NewzIntel.com

Category: Economy

  • MIL-OSI Australia: Another tranche of proposed financial advice changes lands

    Source: Allens Insights (legal sector)

    The QAR recommended that superannuation fund trustees should be able to provide personal advice to their members about their interests in the fund, taking into account the member’s personal circumstances, including their family situation and social security entitlements if that is relevant to the advice. The review also recommended removing the restrictions on collective charging of fees.

    In its response, the Government said it would clarify the topics for which superannuation funds can charge for advice and the circumstances they can consider in providing advice about a member’s interest in the fund, and to allow collective charging for advice on these topics. The Bill amends section 99F of the SIS Act to enable regulations to be made to specify circumstances in which advice will be taken to relate to the member’s interest in the fund.

    The ‘Advice through superannuation’ document released with the draft Bill sets out proposed permitted advice topics (superannuation contributions, investment options, insurance held through superannuation, and retirement income), and permitted circumstances that may be taken into account in giving advice (household cashflow and income, household assets outside super, financial position of spouse, household debts and liabilities, and eligibility for government benefits). It also lists proposed ‘disallowed topics’ that are taken not to relate to the member’s interest in the fund (purchase or disposal of assets held outside super, ‘holistic financial planning’ and estate and tax planning).

    The proposed rules broadly align with the existing position under the law, although having the topics specified in regulations might give trustees more confidence about giving intra-fund advice.

    however, as is the case now, the intra-fund advice rules will continue to be a prohibition, not permission, and they will continue not to provide any relief from other obligations. Therefore, trustees will also need to continue to comply with the other charging rules, the best financial interests duty, the sole purpose test and the requirement to allocate costs in a fair and reasonable manner across members.

    MIL OSI News –

  • MIL-OSI Europe: Piero Cipollone: Interview with Expansión

    Source: European Central Bank

    Interview with Piero Cipollone, Member of the Executive Board of the ECB, conducted by Andrés Stumpf

    24 March 2025

    The last ECB Governing Council meeting left the door open for a pause in interest rate cuts, or even stopping them all together. Would you be OK with rates remaining at their current level of 2.5%?

    At the time of our March meeting, markets were pricing in a reduction in interest rates over the coming months, including going below 2%, with rates stabilising around that level. To produce our macroeconomic projections we take as given the rate path being priced in by markets and, despite rates being on a downward trajectory, the projections showed inflation converging towards our target at the beginning of 2026, with slightly weaker growth.

    Since then, not only has this narrative been confirmed, but key issues have arisen that have strengthened the arguments in favour of continuing to lower rates. First, energy prices have fallen significantly. The upward revision to projected inflation for this year was based on increased energy costs, but the pressure has eased as this trend reverses. Second, the euro has appreciated and real rates have increased, which contributes to lower inflation.

    And if the United States were to impose tariffs on European exports, that would have a negative impact on demand, which would further strengthen the downward trend in inflation. In the same vein, trade tensions between China and the United States could lead to China redirecting its products to the European market, increasing the downward pressure on prices.

    So will you continue cutting rates?

    We will go into each meeting with an open mind, assessing the available data and taking decisions on a meeting-by-meeting basis. Each adjustment will depend on how the economy evolves and how the uncertainties are resolved, but current conditions make it conceivable that monetary policy will be less restrictive as, at the moment, the outlook remains consistent with our March projections.

    In fact, according to the data we have available, we are likely to reach our inflation objective sooner than our latest projections indicate.

    The ECB’s latest statement signalled that monetary policy is now “meaningfully less restrictive”. Does this solely refer to the rate cuts that have already happened, or might it give us some hints about your next moves?

    That phrase alludes to the fact that we have already come a long way. It doesn’t say anything about the future, and we will go into the next meeting with new data that we will have to assess. If the path and our narrative are confirmed, from my perspective there is room to relax our monetary policy further.

    Would additional rate cuts get us to the famous, much-debated “neutral rate”, which is neither expansionary nor contractionary?

    It’s an interesting theoretical concept, but not particularly useful for conducting monetary policy. At the ECB we have sophisticated models and economists who analyse projections and risks. Their work provides crucial information that enables the Governing Council to take decisions on the basis of sound evidence. The neutral rate sparks an engaging debate, but the range [from 1.75% to 2.25%] is so wide that, depending on where you fall within this apparent neutral range, you could be conducting a totally different monetary policy.

    Europe currently needs substantial investment to tackle the climate transition and the loss of competitiveness, and now also for defence. Can the ECB help to mitigate this challenge?

    The ECB will contribute by providing a stable environment. For us, price stability and the expectation of price stability are essential elements because they encourage long-term planning. Families and businesses can plan, invest and take decisions accordingly.

    We are considering climate change, competitiveness and security challenges and the associated financing needs from that angle, analysing their economic and financial impact from the perspective of price stability. Aside from that, we’re getting into areas that aren’t within the ECB’s mandate.

    In any case, it’s important to avoid monetary policy keeping GDP growth below potential if that isn’t necessary to control inflation. If we are continually growing below potential we will end up undermining that potential. Investment is essential for supporting and growing the economy, and unnecessarily reducing investment can hamper long-term growth and make the economy more vulnerable to shocks.

    So, in this sense, our main contribution will be maintaining price stability, securing a stable economic environment and avoiding unnecessary restrictions on GDP growth.

    Recently you have signalled that the ECB shrinking its balance sheet could make monetary policy more restrictive and demand larger rate cuts.

    It’s more complicated than that. The large asset purchases we carried out in the past lowered long-term sovereign bond yields by as much as 175 basis points. Now, because of the reduction in the size of our balance sheet, this figure is 75 basis points and falling.

    But there’s another important factor. It’s not just about the size of central bank reserves, it’s also about their composition. ECB research shows that the composition of these reserves is very important for banks’ lending ability. The research estimates that debt portfolio holdings (under the ECB’s asset purchase programme (APP) and pandemic emergency purchase programme (PEPP)) will decrease by around €500 billion in 2025. This is associated with a possible €75 billion decline in credit supply. To put this into perspective, it is roughly equivalent to the amount of loans that banks granted to non-financial corporations in 2024.

    Therefore, we should bear in mind that, if nothing else happens, the reduction of the central bank balance sheet is putting pressure on banks’ lending capacity. So we need to monitor this effect and take it into consideration when calibrating our monetary policy stance.

    Growth in Spain is stronger and inflation is somewhat higher. Is the country at risk from the interest rate cuts?

    Inflation in Spain is currently slightly higher due to energy prices, and the stronger growth is in part also driven by supply factors, such as the impact of migration on the labour market. I think Spain’s growth is healthy.

    In any case, there have always been differences between euro area economies, and between regions in individual countries. The important thing is that there is convergence in economic and financial conditions, and we are actually seeing that in many respects. For example, despite all the volatility, risk premia have remained relatively contained.

    What is the current status of the digital euro?

    We are progressing as planned with our preparation phase, which will come to an end in October this year. We have been working on selecting providers. We’ve carried out the procurement process with potential suppliers and are about to finalise it. We are also developing the rulebook, and we’re working on ways to engage more with users.

    In the meantime, we are waiting for the legislative process to be completed. That is a key component.

    Are you optimistic?

    We know that progress has been made and we hope that the process will be concluded within a reasonable amount of time.

    One factor is important: there is a growing sense of urgency. The situation outside the euro area is a source of pressure and demands greater consideration of the risks we face in payments as a result of our fragility and our extreme dependence on foreign providers. I have the impression that this increased sense of urgency has now reached the legislators.

    At the European Parliament, President Lagarde argued that the digital euro is a tool of sovereignty. Would you agree with that?

    I fully agree with that statement. The digital euro is a structural necessity for the European payments market, irrespective of recent developments in other countries. However, recent events further underline the urgent need to make progress in this direction.

    The digital euro is key to reducing our foreign dependence as regards Europeans’ everyday payments. In addition, having more solutions across Europe will make us more competitive, which will lead to lower prices, better services and greater innovation.

    At a time of tensions between the EU and the United States, don’t you think that a public initiative designed to compete with US payment systems could cause further friction?

    I don’t think so, because it’s logical to think that each jurisdiction should have its own infrastructure that it can rely on. Payments are like water or electricity – essential services that every economy needs to ensure are available. In developing a digital euro, we are not seeking a confrontation with anyone. Implementing a digital euro is something that we should have done irrespective of the circumstances. It is about ensuring the resilience of our economy and that we are the master of our own destiny.

    The United States has abandoned plans for a digital dollar and other countries have also put their projects on hold. Why do you think the digital euro should go ahead?

    Every country and every region has its particular characteristics. In Europe we are facing specific challenges, like a fragmented payments market and a dependence on foreign solutions. Other countries and regions do not have the same problems and so may not see the same need.

    In any case, in the United States, there is a proposal that would allow stablecoins to hold their reserves with the Federal Reserve. This could be marketed as a form of hybrid digital dollar. In fact, some stablecoins present themselves as the world’s digital dollar.

    When will people be able to pay with digital euro?

    It very much depends on when the legislative process is finalised. The technical preparations and developments will take time, both on our side and for banks and the market. This could take some two or two-and-a-half years from the moment the decision to issue a digital euro is taken, once the legislation is in place.

    Do you have an estimate of the cost of the project?

    As the legislation is still pending and the procurement phase has not yet been finalised, it is difficult to say what the final cost of the project will be. In the procurement documentation we gave an initial estimate for the elements that will be sourced externally. This was based on market research we had carried out previously. These costs are estimated to be €432 million, including both the infrastructure and the operation of the system for 10-15 years. On top of that there will also be internal development costs, especially for the ledger. The ECB would bear these costs in the same way as it does for the production and issuance of banknotes. And like for banknotes, these costs would be covered by the seigniorage income generated by the digital euro.

    MIL OSI Europe News –

  • MIL-OSI: Tryg A/S – Q1 2025 pre-silent newsletter

    Source: GlobeNewswire (MIL-OSI)

    Tryg A/S – Q1 2025 pre-silent newsletter

    Tryg will conduct pre-close analyst calls and meetings during the week commencing on March 24, ahead of the Q1 2025 results, which will be released on April 11. This newsletter aims to inform capital market participants of the key factors influencing the company’s recent financial performance.

    Insurance revenue growth

    Tryg maintains a balanced distribution of insurance revenue across the Scandinavian countries, with approximately 50% of revenue generated in Denmark, 30% in Sweden, and 20% in Norway. In Q1 2024, Tryg reported insurance revenue of DKK 9,531m.

    From 2025 Q1 and onwards the commercial and corporate segments will be reported together in the segment named ‘Commercial’. The commercial segment will experience a smaller spillover effect into 2025 of the derisking of the corporate portfolio carried out in 2024. In general, the group revenue development remains in line with recent development.

    When converting earnings from local currencies to DKK, Tryg’s reporting currency, the expected average value of SEK 100 is DKK 65.6 (66.6 Q1 2024), and NOK 100 is DKK 63.4 (65.6 Q1 2024).

    Claims environment

    Underlying claims development
    Tryg operates a stable business and recent trends in underlying performance should thus be considered reliable indicators for short-term trends. The Group’s underlying claims ratio was 72.3% in Q1 2024. At the capital markets day (CMD) on 4 December 2024, Tryg mentioned that it expects a broadly stable to slightly improving underlying performance in the new strategy period towards 2027.

    Weather claims
    For Q1, normalised weather claims amount to 40% of the annual DKK 800m guidance, equating to DKK 320m. As a reminder, the annual expectation for weather claims is split as follows (in percentages terms): 40% in Q1, 10% in Q2, 20% in Q3 and 30% in Q4.

    In general, a milder than average winter with warmer temperatures has been recorded in Scandinavia. A couple of smaller storms have hit the region (Floriane and  Éowyn). It is important to remember that freezing temperatures always cause bursting pipe claims and more car accidents are reported during the winter due to more difficult weather conditions.

    Large claims
    On an annual basis, Tryg provides guidance for large claims amounting to DKK 800m, evenly distributed across quarters. Occasionally, information about large claims may be available in mass media or local press.

    Interest rates development
    For Q1, we expect an approximate discount rate of 2.3% at the time of writing. The discounting percentage was reported at 2.1% in Q4 2024.

    Run-off expectations towards 2027
    At the 2024 CMD, Tryg stated a long-term run-off expectation of ~2% towards 2027.

    Investment activities

    Tryg has divided its investment activities into a match portfolio (approx. DKK 44bn at Q4 2024) and a free portfolio (approx. DKK 17bn as per Q4 2024). As announced at the 2024 CMD, the free portfolio was derisked during Q4 2024 and is now mainly made up by Scandinavian covered bonds and government bonds (approx. DKK 13bn) and the real estate portfolio (approx. DKK 3bn). As a rule of thumb, the return on bonds can be modelled as 50% NYKRCMB2 and 50% NYKRCMG2 (Bloomberg tickers). For the real estate portfolio, a normalised annual return of 6.5% is assumed. The current buyback program of DKK 2bn started in December will impact the size of the free portfolio accordingly.

    The return of the match portfolio mainly consists of the return on premium provisions, which is expected at DKK 75m per quarter with the current level of interest rates.

    Additionally, the line ‘Other financial income and expenses’ is guided at DKK -90m per quarter and mainly consists of costs related to currency hedges, general balance sheet items and costs related to running the investment operation. As described in the newsletter on inflation hedging dated 17 March 2025, this line now also includes the net result of the inflation hedge. In the medium term, this is expected to average zero, but mismatches may occur in the short term.

    Other income and cost

    Other income and cost are expected between DKK -350m and DKK -370m on a quarterly basis. This is primarily driven by amortisation of intangibles related to the RSA Scandinavia acquisition.

    Number of shares

    At year-end 2024, Tryg reported 613,165k outstanding shares. Tryg announced a DKK 2bn share buyback at the CMD in December 2024, and as at 14 March 2025, 6,010,787 shares have been acquired in the quarter to date. The status of the buyback is announced each Monday at noon CET.

    Outlook statement from annual report 2024

    Tryg reported an insurance service result, adjusted for the more favorable-than-normal large and weather claims outcome, of around DKK 7.2bn in 2024 and it is now targeting its highest ever insurance service result of between DKK 8.0-8.4bn in 2027. The insurance service result is expected to increase gradually throughout the strategy period.

    Tryg will publish the Group’s Q1 results for 2025 on 11 April 2025 at around 7:30 CET.

    Conference call

    Tryg will host a conference call on the day of the release at 10:00 CET. CEO Johan Kirstein Brammer, CFO Allan Kragh Thaysen, CTO Mikael Kärrsten and Head of Financial Reporting Gianandrea Roberti, SVP  will present the results in brief, followed by a Q&A session.

    The conference call will be held in English.

    Date 11 April 2025
    Time 10:00 CET
     

    Dial-in numbers

     Pin code

    		 +45 (DK) 78 76 84 90

    +44 (UK) 203 769 6819

    +1 (US) 646 787 0157

    560768

    You can sign up for an e-mail reminder on tryg.com. The conference call will also be broadcast on this site. An on-demand version will be available shortly after the conference call has ended.

    All Q1 2025 material can be downloaded on tryg.com shortly after the time of release.

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: Improving outdoor play

    Source: Scottish Government

    £25 million for play park renewal.

    First Minister John Swinney is set to announce £25 million of funding to local authorities to invest in the renewal of play parks across Scotland. 

    All councils will receive a share of the funding to improve the standard of existing play parks – helping to ensure children have access to safe environments to play and socialise in. 

    The funding is supported by the Play Vision Statement and Action Plan for 2025 – 2030, which has been published today.  

    Speaking ahead of a visit to Woodhead Park in Kirkintilloch, as part of the East Dunbartonshire Travelling Cabinet event, the First Minister said: 

    “Playing is key to a child’s healthy development, and by enabling councils to invest in outdoor play parks, we will ensure families can access a safe, high-quality place to play within their communities.

    “This is all part of my driving mission to eradicate child poverty. Other steps we are taking include investing £3 million to develop mitigations for the UK Government’s two-child benefits cap, £37 million to deliver the expansion of the free school meals programme, and putting more money in families’ pockets through the Scottish Child Payment.”   

    COSLA Spokesperson for Children and Young People, Councillor Tony Buchanan said:

    “COSLA welcomes today’s launch of the Play Vision Statement and Action Plan, play is very important not just for the enjoyment it brings, but also for the part it plays in developing children and young people’s social skills, interests, and curiosity. It also assists in developing relationships between parents, carers and other children and young people. The Play Vision Statement and Action Plan provides a good roadmap for how play can be encouraged and supported.”

