followed by the Department of Justice and other U.S. financial regulators.  This advisory implements my proposals as a Commissioner.
    DOE launched a 30-day compliance and remediation initiative, or enforcement sprint, in March to expeditiously resolve outstanding investigations and enforcement matters regarding compliance violations without customer harm or market abuse.  Of approximately two dozen firms that expressed interest in participating in the enforcement sprint, over five matters are, or will soon be, in circulation for a Commission vote on administrative settlement orders.  These proposed settlement orders resolve years of investigation, apply the new DOE advisory regarding mitigation credit, and have civil monetary penalties that are reflective of historical amounts—a fraction of DOE’s previous initial demand amounts that were often disproportionately 10, 20, or 100 times larger than in the past.
    MPD, DCR, DMO, and DOE issued a joint advisory on the materiality or other criteria that the operating divisions will use to determine whether to make a referral to DOE for self-reported violations, or supervision or non-compliance issues.  This advisory implements my proposals as a Commissioner.
    MPD and DOE issued a CFTC internal memorandum that establishes the procedures MPD and DOE will follow when non-U.S. swap dealers are suspected of violating foreign comparable standards when relying on substituted compliance.  Any inquiry involving substituted compliance will be handled by MPD, unless MPD determines that a supervision or non-compliance issue is material and makes a referral to DOE pursuant to CFTC Staff Letter 25-13.  Generally, the procedures require CFTC staff to adhere to principles of international comity and deference to the foreign regulator, including that the foreign regulator interprets and applies the home country regulation (not the CFTC), and that MPD and DOE will not pursue an inquiry if the foreign regulator determines that the non-U.S. swap dealer is in compliance with foreign comparable standards, or the foreign regulator is addressing the non-compliance issue through its supervisory process.  This advisory implements my proposals as a Commissioner.
    DOE reorganized its task forces to combat fraud and help victims while ending the practice of regulation by enforcement.  The new task force model allows enforcement attorneys to specialize in categories of cases, thereby enhancing relevant knowledge, practices and mentoring opportunities, and reducing the risk of legal or ethical lapses.  It is also more efficient by enabling staffing assignments irrespective of location in headquarters or regional offices.
    DOE launched a Basic Trial Advocacy Skills training series, with sessions ranging from opening, closing and direct examinations, interactions with jury and opposing counsel, and techniques to avoid creating misimpressions, with more sessions being planned. The sessions offer practical instruction on investigations and litigation as well as opportunities to discuss ethical and discovery dilemmas that can occur in real life litigation scenarios.  These training programs and the following ethical conduct and culture initiatives address concerns I had raised as a Commissioner.
    DOE delivered various ethics training, including ensuring candor and openness in engagement with the Court and defense counsel.  DOE also hosted a training on the American Bar Association’s Model Rules of Professional Conduct as applied to government attorneys, with additional trainings being planned.
    DOE promoted greater transparency with the defense bar by sponsoring open forum discussions with practicing defense attorneys and, where appropriate, providing greater detail about the status of open cases. 

    Recognizing CFTC Staff
    I think we can all agree that based on sheer productivity and impact, these first 100 days have been nothing short of remarkable.  The CFTC has provided an outstanding return on investment for the American taxpayer.  None of this would have been possible if it were not for the unwavering commitment of CFTC staff to our mission and our markets. 
    The work of our dedicated employees—often behind the scenes, but always indispensable—is the bedrock of our balanced, principles-based regulatory framework that promotes market integrity and protects the public from fraud, manipulation, and abuse.  
    It was my great honor to celebrate our core values, recognize the achievements of our talented staff, and commemorate the CFTC’s 50th anniversary last month with special awards for exceptional CFTC employees that exemplify Mission Excellence, Market Excellence, and Mindset Excellence.  We recognized 28 of our staff, some of whom have loyally served the CFTC for over 40 years.
    In addition, we launched a CFTC Leadership Speaker Series, and are working on additional staff development opportunities throughout the year.
    I am especially indebted to my executive management team, especially Harry Jung, acting Chief of Staff; Meghan Tente, acting General Counsel; Brigitte Weyls, Chief Counsel; Taylor Foy, acting Director of Public Affairs; and Nick Elliot, acting Director of Legislative Affairs.  They have each been pulling double duty since January, and their tireless work ethic, positive attitude, collegiality, and genuine care mean so much to me.
    I have been truly lucky to have the benefit of the decades of CFTC leadership by acting MPD Director Tom Smith and acting MPD Deputy Director Frank Fisanich; acting DCR Director Richard Haynes; acting DMO Director Rahul Varma and former acting DMO Director Amanda Olear; DOE Director Brian Young; DOE Deputy Director Paul Hayeck, acting Chief of the Complex Fraud Task Force; DOE Deputy Director Charles Marvine, acting Chief of the Retail Fraud and General Enforcement Task Force; acting Deputy General Counsel Anne Stukes; acting and acting OIA Director Mauricio Melara.  They are the very embodiment of public service, duty, and dedication.
    Conclusion 
    When I became acting Chairman this year, I noted that for the past half century, the CFTC has proudly served our mission to promote market integrity and liquidity in the commodity derivatives markets that are critical to the real economy and global trade—ensuring American growers, producers, merchants and other commercial end-users can mitigate risks to their business and support strong U.S. economic growth. I also said it was time for the CFTC to get back to the basics.  We delivered on that promise.
    It’s a very fitting bookend that I am here today to talk about what the CFTC has accomplished in just 100 days under my leadership as acting Chairman, because three years ago, I was a new Commissioner at the beginning of my term speaking at the ISDA AGM in Madrid.  
    As some of you may have caught on Bloomberg TV last week during my interview at the Milken Institute Global Conference, I have announced that I will be returning to the private sector once Brian Quintenz is confirmed as Chairman.  While I don’t have any specific plans for what’s next for me personally yet, I hope to make some over the next several months. 
    The United States recently celebrated Mother’s Day.  My own mom always told me when I was growing up, that anything is possible if you put your mind to it.  I had a vision of what could be accomplished at the CFTC, the agency where I began as a law student intern, came back for the fourth time as a Commissioner, and will now leave as acting Chairman.  I hope you will agree that I put my mind, heart, body, and soul into this job, and achieved my vision of what was possible.  I hope that this might inspire others to achieve their vision of what is possible too. 
    It has been the honor of a lifetime to serve as a Commissioner and now acting Chairman, and I will leave with deep pride in what we’ve accomplished and great confidence in what the CFTC will continue to achieve in the years ahead.  I am grateful for having had this incredible opportunity to make a difference.  Thank you.

    MIL OSI USA News –

  • MIL-OSI Economics: Canadian industry urges Carney cabinet to drive transition with ‘ambition and action

    Source: – Press Release/Statement:

    Headline: Canadian industry urges Carney cabinet to drive transition with ‘ambition and action

    Fernando Melo, federal director of policy and government affairs at the Canadian Renewable Energy Association, which represents almost 350 companies in the wind, solar and energy storage sectors, said the government must first ensure the clean economy tax credit is “finalized and improved.” Read more.
    The post Canadian industry urges Carney cabinet to drive transition with ‘ambition and action appeared first on Canadian Renewable Energy Association.

