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  • MIL-OSI: Final Results for the Year-Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    Diversified Achieves Strong Final Year-End 2024 Results, Delivers on Capital Allocation Promises, and Introduces 2025 Combined Company Outlook

    2024 Achievements Position Diversified on a Meaningful Path Forward as a Stronger and Larger Company

    Executed Approximately $2 Billion of Acquisitions in an Advantageous Pricing Environment

    Third year of Consistent Operating Costs Despite Broader Industry and Inflationary Pressures

    Maverick Integration Anticipated to Provide Meaningful Financial and Operational Benefits to Drive Free Cash Flow Acceleration

    Created a PDP Solution for Upstream Peers to Facilitate Operated Acquisitions with an Undeveloped Inventory Focus

    BIRMINGHAM, Ala., March 17, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) is pleased to announce its operational and final audited results for the year ended December 31, 2024.

    Diversified remains a differentiated key player in acquiring and building a portfolio of assets through value-accretive transactions while simultaneously unlocking hidden value through its unique operational framework, strategic development partnerships, and growing adjacent business segments, including coal mine methane (CMM), energy marketing and well-retirement. By completing over $4.0 billion of acquisitions since its public listing in 2017, Diversified has built a large-scale integration and operating company that remains focused on delivering de-risked, reliable cash flow for its shareholders. With the combination of maturing assets and M&A activity leading to growth-oriented E&P’s recycling capital through divestment, there remains an ample opportunity set for Diversified’s continued growth. Additionally, with most upstream acquisitions today focusing on increasing undeveloped inventory, Diversified provides a creative and actionable solution as the PDP purchasing partner for those E&P’s that only value inventory.

    Only Publicly Traded Champion of the PDP Subsector with Unique Strategic Advantages

    • Large Operational Scale: Multiple geographies in core basins including Western Anadarko (largest producer), Permian, Appalachia, Barnett and Ark-La-Tex with commodity product diversification
    • Vertical Integration: In-house marketing, extensive midstream network, wholly-owned processing infrastructure, and a well retirement business segment
    • Leading Technology Platform: 100% cloud architecture, supporting well level data capture, information for actionable production optimization, and real-time monitoring which mitigates production downtime
    • Beneficial Financing Solution: Demonstrated ability to access numerous capital solutions, including investment grade, low-cost Asset Backed Securities, commercial banking facilities and equity investment partners
    • Flexible Capital Allocation: shareholder returns-focused model prioritizing Free Cash Flow for systematic debt reduction, fixed dividend payments, opportunistic share repurchases, and accretive acquisitions
    • Proven Process to Capture Synergies: established integration playbook and sophisticated corporate infrastructure provides considerable expense savings and unlocks sustainable value

    Delivering Consistent and Reliable Results in 2024        

    • Delivered average net daily production: 791 MMcfepd (132 MBoepd)
      • December exit rate of 864 MMcfepd (144 MBoepd)
    • Year end 2024 reserves of 4.5 Tcfe (747 MMBoe; PV10 of $3.3 billion(b))
    • Total Revenue, inclusive of hedges of $946 million(e), net of $151 million in commodity cash hedge receipts that supplemented Total Revenue of $795 million
    • Operating Cash Flow of $346 million; Net loss of $87 million, inclusive of $141 million tax-effected, non-cash unsettled derivative fair value adjustments
    • Adjusted EBITDA of $472 million(c); Adjusted Free Cash Flow of $211 million(d)
      • 2024 Adjusted EBITDA Margin of 51%(c)
      • 2024 Adjusted Operating Cost per unit of $1.70/Mcfe ($10.22/Boe)

    Achieving Expectations

    • Recommend a final quarterly dividend of $0.29 per share
    • Generated $49 million of cash proceeds through land sales and Coal Mine Methane Revenues
    • Retired over $200 million in debt principal through amortizing debt payments
    • Returned $105 million to shareholders, including $21 million in share buybacks(h)
    • Completed $585 million (gross) in strategic and bolt-on acquisitions during 2024
    • Retired 202 Diversified wells in Appalachia, marking third consecutive year to exceed 200 wells
    • OGMP Gold Standard and MSCI AA Rating for third and second consecutive year, respectively
    • Decreased Scope 1 methane intensity to 0.7 MT CO2e per MMcfe, a 13% reduction from 2023

    Powerful Step Forward

    • Closed transformative $1.3 billion acquisition of Maverick Natural Resources (“Maverick”)
      • Largest Producer in the Western Anadarko Basin (WAB)
      • Entry into the Permian basin
      • Expecting to achieve over $50 million in annual synergies by year-end 2025
    • Closed the accretive bolt-on acquisition of assets from Summit Natural Resources
      • Anticipate over 300% increase in cash flow from CMM environmental credit sales in the next 24 months
    • Developed a unique partnership to create an innovative, reliable, net-zero data center power solution
    • Enhancing free cash flow growth in 2025 by advantageously added natural gas hedges (related to ABS & recent acquisitions) and planning approximately $40 million from the divestiture of undeveloped leasehold during the first half of 2025

    CEO Rusty Hutson, Jr. commented:

    “Our over 1,600 women and men of Diversified remain the driving force behind our strong operational and financial performance in 2024. Whether it’s natural gas to power the technology of the future or the everyday needs of families and businesses across our operating region, Diversified provides the reliable and sustainable energy needed, and we continue to invest in growing our business while expanding our opportunity set of cash flow generation through verticals in a variety of end markets.

    We have built a Company that remains highly focused on long-term value creation through the growth of our platform and our ability to leverage vertical integration and scale to operate a structurally and dependably higher-margin business that delivers de-risked, consistent cash flow. Our focused strategy, disciplined leadership team, sound operating practices, and the strong demand for natural gas provide us with momentum as we begin the year and the confidence to achieve our full-year 2025 expectations while executing against our capital allocation strategy. We are starting the year in a position of strength as a bigger, better business, and there has never been a more exciting time for our Company and the energy industry. We feel privileged to be at the heart of the energy renaissance as the Right Company at the Right Time to help provide essential energy needs.”

    Combined Company 2025 Outlook

    Following the recently completed acquisition of Maverick, Diversified expects to realize significant operational synergies associated with a larger, consolidated position in Oklahoma and the ability to improve the overall cost structure of the Maverick Natural Resources assets while continuing to prioritize returns and Free Cash Flow generation.

    The following outlook incorporates a nine-month contribution from the recently acquired Maverick.

      2025 Guidance
    Total Production (Mmcfe/d) 1,050 to 1,100
    % Liquids ~25%
    % Natural Gas ~75%
    Total Capital Expenditures (millions) $165 to $185
    Adj. EBITDA1 (millions) $825 to $875
    Adj. Free Cash Flow1 (millions) ~$420
    Leverage Target 2.0x to 2.5x
    Combined Company Synergies (millions) >$50
    1 Includes the value of anticipated cash proceeds for 2025 land sales
     

    Posting of 2024 Annual Report and Notice of Annual General Meeting

    Diversified has published to the Company’s website its 2024 Annual Report and Notice of AGM, along with the form of proxy for the AGM. These documents can be viewed or downloaded from Diversified’s website at https://ir.div.energy/financial-info.

    The Company has also provided copies of these documents to the National Storage Mechanism that, in accordance with UK Listing Rule 6.4.1R, will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Annual General Meeting Arrangements

    The Company’s AGM will be held on April 9, 2025 at 1:00pm BST (8:00am EDT) at the offices of FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD.

    Presentation and Webcast

    DEC will host a conference call today at 12:30 pm GMT (8:30am EDT) to discuss these results. The conference call details are as follows:

    A corporate presentation will be posted to the Company’s website before the conference call. The presentation can be found at https://ir.div.energy/presentations.

    Footnotes:

    (a) Corporate decline rate of ~10% calculated as the change in average daily production for the month of December 2023 (775 MMcfepd), adjusted for the impact of acquisitions and divestitures occurring during the 2024 calendar year, to the average daily production for the month of December 2024.
    (b) Based on the Company’s year-end PDP reserves and using 10-year NYMEX strip, as at December 31, 2024.
    (c) Adjusted EBITDA represents earnings before interest, taxes, depletion, and amortization, and includes adjustments for items that are not comparable period-over-period; As presented, Adjusted EBITDA includes the impact of the accounting basis for land sales; Adjusted EBITDA Margin represents Adjusted EBITDA (excluding the adjustment for the accounting basis on land sales) as a percent of Total Revenue, Inclusive of Settled Hedges; For purposes of comparability, Adjusted EBITDA Margin excludes Other Revenue of $16 million and Lease Operating Expense of $19 million in 2024 associated with Diversified’s wholly owned plugging subsidiary, Next LVL Energy. For more information, please refer to Non-IFRS Measures, below.
    (d) Free Cash Flow represents net cash provided by operating activities less expenditures on natural gas and oil properties and equipment and cash paid for interest; As used herein, Adjusted Free Cash Flow represents Free Cash Flow, plus cash proceeds from undeveloped acreage sales; For more information, please refer to Non-IFRS Measures, below.
    (e) Calculated as total revenue recorded for the period, inclusive of the impact of derivatives settled in cash. For more information, please refer to Non-IFRS Measures, below.
    (f) Calculated as the availability on the Company’s Revolving Credit Facility (“SLL”) and cash on hand (unrestricted)of December 31, 2024; Does not include the impact of Letters of Credit.
    (g) Net Debt-to-Adjusted EBITDA, or “Leverage” or “Leverage Ratio,” is measured as Net Debt divided by Pro Forma Adjusted EBITDA; Pro forma adjusted EBITDA includes adjustments for the year ended December 31, 2024 for the annualized impact of acquisitions completed during the year. Net Debt calculated as of December 31, 2024 and includes total debt as recognized on the balance sheet, less cash and restricted cash; Total debt includes the Company’s borrowings under the Company’s Revolving Credit Facility (“SLL”) and borrowings under or issuances of, as applicable, the Company’s subsidiaries’ securitization facilities. For more information, please refer to Non-IFRS Measures, below.
       

    For Company-specific items, refer also to the Glossary of Terms and/or Alternative Performance Measures found in Diversified’s 2024 Annual Report

    For further information, please contact:  
    Diversified Energy Company PLC +1 973 856 2757
    Doug Kris dkris@dgoc.com
    www.div.energy  
       
    FTI Consulting dec@fticonsulting.com
    U.S. & UK Financial Public Relations  
       

    About Diversified Energy Company PLC

    Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

    Important Notices

    This announcement may contain certain forward-looking statements, beliefs or opinions, with respect to the financial condition, results of operations and business of the Company, and its wholly owned subsidiaries (“the Group”) following the Maverick Acquisition. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “will”, “seek”, “continue”, “aim”, “target”, “projected”, “plan”, “goal”, “achieve”, “outlook” and words of similar meaning, reflect the Company’s beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company and the Group will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company or the Group to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s or the Group’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company’s or the Group’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company or the Group operate or in economic or technological trends or conditions, and the Company’s or Group’s ability to realize expected benefits of the Maverick acquisition. Past performance of the Company cannot be relied on as a guide to future performance. As a result, you are cautioned not to place undue reliance on such forward-looking statements. The list above is not exhaustive and there are other factors that may cause the Company’s or the Group’s actual results to differ materially from the forward-looking statements contained in this announcement, including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 20-F for the year ended December 31, 2024, filed with the United States Securities and Exchange Commission.

    Forward-looking statements speak only as of their date and neither the Company, nor the Group nor any of its respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements in this announcement may not occur. No statement in this announcement is intended as a profit forecast or a profit estimate and no statement in this announcement should be interpreted to mean that the financial performance of the Company for the current or future financial years would necessarily match or exceed the historical published for the Company.

    The contents of this announcement are not to be construed as legal, business or tax advice. Each shareholder should consult its own legal adviser, financial adviser or tax adviser for legal, financial or tax advice respectively.

    Percentages in tables have been rounded and accordingly may not add up to 100 per cent. Certain financial data have also been rounded. As a result of this rounding, the totals of data presented in this announcement may vary slightly from the actual arithmetic totals of such data.

    Use of Non-IFRS Measures

    Certain key operating metrics that are not defined under IFRS (alternative performance measures) are included in this announcement. These non-IFRS measures are used by us to monitor the underlying business performance of the Company from period to period and to facilitate comparison with our peers. Since not all companies calculate these or other non-IFRS metrics in the same way, the manner in which we have chosen to calculate the non-IFRS metrics presented herein may not be compatible with similarly defined terms used by other companies. The non-IFRS metrics should not be considered in isolation of, or viewed as substitutes for, the financial information prepared in accordance with IFRS. Certain of the key operating metrics are based on information derived from our regularly maintained records and accounting and operating systems.

    Non-IFRS Disclosures

    Adjusted EBITDA

    As used herein, EBITDA represents earnings before interest, taxes, depletion, depreciation, and amortization. Adjusted EBITDA further adjusts for items that are not comparable period-over-period, including accretion of asset retirement obligations, other (income) expense, loss on joint and working interest owners receivable, (gain) loss on bargain purchases, (gain) loss on fair value adjustments of unsettled financial instruments, (gain) loss on natural gas and oil property and equipment, costs associated with acquisitions, other adjusting costs, non-cash equity compensation, (gain) loss on foreign currency hedge, net (gain) loss on interest rate swaps and other similar items.

    Adjusted EBITDA should not be considered in isolation or as a substitute for operating profit (loss), net income (loss), or cash flows provided by (used in) operating, investing, and financing activities. However, we believe this measure is useful to investors in evaluating our financial performance because it (1) is widely used by investors in the natural gas and oil industry as an indicator of underlying business performance; (2) helps investors more meaningfully evaluate and compare the results of our operations from period to period by removing the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement; (3) is used in the calculation of a key metric in one of our Credit Facility financial covenants; and (4) is used by us as a performance measure in determining executive compensation. When evaluating this measure, we believe investors also commonly find it useful to assess this metric as a percentage of our total revenue, inclusive of settled hedges, which we refer to as adjusted EBITDA margin.

      Year Ended
      December 31,
    2024    		 December 31,
    2023    		 December 31,
    2022
    Net income (loss) $ (87,001 ) $ 759,701   $ (620,598 )
    Finance costs   137,643     134,166     100,799  
    Accretion of asset retirement obligations   30,868     26,926     27,569  
    Other (income) expense(a)   (1,257 )   (385 )   (269 )
    Income tax (benefit) expense   (136,951 )   240,643     (178,904 )
    Depreciation, depletion and amortization   256,484     224,546     222,257  
    (Gain) loss on bargain purchases   —     —     (4,447 )
    (Gain) loss on fair value adjustments of unsettled financial instruments   189,030     (905,695 )   861,457  
    (Gain) loss on natural gas and oil properties and equipment(b)   15,308     4,014     93  
    (Gain) loss on sale of equity interest   7,375     (18,440 )   —  
    Unrealized (gain) loss on investment   4,013     (4,610 )   —  
    Impairment of proved properties(c)   —     41,616     —  
    Costs associated with acquisitions   11,573     16,775     15,545  
    Other adjusting costs(d)   22,375     17,794     69,967  
    Loss on early retirement of debt   14,753     —     —  
    Non-cash equity compensation   8,286     6,494     8,051  
    (Gain) loss on foreign currency hedge   —     521     —  
    (Gain) loss on interest rate swap   (190 )   2,722     1,434  
    Total adjustments $ 559,310   $ (212,913 ) $ 1,123,552  
    Adjusted EBITDA $ 472,309   $ 546,788   $ 502,954  
    Pro forma adjusted EBITDA(e) $ 548,570   $ 553,252   $ 574,414  
    1. Excludes $1 million in dividend distributions received for our investment in DP Lion Equity Holdco during the year ended December 31, 2024.
    2. Excludes $27 million, $24 million and $2 million in cash proceeds received for leasehold sales during the years ended December 31, 2024, 2023 and 2022, respectively, less $14 million and $4 million of basis in leasehold sales for the years ended December 31, 2024 and 2023, respectively.
    3. For the year ended December 31, 2023, the Group determined the carrying amounts of certain proved properties within two fields were not recoverable from future cash flows, and therefore, were impaired.
    4. Other adjusting costs for the year ended December 31, 2024, were primarily associated with legal and professional fees related to the U.S. listing, legal fees for certain litigation, and expenses associated with unused firm transportation agreements. For the year ended December 31, 2023, these costs were primarily related to legal and professional fees for the U.S. listing, legal fees for certain litigation, and expenses for unused firm transportation agreements. For the year ended December 31, 2022, these costs mainly included $28 million in contract terminations, which enabled the Group to secure more favorable future pricing, and $31 million in deal breakage and/or sourcing costs for acquisitions.
    5. Includes adjustments for the year ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma their results for the full twelve months of operations. Similar adjustments were made for the year ended December 31, 2023 for the Tanos II Acquisition, as well as for the year ended December 31, 2022 for the East Texas I and ConocoPhillips acquisitions.

    Total Revenue, Inclusive of Hedges and Adjusted EBITDA Margin

    As used herein, total revenue, inclusive of settled hedges, accounts for the impact of derivatives settled in cash. We believe that total revenue, inclusive of settled hedges, is a useful measure because it enables investors to discern our realized revenue after adjusting for the settlement of derivative contracts.

    As used herein, adjusted EBITDA margin is calculated as adjusted EBITDA expressed as a percentage of total revenue, inclusive of settled hedges. Adjusted EBITDA margin encompasses the direct operating costs and the portion of general and administrative costs required to produce each Mcfe. This metric includes operating expense, employee costs, administrative costs and professional services, and recurring allowance for credit losses, which cover both fixed and variable costs components. We believe that adjusted EBITDA margin is a useful measure of our profitability and efficiency, as well as our earnings quality, because it evaluates the Group on a more comparable basis period-over-period, especially given our frequent involvement in transactions that are not comparable between periods.

      Year Ended
      December 31,
    2024    		 December 31,
    2023    		 December 31,
    2022
    Total revenue $ 794,841   $ 868,263   $ 1,919,349  
    Net gain (loss) on commodity derivative instruments(a)   151,289     178,064     (895,802 )
    Total revenue, inclusive of settled hedges $ 946,130   $ 1,046,327   $ 1,023,547  
    Adjusted EBITDA $ 472,309   $ 546,788   $ 502,954  
    Adjusted EBITDA margin   50 %   52 %   49 %
    Adjusted EBITDA margin, excluding Next LVL Energy   51 %   53 %   50 %
    1. Net gain (loss) on commodity derivative settlements represents the cash paid or received on commodity derivative contracts. This excludes settlements on foreign currency and interest rate derivatives, as well as the gain (loss) on fair value adjustments for unsettled financial instruments for each of the periods presented.

    Free Cash Flow

    As used herein, free cash flow represents net cash provided by operating activities, less expenditures on natural gas and oil properties and equipment, and cash paid for interest. We believe that free cash flow is a useful indicator of our ability to generate cash that is available for activities beyond capital expenditures. The Directors believe that free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments, and pay dividends.

      Year Ended
      December 31,
    2024    		 December 31,
    2023    		 December 31,
    2022
    Net cash provided by operating activities $ 345,663   $ 410,132   $ 387,764  
    LESS: Expenditures on natural gas and oil properties and equipment   (52,100 )   (74,252 )   (86,079 )
    LESS: Cash paid for interest   (123,141 )   (116,784 )   (83,958 )
    Free cash flow $ 170,422   $ 219,096   $ 217,727  
    Cash generated through divestitures of land $ 40,986   $ 28,160   $ 2,472  
    Adjusted free cash flow $ 211,408   $ 247,256   $ 220,199  


    Net Debt and Net Debt-to-Adjusted EBITDA (“Leverage”)

    As used herein, net debt represents total debt as recognized on the balance sheet, minus cash and restricted cash. Total debt includes borrowings under our Credit Facility and borrowings under, or issuances of, our subsidiaries’ securitization facilities. We believe net debt is a useful indicator of our leverage and capital structure.

    As used herein, net debt-to-adjusted EBITDA, also referred to as “leverage” or the “leverage ratio,” is calculated by dividing net debt by adjusted EBITDA. We believe this metric is a crucial measure of our financial liquidity and flexibility, and it is also used in the calculation of a key metric in one of our Credit Facility financial covenants.

      As of
      December 31,
    2024    		 December 31,
    2023    		 December 31,
    2022
    Total debt(a) $ 1,693,242   $ 1,276,627   $ 1,440,329  
    LESS: Cash   5,990     3,753     7,329  
    LESS: Restricted cash(b)   46,269     36,252     55,388  
    Net debt $ 1,640,983   $ 1,236,622   $ 1,377,612  
           
    Adjusted EBITDA $ 472,309,000   $ 546,788,000   $ 502,954,000  
    Pro forma adjusted EBITDA(c) $ 548,570   $ 553,252   $ 574,414  
    Net debt-to-pro forma adjusted EBITDA(d) 2.9x
    		   2.2x
    		   2.4x
    		  
    1. Includes adjustments for deferred financing costs and original issue discounts, consistent with presentation on the Statement of Financial Position.
    2. The increase of restricted cash as of December 31, 2024, is due to the addition of $21 million and $3 million in restricted cash for the ABS VIII Notes and ABS IX Notes, respectively, offset by $7 million and $9 million for the retirement of the ABS III Notes and ABS V Notes, respectively.
    3. Includes adjustments for the year ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma their results for the full twelve months of operations. Similar adjustments were made for the year ended December 31, 2023 for the Tanos II Acquisition, as well as for the year ended December 31, 2022 for the East Texas I and ConocoPhillips acquisitions.
    4. Excludes long-term plant financing of $30 million for the year ended December 31, 2024.

    The MIL Network –

  • MIL-OSI: amana Expands Crypto Offering to 450+ Coins – The Largest Selection Among MENA Brokers

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, March 17, 2025 (GLOBE NEWSWIRE) — amana, MENA’s leading neobroker, is redefining trading by adding 300+ new cryptocurrencies, bringing its total to 450+ coins—the most from any local broker. This unmatched range cements amana as the go-to platform for seamless digital and traditional asset trading in one powerful app.

