Families already stretched by rising costs will struggle with the news food prices are going up again.
“The weekly shop is a challenge for many families right now, and the rising price of staples like butter and mince won’t help,” Labour finance and economy spokesperson Barbara Edmonds said.
The latest figures from Stats NZ show food prices rose 3.5 percent over the past year, with butter up a staggering 64 percent, milk up 16 percent and meat up more than five percent.
“The Government’s only answer to rising costs has been tax cuts. They cost billions and have disappeared into rising weekly bills for New Zealanders,” Barbara Edmonds said.
“They chose not to lift the minimum wage in line with inflation, taking those on the lowest wages in our country backwards. Rates and insurance have both increased for those who own their home.
“Nicola Willis also won’t commit to not cutting the Best Start or Winter Energy Payments. These are vital safety nets which help new parents pay the bills and our most vulnerable heat their homes in winter.
“Groceries are one of the biggest weekly costs for households, and right now, Kiwis are not getting the support they need to keep up,” Barbara Edmonds said.
Ageas successfully raised EUR 550 million through an accelerated bookbuild offering
Ageas SA/NV (“Ageas” or the “Company”) announces that it has successfully raised EUR 550 million by way of an accelerated bookbuild offering of 10,967,099 new ordinary shares in the Company (the “New Shares”), which was announced on 14 April 2025 (the “Share Placement”). The New Shares have been placed at a price of EUR 50.15 per New Share (the“Issue Price”). The Share Placement is intended topartly finance the acquisition of esure1to establish a top-3 UK personal lines platform, as announced yesterday (the “Transaction”). The Transaction is expected to generate an unlevered return on investment of over 12% for Ageas, translating in a levered return on invested capital (ROIC) in excess of 20%.
1 Under the terms of the transaction, Ageas will acquire 100% of the issued and to be issued share capital of Blue (BC) Topco Limited, a holding company for esure Group plc and its subsidiaries.
Source: United Kingdom – Executive Government & Departments
Press release
Paul Lee appointed as new Chair of UK Endorsement Board
Business Secretary Jonathan Reynolds appoints Paul Lee to lead the UK Endorsement Board, replacing current Chair Pauline Wallace.
Business Secretary Jonathan Reynolds has today [15 April] appointed Paul Lee as the new Chair of the UK Endorsement Board (UKEB), replacing current Chair Pauline Wallace at the end of her term in September 2025.
The UKEB is the UK’s national standard setter for international accounting standards. It influences the development, and considers the adoption, of new or amended standards issued by the International Accounting Standards Board, part of the International Financial Reporting Standards (IFRS) Foundation.
Companies report using these standards to provide robust and comparable financial information.
The UKEB is committed to ensuring that the interests of the UK corporate reporters are effectively represented to ensure standards meet the needs of UK companies and investors.
Paul Lee brings extensive corporate reporting experience from his roles as Head of Stewardship and Sustainable Investment Strategy at Redington and Member of the Committee of Reference for the Premier Miton Ethical Fund. Paul is also currently a Non-Executive Member and one of the founding members of UKEB, bringing four years of UKEB experience to the Chair role.
Business Secretary Jonathan Reynolds said:
UKEB provide an invaluable service in scrutinising and adopting international accounting standards and representing our largest companies on an international stage.
Paul will bring strong leadership to UKEB as Chair and his extensive knowledge of corporate reporting standards as one of the Board’s founding members will be vital in driving growth in the sector and economy as part of our Plan for Change.
I would like to thank Pauline for her work over the past five years and look forward to continuing work with Paul.
Incoming Chair of the UK Endorsement Board, Paul Lee, said:
As an investor I understand the importance of international accounting standards and the role they play in supporting UK economic growth and inward investment. I also recognise the unnecessary burden that might be placed on companies if standards don’t achieve the right balance.
I was pleased to join the UKEB Board four years ago because I firmly believed that the organisation’s remit, to act as the voice of UK stakeholders in the development of comparable and proportionate standards that add value to the UK long-term public good, forms part of the core foundation of a strong and growing UK economy. I still believe that.
The UKEB has been robustly effective under Pauline’s thoughtful leadership, and I feel privileged to have been given the opportunity to lead the Board. I’m looking forward to getting started and deepening my work with our excellent Board and Secretariat.
There are economic challenges ahead, both in the UK and globally, and my focus, and that of the Board, will be on understanding, supporting and balancing the needs of all UK stakeholders as we navigate those challenges.
Clean energy projects prioritised for grid connections
Ofgem is expected to confirm the National Energy System Operator’s ambitious new plan to reform grid connections and unlock billions of investment.
Grid connections for businesses that will deliver clean energy prioritised, driving growth to put more money in working people’s pockets
Pro-growth reforms to help unlock £40 billion of mainly private investment a year in clean energy and infrastructure, with industries of the future such as data centres accelerated for quicker grid connections
Comes as £43.7 billion of private investment announced into the UK’s clean energy industries since July
So-called ‘zombie’ projects will no longer hold up the queue for connection to the electricity grid to prioritise businesses that will drive growth and deliver energy security.
Companies are currently waiting up to 15 years to be connected to the grid leaving promising businesses ‘grid-locked’, and over the last 5 years, the grid connection queue has grown tenfold.
The changes will help to kick-start the economy to put more money in working people’s pockets, the first priority of the government’s Plan for Change.
Ofgem is expected to confirm the ambitious new plan later today (Tuesday 15 April), drafted by the National Energy System Operator in partnership with the energy industry.
The reforms will help unlock £40 billion a year of mainly private investment, growing the economy, creating jobs and raising living standards as a key part of the government’s Plan for Change.
This builds on the latest figures showing that since July, the clean energy industry is now booming in Britain, with £43.7 billion of private investment being announced into the UK’s clean energy industries.
Energy Secretary Ed Miliband said:
Too many companies are facing gridlock because they cannot get the clean energy they need to drive growth and create jobs.
These changes will axe ‘zombie’ projects and cut the time it takes to get high growth firms online while also fast-tracking connections for companies delivering homegrown power and energy security through our Plan for Change.
In an uncertain world, our message to the global clean energy industry is clear; come and build it in Britain because we are a safe haven. If you want certainty, stability and security when it comes to your investments, choose Britain.
The plan comes after the Prime Minister has said that a new era of global insecurity means that the government must go further and faster reshaping the economy through the Plan for Change, and that this requires a new muscular industrial policy that supports British industry to forge ahead.
Lack of access to grid connections has been a significant factor holding back new investment in UK industries.
Under the new changes, industries of the future from data centres and AI, to wind and solar projects, will be accelerated for grid connections.
That means deprioritising those projects that are not ready or not aligned with strategic plans.
New commitments to investing in the UK have topped £38 billion since July 2024 for data centres alone, but grid access is the single biggest challenge facing these projects.
Today’s reforms will help fast track projects to generate homegrown, renewable electricity into homes and businesses, protecting British billpayers from the rollercoaster of global fossil fuel markets and building an energy system that can bring down bills for good.
Delivering these reforms will help unleash £40 billion a year of mainly private investment in homegrown clean power projects and infrastructure across the country, creating good jobs across the country including engineers, welders and construction workers.
By taking a strategic, planned approach the changes will remove the need for tens of billions of pounds of unnecessary grid reinforcement, saving billpayers £5 billion that would have been funded through charges on bills.
Ofgem CEO, Jonathan Brearley, Chief Executive Officer, Ofgem said:
The proposed connection reforms will supercharge Great Britain’s clean power ambitions with a more targeted approach anticipated to unlock £40 billion a year of investment and energise economic growth.
The reforms would cut through red tape, consign ‘zombie projects’ to the past and accelerate homegrown renewable power and energy storage connections as we head to 2030.
Houses and hospitals, electric vehicle charging stations, data centres and the emerging AI sector, would also all benefit from the proposed streamlined fast-track approach, which would help boost energy security and drive down bills.
Kayte O’Neill, Chief Operating Officer, National Energy System Operator, said:
Reforming the connections process is a key enabler for delivering Clean Power by 2030 and will drive economic growth for Great Britain. Today’s milestone reflects the close collaboration across the energy industry with support from the government and Ofgem.
Together with the wider energy industry, NESO will focus on prioritising agreements for projects that are critical and shovel ready, bringing these to the front of the queue and giving developers the certainty they need to support investment decisions.
Notes to editors
Through the landmark Planning and Infrastructure Bill, the government is also bringing forward legislation to support Ofgem and NESO to deliver the reforms.
Every family and business in the country has paid the price of Britain’s dependence on foreign fossil fuel markets, which was starkly exposed when Putin invaded Ukraine and British energy customers were among the hardest hit in Western Europe, with bills reaching record heights.
The government’s clean power mission is the solution to this crisis; by sprinting to clean, homegrown energy, including renewables and nuclear, the UK can take back control of its energy and protect both family and national finances from fossil fuel price spikes with cleaner, affordable power.
The Clean Power Action Plan estimated that Clean Power 2030 could require around £40 billion of investment on average per year between 2025 to 2030. This includes around £30 billion of investment in generation assets per year, estimated by DESNZ, and around £10 billion of investment in electricity transmission network assets per year, estimated by NESO.
In addition to the £34.8 billion in clean energy private investment announcements secured around the October 2024 International Investment Summit the following private investments have been announced. This means that since July 2024 the government has seen £43.7 billion of private investment announced into the UK’s clean energy industries.
BW Energy will publish financial figures for Q1 2025 and host a presentation at Hotel Continental, Oslo, on Monday, 5 May 2025. Net production to BW Energy was 3.2 million barrels of oil (mmbbls) in Q1 2025, equal to 36,000 bbls per day, from the Dussafu licence in Gabon (73.5% working interest) and the Golfinho field (100% working interest) in Brazil.