    Marguerite Hunter Blair, CEO Play Scotland and Chair of external Play Strategy refresh group said: 

    “We are delighted to be celebrating this clear commitment from the Scottish Government to play opportunities and experiences for all our children and young people. It is fantastic that children’s rights and voices are at the heart of this new vision for play alongside an enthusiastic cross-sectoral collaboration. The clear message coming from the versions of the plan that children have co- produced is simple – more play and better play is good for everyone.” 

    Background  

    The 54th Travelling Cabinet will meet at Kirkintilloch Town Hall on Monday 24 March and hear from the local community at a public discussion at 2pm. 

    The £25 million investment for 2025-26 marks the completion of a £60 million Programme for Government commitment over four years – with a total of 887 play parks renewed as of March 2024. 

    Funding for play parks is supported by the Play Vision Statement and Action Plan for 2025 – 2030.  Read the children’s version  

    The Action Plan highlights the importance of play as a key part of children’ healthy development, learning and physical and mental well-being and includes a number of actions which seek to equalise play opportunities for children across Scotland.  

    Local authorities report annually, in April, on their engagement with children and families, number of play parks identified for renewal, and the number of parks renewed in the previous financial year. The most recent reports were received in April 2024. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: PM tells councils to prove action on pothole plague to unlock extra cash and reveals £4.8 billion for major roads

    Source: United Kingdom – Government Statements

    Press release

    PM tells councils to prove action on pothole plague to unlock extra cash and reveals £4.8 billion for major roads

    The Plan for Change is tackling the pothole plague, building vital roads and ensuring every penny is delivering results for the taxpayer.

    • £1.6 billion investment to tackle scourge of potholes to be delivered to councils from next month as PM tells councils to put cash to use
    • for the first time every council in England must publish how many potholes they’ve filled or lose road cash
    • local authorities that comply will receive their full share of the £500 million roads pot – enough to fill the equivalent of 7 million potholes a year, as part of the government’s Plan for Change
    • government also announces £4.8 billion for 25/26 for motorways and major A-roads including economy boosting road schemes on the A47 and M3

    The public will now see exactly what’s being done to tackle potholes, as the government demands councils prove their progress or face losing cash. 

    From mid-April, local authorities in England will start to receive their share of the government’s record £1.6 billion highway maintenance funding, including an extra £500 million – enough to fill 7 million potholes a year. 

    But to get the full amount, all councils in England must from today (24 March 2025) publish annual progress reports and prove public confidence in their work. Local authorities who fail to meet these strict conditions will see 25% of the uplift (£125 millionm in total) withheld.

    Also today, the Transport Secretary has unveiled £4.8 billion funding for 2025/6 for National Highways to deliver critical road schemes and maintain motorways and major A-roads.

    This cash will mean getting on with pivotal schemes in construction, such as the A428 Black Cat scheme in Cambridgeshire, and starting vital improvements to the A47 around Norwich and M3 J9 scheme in Hampshire, building thousands of new homes, creating high-paid jobs, connecting ports and airports, to grow the economy and deliver the Plan for Change.  

    It comes as figures from the RAC show drivers encounter an average of 6 potholes per mile in England and Wales, and pothole damage to cars costs an average £600 to fix. According to the AA, fixing potholes is a priority for 96% of drivers. 

    This government is delivering its Plan for Change to rebuild Britain and deliver national renewal through investment in our vital infrastructure which will drive growth and put more money in working people’s pockets by saving them costs on repairs.

    Prime Minister Keir Starmer said:

    The broken roads we inherited are not only risking lives but also cost working families, drivers and businesses hundreds – if not thousands of pounds – in avoidable vehicle repairs. Fixing the basic infrastructure this country relies on is central to delivering national renewal, improving living standards and securing Britain’s future through our Plan for Change.

    Not only are we investing an additional £4.8 billion to deliver vital road schemes and maintain major roads across the country to get Britain moving, next month we start handing councils a record £1.6 billion to repair roads and fill millions of potholes across the country.

    British people are bored of seeing their politicians aimlessly pointing at potholes with no real plan to fix them. That ends with us. We’ve done our part by handing councils the cash and certainty they need – now it’s up to them to get on with the job, put that money to use and prove they’re delivering for their communities.

    The Transport Secretary, Heidi Alexander, said: 

    After years of neglect we’re tackling the pothole plague, building vital roads and ensuring every penny is delivering results for the taxpayer.

    The public deserves to know how their councils are improving their local roads, which is why they will have to show progress or risk losing 25% of their £500 million funding boost. 

    Our Plan for Change is reversing a decade of decline and mending our pothole-ridden roads which damage cars and make pedestrians and cyclists less safe.

    To ensure councils are taking action, they must now publish reports on their websites by 30 June 2025, detailing how much they are spending, how many potholes they have filled, what percentage of their roads are in what condition, and how they are minimising streetworks disruption.

    They will also be required to show how they are spending more on long-term preventative maintenance programmes and that they have robust plans for the wetter winters the country is experiencing – making potholes worse. 

    By the end of October, councils must also show they are ensuring communities have their say on what work they should be doing, and where. The public can also help battle back against pothole ridden roads by reporting them to their local council, via a dedicated online portal. 

    To further protect motorists given continued cost-of-living pressures and potential fuel price volatility amid global uncertainty, the government has frozen fuel duty at current levels for another year to support hardworking families and businesses, saving the average car driver £59.  

    Edmund King, AA president and member of the Pothole Partnership, said:  

    Getting councils to show value for money before getting full funding is a big step in the right direction, as it will encourage a more concerted attack on the plague of potholes. At the same time, local authorities can share best practice, so others can learn what new innovations and planned maintenance techniques have worked for them.

    The £4.8 billion for National Highways will protect the country’s strategic road network, which provides critical routes and connections across the country for people, businesses and freight to help drive for growth as part of Plan for Change.

    The £4.8 billion includes a record £1.3 billion investment to keep this vital network in good repair, so the network remains fit for the future, and £1.8 billion for National Highways’ daily operations that are critical to ensuring the network runs safely and smoothly for millions of people and businesses that rely on it every day. As well as £1.3 billion for essential improvement schemes to unlock growth and housing.  

    Since entering office, the government has approved over £200 million for the A47 Thickthorn Junction, and £290 million for M3 Junction 9 plus £90 million for local road schemes like the A130 Fairglen Interchange, the South-East Aylesbury Link Road, the A350 Chippenham Bypass, the A647 scheme in Leeds. This is a total of over £580 million for schemes to get Britain moving.

    Roads media enquiries

    Media enquiries 0300 7777 878

    Switchboard 0300 330 3000

    Updates to this page

    Published 23 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Mitsubishi Corporation & Alt Carbon sign agreement to scale carbon removal in South Asia

    Source: GlobeNewswire (MIL-OSI)

    • Partnership agreement to scale carbon removal through a breakthrough Enhanced Rock Weathering tech process.
    • Alt Carbon to generate high-quality, durable Carbon Removal (CDR) credits.

    LONDON, March 24, 2025 (GLOBE NEWSWIRE) — Mitsubishi Corporation (MC), and Alt Carbon, a Carbon Dioxide Removal (CDR) company, announced a partnership agreement to scale the removal of carbon dioxide in South Asia. The agreement between the two parties will generate high quality, durable, carbon removal tons that have been created through a breakthrough Enhanced Rock Weathering (ERW) tech process.

    “Removal of carbon dioxide is critical to meet net-zero emissions by 2050. With Alt Carbon, we have a formidable partner with highly innovative technology in a breakthrough Enhanced Rock Weathering process that locks carbon in the ocean sink. From removing carbon, helping local farmers, and stringent testing measures to generate CDR credits, Alt Carbon is uniquely positioned to capture the ERW market. MC’s commitment to decarbonization is unwavering and reflects our dedication to a sustainable future, as we scale the CDR industry through our collaboration with Alt Carbon in ERW,” said Tadashi Sawamura, GM, Carbon Management Dept., Mitsubishi Corporation.

    Alt Carbon deploys a process called ERW that takes crushed basalt rock and spreads it on large swathes of agricultural land. The rock’s natural reaction with rainwater pulls the CO2 from the air & stores it in the soil, thereby improving crop yields. This dissolved inorganic carbon ultimately reaches the ocean via river networks and remains locked in the ocean for 10,000+ years. 

    ERW is one of the novel techniques for Carbon Removal (CDR) that has been advocated by the The Intergovernmental Panel on Climate Change (IPCC) as a critical tool for reaching Net Zero by 2050. Alt Carbon is tapping into the increased demand for high quality, durable, traceable, carbon removal projects – and it’s operating in a growing market. Alt Carbon’s in-house MRV, team of scientists from the Indian Institute of Science, Bangalore, and the Darjeeling-Climate Action Lab (D-CAL) make it one of the leading carbon removal companies in the Global South, ideally placed to remove CO2 at a gigaton scale.

    “Having an institution like Mitsubishi Corporation recognise and support our efforts entrenches our belief in the science and technology behind ERW for carbon removal. In 15 months, we have rigorously tested and modelled our operations and technology in the single pursuit of removing carbon dioxide. This is just the first step, but it feels like a giant leap as MC partners with us to make India a hub for carbon removal,” said Co-founder & CEO Shrey Agarwal, Alt Carbon. 

    Alt Carbon is the first Indian headquartered company to receive a prepurchase agreement from Frontier, an Advance Market Commitment to purchase $1+ billion of permanent carbon removal by 2030. As part of this agreement, Alt Carbon received $500,000 for the purchase of high quality, durable carbon removal tons that have been generated through the Enhanced Rock Weathering process. The participating buyers included Stripe, Shopify, Alphabet, Meta and Watershed (on behalf of Match). Alt Carbon also became the first ERW company globally to receive an offtake agreement from the South Pole & Mitsubishi-led NextGen buyer’s coalition.   

    In order to meaningfully undertake climate action, we require gigaton level projects — i.e. projects that have a shot at removing 1 billion tons of CO2 every year. Alt Carbon is targeting reaching up to 500,000 hectares of land in North East India’s tea belt by 2030, as part of the Darjeeling Revival Project, removing upwards of 5 million tonnes of CO2 every year. Beyond that, the company aims to scale up its operations in South Asia to further work towards its goal of removing 1 billion tons of CO2, each and every year. 

    Notes to the editor
    Media images can be found here. For further information please contact the Alt Carbon press office: Adithya Venkatesan on adithya@alt-carbon.com or +91 94811 74420

    About Alt Carbon
    Alt Carbon is a co2 Removal (cdr) company based out of India transforming Darjeeling’s struggling tea industry from being at-risk from the effects of climate change, to becoming pioneers for climate action. Alt Carbon is on a mission to capture vast amounts of CO2 from the atmosphere. Its ambitious goal is to remove 5M MT of CO2 by 2030, with the ultimate aim of reaching a billion tons – for good. For more information please visit https://www.alt-carbon.com/ or follow via LinkedIn. 

    Media Contact:

    Name: Adithya Venkatesan

    Company Name: Alt Carbon

    Designation: Head of Brand

    Email Address: adithya@alt-carbon.com

    Website Link: https://www.alt-carbon.com/

    Disclaimer: This press release is provided by the Alt Carbon. 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.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8f7c1b5-2498-42d7-9535-fd8d0fce67fd

    The MIL Network –

  • MIL-OSI: Andrius Načajus will become the CEO of INVL Asset Management

    Source: GlobeNewswire (MIL-OSI)

    The new CEO of INVL Asset Management, the leading alternative asset manager in the Baltics, as of 1 April will be Andrius Načajus, a finance executive with many years of experience. He is replacing interim CEO Audrius Matikiūnas, the company’s Head of Business Development.  

    Andrius Načajus will also be a member of the board of INVL Financial Advisors, the financial brokerage company operating under the brand name INVL Family Office. The Bank of Lithuania’s permission for him to serve in both roles has been obtained. In the near future, subject to approval by Latvia’s supervisory authority, he should become a member of the supervisory board of INVL Asset Management in Latvia as well. 

    “We value Andrius’s managerial experience, multifaceted financial market competence and openness to innovation. We believe that he will contribute actively to rapid business growth, operational efficiency and outstanding results for our investors,” says Darius Šulnis, the CEO of Invalda INVL and Chairman of the Board of INVL Asset Management. 

    “It is a great honour to join the private equity market leader with the strongest team of investment professionals in the Baltics. INVL Asset Management demonstrates an exceptional ability to select assets with growth potential and generate superior returns for its clients. I believe those skills are particularly relevant in these times of extraordinary change,” Andrius Načajus remarks.  

    The new CEO has more than 20 years of management experience in the financial sector in the Baltic countries. Prior to joining INVL Asset Management, he was the chief financial officer at Achema Group. Before that, he worked for 6 years at Luminor Bank, where he was a member of the group management board, head of corporate banking in the Baltics, and country head for Lithuania. He had previously led the corporate banking, markets and investment banking units at DNB Bank in Lithuania.  

    A. Načajus graduated from the Stockholm School of Economics and Business in Riga and Stockholm, where he obtained a master’s degree in international business. 

    INVL Asset Management is a part of Invalda INVL, the leading Baltic asset management group, which currently employs more than 150 employees. The Invalda INVL group manage or have under supervision more than EUR 1.6 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. The group’s scope of activities also includes family office services in Lithuania, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds. 

    Additional information:
    Darius Šulnis
    darius.sulnis@invl.com

    The MIL Network –

  • MIL-OSI United Kingdom: Tony Juniper CBE reappointed to continue protecting nature and boosting growth as Natural England Chair

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    Tony Juniper CBE reappointed to continue protecting nature and boosting growth as Natural England Chair

    His reappointment comes as Environment Secretary, Steve Reed, is rewiring and reforming Defra and its arm’s-length bodies to unlock growth under the Plan for Change

    Tony Juniper CBE (Photo credit: Jason Bye)

    The Environment Secretary, Steve Reed, has today (Monday 24 March) confirmed that Tony Juniper CBE has been reappointed as Chair of Natural England for a third term.

    Tony’s continued leadership comes as Mr. Reed is rewiring Defra and its arm’s-length bodies to embark on an ambitious programme of reforming regulation and delivery to unleash economic growth across the country, with Natural England playing a major role.

    Planning reforms and a new Nature Restoration Fund under the Secretary of State’s leadership will unblock much needed housing and development whilst supporting nature recovery at scale. It will help developers meet their environmental obligations more efficiently, making it easier to build vital infrastructure like wind farms, railways and roads, gigafactories and data centres.

    Chair of Natural England, Tony Juniper said:

    “It is truly an honour to be reappointed Chair of Natural England. Our role in protecting and restoring the natural environment is vital for the country’s economy, health and security and I am looking forward to two more years supporting government in delivering Nature-positive change.

    “From creating the King’s Series of National Nature Reserves and the King Charles III England Coast Path, launching 12 new landscape-scale Nature Recovery Projects and bringing the iconic beaver back to Britain’s waterways, our work over the past six years is helping turn the tide toward Nature’s recovery.

    “I’m immensely proud of the Natural England team and excited to lead the organisation as we ensure development, growth and nature restoration go forward hand-in-hand – delivering a brighter future for everyone.”

    Secretary of State for Environment, Food and Rural Affairs, Steve Reed said:

    “Tony brings a wealth of passion, experience and expertise to the role, which we will need more than ever as we grow the economy and restore our natural world. 

    “Tony and I are fully committed to infrastructure, to housing, to growth. 

    “Our reforms will fast-track development to boost economic growth while funding large-scale environmental improvements across whole landscapes as part of the Government’s Plan for Change.”

    First appointed in 2019, Tony Juniper will become the longest serving chair of Natural England, the government’s statutory adviser on nature. He will continue in the role for two years from 23 April 2025 to 22 April 2027. 

    Natural England is working with the government to deliver the shared ambition to grow nature and the economy for the benefit of everybody. This includes ensuring guidance is fit for purpose and moving toward better strategic planning to secure environmental improvements while development takes place.

    Nature in Britain is in decline. That is why this Government has launched a rapid review to deliver on our legally binding environment targets, including halting the decline of species by 2030. Under his extended chairmanship, Tony will be at the forefront of the Government’s drive to meet these targets.

    Tony Juniper’s reappointment has been made in accordance with the Governance Code on Public Appointments. All appointments are made on merit and political activity plays no part in the selection process.

    There is a requirement for appointees’ political activity (if significant) to be made public. Tony has declared that he has not taken part in any significant political activity in the past five years.

