Category: Finance

MIL-OSI USA: Congressman Castro Applauds FAA Plan to Approve Direct Flights from DCA to SAT

Source: United States House of Representatives – Congressman Joaquin Castro (20th District of Texas)

October 16, 2024

SAN ANTONIO — Today, Congressman Joaquin Castro (TX-20) released the following statement after the Federal Aviation Administration (FAA) announced a plan to grant San Antonio International Airport (SAT) one of the ten new direct flights slots from Washington D.C.’s Ronald Reagan National Airport (DCA). Castro, a longtime advocate for direct flights from SAT to DCA, worked to secure the additional direct flights as part of the FAA Authorization Act of 2024.

“For years, I’ve been working with my colleagues in the San Antonio delegation to get our city a direct flight to the nation’s capital. Today’s announcement is a long-sought win for travelers, businesses, and the military families that call our city home. When finalized, these direct flights will make it easier for San Antonio’s business sector, including our growing cybersecurity industry, to work directly with the federal government to support job growth and economic development at home. I appreciate the Biden-Harris administration’s decision to bring these flights to San Antonio and I look forward to welcoming new travelers to my hometown.”

Currently, 96 American cities with smaller populations than San Antonio offer direct flights to DCA, including Tulsa, Akron, Cedar Rapids (IA), and Pensacola (FL).

Congressman Castro has worked consistently to secure federal funding and resources to expand San Antonio International Airport and make the airport an attractive partner for more direct flights. After working to pass the Bipartisan Infrastructure Investment and Jobs Act with approximately $1.2 billion for Texas airports, he was quickly able to secure $20 million of those funds for the construction of a Ground Load Facility at SAT to improve airport operations and capacity. As part of the FY2023 federal appropriations bill, he additionally secured $1.5 million to allow the airport to purchase three electric passenger buses and assorted infrastructure to transport passengers from the car rental facility and lower the airport’s carbon footprint.

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MIL OSI USA News –

January 23, 2025
MIL-Evening Report: Social investment is back – and so are the risks of using data to target disadvantage

Source: The Conversation (Au and NZ) – By Eileen Joy, Professional Teaching Fellow in Social Work, University of Auckland, Waipapa Taumata Rau

Getty Images

With the recent establishment of a new Social Investment Agency – described as a “driving project” for the government by Finance Minister Nicola Willis – it seems New Zealand has come full circle on this approach to social welfare.

First championed by then finance minister Bill English in 2015, social investment was rebranded “social wellbeing” by Labour-led governments between 2017 and 2023. But Willis signalled before last year’s election that its time had come again.

In a speech in 2022, she argued taxpayer money wasn’t being spent responsibly by the Labour administration, and that a targeted social investment approach was needed. During the 2023 election campaign, the National Party promised social investment would return.

Essentially, the policy involves using data to calculate which groups of people cost the government the most over a lifetime. Interventions aimed at reducing that cost are then targeted at those people. The idea is that early investment saves later social costs.

Right now, however, we don’t know the finer details of how Willis intends to implement the policy. But we do know how it worked in the past – and what lessons might be drawn from its earlier, short-lived implementation.

An actuarial approach to welfare

In New Zealand, the idea of social investment can be traced back to the fifth National government which held office for three terms between 2008 and 2017.

In September 2015, English outlined his approach in a Treasury lecture, explaining how the government had commissioned Australian actuary firm Taylor Fry to calculate the lifetime welfare cost to the state of people on benefits.

Typically, actuaries use statistics to calculate risk for insurance companies, information that is then used to set premiums. English said the Taylor Fry calculations would identify which beneficiary “is going to cost us the most money”.

The answer was single parents receiving a benefit. Consequently, they were deemed most in need of direct government intervention, including giving an approved mentor control of their money.

According to English’s version of social investment, data enabled the government to calculate the “forward liability” of its citizens, and target interventions accordingly.

This is not the only way to define social investment, however, and other countries often adopt a more universal approach. For example, European models tend to focus on social equality and inclusivity rather than targeting specific groups.

English’s model focused on applying benefit sanctions and conditions. The aim was to “reduce the lifetime public cost of the welfare-recipient population, thereby offering fiscal returns-on-investment, absorbed into public coffers”.

A Social Investment Unit was created in 2016, followed by a Social Investment Agency in 2017. This was a standalone agency providing advice across government departments.

Finance Minister Nicola Willis: social investment is a ‘driving project’ for the National-led government.
Getty Images

No accounting for structural disadvantage

Official thinking about social investment predates the establishment of the unit and agency. In 2015, the second of two reports produced by an expert panel review of the Child, Youth and Family agency (now Oranga Tamariki) recommended a new child-centred social investment agency be created.

The report’s analysis and advice focused on intervening early to reduce the risk of vulnerable children growing up to be beneficiaries, teen parents, substance users or prisoners (among other negative outcomes).

It was suggested these potential future behaviours almost always stemmed from the actions (or inactions) of parents. Māori were identified as being especially costly due to their over-representation in child protection statistics. They were described as a “forward liability associated with poor outcomes”.

The proposed response was early intervention and social investment. That would include the removal of very young children from whānau/families where they were perceived to be at high risk. The reasoning was that the predicted damage might then never eventuate, thereby saving taxpayer dollars.

As my doctoral research found, no consideration in the report was given to the effects of systemic conditions such as poverty and the legacies of colonisation.

Costs to the state

The social investment model, with its emphasis on financial liability to the state, became a major influence on Oranga Tamariki’s practice.

It led to an increase in the early removal of tamariki Māori, especially babies, from their birth families – as demonstrated in the 2019 Hawkes Bay “uplift” case, where social workers attempted to remove a Māori baby soon after birth.

In 2017, the new Labour government promised a review of the Social Investment Agency, renaming it the Social Wellbeing Agency in 2020. The social development minister at the time, Carmel Sepuloni, said the agency would have a more holistic approach. Data would be only one of a number of considerations when delivering social services.

But with the agency now reverting to its original name, the idea of using data to guide early intervention seems to be central again. It’s unclear, however, whether the actuarial approach of Bill English’s earlier model will return.

Nicola Willis does seem to be aware of the criticism of the English-era model’s apparent focus on fiscal risk and returns. She has stressed that measuring other outcomes is also important.

As yet, though, there is no indication the policy’s highly targeted approach to welfare will account for structural factors such as colonisation and poverty.

Given the government’s drive to remove any special policy considerations based on te Tiriti of Waitangi/Treaty of Waitangi, the risk remains that some Māori will again come to be viewed as a “cost” to the state.

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

– ref. Social investment is back – and so are the risks of using data to target disadvantage – https://theconversation.com/social-investment-is-back-and-so-are-the-risks-of-using-data-to-target-disadvantage-240799

MIL OSI Analysis – EveningReport.nz –

January 23, 2025
MIL-OSI Security: Mother and Son Sentenced for Illegally Importing Endangered Wildlife

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

PHOENIX, Ariz. – Raymond Anthony Rabago Montoya, 23, of Phoenix, was sentenced on October 2, 2024, by United States District Judge Dominic W. Lanza to 12 months and one day in prison, followed by three years of supervised release. He also was ordered to pay $3,000 to the Cooperative Endangered Species Conservation Fund. His co-defendant and mother, Griselda Guadalupe Montoya-Gastelum, 50, of Sonora, Mexico, was previously sentenced by Judge Lanza on July 8, 2024, to 18 months in prison, followed by three years of supervised release. Montoya-Gastelum pleaded guilty to Conspiracy to Violate the Lacey Act on April 25, 2024, and Rabago Montoya pleaded guilty to the same offense on April 26, 2024.

Defendants coordinated the illegal importation of exotic and protected wildlife from Mexico, including tigers, panthers, monkeys, and exotic parrots, into the United States, concealed through ports of entry, for financial gain. U.S. Fish and Wildlife Service began investigating the defendants in August 2022 after receiving a report from a person who believed that the four exotic parrots they had purchased from Rabago Montoya had been illegally imported. This report and further investigation led to the January 2023 execution of a search warrant at the home of Carlos Castro, where a tiger cub, an alligator, 12 snapping turtles, 6 tortoises, and boxes of other reptiles were found. Snapchat messages revealed that Montoya-Gastelum and Castro discussed illegal exotic animal sales and trades. Castro was subsequently convicted of Unlawful Sale of Wildlife in the Arizona Superior Court, Maricopa County.

After federal agents observed advertisements for the sale of spider monkeys on Facebook, they conducted two undercover purchases of monkeys from the defendants for $6,000 each, one in April and one in May 2023. In June and August 2023, Rabago Montoya was encountered by law enforcement with dozens of endangered parrots concealed in his vehicle, many of which were deceased. Defendants were indicted on September 12, 2023, and arrested the following day.

“Once again we see Arizonans profiting from the concealment of contraband through the Nogales and Lukeville Ports of Entry,” said United States Attorney Gary Restaino. “Here, in lieu of controlled substances we have mistreated protected animals: and the sentences imposed send strong messages both of deterrence and of the importance of robust environmental protections.”

“Wildlife trafficking is illegal and immoral, as countless animals that are taken from the wild are smuggled across borders in inhumane conditions,” said Edward Grace, Assistant Director of the U.S. Fish and Wildlife Service Office of Law Enforcement. “In the case of spider monkeys, many trafficked animals perish due to inadequate care, while those that survive face a life of captivity. We hope this case emphasizes that the U.S. Fish and Wildlife Service and our partners will continue to ensure that those engaged in wildlife trafficking are brought to justice.”

U.S. Fish and Wildlife Service, Homeland Security Investigations, Bureau of Alcohol, Tobacco, Firearms and Explosives, Customs and Border Protection’s U.S. Border Patrol, and the Pinal County Sheriff’s Office conducted the investigation in this case. Assistant U.S. Attorneys Stuart Zander and Lisa Jennis, District of Arizona, Phoenix, handled the prosecution.

CASE NUMBER: CR-23-01305-PHX-DWL
RELEASE NUMBER: 2024-138_Montoya et al.

# # #

For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
Follow the U.S. Attorney’s Office, District of Arizona, on X @USAO_AZ for the latest news.

2024-138_Montoya et al.

MIL Security OSI –

January 23, 2025
MIL-OSI United Kingdom: Action to boost jobs and investment for clean energy in Scotland
Source: United Kingdom – Executive Government & Departments 2

UK government accelerates “skills passport” and with Scottish Government strikes deal for Great British Energy to work with Scottish public bodies.
Energy Secretary visits Aberdeen as UK and Scottish Governments partner to make billions available in funding across the UK including for Scotland’s clean energy industry

UK and Scottish Governments strike new deal for Great British Energy to work with Scottish public bodies to support clean energy supply chains

UK Government also confirms the speeding up of delivery of a ‘skills passport’ to support oil and gas workers to move into offshore wind

The UK Government will take decisive action to help make available billions of pounds in funding across the UK including for Scotland’s clean energy industry, the Energy Secretary has pledged ahead of a visit to Aberdeen.

The Energy Secretary will visit Aberdeen with Great British Energy Chair Juergen Maier for the first time since the city was announced as the headquarters for the UK’s new publicly-owned energy company.

Following the visit, the UK Government is set to sign a new agreement with the Scottish Government today (Thursday 17 October) to boost Great British Energy’s ambitions to support clean energy supply chains and infrastructure.

By developing partnerships with Scottish public bodies in the clean energy sector – including Crown Estate Scotland, the Enterprise Agencies and the Scottish National Investment Bank – Great British Energy can deliver quickly and effectively, avoid duplication, and deliver maximum impact and value for money from Scottish projects.

Scotland has a strong pipeline of opportunities and is at the forefront of floating offshore wind development, and Great British Energy is in prime position to help accelerate this work by harnessing expertise in project development, investment and work with local communities.

Great British Energy has £8.3 billion of funding over this Parliament, and work is underway with the energy industry in Scotland to use this for public investment to create new private sector jobs and drive projects in Scotland.

Energy Secretary Ed Miliband said:

Scottish energy workers will power the United Kingdom’s clean energy future- including in carbon capture and storage, in hydrogen, in wind, and with oil and gas for decades to come as part of a fair transition in the North Sea.

Unlike in the past we’re also working closely with the Scottish Government with a new agreement to ensure our publicly owned company Great British Energy is primed to accelerate clean energy investment in Scotland.

This follows the announcement in the summer of a partnership between Great British Energy and The Crown Estate, covering England, Wales and Northern Ireland, which could support the leveraging of up to £30-60 billion of private investment.

Ahead of the visit, the UK Government has also confirmed that oil and gas workers will be supported to move more easily into careers in the renewable sector, including offshore wind, as the UK government accelerates delivery of a ‘skills passport’.

The passport is an industry led initiative overseen by RenewableUK and Offshore Energies UK and supported by the UK and Scottish Governments which will align standards, recognise transferable skills and qualifications and map out career pathways for suitable roles. A digital tool for workers is set to be piloted by January 2025. 

The UK Government’s Office for Clean Energy Jobs is working closely with Skills England to support other British workers on the energy transition, which by 2030 could create hundreds of thousands of new jobs across the UK.

Many of the skills required for the transition already exist, with research from Offshore Energies UK showing that 90% of oil and gas workers have transferable skills for offshore renewable jobs.

Acting Cabinet Secretary for Net Zero and Energy Gillian Martin said:

I welcome this collaborative agreement committing Great British Energy to work with our public bodies to maximise investment into Scotland. Scotland already has a strong pipeline of clean energy and supply chain opportunities, is at the forefront of floating offshore wind development, and has a depth of knowledge and experience on community & local energy. We look forward to working with Great British Energy to ensure it delivers real benefits for the people of Scotland and a just energy transition.

To make sure that no offshore energy workers are left behind, the Scottish Government provided initial funding of £3.7 million between 2022 – 2024 for the development of the industry-led Skills Passport.

Secretary of State for Scotland Ian Murray said:

The UK government will support our world class, world leading offshore workforce with the recognition they deserve and support the transition to renewable jobs in the future.

This is an area the UK Government and Scottish Government can and should work in partnership to deliver for Scotland and harness the potential we have to truly lead the world in renewables jobs. That’s why we have set out to reset the relationship between Scotland’s two governments to deliver better outcomes for Scots.

It should be easier to switch between oil and gas and renewables work offshore. The present situation, where training in one industry isn’t recognised in the other, cuts off opportunities for oil and gas workers. The fact some workers are paying out of their own pockets is scandalous.

We need to cut that red tape and deliver a skills passport that allows offshore workers to move flexibly back and forth between both industries in the years and decades to come.

Great British Energy Chair Juergen Maier said:

The clean energy transition is a huge opportunity for Scotland, which is already at the cutting edge of technology like floating offshore wind, and Great British Energy is well positioned to help accelerate the development of key supply chains and infrastructure.

By working closely with the Scottish Government, alongside The Crown Estate in England, Wales and Northern Ireland, we can help to drive forward investment and create jobs across the country.

RenewableUK’s Executive Director of Offshore Wind Jane Cooper said:

The upsurge in offshore wind jobs over the course of this decade and beyond creates excellent opportunities for highly-skilled oil and gas workers to bring their valuable experience to the clean energy sector. We’re working closely with our colleagues at Offshore Energies UK, and the UK and Scottish Governments, to make that transition as smooth as possible across all parts of the energy industry. The Energy Skills Passport is a great example of what we can achieve together and we’ll continue to look for other potential areas of work that can further support the transition of workers between sectors.

David Whitehouse, Chief Executive Officer, Offshore Energies UK comments:

This package of announcements contains significant measures for firms, their workers and their supply chains across the UK. The skills passport is an important part of the toolkit industry is assembling in recognition of the integrated nature of the energy landscape. Those working in our domestic oil and gas sector have powered the country for the last fifty years and will play a critical role in our energy future. The sector is committed to working in partnership with government to leverage our industrial strengths to deliver a managed transition that creates opportunities for people and communities around the country.

In Wales, the UK Government is already discussing how Great British Energy could work in partnership with their publicly-owned renewable energy developer, Trydan Gwyrdd Cymru, and other public bodies to deliver on shared priorities with the Welsh Government. 

The UK Government is also working closely with the Northern Ireland Executive on opportunities for Northern Ireland, to help accelerate the clean energy transition across the United Kingdom.

Yesterday (Wednesday 16 October) the Energy Secretary also confirmed that Liz Ditchburn has been appointed as Chair of the North Sea Transition Authority, which regulates and influences the oil, gas, carbon storage and offshore hydrogen industries. Liz is a highly experienced public sector leader and will help to deliver the UK Government’s plans for a phased, responsible and prosperous energy transition in the North Sea.

Notes to editors

The skills passport will show how these offshore workers’ skills and qualifications can be recognised by employers across various sectors, facilitating their smooth transition into the renewable energy sector. It will identify where oil and gas health and safety standards will be recognised in the offshore wind sector and map out different career pathways into the wind industry. 

See figures on clean energy jobs.

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Published 17 October 2024
MIL OSI United Kingdom –
January 23, 2025
MIL-OSI Australia: Australia-Vietnam Foreign Ministers’ Meeting and Economic Partnership Meeting

Source: Minister for Trade

This week the Australian Government welcomes Deputy Prime Minister and Minister of Foreign Affairs of Vietnam, His Excellency Bui Thanh Son, and Minister of Planning and Investment of Vietnam, His Excellency Dr Nguyen Chi Dung to Adelaide.

On Thursday, Minister Farrell and Minister Dung will hold the fourth Australia-Vietnam Economic Partnership Meeting to advance our shared goal of increasing two-way trade, tourism and investment, and deepening economic cooperation across Southeast Asia.

On Friday, Minister Wong and Deputy Prime Minister Son will hold the sixth annual Australia-Vietnam Foreign Ministers’ Meeting to advance cooperation under our Comprehensive Strategic Partnership and address key regional challenges.

Minister Farrell will also give a keynote address at the inaugural Australia Vietnam Policy Institute Conference on trade diversification opportunities in Southeast Asia.

The meetings this week will deepen our partnership as we work together to implement our shared vision for a peaceful, stable, and prosperous region.

Quotes attributable to Minister for Foreign Affairs, Senator the Hon Penny Wong:

“The Australia-Vietnam relationship has never been stronger.

“Our Comprehensive Strategic Partnership reflects the depth of cooperation and the ambition we hold for our future.

“This meeting will build upon my visit to Hanoi last year, where we marked 50 years of diplomatic relations, underscoring the deep friendship and strategic trust between our countries.”

Quotes attributable to the Trade & Tourism Minister, Don Farrell:

“Trade between Australia and Vietnam is booming, which means more opportunities for our exporters, businesses, and workers.

“Over the last three years, our two-way trade with Vietnam hit record highs of $79 billion, and Vietnam has become one of the fastest growing sources of international visitors to Australia since the pandemic.

