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Category: housing

  • MIL-OSI USA: Hoeven: Century View Will Provide 40 Families With Affordable Housing, Helping Address One of North Dakota’s Greatest Needs

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    10.29.24
    BISMARCK, N.D. – Senator John Hoeven today marked the grand opening of the Century View affordable housing complex. The $11.2 million project primarily serves low-income families and individuals, consisting of 40 housing units across three apartment buildings with three-, two- and one-bedroom floor plans available, as well as an additional community building. Amenities include balconies and walk-out patios, in-unit laundry, outdoor green space, a community room and kitchen and office space.
    The project is supported by more than $3 million in federal funding, which Hoeven worked to secure as a member of the Senate Transportation, Housing and Urban Development Appropriation Committee. This includes:
    $2.25 million in Home Investment Partnerships Program (HOME) funds.
    $813,000 in Low Income Housing Tax Credits (LIHTC), which were leveraged by the project developer to secure an estimated $7 million in project equity.
    Ongoing support from Section 8 housing vouchers, which will provide rental assistance to eligible residents.
    “Century View will serve as an important asset for the Bismarck community, providing 40 families with affordable housing and helping address one of the biggest challenges our communities face. This project is now a reality, with amenities that any tenant would want, because the developers were able to leverage more than $3 million of federal funding to secure private investment of $7 million,” said Hoeven. “Through partnerships like this, we can provide the affordable, high-quality housing stock that our state needs, supporting our ongoing growth and a higher quality of life.”
              Century View is the latest example of affordable housing efforts Hoeven has helped advance through his support for federal programs like HOME, LIHTC and other initiatives. Earlier this year, Hoeven marked the completion of the Milton Earl Apartments in Fargo, which serve low-income seniors, and he continues working to support development of the Lashkowitz Riverfront Project, among other efforts.

    MIL OSI USA News –

  • MIL-Evening Report: Freddy Krueger at 40 – the ultimate horror movie monster (and Halloween costume)

    Source: The Conversation (Au and NZ) – By Adam Daniel, Associate Lecturer in Communications, Western Sydney University

    IMDB/New Line Cinema

    Movie monsters have captivated audiences since the days of early cinema. They evoke fascination and terror, allowing audiences to confront their fears from the safety of the movie theatre or living room.

    Arguably one of the most enduring and captivating of these monsters is Freddy Krueger, the villain of the A Nightmare on Elm Street series who celebrates his 40th screen birthday this November.

    Memorably played by Robert Englund, Freddy quickly became a cultural icon of the 1980s and 1990s. Beyond his burned face and iconic bladed glove, Freddy’s dark humour and acidic personality set him apart from other silent, faceless killers of the era, such as Michael Myers in Halloween or Jason Vorhees in Friday the 13th.

    Written and directed by horror maven Wes Craven, 1984’s A Nightmare on Elm Street garnered positive reviews for its innovative concept: Freddy stalked and attacked his victims in their dreams, making him inescapable and allowing him to tap into their deepest fears. The series (seven films plus a 2010 remake and Freddy vs. Jason spin offs) blended supernatural horror and surrealism with a dark and twisted sense of humour.

    Scary … but funny

    Humour was key to Freddy’s “popularity”. Both sinister and strangely charismatic, Freddy’s psychological torture of his adolescent victims often oscillated between terrifying and amusing.

    A famous kill scene from 1987’s A Nightmare on Elm Street 3: Dream Warriors demonstrates this paradox.

    Aspiring actress Jennifer drifts off to sleep while watching a talk show on TV. In her dream, the host of the talk show suddenly transforms into Freddy, who attacks his guest before the TV blinks out. When Jennifer timidly approaches the TV set, Freddy’s head and clawed hands emerge from the device, snatching her while delivering an iconic one-liner: “This is it, Jennifer – your big break in TV!”

    Freddy turns his victims’ fears or aspirations – their dreams – against them.

    ‘Whatever you do, don’t fall asleep.’

    Creating a monster

    Craven has shared how the character of Krueger came to life in Never Sleep Again: The Elm Street Legacy, an oral history of the series.

    He described a childhood experience of seeing a strange mumbling man walking past his childhood home. The man stopped, he said, and looked directly at him “with a sick sense of malice”. This deeply unsettling experience helped shape Freddy’s menacing presence.

    The character’s creation also emerged from the filmmaker’s interest in numerous reports of Southeast Asian refugees dying in their sleep after experiencing vivid nightmares.

    In the film, Krueger’s origin story reveals him as a child murderer who was apprehended but released due to a technicality in his arrest. Seeking justice, the parents of his victims take matters into their own hands, and form a vigilante mob. They corner him in his boiler room and burn him alive. But Freddy’s spirit survives to haunt and kill the children of his executioners.



    Read more:
    Halloween films: the good, the bad and the truly scary

    Cultural repression, expressed on film

    Film critic and essayist Robin Wood argued horror films often bring to the surface elements society has repressed. These fears, desires, or cultural taboos are not openly acknowledged.

    But movie monsters act as manifestations of what society suppresses, such as sexuality, violence or deviant behaviour. American academic Gary Heba argues Freddy is:

    an example of America’s political unconscious violently unleashed upon itself, manifesting everything that is unspeakable and repressed in the master narrative (perversion, child abuse and murder, vigilantism, the breakdown of rationality, order, and the family, among others), but still always present in the collective unconscious of the dominant culture.