    Tony Juniper biography

    • Tony Juniper CBE has been Chair of Natural England since 2019.
    • Prior to joining Natural England, Tony was Director of Advocacy and Campaigns at WWF-UK and President of the Royal Society of Wildlife Trusts.
    • He is a Fellow of the University of Cambridge Institute for Sustainability Leadership and former advisor to the Prince of Wales (now King Charles).
    • He began his career as an ornithologist, working with Birdlife International and for many years worked with Friends of the Earth, most recently as Executive Director and Vice Chair of Friends of the Earth International.
    • He is a prolific author publishing many books, including ‘Just Earth: How a Fairer World Will Save the Planet’ and the multi-award-winning bestseller ‘What has Nature ever done for us?’
    • In 2017, Tony was recognised for his services to conservation with a CBE in the Queen’s birthday honours.

    Natural England

    • Natural England is the government’s statutory adviser for the natural environment in England.
    • Natural England’s purpose is to help conserve, enhance and manage the natural environment for the benefit of present and future generations, thereby contributing to sustainable development.

    Updates to this page

    Published 24 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Australia: ABC Adelaide, interview

    Source: Australian Attorney General’s Agencies

    This transcript has been redacted in accordance with Digital Transformation Agency guidelines.

    Rory McClaren: In a time of growing global uncertainty, my next guest is currently charged with trying to navigate Australia’s international trade relationships. Federal Minister for Trade and Tourism and South Australian Senator Don Farrell. Good morning to you.

    Trade Minister: Good morning, Rory.

    Rory McClaren: Minister, ABC News is reporting today that a lobby group representing the big tech sector in the US Is encouraging the Trump administration to try and put pressure on Australia to change its policies. And the group has attacked the way that social media, streaming services, and artificial intelligence is being regulated. How do you respond to that criticism?

    Trade Minister: Well, every day, Rory, you get reports of things happening in the United States. I don’t panic about them and try and work through all of these issues, in a calm and consistent way. On this particular topic, of course, we are not singling out United States companies. We treat all companies from all countries equally, and that’s how it should be, and that’s how we’ll proceed to deal with these issues. We have been working to try and improve online safety for all Australians and of course, ensure that we’ve got a diverse and sustainable news media sector. So, that’s our objective out of all of this. And we’ll keep working in the interest of Australians on that online safety and that diversification of the media sector.

    Rory McClaren: But is this intervention from this lobby group just another example of how volatile this trade relationship is becoming with the United States?

    Trade Minister: Look, again, I don’t think we should be overreacting to everything that comes out from the United States. We’ve had a very long standing and good relationship with the United States. Sure, things have started to change in the last few weeks and the last few months. But the goodwill that we have towards the Americans and that they have towards us is still on display. I spoke with my counterpart, the United States Trade Representative, on Tuesday morning. We had a very good discussion. He got to explain what their objectives are. And I explained to them just how important we think we are to the American economy. We have an interesting trade relationship with America. We roughly have $100 billion worth of trade. We buy $70 billion worth of product off them and we sell them $30 billion worth of product. So, we say to them, look, why would you impose a tariff on a country where you have a trade surplus? He pointed out to me that there are only a few other countries in the world where the United States has a trade surplus. One is Hong Kong and the other one is the Netherlands. So, as best we can, we are trying to explain to the highest levels of the United States government just how our trading relationship works. And we’ll continue to do that over the days and the weeks ahead. Obviously, there’s going to be some developments next week. The American government is going to announce what it’s going to do across the board on tariffs on that.

    Rory McClaren: Have you received any reassurances from the Trump administration about Australia and how Australia will be impacted?

    Trade Minister: We’re continuing to talk with them, Rory. I think that’s the most appropriate thing I can say at this stage. We want to engage with the Americans. We want to understand what it is that they want out there, out of the relationship. We’ve had 20 years of our free trade agreement. We think it’s been beneficial to both countries. We want that relationship to continue. Obviously, we have a very important relationship, particularly in South Australia with the AUKUS arrangement. We continue to talk to them about that and we have good, strong, friendly relationships with the United States and we want to keep it that way.

    Rory McClaren: Just on that, we’ve had a text with a question for you, Senator Don Farrell. Do we have a free trade agreement with the U.S. and if so, have they broken it? Do these free trade agreements really mean anything?

    Trade Minister: Well, answering that final question, yes, yes, they are important. You might recall three years ago when I first came into this job, we had $20 billion worth of tariffs and impediments imposed on us by the Chinese government. Despite the fact that we had a free trade agreement with the Chinese. Over that three year period, we – one by one – managed to remove all of those tariffs and all of those trade impediments. The last of them, interestingly, was crayfish just before Christmas last year. And already in that first month we’ve sold $33 million worth of crayfish back into the Chinese market. A record amount. But what did we use? We used our free trade agreement to take issues to, for instance, the World Trade Organization. And we were able to, by combination of diplomacy and other remedies, we were able to resolve each and every one of those issues. So, yes, we do have a free trade agreement with the United States and yes, we are able to use those free trade agreements to progress issues if there is a dispute. Now, obviously first point is we’re trying to resolve issues with the United States by discussion. That’s the first starting point. What we might do subsequently to that. Well, let’s, let’s see what happens. But my ambition is to do what we did in the China situation, that is sit down, open the dialogue, start talking, try and understand what their issues are, but also explain to the Americans what our issues are.

    Rory McClaren: Minister, could that also see you travel to the United States ahead of that decision?

    Trade Minister: Well, I’ve been taking video conferences in the post Covid world. That’s a pretty good way to talk to people and to communicate with people. I don’t want to predict just how we’ll conduct those negotiations, but the listeners should be, should rest assured that we’re open to dialogue and we are having dialogue with the Americans as we speak. And we’ll continue to do that because I think that’s the way you resolve issues. That’s how you resolve issues. Between other people. And that’s how you resolve issues between countries. And that’s what I’d like to do.

    Rory McClaren: Don Farrell, Federal Trade Tourism Minister, thank you for your time.

    MIL OSI News –

  • MIL-OSI: 14/2025・Trifork Group: Weekly report on share buyback

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 14 / 2025
    Schindellegi, Switzerland – 24 March 2025


    Trifork Group: Weekly report on share buyback

    On 28 February 2025, Trifork initiated a share buyback program in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, (Safe Harbour regulation). The share buyback program runs from 4 March 2025 up to and including no later than 30 June 2025. The buyback program will not be active from 9 to 15 April 2025. For details, please see company announcement no. 7 of 28 February 2025.

    Under the share buyback program, Trifork will purchase shares for up to a total of DKK 14.92 million (approximately EUR 2 million).

    Prior to the launch of the share buyback, Trifork held 256,329 treasury shares, corresponding to 1.3% of the share capital.

    Under the program, the following transactions have been made:

    Date    Number of shares       Average purchase price (DKK)       Transaction value (DKK)
    Total beginning 19,188 80.74 1,549,334
    17 March 2025 2,000 84.74 169,480
    18 March 2025 2,000 87.22 174,440
    19 March 2025 2,200 90.81 199,782
    20 March 2025 2,100 94.39 198,219
    21 March 2025 1,900 94.01 178,619
    Accumulated 29,388 84.04 2,469,874

    Since the share buyback program was started on 4 March 2025, the total number of repurchased shares is 29,388 at a total amount of DKK 2,469,874.

    With the transactions stated above, Trifork holds a total of 285,717 treasury shares, corresponding to 1.4%. The total number of registered shares in Trifork is 19,744,899. Adjusted for treasury shares, the number of outstanding shares is 19,459,182.


    Investor and media contact
    Frederik Svanholm, Group Investment Director & Head of Investor Relations
    frsv@trifork.com, +41 79 357 73 17


    About Trifork
    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

    Attachment

    The MIL Network –

  • MIL-OSI: NB Private Equity Partners Announces Transaction in Own Shares

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

    St Peter Port, Guernsey   24 March 2025

    NB Private Equity Partners (“NBPE” or the “Company”) today announces details of Class A Shares bought back pursuant to general authority granted by shareholders of the Company on 12 June 2024 and the share buy-back agreement with Jefferies International Limited.

    Transaction on London Stock Exchange

    Date of purchase of Shares 21 March 2025
    Number of Shares purchased 12,594 Class A Shares
    Highest price/lowest price paid £15.36 / £15.14
    ISIN for the Shares GG00B1ZBD492

    All Class A Shares bought back will be cancelled. Following the cancellation, the number of outstanding Class A Shares is 45,839,264‬. The Company also has 3,150,408 Class A shares held in treasury. For reporting purposes under the FCA’s Disclosure Guidance and Transparency Rules the market should use the figure of 45,839,264 voting rights when determining if they are required to notify their interest in, or a change to their interest in the Company.

    For further information, please contact:

    NBPE Investor Relations        +44 20 3214 9002
    Luke Mason        NBPrivateMarketsIR@nb.com

    Kaso Legg Communications        +44 (0)20 3882 6644

    Charles Gorman        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman

    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with 2,800+ employees in 26 countries. The firm manages $500+ billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. UNPRI named the firm a Leader, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of December 31, 2024, unless noted otherwise.

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

    NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

    The MIL Network –

  • MIL-OSI: AB Šiaulių bankas information publication in Estonian

    Source: GlobeNewswire (MIL-OSI)

    AB Šiaulių bankas started publishing important news in Estonian on Nasdaq. Interim financial results announcements and other information deemed to be of interest to investors in Estonia will be published in Estonian.

    “We appreciate the activity of Estonian investors and aim to maintain close contact with them. Around 70% are Estonian retail investors among Šiaulių bankas’ shareholders. We cooperate with financial intermediaries, analysts and other institutions in the Baltics, so we strive to make it easier for them to access our most important information.

    Šiaulių bankas is undergoing a transformation to become an Artea bank and striving to be closer to its clients and investors, and this initiative confirms it once again”, – says Tomas Varenbergas, Head of Investment Management Department of Šiaulių bankas.

    Additional information:
    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    The MIL Network –

  • MIL-OSI: Jeito Capital co-leads the oversubscribed €78 million financing in Augustine Therapeutics to develop novel therapies for neuromuscular, cardio-metabolic and neurodegenerative diseases

    Source: GlobeNewswire (MIL-OSI)

    Jeito Capital co-leads the oversubscribed €78 million financing in Augustine Therapeutics to develop novel therapies for neuromuscular, cardio-metabolic and neurodegenerative diseases

    • Proceeds from the financing will advance Augustine’s lead candidate, AGT-100216, through a Phase 2 proof-of-concept clinical trial in Charcot-Marie-Tooth and support significant pipeline expansion into cardio-metabolic and neurodegenerative diseases
    • This investment reinforces Jeito’s expertise and interest to breakthrough innovations in neurological diseases that affect large patient populations with high unmet medical needs and limited treatment options

    Paris, France, March 24, 2025 – Jeito Capital (“Jeito”), a global leading independent Private Equity fund dedicated to biopharma, announced today it is co-leading an oversubscribed €77.7 million (USD 84.8 million) Series A financing round in Augustine Therapeutics (“Augustine”), a biotechnology company focused on developing new therapies for neuromuscular, neurodegenerative and cardio-metabolic diseases through the inhibition of the cytosolic Histone DeACetylase 6 (HDAC6) enzyme.

    Jeito and Novo Holdings, new investors, co-led the oversubscribed total financing, joined by existing investors Asabys Partners, who led an initial €17,5 million closing in 2024, Eli Lilly and Company, AdBio Partners, V-Bio Ventures, PMV, VIB and Gemma Frisius Fund, the US-based Charcot-Marie-Tooth (CMT) Research Foundation, and Newton Biocapital. Augustine was initially formed and seed-funded by V-Bio Ventures, AdBio Partners, VIB, PMV, and Gemma Frisius Fund.

    Mehdi Ainouche, Senior Principal, and Annette Clancy, Operational Investor at Jeito Capital, will also join Augustine’s Board of Directors respectively as Board member and observer.

    Founded in 2019 in Belgium, as a spin-off from the European-based excellence center VIB-KU Leuven (University of Leuven), Augustine has identified HDAC6 inhibition as a promising approach for the treatment of neuropathies and particularly Charcot-Marie-Tooth (CMT) disease – a motor and sensory neuropathy that affects the peripheral nervous system, leading to progressive muscle weakness, sensory loss, deformities, and walking difficulties.
    HDAC6 plays a key role in cellular processes related to tissue aging, and its pharmacological inhibition is a promising approach in a number of diseases. Augustine Therapeutics has developed a next-generation approach to selectively inhibit HDAC6 while preserving its beneficial non-catalytic functions.

    Proceeds from the investment will advance Augustine’s lead candidate, AGT-100216, through a Phase 1/2 proof-of-concept clinical trial in CMT, expected to begin in 2025. The financing will also support pipeline expansion for two other programs in undisclosed neurodegenerative and cardio-metabolic indications.

    Through this investment, Jeito leverages its expertise in neurology, a therapeutic area with strong potential for innovation and significant unmet needs. The quality of Augustine’s assets and team – led by Gerhard Koenig who brings more than 30 years of experience in drug development and track-record in biopharma successes – aligns with Jeito’s investment thesis of accelerating the development of groundbreaking medical innovations and unlocking companies’ potential to become future global market leaders.

    Dr. Rafaèle Tordjman, MD, PhD, Founder and CEO of Jeito Capital, said:
    “Through this new investment, Jeito reaffirms its interest in a cutting-edge therapeutic field, where innovation can bring transformative benefits for patients still heavily impacted by the disease. This commitment to the patients is at the core of our mission, and takes on its full meaning through this funding. We are delighted to support Augustine and share our knowledge and experience with its talented teams, to advance novel therapeutics and contribute to the development of future innovative treatments.”

    Mehdi Ainouche, Senior Principal at Jeito Capital, added:
    “This investment illustrates Augustine’s potential for innovation in a therapeutic area where patients have limited to no treatment options. We are therefore happy to co-lead this financing to realize Augustine’s potential, which stands out for both the quality of its research and the expertise of Gerhard and his team. We look forward to our future collaboration, which shares a common ambition: to accelerate clinical development to go faster to patients.”

    Gerhard Koenig, CEO Augustine Therapeutics, concluded:
    “This significant financing is a testament to the innovative medicinal chemistry that Augustine was founded on, which acts via a unique mechanism of action. The therapeutic potential of HDAC6 is widely recognized in our industry, but previous drug approaches have been sub-optimal, particularly for chronic diseases. At Augustine, we believe we have solved these challenges with a novel non-hydroxamate, non-hydrazide producing chemotype which is highly selective and avoids the typical liabilities of prior chemotypes, unlocking HDAC6 inhibition as a therapeutic approach. We now look forward to rapidly advancing our lead candidate into clinical trials for the treatment of CMT, while broadening the potential for our candidates to change treatment paradigms for neurological and cardio-metabolic diseases. I would like to thank our new and existing investors for their unwavering support as we continue to advance into clinical development.”

    About Jeito Capital
    Jeito Capital is a global leading Private Equity fund with a patient benefit driven approach that finances and accelerates the development and growth of ground-breaking medical innovation. Jeito empowers and supports managers through its expert, integrated, multi-talented team and through the investment of significant capital to ensure the growth of companies, building market leaders in their respective therapeutic areas with accelerated patients’ access globally, especially in Europe and the United States. Jeito has built a diversified portfolio of clinical biopharmas with cutting-edge innovations addressing high unmet needs. Jeito Capital is based in Paris with a presence in Europe and the United States.
    For more information, please visit www.jeito.life or follow us on LinkedIn or X.

    About Augustine Therapeutics

    Augustine Therapeutics is a biotechnology company focused on the treatment of neuromuscular, neurodegenerative and cardio-metabolic diseases through its next-generation approach to selectively inhibit HDAC6. Augustine’s HDAC6 inhibitors has been purposefully designed to selectively inhibit HDAC6 while preserving its beneficial non-catalytic functions. Augustine’s lead program, AGT-100216, is the first selective HDAC6 inhibitor for long-term treatment of Charcot-Marie-Tooth (CMT) disease. With its novel non-hydroxamate, non-hydrazide producing chemotype, Augustine’s HDAC6 approach is selective, avoids the limitations of other chemotypes, and built for chronic diseases. With this novel approach, the Company will also be targeting diseases beyond CMT, including neurodegenerative and cardio-metabolic diseases. Augustine Therapeutics was founded on the ground-breaking research of Prof. Ludo Van Den Bosch from the VIB-KU Leuven in Belgium.
    For more information visit www.augustinetx.com.

