Category: Economy

  • MIL-OSI China: State-owned lenders to better serve private firms

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

    Major State-owned commercial banks are aiming to continuously improve the quality and efficiency of services provided to private enterprises to firmly help the private sector address challenges such as financing difficulties and high costs, according to their 2024 annual results announcements.

    “Bank of China plans to provide over $5 billion for intended financing of private enterprises in 2025, pledging enhanced financial assistance for their deep engagement in the Belt and Road Initiative,” said Zhang Hui, president of BOC.

    “BOC will strengthen cross-border financing, international settlements and overseas investment services to facilitate private companies’ global expansion. It is committed to reducing financing costs for private businesses, offering tailored global cash management solutions to help enterprises reduce risks and improve capital utilization efficiency,” Zhang said.

    Agricultural Bank of China aims to ramp up credit support for private enterprises, with loans to the sector projected to exceed 7.5 trillion yuan ($1.03 trillion) by the end of 2025. ABC will provide fast, convenient and suitable financing solutions for private businesses, providing tailored services such as allocating dedicated credit resources, said Liu Hong, vice-president of ABC.

    “The bank aims to enhance its capabilities in serving the private sector by innovating financial product and service models, cultivating professional talent teams and exploring new risk management approaches. These efforts are designed to promote the sustainable and high-quality development of private enterprises,” Liu said.

    “Industrial and Commercial Bank of China plans to provide no less than 6 trillion yuan in investment and financing support for private enterprises over the next three years, pledging robust assistance to help private enterprises strengthen industrial capabilities,” said Zhang Shouchuan, vice-president of ICBC.

    Zhang Shouchuan said that ICBC will further improve service mechanisms, leveraging financial tools to drive high-quality development of private enterprises.

    China Construction Bank will implement its 2025 action plan to support the high-quality development of the private sector economy, pledging to deliver more resource guarantees, provide more targeted customer services, build better optimized long-term mechanisms and explore deeper multiparty collaboration, said Zhang Yi, president of CCB.

    These plans laid out in the lenders’ 2024 annual results announcement conference showed that major State-owned commercial banks are capitalizing on their strengths while responding to national policies to deliver high-quality financial services for the development of private enterprises, said Lou Feipeng, a researcher at Postal Savings Bank of China.

    “These measures effectively address financing difficulties and high costs faced by private businesses, streamline loan accessibility and amplify the positive role of private enterprises in driving China’s economic development,” Lou said.

    By expanding credit supply to private enterprises and reducing financing costs, banks have adopted highly targeted measures to alleviate the financing difficulties and high costs faced by micro, small and medium-sized private sector firms, he added.

    Looking ahead, Lou said that banks need to intensify market research tailored to private enterprises of diverse scales and industries, focusing on targeted financing difficulties, to enhance the precision of financial services and elevate efficacy in serving the private sector.

    MIL OSI China News

  • MIL-OSI USA: FACT SHEET: Trump, Musk, & RFK Jr. Hollow Out HHS, Threatening Americans’ Health and Wellbeing

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    Trump carries out mass firings across HHS and subagencies today
    ICYMI: Murray, Former Health Department Leaders, Sound Alarm on Trump and RFK Jr. Gutting HHS
    ICYMI: Murray, DeLauro, Baldwin Demand Answers on RFK Jr.’s Plans to Gut HHS
    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former chair of the Senate Committee on Health, Education, Labor, and Pensions (HELP), responded to the Trump administration’s mass firings across the Department of Health and Human Services (HHS) and its many subagencies, which are responsible for protecting Americans’ health and delivering essential health and social services. 
    “Today, two billionaires are making good on their vow to take a wrecking ball to the Department of Health and Human Services and put Americans’ health and wellbeing at serious risk–and Republicans are letting them,” said Senator Murray. “These firings make a lot of sense if you believe measles spreading like wildfire is good–or think we should be slashing cancer research. While Republicans work to pass more tax breaks for billionaires, Trump, Musk, and RFK Jr. are ripping essential health services away from the American people and decimating our country’s ability to prevent outbreaks and keep families safe. There’s no two ways about it: this is the type of carelessness that gets people killed.”
    Late last week, Secretary Robert F. Kennedy Jr. announced plans to unilaterally push out 20,000 HHS employees (a ~25% reduction) and to dramatically reorganize and hollow out the Department–in clear violation of annual spending laws, including the one that Congress passed and was signed into law just weeks ago. 
    On Monday, Senator Murray led a letter to Secretary Kennedy demanding more information about the sweeping, devastating plans–noting that if this administration is truly committed to transparency, as it claims to be, and is confident its drastic plans will protect Americans’ health, it should be eager to share basic information about them. Thus far, however, the administration has provided no additional details to Congress or the public about its mass firings and reorganization.
    This morning, thousands of health officials woke up to emails notifying them that they were being fired. In addition to the mass firings, HHS says it will eliminate 5 of 10 regional offices, trim 28 divisions into 15, and consolidate and move essential functions to other agencies.
    Since taking office, Trump, Musk, and RFK Jr. have taken a sweeping array of actions to halt HHS’ essential, lifesaving work and diminish its capacity to keep families healthy. It has systematically choked off lifesaving medical research, and just last week, Trump ripped away resources communities nationwide are using to address bird flu, measles, the fentanyl epidemic, the mental health crisis, and more. 
    FOOD AND DRUG ADMINISTRATION (FDA)
    The FDA protects Americans’ health by ensuring the safety and effectiveness of medicines, biologics, and medical devices–and regulating food, cosmetics, and tobacco products. 
    The Trump administration announced last week it will cut 3,500 employees at the FDA. It has now pushed out senior leaders across the agency focused on food, drug, and medical device policy, as well as the head of the Center for Tobacco Products and the head of the Center for Biologics Evaluation and Research. Among the thousands of FDA staff fired by the Trump administration are experts who manage the review of new applications for drugs, vaccines, and medical devices–which will delay approval of new, potentially life-changing products that patients are counting on. Others reportedly pushed out include veterinary medicine experts working on bird flu preparedness and response, the top Type 1 Diabetes expert, and regulatory staff focused on negotiations on User Fee Agreements that fund some of FDA’s work–among many others. 
    “Americans depend on the FDA every time they sit down for a meal or pick up a prescription–but that’s no matter: Trump and Musk are hollowing out the agency and putting their health at risk. Let’s be crystal clear: there’s nothing strategic about firing thousands of people who inspect our food and ensure our prescriptions and babies’ formula are safe. While they work overtime to pass more tax breaks for themselves, Trump, Musk, and RFK Jr. are insisting on senseless cuts to all but destroy FDA, jeopardizing Americans’ safety and leaving patients waiting longer for lifesaving drugs to get to market,” said Senator Murray.
    CENTERS FOR DISEASE CONTROL AND PREVENTION (CDC)
    CDC is charged with protecting the American people from health threats, including infectious diseases like measles and bird flu.
    The Trump administration announced plans to force out 2,400 employees at CDC. 
    Today, scores of CDC staff woke up to emails notifying them they are being fired. This includes mass reductions in force across most CDC centers, which will prevent the critical work CDC is responsible for from being carried out. Staff were fired en mass across CDC offices for domestic violence prevention, Smoking and Health, HIV prevention, Tuberculosis elimination, disability and health, childhood lead poisoning, asthma control, among many others. Trump has even reportedly fired the entire team focused on assistive reproductive technology like IVF–despite his wild claims to be the “fertilization president.”
    The Trump administration has also reportedly fired nearly two-thirds of the CDC National Institute for Occupational Safety and Health (NIOSH) staff, or nearly 900 people. The Trump administration is now, for example, apparently working to shutter the CDC NIOSH Spokane Research Laboratory in Washington state, firing dozens of workers today who study how to protect workers’ health and safety on the job, particularly those in fields like mining, the maritime industry, and firefighting, where workers face elevated risks.
    “Decimating the CDC is a great way to make our communities less safe and less prepared to respond quickly and effectively when diseases–like measles and bird flu–put lives and livelihoods in danger. When the next pandemic hits and America is unprepared, it will be thanks to Donald Trump and Republicans destroying our public health infrastructure. Decimating the agency that helps prevent workplace injuries and illnesses is a slap in the face to workers across America–and will threaten the safety of firefighters, miners, construction and agricultural workers, and so many others while on the job,” said Senator Murray.
    NATIONAL INSTITUTES OF HEALTH (NIH)
    NIH is the nation’s premier biomedical research agency. Each year, NIH supports biomedical research that produces life-changing and, in many cases, lifesaving treatments and cures.
    The Trump administration has already pushed out top experts, scientists, and senior leadership, well over 1,100 NIH employees, and systematically choked off billions of dollars in NIH funding for new treatments and cures for devastating diseases like Alzheimer’s and cancer.
    Now, it is firing even more NIH scientists and staff–including veterans and more than 1,300 additional employees as of this afternoon–decimating the agency. President Trump and RFK Jr. are pushing out senior NIH leadership, including Institute and Center Directors at the Fogarty International Center (FIC), the National Institute of Allergy and Infectious Diseases (NIAID), the Eunice Kennedy Shriver National Institute of Child Health and Human Development (NICHD), the National Human Genome Research Institute (NHGRI), the National Institute of Nursing Research (NINR), and the National Institute on Minority Health and Health Disparities (NIMHD).  
    “Since taking office, Trump has systematically worked to break the NIH–he’s taking patients’ hopes for new treatments and cures and throwing them right in the shredder. These sweeping firings at NIH will set back our efforts to discover medical breakthroughs that save lives by decades. And they won’t just delay research, they will halt clinical trials in their tracks and cut patients off from care,” said Senator Murray.
    CENTERS FOR MEDICARE AND MEDICAID SERVICES (CMS)
    CMS helps ensure over 100 million Americans have access to affordable, high-quality health insurance by overseeing Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), and Affordable Care Act marketplaces. 
    The agency has long been understaffed and under-resourced, including for essential functions like nursing home safety inspections and protecting Americans from surprise medical bills. Nonetheless, Trump and Musk are pushing even more people out–and jeopardizing Americans’ health care in doing so. Trump announced that 300 employees at CMS will be cut. 
    “The American people are looking to their leaders to make sure they can get quality, affordable health care–instead, two billionaires are gutting the very agency that helps over 100 million Americans get health care. Undercutting CMS is an attack on Americans’ health care–full stop. Firing the people who keep our systems running, who ensure long-term care facilities are safe, and prevent health care companies from ripping people off makes no sense and will hurt patients nationwide,” said Senator Murray.
    INDIAN HEALTH SERVICE (IHS)
    IHS is responsible for providing direct medical and public health services to members of federally recognized Tribes, and it is the principal federal health care provider and health advocate for Tribal communities across the country. 
    IHS is already struggling to provide quality health care to 2.8 million Americans who rely on its services, and the actions being taken by the Trump administration to freeze federal hiring, reduce office space, and reduce the HHS workforce that IHS relies on are making matters worse. Chronic understaffing continues to plague the IHS, and despite some hiring exemptions for doctors and nurses, quality health care can’t be delivered without sufficient administrative personnel at HHS and at IHS hospitals and health clinics. 
    Adding to the IHS’ staffing struggles, the Trump administration is arbitrarily canceling leases that house IHS administrative offices across all service areas and its medical supply warehouse, which stockpiles and distributes critical medical supplies to all IHS hospitals and health clinics. IHS needs more resources and staffing to fulfill its mission, not less. 
    “Trump and Musk are leaving the Indian Health Service and our Tribes in the dust–freezing hiring at an already-strapped agency, canceling leases it counts on, and now, gutting essential HHS functions that enable IHS to serve patients. They are breaking government with no idea of what they are doing and no regard for who gets hurt–all while they enrich themselves,” said Senator Murray.
    SUBSTANCE ABUSE AND MENTAL HEALTH SERVICES ADMINISTRATION (SAMHSA)
    SAMHSA is charged with improving services and support available to people across the country for substance use disorder and mental health. The agency plays a leading role in tackling the fentanyl and opioid crisis, and it oversees the 988 Suicide and Crisis Lifeline. 
    The Trump administration has announced plans to eliminate SAMHSA and collapse it into a new “Administration for a Healthy America.” But it has not provided any additional details on its illegal reorganization or how it will ensure SAMHSA’s statutorily-mandated, lifesaving functions would be carried out. Today, the Trump administration made more deep cuts to SAMHSA’s staff, which will result in the agency’s staffing levels being reduced by fifty percent since January–weakening the ability of communities to respond to the mental health and substance use crises. 
    “Just as we are finally starting to make progress getting opioid overdose deaths to trend down nationally, Trump and Musk have decided to scrap the agency responsible for our national response to the epidemic. These billionaires believe our country can afford to pay for more tax breaks for them but cannot afford to keep up the fight against the opioid epidemic. These chaotic, senseless moves will undermine federal support for all the work our communities on the frontlines are doing to tackle the opioid and mental health crises–and save lives,” said Senator Murray.
    ADMINISTRATION FOR CHILDREN AND FAMILIES (ACF)
    ACF is responsible for administering a variety of programs to help children and families thrive–including the primary federal child care grant program, Head Start, family violence prevention programs, and Low Income Energy Assistance Program (LIHEAP), among many others. 
    Today, the Trump administration made deep cuts to the staff responsible for carrying out these programs, threatening the services and essential oversight families count on. The administration also shuttered half of the regional offices for the Office of Head Start, which are charged with ensuring Head Start services delivered to families are high-quality, without any explanation of how it will fulfill its mission and continue serving children and families without these offices or staff. Trump also gutted the Office of Community Services, which administers the LIHEAP program to help low-income individuals and families afford to heat and cool their homes and administers the Community Services Block Grant program, which helps communities nationwide fight poverty.
    “While the child care crisis crunches families’ budgets, Trump and Musk are focused on firing the very people who help make sure there are safe, affordable child care options available to families in every part of the country,” said Senator Murray. “Decimating this agency may well mean child care and Head Start centers don’t get the funding they need to keep their doors open, and shuttering regional offices will threaten families’ access to quality and reliable Head Start services. These firings will certainly risk kids’ safety–because that’s what happens when you get rid of the people who monitor centers’ care. These billionaires are ripping the rug out from under families just as they seek to give themselves more tax breaks.”
    ADMINISTRATION FOR COMMUNITY LIVING (ACL)
    ACL provides unique and critical support to help ensure seniors and Americans with disabilities can live independently and with the same opportunities as others in their communities. ACL programs improve access to health care and long-term care supports, fund essential services like congregate and home-delivered meals and respite care, and invest in essential research and innovation to better support seniors and Americans with disabilities.
    The Trump administration announced plans to eliminate ACL in clear violation of annual appropriations law that explicitly funds ACL–and has provided no additional details on how its essential, statutorily-mandated functions will continue without interruptions that seriously hurt seniors and people with disabilities.
    Today, Trump gutted ACL, firing scores of staff and leaving the administration of these critical programs in jeopardy.
    “Trump and Musk are ripping the rug out from underneath seniors and Americans with disabilities by gutting the agency that helps them get the support they need to not only live independently, but also thrive in their communities,” said Senator Murray.
    ADMINISTRATION FOR STRATEGIC PREPAREDNESS AND RESPONSE (ASPR)
    ASPR leads our country’s medical and public health preparedness for, response to, and recovery from disasters and public health emergencies–coordinating planning and response for when fires erupt, pathogens like COVID or bird flu emerge, and so much more.
    The Trump administration has announced that ASPR will be consolidated into CDC, and today laid off a number of staff, including staff for the Strategic National Stockpile.
    “As bird flu rages and measles spreads across the country in an outbreak with little recent precedent, apparently Donald Trump thinks it’s a good idea to destroy the very agency tasked with leading our public health preparedness efforts. Firing this staff puts our economy and our families in serious danger,” said Senator Murray.
    HEALTH RESOURCES AND SERVICES ADMINISTRATION (HRSA)
    HRSA is charged with improving access to care for vulnerable and underserved populations. The agency runs critical programs to bolster the nation’s health workforce, improve maternal and child health, support high-quality care in community health centers and Ryan White HIV/AIDS clinics, address rural health needs, modernize the nation’s organ transplant system, and more.
    The Trump administration has announced it plans to eliminate HRSA and collapse it into a new “Administration for a Healthy America” but has not provided any additional details on how this reorganization might work and how it will ensure HRSA’s statutorily-mandated functions will be carried out.
    Today, the Trump administration reportedly fired hundreds of staff who provide support to the nation’s 1,400 community health centers, which operate more than 15,000 sites serving millions of patients across the U.S. regardless of their ability to pay. Others fired include those working on HRSA’s maternal and child health programs, who oversee states’ block grants and operate the Maternal, Infant, and Early Childhood Home Visiting (MIECHV) Program to support mothers, children, and families. Staff were also fired from HRSA’s health workforce programs, where they work to engage with communities nationwide to address shortages of doctors and nurses, and provide scholarships and loan repayment for those working in high-need communities.
    “It defies logic to get rid of the people who help strengthen our nation’s health workforce, support our nation’s health centers, and work to ensure children grow up healthy. These reckless firings and thoughtless reorganization will set back efforts to improve maternal care, help Americans in rural areas get basic health services, and so much more,” said Senator Murray.

    MIL OSI USA News

  • MIL-OSI: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 24 April 2025 – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTIONS 9(3)-(5) AND SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

    Publication of supplement concerning extension of offer period for Nykredit’s recommended, voluntary public tender offer for Spar Nord Bank A/S until 24 April 2025

    2 April 2025

    Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 24 April 2025

    In accordance with section 4(1) of the Danish Takeover Order1, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion.

    On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order. In the Offer Document, the offer period was set to expire on 19 February 2025 at 23:59 (CET) (the “Initial Offer Period”). The Initial Offer Period was subsequently extended to 20 March 2025, and on 19 March 2025, Nykredit published a supplement to the Offer Document, which extended the offer period to 3 April 2025 at 23:59 (CEST).

    Today, Nykredit published a supplement (the “Supplement”) to the Offer Document, which further extends the offer period for the Offer. The Supplement has been approved by the Danish FSA on 2 April 2025 in accordance with section 9(3)-(5) of the Danish Takeover Order. The Supplement should be read in conjunction with the Offer Document and the previous supplements as published on 18 February and 19 March 2025.

    With this Supplement, Nykredit further extends the offer period, such that the Offer will expire on 24 April 2025 at 23:59 (CEST). Subsequently, any reference to the “Offer Period” in the Offer Document or other documents relating to the Offer will refer to the period commencing on the day of publication of the Offer Document on 8 January 2025 and ending on 24 April 2025 at 23:59 (CEST) (the “Extended Offer Period”).

    The purpose of the extension is to provide Nykredit with time to obtain the approval from the Danish Competition and Consumer Authority required to complete the Offer. If the approval from the Danish Competition and Consumer Authority has not been granted by the expiry of the Extended Offer Period, Nykredit expects to extend the offer period further.

    The extension of the offer period entails that the expected completion of the Offer and settlement of the offer price to the Spar Nord Bank shareholders who have accepted the Offer will be extended correspondingly. Completion is subsequently expected to take place on 2 May 2025 (provided that the offer period is not extended further).

    This will result in an adjustment of the offer price in accordance with section 6.2 of the Offer Document, such that the offer price is increased by DKK 0.50 per share to DKK 210.50.

    The increase of the offer price affects all Spar Nord Bank shareholders who have already given their accept of the Offer and all Spar Nord Bank shareholders who accept the Offer following publication of the Supplement. Spar Nord Bank shareholders who have already accepted the Offer thus do not have to take further action.

    At the time of this announcement, Nykredit holds 32.79 per cent of the shares in Spar Nord Bank.

    In the supplement dated 19 March 2025 to the Offer Document, Nykredit announced that a preliminary compilation of the acceptances that Nykredit had information about showed that, including the irrevocable undertakings, acceptances corresponding to more than 46 per cent of the share capital of Spar Nord Bank had been submitted, and that Nykredit’s ownership interest in Spar Nord Bank, together with the irrevocable undertakings and the binding acceptances submitted that Nykredit had information about, totalled more than 80 per cent of the total share capital (excluding treasury shares) of Spar Nord Bank, indicating that the 67 per cent acceptance limit stated in the Offer has been reached.