    Actor Robert Englund calls Freddy Krueger ‘the gift that keeps on giving’.

    The monster decades

    The 1970s and 1980s marked a golden era for the creation of horror film nasties like Krueger, Myers, The Texas Chainsaw Massacre’s Leatherface and killer doll Chucky.

    Since then, the landscape of horror has shifted, with fewer singular monsters emerging. The diversification of horror sub-genres (zombie virus horror, anyone?), the rise of psychological horror (Hereditary), and an emphasis on human-driven terror (Wolf Creek) or supernatural forces all contribute to this shift.

    While modern horror continues to thrive, few characters have achieved the same iconic status as Freddy – although some would argue Art the Clown from the recent Terrifier franchise and the reinvigorated Pennywise from IT could join this exclusive group.

    ‘Five, six, grab your crucifix.’ A 2010 Nightmare on Elm St reboot failed to fire.

    Happy Halloween!

    Despite a failed reboot in 2010, the legacy of A Nightmare on Elm Street is strong, having influenced numerous filmmakers with its skilful mix of surrealism and slasher horror.

    However, it’s the orchestrator of the titular nightmares whose legacy is perhaps the strongest.

    With each Halloween, new fans choose Freddy for their costume. All it takes is a tattered striped sweater, a brown fedora hat, and a glove with sharp, finger-lengthening blades. Don’t forget makeup to re-create Krueger’s grisly facial burns. Sweet dreams!

    Adam Daniel 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. Freddy Krueger at 40 – the ultimate horror movie monster (and Halloween costume) – https://theconversation.com/freddy-krueger-at-40-the-ultimate-horror-movie-monster-and-halloween-costume-240905

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Why is my kid using a baby voice? How can I manage it?

    Source: The Conversation (Au and NZ) – By Elizabeth Westrupp, Associate Professor in Psychology, Deakin University

    MIA Studio/ Shutterstock

    Pweeeeese! I want cwacker!

    If you’ve ever found yourself cringing when your child suddenly starts talking in a high-pitched, baby-like voice, you’re not alone.

    Many parents and caregivers find this behaviour jarring — and yes, a little bit annoying.

    Why do older children sometimes revert to baby talk? And what can you do to manage it?

    Why do kids use a baby voice?

    Children may revert to speaking like a baby when they are seeking comfort, affection and reassurance.

    For children, being a baby reminds them of a time when they were safe, and all their needs were taken care of. When they revert to using a baby voice, they are signalling to us they’re feeling vulnerable, tired, stressed, uncertain or overwhelmed, and are wanting more connection and practical help from us.

    Most regressions are normal, and very common. In fact, healthy learning and development is never perfectly linear. This is reflected in nature, where there are cycles of rapid growth followed by periods of rest and dormancy. After a burst of development, children can be tired, or miss having the same level of support from us.

    Children are also more likely to use a baby voice when they’re managing a change or stressful life event. For example, the birth of a new baby in the family, starting school, moving house, or parents separating, are common times when children need more support.

    Using baby talk could be a sign your child is feeling stressed or vulnerable.
    Fizkes/Shutterstock

    Help! Why is a baby voice so annoying?

    As parents and carers, it can be confusing and grating when our older, capable child seems to be moving backwards in development, and using a voice they used many years ago.

    Parents might associate a baby voice with neediness, or immaturity, and feel anxious about what this means for their child’s development.

    In the past, this behaviour was viewed as a problem.

    So the advice was to ignore it and only respond when children use their normal voice. However, this can can create shame in our child and make them afraid to express their feelings and needs.

    If your child is using a baby voice, they may need more comforting and attention.
    Media_Photos/ Shutterstock

    Tips for managing baby voice

    Developmentally, there’s no problem with children occasionally using a baby voice, so we don’t need to try to stop this behaviour.

    Instead, we can be curious. What might be happening for our child?

    1. Acknowledge their feelings: we can empathise with, validate and accept our child’s underlying emotions. And then try to meet their need for safety and connection. We might say:

    Oh my love, sounds like you’re finding everything hard today, and can’t manage putting your shoes on? Are you feeling tired?

    2. Meet their needs: if they’re wanting extra help or connection, we should give it. We can think of this as a “refuelling” pit stop – they might need a little extra care as they manage their current stage of development, or cope with a change. We can say:

    I’d love to help you put your shoes on, let’s do it together. How about you do the socks, and I’ll tie your laces?

    Remember, providing extra help doesn’t mean you’ll always have to do so. Children have a natural drive towards skill development and independence. When they have the energy, they’ll want to keep practising their skills.

    3. Be kind to yourself: if your child’s baby voice is getting on your nerves, it’s understandable, and normal. Providing extra care can be taxing, and sometimes it’s hard to find that extra energy. We can remind our child that we all need rest.

    I hear you’re so tired today and want my help. The problem is I’m feeling so tired too! I wonder if we can help each other? Can we start with a big cuddle?

    4. If in doubt, seek help: if your child shows other signs of developmental regression for more than two weeks, talk to your GP.

    Depending on age, this might include lost skills related to language and communication, walking and balance, self-care (such as dressing, toileting), sleeping, or becoming more clingy, having meltdowns and losing interest in interacting or playing with others.

    Elizabeth Westrupp receives funding from the National Health and Medical Research Council. She is affiliated with the Parenting and Family Research Alliance, and is a registered clinical psychologist.