    Contacts:

    Jeito Capital                                        
    Rafaèle Tordjman, Founder & CEO
    Jessica Fadel, EA
    Tel: +33 6 33 44 25 47

    Maior                                                ICR Healthcare
    Stéphanie Elbaz                                Mary-Jane Elliott / Davide Salvi / Kris Lam
    Tel: +33 6 46 05 08 07                        Jeito@icrhealthcare.com
    Tel: +44 (0) 20 3709 5700

    The MIL Network –

  • MIL-OSI Russia: Marat Khusnullin: Active work has begun on the Adler bypass from the Kudepsta and Vysokoye side

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Construction of Adler bypass

    March 21, 2025

    Construction of Adler bypass

    March 21, 2025

    Construction of Adler bypass

    March 21, 2025

    Previous news Next news

    Construction of Adler bypass

    In Krasnodar Krai, the implementation of a large-scale project to build a bypass around Adler continues. It will be part of a prospective road that will run from the federal highway M-4 “Don” to the city of Sochi. Currently, active work is underway on the western section of the future bypass, in the microdistrict of Kudepsta. This was reported by Deputy Prime Minister Marat Khusnullin.

    “We work daily to create comfortable living conditions for citizens, including improving the transport accessibility of the regions. This plays a key role in the development of the economy and other industries. As part of the modernization of the road network in the south of the country, we are building a bypass of Adler. The new road will reduce travel time to the Sochi airport and Krasnaya Polyana and ensure the withdrawal of transit transport from the resort area of Adler. Currently, active work is underway in the Kudepsta microdistrict, on the western side of the future highway. Drilling of wells for the supports of the overpass leading to the Kudepsta sanatorium has begun at the site. Reconstruction of a section of the Sukhum highway is planned in this area, powerful retaining walls will be erected, and the access road to the sanatorium and the existing underground pedestrian crossing will be reconstructed,” said Marat Khusnullin.

    The Deputy Prime Minister noted that the construction of the Adler bypass, with a total length of about 10 km, is divided into several stages. Most of the artificial structures in both the Kudepsta microdistrict and the village of Vysokoye will be erected as part of Stage IV. A positive conclusion from Glavgosexpertiza and permission for its construction were received in January of this year.

    Also, according to the Chairman of the Board of the state company Avtodor, Vyacheslav Petushenko, in order to build the transport interchange of the Adler bypass with the A-147, concreting of the supports of the bridge crossing over the Kudepsta River is being carried out simultaneously in several sections.

    “To save time on the delivery of necessary construction elements, several machines for the production of reinforcement cages were installed directly at the construction sites. At the same time, we are working in the village of Vysokoye in the Adler district, where the bypass will begin. Here, we have begun concreting the foundations of the U-turn overpass across the high-speed direction of the A-149 highway. We are also continuing to expand the overpass as part of the future interchange at the Eastern Portal. After reconstruction, it will become a two-lane one, and we plan to open traffic on it already in the current resort season,” said Vyacheslav Petushenko.

    Currently, 74 units of special equipment and up to 400 specialists are involved in the construction of the Adler bypass.

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

    MIL OSI Russia News –

  • MIL-OSI Banking: ADB’s Partnership with Canada

    Source: Asia Development Bank

    • ADB and Canada have been working together for nearly six decades to tackle some of the most pressing development challenges in Asia and the Pacific.

    Article | 24 March 2025

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    •  A founding member of ADB, Canada has contributed $245 million to sovereign projects, matched by $868 million of ADB’s resources, and $530 million to ADB-managed trust funds.
    •  Canada’s Indo-Pacific Strategy’s investment of about Can$2.3 billion over the next five years focuses on sustainable infrastructure, gender equality, climate change, and inclusive development.
    •  ADB and FinDev, Canada’s development finance institution, signed a memorandum of understanding in May 2023 to cooperate on sustainable and inclusive private sector investments that promote development in Asia and the Pacific.

    For nearly six decades, the Asian Development Bank (ADB) and Canada have collaborated to tackle some of the most pressing development challenges in Asia and the Pacific. From advancing gender equality to addressing the climate crisis, environmental degradation, and poverty and inequality, the partnership has played an important role in the region’s sustainable development.

    A founding member of ADB, Canada has contributed $245 million to sovereign projects, matched by $868 million of ADB’s resources, and $530 million to ADB-managed trust funds. Canada-based private entities have also committed $383 million to nonsovereign operations.

    In 2023, Canada’s cofinancing commitments amounted to $6.9 million. In the same year, ADB’s Trade and Supply Chain Finance Program supported five Canadian exports and/or imports valued at $2.1 million.

    Advancing shared priorities

    Canada’s Indo-Pacific Strategy, launched in November 2022, identifies Asia and the Pacific as a region of immense opportunity. With an investment of about Can$2.3 billion over the next five years, the strategy signals Canada’s commitment to the region. It focuses on sustainable infrastructure, gender equality, climate change, and inclusive development. It also aligns efforts with global initiatives such as the G7 Partnership for Global Infrastructure Investment.

    Collaborating with FinDev Canada

    ADB and FinDev, Canada’s development finance institution, signed a memorandum of understanding in May 2023 to cooperate on sustainable and inclusive private sector investments that promote development in Asia and the Pacific. They will jointly support private sector growth and investments in emerging and developing markets that advance women’s economic empowerment, climate action, and local market development.

    Driving results through trust funds

    ADB’s trust funds are essential to mobilize private financing and accelerate private sector participation in development. Canada has supported 6 ADB-managed trust funds, including:

    Asia Pacific Project Preparation Facility. Enhancing infrastructure development with $63.3 million in collective contributions alongside Australia, Japan, and the Republic of Korea. It supports the preparation and structuring of infrastructure projects, with private sector participation, and bringing them to the global market.

    Canadian Climate and Nature Fund for the Private Sector in Asia. Supporting private sector projects in the region focused on climate and nature-based solutions, with $255 million in commitments.

    Canadian Climate Fund for the Private Sector in Asia. Catalyzing private investment in climate change mitigation and adaptation in Asia and the Pacific. It is ADB’s first concessional debt cofinancing facility focused on private sector climate actions, with $77.3 million in commitments.

    Canadian Climate Fund for the Private Sector in Asia II. Supporting private sector participation in climate change mitigation and adaptation in low- and lower-middle-income countries and upper-middle-income small island developing states, with $149.5 million in commitments.

    Stories of ADB-Canada partnerships

    Bangladesh: Keeping the Kids in Primary School. Bangladesh’s Primary Education Development Program, cofinanced by ADB and Canada, and other partners, introduced innovative approaches that changed the face of basic education in the country, such as the adoption of multimedia, teacher training, and reward schemes to encourage kids to stay in school.

    Lao People’s Democratic Republic: Southeast Asia’s Biggest Wind Power Plant. The Monsoon Wind Power Company is building a wind power plant in the Lao PDR. ADB and Canada, along with other partners, are cofinancing what is poised to become the largest wind power facility in Southeast Asia.

    Maldives: Boosting Small Businesses and the Blue Economy. ADB and Canada, along with other partners, are providing the Bank of Maldives with a financing package to boost small businesses and investments in sustainable blue economy projects.

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    MIL OSI Global Banks –

  • MIL-OSI China: Canada calls early election to take on Trump

    Source: China State Council Information Office

    Canadian Prime Minister Mark Carney on Sunday called an early election on April 28, pledging to counter U.S. President Donald Trump’s tariff impositions and annexation threats.

    Carney, sworn in as prime minister on March 14 after winning the Liberal leadership race, said he’s asking Canadians for a mandate to deal with Trump and build an economy that works for everyone.

    “We are facing the most significant crisis of our lifetimes because of President Trump’s unjustified trade actions and his threats to our sovereignty,” Carney said. “President Trump claims that Canada isn’t a real country. He wants to break us, so America can own us. We will not let that happen.”

    Carney outlined his vision for a stronger economy and a more secure Canada. “There is so much more to do to secure Canada, to invest in Canada, to build Canada, to unite Canada. That’s why I’m asking for a strong positive mandate from my fellow Canadians,” he said.

    Trump has repeatedly challenged Canada’s sovereignty by dismissing its borders as artificial and asking it to become the “51st state” of America, besides imposing tariffs on a range of goods from its northern neighbor.

    “They want our resources. They want our water. They want our land. They want our country. Never,” Carney said at a rally in Newfoundland.

    Carney still hasn’t had a phone call with Trump, pledging not to meet the U.S. leader until he recognizes Canadian sovereignty.

    Right before Carney’s announcement, Conservative Leader Pierre Poilievre launched his party’s election campaign, vowing to stand up to Trump and his threats of annexation.

    “I will insist the president recognizes the independence and sovereignty of Canada. I will insist he stops tariffing our nation,” he said.

    Poilievre said a “lost Liberal decade” has left Canada weak and vulnerable on the world stage.

    Other major parties, including the New Democratic Party, the Bloc Quebecois and the Green Party, also launched their campaigns.

    With the election now expected to revolve around who is best equipped to take on Trump, the U.S. leader claimed not to care.

    “I don’t care who wins up there,” Trump said.

    “But just a little while ago, before I got involved and totally changed the election, which I don’t care about … the Conservative was leading by 35 points,” he said.

    Polls updated on Sunday showed that the Liberals are leading with the potential to win the majority seats of the parliament and the Conservatives are catching up.

    According to Elections Canada, the agency responsible for conducting elections, the campaign will end on April 27, one day before the election day. 

    MIL OSI China News –

  • MIL-Evening Report: Synchronised bleaching: Ningaloo and the Great Barrier Reef are bleaching in unison for the first time

    Source: The Conversation (Au and NZ) – By Zoe Richards, Senior Research Fellow in Marine Biology, Curtin University

    Ningaloo Reef from the air. Violeta Brosig/Shutterstock

    This summer, an intense marine heatwave struck off northwestern Australia, driving sea surface temperatures up to 4°C above the summer average. The large mass of warm water has slowly moved south from the Kimberley region and through the Pilbara, leaving a wave of underwater destruction behind. Now Ningaloo Reef is bleaching in earnest.

    The Great Barrier Reef is bleaching too in the waters from Cape York down to Townsville.

    This appears to be the first time these two World Heritage-listed reefs have bleached in unison. Bleaching may also hit the World Heritage reef at Shark Bay in Western Australia.

    How bad is it? I have just returned from Ningaloo Reef, where I saw widespread bleaching and the first signs of coral mortality. Up to 90% of the coral found in shallow areas of the northern lagoon had bleached. Bleaching doesn’t automatically mean death, but it severely weakens the coral and jeopardises survival.

    At Ningaloo and further south, the heatwave is still unfolding. In coming months, we can expect to see some coral mortality, while other corals will survive the bleaching in poor health only to succumb to disease or other threats such as Drupella (coral-eating snails). Other corals may survive but struggle to reproduce, but some particularly hardy corals with the right combination of genes for surviving this event are expected to live on.

    Why is this happening? No surprises here: our greenhouse gas emissions trap more heat in the atmosphere. Over 90% of the heat pours into the oceans, pushing surface and deep water temperatures higher for longer periods of time.

    How bad has the heat been?

    Coral can tolerate brief periods of higher temperatures. But in response to prolonged heat stress, coral polyps expel their symbiotic zooxanthellae algae. They appear to do this to avoid further tissue damage from toxic reactive oxygen molecules which build up as the coral begins to stress. But these microalgae supply sugary food to the coral polyps in exchange for a home. Without these nutrients, the coral can starve.

    Heat stress is tracked using a measure called “degree heating weeks” (DHW) – essentially, how much above-average heat has built up in an area over the previous three months. Bleaching can begin at four DWH, while eight DHW can kill some corals.

    At Ningaloo, the heat has been off the charts – levels of up to 16 DHW have been recorded, the highest on record for this location.

    On the Great Barrier Reef, bleaching is underway in the northernmost section. This is the sixth bleaching event on the Great Barrier Reef this decade. Early data suggests there is severe heat in places, ranging from six to 13 DHW in intensity and alerts remain for more heat and bleaching to come.

    Bleaching is usually worst for corals growing in shallow water, such as the calm lagoons created by fringing or barrier reefs. Lagoons often have clear waters with high light penetration and limited flushing of water.

    Ningaloo in hot water

    Over ten days, we recorded the health and type of every coral we saw at 21 sites along Ningaloo Reef, from Coral Bay to the northern tip of North West Cape and into Exmouth Gulf.

    The worst affected area that we observed was a 30 km stretch at the northern end of the North West Cape, the peninsula along which Ningaloo Reef runs. Here, we saw mass bleaching – up to 90% of corals partly or fully bleaching and some corals were already dying.

    Fast-growing corals from the Acroporid and Pocilloporid families were hard hit, as often seen in other bleaching events. But we also saw slower-growing and normally hardy corals bleaching, such Lobophyllia, Favites and Goniastrea.

    Even the massive Porites corals in the lagoons were suffering. These giant boulder-like corals are the old growth and sentinels of the reef. Many of these ordinarily resilient corals are hundreds of years old and have survived past smaller bleaching events. But this time, they too are severely suffering.

    Not even ocean-facing corals exposed to more water flow were safe. We found 30 to 50% of the corals on the reef slope were bleached to some degree. Coral diseases such as white band disease were already affecting many flat plate corals. These diseases often follow marine heatwaves, as they take advantage of coral’s weakened immune systems and the disruption of the symbiotic relationship between coral polyps and their algae.

    The timing is especially bad for Ningaloo’s corals, which usually spawn around five days after the March full moon, which fell on March 19 this year. By contrast, corals on the Great Barrier Reef tend to spawn between October and December.

    For the reef to recover quickly, it needs yearly influxes of new coral recruits. But if corals are struggling to survive, there is a risk they will not be fit enough to reproduce. Corals take three to six years to become reproductively viable and if bleaching impedes reproduction, it could greatly reduce the number of larvae available to replenish the reef. In addition to that, if immature corals bleach and die, there’s a risk several generations of corals could be lost before reaching maturity.

    Fortunately we did observe healthy and reproductive corals along the outer rim of the lagoon at Coral Bay, and locals have recently reported seeing spawning near Coral Bay. This suggests some coral were indeed healthy enough to spawn.

    What will happen next?

    As the southern hemisphere heads towards winter, the oceans will begin to cool off. That doesn’t mean the threat is over – oceans are only getting hotter.

    If we continue on our current path, simultaneous east and west coast bleaching events could become the new normal – and that would be devastating for our reefs, marine biodiversity, the blue economy and the wellbeing of Australians.

    Zoe Richards receives funding from the Minderoo Foundation. This work was undertaken by the Coral Conservation and Research Group at Curtin University in partnership with the Minderoo Exmouth Research Laboratory.

    – ref. Synchronised bleaching: Ningaloo and the Great Barrier Reef are bleaching in unison for the first time – https://theconversation.com/synchronised-bleaching-ningaloo-and-the-great-barrier-reef-are-bleaching-in-unison-for-the-first-time-252906

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Submissions: Singapore mobile services to hit $2 billion in 2029 with 5G driving revenue stability, says GlobalData

    Source: GlobalData

    The growing adoption of 5G services in Singapore is set to drive revenue stability and innovation in the telecom sector, counteracting the decline in mobile voice service revenue. By the end of 2029, the country’s total mobile service revenue is expected to reach $2.0 billion, maintaining a steady compound annual growth rate (CAGR) of 0.8% from 2024 to 2029, according to GlobalData, a leading data and analytics company.

    GlobalData’s Singapore Mobile Broadband Forecast (Q4-2024) reveals that mobile voice service revenue will decline at a 5.4% CAGR over the forecast period due to the widespread consumer shift towards over-the-top- based (OTT) communication platforms and the subsequent decline in voice service average revenue per user (ARPU) levels.

    Mobile data service revenue, on the other hand, will increase at a healthy CAGR of 5.2% between 2024 and 2029, driven by the growing consumption of mobile data services and projected rise in higher-ARPU yielding-5G subscriptions as 5G services become more widely available across the country.

    Kantipudi Pradeepthi, Telecom Analyst at GlobalData, says: “4G will remain the leading mobile technology, in terms of subscriptions, until 2024. 5G service will see its subscriptions surpass 4G subscriptions in 2025 and is expected to account for an impressive 90% share of the total mobile subscriptions by the end of 2029. This growth in 5G subscriptions will be primarily driven by the rising demand for highspeed data services, ongoing 5G network expansions by MNOs, and a subsequent increase in availability of 5G services across the nation.”

    Singtel will continue to dominate the mobile services market in terms of subscriptions through 2029, given its strong position in both the prepaid and postpaid segments and its focus on 5G network developments and expansion across the country. In February 2025, Singtel upgraded its 5G offering to 5G+ service with the deployment of the 700 MHz spectrum, enabling stronger signals (up to 40%) in high-rise indoor and underground locations, wider coverage, including in remote areas and improved connectivity for both consumers and enterprises.