“Our Southeast Asia Economic Strategy is supporting Australian businesses to seize new opportunities in the region, and Vietnam is one of the many places right on our doorstep which holds a wealth of potential for our exporters.”

MIL OSI News –

January 23, 2025
MIL-OSI USA: Grassley Emphasizes Value ESOPs Bring Local Economies at IA-CEO Conference

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

POLK COUNTY, IOWA – U.S. Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, today delivered a keynote address at the 2024 Iowa CEO Employee Ownership Conference in Ankeny.

Grassley discussed the future of our nation’s business landscape as the baby boomer generation enters retirement, as well as his longstanding support for Employee Stock Ownership Plans (ESOPs): “[…T]his tax-advantaged tool has helped boost productivity, create wealth among the workforce, expand prosperity and grow civic roots in communities across the country,” he said.

Download photos HERE. Grassley’s prepared remarks follow.

Iowa Center for Employee Ownership (IA-CEO)

Employee Ownership Conference

FFA Enrichment Center/DMACC Campus, Ankeny

Wednesday, October 16, 2024

Good morning. It’s good to be here with all of you.

Thank you, Randy, for your work with the University of Northern Iowa (UNI), a school near and dear to my heart. And thank you for the invitation to speak about another subject near and dear to my heart: building prosperity for Iowans across our state.

Now, typically, I wouldn’t be able to join you in person on a weekday in the middle of October. But since we’re in the thick of a presidential election year, Congress is out of session until after November 5th.

As you know, we’re also in the thick of harvest season. This week, my son and grandson are on our family farm in New Hartford running the combine and hauling grain from the fields.

I’m the second generation of our fourth-generation family farm, so I understand what weighs on the minds of Iowans looking to pass on the reins of a farm or small business. Although, a farmer never really retires.

Like most family farms in Iowa, a lion’s share of our small- and medium-sized businesses are owned by baby boomers. These operations are expected to change ownership in the next five to 10 years. Finding the future stewards of these farms and businesses is top of mind for communities across Iowa.

It will have tremendous impact on the tax base, population, school enrollment, jobs, economic vitality and social capital of the local and regional community.

This year, I completed my 44th year holding question-and-answer sessions with Iowans in all 99 counties in our state. Two issues that regularly come up at my meetings with small businesses and manufacturers are workforce shortages and employee retention.

The workforce and succession planning are top of mind for so many small businesses in Iowa, including those of you here in this room. As the baby boom generation prepares to pass the torch, a sizeable segment of our state’s economy will hinge on the strategic transition of farms and businesses.

Changing ownership of a business the same family has owned and operated for decades is complicated. Potential buyers and sellers need to navigate a maze of issues, including complex family dynamics, taxes, financing and more.

A decade or so ago, the impending demographic shift was often referred to as the Silver Tsunami. Since 2011, roughly 10,000 Americans turn 65 every day. I would suggest the so-called tsunami has delivered rolling waves of changes, instead of catastrophic disruptions to health care, housing, transportation and community services. I attribute that to forward-thinkers, like those of you attending today’s conference.

We’ve seen across many sectors of the economy that not all of the demographic disruptions hit the fan at once.

That’s partially because people are staying in the workforce longer, by choice or financial necessity.

Like I said earlier, a farmer never really retires. The same often goes for a family-run business, perhaps due to the fact owners don’t always have a viable succession plan or buyer. Having a succession plan can give families, landowners and small businesses much-needed peace of mind. After putting years of sweat and investments into their farm or business, many Iowans are what we call cash-poor and asset-rich.

As we look ahead to this era of transition in business ownership, it’s important for leaders in government, business and academia to collaborate. Together, we can anticipate the challenges and embrace the economic opportunities this demographic shift will present.

From that standpoint, I applaud the efforts of your organization, in partnership with my alma mater, UNI.

I want to commend you for taking a proactive approach. You’re grabbing the bull by the horns to identify the obstacles and possibilities that lie ahead. By engaging stakeholders and raising public awareness, your efforts can help expand local economic vitality and prosperity for generations to come.

You understand that a majority of the businesses owned by baby boomers will close for good if a viable buyer isn’t found. Usually, a viable buyer is restricted by the sale price, or there simply isn’t a buyer available at all.

Let’s not underestimate the benefits your efforts will bring workers and the community. Day in and day out, workers help build and grow a company. When workers are able to capture financial equity in their employing business, it fosters an ownership culture that strengthens morale and reinforces roots in the community.

These dynamics sow the seeds for broader advantages for nearby schools, civic clubs, volunteer fire departments, places of worship, and more.

If you think about it, your mission kills two birds with one stone. On the one hand, you provide an off-ramp for business owners to pull wealth from their business, monetizing the retirement nest egg they’ve feathered for decades.

On the other hand, you’re expanding ownership opportunity and offering a piece of the financial pie to the workforce, empowering employees to share in the fruits of their own labor.

As a former chairman of the Senate Finance Committee, fostering economic growth is central to my philosophy on tax policy. That includes my support for federal tax advantages for Employee Stock Ownership Plans.

Everything these days goes by an acronym, but “ESOPs” have been around for decades.

A century ago, big corporations like Proctor & Gamble, J.C. Penney and Sears Roebuck provided stock ownership through a tax vehicle Congress added to the federal tax code in 1921.

The iteration we have today sprang up in the 1950s, for the purpose of transitioning ownership of a company to its employees.

ESOPs were formally recognized in law in 1974 thanks to the efforts of Senator Russell Long – one of my predecessors at the helm of the Senate Finance Committee.

An ESOP allows companies to use IRS tax-qualified plans as a tool for business succession, and as a workplace empowerment tool to foster an ownership culture. They provide the seller better options to manage tax liabilities from the sale of the business rather than what many consider tax confiscation at the point of sale.

Senator Long once declared ESOPs would be the perfect elixir to the economy. In fact, he used the term “Geritol,” if anyone here remembers that once-popular vitamin supplement.

The good news is ESOPs have outlasted Geritol. For decades, this tax-advantaged tool has helped boost productivity, create wealth among the workforce, expand prosperity and grow civic roots in communities across the country.

When Congress passed the Tax Reform Act of 1984 that included tax-free, roll-over treatment, Washington cleared the path for privately held businesses to transfer ownership, unlocking a burst of economic activity and new ownership to the next generation of employees.

To this day, ESOPs are a preferred tool for business succession in America.

From my platform on the Senate Finance Committee, once again, I will have a front row seat at the tax policymaking table in the new Congress. With 2025 will come a major tipping point for the U.S. economy, as lawmakers and a newly elected president confront a tax cliff. The Tax Cuts and Jobs Act that I helped shepherd into law in 2017 is set to expire at the end of next year.

This package enacted across-the-board tax cuts for every American taxpayer. As a result, businesses and families kept more of their hard-earned money in their pockets.

That means Iowans got to save, spend and invest more of their own money. If the 2017 Trump tax cuts expire, we will say good-bye to trillions of dollars in tax breaks.

The 2017 tax law also unlocked opportunities for small business across our state – the engines of the nation’s economy. Whether a business was structured as a “C” corporation or subchapter “S,” the law lowered tax rates on their income. This tax cut applies to ESOPs with partial employee-ownership.

The law lowered the maximum corporate tax rate from 35 percent to a single marginal rate of 21 percent, empowering businesses to expand, hire more people or raise wages.

Just as importantly, for pass-through businesses the law lowered tax rates across the board and created a new 20 percent business income deduction.

Together, those reforms shrunk the top federal income tax rate from 39.6 percent to 29.6 percent. Farmers and small businesses operate on tight margins. These tax breaks make a tremendous difference on the bottom line.

I’m always on the lookout for ways to continue to build on the success of ESOPs. A provision I’ve long cosponsored to make ESOPs a more attractive option for S corporations was incorporated into the SECURE 2.0 Act, which Congress passed at the end of 2022.

I’ve written tax policy in the U.S. Senate for more than four decades and counting. I’ll let you in on a secret: When you tax something – anything – you get less of it.

Tax laws influence purchase decisions on items ranging from cars and clothes to farm machinery and investments. Just consider back-to-school tax-free shopping weekends. Or how states with no state income tax attract people from high-tax states.

On the flip side, high taxes on cigarettes, gambling and alcohol aim to limit those behaviors. Tax incentives operate the same way, informing research and development, college savings and homeownership.

I’m sure many of you want to know what’s going to happen on those expiring tax cuts in 2025. That crystal ball will get some clarity after November 5th.

In closing, I want you to know I agree ESOPs are a key instrument for communities to foster economic prosperity across our state.

Ownership is a core principle in America’s promise of prosperity — and freedom itself — that our nation’s Founders enshrined in our Constitution.

In my 99 county meetings, I’ve seen good things happening and economic vitality thriving in communities with ESOP-structured businesses.

ESOPs can provide that pathway to prosperity.

Business owners preparing to retire can get tax-advantaged cash in their pockets, after many years of building their business.

Employees can build equity in the company and find greater satisfaction on the job.

With your advocacy, communities can realize more opportunities to keep valued businesses thriving and tap into the ownership culture that attracts a dynamic workforce.

Thank you again for inviting me to speak to you today. I look forward to continuing this conversation and welcome your feedback. I’m happy now to open up the floor to questions.

-30-

MIL OSI USA News –

January 23, 2025
MIL-OSI USA: Cassidy Announces $22.6 Million for Caddo-Bossier Parish Port Commission from his Infrastructure Law

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) announced the Caddo-Bossier Parishes Port Commission will receive $22,595,853.00 for the Port of Caddo-Bossier I-69 Connector from the U.S. Department of Transportation’s INFRA grant program. The project will connect I-49 to the future I-69 Corridor Project Frontage Road by upgrading and extending Stonewall Frierson Road.
“Having reliable roads to connect our ports to the rest of the state is essential for doing business,” said Dr. Cassidy. “The Caddo-Bossier I-69 connector will be yet another reason companies choose to invest in North Louisiana and allow us to build an economy for 2050.”
Cassidy’s Infrastructure Investment and Jobs Act increased the money available for the INFRA grant program, helping make this project possible.

MIL OSI USA News –

January 23, 2025
MIL-OSI USA: Senator Peters Helps Introduce Bipartisan Bill to Strengthen Cybersecurity at U.S. Ports

US Senate News:

Source: United States Senator for Michigan Gary Peters

WASHINGTON, DC – U.S. Senator Gary Peters (MI) helped introduce bipartisan legislation to strengthen cybersecurity at U.S. ports. Port security is critical to the success of our nation’s economy, supply chains, industrial base, and national security. However, cybersecurity vulnerabilities continue to threaten their security. For instance, many U.S. ports, including strategic ports used by the military, utilize Chinese-made cranes that could expose the port to malicious cyber activity and disrupt port operations. The Protecting Investments in Our Ports Act would strengthen the security of U.S. ports by requiring all applicants for competitive grant funding from the Port Infrastructure Development Program (PIDP) to have necessary digital infrastructure or software in place to address cybersecurity threats.

“This commonsense, bipartisan bill would help strengthen our nation’s defenses against cyberattacks by making sure ports have the necessary digital infrastructure and safeguards in place to protect both U.S. national security and supply chains as goods move throughout our waterways,” said Senator Peters.

“Senator Peters’ steadfast approach to legislating in a technology driven age will continue to provide critical protections for U.S. Ports and the infrastructure investments being made by the American taxpayer. The Senator clearly understands that as Port investment evolves with technology, that proactive cybersecurity planning must accompany federal spending,” said Captain Paul C. LaMarre III, President of the American Great Lakes Ports Association.

The PIDP, which falls under the U.S. Department of Transportation’s (DOT) Maritime Administration, helps ports on our Great Lakes, coasts, and rivers improve the movement of goods and services. The Protecting Investments in Our Ports Act would ensure applicants of the program have certified that they have an approved National Maritime Transportation Security Plan to reduce cybersecurity risks. Peters introduced the legislation with U.S. Senator John Cornyn (R-TX).

In 2021, Peters helped Congress pass the Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law, which provided robust funding for transportation and port infrastructure projects across the country. The historic law invested more than $17 billion in U.S. port infrastructure to make needed repairs and upgrades, reduce congestion to strengthen our supply chains and expedite commerce, and lower harmful emissions near ports to reduce environmental impacts on local communities.

As Chairman of the Homeland Security and Governmental Affairs Committee, Peters has led also numerous efforts to ensure our nation is better prepared to defend against cyberattacks. His historic, bipartisan provision to require critical infrastructure owners and operators to report to CISA if they experience a substantial cyberattack or if they make a ransomware payment was signed into law. Peters’ bipartisan bill to enhance cybersecurity assistance to K-12 educational institutions across the country was also signed into law. Peters’ bipartisan bills to bolster cybersecurity for state and local governments, strengthen the federal cybersecurity workforce, and help secure federal information technology supply chains have been signed into law.

MIL OSI USA News –

January 23, 2025
MIL-OSI New Zealand: Economy – Transmission of monetary policy to financial conditions: A speech by RBNZ Assistant Governor Karen Silk

Source: Reserve Bank of New Zealand

16 October 2024 – A speech will be delivered by Assistant Governor Karen Silk at the Citi Australia and New Zealand Investment Conference in Sydney, Australia.

Financial conditions are significantly influenced by monetary policy settings and are therefore something that we monitor closely. The banking system is a key channel through which monetary policy settings influence financial conditions in New Zealand.

Specifically, monetary policy affects bank funding costs and, in turn, the lending rates banks offer. This impacts the amount of money that households and businesses have to spend and shapes their inclination to save and invest.

During the post-COVID period, tight monetary policy settings implemented to reduce inflation have made financial conditions more restrictive. This has contributed to a weakening of aggregate demand in the economy and increased our confidence that consumer price inflation is moving sustainably back to its target mid-point of 2%.

However, the ongoing effects from the monetary and fiscal policy response to the COVID-19 pandemic, which significantly increased liquidity in the banking system, have supported lower bank funding costs. This has impacted the extent to which banks have increased their lending rates.

The upshot of this is that financial conditions were less restrictive during the recent tightening cycle for the same level of the Official Cash Rate (OCR) when compared with previous cycles. However, through ongoing monitoring we have been able to identify and factor this into our decision-making to ensure that financial conditions have been where we needed them to be to achieve our monetary policy objectives.

As liquidity is being drained from the banking system, bank funding conditions have been normalising towards their pre-COVID state. Over time, this is likely to influence the amount of decline in bank lending rates, even as wholesale rates fall, as banks seek to maintain their net interest margins.

The factors discussed in this speech are important for understanding the effectiveness of monetary policy transmission, but there are many others that are considered in monetary policy decision-making. While we remain confident that inflation will converge back to the 2% target midpoint in the medium term, we will continue to assess and respond to the risks arising from broader economic conditions to manage inflation back to this level.

More information

Read the related Bulletin here: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=b1b3bdc72d&e=f3c68946f8

MIL OSI New Zealand News –

January 23, 2025
MIL-OSI Asia-Pac: Government accepts MediShield Life Council’s recommendations to enhance MediShield Life scheme, Government support more than offsets premium increases

Source: Asia Pacific Region 2 – Singapore

The Government has accepted the MediShield Life Council’s recommendations for the MediShield Life 2024 review. The recommendations will enhance the MediShield Life scheme, to better protect Singaporeans against major health episodes that result in large medical bills. They will also enable Singaporeans to afford new types of care. The changes will be implemented progressively from April 2025.

2. To support the enhancements to MediShield Life, premiums will need to increase, starting from April 2025 upon policy renewal. The total premium increases will amount to $1.8 billion over the next review cycle of three years. To help Singaporeans manage the premium increases, the Government will provide an additional $4.1 billion in support measures, comprising $3.4 billion in MediSave top-ups and $0.7 billion in premium subsidies for the next three years.

3. For the great majority of Singaporeans – more than nine in ten – the additional MediSave top-ups, and premium subsidies and support, will more than offset the premium increases over the next three years.

MediShield Life Council’s recommendations

4. There are a few key considerations in this review. First, as a national health insurance scheme, MediShield Life was designed to fully cover nine in ten subsidised bills in public healthcare institutions, with the deductible and co-insurance covered by patients’ MediSave. However, rising medical bills have eroded the coverage of the existing claim limits, and MediShield Life currently fully covers just under eight in ten subsidised bills.

5. Second, there has been an increased shift in healthcare delivery from hospitals to the outpatient, community and home settings, which MediShield Life mostly does not cover. Finally, advances in medical technologies have resulted in new, potentially life-saving therapies, such as Cell, Tissue, and Gene Therapy Products (CTGTPs), which MediShield Life also does not cover.

Enhancements to benefits and revisions to scheme parameters

6. With these factors in mind, the MediShield Life Council has recommended the following changes to the scheme, after considering both the need for better coverage and the impact on premiums.

a. Increase claim limits and refresh scheme parameters. This comprises:

i. Increase in existing inpatient and day surgery claim limits to fully cover nine in ten subsidised bills. For example, the daily claim limits for the first two days of a normal ward stay will go up from $1,000 to $1,630. The daily claim limits for Intensive Care Unit ward stays will more than double, from $2,200 to $5,140.

ii. Increase in the policy year claim limit from $150,000 to $200,000, to provide greater assurance for patients with exceptionally large bills.

iii. Increase in the inpatient deductible by up to $1,500, to keep coverage focused on larger bills and moderate the extent to which premiums need to increase.

iv. Revision of the pro-ration factors for private unsubsidised bills, to prevent cross-subsidisation of private bills by subsidised bills.

b. Enhance outpatient coverage significantly. This comprises:

i. Refresh of outpatient claim limits to fully cover nine in ten subsidised bills. For example, the claim limits for kidney dialysis will increase from $1,100 per month to $1,750 per month.

ii. Expansion of coverage to new outpatient treatments and home-based medical care, to enable access to more convenient care options beyond the traditional hospital setting. One such treatment is the repetitive Transcranial Magnetic Stimulation used to treat depression.

iii. Introduction of a new outpatient deductible of $500 per year, to keep coverage focused on larger bills and moderate premium impact.

iv. Decrease in co-insurance for outpatient treatments – from a flat 10% to a tiered structure ranging from 3% to 10% – to be consistent with how co-insurance is computed for inpatient bills and make larger outpatient bills more affordable.

c. Expand coverage to high-cost treatments that are clinically effective and cost-effective, to improve affordability and access. This covers two areas:

i. CTGTPs that have demonstrated the potential to treat cancers and serious diseases effectively.

ii. High-cost drugs for blood conditions and conditions with childhood onset.