    – ref. Why is my kid using a baby voice? How can I manage it? – https://theconversation.com/why-is-my-kid-using-a-baby-voice-how-can-i-manage-it-240436

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: You can keep your ghosts and ghouls – the ‘Cordyceps’ fungus creates real-life zombies

    Source: The Conversation (Au and NZ) – By Gregory Moore, Senior Research Associate, School of Agriculture, Food and Ecosystem Sciences, The University of Melbourne

    annguyen87, Shutterstock

    I have never really been interested in ghosts, mummies or zombies, not even at Halloween. But as October 31 approaches each year I am reminded of a biological tale involving all three. It’s the real-life horror story of a flesh-eating, brain-warping fungus from the genus Cordyceps, which inspired the zombie-apocalypse video game and TV series The Last of Us.

    Worldwide, there are hundreds of species of Cordyceps. Most of them prey on insects. They’re famous for hijacking the brains of some ants. Once the fungus takes over, it directs the ant to climb to a high point on a plant and then bite down on the stem or twig in a macabre death grip. The reproductive structures of this parasitic fungus will soon burst out of the ant’s head, spreading its spores to infect another unsuspecting host.

    But the species with which I am most familiar (Cordyceps gunnii) doesn’t attack ants – it parasitises insects such as rather large “ghost” caterpillars. This species doesn’t force its victims to climb, but takes control when they are buried in the soil.

    You might spot a grotesque-looking dead caterpillar pushing up through the earth as if rising from the grave, with a large fungal growth emerging from its head. Some are about the size of an adult finger, but cream and dark brown in colour. It is truly a thing that could trigger nightmares.

    ‘Zombie’ Parasite Cordyceps Fungus Takes Over Insects Through Mind Control | National Geographic.

    Consuming the ghostly host

    Unsuspecting insects become infected with Cordyceps when they eat them by mistake, or when spores attach to their bodies.

    The caterpillar of the Australian ghost moth (Abantiades labrynthicus) tends to burrow straight down into the soil to graze on roots of gum trees and some other species related to eucalypts. So it probably picks up the fungus as it burrows into the earth. The fungus then penetrates the exoskeleton or digestive tract of the insect with a thin, needle-like tube.

    Once inside the caterpillar, the fungus starts to grow rapidly. It produces very fine threads (hyphae) that spread through the body of the insect, replacing its structure. The fungus expands to fill the available space, assuming ultimate control. Exactly how the fungus takes control of the insect brain is not fully understood, but we know the fungus produces a range of chemicals that influence the brain in a way that meets the environmental and reproductive needs of the fungus.

    The caterpillar is doomed as soon as the fungus starts to grow inside it. After being taken over by another life form, the zombie caterpillar dies. All of this happens out of sight, under the soil surface.

    But Cordyceps is not done with the caterpillar just yet. It consumes all the resources the insect can offer, then pushes antler-like reproductive structures out through the caterpillar’s head. These spore-producing structures can be more than 10cm long. They’re clearly visible above ground, but can be hard to spot as they look a bit like a twig. Wind carries the spores to infect more unwary caterpillars.

    These fungus-filled caterpillars are now fully mummified. Nothing remains of the caterpillar but a brittle exoskeleton.

    As the reproductive structures dry and wither, they gently tug on the mummy to which they are still attached. If the soil is dry, the now empty exoskeleton of the caterpillar emerges from its hole. As it does so, the fungal reproductive structures are often lost and all you see remaining is the empty husk.

    The Last of Us: Could it happen? Infectious disease doctor explains cordyceps (UC Davis Health).

    Half animal, half vegetable

    Members of the genus Cordyceps boast the unusual common name of vegetable caterpillars. This strange name comes from a belief, which persisted until the 1800s, that the caterpillars had somehow transformed from insects to fungi, or from animal to plant.

    This was a much debated and widely written about example of transmutation, a theory that was not uncommon in pre-Darwinian times. It was not until the early 1900s that the true, full and gruesome nature of the relationship between Cordyceps and its insect victims was revealed.

    On the lookout for Cordyceps

    Cordyceps gunnii is the most commonly seen species of vegetable caterpillar in southeastern Australia, found in several states.

    Another less conspicuous species, the fawn vegetable caterpillar, Cordyceps hawkesii, occurs along Autralia’s east coast, often under wattles, but is even harder to see. Naturalists hunting for this vegetable caterpillar often find they have already inadvertently trampled over it before they spot it.

    Yet another species, Cordyceps taylori, can also be regularly seen emerging from large ghost moth caterpillars in Victoria. When the husks of these dead, mummified caterpillars appear to emerge from their holes in the ground, they look particularly striking.

    The classification of these vegetable caterpillar fungi is still being debated by experts. It is likely not all are closely related. Some are now placed in a new genus, Ophiocordyceps, but regardless of the name, they are all capable of making zombies and mummies of their victims.

    You can join in the process of hunting for and mapping these elusive species through citizen science projects such as he Great Aussie Fungi Hunt or iNaturalist Australia.

    Traditional medicines and the vegetable caterpillar

    As Halloween approaches, you may be wondering whether humans need worry about being zombified and mummified by Cordyceps fungi. Could the naturalists hunting the vegetable caterpillars become the hunted? The answer is a resounding no. In fact, the opposite is true – these macabre creatures have a long history in traditional medicine.