    Pradeepthi concludes: “Singapore’s telecom market is undergoing a pivotal transformation, with 5G adoption serving as the key driver of future growth. The shift towards data-centric services, coupled with strong infrastructure investments by major players like Singtel, will not only sustain market stability but also pave the way for innovation in IoT, M2M services, and advanced connectivity solutions, positioning Singapore as a regional telecom leader.”

    About GlobalData

    4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

    MIL OSI – Submitted News –

  • MIL-OSI New Zealand: New planning laws to end the culture of ‘no’

    Source: New Zealand Government

    The Government’s new planning legislation to replace the Resource Management Act will make it easier to get things done while protecting the environment, say Minister Responsible for RMA Reform Chris Bishop and Under-Secretary Simon Court.

    “The RMA is broken and everyone knows it. It makes it too hard to build the infrastructure and houses New Zealand desperately needs, too hard to use our abundant natural resources, and hasn’t resulted in better management of our natural environment,” Mr Bishop says.

    “Replacing the RMA with new legislation premised on property rights is critical to the government’s mission of growing the economy and lifting living standards for New Zealanders.

    “In our first year in office we repealed Labour’s botched RMA reforms and made a series of quick and targeted amendments to provide relief to our primary sector, such as repealing the permitted and restricted discretionary intensive winter grazing regulations. We also passed the Fast-track Approvals Act to make it much easier to deliver projects with regional or nationally significant benefits. 

    “Cabinet has now agreed on the shape of the Government’s replacement legislation, signalling a radical transition to a far more liberal planning system with less red tape, premised on the enjoyment of property rights.

    “Turning our economy around requires changing the culture of ‘no’ that permeates decision making in New Zealand. Whether it’s aquaculture off the coast of the South Island or a new green building replacing a heritage gravel pit next to a train station in the centre of our biggest city, the RMA has obstructed growth instead of enabling it. 

    “That’s all about to change. Enough is enough. 

    “Last year, the Government set ten principles for the new RMA system and tasked an Expert Advisory Group to work at pace to test and further refine these principles and develop a blueprint for reform. The EAG delivered their blueprint earlier this year.

    “Cabinet has agreed that the EAG Blueprint delivers a workable basis for a new planning system and has made in-principle decisions on a range of new features for the system, drawing upon the EAG Blueprint.

    “Economic analysis undertaken on the Blueprint’s proposals show that they are estimated to deliver a 45% improvement in administrative and compliance costs when compared to the current system. Similar analysis done on the last Government’s RMA replacement estimated that it would deliver only a 7% reduction in process costs.”

    Key features of the new system include:

    • Two Acts: A Planning Act focused on regulating the use, development and enjoyment of land, along with a Natural Environment Act focused on the use, protection and enhancement of the natural environment. 
    • A narrowed approach to effects management: The new system will be based on the economic concept of “externalities”. Effects that are borne solely by the party undertaking the activity will not be controlled by the new system (for example, interior building layouts or exterior aspects of buildings that have no impact on neighbouring properties such as the size and configuration of apartments, the provision of balconies, and the configuration of outdoor open spaces for a private dwelling). Matters such as effects on trade competition will be excluded.
    • Property Rights: Both Acts will include starting presumptions that a land use is enabled, unless there is a significant enough impact on either the ability of others to use their own land or on the natural environment. This will reduce the scope of effects being regulated and enable more activities to take place as of right. There will be clear protection for lawfully established existing use rights, including the potential for the reasonable expansion of existing activities over time where the site is ‘zoned or owned’. There will be a requirement for regulatory justification reports if departing from approaches to regulation standardised at the national level. Compensation may happen for regulatory takings in some circumstances. There will be an expansion in the range of permitted activities.
    • Simplified National Direction: One set of national policy direction under each Act will simplify, streamline, and direct local government plans and decision-making in the system. Direction under the Natural Environment Act will cover freshwater, indigenous biodiversity and coastal policy. Direction under the new Planning Act will cover urban development, infrastructure (including renewable energy) and natural hazards. 
    • Environmental limits: A clearer legislative basis for setting environmental limits for our natural environment will provide more certainty around where development can and should be enabled, whilst protecting the environment.
    • Greater use of standardisation: Nationally set standards, including standardised land use zones, will provide significant system benefits and efficiencies. The new legislation will provide for greater standardisation, while still maintaining local decision making over the things that matter.
    • Spatial Plans: Each region will be required to have a spatial plan, focused on identifying sufficient future urban development areas, development areas that are being prioritised for public investment and existing and planned infrastructure corridors and strategic sites.
    • Streamlining of council plans: A combined plan will include a spatial planning chapter, an environment chapter and planning chapters (one per territorial authority district).
    • Strengthening environmental compliance monitoring and enforcement: To safeguard the environment, a national compliance regulator with a regional presence will be established – taking over a function currently done poorly by regional councils. 

    “Common sense ideas like standardised zoning will be a key feature of the new system. Right now, every individual council determines the technical rules of each of their zones. Across the country there are 1,175 different kinds of zones. In Japan, which utilises standardised zoning, they have only 13”, Mr Bishop says.

    “Standardising these zoning rules will take pressure off ratepayers and make it easier to build more homes for Kiwis. It will also enhance local decision making, allowing elected local representatives to focus more time on deciding where development should and should not occur in their community, and less time on the enormous amount of technical detail that goes into regulating that development.”

    The Phase Three RMA replacement is a key commitment in the National Party’s election manifesto, and its coalition agreement with the ACT Party.

    “The RMA is akin to a gale force headwind battering against any attempts to develop anything anywhere,” Mr Court says.

    “Our population has grown while our infrastructure has crumbled. If we want to retain our status as a first-world nation, we need to build.

    “We need to develop homes, schools, hospitals, and roads. We need to develop ports, windfarms, gas fields and farms. Without good infrastructure and easier access to resources, how can we achieve the quality of life New Zealanders expect of a developed nation in the 21st century?

    “The RMA’s scope is far too broad and allows far too many people to rely on far too many reasons to object and tangle progress in webs of absurd conditions.

    “We must rationalise the system to ensure a tight scope where only those affected get a say, and at the right time. We cannot have Tom, Dick, and Harry weaponise the planning system to block progress from the opposite end of the country.

    “We believe that the best way to stop unnecessary red tape is attach a price to it. The new system will protect landowners against regulatory takings, enabling them to seek recourse if found that unjustified restrictions have been placed on their land.”

    “There’s a lot of work still to do, but this Government is committed to delivering these reforms to unlock the economic growth we need to improve the lives of all New Zealanders.” Mr Bishop says. 

    “We intend to begin work immediately on working through the policy detail, introducing two new Acts into the House before the end of this year.”

    Editor’s note:

    Please find attached:

    Fact Sheet – Resource management reform

    Report from the Expert Advisory Group on RM Reform. Blueprint for resource management reform: A better planning and environmental management system.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Security of payment: preventing enforcement of adjudicated amounts to contractors in precarious financial positions

    Source: Allens Insights (legal sector)

    Stays granted even if contractors are not insolvent 6 min read

    The Queensland Supreme Court has granted a stay preventing enforcement of a judgment debt obtained by a contractor in reliance upon an adjudication decision pursuant to the Building Industry Fairness (Security of Payment) Act 2017 (Qld) (BIF Act).

    In this Insight, we consider Taringa Property Group Pty Ltd v Kenik Pty Ltd [2024] QSC 327 and similar cases in NSW and Victoria, with a focus on two key questions:

    • can contractors in liquidation benefit from security of payment legislation?
    • how do courts approach stay applications made by the principal where the contractor is solvent, but in a precarious financial position?

    Key takeaways 

    • Taringa Property Group is a welcome development for principals in Queensland as it lays the foundation for seeking a stay, even when a contractor is not in liquidation.
    • Insolvency remains a major challenge for contractors, who may now experience more difficulties in enforcing payment of adjudicated amounts which can, in turn, exacerbate cash flow problems.
    • Courts maintain a wide discretion and will consider each stay application on its own facts and circumstances—however, a major consideration is how long the stay will likely be.
    • We expect to see an increase in security of payment adjudication and related court litigation as a result of the likely reforms in Victoria.

    Taringa Property Group Pty Ltd v Kenik Pty Ltd [2024] QSC 327

    TPG (Principal) engaged Kenik (Contractor) to design and construct a retail complex at Taringa.

    The contract ended in August 2023 and the Contractor made a final payment claim in September 2023 for $9.7 million. Following the Principal issuing a payment schedule (with a scheduled amount of nil), the Contractor made an adjudication application under the BIF Act, where the adjudicator awarded the Contractor $4.2 million. The Contractor obtained judgment in respect of the adjudicated amount.

    The Principal commenced two applications in the Queensland Supreme Court:

    • First, seeking to have the adjudication decision declared void for jurisdictional error or, in the alternative, a stay of the judgment debt.
    • Second, seeking final relief relating to the contract (specifically, that the Contractor is not entitled to retain the adjudicated amount).

    The court warned that considerable caution should be given to the granting of the stay as it detracts from the primary purpose of the BIF Act in enabling a contractor to be paid.1 Any risk of non‑recovery of payments made under the BIF Act as a consequence of the financial failure of the contractor after the receipt of the BIF payment is generally to lie with the principal.2

    The court gave three examples of circumstances of when a stay might be granted:3

    • where the contractor has taken steps to make the task of recovering any BIF payment more difficult for the principal by way of restructuring its financial affairs;
    • where the contractor engages in tactics to delay the resolution of the substantive proceeding;4 or
    • where the contractor is in liquidation or in some form of external administration due to liquidity issues at the time the BIF payment would otherwise be made.

    Essentially, there needs to be a real risk that the Principal will suffer prejudice or damage if a stay is not granted. However, Justice Hindman rejected the proposition that the risk must reach the level of certainty before a stay might be granted—in other words, the threshold is not so high that the contractor must actually be in external administration or must be positively proved to be hopelessly or otherwise insolvent.5

    Justice Hindman found ‘undisputed’ evidence of serious financial instability and that, if a stay is granted, the Contractor is most likely to financially fail.6 It was further observed that, even if it received the adjudicated amount, the Contractor was still likely to go into external administration as it would be insufficient to satisfy its debts.

    The court concluded that if the stay was refused, there would be a very high risk that the Contractor would not be able to repay the adjudicated amount should the Principal succeed in its claim for final relief. The practical effect of refusing the stay would be to transform the Contractor’s interim entitlement under the BIF Act into a final payment, unable to be recovered by the Principal, and at odds with the intended operation of the BIF Act.

    In a separate proceeding following this decision, a creditor of the Contractor successfully obtained an order that the Contractor be wound up.7

    The decision is currently under appeal.

    Discussion 

    Insolvency has been a major challenge for contractors, who are experiencing obstacles at every turn—high inflation, regulatory reforms, supply-chain issues, delayed effects of the pandemic, labour shortages etc. The main purpose of the BIF Act (and equivalent acts) is to help contractors be paid for the work they do, so stays to delay payment to contractors may have significant consequences and could potentially increase insolvency rates in the industry.

    New South Wales

    Since 2019, NSW has had a prohibition on companies in liquidation using the security of payment process8—the only jurisdiction in Australia to have such an express carveout. Companies in liquidation may not serve or enforce payment claims, or make applications for adjudication of a payment claim.

    Where contractors are not in liquidation, courts have been cautious in light of the policy of the statute and have undertaken a close analysis of the extent or certainty of the risk of prejudice or damage if a stay is not granted. Nevertheless, courts have been ready and willing to grant stays if the failure to do so would have the practical effect of making permanent that which, clearly enough, the legislature intended to be only interim.9

    Recently, the NSW Supreme Court noted that, although it does make it harder to obtain a stay when the contractor is not in liquidation, it by no means follows that a stay cannot be obtained unless it is.10

    The court further observed that:

    ‘up to a point, the more financial difficulty the contractor is in, the less reason there is for granting a stay, as the more likely it will be that the grant of such a stay will result in the contractor being deprived of the cashflow which is needed to sustain its operations. It is only when insolvency becomes inevitable, or at least highly probable, that the dynamics reverse because of the possibility that an interim payment will effectively become final.’11

    Indeed, in another recent decision, the court considered that even a ‘significant risk’ was not sufficiently certain of financial difficulty such that a stay should be granted.12 We note, however, in that case the contractor continued to trade, unlike the contractor in Taringa Property Group.

    The decision in Taringa Property Group, although the first of its kind in Queensland, is consistent with the approach taken in NSW.

    Victoria

    Victorian principals can still run the argument that contractors in liquidation may not use the payment regime, though this is unlikely to be without serious consideration by the courts due to conflicting decisions on this issue.13

    There is also a question of whether, in seeking a stay against a contractor who is not in liquidation, a principal is required to show that there is more than a real risk the contractor would not be able to repay the adjudicated amount in order to succeed.14

    At least one decision has granted such a stay, without requiring that higher standard.15 In that case, the stay was justified—save the fact of the parlous financial circumstances of the contractor—on the basis that it would be limited in time, and therefore minimal in the prejudice it caused the contractor.16 The likely takeaway is that, where the court is able to grant the stay on conditions or for a limited time period, application of a higher standard in the form of more than a real risk may be less relevant.

    On a wider note, principals in Victoria should be prepared to engage in more and broader adjudications in the near future as a result of the likely reforms to the current Victorian act. Consequently, it is expected that there will be an increase in proceedings seeking final determination of rights under contract and corresponding stay applications.

    To read more about Victoria’s proposed reforms, including the removal of Victoria’s unique ‘excluded amounts’ regime, removal of the concept of ‘reference dates’, an introduction of a blackout period and the introduction of a new provision allowing notice-based time bars to be declared unfair, see Government support for security of payment reform in Victoria.

    MIL OSI News –

  • MIL-OSI Australia: Interview with Mark Riley, Weekend Sunrise, Channel 7

    Source: Australian Parliamentary Secretary to the Minister for Industry

    Mark Riley:

    Treasurer, thank you for speaking to Weekend Sunrise.

    Jim Chalmers:

    Thanks very much, Mark.

    Riley:

    About your fourth budget, quite a feat in itself. The energy rebate extension, $150, half the amount of the first rebate. Why?

    Chalmers:

    This is hip pocket help for households, and that’s because we know that the cost of living is front of mind for most Australians and it’s front and centre in the Budget. This is another 2 quarters of energy bill relief, which recognises that even with all the progress we’ve made together on inflation, people are still under pressure and the Budget is designed to respond to that.

    Riley:

    Does that mean that after these 2 quarters, say the end of the year, people won’t need further assistance on their energy bills, they’ll start coming down?

    Chalmers:

    It means that there’s another 6 months worth of assistance and relief. We’ve provided 2 rounds of energy bill relief already. That’s played a really important role, taking some of the edge off these cost‑of‑living pressures.

    What we’ve tried to do here, in the most responsible way that we can, is to continue that for another 6 months. $150 off people’s power bills, more hip pocket help for households, because we know people still need it.

    Riley:

    Will you review it after that 6 months and see if it’s needed for another 6 months?

    Chalmers:

    Yeah, we keep these cost‑of‑living measures under more or less constant review. One of the defining features of the first 3 budgets, and will be again in the fourth, is doing what we responsibly can to help people with the cost of living. We know, as I said, that cost of living is front of mind for a lot of people and that’s why it’s front and centre in the Budget.

    Riley:

    So, this isn’t all the cost‑of‑living relief in the Budget? There will be more?

    Chalmers:

    We’ve already made it clear last Thursday, the Prime Minister announced that we’ll make medicines cheaper as well. What people will see on Tuesday night is really that the primary focus of the government’s fourth Budget, just like the first 3, is easing cost‑of‑living pressures, but also at the same time as we strengthen our economy and make it more resilient in the face of all of this global economic uncertainty.

    Riley:

    So, a couple of things have been suggested. Household battery subsidies for people to install them in their homes. Is that on the cards?

    Chalmers:

    First of all, I’m not going to foreshadow all of the elements of the Budget. We’re obviously aware that people have put that proposal to us.

    Riley:

    Of course. Is it a good one?

    Chalmers:

    The focus of the energy elements of the Budget is this energy bill assistance. $1.8 billion, a very substantial investment, but a responsible one as well, which recognises the pressure people are under.

    Riley:

    Some months ago the PM said he was looking at a fixed fee model for childcare. So, parents didn’t pay more than about $10 or $20 a day. What’s happened to that idea? Is that something that’s being accepted by the government?