Adjustment to premiums

7. With higher claims and expansion of coverage, premiums will need to increase. The Council has worked with the scheme’s actuaries to determine the premium adjustments needed to ensure the scheme remains sustainable. Older Singaporeans in particular, will see larger increases. Hence the Council has recommended several measures to cushion the premium increases:

a. Cap the total premium increase at 35%, and phase in the increases evenly over three years, from April 2025 to March 2028. With this, premiums will increase by an average of 22% per policyholder by the end of the third year. This can be funded through a one-off release of capital from the MediShield Life Fund. Due to the Monetary Authority of Singapore’s adoption of the Risk-Based Capital Framework 2, there is a change in the MediShield Life Fund’s risk model which will enable some excess capital to be released, so as to cap the total premium increase at 35% and phase it in evenly. The Fund will remain in a healthy position after this release of capital.

b. For the Government to consider:

i. Enhancing existing premium subsidies to provide more assistance to the lower- and middle-income groups.

ii. Providing MediSave top-ups to support Singaporeans through the Pioneer Generation, Merdeka Generation and Majulah Packages. This will be especially helpful to Singaporeans with low MediSave balances, such as homemakers and informal workers.

iii. Providing premium discounts to policyholders who lead healthy lifestyles, such as exercising regularly and going for recommended health screenings.

Government accepts the recommendations, adjusts MediSave withdrawal limits accordingly

8. The Government has reviewed the Council’s recommendations on the MediShield Life scheme and agrees that these will ensure that MediShield Life continues to provide adequate and meaningful protection to Singaporeans.

9. The Government will also adjust the MediSave withdrawal limits so that patients can use MediSave to cover the co-insurance and the revised deductibles.

10. The revised MediShield Life benefits and MediSave limits will be implemented progressively from 1 April 2025, together with the first phase of the increase in inpatient deductible. The outpatient deductible will be introduced on 1 January 2026, followed by the second phase of the increase in inpatient deductible on 1 April 2027. All other changes will be made progressively from 1 April 2025 onwards. Please refer to Annex A for details of changes to MediShield Life claim limits and MediSave withdrawal limits, and Annex B for bill examples that reflect the changes to the MediShield Life scheme.

Government provides premium subsidies and MediSave top-ups, which will more than offset premium increases

11. The Government accepts the Council’s recommendation to release capital from the MediShield Life Fund to cap and phase in the premium increases. This will require a release of around $600 million from the Fund, and will not affect the scheme’s ability to meet its claim obligations.

12. In addition, over the next three years, the Government will provide an additional $4.1 billion in premium support measures, which will more than offset the cumulative $1.8 billion increase in additional premiums over the next three years. The offset package comprises:

a. Increases in premium subsidies, including enhancements to means-tested premium subsidies amounting to $ 0.7 billion. The Government will increase premium subsidies by five to ten percentage points for lower-income and middle-income Singaporeans in older age groups. From 1 April 2025, they will be able to receive premium subsidies of up to 60%, from up to 50% today.

b. Additional MediSave top-ups of $ 3.4 billion. The Government will:

i. Increase annual MediSave top-ups for the Pioneer Generation. The Government will increase this annual top-up by up to $300, bringing the maximum annual top-up to $1,200. Under the Pioneer Generation Package, those who are above the age of 90 in 2025 will continue to have their MediShield Life premiums fully covered by these annual MediSave top-ups and their existing special subsidies, while younger Pioneer Generation seniors will continue to see about two-thirds of their premiums covered.

ii. Enhance the one-time Majulah Package MediSave Bonus. The Majulah Package was announced in August 2023 to provide greater assurance over healthcare costs for seniors, including Young Seniors in their 50s and early 60s. Under the Majulah Package, the Government announced that Singaporeans born in 1973 or earlier will receive a one-time MediSave Bonus of up to $1,500. This MediSave Bonus will be enhanced by $500. The MediSave Bonus will be paid in December 2024.

iii. Provide an additional MediSave Bonus for Young Seniors and the Merdeka Generation with lower MediSave balances. Recognising that some Young Seniors and Merdeka Generation seniors born between 1950 and 1973 (inclusive) may not have been able to accumulate enough savings in their MediSave account, the Government will give a further MediSave Bonus of $500 in 2025 to help cover the rise in premiums for those with low MediSave balances.

iv. Enhance the one-time Budget 2024 MediSave Bonus. At Budget 2024, the Government announced that Singaporeans born between 1974 and 2003 (inclusive) will receive a one-time MediSave Bonus of up to $300. This MediSave Bonus will be enhanced by $200, and will be paid in December 2024.

v. Increase MediSave Grant for Newborns. From 1 April 2025, the Government will increase this grant from $4,000 to $5,000. With the increase, a Singapore Citizen newborn’s MediShield Life premiums will continue to be fully covered up till age 21.

c. Expansion of Additional Premium Support amounting to $80 million. Additional Premium Support is for Singaporeans who are unable to afford their MediShield Life premiums after premium subsidies, and have limited family support. The Government will expand the eligibility criteria to cover more lower-income Singaporeans.

13. The package will offset the cumulative increase in MediShield Life premiums over the next three years for almost all ages and income levels.

14. No one will be denied coverage due to an inability to pay their premiums. Please refer to Annex C for details of the Government’s premium support measures, Annex D for details of the revised premiums, and Annex E for household archetypes and worked examples.

Redemption of premium discounts using Healthpoints

15. The Government also agrees with the Council’s recommendations to offer premium discounts for those who lead a healthier lifestyle. This can be done through the Health Promotion Board’s (HPB) Healthy 365 programme, which already awards Healthpoints in exchange for rewards.

16. In support of Healthier SG, policyholders aged 40 and above may redeem MediShield Life premium discounts via HPB’s Healthy 365 app, at a conversion rate of 150 Healthpoints to $2, higher than the regular conversion rate of 150 Healthpoints to $1. To earn Healthpoints, they can participate in healthy lifestyle programmes and challenges on the Healthy 365 app, or enrol with a Healthier SG clinic and complete the first Health Plan consultation. For instance, an individual who, on average, does 30 minutes of moderate to vigorous physical activity almost daily for the entire year, could redeem $80 worth of discounts off his or her MediShield Life premiums.

17. This programme will commence in the third quarter of 2025, and will run as a pilot for three years. The Government will review the outcomes of the pilot before deciding whether to make it a permanent feature of MediShield Life.

Pilot financing framework for CTGTPs

18. While CTGTPs have the potential to transform healthcare and treat serious diseases, they have high upfront costs. Without financing support, patients may not be able to access these potentially effective treatments.

19. However, such financing must also be designed in a sustainable manner given the high cost of CTGTPs and uncertainty around their longer-term effectiveness. Hence the Government has introduced a pilot financing framework to focus support only on CTGTPs that have been assessed to be both clinically effective and cost-effective. The first CTGTP to be listed on the Ministry of Health’s (MOH) CTGTP list is tisagenlecleucel (Kymriah), for the treatment of relapsed/refractory B-cell acute lymphoblastic leukaemia, and relapsed/refractory diffuse large B-cell lymphoma. Over time, more CTGTPs will be added to the list.

20. Since 1 August 2024, eligible patients who require the use of CTGTPs that are included on MOH’s CTGTP List have been able to receive means-tested subsidies of up to 75%, capped at $150,000 per treatment course, at public healthcare institutions.

21. From October 2025, the Government will also extend MediShield Life and MediSave coverage to CTGTPs on MOH’s CTGTP List. Given the high costs of CTGTPs, MediShield Life and MediSave limits will be sized to fully cover two in three subsidised patients initially. Please refer to Annex F for details.

22. The Government thanks the MediShield Life Council for the significant time and effort they have committed to review MediShield Life. We note that the Council has carefully considered all aspects of the scheme, and engaged many Singaporeans and stakeholders for their input along the way. The Council’s recommendations strike a good balance between providing greater protection for Singaporeans against large medical bills and keeping premiums affordable and sustainable.

MINISTRY OF HEALTH

15 OCTOBER 2024

Annex A

Changes to MediShield Life Claim Limits and MediSave Withdrawal Limits

Table A-1: Revised MediShield Life claim limits and MediSave withdrawal limits for treatments currently covered by MediShield Life

Table A-2: MediShield Life claim limits and MediSave withdrawal limits for
new treatments to be covered by MediShield Life

Annex B

Bill Examples Incorporating MediShield Life Scheme Changes

Illustration 1: Higher payouts for subsidised patients seeking inpatient care

Illustration 2: Higher payout for subsidised patient seeking dialysis treatment

Annex C

Details of the MediShield Life 2024 Review Premium Support Measures

Table C-1: Summary of the Premium Support Measures

Table C-2: Enhanced Means-Tested Premium Subsidies for Singapore Citizens

Table C-3: Additional Merdeka Generation Subsidies

Table C-4: Pioneer Generation Special Subsidies and MediSave Top-Ups

Table C-5: Revised Majulah Package MediSave Bonus

Table C-6: Additional MediSave Bonus

Table C-7: Revised Budget 2024 MediSave Bonus

Table C-8: MediSave Grant for Newborns

Annex D

Revised MediShield Life Premiums

Table D-1: MediShield Life Premium Schedule for Singapore Citizens in 2025
After Phased Increase

Table D-2: MediShield Life Premium Schedule for Singapore Citizens in 2027
After Increase Has Been Fully Phased In

Annex E

Household Archetypes and Worked Examples

The following figures illustrate the premium impact on various groups.

Illustration 1: Mr A

• Single Merdeka Generation (MG) senior, 67 years old

• 2-room HDB

• Per capita household income of $1,000 monthly

Mr A would enjoy means-tested subsidies of 40%, additional MG subsidies of 5%, and support to phase the increase evenly over the next three years.

Note: Figures in brackets refer to the increase in premiums using 2024 as the base year. Cumulative increase over 2025 to 2027 refers to the sum of the figures in brackets.

After subsidies and phasing, Mr A’s cumulative net premium increase over 2025 to 2027 of $109 will be fully offset with the enhanced MediSave Bonus of $1,250 under the Majulah Package.

If he has a low MediSave balance, he may also be eligible for the additional MediSave Bonus of $500 in 2025 which could further help him pay his annual premiums and other healthcare expenses.

Illustration 2: Mrs B

• Single Pioneer Generation (PG) senior, 87 years old

• 2-room HDB

• No household income

Mrs B would enjoy special PG subsidies of 59% and an annual PG MediSave top-up of $700. She would also receive support to phase in the increase evenly over the next three years. As a younger PG, she will continue to see at least two-thirds of her premium covered.

Note: Figures in brackets refer to the increase in premiums using 2024 as the base year. Cumulative increase over 2025 to 2027 refers to the sum of the figures in brackets.

After subsidies and phasing, Mrs B’s cumulative net premium increase of $574 will be fully offset with the enhanced MediSave Bonus of $1,250 under the Majulah Package.

Any remainder could be used to further help her pay her annual premiums and other healthcare expenses.

Illustration 3: Mr and Mrs C

• MG senior couple, 67 years old

• Private residential property

• Per capita household income of more than $3,600

Mr and Mrs C would enjoy MG subsidies of 5% and support to phase in the increase evenly over the next three years.

Note: Figures in brackets refer to the increase in premiums using 2024 as the base year. Cumulative increase over 2025 to 2027 refers to the sum of the figures in brackets.

After subsidies and phasing, Mr and Mrs C’s cumulative net premium increase of $758 will be fully offset with the enhanced MediSave Bonus of $2,500 (i.e. $1,250 each) under the Majulah Package which they will both receive.

Any remainder could be used to pay for their annual premiums and other healthcare expenses.

Illustration 4: The D family

• Grandfather and grandmother (both 67-year-old MGs)

• Husband and wife, 42 years old, both working

• Primary school-going daughter and son

• 5-room HDB

• Per capita household income of $2,500 monthly

The D family would benefit from means-tested subsidies of up to 35%, additional MG subsidies of 5%, and support to phase in the increase evenly over three years.

Note: Figures in brackets refer to the increase in premiums using 2024 as the base year. Cumulative increase over 2025 to 2027 refers to the sum of the figures in brackets.

After subsidies and phasing, this family’s cumulative net premium increase of $722 will be fully offset with the enhanced MediSave Bonus of $3,500 which the grandparents (i.e. $1,250 each) and parents (i.e. $500 each) will receive, and the MediSave Grant for Newborns which the children had received previously.

Any remainder could further help the D family to pay their annual premiums and other healthcare expenses.

Annex F

Details of CTGTP Pilot Financing Framework

Illustration 1: Reduced out-of-pocket cash payment for subsidised patient

MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI Asia-Pac: DOORSTOP INTERVIEW BY MR ONG YE KUNG, MINISTER FOR HEALTH, AT THE MEDISHIELD LIFE 2024 REVIEW, 11 OCTOBER 2024

Source: Asia Pacific Region 2 – Singapore

Appreciation to Council

I want to first thank the MediShield Life Council for working so hard. I think they did a very thorough analysis and came up with very comprehensive recommendations. I want to thank Mrs Fang Ai Lian and the team for their contributions. Also not forgetting the Secretariat, who has been working very hard for over one year to support the Council.

2. Let me just go through some salient points of this package of measures, which I think is quite a significant one.

Package of Measures in a Glance

3. Number one is to recognise the rising healthcare costs. In particular we are most concerned about unexpected health episodes that require you to stay in hospital for a long time, maybe even in the Intensive Care Unit (ICU). Some unfortunate things happen, and you chalk up a big bill that is unexpected. And that bill is rising and therefore we are increasing the claim limits for such bills.

4. It is quite a significant increase. For two-day normal ward charges, the claim limits have gone up from $1,000 to about $1,600 – a 50 percent increase. The increase for ICU is significant. It does not happen very often but should it be needed, daily claims have gone up from $2,200 to over $5,000 or more than double. So it is a very good safety net and peace of mind.

5. The second salient point is outpatient treatment. That is also rising, and I think it is hurting the pockets of patients, so we are also raising the claim limits for outpatients. In particular, one area we are quite concerned about is kidney dialysis. The costs have been going up. If nothing is done, it is only a matter of time before kidney dialysis patients have to pay cash out of their own pockets for dialysis. So we are increasing the claim limits from $1,100 per month to about $1,700 per month.

6. Third area is out-of-hospital bills. One major trend in healthcare is that more and more treatments are done outside the hospital, in the community and home settings. We are increasing coverage for such treatments, such as wound dressing, and treatment for depression. This is being done for the first time and some of the services that are done in home settings are now also covered.

7. Number four is technological advances. New and novel drugs, such as cell, tissue, gene therapy products (CTGTP), can be very expensive, but they are breakthroughs. They are one-time expensive treatments that promise to cure severe diseases like cancer. If we do nothing, chances are, in time only the rich can access these treatments. So we need to bring some of them into both our subsidy as well as MediShield Life framework.

8. We have done so for subsidies, provided they are proven to be clinically effective and cost-effective. So just very few drugs but it is a starting point. Today we agree with the recommendations of the Council to also bring these same drugs into the MediShield Life framework. That way, at least for these drugs, all Singaporeans can access them.

9. Number five is that we are increasing the deductibles. I think it is necessary to do that because that way, we focus the resources and help on the bigger bills which is what we are most concerned about. Your smaller bills will rise a little bit, deductibles will go up, but you can pay for it with MediSave.

10. And finally, the Council recommended that with all these changes, strengthening of the claim system and the safety net, premiums will have to go up by quite a significant number. But we should have a comprehensive package of measures to support these increases so that the great majority of Singaporeans can continue to pay for these increases using their MediSave and they do not have to come up with cash from their own pocket.

11. We agree with that, and we are doing so. If we take the cumulative increase in premiums across the population, it is $1.8 billion. We have come up with a package that costs $4.1 billion over the next review cycle, which is about three years. So the package far exceeds the increase in premiums. Therefore, in other words, we are taking this opportunity to also build up the MediSave balances for Singaporeans.

Support Package

12. What is this package? Let me elaborate. There are two parts to this.

13. Out of this $4.1 billion, $700 million or $0.7 billion, is to increase MediShield Life premium subsidies. Another $3.4 billion is for MediSave top-ups. So added together, it is $4.1 billion.

14. First on the $700 million of MediShield Life premium subsidies. This will be focused especially on those who are older. The increase is about 5 to 10 percentage points. In the past, the maximum subsidy was 50%, meaning 50% of premiums is subsidised, paid for by the government. That will now increase to 60%, so it will help many people and cost us $700 million.

15. The MediSave top-ups are much more complicated. What we have done, actually is quite a long exercise. Essentially, we identified every single MediSave Life top-up initiative and tried to strengthen every one of them. Why did we do it that way? I think by so doing, we try to cover as many age groups as possible, practically all age groups. So what are they?

16. Let me start with the oldest which is Pioneer Generation (PG). As you know, PG can get MediSave top-ups every year throughout their life. For the older PG who are 90 years this year, born in 1934 or earlier, they will have top-ups that will basically offset all the premium increases. Their top-ups are enough for them to pay their MediShield premiums throughout their lives. For the younger PG, their top-ups will be sufficient to cover two-thirds of the premium increases.

17. At last year’s National Day Rally, then-Prime Minister Lee announced the Majulah Package. Basically for all those born in 1973 or earlier – that means it covers PG, Merdeka Generation (MG), as well as the new term, Young Seniors who are in their 50s and 60s – will receive MediSave top-ups. For this whole group, the MediSave top-ups will be enhanced by $500. In the past, the MediSave top-up was $1,500 maximum. Now, the maximum goes up to $2,000.

18. Third, within a subset of this group, there is a group which is born between 1950 and 1973. These are the MG, as well as the young seniors. They, unlike the PG, do not have any more MediSave top-ups. So, some of them, because of their work history, do not have sufficient MediSave balances. So, for this group we will do something extra for them – an extra $500 per person.

19. Number four, at Budget 2024 this year, Finance Minister and current Prime Minister announced that a younger group born between 1974 and 2003 will get MediSave top-ups. We will enhance their MediSave top-ups by another $200. For this group, their premiums are not as high because they are relatively younger, so their top-ups are less.

20. Finally, newborns get a newborn grant of $4,000. The newborn grant will be enhanced to $5,000, so this is sufficient to pay for their MediShield Life premiums up to the age of 21.

21. So, this is the package that we are putting out – $4.1 billion over the next few years.

Encouraging Healthier Lifestyles

22. The Council has always recommended that we should encourage Singaporeans to lead healthier lifestyles. This year, they went a bit further. Since we have Healthier SG, they asked why not link the two together.

23. It makes a lot of sense, because adopting a healthier lifestyle is something we can choose to do. We can do more exercises, eat healthy, sleep better, quit smoking, sign up for Healthier SG and go for regular screenings. All these are within our control, and if we do them, we get a discount on our MediShield Life premiums.

24. We decided to try this out. After all, many Singaporeans have already joined the Health Promotion Board’s Healthy 365 programme to collect Healthpoints.

25. From the third quarter of 2025, we will start to allow Singaporeans 40 and above to use their Healthpoints and convert them to discounts or deductions in MediShield Life premiums.

26. We will work in a fairly favourable conversion rate. All in all, this means that if you are someone who is quite active, who exercises for about 30 minutes every day, you should have enough Healthpoints to receive a discount of about $80 per year off your annual MediShield Life premium. For a young person, this discount is slightly less than or almost half of their premium. So this is the whole package.