    The final result of the Offer will be determined on expiry of the offer period and published in accordance with section 21(3) of the Danish Takeover Order.

    Nykredit intends to delist Spar Nord Bank from trading on Nasdaq Copenhagen and complete a compulsory acquisition of the remaining Spar Nord Bank shareholders, provided that Nykredit has obtained the necessary ownership interest, and the Offer has been completed. Spar Nord Bank shareholders who have opted not to accept the Offer, should expect that Nykredit, provided that the Offer is completed, will take steps to combine Nykredit Bank A/S and Spar Nord Bank, which will result in a further increase in Nykredit’s ownership interest in Spar Nord Bank. Not later than in continuation of the combination, Nykredit thus expects to hold a sufficient ownership interest to be able to delist Spar Nord Bank from trading on Nasdaq Copenhagen and complete a compulsory acquisition of the remaining Spar Nord Bank shareholders.

    The full terms and conditions of the Offer are contained in the Offer Document as amended by the Supplement. The Offer Document and the Supplement are published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/kobstilbud-spar-nord/ and https://www.sparnord.dk/investor-relations/overtagelsestilbud.

    About Spar Nord Bank

    Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

    Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

    The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

    About Nykredit

    Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

    Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

    Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

    Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

    Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

    Questions and further information

    Any questions concerning the Offer may be directed to:

    Nykredit Bank A/S

    Company reg. (CVR) no.: 10 51 96 08

    Sundkrogsgade 25

    2150 Nordhavn
    Denmark

    Telephone: +45 7010 9000

    and

    Carnegie Investment Bank

    Filial af Carnegie Investment Bank AB (publ), Sverige

    Company reg. (CVR) no. 35 52 12 67

    Overgaden Neden Vandet 9B

    1414 Copenhagen K
    Denmark

    E-mail: annette.hansen@carnegie.dk

    For further information about the Offer, please see: https://www.nykredit.com/kobstilbud-spar-nord/.

    This announcement and the Offer Document (with supplements) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

    This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with supplements) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

    Restricted jurisdictions

    The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

    Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

    Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Supplement, the Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the laws of such jurisdiction, including securities laws. It is the responsibility of all Persons obtaining this announcement, the Supplement, the Offer Document, earlier supplements, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

    Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Supplement or the Offer Document to shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable law in any jurisdiction other than Denmark, the United States and the United Kingdom.

    Important Information for Shareholders in the United States

    The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

    The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

    Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

    In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

    In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

    It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

    The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

    NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.


    1 Executive Order no. 636 of 15 May 2020

    Attachments

    The MIL Network

  • MIL-OSI: Haffner Energy successfully achieves €7M Capital Increase through ABSA issuance with preferential subscription rights (PSR)

    Source: GlobeNewswire (MIL-OSI)

    Haffner Energy successfully achieves €7M Capital Increase through ABSA issuance with preferential subscription rights (PSR)

    Vitry-le-François, France – April 2, 2025, 08:00 am (CET) – Haffner Energy (ISIN: FR0014007ND6 – Ticker: ALHAF) (the “Company“) announces the success of its €6,995,496M cash Capital Increase with preferential subscription rights (the “PSR“) through the issuance of 17,488,744 New Shares with share subscription warrants (the “ABSA” or “Warrants”) (the “Capital Increase“). The free float share is extended to 24.75% of the capital. 

    Philippe Haffner, Co-Founder and Chief Executive Officer of Haffner Energy, said:

    “Thanks to the renewed support of many of our long-standing shareholders, whom we thank, and the arrival of new investors, this Operation reached our 7-million-euro target. This reflects the confirmed confidence in our value proposition and in the evolution in our positioning: well beyond hydrogen, our presence in four markets enables us not only to significantly broaden our addressable market and better diversify risks, but also to position ourselves on more immediate opportunities.

    This Capital Increase gives us a financing horizon of 12 months, sufficient to cover the ramp-up phase, irrespective of revenues from expected orders. This gives us the resources we need to roll out our roadmap and accelerate our development in our strategic markets, in particular by activating the full potential of our Marolles site.

    The transaction will also enable us to double the proportion of free float in the capital, while limiting the dilutive impact for shareholders who have not subscribed (28% to date).

    The Warrants (BSA) allocated on the occasion of the Capital Increase, exercisable from April 3, 2026, for a period of six months, are likely to generate up to 7 million euros in additional resources for Haffner Energy from April 2026. We are confident that the Company’s momentum will make the exercise of these warrants very attractive.

    We are convinced that the major differentiating factors we bring to the table, combined with our technological maturity, place us on a path of sustainable growth. With a sales pipeline of 1.55 billion euros, which translates into a weighted sale pipeline of 388 million euros, our objectives are to reach breakeven EBITDA by March 31, 2026. We also aim to position Haffner Energy as a leader in the global energy transition in its market segments, thanks to our unique expertise in creating value from biomass.”

    Results of the Capital Increase with PSR

    At the end of the subscription period ending March 28, 2025, the irreducible demand amounted to 10,253,133 shares, i.e. 58.63% of the ABSA to be issued; the reducible demand, served entirely, represented 4,657,094 ABSA, i.e. 26.63% of the ABSA to be issued. Finally, subscriptions on an unrestricted basis, served in full, amounted to 353,463 ABSA, i.e. 2.02% of the ABSA to be issued.

    As a result, and as specified in the press release announcing the launch of the Capital Increase, the institutional investors who had given a guarantee were partially called for a total number of shares corresponding to 2,225,054 ABSA, i.e. 12.72% of the ABSA to be issued, representing a total subscription amount of €890,020. Investors who had given a guarantee commitment were served up to 83.18%.

    The gross amount of the Capital Increase thus recorded by the Board of Directors at its April 1,  2025 meeting amounts to €6,995,496, including €699,549.60 in nominal value and €6,295,946.40 in issue premium, and results in the issuance of 17,488,744 ABSA, at a subscription price of €0.40 per share, including €0.10 in nominal value and €0.30 in issue premium.

    In addition, a total number of 17,488,744 Warrants (BSA) were issued, allowing the Company to raise, in the event of the exercise of all the Warrants, an additional amount of €6,995,498 between 04/04/2026 and 10/04/2026. The characteristics of the BSA are recalled below.

    The ABSA were issued in the context of the 7th resolution adopted at the Combined Shareholders’ Meeting of September 12, 2024, in accordance with the delegation of authority granted by the Company’s shareholders to proceed with a Capital Increase.

    Use of the funds

    This fundraising will allow the Company to finance its activities until the end of March 2026, excluding the effect of potential contract signatures expected during this period. This cash horizon also takes into account the cost reductions undertaken by the Company, which significantly cap the average monthly cash burn, excluding revenues and non-recurring expenses, under €600k to date (compared to €1M as indicated in the half-year results press release published on December 17, 2024).

    The cash runway also includes the receipt of innovation aid in the form of a loan (Innovation – Research and Development Loan) in the amount of €500k granted by Bpifrance (and received at the beginning of March 2025), relating to the project for a hydrogen production, testing and training center in Marolles, bringing the total public funding obtained for this project to €1.5M (cf. press release and November 22, 2024 media kit).

    Retention and Withholding Commitments

    In the context of the Capital Increase, HAFFNER PARTICIPATION and EUREFI, long-standing shareholders of the Company, holding directly and jointly 52.73% of the share capital and 59.69% of the voting rights before the Capital Increase, have entered into a 180-day lock-up commitment covering all the shares they hold prior to the Capital Increase, subject to the usual exceptions.

    Haffner Energy has committed not to issue new shares after the Capital Increase for 180 days, except for customary exceptions.

    BSA (« Warrants ») characteristics

    • Number of Warrants issued: 17,488,744 (i.e. one (1) Warrant per ABSA)
    • Exercise parity: 3 Warrants will allow the subscription to one (1) New Share, subject to legal adjustments
    • Subscription price of the New Shares upon exercise of the Warrants: €1.20
    • Listing of the Warrants: Yes (ISIN code FR001400Y4X9)
    • Maturity: 18 months from the date of issuance of the ABSA
    • Exercise period: from 04/04/2026 to 04/10/2026 inclusive

    Exercising all 17,488,744 warrants would ultimately represent a potential capital increase of €6,995,498 gross.

    Impact of the issue on shareholders’ position and voting rights

    Following the issuance of the ABSA, the Company’s share capital will consist of 62,182,201 shares with a nominal value of €0.1 each. It will be distributed as follows:

      Before Capital Increase After Capital Increase
      Number of Shares Capital % Voting Rights Exercisable Voting Rights % Number of Shares Capital % Voting Rights Exercisable Voting Rights %
    Haffner Participation 17 824 000 39,88% 35 648 000 45,15% 20 199 000 32,48% 38 023 000 39,42%
    Eurefi 5 741 600 12,85% 11 483 200 14,54% 8 311 600 13,37% 14 053 200 14,57%
    Concert sub-total 23 565 600 52,73% 47 131 200 59,69% 28 510 600 45,85% 52 076 200 53,99%
    Vicat 1 175 000 2,63% 1 175 000 1,49% 3 675 000 5,91% 3 675 000 3,81%
    Eren Industries 1 000 000 2,24% 2 000 000 2,53% 1 391 302 2,24% 2 391 302 2,48%
    Kouros 11 826 112 26,46% 21 920 542 27,76% 11 826 112 19,02% 21 920 542 22,73%
    HRS 1 000 000 2,24% 1 000 000 1,27% 1 000 000 1,61% 1 000 000 1,04%
    Free float 5 736 238 12,83% 5 736 238 7,26% 15 388 680 24,75% 15 388 680 15,95%
    Self-holding 390 507 0,87% 0,00% 390 507 0,63% 0,00%
    Total 44 693 457 100% 78 962 980 100% 62 182 201 100% 96 451 724 100%
      After Capital Increase After Warrants exercise
      Number of Shares Capital % Voting Rights Exercisable Voting Rights % Number of Shares Capital % Voting Rights Exercisable Voting Rights %
    Haffner Participation 20 199 000 32,48% 38 023 000 39,42% 20 990 666 30,86% 38 814 666 37,95%
    Eurefi 8 311 600 13,37% 14 053 200 14,57% 9 168 266 13,48% 14 909 866 14,58%
    Concert sub-total 28 510 600 45,85% 52 076 200 53,99% 30 158 932 44,34% 53 724 532 52,53%
    Vicat 3 675 000 5,91% 3 675 000 3,81% 4 508 333 6,63% 4 508 333 4,41%
    Eren Industries 1 391 302 2,24% 2 391 302 2,48% 1 521 736 2,24% 2 521 736 2,47%
    Kouros 11 826 112 19,02% 21 920 542 22,73% 11 826 112 17,39% 21 920 542 21,43%
    HRS 1 000 000 1,61% 1 000 000 1,04% 1 000 000 1,47% 1 000 000 0,98%
    Free float 15 388 680 24,75% 15 388 680 15,95% 18 606 160 27,36% 18 606 160 18,19%
    Self-holding 390 507 0,63% 0,00% 390 507 0,57% 0,00%
    Total 62 182 201 100% 96 451 724 100% 68 011 780 100% 102 281 303 100%

    The dilutive impact of the Capital Increase, as indicated in the press release, is shown below: 

    Shareholder’s Participation (%)
    Before ABSA issuance 1%
    After issuance of 17,488,744 ABSA through the Capital Increase 0.72%
    After issue of 17,488,744 ABSA through the Capital Increase and exercise of the 17,488,744 Warrants (5,829,581 Shares created) 0.66%

    Global Coordinator and Bookrunner

    Gilbert Dupont, Groupe Societé Générale, is acting as sole Global Coordinator and Bookrunner in connection with the Capital Increase (the ” Sole Global Coordinator and Bookrunner “).

    About Haffner Energy

    Haffner Energy is a French company providing solutions for the production of competitive clean fuels. With 32 years of experience converting biomass into renewable energies, it has developed innovative proprietary biomass thermolysis and gasification technologies to produce renewable gas, hydrogen and methanol, as well as Sustainable Aviation Fuel (SAF). The company also contributes to regenerating the planet, through the co-production of biogenic CO2 and biocarbon (or char/biochar). Haffner Energy is listed on Euronext Growth. (ISIN code: FR0014007ND6 – Ticker: ALHAF).

    Investor relations

    investisseurs@haffner-energy.com

    Media relations

    Attachment

    The MIL Network

  • MIL-OSI: Bharti Airtel and Nokia expand core network collaboration to speed-up new 5G service delivery

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Bharti Airtel and Nokia expand core network collaboration to speed-up new 5G service delivery

    2 April 2025
    Espoo, Finland – Nokia and Bharti Airtel are expanding their partnership with the deployment of Nokia’s Packet Core appliance-based and Fixed Wireless Access solutions for providing a better network experience for Airtel’s growing 4G/5G customer base. The solution will help seamlessly integrate 5G and 4G technologies into a single set of servers. Nokia’s FWA will provide additional capacities for home broadband and enterprise-critical application services. Airtel will use Nokia’s automation framework to realise zero-touch service launch and efficient lifecycle management for core network functions to enhance its ability to deliver new services faster while reducing network operational costs.

    Using Nokia’s converged Packet Core solution for 5G standalone (SA) readiness, Airtel will continue its evolution toward advanced 5G and simplify its network architecture to meet the ever growing need of data while reducing network operational costs. This will help Airtel optimise its hardware footprint and reduce its cost per bit by utilising appliance-based Packet Core gateways, while maintaining the rest of the network elements in a cloud-native architecture.

    The rollout covers network automation in a multi-year deal that spans the majority of Airtel service regions across the country. The collaboration entails advancing autonomous networks by utilising GenAI for service orchestration and assurance.

    “Nokia’s innovative Packet Core deployment architecture enables critical changes to our network quality and reliability for meeting the fast-rising growth in customer data requirements. This rollout further demonstrates our longstanding success in jointly collaborating to strengthen the overall Airtel customer experience,” said Randeep Sekhon, CTO of Airtel.

    “Nokia and Airtel have a long-standing partnership and we are pleased to bolster its 5G SA readiness. Airtel’s use of Nokia’s Packet Core to build greater network agility and reliability demonstrates how we are both helping customers solve problems and furthering Nokia’s leadership position in the Core space, in India and around the world,” said Raghav Sahgal, President of Cloud and Network Services at Nokia.

    Nokia’s solution provides a pre-integrated and modular server-based configuration for increased flexibility to support a wider range of business and operational deployment models. This allows Airtel to better target new customers and create new revenue streams.

    Nokia’s Packet Core solution for Fixed Wireless Access enables additional capacity for home broadband and enterprise-critical application services for the delivery of extreme bandwidth and capacity to customers.

    Nokia has an expansive core footprint in Bharti Airtel’s network and already provides several other core technologies including VoLTE (Voice over LTE), HSS (Home Subscriber Server), HLR (Home Location Register), UDM (Unified Data Management) and VoNR (Voice over New Radio), along with MANO (automated Management & Orchestration).

    About Nokia 
    At Nokia, we create technology that helps the world act together. 

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation. 

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future. 

    About Bharti Airtel Limited
    Headquartered in India, Airtel is a global communications solutions provider with over 550 million customers in 15 countries across India and Africa. The company also has its presence in Bangladesh and Sri Lanka though its associate entities. The company ranks amongst the top three mobile operators globally and its networks cover over two billion people. Airtel is India’s largest integrated communications solutions provider and the second largest mobile operator in Africa. Airtel’s retail portfolio includes high-speed 4G/5G mobile broadband, Airtel Xstream Fiber that promises speeds up to 1 Gbps with convergence across linear and on-demand entertainment, streaming services spanning music and video, digital payments and financial services. For enterprise customers, Airtel offers a gamut of solutions that includes secure connectivity, cloud and data centre services, cyber security, IoT, Ad Tech and cloud based communication. Within our diversified portfolio, we offer passive infrastructure services through our subsidiary Indus Tower Ltd. For more details visit www.airtel.com

    Media inquiries 
    Nokia Press Office 
    Email: Press.Services@nokia.com  

    Follow us on social media 
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    The MIL Network

  • MIL-OSI: CREDIT AGRICOLE SA: The European Central Bank authorizes Credit Agricole S.A. to increase Banco BPM stake to 19.9%

    Source: GlobeNewswire (MIL-OSI)

    Press release

    Montrouge, April 2nd , 2025

    The European Central Bank authorizes Credit Agricole S.A.
    to increase Banco BPM stake to 19.9%

    Further to the press release of December 6, 2024, Crédit Agricole S.A. informs that:

    • On April 1st, the European Central Bank authorized Crédit Agricole S.A. – under the qualifying holding regime – to cross the 10% threshold in the share capital of Banco BPM S.p.A. (“Banco BPM”) and, therefore, to hold a stake up to 19.9%.
    • During Q4-24 and Q1-25, Crédit Agricole S.A entered into additional instruments relating to Banco BPM shares and has now a position through derivatives reaching 9.9% of Banco BPM’s share capital.
    • Crédit Agricole S.A intends to exercise its right to physical delivery of all Banco BPM shares underlying the position of derivatives1; as a result, Crédit Agricole S.A will hold 19.8% of Banco BPM’s share capital.

    As stated in the press release of December 6, 2024, the increase of its stake is consistent with Crédit Agricole’s strategy as a long-term investor and partner of Banco BPM.

    Crédit Agricole S.A. does not intend to launch a public offer for the capital of Banco BPM.

    Consequently,

    • In Q1 2025, the increased position in derivatives relating to Banco BPM’s share capital has a limited impact on Crédit Agricole S.A CET1 ratio.
    • In Q2 2025, the CET1 ratio of Crédit Agricole S.A will be impacted by c.-20 bps, resulting both from the increased stake in Banco BPM and from the impact linked to the crossing of the exemption threshold applicable to the deduction of significant equity investments in the financial sector.

    CRÉDIT AGRICOLE INVESTOR RELATIONS 

    Cécile Mouton  + 33 1 57 72 86 79  cecile.mouton@credit-agricole-sa.fr
    Institutional Shareholders  + 33 1 43 23 04 31  investor.relations@credit-agricole-sa.fr 
    Individual Shareholders  + 33 8 00 00 07 77  relation@actionnaires.credit-agricole.com 
         

    CRÉDIT AGRICOLE S.A. PRESS CONTACTS 


    1 Once it receives the last needed authorization from Bank of Italy.

    Attachment

    The MIL Network

  • MIL-OSI USA: WATCH: Padilla Joins Booker’s Marathon Floor Block to Condemn Trump Administration’s Attacks on the Environment, California’s Climate Action

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    WATCH: Padilla Joins Booker’s Marathon Floor Block to Condemn Trump Administration’s Attacks on the Environment, California’s Climate Action

    WATCH: Padilla slams Trump Administration for gutting climate progressWASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) joined Senator Cory Booker (D-N.J.) in holding the Senate floor to stand up to President Trump’s relentless attacks on the environment and attempts to roll back decades of California’s climate action. Booker broke the record for time holding the Senate floor to give voice to the millions of Americans being harmed and ignored by the Trump Administration. Padilla praised Booker for his passion and empathy while speaking on the floor to highlight the consequences of the President’s reckless actions for public health, disaster aid, and the climate crisis.
    “Senator Booker has every right to be angry because of what’s going on. I know I’m angry with so much of what’s going on, and the American people have every right to be angry with what’s going on because none of what we’re seeing come out of the Trump White House is normal. But every day, this approach of ‘flooding the zone’ with more and more extreme actions runs the risk of making people grow numb to these attacks. And we certainly can’t surrender to the feeling of just being overwhelmed by their tactics.”
    Padilla underscored the devastating impacts of climate inaction and pollution on California, emphasizing the catastrophic toll of the Los Angeles County fires and his own personal experience with toxic school bus emissions. Last month, Padilla and Booker joined federal officials for a tour and briefing on cleanup and recovery efforts in the aftermath of the devastating Eaton Fire in Altadena.
    “Growing up, I can tell you not just about the smell of diesel exhaust, which I’ll never forget, sitting on a school bus going to and from school. Or the regular days where school would be shut down early, we’d all be sent home because of the smog, toxic smog, in the air in the Greater Southern California area. These were concrete reminders of the real threat that emissions pose to our health.”
    “California also knows the dangers posed by extreme weather. We know the droughts, we know the floods, and yes, all too often, we’ve come to know wildfires — devastating wildfires, like the ones we experienced in Los Angeles County at the beginning of this year.”
    As Senator Padilla highlighted, California has long been at the forefront of fighting against pollution and climate impacts, from creating the first tailpipe emissions standards for passenger vehicles in 1966, to setting ambitious conservation goals, to establishing the first Earth Day. He criticized the Trump Administration’s attacks on California and the nation’s environmental progress, including the reversal of the endangerment finding, funding freezes of Congressionally appropriated project funds, and the roll backs of 31 critical environmental rules. He also slammed the Trump Administration for politicizing disaster aid, proposing to eliminate FEMA, implementing federal freezes on hazardous fuel removal and the hiring of seasonal firefighters, and illogically and irresponsibly opening up dams and flooding the Central Valley, claiming to “turn on the water” to fight the Los Angeles fires after they had already been contained.
    “Earlier this month, the EPA, Trump’s EPA, announced that they would be rolling back more than 30 environmental rules. By doing so, they’re not just going to make Americans less healthy; they’re also going to hurt our economy, and it’s going to clear the way for China to become the world leader in green technology. So much for America First if they continue down that road.”
    “They’re not just refusing to act or to help — they’re making matters worse for states like California and many others.”
    Padilla concluded by stressing the importance of fighting against Trump’s anti-environment agenda, asking Senator Booker how young Americans can make their voices heard.
    “So that’s what this fight is about. Our fight for the environment is about America’s health and safety. It’s about American jobs and it’s about America’s future.”
    “For the next generation of Americans, for the young people who are tuning in and wondering, well what is it that I can do? Do I have a voice? Do I have any power? What would you say to them? How can they take action?”
    Video of Senator Padilla’s remarks is available here.
    Footage of his speech can be downloaded here.