    Cordyceps sinensis, a Chinese vegetable caterpillar very similar to C. gunnii, has been used in traditional medicine for centuries. Modern research shows there may be benefits from its use (or extracts from it) in treatments associated with autoimmune responses. While the fungus has been cultivated for about 40 years, naturally growing, wild fungi can be very expensive as they are still relatively rare and difficult to find. A kilogram can retail for A$30,000, driving a fungal gold rush across the Himalayas.

    Members of the genus Coryceps, or more correctly the Ophiocordyceps genus, have been around for more than 45 million years. Despite their depiction in The Last of Us, humans have nothing to worry about. The fungi are quite particular about their victims. But if you are a certain species of ant or ghost moth, then Halloween may take on a whole new meaning.

    Gregory Moore 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. You can keep your ghosts and ghouls – the ‘Cordyceps’ fungus creates real-life zombies – https://theconversation.com/you-can-keep-your-ghosts-and-ghouls-the-cordyceps-fungus-creates-real-life-zombies-241901

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Gender is playing a crucial role in this US election – and it’s not just about Kamala Harris

    Source: The Conversation (Au and NZ) – By Carol Johnson, Emerita Professor, Department of Politics and International Relations, University of Adelaide

    Having a female presidential candidate has made gender obvious in this US presidential election, even to many who normally neglect its role. The specific contest between Kamala Harris and Donald Trump, along with the prominence of issues such as abortion, has resulted in a particularly large gender voting gap. Far more women have consistently indicated support for Harris and far more men for Trump.

    However, gender has always been crucial in US presidential elections, not just because of gender voting patterns but because competing performances of masculinity have always played a major role.

    Role of masculinity in 2020 election

    The last presidential election saw Joe Biden’s form of kind and caring protective masculinity being explicitly contrasted with Trump’s divisive, hyper-masculine one.

    Furthermore, strong male leaders are meant to protect the people from physical, social and economic harm. I have argued that one factor that contributed to Trump’s 2020 electoral defeat was a protective masculinity failure, especially in regard to COVID.

    For example, former President Barack Obama argued that, unlike Biden, Trump could not be counted on to protect Americans:

    Eight months into this pandemic, new cases are breaking records. Donald Trump isn’t going to suddenly protect all of us. He can’t even take the basic steps to protect himself […]. Joe understands […] that the first job of a president is to keep us safe from all threats: domestic, foreign, and microscopic.

    Trump’s re-energised protective masculinity

    However, since his 2020 electoral defeat, Trump has resurrected himself as a strong masculine protector. He claims that “our enemies” are trying to use legal charges to take away his freedom and silence him because he “will always stand” in the way of their attempt to silence the American people and take away their freedom.

    He will also be a vengeful protector, declaring:

    I am your warrior. I am your justice. And for those who have been wronged and betrayed: I am your retribution. I will totally obliterate the deep state.

    Trump has long appealed to men who feel that traditional masculinity, and its related entitlements, are under threat.

    He is currently courting white males, the youth manosphere, “techno bros”, “crypto bros”, conservative male unionists threatened by globalisation and offshoring, and conservative black and Latino men.

    He has been explicitly mobilising misogyny, including by making lewd references to Harris. JD Vance has assisted Trump’s efforts.

    Nonetheless, Trump claims that he will be a strong male protector of women, protecting them from illegal immigrants, crime, foreign threats and other anxieties:

    You will be protected and I will be your protector. Women will be happy, healthy, confident and free.

    Trump has even promised that, as a result, women “will no longer be thinking about abortion.” This is all despite his own alleged history of sexual assault.

    Harris, gender and the women’s vote

    By 2024, Biden’s apparent physical and cognitive decline meant that he was no longer a convincing masculine protector (or viable ongoing presidential candidate).

    The choice of Harris as his replacement candidate had advantages, but it was also a gamble given the combined roles of gender and race. After all, despite the long history of US racism, it still proved easier to elect a black man (Obama) to the presidency than a white woman (Hillary Clinton).

    However, the women’s vote is particularly important this election. As well as Harris’ appeal to younger and black women, Democrats have emphasised the importance of her appeal to white women, including some who previously voted Republican. Anti-Trump Republicans such as Liz Cheney are assisting Harris in appealing to the latter.

    Issues such as abortion are crucial. The overturning of Roe v Wade abortion rights, enabled by Trump stacking the Supreme Court, also puts IVF at risk by not clarifying when life begins (with implications for frozen embryos). Senate Republicans have twice blocked a vote on a Democrat-led bill designed to protect IVF. Harris has pledged to sign a law protecting abortion rights (if Congress passes it).

    Trump claims he supports IVF, won’t bring in a national ban on abortion and believes in abortion “exceptions for rape, incest, and life of the mother”.

    However, Trump Republicans are courting, and influenced by, the American religious right on abortion. There aren’t such exceptions in several Republican states, as Harris’s heartrending accounts of the impact on women and their health reveals. Furthermore, Missouri, Kansas and Idaho are also trying to drastically reduce legal access to the abortion drug mifepristone.

    Harris also emphasises other issues of particular significance for women, such as affordable childcare and better pay for care workers.

    Harris and “tonic” masculinity

    Given the role of competing masculinities in US presidential elections, Harris’ campaign has intentionally appealed to a very different form of protective masculinity from Trump’s.

    Vice presidential candidate, Tim Walz’s, “America’s dad” image (of being a warm, caring but sports loving coach, national guard serving, gun owning, hunter) is used to contrast his “tonic masculinity” with Trump’s “toxic” masculinity. Harris’s husband, Doug Emhoff, is depicted as a supportive “wife-guy” who has “reshaped the perception of masculinity” (while strongly denying allegations he once slapped a woman).