    Chalmers:

    What we’ve announced already at the end of last year and what will be funded in the Budget is what’s called our 3‑day guarantee. That’s an important step towards that universal early childhood education system that we want. We can’t get there from A to B in one step when it comes to universal childcare. And that’s why we’re investing more money in building more childcare centres, especially for not‑for‑profit providers and especially where areas where there’s a real need, the so‑called childcare deserts. So the Budget will have that money for new childcare centres, it will have money for the 3‑day guarantee. These are important steps towards that universal system that you’re asking about.

    Riley:

    And just checking, that’ll be it for childcare in this Budget?

    Chalmers:

    There won’t be the fixed fee model that you’re talking about. That’s because we need to get there in interim steps. We know that the Prime Minister, the Minister, myself and others, we are real enthusiasts for early childhood education. We think it’s a game changer for families and especially for children. It also helps people to work more and earn more if they want to. That’s why we’re big believers, that’s why it’ll be an important feature of the Budget.

    Riley:

    Ok. A pre‑election Budget, which is interesting in itself. So, you’re going to empty the bank? Are you throwing the kitchen sink at it?

    Chalmers:

    No, it won’t be some kind of free for all of public money as I’ve made clear on a number of occasions. Cost of living will be the primary focus, but we’ll provide that cost‑of‑living relief in the most responsible way that we can. And we’ll also do it in a way with it where we’re not neglecting our responsibilities to the future.

    We know that there’s a lot of global economic uncertainty. What’s happening in the US and China, Europe and the Middle East casts a shadow over this Budget. There’s a lot of unpredictability and volatility in the global economy. So, in addition to that cost‑of‑living help, we’ll also be investing in making our economy more resilient because that’s the best way to build Australia’s future.

    Riley:

    And will there be measures in this Budget that we won’t hear about on Tuesday night that will be released during the election campaign?

    Chalmers:

    As I made clear, I think last week from memory, a lot of what’s in the Budget has been announced already. I mean, the big game‑changing investment in strengthening Medicare because more bulk billing means less pressure on families. That will be an important feature of the Budget – one of the most important features of the Budget already announced. There’ll be a small number of announcements to be made during the course of the election campaign, as you would expect. You’ve seen a few of these, Mark, over the years.

    Riley:

    Just a couple.

    Chalmers:

    But there’ll be some important initiatives announced on Tuesday.

    Riley:

    In the cost of living space as well?

    Chalmers:

    We’ve made it clear already cheaper medicines and some extra help with electricity bills. We’ve also got in the Budget the cuts to student debt, which is about cost of living as well. People will see a real focus on Tuesday night on the cost of living, but also making our economy more resilient in the face of this global uncertainty.

    Riley:

    Are you confident this is going to be enough to get you re‑elected?

    Chalmers:

    It remains to be seen. You know me, Mark. You know that I don’t take outcomes for granted when it comes to elections. What I am confident about is that we’ve made the right decisions for the right reasons. And I genuinely believe that if you have the right values and the right priorities, and if you take those right decisions for the right reasons, the politics will take care of themselves.

    Riley:

    Treasurer, thank you very much for speaking with Weekend Sunrise.

    Chalmers:

    Thanks.

    MIL OSI News –

  • MIL-OSI China: Cash, confidence, consumption: How China’s policy kit fuels consumers’ wallets?

    Source: China State Council Information Office

    China unveiled a comprehensive policy package recently to boost consumer spending, reinforcing its commitment to making consumption a key driver of economic growth.

    The 30-point plan aims to strengthen consumer confidence by a whole set of measures including promoting income growth and reducing financial burden.

    Analysts described the pro-consumption push as an innovative move that underscores the government’s commitment to a people-oriented approach and its focus on investing in human capital.

    The holistic initiative, which combines fiscal, financial and regulatory tools, aligns with priorities outlined in this year’s government work report, which positioned “expanding domestic demand” as a top priority.

    A key aspect of the plan is its focus on tackling prominent constraints on consumption through three main measures: boosting spending power by increasing incomes and easing financial burdens, delivering high-quality supply, and fostering a consumption environment.

    As the world’s second-largest economy navigates domestic and external headwinds, policymakers are counting on the spending power of its 1.4 billion consumers to drive economic growth.

    Greater capacity, willingness to spend 

    Central to the plan is an unprecedented emphasis on demand-side support to bolster household consumption capacity through measures that foster reasonable wage increases, expand property income channels, and boost farmers’ earnings.

    For the first time in a policy document on boosting consumption, the plan explicitly highlights the importance of stabilizing both the stock and property markets, outlining targeted measures in a bid to “enhance spending power, stabilize expectations, and strengthen consumer confidence.”

    “There’s considerable focus on increasing both the capacity and willingness of households to consume,” Lynn Song, ING Chief Economist for Greater China, said in a note.

    The plan integrates consumption growth with improving livelihoods, introducing measures to ease household burdens in areas such as childcare, education, healthcare and old-age insurance, Li Chunlin, deputy director of the National Development and Reform Commission (NDRC), said at a press conference following the release of the initiative.

    Accordingly, China plans to explore a childcare subsidy system, increase fiscal subsidies for basic old-age benefits and basic medical insurance for rural and non-working urban residents in 2025, and appropriately raise basic pension benefits for retirees.

    The plan’s increased focus on tackling livelihood problems aligns with this year’s government work report, which pledges to “direct more funds and resources toward investing in people to meet their needs.”

    Increasing fiscal spending on human development and social safeguards not only helps create a sustainable consumption expansion mechanism but also reflects an approach where economic growth and the improvement of people’s well-being mutually reinforce each other, according to Jin Li, vice president of Southern University of Science and Technology.

    Expansion of trade-in program to boost demand 

    In a broader push to bolster domestic demand, China renewed its consumer goods trade-in program, increasing funding from last year’s 150 billion yuan to 300 billion yuan through ultra-long special treasury bonds.

    This year’s initiative also extends subsidies to more electric gadgets and home appliances including smartphones, tablets, and smartwatches.

    The push builds on the success of 2024, where 150 billion yuan in subsidies generated over 1.3 trillion yuan in sales across autos, home goods, and electronics, highlighting the program’s role as a near-term economic stabilizer.

    Amid strong policy support, e-commerce giant JD.com reported a 13.4 percent year-on-year revenue increase in Q4 2024, marking its highest quarterly growth in nearly two years, while its operating profit skyrocketed to 8.5 billion yuan, compared to 2 billion yuan recorded in the same period the previous year, the company’s latest performance report showed.

    This growth aligns with broader consumer optimism. Some 54 percent of Chinese consumers feel financially better off than a year ago, a 10-percentage point leap from the average in 2024, according to a report released by the German bank on Tuesday, Bloomberg reported.

    The upbeat findings suggest China is increasingly reaping the benefits of the government’s efforts to boost household confidence and consumption.

    Beyond immediate stimulus, policymakers are aiming for “bigger-picture themes” that will take time to unfold. The plan stressed the need to implement a paid annual leave system, ensuring that workers’ rights to rest and vacation are legally protected.

    “More flexible leave policies could encourage the more crowd-averse consumers to travel and spend,” Song said, noting that reform in the holiday system will result in “more aggregate demand.”

    Furthermore, the policy bets big on tech-driven consumption, prioritizing “AI+” innovations like self-driving vehicles, brain-computer interfaces, and robotics, underscoring China’s vision to integrate high-tech advancement with premium consumer experiences.

    Sustainable consumption growth 

    China’s intensified focus on domestic demand not only emerges as a necessity but also creates a wealth of opportunities.

    The urgency is evident as external shocks coincide with challenges in old growth engines, yet within these challenges lies unparalleled potential. China’s 1.4 billion consumers, bolstered by an expanding middle class of 400 million, the world’s largest, form a powerhouse with vast purchasing potential.

    Effective implementation of the pro-consumption action plan is of utmost importance, said Li, noting that challenges such as subdued consumer confidence and unmet consumer demands remain, requiring “significant” efforts to address them.

    The synergy between dozens of central departments will be strengthened to roll out specific policies, while local governments are encouraged to put forward nuanced measures in light of local conditions, the NDRC deputy director noted.

    “This year’s attention to boosting consumption, combined with last year’s relatively low base, will help consumption growth recover to mid-single-digit growth in 2025,” Song said. “Any further growth would likely hinge on a sustainable recovery of consumption.”

    MIL OSI China News –

  • MIL-OSI Economics: Money Market Operations as on March 21, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,71,400.25 6.33 5.15-6.65
         I. Call Money 16,518.82 6.33 5.15-6.50
         II. Triparty Repo 3,90,123.95 6.30 6.00-6.65
         III. Market Repo 1,62,325.58 6.39 5.50-6.50
         IV. Repo in Corporate Bond 2,431.90 6.63 6.60-6.65
    B. Term Segment      
         I. Notice Money** 548.90 6.43 5.90-6.45
         II. Term Money@@ 565.00 – 7.25-7.60
         III. Triparty Repo 190.00 6.23 6.00-6.50
         IV. Market Repo 0.00 – –
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Fri, 21/03/2025 3 Mon, 24/03/2025 96,581.00 6.26
      Fri, 21/03/2025 5 Wed, 26/03/2025 46,204.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Fri, 21/03/2025 1 Sat, 22/03/2025 9,778.00 6.50
      Fri, 21/03/2025 2 Sun, 23/03/2025 0.00 6.50
      Fri, 21/03/2025 3 Mon, 24/03/2025 183.00 6.50
    4. SDFΔ# Fri, 21/03/2025 1 Sat, 22/03/2025 1,32,199.00 6.00
      Fri, 21/03/2025 2 Sun, 23/03/2025 1.00 6.00
      Fri, 21/03/2025 3 Mon, 24/03/2025 6,756.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       13,790.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 21/02/2025 45 Mon, 07/04/2025 57,951.00 6.26
      Fri, 14/02/2025 49 Fri, 04/04/2025 75,003.00 6.28
      Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,517.37  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     1,92,481.37  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     2,06,271.37  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on March 21, 2025 8,89,240.46  
         (ii) Average daily cash reserve requirement for the fortnight ending March 21, 2025 9,19,133.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ March 21, 2025 1,42,785.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on March 07, 2025 54,323.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2082 dated February 05, 2025, Press Release No. 2024-2025/2138 dated February 12, 2025, and Press Release No. 2024-2025/2209 dated February 20, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2442

    MIL OSI Economics –

  • MIL-OSI Submissions: Scams – Less than 10% of Aussies would discuss their scam experience with family

    Source: Commonwealth Bank of Australia (CBA)

    The research also reveals people’s confidence in spotting a scam decreases with age.

    New research commissioned by CommBank shows more than 90 per cent of Aussies believe that talking about scams with their loved ones will help to build awareness, however only 8 per cent say they would be comfortable discussing with family about being scammed.

    The research also found that around 60 per cent of Australians are more concerned about scams than they were a year ago.

    When it comes to recognising and avoiding scams, 33 per cent of people under 60 say they are very confident in spotting a scam, this drops to just over 20 per cent for those over 60.

    Recent data from the National Anti-Scams Centre (NASC) also shows that older Australians are overrepresented when it comes to scam losses. The government organisation’s latest Targeting Scams Report shows that people over the age of 65 accounted for around 31 per cent of losses reported to Scamwatch, despite only making up just over 17 per cent of the population.1

    As part of the Bank’s commitment to providing Australians with greater education about scams, CBA is collaborating with Australian journalist Jess Rowe and her mother Penelope to launch a new campaign – Talk to a Loved One.

    The education campaign aims to encourage conversations about the dangers of scams between generations. By addressing intergenerational knowledge gaps, it seeks to equip all Australians, particularly older generations, with the information and tools necessary to protect themselves and their families.

    CBA Head of Group Fraud James Roberts said: “At CBA we have seen customer scam losses decrease by 70 per cent over two years, and we know education is one of the most important parts of fraud and scams prevention. The research shows older Australians feel particularly exposed to scams, so we hope this education campaign helps change that, and all Australians learn how to spot a scam and stay safe.

    “Our campaign ambassadors, Jess Rowe and her mum Pen, embody the importance of open family conversations and reflect exactly what we are encouraging all Australians to do—talk to their loved ones about scams, share knowledge, and protect each other,” Mr Roberts said.

    CBA is collaborating with journalist Jess Rowe and her mother Penelope to launch Talk to a Loved One.

    To support Australians in having these crucial discussions, CommBank has launched a new scam safety tips webpage filled with comprehensive resources and educational material, including a conversation guide.

    When speaking about taking part in the campaign, Australian journalist Jess Rowe said: “It’s so important to talk openly about fraud and scams with our loved ones. By sharing our experiences and supporting each other, we can create a safer environment for everyone. I’m thrilled to be part of a campaign that encourages these crucial conversations and empowers Aussies to protect themselves and their families.”

    “In the first half of this financial year CBA invested more than $450 million to prevent fraud, scams, financial and cyber crime and while this is important, so too is raising awareness in the community on how we can protect ourselves,” Mr Roberts said.

    CBA is urging all Australians to take part in the Talk to a Loved One initiative by:

    Having regular conversations about scams with family and friends.
    Staying informed about the latest scam tactics.  
    Remembering to implement and educate others on these three simple steps to help prevent scams:  

    Stop: Does a call, email or text seem off? The best thing to do is stop and take a breath. Real organisations won’t put you under pressure to act instantly.
    Check: Ask someone you trust or contact the organisation the message claims to be from.
    Reject: If you’re unsure, hang up on the caller, delete the email, block the phone number. Change your password if you think someone else may have it, and make sure you pick something long and unique.

    Seeking help immediately if you suspect a scam.

    For more information about the campaign and how to stay safe from scams, visit commbank.com.au/scam-tips

    Note: The research, commissioned by CBA and conducted by YouGov, was carried out online between 6th – 12th January 2025 with a nationally representative sample of 1,500 Australians aged 18 years and older.

    MIL OSI – Submitted News –

  • MIL-OSI China: S. Korea’s constitutional court rejects PM Han’s impeachment

    Source: China State Council Information Office

    South Korea’s constitutional court on Monday rejected a motion by the parliament to impeach Prime Minister Han Duck-soo, according to the court.

    With the rejection, Han was immediately reinstated as prime minister and acting president as the ruling took effect right after delivering the decision.

    Of eight justices of the nine-member bench, five rejected the motion while one upheld it. The remaining two were in favor of dismissal.

    The impeachment motion against Han was passed by the opposition-controlled National Assembly on Dec. 27 last year following the impeachment of President Yoon Suk-yeol on Dec. 14 over his botched martial law imposition.

    Choi Sang-mok, the economy and finance minister who doubles as deputy prime minister for economic affairs, became an acting president in December last year after the impeachments of both president and prime minister. 

    MIL OSI China News –

  • MIL-OSI Economics: Harnessing the Benefits of Regional Cooperation and Integration

    Source: Asia Development Bank

    Transcript

    The rapid growth of the Asia and Pacific region into a global economic powerhouse can be fully understood through the crucial role of deepening regional cooperation and integration.
     
    In recent decades, the region has made remarkable strides in integration through the accelerated growth in trade, investment, movement of people, and―importantly―knowledge.
     
    Asia’s trade integration is drawing closer to that of the European Union, with intraregional trade shares increasing by 10 percentage points from 1990 to 2023. 
     
    Foreign direct investment within Asia has grown, with 52% of FDI from 2013 to 2023 coming from within the region, boosted by investments in services, digital industries, and green sectors. 
     
    Financial integration has lagged behind trade and investment. 
     
    Yet it remains a critical conduit for translating the region’s existing and future savings into regional investments.
     
    Expanding markets and income has made Asia a crucial source of remittances and tourism, beyond pre-pandemic levels. 
     
    For several economies in the region, they have become financial lifelines.
     
    While the region is backed by strong regional cooperation and partnership, growing risks of geopolitical tensions and global fragmentation calls for renewed attention to the benefits of regional cooperation and integration in better cushioning external shocks.
     
    The region needs to broaden, deepen, and modernize its free trade agreements and investment treaties.
     
    Also, existing regional financial arrangements must upgrade their effectiveness to safeguard the region’s financial stability.
     
    Digitalization must ensure it helps facilitate the secure movement of people, money, and ideas; and lower transfer costs.
    Tourism can thrive only if improved connectivity―along with liberal air transport and visa policies―can expand regional travel opportunities.
     
    With these efforts, regional cooperation and integration will increasingly contribute to economic prosperity, help tackle the climate crisis, narrow the digital divide, and navigate geopolitical challenges in the coming decades
     
    To learn more, please read the Asian Economic Integration Report 2025. 