Volume (mmbbls)
Q1 2025
Q4 2024
Net Production
3.2
3.1
Dussafu
2.6
2.5
Golfinho
0.7
0.6
Net volume sold
3.7
3.2
Dussafu*
3.2
2.7
Golfinho
0.5
0.5
Average realised price (USD/bbl)
Dussafu
74.8
72.5
Golfinho
75.0
83.5
*Includes State Profit Oil and DMO deliveries
DUSSAFU
Record quarterly production since inception
Eight producing Hibiscus / Ruche wells, and all Tortue wells on-line
Q1 production availability ~93% on FPSO BW Adolo, and ~99% on MaBoMo
3 liftings to BW Energy, 1 lifting to GOC / State according to plan
Operating cost1 of USD 9.9/bbl
Net volume sold (basis for revenue recognition), included 65,000 bbls of DMO deliveries and 320,889 bbls of state profit oil, with an over-lift position of 350,893 bbls at period-end
Takeover of BW Adolo FPSO operations ongoing with planned completion of transition period in Q2 2025
Substantial oil discovery with good reservoir quality made on the Bourdon prospect with initial data indicating the potential for establishing a new development cluster with a production facility
GOLFINHO
Inventory at period end of 597,750 bbls
Operating cost1 of USD 42.2/bbl primarily due to increased production
Production positively impacted by resumed gaslift after completion of Petrobras maintenance
Q1 production availability ~84% on FPSO Cidade de Vitória
Final investment decision (FID) made for the Golfinho Boost project aiming to increase uptime, reduce operating expenses and add approximately 3,000 barrels per day of incremental oil production from 2027
MAROMBA
BW Energy expects to announce FID on the Maromba development project within the next few weeks
HEDGING, LIQUIDITY AND DEBT
Oil hedging: Q1 net loss of USD 0.9 million from oil derivatives (USD 2.1 million unrealised loss and USD 1.2 million realised gain)
Period-end cash balance of USD 286 million vs. USD 221 million end-December 2024, with the change reflecting cash flow from operations, debt repayment and investments
Entered into a new and increased Dussafu RBL facility Period-end gross debt of USD 583 million includes MaBoMo lease, Dussafu RBL, Golfinho prepayment facility and bond debt
For further information, please contact: Brice Morlot, CFO BW Energy +33.7.81.11.41.16 ir@bwenergy.no
About BW Energy: BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
1) Operational costs exclude royalties, tariffs, workovers, domestic market obligation purchases, production sharing costs in Gabon, and incorporates the impact of IFRS 16 adjustments
Establishing a suitable legislative framework9 min read
With the country’s coal-fired power fleet rapidly ageing, nuclear power has been suggested as a possible provider of low-emissions, reliable power to support the energy transition. This raises the question: what changes are required to Australia’s legal and regulatory framework to support the introduction of a nuclear industry?
Developing any new industry takes time and involves significant, often complex, changes. The development of Australia’s offshore wind sector, for example, has encountered these kinds of challenges, along with its own unique hurdles. In the same way, lifting the federal and state/territory bans on nuclear power is essential to opening the door for nuclear energy projects in Australia.
In this Insight, we explore the legal and regulatory reforms necessary for nuclear power projects to become a viable option in Australia.
Key takeaways
Establishing a nuclear industry in Australia requires significant legal and regulatory changes.
Lifting the federal and state/territory bans on nuclear power is essential to opening the door for nuclear energy projects in Australia.
A dedicated regulatory body would need to be established to oversee the nuclear industry, ensuring safety and compliance.
A comprehensive third-party liability regime would need to be implemented to manage risks and provide clarity around accountability.
Australian government financial support will be necessary, either via a government-owned nuclear power developer or combining government funding with private sector involvement to support nuclear power projects.
Coordination with states and territories would be crucial to align legislative frameworks and enable the successful development of nuclear power infrastructure.
Key steps to establish a nuclear energy industry in Australia
Establishing a nuclear industry in Australia would require significant changes, including lifting existing bans, aligning federal and state legislation, creating a dedicated regulatory body, developing a third-party liability regime and implementing a financing structure capable of attracting long-term investment.
The initial steps would require the Government to:
lift legislative bans;
coordinate with states and territories to ensure consistent frameworks that support the nuclear sector;
establish a dedicated regulatory body to oversee the industry’s standards and operations;
implement a comprehensive third-party liability regime to address safety and accountability; and
develop financing structures that attract investors and international developers.
1. Lift the federal ban on nuclear power plants
The development and operation of nuclear power plants in Australia is currently banned under federal legislation, specifically the Australian Radiation Protection and Nuclear Safety Act 1998 (Cth) (ARPANS Act) and the Environment Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC Act), and various state legislation.
The federal ban may be lifted by:
amending the EPBC Act to provide a pathway for federal environmental approval of nuclear installations—this would include amendments to the following sections of the EPBC Act: 37J (No declarations relating to nuclear action), 140A (No approval for certain nuclear installations), 146M (No approvals relating to nuclear actions) and 305(2)(d) (Minster may enter into conservation agreements); and
amending the ARPANS Act, which regulates the construction, operation, and licencing of small-scale nuclear and radioactive facilities primarily used for medical and medical research purposes (like the Lucas Heights Facility) to provide for the licencing and regulation of civil nuclear power stations. This would also involve expanding the existing scope and application of the licencing regime under that Act to address specific nuclear power plants development and operation issues.
As an alternative to amending the ARPANS Act, adopting a similar approach to the one taken for the AUKUS nuclear-powered submarines, which involved the enactment of the Australian Naval Nuclear Power Safety Act 2024 (Cth) (ANNPS Act). Broadly, the ANNPS Act:
provided a licencing and safety regime for regulated activities (such as constructing and operating an AUKUS submarine) within designated zones in Western Australia and South Australia; and
excluded the operation of state and territory laws that would otherwise apply to such activities.
Other federal legislation that may need to be amended to support nuclear power plants include: the National Radioactive Waste Management Act 2012 (Cth), the Australian Nuclear Science and Technology Organisation Act 1987 (Cth), and the Nuclear Non-Proliferation (Safeguards) Act 1987 (Cth).
2. Establish a nuclear energy regulator
At the same time, Australia would require a new legal authority to regulate industry operations in areas such as nuclear safety, site licencing, construction, operation, decommissioning, fuel and waste.
Such an authority would be similar to, for example, the UK’s Office for Nuclear Regulation, which oversees the 36 licensed nuclear sites in Great Britain (including the recently licensed Hinkley Point C and Sizewell C).
The regulatory body could be established by:
expanding the mandate of the regulatory body established under the ARPANS Act (being the Australian Protection and Nuclear Safety Authority) to include licencing and regulation of nuclear power facilities (noting the Coalition’s Nuclear Energy Plan highlights the possibility of also consolidating the functions of this regulatory body with the Australian Safeguards and Non-Proliferation Office—being the regulatory body responsible for nuclear and chemical weapons treaties); or
expanding the functions of the Australian Naval Nuclear Power Safety Regulator, which is responsible for the regulation of the AUKUS nuclear-powered submarines.
3. Coordinate state and territory legislation
The Government would also need to work with the states and territories to coordinate new federal, state and territory legislation to support the delivery of nuclear power projects.
This would require NSW, Queensland, South Australia, Victoria, Western Australia and the Northern Territory to lift their respective bans on nuclear activities.
4. Implement a third-party liability regime
Domestic liability regime
Given community and participant concerns about potential nuclear incidents, most nuclear energy jurisdictions have implemented a comprehensive domestic legal regime governing liability for nuclear events. We expect Australia would need to adopt a similar regime.
These regimes typically cover topics such as:
Liability channelling: to reduce the number of defendants in any claim (and simplify the associated proceedings), jurisdictions adopt one or more mechanisms to ensure that nuclear liability is channelled to the nuclear installation operator only. For example, in the UK, the Nuclear Installations Act 1965 (NIA) allocates liability for a nuclear incident to the operator and provides a full defence in the UK courts to others for the types of liability covered by the NIA. In the Australian context, this would require navigating Australia’s federal system, involving overlapping state and federal laws.
Strict liability: to simplify arguments around negligence and causation, many jurisdictions adopt a strict liability regime. That is, the nuclear operator is deemed to be liable for loss flowing from an incident at its installation, regardless of who is actually at fault.
Liability caps: while the regimes seek to make it easier to bring a nuclear claim, they typically provide a statutory liability cap in favour of the operator, often with the government operating as an insurer of last resort for claims above the statutory cap. For example, in the UK, the NIA sets annual financial caps on operator liability, after which the UK Government covers claims up to the required minimum thresholds.
International liability regime
In addition to implementing a comprehensive domestic liability regime, it is likely Australia would seek to sign and ratify one or more international nuclear liability treaties.
There are three different (and somewhat competing) international regimes. While Australia might seek to participate in multiple treaties, in practice most jurisdictions choose to participate in one only.
The most recent treaty is the Convention on Supplementary Compensation for Nuclear Damage (CSC), which was established under the auspices of the United Nations’ International Atomic Energy Agency (IAEA) in 1997 and covers the greatest number of nuclear power reactors globally. Importantly, the United States, Japan, India and Canada have signed and ratified the CSC only. Australia is a signatory to the CSC, but has not ratified the CSC.
The 1960 Paris Convention on Third Party Liability in the Field of Nuclear Energy (Paris Convention), supplemented by the Brussels Convention Supplementary to the Paris Convention and most recently updated in 2004, was developed under the auspices of the Organisation for Economic Co-operation and Development (OECD) Nuclear Energy Agency (NEA). It mainly covers Western European states, including the United Kingdom and France.
The 1963 Vienna Convention on Civil Liability for Nuclear Damage, most recently updated in 2004, was also developed under the auspices of the IAEA, but mainly covers states in Eastern Europe and Latin America.
While it would be possible for Australia to proceed without ratifying one of these conventions (as the PRC and South Korea have chosen to do), Australia’s dependence on a global nuclear supply chain means it is likely to ratify at least one.
Ratifying a nuclear treaty would bolster Australia’s domestic nuclear liability regime, eg by precluding claims being brought in other signatory jurisdictions for incidents occurring in Australia. The choice of treaty would also shape Australia’s nuclear liability policy, eg because they mandate different levels of state indemnity for nuclear incidents.
5. Adopt a financing structure
Funding model
It is unlikely that a foreign investor funding model, used in the UK and other nuclear energy jurisdictions, would be available for Australian projects. Instead, Australian nuclear power projects would likely be developed by:
a new government-owned nuclear power developer— perhaps similar to NBN Co, Australia’s national wholesale open-access data network; or
a private developer, partly financed by the Government through a combination of debt and equity—perhaps similar to funding models adopted for Badgerys Creek Airport and the WestConnex road project—both of which involved a mixture of federal grant funding and concessional loans.
In either case, Australia would need to rely heavily on a ‘national champion’ to drive the development of these projects, in partnership with experienced private sector nuclear companies.
Expansion of ARENA and CEFC
Australia may also consider expanding the mandate of existing agencies such as the Australian Renewable Energy Agency and Clean Energy Finance Corporation to extend to nuclear energy projects, to provide such grant funding and concessional loans (respectively).
Government support
In addition, we expect that federal support would be required for the construction phase of each project, as well as a government offtake contract or revenue underwrite for these projects, in order to secure debt financing.
To the extent that bank debt is proposed to be included in the financing mix, it is likely that financiers would require extensive due diligence to fully understand the proposed technology, due to the novelty of such technology in the Australian market, and proposed risk mitigants for delay and cost overruns given the challenges experienced for similar projects overseas.
In determining an appropriate structure, Australia may look to existing nuclear energy jurisdictions for examples and lessons that can be learned.
For example, in the UK, there has been a shift in the approach to government support contracts—from the ‘contract for difference’ model to a utility model involving a regulated asset base.