    Despite conservative claims of men being economically left behind, the Biden/Harris administration argues it has revitalised manufacturing and male jobs along with it and Harris will continue to do so. Meanwhile, Obama has urged black men to get behind Harris and the Harris campaign has highlighted its policies benefiting black men.

    Can Harris mobilise protective femininity?

    Given the major role of gender in US presidential elections, a key issue is whether Harris can successfully evoke a caring, motherly, protective femininity that promises security and economic benefits to voters and helps to counter Trump’s protective masculinity.

    Other women politicians have been able to (for example, Germany’s Angela Merkel). Women leaders particularly mobilised protective femininity during the COVID health crisis (for example, New Zealand’s Jacinda Ardern). However, it always seemed likely masculinist leadership stereotypes would re-emerge once the economy needed rebuilding after the pandemic.

    Harris has pledged she will “create an opportunity economy” and “protect our fundamental rights and freedoms, including the right of a woman to make decisions about her own body and not have her government tell her what to do”. She promises to be the kind of president “who cares about you and is not putting themselves first”. Whether such electoral pitches are successful remains to be seen.

    Why the outcome of this election is crucial for gender equality.

    A woman US president is long overdue after 46 male ones. A Trump victory would have major implications for abortion, IVF and women’s rights generally, including progress on the Biden/Harris National Strategy on Gender Equity and Equality. Immigrant and black women will be particularly vulnerable. A Trump victory would also have major implications for which models of masculinity are publicly endorsed.

    A Trump victory would embolden conservative so-called anti-gender ideology campaigns. The Trump campaign has recently spent US $21 million (A$31.9 million) on ads associating Harris with LGBTIQ+ equality, especially transgender rights.

    The Trump campaign asserts that “Kamala’s for they/them. President Trump is for you.” While Trump has also pledged that “we will get critical race theory and transgender insanity the hell out of our schools.”

    A Trump victory will influence the future US economy, including risking increasing gender inequality in an Elon Musk-style unregulated technopoly.

    Finally, academic commentators have drawn attention to the way in which socially conservative views on gender have been mobilised to support new forms of authoritarian regimes in Europe and elsewhere.

    In short, this presidential election is a crucial one for the American people generally, but for the female half of the population in particular.

    Carol Johnson 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. Gender is playing a crucial role in this US election – and it’s not just about Kamala Harris – https://theconversation.com/gender-is-playing-a-crucial-role-in-this-us-election-and-its-not-just-about-kamala-harris-242113

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: One more detainee to return to HK

    Source: Hong Kong Information Services

    The Security Bureau today said that a Hong Kong resident who had been detained for illegal work in Myanmar, but was recently rescued and safely arrived in Thailand, will return to Hong Kong on Monday with the bureau’s dedicated task force.

    Members of the task force met the Hong Kong resident at a detention centre last night after his transferral to Bangkok. He was in good mental and physical condition.

    The task force members expressed sympathy to the individual, who expressed gratitude for their visit to Thailand to follow up on his case. He was also pleased to learn that he will be able to return to Hong Kong on Monday.

    Secretary for Security Tang Ping-keung said he was relieved that one more Hong Kong resident was rescued and able to return to Hong Kong to reunite with his family before the Chinese New Year.

    Mr Tang thanked sincerely the Office of the Commissioner of the Ministry of Foreign Affairs in the Hong Kong Special Administrative Region, the Chinese Embassy in the Republic of the Union of Myanmar, the Chinese Embassy in the Kingdom of Thailand, the Consulate General of the People’s Republic of China in Chiang Mai, the Consulate General of Myanmar in Hong Kong, the Royal Thai Consulate-General, Hong Kong, the Hong Kong Economic & Trade Office in Bangkok and the relevant Thai authorities for their support and assistance as well as importance attached to the case, enabling the return of the Hong Kong resident within a short period of time as far as practicable.

    The security chief also commended the dedicated task force for the committed efforts in following up the case and assisting the Hong Kong resident’s return to Hong Kong as soon as possible.

    The task force, comprising members from the bureau, the Hong Kong Police Force and the Immigration Department, has been contacting and liaising with different parties since their arrival in Thailand on January 21 to discuss the arrangements for the rescued Hong Kong resident to return home as soon as possible and follow up on the 10 remaining request-for-assistance cases.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Senator Reverend Warnock on Voting Against Hegseth Nomination to Lead the Department of Defense

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Washington D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) released the following statement on his vote against the nomination of Pete Hegseth to lead the Department of Defense. Hegseth was confirmed to the position in a vote of XX-XX.

    “As a voice for Georgia’s nearly 100,000 active duty servicemembers and reservists, and as the son of a veteran, I understand the tremendous sacrifice our servicemembers and their families make to protect and serve our nation. Since coming to the Senate, I’ve always prioritized military readiness and protecting the safety of our men and women in uniform. That is why I voted against Pete Hegseth’s nomination to lead the Department of Defense.

    “I have prayed with Georgians before they left for deployment, welcomed them home after serving our nation, and stood beside Gold Star parents to honor their children who made the ultimate sacrifice. Allowing someone to lead the Department of Defense who has repeatedly shown a poor moral compass would dishonor those who give so much to keep our nation safe. And I fear confirming a deeply unqualified nominee would unnecessarily put Georgia servicemembers in harm’s way.