    MIL OSI USA News

  • MIL-OSI Russia: The Theatre Boulevard Festival was among the winners of the national award Event of the Year

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The first open street festival “Teatralny Boulevard” took first place in the nomination “Best City Festival” and second place in the nomination “Cultural Event of the Year”, and also received the industry Grand Prix in the “Socio-Cultural Event of the Year” block of the annual national award “Event of the Year”.

    “Teatralny Boulevard became the favorite festival of last summer among city residents and guests of the capital. The “Event of the Year” award is a victory not only for the Department of Culture, but also for the festival artists and every spectator who became part of it. This year, “Teatralny Boulevard” will return in an updated format and will cover even more venues,” said Alexey Fursin, Minister of the Moscow Government and Head of the Department of Culture.

    In 2025, the annual national award “Event of the Year” is held for the 13th time. It has already found its audience and fame among industry professionals. The goal of the award is to increase the importance of the event industry as an industry that contributes to the development of the creative economy of Russia. This year’s award ceremony took place on April 1 at the Vladimir Mayakovsky Moscow Academic Theater.

    The Theatre Boulevard Festival was held as part of the Summer in Moscow project from July 15 to August 31, 2024. Its goal was to attract a new audience to theatres and concert halls and to tell about the repertoire. More than 600 thousand people took part in the festival, and 76 leading Moscow and independent theatre companies took to the streets of the city. Every passerby was able to immerse themselves in the world of art and get acquainted with the whole variety of theatre genres.

    The venues were dedicated to different types of art. Thus, on Tverskoy Boulevard, one could listen to operetta, Strastnoy Boulevard was dedicated to immersive and visual theatre, and Tsvetnoy Boulevard hosted circus performances. The stage on Sretensky Boulevard was dedicated to stage design and costumes, and the site on Chistoprudny Boulevard — to experimental theatre. The main stage was located in the amphitheater on Pokrovsky Boulevard. On weekdays, open rehearsals, master classes and creative laboratories were held there, and on weekends — performances, concerts and musical-poetic programs.

    On improvised stages, one could see performances by the Moscow Sovremennik Theatre, Lenkom Mark Zakharov, Moscow Theatre Oleg Tabakov, Moscow Drama Theatre named after N.V. Gogol and others. The program brought together over 1.6 thousand beginning and famous artists. The festival presented more than 480 theatrical and musical productions.

    In addition, residents of the capital and tourists were invited to open rehearsals, master classes and creative laboratories. Concerts and meetings with leading directors of the country were also held for guests. More than a thousand units of props for performances were created during creative classes.

    The “Theater Boulevard” festival has become one of the favorites among Muscovites and guests of the capital. According to the results of the voting in the “Active Citizen” project, the favorites of the audience were the circus performances on Tsvetnoy Boulevard, the performances of the musical theater artists on Pushkinskaya Square and the operetta on Tverskoy Boulevard. Their opinion was expressed from above 190 thousand MuscovitesMore than 90 percent of voters supported the idea of holding a street theatre festival annually.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/152084073/

    MIL OSI Russia News

  • MIL-OSI USA: Attorney General Bonta Secures Preliminary Injunction Blocking Trump Administration from Unlawfully Terminating Federal Employees

    Source: US State of California Department of Justice

    OAKLAND — California Attorney General Rob Bonta today released a statement after the issuance of a preliminary injunction blocking the Trump Administration from conducting unlawful mass terminations of federal probationary employees who live or work in California.

     “The Trump Administration’s callous and reckless mass firings of federal employees have harmed thousands of employees and families including many veterans in our state who have dutifully served their country in uniform,” said Attorney General Bonta. “Today’s decision is an important victory for the rule of law, which blocks the administration from terminating federal employees without lawfully required notice. California will continue to fight to protect our federal workforce, and the services Californians rely on.” 

    Background

    Last month, Attorney General Bonta joined a coalition of 20 attorneys general in filing a lawsuit against the Trump Administration for conducting an illegal mass firing of federal employees. Soon after, the U.S. District Court for Maryland granted a temporary restraining order that barred the Trump Administration’s unlawful mass firing of federal employees from 18 federal agencies from taking effect and ordering the employees’ reinstatement. Today’s order prevents the federal agencies listed below from conducting during the pendency of the lawsuit unlawful mass firings of federal employees who live or work in California and requires the reinstatement of any affected employees who have not already been reinstated. The order also extends the injunction to encompass employees from the Department of Defense and the Office of Personnel Management.

    Department of Agriculture    Department of Transportation  
    Department of Commerce   Department of Treasury  
    Department of Defense   Department of Veterans Affairs  
    Department of Education   Consumer Financial Protection Bureau  
    Department of Energy   Environmental Protection Agency  
    Department of Health and Human Services   Federal Deposit Insurance Corporation  
    Department of Homeland Security   General Services Administration  
    Department of Housing and Urban Development   Office of Personnel Management  
    Department of Interior    Small Business Administration  
    Department of Labor   United States Agency for International Development   

    Nationally, there are more than 5.1 million federal workers. Nearly all federal employees serve a one-or two-year probationary period, and more than 200,000 are on probationary status across the federal government. In California, numerous federal employees serve in critical roles across key agencies including the Department of Veterans Affairs, the Department of Agriculture, the National Park Service, and the U.S. Forest Service, among others.

    The abrupt, pretextual termination of federal employees was not only unlawful but also disrupted essential government services from support for veterans and farmers to protection of our cherished national parks and lands. This action also had far reaching economic effects. Specifically, in California, federal employees heavily contribute to our economy by paying state income taxes and generating substantial local revenue. As a direct result of the Trump Administration’s unlawful actions, the state Employment Development Department was forced to commit substantial human and financial resources to quickly offer unemployment and reemployment assistance and information to wrongfully displaced workers. During the month of February 2025, coinciding with the layoffs, California saw a 149% increase in state unemployment benefit claims by federal workers.  

    Attorney General Bonta is joined by the attorneys general of Arizona, Colorado, Connecticut, Delaware, Hawai‛i, Illinois, Massachusetts, Maryland, Michigan, Minnesota Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, Wisconsin, and the District of Columbia, in securing the preliminary injunction.

    A copy of the court’s order can be found here. 

    MIL OSI USA News

  • MIL-Evening Report: New research lays bare the harsh realities facing artists and arts workers

    Source: The Conversation (Au and NZ) – By Grace McQuilten, Associate professor, RMIT University

    Australia’s visual arts and craft workers are facing increasingly deteriorating conditions, according to research published today.

    Our four-year study reveals workers are abandoning the visual art sector, largely because of unstable employment, below-average salaries and a lack of support.

    We present findings from the largest academic surveys of artists and arts workers to-date – the first conducted in 2022 (more than 700 respondents) and the second in 2024 (almost 900 respondents) – with income and employment data from four financial years between 2018 and 2024.

    Alongside the surveys, we conducted interviews with 20 artists and arts workers to better understand hybrid career patterns – and consulted widely with industry.

    Comparable to the gig economy

    Artists and arts workers represent a financially vulnerable group in Australia’s workforce. Our research identified concerning patterns of work, including:

    • high levels of education that don’t match salaries, which are well below the average for professional workers

    • high levels of unpaid work, volunteer work and self-employment

    • a highly gendered (majority women) workforce, with a significant gender pay gap

    • barriers to opportunity and career progression for people with disability and from diverse cultural backgrounds.

    We also found artists and arts workers often don’t know which awards and agreements they’re covered by, if any.

    A gendered workforce

    According to our 2024 survey responses, more than 74% of the visual arts workforce identify as women.

    Despite this, there was a significant gender pay gap. On average, woman artists earned 47% less than men artists, while women arts workers earned 23% less than men arts workers.

    This is much higher than the broader gender pay gap of 11.5% in 2024 (based on base pay for full-time workers).

    The average income from visual art or craft practice in 2023–24 was A$13,937, with men artists reporting an average of $23,130, women artists $12,330, and non-binary artists $14,074.

    This is matched with slow progression through career stages from emerging to “established”, particularly for women artists.

    Lack of security, long hours, little return

    Artists are surviving by taking multiple jobs. Only 25% of respondents spent 100% of their working time as an artist – with 82% receiving at least some income from other jobs.

    Half of artists also participated in unpaid work. This equated to an average of 28 hours per month.

    The cost-of-living crisis added further financial pressure, with 63% of respondents saying they were very or moderately financially stressed when it came to paying for essential goods and services.

    This had a flow-on effect on wellbeing. Half the artists surveyed rated their mental health as poor or fair, while 59% rated their work-life balance as poor or fair. These issues were amplified for artists with disability and from diverse cultural backgrounds, who experience significant barriers to participation.

    Arts workers, meanwhile, reported working an average of 45 hours per week in 2024. Despite this, 60% said they wanted to work even more hours – pointing to low pay and the challenges of making an arts career viable.

    On average, arts workers earned an annual income of $63,031. This was much lower than professionals in other industries, who earned an average income of $100,017.

    Levelling the playing field

    Our report contains a suite of policy recommendations and priority actions for the arts industry to address these issues.

    To address gender-related disparities, we suggest:

    • requiring gender pay gap reporting from organisations receiving public funding, along with action plans to address disparities

    • greater transparency in recruitment and promotion processes

    • commitments to gender equity targets in leadership positions.

    We also recommend greater transparency and reporting of disability and cultural diversity representation in staffing, including leadership and board roles, to promote accountability and drive cultural change.

    Funding incentives should be introduced to support diverse leadership – including higher pay to compensate for the additional workload carried by workers from First Nations, disability and culturally diverse backgrounds.

    Boosting incomes

    To address the intractable issue of low incomes, we suggest all funding contracts from state and federal arts bodies mandate adherence to industry best practice (such as NAVA’s Code of Practice). This will help agencies better support artists and arts workers, and uphold employment standards across the sector.

    Further, operational funding agreements should consistently prioritise secure work for artists and arts workers, by laying down permanent contracts or minimum fixed terms.

    Finally, there must be greater, more transparent recognition of the amount of unpaid labour in the arts, and a commitment to moving away from this. We therefore recommend sector-wide reportable targets aimed at reducing unpaid labour.

    Grace McQuilten received funding from the Australian Research Council. The Linkage Project Ambitious and Fair: strategies for a sustainable arts sector (LP200100054)

    Chloë Powell received funding from the Australian Research Council. The Linkage Project Ambitious and Fair: strategies for a sustainable arts sector (LP200100054).

    Jenny Lye received funding from the Australian Research Council. The Linkage Project Ambitious and Fair: strategies for a sustainable arts sector (LP200100054)

    Kate MacNeill received funding from the Australian Research Council. The Linkage Project Ambitious and Fair: strategies for a sustainable arts sector (LP200100054)

    Marnie Badham received funding from the Australian Research Council: Linkage Project Ambitious and Fair: strategies for a sustainable arts sector (LP200100054).

    ref. New research lays bare the harsh realities facing artists and arts workers – https://theconversation.com/new-research-lays-bare-the-harsh-realities-facing-artists-and-arts-workers-253547

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: Whop Levels Up with Iman Gadzhi as Co-Owner and Investor

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 02, 2025 (GLOBE NEWSWIRE) — Whop, the all-in-one digital marketplace for creators and entrepreneurs, has welcomed serial entrepreneur and investor Iman Gadzhi as a co-owner, and strategic partner. Iman’s extensive experience in digital education and content-driven business growth will accelerate Whop’s mission to empower the next generation of online creators.

    Iman Gadzhi joins Whop as a co-owner, bringing his expertise in digital business, online education, and content-driven growth. Whop is set to process over $1Bn in payments annually with creators earning an average of $8,413 per month.

    As a co-owner, Iman will take a hands-on role in expanding Whop’s reach, bringing his suite of digital products onto the platform and working closely with the team to scale operations. With millions of followers and a proven track record in digital business, his addition marks a significant milestone in Whop’s journey to becoming the leading marketplace for monetizable skills, software, and communities.

    By investing in Whop, Iman joins legendary investor Peter Thiel, as well as The Chainsmokers and Insight Partners, further cementing Whop’s position as a powerhouse in the digital commerce space.

    Whop is already at the forefront of digital commerce, set to process over $1Bn in payments annually and offering a platform where creators can sell everything from SaaS tools and online courses to exclusive communities and digital downloads. The average creator on Whop leverages the platform’s built-in analytics, secure transactions, and flexible payment options.

    With its robust ecosystem of tools, seamless payment processing, and a rapidly growing network of top-tier creators, Whop is redefining what’s possible in the digital marketplace. The addition of Iman Gadzhi signals a new era of growth and innovation for the platform and its community of entrepreneurs.

    About Iman Gadzhi:

    Iman Gadzhi is a serial entrepreneur, investor and founder of Educate an online learning platform and BIG DAY, a lifestyle brand. As an early adopter of ‘personal branding’, Iman shares his business journey to millions of followers across YouTube, Instagram and TikTok. An advocate for universal education, Iman has a strong philanthropic record, funding the construction of multiple schools in Nepal.

    About Whop:

    Whop is the all-in-one digital marketplace empowering creators and entrepreneurs to sell their expertise, products, and services online. Founded by Steven Schwartz, Cameron Zoub, and Jack Sharkey in 2021, Whop enables users to monetize everything from online courses and SaaS tools to exclusive communities and digital products. Backed by top investors such as Peter Thiel, The Chainsmokers, and Insight Partners, and set to process over $1Bn in sales, Whop is redefining digital commerce by making it easier than ever to start, scale, and succeed in the online economy.

    Whop’s mission is to create the ultimate one-stop marketplace for digital products, communities, and services, giving entrepreneurs, creators, and businesses the tools they need to monetize their expertise, scale their brands, and thrive in the evolving digital economy.

    For media enquiries:

    Company Name: Educate.io
    Media Contact: Ciaran Anderson
    Email: ciaran@educate.io
    Website: https://educate.io/
    Source: Educate

    Disclaimer: This press release is provided by the Whop. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/6b71b530-f1ca-4880-bb90-46cf30a2df7b

    https://www.globenewswire.com/NewsRoom/AttachmentNg/19403d01-bf4b-47fc-aae3-47e12a81806d

    The MIL Network

  • MIL-Evening Report: Can you tell the difference between real and fake news photos? Take the quiz to find out

    Source: The Conversation (Au and NZ) – By T.J. Thomson, Senior Lecturer in Visual Communication & Digital Media, RMIT University

    A (real) photo of a protester dressed as Pikachu in Paris on March 29 2025. Remon Haazen / Getty Images

    You wouldn’t usually associate Pikachu with protest.

    But a figure dressed as the iconic yellow Pokémon joined a protest last week in Turkey to demonstrate against the country’s authoritarian leader.

    And then a virtual doppelgänger made the rounds on social media, raising doubt in people’s minds about whether what they were seeing was true. (Just to be clear, the image in the post shown below is very much fake.)

    This is the latest in a spate of incidents involving AI-generated (or AI-edited) images that can be made easily and cheaply and that are often posted during breaking news events.

    Doctored, decontextualised or synthetic media can cause confusion, sow doubt, and contribute to political polarisation. The people who make or share these media often benefit financially or politically from spreading false or misleading claims.

    How would you go at telling fact from fiction in these cases? Have a go with this quiz and learn more about some of AI’s (potential) giveaways and how to stay safer online.



    How’d you go?

    As this exercise might have revealed, we can’t always spot AI-generated or AI-edited images with just our eyes. Doing so will also become harder as AI tools become more advanced.

    Dealing with visual deception

    AI-powered tools exist to try to detect AI content, but these have mixed results.

    Running suspect images through a search engine to see where else they have been published – and when – can be a helpful strategy. But this relies on there being an original “unedited” version published somewhere online.

    Perhaps the best strategy is something called “lateral reading”. It means getting off the page or platform and seeing what trusted sources say about a claim.

    Ultimately, we don’t have time to fact-check every claim we come across each day. That’s why it’s important to have access to trustworthy news sources that have a track record of getting it right. This is even more important as the volume of AI “slop” increases.

    T.J. Thomson receives funding from the Australian Research Council. He is an affiliated researcher with the ARC Centre of Excellence for Automated Decision-Making & Society.

    ref. Can you tell the difference between real and fake news photos? Take the quiz to find out – https://theconversation.com/can-you-tell-the-difference-between-real-and-fake-news-photos-take-the-quiz-to-find-out-253539

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: Get your FBT obligations right

    Source:

    Have you provided certain benefits to your staff in addition to their salary and wages? It’s important to know your FBT obligations. If you lodge your own FBT return, or use a tax professional who lodges by paper, you must lodge and pay the amount owed by 21 May, 2025.

    If you use a tax professional who lodges electronically on your behalf, you may have until 25 June, 2025.

    If it’s your first time lodging through a tax professional, make sure you’re on your agent’s FBT client list by 21 May to be eligible for a concessional due date.

    Some perks you offer to your employees may attract FBT. These include employees using a work car (including dual cab utes) for private purposes, gym memberships, and even tickets to an event or show. If you provided benefits over the 2025 FBT year, make sure you know how to lodge and pay.

    To help you get it right, don’t skip these steps:

    • Identify the type of benefits you provide.
    • Determine the taxable value of each fringe benefit.
    • Lodge an FBT return and pay by 21 May (for self-preparers). If your tax professional lodges electronically on your behalf, you have until 25 June to lodge and pay.
    • Keep good records that support your calculations and your FBT position when you lodge or pay by 21 May.

    Remember to include your current financial institution details (FID) when you lodge to ensure any refund is deposited electronically into your account. Your refund may be held up if you do not provide FID.

    Are you lodging a nil FBT return?

    If you’re lodging a nil FBT return, assess whether you provided fringe benefits and work out the taxable value to make sure you’re reporting and calculating FBT correctly. If you don’t have an FBT liability and you’re registered for FBT, you should send us a completed FBT notice of non-lodgment.

    To ensure any refunds are deposited directly into the correct nominated accounts, include current bank account details in each lodgment.

    For more information, see ato.gov.au/fbt.

    MIL OSI News

  • MIL-OSI China: Plan to boost financial support for tech innovation

    Source: China State Council Information Office

    China on Tuesday unveiled a plan to strengthen financial services for technology-based enterprises, as part of the country’s efforts to promote integrated advancements in technological and industrial innovation.