Multiple Layers of Safety Net

27. It has been many months in the making. Late last month, I announced the change in our effective date of the change in our subsidy system.

28. Essentially we are changing the per capita household income (PCHI) thresholds, such that more Singaporeans are eligible for higher subsidies. 1.1 million Singaporeans will benefit.

29. Today, we are strengthening our MediShield Life system as well as the MediSave system. This is our classic S+2M framework. We are strengthening both and it is very important that these two safety nets work hand in hand.

30. There are many countries that focus a lot on subsidies. When you focus a lot on subsidies, it is funded by taxation. When funded by taxation, things tend to be cheap or free and this causes excess demand, so waiting time becomes very long in the hospitals and the clinics. While it is very affordable, it is not very accessible.

31. Then there are other countries who focus a lot on insurance. Insurance has much less of a problem of excess demand, because when you fall sick, you have to file a claim, and there is a certain discipline in the application process around it. It is accessible, but, if you do not have insurance, it is not affordable. So all countries, in the end, realise you have to have both subsidy and insurance.

32. That is what we have done. S+2M has worked well for us and we will continue to improve our system.

MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI United Nations: Financial support for women’s health: UNFPA and Charité present new “WomenX Collective” programme in Berlin

Source: United Nations Population Fund

UNFPA, the United Nations Population Fund, launched its new “WomenX Collective” programme at the World Health Summit in Berlin on October 15, in conjunction with the opening of its first hub office in a global network of centres specializing in the promotion of women’s health, especially sexual and reproductive health, in the German capital.

The Berlin office will be run in cooperation with Charité – Universitätsmedizin and the Berlin Institute of Health at Charité (BIH). With their new partnership, UNFPA and Charité aim to promote women’s health, particularly in middle and low income countries and to address the lack of solutions and financial resources in this field.

“Every minute, at least two women die globally from breast or cervical cancer or from pregnancy-related complications due to inequitable access to healthcare,” says Dr. Natalia Kanem, Executive Director of UNFPA. “Through the WomenX Collective, UNFPA and Charité aim to help bring innovative health solutions to underserved communities, closing the health gap for women worldwide.”

Initial financing commitments in place

With initial funding commitments from international donors, including the Children’s Investment Fund Foundation (CIFF), Organon & Co., as well as a donation from Deutsche Postcode Lotterie, the WomenX Collective programme aims to raise at least $100 million in catalytic investment by 2030 to support women’s health projects, scale innovative solutions locally and promote these solutions across sectors. This has the potential to avert more than 10.4 million unintended pregnancies, 3.2 million unsafe abortions, and 21,000 maternal deaths. With the network of hub offices, the programme aims to bring together experience and technical expertise from different countries and regions, as well as modern technologies and sustainable financing. The office in Berlin will be followed by a hub in Nairobi in 2025.

To mark the opening of the hub office and the ceremonial signing of the partnership between UNFPA and Charité, partners of the WomenX Collective programme will be joined by Dr. Bärbel Kofler, Parliamentary State Secretary to the Federal Minister for Economic Cooperation and Development, as well as representatives of the German healthcare sector and stakeholders from the Global South.

Additional quotes from participating organisations:

“The investment in women’s health is convincing with numbers: Through new, women-centred evidence-driven investment opportunities, we want to show that for every euro invested, a dividend of over 7 euros is possible by 2030″, says Dr. Nigina Muntean, Chief of Innovation at UNFPA. “By investing in women’s health and fostering innovation, we can unlock significant economic returns and ensure advancements reach those most in need.”

“Women’s health is still under-researched and under-funded,” says Prof. Dr. Heyo K. Kroemer, Chairman of the Board of Charité – Universitätsmedizin Berlin and partner of the WomenX Collective initiative. “We are convinced of the collaborative and integrative approach of WomenX, so I am pleased that Charité can make a contribution here. In order to address women’s health in a sustainable way, we need strong partnerships with institutions from the global North and South.”

“We are delighted to welcome the WomenX Collective programme under our roof and to contribute to the success of this important project,” says Prof. Dr. Christopher Baum, Chairman of the BIH Board of Directors at Charité and Chairman of the Translational Research Department at Charité – Universitätsmedizin Berlin. “WomenX Collective aims to leverage proximity to innovations and experts and Berlin features an outstanding ecosystem of health and innovation.”

“The opening of UNFPA programme in Berlin in partnership with the Charité/BIH offers an opportunity to intensify the diverse initiatives in the field of women’s health and to make this even more effective,” says Prof. Dr. Jalid Sehouli, Medical Director Department of Gynecology including center of oncological surgery (Campus Virchow Klinikum) and Department of Gynaecology (Campus Benjamin Franklin).

About UNFPA:

UNFPA is the United Nations sexual and reproductive health agency. UNFPA’s mission is to deliver a world where every pregnancy is wanted, every childbirth is safe and every young person’s potential is fulfilled. UNFPA calls for the realization of reproductive rights for all and supports access to a wide range of sexual and reproductive health services, including voluntary family planning, quality maternal health care and comprehensive sexuality education.

About Charité:

Charité – Universitätsmedizin Berlin, a cutting-edge medical institution, is a leader in diagnosis and treatment, with a special focus on severe, complex, and rare diseases and health conditions. A medical school and university medical center in one, Charité has earned an outstanding reputation worldwide, combining first-class patient care with excellence in research and innovation, state-of-the-art teaching, and high-quality training and education. At Charité, people and their health come first. Charité is dedicated to transformative translational research, applying the very latest scientific findings to prevention, diagnostics, and treatment and harnessing clinical observations to develop new lines of research and scientific questions. Charité’s foremost goal is to actively help shape the medicine of the future, all with one aim in mind: improving patients’ lives and quality of life.

With more than 100 departments and institutes spanning four campuses and 3,293 beds, Charité is one of Europe’s largest university medical centers. At Charité, the areas of research, teaching, and medical care are closely interconnected. Averaging about 23,500 across the entire group of companies, Berlin’s university medicine organization remained one of the capital city’s largest employers in 2023. Last year, Charité provided care for some 138,000 inpatients and day case patients and about 788,000 outpatients. There are 9,879 students enrolled in medicine, dentistry, health care sciences, and nursing programs here, at one of Germany’s largest medical schools. https://www.charite.de/en/ 

About the Berlin Institute of Health at Charité:

The mission of the Berlin Institute of Health at Charité (BIH) is medical translation: transferring biomedical research findings into novel approaches to personalized prediction, prevention, diagnostics and therapies and, conversely, using clinical observations to develop new research ideas. The aim is to deliver relevant medical benefits to patients and the population at large. As the translational research unit within Charité, the BIH is also committed to establishing a comprehensive translational ecosystem – one that places emphasis on a system-wide understanding of health and disease and that promotes change in the biomedical translational research culture. The BIH was founded in 2013 and is funded 90 percent by the Federal Ministry of Education and Research (BMBF) and 10 percent by the State of Berlin. The founding institutions, Charité – Universitätsmedizin Berlin and Max Delbrück Center, were independent member entities within the BIH until 2020. Since 2021 the BIH has been integrated into Charité as its so-called third pillar. The Max Delbrück Center is now the Privileged Partner of the BIH.

MIL OSI United Nations News –

January 23, 2025
MIL-OSI: EBC Financial Group Expands Asset Management Capabilities with Second Australian Financial Services Licence

Source: GlobeNewswire (MIL-OSI)

SYDNEY, Oct. 16, 2024 (GLOBE NEWSWIRE) — In a significant move toward expanding its global asset management footprint, EBC Financial Group (EBC) has successfully obtained an Australian Financial Services Licence (AFSL) for Asset Management from the Australian Securities & Investments Commission (ASIC). This acquisition strengthens EBC’s ability to provide sophisticated investment solutions to institutional investors, professional investors, and high-net-worth individuals (HNWIs) worldwide. By securing the AFSL, EBC is not only deepening its presence in Australia but also enhancing its capacity to serve clients across global markets, aligning with its broader strategy to offer diversified and regulated asset management services on a global scale.

The new licence, issued to EBC Asset Management Pty Ltd, strengthens the group’s existing offerings. It complements EBC’s existing AFSL for General Financial Advice, enhancing the group’s ability to deliver a comprehensive range of investment strategies across asset classes such as real estate, fixed income, equities, and alternative investments, including private equity and venture capital funds. This marks a key milestone in EBC’s continued effort to expand its global financial ecosystem.

Global Strategy: Addressing an Evolving Investment Landscape
As global economic uncertainties and market volatility increase, more HNWIs and institutional investors are seeking stable asset management solutions. EBC’s acquisition of the AFSL for Asset Management is a strategic response to these changing dynamics, enabling the company to offer flexible investment options and enhanced market access. By securing this licence, EBC is well-positioned to address the growing demand for reliable, diversified investment strategies, not just in Australia but across global markets, ensuring clients worldwide can benefit from EBC’s expertise in regulated and transparent environments like Australia’s.

Previously, under the AFSL for General Financial Advice, EBC provided a wide range of financial products and services to both retail and wholesale clients. The new licence empowers EBC to offer specialised services exclusively for wholesale clients globally. These services include general financial product advice on managed investment plans (excluding investor-directed portfolio services) and securities. Additionally, EBC is now authorised to facilitate financial product transactions, including issuing, applying for, acquiring, varying, or disposing of interests in managed investment schemes and securities. This also extends to offering custodial services that provide enhanced protection and transparency for client assets.

Kris Wang, Country Head of EBC Financial Group in Australia, stated, “The acquisition of this licence reflects our commitment to maintaining the highest regulatory standards while broadening our asset management capabilities. We are dedicated to delivering a diversified and robust investment portfolio designed to meet the varied requirements of high-net-worth individuals and institutional investors.”

Strategic Expansion into Australia’s High-Net-Worth Market
Australia is home to a substantial number of HNWIs, with approximately 400,000 individuals whose assets exceed USD 1 million. By obtaining the AFSL for Asset Management, EBC is positioned to capitalise on this market, offering investment strategies that cater specifically to the wealth management needs of Australia’s growing high-net-worth population, including family office solutions and international investment products. EBC’s global experience will also help clients navigate regulatory complexities and optimise cross-border investments.

“We see immense potential in Australia’s growing high-net-worth segment,” added Wang. “Our goal is to leverage our global expertise to help investors optimise their portfolios through diversified and innovative investment strategies. We also plan to expand our services to include family office management and other global investment products in the near future.”

Custody and Family Office Services: Core to Future Growth
Custody services, which are a core component of EBC’s long-term strategy, are a vital addition to EBC’s Australian service offerings. Through custodial services, EBC ensures the segregation of client funds, enhancing asset transparency and compliance. EBC’s planned family office services will offer bespoke wealth management support to HNWIs and institutional clients, addressing complex cross-asset and cross-border wealth management needs, including tax optimisation and wealth inheritance, further strengthening EBC’s ability to serve clients worldwide.

With the new asset management licence, EBC Financial Group continues to solidify its global presence, offering premium financial services to wholesale clients in both developed and emerging markets. This strategic move aligns with EBC’s broader mission of delivering sophisticated investment solutions that meet the evolving demands of investors worldwide.

About EBC Financial Group
Founded in the esteemed financial district of London, EBC Financial Group (EBC) is renowned for its comprehensive suite of services that includes financial brokerage, asset management, and comprehensive investment solutions. EBC has quickly established its position as a global brokerage firm, with an extensive presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, Sydney, the Cayman Islands, and across emerging markets in Latin America, Southeast Asia, Africa, and India. EBC caters to a diverse clientele of retail, professional, and institutional investors worldwide.

Recognised by multiple awards, EBC prides itself on adhering to the leading levels of ethical standards and international regulation. EBC Financial Group’s subsidiaries are regulated and licensed in their local jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA), EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA), EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC).

At the core of EBC Group are seasoned professionals with over 30 years of profound experience in major financial institutions, having adeptly navigated through significant economic cycles from the Plaza Accord to the 2015 Swiss franc crisis. EBC champions a culture where integrity, respect, and client asset security are paramount, ensuring that every investor engagement is treated with the utmost seriousness it deserves.

EBC is the Official Foreign Exchange Partner of FC Barcelona, offering specialised services in regions such as Asia, LATAM, the Middle East, Africa, and Oceania. EBC is also a partner of United to Beat Malaria, a campaign of the United Nations Foundation, aiming to improve global health outcomes. Starting February 2024, EBC supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, demystifying economics, and its application to major societal challenges to enhance public understanding and dialogue.

https://www.ebc.com/

Media Contact:
Susindhraseghar Chandrasekar
Global Public Relations (APAC, LATAM)
susindhra.c@ebc.com

Chyna Elvina
Global Public Relations Manager (APAC, LATAM)
chyna.elvina@ebc.com

Douglas Chew
Global Public Relations Lead
douglas.chew@ebc.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ef43b93-2ecf-4d4c-a6ca-8c91ff2aa721

The MIL Network –

January 23, 2025
MIL-OSI USA: What is a Coral Reef?

Source: NASA

Coral reefs cover only 1% of the ocean floor, but support an estimated 25% of all marine life in the ocean, earning them the moniker ‘rainforest of the sea.’ They also play a critical role for coastal communities; preventing coastal erosion, protecting coastlines from hurricane damage, and generating $36 billion in annual income worldwide.
We asked Juan Torres-Pérez, a research scientist and coral reef expert at NASA Ames Research Center, about the science behind coral reefs, and the role they play in both marine ecosystems and human communities.

Reef
Reefs are ridge-like structures, either natural or artificial. “A reef by definition is a structure that provides some relief above the ocean floor,” Torres-Pérez said. “It could be something man-made: you can pile a bunch of car tires, and then they get colonized by different organisms. Or it could be natural: a small hill on top of the ocean floor in which the primary framework is a rock.”
Corals
Corals are animals from the phylum Cnidaria, typically found along tropical coastlines. They comprise hundreds to thousands of living organisms called polyps, each only a few millimeters in diameter. Each polyp has its own body and a mouth with stinging tentacles to capture food such as plankton and small fish. The polyps grow together until they form a colony, and it is this colony that we recognize as a coral. There are two types of coral: hard corals and soft corals. Hard corals, also known as stony corals or more formally as Scleractinians, secrete calcium carbonate to form a hard skeleton; it is this type of coral that form a coral reefs. Soft corals, also known as Alcyonacea, are fleshy and bendable, often resembling trees or fans.

The colorful appearance of corals comes from the microscopic algae that live inside coral cells, called zooxanthellae. These algae perform photosynthesis, bringing vital food and nutrients to the corals. “The majority of the products from photosynthesis, about 80 to 90%, pass on to the coral, and then the coral uses those for its own metabolism,” said Torres-Pérez. “This is why corals are usually found in shallow waters: because these organisms need the sunlight to photosynthesize.”
Coral Reefs
A coral reef is a term used to describe the collective structure of hard corals that help shape a coral reef ecosystem. “A coral reef is a reef whose main structure is made by living organisms, in this case corals,” said Torres-Pérez. “A coral reef will always be a reef, but not all reefs are coral reefs.” The largest coral reef in the world is Australia’s Great Barrier Reef, which is over 1,000 miles long and covers around 133,000 square miles.

Healthy coral reefs play a crucial role in providing coastal protection, habitats for marine life, and even key ingredients for potential new medicines.
“Coral reef ecosystems provide habitat for thousands of species, from unicellular organisms like bacteria or some phytoplankton communities, to large organisms like sharks, groupers or snappers, and reptiles like sea turtles,” Torres-Pérez said.
Corals act as a protective barrier during big storm events such as typhoons or hurricanes and have proven to be 97% effective in preventing damage to the natural and built environment. As coral reefs have been damaged in recent decades, coastal flooding and erosion have increased, causing significant damage to coastal communities.
Many communities depend on coral reefs as a resource to sustain their livelihoods. “These are critical ecosystems, not only in terms of the whole biodiversity of the planet but because they also provide sustenance for millions of people, especially in island nations,” Torres-Pérez said. Coral reefs also support fisheries (fish caught for commercial, recreational, or subsistence purposes), recreational activities, and educational purposes.
Scientists have been exploring coral as a new ingredient source for some medicines. They have discovered that a chemical from coral can be extracted to create antibiotics that are effective against bacteria resistant to other types of antibiotics. These ingredients are replicated in a lab, eliminating the need to continuously harvest and harm corals.

According to a 2020 report produced by the Global Coral Reef Monitoring Network (GCRMN), 14% of the world’s coral reefs have been lost since 2009. In the wake of the 2023-2024 global coral bleaching event, that number is expected to increase.

Coral bleaching is caused by increasing ocean temperatures. As water temperatures rise, it causes corals to expel their zooxanthellae, leaving behind a bone-white shell and depriving the coral of its main food source. “Eventually what happens is that the coral is too weak to compete with other organisms, like filamentous algae, that can overgrow the coral and eventually kill the whole colony,” said Torres-Pérez.
Other threats to coral reefs come from human activity, such as pollution or physical damage. “Increases in sedimentation from poor land management get deposited into the reefs,” said Torres-Pérez, citing urban stormwater runoff and deforestation as two examples of sedimentation. Coral sedimentation is the deposition and accumulation of sediments, like fine sands or mud, on a reef. This clouds the waters, blocking critical sunlight and reducing the ability of zooxanthellae to photosynthesize.
Another human-caused threat to corals is eutrophication, the unnatural increase of nutrients in the water. “Eutrophication provides grounds for the development of filamentous algae, which grows much faster than corals,” said Torres-Pérez. Some of these excess nutrients in the water come from sewage released into coastal waters or runoff of agricultural fertilizers into the ocean. The algae feed off the excess nutrients and grow into massive blooms, which suppress the growth of corals.

Moreover, Torres-Pérez pointed out that human-caused physical damage to reefs can result from mechanical damage, such as ship anchors being thrown onto corals. Some fishing techniques, like deep water trawling (dragging fishing nets along the sea floor), can also damage reefs by pulling and tearing corals away from their bases. On a more individual scale, coral damage can also result from being stepped on by humans, or accumulated trash left behind by beach-goers.

Many coral reefs in the world are still unclassified, unexplored, or yet to be discovered. NASA’s NeMO-Net hopes to change that. Torres-Pérez, who is a Co-Investigator for NeMO-Net, described how the citizen science project functions like an interactive mobile video game, allowing anyone to identify corals. “Users can characterize different components of a coral reef based on 2D [and 3D] images of a coral reef,” said Torres-Pérez. “which goes into a machine learning component.” The information from these classifications is fed into a scientific model and helps NASA both classify and assess the health of coral reefs around the world. To learn more about NeMO-Net and how to get involved, check out their website.
In 2022, Torres-Pérez founded OCEANOS (Ocean Community Engagement and Awareness using NASA Earth Observations and Science for Hispanic/Latino Students), a program aimed at bringing oceanography and STEM opportunities to the next generation of Hispanic/Latino students in Puerto Rico. During the program, students build and test their own low-cost optical sensors, test data in a phytoplankton lab, replant coral reefs, and create storymap presentations of their work. “We want students to feel confident and capable to pursue STEM careers,” Torres-Pérez said, “and we want them to become agents of change in their community to share the importance of preserving the ocean.”