    This milestone fills a major gap: most crypto platforms focus solely on digital assets, while traditional brokers offer little to no crypto access. amana bridges both worlds, giving traders everything they need in one place—no multiple accounts required.

    All-in-One

    With amana, traders no longer need multiple accounts or brokers to access different asset classes.

    • 450+ cryptocurrencies – The widest selection from any broker in MENA, including majors like Bitcoin or Ethereum and XRP, gaming coins like Decentraland, meme coins like the Trump coin, L1/L2s, DeFi, and many more
    • U.S. stocks – Direct access to top companies, like Tesla or Microsoft
    • FX, commodities, gold, futures and CFDs – A full range of trading opportunities
    • Gold and global stocks ETFs, as well as REITs and MENA stocks for investors
    • Automated investment plans – Making wealth building effortless
    • Flexible trading options: Leveraged or unleveraged

    “Trading crypto has never been this effortless,” said Muhammad Rasoul, CEO of amana. “With over 450 coins and a seamless all-in-one platform, we’re making it easier than ever for our customers to trade digital assets alongside stocks, forex, and commodities—all in one place, with zero hassle.”

    Unmatched Access
    This expansion isn’t just about quantity—it’s about seamless access, competitive pricing, and a frictionless trading experience. amana’s intuitive app makes crypto and traditional asset trading as easy as a few taps, empowering both seasoned traders and new investors.

    With the biggest crypto offering among local brokers and unparalleled access to global markets, amana is now MENA’s ultimate one-stop trading platform for a fully diversified investment and trading portfolio.

    This unique positioning has made amana one of the region’s fastest-growing players, with over 320,000 new users since its app launch in Sept 2022.

    About amana

    amana is a leading neobroker. It provides retail investors and active traders with direct access to the global financial markets, serving clients across MENA. It operates multiple offices across Dubai, London, Limassol, and Beirut.

    CONTACT: Contact: Karolina Slowikowska, Director of Communications, at karolina.slowikowska@amanacapital.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/54e1b55b-cf40-483d-ab8c-0bb0caa9d4e6

    The MIL Network –

  • MIL-OSI Australia: Key regulatory changes for the telecommunications sector: new SoCI rules incoming, and Telco Bill introduced into Parliament

    Source: Allens Insights

    Over the past few months, the Government has introduced a number of important reforms to the Australian telecommunications regulatory landscape. These reforms will have a significant impact on all carriers and many carriage service providers. Taken together with the current Telecommunications Consumer Protections (TCP) Code amendment process, they constitute a significant uplift in regulatory obligations applicable to the sector.

    The legislative reforms comprise:

    • Amendments to the Security of Critical Infrastructure Act 2024 (Cth) (SoCI Act), which transfer and uplift certain obligations that apply to telecommunications providers under the Telecommunications Act 1997 (Cth) (Telco Act) and take effect on 4 April 2025.
    • Rules that ‘switch on’ the obligation for carriers and certain carriage service providers (CSPs) to implement and maintain a Telecommunications Security and Risk Management Program (TSRMP Rules)1 have been made and will commence on 4 April 2025.
    • The Security of Critical Infrastructure Amendment (2025 Measures No. 1) Rules 2025 (Cth) (Amended Application Rules) which amend the Security of Critical Infrastructure (Application) Rules (LIN 22/026) 2022 (Cth) (Application Rules) have been made. Once these amendments take effect on 4 April 2025, they will have the effect of switching on the Asset Registration and Cyber Security Incident Notification Rules under the SoCI Act. 
    • On 12 February 2025, the Telecommunications Amendment (Enhancing Consumer Safeguards) Bill 2025 (Enhancing Consumer Safeguards Bill) was also introduced into Parliament but has not yet been passed. If passed, this Bill would have the effect of:
      • establishing a requirement for eligible CSPs to be registered as a condition of being permitted to supply services;
      • enabling the direct enforcement of industry codes by the Australian Communications and Media Authority (ACMA); and
      • amending and increasing the penalty amounts for infringement notices and civil penalties.

    Key takeaways

    Security regulation for critical telecommunications assets

    Who will be captured?

    All carriers and a subset of CSPs will be subject to all three positive security obligations under the SoCI Act with resect to critical telecommunications assets (as opposed to being subject to parallel obligations which are currently enlivened pursuant to the Telecommunications (Carrier Licence Conditions—Security Information) Declaration 2022 (Cth) and the Telecommunications (Carriage Service Provider—Security Information) Determination 2022 (Cth) (the Telco Security Information Instruments) with respect to asset registration and incident notification).

    The subset of CSPs to be caught under these new rules (‘relevant carriage service provider asset’) are:

    • CSPs that meet the prescribed threshold of 20,000 active carriage services; and
    • CSPs that supply to the Government (except for bodies established by a law of the Government).

    What will be captured?

    The definition of Critical Telecommunication Asset has been expanded to include:

    ‘(b) any other asset that is:

    (i) owned or operated by a carrier or a carriage service provider; and
    (ii) used in connection with the supply of a carriage service’ (emphasis added)

    Consistent with reforms to the SoCI Act implemented in December 2024, the effect of this amendment is to ensure that assets owned and operated by carriers/CSPs which are used in connection with the supply of a service (rather than used directly in the supply a service) are captured under the SoCI Act. This would include, for example, CRM systems and corporate IT networks that were not previously clearly captured.

    Positive security obligations

      CARRIER ASSETS  ‘RELEVANT CSP’ ASSETS OTHER CSP ASSETS
    Risk Management Program obligations ✓

    ✓
    Obligation to protect asset3

    ✓

    ✓
    Notification of changes4

    ✓
    Asset Registration obligation

    ✓

    ✓
    Mandatory Cyber Incident Reporting

    ✓

    ✓
    Government assistance, directions and information-gathering powers

    ✓

    ✓

    ✓

    The TSRMP Rules largely mirror the existing Security of Critical Infrastructure (Critical infrastructure risk management program) Rules (LIN 23/006) 2023 (Cth) with additions to reflect telecommunications-specific risks, including risks relating to the compromise, theft or manipulation of communications.

    Some key points in the draft TSRMP Rules stand out in particular:

    • Carriers and Relevant CSPs will have until 3 October 2025 (ie, six months from 4 April 2025) to develop and implement their risk management program to address the following hazard vectors:
      • cyber and information security hazards
      • personnel hazards
      • supply chain hazards
      • physical security hazards and natural hazards.
    • With respect to cyber and information security hazards, the requirement to meet minimum cybersecurity maturity frameworks goes beyond that currently provided for under the existing CIRMP Rules for other asset classes. For both carriers and Relevant CSPs, maturity indicator 1 for the prescribed framework must be achieved by 3 October 2026. However for carriers only, maturity indicator 2 with respect to one of the following frameworks must be achieved by 3 October 2027:
      • Essential Eight;
      • Cybersecurity Capability Maturity Model (published by the US Department of Energy); or
      • 2020‑21 AESCSF Framework Core published by Australian Energy Market Operator Limited.
    • We understand that the obligation to achieve maturity indicator 2 is something that smaller carriers (unsuccessfully) tried to resist during the consultation process owing to the fact that it would result in an increase in their operating costs. However, the Government is of the view that, given the criticality of telecommunications networks to the economy, the higher maturity indicator is necessary. It is not a stretch to imagine that the obligation to achieve maturity indicator 2 might be imposed on other classes of critical infrastructure assets in the near future.
    • The TSRMP Rules will relate to all assets owned or operated by carriers and Relevant CSPs. This is materially broader than the existing concept of a ‘critical telecommunications asset’ which relates to those assets owned by a carrier/CSP and used to provide a carriage service. The effect of this is that the TSRMP must address both assets relating to a carriers/CSPs telecommunications network as well as those assets which do not (e.g. billing and charging systems).
    • Carriers and Relevant CSPs will need to provide an annual attestation in relation to their compliance with their risk management program.

    The Amended Application Rules will transfer the existing registration obligations for carriers and CSPs, which are currently applicable by virtue of the Telco Security Information Instruments, to the SoCI Act. As per the above table, the obligation to provide ownership, operation, interest and control information to the Register of Critical Infrastructure Assets will apply to carriers and Relevant CSPs.

    We understand that the existing equivalent obligations made under the Telco Security Information Instruments will continue to be in effect until 7 July 2025.

    The Amended Application Rules will also activate the Mandatory Cyber Incident Reporting obligations for carriers and Relevant CSPs under the SoCI Act.

    Again, the existing equivalent obligations made under the Telco Security Information Instruments will remain in effect until 7 July 2025.5

    The reforms to the SoCI Act also transfer elements of the TSSR currently contained in Part 14 of the Telco Act into a new Part 2D of the SoCI Act.

    • Obligation to protect asset: the current obligation in section 313(1A) of the Telco Act requires carriers and CSPs to ‘do their best’ to protect their telecommunications networks and facilities from unauthorised interference or unauthorised access. The new section 30EB of the SoCI Act requires the responsible entity for a critical telecommunications asset prescribed by the rules to protect the asset, ‘so far as it is reasonably practicable to do so’ for the purposes of: (a) security; and (b) the protection of the asset from any hazard where there is a material risk that the occurrence of the hazard could have a relevant impact on the asset. This obligation will apply with respect to all critical telecommunications assets.
    • Notification of changes: all carriers will be required to notify the Secretary of certain changes, and proposed changes, to telecommunications services or telecommunications systems if the change, or proposed change, is likely to have a material adverse effect on the entity’s capacity to comply with the obligation to protect the asset for the purposes of security. The kinds of changes to be notified mirror those currently specified in section 314A(2) of the Telco Act. The TSRMP Rules (rule 17) prescribe a list of information that carriers must provide to the Secretary when notifying them of such a change or proposed change. In large part, this has the effect of codifying much of the information that was previously required to be provided under the CISC’s sample notification form.
    • Compliance with Minister’s directions to cease supply: the new section 30EF of the SoCI Act largely replicates the existing section 315A of the Telco Act, which enables the Minister for Home Affairs to issue a direction requiring a carrier or carriage service provider ‘not to use or supply, or to cease using or supplying’ a particular service that the Minister considers to be ‘prejudicial to security’. This obligation applies generally to responsible entities of a critical telecommunications asset and does not rely upon any rules prescribing the application of this section.

    Other TSSR components that would be repealed from the existing Telco Act, including other direction-making powers of the Minister for Home Affairs, the Secretary of Home Affairs’ information gathering powers and requirements in relation to security capability plans are not proposed to be replicated into the SoCI Act.

    However, the existing SoCI Act’s direction-making, information-gathering powers are broadly equivalent to these provisions.

    New CSP registration requirements and enforcement powers for telco regulator

    The Enhancing Consumer Safeguards Bill has been introduced by the Government to improve compliance and enforcement of telecommunications consumer protection rules for the benefit of consumers.6

    These proposed reforms coincide with a review by the ACMA of the TCP Code and a draft revised version that has been the subject of public consultation (and much debate).

    Registration of CSPs

    Currently, there is no licensing or other registration framework that applies to CSPs under the Telco Act (unlike carriers, that must register a carrier licence with the ACMA).

    The Enhancing Consumer Safeguards Bill proposes to establish a CSP registration scheme prohibiting:

    • CSPs from providing a listed carriage service to the public unless it is registered; and
    • carriers or wholesale CSPs from supplying listed carriage services to CSPs that are not registered.

    The CSP registration scheme is proposed to apply to ‘eligible carriage service providers’, being CSPs that enter into the Telecommunications Industry Ombudsman (TIO) scheme and supply:

    • a standard telephone service;
    • public mobile telecommunications service; or
    • a carriage service that enables end-users to access the internet.7

    ACMA will also have the power to:

    • impose conditions on the registration of CSPs;
    • refuse a CSP’s registration based on prescribed grounds for refusal (eg the application contains false or misleading material, the applicant has engaged in or is likely to engage in a contravention of the TIO scheme, or the applicant has engaged in conduct that poses a significant risk to consumers); and
    • revoke the registration of a registered CSP.

    Mandatory industry codes

    The ACMA does not currently have the power to directly enforce industry codes rather, it must first direct a provider to comply with the code or issue a formal warning.8 The ACMA can currently only take stronger enforcement action if the provider continues to not comply with its directions or warnings.

    The Enhancing Consumer Safeguards Bill proposes to make compliance with an industry code mandatory and to make breaches of the obligation to comply with registered industry code a civil penalty provision that is directly enforceable by the ACMA at first instance.

    Pecuniary penalties

    Currently, maximum civil penalties differ greatly across the Telco Act and the current maximum civil penalty for non-compliance with a direction by the ACMA to comply with a registered industry code is $250,000.9

    The Enhancing Consumer Safeguards Bill proposes to increase maximum penalties that can be ordered by the court for individual contraventions to the greater of:

    • 30,300 penalty units (~$9.999 million);
    • three times the benefit obtained by the relevant entity and its related bodies corporate from the contravening conduct; or
    • if the court cannot determine the benefit, 30% of the adjusted turnover of the body corporate during the breach turnover period for the contravention.

    Infringement notices given to bodies corporate

    Currently the Telco Act only permits the Minister for Communications to increase infringement notice penalties for breaches of either the general carrier licence conditions or CSP rules.

    The proposed amendments to the Telco Act will allow the Minister for Communications to increase infringement notice penalty amounts for any breach where the ACMA can already issue an infringement notice.

    What’s next?

    Organisations in the telecommunications sector should consider the steps required to ensure compliance with the latest reforms. This might include:

    MIL OSI News –

  • MIL-OSI: 12/2025・Trifork Group: Weekly report on share buyback

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 12 / 2025
    Schindellegi, Switzerland – 17 March 2025

    Trifork Group: Weekly report on share buyback

    On 28 Februay 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 8,540 81.66 697,337
    10 March 2025 1,468 79.71 117,014
    11 March 2025 2,280 79.62 181,534
    12 March 2025 2,300 79.88 183,724
    13 March 2025 2,300 79.95 183,885
    14 March 2025 2,300 80.80 185,840
    Accumulated 19,188 80.74 1,549,334

    Since the share buyback program was started on 4 March 2025, the total number of repurchased shares is 19,188 at a total amount of DKK 1,549,334.

    With the transactions stated above, Trifork holds a total of 275,517 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 19,469,382.


    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: Bybit Introduces Margin Staked SOL, Balancing Earning Potentials with the Power of Leverage

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, March 17, 2025 (GLOBE NEWSWIRE) —

    Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is thrilled to announce the launch of Margin Staked SOL, an innovative product designed to help users optimize their SOL earnings through leveraged borrowing and staking. With the ability to leverage up to a healthy level of 2x, users can now tap into the demonstrable yield potential of bbSOL, potentially unlocking greater earning opportunities. As of Mar. 17, 2025, the net APR of Bybit Margin Staked SOL on Bybit stood at over 13%.

    Bybit’s Margin Staked SOL redefines earning opportunities on SOL. With the potential to grow SOL holdings by leveraged borrowing and staking, Bybit users stand to significantly enhance on-chain rewards through bbSOL. 

    The platform is designed for a hassle-free experience, allowing for easy borrowing, staking, and earning all in one place. This streamlined approach eliminates the complexities often associated with managing multiple accounts or services. Additionally, users are afforded the flexibility to redeem bbSOL for SOL at any time in two ways—they may opt for Instant Redemption where users can receive their SOL immediately with no gas fee, or for Postponed Redemption for a better exchange rate compared to instant redemption without the gas fee waiver. Both redemption mechanisms ensure user control over their assets and allow them to adapt their strategies as needed.

    How Bybit’s Margin Staked SOL Works:

    • Staking SOL: Users may stake SOL into Margin Staked SOL, enabling the system to automatically borrow funds based on the selected leverage.
    • Earning bbSOL: In return for staking, users will receive bbSOL, Bybit’s Liquid Staking Token, as proof of the staked SOL.
    • Yield Accrual: Users may lock in to grow their bbSOL through optimal rewards allocation managed by Sanctum’s smart contract.
    • Flexible Redemption: bbSOL can be freely redeemed for SOL with any remaining SOL credited to users’ Funding Account after the borrowed amount and borrowed interests are repaid.

    “Our mission is to empower users to help them make the most of their staked assets with innovative solutions,” said Emily Bao, Head of Spot and Web3 at Bybit. “With Margin Staked SOL, we provide a straightforward way for users to leverage their digital assets and take full advantage of the opportunities within decentralized finance.”

    For a detailed guide on how Margin Staked SOL works on Bybit, users may read the Introduction to Margin Staked SOL to get started.

    #Bybit #TheCryptoArk

    About Bybit
    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press
    For media inquiries, please contact: media@bybit.com 

    For updates, please follow: Bybit’s Communities and Social Media

    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1ef8e80c-e919-4be2-82e9-e7eb22469415

    The MIL Network –

  • MIL-OSI Australia: Renewal of Bilateral Local Currency Swap Agreement with Bank of Japan

    Source: Reserve Bank of Australia

    The Reserve Bank of Australia and Bank of Japan have renewed the Bilateral Local Currency Swap Agreement for a further three years.

    The initial swap agreement between the two central banks was signed in 2016 and has been renewed for three-year periods since that time. Each agreement is designed to enhance the financial stability of the two countries, and allows for the exchange of local currencies between the two central banks of up to A$20 billion or JPY 1.6 trillion.

    MIL OSI News –

  • MIL-OSI: Bitget Features in UCLA Professor Alex Nascimento’s Book on Blockchain and STOs

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 17, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has been featured in the fourth edition of The STO Financial Revolution by Alex Nascimento, leading blockchain researcher and professor at UCLA. The book provides a comprehensive understanding of blockchain, crypto, and Web3 technologies, offering practical insights into compliant fundraising and real-world use cases for businesses and investors.

    Developed in collaboration with industry experts, this edition showcases case studies from leading organizations, including Bitget, DWF Labs, UNICEF, BTG Pactual, and Polymath. It highlights key developments in the blockchain sector and shows how blockchain solutions are transforming global finance. The book has been adopted by several academic institutions, including UCLA, as a key resource for educating future professionals in the rapidly evolving digital economy.

    “The integration of blockchain technology and Web3 principles into educational frameworks across the globe is essential for cultivating a generation equipped to navigate an increasingly decentralized digital landscape. By sponsoring blockchain education initiatives like our textbook, Bitget fulfills a crucial role beyond commerce, becoming architects of literacy of a technology that promises to reshape our fundamental understanding of money, governance, and digital autonomy,” said Alex Nascimento, MA, MBA, UCLA Blockchain Faculty.

    Bitget’s case study in the book focuses on its strategic role in the blockchain ecosystem and its efforts to enhance access to digital financial tools. The feature outlines how Bitget contributes to the advancement of blockchain adoption through practical, secure solutions and highlights its initiatives in the Web3 space. It offers readers a closer look at the innovations and developments that have positioned Bitget as a notable player in the crypto industry.

    This edition of The STO Financial Revolution includes up-to-date information on blockchain advancements and emerging trends, making it a valuable resource for academics, investors, and industry professionals worldwide. By featuring Bitget’s contributions, the book further establishes its relevance in offering practical insights into the future of digital finance and tokenized ecosystems.

    “Being featured in one of my personal favourites The STO Financial Revolution is a significant moment for Bitget,” said Vugar Usi Zade, Chief Operating Officer at Bitget. It’s a badge of honour for us to gain placement in the book, where Bitget’s firm stance and fast growth has been highlighted aligned with our goals of pushing the boundaries of blockchain adoption. As we continue to innovate and offer crypto solutions, our role in advancing the Web3 ecosystem has been more rigid now than ever.”

    The book’s release serves as an important reference for those looking to deepen their understanding of blockchain technology and its growing impact on financial markets. The recognition of Bitget in this publication shows its relevance and growing influence in the global blockchain sector.

    To know more about STO Financial Revolution edition four, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d3211028-7186-458c-b2b6-413205ad02de

    The MIL Network –

  • MIL-OSI China: Beijing tops national ranking for high-quality development

    Source: China State Council Information Office 2

    Beijing ranks first nationally in high-quality development, according to the Beijing High-Quality Development Report released at the sixth Capital High-Quality Development Symposium at Beihang University on March 14, 2025. This solidifies its leading position alongside Shanghai and Shenzhen as top-tier cities.

    The sixth Capital High-Quality Development Symposium is held at Beihang University in Beijing on March 14, 2025. [Photo by Yang Chuanli/China.org.cn]
    The report expanded its research scope for the first time to 318 prefecture-level cities across China, identifying the nation’s top 50 cities in high-quality development. Beijing’s high-quality development index demonstrated steady growth, rising from 0.71 in 2017 to 0.86 in 2023. This marked a 21.1% increase with an average annual growth rate of 3.25%.
    Beijing demonstrates excellence across six dimensions: economy, society, environment, innovation, culture and governance, with a particularly strong performance in economic, innovation and cultural metrics. The top 10 cities are Beijing, Shanghai, Shenzhen, Hangzhou, Guangzhou, Wuxi, Nanjing, Xiamen, Suzhou and Ningbo.
    Jia Pinrong, director of the High-quality Development Research Center at the Beijing Academy of Science and Technology, attributed Beijing’s leadership to five pillars. These include the deep implementation of high-quality development principles, the transformation of scientific innovation into industrial momentum and the dual-driven growth of high-end precision industries and the digital economy.
    Jia also highlighted the role of regional synergy through the Beijing-Tianjin-Hebei coordinated development strategy and the expansion of new quality productive forces. Additionally, he emphasized Beijing’s national leadership in green and low-carbon transition practices.
    Looking ahead to the 15th Five-Year Plan period (2026-2030), Jia proposed a three-tiered strategy for urban high-quality development. At the micro level, priorities should include advancing core technologies, cultivating talent, upgrading infrastructure, stimulating consumer spending and empowering industry leaders.
    For industries, Jia recommended optimizing structures, fostering new quality productive forces and enhancing global supply chain competitiveness. At the city level, efforts should focus on establishing incentive mechanisms, accelerating digital transformation, improving workforce skills and aligning development with green and intelligent trends.
    The symposium featured an invited address by Yu Bin, a national committee member of the Chinese People’s Political Consultative Conference (CPPCC) and director of the Technical Economics Research Center at Tsinghua University. Other keynote speakers included Fan Ying, dean of the School of Economics and Management at Beihang University, and Pan Chong, dean of the School of Aeronautics and Astronautics at Beihang University. 
    Roundtable discussions at the symposium explored topics including artificial intelligence applications, green new productive forces and environmental, social and governance (ESG) solutions. Scholars proposed integrated technical and managerial strategies for these areas.
    Since 2019, the Beijing High-Quality Development Report has provided an annual assessment of Beijing’s progress across various dimensions. This year’s edition, co-organized by the Beijing Academy of Science and Technology and Beihang University, provides a comprehensive benchmark for national urban development.