    The plan, jointly issued by the National Financial Regulatory Administration, the Ministry of Science and Technology and the National Development and Reform Commission, outlines measures to boost financial services including service mechanism establishment, product supply, specialized services and risk control capabilities.

    The plan aims to promote the establishment of a financial service mechanism, supporting parties such as governments at all levels, technology firms, financial institutions, venture capital funds, and third-party intermediary service agencies in building a multi-level technology financial service ecosystem.

    Efforts will be made to bolster services in technology credit and insurance, promote the pilot projects of technology finance policies, strengthen cooperation with institutions such as venture capital, and support the bond financing of technology-based enterprises.

    Financial institutions are encouraged to leverage advanced technologies including cloud computing, big data and artificial intelligence to develop digital business tools to enhance operational effectiveness and risk control capabilities.

    Financing guarantee services will be enhanced for technology-based enterprises, with the establishment of a differentiated assessment and evaluation system, according to the plan. 

    MIL OSI China News

  • MIL-Evening Report: The Medical Research Future Fund has grown far beyond its target. Why is so much of the money unused?

    Source: The Conversation (Au and NZ) – By Lesley Russell, Adjunct Associate Professor, Menzies Centre for Health Policy and Economics, University of Sydney

    AshTproductions/Shutterstock

    Australian researchers are reeling from the international reach of the Trump administration’s ideological war on science and research, which threatens local research projects that receive funding from the United States National Institutes of Health.

    In this context, some may have found a grain of comfort in Opposition Leader Peter Dutton’s budget reply speech with his commitment of continued support for the Medical Research Future Fund.

    The fund provides a concrete opportunity to supplant those US funds without further cost to the federal budget. But to date the Medical Research Future Fund has struggled to deliver on the promises made at its inception in 2015 that, a decade on, are still so needed.

    What is the Medical Research Future Fund?

    This research fund was the sweetener in the Abbott government’s 2014–2015 budget, which slashed spending in health and Indigenous Affairs. Virtually all the savings were invested in the new research fund, with the target of reaching $A20 billion at maturity (this happened in 2020) and then distributing $1 billion each year.

    The funds are allocated in accordance with the Medical Research Future Fund’s funding principles. They are based on Australia’s medical and research innovation strategy (revised every five years) and priorities (which should be revised every two years, but have not been updated since 2022). These are set by an independent medical research advisory board.

    However, it is the federal government, via the Minister for Health and Aged Care, who develops the ten-year investment plan and has the final say in how funds are used.

    How is the money being used?

    The current ten-year plan (for the decade to 2033–2034) has four themes: patients, researchers, research missions and research translation. There are 22 initiatives under these themes across a wide range of basic and clinical research areas, population health initiatives and commercialisation endeavours.

    The Future Fund Management Agency is in charge of investing the funds which, by September 2024, had now grown to $23.85 billion.

    But although the returns on investment have always been above the annual set targets, the returns to research have fallen well short. This is because in 2021 the Morrison Government – with Labor support – enacted legislation to cap the fund’s expenditure at $650 million a year.

    Since 2015, the fund’s investments have earned $6.435 billion. Yet only $3.15 billion has gone out to fund research (data as of September 2024).

    This year, the Future Fund Board of Guardians has set the “maximum annual distribution amount” at $1.053 billion.

    The cap on yearly spending means $403 million that could boost research funding remains locked up in an oversubscribed investment portfolio. That pot of unallocated research funds will continue to grow unless there are legislative changes to lift the cap.

    A tough climate for research

    It’s not an exaggeration to say these are tough times for Australian researchers. Australian investment in research and development, as a proportion of GDP, has been falling steadily behind the OECD average.

    Funding awarded by the National Health and Medical Research Council (the other main source of government funding for biomedical research) has almost flat-lined over the past decade, at an average of $887 million a year.

    Success rates for researchers securing National Health and Medical Research Council and Medical Research Future Fund grants are at historic lows. The adverse impact on research and researchers is recognised on the National Health and Medical Research Council website.

    The COVID pandemic, the growing obesity epidemic, the burgeoning mental health crisis, health threats of climate change, the disappointing failures of Closing the Gap initiatives, and growing health inequalities – all point to the need to spend more on research and to do this smarter.

    The Medical Research Future Fund could and should do much more to fulfil its aim “to transform health and medical research and innovation to improve lives, build the economy and contribute to health system sustainability”.

    So, is it working?

    Over the years, there has been a range of criticisms of the fund’s processes. These prevent it from realising its mission and include:

    What’s being done to fix the issues?

    Some of these issues are being addressed. In particular, efforts are underway to reform the governance and administration of the Medical Research Future Fund and the National Health and Medical Research Council’s Medical Research endowment account. This to ensure the community obtains the greatest benefits from these investments in health and medical research. However, the timetable is regrettably slow – this work began in May 2023.

    The hard reality is that boosting Australia’s biomedical research capabilities and capacities requires bipartisan political commitment, which has been scarce in recent times.

    The last two budgets from the Albanese Government offered little for research, aside from the existing commitments to the fund. To date, all we have from Dutton is a single statement highlighting his role in establishing the fund and his ongoing commitment to it.

    It’s time to boost Australia’s reputation as a country that nurtures and promotes research excellence. This would be both an investment in Australians’ health and well-being and Australia’s economy and a counter to Trump’s denigration of biomedical science.

    I have previously worked as a health policy advisor to the Australian Labor Party.

    ref. The Medical Research Future Fund has grown far beyond its target. Why is so much of the money unused? – https://theconversation.com/the-medical-research-future-fund-has-grown-far-beyond-its-target-why-is-so-much-of-the-money-unused-253338

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: ACCC appeal against CFMEU and Hutchinson boycott judgment dismissed

    Source: Australian Ministers for Regional Development

    The majority of the High Court has today dismissed an appeal by the ACCC against a decision of the Full Federal Court in proceedings against the Construction, Forestry and Maritime Employees Union (CFMEU) and construction company J Hutchinson Pty Ltd (Hutchinson).

    The High Court ruling upholds an earlier appeal by the CFMEU and Hutchinson against a Federal Court finding that they had reached an anti-competitive boycott arrangement or understanding.

    The ACCC had alleged, and the Federal Court trial judge in the original judgment had found, that the CFMEU and Hutchinson made an arrangement or understanding to boycott a waterproofing subcontractor at the Brisbane Southpoint A apartments construction site in 2016, meaning the subcontractor could no longer perform the work.

    “We took this case originally because boycotts are a kind of anti-competitive conduct which harms the economy as well as individual businesses and consumers,” ACCC Chair Gina Cass-Gottlieb said.

    The ACCC’s appeal sought the High Court’s ruling on what is required to demonstrate that parties have reached an anti-competitive arrangement or understanding.

    “We took this appeal because the issue of what is needed to prove an arrangement or understanding is an important one for the enforcement of our competition laws,” Ms Cass-Gottlieb said. 

    “The ACCC respects today’s High Court ruling. It reflects the complexity of enforcing these provisions of our competition laws.”

    “We remain committed to enforcing our laws and holding those who engage in anti-competitive conduct accountable,” Ms Cass-Gottlieb said.

    Background

    Hutchinson is one of Australia’s largest privately owned construction companies.

    The Construction, Forestry and Maritime Employees Union is a trade union organisation that represents members in a number of industries including the construction industry. When proceedings started it was known as the ‘CFMMEU’, while today it is known as the ‘CFMEU’.

    Sections 45E and 45EA of the Competition and Consumer Act prohibit contracts, arrangements or understandings that contain a provision included for the purpose of preventing or hindering the acquisition of goods or services from a supplier, which is also referred to as a “secondary boycott”.

    On 4 December 2020, the ACCC instituted proceedings against Hutchinson and the CFMEU.

    On 14 February 2022, the Federal Court found that by making and acting on the agreement, Hutchinson contravened sections 45E and 45EA of the Competition and Consumer Act.

    The CFMEU was found to have been knowingly concerned in, or party to, the contraventions by Hutchinson.

    The Court also found that the CFMEU induced Hutchinson’s contraventions by threatening or implying that there would be conflict with, or industrial action by, the CFMEU if Hutchinson did not stop using the particular subcontractor.

    On 30 August 2022, the Federal Court ordered the CFMEU and Hutchinson to pay penalties of $750,000 and $600,000 respectively.

    On 29 February 2024, the Full Federal Court upheld appeals by the CFMEU and Hutchinson against the first-instance decision.

    On 2 April 2024, the ACCC sought special leave to appeal to the High Court from the Full Federal Court’s judgment that upheld appeals by the CFMEU and Hutchinson. Leave was granted in August 2024, and the appeal was heard in December 2024.

    MIL OSI News

  • MIL-OSI China: US stocks close mixed as investors await tariff clarity

    Source: China State Council Information Office

    U.S. stocks ended mixed on Tuesday in a volatile session as investors awaited clarity on U.S. President Donald Trump’s tariff rollout, while weaker-than-expected economic data added to market pressure.

    The Dow Jones Industrial Average fell by 11.80 points, or 0.03 percent, to 41,989.96. The S&P 500 added 21.22 points, or 0.38 percent, to 5,633.07. The Nasdaq Composite Index increased by 150.60 points, or 0.87 percent, to 17,449.89.

    Nine of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and communication services leading the gainers by going up 1.14 percent and 1.02 percent, respectively. Meanwhile, health and financials dropped 1.75 percent and 0.16 percent, respectively.

    Consumer discretionary stocks outperformed, with Tesla gaining 3.59 percent and Nike rising more than 2 percent.

    Economic concerns deepened as the Institute for Supply Management’s manufacturing survey indicated contraction, coming in below expectations. Additionally, February’s job openings slightly missed estimates, according to the U.S. Bureau of Labor Statistics.

    Investors are waiting for Wednesday’s expected announcement of reciprocal tariffs on imports from nearly all countries. While some had hoped for a more targeted approach, the White House confirmed the tariffs would take effect immediately upon announcement.

    “The lack of certainty and the shroud of secrecy has been driving the market insane,” said Jay Woods, chief global strategist at Freedom Capital Markets.

    The Washington Post reported Tuesday that the administration is considering broad tariffs of about 20 percent on most imports. Meanwhile, the Atlanta Federal Reserve’s GDPNow model has slashed its first-quarter growth estimate to a concerning -1.4 percent annualized rate, down from -0.5 percent just last week. This deepening contraction signals mounting economic pressures, as tariffs, inflation, and weakening consumer sentiment weigh on growth prospects.

    Raymond James’ Washington policy analyst Ed Mills cautioned that tariff-related uncertainty is unlikely to dissipate anytime soon. “I think that we’re going to have some immediate tariffs, at least on that, so called ‘dirty 15’ tomorrow, it might be expanded out a little bit. I do think that we’ll also get investigations into the rest of the world,” he said.

    However, RBC Wealth Management predicts that stocks could rebound in the coming months following a volatile first quarter. “The silver lining is that after a 10 percent correction by the S&P 500, weekly indicators, tracking 2-4 month swings, are increasingly oversold for the S&P 500 and most growth and cyclical stocks as they test next technical support,” technical strategist Robert Sluymer wrote in a Tuesday note. “With weekly indicators moving into oversold territory heading into earnings season, our expectation is that a tactical Q2 rebound is likely given sentiment surveys are suitably bearish.”

    MIL OSI China News

  • MIL-OSI China: China mulls nationwide expansion of cash-pooling program for multinationals

    Source: China State Council Information Office

    This photo taken from Jingshan Hill on Aug. 12, 2024 shows the skyscrapers of the central business district (CBD) on a sunny day in Beijing, capital of China. [Photo/Xinhua]

    Chinese authorities are mulling the nationwide expansion of a pilot cash-pooling program that integrates domestic and foreign currency management for large multinational enterprises, according to a draft regulation released on Tuesday to solicit public opinion.

    A cash-pooling policy framework that integrates domestic and foreign currency management will be established to facilitate the transfer and use of funds, according to the document, which was issued by the People’s Bank of China — the country’s central bank — and the State Administration of Foreign Exchange.

    Two-way macro-prudential management will be implemented for relevant cross-border capital flows, per the document, which also pledges to strengthen in-process and ex-post oversight to forestall related risks.

    The regulation was formulated to facilitate the coordinated use of cross-border funds by enterprises, and to allow cross-border business services to support the real economy and promote trade and investment in an improved manner, the central bank said.

    The cash-pooling program was first launched in Beijing and the southern economic powerhouse of Shenzhen in 2021. It was later expanded to include more regions, and optimized further in 2024. 

    MIL OSI China News

  • MIL-OSI China: China rejects so-called US ‘Hong Kong Policy Act Report’

    Source: China State Council Information Office 2

    This aerial photo taken on Dec. 15, 2023 shows the Hong Kong-Zhuhai-Macao Bridge in south China. [Photo/Xinhua]
    A Chinese government spokesperson on Tuesday strongly opposed and sternly condemned the so-called U.S. “Hong Kong Policy Act Report,” and the so-called sanctions on relevant officials of the Chinese central government and the Hong Kong Special Administrative Region (SAR) government.
    The spokesperson for the Hong Kong and Macao Affairs Office of the State Council denounced the so-called report, which smears and vilifies Hong Kong’s national security legislation, and the so-called sanctions, as “mere pieces of waste paper.”
    The egregious act of the United States has grossly trampled on international law and basic norms governing international relations, interfered in China’s internal affairs including those related to Hong Kong, and infringed on the rule of law and judicial independence of Hong Kong, said the spokesperson.
    This once again exposed the hegemonic mentality and hysterical behavior of the United States to the whole world, the spokesperson added.
    The national security law in Hong Kong and the Safeguarding National Security Ordinance have strengthened the legal barrier for Hong Kong to ensure national security, enhanced the solid foundation for the steady and continued success of the “one country, two systems” policy, and protected the law-based rights and freedoms of Hong Kong residents under a safe environment, the spokesperson said.
    The United States has repeatedly violated freedom, democracy and human rights under the pretext of national security, the spokesperson said, adding that rather than reflecting upon itself, the United States points fingers at the legitimate actions of the Hong Kong SAR to safeguard national security.
    This lays bare the U.S. hypocrisy and double-standard as well as its vicious intention of destabilizing Hong Kong to contain China, said the spokesperson.
    The so-called report and sanctions by the U.S. can not shake the determination of the Chinese central government and the Hong Kong SAR government to safeguard national security and the rule of law in Hong Kong, stressed the spokesperson.
    Hong Kong’s increasingly secure and stable development environment continues to attract growing investment from global capital and businesses. A series of economic and financial events held in Hong Kong over the past week had gathered a number of top international investors, demonstrating the global community’s confidence in the city, the spokesperson said.
    The Chinese central government has always firmly supported the Hong Kong SAR in safeguarding national security and its prosperity and stability according to the law, the spokesperson said, stressing that it also resolutely supports relevant officials of the Hong Kong SAR government in fulfilling their duties according to the law, and spares no effort in protecting their legitimate rights and interests.
    Any attempt to block the progress of the cause of “one country, two systems” will be vigorously countered, said the spokesperson.

    MIL OSI China News

  • MIL-OSI USA: Hoeven, Daines Praise Trump Admin Review of Biden’s Anti-Energy Policies, Backs Small Energy Producers

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven

    04.01.25

    WASHINGTON – Senator John Hoeven (R-N.D.) joined Senator Steve Daines (R-Mont.) and 8 Republican colleagues in sending a letter to Secretary Doug Burgum at the U.S. Department of the Interior urging the reversal of Biden-era regulations that dramatically increase the bonding requirements for oil and gas wells on federal lands.

    “We write to express our support of your review of former President Biden’s burdensome regulatory actions that will reduce American energy independence and raise costs for American families and small businesses. In Secretarial Order 3418 you direct your Assistant Secretaries to review the Bureau of Land Management’s April 2024 final rule “Fluid Mineral Leases and Leasing Process,” (89 Fed. Reg. 30916) that dramatically increases costs on small oil and gas producers. Specifically, we request that you review and roll back the provisions in the rule that dramatically increase the bonding requirements for oil and gas wells on federal lands.

    “…While we strongly support proper stewardship of our public lands and the need to ensure that adequate bonding is in place to clean up abandoned wells, we must also ensure that bonding requirements are set at a reasonable and achievable rate for all oil and gas producers. Unfortunately, the current bonding rule will drive producers out of business and raise costs for American families. Energy development on federal lands is critical to strengthening America’s energy security, powering our economy, and supporting state and local conservation efforts.  We strongly urge you to revisit and reverse the bonding requirements in this rule, including reinstatement of reasonable state and nationwide bonding requirements, to ensure America’s long-term energy dominance and the prosperity of our communities,” the senators wrote in the letter.  

    Joining Senators Hoeven and Daines in sending the letter are Senators Mike Lee (R-Utah), James Lankford (R-Okla.), John Curtis (R-Utah), Kevin Cramer (R-N.D.), Tim Sheehy (R-Mont.), Cynthia Lummis (R-Wyo.), Markwayne Mullin (R-Okla.) and Lisa Murkowski (R-Alaska).

    Full text of the letter can be found here.

    MIL OSI USA News

  • MIL-OSI USA: Duckworth, Jacobs Introduce Bicameral Legislation to Help Cover IVF Costs for Servicemembers and Military Families

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth

    April 01, 2025

    [WASHINGTON, D.C.] – Today, U.S. Senator Tammy Duckworth (D-IL)—a member of the U.S. Senate Armed Services Committee (SASC) and U.S. Senate Veterans’ Affairs Committee (SVAC)—and U.S. Representative Sara Jacobs (D-CA-51) introduced the IVF for Military Families Act, bicameral legislation that would require TRICARE coverage of fertility services, including in vitro fertilization (IVF), for servicemembers and their families. The bill introduction comes after Congressional Republicans—in secret negotiations behind closed doors—betrayed military families by striking a Duckworth-Jacobs amendment that would have required such coverage from the final FY2025 National Defense Authorization Act (NDAA) last year, even though it had passed in the House and through committee in the Senate. The lawmakers’ bicameral legislation would help ensure military families can get the same level of IVF coverage that’s accessible to Members of Congress and federal employees. In addition to Duckworth and Jacobs, the legislation is co-led by U.S. Senator Patty Murray (D-WA) and U.S. Representative Rick Larsen (D-WA-02).

    “After all the tremendous sacrifices they make, our brave women and men in uniform should never have to make the impossible and unjust choice between serving their country or facing financial ruin just to start a family,” said Senator Duckworth. “It was extremely disappointing that our IVF provision—which would have simply ensured that our servicemembers and their families have access to the same level of IVF coverage as Members of Congress—was removed from the final defense bill behind closed doors last year, even after so many of my Republican colleagues continue to loudly and publicly claim to support IVF. President Trump pledged to voters on the campaign trail that he would go even further by making IVF free if elected and has repeated the bold-faced lie that he is governing on the principle of ‘Promises made, promises kept.’ Republicans can now help him partially fulfill his broken IVF promise by joining our commonsense legislation that would make sure those who answer the call to serve have access to the care they need to build their family.”

    “Our military families have sacrificed so much for our safety and security–they shouldn’t also sacrifice their dream to build a family,” said Congresswoman Jacobs. “But for too many service members, the lack of TRICARE coverage of IVF has left them with only a few choices: beat the odds and prove that their infertility is directly related to their service, pay tens of thousands of dollars out-of-pocket for a chance at a family, forgo having children, or leave the military. This is wrong. That’s why I’m proud to introduce the IVF for Military Families Act with Senator Duckworth to give them every opportunity to build their families. To my colleagues: We now have access to this level of health care coverage, and we shouldn’t deny that same standard to those who wear our country’s uniform. And to President Trump: calling yourself the father of IVF is meaningless–take some action and support our bill.”

    “Servicemembers who risk their lives to protect our families deserve all the support they need to grow theirs,” said Senator Murray. “Federal employees have access to comprehensive infertility treatment, including IVF – and TRICARE should cover those same services for our servicemembers, full stop. Struggling with infertility is painful enough without having to worry about the cost of treatment. I’ve worked for over a decade to expand access to IVF and other fertility treatment for veterans and servicemembers who need it, and am proud to be joining Senator Duckworth to introduce the IVF for Military Families Act to continue fighting to ensure our servicemembers never have to sacrifice their ability to start a family.”