    MIL OSI Economics –

  • MIL-OSI Economics: NEWS RELEASE: Net-Zero Quebec Summit gains momentum

    Source: – Press Release/Statement:

    Headline: NEWS RELEASE: Net-Zero Quebec Summit gains momentum

    Second annual CanREA Summit a major event for Quebec’s energy transition.  

    Montréal, May 15, 2025 – Drawing more than 220 attendees, the second edition of the Canadian Renewable Energy Association (CanREA) Net-Zero Quebec Summit, presented by Desjardins, was a great success in Montréal today. 

    “The CanREA Net-Zero Quebec Summit is a major opportunity for Quebec’s renewable energy industry, serving as a hub for discussions about the energy transition needed for the province to achieve net zero by 2050,” said Jean Habel, Senior Director, Québec and Atlantic Canada, CanREA. “Harnessing this energy will allow Quebecers to be more self-sufficient, greener and more prosperous.”

    The day centred around in-depth discussions on the economic realities of the energy transition, including supply chain pressures, greater competition and the economic impact of decarbonization.  

    Discussions also focused on renewable energy projects in Quebec, particularly challenges and best practices for optimizing the rollout of energy transition projects in order to reach carbon neutrality by 2050. 

    “Desjardins is proud to support Net-Zero Quebec, a key event for Quebec’s energy transition. This Summit presents a unique platform for discussing the challenges and opportunities relevant to the energy transition. We are determined to play an active role in providing innovative financial services and supporting initiatives that promote autonomy, prosperity and sustainability. Together, we can build a greener and more resilient Quebec,” said Mathieu Talbot, Vice President, Business Services Group and Corporate Banking, Desjardins. 

    The event opened with “Indigenous Communities: Essential Actors in the Energy Transition.” This inclusive panel focused on how the renewable energy and energy storage industries must commit to continuously improving their approaches to ensure that their plans align with the priorities of Indigenous communities. CanREA was thrilled to hear from panellists Chief Paul Rice from the Mohawk Council of Kahnawà:kes, Jean Roy, Senior Vice President & Chief Operating Officer at Kruger, and Grand Chief Jacques Tremblay of the Wolastoqiyik Wahsipekuk First Nation, who took part in the insightful conversation.

    This was a special opportunity to enrich the conversation and educate participants about how best to work together toward implementing renewable energy across Quebec.  

    Later, CanREA was pleased to welcome Dave Rhéaume, Executive Vice President – Commercial Activities and Chief Customer Officer at Hydro-Québec, for a discussion on solar energy development in Quebec. The discussion was moderated by Jean-Hugues Lapointe, Partner and Project Director, Energy and Resources, Power System Studies at CIMA+.

    Other highlights included an enlightening discussion on Quebec’s energy advantage and a vision for the future with Philippe Dunsky, President of Dunsky Energy + Climate, moderated by Eva Lotta Schmidt, Head of Global Sustainability at ENERCON.

    An inspiring discussion was also held with Stéphane Labrie, President, Commission de protection du territoire agricole du Québec (CPTAQ), moderated by Étienne Chabot, General Manager, Electricity for the Ministère de l’Économie, de l’Innovation et de l’Énergie.

    “The panels and discussions at the Summit sparked vital conversations and broadened the knowledge of everyone who attended, which will help to accelerate Quebec’s energy transition,” says Habel.  

    CanREA would like to thank all of the participants, moderators and speakers who helped make the Summit a success. It would also like to extend a special thanks to its presenting sponsor, Desjardins, and to all of the sponsors for this event, including Amazon Web Services and EDF Renewables. 

    Photos

    PHOTO: Net Zero Quebec 2025’s opening panel, “Indigenous communities: Essential actors in the energy transition,” examined how Quebec’s renewable energy and energy storage industries can align their plans with the priorities of Indigenous communities. From left to right: Moderator Émilie Sénéchal (Hydro Quebec), Jean Roy (Kruger Energy), Chief Paul Rice (Mohawk Council of Kahnawá:ke), Grand Chef Jacques Tremblay (Wolastoqiyik Wahsipekuk First Nation). 

    Quotes

    “The CanREA Net-Zero Quebec Summit is a major opportunity for Quebec’s renewable energy industry, serving as a hub for discussions about the energy transition needed for the province to achieve carbon neutrality by 2050. Harnessing this energy will allow Quebecers to be more self-sufficient, greener and more prosperous. The panels and discussions at the Summit sparked vital conversations and broadened the knowledge of everyone who attended, which will help to accelerate Quebec’s energy transition.” 
    —Jean Habel, Senior Director, Québec and Atlantic Canada, CanREA

    “Desjardins is proud to support Net-Zero Quebec, a key event for Quebec’s energy transition. This Summit presents a unique platform for discussing the challenges and opportunities relevant to the energy transition. We are determined to play an active role in providing innovative financial services and supporting initiatives that promote autonomy, prosperity and sustainability. Together, we can build a greener and more resilient Quebec.” 
    —Mathieu Talbot, Vice President, Business Services Group and Corporate Banking, Desjardins  

    For media interviews, please contact:

    Bridget Wayland, Senior Director of CommunicationsCanadian Renewable Energy Association communications@renewablesassociation.ca

    The Canadian Renewable Energy Association

    The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on Bluesky and LinkedIn. Subscribe to our newsletter here. Learn more at renewablesassociation.ca. 

    The post NEWS RELEASE: Net-Zero Quebec Summit gains momentum appeared first on Canadian Renewable Energy Association.

    MIL OSI Economics –

  • MIL-OSI: River Valley Community Bank Builds Experienced Banking Team in Roseville

    Source: GlobeNewswire (MIL-OSI)

    YUBA CITY, Calif., May 15, 2025 (GLOBE NEWSWIRE) — River Valley Community Bancorp (OTC Markets: RVCB) is pleased to announce the formation of an experienced banking team for its new Roseville branch. This group of skilled banking professionals adds to an existing experienced team, all of which are ready to deliver the kind of personalized, full-service community banking that local businesses throughout Placer County deserve.

    The Roseville team embodies River Valley Community Bank’s promise of banking done differently – where relationships matter, decisions happen locally, and every action is taken with an absolute focus on client success.

    “Our approach in Roseville centers on building long-standing relationships with our clients through personalized service and tailored financial solutions,” said Steve Berry, Senior Vice President / Head of Commercial Banking. “The Roseville team has the experience and expertise to carry out that mission — and we believe that’s what community banking is all about.”

    The Roseville branch brings together exceptional talent with a passion for community banking:

    • Andrew Tagg, SVP/Market Manager covering all of Placer County, leads the team with extensive experience in relationship banking and a deep understanding of our local business landscape.
    • Kristen Holihan, VP/Relationship Manager, ensures seamless client service and operational excellence with a specialization in deposits and treasury management. Works closely with clients to optimize their cash flow and financial operations.
    • Steve Martinez, VP/Business Development Officer, brings valuable expertise in commercial lending and business development.
    • Rob Gutowski, SVP/Relationship Manager provides continuity and established knowledge of the bank’s comprehensive service offerings.
    • Kyle Petrucelli, VP/Commercial Banker, specializing in commercial and industrial lending.