    MIL OSI China News –

  • MIL-OSI China: Losing pounds goes viral amid China’s wellness wave

    Source: China State Council Information Office 2

    Weight control in China was once a solitary battle. Now, the government is offering a helping hand.
    At a recent news conference, Lei Haichao, head of the National Health Commission (NHC), announced plans to establish more weight management clinics at medical and health facilities, helping people shed pounds safely and pivot to healthier lifestyles.
    The announcement, made on the sidelines of the annual gathering of national lawmakers in Beijing — where the year’s priorities and goals are set — quickly caught fire online. Social media platforms like Weibo and rednote buzzed with reactions to the news.
    The 2025 government work report, green-lit by lawmakers on March 11, reaffirmed China’s commitment to a health-first strategy in its medical and health system — a clear departure from the traditional emphasis on disease treatment.
    The public didn’t hold back on the fun. A cheeky hashtag, “The country’s calling you to drop those pounds,” took off, along with a flood of witty cartoons from netizens that lit up the internet.
    Wang Youfa, head of the Global Health Institute at Xi’an Jiaotong University, saw this as a sign of growing public awareness about the toll of obesity.
    “It mirrors an alignment of scientific research, government action, and public engagement,” he said, noting this synergy indicates a vibrant wellness boom unfolding across the country.
    For a nation that had long struggled to feed its vast population, obesity barely registered until the late 1970s, when reform and opening-up ignited an economic boom, as well as a swelling national appetite.
    Today, with more than 1.4 billion people, China faces a growing obesity challenge. The NHC reported that over half of adults are overweight or obese. It warned that if left unchecked, the rate could climb to 70.5 percent by 2030.
    An estimate once projected that the economic burden attributed to overweight and obesity would account for 21.5 percent of the country’s total medical expenses by that time.
    In response, authorities launched a nationwide campaign in June 2024 to foster a supportive environment for weight control within three years. Obesity clinics are a key component of these efforts.

    Participants compete during the 2025 Chongqing Marathon in southwest China’s Chongqing Municipality, March 2, 2025. [Photo/Xinhua]
    Professional aid
    Weighing 100 kilograms, a Beijing resident surnamed Chen became one of the first to benefit from the new weight management clinic at Peking Union Medical College Hospital.
    On Wednesday, the 104-year-old institution unveiled its joint clinic, staffed by experts in clinical nutrition, endocrinology, and traditional Chinese medicine (TCM).
    Greeted by clinical nutrition specialist Chen Wei, Chen learned she faced not only obesity but also diabetes and high blood pressure. Chen Wei brought in endocrinology and TCM specialists, and the trio crafted a treatment plan blending TCM medications, acupuncture and Metformin, along with a personalized health management strategy.
    Highlighting the prominence of traditional medicine in this approach, Wang said that practices such as acupuncture, massage, Qigong and medicinal diets have given China a distinct edge in tackling obesity.
    At Suzhou Hospital of Traditional Chinese Medicine in east China’s Jiangsu Province, physician Jiang Yawen has already treated over 100 patients with acupuncture for obesity just two weeks into March.
    From the perspective of TCM, obesity is linked to the functioning of the liver, spleen and kidneys, said Jiang. Acupuncture can help by enhancing the function of these organs, curbing appetite, and improving nutrient absorption in the stomach and intestines, she added.
    Jiang has even taken these techniques abroad. As part of a Chinese medical team sent to Malta from 2020 to 2021, she brought her therapy to the Mediterranean country, where it helped relieve locals of obesity and was warmly embraced.
    While weight control clinics offer professional services, they carry the risk of over-treatment and unintended health or financial consequences, Wang cautioned. “We need to put in place relevant research, assessment, oversight and regulation.”

    1  2  >  

    MIL OSI China News –

  • MIL-OSI China: How China is lifting consumer spending to boost its growth

    Source: China State Council Information Office

    Vowing to make domestic demand “the main engine and anchor of economic growth”, China’s policymakers have sent fresh and firm signals on empowering the vast number of consumers to spend, countering skepticism about the country’s shift toward a consumption-driven economy.

    China will “place a stronger economic policy focus on improving living standards and boosting consumer spending”, according to this year’s Government Work Report submitted on March 5 to the National People’s Congress, the national legislature, for deliberation.

    Boosting consumption is hardly a fresh concept in the Chinese policy toolbox, and consumer spending has played an increasingly vital role in China’s economy. In 2024, final consumption contributed 44.5 percent to China’s economic growth, surpassing investment and exports, and drove GDP up by 2.2 percentage points.

    This year, however, the push has been particularly important as China’s economy contends with rising trade protectionism and global headwinds, while the domestic shift from traditional growth drivers, such as real estate, to new and more sustainable ones poses new challenges.

    “Expanding domestic demand through stimulating consumption can effectively counter external uncertainties, and it stabilizes short-term growth while aiding structural shifts over time,” said Yang Decai, a national political advisor and economics professor at Nanjing University, during the annual meetings of China’s top legislature and political advisory body, known as the two sessions.

    To support this pivotal transition, the Government Work Report unveiled stronger supportive measures, including issuing ultra-long special treasury bonds of 300 billion yuan ($41.3 billion) to back the consumer goods trade-in program, doubling the scale from last year.

    The trade-in program, launched a year ago, has played a vital role in revitalizing consumer markets. In 2024, it led to sales exceeding 1.3 trillion yuan, including over 6.8 million vehicles, 56 million home appliances and 1.38 million e-bikes. More items have been added to the list of subsidized products this year.

    “The trade-in program is more than just an economic policy,” Minister of Commerce Wang Wentao told a news conference on the sidelines of the third session of the 14th NPC on March 6, noting that it has fostered new development engines and improved the quality of life for millions of households.

    Wang pointed out that the primary issue constraining goods consumption is the ability and willingness to spend, while the main challenge for services consumption is the lack of high-quality supply.

    To tackle these weaknesses, the Chinese government, in addition to clinching cheaper deals for consumers, aims to lift consumer confidence by bolstering people’s well-being, with a focus on creating jobs, raising incomes and easing their financial burdens.

    More funds and resources will be used to serve the people and meet their needs, according to the Government Work Report.

    Targeting over 12 million new urban jobs this year, the government will provide stronger support for full and higher-quality employment, according to the report. It also pledged to raise the minimum basic old-age benefits for rural and non-working urban residents as well as the basic pension benefits for retirees.

    “Raising farmers’ pension payments may be the most effective way to boost consumption because it will significantly reduce the savings rate and boost consumption for half of China’s population,” said Lu Ting, chief China economist at Nomura, who expects more will be done in this regard in coming years.

    Government spending on education will rise by 6.1 percent this year and that on social security and employment by 5.9 percent, with strong gains also expected in healthcare and housing, Finance Minister Lan Fo’an revealed at the news conference on March 6.

    Chinese policymakers have also tied consumption to lifestyle upgrades, not just spending volume, as the Government Work Report highlighted the need to create new consumption scenarios to accelerate the growth of digital, green, smart, and other new types of consumption.

    It promised to improve the leave system and ensure its implementation to unlock consumption potential in sectors like culture, tourism and sports, which are among the most powerful service consumption engines.

    Meanwhile, new consumption trends, from winter sports boom to silver-haired consumer spending upsurge, are already stoking fresh growth.

    The silver economy, which caters to China’s aging population, could reach 30 trillion yuan by 2035 and create at least 100 million jobs by 2050, according to national political advisor Jin Li, vice-president of Southern University of Science and Technology.

    Sun Guangzhi, head of the provincial culture and tourism department of the ice and snow-rich Jilin province, said the northeastern province sparked over 100 million yuan in direct spending by issuing consumption vouchers in the latest snow season.

    “This demonstrates the combined benefits of policy incentives and local resource strength,” said Sun, a national lawmaker.

    MIL OSI China News –

  • MIL-OSI China: Shanghai seeks to become global hub for ‘firsts’

    Source: China State Council Information Office

    The Shanghai government on Sunday announced a series of measures and activities aimed at promoting the high-quality development of what it calls the “debut economy”, as the East China metropolis works to become a global consumption hub, according to official sources.

    The latest policy package seeks to optimize the business environment in the city and encourage the introduction of more “first” stores, debut products, shows and exhibitions.

    According to Commerce Minister Wang Wentao, a series of “first “events is set to take place in Shanghai and other cities aiming to unleash market potential and promote the integration of domestic and international trade.

    “We hope Shanghai will continue to lead the development of the debut economy nationwide and drive high-quality economic growth to a higher level,” Wang said.

    Since introducing policies to boost the debut economy in 2018, Shanghai has become a top destination for domestic and international brands to launch their first stores, debut products and host shows and exhibitions, said Shanghai Mayor Gong Zheng.

    To maintain its appeal as a consumption hub, Shanghai will continue to attract high-quality brands to open their first stores, create new consumption experiences and scenarios, and enhance the business environment, Gong said.

    With the aim of creating “First in Shanghai” as a city brand, the measures seek to attract more high-profile events, position the initiative as a global consumption bellwether and make Shanghai the top choice for international brands entering the Chinese market, said the city’s Vice-Mayor Hua Yuan.

    More than 3,500 domestic and international brands have held debut activities in the city as of the end of 2024, with 1,269 first stores opening in Shanghai last year, Hua said. These included 14 first stores across Asia or beyond and 202 debut stores at the national or Chinese mainland level — leading Chinese cities in both quantity and quality, he added.

    MIL OSI China News –

  • MIL-OSI Australia: Interview with Loretta Ryan and Craig Zonca, Brisbane Breakfast, ABC Radio

    Source: Australian Treasurer

    Loretta Ryan:

    As we clean up after Alfred, we’re only just now realising how hard of a punch this cyclone has packed. Financial forecasts are predicting the impacts will amount to more than $1.2 billion.

    Craig Zonca:

    Yeah, it’s not just fixing the mess it made, it’s the flow on effects that could be felt for some time. The federal Treasurer is Jim Chalmers. Treasurer, good morning to you.

    Jim Chalmers:

    Good morning, Craig. Good morning, Loretta.

    Zonca:

    $1.2 billion, that’s quite the economic hit.

    Chalmers:

    It is a pretty hefty hit. We’ve said all along that our main focus here is obviously the human costs, but there’s going to be a very substantial economic cost as well, and we’ll account for that in the Budget. It’ll be one of the key influences on the Budget.

    The best way to think about the economic impact is that around 5 million people were in harm’s way of this cyclone. Almost 2 million homes. I think we lost something like 12 million work hours out of the economy. What Treasury does as we finalise this Budget is it provides its best initial estimates of the economic fallout. So, a hit to our economy of about $1.2 billion, that’s about a quarter of a percentage point off growth. We’re also assessing which of our food growers were impacted, and what does it mean for building costs – because there is a risk as well that there’ll be some impact on inflation.

    Zonca:

    Well, you stand up next Tuesday, 25th March, with your Budget speech, how does it now change because of Alfred?

    Chalmers:

    I’m going to provision an extra $1.2 billion in the Budget for the recovery. Australians are there for each other when these difficult natural disasters occur, and the government will be there for them as well, so we will put an extra $1.2 billion in the Budget. That means there’ll be about 13 and a half billion dollars all told, when it comes to budgeting for rebuilding communities.

    Remember, it wasn’t that long ago that our friends to the north of here were getting very substantial flooding as well. We’ve had a series of natural disasters. So, there’s about 30 and a half billion in the Budget, but $1.2 billion of that is new money which we’re putting in the Budget to account for the recovery and the rebuild after ex‑tropical Cyclone Alfred.

    Zonca:

    And is that paid by cuts elsewhere or new borrowings?

    Chalmers:

    It’s off the bottom line – and the budget overall will have some savings in it. It will have some responsible measures to get the budget in better nick, but it will have some investments as well, including this one. This brings us to an important point, unfortunately at this time of the morning, a bit of a political point, but you’ll hear our political opponents talk about wasteful spending and they talk about hundreds of billions in wasteful spending.

    When they say that, remember that part of that figure they use is actually funding for natural disaster recovery. What we’ve been able to do is manage the budget very responsibly. Two surplus budgets for the first time in almost 2 decades, we’ve engineered something like a $200 billion improvement in the budget. And because we’ve done that, because we’ve managed the budget responsibly, we can afford to pay for things which are really important, like rebuilding communities after natural disasters.

    Ryan:

    On 612 ABC Breakfast, federal Treasurer Jim Chalmers with us for the families who are listening, Treasurer, and who have been hit hard with this. Will that money go towards recovery payments for them? I know there are payments for people affected. How does that all work?

    Chalmers:

    It is part of it. So, it’s partly rebuilding bridges and footpaths and local infrastructure. I think a lot of people would have seen on the TV the destruction on the Gold Coast, for example, and further out west and in my neck of the woods in Logan and Brisbane and elsewhere. So, part of it is to help the state government and local governments rebuild that local infrastructure. But a significant part of it is these hardship payments as well. Whether it’s the Hardship Assistance Payment or the allowance for people who are put out of work for a substantial period of time, there is a significant cost to that as well.

    I’ll actually be standing up with my terrific colleague, Jenny McAllister, who is the responsible Minister in this area. We’ll be saying a bit more about this later today, because what we’re making sure that we’re doing is making sure that people are eligible for these payments, that they can access them as quickly as possible, and the total cost of that will be included in the Budget.

    Ryan:

    Is this on top of what I think the Prime Minister did announce last week when the storm was happening?

    Chalmers:

    That was part of it. The Prime Minister was talking about these payments for people who are very substantially impacted. And what the government does, via Jenny McAllister, but also working closely with the states, is we determine the eligible areas for those payments. And so, as the natural disaster evolves, more and more local communities get added to the eligibility for those payments that the Prime Minister was talking about. That always evolves in days after a disaster to make sure that we are making everyone eligible who needs to be eligible, so that they can get the payments they need to get back on their feet.

    Zonca:

    Just on those payments, Treasurer, has there been any discussion about increasing those? Because I look at the amounts on offer and we’ve seen costs of everything go up substantially over the past decade. I don’t think those hardship payments, those disaster payments have increased in 10 plus years.

    Chalmers:

    I think we keep them under constant review. If your question is, you know, would people like a little bit more, I think I would understand if they did. We’ve got to be as responsible as we can. But they’re not insignificant amounts of money. In some cases it’s $900 or $1,000 a family, depending on how impacted people are and whether they’re eligible. It is a significant payment for people just to help them get back on their feet. There’s also the income replacement payments for people who are out of work for a substantial period of time.

    We keep these totals under constant review. If we can do more, we’ll do more in the future, but it is a relatively significant payment already.

    Zonca:

    19 past 7 – the federal Treasurer, Jim Chalmers, with you as you talk about those impacts you mentioned on fruit and veggies and so on. Already we have seen substantial increases every time we go to the grocery store or our local greengrocer. What sort of further increases are likely post Cyclone Alfred?

    Chalmers:

    One of the most encouraging things that’s been happening in our economy is, you know, a couple of years ago when we came to office, inflation was multiples of what it is now, and it was rising quite quickly. What we’ve been able to do together as a country is to make some really encouraging progress on that inflation. And people are still under pressure. I know at the supermarket checkout, people are still feeling the pinch. We don’t pretend otherwise. That’s why our cost‑of‑living help that we’re rolling out is so important. But inflation is coming down.

    If you think about food inflation in particular, that was 5.9 per cent when we came to office and now about half that at 3 per cent. And so that gives you a bit of a sense of the progress that we’re making. We’re not complacent about that because people are still under pressure and that’s why that cost‑of‑living help is so important.

    Zonca:

    Well, you talk up the economic management there, but I think most Australians would probably say they feel like they’re worse off since you started in government, Jim Chalmers?

    Chalmers:

    I think I acknowledged in the answer a moment ago, Craig, that we know that people are still under the pump. You know, we don’t pretend otherwise. But what matters there is, once you acknowledge that, whether you’re prepared to do something about it. We have been prepared to do something about it, and our opponents voted against that cost‑of‑living help.

    We’ve been rolling out tax cuts for every taxpayer, energy bill relief, cheaper medicines, cheaper early childhood education, Fee‑Free TAFE, rent assistance. We’ve been getting wages moving again. And these are all of the ways that we’re not just recognising people are doing it tough, we’re trying to take the edge off these cost‑of‑living pressures where we can in the most responsible way that we can.

    Ryan:

    Treasurer, it looks like Queensland is tipped to lose a lot of the share of the GST pie. So, the Commonwealth Grants Commission proposing a $5 billion cut to GST revenue. So, we’re potentially looking at $2.4 billion next year alone. Surely this is something that you won’t let happen.

    Chalmers:

    I think as you rightly kind of intimated in your question, Loretta, this is an arm’s length process. It’s an independent process managed by the Commonwealth Grants Commission. It’s not a decision of the federal government to carve up the GST. That’s done by the Commission. And every year or every time that these relativities are calculated, some states are happy, and some states are less happy. Queensland’s done quite well over recent years from the Commonwealth Grants Commission. And what this new number recognises is the substantial amount, extra amount that Queensland is getting in coal royalties. And so, this calculation is not done by the government. I know it’s not unusual for state governments to want more money from the federal government. It’s not unusual for states to blame the feds for pressures on their budget. But this is not a process that’s done by politicians in the Commonwealth government. It’s done by this independent organisation.

    Ryan:

    Are you disappointed, though?

    Chalmers:

    I think over time it all works out. You know, for example, the last time this was done, NSW was unhappy. This time it’s Queensland. But over time, if you look at this over a period of time, it generally smooths out. On this occasion, it recognises that Queensland’s doing well or expected to do really well out of coal royalties. On other occasions, Queensland’s done incredibly well. Over a period of time, not just from year to year or update to update, it generally smooths out. From time to time, states are unhappy. Obviously, I care about that. As a Queenslander, I have a respectful working relationship with the Queensland government. I have a respectful relationship with governments of both political persuasions around Australia. It’s not unusual for them to want more and that’s what we’re seeing here.

    Ryan:

    But we need more because of the Olympics, don’t we?

    Chalmers:

    We’re kicking billions of dollars in for the Olympics. I think that’s a really important point. We’re providing $3.5 billion as a Commonwealth government for the Olympics. We haven’t been shy about that. We haven’t been pinching pennies when it comes to our commitment there. We think the Olympics are going to be terrific. We want to work closely with the state government to deliver something that we can be proud of and our $3.5 billion is part of that effort.

    Zonca:

    So, giving us $3.5 billion for Olympic infrastructure but taking $5 billion in GST revenue, that still leaves us $1.5 billion down overall.

    Chalmers:

    No, because there’s a big recovery in coal royalties, as I keep pointing out. Secondly, you need to look at these calculations by the Independent Commission at arm’s length from us over a period of time and not just from update to update. Queensland’s done well over the years. I know that people are not happy about this one. I do genuinely understand that you do genuinely care about that. But you need to look at it over a period of time, not just from one update to the next.

    Zonca:

    I appreciate your time this morning, Treasurer. Thanks so much.

    Chalmers:

    Thanks to both of you. All the best.

    Zonca:

    Federal Treasurer Jim Chalmers.

    MIL OSI News –

  • MIL-Evening Report: Hundreds of livestock breeds have gone extinct – but some Australian farmers are keeping endangered breeds alive

    Source: The Conversation (Au and NZ) – By Catie Gressier, Adjunct Research Fellow in Agriculture and Environment, The University of Western Australia

    Berkshire pigs JWhitwell/Shutterstock

    It took thousands of years to develop the world’s extraordinary range of domesticated farm animals – an estimated 8,800 livestock breeds across 38 farmed species.

    But this diversity is dwindling fast. Advances in selective breeding and artificial insemination have fuelled the global spread of a small number of profitable livestock types. Their popularity has left ever more heritage breeds at risk of extinction.

    Why does this matter? Each breed represents vital genetic diversity for the livestock species on which we rely, known as agrobiodiversity. As the number of breeds shrink, we lose their genetics forever.

    There are bright spots amid the decline. Hundreds of passionate farmers are working hard to keep heritage breeds alive around Australia. As my new book shows, they do it primarily for love.

    Which livestock breeds are disappearing – and why?

    Cattle have experienced the highest number of extinctions, with at least 184 breeds lost globally.

    Of all chicken breeds, one in ten is now extinct, and a further 30% are endangered.

    Sheep are also rapidly losing diversity, with 160 breeds now extinct. The rise of synthetic materials has endangered the remaining breeds producing carpet wool in New Zealand and Australia, including the unique Tasmanian Elliottdale.

    The fleece of Elliotdale sheep has been used to make woollen carpets.
    Sue Curliss, CC BY-NC-ND

    Pigs fare little better. Australia’s 2.5 million pigs are predominantly Large White, Landrace and Duroc crossbreeds, while none of the eight remaining purebred pig breeds in Australia currently has more than 100 sows registered with the Rare Breeds Trust. While not all sows are registered, we know breeds such as Tamworths are at dangerously low numbers.