Contract for difference (Hinkley Point C): investors agree to pay the entire cost of constructing the nuclear plant, in return for an agreed fixed price for electricity output following completion—this is funded by consumers, who will pay the difference between the wholesale electricity price and the final fixed price once the plant is operational.
Regulated asset base model (Sizewell C): investors are able to share some of the project’s construction and operating risks with consumers from the start, lowering the cost of capital.
The complex regulatory road ahead
While the potential for nuclear energy to contribute to Australia’s low-emissions future is clear, the path to achieving this vision will involve overcoming significant challenges.
Despite the hurdles, a carefully structured and long-term approach could pave the way for nuclear power to play a role in diversifying Australia’s energy mix and supporting its transition to a sustainable and low-emissions future.
QINGDAO, China, April 15, 2025 (GLOBE NEWSWIRE) — Walter Graham, a leading wealth management firm, is excited to announce the launch of its Graduate Program, designed to support and mentor the next generation of financial professionals. This new initiative underscores the firm’s commitment to developing talent, fostering innovation, and providing aspiring leaders with the tools and experience needed to excel in the wealth management industry.
The Walter Graham Graduate Program offers recent graduates the opportunity to gain hands-on experience in a fast-paced, dynamic environment, working alongside seasoned professionals in the areas of asset management, client relations, and strategic financial planning. The program is designed to provide participants with a well-rounded understanding of global wealth management strategies and the skills necessary to build long-term, successful careers in the industry.
Building the Future of Wealth Management
“At Walter Graham, we believe in the power of mentorship and developing the leaders of tomorrow,” said Benjamin Lau, CEO of Walter Graham. “This Graduate Program reflects our commitment to nurturing talent and helping young professionals grow into the financial experts of the future. We are excited to welcome new talent to our firm, where they will have the opportunity to learn, collaborate, and make an impact in a supportive and innovative environment.”
Program Details and Benefits
The Graduate Program will provide participants with:
Comprehensive Training: A structured curriculum that combines practical experience with learning sessions led by senior financial experts.
Hands-on Experience: Opportunities to work on real-world projects across various aspects of wealth management, including investment strategy, risk management, and financial planning.
Mentorship: Direct guidance and support from experienced professionals, helping participants build their careers in financial services.
Global Exposure: The chance to work within Walter Graham’s international network, gaining insights into global wealth management strategies.
A Pathway to Long-Term Success
Walter Graham is dedicated to investing in the future of wealth management by providing young professionals with the experience and knowledge they need to excel. The Graduate Program will serve as a pathway for talented individuals to become integral parts of the firm, contributing to its legacy of excellence while developing their careers in a growing and evolving industry.
About Walter Graham:
Walter Graham is committed to offering personalized, thoughtful advice to every client. By staying true to its Personal, Partnership, and Performance core values, the firm provides the clarity and confidence needed to make informed financial decisions. Whether working with individuals seeking to strengthen their financial future or families planning for the next generation, Walter Graham is dedicated to supporting clients with tailored strategies designed to meet their unique goals.
Disclaimer: This content is provided by the Walter Graham. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.
Our personal information is more valuable than ever. The most recent government cyber threat report warns that foreign state actors have an “enduring interest” in obtaining sensitive and personally identifiable information about Australians.
In recent weeks, Prime Minister Anthony Albanese noted “there is a cyber attack in Australia roughly every six minutes. This is a regular issue.”
In some situations, it can be difficult to protect our info even when we’re aware of the risks. Notably, in Australia many rental providers and their agents collect, store and disclose excessive personal information on potential tenants. Sometimes, they collect more info than what’s needed to get a government security clearance.
With about one-third of Australian households being renters, the handling of renters’ data is a major concern for Australia’s information security.
So what information are real estate agents collecting, and how can we mitigate the risks?
With renters competing for housing, rental providers are empowered to command larger rent increases. They also require potential tenants to provide extensive personal information.
For tenants, sharing – or oversharing – of personal information in the hope of securing a home might seem acceptable.
However, the collection and handling of this information raises serious security concerns. If Australians’ sensitive personal data falls into the hands of cyber criminals, or foreign agents, this has security implications for the entire nation.
What info are renters asked for?
Potential tenants need to provide information to the satisfaction of the real estate agent and their client, the rental provider. This information is increasingly collected online via rental application websites where the form questions are controlled by real estate agents.
The rental application websites seem to recognise that this information is extensive: one rental application website started selling a privacy service where they vouch for the applicant instead of sharing their information with the real estate agents.
In some cases, the requested data matches or even exceeds the requirements for a government security clearance. The Australian Government Security Vetting Agency (AGSVA) has a clear public privacy statement. It explains how data is collected and handled and used only for the assessment of a security clearance. Rental providers don’t necessarily follow the same stringent rules.
Information collected by some rental application forms may include five or more years of address history. Others request five or more years of employment history. In addition, financial information such as payslips and bank statements are also required.
Other sensitive – and irrelevant – information includes vehicle registration numbers and pet names.
Potential tenants are also usually asked to attach personal identification documents including passports, driver licences and Medicare cards. They may be asked to list up to two personal and one business references.
A rental agent may require five years of employment history. Author provided
If any of this information falls into the wrong hands, it easily exposes the person to social engineering, personalised scams or identity and account theft.
Who can access the info?
The names of family members and pet names are a common – albeit unsafe – choice of password. The rental application forms collect both. In Australia, research by Telstra and YouGov found that 20% of Australians used pets’ names as passwords, and 17% used their birth dates.
Pet names may be required on rental applications. This can give away some people’s passwords. Author provided
If a rental provider, or their agent, shares applicant information with others, it can be a security breach. This makes the storage, handling and sharing of this information by private rental providers a major concern.
More importantly, after the information is sent to the owner of the rental property, there is no visibility as to who that is, or what they do with the information.
Example of a privacy agreement on a rental application form. Author provided
Too much info to rent a home
Having to share extensive personal information is more than an inconvenience for renters – it’s a serious security concern. The government should put explicit limits on personal information requested by rental providers.
One technological solution to this problem could be “access tokens” provided by banks. People in Australia are protected by the Consumer Data Right. This allows consumers to authorise a data holder, such as a bank, to share data with an accredited recipient.
Australian banks are held to strict information security requirements. They already handle highly sensitive data, such as client identity, income sources and other financial information.
If real estate agents require proof of this info to vet potential rental applicants, they could request it through an authorisation token with the applicant’s bank. This way, proof of identity and financial status could be shared without having to disclose actual sensitive personal information, limiting the cyber security risk.
In the meantime, rental providers and their agents should request the least possible amount of personal information – it’s the responsible thing to do.
The article gives the example of the Consumer Data Right, a government standard managed by the Australian Competition and Consumer Commission (ACCC). Moataz ElQadi worked previously for the ACCC, in a different team.
The Organization of the Petroleum Exporting Countries (OPEC) has revised down its forecast for global oil demand growth in 2025 to 1.3 million barrels per day (bpd), citing the expected impact of recently announced U.S. tariffs. The adjustment was outlined in OPEC’s monthly oil market report released on Monday.
In the Organization for Economic Co-operation and Development (OECD) countries, oil demand has been revised downward and is now expected to increase by only around 40,000 bpd. Meanwhile, demand in non-OECD countries, also subject to a downward revision, is forecast to expand by almost 1.25 million bpd in 2025, the report said.
“Oil demand is forecast to be supported by strong air travel demand and healthy road mobility, including on-road diesel and trucking, as well as industrial, construction and agricultural activities in non-OECD countries,” OPEC said.
The organization also lowered its outlook for 2026, again attributing the adjustment to the projected impact of new U.S. tariffs. Global oil demand next year is now expected to rise by approximately 1.3 million bpd year-on-year.
OPEC highlighted that the near-term trajectory of the global economy now faces greater uncertainty due to these tariff-related developments. As a result, the organization trimmed its global economic growth forecasts to 3 percent for 2025 and 3.1 percent for 2026. Projections for U.S. economic growth were also reduced, to 2.1 percent for 2025 and 2.2 percent for 2026.
As for the eurozone, which continues to experience sluggish growth, the report slightly lowered its 2025 growth forecast. However, it noted that fiscal and monetary stimulus measures may help offset the negative effects of the tariffs.
Regarding China, the report acknowledged that the country could be more significantly impacted by trade disputes. Nonetheless, it said the Chinese economy has tools to mitigate the effects, such as domestic stimulus measures and further diversification of its export markets.
Harvard University on Monday rejected the Trump administration’s demands to make sweeping changes to its governance, hiring and admissions practices, despite billions of dollars in federal funding being at risk if it fails to comply.
“We have informed the administration through our legal counsel that we will not accept their proposed agreement. The University will not negotiate over its independence or its constitutional rights,” Harvard University President Alan M. Garber wrote in a letter to members of the Harvard Community.
“The administration’s prescription goes beyond the power of the federal government,” Garber argued.
“Harvard is committed to fighting antisemitism and other forms of bigotry in its community,” two attorneys representing the university wrote in a letter Monday, while noting that “Harvard is not prepared to agree to demands that go beyond the lawful authority of this or any administration.”
Trump administration officials on Friday sent a letter to Harvard, demanding that the university make “meaningful governance reform and restructuring,” noting that “an investment is not an entitlement.”
“Harvard has in recent years failed to live up to both the intellectual and civil rights conditions that justify federal investment,” the letter read.
“We therefore present the below provisions as the basis for an agreement in principle that will maintain Harvard’s financial relationship with the federal government,” according to the administration’s letter.
The administration’s demands include: adopting and implementing merit-based hiring and admissions policies, and ceasing all preferences based on race, color, and national origin; reforming the recruitment, screening, and admissions of international students to prevent admitting students hostile to the American values and institutions, including students supportive of terrorism or antisemitism; reforming programs with “egregious records of antisemitism”; and shutting down all diversity, equity, and inclusion (DEI) programs.
The Trump administration has threatened to cut federal funding to the country’s top universities, pressuring them to implement major changes.
It recently announced that it was reviewing 9 billion dollars in federal funding to Harvard and its affiliates.
Columbia University, which was at the heart of last year’s pro-Palestinian protests, became the first institution to face consequences, losing 400 million dollars in federal funding last month. University officials said they are currently in ongoing discussions with the administration to have the funding reinstated.
HomeNews & EventsNewsNDB Board of Directors Approved City Bank Sustainable Infrastructure Project
On April 1, 2025, the Board of Directors (Board) of the New Development Bank (NDB) approved a loan of up to USD 25 million to City Bank PLC for the City Bank Sustainable Infrastructure Project, the NDB’s first non-sovereign loan in Bangladesh. The Project is co-financed by NDB, and the Asian Infrastructure Investment Bank (AIIB).