Outside of NASA, Torres-Pérez is an active member of the U.S. Coral Reef Task Force (USCRTF); an interagency body established in 1998 from Executive Order 13089: Coral Reef Protection that aims to preserve, protect, and restore coral reef ecosystems.

To learn more about coral reefs and how they are monitored, Torres-Pérez recommends checking out resources from the National Oceanic and Atmospheric Administration (NOAA), which has a section on their website dedicated to corals. One notable coral reef resource from NOAA is their Coral Reef Watch website, which monitors sea surface temperatures on global and local scales. The website serves government and non-governmental agencies with their data products, which are used to monitor and predict climate impacts on coral reefs worldwide.
Written by: Katera Lee, NASA Ames Research Center

MIL OSI USA News –

January 23, 2025
MIL-OSI New Zealand: Arrests following burglaries in Cambridge and Hamilton

Source: New Zealand Police (National News)

Attributable to Detective Inspector Graham Pitkethley, District Manager Criminal Investigations, Waikato.

Waikato Police have arrested five youths in relation to a number of burglaries in the Waikato area in the past two days.

At around 4:20am on Monday 14 October five youths travelling in a stolen vehicle gained entry to a commercial premises in Cambridge using hammers. The premises and items inside were damaged.

A short time later, at around 5:40am, a store on Heaphy Terrace in Hamilton was broken into, with the group stealing several items and cash from the premises, causing damage to the store.

On Tuesday 15 October a second commercial premises was broken into in Cambridge. The group arrived in a stolen vehicle about 1.30am and again used hammers to gain entry before taking items from the store.

The youths then allegedly travelled in a second stolen vehicle to a service station on Naylor Street where a burglary took place, causing damage to the premises and taking items.

That same vehicle was then driven to a store on Cambridge Road, Hillcrest a short time later where hammers were once again used to gain entry to the premises and again items were stolen.

At around midday Tuesday, Police observed a vehicle that was reported stolen, travelling in Fairview Downs in Hamilton. Police signalled for the vehicle to stop, however it failed to do so. The vehicle was located a short time later in Nawton.

Five youths were located at a property a short distance from the vehicle, where they were taken into custody.

All five have since been referred to Youth Aid services.

We wish to reassure the public that Police are committed to responding to offending in our communities and to holding offenders to account for their actions.

We encourage the public to report offending as it happens by calling 111.

Other matters can be reported after the fact by going online to http://www.police.govt.nz/use-105 or calling 105.

ENDS

Issued by Police Media Centre

MIL OSI New Zealand News –

January 23, 2025
MIL-OSI Australia: Allens advises TPG Telecom on $5.25bn sale of fibre network and Enterprise, Government and Wholesale fixed line business to Vocus

Source: Allens Insights

Allens has advised TPG Telecom on an agreement to sell its fibre network infrastructure and its enterprise, government and wholesale (EGW) fixed line business to Vocus Group Limited for an enterprise value of $5.25 billion.

The sale will include all of TPG Telecom’s fibre and fixed line network infrastructure, its EGW fixed line business, its PPC-1 international submarine cable system and its wholesale broadband business, Vision Network.

The sale price is inclusive of a potential $250 million contingent value payment related to subscriber targets for the Vision Network business.

TPG will retain its mobile and radiocommunications network infrastructure, consumer and EGW mobile business and its consumer and small office/home office fixed retail business, including fixed wireless.

The deal also includes a long-term strategic partnership between TPG and Vocus, with Vocus to provide TPG with ongoing access to its fibre infrastructure.

Allens acted for TPG Telecom on the strategic review of its Vision Network business in 2022. The firm then advised TPG Telecom on negotiations with Vocus and its owners, Macquarie Asset Management and Aware Super, when the parties decided to explore a larger transaction.

‘This transaction demonstrates that telecommunications infrastructure continues to be a highly attractive asset class for financial investors,’ said co-lead Partner and Head of Allens’ Technology, Media & Telecommunications group, Gavin Smith.

‘The pace of digitisation, and the continued growth in requirements for data transmission and storage, means that the physical infrastructure underpinning that trend is highly valued.

‘Allens has had a long-standing relationship with TPG Telecom. We are delighted to advise it on this transformational transaction which allows it to unlock the value of its fixed line networks.’

Co-lead Partner Julian Donnan said: ‘This deal will allow TPG Telecom to focus on its mobile and its consumer and small office/home office fixed retail business, including fixed wireless. We congratulate the teams at TPG Telecom and its financial adviser, Bank of America, with which we worked closely. We also congratulate the Vocus, Macquarie Asset Management and Aware Super teams’.

The deal cements Allens’ position as the leading advisor on telecommunications M&A activity in Australia.

The firm advised on all major Australian and New Zealand telecommunications tower transactions between 2021 and 2024, including: the Morrison and Future Fund investment into Amplitel (Telstra towers); the sale by TPG Telecom of its towers portfolio to OMERS/Waveconn; AustralianSuper on its acquisition of a majority stake in ATN (Optus towers) and the acquisition by ATN of Axicom; Ontario Teachers’ Pension Plan’s acquisition of a majority stake in Connexa, the Spark New Zealand tower company; Connexa’s acquisition of the 2degrees NZ tower portfolio; and NorthLeaf Capital Partners and InfraRed Capital Partnerson their acquisition of Fortysouth, the Vodafone New Zealand towers business. Allens also advised Morrison and Brookfield on its acquisition of Uniti Group.

Allens legal team

Lead partners

Gavin Smith, Julian Donnan

M&A and Capital Markets

Tom Story (Partner), Kimberley Lowrie (Managing Associate), Stephanie Rowan (Senior Associate), Harry Martin (Associate), Will Brown (Senior Associate), Sophie Stitch (Lawyer)

Technology, Media & Telecommunications

Jessica Mottau (Partner), Isabelle Guyot (Managing Associate), David Liao (Senior Overseas Practitioner), Alexandra Martin (Senior Associate), Isaac Nankavill (Associate), Isabelle Orazio (Lawyer), Tasnim Ahsan (Lawyer), Matilda Winnell (Lawyer)

Competition, Consumer and Regulatory

Rosannah Healy (Partner), Robert Walker (Partner), John Yiannakou (Managing Associate), Edison Wang (Senior Associate), Tom Hodgson (Lawyer)

Real Estate & Development

Victoria Holthouse (Partner), Tom Wilson (Senior Associate), Jayne Williams (Senior Associate), Alex Jeffares (Associate)

Banking & Finance

Alan Maxton (Partner), Sarah Denton (Senior Overseas Practitioner), Robert Lau (Senior Associate)

Intellectual Property

Tommy Chen (Managing Associate), Max Jones (Senior Associate)

Employment & Safety

Veronica Siow (Partner), Sikeli Ratu (Partner), Eden Sweeney (Associate)

Contact for further information

Public Relations & Social Media Manager

MIL OSI News –

January 23, 2025
MIL-OSI New Zealand: More good news for Kiwis

Source: New Zealand Government

Today’s inflation figures are more good news for New Zealanders, Finance Minister Nicola Willis says.

Stats NZ reported today that the inflation rate had dropped from 3.3 per cent in the year to June to 2.2 per cent in the year to September. That is down from 5.6 per cent just a year ago and over 7 per cent in 2022.

“At 2.2 per cent inflation, it is also the first time the rate has been back within the Reserve Bank’s target range of 1 to 3 per cent since March 2021.

“The era of crushing price rises is now over.

“Kiwis can look forward to mortgage rate reductions and businesses will find it easier to invest and innovate with a lower cost of borrowing.

“The steps the Government is taking to reduce inflationary pressures by restoring discipline to public spending, reducing the red tape that is stifling innovation and development, and rebuilding business confidence are working.

“Together with the tax relief that took effect on 31 July, and the FamilyBoost childcare payments that many families are now receiving, falling inflation and interest rates mean large numbers of families are now better off than they were a year ago.

“There is more work to be done to get the economy growing, but New Zealanders can be confident we are headed in the right direction.”

MIL OSI New Zealand News –

January 23, 2025
MIL-OSI China: UK has no plans for EU-style tariffs on Chinese EVs

Source: China State Council Information Office

British Trade Secretary Jonathan Reynolds has said that the United Kingdom (UK) has no plans to follow the European Union’s (EU) decision to impose tariffs on Chinese electric vehicle (EV) imports.

Reynolds said that there had not been any complaints from the UK automative industry to the Trade Remedies Authority (TRA), and he would not seek to follow the EU in pursuing tariffs, the Reuters reported on Monday.

“We keep it under close analysis, but I think it’s important our industry is different, and as of yet industry itself hasn’t asked for that referral to the TRA,” Reynolds told reporters on the sidelines of the International Investment summit in London.

Britain was an “outlier” in how little it had done in terms of building trade links with China, and engagement was a good thing, Reynolds added.

Reynolds had made similar remarks at the G7 Trade Ministers’ Meeting in Italy in July, reaffirming that the UK would not impose punitive tariffs on Chinese EVs like the EU.

China and the EU are yet to reach a mutually acceptable solution on the issue, despite important progress in certain areas, China’s commerce ministry said on Saturday.

The EU’s move has also sparked criticism from several European countries and auto industries, who warn the move could backfire by undermining the EU’s own competitiveness.

MIL OSI China News –

January 23, 2025
MIL-OSI China: Large-scale debt swap eyed to boost economy

Source: China State Council Information Office

A worker counts Chinese currency renminbi at a bank in Linyi, East China’s Shandong province. [Photo/Xinhua]

China is likely to approve a debt swap program worth trillions of yuan as the beginning of a broader plan to decisively forestall any downward economic spiral, economists and policy advisers said.

The debt resolution program — set to be the biggest of its kind in recent years — reflects policymakers’ priority not only to stimulate short-term growth, but also to proactively tackle major structural challenges, opening the door to further substantive policy support, they said.

The policy focus for the coming quarters should include further addressing local governments’ delayed payments to businesses, acquiring idle housing and helping struggling real estate developers overcome difficulties, they said.

The economists and advisers added that by alleviating debt pressures facing local governments, the debt swap plan will improve corporate performance, reinvigorate business expectations and serve as an important stepping stone to economic stabilization.

Noting that this approach is as essential as direct demand stimulus, Robin Xing, chief China economist at Morgan Stanley, said, “Resolving the debt issue is a critical step in stopping a key deflationary downward spiral.”

Xing added that the debt swap program would go beyond merely reducing interest payments. “It can improve the liquidity and balance sheets of local businesses (as local governments honor payables), but more fundamentally, restore stability in the regulatory environment and thus business expectations.”

He estimated that the debt swap program will be no less than 6 trillion yuan ($843 billion) over multiple years, with the central government taking over some local debt burdens, and added that this year may see a 2 trillion yuan supplementary fiscal package for local debt resolution and bank recapitalization.

Finance Minister Lan Fo’an said on Saturday that the Finance Ministry plans to increase the debt limit by a large scale at once and replace the hidden debt of local governments, without disclosing the specific size of the plan.

The market is waiting for the Standing Committee of the National People’s Congress, the country’s top legislature, to convene in late October or early November to approve the specifics of the plan.

Sheng Zhongming, a research fellow at the CF40 Institute, which is affiliated with the China Finance 40 Forum think tank, said that a debt swap would convert high-cost and structurally complex implicit debt into more sustainable low-cost and standardized government bonds, reflecting a policy orientation of securing this year’s growth target while tackling persistent structural problems.

China must confront the key structural issues of local debt risks, outstanding government payments to businesses, real estate concerns and the recapitalization needs of banks, Sheng said, which will require at least 10 trillion yuan in additional public funds over several years in order to be effectively addressed.

Wang Yiming, vice-chairman of the China Center for International Economic Exchanges, suggested leveraging central government funding to address local governments’ overdue payments to businesses that accumulated during the COVID-19 pandemic.

To further address the real estate downturn, a feasible solution could be establishing a special fund, financed by fiscal funds, to acquire housing stock and convert it into government-subsidized rental housing for new urban residents, said Wang, who also serves as a monetary policy committee member of the nation’s central bank.

Li Daokui, director of Tsinghua University’s Academic Center for Chinese Economic Practice and Thinking, said it is imperative to address the situation in which local governments face extremely tight cash flows while banks are flush with liquidity.

Li suggested that local debt at least equivalent to 20 percent of the country’s GDP, or around 30 trillion yuan, should be replaced with longer-term treasury bonds.

MIL OSI China News –

January 23, 2025
MIL-OSI Australia: New Key Worker Accommodation arrives in Finley

Source: New South Wales Government 2

Headline: New Key Worker Accommodation arrives in Finley

Published: 16 October 2024

Released by: Minister for Regional Health

Healthcare workers will soon have access to modern, fit for purpose accommodation in Finley with the arrival of new accommodation units to support staff at Finley Health Service.

Six self-contained units are being installed on the east side of the Health Service on Dawe Avenue, delivered as part of the NSW Government’s $45.3 million Key Worker Accommodation Program.

The prefabricated units are built off-site and modelled on the Key Worker Accommodation Program Prototype Unit completed earlier this year.

The new units will be fully furnished and self-contained, and feature a screened verandah, a light-filled living and dining area, modern kitchen, bedroom with ensuite, and an internal laundry. Parking spaces and secure access are also provided.

Healthcare workers are expected to move into the new accommodation before the end of the year, once installation, connection of services, fencing, landscaping, and furnishing of the new units is completed.

Murrumbidgee Local Health District is one of three regional local health districts to benefit from a $45.3 million investment to deliver accommodation for health workers under the Key Worker Accommodation Program.

Finley is the second site in the Murrumbidgee Local Health District to receive new accommodation under the program.

In the coming months, Leeton and Narrandera health services will also benefit from the Program with the installation of three units at West Wyalong now complete.

An additional $200.1 million has been committed by the NSW Government to increase key health worker accommodation across rural and regional areas of the State as part of the 2024-25 NSW Budget.

Quotes attributable to Regional Health Minister Ryan Park:

“With the $25 million redevelopment of the Finley Health service expected to start early next year, the availability of new healthcare worker accommodation on-site will be an important boost for recruitment.

“Recruitment and retention of staff in rural and regional hospitals is a priority for the Minns Labor Government, which is why we are committing a further $200.1 million to increase key health worker accommodation in the state.

“Finley is the third site in rural and regional NSW to have pre-manufactured new accommodation units delivered under the current Key Worker Accommodation Program, and it’s wonderful see the success of this innovative approach to infrastructure continue.”

Quotes attributable to Member for Murray, Helen Dalton:

“I’m pleased that these new units will help support healthcare workers at Finley Health Service by providing modern, safe and comfortable accommodation close to their place of work.

“Investments like this are vital to help attract and retain staff, particularly so for regional and rural areas where recruitment is one of the biggest challenges.”

MIL OSI News –

January 23, 2025
MIL-OSI New Zealand: Trade Minister to attend G20 meeting in Brazil

Source: New Zealand Government

Trade Minister Todd McClay will attend the Group of Twenty (G20) Trade and Investment Ministerial Meeting in Brasilia next week.

“As an exporting nation reliant on trade, this is a significant opportunity to boost our interests with some of the world’s largest economies and many of our most important trading partners,” Mr McClay says.

“New Zealand was invited to attend following our success in negotiating the E-Commerce agreement at this year’s WTO Ministerial Trade negotiation in Abu Dhabi, and our inaugural attendance at the G7 Trade Ministers meeting in Reggio Calabria.”

Minister McClay will represent New Zealand alongside G20 members to discuss sustainable development, investment, global food security, reducing Non-Tariff Barriers (NTBs) and strengthening of the Multilateral system to grow trade.

In addition to G20 meetings, Mr McClay will look to engage directly with counterparts including from Brazil, Canada, Chile, the European Union, Germany, India, Mexico, Netherlands, South Africa, the United Kingdom and the United States.

While in the region, the Minister will also lead a business delegation to São Paulo to boost New Zealand’s $242 million exported to Brazil and supporting the 40 Kiwi businesses already operating in the region.

The delegation includes 13 organisations: Aroa Biosurgery, Auckland Council, Foot Science International, Framecad, Gallagher Animal Management, Latin America Centre of Asia-Pacific Excellence (CAPE), Latin America New Zealand Business Council (LANZBC), Livestock Improvement Corporation (LIC), Loadscan, Mindhive Global, New Zealand Brazil Business Chamber (NZBBC), Seequent, and Tait Communications.

“We are committed to ensuring New Zealand remains competitive on the world stage and that our high-quality, safe and sustainable exports gain the recognition they deserve.”

MIL OSI New Zealand News –

January 23, 2025
MIL-OSI USA: Senator Markey Maps Need for Climate Action and Highlights Federal Investments in Massachusetts Climate Resilience, Following Extreme Weather Events Across the Country

US Senate News:

Source: United States Senator for Massachusetts Ed Markey

Calls for more investment in resilient schools and hospitals and for a federal climate emergency declaration

WATCH: Senator Markey, advocates discuss climate resilience

Senator Markey joined by City Councilor Gabriela “Gigi” Coletta Zapata; Brian Swett, Boston’s Chief Climate Officer; Dwaign Tyndal, Executive Director of Alternatives for Community and Environment (ACE); and John Walkey, Noemy Rodriguez, and Roseann Bongiovanni from GreenRoots.

Boston (October 15, 2024) – Senator Edward J. Markey (D-Mass.) today was joined in Boston by local officials and advocates to call for increased federal investment to bolster the climate resilience of regions at risk of sea level rise – exacerbated by devastation from climate change-fueled storms, as well as highlight ongoing resiliency projects in Massachusetts, following two devastating hurricanes in the southeastern United States that are expected to cost $300 billion and have resulted in more than 250 deaths. Senator Markey announced that over the past two years, Boston, Chelsea, and Revere have already secured more than $75 million from the Bipartisan Infrastructure Law and the Inflation Reduction Act for resiliency projects that include building resilient transportation corridors in Roxbury, greening the Chelsea Creek waterfront, and making the MBTA (Massachusetts Bay Transportation Authority) Blue Line more flood resistant. In total, Massachusetts has secured approximately $200 million for climate resiliency projects from those two laws so far. Senator Markey was joined by Brian Swett, Chief Climate Officer for the City of Boston; Boston City Councilor Gabriela Coletta Zapata; Roseann Bongiovanni, Noemy Rodriguez, and John Walkey from GreenRoots; and Dwaign Tyndal, Executive Director of Alternatives for Community and Environment (ACE).