    How did this happen? Over the past century, the goal of animal husbandry has shifted from breeding hardy, multipurpose animals to increasing performance for economic gain. For livestock, performance means more of what humans value, such as pigs with extra ribs, prolific egg-laying hens and sheep with finer wool.

    Huge sums have been spent on selective breeding and artificial insemination technologies. This, in turn, has made it possible for a small number of profitable livestock types to be farmed globally.

    For instance, when you buy a roast chicken, it will likely be one of just two types of fast-growing broilers (meat chickens), the Ross or the Cobb. Their genetics are developed and trademarked by two multinational agribusinesses who dominate the global broiler market.

    Chicken breed numbers have shrunk too, risking rare breeds such as Transylvanian naked neck cockerel bantams.
    Scott Carter, CC BY-NC-ND

    It’s hard to overstate how big the increases in production have been from reproductive technologies. In the dairy industry, for instance, milk yield per cow has doubled in the past 40 years. These volumes are around six times greater now than a century ago.

    Holsteins, the top dairy breed, have become globally dominant. Almost 1.4 million of Australia’s 1.65 million dairy cows are Holsteins. But as Holstein numbers soar, other breeds dwindle. Many farmers have simply stopped rearing other breeds, leading to many becoming endangered or extinct.

    For Holsteins themselves, this has come with a cost. Selective breeding for high milk volume has meant Holsteins suffer more medical issues such as metabolic diseases and frequent mastitis. They also have reduced fertility and longevity.

    Researchers have found 99% of Holstein bulls produced by artificial insemination in the United States are descended from just two sires. This wide dissemination of limited bloodlines has led to the spread of genetic defects.

    Holstein cows produce much more milk – but there’s a cost.
    VanderWolf Images/Shutterstock

    What is at stake?

    Our food systems face growing threats. Genetic diversity provides a safeguard for livestock species against lethal animal diseases such as H5N1 bird flu and African swine fever.

    If we rely on just a few breeds, we risk a wipe out. The Irish potato famine is a catastrophic example. In the 1800s, Irish farmers took up the “lumper” variety of potatoes to feed a growing population. But when fungal rot struck in the 1840s, it turned most of the crop to mush – and led to mass starvation.

    Some breeds have very useful traits, such as resistance to particular pests and diseases.

    Chickens and other birds die in swathes if infected by Newcastle disease, one of the most serious bird viruses. But breeds such as the hardy Egyptian Fayoumi survive better, while the European Leghorn – whose genetics are used in commercial egg-laying breeds – is highly susceptible.

    Local breeds can also have better resistance to endemic pests. The Indian zebu humped cattle breed, for example, is less prone to tick infestation than crossbreeds.

    Climate change is also making life harder for livestock, and some breeds are better adapted to heat than others.

    For different cultural groups, local heritage breeds also have unique symbolic and culinary value.

    While it’s well-known eating less meat would benefit ecosystems, animal welfare and human health, eating meat remains entrenched in our diets and the economy. Pursuing more sustainable and higher-welfare approaches to livestock production is crucial.

    Some Aussie farmers love heritage breeds

    A cohort of Australian farmers is working hard to conserve dozens of endangered livestock breeds such as Large Black pigs, Shropshire sheep and Belted Galloway cattle.

    A rare Belted Galloway cow with a one week old calf.
    Scott Carter, CC BY-NC-ND

    But these farmers are hampered by our reluctance as consumers to pay more to cover the cost of raising slower-growing breeds in free-range environments. Not only that, but meat processors are increasingly closing their doors to small-scale producers.

    Why persevere? For four years, I’ve conducted ethnographic research with Australia’s heritage breed farmers. I found they were motivated by one of the most powerful conservation tools we have: love.

    Of his endangered English Leicester sheep, one farmer told me:

    I consider them to be family; they have been our family for over 150 years. I talk to them, and the rams in particular talk to me. Sorry if I sound like a silly old man, but you must talk to them. I gave myself a 60th birthday present by commissioning a large portrait of an English Leicester head, which hangs in our kitchen (I do not have a painting of my wife).

    Love doesn’t often feature in agricultural research. But it is an important force. We know from wildlife conservation that humans will act to save what they love. This holds for livestock, too.

    What can you do? If you eat meat or work with wool, seek out rare breeds and join organisations such as the Rare Breeds Trust of Australia and the Australian Food Sovereignty Alliance who back farmers supporting breed diversity.

    Catie Gressier receives funding from the Australian Research Council’s Discovery Project scheme as well as the European Research Council. She is affiliated with the Rare Breeds Trust of Australia and the Australian Food Sovereignty Alliance.

    – ref. Hundreds of livestock breeds have gone extinct – but some Australian farmers are keeping endangered breeds alive – https://theconversation.com/hundreds-of-livestock-breeds-have-gone-extinct-but-some-australian-farmers-are-keeping-endangered-breeds-alive-250393

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Press conference in Sydney

    Source: Australian Executive Government Ministers

    BILAL EL-HAYEK: Well, good morning everyone. I want to welcome you here to the City of Canterbury Bankstown to this important announcement. Well, Bankstown is booming. We have 14,000 new homes coming to Bankstown, brand new metro, a state of the art hospital. So this fantastic announcement comes in at a perfect timing when we are planning for our open space. I actually want to welcome all the ministers as well of course, the Federal Minister, Catherine King, Paul Scully, Rose Jackson, and the candidate for Banks, Zhi Soon.

    I’ll now hand over to the Minister, Catherine King. Minister.

    CATHERINE KING: Thank you. Thanks, Mayor. And it’s fantastic to be here today alongside my state counterparts, Paul Scully and Rose Jackson. Both planning and housing are pretty critical to the announcement we’re making today. And of course, Zhi Soon, our fantastic candidate for the federal seat of Banks in the upcoming federal election, whenever that may be.

    Well, today we’re announcing alongside the New South Wales Government that as part of the Albanese Labor Government’s Housing Support Program, we’re providing over $300 million to New South Wales to bring on stream over 60,000 homes, including very quickly, over 100 social homes that are incredibly important across the whole of New South Wales. What this money goes towards is the enabling infrastructure to bring those developments to fruition, so things like the road infrastructure, water, sewerage, other utilities. But also more importantly, we’re also funding community infrastructure. As you can see from the development behind me, it isn’t just about building houses. It’s actually about building green space, good places for people to be able to walk through on their way to work, get that really sense of place, but also be able to bring their kids and make sure that they are cooler places for people to be able to engage in recreation and social activities. So part of that $300 million we’re announcing today is, here in Bankstown, a further community space. Again, it’s not just about having well-located homes around train stations, around Metro. It’s really about also making sure these are great and liveable places.

    The money is being stretched right across the state, so Parramatta, Kellyville, Bella Vista, community spaces there, and as I said also, social housing in Albury. This program is part of over almost $2 billion that the Federal Government is investing in that infrastructure. We’re doing that now. The money is flowing. That infrastructure is being built to bring those 60,000 additional homes on stream here in New South Wales. It forms part of our $32 billion commitment to really build over 1.2 million homes across the whole of the country, and my part of it is building the infrastructure.

    I might hand over to Minister Scully to say a few words and then Minister Jackson.

    PAUL SCULLY: Thank you, Minister King. And thank you, Mayor Bilal, for inviting us here today to Bankstown.

    As you can see, there’s a lot of activity going on in Bankstown. As the Mayor just said, Bankstown is booming. As part of the New South Wales Government’s work to build more housing, our focus is building better communities. When we did the master planning and rezoned areas around the Transport Oriented Development’s accelerated precincts, we made it very, very clear that we were not just building housing, we were building communities. That means vibrant communities with access to jobs, access to transport, and access to good public spaces. This financial support, the $228.2 million from the Commonwealth Government to go towards accelerating the delivery of those new public spaces, will be an important contribution to that work that the New South Wales Government is undertaking.

    Together, in the first tranche, Bankstown’s accelerated precinct, along with the accelerated precincts in Kellyville and Bella Vista, have been identified for those priority public spaces. We’ll continue to work with the council here in Canterbury Bankstown, through the Parks for People program, to deliver those public spaces to make sure that alongside the homes, alongside the jobs, alongside the transport activity that’s going here, is going to be the public spaces that people need, green spaces for people to meet, to recreate, to engage with other parts of the community. It’s really vital that we look at those areas not just from an environmental perspective, but the social benefit they bring.

    I’ll leave some further comments on the social housing part to Minister Jackson, but I’d just like to acknowledge the hard work of the Mayor and the council here at Canterbury Bankstown. They have been in lockstep with the New South Wales Government right the way through this process, identifying and recognising that Bankstown and Canterbury are great places to live and will continue to be, but there are even better places, courtesy of this contribution from the Albanese Government, to make sure that we can get those green spaces underway, get those recreational spaces underway as we deliver new homes and as we complete the work on the metro here. Minister Jackson.

    ROSE JACKSON: We know that New South Wales is in a housing crisis. The number one issue that’s raised with us when we’re talking to the community is cost of living. That is the thing that the community is absolutely determined that governments understand is hitting them hard, and we know that part of addressing cost of living is to delivering more affordable housing. It’s simply too expensive to find a place to buy and rent. What the State Government and the Federal Government are determined to do is put our money where our mouth is when it comes to addressing that crisis. So the State’s put $5.1 billion into building more social housing, and we are incredibly thrilled to have a federal partner that is willing to come to the table and contribute as well. This announcement alone is another $70 million to build social housing. We know that we need growth. We know we need more homes. But it’s not just any old growth, it’s good growth. It’s growth that delivers better, more diverse communities. And yes, that’s infrastructure, that’s green space, that’s community amenity, that’s transport. But it’s also diverse types of homes, and social and affordable housing is part of that mix.

    With this $70 million, we’re going to be able to bring hundreds of new social housing properties online. We’ve already started that work from east to west, from Randwick to Campbelltown. We’re looking at acquiring homes in places like Lismore and Tweed as well – areas recently hit by Tropical Cyclone Alfred. So this is exactly the kind of working together between state and federal governments that are going to be necessary to confront the housing crisis.

    It’s also really important to call out our local government partners, local councils, we’ve always been up front, have been a little bit of a mixed bag when it’s come to supporting housing. Not Canterbury-Bankstown – this is a council that is deeply invested in building a great community here, and it’s fantastic to have Mayor Bilal El-Hayek here alongside us to demonstrate all three levels of government working together. This is yet more money to build the homes that people need, that security of a roof over your head. We need a federal government that is willing to stick to the course when it comes to supporting housing, and the State Government is ready to stand right alongside it, using the funding to deliver homes that we know are desperately needed in this state.

    CATHERINE KING: Happy to take any questions.

    JOURNALIST: Well, may I ask about the allegations yesterday [indistinct] …

    CATHERINE KING: [Interrupts] Sure – have you’ve got any questions on this- the announcement today yet? Nope, okay. Happy to take further- other questions, sure.

    JOURNALIST: … allegations last night on 60 Minutes and Nine papers about more corrupt and [indistinct], specifically in Victoria. I note one area of Victoria on the North East Link Road where federal taxpayers have already committed $3 billion to this project. How can federal taxpayers know that there won’t be any sort of- or, you know, if that money’s being overinflated, or if there’s any sort of corruption or wrongdoing in that process?

    CATHERINE KING: Yeah, so we have zero tolerance for criminal activities on any work site, and especially on our building work sites. We have already taken strong action against the CFMEU by placing it in administration, and the administrator continues to do his work. When this broke some time ago, in terms of the CFMEU, I was in the process of negotiating new federated funding agreements with every state and territory. In those agreements, we have inserted new clauses that require states and territories to ensure they are- that we are receiving value for money on every single project where the Commonwealth is investing, that we are prioritising businesses that engage in ethical business practices. And I also wrote to every state and territory minister asking their assurance that proper checks are being put in place to ensure that- again, that value for Australian taxpayer dollars, and if there is any criminal activity seen on any of the sites where the Commonwealth is investing that that immediately be reported both to the administrator, to the police and also to my department. And we’ll continue to work with every state and territory in relation to that.

    But I want to make it very clear: this is hard fought money. Taxpayers don’t want to see their money going to criminals, and that is incredibly important that every state and territory ensures that it’s got the assurance processes in place to make sure that we are getting value for money for every taxpayer dollar.

    JOURNALIST: Did the Federal Government conduct its own audit of the $3 billion in this project?

    CATHERINE KING: Well, again, what we have asked quite specifically is that every state and territory give us those assurances. I saw the program on 60 Minutes last night. If there is more that needs to be done, I’ll have a look at that. But what we have asked is every state and territory to assure us that they have the processes in place to make sure that this activity is not being undertaken. Thanks everyone.

    MIL OSI News –

  • MIL-Evening Report: Luxon meets Modi: why a ‘good’ NZ-India trade deal is preferable to a ‘perfect’ one

    Source: The Conversation (Au and NZ) – By Chris Ogden, Associate Professor in Global Studies, University of Auckland, Waipapa Taumata Rau

    Some have said Christopher Luxon’s pledge to get a free trade deal between New Zealand and India over the line in his first term as prime minister was overly optimistic. But not all trade deals are the same, and Luxon may yet get to claim bragging rights.

    Already he is managing expectations, saying a “good” deal will be better than waiting a long time for a “perfect” one. And with formal negotiations confirmed not long after Luxon touched down in New Delhi, we can perhaps expect genuine movement.

    At the same time, India’s negotiating style is notoriously rigid, with its bilateral investment treaty model having proved a stumbling block to deals with many other nations or blocs, including the United Kingdom and European Union.

    New Zealand first held formal negotiations with India over a decade ago. But talks derailed in 2015 over the inclusion of dairy products in any agreement. We can be fairly sure this will be the compromise Luxon’s government is ready to make now.

    One model might be Australia’s Economic Cooperation and Trade Agreement, which leaves out dairy, too. And New Zealand was able to sign a free trade deal with China in 2008 that excluded diary, with those restrictions removed in a 2022 upgrade.

    Beyond the economic implications, of course, lie domestic political calculations. Luxon needs a win to counter flatlining poll numbers and speculation about his leadership future. Good news in India offers just that.

    Playing the Indo-Pacific card

    Using diplomatic language that plays up New Zealand being part of the Indo-Pacific region – rather than the traditional Western alliance – will be essential.

    New Zealand – despite its relatively small size – is still a significant regional player, with the Indo-Pacific’s fourth highest GDP per capita.

    In the context of an imminent “Asian Century”, and the region becoming a crucial zone for economic and military power, New Zealand also provides a strategic pathway into the Pacific, where India is becoming increasingly involved.

    All of this will influence Luxon’s keynote address today at the 10th Raisina Dialogue, India’s flagship multilateral conference on global politics and economics. He is the first leader not governing a European country to make such a speech, and is also the chief guest at the dialogue.

    Luxon is already on the record as saying New Zealand and India are “very aligned” on Indo-Pacific security and concerns over Chinese regional influence, with scope for more joint defence exercises. This linkage between security and trade mirrors Wellington’s recent relations with Beijing, which have become increasingly difficult to navigate.

    Solid foundations

    But there is a long way to go. In 2024, India-New Zealand trade was worth a combined NZ$3.14 billion – a fraction of the $208.46 billion generated by trade with China in the same year.

    Nevertheless, Luxon and his ministers have made undeniable progress. His “recalibration of a relationship that has long been neglected” bore fruit in October last year when he met Indian Prime Minister Narendra Modi at the ASEAN summit, and the countries announced their intention to take the relationship to “greater heights”.

    The previous Labour government helped set the scene with a succession of high-level diplomatic visits and parliamentary exchanges. In 2023, the Indian government described relations with New Zealand as having “an upward trajectory”.

    And there are clearly good foundations to build on – especially the 292,000 people of Indian ethnicity in New Zealand, who contribute US$10 billion to the New Zealand economy.

    Great expectations

    Trade is ripe for expansion, too. New Zealand primarily exports wool, iron and steel, aluminium, fruits and nuts, wood pulp and recovered paper, and imports Indian pharmaceuticals, machinery, precious metals and stones, textiles, vehicles and clothing.

    There’s potential to grow trade with India in tourism (especially attractive to India’s growing middle class), and collaboration on space technology, renewable energy and agritech.

    There were 8,000 Indian students in New Zealand last year, a number that may well grow given a relative drop in student numbers from China. With the US and UK becoming more hostile to immigration, New Zealand can offer a relatively safe and tolerant alternative.

    In many ways, India is the new China. In 2023, India’s GDP was US$14.54 trillion, making it the world’s fourth largest economy. New Delhi is on the cusp of becoming a great power, and is being courted by all countries, big and small.

    As such, while Luxon has momentum on a trade deal, he is also part of a long queue. Given the relative power imbalance between the two countries, the weight of expectation sits squarely on his shoulders.

    Chris Ogden is a Senior Research Fellow with The Foreign Policy Centre, London.

    – ref. Luxon meets Modi: why a ‘good’ NZ-India trade deal is preferable to a ‘perfect’ one – https://theconversation.com/luxon-meets-modi-why-a-good-nz-india-trade-deal-is-preferable-to-a-perfect-one-252036

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Transcript: Governor Hochul is a Guest on “PoliticsNation”

    Source: US State of New York

    arlier today, Governor Kathy Hochul was a guest on MSNBC’s “PoliticsNation” with Reverend Al Sharpton.

    AUDIO: The Governor’s remarks are available in audio form here.

    A rush transcript of the Governor’s remarks is available below:

    Reverend Al Sharpton, MSNBC: Just two months into Trump’s second term, the administration’s unprecedented policy moves on trade, immigration and civil rights put the President on a political collision course with the state he was born in and the city he once called home. Joining me now to talk about it in the studio is New York’s Democratic Governor, Kathy Hochul. Governor, first, thank you for being with us and thank you for your moving message at the funeral of NAACP Hazel Dukes. We were all so moved by what you had to say.

    Governor Hochul: Thank you. Your words were profound as well, Reverend Al.

    Reverend Al Sharpton, MSNBC: Thank you. Governor, you met with President Trump at the White House on Friday. What can you share with us about that meeting in terms of the tone and the substance of your conversation?

    Governor Hochul: Well, I reached out to the President again because there is so much I need to deliver for New York and New York City in particular. I need to get Penn Station done and make sure we have money for the Second Avenue subway, which is so important.

    I want to make sure that we have an understanding on immigration that says, “We’ll help you when you have serious, violent criminals you need to get off the streets.” I’ve always said that. We’ve done that under the Biden Administration. But we’re not going to be there to allow you to just take people off the streets and split up families.

    And so, we had a conversation also about tariffs. I want to talk about the impact of tariffs on New York. It is devastating. Absolutely devastating for our farmers in upstate New York, for our factory workers who aren’t sure if they’re going to be able to do phase two of a major project that was in Buffalo, my hometown, right on the border with Canada. So, I needed to be able to continue the conversation with him on some of our energy policies. I talked about how important offshore wind was, talked about opportunities for small modular reactors so we could power the innovation economy in New York. I need to keep that dialogue going.

    But, they also understand this about me: My willingness to talk about areas where we could have a common interest in, does not take away from my responsibility as a leader of this state to fight back, and fight back hard, when the line is crossed and you’ve hurt New Yorkers or attacked our values.

    Reverend Al Sharpton, MSNBC: Now, President Trump wants to get rid of the congestion pricing program you put in place. However, he also wants a natural gas pipeline built in New York State. And you mentioned — you just mentioned — he may be interested in a Penn Station redesign. Did you get the sense in your meeting with the President that he’s open to making deals on these issues?

    Governor Hochul: You know, I don’t want to get into private conversations, but I spent an enormous amount of my time in there talking about how congestion pricing is working. It really is working.

    I think a lot of people who are naysayers who said, “This is going to crush the City. Nobody’s going to come in,” they were wrong and I wanted him to see the data that I had — more recent numbers. Broadway is up, you know, retail sales are up $900 million, we have more people on the streets, walking around going into stores, and a 10 percent increase in riders on the subway.

    So all the fears that were out there are absolutely unfounded, and people are getting to the City so much faster. So I needed to help walk him through what I thought were the real reasons why we need to keep this and not have it shut down, which is what he said the administration would do beginning this Friday.

    But as I’ve said — and I was very aggressive in this — we are not turning off the cameras. This is our program, we put this in place, we have the proper approvals, and we feel, if necessary, we’ll be successful in court. But I was hoping it wouldn’t have to get that far, but time will tell.

    Reverend Al Sharpton, MSNBC: Alright. New York was one of three northern states hit with surcharges on Canadian electricity this month after Trump imposed tariffs. What’s your message to the President on trade wars, and what can you do to protect the State economically?

    Governor Hochul: Our states, our residents, the people you promised to lower the cost of everything on day one — they’re the collateral damage in this war. And there may be some long term gain that the President sees, but why are we making people suffer right now? They’ve been through enough: Inflation, the pandemic — our people are hurting. They just want people to give them money back in their pockets.

    So that’s at odds with what I’m trying to do in New York, which is find a way to get over up to $5,000 in families’ pockets with child tax credits and the largest middle class tax rate cut in 70 years, and to put money from the inflation rebate. We collected so much money in sales tax because of inflation, and I want to put it back in people’s pockets.

    So, contrary to what is happening in Washington where they don’t seem to care about the people they promised lower prices, because tariffs will drive up prices. We are doing the exact opposite here in New York.

    Reverend Al Sharpton, MSNBC: Now, two of your fellow New Yorkers, House Minority Leader Hakeem Jeffries and Senate Minority Leader Chuck Schumer, disagreed last week on whether to go along with Trump and the Republican spending bill. You’ve talked about leading the resistance against Trump, but you are also trying to work with him. What are your thoughts about the debate that’s going on within the Democratic Party about how to respond to the President?