    “One in four military families experience infertility. Congress should take the long-overdue step of overturning outdated limitations on IVF to give service members access to the reproductive health care they deserve,” said Congressman Larsen. “Women and men in uniform should not have to choose between serving their country and starting a family.”

    The IVF for Military Families Act would help create parity between Members of Congress and active duty servicemembers and their dependents by requiring TRICARE to cover infertility diagnosis and treatment, including IVF. The bicameral bill would also direct the Secretary of Defense to create a program on fertility-related care coordination to address the unique needs of military families. President Trump promised that if elected he would make IVF free for Americans, saying: “We are going to be, under the Trump Administration, we are going to be paying for that treatment,” and “We’re going to be mandating that the insurance company pay.”

    More than 10 percent of active-duty respondents said family-building challenges are a main reason why they’d leave the military, according to the Blue Star Families 2021 survey. The survey also reported that 23 percent of active-duty military and 27 percent of military spouses reported experiencing infertility, compared with just 12 percent infertility rate amongst the general population. Despite higher rates of infertility within the military, the vast majority of servicemembers and their partners who need help to conceive and have children must pay up to tens of thousands of dollars out-of-pocket to access needed care, including IVF. This lack of TRICARE coverage makes it harder for members of the military to build their families, and it negatively impacts mental health, recruitment and retention of top talent.

    The IVF for Military Families Act is endorsed by: RESOLVE: The National Infertility Association, American Society for Reproductive Medicine (ASRM), National Military Families Association (NMFA) and Military Officers Association of America (MOAA).

    “The majority of Americans–85%–support access to IVF, one of the most effective medical treatments for those struggling to build their family,” said Barbara Collura, President/CEO, RESOLVE: The National Infertility Association. “Yet so many people are shut out of accessing this care, including the brave Americans who serve in the military. They assume they will have the best medical care possible, yet we make it so hard for them to start or grow their family while serving our country. This injustice can be fixed by passing the IVF for Military Families Act, a bill that simply provides parity to the comprehensive IVF coverage that Members of Congress and their staff have now. There is no need to wait–let’s get this passed.” 

    “The American Society for Reproductive Medicine (ASRM) is proud to support the IVF for Military Families Act. With higher rates of infertility impacting the military due the dangers of the job and the unique family building challenges our men and women in uniform face, it is a no brainer that TRICARE should cover fertility treatments like IVF,” said Sean Tipton ASRM Chief Advocacy & Policy Officer. “For decades, ASRM has championed increasing access to fertility treatment for all Americans, including federal employees. This is why we thank Senators Duckworth and Murray and Congresswoman Jacobs and Congressman Larsen for their leadership on legislation to ensure that military families have no less than the same fertility benefits available to Members of Congress. This should be a bipartisan issue, and we are hopeful the administration will look closely at this bill as it considers way to expand access and reduce out of pocket costs for IVF.”

    Duckworth has been leading the charge to protect IVF for the millions of Americans who rely on it nationwide. Last Congress, Duckworth and Murray introduced the Right to IVF Act in the Senate—a sweeping legislative package that would both establish a nationwide right to IVF and other assisted reproductive technology (ART) as well as lower the costs of IVF treatment for middle-class families. Despite many of Republicans publicly claiming to support IVF, nearly every Senate Republican voted against the bill in June and again in September last year. The September vote was the third time Republicans blocked Duckworth-led legislation that would protect IVF nationwide last year.

    -30-

    MIL OSI USA News

  • MIL-OSI Australia: 2022 Completed matters

    Source:

    Below are the consultation matters registered in 2022 that have been completed.

    If you require further information about the matters listed below, email consult@ato.gov.au.

    [202230] Sharing Economy Reporting Regime

    [202229] Military super invalidity benefit streamlined objection process

    [202228] Next 5,000 comprehensive risk review process

    [202227] Super health checks

    [202226] Improve small business tax performance

    [202225] Tax liability of legal personal representative of a deceased person

    [202224] User research – Retirement villages

    [202223] Capital gains tax record keeping tools and calculators

    [202222] Superannuation guarantee charge letter

    [202221] FBT record keeping

    [202220] Lodgment deferrals in Online services for agents

    [202219] Working from home deductions from 2022–23 tax year

    [202218] User testing – Tax Time 2022 communications for individual taxpayers

    [202217] MBR program companies release

    [202216] 2022 Review of the Taxpayers’ Charter

    [202214] Enterprise Client Register

    [202213] Advance pricing arrangements program review

    [202212] Automatic Exchange of Information guide and toolkit for Reporting Financial Institutions

    [202211] Deduction for entering into a conservation covenant

    [202210] eInvoicing communications

    [202209] Undisputed tax debt data reporting

    [202207] User testing – Online services for foreign investors

    [202206] GST offsetting between unrelated entities

    [202205] Corporate Collective Investment Vehicle

    [202204] Self-assessed income tax exempt not-for-profits

    [202203] Build-to-rent

    [202201] 2022 Digital Services Gateway APIs

    [202230] Sharing Economy Reporting Regime

    Consultation purpose

    To seek feedback regarding implementation of the new Sharing Economy Reporting Regime including:

    • public advice and guidance
    • reporting requirements (data and lodgment).

    Description

    Schedule 2 of the Treasury Laws Amendment (2022 Measures No. 2) Act 2022External Link requires operators of electronic distribution platforms (EDPs) to report information to the ATO on transactions relating to supplies made through the platform. This measure implements a recommendation of the report of the Black Economy Taskforce.

    Under the measure, EDP operators will be required to report transactions that occur on or after:

    • 1 July 2023 if it relates to a supply of taxi services or short-term accommodation, and
    • 1 July 2024 for all other reportable transactions.

    Who we consulted

    • Operators of EDPs in the taxi, ride sharing and short-term accommodation industries
    • Professional associations
    • Technical and peak industry bodies
    • Tax professional associations

    Outcome of consultation

    Feedback from consultation provided valuable insights in the development of the Implementation Guide, XML Schema, Legislative Instruments and Explanatory Statement to support Tranche 1 industries with the implementation of the Sharing Economy Reporting Regime.

    Consultation lead

    Vanessa Kelly, Small Business
    vanessa.kelly2@ato.gov.au
    Phone 02 4223 2851

    [202229] Military super invalidity benefit streamlined objection process

    Consultation purpose

    To test tone and clarity of messaging in a proposed letter to military veterans impacted by changes to the tax and superannuation treatment of specific invalidity benefit payments.

    Description

    Due to the Full Federal Court decision in Commissioner of Taxation v Douglas [2020] FCAFC 220 (the Douglas decision), the tax and superannuation treatment of specific invalidity benefit payments has changed.

    Those affected by the Douglas decision can request remediation to previous year tax assessments through the objection process.

    Who we consulted

    • Tax agents who have military veteran clients who are impacted by the Douglas decision
    • Veteran advocacy groups

    Outcome of consultation

    Consultation provided valuable feedback that has improved the clarity of the letter. Feedback will also contribute to some key changes to website content.

    Consultation lead

    Simon Dann, Objections and Review
    simon.dann@ato.gov.au
    Phone 07 3149 5754

    [202228] Next 5,000 comprehensive risk review process

    Consultation purpose

    To seek feedback on the proposed process for Next 5,000 comprehensive risk reviews that are planned to commence in early 2023.

    Description

    As part of the Next 5,000 program, the ATO will be commencing comprehensive risk reviews in early 2023. These reviews will be a new type of engagement using a risk based approach undertaken by the program, and will complement our existing streamlined assurance reviews.

    Who we consulted

    Tax professionals who engage with the Next 5,000 program

    Outcome of consultation

    Feedback was considered and incorporated into the process for the Next 5,000 comprehensive risk reviews.

    Consultation lead

    Ashleigh Larner, Private Wealth
    ashleigh.larner@ato.gov.au
    Phone 08 9268 0901

    [202227] Super health checks

    Consultation purpose

    To explore tax agent views on:

    • the level of awareness individual clients have in their superannuation
    • appetite to undertake a super health check with individual clients, including during preparation of income tax returns
    • tools and resources the ATO could provide to assist with super health check conversations.

    Description

    Research shows that up to 70% of individuals do not regularly manage their super or check that it’s in order. The ATO would like individuals to have greater awareness about their basic super entitlements and take more ownership and interest in their super earlier and is exploring how we might encourage this.

    Who we consulted

    Tax agents with individual clients

    Outcome of consultation

    Feedback indicated that individuals’ awareness of superannuation could be improved and that tax time interactions would be a good time for a super health check, which tax agents would undertake with their clients if provided with the necessary support from the ATO. Insights will inform our work on this strategy in the future.

    Consultation lead

    Tara Rischmueller, Superannuation and Employer Obligations
    tara.rischmueller@ato.gov.au
    Phone 08 8208 2935

    [202226] Improve small business tax performance

    Consultation purpose

    To:

    • co-design a roadmap to digitalise the tax experience for small business in ways that improve small business tax performance and provide value back to small business
    • explore concepts to streamline the tax experience.

    Description

    Improve small business tax performance and participation by collaborating with partners to build a digital first tax ecosystem, enabling seamless tax reporting from business source systems, is one of the key focus areas in the ATO corporate plan 2022-23.

    The aim is to develop concepts that will:

    • improve small business tax performance
    • create productivity savings for small businesses
    • deliver economy wide value from increased permission-based standardised data sharing
    • increase participation in and integrity of the tax ecosystem.

    Who we consulted

    Outcome of consultation

    Consultation provided valuable feedback which:

    • contributed to development of the draft Roadmap to Tax Admin 3.0 for small business
    • will be considered in the identification of concepts to streamline the tax experience
    • has enhanced ATO’s understanding of the need to ensure changes to technology and the role of people and business processes are integrated, to collectively improve small business tax performance for successful digitalisation of tax administration.

    Consultation lead

    Andrew Watson, Small Business
    andrew.watson@ato.gov.au
    Phone 08 8208 1826

    [202224] User research – Retirement villages

    Consultation purpose

    To understand the retirement village life-cycle (including income tax, GST and commercial aspects) to identify:

    • if existing advice and guidance supports taxpayers to meet their obligations
    • opportunities to improve the operation of the tax system.

    Description

    The retirement village industry has materially evolved over the last few years with significant expansion in the sector. The ATO is seeking to understand the impacts.

    Who we consulted

    • Representatives of industry associations who are connected with or have expert knowledge of retirement villages
    • Tax and legal professionals

    Outcome of consultation

    Feedback provided has informed the ATO’s understanding of the retirement village life cycle. These insights will be taken into account in informing potential future engagement with the industry and its advisers.

    Consultation lead

    Rosie Cicchitti, Private Wealth
    rosie.cicchitti@ato.gov.au
    Phone 07 3213 8073

    [202225] Tax liability of legal personal representative of a deceased person

    Consultation purpose

    To seek feedback on the practical application of Practical Compliance Guideline PCG 2018/4 Income tax – liability of a legal personal representative of a deceased person.

    Description

    The Inspector-General of Taxation and Taxation Ombudsman published the Death and Taxes: An Investigation into ATO systems and processes for dealing with deceased estatesExternal Link report on 7 July 2020.

    Part (b) of recommendation 10 in the report recommended that the ATO conduct a post-implementation review of the PCG, in consultation with external stakeholders, to assess its effectiveness in providing sufficient certainty for legal personal representatives to finalise an estate.

    Who we consulted

    • Tax and law professional associations
    • Tax practitioners
    • Public trustees

    Outcome of consultation

    Feedback received is being considered for incorporation into the updated Practical Compliance Guideline

    Consultation lead

    Danijela Jablanovic, Individuals and Intermediaries
    danijela.jablanovic@ato.gov.au
    Phone 07 3213 5864

    [202223] Capital gains tax record keeping tools and calculators

    Consultation purpose

    To understand the capital gains tax (CGT) tools and calculators user experience to identify opportunities for improvement.

    Description

    The ATO has multiple CGT tools and calculators to support taxpayers in determining their CGT for lodgment of their tax returns.

    The ATO is undertaking research to:

    • understand current issues, irritants, experiences and behaviours to optimise future CGT tool solutions
    • identify opportunities to expand the use of ATO held CGT data to improve the taxpayer experience and compliance in reporting and calculation of CGT gains and losses.

    Who we consulted

    • Individual taxpayers
    • Tax practitioner representatives

    Outcome of consultation

    Consultation provided valuable feedback which will be considered in the development of enhancements to CGT tools and calculators.

    Consultation lead

    Dejan Markov, Enterprise Strategy and Design
    dejan.markov@ato.gov.au
    Phone 08 8208 3608

    [202222] Superannuation guarantee charge letter

    Consultation purpose

    To test tone and clarity of messaging in a proposed superannuation guarantee charge letter to businesses and tax practitioners.

    Description

    If employers do not pay an employee’s minimum superannuation amount on time and to the right fund, they must pay the superannuation guarantee charge to the ATO.

    The ATO engages with employers who are not meeting their superannuation guarantee obligations and/or their tax practitioners.

    Who we consulted

    • Small to medium business employers
    • Tax practitioners

    Outcome of consultation

    Feedback provided will be incorporated into the superannuation guarantee charge letter in future communication to clients.

    Consultation lead

    Kate Haymes, Enterprise Strategy and Design
    kate.haymes@ato.gov.au
    Phone 07 3119 9866

    [202221] FBT record keeping

    Consultation purpose

    To seek feedback on proposed Legislative Instruments and Explanatory Statements for the implementation of the FBT reduced record keeping budget measure, as published with the Fringe benefits tax – record keeping exposure draft legislationExternal Link consultation on treasury.gov.au

    Description

    The Fringe Benefits Tax — reducing the compliance burden of record keeping measure was announced the in the 2021–22 Budget.

    The measure will provide the Commissioner of Taxation with the power to allow employers to rely on existing corporate records as an alternative to existing requirements. This will reduce compliance costs for employers, while maintaining the integrity of the FBT system.

    For consultation on the associated legislation, see Fringe benefits tax – record keeping exposure draft legislationExternal Link on treasury.gov.au

    Who we consulted

    Outcome of consultation

    Feedback will be considered in finalisation of the legislative instruments and explanatory statements.

    Consultation lead

    Philip Borrell, Superannuation and Employer Obligations
    philip.borrell@ato.gov.au
    Phone 02 6058 7881

    [202220] Lodgment deferrals in Online services for agents

    Consultation purpose

    To co-design the lodgment deferral process in Online services for agents and test the functionality prior to implementation.

    Description

    The ATO is expanding Online services for agents services to include lodgment deferrals.

    The intent is to:

    • streamline the lodgment deferral request process
    • decrease request processing timeframes
    • provide visibility of the progress of requests.

    Who we consulted

    • Tax practitioner representatives
    • Digital service providers
    • Members of  

    Outcome of consultation

    Consultation provided valuable feedback which contributed to the design and build of the service and support material.

    Consultation lead

    Felix Manero, Individuals and Intermediaries
    OSfALodgmentDeferrals@ato.gov.au
    Phone 07 3213 3552

    [202219] Working from home deductions from 2022–23 tax year

    Consultation purpose

    To seek insights to inform guidance that will assist taxpayers in the calculation of their working from home deductions for 2022–23 and future income years.

    Description

    The temporary shortcut method was introduced to assist taxpayers to work out their working from home deductions between 1 March 2020 and 30 June 2022.

    With the cessation of the shortcut method, the ATO is refreshing the fixed rate method for calculating work from home deductions.

    Who we consulted

    Outcome of consultation

    Feedback was considered for incorporation into Draft Practical Compliance Guideline PCG 2022/D4 Claiming a deduction for additional running expenses incurred while working from home – ATO compliance approach which was published for public consultation on 2 November 2022.

    Consultation lead

    Lloyd Williams, Individuals and Intermediaries
    lloyd.williams@ato.gov.au
    Phone 02 6216 1030

    [202218] User testing – Tax Time 2022 communications for individual taxpayers

    Consultation purpose

    To test the tone and clarity of Tax Time 2022 communications for individual taxpayers.

    Description

    Tax time communications provide taxpayers with guidance to help get it right when preparing their tax return.

    The ATO is user testing the communications for individual taxpayers to identify opportunities for refinement to improve the user experience. 

    Who we consulted

    Individual taxpayers 

    Outcome of consultation

    Feedback provided is being incorporated into future tax time communications to individual taxpayers.

    Consultation lead

    Kate Haymes, Enterprise Strategy and Design
    kate.haymes@ato.gov.au
    Phone 07 3119 9866

    [202217] MBR program companies release

    Consultation purpose

    To test the design and functionality of the proposed design of the Modernising Business Registers (MBR) program companies release to identify opportunities for refinement to improve the user experience prior to implementation.

    Description

    The companies release is part of the modernisation of business registers program, a component of the package of reforms to address illegal phoenixingExternal Link that was announced by government in September 2017 and received Royal Assent on 22 June 2020.

    The companies release will provide over 3 million companies with a more streamlined way to register, view and maintain company details using ABRS online.

    Consultation will be through a series of phases covering the ABRS website, company registrations, maintenance, and search.

    Who we consulted

    • Community who may use ABRS
    • Directors and intending directors
    • Company officeholders
    • Company administrators and intermediaries
    • Tax practitioners
    • Business representatives
    • Government agencies
    • Modernising Business Registers Business Advisory Group
    • Modernising Business Registers Design Working Group

    Outcome of consultation

    Consultation is discontinued. The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, has announced the cessation of the Modernising Business Registers (MBR) program. The decision follows the Independent Review of the MBR program which was completed in July 2023.

    Consultation lead

    Jonathan Solomon, MBR Program
    mbrengagement@ato.gov.au
    Phone 07 3213 3183

    [202216] 2022 Review of the Taxpayers’ Charter

    Consultation purpose

    To seek feedback on the Taxpayers’ Charter.

    Description

    The ATO is committed to undertaking a regular review of the Taxpayers’ Charter to ensure it remains contemporary and:

    • meets community expectations about how the ATO engages with taxpayers in its administration of the tax, super and registry systems
    • accurately reflects what our clients can expect from the ATO when dealing with us
    • assists staff in their interactions with our clients
    • fulfils its purpose of advising the public of their rights when dealing with the ATO.

    The Charter should continue to support the ATO’s aim to build taxpayer confidence in the Australian tax and superannuation systems by helping people understand their rights and obligations, improving ease of compliance and access to benefits, and managing non-compliance with the law.

    The Inspector-General of Taxation and Taxation Ombudsman made a series of recommendations on the Charter in its 2020–21 Investigation into the effectiveness of ATO communications of taxpayers’ rights to complain, review and appeal.

    Who we consulted

    • Taxpayers
    • Industry associations
    • Professional associations, including those representing    
      • business sectors
      • tax and bookkeeping professionals
      • culturally and linguistically diverse audiences
    • Members of the    

    Outcome of consultation

    A high volume of feedback, mainly from accounting, legal, and diverse audiences, identified opportunities to improve the Charter. All feedback will be considered for incorporation into an update of the Charter.

    Consultation lead

    Chris Cook, ATO Corporate
    chris.cook@ato.gov.au
    Phone 02 6216 6355

    [202214] Enterprise Client Register

    Consultation purpose

    To seek insights into agents’ experience and understanding of their role in the integrity of the Enterprise Client Register.

    Description

    The Enterprise Client Register is the key source of client information used in every client interaction across the ATO.

    The ATO will:

    • explore differing agent business models and any impact on updating client contact details
    • seek to understand the intermediary experience with client contact details
    • identify opportunities to improve the user experience.

    Who we consulted

    • Tax agents
    • BAS agents

    Outcome of consultation

    Consultation provided valuable insights into the Enterprise Client Register user experience and identified opportunities for improvement.

    Consultation lead

    Tina Markov, Client Account Services
    tina.markov@ato.gov.au
    Phone 08 8208 1428

    [202213] Advance pricing arrangements program review

    Consultation purpose

    To seek feedback on the advance pricing arrangement (APA) program.

    Description

    We will be undertaking a review of the APA Program in 2022, with a primary focus on:

    • whether the APA product continues provide the right service for all taxpayers
    • assuring transfer pricing risk in the most efficient manner possible.