The City Bank Sustainable Infrastructure Project will promote sustainable infrastructure projects in Bangladesh by providing medium to long-term financing to the private sector, fostering sustainable economic growth. The Project will support private sector participation in infrastructure development in the country and also support climate change mitigation measures in Bangladesh.
The loan will be utilized by City Bank PLC, one of the largest and oldest private commercial banks in the People’s Republic of Bangladesh established in 1983, for on-lending to sub-borrowers for financing investments in infrastructure projects in clean energy and energy efficiency, digital infrastructure and e-mobility sectors.
Background Information
NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
The British government has announced a temporary suspension of import tariffs on 89 types of goods to bolster domestic businesses and ease financial burden on consumers. The measure takes immediate effect and will remain in place until July 2027.
According to an official press release updated on Monday, the suspended tariffs apply to a wide array of items, ranging from everyday essentials such as pasta, fruit juices, spices, and coconut oil, to industrial materials like plywood and plastics used in construction and manufacturing. Seasonal goods such as agave syrup – popular among cocktail makers, and plant bulbs for gardening are also included.
The authority estimates that the tariff cuts will save British businesses at least 17 million pounds (about 22.42 million U.S. dollars) annually. Officials said the savings could be passed down to consumers through lower retail prices especially ahead of the summer season.
“Free and open trade grows economies, lowers prices and helps businesses to sell to the world, which is why we’re cutting tariffs on a range of products,” said British Business and Trade Secretary Jonathan Reynolds. “From food to furniture, this will reduce the cost of everyday items for businesses, with savings hopefully passed onto consumers.”
British Chancellor of the Exchequer Rachel Reeves also stressed the policy’s potential to address cost-of-living concerns. “In a changing world, we know families are anxious about the cost of living, and businesses are uncertain about their future. That’s why we’ve announced lower prices on imports of everyday essentials – helping businesses to thrive and pass on savings to customers,” she said.
The announcement comes amid mounting external trade pressures, including recent tariff increases imposed by the United States on a variety of British exports. The U.S. measures, which have affected sectors such as steel, automotive, and food products, have raised costs for exporters and strained transatlantic trade.
Industry groups warn that the American tariffs could further weigh on Britain’s manufacturing sector, which is already grappling with high input costs and sluggish global demand. Against this backdrop, the British government’s tariff suspensions are seen as a countermeasure to reinforce domestic competitiveness and economic resilience. (1 pound = 1.32 U.S. dollar)
The beginning of construction is an important milestone in the ACT’s journey toward a net-zero future.
The Williamsdale BESS sits within the Evoenergy distribution network.
It is expected to be operational in early 2026.
A unique partnership
The ACT Government has partnered with global energy storage leader Eku Energy to deliver the project.
In a revenue-sharing model, the ACT Government will receive a portion of the revenue generated from the BESS’s participation in the National Electricity Market. This ensures financial benefits will flow back into the community.
In return, Eku Energy will receive quarterly payments from the Territory over the next 15 years.
“Our partnership with the ACT Government on the Williamsdale Battery Energy Storage System reflects Eku Energy’s commitment to advancing clean energy solutions in the region,” Eku Energy CEO Daniel Burrows said.
“By bringing together the right expertise and partners, we have successfully moved from concept to construction, further strengthening Canberra’s pathway to a more sustainable energy future.”
Powerful renewable energy
The Williamsdale BESS is a large-scale 250megawatts (MW) battery.
It will store enough renewable energy to power one-third of Canberra for two hours during peak demand.
This provides the region with:
long-term energy security
improved grid stability
more resilient infrastructure
new local jobs
new investment in clean technology.
The Big Canberra Battery project will extend further, with smaller batteries being delivered across the ACT.
Source: United States House of Representatives – Representative Tracey Mann (Kansas, 1)
WASHINGTON, D.C. – U.S. Representatives Tracey Mann (KS-01), Marcy Kaptur (OH-09), and Nikki Budzinski (IL-13) reintroduced the bipartisan, bicameralFarmer First Fuel Incentives Act. The bill would restrict the eligibility of the 45Z Tax Credit to renewable fuels made only from domestically sourced feedstocks and extend the credit through 2034. U.S. Senators Roger Marshall, M.D. (R-KS) and Amy Klobuchar (D-MN) introduced companion legislation in the Senate.
“American tax incentives should benefit American-grown products and American farmers, not foreign producers,” said Rep. Mann. “Foreign feedstocks can play a significant role in producing domestically manufactured ethanol, biodiesel, renewable diesel, and sustainable aviation fuel, but we cannot allow them to displace harvest grown right in our backyard. Our tax code should reward the grit and tenacity of American producers, not prop up feedstocks grown overseas.”
“Today, I joined my colleagues in this important bicameral and bipartisan effort because helping American farmers, producers, and growers goes beyond state and party lines, and is more important now than ever,” said Rep. Kaptur. “We must ensure the Clean Fuel Production tax credit is structured in a way that benefits domestic producers, and not one that advantages foreign-produced feedstocks from China or Brazil. Our legislation extends this credit through 2034 and will bolster American energy independence by prioritizing American producers and the production of domestic biofuels.”
The Farmer First Fuel Incentives Act would extend the 45Z tax credit and give the ethanol industry the time and financial incentive to build up the infrastructure needed for the U.S. to be less reliant on foreign fuel, open new markets for farmers, and increase ethanol production across the Midwest. Additionally, this bill fixes the glaring flaw in 45Z that negatively impacts farmers wanting to sell feedstocks to the biodiesel and renewable diesel industry. If 45Z continues as-is, taxpayers are at risk of further subsidizing Chinese-used cooking oil and undermining the use of soy, canola, sorghum, and corn oil in renewable fuels.
“The Farmer First Fuel Incentives Act is commonsense legislation that stops sending American taxpayer dollars to China, expands robust domestic markets for agriculture producers, and increases certainty for the biofuels industry,” said Sen. Marshall. “With President Trump in the White House and Republicans leading both the Senate and House, we are finally putting American farmers first and supporting biofuels made in the U.S.A. It’s time our energy and agricultural policies reflect that.”
“Domestically produced biofuel strengthens our energy independence, supports our farmers, and boosts rural economies,” said Sen. Klobuchar. “The introduction of the Farmers First Fuel Incentives Act is an important step as we work to maximize the potential of the 45Z Clean Fuel Production Credit and clean fuel investments across rural America. By extending the credit for another ten years, this legislation gives farmers and biofuel producers the certainty they need to provide consumers with affordable, lower-carbon fuel options.”
The legislation is supported by Growth Energy, American Soybean Association, National Oilseed Processors Association (NOPA), National Corn Growers Association, National Sorghum Producers, U.S. Canola Association, and Renewable Fuels Association.
“We are deeply appreciative of these leaders for introducing legislation that establishes requirements for a tax credit that will level the playing field for America’s corn growers,” said National Corn Growers Association President Kenneth Hartman Jr. “This bill brings American farmers a step closer to unlocking an exciting new market with global reach.”
“We appreciate the focus on “farmers first” legislation and the support of 45Z and domestic feedstocks like sorghum,” said Amy France, Chair of the National Sorghum Producers. “Domestic biofuel production remains critical to our farm and our country’s success.”
In September 2024, Rep. Mannintroduced the Farmers First Fuel Incentives Act in the 118th Congress. That same month, Reps. Mann and Kapturpenned a letter to then-Treasury Secretary Janet Yellen, urging the Treasury to expedite the issuance of the 45Z tax credit.
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For more information on Rep. Mann visitwww.mann.house.gov
Source: The White House
For the first time ever, chipmaking giant NVIDIA will manufacture its AI supercomputers entirely in the U.S., the company announced today — part of its pledge to produce $500 billion of AI infrastructure in the U.S. over the next four years.
The company will build and test its advanced chips in Arizona and its AI supercomputers in Texas over a million square feet of new manufacturing space.
It’s the Trump Effect in action.
President Donald J. Trump has made U.S.-based chips manufacturing a priority as part of his relentless pursuit of an American manufacturing renaissance, and it’s paying off — with trillions of dollars in new investments secured in the tech sector alone.
Earlier this year, President Trump announced a $500 billion private investment in AI infrastructure led by OpenAI, Oracle, and Softbank, while Apple announced a $500 billion investment and TSMC announced a $100 billion investment in chips manufacturing.
Onshoring these industries is good for the American worker, good for the American economy, and good for American national security — and the best is yet to come.
Source: The White House
class=”has-text-align-center”>THE GOLDEN AGE OF AMERICAN INNOVATION
AS PREPARED FOR DELIVERY
Endless Frontiers Retreat, Austin, Texas
April 14, 2025
THE DIRECTOR: Thank you for the kind introduction. It is a pleasure to speak to you all this evening, here in the early light of the new Golden Age of America.
President Trump has given all of us who serve in his administration a monumental task—the renewal of our nation.
I know, and I think you know, too, that such a renewal will require the reinvigoration of American science and industry. Over the last few decades, America has become complacent, forgetting old dreams of building a wondrous future.
But we know the American pioneer spirit still seeks the exploration of endless frontiers. Our technologies, and what we do with them, will be the tools with which we will make the destiny of our country manifest in this century.
Yet this American hope in the possibility of progress and the power of science and technology does not allow builders and innovators to retreat from politics. Indeed, quite the opposite, which is what brings me here today. A Golden Age is only possible if we choose it.
***
There is nothing predestined about technological progress and scientific discovery. They require the efforts and energies of men and women, the collective choice for order and truth over disorder and opinion.
The last century was called the American Century, as—despite wars and domestic conflict—the United States stood at the forefront of science and technology, building the future. With the strength of our industry and ingenuity, we created the largest middle class the world has ever seen. As President Trump said to me in his letter laying out the science and technology agenda of this administration, “The triumphs of the last century did not happen by chance.”
Ours was the Atomic Age. Ours the victory in the Space Race. And ours the invention of the Internet, collecting and connecting the multiplicity of human knowledge.
Today we fight to restore that inheritance. As the failure of the Biden administration’s “small yard, high fence” approach makes clear, it is not enough to seek to protect America’s technological lead. We also have a duty to promote American technological leadership.
***
A gap lies between our moment and the speed of transformation America experienced midcentury. Progress has slowed. Yes, large language models astonish us, rockets still turn our eyes upward, and satellites envelop the globe. But as we look forward to America’s 250th birthday celebration next year, our progress today pales in comparison to the huge leaps of the 20th century. Consider the country of fifty years ago.