    MIL OSI Economics –

  • MIL-OSI Australia: Press Conference – Parliament House, Canberra

    Source: Historic Cooma Gaol listed on the NSW State Heritage Register

    ANTHONY ALBANESE, PRIME MINISTER: Thank you very much for joining us. And I begin by giving a shout out to all those mums and dads and carers who are dropping their young ones off at school this morning for the school drop off right around the country and indeed for them, but most importantly for the young Australians to come, this is a historic day. Today we reach the point for the first time in Australian history where every student, public and private, will be delivered the school funding that they deserve. The School Resourcing Standard that was identified by David Gonski more than a decade ago. By Queensland agreeing to sign up with the agreement put in today, will change lives because public education changes lives. Public education is what is accessible and available to all Australians. And from today we can announce that every little Queenslander will have a better chance to reach their potential. Nothing is more important in the role of the Commonwealth and state and territory governments than delivering opportunity for young Australians. And it is education that opens the doors of opportunity and today we are widening them. This historic agreement means that every Australian child who goes to a public school will now receive a fully funded education. The private school students had reached the SRS standard previously. But what the agreements between the Commonwealth and our eight state and territory governments have delivered is that every student, regardless of which school they go to, will receive this funding. This agreement with Queensland will deliver an estimated $2.8 billion in additional funding for Queensland public schools over the next decade. This represents the biggest ever investment in Queensland public schools by an Australian government ever. In Queensland, we expect this to support some 560,000 public school students. It isn’t a blank cheque. This money is tied to real reforms like evidence based teaching practises, phonics and numeracy checks, catch up tutoring and more mental health support. Today’s announcement contributes to an estimated $16.5 billion in additional Commonwealth funding to public schools across the nation from 2025-2026, for the decade ahead to 2034. It represents the biggest new investment in public schools by an Australian government ever. And I do want to thank Premier Crisafulli for the constructive engagement that we have had to deliver this agreement. Constructive engagement that’s now reflected with agreements between every government right across this country, every state, every territory, combining with the Commonwealth. On election night in 2022, I spoke about education as being the key to widening those doors of opportunity. What my Government is doing in early childhood education, now in school education, with our higher ed agreements and with Free TAFE, is delivering across the board so that every child will have the opportunity to fulfil their potential. That’s what aspiration is about. That’s what people want for their young sons and daughters. And indeed, the beneficiaries of this agreement today include obviously people who haven’t been born yet. This is intergenerational reform that will make an incredible difference. And I do want to thank the Premier, we’ve engaged constructively in this over a period of months and today we’ve reached what is a historic agreement.
     
    DAVID CRISAFULLI, PREMIER OF QUEENSLAND: Thanks, PM. It is a historic agreement and today I can confirm that Queensland has secured the biggest investment in schools in our nation’s history. And we are delighted to be standing here with you Prime Minister, thank you very much for the way that you’ve negotiated with us. This means a lot to Queensland and it means a lot because we’ve got some challenges in our schooling systems that other states don’t have. We are the most decentralised state. We’ve got a large portion of rural and regional and Indigenous schools. We have challenges because of that, not just geographically, but challenges that are historically been baked in. As a result, our NAPLAN results aren’t what we have wanted to see in recent years. What this does is give us a decade long commitment to be able to turn the funding shortfall around and with that will come the ability to turn those results around. And what excites me about this deal is it’s not just about a financial injection. It’s also about making sure that we meet standards. It’s also about making sure that we give every child the opportunity to be their best. And we want that and we want them to be their best, whether they’re in the capital or in the smallest of rural or remote schools. It’s important that that money does flow. This is a 10 year deal that will see an immediate investment, but also will deliver long term generational reform that’s important for Queensland, for what we want to achieve. We want to make sure that we have well educated children who become great performing members of our state. And we’ve got a lot ahead as a state. And making sure that we could sign this education deal means a lot to us. And we are delighted with the agreement that’s been struck and we are determined to make sure that the education standards for Queensland kids continue on an upward trajectory. And with that comes the best for our state. Thanks very much.
     
    PRIME MINISTER: We’ll hear from Jason and JP and then we’re happy to take questions.
     
    JASON CLARE, MINISTER FOR EDUCATION: First, I want to thank the Prime Minister. This is real leadership in action. This is a Prime Minister who gets it and who knows how to get things done. Who knows how to work with the states and work with different political parties. A Prime Minister who gets how important this is for our kids and for our future. I also want to thank you, Premier, for all of the work that we’ve done together to get this deal across the line. Bringing forward funding, just extraordinary, sir. And I take my hat off to you and to JP. Absolute legend, mate. It’s been wonderful working with you and looking forward to working with you in the future. This is the last piece in the puzzle. With the agreement that we’ve just signed, it means that every public school in the country will now be fully funded. And that has never ever happened before. It should have, but it hasn’t. Now it will be and it will change kids’ lives. This is the biggest investment by the Commonwealth Government in public schools ever. As the Prime Minister said, it’s worth about $16.5 billion over the next decade. But it’s not a blank cheque. This money is tied to real and practical reforms to help children who fall behind to catch up and keep up. Ultimately help more young people finish high school. It’s bigger than that. It’s about helping to make sure that every child gets a great start in life. It’s what every mum and dad wants for their child and it’s what every Australian child deserves. You know, we know that a good education can change a life and a good education system can change a country. If you think back to the 1980s, to the 1990s, when some of us were at school, the number of kids finishing high school skyrocketed. It went from about 40% of kids to almost 80%. That changed us as a country. Now, in the last 10 years, that percentage has gone backwards. It’s dropped from about 83% to 73%. And that’s happening in public schools. We’ve got to turn that around. Fundamentally, that’s what this is all about, making sure that more young people finish school. It’s more important today than it was when we were at school. This is building Australia’s future in action. This is real microeconomic reform. If we’re going to build the country of our imagination, then we need people to build it. We’ve got to build the skills of the workforce today and tomorrow. We’ve got to make sure that more young people finish school and then go on to TAFE or to university and can build the career of their dreams. And that’s what this is about. And Albo, as a kid from public school I just want to say thank you from the bottom of my heart. This is going to change the lives of kids at school today, kids that go to school tomorrow, children that aren’t even born yet. It’s going to make our education system better and it’s going to make us an even better and fairer country.
     
    JOHN-PAUL LANGBROEK, QUEENSLAND MINISTER FOR EDUCATION: Thanks, Jason. Well, can I also say as a returning education minister, hopefully this marks the end of the education wars because over a decade ago when I was Minister for Education, Training and Employment in a former government, was when we had the Gonski report and we had this constant debate about special needs in terms of what the states had. And as the Premier has mentioned, Queensland does have more of those areas of needs, whether it’s disability, Indigenous, socioeconomic status, small, regional, remote. Queensland has more than any other. And if we’re going to have league tables about schools, then no wonder Queensland’s had trouble competing. But this agreement today really does mean a big change for Queensland. It’s something I’m personally very appreciative of. I want to thank Jason as well for, he and I have had numerous conversations over the last four to five months. First of all we had to do a one year deal and after 10 years of declining investment or the former government in Queensland not putting enough funding in it means that now as a result of this agreement we’re reaching 75% in Queensland, four years ahead of the previous agreement or what the intended time was going to be. So, I want to thank the Premier and the Prime Minister as well. It’s been protracted negotiations but importantly for Queensland schools and I’m also state school educated, something I’m very proud of for in my family that’s made a big difference to my life and I know it will continue for other Queensland students. This is going to have a real impact in Queensland in education and across the country.
     
    PRIME MINISTER: Thanks JP. Happy to take questions.
     
    JOURNALIST: Has there been deals, arrangements locked in for how fast the states, all the states are going to lift their funding amounts and this announcement today that you said $2.8 billion just for Queensland, your Finance Minister’s announced $2.1 billion of savings in the budget. Is this baking in more spending?
     
    PRIME MINISTER: No, because we accounted for most of this investment is already in MYEFO. There will be some additional investment given to Queensland that will be accounted for in the pre-election fiscal outlook. This is an investment in our young Australians. I can’t think of anything that is more worthwhile than investing in the opportunity of a young Australian and this will make an enormous difference. It has been spoken about for a long period of time, as JP said, people spoke about, the Gonski review occurred under the former Labor government. We then had in 2014 budget $30 billion ripped out of education. Since then we’ve seen school completions decline from 83% to 73%. We need to, in public schools overwhelmingly, we need to make sure that we compete not on the basis of driving down wages but we compete on the basis of how smart we are. And what this is is seizing opportunities. And Queensland does have particular challenges because it is the most regional of states and we’ve worked through all of these issues constructively but we have fully funded all of these agreements will be there. We’ve gone through our ERC processes, the Premier has been through his. But I’ll ask the Premier to comment.
     
    PREMIER CRISAFULLI: That’s a very good question. As part of this deal we have had to bring forward some funding at a Queensland level as well to secure the deal. But so we should. We’ve under invested in public education as a state for too long and this was an opportunity too good to miss. It was an opportunity to bring two levels of government together. But ultimately it’s about kids, ultimately it’s about can we get an outcome for children. And at the moment, when I look at Queensland’s education standards over many years it hasn’t been what it should be. And that’s not because of the kids, it’s not because of the teachers, it’s because of the broken system. And today we start putting together that broken system and outlining a funding pathway but also driving results. And that’s good news for everyone.
     
    JOURNALIST: Just on the schools funding now that all the states and territories have kind of signed on, what will this mean for the educational divide going forward? Because for every public school that still has demountables with air conditioning that doesn’t work, there’s private schools that are spending millions of dollars for performing arts venues with orchestra pits or multi-million dollar swimming pool centres like how will this lessen that educational divide that will be going on?
     
    PRIME MINISTER: What we want to make sure is that every parent, when they make a decision which is up to them of where their child goes to school, that they can have confidence that that child will receive the level of support that they deserve. It also is about making sure that children don’t get left behind. What we know from the testing that occurs is that if you wait until a child reaches the middle of primary school, it’s too late. Part of this agreement and the tying of this funding is for Year One testing, is making sure that if a young person needs that one on one help or small group help to make sure they’re not left behind, they get that really early on, they get to catch up, they don’t get to fall behind and then have issues later on. And so this is an investment that will pay off because we know that when people do fall behind, students, they can take forever or sometimes just don’t catch up. That’s what those figures of the decline in Year 12 completion shows. You know, the Hawke Government made the decision to lift very consciously the level of Year 12 completions from three out of ten to eight out of ten. What we’re doing as a Commonwealth, in partnership with Queensland and other states and territories, is making a conscious decision that children will not be left behind.
     
    JOURNALIST: A couple of years before you got the job, the Prime Minister and the premiers did a deal on the NDIS to try and bring it back under control. They offered the states, they extended the GST deal for another two years and guaranteed hospital funding, etc. Are you, is your state any closer to holding up your end of the deal and taking responsibility for foundational support?
     
    PREMIER CRISAFULLI: Well, of course we’ll continue to negotiate in good faith and I hope what today proves is that we will always negotiate in good faith, but we’ll always look for the best deal for Queensland. I don’t think that’s any surprise to the Prime Minister with, we negotiated hard, but in the end I think we’ve got a good outcome. Good outcome for Queensland and a good outcome for Australia.
     
    PRIME MINISTER: Just here and then, Paul.
     
    JOURNALIST: Prime Minister, you’ve committed to legislate to protect salmon farming in Macquarie Harbour.
     
    PRIME MINISTER: Have we got anything else on the biggest schools announcement? Can we stick to if there are schools questions, if not happy to move on?
     
    JOURNALIST: A school of fish.
     
    PRIME MINISTER: Paul is always focused on the micro.
     
    JOURNALIST: So, salmon fishing, you’ve committed to legislate to protect it in Macquarie Harbour. How will that work and will that legislation have implications for environmental considerations in other industries?
     
    PRIME MINISTER: Well, what we know is that the environmental science tells us that the skate is at the same levels that it was back a decade ago. We responded to the science to provide certainty. My Government makes no apologies for supporting jobs. That’s what the Labor Party does. We support jobs, but we also support sustainability, which is why we’ve invested $37 million for sustainability, for oxygenation. That’s why we’re engaged as well in what has been a very successful breeding program as well.
     
    JOURNALIST: Some of your colleagues believe that you’ve got a sense of momentum, that you might call the election as soon as you can after this sitting period’s over, they want to head back to their electorates very quickly. Do you want to seize the moment you’re in and call the election as soon as you can after Thursday? And Premier, you’ve had some time to speak to Peter Dutton now that you’re in the job. Do you have any more confidence in his nuclear plan now that you’ve had a chance to look at it?
     
    PRIME MINISTER: Well, on the first, I’m told by my office that when we called this press conference, some thought we were about to call the election the day before the Budget. So, I say consistently, as I have said privately and publicly, three years is too short. I can now confirm the election will be in May. I’ve been saying that for a year. I was advised this time last year, in order to stop tax cuts going forward, that we should call an election. And I ignored that call by Mr Dutton and I continued to govern. We’ve got a Budget to hand down tomorrow night. It’s an important Budget that will set Australia up on the path to a better future. And I look forward to that. I look forward to some policy besides the three that have been announced. The nuclear plans, the $20,000 lunches and the cuts that we don’t know about, coming out sometime between now and May. But we’re very clear about what our agenda is. And it’s an agenda of governing. And what I’m doing today is governing, putting in place these important reforms.
     
    PREMIER CRISAFULLI: You won’t get running commentary from me about policies in Canberra, that’s for this guy and Peter to do. I don’t think Australians or Queenslanders or any of you will be too surprised with who I’m backing in the Federal Election. Of course I’m backing Peter – 

    JOURNALIST: It’s not contrary though, Premier (inaudible) reverse the ban on nuclear –
     
    PREMIER CRISAFULLI: But it is, it is because I’m – no, it is because I’m here signing the biggest education deal in my state’s history and that’s pretty bloody important to me. And, you know, I’ll let others run political commentary. I’m here to talk about something that matters to parents in my state.
     
    JOURNALIST: On the Olympics stadiums there have been some major changes announced – thanks, Prime Minister – today, or major changes are due. Do you have a Plan B if you can’t renegotiate with the Prime Minister on moving funding away from Brisbane Live Arena to other venues?
     
    PREMIER CRISAFULLI: Well, firstly, it’s been 1430 days since Queensland was awarded the Olympic and Paralympic Games. I reckon if I told you and didn’t wait until tomorrow, I’d probably be in strife from my gallery. But look, we’ve got a plan and it’s a plan to make sure that we do deliver generational infrastructure. And it’s a plan to make sure that we do host great Games when the eyes of the world are on us. And I want people to understand that we – yes, there’s been a long time since we were awarded the Games, but I do believe we’ve got a plan that can get the show back on the road.
     
    JOURNALIST: Premier, have you raised the Olympics in discussions with the Prime Minister?
     
    PREMIER CRISAFULLI: I reckon we’ve spoken a lot about it, but we’ve negotiated well together. I think that’s fair. We’ve worked together well and that’s always my style. I’m on Team Queensland. Of course, there’s been some strong negotiations. Two people of Italian descent, you’d expect that. But there’s nothing that can’t be solved over a bit of common sense and a cannoli. Two cannolis, and I bought both of them.
     
    PRIME MINISTER: And I can confirm that the Premier has, on two occasions, given me cannolis and I haven’t declared them. So, I declare them now just in case I get into some trouble.
     
    PREMIER CRISAFULLI: They were good cannolis.
     
    PRIME MINISTER: We regard that as a cultural thing rather than anything else. And they’re fine cannolis, I’ve got to say. We’re going to go: 1, 2, 3, 4, and then we’re done. Oh, 5 – just got in.
     
    JOURNALIST: Prime Minister a question for you and one for the Premier. Peter Dutton yesterday described your energy rebate extension as a Ponzi scheme. His Shadow Treasurer said it was putting a band aid on a bullet wound, yet they’re supporting it. I’m just wondering what your view is of that. And, Premier, can you tell us, are you going to break your election promise tomorrow about no new venues?
     
    PRIME MINISTER: On the first, it says something about the Coalition – I’m trying not to be too partisan here, standing next to the Premier –
     
    PREMIER CRISAFULLI: I’m out of the shot.
     