“If we don’t drive down our emissions as a country, we could see more than six feet of sea level rise by the end of the century. That’s sunny-day flooding in neighborhoods from East Boston to Back Bay. TD Garden wouldn’t be flooded with a sea of fans—it would be flooded by the sea itself. Back Bay will go back to the bay,” said Senator Markey. “Our task is twofold. One, cut climate pollution by ushering in a clean energy revolution unlike any we’ve seen before, dismantling our dependence on fossil fuels. And two, prepare for the future by investing in resilient buildings and strong communities. Thanks in part to the Inflation Reduction Act and the Bipartisan Infrastructure Law, we are well on our way to meet that second goal. In Massachusetts, we don’t wait, we create.”

“Chelsea and East Boston, the two communities that we serve at GreenRoots, are frontline environmental justice communities that are disproportionately impacted by environmental assault. On a daily basis, environmental justice communities throughout the United States and in the Global South face increased frequency of severe storms, storm surge, sea level rise, drought, heat island impacts, wildfires and much more. We need federal leadership like that of Senator Markey’s to prioritize policies and investments in climate resilience and climate justice, an end to fossil fuel use, and implementing greater renewable, resilient energy,” said Roseann Bongiovanni, Executive Director of GreenRoots.

“Many of the people here have immigrated as a result of natural disasters in their home countries, and with climate change, we know that natural disasters are only going to be increasing in number. When this happens, we need to ask the questions, ‘Where are we going to go? What is going to happen to us?’ These are the questions and worries that many of us have, not just for East Boston, but all over the country. We are the first generation feeling the effects of climate change and we may be the last generation that can do something about it,” said Noemy Rodriguez, Waterfront Initiative Organizer at GreenRoots.

“We know that when climate change happens, the least among us are the first affected and the worst affected. We frequently say that people are a paycheck away from disaster. According to FEMA, just an inch of floodwater in a home causes roughly about $25,000 in damages. There are over 400,000 Massachusetts residents living in the hundred-year flood zone which means more than a one in four chance of having a flood during a 30-year mortgage period. If home ownership is the route to generational wealth that we would leave to the next generation, we need to be planning and prepared for this,” said John Walkey, Director of Climate Justice & Waterfront Initiatives.

“Boston is deeply grateful for Senator Markey’s unwavering leadership in securing critical federal funds that are bolstering our city’s climate resilience. Thanks to our partners in the federal government, Boston has secured over $60 million in grants for coastal resilience projects helping us protect our neighborhoods from rising sea levels and extreme storms. However, with the increasing frequency of extreme weather, much more work remains, and additional funding is essential to fully safeguard our city and its most vulnerable communities,” said Brian Swett, Chief Climate Officer for the City of Boston.

“We have a moral obligation to move quickly to identify all strategies and tools that are at our disposal to ensure that Boston’s forty-seven-mile coastline is resilient and to protect these residents. I want to thank Senator Markey for his leadership in the Senate, and President Biden’s leadership in securing these necessary federal funds that Boston is now being awarded, which will help protect our communities. This is our next big challenge. We need the resources, capital, and collaboration to adequately protect Boston. We need the vital investments coming down the pike from the federal government in both green and gray infrastructure to protect our future. I am hopeful, with the level of partnership and leadership on display here across all levels of government, advocacy groups and philanthropy, and I know that we will continue to lean in and get it done,” said Boston City Councilor Gabriela “Gigi” Coletta Zapata.

“This is a reminder, a call to arms, a warning and a reality check. We may have more resources than imagination to deal with this issue. We have all the policy, the information, and the possible solutions. The struggle now is to push beyond our imagination to do what we need to get this done. This is not going to be a part of the political cycle, or fundraising cycles, but part of the continual struggle and persistence that many of us are here today are taking part in,” said Dwaign Tyndal, Executive Director of Alternatives for Community and Environment (ACE).

The destruction of extreme weather events is disproportionately felt by Black, Brown, low-income, and immigrant communities, who are burdened by historical disinvestment and the compounded effects of legacy pollution and dangerous infrastructure sited in their neighborhoods. Under the Biden-Harris administration, including through the historic Inflation Reduction Act and the Bipartisan Infrastructure Law, federal funding has come to Massachusetts to help prevent the worsening impacts of climate change and support the Commonwealth’s climate resilience efforts, but continued federal investment in resiliency and clean energy will be needed to help avoid worsening disasters and billion-dollar storm recoveries in the future.

Senator Markey has been working to ensure that Massachusetts is climate resilient and prepared for extreme weather events, which are only increasing in frequency due to climate change. On October 4, Senator Markey joined Mayor Jennifer Macksey for a briefing on the Hoosic River Flood Mitigation Study, a project that aims to evaluate potential flood risk reduction measures and support development of a new flood mitigation system built with 21st-century engineering standards. Senator Markey led the effort to get the study included in the Water Resources Development Act (WRDA), advocated for $750,000 in funding for the Army Corps of Engineers this year, and has secured $950,000 in the pending appropriations bill for Fiscal Year 2025 (FY25).

In September, Senator Markey announced a grant of $472 million from the U.S. Department of Transportation (DOT) to the MBTA to fully replace the North Station Draw One Bridge and renovate Platform F at North Station. The grant is the largest federal award the MBTA has won to date. The nearly half a billion-dollar grant will provide critical support for one of MBTA’s top priority projects and a vital transportation asset to MBTA’s north-side operations. It will also support more than 14,500 jobs, make the bridge more climate resilient by bringing it above projected sea-level rise, and lower emissions.

In August, on the second anniversary of the historic Inflation Reduction Act, Senator Markey launched his Climate Hub, a centralized site with resources to help stakeholders navigate opportunities from both the Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA). Together, these two laws have created the largest and most significant climate and clean energy investments in history, putting the United States on a path to address the climate crisis, repair historic harms to disadvantaged communities, create good-paying union jobs in the clean energy economy, and work towards a Green New Deal future.

MIL OSI USA News –

January 23, 2025
MIL-OSI New Zealand: Parliament Hansard Report – Petitions, Papers, Select Committee Reports, and Introduction of Bills – 001419
Source: New Zealand Parliament – Hansard

PETITIONS, PAPERS, SELECT COMMITTEE REPORTS, AND INTRODUCTION OF BILLS

SPEAKER: No petitions have been delivered to the Clerk, but Ministers have delivered 18 papers.

CLERK:
- 2023-24 annual reports of ACC, Crown Irrigation Investments, Crown Law, Inland Revenue, Kāinga Ora, LINZ, MBIE, the Ministry of Education, the Ministry of Housing and Urban Development, NZQA, the Remuneration Authority, Stats NZ
- Reports on the 2023-24 non-departmental appropriations for Vote Education, Vote Housing and Urban Development, and the Emergency Management and Recovery portfolio
- Government response to the Climate Change Commission’s Monitoring report: Emissions reduction (July 2024); the ACC 2023-24 climate report and 2024-25 service agreement.
SPEAKER: Those papers are published under the authority of the House. No select committee papers have been presented. No bills have been introduced.

MIL OSI New Zealand News –
January 23, 2025
MIL-OSI USA: Senator Reverend Warnock, Georgia Delegation Colleagues Demand EPA Regulate BioLab Chemicals Following Latest Incident at Conyers Facility

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

Senator Reverend Warnock, Georgia Delegation Colleagues Demand EPA Regulate BioLab Chemicals Following Latest Incident at Conyers Facility

Senator Reverend Warnock is calling on the Environmental Protection Agency (EPA) to strengthen federal oversight of facilities manufacturing or storing certain hazardous chemicals
Senator Reverend Warnock joined Senator Jon Ossoff in the bicameral push with Representatives Hank Johnnson, David Scott, Lucy McBath, and Nikema Williams
ICYMI from the Atlanta Journal-Constitution: Georgia congressional leaders demand EPA scrutiny of BioLab chemicals
Senator Reverend Warnock, lawmakers: “Given TCCA’s involvement in multiple safety incidents due to its highly reactive properties, we urge the EPA to include it on the list of regulated substances under the Risk Management Program (RMP)”
Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) led a bicameral push to urge the Environmental Protection Agency (EPA) to strengthen federal oversight of facilities manufacturing or storing certain hazardous chemicals in the wake of the latest incident at the BioLab plant in Conyers.
Leading alongside Senator Jon Ossoff (D-GA), Congressman Hank Johnson (D-GA-04), and joined by U.S. House Representatives David Scott (D-GA-13), Lucy McBath (D-GA-07) and Nikema Williams (D-GA-05), Senator Warnock sent a letter to EPA Administrator Michael Regan urging the agency to enhance federal oversight of facilities that manufacture and/or store the hazardous chemical Trichloroisocyanuric Acid (TCCA), which is at the heart of the incident at the BioLab plant in Conyers. The environmental and public health crisis that has been ongoing since September 29.
“We are concerned that facilities like BioLab Conyers, which manufacture and/or store TCCA are improperly managing these substances,” the lawmakers wrote. “When not handled correctly, these chemicals can contaminate local air, water, and soil, posing severe public health risks which include respiratory issues, skin irritations, and long-term conditions like lung and heart disease.”
Specifically, the lawmakers urge the EPA to “include it on the list of regulated substances under the Risk Management Program (RMP),” which would prompt federal and state agencies to develop more effective safety protocols and management strategies, ensuring stricter adherence to safety standards for facilities handling this chemical.
“The gravity of this situation underscores the need for changes to the federal and state regulatory systems,” concluded the lawmakers.
The lawmakers are also requesting the agency respond to nine key questions surrounding the reactive chemical in question.
Read the letter HERE or below.
The Honorable Michael Regan
Administrator
U.S. Environmental Protection Agency
1200 Pennsylvania Avenue NW
Washington, DC 20460
Dear Administrator Regan,
We are writing to urge the Environmental Protection Agency (EPA) to take immediate action to enhance federal oversight of facilities that manufacture and/or store the hazardous chemical Trichloroisocyanuric Acid (TCCA).
On September 29, 2024, just after Hurricane Helene slammed the area, a catastrophic chemical fire took place at the BioLab facility in Conyers, Georgia, that stores TCCA. The fire released a large, billowing plume of hazardous, toxic gasses into the air, which caused the closure of parts of Interstate 20 for nearly 17 hours, with local businesses and government offices forced to close while 17,000 residents living near the plant were forced to evacuate.
As of today, toxic substances continue to rise into the air from the smoldering ruins of the plant, with corporate and government officials being unable to offer a specific timetable as to when the danger will end. People not just in the immediate vicinity of the plant but also millions across southeastern metropolitan Atlanta are under constant exposure to hazardous air quality. This incident has raised serious concerns about the community’s vulnerability to toxic chemical exposure. The danger is heightened by approaching rain which will douse the collapsed building under which millions of pounds of TCCA remain exposed to moisture.
BioLab, a division of KIK Consumer Products, manufactures and stores millions of pounds of chemical mixtures primarily composed of TCCA at the Conyers, Georgia facility. When TCCA comes into contact with small amounts of water, a hazardous chemical reaction is triggered that generates heat and causes decomposition of the chemical and can in turn produces toxic chlorine gas and can also produce explosive nitrogen trichloride. The Conyers BioLab facility has experienced three separate chemical incidents in the past seven years, four in the past 20. Each event resulted in dangerous chemical reactions and fires, releasing toxic gases like chlorine into the air.
There have been conflicting reports on what caused the most recent fire at the Conyers facility. One report cited water used to douse a fire on the roof of the plant seeping in, while another report blames the fire on a malfunctioning sprinkler system. Rainwater from Hurricane Helene seeping into the BioLab facility during and after Hurricane Helene has not been ruled out as a cause as well.
We are concerned that facilities like BioLab Conyers, which manufacture and/or store TCCA are improperly managing these substances. When not handled correctly, these chemicals can contaminate local air, water, and soil, posing severe public health risks which include respiratory issues, skin irritations, and long-term conditions like lung and heart disease.
A similar incident occurred on August 27, 2020, at the Lake Charles BioLab facility in Westlake, Louisiana, in the aftermath of Hurricane Laura. The facility sustained severe damage after TCCA manufactured and stored therein was moistened by small amounts of water and decomposed, producing toxic chlorine gas and nitrogen trichloride. These gases ignited, causing a fire and noxious clouds of toxic gases. The U.S. Chemical Safety and Hazardous Investigation Board (CSB) investigated the incident and issued safety recommendations to minimize the consequences of future accidental chemical releases like the Lake Charles incident.
The 2023 (CSB) report on BioLab Lake Charles found a regulatory gap regarding the oversight of chemicals like TCCA, particularly in their classification and management under existing federal regulations. Given TCCA’s involvement in multiple safety incidents due to its highly reactive properties, we urge the EPA to include it on the list of regulated substances under the Risk Management Program (RMP).
This action will prompt federal and state agencies to develop more effective safety protocols and management strategies, ensuring stricter adherence to safety standards for facilities handling this chemical. We hope the Conyers debacle will prompt the inclusion of TCCA to the Process Safety Management (PSM) Standard under the Occupational Safety and Health Administration (OSHA).
We call on the EPA to collaborate with states to implement training programs specifically designed for emergency responders and facility staff. These programs should address the unique challenges posed by reactive chemicals that adversely react to water used to extinguish fires, focusing on appropriate firefighting techniques, chemical behavior, and risk assessment. The EPA, in partnership with state fire marshals and chemical safety experts, can establish comprehensive guidelines for fire suppression techniques tailored to reactive chemicals, including recommendations for effective alternative extinguishing agents, such as dry chemical extinguishers or foam.
Considering these concerns, we respectfully request clarification by November 20, 2024, on the following matters regarding regulatory oversight and preventative measures at chemical facilities like BioLab:
1. Has the EPA, in conjunction with the State of Georgia, initiated any investigations or inspections regarding BioLab Conyers’ compliance with federal environmental and chemical safety and risk management standards following its incidents since 2020?
2. What immediate actions are the EPA and State agencies taking in response to this latest fire, given the history of public safety concerns at the Conyers facility?
3. The 2023 Chemical Safety and Hazard Investigation Board (CSB) found that TCCA and TCCA-based formulations are not covered by the Occupational Safety and Health Administration (OSHA) Process Safety Management (PSM) Standard. Has there been any progress in addressing this regulatory gap?
4. Following the BioLab Conyers incident, is the EPA considering adding TCCA to the list of regulated substances under the Risk Management Program (RMP)?
5. How is the EPA collaborating with state agencies to ensure that chemical facilities like BioLab Conyers are prepared for extreme weather events that could worsen fire hazards or hazardous material spills?
6. In response to BioLab Conyers’ repeated safety failures, what specific measures will the EPA implement with state agencies to improve fire preparedness protocols, particularly for training facility staff and local emergency responders on handling fires involving non-water extinguishable substances?
7. Does the EPA anticipate monitoring potential groundwater, soil, and water contamination from the chemical fire at the Conyers BioLab facility?
8. We understand that the EPA is working to monitor air quality following the chemical fire. What steps has the EPA taken to inform affected communities of their findings and recommendations to safeguard the health and safety of these communities and their environment?
a.How have the locations and spatial extent of the EPA’s air quality monitoring area changed as the location and direction of the smoke plume has shifted?
9. What specific additional authority and resources does the EPA need to effectively prevent future incidents at chemical facilities like BioLab Conyers?
The gravity of this situation underscores the need for changes to the federal and state regulatory systems. We look forward to your prompt response and urge robust, decisive measures to address the serious environmental and safety concerns posed by incidents like this.

MIL OSI USA News –

January 23, 2025
MIL-OSI Economics: African Development Bank supports BIASHARA Africa 2024 Business Forum

Source: African Development Bank Group

The African Development Bank has lent support to the Biashara Africa 2024 Business Forum or AfCFTA Business Forum, held from 9-11 October 2024 in Kigali, Rwanda.

The meeting, organized by the African Continental Free Trade Area (AfCFTA), brought together industry leaders, policymakers and government representatives to promote African trade and foster economic growth on the continent. This year’s forum was themed “Dare to Invent the Future of the AfCFTA.”

As part of ongoing institutional support to the AfCFTA Secretariat, an African Development Bank delegation to the forum included Acting Director for the Bank’s Industrial and Trade Development department Ousmane Fall, Trade Policy Officer Abou Fall and Trade Facilitation Officer Rachael Nsubuga.

During the opening ceremony President Paul Kagame of Rwanda and AfCFTA champion emphasized connectivity across the continent in his remarks.

“How well we adapt as Africa to crisis depends on how strongly connected, we are,” Kagame said, urging governments to strengthen governance and institutions to prioritize implementation of AfCFTA protocols on trade in goods, services and movement of people for efficient trade.

Fall delivered a statement underscoring the Bank’s commitment to support African member countries through a comprehensive strategy to address investments tacking policy and regulation, corridors infrastructure, technology and connectivity constraints.

He noted that the African Development Bank has been very active in addressing access to trade finance as a major impediment to productivity. So far, the Bank has facilitated more than 3,000 trade transactions involving 170 financial institutions in all regional member countries for a cumulative trade value of over $12 billion since the inception of The Bank Trade Finance Program.

Africa accounts for only two percent of global production, although it is most integrated in global value chains, but in the less profitable segments of value chains, Fall said.

The Biashara 2024 Business Forum held business exhibitions and side events on diverse topics such as unlocking the trade potential of Africa; trade finance; value chains; partnerships for Africa’s trade; and business to business events.

The AfCFTA is the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight regional economic communities. The overall mandate of the AfCFTA is to create a single continental market with a population of about 1.3 billion people and a combined GDP of approximately US$ 3.4 trillion.

MIL OSI Economics –

January 23, 2025
MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (1)

Source: Hong Kong Government special administrative region

Following is the translation of the speech made by the Chief Executive, Mr John Lee, in delivering “The Chief Executive’s 2024 Policy Address” to the Legislative Council this morning (October 16):

Mr President, Honourable Members and fellow citizens,

I. Reform and Embrace Changes to Achieve Prosperity

1. This is my third Policy Address.

2. The Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC Central Committee) adopted the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization. The Resolution calls on Hong Kong to fully harness the institutional strengths of “One Country, Two Systems” while consolidating and enhancing its status as an international financial, shipping and trade centre. It also supports Hong Kong’s position to become an international hub for high-calibre talents, to exert a greater role in our country’s opening up to the world, and to deepen collaboration within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) through better harmonisation of rules and mechanisms.

3. In running for office, more than two years ago, I stated that “we must embrace a reform mind-set” and we “need further revamping”. I proposed to build a “result-oriented” government, setting key performance indicators (KPIs) to create a new government culture. I put forward a series of reform measures, including the establishment of Care Teams to enhance district services, introduction of the Advance Allocation Scheme to shorten the waiting time for public housing, and assistance to junior secondary students living in subdivided units (SDUs) for tackling intergenerational poverty. I believe that we must maintain our development momentum and self-renewal, and that we must embrace changes while staying principled, innovative and flexible in meeting challenges and opportunities.