    Who we consulted

    • Taxpayers
    • Tax advisory firms
    • Tax industry associations
    • Other APA program participants

    Outcome of consultation

    Feedback provided valuable insights which will be used to guide further improvement of the APA Program.

    Consultation lead

    Tien Phan, Assistant Commissioner, Public Groups and International
    tien.phan@ato.gov.au
    Phone 03 8632 5283

    [202212] Automatic Exchange of Information guide and toolkit for Reporting Financial Institutions

    Consultation purpose

    To seek input and insights on a proposed Automatic Exchange of Information (AEOI) self-review guide and toolkit for Reporting Financial Institutions.

    Description

    The guide will assist and support Reporting Financial Institutions to self-review their internal control framework to ensure they meet AEOI compliance obligations, which cover Common Reporting Standard and Foreign Account Tax Compliance Act obligations.

    It will include practical guidance for self-review of core elements:

    • AEOI governance
    • due diligence
    • reporting systems
    • data testing.

    Who we consulted

    • Tax practitioners
    • Financial institutions

    Outcome of consultation

    Feedback received was considered and incorporated into the AEOI Self-review guide and toolkit.

    Consultation lead

    Jaydon Beatty, Public Groups and International
    jaydon.beatty@ato.gov.au
    Phone 02 6216 4158

    [202211] Deduction for entering into a conservation covenant

    Consultation purpose

    To seek feedback on:

    • the ATO’s preliminary position regarding deductibility, under Division 31, when a conservation covenant is entered into to satisfy environmental approvals for a mining project
    • whether public advice and guidance is required and the type of guidance.

    Description

    Division 31 of the Income Tax Assessment Act 1997 provides for a deduction for the decrease in the market value of land when a perpetual conservation covenant over your land is entered into provided certain conditions are satisfied.

    Deductions for the decrease in the market value of the land must be based on a valuation obtained from the ATO.

    Valuation requests from taxpayers, in the energy and resources sector, have raised questions about whether taxpayers entering a conservation covenant, to meet environmental approval conditions for mining projects, receive material benefits which would disqualify them from receiving a deduction.

    Who we consulted

    Energy and Resources Working Group

    Outcome of consultation

    Feedback will be used to guide our communication strategy relating to valuation requests for conservation covenants from Energy and Resources Working Group members.

    Consultation lead

    John Churchill, Office of the Chief Tax Counsel
    john.churchill2@ato.gov.au
    Phone 03 6221 0258

    [202210] eInvoicing communications

    Consultation purpose

    To seek insights from eInvoicing users and their intermediaries to inform future messaging and engagement activities related to raising awareness and driving adoption of eInvoicing across Australia.

    Description

    The ATO is leading activities to raise awareness and drive adoption of eInvoicing in Australia. This includes working with businesses, intermediaries, service providers, and all levels of government to understand their current invoicing processes and support them in adopting eInvoicing to realise the economic benefits of eInvoicing.

    The ATO will:

    • seek to understand the current invoicing process for all stakeholders
    • establish current knowledge and awareness levels
    • develop supporting materials for various segments and validate their effectiveness.

    Who we consulted

    • Small to medium enterprise businesses
    • Tax professionals
    • Digital service providers

    Outcome of consultation

    Feedback provided will be used to shape the ATO’s eInvoicing awareness activities and messaging with intermediaries and small businesses. Insights will also be communicated to accounting software providers to improve future user experiences.

    Consultation lead

    Patrick Brophy, Enterprise Solutions and Technology
    patrick.brophy@ato.gov.au
    Phone 02 6216 1940

    [202207] User testing – Online services for foreign investors

    Consultation purpose

    To seek insights to inform the design and build of Online services for foreign investors (formerly known as the Foreign Ownership of Australian Assets Register).

    Description

    The ATO is developing Online services for foreign investors which will replace and expand upon the existing Foreign Ownership of Water Entitlements Register and Foreign Ownership of Agricultural Land Register. This supports reforms to Australia’s Foreign Investment Framework.

    Consultation will consider:

    • navigation
    • functionality – including but not limited to payments, registration, and maintenance of registration
    • usability.

    Who we consulted

    • Foreign persons, or their representative, who apply to acquire or register ownership of foreign assets on their own behalf or for entities
    • Solicitors and conveyancers registering for clients

    Outcome of consultation

    Consultation provided valuable input into the design and build of Online services for foreign investors, as well as shaping the information that will be included in web content and communications.

    Consultation lead

    Rebecca Northey, Public Groups and International
    rebecca.northey@ato.gov.au
    Phone 02 4923 1900

    [202206] GST offsetting between unrelated entities

    Consultation purpose

    To seek feedback on paragraph 5 of the Law Administration Practice Statement PS LA 2011/21 Offsetting of refunds and credits against taxation and other debts to provide greater clarity to support ATO staff decision-making and to support taxpayers in self-assessing whether requesting such an offset is appropriate.

    Description

    Paragraph 5 of PS LA 2011/21 provides guidance to ATO staff where a taxpayer requests to have their refund or credit offset against the tax debt of another entity.

    The current guidance does not provide assistance in determining the circumstances in which the criteria would be satisfied for the Commissioner to agree to perform such an offset. For instance, in practice we think it would be rare that paying the refund in this manner would be an efficient, effective, economical and ethical use of public resources for which the Commissioner is responsible.

    Who we consulted

    Tax advisory firms

    Outcome of consultation

    Feedback provided valuable insights and suggestions for potential improvements to our guidance.

    Consultation lead

    Renae Carter, Small Business
    renae.carter@ato.gov.au
    Phone 02 9374 2942

    [202205] Corporate Collective Investment Vehicle

    Consultation purpose

    To identify, prioritise, and address administrative and interpretative issues that require support to implement the new Corporate Collective Investment Vehicle (CCIV) measure.

    Description

    In the 2021–22 federal Budget, the Australian Government announced that it will progress the tax and regulatory framework for the CCIV with a commencement date of 1 July 2022.

    The new legislation aligns the tax framework for the CCIV regime with the tax regime for attribution managed investment trusts (AMITs). CCIVs will be required to meet similar eligibility criteria as managed investment trusts (MITs). This includes being widely held and engaging primarily in passive investment activities. CCIVs that are not eligible for AMIT tax treatment will be subject to the ordinary trust taxation rules in Division 6 or trading trust rules in Division 6C, as applicable, of the Income Tax Assessment Act 1936.

    As a CCIV is a new corporate entity, deemed to be a trust for tax purposes, there are a range of administrative considerations and tax interaction issues to resolve to ensure implementation by 1 July 2022; for example, registration, eligibility, distributions, reporting.

    Who we consulted

    • Advisers with significant managed fund experience
    • Representatives from industry associations, including    
      • Financial Services Council
      • Property Council of Australia
      • Law Council of Australia
      • Australian Custodial Services Association

    Outcome of consultation

    Consultation:

    • facilitated identification of operational and administrative issues and provided valuable feedback which contributed to the design and build of the tax administrative framework and support material for the CCIV regime
    • provided valuable insights on interpretive issues which will be further considered in the development of public advice and guidance.

    Consultation lead

    Blake Sly, Public Groups and International
    blake.sly@ato.gov.au
    Phone 02 4923 1814

    [202204] Self-assessed income tax exempt not-for-profits

    Consultation purpose

    To understand the impacts that the government announced reform will have on self-assessing income tax exempt not-for-profits (NFPs) and co-design the lodgment process.

    Description

    Currently NFPs who self-assess their own eligibility for income tax exemption are not required to report their eligibility to the ATO.

    In the May 2021–22 Budget, the Australian Government announced reforms to the administration of NFP entities that self-assess as income tax exempt. From 1 July 2023, non-charitable NFPs with an active ABN will be required to lodge an annual self-review return to access income tax exemption, submitting the information they ordinarily use to self-assess their eligibility for income tax exemption.

    The ATO will explore:

    • how NFPs currently self-assess income tax exempt eligibility
    • impacts of the changes on NFPs
    • expectations for implementation
    • support and guidance NFPs will need through the change.

    The ATO will consult the sector to:

    • user-test and iteratively refine the new annual self-review return
    • co-develop practical support and refresh public guidance

    validate the ATO’s administrative approach.

    Who we consulted

    Members of the Tax Practitioner Stewardship Group

    Outcome of consultation

    The consultation objectives to understand sector impacts and co-design the lodgment process have been successfully achieved. As a direct result of insights and co-design feedback the following enhancements to the taxpayer experience have been implemented:

    • streamlining the NFP self-review return from over 20 questions to 5 core questions to determine eligibility for an income tax exemption
    • introducing tailored and guided logic and help text to make the return easier to complete
    • providing an alternative self-help phone lodgment service for NFPs having trouble accessing the digital return in Online services
    • additional time to lodge through to 31 March 2025
    • transitional support for taxable NFPs, including
      • concessional due date to lodge and pay income tax return
      • remission of general interest charge and penalties
      • flexible payment plans
      • support to reconstruct tax records
      • focusing on lodgment of the 2023–24 income year and onwards, noting we may take compliance action if we identify deliberate past tax evasion or fraud
    • introducing a new non-lodgment advice form for taxable NFPs to meet their income tax return reporting obligations
    • providing an NFP governance checklist to assist NFPs in meeting their broader tax and super obligations.

    Lodgment data and feedback from the NFP sector have validated that the return is straightforward and takes less than 10 minutes to complete. However, the sector continues to experience challenges updating their Australian business number details and setting up myID and Relationship Authorisation Manager to access the digital return.

    The next phase of consultation will focus on supporting the digital onboarding of the sector and lodgment education and support.

    Consultation lead

    Jennifer Moltisanti, Small Business
    jennifer.moltisanti@ato.gov.au
    Phone 03 9285 1711

    [202203] Build-to-rent

    Consultation purpose

    To explore the emerging models of Build-to-rent developments in Australia to understand the opportunities to support the industry with their tax obligations.

    Description

    Build-to-rent is forecast to take off over the next 5 years.

    We are seeing growing interest from industry and government with incentives and concessions for Build-to-rent developments increasing.

    Who we consulted

    • Members of the    
    • State Government representatives

    Outcome of consultation

    Consultation provided valuable insights into the Build-to-Rent industry, highlighting the complexity and improving ATO’s understanding of the various Build-to-Rent models and associated tax issues.

    Consultation lead

    Peter Chester, Private Wealth
    peter.chester@ato.gov.au
    Phone 07 3213 5957

    [202201] 2022 Digital Services Gateway APIs

    Consultation purpose

    To co-design Digital Services Gateway (DSG) features and Application Programming Interfaces (APIs).

    Description

    The DSG was implemented in 2021 to enable lightweight APIs to support digital service providers deliver tax and superannuation services.

    Who we consulted

    Digital service providers

    Outcome of consultation

    Digital service providers shared valuable insights which contributed to the development of DSG APIs.

    Consultation lead

    Sonia Lark, Digital Partnership Office, Enterprise Solutions and Technology
    sonia.lark@ato.gov.au
    Phone 02 4725 7460

    MIL OSI News

  • MIL-OSI USA: Baldwin Pushes Trump Administration to Deliver Dairy Farmers Fair Share of Bipartisan Disaster Relief

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin called on the Trump Administration to provide immediate relief for dairy farmers in Wisconsin. Congressionally approved funding must be released to help farmers deal with extreme weather that is driving up costs and jeopardizing small- and medium-sized operations across the state. Late last year, Republicans and Democrats in Congress passed the American Relief Act, a measure that extended the 2018 Farm Bill and provided $31 billion in aid for farmers, including $21 billion in disaster funding. Senator Baldwin called on the Trump Administration to expedite getting those funds to Wisconsin Dairy farmers and producers who have been impacted by extreme weather – including drought and flooding – which has impacted livestock and driven up the cost of feed among other challenges.

    “Over the past few years, Wisconsin has lost one to two dairy farms a day to bankruptcy, and family farmers have done everything in their power to keep their livestock healthy, feed their families, and maintain farm operations,” wrote Senator Baldwin in a letter to U.S. Department of Agriculture (USDA) Secretary Brook Rollins. “However, it is not getting any easier for the industry due to mounting financial stress from severe weather, market instability, and increased input costs. The disaster aid funding included in the American Relief Act is an opportunity for your agency to make good on the bipartisan promise to provide much needed relief. Dairy farmers and producers in Wisconsin deserve a fair share of the disaster assistance to help mitigate the devastating losses they have incurred these last two years.”

    In her letter, Senator Baldwin demanded USDA make this disaster relief available quickly to farmers in a way that recognizes the challenges and diverse needs of the dairy industry. This includes the unique impacts of severe weather and milk loss on the whole industry, as opposed to a one-size-fits-all approach, including delivering aid to organic and conventional dairy farmers, as well as processors. Senator Baldwin also called on the Trump Administration to consider the financial impact of feed availability as a result of severe weather and the subsequent loss of dairy production when administering disaster relief.

    “The dairy industry is the backbone of Wisconsin’s rural communities and our economy. Wisconsin’s dairy farmers provide vital nutrition and food security for families and children across the nation,” concluded Senator Baldwin. “It is imperative that they receive the assistance that Congress directed in the American Relief Act to weather these difficult times, in a manner that is both timely and meets the needs of diverse industry partners.”

    A full version of this letter is available here and below.

    Dear Secretary Rollins:

    I am writing to bring your attention to the need for disaster relief for dairy farmers, particularly those in Wisconsin. The unprecedented weather conditions over the past few years have severely impacted Wisconsin farmers and producers at no fault of their own. I am requesting that the United States Department of Agriculture (USDA) administer the remaining disaster aid Congress provided in the bipartisan American Relief Act expeditiously and in a manner that meets the diverse needs of the dairy industry.

    Wisconsin, America’s Dairyland, has faced increasingly severe weather in the past two years. In 2023, unprecedented flooding, unseasonably cold temperatures, and irregular precipitation caused extensive damage to dairy farms, impacting both on-farm infrastructure and feed quality for herds. These conditions, compounded by high input costs and market instability, placed extreme financial pressure on Wisconsin dairy farmers. The following year brought another round of extreme weather, including severe drought and flooding conditions. Fields were saturated for extended periods of time during the growing season, damaging crops or making it impossible to plant. Wisconsin leads the nation in silage production, and the lost growing season created additional costs in supplemental feed for herds.

    Over the past few years, Wisconsin has lost one to two dairy farms a day to bankruptcy, and family farmers have done everything in their power to keep their livestock healthy, feed their families, and maintain farm operations. However, it is not getting any easier for the industry due to mounting financial stress from severe weather, market instability, and increased input costs. The disaster aid funding included in the American Relief Act is an opportunity for your agency to make good on the bipartisan promise to provide much needed relief. Dairy farmers and producers in Wisconsin deserve a fair share of the disaster assistance to help mitigate the devastating losses they have incurred these last two years.

    Therefore, I urge USDA to ensure that the disaster aid made available through the American Relief Act is allocated expeditiously and in a way that recognizes the challenges of this diverse industry.  The agency should consider the unique impacts of severe weather and milk loss on the whole industry, as opposed to a one-size-fits-all approach. Any final package should include aid for organic and conventional dairy farmers, as well as processors. Moreover, I ask that the agency take into consideration the financial impact of feed availability as a result of severe weather and the subsequent loss of dairy production.

    The dairy industry is the backbone of Wisconsin’s rural communities and our economy. Wisconsin’s dairy farmers provide vital nutrition and food security for families and children across the nation. It is imperative that they receive the assistance that Congress directed in the American Relief Act to weather these difficult times, in a manner that is both timely and meets the needs of diverse industry partners. Thank you for your attention to this matter.

    Sincerely,

    MIL OSI USA News

  • MIL-OSI Canada: Bram Abramson to The Canadian Independent Telecommunications Association

    Source: Government of Canada News

    Gatineau, Quebec
    April 1, 2025

    Bram Abramson, Commissioner for Ontario
    Canadian Radio-television and Telecommunications Commission (CRTC)

    Check against delivery

    Thanks for the introduction and the warm welcome. It’s been great to spend these last couple of days with you here in Gatineau on unceded, unsurrendered Algonquin Anishnaabeg territory.

    So let me start by thanking the Anishinaabe Algonquin Nation for having me as a guest, and for stewarding these lands and waters since time immemorial. And, also, by thinking the Canadian Independent Telecommunications Association for asking me to address all of you in closing this year’s event, and adding myself to a long-running historical chain.

    Until I began preparing for this speech I don’t think I realized how long that chain extends back. CITA was founded at Toronto City Hall in the year 1905. That’s 120 years ago. Canadian Confederation was 38 years old. Five years later, when Ontario would begin regulating independent telephone systems under what was then the Ontario Railway and Municipal Board in 1910, they turned to CITA to help them compile a list of those systems.

    A hundred and fifteen years later, there’s still a regulator in the room, and we’re still asking you for information.

    In all seriousness, though, CITA and its members have an incredible history. It is told in books like the History of the Independent Telephone Industry that the Ontario government put out back in 1975, and some of the company-specific histories I’ve had the good fortune to have come across my desk—like Ann Judd’s history of what is now Bruce Telecom, from 1994, or in the 2011 book put out to celebrate the centenary of Hay Communications.

    Those books tell the stories of municipalities, agricultural communities, local commissioners, and entrepreneurs who stepped up to create communications systems where none existed. They undertook difficult negotiations and made difficult decisions, showing nimbleness and resolve while remaining accountable to their communities and neighbours.

    Those histories are still being written and, I have no doubt, will continue to be written for many years to come. You fill a critical niche in Canada’s telecommunications system by bringing services to those who need it in locations that would otherwise lack it.

    And you have been making moves. You have built beyond your initial operating territories into competitive local exchange carrier (CLEC) areas, to the point that some of you are bumping against one another. You have pushed out fibre to complement and, in very many cases, replace the twisted-pair copper that was your basic operating technology for so many years. You have looked beyond wireline service to get into broadband and mobile. You have cooperated in new ways. Mergers and acquisitions have proceeded apace. New investors and new owners are in the room.

    In short, the game has changed. And you continue to change with it, operating efficiently to fill gaps while navigating regulatory environments – often without the financial backing or capex of our country’s largest companies. When services go down or need repair, your customers call you and your coworkers. Unless they run into you at the grocery store or the local coffee shop first.

    That makes groups like CITA and ITPA all the more important. Together, you provide a voice before bodies like the CRTC, and ensure Canada’s independent telecommunications providers continue to take your seat at the policy and regulatory tables.

    We at the CRTC recognize this critical role industry associations play on behalf of their members, as well as the role that members play in our collective effort to ensure all Canadians have access to high-quality and reliable telecom choices.

    CRTC’s telecommunications work broadly

    To that end, I’d like to update you on what we’ve been up to and where we’re headed at the CRTC. It hasn’t exactly been 115 years on my side: in fact, I am two years and a couple of months into my five-year term at the CRTC. But you won’t be surprised to hear we continue to be busy, too.

    Early in 2023, the government directed us to renew our approach to telecommunications policy. The policy direction asked us to consider how our decisions can promote competition, affordability, reliability, and consumer interests. The message to us was loud and clear: CRTC decisions need to deliver affordable telecommunications services to Canadians through enhanced competition while also promoting continued investment.

    I would like to tell you about some of the workstreams we have active towards achieving those objectives.

    MVNO framework

    To start, I know that a number of you in this room have been hard at work upgrading and expanding and, in some cases, building out from scratch your wireless services. And I know that there is great interest in what we call our Mobile Virtual Network Operator, or MVNO, regime.

    In May 2023, we set the final rules that allow regional facilities-based mobile providers to compete as what we call MVNOs across Canada. Incumbent mobile carriers must share their networks with competitors, where those competitors have spectrum. With this access, competitors that have spectrum can offer services — including retail and wholesale services — more quickly in the regions of the country where they have that spectrum. And, indeed, we are seeing more and more agreements in place to enable regional competitors to act as “MVNOs.”