    “We’ve built this team to take ownership of our clients’ needs and surpass their expectations,” said Luke Parnell, Executive Vice President / Chief Credit and Lending Officer. “Relationship banking is in our team’s DNA. And ultimately, it’s this kind of commitment to the success of our clients that has helped us grow from one branch in Yuba City to five across our region.”

    The Roseville branch, located at 2901 Douglas Blvd, Suite 140, will offer a full range of business and personal banking services when it opens in mid-2025. The location will absorb the bank’s current loan production office in Roseville and serve as a hub for the bank’s expanded presence in Placer County.

    For more information, please visit our website at: www.myrvcb.com or contact John M. Jelavich at 530-821-2469.

    Forward Looking Statements: This document may contain comments and information that constitute forward‐looking statements. Forward‐looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. Forward‐looking statements speak only as to the date they are made. The Bank does not undertake to update forward‐looking statements to reflect circumstances or events that occur after the date the forward‐looking statements are made.

    The MIL Network –

  • MIL-Evening Report: The space race is being reshaped by geopolitics, offering opportunities for countries such as New Zealand

    Source: The Conversation (Au and NZ) – By Peter Zámborský, Senior Lecturer, Management & International Business, University of Auckland, Waipapa Taumata Rau

    NASA/Getty Imges

    The space economy is being reshaped — not just by innovation, but by geopolitics. What was once dominated by state space agencies, and more recently by private ventures, is evolving into a hybrid model in which government priorities and commercial capabilities are intertwined.

    The rise of protectionist policies, tariff wars, export controls and national security concerns is forcing space firms to adapt their strategies – and in many cases, to rethink where and how they operate.

    This offers countries such as New Zealand the opportunity to stand out in the new space race – becoming neutral ground with fewer trade and other regulatory barriers for the growth of the emerging hybrid space economy.

    Looking to space

    The New Zealand government plans to double the size of the space and advanced aviation sectors by 2030. Already, about 20,000 workers are employed in these sectors, generating US$1.8 billion in revenue.

    New Zealand’s flagship player in the space sector is Rocket Lab. Founded in 2006, the integrated space firm was listed on NASDAQ in 2021. By the end of 2024, the company was worth around US$8 billion.

    While its headquarters are in the United States, Rocket Lab also operates in Canada and keeps around 700 of its 2,000 global staff and its key launch site in New Zealand. Recently, it also announced the acquisition of a German optical communications supplier, Mynaric.

    Founded in New Zealand by Peter Beck, Rocket Lab is now headquartered in the United States with sites in Canada and elsewhere.
    Phil Walter/Getty Images

    Opportunities in US trade war

    Rocket Lab’s decision to engage in substantial foreign investment and diversify its operations across the US, New Zealand, Canada and Europe gives it flexibility in responding to the US-initiated trade war.

    The current and possible future US tariffs have created uncertainty for investors. Along with retaliatory measures by China and other nations, these developments have significant consequences for space firms.

    Companies in this field rely on globally sourced components (for example, semiconductors and electronic components) and materials such as steel and specialised fuel for their operations.

    Firms based in just one location can suffer from tariffs or retaliatory restrictions. But those with operations in several countries — especially in more neutral countries such as New Zealand and some Southeast Asian nations — may benefit from geopolitical tensions. Geostrategic diversification gives them more options, including less risky locations for operations, trade and investments in the space sector.

    A recent Deloitte report noted that companies in the space ecosystem may prefer to look for launch sites and satellite providers on neutral ground.

    Initiatives are already emerging in Indonesia and Malaysia to construct commercial spaceports and attract investment in satellite manufacturing.

    The benefits of being neutral

    The rising geopolitical tensions mean new space firms from relatively neutral countries such as New Zealand are increasingly aligning with national defence priorities. The emerging hybrid space economy is, in some ways, a response to this global power realignment.

    New Zealand has historically sought to balance strong trade ties with China, its largest trading partner, with security cooperation with the US as part of the Five Eyes intelligence alliance. But recent developments have prompted a reassessment.

    Notably, the presence of Chinese warships in the Tasman Sea and upheavals in the global security climate after Russia’s invasion of Ukraine has led to a review of New Zealand’s defence posture.

    The government is now aiming to double defence spending to 2% of GDP. The US military has held talks with New Zealand about launching more satellites from this country.

    Earlier this year, Rocket Lab also declared it was “ready to serve the Pentagon”. For example, it secured contracts worth about US$500 million to launch a satellite from New Zealand for BlackSky, a US-based space-based intelligence provider.

    Rocket Lab also became one of five launch companies invited to compete for missions under the US National Security Space Launch program. This program puts the most valuable military and spy satellites into orbit, worth up to US$6 billion of Pentagon contracts in the next few years.

    Tapping into foreign investment

    Nations’ increased needs for domestic space defence capabilities also create foreign investment opportunities. For example, Airbus will design and build a new military satellite system costing about US$170 million in the United Kingdom to improve real-time military imagery.

    Ongoing economic strife and possible military conflicts have important implications for the strategies of new space firms and the policies of nations seeking space investment.

    New space firms may redirect their investment to countries where their main customers are located (for example, the US or European Union) or to neutral countries less affected by geopolitical tensions (for example, New Zealand). This allows them to diversify and reduce exposure to tariffs and other restrictions.

    In New Zealand, this may mean more government investment not only by Rocket Lab, but also involvement by other industry players from the US, Japan or Europe.

    Commercial opportunities in the new space sector will remain. But the shape of the sector may move towards a more hybrid space, recognising both commercial and national security interests in times of economic war.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. The space race is being reshaped by geopolitics, offering opportunities for countries such as New Zealand – https://theconversation.com/the-space-race-is-being-reshaped-by-geopolitics-offering-opportunities-for-countries-such-as-new-zealand-256773

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Saudi Arabia has big AI ambitions. They could come at the cost of human rights

    Source: The Conversation (Au and NZ) – By Niusha Shafiabady, Associate Professor in Computational Intelligence, Australian Catholic University

    This week, on his tour of the Middle East, United States President Donald Trump unveiled a suite of new deals with Saudi Arabia.

    Trump claimed the deals were worth more than US$1 trillion (A$1.5 trillion). This is likely an overestimate. What’s less murky is that many of these deals involve the development of artificial intelligence (AI) technology.

    This news came shortly after Saudi Arabia’s Crown Prince and de facto ruler, Mohammed bin Salman, launched a new company known as Humain to develop and manage AI. The company is part of Saudi Arabia’s state-run investment firm, and is seeking to create powerful Arabic large language models. This would be significant for the more than 450 million people who speak Arabic around the world.

    These developments are part of Saudi Arabia’s vision to become a global AI hub, as it tries to diversify its economy away from oil.

    But as AI grows in Saudi Arabia, it could have consequences – including for human rights.

    An absolute monarchy

    Saudi Arabia is an absolute monarchy in which the unelected king holds total authority in the way the country is run. According to nonprofit organisation Freedom House, the country “restricts almost all political rights and civil liberties”.

    The country has been criticised by Human Rights Watch for human rights issues, including suppressing free speech and targeting government critics.

    In one extreme example, in October 2018, one of the government’s most vocal critics, Washington Post columnist Jamal Khashoggi, was assassinated at the Saudi consulate in Istanbul, Turkey. A 2021 US intelligence report concluded Mohammed bin Salman approved the assassination.