    “The Secretary of Defense should embody the high standards that all other servicemembers strive toward. Georgia’s military families sacrifice too much to not have the best Secretary of Defense possible. I believe we can do better.”

    MIL OSI USA News –

  • MIL-Evening Report: Vanuatu AG condemns Trump’s Paris climate treaty exit as ‘troubling precedent’

    By Harry Pearl of BenarNews

    Vanuatu’s top lawyer has called out the United States for “bad behavior” after newly inaugurated President Donald Trump withdrew the world’s biggest historic emitter of greenhouse gasses from the Paris Agreement for a second time.

    The Pacific nation’s Attorney-General Arnold Loughman, who led Vanuatu’s landmark International Court of Justice climate case at The Hague last month, said the withdrawal represented an “undeniable setback” for international action on global warming.

    “The Paris Agreement remains key to the world’s efforts to combat climate change and respond to its effects, and the participation of major economies like the US is crucial,” he told BenarNews in a statement.

    The withdrawal could also set a “troubling precedent” regarding the accountability of rich nations that are disproportionately responsible for global warming, said Loughman.

    “At the same time, the US’ bad behavior could inspire resolve on behalf of developed countries to act more responsibly to try and safeguard the international rule of law,” he said.

    “Ultimately, the whole world stands to lose if the international legal framework is allowed to erode.”

    Vanuatu’s Attorney-General Arnold Loughman at the International Court of Justice last month . . . “The whole world stands to lose if the international legal framework is allowed to erode.” Image: ICJ-CIJ

    Trump’s announcement on Monday came less than two weeks after scientists confirmed that 2024 was the hottest year on record and the first in which average temperatures exceeded 1.5 degrees Celsius above pre-industrial levels.

    Agreed to ‘pursue efforts’
    Under the Paris Agreement adopted in 2015, leaders agreed to “pursue efforts” to limit warming under the 1.5°C threshold or, failing that, keep rises “well below” 2°C  by the end of the century.

    Fiji Prime Minister Sitiveni Rabuka said on Wednesday in a brief comment that Trump’s action would “force us to rethink our position” but the US president must do “what is in the best interest of the United States of America”.

    Other Pacific leaders and the Pacific Islands Forum (PIF) regional intergovernmental body have not responded to BenarNews requests for comment.

    The forum — comprising 18 Pacific states and territories — in its 2018 Boe Declaration said: “Climate change remains the single greatest threat to the livelihoods, security and wellbeing of the peoples of the Pacific and [we reaffirm] our commitment to progress the implementation of the Paris Agreement.”

    Fiji Prime Minister Sitiveni Rabuka speaks at the opening of the new Nabouwalu Water Treatment Plant this week . . . Trump’s action would “force us to rethink our position”. Image: Fiji govt

    Trump’s executive order sparked dismay and criticism in the Pacific, where the impacts of a warming planet are already being felt in the form of more intense storms and rising seas.

    Jacynta Fa’amau, regional Pacific campaigner with environmental group 350 Pacific, said the withdrawal would be a diplomatic setback for the US.

    “The climate crisis has for a long time now been our greatest security threat, especially to the Pacific,” she told BenarNews.

    A clear signal
    “This withdrawal from the agreement is a clear signal about how much the US values the survival of Pacific nations and all communities on the front lines.”

    New Zealand’s former Minister for Pacific Peoples, Aupito William Sio, said that if the US withdrew from its traditional leadership roles in multilateral organisations China would fill the gap.

    “Some people may not like how China plays its role,” wrote the former Labour MP on Facebook. “But when the great USA withdraws from these global organisations . . . it just means China can now go about providing global leadership.”

    Analysts and former White House advisers told BenarNews last year that climate change could be a potential “flashpoint” between Pacific nations and a second Trump administration at a time of heightened geopolitical competition with China.

    Trump’s announcement was not unexpected. During his first term he withdrew the US from the Paris Agreement, only for former President Joe Biden to promptly rejoin in 2021.

    The latest withdrawal puts the US, the world’s largest historic emitter of greenhouse gases, alongside only Iran, Libya and Yemen outside the climate pact.

    In his executive order, Trump said the US would immediately begin withdrawing from the Paris Agreement and from any other commitments made under the UN Framework Convention on Climate Change.

    US also ending climate finance
    The US would also end its international climate finance programme to developing countries — a blow to small Pacific island states that already struggle to obtain funding for resilience and mitigation.

    Press releases by the Biden administration were removed from the White House website immediately after President Donald Trump’s inauguration. Image: White House website/Screen capture on Monday

    A fact sheet published by the Biden administration on November 17, which has now been removed from the White House website, said that US international climate finance reached more than US$11 billion in 2024.

    Loughman said the cessation of climate finance payments was particularly concerning for the Pacific region.

    “These funds are essential for building resilience and supporting adaptation strategies,” he said. “Losing this support could severely hinder ongoing and future projects aimed at protecting our vulnerable ecosystems and communities.”

    George Carter, deputy head of the Department of Pacific Affairs at the Australian National University and member of the COP29 Scientific Council, said at the centre of the Biden administration’s re-engagement with the South Pacific was a regional programme on climate adaptation.

    “While the majority of climate finance that flows through the Pacific comes from Australia, Japan, European Union, New Zealand — then the United States — the climate networks and knowledge production from the US to the Pacific are substantial,” he said.