As the nation approached its bicentennial, Americans looked forward to electricity too cheap to meter. By the end of 1972, 30 nuclear plants were operational, 55 were under construction, and more than 80 were planned or ordered. That same year, the Apollo 17 astronauts became the 11th and 12th men to walk on the moon. Five years before, the X-15 rocket plane had set a speed record for a crewed aircraft of Mach 6.7. America was flying higher, faster, and farther than ever before…
Today, however, energy prices still burden producers and consumers alike, and the grid remains precarious. Over the past 30 years only three commercial nuclear reactors have been built and 10 have been closed. Despite spending almost twice as much on healthcare as peer nations, we have the lowest life expectancy. Apollo 17’s steps on the lunar surface have proved mankind’s last. The X-15’s record still stands, and the Concorde was decommissioned more than two decades ago. Our passenger planes are slower than they used to be. Our trains crawl compared to those in other parts of the world. Our cars do not fly
Advances have not stopped, but something has gone wrong.
***
Stagnation was a choice. We have weighed down our builders and innovators. The well-intentioned regulatory regime of the 1970s became an ever-tightening ratchet, first hampering America’s ability to become a net-energy exporter and then making it harder and harder to build. We seem to have lost focus and vision, to have lowered our sights and let systems and structures and bureaucracies muddle us along.
But we are capable of so much more.
Our technologies permit us to manipulate time and space. They leave distance annihilated, cause things to grow, and improve productivity.
As Vice President Vance said in a recent speech, the tradition of American innovation has been one of increasing the capacities of America’s workers, of extending human ability so that more people can do more, and, more meaningful work. But unrestricted immigration, and reliance on cheap labor both domestically and offshore, has been a substitute for improving productivity with technology.
We can build in new ways that let us do more with less, or we can borrow from the future. We have chosen to borrow from the future again and again. Our choice as a civilization is technology or debt. And we have chosen debt.
Today we choose a better way.
***
Our first assignment is to secure America’s preeminence in critical and emerging technologies. This administration will ensure that our nation remains the leader in the industries of the future with a strategy of both promotion and protection—protecting our greatest assets and promoting our greatest innovators.
To the degree it even tried to accomplish this, the Biden administration failed on its own terms, led by a spirit of fear rather than promise. The old regime sought to protect its managerial power from the disruptions of technology, while promoting social division and redistribution in the name of equity. They secured American technology poorly, and failed to strengthen our leadership at all.
Promoting America’s technological leadership requires three things of government. First, we have to make the smart choices of creatively allocating our public research and development dollars. Second, we have to make the right choices in constructing a common-sense, pro-innovation regulatory regime. And third, we have to make the easy choice to adopt the incredible products and tools made by American builders and to enable their export abroad.
In a moment of strategic significance, we must be more creative in our use of public research and development money, and shape a funding environment that makes clear what our national priorities are. Whether in AI, quantum, biotech, or next-generation semiconductors, in partnership with the private sector and academia, it is the duty of government to enable scientists to create new theories and empower engineers to put them into practice. Prizes, advance market commitments, and other novel funding mechanisms, like fast and flexible grants, can multiply the impact of government-funded research.
At a time defined by the desire to build in America again, we have to throw off the burden of bad regulations that weigh down our innovators, and use federal resources to test, to deploy, and to mature emerging technologies. We know, for example, the greatest obstacle to limitless energy in this country has been a regulatory regime opposed to innovation and development. This, too, has been the chief barrier to pushing the envelope again in transportation, whether supersonic aircraft or high-speed rail and flying cars. The time has come to review the rules on the books and to ask whom they really protect and what they really cost.
For a future stamped with the American character, the federal government must become an early adopter and avid promoter of American technology. Our innovators make incredible breakthroughs, but consumers, government included, require products that meet their needs, not just the wide-open country of frontier technology. Our industrial might, unleashed at home, and our technical achievements from AI to aerospace, successfully commercialized, can also be powerful instruments of diplomacy abroad and key components of our international alliances. American progress in critical technologies will make us the global partner of choice and the standards setter to follow if we enable and encourage American companies to distribute the American tech stack around the world.
***
This approach to promoting America’s technological leadership goes hand in hand with a threefold strategy for protecting that position from foreign rivals. First, we must safeguard U.S. intellectual property and take seriously American research security. Second, we must prevent rival nations from infiltrating our infrastructure and supply chains, as well as from embedding themselves in the infrastructure of our allies. And third, we must enforce export controls and other measures that keep American frontier technologies out of competitors’ hands.
We face many dangers as a nation, but thanks to decades of feckless American leaders, China in particular has grown into both a geopolitical rival and technological competitor. This threat requires us to protect our science and technology resources with heightened vigilance, and defend the vital work American researchers do in public and corporate contexts alike from misuse, theft, and disruption. To safeguard our intellectual capital, we must restrict foreign access to sensitive data and strengthen oversight of international collaborators.
Our infrastructure, supply chains, and those of our allies must be secured, too. We cannot afford to remain dependent, as we are in too many essential industries, on Chinese inputs and products, nor can we allow our closest partners to become points of insecurity by relying on Chinese-controlled critical infrastructure, whether in telecom, the grid, or AI. We must establish and secure trusted supply chains, implement public-private partnerships to enhance supply-chain resilience, and create investment incentives to reshore more critical manufacturing.
Finally, after thirty years of subsidizing Chinese growth, it is time for us to stop helping a rival catch up with us in this race. Strict and simple export controls and know your customer rules, with an unapologetic America-first attitude about enforcing them, are central to stopping China from continuing to build itself up at our expense. We want peace between our countries, and that peace depends on keeping America’s bleeding-edge technology out of our competitor’s hands.
***
The Golden Age of American innovation is on our horizon, if we choose it.
In a changing technological environment, the task ahead of us is to adapt to new realities without destroying the American way of life or dis-inheriting the American worker. We seek, in the most basic terms, to secure our economy, restore our middle class, and uphold America as the planet’s best home for innovators.
For many years now the temptation for the kinds of people represented in this room—builders and discoverers—has been to withdraw from politics. In the face of burdensome regulation and inefficient government and the circus of election cycles, many of you have chosen retreat of various kinds.
But there is no substitute for victory. You and your fellow Americans cannot afford to give up on the nation. In a world so shaped by politics as well as technology, we must take action in both of these domains. We need all Americans to continue to rise to the occasion, to make full use of their talents, and to build.
All of us must labor to preserve the inheritance of the American Century to share with posterity, and to ensure that the technologies that give shape to our world help the American people secure the blessings of liberty we received from our forebearers. I bear that responsibility in my role as the President’s Science and Technology Advisor. You bear it, too, in exercising whatever powers and responsibilities you have, whether in business, education, or the laboratory—as Americans.
It is the choices of individuals that will make the new American Golden Age possible: the choice of individuals to master the sclerosis of the state, and the choice of individuals to craft new technologies and give themselves to scientific discoveries that will bend time and space, make more with less, and drive us further into the endless frontier.
The Export-Import Bank of China (China EximBank) announced on Monday that it has issued two themed financial bonds totaling 12 billion yuan (about 1.66 billion U.S. dollars) in the interbank bond market.
The bonds, issued last Thursday and Friday, aim to facilitate the quality and efficiency improvements of China’s foreign trade and support connectivity in foreign trade-related infrastructure, according to the bank.
Issued in one-year and ten-year maturities, the bonds attracted broad participation from domestic and international institutional investors, said the bank, noting that funds raised will specifically target foreign trade credit loans.
To advance high-quality foreign trade growth, China EximBank has recently introduced special programs to expand financial support for small and micro-sized foreign trade enterprises, and strengthen support for private companies involved in international trade, overseas investments, Belt and Road cooperation, and developing new quality productive forces.
China EximBank is a state-funded and state-owned policy bank supporting China’s foreign trade, investment and international economic cooperation.
Li Shiji, who owns a small grain-processing company in Shenyang of northeast China’s Liaoning Province, found it difficult to secure business loans for most of his career due to a lack of collateral. But the recent launch of a government-backed financing tool has eased his company’s financial pressures, he says.
A government financing guarantee product initiated by Liaoning Province Financing Guaranty in partnership with various banks has helped Li’s firm secure 5 million yuan (about 693,385 U.S. dollars) in much-needed loans.
By analyzing common traits among enterprises in specific industries and establishing a standardized, scenario-based financing model, the product effectively enables small and medium-sized enterprises (SMEs) and entities in rural industries to access loans. As of the end of March, the program had supported 16 county-level industrial clusters, providing 430 million yuan in guaranteed loans and sustaining 3,800 jobs.
China has promoted government financing guarantees to help small businesses and rural ventures overcome long-standing lending barriers. Unlike commercial guarantors, public financing guarantee institutions prioritize public welfare over profits, offering credit enhancement, risk sharing and lower fees to facilitate lending to small-scale borrowers.
The country has built a three-tier system to ensure the system fully covers all cities and counties. The National Financing Guarantee Fund, which is the cornerstone of the system, had backed loans totaling 5.81 trillion yuan by the end of March, benefiting approximately 5 million borrowers. Of that total, 98.96 percent was allocated to small or agricultural businesses, significantly reducing borrowing costs.
He Daixin, a finance expert at the Chinese Academy of Social Sciences, noted that government guarantees have become a key countercyclical macroeconomic tool, supporting growing numbers of SMEs and rural entities.
Yet challenges persist, including the vague definition of institutional roles and sustainability concerns. In response to these challenges, Chinese authorities in February introduced new measures to regulate government financing guarantees, setting operational requirements for these institutions.
In effect since March 1, 2025, the regulations mandate that government-backed guarantee institutions should expand services to help enterprises weather challenges while stabilizing and boosting employment.
An aerial drone photo shows a view of the Tangshan Port in north China’s Hebei Province, Jan. 13, 2025. [Photo/Xinhua]
China’s total goods imports and exports in yuan-denominated terms expanded 1.3 percent year on year in the first quarter of this year, demonstrating stable growth and strong resilience despite external headwinds, official data showed on Monday.
According to the General Administration of Customs (GAC), China’s exports during the period rose 6.9 percent to 6.13 trillion yuan (about 850.1 billion U.S. dollars) while imports fell 6 percent to 4.17 trillion yuan.
Despite the weak momentum of global economic growth, intensified trade protectionism and geopolitical tensions, China’s foreign trade has maintained stable growth with progress in high-quality development this year, Wang Lingjun, deputy head of the GAC, told a press conference.
The country’s foreign trade continued to see structural improvement. The imports and exports of the equipment manufacturing sector expanded 7.6 percent year on year in January-March, accounting for about half of the country’s total foreign trade, according to the GAC.
GAC spokesperson Lyu Daliang said at the press conference that China’s exports to more than 170 countries and regions expanded in the first three months, with strong growth seen in the high-end, smart and green manufacturing sectors.
In March alone, the country’s imports and exports rose 6 percent from one year earlier, representing continuous improvements compared with staying flat in February and 2.2-percent fall in January, according to the GAC data.
Lyu said that China’s exports now faced a complex and severe external situation, but “the sky won’t fall.”