    Discrimination against women is another major human rights concern. These issues have led to serious concerns about overall freedoms in the country.

    Becoming a global AI hub

    Saudi Arabia is expanding its efforts to extend economic opportunities while positioning the country at the forefront of global AI innovation. According to the Global AI Index, the country’s public AI spending commitments significantly outrank those of the US and China, totalling more than $40 billion over the next decade.

    The newly-launched AI company, Humain, is at the centre of Saudi Arabia’s efforts to become a global AI hub.

    This week the company announced a partnership with NVIDIA, which develops special computer chips known as graphic processing units – or GPUs – for AI. NVIDIA will support the creation of AI data centres in Saudi Arabia by exporting “several hundred thousand” of its most advanced GPUs over the next five years.

    Humain will also deploy an AI platform developed by NVIDIA to enable industries to create digital twins. These are virtual replicas of physical environments that aim to enhance efficiency and sustainability.

    Alongside its partnership with NVIDIA, Humain also announced a new US$5 billion partnership with Amazon Web Services. This will help build a suite of AI infrastructure in Saudi Arabia.

    More broadly, Saudi Arabia is embedding AI into urban development. The technology is at the heart of its megacity development known as The Line. AI is also being deployed to streamline traffic systems and enhance energy efficiency.

    This is something the general public in Saudi Arabia support. For example, a 2022 survey by Ipsos found 76% of adults in Saudi Arabia believed that products and services using AI have more benefits than drawbacks. This compared to a global country average of 52%.

    Nonprofit organisation Freedom House says the monarchy that governs Saudi Arabia restricts almost all political rights and civil liberties.
    Chaudhary Umair Ahmad/Shutterstock

    A digital authoritarian tool

    Saudi Arabia already uses AI and other digital technologies to monitor citizens and control dissent.

    For example, the country reportedly used spyware on devices belonging to Jamal Khashoggi’s relatives in the lead up to his murder.

    The Line will also incorporate digital tracking systems of citizens. This has led some critics to describe it as a “surveillance city”.

    With the country’s track record in mind, the huge expansion of Saudi Arabia’s AI capabilities creates further opportunities for the regime to use the technology in ways that could be of concern.

    In a 2024 paper political scientist Nayera Mohamed Hamed Ibrahim described AI in Saudi Arabia as being a “digital authoritarian tool” which further entrenched the absolute power of the monarchy and its control over civilian life.

    The technology risks becoming an even more powerful digital authoritarian tool in Saudi Arabia as the country continues its march to becoming one of the world’s biggest developers of AI.

    Niusha Shafiabady 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. Saudi Arabia has big AI ambitions. They could come at the cost of human rights – https://theconversation.com/saudi-arabia-has-big-ai-ambitions-they-could-come-at-the-cost-of-human-rights-256793

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Revisions of fees under Land Registration Ordinance published

    Source: Hong Kong Government special administrative region

    The Government published in the Gazette today (May 16) the Land Registration Fees (Amendment) Regulation 2025 (the Amendment Regulation) to revise the fees for registration services provided by the Land Registry Trading Fund.

    The types of fees to be revised include:
    (i) registration of instruments including assignment and mortgage;
    (ii) registration of agreement for sale and purchase;
    (iii) registration of lease, agreement for a lease, or renewal or surrender of a lease;
    (iv) registration of other instruments; and
    (v) registration of instruments whereby any charge or mortgage on any share or interest in any property is assigned or transferred.

    A Government spokesman said, “The above-mentioned five types of fees have not been adjusted for almost 30 years and are significantly under-recovered. The Government has reviewed and adjusted the relevant fees in accordance with the established mechanism and ‘user pays’ principle. The revised fees are set at levels generally adequate for recovering the full costs of providing the services. In order for the affected parties to adapt to the fee revisions progressively, we propose to increase the above-mentioned fees in three phases in the financial years of 2025-26, 2026-27 and 2027-28 respectively, with the increases ranging from around 15 per cent to around 35 per cent in each phase. Among them, registration fee types (i) and (ii) are related to conveyancing transactions. After the fee revisions, the increase in registration fees is still limited compared with the overall costs involved in a typical property conveyancing transaction including property price, stamp duty, and fees for conveyancing solicitors and estate agents. Regarding the other three types of non-conveyancing related registration fees, the payers are primarily corporate clients and financial institutions. It is anticipated that the impact of the fee revisions will be manageable to them.” The revised fees can be viewed from the Land Registry’s website (www.landreg.gov.hk/en/new/fee.htm).

    The Amendment Regulation was published in the Gazette today and will be tabled at the Legislative Council (LegCo) next Wednesday (May 21). Subject to approval of the Amendment Regulation by the LegCo by negative vetting, the revised fees will come into effect in three phases on July 16, 2025, July 1, 2026, and July 1, 2027, respectively.

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Getting taxi service and ride-sourcing provider GST registration and income right

    Source: New places to play in Gungahlin

    Our focus

    If you provide taxi, limousine or ride-sourcing services you must register for goods and services tax (GST) regardless of your turnover. You must collect and pay the GST and income tax on all your rides and all other business income.

    We use a range of data sources, including data provided to the ATO by taxi and ride-sourcing platforms, to review the tax file number (TFN), Australian business number (ABN) and GST registration status and other activities of drivers in this industry.

    If you’re a driver in this industry and don’t have a TFN, ABN and GST registration, you need to:

    • register now
    • collect, report and pay GST on all your future rides as required under the law
    • report all your income from your rides in your next tax return.

    How to get it right

    To get it right, you’ll need a TFN, an ABNExternal Link and register for GST. If you’re not using a tax professional for your tax affairs, the best way to securely register, report and pay your GST on all your future rides is to get a myIDExternal Link and register for ATO online services or Online services for business.

    If you don’t register for GST, penalties and interest may apply. If you haven’t declared all your income for ride-sourcing in prior years you can amend a previous tax return.

    You can also contact your tax professional to obtain advice specific to your business needs.

    What we’ll do if you don’t register

    We’ll continue to monitor drivers who don’t have a TFN, ABN or GST registration and those who haven’t declared all their assessable income.

    If you’re a driver who, after 3 months, still chooses not to register and comply with your GST and income tax obligations, we may:

    • register you for GST
    • back-date your GST registration
    • instruct you to back-pay all the GST on your prior rides, plus interest
    • determine what income tax you need to pay on your taxable income
    • apply financial penalties, which you’ll also need to pay
    • instruct you to complete a number of online courses.

    Keep up to date

    Learn more by taking our free self-paced online courses at Essentials to strengthen your small businessExternal Link.

    You can also:

    • subscribe to our free Small business newsletter to get updates that might impact your business
    • contact your tax professional to obtain advice specific to your business needs.

    MIL OSI News –

  • MIL-OSI Global: Disarming Hezbollah is key to Lebanon’s recovery − but the task is complicated by regional shifts, ceasefire violations

    Source: The Conversation – Global Perspectives – By Mireille Rebeiz, Chair of Middle East Studies and Associate Professor of Francophone and Women’s, Gender and Sexuality Studies, Dickinson College

    Slain Lebanese Hezbollah leader Hassan Nasrallah looms large in Lebanon. Anwar Amro/AFP via Getty Images

    Within a span of two weeks from late April to early May 2025, Israel launched two aerial attacks ostensibly targeting Hezbollah in Lebanon: The first, on April 27, struck a building in Beirut’s southern suburbs; the second, an assault in southern Lebanon, left one person dead and eight others injured.