    One aspect of our decision clarified how the requirement to hold spectrum in a region, in order to make use of a mandatory MVNO tariff in that region, interacts with geographic spectrum footprints. This includes the footprint for the Local Telephone, or TEL, spectrum licences that small incumbent local exchange carriers (SILECs) have held for many years. We clarified that what we call our MVNO regime is all about accelerating the ability to offer service where the operator has spectrum coverage but hasn’t yet built infrastructure. So the eligibility that arises from a TEL licence only applies within the TEL licence footprint – whether that footprint is wholly contained within a single Tier 4 service area, or bridges two of them.

    Now, both our May 2023 decision and the 2022 decision that preceded it were careful to ensure that MVNOs have the right to provide both retail, as well as wholesale, services. In other words, although the CRTC did not directly mandate MVNO access outside of a spectrum footprint, the marketplace will now feature a larger number of players with the ability to provide that access.

    At the same time, telcos that make use of mandatory MVNO agreements within their spectrum footprints have seven years to do so. That provides a window within which to build out networks within these regions, promoting investment.

    Support structures and access

    Another important consideration in building out wireless networks is where to put the antennas, and how to get backhaul to them.

    That brings me to another of our workstreams, which relates to pole access. As many of you know, we issued decisions in recent years streamlining the approach to accessing large incumbent local exchange carriers’ (ILEC) communication poles, and then nailing down the tariffs by which to do so.

    At the same time, we have been exploring whether these tariffs ought to give attachers the right to include wireless attachments to help deploy next generation 5G networks — in other words, whether the rules requiring communication pole owners to let third parties attach equipment to poles should be modified and, potentially, broadened. What types of facilities could be deployed on telco poles to support wireless networks? What would that mean for spare capacity, construction standards, and interference? What can we do at the Commission to streamline processes?

    These are just a few of the questions we are considering. Because this is a matter before us, I cannot even hint at any possible outcome. What I can say is we plan to release a decision on this key issue soon. Any decision we make will continue to promote both greater competition and more investment in networks.

    At the same time, we have long been active working with all stakeholders, including municipalities, telcos, and citizens, to help facilitate access to other civil works and supports needed to build out modern networks. To assist in this process, we convened parties between 2011 and 2013 to develop a model Municipal Access Agreement. Since then we have continued to adjudicate disputes around those agreements and related issues, and continue to have open files in this workstream.

    We likewise set down fair access rules for communications service provider competition in multi-dwelling units, or MDUs, more than 20 years ago in 2003, further refining them in 2021. End-users have the right to access the network of their choice. Competitors have the right to install it. Adjudication between buildings and networks that cannot agree on terms continues to be yet another active workstream for us.

    HSA

    Now, what I have been talking about so far are ways to lower the expense of continued build-out of your wireless and wireline networks by addressing and targeting some of the hurdles to aid the rollout of deployment projects.

    And while those are important initiatives to speed up that process, we have also been hard at work putting into action the frameworks for access to large incumbents’ access fibre, outside of SILEC footprints.

    Let me explain.

    In 2023 we launched a proceeding to review our wholesale high-speed access regime. In November of that year, we rolled out a practical way to buy and sell wholesale high-speed access over the fibre-to-the-home networks of large ILECs in Ontario and Quebec, where competitive choice had been declining most significantly. In August 2024 we then expanded that access across all of the large ILEC territories except Northwestel’s, which rolled out this past February.

    At the same time, we are encouraging continued investments by large ILECs in their networks. For example, in that same decision, we exempted any new builds from having to sell wholesale access to competitors until 2029.

    Broadband Fund

    Of course, no matter how hard we work to foster competitive choice the last few households often remain the hardest ones to reach – as you know from working in your own communities.

    The open data we publish tell us that 21.5 percent of households in rural areas do not have access to reliable connectivity that hits our 50/10 target.

    In 2016, we decided to overhaul our program for ensuring basic telephone service to all Canadians, and move towards a competitively neutral Broadband Fund. We established the criteria for that fund in 2018, and launched three calls for applications – the first two in 2019, and then the third in late 2022.

    Over the past year we have continued to commit funding from the third call—to Inuit communities in northern Quebec, to nearly 100 kilometres of major roads in Newfoundland and Labrador, Quebec and Ontario, and to roads and rural communities in the Yukon, B.C., and Manitoba. We have directed funding to more than 270 communities, including significant investments in the Far North and other traditionally underserved areas, across more than 60 projects.

    Thirty-two of these projects are in the $1 to $10 million range. Seventeen of these projects come in at $1 million or below. Although we are encouraged to see that smaller providers have been able to successfully apply for funding, we know that we can do more to make it easier.

    That’s why, we have continued to improve how we administer the Broadband Fund itself. Late last year we announced a number of changes in three broad areas — making it faster for you to submit an application and for us to evaluate it; helping Indigenous applicants; and making our mapping make more sense.

    In terms of faster application and evaluation, we simplified some eligibility and assessment criteria, like the requirement to propose specific packages and rates, and collapsed the separate access and transport categories in order to simplify things. We have reduced the amount of information required at all stages of the funding process. We’ve consolidated separate reporting requirements.

    In terms of reducing barriers for Indigenous applicants, we have made a number of changes, including on consultation, consent, outreach, and engagement, all en route to a stand-alone process we’re running to create a distinct Indigenous stream to the Broadband Fund process, and with the help of the Indigenous Relations Team we’ve stood up within the CRTC.

    Finally, in terms of making our mapping make more sense, we’ve dropped the hexagons for a call-by-call approach, expanded how we define major transportation roads, and provided a way to identify the roads that provide key linkages between communities.

    These improvements are part of our ongoing review of the Broadband Fund. I know that many in this room are deeply concerned about subsidized overbuilds that harm the business case for fibre you have already built or are engaged in building.  I encourage you to continue to engage with the CRTC and its staff to ensure we continue to have a good understanding of your operations and your concerns. Any further changes we make will be focused on our overarching goal: to help close the remaining connectivity gaps across the country effectively and efficiently.

    Fair marketplace

    Next, I want to take a few moments to detail our work on consumer protections as part of a competitive marketplace.

    Last fall, we published our Consumer Protections Action Plan, which summarizes our measures to ensure clear contracts, minimize bill shock, and promote transparency both in terms of how consumers are able to choose their provider, and in knowing what to expect from them.

    For those of you that feel that sometimes consumers switch providers without having the full picture as to what they are signing up for, these measures matter. They include elements like the Internet Code that sets out the consumer rules of the road for broadband. And continued support for the CCTS, the complaints arbitrator that enforces the Internet Code and contract performance more broadly. And rules around cancellations taking effect in a timely manner, and that ensure that when consumers want to change providers they can ask their new provider to cancel the old service on their behalf—and that everything that needs to happen behind the scenes to make this happen proceeds properly. And then there’s the speed testing we conduct to check the quality of this customer service across the marketplace.

    Rules like these protect more than just telecommunications customers. They also improve competition, ensuring consumers can make informed choices with a clear view of the prices they will pay over the life of the contract, even after sign-up specials expire; and what they will get for those prices.

    Like the other workstreams I mentioned, there is always more to do here, too. We are currently engaged in a series of four consultations around making it easier to choose, change, and cancel a plan.

    The first one is about clear rules for notifying customers when their plans or discounts are about to end. The second looks at fees that some service providers may charge when a subscriber cancels or changes a plan. The third consultation is around tools that providers give their subscribers to manage their plans, like online portals.

    And the fourth is about whether service providers should have to provide information in a standardized way to make it easier for Canadians to compare plans. To take a well-known example — we are all used to seeing nutrition labels when we visit the grocery store. We are considering a set common look and feel for information on broadband services, so that it can be conveyed in a consistent manner from one provider to the next, just like the labels on your cereal boxes and granola bars.

    We will also continue to build on the work of other government departments to help improve reliability and in particular, the impact on Canadians when there is an outage or disruption. As some of you are aware, we have an interim outage reporting framework in place. But we have also consulted on moving towards a more sustainable outage reporting framework are planning an upcoming consultation on clear communication with subscribers.

    Please visit our website, and work with your trade associations and advisors, to stay up to date on these proceedings and on our progress with our consumer protection workstreams. As always, your input matters a great deal to what we do. When you intervene on the record of our proceedings, we’re able to take it into account and consider it in our final decision.

    Security, reliability, and resiliency

    One last thing. At the CRTC, we are part of a larger government effort to protect Canadians from spam and other electronic threats. We have all read the headlines over the last few years about botnets, which are networks of infected devices.

    In 2022, we found that Canadians need better protections from botnets, which often are designed to steal personal and financial information, along with other malicious malware, and we decided to develop a framework for allowing Internet providers to responsibly block malicious traffic. We eventually tasked an industry steering committee to help develop standards consistent with our guiding principles for when such blocking is permitted: necessity, customer privacy, accountability, transparency and accuracy.

    The working group filed its report with the CRTC. Our staff have been conducting a thorough analysis of the report and the comments filed in response to it. We will be publishing our decision this spring, so more to come on this front.

    Late last year, everyone in our sector sat up straight and paid attention when public news stories about what Microsoft dubbed “Salt Typhoon” hacking into, and intercepting traffic on, the networks of several major U.S. telcos.

    Virtually every regulated sector, from energy to rail to securities, has baseline cybersecurity requirements for sector companies. We know that this issue is top-of-mind for both government and the private sector. And I know that, in general, Canadian telcos are extensively involved in cybersecurity and in key working groups to cooperate on it.

    We at the CRTC stand ready to do whatever part we’re called on to play to help ensure that the important goal of sector-wide baselines is achieved. At the same time, so many of the standards and certifications out there are so similar to one another. What standards are you able to meet, or certifications are you able to obtain, to help demonstrate and formalize your network hygiene? There are basic, practical steps telcos of all sizes can take to ensure they are fully secured.

    Conclusion

    I think that is a good place for me to wrap up today, as we have now come full circle. Everything I have discussed today comes back to the CRTC’s overarching goals for the telecommunications sector.

    We want a telecommunications sector that works for telcos of all sizes, and provides all Canadians with high-speed, reliable and affordable services. One where real choice and robust competition leads to those lower prices, while at the same time encouraging investment in high-quality networks. Just as you steward your subscribers’ connections to the digital world, we at the CRTC are the stewards for the playing field on which you do it. And we are working hard to optimize the way that that playing field is structured.

    So I’ll close with my usual message. Take a minute to get involved. To talk to us. To reach out to your regional CRTC Commissioner, wherever you may be in the country, to have your voice heard, and perhaps to have us out to see how your network works so that we can really understand what’s going on.

    And, ultimately, to intervene in our proceedings, whether directly or through organizations like CITA or ITPA — or both — in order to continue to make sure that the rules and frameworks we develop and revise take your voices, experiences, situations, and concerns into account.

    Thank you.

    MIL OSI Canada News

  • MIL-Evening Report: Living in ‘garbage time’: when 500 million Chinese change their spending habits, the world feels it

    Source: The Conversation (Au and NZ) – By Christian Yao, Senior Lecturer, School of Management, Te Herenga Waka — Victoria University of Wellington

    B.Zhou/Shutterstock

    China’s economic rocket ride appears to be ending – or slowing, at least. Growth has declined from 8.4% in 2021 to 4.5% today, youth unemployment has climbed to 16.9%, and cities are filled with unfinished buildings after the collapse of property developer Evergrande in 2024.

    For a while now, a phrase has been buzzing on Chinese social media sites Weibo and RedNote to describe what’s happening: “garbage time”.

    Borrowed from basketball slang, it refers to the final minutes of a game whose outcome is already decided. The best players sit out. The bench players take over. No one tries as hard because there’s less at stake.

    The term caught on last year and seems to capture a mixture of sadness and dark humour. Basically, people now seem to expect less. It’s not so much an economic crash as a slow decline of hope.

    For those born in the 1980s and 1990s, who grew up during China’s four decades of fast growth, this is a major shift. Wages aren’t climbing, houses are losing value and jobs in tech and finance are harder to find.

    But “garbage time” is also making room for younger and middle-class Chinese to redefine success and contentment. With good jobs, luxury goods and home ownership now harder to attain, a generation is questioning what matters most in a changing socioeconomic landscape.

    From Prada to ‘living light’

    Only ten years ago, many in China’s middle classes were chasing big dreams: they bought homes and designer brands, and sent their children overseas for schooling. “Getting rich is glorious,” former leader Deng Xiaoping once said.

    Many Chinese fully embraced this idea. According to a 2021 study of millennial consumption habits, 7.6 million young Chinese spent an average of 71,000 yuan (US$ 10,375) on luxury goods in 2016, approximately 30% of the global luxury market.

    Now they appear to be changing course, putting that kind of spending on hold because of financial anxiety.

    Take the rising phenomenon of “tang ping”, for instance, which is seeing more young people embrace “living light” and rejecting hustle culture. Or the notion of “run xue” or “run philosophy” – literally the study of how to leave China.

    Young Chinese are marrying later, too, with rising wedding costs and changing attitudes to traditional family values seen as the main reasons.

    Shopping habits appear to confirm the trends. Xianyu, China’s biggest online used-goods seller, reached 181 million users in 2024. Sales topped one trillion yuan, ten times the 2018 level. Chinese car maker BYD now outsells prestige foreign brands.

    This is about more than just saving money. Traditionally, Chinese culture has valued career success and family status, but job scarcity and falling house prices are challenging old assumptions.

    Young Chinese are now questioning the value of hard work in a system that may no longer reward it. They increasingly value personal wellbeing over chasing status. If the trend continues, it could see a new sense of middle-class identity emerge.

    Middle-class Chinese are increasingly turning away from luxury brands.
    B.Zhou/Shutterstock

    Ripples hit the world

    The global implications of all this are significant. When 500 million people change their spending habits, global markets notice.

    A once favoured brand like Apple has lost ground while local brand Huawei gained. Homegrown sportswear maker Li Ning is challenging Nike. Companies that planned for seemingly endless Chinese growth are having to recalculate. Along with other regulatory and geopolitical complexities, this makes planning harder.

    School and work life is changing too. China’s intensive education system has seen pushback from some students and its “996 work culture” (9am to 9pm, six days a week) is fading.

    Overall, China’s economic sprint is slowing to a steadier pace. And this deceleration of the economic model that drove the nation’s rise presents major challenges for its government.

    With Donald Trump’s tariff policies looming in the background, China’s imports declined at the start of this year. Exports still grew, but at a much slower rate.

    The middle-class has been both the engine and the beneficiary of China’s extraordinary growth. But with 40% having seen their wealth decline in recent years, robust consumer confidence cannot be assumed.

    Whether this is a long-term trend or merely a strategic adjustment, for now it seems a new economic identity is emerging. Either way, one thing is certain: when the world’s second-largest economy changes how it spends, everyone feels it.

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

    ref. Living in ‘garbage time’: when 500 million Chinese change their spending habits, the world feels it – https://theconversation.com/living-in-garbage-time-when-500-million-chinese-change-their-spending-habits-the-world-feels-it-253341

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: At Senate Hearing, Senator Murray Highlights Devastating Cuts to VA Workforce, and Presses Nominees on Willingness to Comply with the Law

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    ICYMI: Senator Murray, VA Researchers, Employees, Contractors in WA State Slam Trump & Elon’s Plans to Decimate VA With Further Mass Layoffs, Harm Services Veterans Rely On

    ICYMI: Murray Statement on Trump & Elon Plans to Decimate the VA, Firing 80,000 Employees and Putting Veterans’ Care in Grave Danger

    *** VIDEO of Senator Murray’s Remarks and Questioning HERE***

    Washington, D.C. — Today, at a Senate Veterans’ Affairs Committee hearing to consider pending nominations, U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Veterans’ Affairs Committee, questioned Lieutenant Colonel James Baehr, nominee to be the General Counsel for the U.S. Department of Veterans Affairs (VA), and Captain Richard Topping, nominee to be Chief Financial Officer at VA. Senator Murray pressed the nominees on the Trump administration’s plans to fire over 80,000 VA employees, and how those cuts will harm veterans’ earned benefits and services. Senator Murray also underscored her concern with how this administration is picking and choosing which laws to follow instead of reviewing compliance with every law Congress passed to ensure care for veterans.

    Senator Murray began by emphasizing the sacred oath we make to our veterans, that we will take care of them when they return home, and questioning Mr. Baehr on the impact of mass firing tens of thousands of employees at VA. “I, and many of us, are very concerned about Trump’s plan now to fire over 80,000 VA employees and how that would seriously disrupt veterans being able to access not just their obviously, education benefits, but their disability benefits, their home loan benefits, all that they’ve earned.”

    “Do you support those widespread cuts to VA’s workforce?,” Murray asked Mr. Baehr.

    Mr. Baehr dodged the question, saying: “I’m not at the VA and have no role in any of those choices or decisions. As an individual who uses VA myself, of course I want to ensure we have the best services and benefits—I also as a veteran want to see the VA improve and I think this entire committee does as well. So, I would review the law, and I would advise the Secretary on following a legal path and pursuing his vision for putting the veteran at the center of all that we do, if confirmed.”

    Senator Murray followed up, “Do you think that firing 80,000 people will make it more or less difficult for veterans to get access?”

    “I have not looked at the situation myself,” Mr. Baher replied, dodging again. “And I don’t know—I have just read the public reporting on it. I understand there is some exempt positions. The Secretary said that he is focused on care for veterans and making sure veterans don’t lose care or benefits. So, I don’t know where those opportunities for efficiency, or not, exist in this system. My role, if confirmed, would be to ensure that everything we do is lawful and compliant with Title V, Title 38, and other rules and regulations.”

    Senator Murray continued, asking Mr. Topping and Mr. Baehr on the ability of DOGE and the Trump administration to pick and choose which laws to follow: “I would just remind all of us that this is a people organization and if we fire 80,000 people, it’s going to be really challenging and difficult—if not impossible—for our veterans to get the care and benefits that they’ve earned… This Committee has worked to pass a lot of really important pieces of legislation that require vital changes at the VA. That includes the Caregivers Program that passed when I was chair of the Committee, as well as the Deborah Sampson Act and of course the PACT Act, which just passed recently. During Secretary Collins’ nomination hearing, he testified that he agreed with providing vital health care and benefits to veterans, and that we have to get it right.”

    “However, I just have to say—I have really serious concerns that this administration now is picking and choosing which laws to follow, which means not living up to the promises we have made our veterans and really ignoring the intent of Congress. For example, we know that VA is doing a review to determine whether it is fully compliant with the MISSION Act, but not reviewing compliance with any other piece of legislation. Mr. Topping let me just start with you, is the PACT Act less important that the MISSION Act?”

    Mr. Topping responded, “Senator, I think all the legislation passed by this Congress is important.”

    “Should VA pick and choose which laws to follow?” Senator Murray pressed.

    Mr. Topping replied, “Senator, I think like any organization with limited resources, time, and capabilities, there is always a prioritization, none is more or less important. But I think what the Secretary said he’s doing is—he’s focused on maximizing efficiency, redeploying those resources so they’re front-facing and essential of veterans, and ensuring that the veteran remains at the center of everything that we do. I am not there, I am not exactly sure how the prioritization works, but I understand what the Secretary has articulated his goals to be.”

    Senator Murray turned the same question to Mr. Baehr, to which he replied: “I believe that the VA should follow all the laws, and if confirmed I would advise the Secretary on how he can fulfill his role in the best course of action with all the laws and regulations that are passed by Congress.”

    “I just have a few seconds left and I just want to ask you, Mr. Baehr, do you think it’s legal for DOGE to have access to veterans’ personal information?” Senator Murray followed up.  

    Mr. Baehr responded, “Senator, again, I am not at VA, and I am not familiar with what is going on. I’m just operating with what I have read in the public news. And there are… significant protections for veterans’ information. All three veterans before you, our information is in VA, so we are certainly sympathetic. I don’t want anyone looking at my podiatry records or other…”

    “Personal, financial, health, all of that,” Senator Murray interjected. “So, if the Department is given directives by DOGE, or by the White House, that you believe are illegal, will you follow those directives?”

    “I will always pursue the Constitution and follow the laws. I don’t believe I will be given illegal directives, but I will always follow the law,” Mr. Baehr replied.