He said China had made steady progress in diversifying its foreign trade markets and deepening industrial and supply chain cooperation with partners around the world in recent years. He emphasized that China’s vast domestic market remains a strong backup for the economy, adding that the country will turn domestic certainty into a buffer against global volatility.
He attributed the decline in imports in the first quarter to various factors including the decline in international commodity prices and fewer working days.
China has committed to boosting high-standard opening up and expanding imports, sharing development opportunities with the rest of the world, he said, adding that China has maintained its position as the world’s second-largest importer for 16 consecutive years, with its share of global imports rising from 7.9 percent to 10.5 percent.
Looking ahead, Lyu said China had huge potential for import growth, and the country’s vast market always presents a great opportunity for the world.
A breakdown of the GAC data showed that ASEAN remained China’s largest trading partner in the first quarter. During this period, trade between China and the ASEAN bloc reached 1.71 trillion yuan, up 7.1 percent from one year earlier and accounting for 16.6 percent of China’s overall trade value, the GAC said.
During the January-March period, China’s foreign trade with the European Union went up 1.4 percent year on year to 1.3 trillion yuan. That with Belt and Road partner countries rose 2.2 percent to 5.26 trillion yuan, accounting for 51.1 percent of China’s total foreign trade.
China’s foreign trade with the United States expanded 4 percent year on year to 1.11 trillion yuan during this period, despite disruptions from the U.S. administration’s reckless tariff policies, according to Wang.
Wang reiterated that the U.S. “reciprocal tariffs” subvert the existing international economic and trade order, put U.S. interests above the common good of the international community, seriously violate the WTO rules, undermine the rules-based multilateral trading system and disrupt the global economic order.
“There is no winner in a trade war, and protectionism is a dead end,” he said, adding that China will continue to work with other parties to jointly oppose the U.S. tariff bullying and hegemonism, and safeguard the multilateral trading system and economic globalization.
The British government has announced a temporary suspension of import tariffs on 89 types of goods to bolster domestic businesses and ease financial burden on consumers. The measure takes immediate effect and will remain in place until July 2027.
According to an official press release updated on Monday, the suspended tariffs apply to a wide array of items, ranging from everyday essentials such as pasta, fruit juices, spices, and coconut oil, to industrial materials like plywood and plastics used in construction and manufacturing. Seasonal goods such as agave syrup – popular among cocktail makers, and plant bulbs for gardening are also included.
The authority estimates that the tariff cuts will save British businesses at least 17 million pounds (about 22.42 million U.S. dollars) annually. Officials said the savings could be passed down to consumers through lower retail prices especially ahead of the summer season.
“Free and open trade grows economies, lowers prices and helps businesses to sell to the world, which is why we’re cutting tariffs on a range of products,” said British Business and Trade Secretary Jonathan Reynolds. “From food to furniture, this will reduce the cost of everyday items for businesses, with savings hopefully passed onto consumers.”
British Chancellor of the Exchequer Rachel Reeves also stressed the policy’s potential to address cost-of-living concerns. “In a changing world, we know families are anxious about the cost of living, and businesses are uncertain about their future. That’s why we’ve announced lower prices on imports of everyday essentials – helping businesses to thrive and pass on savings to customers,” she said.
The announcement comes amid mounting external trade pressures, including recent tariff increases imposed by the United States on a variety of British exports. The U.S. measures, which have affected sectors such as steel, automotive, and food products, have raised costs for exporters and strained transatlantic trade.
Industry groups warn that the American tariffs could further weigh on Britain’s manufacturing sector, which is already grappling with high input costs and sluggish global demand. Against this backdrop, the British government’s tariff suspensions are seen as a countermeasure to reinforce domestic competitiveness and economic resilience. (1 pound = 1.32 U.S. dollar)
From Abbie Chatfield and Hannah Ferguson to Ozzy Man, influencers have never been more central to an Australian election campaign.
Much has been made of the increasingly common site of politicians on TikTok or Instagram reels. Some political groups don’t like it, as don’t some in traditional media.
But in the first election in which Millennials and Gen Z voters will outnumber Baby Boomers, it’s an inevitable, politically necessary change – though not without its pitfalls.
A messy scene
Politics in the social media sphere is already starting to get messy.
A few weeks ago, the Australian Electoral Commission (AEC) investigated whether influencer content promoting political messages constitutes electoral advertising.
This doesn’t seem to breach electoral rules, but the lines are being blurred, particularly given the content included glowing remarks about Spender and only suggested they were created “in collaboration”, not as a paid advertisement. This has since been fixed.
The scrutiny reveals growing discomfort around this emerging form of political communication – including from politicians themselves.
As influencer Chatfield said:
there’s this like moral panic about influencers in politics as well, this whole idea influencers can’t be trusted with something as serious and as high brow as politics.
But is that the case, especially if money has changed hands?
A politicised sphere
In what is perhaps a sign of the globally uncertain times, influencing is more political than ever.
Look at the recent clash involving Holly MacAlpine, who is mounting a legal challenge to the Liberal Party’s social media strategy. She accused them of deliberately editing a clip of her supporting The Greens to make it look like she was instead criticising the party. Last night she launched a crowdfunding campaign for legal representation that reached its goal amount within hours.
Influencers are becoming more than messengers. They are political actors in their own right.
In response, TikTok has adjusted its algorithm to recognise political content at the point of upload. The content is now being held for review prior to going live.
However, at the time of writing, these guidelines don’t appear on all content that discusses politics or elections. It doesn’t appear to be attached to Australian political content in the same way this style of guideline was used during other events, like COVID.
Politics with personality
All this matters because younger generations don’t get their political information from newspapers or nightly news bulletins.
The algorithms that drive these platforms reward familiarity and engagement. When a well-known face appears on screen, users linger, boosting the reach of that post. Political messages, even subtle ones, can travel far beyond the original audience.
Influencers have a lot to contribute to political discourse, particularly in podcasts, but the way they formulate and deliver messages varies widely.
Some are not explicitly aligned with a political party, while others are transparent about where their preferences sit. How much they affect the election campaign heavily depends on their specific niche and how that relates to broader election commentary.
Glenn James, host of the Money Money Money podcast and a figure in the personal finance space was recently invited to the budget lock-up. He asked questions about student debt.
His content sits at the intersection of finance and policy, making it particularly powerful in an election where cost-of-living pressures and education debt are key issues for younger voters.
It’s an example that not all political influence on social media is overtly partisan. Sometimes, it’s about asking the right questions.
Reaching eyeballs
Perhaps influencers’ most significant contribution is not just persuasive power, but reach.
Their ability to cut through and capture attention is unmatched in today’s fragmented media landscape. In the past, audiences followed specific news outlets aligned with their values.
Now, thanks to TikTok’s “For You” Page and Instagram Reels’ algorithmic curation, users are increasingly exposed to political content from creators they don’t necessarily follow and would not otherwise encounter.
Another example is Prime Minister Anthony Albanese’s recent use of “delulu with no solulu” (delusional with no solution) in parliament following a dare from podcast Happy Hour with Lucy and Nikki.
Even though it made no sense to a portion of the population, it gained significant momentum and was trending across platforms.
Adopting the blueprint
Influencers aren’t journalists, and most aren’t claiming to be. They’re generally upfront about the fact they’re not wedded to journalistic standards of impartiality, objectivity and holding the powerful to account.
So in an attempt to ensure traditional media reporting is also noticed by social media users, media outlets are using similar techniques, albeit through a journalistic lens.
From playing to the algorithm to providing behind the scenes content from the campaign trail, traditional media are solidifying their place in this election commentary and getting noticed.
It’s a new playing field in political campaigning. But whether it meaningfully shifts voter behaviour, or just adds to the already overwhelmed digital chatter, remains to be seen.
Susan Grantham 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.
Source: United Kingdom – Executive Government & Departments
Climate scientists comment on the ‘State of the Climate 2024’ report, published by Copernicus Climate Change Service and World Meteorological Organization.
Madeleine Thomson, Head of Climate Impacts & Adaptation at Wellcome, said:
“Europe is heating up, and we’re not prepared for the toll this will take on our health.”
“Deaths from heat stress are the most visible impact. But extreme heat doesn’t just kill—it also increases the risk of heart disease, pregnancy complications, and poor mental health. It also fuels indirect health threats like crop failures and wildfires.”
“We urgently need to cut emissions and adapt our cities. Simple changes, like adding green spaces and waterways, can help cool urban areas and protect public health.”
Dr Ben Clarke, Research Associate in Extreme Weather and Climate Change at the Centre for Environmental Policy, Imperial College London, said:
“This report found that damage from storms and flooding across Europe in 2024 cost at least €18 billion.
“Every year, European countries are having to reach deeper into their pockets to respond to weather disasters.
“Storm Boris is a perfect example. Catastrophic impacts were avoided with days of preparation that saw reservoirs emptied and flood defenses erected. Even still, the floods caused upwards of €2 billion in damages.
“It is painfully clear that the cost of acting on climate change is far lower than the cost of inaction. Cutting emissions and investing in climate adaptation will save lives and protect economies.”
Dr Friederike Otto, Senior Lecturer at the Centre for Environmental Policy and co-lead of World Weather Attribution, Imperial College London, said
“Think 1.3°C of warming is safe? This report lays bare the pain Europe’s population is already suffering from extreme weather.
“But we’re on track to experience 3°C by 2100. You only need to cast your mind back to the floods in Spain, the fires in Portugal, or the summer heatwaves last year to know how devastating this level of warming would be.
“In a volatile global economy, it is frankly insane to keep relying on imported fossil fuels – the main cause of climate change – when renewable energy offers a cheaper and cleaner alternative.
“The EU can’t afford to put its climate commitments on the backburner. It needs to lead the charge and accelerate the shift to evidence based politics, actually helping low-income people and not oligarchs”
Declared interests
For all other experts, no reply to our request for DOIs was received.
New figures released today confirm that New Zealand farmers are on track to meet the target of a 10 percent reduction in biogenic methane emissions by 2030 Agriculture Minister Todd McClay says.
“New Zealand farmers are among the most carbon-efficient food producers in the world and these latest results further demonstrate that Labour’s failed He Waka Eke Noa was not needed, and that we were right to take agriculture out of the Emissions Trading Scheme,” Mr McClay says.
New Zealand’s Greenhouse Gas Inventory (1990-2023) shows there was a further 2 per cent drop in agricultural emissions in 2023, supporting the government’s projections showing methane to be on track to reduce emissions by 10.1% by 2030.
“This is a step in the right direction; however, New Zealand cannot afford to reduce emissions through the planting of food producing land or further reduction of stock numbers,” Mr McClay says.
“That is why we are introducing legislation this year to restrict full farm to forest conversions and instead support agricultural methane reduction through a $400m commitment to science and innovation.
“The primary sector is responsible for 360,000 jobs and contributes $58 billion each year to the New Zealand economy through exports.