    While the attacks may not be an aberration in the long history of Israel’s military action in Lebanon, the latest episodes were notable given the context: Israel and Hezbollah have been nominally locked in a truce for five months.

    As an expert on Lebanese history and culture, I believe the latest violations clearly show the fragility of that ceasefire. But more importantly, they complicate the Lebanese government’s mission of disarming Hezbollah, the paramilitary group that remains a powerful force in the country despite a series of Israeli targeted killings of its senior members. That task forms the backbone of a nearly 20-year-old United Nations resolution meant to bring lasting peace to Lebanon.

    The long road to a ceasefire

    In the aftermath of Hamas’ attack on Israel on Oct. 7, 2023, Hezbollah vowed solidarity with the Palestinian movement, resulting in a running series of tit-for-tat attacks with Israel that escalated into a full-blown war in the fall of 2024.

    On Oct. 1, 2024, Israel invaded Lebanon – the sixth time since 1978 – in order to directly confront Hezbollah. That operation led to the killing of an estimated 3,800 Lebanese people and the displacement of over 1 million civilians. The damage to Lebanon’s economy is estimated at US$14 billion, according to the World Bank.

    Hezbollah lost a lot of its fighters, arsenal and popular support as a result. More importantly, these losses discredited Hezbollah’s claim that it alone can guarantee Lebanon’s territorial integrity against Israel’s invasion.

    The United States and France brokered a ceasefire between Hezbollah and Israel on Nov. 27, 2024. The agreement was based in part on United Nations Security Council Resolution 1701, which was adopted in 2006 to end that year’s 34-day war between Israel and Hezbollah. The resolution had as a central tenet the disarmament of armed militias, including Hezbollah, and the withdrawal of Israeli forces from Lebanon.

    The 2024 ceasefire built on that resolution. It required Hezbollah’s retreat beyond the Litani River, which at its closest point is about 20 miles from northern Israel. In return, and by February 2025, Israel was to gradually withdraw from Lebanese territories in order to allow the Lebanese army to take control of areas in the south and to confiscate all unauthorized weapons – a nod to Hezbollah’s arsenal.

    Yet, Israel maintained the occupation of several posts in southern Lebanon after that deadline and continued to launch attacks on Lebanese soil, the most recent being on May 8, 2025.

    The challenge of disarming Hezbollah

    Despite these violations, large-scale war between Israel and Hezbollah has not resumed. But the next step, a lasting peace based on the laying down of Hezbollah arms, is complicated by a series of factors, not least the sectarian nature of Lebanese politics.

    Since its inception in 1920, Lebanon’s governance has been defined by a polarized and formally sectarian political system, which seeded the roots of a decades-long civil conflict that began in 1975. A series of invasions by Israel in response to attacks from Lebanese-based Palestinian groups exacerbated sectarianism and instability.

    From this mix, Hezbollah emerged and became a powerful force during the late 1980s.

    The Taif Agreement, ending Lebanon’s civil war in 1989, formally recognized the state’s right to resist the Israeli occupation of Lebanese territories – and with it Hezbollah’s presence as a force of resistance. An uneasy coexistence between the government and Hezbollah emerged, which often spilled over into violence, including assassinations of important public figures.

    More recently, Hezbollah was responsible for a two-year political vacuum as it mobilized members to repeatedly block opposition candidates for the vacant presidency in the hopes of installing a leader that would support its agenda.

    A view from the southern Lebanese district of Marjeyoun shows smoke billowing from the site of Israeli airstrikes on May 8, 2025.
    Rabih Daher/AFP via Getty Images

    In January 2025 that standoff ended when Lebanon’s parliament elected army chief Joseph Aoun, a Maronite Christian, as president.

    The acquiescence of Hezbollah and its allies was in part a sign of how much the power of the Shiite militia had been diminished by Israel during the conflict.

    But it is also the result of a widespread general understanding in Lebanon of the need to end the humanitarian crisis caused by Israel’s war. The new president has brought much-needed hope to a battered country – one that has been plagued by numerous crises, including a collapsed economy that by 2019 had pushed 80% of the population into poverty.

    But Aoun’s presidency signals the changing political environment in another key way; unlike his predecessors, Aoun has not endorsed Hezbollah as a legitimate resistance movement.

    Further, Aoun has announced his intentions to disarm the group
    and to fully implement resolution 1701.

    To this end, Aoun has made impressive gains. According to state officials, the Lebanese army had by the end of April 2025 dismantled over 90% of Hezbollah’s infrastructure south of the Litani River and taken control over these sites.

    Yet Hezbollah’s chief, Naim Kassem, doggedly rejects calls to disarm and integrate the group’s fighters into the Lebanese armed forces.

    Even in Hezbollah’s weakened position, Kassem believes only his movement, and not the Lebanese state, can guarantee Lebanon’s safety against Israel. And Israel violations of the ceasefire only play into this narrative.

    “We will not allow anyone to remove Hezbollah’s weapons,” Kassem said after one recent airstrike, vowing that the group would hand over weapons only when Israel withdrew from southern Lebanon and ended it’s air incursions.

    Can Lebanon’s new president, Joseph Aoun, untangle the Gordian knot of Lebanese politics?
    Ludovic Marin/AFP via Getty Images

    The challenge going forward

    Yet countries including the United States and Qatar – not to mention Israel – consider Hezbollah’s disarmament a prerequisite to both peace and much-needed international assistance.

    And this makes the task ahead for Aoun difficult. He will be well aware that international aid is desperately needed. But pressing too hard to accommodate either Israel’s or Hezbollah’s interests risks, respectively, exacerbating either domestic political pressures or jeopardizing future foreign investment.

    To complicate matters further, the situation in Lebanon is hardly helped by developments in neighboring Syria.

    The fall of Syrian President Bashar Assad in December 2024 has added another element of regional uncertainty and the fear in Lebanon of further sectarian violence. Although Syria’s new leader, Ahmed al-Sharaa, has vowed to protect all religious groups, he was not able to prevent the massacre of Alawite civilians in several coastal towns – an attack that triggered a fresh wave of refugees heading toward Lebanon.

    The removal of Assad was another blow for Hezbollah, a strong Assad ally that benefited from years of Syrian interference in Lebanon.

    The challenge of international relations

    For now, a return to full-scale war in Lebanon does not appear to be on the table.

    But what comes next for Lebanon and Hezbollah depends on many factors, not least the state of Israel’s ongoing war on Gaza and any spillover into Lebanon. But the actions of other regional actors, notably Saudi Arabia and Iran, matter too. Should Saudi Arabia be encouraged down the path of normalizing relations with Israel – a process interrupted by the Oct. 7 attack – then it would impact Lebanon in many ways.

    Any deal would, from the Saudi perspective, likely have to include a solution to the question of Palestinian statehood, taking away one of Hezbollah’s main grievances. It would also likely put pressure on Lebanon and Israel to find a solution to its long-standing border dispute.