    Governor Hochul: We need to get back on the same page because anytime we’re not like this, it benefits the Republicans. We need to realize that. And so, yes, families can disagree on an approach. I get that. But let us not forget who brought us here, who brought us to this place. We should not have had a continuing resolution that could hurt people, and the Republicans in the House who are voting for programs that could be devastating — we have to stop that and be smart about knowing who we’re attacking and who we have to go up against, and it’s not each other.

    Reverend Al Sharpton, MSNBC: Now, let’s get to some local issues. You and I have worked together on combating crime in the streets and on the subways, and we’ve joined with Attorney General Letitia James and Manhattan DA, Alvin Bragg, on the issue of discovery law reforms to make sure victims of crime get their day in court. I’m concerned about domestic violence and some of the records that they brought out to me about that — DA Bragg. Where are we with that?

    Governor Hochul: I have introduced legislation in my Budget — and we’re negotiating it right now, I’ll be back in Albany tomorrow and I’ll be negotiating on this — but what I want to do is talk about the reforms.

    Back in 2019, important reforms were put in place because the system was skewed against offenders. It really was. Prosecutors were withholding too much information, the law had to change, and I support that. But it has now gone the other way. The pendulum has swung so far that defense lawyers are scamming the system, withholding information to the last minute, or that they’re saying that if even a tiny bit of information that you already have a duplicate bit of information that confirms it — that’s a reason to throw out a case altogether.

    And you’re absolutely right. It is the victims of domestic violence and rape. Think about the women who had to go through the horrible, horrible process of exposing their lives, being willing to prosecute someone and go stand up against someone who harmed them. And then to have a judge and prosecutors say, “We can’t bring it forward because the information was too late.” I mean, I’m talking about minor technicalities. If there’s something significant, yes, of course you should not have the case dismissed. But I’m talking about just fixing the system, because before the reforms were put in place, 42 percent of cases brought in New York City were dismissed. Now it’s 62 percent. That’s a lot of people based on technicalities. And I want the Legislature to understand that. And your voice is so important, and I appreciate you standing up for these victims.

    Reverend Al Sharpton, MSNBC: I’m concerned about when I saw the data on domestic abuse.

    Finally, Governor, a lot has happened since we last spoke in the race. A lot has happened in the race for New York City Mayor. Former Governor Andrew Cuomo has announced he’s running. What are your thoughts about the kind of leaders New Yorkers should be looking toward at this moment?

    Governor Hochul: They should be looking for somebody who will work with the Governor. Now, that has not always been the practice, as you’ve seen historically.

    I worked with Bill de Blasio in the end of his term. I worked with Eric Adams. We don’t need the conflict that has historically defined the relationship, because you know who gets hurt when the Governor and the Mayor are fighting? The people of New York. I represent 8.3 million New York City residents as well.

    And that’s why I focused on public safety, paying for overtime on the overnight subway trains so people feel safer. Also, $1 billion to build more housing. I want to keep doing this, but I need someone who’s not looking to be at war with the Governor, who will actually be a partner. So that’s all I’m looking for, and I’ll work with anybody, as long as they want to focus on the agenda that I have put forth that is for New York City residents.

    Reverend Al Sharpton, MSNBC: Does that mean late in the primary you may make an endorsement?

    Governor Hochul: I am not endorsing in this. I do not vote in this great city, although I live here three, four days a week, and I will not be making an endorsement.

    Reverend Al Sharpton, MSNBC: But you want someone that will work with the Governor?

    Governor Hochul: Someone who’s smart enough to know to work with me, because otherwise, it won’t be fun.

    Reverend Al Sharpton, MSNBC: And we’ll have to figure out who we think you might best work with.

    Governor Hochul: Get me a real partner.

    Reverend Al Sharpton, MSNBC: Thank you for being with us, Governor Kathy Hochul of New York.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Union Name Change – Our union’s new name: ‘FIRST Union’ Becomes ‘Workers First Union’

    Source: Workers First Union

    Workers First Union is pleased to announce that the union has now formally changed its name from ‘FIRST Union’ to ‘Workers First Union’ (or ‘Workers First’, for short) following a vote by delegates at the union’s Annual General Meeting in December 2024.
    Dennis Maga, Workers First General Secretary, said he was proud that the union was making its mission clear with the new name.
    “For too long, employers have been putting workers second or worse, with fair wage rises and workplace wellbeing ranking last after a long list of shareholders, creditors and managers,” said Mr Maga.
    “I’m excited to enter the next era with a new name befitting of our union’s work and purpose – we put workers first.”
    FIRST Union was formed in 2011 through the merger of the National Distribution Union (NDU) and the Finance Sector Union of New Zealand (Finsec). NDU represented workers in the retail, distribution, and textile industries, while Finsec represented employees in banking and finance. The new Workers First Union has since grown to cover over 32,000 workers across retail, finance, transport, logistics and manufacturing. The union is an affiliate of the Council of Trade Unions(CTU) but unaffiliated to any political parties.
    Mr Maga said that the union had sought to change its name to distinguish the organisation from similarly named business entities and encapsulate the union’s purpose more clearly.
    “This change reflects what our members have always known: our union is here to fight for them, whether in wage bargaining, on the picket line, or in the halls of Parliament,” said Mr Maga.
    “The new name embodies the interests of working people in New Zealand and is particularly apt at a time when a far-right Government is abandoning the working class in favour of an illusory ‘growth’ model for their corporate backers.”
    “Workers in Aotearoa face serious challenges ahead, from increasing workplace automation to stagnating wages, but our union is built on collective strength, and we will meet these challenges head-on in 2025 and beyond.”
    Background information
    – The union’s main website address is now workersfirst.nz

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Airports report record aeronautical revenues despite slower growth in passenger numbers

    Source: Australian Competition and Consumer Commission

    Click to enlargeAustralia’s four largest airports, Brisbane, Melbourne, Perth and Sydney, each reported their highest ever aeronautical revenues in 2023-24, the ACCC’s latest Airport Monitoring Report shows.

    The 24.3 per cent increase in revenues to $2.6 billion occurred despite the four major airports collectively handling fewer passengers than before the pandemic. While domestic and international passengers grew by 13.7 per cent to 114.6 million since 2022-23, passenger numbers remained 4.7 per cent below 2018-19 levels.

    “The increase in aeronautical revenues in 2023-24 was driven in large part by the continued recovery in international passenger numbers, which rose by 32.1 per cent at the four airports monitored in our report,” ACCC Commissioner Anna Brakey said.

    “Domestic passenger numbers also grew by 6.7 per cent.”

    Sydney, Brisbane and Melbourne airports also substantially increased their operating profits from aeronautical activities in 2023-24.

    “Sydney Airport was once again clearly the most profitable of the four major airports for aeronautical services in 2023-24, both in aggregate and on a per-passenger basis,” Ms Brakey said.

    In 2023-24 Sydney Airport recorded an aeronautical operating profit of $570.5 million, which represented a 20.2 per cent return on its aeronautical assets. Sydney Airport advised that both its aeronautical revenues and operating profits in the year were inflated by back-payments received during the 2023-24 financial year from its contractual agreements with airlines. The agreements started on 1 July 2022, but the terms were not agreed to until the 2023-24 financial year.

    Brisbane and Melbourne airports reported aeronautical operating profits of $194.7 million and $198.9 million respectively, despite Brisbane Airport catering to far fewer passengers than Melbourne Airport. Both airports reported a 64.1 per cent increase in aeronautical operating profit in 2023-24.

    Perth Airport was the only monitored airport to report a fall in aeronautical profits, down by 29.1 per cent to $70.7 million after a significant increase in security and depreciation expenses.

    Car parking profits and ‘landside access’ revenues up

    Operating profits from car parking grew for all four airports in 2023-24. Brisbane Airport made the largest profits, increasing by 21.1 per cent to $113.4 million. Melbourne Airport made an operating profit of $108.1 million from car parking, followed by Sydney Airport with $95.6 million and Perth Airport with $70.7 million.

    All four monitored airports reported operating profit margins above 60 per cent for the second year in a row for their car parking operations.

    “Car parking remains a very profitable business for the monitored airports as they report strong demand for parking,” Ms Brakey said.

    “Brisbane Airport made an operating profit of 76.6 cents for every dollar of revenue it collected from car parking.”

    Sydney Airport was the most expensive for 30 to 60 minute parking and parking for up to 24 hours at the terminal, while Melbourne Airport was the cheapest in both categories.

    Long-term parking at a distance from the terminal booked online was most expensive at Perth and Sydney airports and cheapest at Melbourne Airport.

    “To save money, motorists are encouraged to book online, if possible, instead of paying the drive-up rates, and should consider using free waiting zones at the airports,” Ms Brakey said.

    Revenues from landside transport access services, such as rideshare operators, taxis and buses, grew by 18 per cent to $69.6 million, as vehicle numbers rebounded. All four airports continued to report a growth in rideshare services.

    Airports maintain their ‘good’ quality of service rating, despite falling satisfaction from airlines

    All four airports maintained an average overall rating of ‘good’ for the quality of service and facilities in 2023-24.

    These results were mainly due to high ratings by passengers, continuing consistent trends over the last 10 years.

    Ratings by airlines generally fell, and all four airports received only a ‘satisfactory’ result. The most common airline concerns related to aircraft parking facilities, baggage facilities, common user check-in facilities, aerobridges and public amenities.

    “The airports all maintained their ‘good’ rating for quality of service, which is based on surveys of passengers and airlines, as well as objective measures such as the number of check-in kiosks per passenger,” Ms Brakey said.

    “However, the falling satisfaction from airlines indicates the airports have some work to do.”

    Airports have recommenced investment after Covid

    After years of relatively little investment due to the pandemic, the airports have invested $985.1 million in aeronautical facilities in 2023-24, a figure set to increase in coming years.

    Melbourne airport’s $502.3 million investment accounted for more than half the total investment in aeronautical assets in 2023-24. This included work on runway overlays, taxiways and terminals, such as the replacement of passenger screening equipment as well as works to resurface the north-south runway and replace the lighting system.

    Other major projects underway, or recently announced, include new runways for Melbourne and Perth, new terminals for Perth and Brisbane, upgrades to terminals in Brisbane, Sydney and Melbourne.

    A new airport will also open at Western Sydney in 2026.

    “While the four major airports held back on investment during the pandemic period, this is starting to change now there is more certainty around demand for travel,” Ms Brakey said.

    “These significant capital works should help increase capacity at our major airports, leading to more flight options for travellers.”

    Background

    Under direction from the Australian Government, the ACCC monitors the prices, costs and profits of aeronautical and car parking services at Australia’s four largest airports. The ACCC also monitors the quality of these services under the Airports Act.

    The possible ratings for airport quality of services are ‘very poor’, ‘poor’, ‘satisfactory’, ‘good’ or ‘excellent’.

    The ACCC measures operating profit by earnings before interest, taxes and amortisation (EBITA). Operating profit margin is EBITA as a percentage of revenue.

    Aeronautical operations are those that directly relate to providing aviation services, including runways, aprons, aerobridges, departure lounges and baggage handling equipment.

    MIL OSI News –

  • MIL-OSI New Zealand: Economy – RBNZ supports release of Police’s National Risk Assessment

    Source: Reserve Bank of New Zealand

    17 March 2025 – The Reserve Bank of New Zealand – Te Pūtea Matua welcomes the release of the latest National Risk Assessment (NRA) from Police’s Financial Intelligence Unit. The report assesses threat and sectoral vulnerability, exploring their impact on money laundering and terrorism financing risk and proliferation financing in New Zealand.

    “An effective Anti-Money Laundering and Countering-Financing of Terrorism (AML/CFT) system enhances the economic wellbeing and prosperity for all New Zealanders by safeguarding the integrity of our financial system and keeping it resilient against crime,” RBNZ Manager AML/CFT Supervision Damian Henry says.

    This Assessment outlines the significant criminal behaviours generating illicit income that threatens New Zealand’s financial system. It also assesses and identifies the vulnerabilities within our financial system that criminals are taking advantage of when they launder proceeds of crime.

    “The release of the NRA is a trigger for reporting entities to review and update their respective risk assessments accordingly. We encourage them all to review the report,” Mr Henry says.

    This NRA identifies that fraud-related crime, drug crime and transnational money laundering are the highest threat, with fraud accelerating and seeing both ‘defrauding’ and the subsequent ‘laundering’ occurring within the financial system.

    This means the banking sector remains highly vulnerable to money laundering, along with any sector that offers services and products enabling movement of proceeds out of or into New Zealand.

    “The NRA is a key document for New Zealand’s AML/CFT system as a clear understanding of risk strengthens our system’s resilience, enabling direct responses and maximising the benefits of security for both our financial sector and communities,” Mr Henry says.
     

    More information

    Read the 2024 National Risk Assessment : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=6e23c63d40&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI China: China unveils plan on special initiatives to boost consumption

    Source: China State Council Information Office

    Consumers learn about relevant policies during a consumer goods trade-in event in Qingdao City, east China’s Shandong Province, May 17, 2024. [Photo/Xinhua]

    China on Sunday made public a plan on special initiatives to increase consumption, as the world’s second-largest economy moves to make domestic demand the main engine and anchor of economic growth.

    The plan, issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council, aims to vigorously boost consumption, stimulate domestic demand across the board, and increase spending power by raising earnings and reducing financial burdens.

    It also aims to generate effective demand through high-quality supply, improve the consumption environment to strengthen consumer willingness to spend, and address prominent constraints on consumption.

    The plan, organized into eight major sections, adopts a holistic approach by simultaneously addressing factors such as income growth, service consumption quality enhancement, big-ticket consumption upgrading, and consumption environment improvement.

    The plan aims to promote reasonable wage growth by strengthening employment support in response to economic conditions and improving the minimum wage adjustment mechanisms. China will expand property income channels through measures to stabilize the stock market and develop more bond products suitable for individual investors.

    The plan calls for exploring ways to unlock the values of houses legally owned by farmers through rental arrangements, equity participation and cooperative models.

    Notably, the plan emphasizes both traditional consumption sectors like housing and automobiles, alongside emerging categories such as artificial intelligence-powered products, low-altitude economy and silver tourism.

    China will accelerate the development and application of new technologies and products including autonomous driving, smart wearables, ultra-high-definition video, brain-computer interfaces, robotics and additive manufacturing, more commonly known as 3D printing, to create new high-growth consumption sectors.

    These measures reveal a geographically nuanced approach, with targeted policies for rural areas, regions rich in ice and snow resources, and urban centers — allowing local authorities flexibility via implementation based on regional conditions.

    Support will be given to ice and snow resource-rich regions to help them develop into globally recognized winter tourism destinations. The plan also emphasizes developing inbound consumption by systematically expanding unilateral visa-free arrangements and optimizing regional visa-free entry policies.

    By connecting consumer spending to broader social goals like elderly care improvement, childcare support and work-life balance, the plan embeds consumption growth within China’s wider development objectives, signaling that consumption is being positioned not just as an economic target but as a means to enhance quality of life.

    Accordingly, China will consider establishing a childcare subsidy system. It will guide eligible regions to include individuals in flexible employment, rural migrant workers, and those in new forms of employment who are covered by the basic medical insurance for employees, in the country’s childbirth insurance program.

    Regarding elderly care, the country will in 2025 increase the fiscal subsidies for basic old-age benefits and basic medical insurance for rural and non-working urban residents. Additionally, basic pension benefits for retirees will be appropriately raised.

    The country will work to strictly implement the paid annual leave system — ensuring that workers’ rights to rest and vacation are legally protected. It will also prohibit the unlawful extension of working hours.

    Financial institutions will be encouraged to increase the issuance of personal consumption loans, provided risks are controllable. They should reasonably set loan limits, terms and interest rates, according to the plan.

    Zou Yunhan, a researcher with the State Information Center, said consumption is playing an increasingly important role in boosting economic growth, but that some challenges still remain in the quest to further unlock consumer potential.

    Looking ahead, Zou called for collective efforts from all sectors to fully implement the action plan and ensure its effectiveness. “Driven by innovation and supportive policy initiatives, China’s consumer market is poised for steady growth this year. New opportunities are emerging, which will provide a strong impetus for the country’s high-quality economic development.”

    MIL OSI China News –

  • MIL-OSI Australia: How pumped hydro can be a viable large-scale energy asset for private investors

    Source: Allens Insights

    Financing the next generation of PHES projects 11 min read

    Interest in pumped hydro energy storage (PHES) continues to grow as the need for affordable, long-term, firm and weather-independent dispatchable electricity becomes increasingly critical to Australia’s energy transition. However, its high upfront capital costs and complex planning, procurement, and delivery processes, in contrast with its low operational expenses, is prompting debate over its viability as a mainstream asset class and optimal funding strategies.

    PHES assets in Australia are predominantly government-owned, reflecting an era when electricity generation was seen as a public utility and a national asset. The privatisation of many segments within the energy sector raises questions about the future ownership and funding of large-scale PHES assets in today’s market-driven environment.

    In this Insight, we explore the challenges and opportunities related to the financing of PHES projects in Australia and outline possible offtake structures to ensure a successful project.

    Key takeaways

    • Government corporations have traditionally owned and procured PHES assets in Australia.
    • Significant capital costs, extensive civil engineering, underground works and long lead times have made private sector ownership and access to debt capital markets for PHES challenging.
    • Recent advancements seen in the BESS sector underpinned by the development of innovative funding and offtake structures present a potential pathway by which PHES could follow and become a mainstream asset class.
    • In NSW in particular, there is significant government support for PHES projects, with the LDS LTESA and the new Energy Security Corporation focusing on investing in long-duration storage, and in South Australia the proposed Firm Energy Reliability Mechanism.

    Background

    Australia has a PHES fleet of approximately 1.6 GW across the Wivenhoe, Tumut 3 and Shoalhaven power stations, with an additional 2.2 GWs of generation expected to come online with the completion of the Snowy 2.0 expansion project. There is also a significant pipeline of privately procured PHES projects in various stages of feasibility and planning.

    The scale, capital intensity and inherent complexities of delivering a PHES project has meant that, to date, every project that has come to market in Australia has been funded using some form of government support. The most recent example is the Kidston PHES, which reached financial close in 2021. Whilst a privately owned asset, the project was funded with a combination of equity capital, a government grant and a concessional loan.

    A question therefore arises as to whether PHES should continue to seen as public infrastructure necessitating government investment, or market evolution will result in future PHES being funded exclusively by the private sector.

    Could a PHES be privately funded?

    In our view, yes, though in the short term, the success of PHES will depend on a combination of both private and public sector investment. The private sector faces a unique set of challenges when it comes to the development and funding of PHES projects.

    PHES projects have long lead times and are capital-intensive. Upfront development costs are very high, and the construction period typically ranges between three to four years. Up to 80% of asset-life costs can be on upfront capital expenditure, which typically runs into several billions of dollars. As a consequence, PHES is beyond the investment horizons of many private sector investors and the future success of the sector will be contingent on investors gaining access to debt capital markets.

    While the recent $3.5 billion debt financing of Snowy 2.0 is an encouraging example of the willingness of mainstream financiers to lend to PHES, it is a government-procured project backed by an AAA-rated counterparty. Privately procured PHES projects with more limited funding sources will be subject to much more stringent credit requirements. Recent examples of cost and time delays on major PHES projects and the trend towards collaborative contracting and pricing models represent potential challenges from a bankability perspective.

    Prospective financiers will focus heavily on the developer’s chosen procurement model to ensure that there is firm pricing and transferred risk to limit volatility and exposure. Where there are elements of flexibility or uncapped pricing (for example as seen with approaches to managing geotechnical risk on recent government projects), we are seeing developers seeking to forward-solve these issues by implementing robust risk mitigation measures, including, alternative contracting methods, highly structured delay and performance liquidated damages regimes and intricate risk allocation arrangements.

    In addition to enhanced procurement regimes, prospective financiers to PHES projects have, through market soundings, also indicated that highly conversative modelling assumptions and tighter financing terms will be required. As seen with other nascent renewables assets classes during their ascendancy (such as wind, solar and now BESS), developers will likely be required to also build in large contingency packages, contingent undrawn lines, accept front-ended repayment profiles, more stringent cash sweep and upside sharing mechanisms and lower gearing levels.

    Access to debt capital markets will also be contingent on investors demonstrating that PHES as an asset class is commercially viable in the context of private ownership. Traditionally, governments have adopted a model of utilising PHES projects as a form of system support (ie where there has been a shortfall of supply during periods of peak demand). In contrast, private sector investors will need to monetise projects and demonstrate positive price differentials between pumping and generation.

    Owing to the capital cost of PHES, the initial wave of privately held projects will be financed utilising multi-source funding structures. At least initially, it is expected that multilateral agencies which are spearheading Australia’s push to net zero, such as ARENA, the CEFC and NAIF, will provide concessional/grant funding alongside mainstream commercial debt. The limited pool of civil contractors with PHES experience in Australia, combined with a lack of a domestic OEM market will likely result in developers satisfying key credibility requirements for international export credit agencies to also participate in the financing of Australian PHES projects.

    Unlocking private funding for PHES projects

    Despite the challenges in financing PHES assets, recent market developments and potential future changes could pave the way for greater private funding of PHES projects.

    The sheer scale of PHES projects means there is a limited pool of available investment-grade offtakes, and as a consequence, many pipeline PHES developers are seeking to underpin project economics through government revenue underwriting schemes such as the Long-term Energy Support Agreements (LTESA) and Capacity Investment Scheme Agreements (CISA).

    While initially met with scepticism, these agreements are starting to be viewed favourably by financiers, representing a fixed revenue line against which debt sizing can be made. This has been demonstrated by the successful project financings of the Orana BESS project in mid-2024 (the first standalone financing of an LTESA) and recently EnergyAustralia’s Wooreen BESS project (the first standalone financing of a CISA). Both projects also demonstrate the potential upside these products offer to developers, with the revenue underwrite providing scope to trade all or part of a project’s capacity in the merchant market.