“This latest emissions reduction was achieved without Labour’s proposed taxes or a price on methane and I would like to thank our farmers for their hard work and commitment to innovations.
“The Government is committed to meeting New Zealand’s climate obligations without closing down farms or sending jobs and production overseas,” Mr McClay says.
China stands ready to work with the international community, including the EU, to defend international trade rules, fairness and justice, a foreign ministry spokesperson said on Monday.
Spokesperson Lin Jian made the remarks at a daily news briefing when asked to share more information on the communication and coordination between China and the EU on additional U.S. tariffs.
The U.S. uses tariff as a weapon to exert maximum pressure and seek selfish gains, and puts its own interests over the public good of the international community, Lin said, noting that this is a typical move of unilateralism, protectionism and economic bullying, which severely hurts the interests of China, the EU and the rest of the world.
Lin said that as the second and third largest economies, China and the EU collectively account for over one third of the global economy and more than a quarter of global trade, adding that both sides are advocates of economic globalization and trade liberalization, and firm defenders and supporters of the WTO.
“The head of the EU underscored the vital importance of stability and certainty for a sound global economy. China and the EU are committed to a fair, free and WTO-centered multilateral trading system, and the sound and steady development of global trade and economic relations, which is in the interest of both sides and the rest of the world,” Lin said.
As a responsible major country, China has already taken resolute measures and will continue to do so to safeguard its legitimate interests, Lin said.
“China stands ready to work with the international community, including the EU, to step up communication and coordination, share development opportunities, expand opening up and cooperation, and achieve mutual benefits. We will not only safeguard respective interests, but also defend international trade rules, fairness and justice,” Lin said.
The early days of fighting fires with beaters, buckets and knapsacks are long gone and while slipping a tank onto the back of a tray truck was the popular choice for many years, CFA’s fleet has evolved dramatically over the past 80 years.
When CFA formed, the organisation inherited a mixed range of former war surplus trucks but most firefighting trucks in 1950s were Austins, the tankers being the work horse of the rural fleet for many years holding 400 gallons (1,800 litres). The Austin pumper followed for urban brigades, which had a front-mounted pump and 350 gallons (1,592 litres) per minute capacity.
CFA’s Head of Fleet and Protective Equipment Danny Jones said CFA’s financial focus in the 1950s was purchasing trucks and trailer units.
“By 1960, CFA had 773 vehicles in its fleet – 516 of them in rural brigades,” Danny said.
“Small pumpers were then built which included more ladders, hoses, and larger pumps.”
Small 4WD, agile Willys trucks were the forerunners to the current ultralights and slip-ons. The small 4WD tankers enabled crews to get in ahead of the larger tankers to bushfires to help knock the fire down quickly.
Danny said the size of our tankers and pumpers grew in capacity as new trucks became available, including those with diesel engines.
“CFA soon realised more types of vehicles were required for the variety of fire calls being attended,” he said.
“CFA started to manufacture a range of specialised vehicles to suit our diverse needs which have continued to evolve over the years.”
These included radio communication vans, hazmats, road accident rescue, high angle rescue, mine rescue, protective equipment, rehabilitation, salvage, lighting, telebooms, ladder platforms, aerial pumpers, alpine and tracked vehicles, sand tankers, breathing apparatus vans, field operations vehicles, hose layers and educational units.
Today, most vehicles are twin cabbed, air conditioned and have comfortable seating compared to earlier vehicles. Safety features such as rollover protection systems, heat shields, vehicle sprinklers, window curtains, and remote-control monitors are common.
Crew protection systems installed into CFA’s fleet was a major step in enhancing firefighter safety from 2006. Between 2011 and 2013, CFA also retrofitted the same crew protection systems to all existing pre-2006 tankers.
“This has been further extended over the years with all of CFA’s ultralight tanker fleet currently undergoing and retrofit program to install crew protection,” Danny said.
“This technology received significant laboratory, simulation and real fire exposure testing.
“Retrofitting all our vehicles gives our members the best possible chance of survival in a burnover.”
The latest truck to join CFA’s firefighting fleet is the Ultra Heavy tanker which has the capacity to carry 10,000 litres of water – more than some of our water bombing fleet. These trucks will greatly boost our ability to fight fires in remote rural areas with open grasslands.
CFA’s progressive fleet department is always looking into new technology and prototypes to ensure CFA has the most advanced and safest vehicles for its firefighters.
After announcing Liberation Day – stiff “retaliatory” tariffs on every country and penguin-inhabited island in the world – US President Donald Trump rescinded the vast majority of tariffs eight days later when stock and bond markets crashed.
He followed that with more exemptions for phones, computers and computer chips two days later. Ten percent tariffs remain across the board, along with rates up to 145% on China.
Is Trump aligned with previous Reagan on tariffs?
As with anything related to Trump, perceptions overwhelm reality. Trump’s showmanship – call him a carnival barker if you must – obfuscates what is really happening.
Trump is seen as a protectionist and a populist. By comparison, former president Ronald Reagan was seen as a principled free trader and more ideologically conservative. Both images are misleading.
Reagan slapped tariffs on cars, steel, lumber, computers, computer chips, motorcycles, machine tools, even clothes pins. The great guru of free markets, Milton Friedman, is reported to have said that the Reagan administration has been “making Smoot-Hawley look positively benign.” (Smoot-Hawley was an infamous tariff law enacted in 1930 at the beginning of the Great Depression.)
Reagan went back and forth on tariffs, even attacking them in a radio address when Japan tried to impose them. At the end of the day, his record on the issue was as mixed as that of any American president.
Trump’s politics, if not his showmanship, look a lot more like traditional Republican approaches in the cold light of day. The showmanship – provocative statements, grand exaggerations, outright falsehoods and even stand-up-comic-like aspects – is purposeful.
Keeping Republicans united
The main goal of Trump’s tariff showmanship, largely unreported in the press, is keeping congressional Republicans unified as he pushes his domestic policy agenda of lower taxes, budget cuts, expanded energy production and tougher immigration policies.
Congressional Republicans have been working for months on legislating this agenda through the complex budget reconciliation process. This legislative process is difficult and involves passing budget resolutions through the Senate and the House on a specific schedule. This process is required because it allows for a path around the 60-vote filibuster in the Senate. With only 53 Republican senators and a Democratic Party that is committed to resisting Trump on almost every policy choice, Trump needs the reconciliation process to work this year.
In one sense, all of Trump’s activities since his inauguration – the “waste”-cutting DOGE, spending cuts, ending foreign aid programs, laying off federal workers – have given him the political space with congressional Republicans, particularly fiscal conservatives, to advance his legislative agenda. It is important to know that Congressional Republicans have been ungovernable for quite some time.
Over the past ten years, there have been five Republican Speakers of the House – John Boehner, Paul Ryan, Kevin McCarthy, Patrick McHenry (acting) and now Mike Johnson. This unprecedented turnover is caused by a virtually unmanageable Republican coalition of mainstream business-oriented conservatives and the fiscal hawks who generally populate the Freedom Caucus. The Freedom Caucus is more than willing to vote against other Republicans – indeed they are proud of it. Because of this, speaker after speaker has had to reach out to Democrats for votes to pass legislation, ultimately dooming their time in the position.
Trump has managed to keep this ungovernable group of House Republicans united, and this may be his true political gift.
To achieve this, he has engaged in a comprehensive campaign of maximum pressure on just about everything: Canada, Greenland, NATO, Europe, China, Ukraine, American universities, federal workers, illegal immigrants, big law firms and even paper straws.
Congressional Republicans, in appreciation of this shock and awe campaign, have stayed united. This means Trump’s legislative agenda can move forward.
With his global tariff plan, Trump saw Republicans beginning to defect. In one Senate vote in April, four Republicans sided with Democrats against tariffs on Canada. Senator Ted Cruz warned that Republicans might lose the 2026 election because of tariffs. Chuck Grassley of Iowa, the oldest senator and one of the most conservative, indicated he would support bringing tariff authority back to Congress and away from the president.
Trump can read a room as well as anyone. When he saw Republican unity was at risk because of his tariff plan, he quickly pivoted to a much more moderate version. While Trump’s grandiosity is often highly criticised, it is that quality that gives him the ability to keep his party together, and therefore to govern.
Sparking panic among Democrats
The other major effect of Trump’s tariffs strategy is to sow discord among his opponents.
Democrats, who want to criticise Trump but know their own party has often endorsed tariffs in the past, are reeling. Democratic Michigan Governor Gretchen Whitmer said she understood Trump’s “motivation behind the tariffs” and even agreed with Trump that we “need to make more stuff in America”. She was immediately criticised by fellow Democrats.
Hakeem Jeffries, the top Democrat in the House of Representatives, tried a slightly more aggressive anti-Trump approach. He said:
Tariffs, when properly utilized, have a role to play in trying to make sure that you have a competitive environment for our workers and our businesses. That’s not what’s going on right now. This is a reckless economic sledgehammer that Donald Trump and compliant Republicans in the Congress are taking to the economy, and the American people are being hurt enough.
This response won’t help Democrats climb out of their deep hole of unpopularity, measured last month at an historic low.
Lester Munson receives funding from the U.S. Studies Centre at the University of Sydney.
15 April 2025 – Knowing the current state of the economy and where it is likely headed are key to making interest rate decisions today that keep inflation low and stable in future, Chief Economist Paul Conway says.
“Given economic uncertainty, which can be pervasive at times, forecasting is a critical tool for guiding monetary policy decisions, shaping expectations, and ensuring transparency,” Mr Conway says in a speech on forecasting, delivered today via live webinar.
“It is a complex but essential part of monetary policy making that is not always well understood by the public.”
We use a wide range of data and various methodologies to assess the current state of the economy to use as the ‘starting point’ for our economic projections and monetary policy decisions.
“Our forecast for the Official Cash Rate (OCR) reflects the economic picture at the time of the forecast. It is our best estimate of how the OCR will need to change over the next three years to meet our inflation target, conditional on the economic outlook, so inflation always ends up back at 2 percent.”
“That last bit – conditional on the economic outlook – should be read as being bolded, highlighted, and jumping off the page like a neon sign. I cannot overstate the importance of this conditionality,” he says. “If the economic outlook changes, which it almost always does to some degree, then our projection for the OCR will also change.”
“Because the OCR projection is conditional on everything else evolving as expected, it should almost never be interpreted as a guarantee of future MPC decisions,” he says.
NB: The speech is written by Chief Economist Paul Conway and RBNZ staff and is not an official statement from the Monetary Policy Committee. There is no update on the state of the economy since the 9 April 2025 Monetary Policy Review.
Alongside the speech, we are publishing a related Bulletin and 2 Analytical Notes, as well as launching Kiwi-GDP, which is a live “nowcast” of GDP on our website.