    PRIME MINISTER: But whether it’s our Medicare tripling of the bulk billing incentive for all 21 million Australians, the 50 new Urgent Care Clinics, the $25 for medicines on the Pharmaceutical Benefits Scheme, the freezing of the beer excise for two years, or a range of other measures – including the extension of Energy Bill Relief – the Opposition, having opposed all of these things for almost three years, have just said yes. I guess they’ve got to have something to say about policy and they don’t have any of their own. So, that has been their fallback position. But I think that Australians will have a look at their rhetoric and show that their heart isn’t in it. And in the rhetoric that they use, attacking this means that it can’t be secure. The last time round there was an election where the Coalition formed government was in 2013. They said there’d be no cuts to education, no cuts to health. The 2014 Budget had $50 billion cut from hospitals and $30 billion cut from education. And we’ve been playing catch up ever since. And in part, that’s what today’s announcement is about.
     
    PREMIER CRISAFULLI: Well, one day to go, Mark, one day to go. One thing’s for certain, though, is we set about a process to make sure that we could get that show back on the road. And I think even the most, even the most objective person – even the most partisan person – looking at where we are at the moment, would acknowledge that it’s been three years of chaos and crisis since we were awarded the Games. And I’m a big believer when you make decisions, you put the information out. I’ve done that throughout my career and I’ve certainly done it in recent times dealing with the disasters. I have this view that if you provide the information and the reasons behind your decision, whatever those decisions are, I think overwhelmingly people will respect where we’re going. And tomorrow we will outline a plan to make sure that we can deliver generational infrastructure for every square inch of the state. And I think it’s an exciting time and I want Queenslanders to believe that we can deliver something when the eyes of the world are on us that makes us feel proud to be Queenslanders.
     
    JOURNALIST: Prime Minister, yesterday your Treasurer said it remains to be seen when the next surplus will be delivered. Do you hope another surplus will be delivered during your Prime Ministership? And Premier, when the GST cover was recently announced by the Commonwealth Grants Commission, your Treasurer, David Janetzki, was quite critical of the funding that had been announced for Queensland under that deal. Was the GST arrangements subject to discussions today?
     
    PRIME MINISTER: You’ll see the Budget and all the figures tomorrow night. Not long to wait now. One more sleep.
     
    PREMIER CRISAFULLI: We don’t believe it was a good decision. We acknowledge how it was made, we acknowledge the framework behind it. But we, you know, I wouldn’t be doing my job if I didn’t tell you all today that we’re going to continue to work pretty hard to make sure that some of that infrastructure funding is excised from the GST. I think that’s fair and proper, particularly with the Bruce Highway. We were very, very pleased with the announcement on the Bruce, but it is a national road and it is, in my mind is something that should be excise from that GST agreement. We’ll continue to negotiate in good faith. And then there’s that little matter of the flood mitigation on the Bruce Highway as well, which I might go and try and get his signature before I fly back to Brissie.
     
    JOURNALIST: PM, Donald Trump’s reciprocal tariffs are due to start from April 2. Is the Budget in such a position that it can withstand any economic turmoil that will come out of that? And where is Australia’s negotiations up to with the Administration about changes or excisions of Australia’s trade markets into the US under those reciprocal tariffs?
     
    PRIME MINISTER: Look, we continue to engage constructively with the Trump Administration. We were engaged over the weekend again in some of those discussions that have taken place. My Ministers are engaged, our people in the United States are engaged as well. We’re advancing Australia’s national interest, as you would expect.
     
    JOURNALIST: Prime Minister, David Littleproud says we need more gas in the market, he seems to be suggesting they’re going to water down the safeguard mechanism. Do you agree with the proposition we need more gas in the market and what would you be doing to resolve that? And for the Premier, is there enough being done to get the gas out of Queensland’s south?
     
    PRIME MINISTER: On the former, we’ve announced and delivered publicly released our future gas strategy. That’s a strategy that understands that gas has an important role to play, along with batteries, in providing certainty. I was in Gladstone in the great State of Queensland just last week with Rio Tinto there, at the refinery producing fantastic alumina, aluminium there. And they employ many people, and one of the things that they’ve done is to shift to renewables but they have firming capacity there as well. That’s part of the transition that’s important. The former government had this big announcement when they were there about gas, a gas led recovery. Not much happened. Not much happened. You don’t need rhetoric. What you need is actually investment. What the safeguard mechanism does, like the Capacity Investment Scheme, is to provide certainty for the investment environment for business, which is why business backed the safeguard mechanism.
     
    PREMIER CRISAFULLI: I haven’t seen what David Littleproud said, but if he’s talking about the need for more gas in the market, he’s 100 per cent correct. And have a look at across the states. Queensland, over a long period of time, we’ve done the heavy lifting, we’ve done our end of the bargain, and some of the safeguards that were put in place a little over the decade ago has ensured that communities that were once trod on have now embraced it. And overwhelmingly, it’s been great not just for our economy, but it’s also been great for regional communities to have a sense of identity. It’s been great for meeting the market that’s there. I would argue that other states probably haven’t come on the same journey that we have. And I think if you point to Queensland as an example, that it can be done, it can be done. You can protect the environment, you can treat local communities with respect, you can create some jobs, you can earn a living. It is absolutely possible.
     
    PRIME MINISTER: Last one.
     
    JOURNALIST: Australian doctor Mohammed Mustafa is in Gaza right now. He says he told SBS the situation is catastrophic. He’s asking for urgent assistance. What is your Government actively doing now that Israel has broken the ceasefire?
     
    PRIME MINISTER: Well, we have maintained our same position, which is we want to see the ceasefire be continued. We want an end to hostilities, we want to see hostages released. We want to see peace and security in the Middle East. Something that my Government is very focused on. We will remain focused on. But we’re not major players in the Middle East. That’s just the truth of the matter. And so, we remain incredibly concerned about the innocent loss of life that we’ve seen since October 7, whether that be in Israel or whether it be in Gaza. Surely people have a look at that innocent loss of life, including children and people who have done nothing wrong but be in the wrong place at the wrong time. They deserve protection. And I want to see that occur, as I’m sure most people who have a look at what is occurring, including whether it be people in Gaza or indeed people in Israel who are saying that as well. Thanks very much, thank you.

    MIL OSI News –

  • MIL-OSI New Zealand: The most important thing the Government will do

    Source: ACT Party

    The Haps

    At least one left wing chat room went ballistic about last week’s Free Press. The idea that men are oppressed seemed to trigger them so badly they missed the central point: The world is not made up of groups oppressing each other, but individuals trying to make the most of their time on earth.

    The most important thing the Government will do

    New Zealand in a nutshell is the best land in the world that you can’t build a home (or a quarry, or a road, or a water treatment plant, or a power station) on. Nearly every major problem we face begins with the difficulty in getting consent to build things.

    Why are young people disillusioned and leaving the country? Why are poor households spending over half their income on housing? Why is the Government spending billions on rental subsidies? Why are a worrying number of people facing retirement still paying rent? Why is the economy infamously imbalanced towards housing? It’s too hard to build houses and the services that connect them together.

    In this area ACT’s, and especially Simon Court’s, hard work in opposition is paying off for the whole country. Late last year Cabinet signed off on the engine room work Simon has been doing with RMA reform Minister Chris Bishop.

    The work started in 2022 with ACT’s paper Building New Zealand and Conserving Nature. The paper contains the details that Cabinet signed off as shaping the Government’s new Resource Management laws.

    It begins, “ACT proposes a shift in principle on Resource Management. At present the underlying principle is the 1980s paradigm of ‘sustainable development.’ This has never been defined in a way that is practical to implement… Instead, the principle of resource management should be to preserve the enjoyment of property… On a property rights basis, they can do anything that does not harm others’ enjoyment of property. It dramatically reduces the range of people who have an interest in someone else’s use of their own property.”

    Therein lies the heart of the Government’s reforms, based on ACT’s Coalition commitment to “replace the Resource Management Act 1991 with new resource management laws premised on the enjoyment of property rights as a guiding principle.”

    It says laws plural and there will be two laws under the Government’s reforms. One to guide urban development and planning, and another to guide environmental protection. As ACT has long said, it’s never made sense that the same law protecting Fiordland governs whether a horse paddock in Henderson can have two homes built on it.

    Building and Conserving Nature carries on to set out other principles; how water should be taken, how discharges to land and water should be managed within environmental limits, and how nationwide codes would replace every council reinventing every wheel for basic activities. These ideas also shine through in the Government’s plans, and they will make an enormous difference to the future of this country.

    Reforms like this make us proud to support ACT. The basic ideas of less regulation and more respect for private property rights are core party philosophy. They’re also becoming real with the Government’s reforms. Most importantly they are the solution to our country’s deepest problems.

    When the next generation can see their pathway to living in a property-owning democracy, the whole society changes. People who are physically invested in the community, with the security to build a life and start a family if they choose, are different types of citizens.

    Making it easier to build a water treatment plant, a road, a subdivision, and a home at the end of it may be the most important change this country can make, and it’s ACT what did that.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: New Zealand & India Comprehensive FTA consultation begins

    Source: New Zealand Government

    Trade and Investment Minister Todd McClay has today launched a public consultation on New Zealand and India’s negotiations of a formal comprehensive Free Trade Agreement.
    “Negotiations are getting underway, and the Public’s views will better inform us in the early parts of this important negotiation,” Mr McClay says.
    We are offering all interested New Zealanders, including businesses, NGOs, and members of the public the opportunity to make a submission prior to 15 April 2025. 
    With a population of 1.4 billion people and on track to become the world’s third-largest economy by 2030, India holds significant potential for New Zealand and will play a pivotal role in the Government’s goal to double New Zealand’s exports by value over the next ten years. 
    Alongside trade agreement negotiations, New Zealand will continue to invest in stronger, deeper, more sustainable connections with India across all pillars of the relationship, including our political, defence and security, sporting, environmental, and people-to-people connections.
    For more information, including on how you can make a submission, please share your views at  https://www.mfat.govt.nz/have-your-say before 15 April 2025.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: (WIP) High Court says no to travelling Group Costs Orders

    Source: Allens Insights (legal sector)

    Impact on class action landscape: Victoria’s magnet effect 7 min read

    In the first of a string of upcoming decisions about the class action landscape, the High Court of Australia handed down judgment in Bogan v Smedley on 12 March 2025.1 The Court held that a group costs order (GCO) made in a class action commenced in the Supreme Court of Victoria could not travel to the Supreme Court of New South Wales and that, consequently, neither could the proceeding.

    Key takeaways 

    Background

    The legislative regime

    Group costs orders

    In every state and territory across Australia, legislation prohibits a law practice from charging contingency fees. Since July 2020, however, Victorian legislation has contained an exception for GCOs—orders allowing the representatives of plaintiffs in a class action to recover as costs a specified percentage of any award or settlement obtained in the proceeding.

    To make a GCO, the Supreme Court of Victoria must be satisfied that it is ‘appropriate or necessary to ensure that justice is done in the proceeding’.2

    Transfer of proceedings

    At the heart of this proceeding was s1337H(2) of the Corporations Act 2001 (Cth), which allows a court to transfer a proceeding to another court if it appears to the first court that, ‘having regard to the interests of justice’, it is more appropriate for the second court to determine the matter.

    Notably, this provision only applies to a proceeding with respect to a civil matter arising under, relevantly, the Corporations Act or the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act).

    The Arrium proceeding

    On 14 August 2020, a class action was commenced in the Supreme Court of Victoria against the directors of Arrium Ltd (Arrium) and its auditor, alleging contraventions of the Corporations Act, the ASIC Act and the Australian Consumer Law. There was evidence that the proceeding was originally intended to be filed in the Supreme Court of New South Wales, where Arrium had its principal place of business and where the relevant events had largely taken place. The High Court inferred that the ultimate choice to file in Victoria rather than NSW was to take advantage of the availability of GCOs.

    The plaintiffs applied for a GCO on 2 February 2021. On 26 February 2021, one of the defendants applied to transfer the proceeding to the Supreme Court of New South Wales.

    The Supreme Court of Victoria made orders that the GCO application be determined first, before the transfer application. As noted by the High Court, no objection was taken to that order at the time. A GCO was then made in favour of the plaintiffs’ solicitors entitling them to 40% of any award or settlement (the Arrium GCO).

    The transfer application was not ultimately dealt with by the Supreme Court of Victoria. Instead, three questions arising on that application were removed to the Victorian Court of Appeal:

    1. whether the Arrium GCO would remain in force if the proceeding were transferred to the Supreme Court of New South Wales;
    2. if not, whether the absence of the Arrium GCO in the Supreme Court of New South Wales was a relevant factor to the transfer application; and
    3. whether the proceeding should be transferred.

    Decision of the Victorian Court of Appeal

    In respect of those questions, the Victorian Court of Appeal unanimously held that:

    1. the Arrium GCO would not remain in force if the proceeding were transferred to the Supreme Court of New South Wales;
    2. this was relevant to (and decisive of) the transfer application; and
    3. the proceeding should not be transferred.

    The same questions were subsequently removed to the High Court for determination.

    Summary of findings

    A majority of the High Court (Chief Justice Gageler, Justices Gordon, Gleeson, Jagot and Beech-Jones ) and Justice Edelman (in separate reasons) reached the same conclusion on each question as the Court of Appeal. Justice Steward disagreed on the second question, holding that the availability or not of a GCO in the Supreme Court of New South Wales was not relevant to the transfer application.

    Would the Arrium GCO remain in force in NSW?

    The parties agreed that the Supreme Court of New South Wales had no power to make an order in the nature of the Arrium GCO. The issue for the High Court instead turned on whether a provision of the Corporations Act would give legal force to the Arrium GCO if the proceeding were transferred.

    The High Court held that it would not. To the contrary, the provision could only apply if the Supreme Court of New South Wales had power to make an order providing for at least ‘similar steps’ to the Arrium GCO. The parties agreed it did not have that power and, accordingly, the Arrium GCO could not be carried into NSW. 

    Was the absence of the Arrium GCO relevant to the transfer application?

    The majority held that the absence of the Arrium GCO could not be ignored in considering whether transfer to NSW was in ‘the interests of justice’. Importantly, it was agreed between the parties that there was not a realistic prospect of alternative funding being obtained in the absence of the Arrium GCO. In this regard the majority stated that the capacity of the plaintiffs and class members to obtain access to justice ‘bear[s] vitally’ on the interests of justice,4 a sentiment echoed by Justice Edelman.5 In the views of the majority and Justice Edelman, these matters were decisive of the transfer application because, on the facts of the case, there was a ‘considerable risk’ that the proceeding would not be able to continue without the GCO.6

    By contrast, Justice Steward held that the Arrium GCO was not relevant to, and so not determinative of, the transfer application. His Honour disagreed with the majority on the basis that a GCO offers a plaintiff an advantage (a way of ensuring the financial viability of a proceeding) and imposes on a defendant a corresponding disadvantage (being subjected to a proceeding which would not be viable in any other jurisdiction). To consider the Arrium GCO a relevant factor would, in his Honour’s view, be for the court to ‘play favourites’.7 As his Honour noted, NSW did not cease to be a place where the plaintiffs could obtain justice merely because Victoria introduced laws introducing an exception to an otherwise national ban on contingency fees, and nor did those laws mean NSW was not a suitable forum in which to litigate class actions.

    Will a GCO always anchor proceedings to Victoria?

    The majority also noted that common factors bear on the determination of GCO applications and transfer applications. As noted above, the former involves consideration of whether the GCO is appropriate or necessary to ensure that justice is done, while the latter involves an inquiry into ‘the interests of justice’. While the High Court stopped short of articulating a general rule, its reasoning suggests that where a GCO has been made (because the court is satisfied that it is appropriate or necessary to ensure that justice is done), that will tend in favour of it being in the interests of justice that the proceeding remains in Victoria.

    Looking ahead

    One route not taken by the parties in this case was to challenge the sequence in which the Supreme Court of Victoria dealt with the GCO and transfer applications. If the transfer application was heard before the making of the GCO, the transfer application would have been decided by reference only to the connections the proceeding had to Victoria and NSW respectively. It remains to be seen what the attitude of the courts will be to that kind of challenge, however, it may be one strategy open to parties faced with similar circumstances in future.

    The majority’s reasoning also suggests a potential shift in the High Court’s approach to considering factors relevant to the ‘interests of justice’ and similar assessments. The High Court previously held that whether an action can proceed is not relevant to that inquiry.8 By contrast, in Bogan v Smedley, the majority and Justice Edelman held that whether the action could proceed was relevant to an inquiry into whether the transfer was ‘in the interests of justice’. As further matters come before the High Court which require a similar analysis, it will be interesting to monitor the extent to which the Court considers the survival of a proceeding to be relevant to ‘ensuring justice is done’.

    MIL OSI News –