4. Regarding system reforms, I work on the principle that anything essential but lacking in the system must be established; any serious shortcomings must be rectified; any bottlenecks, weaknesses or hurdles must be overcome; and any areas in need of consolidation must be reinforced and improved. In the reform process, we have to decide what should be built from scratch, what should be overhauled to set things right, and what should be consolidated and bolstered. In taking forward reforms, we must have a systemic mind-set and manage the relationships between overall and local interests, between the present and the future, between macro and micro concerns. While we may make reference to the successful experiences of other places, we cannot adopt them directly given the differences in the basis and structure of our systems. Our reform proposals must take heed of the prevailing circumstances and be tailored to local conditions.

5. Since becoming Chief Executive, I have carried out reforms along the above principle.

6. On implementation of “One Country, Two Systems”, we fulfilled the constitutional responsibility to enact local legislation for Article 23 of the Basic Law; we reformed the institutional set-up of the District Councils by implementing the principle of “patriots administering Hong Kong”; we enacted a new legislation to enable an essentially automatic extension of land leases in an orderly manner for a term of 50 years to beyond 2047, manifesting the long-term adherence to “One Country, Two Systems”.

7. On governance, we reformed the government structure and reshuffled the duties among policy bureaux, increasing their number from 13 to 15. We created three new Deputy Secretaries of Department to strengthen co-ordination of work across bureaux, setting up task forces led by the Deputy Secretaries to enhance implementation. We cultivated a government culture focusing on results. We also introduced a mechanism mobilising the Government at all levels to respond to major incidents.

8. In economic development, we established the Hong Kong Investment Corporation Limited (HKIC) to optimise the use of government funds for the development of industries and our economy. We pressed ahead with the development of the “eight centres” and the Northern Metropolis, taking an industry-oriented approach. We set up the Hong Kong Talent Engage (HKTE) and the Office for Attracting Strategic Enterprises (OASES) to strengthen our efforts in trawling for talents and enterprises. We also established Hong Kong as a regional hub for higher education.

9. As for people’s livelihood, we implemented healthcare reform and took steps to build our primary review mechanism for drugs and medical devices. We set up a system for bringing in healthcare professionals to alleviate manpower shortage in the public healthcare system. We also launched Light Public Housing (LPH) to fill short-term gaps in the supply of public housing, and established the Task Force on Tackling the Issue of Subdivided Units. We pooled resources for targeted poverty alleviation. We established an annual review mechanism for minimum wage protection. We also rationalised traffic flow among the three road harbour crossings.

10. Reform is a continuous process. Over the past two years, my team and I have focused on economic growth and on improving people’s livelihood through development, with the well-being of the people of Hong Kong close to our hearts. This Policy Address will deepen our reforms and explore new growth areas. Measures include building an international gold trading market, promoting high value-added maritime services, and building a commodity trading ecosystem and internationally-accredited metal warehouses. We will promulgate the Development Outline for the Hong Kong-Shenzhen Innovation and Technology Park in the Loop, building a testing ground for policy and institutional innovation. We will also set up a working group on developing the low-altitude economy.

11. In this Policy Address, I will continue to follow through the “four proposals” put forward by President Xi Jinping in his important speech delivered on 1 July 2022. I will also outline our vision and objectives for reforms and changes, as well as the related key measures and KPIs. A Supplement offering more details on the policy measures and related matters has also been compiled.

(To be continued.)

MIL OSI Asia Pacific News –

January 23, 2025

MIL-OSI Economics: Money Market Operations as on October 15, 2024

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	532,197.56	6.29	4.50-6.50
I. Call Money	10,248.04	6.42	5.00-6.50
II. Triparty Repo	369,769.45	6.27	6.20-6.37
III. Market Repo	151,167.07	6.31	4.50-6.50
IV. Repo in Corporate Bond	1,013.00	6.40	6.40-6.45
B. Term Segment
I. Notice Money**	436.00	6.38	5.75-6.50
II. Term Money^@@	255.50	–	6.55-6.90
III. Triparty Repo	429.00	6.27	6.24-6.40
IV. Market Repo	395.33	6.49	6.49-6.49
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo	Tue, 15/10/2024	2	Thu, 17/10/2024	26,060.00	6.49
3. MSF^#	Tue, 15/10/2024	1	Wed, 16/10/2024	1,528.00	6.75
4. SDF^Δ#	Tue, 15/10/2024	1	Wed, 16/10/2024	76,656.00	6.25
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-101,188.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo	Fri, 04/10/2024	14	Fri, 18/10/2024	44,275.00	6.49
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo	Mon, 14/10/2024	4	Fri, 18/10/2024	24,070.00	6.49
3. MSF^#
4. SDF^Δ#
5. On Tap Targeted Long Term Repo Operations^€	Mon, 15/11/2021	1095	Thu, 14/11/2024	250.00	4.00
5. On Tap Targeted Long Term Repo Operations^€	Mon, 27/12/2021	1095	Thu, 26/12/2024	2,275.00	4.00
6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£	Mon, 15/11/2021	1095	Thu, 14/11/2024	105.00	4.00
	Mon, 22/11/2021	1095	Thu, 21/11/2024	100.00	4.00
	Mon, 29/11/2021	1095	Thu, 28/11/2024	305.00	4.00
	Mon, 13/12/2021	1095	Thu, 12/12/2024	150.00	4.00
	Mon, 20/12/2021	1095	Thu, 19/12/2024	100.00	4.00
	Mon, 27/12/2021	1095	Thu, 26/12/2024	255.00	4.00
D. Standing Liquidity Facility (SLF) Availed from RBI^$				6,242.78
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				-58,562.22
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-159,750.22
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		October 15, 2024		996,914.69
(ii) Average daily cash reserve requirement for the fortnight ending		October 18, 2024		1,001,756.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		October 15, 2024		0.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		September 20, 2024		418,318.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
^£ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2024-2025/1301

MIL OSI Economics –

January 23, 2025

MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (3)

Source: Hong Kong Government special administrative region

III. Consolidate and Enhance Our Status as an International Financial, Shipping and Trade Centre

29. The development of international financial, shipping and trading centres are closely intertwined. Besides expanding and strengthening our existing businesses, we will also explore new growth areas, specifically by creating a commodity trading ecosystem to attract relevant enterprises to establish presence in Hong Kong, turning our city into an operation centre for international commodity trading, storage and delivery, shipping and logistics, risk management, and more. This will help develop the markets in international gold, nonâ€‘ferrous metal, green transportation, and others, further promoting the integrated development of Hong Kong as an international financial, shipping and trade centre.

30. Hong Kong ranks among the world’s largest import and export markets for gold by volume. The current complexity in geopolitics underscores our city’s edge in security and stability, and hence an attractive location for investors for gold storage, spurring relevant activities such as gold trading, settlement, and delivery. We will capitalise on our strengths as an international financial centre to build Hong Kong into an international gold trading centre.

31. The Government will facilitate an international commodity exchange to set up accredited warehouses in Hong Kong. We will also introduce measures such as a preferential tax regime to attract enterprises to expand their business in Hong Kong, and to increase storage and trade volume of commodities.

32. Green shipping and aviation is a global trend. The Government will nurture industrial development of sustainable aviation fuel and green maritime fuel, and establish a fuel bunkering centre, leveraging the development opportunities in finance, trading and maritime sectors stemming from new energy.

(A) International Financial Centre

33. Hong Kong is an international financial centre, ranking third globally and first in investment environment. The Government will continue with reforms to reinforce and enhance our status as an international financial centre.

Deepen Mutual Market Access and Enrich Offshore Renminbi Business

34. We will continue to enhance the mutual market access regime and reinforce our status as the world’s largest offshore Renminbi (RMB) business hub, contributing to the internationalisation of RMB. Key measures include continuously improving our infrastructure and upgrading the Central Moneymarkets Unit to facilitate the settlement of various assets in different currencies by international investors. We will also develop the fixed income market infrastructure by, for instance, setting up a central clearing system for RMBâ€‘denominated bond repurchase (repo) transactions, making RMB sovereign bonds issued in Hong Kong a more popular choice of collateral in offshore markets. We will look to enhance the Crossâ€‘boundary Wealth Management Connect Scheme as well.

35. We will also strive to bolster offshore RMB liquidity and make good use of the currency swap agreement between the HKSAR and our country, enabling the Hong Kong Monetary Authority (HKMA) to better support Hong Kong’s economic and trade development; expand the nightâ€‘time, crossâ€‘boundary service capability of Hong Kong’s RMB Real Time Gross Settlement System to facilitate global settlement in offshore RMB markets; and explore the provision of more diversified channels for obtaining offshore RMB financing.

36. We will provide more RMBâ€‘denominated investment productsâ€¯–

(i) the Hong Kong Exchanges and Clearing Limited (HKEX) to encourage more listed companies to have shares listed in the RMB stock trading counter, and expand the scope of RMB equities;

(ii) to increase issuance of RMB bonds and support issuance of more green and sustainable offshore RMB bonds in Hong Kong;

(iii) to seek support from the Ministry of Finance for boosting the size and frequency of issuing RMB sovereign bonds, and launching offshore RMB sovereign bond futures as soon as possible, in Hong Kong; and

(iv) to actively liaise with the Mainland authorities to expand the Bond Connect (Southbound Trading) as appropriate, including expanding the scope of eligible Mainland investors to nonâ€‘bank financial institutions such as securities firms and insurance companies; and enriching liquidity management tools that facilitate offshore investors’ investment in onshore bonds by actively exploring and introducing, at appropriate juncture, various bond repo and collateral products and arrangements using onshore RMB bonds.

Further Enhance Our Status as an International Risk Management Centre

37. Hong Kong has the highest concentration of insurance companies and the highest insurance density in Asia. To further strengthen Hong Kong’s position as a global risk management centre, the Insurance Authority will initiate a review next year. We will examine capital requirements for infrastructure investment, enriching insurance companies’ asset allocation for risk diversification and driving investment in infrastructure such as the Northern Metropolis. We will also continue to invite Mainland and overseas enterprises, including large stateâ€‘owned enterprises in the Mainland, to establish captive insurers in Hong Kong.

Further Enhance Our Status as an International Asset and Wealth Management Centre

38. There are 2â€¯700 singleâ€‘family offices in Hong Kong, and the industry has predicted that Hong Kong will become the world’s largest crossâ€‘boundary wealth management centre by 2028. We will make every effort to attract more global capital to be managed in Hong Kong, including facilitating the opening of new distribution channels for private equity funds through HKEX’s listing, and:

(i) collaborating with sovereign wealth funds in regions along the Belt and Road (B&R)â€¯–â€¯We will strive to collaborate with largeâ€‘scale sovereign wealth funds in regions such as the Middle East, in financing the setting up of funds to invest in assets in the Mainland and other regions;

(ii) enhancing the New Capital Investment Entrant Schemeâ€¯–â€¯Effective today, investment in residential properties is allowed provided that the transaction price of the residential property concerned is no less than $50 million, with the amount of real estate investment to be counted towards the total capital investment capped at $10 million. In addition, investments made through an eligible private company wholly owned by an applicant will be counted towards the applicant’s eligible investment with effect from 1 March 2025; and

(iii) expanding the scope of tax concessionsâ€¯–â€¯The Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds and singleâ€‘family offices.

Proactively Expand Markets and Deepen Overseas Networks

39. We will continue to actively expand and deepen our overseas networks, including forging financial coâ€‘operation with the Middle East and the region of the Association of South East Asian Nations (ASEAN), organising more international financial mega events, and exploring further collaboration with Islamic markets in the area of finance.

Further Enhance the Securities Market

40. Relevant measures include:

(i) opening up new sources of capital overseasâ€¯–â€¯Exchange Traded Funds (ETF) tracking Hong Kong stock indices will be launched in the Middle East, seeking to attract allocation of capital in the market to Hong Kong stocks;

(ii) striving for more listing of enterprises in Hong Kongâ€¯–â€¯We will leverage the advantages brought about by our mutual access with the Mainland’s financial markets to attract international enterprises to list in Hong Kong. We will also encourage largeâ€‘scale Mainland enterprises to list here, particularly aiming to have more prominent initial public offerings in the near term;

(iii) optimising vetting of listing applicationsâ€¯–â€¯The Securities and Futures Commission (SFC) and the HKEX will announce specific measures for further optimising relevant procedures to provide greater certainty regarding the time required for vetting of listing applications; and

(iv) boosting market efficiencyâ€¯–â€¯The SFC and the HKEX will boost market efficiency and lower transaction costs, including reviewing the arrangement for deposit of margin, and refining the requirements on placement of margin and collateral.

Provide Convenient Cross-boundary Financial Services Arrangement

41. To promote financial inclusion, we will facilitate members of the public in making crossâ€‘boundary transactions and payments. The HKMA and the People’s Bank of China are pushing forward the linkage of fast payment systems in the two places, i.e. the Faster Payment System (FPS) in Hong Kong and the Internet Banking Payment System (IBPS) in the Mainland, to facilitate realâ€‘time, crossâ€‘boundary smallâ€‘value payments by residents on both sides; and they will implement the arrangement enabling issuance of bank cards by Mainland branches of Hong Kongâ€‘incorporated banks in the Mainland.

Build an International Gold Trading Market

42. Hong Kong ranks among the world’s largest import and export markets for gold by volume. Amidst the increasingly complicated geopolitics, our city’s security and stability gives us a clear edge as an attractive place for physical gold storage, driving more gold trading, settlement and delivery activities, and potentially propelling Hong Kong into a gold trading centre. This will spur development of the related industry chain, ranging from investment transactions, derivatives, insurance, storage, to trading and logistic services.

43. The Government will promote the development of worldâ€‘class gold storage facilities, facilitating the storage and delivery of spot gold by users and investors in Hong Kong, and driving demand for related services such as collateral and loan businesses, opening up new growth areas of the financial sector.

44. The Financial Services and the Treasury Bureau (FSTB) will set up a working group to take forward the establishment of an international gold trading centre. This will include, among other things, strengthening the trading mechanism and regulatory framework, promoting application of cuttingâ€‘edge financial technology, and actively exploring with the Mainland authorities on the inclusion of goldâ€‘related products in the mutual market access programme.

Enhance the Green Finance Ecosystem

45. Hong Kong is a leading sustainable finance hub in Asia. The international carbon market (Core Climate) launched by the HKEX is the world’s only carbon market to offer Hong Kong dollar (HKD) and RMB settlement for trading of international voluntary carbon credits.

46. The HKMA will roll out the Sustainable Finance Action Agenda. In addition, the FSTB will launch a roadmap on the full adoption of the International Financial Reporting Standardsâ€¯–â€¯Sustainability Disclosure Standards (ISSB Standards) this year, leading Hong Kong to be among the first jurisdictions to align its local requirements with ISSB Standards.

(B) International Shipping Centre

47. Hong Kong is one of the world’s busiest and most efficient ports, and ranks fourth in the International Shipping Centre Development Index (ISCDI). The average length of stay of container vessels in the Hong Kong port is 0.95 days, about half the average of 1.85 days for the world’s top 20 container ports, earning our city the reputation as a “catchâ€‘up port” for vessels to make up for delays in other ports.

48. The shipping business is composed of the port sector and maritime services, in which maritime services (including professional services such as ship broking, financing and leasing, maritime insurance, maritime law and arbitration) are the highâ€‘valueâ€‘added segment of shipping business and the source of growth, having grown by nearly 40% over the past three years (from 2019 to 2022) in terms of economic contribution. We will step up our efforts in fostering Hong Kong’s maritime industry while taking a multiâ€‘pronged approach to consolidate our status as an international shipping centre.

Establish the Hong Kong Maritime and Port Development Board

49. The existing Hong Kong Maritime and Port Board will be reconstituted into the “Hong Kong Maritime and Port Development Board”, a highâ€‘level advisory body to assist the Government in formulating policies and longâ€‘term development strategies. To be chaired by a nonâ€‘official member, with other members largely from the maritime sector, the new body will be underpinned by dedicated staff to undertake research and publicity work. Additional funding will be provided to enhance its research capabilities, strengthen its Mainland and overseas promotional work and step up manpower training, supporting the Government in policy implementation more effectively and promoting the sustainable development of Hong Kong’s maritime industry.

Promote Development of High Value-added Maritime Services

50. We will strive to promote the development of high valueâ€‘added maritime and professional services. Indeed, the Government has been encouraging more shipping commercial principals and maritime service enterprises to establish presence in Hong Kong by providing tax exemptions for ship leasing business and offering halfâ€‘rate tax concessions for marine insurance, ship management, ship agency and ship broking. We will continue to boost Hong Kong’s maritime strengths. Relevant measures include:

(i) enhancing and promoting tax concessionsâ€¯–â€¯To strengthen the local maritime ecosystem, we will step up promotion of existing tax concessionary measures for maritime services and enhance the preferential tax regime (including introducing new tax deduction arrangements for ship lessors pursuant to international tax rules);

(ii) attracting maritime service enterprises to establish presence in Hong Kongâ€¯–â€¯We will encourage leading or highâ€‘potential marine insurance business operators to establish presence in our city to broaden the range of marine insurance products; and

(iii) developing maritime services talentsâ€¯–â€¯We will strengthen collaboration with international marine insurance organisations to promote the training of marine insurance talents, and expand the scope of the Maritime and Aviation Training Fund to cover more green energy courses, marine insurance examinations, and others.

Advance Development of Green Maritime Centre

51. We will develop Hong Kong into a green maritime centre through:

(i) promoting the green transformation of registered shipsâ€¯–â€¯The Marine Department earlier this year began offering cash incentives to ships meeting relevant international standards on decarbonisation, and it will step up promotion of this initiative;

(ii) developing a green maritime fuel bunkering centreâ€¯–â€¯We will promulgate the Action Plan on Green Maritime Fuel Bunkering by the end of this year. We will take forward the related infrastructural development such as green maritime fuel bunker terminals, promote port emissions reduction, offer incentives to encourage green maritime fuel usage, coâ€‘operate with ports in the GBA, and construct a green shipping corridor with major trading partners; and

(iii) offering green fuel bunkering facilitiesâ€¯–â€¯We will provide green ships with smart information concerning navigational safety, and enhance the ship monitoring systems to ensure safety during fuel bunkering.

Create a Commodity Trading Ecosystem

52. Commodities including metals and minerals account for more than half of the global shipping trade volume. Shipowners and commodity traders are the key users of shipping routes and maritime services. Their presence and operation in Hong Kong can drive the maritime services industry, and boost demand for related financial and professional services such as hedging activities of related futures products, conducive to consolidating and enhancing Hong Kong’s status as an international financial, shipping and trade centre. We will explore the introduction of tax concessions and support measures to attract relevant enterprises in the Mainland and overseas to set up businesses in Hong Kong, building a commodity trading ecosystem in our city.