The best contribution monetary policy can make to the long-term wellbeing of New Zealanders is to deliver stable prices, aiming at 2 percent inflation. We aim for stable prices through ‘flexible’ inflation targeting. Trying to get inflation down too fast can damage the economy. We aim to control inflation over 1 to 3 years ahead.
The speech explains how the RBNZ forecasts and the tools we use, including:
How we conduct short-term forecasts (nowcasting)
How our forecasts should be interpreted
The importance of forecasting for flexible inflation targeting.
Source: Médecins Sans Frontières/Doctors Without Borders (MSF)
Sudan – 15 April 2025 – The war in Sudan between the Rapid Support Forces (RSF) and the Sudanese Armed Forces (SAF) enters its third year and people remain unseen, bombed, besieged, displaced and deprived of food, medical care and basic lifesaving services. 60 percent of the country’s 50 million people need humanitarian assistance, according to the UN, and people are facing simultaneous health crises and limited access to public health care.
Médecins Sans Frontières/Doctors Without Borders (MSF) reiterates its calls on the warring parties and their allies to ensure that civilians, humanitarian personnel, and medical teams are protected and that all restrictions are removed on the movements of humanitarian supplies and staff, especially as the rainy season fast approaches.
“The warring parties are not only failing to protect civilians — they are actively compounding their suffering,” said Claire San Filippo, MSF Emergency Coordinator. “Wherever you look in Sudan, you will find needs — overwhelming, urgent, and unmet. Millions are receiving almost no humanitarian assistance, medical facilities and staff remain under attack, and the global humanitarian system is failing to deliver even a fraction of what’s required.”
As frontlines have shifted over the course of the war, especially in Khartoum and Darfur, civilians feared retaliatory attacks from both warring parties. For the past two years, both RSF and SAF have repeatedly and indiscriminately bombed densely populated areas. The RSF and allied militias have unleashed a campaign of brutality, including systematic sexual violence, abductions, mass killings, looting of aid, erasure of civilian neighbourhoods, and occupation of medical facilities. Both sides have laid siege to towns, destroyed vital infrastructure, and blocked humanitarian aid.
Widespread starvation is taking hold, according to the UN, — Sudan is currently the only place in the world where famine has been officially declared in multiple locations. Famine was first declared in Zamzam camp, for internally displaced people, in August and has since spread to ten more areas. Seventeen additional regions are now on the brink. Without immediate intervention, hundreds of thousands of lives are at risk.
In March MSF supported multi-antigen catch up vaccination campaigns for children under two in South Darfur. The over 17,000 children, in 11 of the 14 localities, who received vaccinations were also screened for malnutrition showing 7% of those screened were suffering from severe acute malnutrition, with 30% with global acute malnutrition. In December 2024, during a therapeutic food distribution in Tawila locality, North Darfur, MSF teams screened over 9,500 children under five years old. They found a staggering 35.5% global acute malnutrition rate, with 7% of the children suffering from severe acute malnutrition.
Simultaneously, Sudan is facing multiple, overlapping health emergencies. MSF teams have treated over 12,000 patients — including women and children — for trauma injuries directly resulting from violent attacks. During the first week of February 2025, MSF teams in three areas of Sudan – Khartoum, North Darfur, and South Darfur states – treated mass influxes of war-wounded patients. Sudan is also experiencing one of the worst maternal and child health crises we are seeing anywhere in the world. In October 2024, in two MSF-supported facilities in Nyala, capital of South Darfur, 26% of the pregnant and breastfeeding women seeking care were acutely malnourished.
“Outbreaks of measles, cholera and diphtheria are spreading, driven by poor living conditions and disrupted vaccination campaigns. Mental health support and care for survivors of sexual violence remain painfully limited. These compounding crises reflect not just the brutality of the conflict, but the dire consequences of the crumbling public healthcare system and a failing humanitarian response”, says Marta Cazorla, MSF Emergency Coordinator.
Since April 2023, more than 1.7 million people have sought medical consultations at hospitals, health facilities and mobile clinics MSF supports or is working in, and more than 32,000 people were admitted in our emergency wards.
More than 13 million people have been displaced by the conflict, according to the UN — many of them multiple times. Of these, 8.9 million remain displaced inside Sudan, while 3.9 million have crossed into neighbouring countries. Many live in overcrowded camps or makeshift shelters, without access to food, water, healthcare, or a sense of future. People depend entirely on humanitarian organizations — but only where these organisations are responding.
Health facilities destroyed
According to the World Health Organization (WHO), more than 70 percent of health facilities in conflict-affected areas are barely operational or completely closed, leaving millions without access to critical care amid one of the worst humanitarian crises in recent history. Since the war began, MSF has recorded over 80 violent incidents targeting our staff, infrastructure, vehicles and supplies. Clinics have been looted and destroyed, medicines stolen, and healthcare workers assaulted, threatened or killed.
“Buildings were destroyed, even beds were looted, and medicines were burned to the ground. From afar, it looked like a hospital, but when you entered it, it was a shelter for snakes and grass,” said Muhammad Yusuf Ishaq Abdullah, MSF health promotion officer in Tawila, North Darfur, about the state of Tawila´s hospital after being attacked and looted in June 2023.
These attacks must stop — medical personnel and facilities are not targets.
Upcoming rainy season
The rainy season, fast approaching, threatens to make an already catastrophic situation even worse — severing supply routes, flooding entire regions, and cutting off people just as the hunger gap peaks and malnutrition and malaria spike.
MSF calls for immediate preparedness measures ahead of the rainy season. More border crossings must be opened, and key roads and bridges must be repaired and kept accessible, especially in Darfur, where seasonal flooding isolates communities year after year.
Humanitarian restrictions must be lifted, and unhindered access must be guaranteed. MSF urges all actors — including donors, governments, and UN agencies — to enable and prioritize the aid delivery, ensuring that assistance not only reaches the country but is transported swiftly and safely to the hardest-hit and most remote communities. Without a serious commitment to overcoming the political, financial, logistical and security barriers that hinder last-mile delivery, countless lives will remain beyond the reach of help.
The people of Sudan have endured this horror for two years too long, they cannot and should not wait any longer.
MSF is an international, medical, humanitarian organisation that delivers medical care to people in need, regardless of their origin, religion, or political affiliation. MSF has been working in Haiti for over 30 years, offering general healthcare, trauma care, burn wound care, maternity care, and care for survivors of sexual violence. MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. In 2022, more than 120 project staff from Australia and New Zealand worked with MSF on assignment overseas. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au
Source: People’s Republic of China – State Council News
Xi Jinping, general secretary of the Communist Party of China Central Committee and Chinese president, meets with Vietnamese Prime Minister Pham Minh Chinh at the Communist Party of Vietnam Central Committee headquarters in Hanoi, Vietnam, April 14, 2025. [Photo/Xinhua]
HANOI, April 14 — Chinese President Xi Jinping on Monday urged China and Vietnam to jointly oppose hegemonism, unilateralism and protectionism.
In his meeting with Vietnamese Prime Minister Pham Minh Chinh, Xi said that under the leadership of the Communist Party of Vietnam and the Vietnamese government, the country has achieved political and social stability, and made impressive achievements in its cause of Doi Moi (reform), while its international status is increasing, for which China feels rejoiced.
Both sides shoulder the historical mission of realizing national rejuvenation and accelerating national development, Xi noted.
He called on the two countries to forge a strong sense of a community with a shared future, and deepen comprehensive strategic cooperation, so as to serve their respective modernization processes, and better benefit the two peoples.
The two sides, Xi said, should strengthen the strategic coordination and consolidate the political foundation for building a China-Vietnam community with a shared future.
He urged the two sides to intensify high-level exchanges, strengthen strategic communication, and jointly oppose hegemonism, unilateralism and protectionism.
Xi also called on the two sides to implement the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative, so as to jointly safeguard international fairness and justice, and safeguard peace, stability, development and prosperity in Asia and beyond.
Xi said the two sides should promote high-quality development to provide solid strategic support for the two countries’ joint march toward modernization.
China and Vietnam, Xi said, should give full play to their geographical advantages of being connected by land and sea, strengthen the alignment of development strategies and tap the potential of industrial cooperation.
He also called on the two countries to steadily advance cooperation in infrastructure development, enhance connectivity and ensure a smooth flow of trade.
The two countries should expand cooperation in traditional areas such as trade and investment, and expand cooperation in emerging industries such as 5G, artificial intelligence, clean energy and digital economy.
Xi also said China and Vietnam should firmly uphold the multilateral trading system, and work together to push for economic globalization that is more open, inclusive, balanced and beneficial to all.
The two sides should deepen cultural cooperation and promote the main theme of China-Vietnam friendship, Xi said.
He urged the two sides to ensure a series of activities to celebrate the 75th anniversary of China-Vietnam diplomatic ties and the China-Vietnam Year of People-to-People Exchanges a success, so as to tell stories well of friendship, mutually beneficial cooperation, as well as their joint pursuit of modernization.
Xi also urged the two sides to carry out more projects to win the hearts and minds of the people and improve their lives.
For his part, Pham Minh Chinh said that Xi’s state visit to Vietnam is the most important high-level exchange between the two countries this year, adding that this is a great, joyous event in Vietnam-China relations and of historic significance, and will surely lead Vietnam-China relations to greater development and inject strong impetus into bilateral cooperation.
Since Xi’s visit to Vietnam in 2023, the strategic mutual trust between the two countries has been further enhanced, practical cooperation has witnessed significant progress and the friendship of the two peoples has deepened, he said.
Vietnam attaches great importance to its relations with China and is determined to firmly promote the building of a Vietnam-China community with a shared future that carries strategic significance, said the Vietnamese prime minister.
Noting that Vietnam sincerely congratulates China on its tremendous development achievements, he said Vietnam supports China’s sustained development and growth, and hopes to learn from China’s experience in the governance of the party and the country, its spirit of self-reliance and its development philosophy and model.
The Vietnamese leader noted that his country looks forward to strengthening cooperation with China in areas including economy and trade, investment, connectivity, science and technology, as well as finance to enhance economic vitality and growth drivers so as to jointly cope with risks and challenges.
He also said that Vietnam looks forward to the successful hosting of the Vietnam-China Year of People-to-People Exchanges and expects more robust personnel exchanges and sub-national cooperation, and closer bond of the two peoples.
He said that his country also looks forward to strengthening cooperation with China in international and regional affairs, so as to maintain strategic focus in the complex and volatile international situation, and jointly safeguard multilateralism and the international order.
Xi Jinping, general secretary of the Communist Party of China Central Committee and Chinese president, meets with Vietnamese Prime Minister Pham Minh Chinh at the Communist Party of Vietnam Central Committee headquarters in Hanoi, Vietnam, April 14, 2025. [Photo/Xinhua]