    A potential challenge however is whether or not the LTESA and CIS programs are in fact ‘fit-for-purpose’ in the context of PHES, owing to their capital intensity and the quantum that these government support agreements will have to underwrite over the long term. There is a view by some market participants that a more traditional model, whereby the government acquires an equity interest in projects, would be better suited to PHES and would go some way towards solving a number of the key bankability concerns pipeline developers are currently grappling with.

    The NSW Government has sought to address this issue through the Long Duration Storage (LDS) LTESA, which provides a tailored agreement for LDS projects (including PHES) to account for the fundamental differences in their operational and market context.

    Key features of the LDS LTESA that benefit PHES projects are:

    • an underwriting mechanism that grants the operator a series of two-year options to access a variable annuity payment in the form of a top-up to net operational revenue – rather than short-term swaps, which are granted under the generation LTESA;
    • a minimum availability threshold of 97% rather than a minimum generation guarantee; and
    • a contract term of up to 40 years for PHES projects, compared to 20 years for a generation LTESA and 10 years for firming LTESAs.

    The ACEN Phoenix PHES project was recently awarded an LDS LTESA, marking the first time a PHES project has been awarded an LTESA. AEMO Services has indicated that the next LDS tender round will open in the second quarter of 2025 and is encouraging projects with short lead times to participate in order to meet the 2030 minimum objective. This directive does not rule out PHES projects, with many of the PHES currently under development in Australia having expected completion dates of 2030 or earlier. PHES projects with longer lead times are encouraged to participate in future LDS tenders to help meet the 2034 minimum objective.

    While there is no active mechanism in any other jurisdiction, the South Australian Government has announced its proposed Firm Energy Reliability Mechanism (FERM), which is similar to the NSW LDS LTESA tenders and Federal Capacity Investment Scheme, providing a revenue underwrite for long-duration capacity projects. All existing and new generators in South Australia with long-duration firm capacity >30MW (excluding coal) and that can dispatch for a period of at least eight continuous hours must participate in the FERM process, but are not required to bid for financial contracts. The South Australian Government is considering responses to the FERM and is expected to release an update in 2025. With NSW as the frontrunner in supporting LDS projects and SA proposing some support, other jurisdictions may consider similar regimes based on their progress.

    In June 2024, the NSW Energy Security Corporation (ESC) was established to accelerate the state’s renewable energy transition. In February 2025, the government announced the first Investment Mandate for the ESC. The Investment Mandate sets out how the ESC will invest in renewable energy projects where private sector investments alone are insufficient. The ESC has been allocated $1 billion and will co-invest with private investors on PHES, as well as large-scale batteries, community batteries and virtual power plants.

    The Investment Mandate did not provide a breakdown of how the $1 billion would be allocated amongst these projects. However, with a clear mandate to invest in PHES projects, there is hope that the ESC may be able to help address some of the challenges faced by private investment as set out above.

    PHES is often referred to as a ‘water battery’. It is therefore unsurprising that revenue models which have underpinned the recent meteoric rise of the BESS market are similarly being adopted by PHES developers who are currently in the planning phase.

    In particular, the rise of virtual offtake arrangements (ie where the offtaker makes virtual nominations that are effectively separate from the physical operation of the asset). These structures (and the significant capacity size of PHES) allow a developer to retain day-to-day control over the underlying PHES asset, split capacity across multiple offtakers, provide potential for greater equity upside (although also give rise to greater risk on the downside), and importantly can be treated off-balance sheet from an accounting perspective.

    We are anticipating a further evolution of the virtual offtake market, particularly if storage projects can secure an underlying LTESA or CISA, which can give them a base level of security to trade the remaining capacity. Revenue sharing, caps and firmed supply (or a mixture of a number of structures) could be possible, and we expect the PHES market to take inspiration from the BESS market.

    Actions you can take now

    If you are considering entering the PHES space and exploring funding options, it is important to:

    • engage with financiers (both private and government, and concessional providers) early;
    • engage external counsel early and seek guidance on key bankability issues throughout the planning and feasibility phases;
    • develop your revenue stack during the planning phase (in consultation with financiers) and take into consideration the quickly evolving offtake market in the BESS sector;
    • for those projects in NSW:
      • prepare for the next LDS LTESA round which is slated to be undertaken before the second half of this year; 
      • engage with the ESC to explore how it will invest its $1 billion in the context of a PHES project; and
    • for those projects in South Australia, engage with the South Australian government and monitor for updates on the FERM process.

    MIL OSI News –

  • MIL-OSI China: Senior Chinese official, former U.S. treasury secretary exchange views on China-U.S. economic, trade relations

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

    Senior Chinese official, former U.S. treasury secretary exchange views on China-U.S. economic, trade relations

    BEIJING, March 16 — Senior Chinese official He Lifeng on Sunday met with former U.S. Treasury Secretary Henry Paulson in Beijing, and the two sides exchanged views on both China-U.S. economic and trade relations and the global economy.

    Noting that China’s economy is maintaining its recovery momentum, He, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and director of the Office of the Central Commission for Financial and Economic Affairs, said that China’s innovation-driven development has achieved remarkable results, while market expectations continue to improve, and adding that domestic demand potential and internal circulation space are huge.

    China’s new development pattern is taking shape at a faster pace, the fundamentals of the Chinese economy remain unchanged and its prospects remain bright, He said.

    Noting that U.S.-China relations are very important and green transformation is the general trend, Paulson said that the Paulson Institute is willing to continue to contribute positively to the stability of U.S.-China relations and green and low-carbon development.

    MIL OSI China News –

  • MIL-OSI Australia: About the Register of Foreign Ownership of Australian Assets

    Source: Australian Department of Revenue

    The Register’s role

    Foreign investment is essential to Australia’s prosperity. It helps to build our economy and enhance the wellbeing of Australians by supporting financial growth.

    The Register of Foreign Ownership of Australian AssetsExternal Link was introduced to provide transparency and extract information which we use to report on who is investing in Australian assets.

    The Register commenced operating on 1 July 2023. This Register replaced all other registers.

    Register functions

    The Register:

    • replaces existing foreign investment registers we manage (relating to agricultural and residential land, and water interests)
    • expands on assets to be registered
    • provides a streamlined experience for foreign persons to manage their investment affairs
    • supports compliance with Australia’s foreign investment framework
    • increases the government’s visibility of foreign investments made in Australia.

    Information the Register holds

    The Register holds details about foreign ownership of Australian assets, including:

    For information on registering assets other than residential property, see Steps to invest in Australian non-residential assets.

    Who is responsible for administering the Register

    The role of the Commissioner of Taxation as Registrar

    The Commissioner of Taxation is the Registrar responsible for administering the Register, under the Commonwealth Registers (Appointment of Registers) Instrument 2021.

    The Commissioner was appointed as the Registrar of the Register by the Assistant Treasurer, commencing 29 November 2022.

    The Registrar’s role in administering the Register includes:

    • maintaining accurate records of interests and changes that need to be registered for the purposes of administration of the foreign investment laws, such as case management and compliance
    • accurate reporting to government of foreign ownership in Australia.

    The visibility of interests held by foreign persons in specified assets in Australia will also inform future policy development by government.

    How the information on the Register is used

    The Registrar will take steps to protect personal information they hold about individuals against loss, unauthorised access, use, modification or disclosure and other misuse.

    Information on the Register can be used, recorded or disclosed for any purpose that protected information can be used under Division 3 of Part 7 of the FATA. Secrecy provisions apply to the information disclosed or obtained under or for the purposes of the FATA.

    It is an offence under section 128 of the FATA for a person to disclose protected information. That is unless the disclosure is permitted either under section 130V of the FATA or under one of the exceptions in Division 3 of Part 7 to the FATA.

    There are safeguards to protect an individual’s right to privacy and this applies to the information collected by the Registrar. In particular, the Registrar complies with obligations under the Australian Privacy Principles (APPs) contained in the Privacy Act 1988 and records authorities issued by the National Archives of Australia.

    Supporting legislation and reforms

    For more information, see:

    MIL OSI News –

  • MIL-OSI New Zealand: MIL-OSI News

    Greenpeace Statement: The deep sea mining industry is crumbling and desperate

    Source: Greenpeace
    The 30th Session of the International Seabed Authority, which starts today in Kingston, Jamaica, is the first under the new Secretary-General Leticia Carvalho, a scientist whose appointment brings an opportunity to reset the ISA’s focus away from prioritising deep sea mining industry interests and towards its mandate of protecting the seabed for all.[1][2]
    In stark contrast with Carvalho’s science-driven approach, delegates are being forced to address The Metals Company’s (TMC) threat to submit the world’s first ever deep sea mining application for the international seabed in June without any rules and regulations in place.[3] TMC are seeking regulatory certainty from governments at this meeting, calling on governments to deliver a pathway to greenlight the start of deep sea mining despite growing headwinds.
    Greenpeace International campaigner Louisa Casson, who is attending the meeting, said: “The deep sea mining industry is crumbling and resorting to increasingly desperate tactics as they lose support from governments and investors. The last weeks have repeatedly shown that companies are failing to live up to their hype and downsizing plans before they’ve even started. There’s never been a better time for governments to take decisive action to protect the ocean from this faltering, risky industry.”
    Earlier this year, in a further sign of a faltering industry, TMC gave up one third of their exploration areas in the north-eastern Pacific Ocean. [5]
    Alongside the threat of the first-ever commercial mining application, deep sea mining contractors have sent a joint letter to the ISA Council complaining they have spent US$2 billion, yet governments have not finalised the Mining Code. Indigenous representatives attending the ISA challenged the letter.
    Louisa Casson added: “Deep sea mining companies seem to be confused about the role of the ISA. Governments are not gathered here to protect corporate interests but to co-operate on how to preserve the ocean for future generations. The only way to responsibly respond to these dangerous threats is by putting a moratorium in place.”
    Greenpeace Aotearoa seabed mining campaigner Juressa Lee says: “Wannabe miners like Trans-Tasman Resources also want to plunder the ocean here in Aotearoa, encouraged by the Luxon government’s reckless fast-track process. The threat of seabed mining in Aotearoa is imminent and seabed miners around the world are watching closely what happens here. If TTR is given the go-ahead, it will encourage wannabe miners like TMC to push their application to start deep sea mining in the Pacific.”
    Thirty-two governments have voiced opposition to the start of deep sea mining, calling for a moratorium at the International Seabed Authority in 2025.
    [1] Leticia Carvalho’s inaugural statement: “We will embark on a new era defined by collaboration, equity, inclusiveness, transparency, accountability, effectiveness and sustainability-values that will guide our collective efforts to ensure ISA remains a trusted steward of the ocean […] Together, we must ensure that the ISA embodies the spirit of multilateral cooperation, serving as a model for transparent, inclusive and science-driven governance.”
    [5] The company’s financial filings show that the company’s subsidiary DeepGreen Engineering Pte Ltd has ended its services agreement with Kiribati-sponsored Marawa, which gave TMC exclusive exploration rights to an area covering 74,990 square kilometres in the Clarion Clipperton Zone, the area of international seabed targeted for deep sea mining. https://www.sec.gov/Archives/edgar/data/1798562/000110465924119467/tmc-20240930x10q.htm

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Research – Gender parity clarity: New Zealand’s deepest dive into KiwiSaver balances reveals crucial demographic insights

    Source: Te Ara Ahunga Ora Retirement Commission

    Results from the largest analysis of KiwiSaver, encompassing more than 3.2 million members, reveal no progress has been made on closing the gender retirement savings gap.  
    With shades of the recent estimate by the World Economic Forum that at the existing rate of progress, full gender parity won’t be achieved until the year 2158, the report released today by Te Ara Ahunga Ora Retirement Commission shows the average gender KiwiSaver retirement savings gap remains at 25%. It also delivers essential insights into KiwiSaver balances, trends and opportunities. 
    The Retirement Commission secured the services of Melville Jessup Weaver (MJW) actuaries to obtain the country’s most comprehensive current age and gender-related KiwiSaver stats. The results update an annual analysis that began in 2021 – then the first study of its kind, collecting previously unknown data about balances across these demographics. The new report provides a snapshot as at 31 December 2024 that – importantly – represents approximately 97% of Aotearoa’s KiwiSaver members.   
     
    In a country in which more women (51%) than men are members of KiwiSaver, the research shows that despite efforts towards its reduction, the average gender KiwiSaver retirement savings gap has remained static at 25% since 2022 – and, in fact, has increased slightly for those aged 61-65. The gap generally increases across the age groups, rising above 25% after the age of 35 and peaking at around 37% for those aged 56-65. This translates into women having on average around $20,000 less in their KiwiSaver account than men as they approach retirement age.  
     
    Of particular interest is where the gap is widest: between women and men in their 40s, 50s and 60s.  
    “This pivotal information shows the combined long-term effect of factors such as the gender pay gap, time out of paid work, and the higher percentage of women than men who work part-time,” says Te Ara Ahunga Ora Policy Lead Dr Michelle Reyers.  
    “It tells us that at an age when many women may be returning to the full-time paid workforce after years of unpaid caregiving and necessary part-time work, the effect comes more starkly into focus. 
    “Also of significant interest is that as at 30 June 2024, the gender pay gap is 8.2% and trending downwards, yet we’re not seeing that decrease reflected in the average gender KiwiSaver retirement savings gap. The impact of compounding interest on balances informs some of this, as money invested earlier has time to grow, but if women’s balances are lower than men’s in younger life, they will likely remain lower.”
      
    Also notable among the new demographic data is that women continue to have lower average balances than men across all groups, with the exception of those aged over 80. In almost all age groups, women are overrepresented among those with low balances and men are overrepresented among those with the highest balances. 
    Retirement Commissioner Jane Wrightson says: “Thanks to the gender pay gap and other factors, women tend to earn less, which leads to saving less. Women tend to spend longer periods in unpaid work, and get hit harder by life shocks like unemployment and divorce.  
    “This unchanged KiwiSaver retirement savings gap is one of several reasons why we’re advocating to get New Zealanders contributing more to KiwiSaver across the board. We’re arguing for system change, and one opportunity we’ve identified is to increase the default contribution rate of all individuals to at least 4%, with employers matching it at this level or contributing more. 
    “KiwiSaver has been instrumental in promoting retirement savings in New Zealand, but it’s not working as well as it could for everyone. Changes made to the settings now will improve outcomes for all who contribute, and since women live longer on average than men and therefore have longer retirement periods to fund, for this demographic, a rethink is especially critical.” 
    The Retirement Commissioner welcomes the recent changes made by the Government to paid parental leave by making matching contributions for those who continue to make their employee contribution, and would encourage that this be extended to all those on paid parental leave, not just those who can continue to make their own contributions.  
    Key insights

    • According to a survey of approximately 97% of Aotearoa’s KiwiSaver members (3,286, 614 people), the average KiwiSaver gender retirement savings gap remains 25%, as at 31 December 2024. 
    • It has increased marginally for those aged 61-65 (from 35 to 36%). 
    • The average KiwiSaver balance is $37,079, an increase of 16.5% from 2023 that likely reflects the strong performance of financial markets over the 2024 year. 
    • Women’s average balance is $34,185 (an increase of 16.7%); men’s average balance is $42,664 (an increase of 16.6%). 
    • The widest gaps are between women and men in their 40s and 50s, and those approaching age 65.  
    • On average, men in their 40s have about $12,000 (or 30%) more invested in KiwiSaver than women; men in their 50s have about $20,000 (or 36%) more; and men aged 61-65 have approximately $21,500 (or 36%) more. 
    • Although there’s still a relatively large number of members with KiwiSaver balances below $10,000, this has trended downwards, declining from 41% of members in 2021 to about a third of members in 2024. 
    • There are more women than men with balances lower than $10,000 across almost all age brackets. 
    • 61% of the people with balances below $10,000 are aged 35 and younger. 
    • 17% of members aged 51 to 65 have less than $10,000 in KiwiSaver (note that these members have not had access to KiwiSaver for their full working lives). 
    • 12% of KiwiSaver members have a balance over $80,000. There are fewer women than men with balances above $80,000 across almost all age brackets. 
    • Only 22% of women aged 51-65 have balances greater than $80,000, whereas 32% of men in this age group have balances greater than $80,000.
    Policy Brief here:

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Labor delivering a stronger and fairer NDIS

    Source: Ministers for Social Services

    The Albanese Labor Government’s significant reforms and investment have put the National Disability Insurance Scheme (NDIS) back on track.

    Minister for Social Services and the NDIS, Amanda Rishworth, said the Government is making changes to ensure every dollar allocated to NDIS participants reaches them and is spent in a meaningful way that makes a difference in their lives.

    “The Albanese Labor Government is absolutely committed to improving the lives of the more than 700,000 NDIS participants, ensuring people with disability can live independently and participate fully in the community,” Minister Rishworth said.

    “We’re reforming the NDIS to deliver better outcomes for people with disability and to be more responsive to individual needs, as well as enabling more consistent, fair and transparent decision making so that it continues to provide the reasonable and necessary supports that people need.”

    The latest NDIS monthly data for the end of February shows the scheme is tracking at approximately $700 million lower than initially forecast this financial year.

    This puts the year-on-year growth rate at around 10 per cent, down from the 12 per cent growth forecast for this financial year – significantly down from 22 per cent in the 2021-22 financial year under the Liberal Party.

    These results show scheme costs are stabilising and remain on track to reach National Cabinet’s eight per cent growth target by 1 July 2026.

    Significant work to provide more clarity around what can be included in plans, and stopping fraud and exploitation of participants, has helped stabilise growth.

    “A sustainable NDIS provides certainty for the Australian community and those who rely on it now and in the future,” Minister Rishworth said.

    “The NDIS has broad support and is an integral part of our social infrastructure. While we are delivering a sustainable NDIS that can endure for generations, solely focusing on the finances fails to celebrate the scheme for what it is – a world leading social initiative.”

    Minister Rishworth said the reduction in scheme growth was not coming at the expense of Australians living with disability.

    “This reduction in growth is a direct result of our Government, along with the National Disability Insurance Agency, working with participants and the broader disability community to build a better NDIS,” Minister Rishworth said.

    “We have had a strong focus on providing greater clarity on what NDIS funding can and cannot be spent on, on preventing fraud, and on improving planning to make it more consistent, transparent and fairer.

    “We know there is more to be done, but these reforms are bringing us closer to the original intent of the scheme – to provide genuine choice and control, and provide reasonable and necessary supports, to people with a permanent and significant disability so they can participate in everyday activities.

    “It is essential people with disability continue to have a voice in how any changes are implemented. We will continue to use co-design to amplify the voices of people with disability so that we get these improvements right.”

    The latest data including monthly reports can be seen on the NDIS website.

    MIL OSI News –

  • MIL-OSI: Qifu Technology Announces Fourth Quarter and Full Year 2024 Unaudited Financial Results and Raises Semi-Annual Dividend

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, March 16, 2025 (GLOBE NEWSWIRE) — Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qifu Technology” or the “Company”), a leading AI-empowered Credit-Tech platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024 and raised semi-annual dividend.

    Fourth Quarter 2024 Business Highlights

    • As of December 31, 2024, our platform has connected 162 financial institutional partners and 261.2 million consumers*1 with potential credit needs, cumulatively, an increase of 11.0% from 235.4 million a year ago.
    • Cumulative users with approved credit lines*2 were 56.9 million as of December 31, 2024, an increase of 11.8% from 50.9 million as of December 31, 2023.
    • Cumulative borrowers with successful drawdown, including repeat borrowers was 34.4 million as of December 31, 2024, an increase of 13.1% from 30.4 million as of December 31, 2023.
    • In the fourth quarter of 2024, financial institutional partners originated 24,814,923 loans*3 through our platform.
    • Total facilitation and origination loan volume*4 reached RMB89,885 million, an increase of 0.4% from RMB89,561 million in the same period of 2023 and an increase of 9.0% from RMB82,436 million in the prior quarter. RMB47,796 million of such loan volume was under capital-light model, Intelligence Credit Engine (“ICE”) and total technology solutions*5, representing 53.2% of the total, an increase of 23.2% from RMB38,798 million in the same period of 2023 and an increase of 5.3% from RMB45,396 million in the prior quarter.
    • Total outstanding loan balance*6 was RMB137,014 million as of December 31, 2024, a decrease of 5.7% from RMB145,270 million as of December 31, 2023 and an increase of 7.3% from RMB127,727 million as of September 30, 2024. RMB79,599 million of such loan balance was under capital-light model, “ICE” and total technology solutions, an increase of 8.6% from RMB73,268 million as of December 31, 2023 and an increase of 7.5% from RMB74,078 million as of September 30, 2024.
    • The weighted average contractual tenor of loans originated by financial institutions across our platform in the fourth quarter of 2024 was approximately 10.00 months, compared with 11.47 months in the same period of 2023.
    • 90 day+ delinquency rate*7 of loans originated by financial institutions across our platform was 2.09% as of December 31, 2024.
    • Repeat borrower contribution*8 of loans originated by financial institutions across our platform for the fourth quarter of 2024 was 93.9%.

    1 Refers to cumulative registered users across our platform.
    2 “Cumulative users with approved credit lines” refers to the total number of users who had submitted their credit applications and were approved with a credit line at the end of each period.
    3 Including 2,799,208 loans across “V-pocket”, and 22,015,715 loans across other products.
    4 Refers to the total principal amount of loans facilitated and originated during the given period. Retrospectively excluding the impact of discontinued service, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations.
    5 “ICE” is an open platform primarily on our “Qifu Jietiao” APP (previously known as “360 Jietiao”), we match borrowers and financial institutions through big data and cloud computing technology on “ICE”, and provide pre-loan investigation report of borrowers. For loans facilitated through “ICE”, the Company does not bear principal risk.
    Under total technology solutions, we have been offering end-to-end technology solutions to financial institutions based on on-premise deployment, SaaS or hybrid model since 2023.
    6 “Total outstanding loan balance” refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days. Retrospectively excluding the impact of discontinued service, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations.
    7 “90 day+ delinquency rate” refers to the outstanding principal balance of on- and off-balance sheet loans that were 91 to 180 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans across our platform as of a specific date. Loans that are charged-off and loans under “ICE” and total technology solutions are not included in the delinquency rate calculation.
    8 “Repeat borrower contribution” for a given period refers to (i) the principal amount of loans borrowed during that period by borrowers who had historically made at least one successful drawdown, divided by (ii) the total loan facilitation and origination volume through our platform during that period.