    Sala George Carter (third from right) hosted a panel discussion at COP29 highlighting key challenges Indigenous communities face from climate change last November. Image: Sera Sefeti/BenarNews

    Climate actions plans
    Pacific island states, like all other signatories to the Paris Agreement, will this year be submitting Nationally Determined Contributions, or NDCs, outlining their climate action plans for the next five years.

    “All climate actions, policies and activities are conditional on international climate finance,” Carter said.

    Pacific island nations are being disproportionately affected by climate change despite contributing just 0.02 percent of global emissions, according to a UN report released last year.

    Low-lying islands are particularly vulnerable to rising sea levels and extreme weather events like cyclones, floods and marine heatwaves, which are projected to occur more frequently this century as a result of higher average global temperatures.

    On January 10, the World Meteorological Organisation (WMO) confirmed that last year for the first time the global mean temperature tipped over 1.5°C above the 1850-1900 average.

    WMO experts emphasised that a single year of more than 1.5°C does not mean that the world has failed to meet long-term temperature goals, which are measured over decades, but added that “leaders must act — now” to avert negative impacts.

    Harry Pearl is a BenarNews journalist. This article was first published by BenarNews and is republished at Asia Pacific Report with permission.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Address to the Australian Bureau of Agricultural and Resource Economics and Sciences

    Source: Australian Treasurer

    I acknowledge the Ngunnawal people, on whose traditional lands we meet, and pay respect to all First Nations people here today.

    Economist John Crawford started his public service career in the 1940s working under Nugget Coombs in the Department of Post‑War Reconstruction (Miller 2007, Uhr 2006).

    After taking a strong interest in agriculture, tariffs and trade in his academic studies, Crawford became the director of the Department’s rural and regional planning divisions (Powell & Macintyre 2015).

    Those planning divisions evolved into the Bureau of Agricultural Economics which would serve as the Commonwealth agency responsible for examining proposals for settling returned soldiers on productive farms.

    With Crawford as the inaugural director, the Bureau would assess ‘the suitability of climate and soil, the adequacy of the farm areas and likely economic viability of the farms’ (Powell & Macintyre 2015).

    It was a significant task because no one wanted to repeat the costly mistakes of the 1920s where nearly 12,000 soldier settlers abandoned their farms within a few years.

    But Crawford saw greater potential for the Bureau.

    He proposed broader functions such as studies on the outlook for primary industries, land use investigations and research to promote certain commodities (Powell & Macintyre 2015).

    The Bureau of Agricultural Economics, Crawford and its broader functions transferred to the Department of Commerce and Agriculture in 1946.

    Through various departmental leadership roles, Crawford went on to be one of the great public administrators of his generation.

    John Crawford is the only economist ever to be recognised as the Australian of the Year, winning the award in 1981 for his work as ‘one of the foremost architects of Australia’s post‑war growth’ (Australian of the Year n.d) (I can’t help noting in passing that we’re probably due for another economist to take the top gong).

    Meanwhile, the Bureau has broadened its economic knowledge base and has added names to its title over the years as it merged with other research agencies (ABARES n.d).

    Some 80 years and dozens of outlook conferences later, the Australian Bureau of Agricultural and Resource Economics and Sciences continues to uphold John Crawford’s best traditions.

    In his words, providing a ‘fact‑finding service’ and providing ‘the material and critical analyses of problems with which policy can be better made’ (Crawford 1952).

    Recognising the ongoing importance of your work, our government announced additional funding in last year’s Budget to help:

    • improve regional data sources
    • collect information on low‑emissions technology, and
    • examine the effect of emissions policies on agriculture and regions (DAFF 2023).

    Concentrating on competition in agriculture

    As a kid who attended an agricultural high school, I’ve always been fascinated by farming. But competition is my primary reason for being here today.

    Since at least the days of Adam Smith, economists have spruiked the virtues of competition (Leigh 2022).

    Industries with plenty of competitors tend to deliver better prices, more choices and stronger productivity growth.

    Uncompetitive markets tend to deliver higher prices, lower wages, less choice, and less innovation. A lack of competition leads to problems that can be difficult to undo.

    Today, I will talk about one problem that has only become worse in the recent decades: market concentration.

    When I took on the competition portfolio, a friend issued me a challenge: ‘How many Australian industries can you name that are not dominated by a few big firms?’ (Leigh 2024a).

    It’s a tough ask.

    Applying the rule of thumb that a market is concentrated if the largest 4 firms control one‑third or more, research by Adam Triggs and I found over half of the industries in the Australian economy are concentrated markets (Leigh & Triggs 2016).

    Indeed, many people asked to take on my friend’s challenge might well answer ‘farming’. And it turns out that for many commodities – though not all – farming is quite competitive.

    A straightforward source of market concentration data are the annual industry estimates produced by IBIS World. They estimate the market share of the top 4 firms for several hundred industries.

    A round‑up of IBIS World data on the market share of the largest 4 companies in parts of the agricultural supply chain shows farmers are often caught in the middle.

    Upstream, farmers deal with concentrated markets for their inputs.

    The largest 4 companies in fertiliser manufacturing in Australia have a combined market share of 62 per cent (IBIS World 2024a).

    The largest 4 in hardware and building supplies retailing control about 49 per cent of the market (IBIS World 2024b).

    And the market share for garden supplies retailing is about 33 per cent for the largest 4 firms (IBIS World 2024c).

    Downstream, farmers deal with concentrated markets for processing, freight and retailing.

    According to IBIS World industry reports, there is concentration in fruit and vegetable processing, with the largest 4 companies holding about 34 per cent of the market (IBIS World 2023).