    Senator Murray was the first woman to join the Senate Veterans’ Affairs Committee and the first woman to chair the Committee—as the daughter of a World War II veteran, supporting veterans and their families has always been an important priority for her. Senator Murray has been a leading voice in the Seante speaking out forcefully against President Trump and Elon Musk’s mass firing of VA employees and VA researchers across the country and Elon Musk and DOGE’s infiltration of the VA, including accessing veterans’ sensitive personal information. In recent weeks, Senator Murray and her colleagues sent letters to VA Secretary Doug Collins demanding that the VA swiftly reverse moves to cut VA researchers, as well as multiple letters pressing Secretary Collins to sever Elon Musk and DOGE’s access to any VA or other government system with information about veterans, and protect veterans, their families, and VA staff from unprecedented access to sensitive information. Senator Murray grilled Trump’s nominee for VA Deputy Secretary, Dr. Paul Lawrence, on the mass firings of VA employees and VA researchers, and voted against Doug Collins’s nomination to be VA Secretary in early February, sounding the alarm over reports of DOGE at the VA and making clear that the Trump administration’s lawlessness was putting our national security and our veterans at risk.

    A fact sheet outlining how Trump and Musk are endangering Veterans’ care is HERE.

    MIL OSI USA News

  • MIL-OSI USA: Durbin, Rounds Introduce Bipartisan Legislation To Retain International Graduates With Advanced STEM Degrees

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    April 01, 2025

    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, and U.S. Senator Mike Rounds (R-SD) today introduced bipartisan legislation that would streamline the path for advanced Science, Technology, Engineering, and Mathematics (STEM) international graduates who studied at our nation’s universities to remain in the United States. Last year, nearly half of U.S. graduate students in key fields such as artificial intelligence (AI) and semiconductor-related programs were born abroad. U.S. Senator Angus King (I-VT) is a cosponsor of the Keep STEM Talent Act.

    “Maintaining a strong STEM workforce strengthens our economy, creates jobs, and enhances our ability to compete on the world stage,” Durbin said. “By denying international students with advanced STEM degrees the opportunity to continue their work in America, we are losing their talents to countries overseas and won’t see the positive impacts of their American education. I thank Senator Rounds for joining me in this commonsense and bipartisan effort.”

    “Legal, highly skilled STEM immigration is crucial for our nation and has opened doors for talented immigrants like Albert Einstein to come to America,” said Rounds. “Particularly with the advancements of artificial intelligence and cybersecurity, we must keep talent in the United States and stay ahead of our near peer competitors such as China and Russia. This bill enhances national security by imposing new, stringent vetting requirements, while also making certain talent stays serving the United States, not our adversaries.”

    Specifically, the Keep STEM Talent Act:

    • Addresses Green Card Backlogs: This legislation would exempt advanced STEM graduates who are educated at U.S. universities and have a job offer in the United States, along with their spouse and children, from numerical limitations for employment based green cards. 
    • Protects U.S. Workers: This legislation would protect American STEM workers by requiring that employers sponsoring foreign STEM graduates under this bill recruit U.S. workers first and agree to pay workers hired above-average wages.   
    • Permits Dual Intent: Currently, a student visa holder cannot apply for a green card while in student status. This legislation would allow advanced STEM degree students at U.S. universities to have a dual intent, meaning that they will not lose their student visa status if they are sponsored by an employer for a green card.
    • Imposes Rigorous Vetting: This legislation requires advanced degree students in STEM fields to apply for a visa or status before starting their advanced degree program, requiring them to undergo rigorous vetting and address any national security or counterintelligence concerns prior to being approved for student status.

    Endorsers of the Keep STEM Talent Act include: the Institute of Electrical and Electronics Engineers USA; American Mathematical Society; American Physical Society; the Department for Professional Employees, AFL-CIO; American Federation of Teachers; SPIE, the international society for optics and photonics; Association of American Universities; Information Technology Industry Council; American Council on Education; International Federation of Professional and Technical Engineers; Society of Women Engineers; NAFSA: Association of International Educators; Optica; American Federation of Labor and Congress of Industrial Organizations.

    -30-

    MIL OSI USA News

  • MIL-OSI China: China unveils plan to boost financial support for tech innovation

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

    BEIJING, April 1 — China on Tuesday unveiled a plan to strengthen financial services for technology-based enterprises, as part of the country’s efforts to promote integrated advancements in technological and industrial innovation.

    The plan, jointly issued by the National Financial Regulatory Administration, the Ministry of Science and Technology and the National Development and Reform Commission, outlines measures to boost financial services including service mechanism establishment, product supply, specialized services and risk control capabilities.

    The plan aims to promote the establishment of a financial service mechanism, supporting parties such as governments at all levels, technology firms, financial institutions, venture capital funds, and third-party intermediary service agencies in building a multi-level technology financial service ecosystem.

    Efforts will be made to bolster services in technology credit and insurance, promote the pilot projects of technology finance policies, strengthen cooperation with institutions such as venture capital, and support the bond financing of technology-based enterprises.

    Financial institutions are encouraged to leverage advanced technologies including cloud computing, big data and artificial intelligence to develop digital business tools to enhance operational effectiveness and risk control capabilities.

    Financing guarantee services will be enhanced for technology-based enterprises, with the establishment of a differentiated assessment and evaluation system, according to the plan.

    MIL OSI China News

  • MIL-OSI Economics: Consultation on the Future System for Monetary Policy Implementation in Australia – Summary of Stakeholder Feedback

    Source: Reserve Bank of Australia

    The Reserve Bank of Australia (RBA) today released a summary of the stakeholder feedback received in response to a consultation paper titled ‘The Future System for Monetary Policy Implementation’. The feedback informed recent changes to the configuration of the RBA’s open market operations (OMO), as discussed in a speech by Assistant Governor (Financial Markets) Christopher Kent.

    The consultation paper presented principles and options regarding the design of the future system and sought feedback from stakeholders on a list of topics. This list focused on the configuration of full allotment repo in the RBA’s OMO, the potential impacts of OMO repo on Australian financial markets, the demand for reserves and the role of non-repo operations.

    Eleven written responses were received, mostly from Australian and global banks. The RBA later met with some respondents to discuss their submissions in more detail. The summary released today is based on information received from these written responses and follow-up meetings.

    The RBA thanks respondents for their engagement with the consultation, and will continue to engage with stakeholders on the design of the monetary policy implementation system.

    MIL OSI Economics

  • MIL-OSI Australia: The RBA’s Monetary Policy Implementation System – Some Important Updates

    Source: Airservices Australia

    Introduction

    I would like to thank KangaNews for the opportunity to discuss some important updates to the system for monetary policy implementation in Australia. The Reserve Bank Board discussed this late last year, and we are now ready to announce operational changes to our Open Market Operations (OMOs) that will support the transition to ample reserves.

    Monetary policy implementation is at the core of the financial system’s plumbing. It is how we give effect to changes in the cash rate target, influence other money market rates and provide liquidity to the banking system. Importantly, it enables us to conduct monetary policy in a way that best contributes to both price stability and full employment.

    The RBA achieves this by providing banks access to Exchange Settlement (ES) balances – otherwise known as reserves. Banks use these funds to settle payments with other banks and the RBA. Banks also hold reserves for precautionary and regulatory purposes. In response to various price signals, and to help manage their reserves and deal with their funding needs, banks borrow and lend reserves in money markets. These transactions underpin key interest rates in the Australian economy – such as the cash rate and short-term money market rates like bank bill swap rates.

    An effective monetary policy implementation system is critical for all market participants. It aids in the smooth transmission of monetary policy, supports good functioning of money markets and hence other key financial markets, and encourages greater resilience in the financial system.

    In March last year, the Reserve Bank Board endorsed the new system for implementing monetary policy. Banks’ demand for reserves would be satisfied in full at our OMOs, at a price near the cash rate target, using full allotment repurchase agreement (repo) auctions. We call this system ‘ample reserves with full allotment’ because it supplies as many reserves as banks demand at our OMOs.

    In April last year, I discussed why the Board endorsed this framework. In brief, it is a simpler and more robust system for us to operate compared with the alternatives. It is also similar to systems used by other central banks, including the European Central Bank and the Bank of England. Banks will determine the amount of reserves they hold to suit their liquidity needs. The system is resilient to structural changes affecting banks’ underlying demand for liquidity as well as policies that might affect the size of the RBA’s balance sheet (such as unconventional policies if they were to become necessary again). At the same time, it implies a materially larger steady-state balance sheet for the central bank compared with pre-pandemic times.

    Over the past year or so, we have been working on the detailed design of this system, and today I am announcing some important changes. I stress that these changes are operational in nature. They do not represent or signal a shift in the stance of monetary policy. Nor do they have a bearing on the Monetary Policy Board’s current approach to allowing bond holdings acquired during the pandemic to mature.

    Specifically, effective from 9 April 2025, we will:

    • increase the price of all new OMO repos by 5 basis points to 10 basis points over the cash rate target; OMO will continue to be offered at a floating rate
    • introduce a seven-day term, in addition to the existing 28-day term, at each weekly OMO.

    Before outlining the Reserve Bank Board’s deliberations and explaining why we have decided to make these changes, I want to review recent market developments.

    Recent developments in markets

    Reserves have declined around $110 billion over the past year (Graph 1). Most of this reflected the final repayment of the Term Funding Facility (TFF) in June 2024. Subsequently, the level of reserves has fluctuated around $240 billion, and the cash rate has remained close to, but slightly below, the cash rate target.

    Activity at our OMOs increased from around $3 billion a week in the June quarter of 2024 and has stabilised around $7 billion. This increase occurred shortly after the final repayment of the TFF, alongside a broader tightening in liquidity conditions in money markets globally. In response, banks accessed more reserves from OMO, and some of those funds appeared to have been recycled into other money markets. This was an early indication that the full allotment system was working as intended – reserves rose automatically in response to an increase in demand for liquidity while increases in money market rates were largely contained (Graph 2).

    Current market conditions suggest that the transition to ample reserves – that is, a level of supply that is in balance with banks’ underlying demand – is ongoing. The stock of reserves remains elevated, reflecting the bonds still on the RBA’s books that we purchased during the pandemic. Our expectation is that reserves will continue to decline gradually for a time in response to the decline in the RBA’s bond holdings. Eventually though, the supply of reserves will approach banks’ underlying demand, and thereafter banks’ participation in OMO should pick up to offset the effect of further declines in the RBA’s bond holdings.

    Underlying demand for reserves is hard to estimate and it will only become evident as we approach ample reserves. We have done modelling work and banks have also provided us with estimates of their own demand for reserves. This suggests that underlying reserves could be anywhere between $100 and $200 billion. An advantage of our full-allotment system in the face of such uncertainty is that the transition to ample reserves can occur without us needing to know the level of banks’ underlying demand ahead of time. OMO use will rise automatically. Such a move, combined with an assessment of market conditions and liaison with the banks, will indicate when reserves have reached an ‘ample’ level. Private market activity may also increase as we approach this point – particularly in the short-term repo and cash markets. This is because banks wanting additional reserves on non-OMO days will seek to borrow them in private markets. Other banks can lend reserves if they have more than they need. The scale of this activity will depend in part on the extent to which banks choose to economise on their reserve holdings, given that obtaining reserves at OMO and leaving them in ES accounts comes at a cost to the banks. I will come back to this point in a moment.

    Principles for an ample reserves system

    Over the past year, the RBA has consulted banks, estimated the underlying demand for reserves, and considered the ways in which the new ample reserves system might operate. We have published a summary of consultation responses on our website today; thank you to those who contributed. This work informed discussions at the Reserve Bank Board late last year at which three key principles for the ample reserves system were considered:

    1. Sufficient monetary control. The Board agreed that the primary objective for monetary policy implementation was to achieve sufficient ‘monetary control’. This involves the cash rate trading close enough to the target with other short-term interest rates tethered to the cash rate to be consistent with the desired stance of monetary policy.
    2. Supporting private markets. The Board agreed that we could achieve the primary objective of monetary control while still allowing deviations of the cash rate from target. Allowing the cash rate to trade within a modest range will avoid the RBA having an overly large presence in markets and thereby encourage banks to use private markets. Well-functioning private markets will help banks to better manage their funding needs in normal times and times of stress. Banks can be encouraged to use private markets by setting the price for OMO in a way that avoids the RBA having an overly large presence in the repo market. Using a mix of different operations to supply reserves could also be used to avoid an overly large presence in any one market.
    3. Minimising risk to the RBA balance sheet. Providing reserves carries risks for the RBA – both financial and operational. The size and nature of the risks depend on the quantity of reserves as well as the characteristics of the operations used to supply them. Under an ample system, the RBA will provide more reserves compared with the earlier corridor system. OMOs do not carry interest rate risk because the floating rate of our OMOs is linked directly to the rate we pay on our liabilities. However, the use of other operations to supply reserves could entail financial risk.

    A key question we considered was how to balance these principles given there is some tension between them. For example, we could have a high degree of monetary control by setting a low price for OMO close to the ES rate. But that would encourage banks to obtain a lot of reserves via OMO, crowding out private market activity and implying a large balance sheet for the RBA. Decisions on the configuration of OMO as well as the mix of other operations to supply reserves will need to balance these various trade-offs.

    Changes to the configuration of our OMOs

    We have been running full-allotment OMOs since the onset of the pandemic. We switched these from daily to weekly auctions from October 2021. We then offered a term of 28 days and at a price 5 basis points above overnight indexed swaps from early 2022. We then switched this price to a floating rate that was 5 basis points above the cash rate target from February of last year. The system has worked well under an excess reserves system and has delivered an acceptable degree of monetary control. However, as reserves will decline further, and demand for OMO will pick up when reserves are no longer in excess of banks’ underlying needs, we judged that some further changes were warranted.

    A key issue is that at a price of 5 basis points above the cash rate target, meeting a large increase in the demand for funds at OMO might impair, at least at the margin, the health of other private money markets. Similarly, this low price for OMO will lead to a larger RBA balance sheet than otherwise and implies a tighter degree of monetary control that we judged to be necessary. At the same time, the current 28-day tenor is too long for those banks that may need additional reserves for only short periods, and it is much longer than the tenor of some key markets, particularly for overnight cash.

    The changes I have announced will better allow us to balance the various trade-offs between meeting the three principles I have outlined. The two changes effective from 9 April 2025 are:

    • We will increase the price of all new OMO repos from 5 basis points to 10 basis points over the cash rate target.
    • We will offer a seven-day tenor in addition to the current 28-day tenor.

    Auctions will continue to take place once a week (generally on a Wednesday morning).

    An OMO rate of 10 basis points over the cash rate target remains consistent with the Board’s desired degree of monetary control. Under this higher OMO price, we expect the cash rate will trade within a reasonable range of the cash rate target. Accordingly, the cash rate, and other money market rates, will be consistent with the desired stance of monetary policy.

    Importantly, this higher price for OMO implies a lower overall demand for reserves than otherwise. The higher price will provide more of an incentive for participants to recycle reserves in private markets. Banks can still come to OMO to acquire reserves to meet their payment needs and obtain ‘precautionary reserves’ for unexpected liquidity needs or to lend to others. But the higher price will reduce banks’ incentives to obtain more reserves at OMO than necessary. A bank can make good use of private markets as a source of reserves if they face an unexpected need for funds.

    Offering a seven-day tenor has a couple of benefits. OMO will provide a closer substitute to overnight cash and funding from other short-term money markets. By itself, this will strengthen the degree of monetary control over those key markets. This decision is also consistent with feedback from market participants that a shorter tenor would help them to better manage their liquidity needs. However, respondents to the consultation also expressed an interest in the 28-day tenor. Retaining that longer tenor allows banks and the RBA to more efficiently manage their OMO activity by reducing operational burdens associated with more frequent rolling of positions.

    During consultation some market participants wanted more frequent operations, but we believe the current weekly auction is enough to anchor the cash rate and other money market rates to the target. This setup also encourages banks to use private markets, especially on non-OMO days. In line with APRA’s standards, banks must have strong frameworks for forecasting their liquidity demands and managing their liquidity risks. These processes are becoming more important as banks need to increasingly engage in private money markets to meet their liquidity needs.

    As we transition to the ample reserves system, the RBA and market participants will gain valuable insights. We will actively monitor market conditions, engage with banks, and respond if needed, including by adjusting our OMO or other administered rates.

    Features of the ample reserves system

    Private markets

    As we transition to ample reserves, some banks may need more liquidity than their current ES balances. One option is to borrow reserves from a bank with a surplus, benefiting banks on both sides of such transactions. This private activity may be associated with short-term volatility in money markets as prices adjust to supply and demand changes. Within reasonable bounds, this is a sign of healthy markets. Weekly full allotment OMOs will help banks meet their liquidity needs. But to limit volatility, banks should be ready to transact in various markets, including the cash market. Banks might use OMOs to acquire reserves for precautionary reasons or to lend into other markets when prices are high. Over time, banks will refine their reserve management approaches in the ample reserves system.

    The RBA’s overnight standing facility

    If banks face unexpected liquidity needs on a non-OMO day or after OMO has taken place, and cannot find liquidity on suitable terms in private markets, we would expect and encourage them to use the RBA’s overnight standing facility (OSF). This facility provides reserves overnight at 25 basis points above the cash rate target, thereby limiting deviations in money market rates from the cash rate target set by the Monetary Policy Board. While the price is set to avoid displacing private market activity, it provides an incentive for banks to use the facility when other sources are more expensive.

    Historically, market participants have been reluctant to use this facility. However, both the RBA and APRA expect that banks should use the OSF as part of their liquidity management if they fall short on their daily liquidity needs. We will encourage its use as part of the new normal.

    In the rare case of broader stress across the banking system, the RBA could run an unscheduled OMO. But that would not be the standard approach in the case of a few banks requiring additional liquidity that could otherwise be provided in the market or via the OSF.

    Other operations

    In addition to our open market repo operations, the RBA plans to use other operations to provide reserves across a range of markets, including foreign exchange swaps and purchases of short-dated government bonds. We would not use these to influence rates or liquidity in those markets. Rather, they will help the RBA to limit the extent of our footprint in any one market, particularly the repo market, and manage operational risks. The use of these operations is expected to be some time away since reserves supplied via OMO should gradually rise to meet demand as the supply of reserves from our existing bond holdings declines. We will outline our plans for these operations before actively using them to manage monetary policy implementation.

    The rate paid by the RBA on reserves

    When the RBA moved to an excess reserves system in March 2020, banks had little need to borrow in the cash market, and the cash rate became closely anchored to the ES rate (Graph 3). The Reserve Bank Board narrowed the spread between the cash rate target and ES rate to 10 basis points and announced the ES rate in its monetary policy decisions. As we continue to transition to ample reserves, borrowing rates in private markets will rise as demand for liquidity from those sources increases, partly due to the higher rate at our weekly OMO. Consequently, the ES rate will be less significant as an anchor. Because of this, starting in May the Monetary Policy Board will announce the cash rate target in its decisions but not the ES rate.

    Moreover, from time to time the RBA may adjust the ES rate if that will help to better meet the objectives of the ample reserves system. For example, we may need to provide market participants with more of an incentive to recycle excess reserves by altering the ES rate, thereby changing the opportunity cost of holding reserves. Any such adjustments would be purely operational in nature and would not represent a shift in the stance of monetary policy. Indeed, such changes in the ES rate could occur as needed. While we would convey these clearly to the market, such changes would not require the approval of, or announcement by, the Monetary Policy Board.

    Next steps

    To reiterate, the changes to our operations will take effect on 9 April 2025.

    It is important that banks focus on their liquidity management practices as we continue to transition to the ample reserves system. During the excess reserves period, many did not need to top up their reserves, but now all banks must be ready to use our facilities and transact in private markets.

    The RBA and APRA will encourage banks to use the overnight standing facility as needed as part of their routine liquidity management. Today we have released a joint statement to emphasise this commitment and together we will engage with banks to ensure they understand the role of the OSF and are comfortable and ready to use it to manage liquidity as the system transitions to an ample level of reserves.

    Meanwhile, we will continue to monitor conditions in key markets, including by talking regularly with market participants.

    Finally, I stress that these changes have no implications for the stance of monetary policy. They do, however, represent important changes in the plumbing that supports the transmission of monetary policy and underpins critical activities across the financial system.

    MIL OSI News