    Fourth Quarter 2024 Financial Highlights

    • Total net revenue was RMB4,482.3 million (US$614.1 million), compared to RMB4,370.2 million in the prior quarter.
    • Net income was RMB1,912.7 million (US$262.0 million), compared to RMB1,798.8 million in the prior quarter.
    • Non-GAAP*9 net income was RMB1,972.4 million (US$270.2 million), compared to RMB1,825.1 million in the prior quarter.
    • Net income per fully diluted American depositary share (“ADS”) was RMB13.24 (US$1.82), compared to RMB12.18 in the prior quarter.
    • Non-GAAP net income per fully diluted ADS was RMB13.66 (US$1.87), compared to RMB12.35 in the prior quarter.

    9 Non-GAAP income from operations, Non-GAAP net income, Non-GAAP operating margin, Non-GAAP net income margin and Non-GAAP net income per fully diluted ADS are Non-GAAP financial measures. For more information on these Non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

    Full Year 2024 Operational Highlights

    • Total loan facilitation and origination volume*4 in 2024 was RMB321,969 million, representing a decrease of 12.8% from RMB369,132 million in 2023. Loan facilitation volume*4 under Platform Services was RMB170,589 million, an increase of 3.8% from RMB164,321 million in 2023.
    • The weighted average contractual tenor of loans facilitated and originated was 10.05 months in full year 2024, compared with 11.21 months in 2023.
    • Repeat borrower contribution was 93.1% in full year 2024, compared with 91.6% in 2023.

    Full Year 2024 Financial Highlights

    • Total net revenue was RMB17,165.7 million (US$2,351.7 million), compared to RMB16,290.0 million in 2023.
    • Net income was RMB6,248.1 million (US$856.0 million), compared to RMB4,268.6 million in 2023.
    • Non-GAAP net income was RMB6,415.7 million (US$879.0 million), compared to RMB4,454.2 million in 2023.
    • Net income per fully diluted ADS was RMB41.28 (US$5.66), compared to RMB26.08 in 2023.
    • Non-GAAP net income per fully diluted ADS was RMB42.39 (US$5.81), compared to RMB27.22 in 2023.

    Mr. Haisheng Wu, Chief Executive Officer and Director of Qifu Technology, commented, “Although 2024 was a challenging year as macro-economic headwinds persisted, we have made timely adjustments to our operations throughout the year and focused our effort on improving the quality and sustainability of our business. With consistent execution, we closed the year with strong operational and financial results. Throughout 2024, we proactively expanded the scope of our platform services, which makes our business model more resilient and forms a solid foundation for high quality growth in 2025.

    Approximately 58% of the year-end loan balance was under the capital-light model, ICE and total technology solutions. The strong contribution from non-credit risk bearing services helped us mitigate some risks in a challenging environment and demonstrated the efficiency of our platform services. In 2024, we further diversified our user acquisition channels and in the fourth quarter, approximately 47% of our new credit line users were acquired through embedded finance channels. Meanwhile, we continued to solidify our relationships with financial institution partners. With record-setting ABS issuance, we further optimized our funding structure.

    While we started to see some tentative signs of improvement in user activities late in 2024, we will continue to take a prudent approach in our business planning in 2025. We will remain focused on quality growth and further empower our partners and users through our open platform. With the increasing maturity and efficiency of large language models, we expect to allocate more resources to the application of AI across the credit scenarios in the future. We believe such efforts will enable us to better navigate through the current environment and position us well to capture long-term opportunities through innovative technologies, enhanced products and collaborative models.”

    “We are pleased to report another quarter of solid financial results and close the year on a strong note in a still uncertain macro environment. For 2024, total revenue was RMB17.17 billion and Non-GAAP net income was RMB6.42 billion,” Mr. Alex Xu, Chief Financial Officer, commented. “Meanwhile, we generated a record-breaking RMB9.34 billion cash from operations in 2024. Our strong financial positions not only allow us to consistently execute our strategy and support business initiatives, but also enable us to further enhance returns to our shareholders by actively executing 2025 share repurchase plan and significantly raising semi-annual dividends.”

    Mr. Yan Zheng, Chief Risk Officer, added, “Despite facing macro uncertainties, we significantly reduced our overall portfolio risks through 2024 by decisively tightening risk standards early in the year. Overall risk performance reached the best level for the year in the fourth quarter. Among key leading indicators, Day-1 delinquency rate*10 was 4.8% in the fourth quarter, and 30-day collection rate*11 was 88.1%. We feel comfortable with current risk levels and expect to see relatively stable risk performance in the coming quarters as we seek growth opportunities in a changing environment in 2025.”

    10 “Day-1 delinquency rate” is defined as (i) the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that was due for repayment as of such specified date.
    11 “30-day collection rate” is defined as (i) the amount of principal that was repaid in one month among the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that became overdue as of such specified date.

    Fourth Quarter 2024 Financial Results

    Total net revenue was RMB4,482.3 million (US$614.1 million), compared to RMB4,495.5 million in the same period of 2023, and RMB4,370.2 million in the prior quarter.

    Net revenue from Credit Driven Services was RMB2,889.5 million (US$395.9 million), compared to RMB3,248.3 million in the same period of 2023, and RMB2,901.0 million in the prior quarter.

    Loan facilitation and servicing fees-capital heavy were RMB363.0 million (US$49.7 million), compared to RMB481.2 million in the same period of 2023 and RMB258.7 million in the prior quarter. The year-over-year and sequential changes were primarily due to the changes in capital-heavy loan facilitation volume.

    Financing income*12 was RMB1,667.3 million (US$228.4 million), compared to RMB1,485.4 million in the same period of 2023 and RMB1,744.1 million in the prior quarter. The year-over-year increase was primarily due to the growth in average outstanding balance of the on-balance-sheet loans.

    Revenue from releasing of guarantee liabilities was RMB761.8 million (US$104.4 million), compared to RMB1,211.8 million in the same period of 2023, and RMB794.6 million in the prior quarter. The year-over-year decrease was mainly due to the decrease in average outstanding balance of off-balance-sheet capital-heavy loans during the period.

    Other services fees were RMB97.4 million (US$13.3 million), compared to RMB69.8 million in the same period of 2023, and RMB103.7 million in the prior quarter. The year-over-year increase reflected the increase in late payment fees under the credit driven services due to improvement in collection rates of late paid loans.

    Net revenue from Platform Services was RMB1,592.8 million (US$218.2 million), compared to RMB1,247.2 million in the same period of 2023 and RMB1,469.1 million in the prior quarter.

    Loan facilitation and servicing fees-capital light were RMB515.1 million (US$70.6 million), compared to RMB697.0 million in the same period of 2023 and RMB574.6 million in the prior quarter. The year-over-year and sequential decreases were primarily due to the decreases in capital-light loan facilitation volume.

    Referral services fees were RMB907.2 million (US$124.3 million), compared to RMB446.5 million in the same period of 2023 and RMB763.1 million in the prior quarter. The year-over-year and sequential increases were mainly due to the increases in loan facilitation volume through ICE.

    Other services fees were RMB170.5 million (US$23.4 million), compared to RMB103.8 million in the same period of 2023 and RMB131.4 million in the prior quarter.

    Total operating costs and expenses were RMB2,591.9 million (US$355.1 million), compared to RMB3,215.9 million in the same period of 2023 and RMB2,081.0 million in the prior quarter.

    Facilitation, origination and servicing expenses were RMB734.7 million (US$100.6 million), compared to RMB731.8 million in the same period of 2023 and RMB707.9 million in the prior quarter.

    Funding costs were RMB126.8 million (US$17.4 million), compared to RMB161.0 million in the same period of 2023 and RMB146.8 million in the prior quarter. The year-over-year decrease was mainly due to the lower average costs of ABS and trusts. The sequential decrease was mainly due to the decline in funding from ABS and trusts and lower average costs.

    Sales and marketing expenses were RMB523.9 million (US$71.8 million), compared to RMB551.6 million in the same period of 2023 and RMB419.9 million in the prior quarter. The year-over-year decrease was primarily due to improved efficiency in acquiring new customers. The sequential increase was primarily due to a more proactive customer acquisition effort and seasonal factors.

    General and administrative expenses were RMB156.1 million (US$21.4 million), compared to RMB108.0 million in the same period of 2023 and RMB92.0 million in the prior quarter.

    Provision for loans receivable was RMB598.4 million (US$82.0 million), compared to RMB639.9 million in the same period of 2023 and RMB477.5 million in the prior quarter. The year-over-year and sequential changes reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile and changes in loan origination volume of on-balance-sheet loans.

    Provision for financial assets receivable was RMB63.3 million (US$8.7 million), compared to RMB148.2 million in the same period of 2023 and RMB64.4 million in the prior quarter. The year-over-year decrease was mainly due to the decline in capital-heavy loan facilitation volume and reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile. The sequential decrease was mainly due to reversal of prior quarters’ provision in the quarter, offsetting by the increase in capital-heavy loan facilitation volume.

    Provision for accounts receivable and contract assets was RMB77.5 million (US$10.6 million), compared to RMB91.1 million in the same period of 2023 and RMB108.8 million in the prior quarter. The year-over-year and sequential decreases reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile.

    Provision for contingent liability was RMB311.4 million (US$42.7 million), compared to RMB784.3 million in the same period of 2023 and RMB63.6 million in the prior quarter. The year-over-year and sequential changes reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile as well as the changes in capital-heavy loan facilitation volume.

    Income from operations was RMB1,890.3 million (US$259.0 million), compared to RMB1,279.6 million in the same period of 2023 and RMB2,289.2 million in the prior quarter.

    Non-GAAP income from operations was RMB1,950.0 million (US$267.2 million), compared to RMB1,322.1 million in the same period of 2023 and RMB2,315.5 million in the prior quarter.

    Operating margin was 42.2%. Non-GAAP operating margin was 43.5%.

    Income before income tax expense was RMB1,932.7 million (US$264.8 million), compared to RMB1,330.9 million in the same period of 2023 and RMB2,356.9 million in the prior quarter.

    Income taxes expense was RMB20.0 million (US$2.7 million), compared to RMB 223.2 million in the same period of 2023 and RMB558.1 million in the prior quarter. The year-over-year and sequential changes were mainly due the writeback of withholding taxes related to the Company’s dividend and share repurchase plans, as the Company became eligible to a lower tax rate in the fourth quarter.

    Net income was RMB1,912.7 million (US$262.0 million), compared to RMB1,107.7 million in the same period of 2023 and RMB1,798.8 million in the prior quarter.

    Non-GAAP net income was RMB1,972.4 million (US$270.2 million), compared to RMB1,150.3 million in the same period of 2023 and RMB1,825.1 million in the prior quarter.

    Net income margin was 42.7%. Non-GAAP net income margin was 44.0%.

    Net income attributed to the Company was RMB1,916.6 million (US$262.6 million), compared to RMB1,111.7 million in the same period of 2023 and RMB1,802.9 million in the prior quarter.

    Non-GAAP net income attributed to the Company was RMB1,976.4 million (US$270.8 million), compared to RMB1,154.3 million in the same period of 2023 and RMB1,829.2 million in the prior quarter.

    Net income per fully diluted ADS was RMB13.24 (US$1.82).

    Non-GAAP net income per fully diluted ADS was RMB13.66 (US$1.87).

    Weighted average basic ADS used in calculating GAAP net income per ADS was 142.94 million.

    Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 144.71 million.

    12 “Financing income” is generated from loans facilitated through the Company’s platform funded by the consolidated trusts and Fuzhou Microcredit, which charge fees and interests from borrowers.

    Full Year 2024 Financial Results

    Total net revenue was RMB17,165.7 million (US$2,351.7 million), compared to RMB16,290.0 million in 2023.

    Net revenue from Credit Driven Services was RMB11,719.0 million (US$1,605.5 million), compared to RMB11,738.6 million in 2023.

    Loan facilitation and servicing fees-capital heavy were RMB1,016.5 million (US$139.3 million), compared to RMB1,667.1 million in 2023. The year-over-year decrease was primarily due to a decline in capital-heavy loan facilitation volume.

    Financing income was RMB6,636.5 million (US$909.2 million), compared to RMB5,109.9 million in 2023. The year-over-year increase was primarily due to the growth in average outstanding balance of on-balance-sheet loans.

    Revenue from releasing of guarantee liabilities was RMB3,695.0 million (US$506.2 million), compared to RMB4,745.9 million in 2023. The year-over-year decrease was mainly due to decrease in average outstanding balance of off-balance-sheet capital-heavy loans during the period.

    Other services fees were RMB371.0 million (US$50.8 million), compared to RMB215.6 million in 2023. The year-over-year increase was mainly due to an increase in late payment fees in connection with improvement in collection rate of late paid loans under the credit driven services.

    Net revenue from Platform Services was RMB5,446.6 million (US$746.2 million), compared to RMB4,551.5 million in 2023.

    Loan facilitation and servicing fees-capital light were RMB2,116.8 million (US$290.0 million), compared to RMB3,214.0 million in 2023. The year-over-year decrease was primarily due to a decline in loan facilitation volume under the capital-light model.

    Referral services fees were RMB2,842.6 million (US$389.4 million), compared to RMB950.0 million in 2023. The year-over-year increase was primarily due to an increase in the loan facilitation volume through ICE.

    Other services fees were RMB487.2 million (US$66.7 million), compared to RMB387.5 million in 2023.

    Total operating costs and expenses were RMB9,637.1 million (US$1,320.3 million), compared to RMB11,433.1 million in 2023.

    Facilitation, origination and servicing expenses were RMB2,900.7 million (US$397.4 million), compared to RMB2,659.9 million in 2023. The year-over-year increase was primarily due to higher collection fees.

    Funding costs were RMB590.9 million (US$81.0 million), compared to RMB645.4 million in 2023. The year-over-year decrease was mainly due to the lower average cost of ABS and trusts, partially offset by the growth in funding from ABS and trusts.

    Sales and marketing expenses were RMB1,725.9 million (US$236.4 million), compared to RMB1,939.9 million in 2023. The year-over-year decrease was mainly due to our prudent customer acquisition approach and lower unit customer acquisition cost.

    General and administrative expenses were RMB449.5 million (US$61.6 million), compared to RMB421.1 million in 2023.

    Provision for loans receivable was RMB2,773.3 million (US$379.9 million), compared to RMB2,151.0 million in 2023. The year-over-year increase was mainly due to the growth in loan origination volume of on-balance-sheet loans.

    Provision for financial assets receivable was RMB296.9 million (US$40.7 million), compared to RMB386.1 million in 2023. The year-over-year decrease was mainly due to a decline in capital-heavy loan facilitation volume.

    Provision for accounts receivable and contract assets was RMB421.5 million (US$57.7 million), compared to RMB175.8 million in 2023. The year-over-year increase reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile.

    Provision for contingent liability was RMB478.4 million (US$65.5 million), compared to RMB3,053.8 million in 2023. The year-over-year decrease was mainly due to a decline in capital-heavy loan facilitation volume and the reversal of prior provision as loans facilitated in previous period performed better than expected.

    Income from operations was RMB7,528.6 million (US$1,031.4 million), compared to RMB4,857.0 million in 2023.

    Non-GAAP income from operations was RMB7,696.2 million (US$1,054.4 million), compared to RMB5,042.6 million in 2023.

    Operating margin was 43.9%. Non-GAAP operating margin was 44.8%.

    Income before income tax expense was RMB7,892.4 million (US$1,081.3 million), compared to RMB5,277.5 million in 2023.

    Income taxes expense was RMB1,644.3 million (US$225.3 million). Effective tax rate was 20.4%, compared to 18.5% in 2023. The increase in effective tax rate was mainly due to withholding taxes related to the Company’s dividend and share repurchase plan.

    Net income attributed to the Company was RMB6,264.3 million (US$858.2 million), compared to RMB4,285.3 million in 2023.

    Non-GAAP net income attributed to the Company was RMB6,431.9 million (US$881.2 million), compared to RMB4,470.9 million in 2023.

    Net income margin was 36.4%. Non-GAAP net income margin was 37.4%.

    Net income per fully diluted ADS was RMB41.28 (US$5.66).

    Non-GAAP net income per fully diluted ADS was RMB42.39 (US$5.81).

    Weighted average basic ADS used in calculating GAAP net income per ADS was 149.01 million.

    Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 151.72 million.

    30 Day+ Delinquency Rate by Vintage and 180 Day+ Delinquency Rate by Vintage

    The following charts and tables display the historical cumulative 30 day+ delinquency rates by loan facilitation and origination vintage and 180 day+ delinquency rates by loan facilitation and origination vintage for all loans facilitated and originated through the Company’s platform. Loans under “ICE” and total technology solutions are not included in the 30 day+ charts and the 180 day+ charts:

    http://ml.globenewswire.com/Resource/Download/2a5d124f-5f90-4a71-a264-908b101a7e87

    http://ml.globenewswire.com/Resource/Download/95f56823-ce1f-4ade-baf5-cdc0bcf8526c

    Semi-Annual Dividend for the Second Half of 2024

    The board of directors of the Company (the “Board”) has approved a dividend of US$0.35 per Class A ordinary share, or US$0.70 per ADS for the second half of 2024 to holders of record of Class A ordinary shares and ADSs as of the close of business on April 23, 2025 Hong Kong Time and New York Time, respectively, in accordance with the Company’s dividend policy. For holder of Class A ordinary shares, in order to qualify for the dividend, all valid documents for the transfers of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Hong Kong no later than 4:30 p.m. on April 23, 2025 (Hong Kong Time). The payment date is expected to be on May 28, 2025 for holders of Class A ordinary shares and around June 2, 2025 for holders of ADSs.

    Update on Share Repurchase

    On March 12, 2024, the Board approved a share repurchase plan (the “2024 Share Repurchase Plan”) whereby the Company is authorized to repurchase its ADSs or Class A ordinary shares with an aggregate value of up to US$350 million during the 12-month period from April 1, 2024.

    In the fourth quarter, the Company had in aggregate purchased approximately 3.1 million ADSs in the open market for a total amount of approximately US$107 million (inclusive of commissions) at an average price of US$34.5 per ADS. As of December 30, 2024, the Company had utilized substantially all of the total authorized value for the 2024 Share Repurchase Plan.

    On November 19, 2024, the Board approved a new share repurchase plan (the “2025 Share Repurchase Plan”) whereby the Company is authorized to repurchase up to US$450 million worth of its ADSs or Class A ordinary shares over the next 12 months starting from January 1, 2025.

    As of March 14, 2025, the Company had in aggregate purchased approximately 2.2 million ADSs in the open market for a total amount of approximately US$86 million (inclusive of commissions) at an average price of US$39.7 per ADS pursuant to the 2025 Share Repurchase Plan.

    Business Outlook

    As macro-economic uncertainties persist, the Company intends to maintain a prudent approach in its business planning for 2025. Management will continue to focus on enhancing efficiency of the Company’s operations. As such, for the first quarter of 2025, the Company expects to generate a net income between RMB1.75 billion and RMB1.85 billion and a non-GAAP net income*13 between RMB1.80 billion and RMB1.90 billion, representing a year-on-year growth between 49% and 58%. This outlook reflects the Company’s current and preliminary views, which is subject to material changes.

    13 Non-GAAP net income represents net income excluding share-based compensation expenses.

    Conference Call Preregistration

    Qifu Technology’s management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Monday, March 17, 2025 (7:30 PM Beijing Time on the same day).

    All participants wishing to join the conference call must pre-register online using the link provided below.

    Registration Link: https://s1.c-conf.com/diamondpass/10045854-hg6t5r.html

    Upon registration, each participant will receive details for the conference call, including dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

    Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of the Company’s website at https://ir.qifu.tech.

    About Qifu Technology

    Qifu Technology is a leading AI-empowered Credit-Tech platform in China. By leveraging its sophisticated machine learning models and data analytics capabilities, the Company provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services. The Company is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.

    For more information, please visit: https://ir.qifu.tech.

    Use of Non-GAAP Financial Measures Statement

    To supplement our financial results presented in accordance with U.S. GAAP, we use Non-GAAP financial measure, which is adjusted from results based on U.S. GAAP to exclude share-based compensation expenses. Reconciliations of our Non-GAAP financial measures to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the Non-GAAP financial measures.

    We use Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS in evaluating our operating results and for financial and operational decision-making purposes. Non-GAAP income from operation represents income from operation excluding share-based compensation expenses. Non-GAAP operating margin is equal to Non-GAAP income from operation divided by total net revenue. Non-GAAP net income represents net income excluding share-based compensation expenses. Non-GAAP net income margin is equal to Non-GAAP net income divided by total net revenue. Non-GAAP net income attributed to the Company represents net income attributed to the Company excluding share-based compensation expenses. Non-GAAP net income per fully diluted ADS represents net income excluding share-based compensation expenses per fully diluted ADS. Such adjustments have no impact on income tax. We believe that Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in results based on U.S. GAAP. We believe that Non-GAAP income from operation and Non-GAAP net income provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Our Non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of Non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.

    Exchange Rate Information

    This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 7.2993 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024.