    Meanwhile, Iran, too, is seemingly turning to diplomatic means to address some of its regional issues, with nascent moves to both improve ties with Saudi Arabia and forge forward with a new nuclear deal with the U.S. This could see Tehran turn away from a policy of trying to impose its influence throughout the region by arming groups aligned with Tehran – first among them, Hezbollah.

    Mireille Rebeiz is affiliated with the American Red Cross.

    – ref. Disarming Hezbollah is key to Lebanon’s recovery − but the task is complicated by regional shifts, ceasefire violations – https://theconversation.com/disarming-hezbollah-is-key-to-lebanons-recovery-but-the-task-is-complicated-by-regional-shifts-ceasefire-violations-255671

    MIL OSI – Global Reports –

  • MIL-OSI Economics: Money Market Operations as on May 15, 2025

    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) 6,00,556.18 5.67 2.00-6.00
         I. Call Money 16,780.79 5.83 4.90-5.90
         II. Triparty Repo 3,79,720.25 5.68 5.55-5.80
         III. Market Repo 2,02,433.14 5.64 2.00-5.95
         IV. Repo in Corporate Bond 1,622.00 5.89 5.86-6.00
    B. Term Segment      
         I. Notice Money** 95.00 5.76 5.45-5.85
         II. Term Money@@ 968.00 – 6.10-6.13
         III. Triparty Repo 1,673.00 5.80 5.70-5.90
         IV. Market Repo 1,140.28 5.99 2.50-6.13
         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 Thu, 15/05/2025 1 Fri, 16/05/2025 5,198.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Thu, 15/05/2025 1 Fri, 16/05/2025 358.00 6.25
    4. SDFΔ# Thu, 15/05/2025 1 Fri, 16/05/2025 2,62,952.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,57,396.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 02/05/2025 14 Fri, 16/05/2025 149.00 6.01
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,584.67  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     34,464.67  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -2,22,931.33  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on May 15, 2025 9,22,779.48  
         (ii) Average daily cash reserve requirement for the fortnight ending May 16, 2025 9,41,653.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ May 15, 2025 5,198.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on April 18, 2025 2,02,749.00  
    @ 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. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/339

    MIL OSI Economics –

  • MIL-OSI Russia: The results of three years of work of the NSU PISh were summed up at the reporting session of the federal project

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University –

    The Advanced Engineering School “Cognitive Engineering” of Novosibirsk State University presented the results of its work for 2024 and long-term development plans at the Council for the consideration of issues and coordination of the activities of the Advanced Engineering School chaired by the head of the Ministry of Education and Science of Russia Valery Falkov.

    The flagship project of the Ministry of Education and Science “Advanced Engineering Schools” has been implemented since 2022. Currently, 50 such schools have been created within its framework, and by 2030, on the instructions of Russian President Vladimir Putin, their number should be increased to 100. Thanks to this program, new competence centers in the fields of biotechnology, oil and gas engineering, space instrumentation, optical sensors and closed-loop technologies have appeared at NSU. Students of the Advanced Engineering Schools study in 5 master’s programs of NSU and 6 network educational programs of higher education created jointly with NSTU, NSAU, Ufa State Petroleum Technological University.

    Starting this year, the first 30 schools from 15 regions, including NSU PISh, are moving to a new stage of financing under the terms of the project – after three years of budget financing, they will move to off-budget financing and will operate at the expense of funds attracted from industrial partners and other competitive programs of the Ministry of Education and Science of Russia.

    — The first 30 advanced engineering schools are moving to a new qualitative level of development. The results presented by the university teams show that together we have managed to create an effective model for integrating education, science and production. The next stage for the first wave of schools will be scaling up their activities. Everything necessary for this is available: modern equipment, competencies, established contacts with industrial partners. It is important that regional authorities pay great attention to the development of advanced engineering schools in their cities, understanding their value for strengthening relations between higher education and the real sector of the economy, — emphasized the head of the Russian Ministry of Education and Science Valery Falkov.

    At the defense of the results of the work, Novosibirsk State University was represented by the Vice-Rector for Research Activities of NSU Dmitry Churkin, the Director of the NSU Cognitive Engineering School Sergey Golovin, the Deputy General Director for Expertise and Functional Development of Gazpromneft NTC LLC Veronika Filimonova, the founder of Sibsensor LLC Ivan Shelemba, and a graduate and junior research fellow of the NSU Cognitive Engineering School Stepan Karmushin.

    The NSU Advanced Engineering School presented key results of its activities over 3 years of work. During this time, a number of new educational spaces were created at the NSU Advanced Engineering School: three laboratories in the field of biotechnology, a research and testing laboratory in optical sensorics, a digital factory and fab lab in the field of space instrumentation, a fab lab in chemical synthesis, as well as a VR studio and coworking for project work. The involvement of leading specialists in the activities of the laboratories and good equipment allows students and employees to work at the cutting edge of technological developments.

    The main achievements and contribution of the NSU Advanced Engineering School to the process of scientific and technological development of the country were highlighted by the director of the NSU Advanced Engineering School, Sergei Valerievich Golovin:

    — The main result of 2024 is the completion of the formation of technology platforms for the development of new products and the implementation of educational programs. New centers for biotechnology, optical sensorics, closed-loop technologies have been created, and existing divisions in the field of space instrumentation and oil and gas technologies are implementing new large projects. Among the achievements of the past year: the creation of a digital factory of small spacecraft and the production of the first commercial CubeSat satellites, the development of new equipment and methods for express diagnostics of the state of permafrost soils, the development of a reagent base for high-performance DNA and RNA sequencing with subsequent data processing using multifunctional software, the creation of a unique metrology complex for fiber-optic sensors. The creation of the PIS gave a new impetus to work with schoolchildren on their early career guidance and involvement in science and technology.

    Project work in the competence centers of the PIS or in the framework of industrial partners on applied tasks to be solved is the basis of student training. The opportunity to interact at the training stage with the competence centers of the PIS NSU, scientific organizations, private technology businesses and large companies forms a holistic picture of the possibilities for further employment or the creation of their own technology business for students.

    — Novosibirsk State University is one of the key partners in our ecosystem. Together, we implement projects in the field of geological exploration, production and development of science-intensive software, including the use of mathematical modeling and artificial intelligence methods. Particular attention is paid to the integration of fundamental science into solving current industry problems. NSU students undergo training in our master’s programs and participate in practical work in the company’s scientific division. This cooperation opens up new prospects for the development of engineering education and technology, — Veronika Filimonova, Deputy General Director for Expertise and Functional Development of Gazpromneft NTC LLC, spoke about the training of new generation engineers and the projects implemented jointly with the PISH partner.

    The implementation of the socio-economic development initiative “Advanced Engineering Schools” in the period from 2022 to 2024 was carried out within the framework of the federal project “Advanced Engineering Schools” of the state program “Scientific and Technological Development of the Russian Federation”. Since 2025, the continuity of the activities of the project “Advanced Engineering Schools” was ensured by including them in the federal project “Universities for the Generation of Leaders” of the national project “Youth and Children”.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • India remains fastest-growing economy at ‘precarious moment’ for world: UN

    Source: Government of India

    Source: Government of India (4)

    India remains the fastest-growing large economy and is expected to record a 6.3 per cent growth this fiscal year, while the global economy faces a “precarious moment,” according to the UN.