53. There has been an international commodity exchange expressing its intention to establish accredited warehouses in Hong Kong for storage and delivery of commodities, including nonâ€‘ferrous metal products. We will capitalise on this opportunity to establish relevant supporting facilities so as to attract Mainland enterprises to engage in commodity trade, especially of nonâ€‘ferrous metal, in Hong Kong, further expanding the demand for our maritime and trade services.

Develop the Smart Port and Conduct International Promotions

54. The Government will complete installation of a port community system next year. It will be equipped with functions such as shipment tracking, realâ€‘time transport information, electronic information and document retrieval, and port data analysis, enabling the flow and sharing of data among stakeholders in the maritime, port and logistics industries.

55. The Government will also organise more major events with international maritime organisations and enterprises to showcase to the world Hong Kong’s maritime strengths.

Expand High Value-added Logistics Services

56. We are taking forward the Action Plan on Modern Logistics Development, and will release four quality logistics sites for industry to develop modern, highâ€‘end, multiâ€‘storey logistics facilities. The findings of the planning study on the development of modern logistics clusters in the Hung Shui Kiu/Ha Tsuen New Development Area (NDA) will be published next year.

57. The Government will continue to strengthen coâ€‘operation in the logistics sector with the western part of Guangdong and other neighbouring areas, making good use of the Hong Kongâ€‘Zhuhaiâ€‘Macao Bridge (HZMB) to expand the catchment area of our cargo services and facilitate more goods to go through Hong Kong.

(To be continued.)

MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI USA: BPA Investing Approximately $3 Billion in PacNW Electricity Grid Using Cantwell-Led Authorization

US Senate News:

Source: United States Senator for Washington Maria Cantwell
10.15.24
BPA Investing Approximately $3 Billion in PacNW Electricity Grid Using Cantwell-Led Authorization
Cantwell: “Bringing more affordable clean power online is the key to holding down electricity costs.”
EDMONDS, WA – The Bonneville Power Administration (BPA) announced today it is moving forward with approximately $3 billion in electricity grid improvement projects that will significantly increase the capacity and reliability of the Pacific Northwest grid and its ability to integrate new energy sources. This announcement adds to the $2 billion in grid upgrades BPA announced in July 2023, both investments enabled by the increased borrowing authority Senator Maria Cantwell (D-WA) included in the 2021 Bipartisan Infrastructure Law.
In Central Washington these upgrades include expanding the capacity of the existing Coulee-Olympia 287 kV circuit to 500 kV, looping in the Columbia line with a new 500 kV substation, and reconductoring some adjacent transmission lines. In Western Washington, BPA will be rebuilding the Schultz-Olympia portion of the Coulee-Olympia by also increasing its capacity from 287 kV to 500 kV, along with installing some necessary new transformers and shunt capacitors. A 500 kV line can typically carry 3-5 times more power than a 287 kV line. The remaining grid investments will occur in Oregon.
“I commend Bonneville for expanding our region’s transmission capacity using the tools we gave them in the bipartisan infrastructure bill,” said Sen. Cantwell. “Bringing more affordable clean power online is the key to holding down electricity costs. These investments will not only create thousands of construction jobs, they will help revitalize our Pacific Northwest grid so we can take advantage of countless manufacturing, electrification, and emission reduction opportunities.”
In July 2021, Sen. Cantwell authored and fought for passage of a bipartisan amendment that eventually resulted in a $10 billion increase in BPA’s borrowing authority being included in the Bipartisan Infrastructure Law. The measure allowed BPA to continue to borrow at low-interest rates at no ultimate cost to the taxpayer, so that Bonneville could move forward with the vital projects announced today. Sen. Cantwell’s amendment also linked expanded borrowing authority to new financial oversight requirements and opportunities for increased stakeholder engagement.
Without Sen. Cantwell’s efforts, the borrowing authority would likely not have been established, industry insiders said at the time.
In July of 2023, BPA announced $2 billion in electricity grid investments. Combined with the proposed BPA announced then, BPA is now working on more than 20 proposed projects with an estimated cost of approximately $5 billion.
This July, Sen. Cantwell joined U.S. Senator Ron Wyden (D-OR) and regional energy stakeholders to discuss technological and policy solutions that will ensure NW ratepayers and our regional economy continue to benefit from abundant, affordable, and reliable clean energy. More than 200 business, government, and non-profit energy professionals attended the event, including BPA Administrator John Hairston. On the day of the event, Sen. Cantwell released a snapshot report highlighting the key energy technology areas that the Pacific Northwest is poised to lead.
Bonneville’s generating and transmission portfolio consists primarily of emissions-free sources and is the backbone of an electricity system that is relied on by tens of millions of people throughout the Western United States. The U.S. Department of Energy estimates that the Pacific Northwest will need to add 56% more transmission capacity by 2040. The Northwest Power and Conservation Council’s latest report indicates that electricity demand in the Northwest is projected to increase by more than 30% in the next decade, triple the prediction from three years ago.
Sen. Cantwell has been a longtime champion of BPA and the cost-based power it helps provide the Pacific Northwest, and has successfully fended off multiple efforts to privatize BPA or increase regional electricity rates.

MIL OSI USA News –

January 23, 2025
MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (5)

Source: Hong Kong Government special administrative region

IV. Develop New Quality Productive Forces Tailored to Local Conditions

75. The core element of new quality productive forces is to achieve highâ€‘quality economic development through technological empowerment. Hong Kong is striving to become an international innovation and technology (I&T) centre by promoting the upgrading and transformation of traditional industries while actively nurturing emerging ones. We will spare no effort in developing new quality productive forces tailored to local conditions.

(A) International I&T Centre

Optimise the Strategy and Institutional Set-up for the Development of New Industrialisation

76. We will draw up a medium to longâ€‘term development plan for new industrialisation in Hong Kong. We will also press ahead with the establishment of the Hong Kong New Industrialisation Development Alliance to promote closer collaboration among the Government and the industry, academia, research and investment sectors, building a coâ€‘operative platform for new industrialisation in Hong Kong. This includes providing more financing opportunities and fostering I&T coâ€‘operation between newlyâ€‘listed companies in Hong Kong and local universities.

Establish the Third InnoHK Research Cluster

77. The InnoHK research clusters have become home to about 2â€¯500 research and development (R&D) personnel from Hong Kong and around the world. The Government has already started preparatory work to establish the third InnoHK research cluster, which will focus on advanced manufacturing, materials, energy and sustainable development. The target is to attract worldâ€‘class R&D teams to collaborate with local institutions, promoting R&D and bringing in talents.

Increase Research Funding

78. The Government will launch a new round of Research Matching Grant Scheme totalling $1.5 billion to attract more organisations to support research endeavours of institutions.

Increase Investment for I&T Industries

79. We will increase investment and guide more market capital to invest in I&T industries, reflecting a revamped approach of Government in this. Relevant measures include:

(i) setting up a $10 billion I&T Industryâ€‘Oriented Fundâ€¯–â€¯We will set up a fundâ€‘ofâ€‘funds to channel more market capital to invest in specified emerging and future industries of strategic importance, including life and health technology, AI and robotics, semiâ€‘conductors and smart devices, advanced materials and new energy. The goal is to systematically build an I&T ecosystem;

(ii) optimising the Innovation and Technology Venture Fundâ€¯–â€¯We will redeploy $1.5 billion to set up funds jointly with the market, on a matching basis, investing in startâ€‘ups of strategic industries, to further enhance Hong Kong’s startâ€‘up ecosystem; and

(iii) maximising the impact of the HKIC as “patient capital”â€¯–â€¯The HKIC will continue to attract I&T enterprises to establish their presence and settle in Hong Kong by channelling and leveraging market capital.

Attract International Start-up Accelerators to Establish a Presence in Hong Kong

80. The Government will launch the I&T Accelerator Pilot Scheme with a funding allocation of $180 million at a oneâ€‘toâ€‘two matching ratio between the Government and the institution, up to a subsidy ceiling of $30 million. The Scheme aims to attract professional startâ€‘up service providers with proven track records in and beyond Hong Kong to set up accelerator bases in Hong Kong, fostering the robust growth of startâ€‘ups.

Develop the Low-altitude Economy

81. Lowâ€‘altitude economy, which refers to economic activities in airspace below 1â€¯000 metres, presents a wide array of application scenarios including rescues, surveys and delivery of goods and passengers. Formulating a management system for lowâ€‘altitude economy will help drive development in areas such as telecommunication technologies, AI and the digital industry, unlocking the lowâ€‘altitude airspace as a new production factor for our economy.

82. The Government will establish the Working Group on Developing Lowâ€‘altitude Economy. Led by the Deputy Financial Secretary, it will formulate development strategies and interâ€‘departmental action plans, starting with projects on lowâ€‘altitude applications. It will designate specific venues for such purposes, draw up regulations and design the institutional set-up, and study and map out plans to develop the required infrastructure and networks. Relevant measures include:

(i) exploring lowâ€‘altitude flying application scenariosâ€¯–â€¯We will press ahead with pilot projects and designate venues to explore deploying drones for delivery, surveys, building maintenance, aerial photography, performances, search and rescue, and other possibilities;

(ii) amending relevant regulationsâ€¯–â€¯This includes relaxing restrictions on beyondâ€‘lineâ€‘ofâ€‘sight flying activities, as well as those on weight and loading of drones, encouraging market research and investment, facilitating technology tests and developing aerial tours;

(iii) promoting interface with the Mainlandâ€¯–â€¯We will explore with the Mainland authorities the joint establishment of lowâ€‘altitude crossâ€‘boundary air routes, immigration and customs clearance arrangements and supporting infrastructure; and

(iv) studying and planning for lowâ€‘altitude infrastructureâ€¯–â€¯In the long run, we need a highly effective, intelligent and digitalised lowâ€‘altitude infrastructure system for the realâ€‘time management on networks of lowâ€‘altitude activities. It will strategise solutions for complex management and safety issues arising from such activities. The working group will embark on technical studies and planning of support facilities for lowâ€‘altitude activities (such as vertiports and charging stations), communications network, air route network, management of lowâ€‘altitude flying activities and so on to lay the foundation for the low altitude economy.

Promote Development of Communications Technology

83. Low Earth Orbit (LEO) satellites are less costly than traditional ones. The Government will conduct a study on streamlining the vetting procedures of licence applications for operating LEO satellites. The Government will also make available more suitable radio spectrum to the market in a timely manner.

Advance R&D of Aerospace Science and Technology

84. Hong Kong’s research teams have been actively engaged in R&D of aerospace science and technology. This year, a Hong Kong resident was selected as a preparatory astronaut. We are very grateful for our country’s support for Hong Kong in developing aerospaceâ€‘related technologies. The Government will set up a research centre under the InnoHK research cluster to participate in the Chang’Eâ€‘8 mission, contributing to national aerospace development.

Promote Development of New Energy

85. The Government will earmark around $750 million under the New Energy Transport Fund to subsidise the taxi trade and franchised bus companies to purchase electric vehicles, and launch the Subsidy Scheme for Trials of Hydrogen Fuel Cell Electric Heavy Vehicles.

86. We will further promote the development of new energy by:

(i) setting a target for sustainable aviation fuel (SAF) consumptionâ€¯–â€¯We will speed up the reduction of carbon emissions by the aviation industry and cater to the increasing demand of international airlines for SAF;

(ii) developing SAF and green maritime fuel supply chainsâ€¯–â€¯We will formulate the longâ€‘term plan for industry development in respect of fuel supply and demand, storage and bunkering; and

(iii) promoting green and low carbon hydrogen energyâ€¯–â€¯We will actively support the industry to establish a solarâ€‘toâ€‘hydrogen facility for demonstration, introduce a bill next year to ensure the safe use of hydrogen fuel, and formulate the approach of hydrogen standard certification suitable to Hong Kong.

(B) Regional Intellectual Property Trading Centre

87. Hong Kong’s intellectual property (IP)â€‘intensive industries accounted for about 30% of our Gross Domestic Product and of total employment respectively. We will strengthen our position as a regional IP trading centre by expanding the IP trading ecosystem of the I&T sector and creative industries.

Enhance the Legislative Framework for IP

88. The Government will strengthen protection for the products of innovation and creativity yielded by R&D efforts. Measures include putting forward a proposal next year to enhance the Copyright Ordinance regarding the protection for AI technology development, launching a consultation in 2025 on the registered designs regime currently under review, and proposing legislative amendments to streamline IP litigation processes for the High Court to manage and hear these cases more effectively.

89. Next year, the Trade Marks Registry under the Intellectual Property Department (IPD) will launch a new AIâ€‘assisted image search service to facilitate the public’s search of the trademark database.

90. With the Central Government’s support, Hong Kong will participate in the World Intellectual Property Organization Lexâ€‘Judgments Database next year, sharing important IP case precedents of local courts, to showcase to the international community the quality of our IPâ€‘related judicial judgments.

Strengthen Training of IP Talents

91. The Government will continue to discuss with the patent agent sector and stakeholders to plan for the introduction of regulatory arrangements for local patent agent services, covering qualification, registration, and other areas, aiming to nurture professional talents and enhance service quality.

92. The IPD will collaborate with the Qualifications Framework Secretariat to develop practical teaching materials for deployment by training providers, benefitting personnel across 23 different industries.

(C) International Health and Medical Innovation Hub

93. To expedite patients’ access to advanced diagnostic and treatment services, and to foster new quality productive forces in biomedical technology, the Government will complement technological innovation with institutional innovation, developing Hong Kong into an international health and medical innovation hub.

Reform the Approval Mechanism for Drugs and Medical Devices

94. The Government will expedite the reform of the approval mechanism for drugs and medical devices, including:

(i) extending the “1+” mechanism to all new drugs, including vaccines and advanced therapy products, and improving the approval mechanism to speed up registration, facilitating good drugs for use in Hong Kong;

(ii) devising the timetable for the Hong Kong Centre for Medical Products Regulation and the roadmap towards adoption of “primary evaluation”, as well as formulating strategies and measures to facilitate R&D of drugs and medical devices; and

(iii) taking forward preparatory work for legislating for the statutory regulation of medical devices.

Strengthen Biomedical Technology R&D and Translation

95. The Government will enhance Hong Kong’s clinical trial capability on all fronts and facilitate the translation of innovative biomedical research results into clinical applications by:

(i) joining hands with Shenzhen to establish the GBA Clinical Trial Collaboration Platform, extending the R&D network and expediting clinical trials;

(ii) establishing the Realâ€‘World Study and Application Centre to open up local health and medical databases and promote coâ€‘operation between Hong Kong and Shenzhen to integrate data generated from the “special measure of using Hong Kongâ€‘registered drugs and medical devices used in Hong Kong public hospitals in GBA”. This will accelerate approval for registration of new drugs in Hong Kong, the Mainland and overseas; and

(iii) supporting R&D, clinical trials and application of advanced biomedical technology in Hong Kong, attracting global topâ€‘notch innovative enterprises and research organisations to set up operations in Hong Kong.

(D) Promote Integrated Development of Digital Economy and Real Economy

96. A robust system to promote integration of real economy and digital economy is one of the key drivers of new quality productive forces. The Government will expedite the development of digital economy, which includes accelerating the digital transformation of industries, strengthening digital infrastructure, exploring development of a dataâ€‘trading ecosystem, and exploring on a pilot basis facilitation arrangements for crossâ€‘boundary data flow within the GBA.

Accelerate Development of Digital Trade

97. The Government will push forward reforms in the digitalisation of enterprises and trade. Measures include fostering participation in discussions among the international community about the development of digital economy and exploring the inclusion of relevant provisions in bilateral trade agreements during the negotiation process, with a view to promoting digital trade and crossâ€‘boundary eâ€‘commerce.

98. The Commerce and Economic Development Bureau is developing the Trade Single Window to provide a oneâ€‘stop electronic platform. It will help the industry lodge import and export trade documents for trade declaration and customs clearance. Separately, the HKMA has established a working group to conduct an inâ€‘depth study into the changes in future supply chains and make recommendations. The scope of study covers promoting the digitalisation of trade through areas such as talents and financial infrastructure, as well as the technology and legal framework, with the goal to lower trade cost and upgrade the trade ecosystem.

Establish a New Fintech Innovation Ecosystem

99. The Government will continue to promote the development of innovative financial services including Central Bank Digital Currencies (CBDCs), mobile payment, virtual banks, virtual insurance and virtual asset (VA) transactions. The FSTB will shortly issue a policy statement, setting out its policy stance regarding the application of AI in the financial market. Other measures include:

(i) promoting the use of CBDCs for crossâ€‘boundary paymentâ€¯–â€¯The HKMA is actively testing and exploring more addâ€‘on technology solutions and use cases related to crossâ€‘boundary trade settlement on the mBridge platform, and will further widen the participation of both the public and private sectors;

(ii) enhancing the regulation of VA tradingâ€¯–â€¯The FSTB will complete the second round public consultation on the regulatory proposals for overâ€‘theâ€‘counter trading of VA and put forward a proposed licensing regime for VA custodian service providers;

(iii) promoting realâ€‘world asset tokenisation and developing a digital money ecosystemâ€¯–â€¯The HKMA is taking forward Project Ensemble, a financial market infrastructure project, to explore the application of realâ€‘world asset tokenisation and the use of digital money for interbank settlement, facilitating the development of the relevant asset trading. Separately, the HKMA also allows potential stablecoin issuers to test business plans and useâ€‘cases through the stablecoin issuer sandbox, and will work with the FSTB to introduce a bill on the regulation of fiatâ€‘referenced stablecoin issuers later this year; and

(iv) promoting the development of the digital securities marketâ€¯–â€¯The HKMA will soon launch the Digital Bond Grant Scheme to encourage more financial institutions and issuers to adopt tokenisation technology in capital market transactions.

Facilitate Cross-boundary E-commerce Logistics Services

100. To develop Hong Kong into a crossâ€‘boundary eâ€‘commerce logistics and distribution centre, the Government will review existing procedures to enhance the efficiency of crossâ€‘boundary goods’ distribution, strengthening the competitiveness of our city.

Promote Smart Construction and Management of Public Rental Housing Estates

101. The Hong Kong Housing Authority (HKHA) has selected 10 Public Rental Housing (PRH) estates as pilot sites for smart estate management. Next year, it will establish a central platform for property management and introduce digital technologies in daily estate management work, enhancing management effectiveness and service quality. The HKHA will also progressively apply the Project Information Management and Analytics Platform in new public housing projects starting next year, enhancing works efficiency by project management digitalisation and adopting threeâ€‘dimensional digital maps and virtual digital models, etc.

Promote LawTech

102. The DoJ will set up the Advisory Group on Promoting the Development of LawTech to formulate policies and measures on LawTech and promote its application in relevant sectors.

(To be continued.)

MIL OSI Asia Pacific News –

January 23, 2025

Category: Finance

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