    Safe Harbor Statement

    Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. Qifu Technology may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including the Company’s business outlook, beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, which factors include but not limited to the following: the Company’s growth strategies, the Company’s cooperation with 360 Group, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the credit-tech industry, governmental policies relating to the credit-tech industry, general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks and uncertainties is included in Qifu Technology’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qifu Technology does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    Qifu Technology
    E-mail: ir@360shuke.com

    Unaudited Condensed Consolidated Balance Sheets
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      December 31, December 31, December 31,
      2023 2024 2024
      RMB RMB USD
    ASSETS      
    Current assets:      
    Cash and cash equivalents 4,177,890 4,452,416 609,978
    Restricted cash 3,381,107 2,353,384 322,412
    Short term investments 15,000 3,394,073 464,987
    Security deposit prepaid to third-party guarantee companies 207,071 162,617 22,278
    Funds receivable from third party payment service providers 1,603,419 462,112 63,309
    Accounts receivable and contract assets, net 2,909,245 2,214,530 303,389
    Financial assets receivable, net 2,522,543 1,553,912 212,885
    Amounts due from related parties 45,346 8,510 1,166
    Loans receivable, net 24,604,487 26,714,428 3,659,862
    Prepaid expenses and other assets 329,920 1,464,586 200,647
    Total current assets 39,796,028 42,780,568 5,860,913
    Non-current assets:      
    Accounts receivable and contract assets, net-noncurrent 146,995 27,132 3,717
    Financial assets receivable, net-noncurrent 596,330 170,779 23,397
    Amounts due from related parties 4,240 51 7
    Loans receivable, net-noncurrent 2,898,005 2,537,749 347,670
    Property and equipment, net 231,221 362,774 49,700
    Land use rights,net 977,461 956,738 131,073
    Intangible assets 13,443 11,818 1,619
    Goodwill 41,210 42,414 5,811
    Deferred tax assets 1,067,738 1,206,325 165,266
    Other non-current assets 45,901 36,270 4,969
    Total non-current assets 6,022,544 5,352,050 733,229
    TOTAL ASSETS 45,818,572 48,132,618 6,594,142
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Payable to investors of the consolidated trusts-current 8,942,291 8,188,454 1,121,814
    Accrued expenses and other current liabilities 2,016,039 2,492,921 341,529
    Amounts due to related parties 80,376 67,495 9,247
    Short term loans 798,586 1,369,939 187,681
    Guarantee liabilities-stand ready 3,949,601 2,383,202 326,497
    Guarantee liabilities-contingent 3,207,264 1,820,350 249,387
    Income tax payable 742,210 1,040,687 142,574
    Other tax payable 163,252 109,161 14,955
    Total current liabilities 19,899,619 17,472,209 2,393,684
    Non-current liabilities:      
    Deferred tax liabilities 224,823 439,435 60,202
    Payable to investors of the consolidated trusts-noncurrent 3,581,800 5,719,600 783,582
    Other long-term liabilities 102,473 255,155 34,956
    Total non-current liabilities 3,909,096 6,414,190 878,740
    TOTAL LIABILITIES 23,808,715 23,886,399 3,272,424
    TOTAL QIFU TECHNOLOGY INC EQUITY 21,937,483 24,190,043 3,314,022
    Noncontrolling interests 72,374 56,176 7,696
    TOTAL EQUITY 22,009,857 24,246,219 3,321,718
    TOTAL LIABILITIES AND EQUITY 45,818,572 48,132,618 6,594,142
           
    Unaudited Condensed Consolidated Statements of Operations
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
                   
      Three months ended December 31,   Year ended December 31,
      2023 2024 2024   2023 2024 2024
      RMB RMB USD   RMB RMB USD
    Credit driven services 3,248,263   2,889,500   395,860     11,738,560   11,719,027   1,605,500  
    Loan facilitation and servicing fees-capital heavy 481,195   362,958   49,725     1,667,119   1,016,514   139,262  
    Financing income 1,485,446   1,667,340   228,425     5,109,921   6,636,511   909,198  
    Revenue from releasing of guarantee liabilities 1,211,787   761,827   104,370     4,745,898   3,695,017   506,215  
    Other services fees 69,835   97,375   13,340     215,622   370,985   50,825  
    Platform services 1,247,240   1,592,752   218,206     4,551,467   5,446,629   746,185  
    Loan facilitation and servicing fees-capital light 696,985   515,062   70,563     3,213,955   2,116,797   290,000  
    Referral services fees 446,486   907,207   124,287     950,016   2,842,637   389,440  
    Other services fees 103,769   170,483   23,356     387,496   487,195   66,745  
    Total net revenue 4,495,503   4,482,252   614,066     16,290,027   17,165,656   2,351,685  
    Facilitation, origination and servicing 731,787   734,659   100,648     2,659,912   2,900,704   397,395  
    Funding costs 161,016   126,841   17,377     645,445   590,935   80,958  
    Sales and marketing 551,590   523,936   71,779     1,939,885   1,725,877   236,444  
    General and administrative 108,037   156,061   21,380     421,076   449,505   61,582  
    Provision for loans receivable 639,886   598,353   81,974     2,151,046   2,773,323   379,944  
    Provision for financial assets receivable 148,198   63,251   8,665     386,090   296,857   40,669  
    Provision for accounts receivable and contract assets 91,105   77,450   10,611     175,799   421,481   57,743  
    Provision for contingent liabilities 784,323   311,372   42,658     3,053,810   478,404   65,541  
    Total operating costs and expenses 3,215,942   2,591,923   355,092     11,433,063   9,637,086   1,320,276  
    Income from operations 1,279,561   1,890,329   258,974     4,856,964   7,528,570   1,031,409  
    Interest income, net 46,970   74,951   10,268     217,307   237,015   32,471  
    Foreign exchange (loss) gain (815 ) 2,680   367     2,356   1,512   207  
    Other income, net 5,209   (35,251 ) (4,829 )   230,936   125,325   17,169  
    Investment loss –   –   –     (30,112 ) –   –  
    Income before income tax expense 1,330,925   1,932,709   264,780     5,277,451   7,892,422   1,081,256  
    Income taxes expense (223,237 ) (20,042 ) (2,746 )   (1,008,874 ) (1,644,306 ) (225,269 )
    Net income 1,107,688   1,912,667   262,034     4,268,577   6,248,116   855,987  
    Net loss attributable to noncontrolling interests 4,052   3,970   544     16,759   16,198   2,219  
    Net income attributable to ordinary shareholders of the Company 1,111,740   1,916,637   262,578     4,285,336   6,264,314   858,206  
    Net income per ordinary share attributable to ordinary shareholders of Qifu Technology, Inc.
    Basic 3.51   6.70   0.92     13.36   21.02   2.88  
    Diluted 3.44   6.62   0.91     13.04   20.64   2.83  
                   
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc.
    Basic 7.02   13.40   1.84     26.72   42.04   5.76  
    Diluted 6.88   13.24   1.82     26.08   41.28   5.66  
                   
    Weighted average shares used in calculating net income per ordinary share
    Basic 316,325,750   285,872,913   285,872,913     320,749,805   298,012,150   298,012,150  
    Diluted 323,305,948   289,427,077   289,427,077     328,508,945   303,449,864   303,449,864  
                   
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
                   
      Three months ended December 31,   Year ended December 31,
      2023 2024 2024   2023 2024 2024
      RMB RMB USD   RMB RMB USD
    Net cash provided by operating activities 2,351,791   3,051,606   418,067     7,118,350   9,343,311   1,280,027  
    Net cash used in investing activities (1,885,694 ) (945,611 ) (129,548 )   (11,147,789 ) (7,994,081 ) (1,095,184 )
    Net cash (used in) provided by financing activities (911,621 ) (1,873,516 ) (256,671 )   1,066,458   (2,114,463 ) (289,680 )
    Effect of foreign exchange rate changes (877 ) 31,464   4,311     9,615   12,036   1,649  
    Net (decrease) increase in cash and cash equivalents (446,401 ) 263,943   36,159     (2,953,366 ) (753,197 ) (103,188 )
    Cash, cash equivalents, and restricted cash, beginning of period 8,005,398   6,541,857   896,231     10,512,363   7,558,997   1,035,578  
    Cash, cash equivalents, and restricted cash, end of period 7,558,997   6,805,800   932,390     7,558,997   6,805,800   932,390  
                   
    Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      Three months ended December 31,
      2023 2024 2024
      RMB RMB USD
    Net income 1,107,688   1,912,667 262,034
    Other comprehensive income, net of tax of nil:      
    Foreign currency translation adjustment (3,606 ) 145,610 19,948
    Other comprehensive (loss) income (3,606 ) 145,610 19,948
    Total comprehensive income 1,104,082   2,058,277 281,982
    Comprehensive loss attributable to noncontrolling interests 4,052   3,970 544
    Comprehensive income attributable to ordinary shareholders 1,108,134   2,062,247 282,526
           
           
      Year ended December 31,
      2023 2024 2024
      RMB RMB USD
    Net income 4,268,577   6,248,116 855,987
    Other comprehensive income, net of tax of nil:      
    Foreign currency translation adjustment 17,118   46,534 6,375
    Other comprehensive income 17,118   46,534 6,375
    Total comprehensive income 4,285,695   6,294,650 862,362
    Comprehensive loss attributable to noncontrolling interests 16,759   16,198 2,219
    Comprehensive income attributable to ordinary shareholders 4,302,454   6,310,848 864,581
    Unaudited Reconciliations of GAAP and Non-GAAP Results
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      Three months ended December 31,
      2023 2024 2024
      RMB RMB USD
    Reconciliation of Non-GAAP Net Income to Net Income      
    Net income 1,107,688   1,912,667   262,034
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP net income 1,150,260   1,972,387   270,216
    GAAP net income margin 24.6 % 42.7 %  
    Non-GAAP net income margin 25.6 % 44.0 %  
           
    Net income attributable to shareholders of Qifu Technology, Inc. 1,111,740   1,916,637   262,578
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. 1,154,312   1,976,357   270,760
    Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS -diluted 161,652,974   144,713,538   144,713,538
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 6.88   13.24   1.82
    Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 7.14   13.66   1.87
           
    Reconciliation of Non-GAAP Income from operations to Income from operations      
    Income from operations 1,279,561   1,890,329   258,974
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP Income from operations 1,322,133   1,950,049   267,156
    GAAP operating margin 28.5 % 42.2 %  
    Non-GAAP operating margin 29.4 % 43.5 %  
           
           
      Year ended December 31,
      2023 2024 2024
      RMB RMB USD
    Reconciliation of Non-GAAP Net Income to Net Income      
    Net income 4,268,577   6,248,116   855,987
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP net income 4,454,181   6,415,729   878,950
    GAAP net income margin 26.2 % 36.4 %  
    Non-GAAP net income margin 27.3 % 37.4 %  
           
    Net income attributable to shareholders of Qifu Technology, Inc. 4,285,336   6,264,314   858,206
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. 4,470,940   6,431,927   881,169
    Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS -diluted 164,254,473   151,724,932   151,724,932
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 26.08   41.28   5.66
    Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 27.22   42.39   5.81
           
    Reconciliation of Non-GAAP Income from operations to Income from operations      
    Income from operations 4,856,964   7,528,570   1,031,409
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP Income from operations 5,042,568   7,696,183   1,054,372
    GAAP operating margin 29.8 % 43.9 %  
    Non-GAAP operating margin 31.0 % 44.8 %  
           

    The MIL Network –

  • MIL-OSI Australia: Executive Leadership Team changes

    Source: National Australia Bank

    NAB Group Chief Executive Officer (CEO) Andrew Irvine today announced changes to the bank’s Executive Leadership Team.

    • Andrew Auerbach, an experienced business and wealth banker from Canada, will join NAB as Group Executive, Business & Private Banking (B&PB) on 16 June;
    • Rachel Slade, currently Group Executive B&PB, will leave NAB on 1 July, allowing for a transition period and to work with Mr Irvine as a senior adviser; and
    • Nathan Goonan has resigned as Group Chief Financial Officer (CFO). He will leave NAB later this year after meeting his contractual obligations.

    Mr Irvine said transition arrangements from Tuesday 18 March would be:

    • Michael Saadie, currently Executive, Private Wealth and CEO of JB Were, acting as Group Executive B&PB until Mr Auerbach starts at NAB;
    • Shaun Dooley, currently Group Chief Risk Officer (CRO), acting as Group CFO while NAB recruits a new Group CFO; and
    • Peter Whitelaw, currently Executive, Chief Resilience Risk Officer, acting as Group CRO.

    “NAB has good business momentum and is executing a clear strategy based on being better for customers and our colleagues. We have great talent and leadership across the bank and I’m confident we will maintain momentum while we embed these changes,” Mr Irvine said.

    Mr Auerbach spent more than 21 years in senior executive roles with the Bank of Montreal (BMO) in Canada, including alongside Mr Irvine.  During his career he has worked closely with business owners and entrepreneurs delivering strong customer and commercial outcomes. On leaving BMO, in 2023 he co-founded and is CEO of Canadian wealth management firm Delisle Advisory Group. He will end his involvement with Delisle before joining NAB.

    “Andrew will be a tremendous addition to the NAB team and a strong leader for our leading business bank as we continue to execute our strategy and drive performance in a competitive environment. In particular, he brings a strong track record of improving both customer experiences and financial performance,” Mr Irvine said.

    Ms Slade joined NAB in 2017 and was appointed to the Executive Leadership Team in 2018 as Chief Customer Experience Officer, then Group Executive, Personal Banking in 2020. Ms Slade became Group Executive, B&PB last year when Mr Irvine became NAB Group CEO.

    Mr Goonan has been with NAB for a total of 15 years in two periods, holding various executive roles. He joined the Executive Leadership Team in 2020 as Group Executive, Strategy & Innovation and was appointed Group CFO in 2023.

    “Rachel and Nathan have been dedicated to NAB, very supportive of successive Group CEOs and focused on customers every day. I have appreciated their support in our time together and wish them well for the future,” Mr Irvine said.

    Mr Auerbach’s appointment is subject to regulatory approvals.

    Read the announcement on the ASX. 

    Topics

    SEE ALL TOPICS

    Media Enquiries

    For all media enquiries, please contact the NAB Media Line on 03 7035 5015

    MIL OSI News –

  • MIL-Evening Report: Whatever happens to Star, the age of unfettered gambling revenue for casinos may have ended

    Source: The Conversation (Au and NZ) – By Charles Livingstone, Associate Professor, School of Public Health and Preventive Medicine, Monash University

    Casino operator Star Entertainment has been under financial pressure for some time. The company’s share price has tanked, and the business, with its three casino properties, has been bleeding money.

    Last year’s opening of a new riverside casino in Queen’s Wharf, Brisbane, was seen as a way to revitalise the business. But Star has swung from one lifeline to another.

    Just as it was set to run out of cash on Friday March 7, Star announced a last-minute rescue package. This centred on selling its 50% stake in the Queens Wharf casino to Hong-Kong-based joint venture partners for $53 million.

    Star has also started documentation for a $250 million bridging loan but still needs to finalise a proposal for long-term refinancing.

    All of this remains subject to details being finalised, and regulatory approvals. An alternative $250 million takeover offer from US casino operator Bally’s currently isn’t Star’s preference because it is considered too low.

    But Star is far from out of the woods yet. Whatever happens to it and its casino assets, there are bigger questions about whether the age of unfettered gambling revenue for casinos may have already ended.

    Elsewhere, gambling is booming

    If Australian casinos are struggling, it’s not because punters are giving up gambling. Whereas most of the gambling market recovered rapidly after the end of pandemic restrictions, casinos floundered.

    Between 2018–19 and 2022–23, before and after pandemic restrictions were in place, total Australian gambling expenditure (in other words, gamblers’ losses) grew by 6.8% in real terms (adjusted for inflation).

    Real wagering losses grew by 45%. This segment has clearly emerged as the second-biggest gambling market in the country, with gambling expenditure of $8.4 billion.

    But over the same period, expenditure at casinos declined by more than 35% nationally, and by 42% in New South Wales.



    Read more:
    The rate of sports betting has surged more than 57% – and younger people are betting more

    Do casinos have a viable business model?

    Both Star and Australia’s other major casino operator, Crown, have emerged from a range of high-profile scandals in recent years.

    Media reporting, inquiries, and royal commissions into Crown, and then Star, give some insight into how the casino business used to be run in Australia.

    Star’s (and Crown’s) business model appears to have previously relied on two major revenue streams: benefiting from the proceeds of crime (by operating as a cash laundry for organised criminal gangs), and exploiting every vulnerable person who walked onto their premises.

    Both casinos facilitated money laundering, particularly via junket operators, organisers of casino visits by high rollers. Unfortunately, many of these people had strong links to organised crime gangs keen to launder their illegally acquired money.

    Former Star executives and board members are now facing Federal Court proceedings brought by ASIC, with two already having been fined.



    Read more:
    ‘Multiple red flags’: ASIC’s court case against Star executives shows the risks of complacency

    Star and Crown preyed on addiction

    Both Star and Crown were also found to have encouraged significant expenditure by addicted gamblers.

    This wasn’t just high rollers. Ordinary people were also encouraged to use poker machines for hours without any attempt at encouraging a break, as mandated by “responsible gambling” codes.

    The Victorian Royal Commissioner, investigating Crown, regarded its “responsible gambling” failures as particularly heinous.

    The result was the turnover of the board and management, hundreds of millions of dollars in fines, and increased regulatory oversight.

    Although neither casino chain closed its doors, regulatory breaches led to appointment of special managers to oversee the business and hold the licences. Further change included beefing up regulators’ powers and resources.

    Turning a page

    Without significant funds from the proceeds of crime, or exploitation of the vulnerable, casinos are clearly struggling.

    In NSW and Victoria, the casinos have been required to introduce “cashless gaming” systems.

    This takes cash out of the system, deterring money launderers. Gamblers must also set a limit on their gambling spend, and adhere to it. The system is in the process of being introduced in Queensland.

    Certainly, overcapitalisation of new developments has played a part in casinos’ struggles. Crown Melbourne was effectively sold to Kerry Packer in 1998 on the back of its own financial issues. Overcapitalisation of the business was seen as an issue then.

    Stronger competition

    Competition from online wagering and pokie venues may also be playing a part. These businesses are not currently regulated as effectively as casinos.

    Precommitment systems for online wagering would be relatively easy to introduce. They would require punters to set a limit on deposits or bets, or indeed the time they spend gambling, and enforce these technically.

    Getting these in place, however, may be as formidable a task as getting gambling ads banned from sporting broadcasts, if not more so.

    The gambling industry understandably opposes this. After all, these measures would reduce the amount that people lose. From a public health perspective, however, they provide an effective system to prevent harm in the first place, rather than simply picking up the pieces.

    Without effective reform of local gambling venues and online wagering, casinos may try to mount an argument for less effective regulation. That would be an admission that their “tourism” attractiveness has waned. It’s also a powerful argument to speed up the transition of effective regulation to all gambling operators.

    Charles Livingstone has received funding from the Victorian Responsible Gambling Foundation, the (former) Victorian Gambling Research Panel, and the South Australian Independent Gambling Authority (the funds for which were derived from hypothecation of gambling tax revenue to research purposes), from the Australian and New Zealand School of Government and the Foundation for Alcohol Research and Education, and from non-government organisations for research into multiple aspects of poker machine gambling, including regulatory reform, existing harm minimisation practices, and technical characteristics of gambling forms. He has received travel and co-operation grants from the Alberta Problem Gambling Research Institute, the Finnish Institute for Public Health, the Finnish Alcohol Research Foundation, the Ontario Problem Gambling Research Committee, the Turkish Red Crescent Society, and the Problem Gambling Foundation of New Zealand. He was a Chief Investigator on an Australian Research Council funded project researching mechanisms of influence on government by the tobacco, alcohol and gambling industries. He has undertaken consultancy research for local governments and non-government organisations in Australia and the UK seeking to restrict or reduce the concentration of poker machines and gambling impacts, and was a member of the Australian government’s Ministerial Expert Advisory Group on Gambling in 2010-11. He is a member of the Lancet Public Health Commission into gambling, and of the World Health Organisation expert group on gambling and gambling harm. He made a submission to and appeared before the HoR Standing Committee on Social Policy and Legal Affairs inquiry into online gambling and its impacts on those experiencing gambling harm.

    – ref. Whatever happens to Star, the age of unfettered gambling revenue for casinos may have ended – https://theconversation.com/whatever-happens-to-star-the-age-of-unfettered-gambling-revenue-for-casinos-may-have-ended-251248

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Governor Polis Raises Canadian National Flag at Colorado State Capitol to Celebrate March 15th as Colorado Canada Friendship Day

    Source: US State of Colorado

    DENVER – Today, Governor Polis will celebrate Colorado Canada Friendship Day by raising the Canadian National Flag at the Colorado State Capitol, and in the evening, lighting up the Capitol with the Canadian white and red. 

    “From maple syrup to hockey players and much more, we in Colorado appreciate our friendship and close ties with Canada. Raising the Canadian flag today is symbolic of our friendship, showing that when we work together, even in challenging times, we grow our economy and make the people of both sovereign nations better off. I am grateful for our friends to the north, and look forward to annually celebrating Colorado Canada Friendship day,” said Governor Polis. 

    “Thank you, Governor Polis, for recognizing the strength of the Canada and Colorado relationship. Canadians appreciate your gesture today. I am proud to see Canada’s flag flying alongside Colorado’s at the State Capitol, which reaffirms our partnership, friendship, and alliance!” said Sylvain Fabi, Consul General of Canada in Denver. 

    In 2023, Colorado exported $1.8 billion in Colorado goods and produce to Canada, accounting for 18% of Colorado’s trade exports. Nearly a quarter of those exports were from Colorado beef, supporting our local hardworking farmers and ranchers. In the same year, 176,612 visitors traveled from Canada to enjoy Colorado, strengthening our tourism industry and supporting small businesses and our economy. Colorado is also home to 272 Canadian-owned companies employing 21,000 Colorado workers. The Capital will be lit red and white tonight to showcase. Colorado Canada friendship. 

    The Governor will also be hosting a Colorado Mexico Friendship Day. Details are forthcoming. 

    ###

    MIL OSI USA News –