    The UN’s mid-year update of the World Economic Situation and Prospects (WESP) report said India’s economy is projected to grow a tad faster next year at 6.4 per cent, even though it is also 0.3 per cent lower than the January projection.

    “The world economy is at a precarious moment,” the report warned. “Heightened trade tensions, along with policy uncertainty, have significantly weakened the global economic outlook for 2025.”

    “It’s been a nervous time for the global economy,” Shantanu Mukherjee, the director of the Economic Analysis and Policy Division, said at the release of the WESP. “In January this year, we were expecting two years of stable, if subpar growth, and since then, prospects have diminished,” he added.

    Against this picture, the growth of the world’s fifth-largest economy, India, contrasts with the global rate of 2.4 per cent this year, and that of other major economies, according to the WESP.

    The projection for China is 4.6 per cent, for the US 1.6 per cent, Germany (negative) -0.1 per cent, Japan 0.7 per cent, and the European Union 1 per cent. “Resilient private consumption and strong public investment, alongside robust services exports, will support economic growth” for India, the report said.

    On inflation and employment, the WESP saw positive trends for India. “Inflation is projected to slow from 4.9 per cent in 2024 to 4.3 per cent in 2025, staying within the central bank’s target range,” it said.

    “Unemployment remains largely stable amid steady economic conditions,” it said, but added a note of caution that “persistent gender disparities in employment underscore the need for greater inclusivity in workforce participation”. The WESP drew attention to the risks to the export sector from the US tariff threats.

    “While looming US tariffs weigh on merchandise exports, currently exempt sectors- such as pharmaceuticals, electronics, semiconductors, energy, and copper, could limit the economic impact, though these exemptions may not be permanent,” it said. The International Monetary Fund last month projected India’s economy to grow by 6.2 per cent this year and 6.3 per cent next year. (IANS)

  • Indian stock market opens lower amid mixed global cues

    Source: Government of India

    Source: Government of India (4)

    The domestic benchmark indices opened lower on Friday amid mixed global cues, with selling pressure seen in the IT, financial services, and pharma sectors during early trade.

    At around 9:29 a.m., the Sensex was trading 231.64 points, or 0.28 per cent, lower at 82,299.10, while the Nifty declined 49.95 points, or 0.20 per cent, to 25,012.15.

    The Nifty Bank index was down 52.40 points, or 0.09 per cent, at 55,303.20. Meanwhile, the Nifty Midcap 100 was trading at 56,700.05, up 169.20 points, or 0.30 per cent. The Nifty Smallcap 100 index stood at 17,318.40, having risen 78.45 points, or 0.46 per cent.

    According to analysts, from a technical perspective, the Nifty formed a strong bullish candle on the daily chart, breaking out of an inside bar pattern and closing above the crucial 25,000 level.

    Traders are advised to adopt a “buy on dips” strategy with strict risk management and avoid taking large overnight positions due to ongoing global uncertainties, he added.

    Among the Sensex constituents, Bharti Airtel, IndusInd Bank, SBI, Infosys, HCL Tech, and M&M were the top losers. On the other hand, UltraTech Cement, Bajaj Finserv, NTPC, Maruti Suzuki, and Axis Bank emerged as the top gainers.

    In the broader Asian markets, China, Hong Kong, and Japan were trading in the red, whereas Bangkok, Jakarta, and Seoul were in the green.

    In the previous trading session, the Dow Jones Industrial Average in the U.S. closed at 42,322.75, up 271.69 points, or 0.65 per cent. The S&P 500 ended with a gain of 24.35 points, or 0.41 per cent, at 5,916.93, while the Nasdaq closed at 19,112.32, down 34.49 points, or 0.18 per cent.

    April’s economic data presented a mixed picture of the U.S. economy. The Producer Price Index (PPI) unexpectedly declined by 0.5 per cent, significantly diverging from economists’ expectations of a 0.2 per cent increase. This drop suggests easing inflationary pressures at the wholesale level, according to experts.

    On the institutional front, foreign institutional investors (FIIs) were net buyers of equities worth ₹5,392.94 crore on May 15, while domestic institutional investors (DIIs) sold equities worth ₹1,668.47 crore.

    —IANS

  • MIL-Evening Report: To boost the nation’s health, the government’s proposed food strategy must put people over profits

    Source: The Conversation (Au and NZ) – By Rachael Walshe, Post-doctoral Researcher, University of Canberra

    crbellette/sShutterstock

    On election night, a triumphant Anthony Albanese took to the stage brandishing a Medicare card as a symbol of the nation’s commitment to public healthcare.

    As the re-elected government gets to work on its promised national food security strategy “Feeding Australia”, it has a unique opportunity to build a strategic agenda as bold and transformative as Medicare.

    That agenda is investment in food as a public good – a recognition that a healthy food system is as important to the nation’s health and wellbeing as access to hospitals, bulk-billing doctors and subsidised medicines.

    Feeding Australia

    The new Labor government, with its large majority, has a once-in-a-generation chance to deliver meaningful change in our food system.

    It went into the election promising a new food security strategy, which Agriculture Minister Julie Collins says will improve supply chain resilience and and minimise price volatility at the checkout:

    Australia has an impressive record in agriculture, feeding millions of people both here and abroad, but we can’t afford to be complacent. The Albanese Labor government will protect and strengthen Australia’s food security for the benefit of our farmers and all Australians, as well as the trading partners that rely on our produce. When our food and supply chains are secure, it reduces financial strain on households, helping all Australians.

    Labor has tried this before. In 2013, the Gillard government’s short-lived National Food Plan was critcised for prioritising corporate interests over public health and sustainability.

    Repeating past mistakes will again risk putting corporate hunger first. The Feeding Australia strategy must prioritise the health of people, planet, and care for Country.

    Food for thought

    The food security strategy must address multiple, converging crises:

    • growing food poverty
    • worsening diet-related health
    • biosecurity threats
    • accelerating climate change
    • declining farmer viability
    • supermarket duopoly.

    Australia produces enough food to feed more than twice its population. Yet it struggles to feed its own people well.

    Foodbank Australia estimates one third of Australians now experience some form of food insecurity. A combination of market failures and policy inaction leaves us vulnerable to supply chain disruption and even greater food inequity.

    Biosecurity is also a challenge. The recent outbreak of bird flu means eggs – a basic pantry item – now cost 16.1% more than 2020.

    But it’s not only consumers who are suffering. One-third of vegetable growers are considering leaving agriculture in the next year, due to high costs and what growers’ group AUSVEG has called the “relentless squeeze” on margins.

    A business-as-usual approach will only reinforce the current state of Australia’s supermarket sector, which is among the most concentrated and profitable in the world. Accusations of price gouging and misleading pricing raise concerns for consumers, particularly during a cost-of-living crisis.

    As extreme climate events and biosecurity threats increase in frequency and intensity, the duopoly’s centralised supply chains have occasionally failed. After this year’s floods in Far North Queensland, supermarket shelves were empty once again.

    Empty shelves were a weekly occurance in Far North Queensland after the floods stopped rail and road transport.
    Photo by Mick Haupt on Unsplash

    Yet, independent grocers with shorter supply chains remained stocked – as they did during the Queensland floods in 2011.

    The food strategy must do more than offer a band-aid solution to fix an ailing food system.

    Community networks

    Local food networks have an important role to play in this process.

    They are collectives of people and organisations that are committed to creating food and farming systems that put health, equity, and sustainability first. They gather collective wisdom, mobilise public procurement to support local producers, and secure more democratic, health-oriented, and sustainable food system policies.

    Food networks are flourishing in North America, which has more than 300 active councils as of 2023. The Australian sector is not as mature, but is growing.

    Groups including the South Australian Urban Food Network, Tasmanian Food Security Council, Southern Harvest (NSW/ACT), and Farm 2 Fork Collective (Queensland), demonstrate growing capacity for citizen involvement in food policy and decision making. These networks encourage local initiatives such as community gardens, food hubs, and localised institutional procurement.

    New research points to how community-led food cooperatives can also help improve food security and healthier diets.

    These, and other examples, show the power of community in strengthening food system resilience and security. But they can’t do it alone. Communities need government support and investment.

    Future food

    The question of who feeds Australia – and how we are fed – matters to us all.

    The National Food Security Strategy is an opportunity to forge a more healthy food future. It can lay the foundations for a food and farming system that feeds us well for generations to come.

    Achieving this bold agenda will take an inclusive, participatory process that foregrounds First Nations’ voices and the lived experience of those at the sharp end of the cost-of-living crisis.

    Rachael Walshe works for Sustain: The Australian Food Network

    Kelly Donati is a co-founder and volunteer board director of Sustain: The Australian Food Network.

    Molly Fairweather works for Sustain: The Australian Food Network. She is also a member of Healthy Food Systems Australia (HFSA).

    Nick Rose is the co-founder and Executive Director of Sustain: the Australian Food Network. He is also a Senior Lecturer in the Bachelor of Food Studies at William Angliss Institute.

    Nick Rose was a Partner Investigator on an ARC project, Strengthening Food Governance at the Local Level (2019-2022).

    Sustain currently receives funding from a range of public sector organisations and philanthropic foundations with a shared mission for food system change, including VicHealth and Lord Mayor’s Charitable Organisation.

    – ref. To boost the nation’s health, the government’s proposed food strategy must put people over profits – https://theconversation.com/to-boost-the-nations-health-the-governments-proposed-food-strategy-must-put-people-over-profits-256679

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Japan’s GDP contracts annualized 0.7 pct in Q1

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

    Japan’s economy contracted an annualized 0.7 percent in the first quarter of 2025, marking the first contraction in four quarters, government data showed Friday.

    Quarter-on-quarter, real gross domestic product in the January-March period, adjusted for inflation, declined 0.2 percent from the October-December period, according to the Cabinet Office. 

    MIL OSI China News –

  • MIL-OSI Russia: The NSU campus will focus on space instrumentation, biotechnology and advanced areas of applied mathematics

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University –

    During the event, thematic specializations of the campus were defined and focused in accordance with the strategic priorities for the development of the country, industry and region. Participants of the strategic session analyzed in detail the research areas, flagship products and their potential for development based on the modern infrastructure of the NSU campus. As a result, comprehensive product programs were developed in such areas as applied mathematics (including artificial intelligence and big data processing), applied engineering, biotechnology and biomedicine, new functional materials, as well as space instrumentation.

    — Our joint task is to fill the new buildings with advanced scientific developments, high-quality education and unique technologies in demand by all campus users in the shortest possible time: both the regional leadership and industrial partners, as well as students, teachers and city residents. The strategic session in Novosibirsk showed excellent results, demonstrating coordinated, organized and constructive work. The teams created promising products focused on the interests and needs of modern youth. The level of detail achieved in the development of product programs is truly impressive, but now the region needs to pay close attention and refine their financial models for successful implementation in the campus activities, — noted Deputy Minister of Education and Science of Russia Andrey Omelchuk.

    The strategic session was attended by about 100 NSU employees representing key areas of the university, including space instrumentation, biotechnology and biomedical research, as well as advanced areas of mathematics. In addition, representatives of the Novosibirsk Region Government and industrial partners of the campus were invited to participate.

    Let us recall that Novosibirsk Oblast is among the five regions that will be the first to develop and implement product programs. In recent years, the university’s strategy has been transformed towards building closer interaction with economic sectors and industrial partners. The development of a campus product program is an important step in implementing NSU’s development strategy and will allow the university to strengthen the campus’s position as a leading scientific and educational center.

    The construction of the NSU campus includes two stages: the first — the educational building and leisure center of the NSU SUNC, as well as the NSU dormitory complex for 690 people — was put into operation in May 2024 and opened its doors to students in September 2024. The construction of the second stage has crossed the “equator” — the overall readiness of the facilities is 57%. The building of the flow auditoriums was put into operation in December 2024, its furnishing with furniture and equipment will be completed in the second quarter of 2025, the educational process in the new building will begin in September of this year. The buildings of the educational and scientific center of the NSU Institute of Medicine and Medical Technologies and the research center are also being erected. Their construction is planned to be completed in 2026.

    On the instructions of President Vladimir Putin, a network of modern campuses is being created in Russia. By 2030, a constellation of 25 campuses should appear in the country. Work in this area is being carried out by the Government of the Russian Federation and the Ministry of Education and Science of Russia. Currently, 24 such campuses are being designed and built with the support of the national project “Youth and Children”. One of them has already been completely built in Moscow on the basis of the Bauman Moscow State Technical University. By 2036, the number of campuses will increase to 40. The project is being financed by federal and regional budgets, as well as by extra-budgetary sources.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: China Ready to Cooperate with France to Maintain Open International Trade and Economic Environment – Vice Premier of the State Council of China

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    PARIS, May 16 (Xinhua) — China is willing to work with France to strengthen coordination in multilateral international affairs and maintain an open and cooperative international economic and trade environment, Vice Premier He Lifeng said here on Thursday at the 10th China-France High-Level Economic and Financial Dialogue.

    He Lifeng represented the Chinese side at the meeting, while Eric Lombard, Minister of Economy, Finance, Industrial and Digital Sovereignty of France, participated on the French side.

    The Vice Premier of the State Council of the People’s Republic of China recalled that last year China and France celebrated the 60th anniversary of the establishment of diplomatic relations, and the heads of the two states reached a number of important consensuses on deepening bilateral relations and cooperation.

    China is willing to work with France to implement these consensuses, strengthen coordination in multilateral international affairs, ensure an open and cooperative international economic and trade environment, enrich bilateral economic and financial cooperation, tap the potential of win-win cooperation, and create a favorable trade and investment environment, so as to inject new impetus into the China-France comprehensive strategic partnership and promote a new stage of China-EU cooperation, he said.

    E. Lombard noted that France attaches great importance to relations with China and is ready to cooperate with it in solving global problems such as climate change, as well as in upholding the principles of multilateralism and free trade.

    France will continue to supply high-quality products to the Chinese market and promote a better business environment to attract more Chinese investment, and achieve more fruitful results in practical economic and financial cooperation between the two countries, said E. Lombard.

    During the dialogue, representatives of China and France held an in-depth exchange of views on many issues and signed documents on bilateral cooperation in the field of poultry farming. –0–

    MIL OSI Russia News –