    For meat processing, market share of the largest 4 companies is 44 per cent with JBS Australia, Thomas Food International and Teys Australia being the dominant players (IBIS World 2024d).

    For rail freight transport, the 4 largest including Aurizon and Pacific National have a combined 64 per cent market share (IBIS World 2024e).

    For shipping freight transport in Australia, the market share of 2 companies – ANL and Maersk – amounts to about 85 per cent (IBIS World 2024f).

    When it comes to supermarkets and grocery stores in Australia, it is well documented that Coles and Woolworths account for two‑thirds of the market (IBIS World 2024g).

    These figures show that the agricultural supply chain is highly concentrated at the national level.

    However, for many farmers, their options are even more limited than these figures suggest, as transport costs and risk of spoilage further limit the commercially viable options available to them.

    To further illustrate the point about farmers being caught in the middle, today I will draw on case studies from a series of reports where concerns have been raised about market concentration harming farmers.

    And I will finish by outlining our actions to improve competition laws, to revitalise competition policy in Australia and to make the economy more productive.

    Digging in

    First, we should never underestimate the importance and efficiency gains of farm equipment and machinery.

    Historian James Burke argues the entire modern world is the result of the plough (Harford 2017).

    Increasing farm productivity meant communities could build up a surplus of food, people could settle in one place and everyone’s job no longer had to be finding food (Leigh 2024b).

    Knowing where your next meal was coming from allowed craftspeople to specialise, it allowed trade to flourish, and it allowed people to think about improving the world around them.

    Any list of top Australian inventions typically includes Richard Bowyer Smith and his brother Clarence’s invention in 1876 of the stump‑jump plough (Dictionary of Biography n.d).

    These days, we are no longer talking about the humble plough.

    We are talking about a billion‑dollar farm machinery industry consisting of hi‑tech harvesters, tractors and seeding machinery (DAFF 2022).

    John Deere has more software development engineers than mechanical design engineers (Patel 2021).

    For farmers, machinery represents a significant capital investment involving upfront and ongoing costs (ACCC 2021).

    But many Australian farmers feel they have no genuine choice or ability to shop around.

    The Australian Competition and Consumer Commission’s 2021 market study found farm machinery markets are concentrated at the manufacturer and dealership levels (ACCC 2021).

    Compared to car manufacturers, agricultural machinery makers have greater ability to leverage their market share in new sales to reduce competition in the market for servicing, repairs and parts.

    Warranties restrict the purchaser to a single authorised dealer for servicing and repairs.

    And tech restrictions mean independent repairers or farmers can’t access the parts, manuals and diagnostic software they need to carry out repairs.

    In short, farmers have few choices when buying machinery but even less choice when servicing or repairing that equipment.

    The Productivity Commission further examined difficulties accessing repair data as part of the right to repair inquiry (PC 2021).

    It agreed restrictions harm farmers through higher repair prices, reduced access and choice, and greater financial risks from repair delays.

    The Productivity Commission recommended the government intervene by introducing a repair supplies obligation on agricultural machinery.

    This would require manufacturers to provide access to repair information and diagnostic software tools to machinery owners and independent repairers on fair and reasonable commercial terms.

    As you may know, I have advocated for the need for access to service and repair information over many years.

    In July 2022, I launched Australia’s first right to repair law, the Motor Vehicle Service and Repair Information Sharing Scheme.

    The government is currently monitoring how this scheme is operating for the benefit of independent repairers and consumers.

    Extending right to repair to other sectors, such as agriculture, is a good thing for the economy, businesses and consumers.

    I am pleased there have been negotiations between Australian farmers and the farm machinery industry to consider putting in place a voluntary right to repair arrangements for the sector.

    I encourage parties to continue those negotiations as voluntary arrangements are a great opportunity to foster collaboration and flexibility and can often lead to innovative and effective outcomes.

    Seeds of doubt

    Seeds are the next input I want to cover.

    The US Department of Agriculture’s Economic Research Service examined the seed sector as part of its paper on concentration and competition in agribusiness (MacDonald J et al. 2023).

    The 2023 paper found the seed sector ‘has become highly integrated with agricultural chemicals and more concentrated, with fewer and larger firms dominating supply’.

    Using 2021 annual report data, it said Bayer, ChemChina’s Syngenta Group, Corteva and BASF were the biggest players in global sales for seeds and agricultural chemicals.

    The Economic Research Service found seed prices rose significantly as markets became more concentrated but said the evidence was mixed on the influence of other factors.

    Between 1990 and 2020, the average seed price went up by 270 per cent and the average price for genetically modified varieties rose 463 per cent (MacDonald J et al. 2023).

    Despite the higher seed costs, the paper said it could be argued that genetically modified varieties resulted in ‘significant productivity gains to farmers’.

    It also said higher seed prices may have supported research and development with the number of patents for new crop varieties doubling compared to earlier decades.

    Still, there are not many other industries where the price of a key input has grown fivefold in thirty years.

    Mergers have changed the global seed and farm chemical industry in recent years, and questions remain about what it means for prices and innovation in the long term.

    Sour competition grapes

    Wine grapes arrived with the first fleet in 1788 as cuttings collected en route by Captain Arthur Phillip.

    They were planted at Sydney Cove but withered and died without producing any fruit.

    Which is why it’s called the Rum Rebellion, not the Chardonnay Coup.

    Nevertheless, a fledging wine industry struggled to its feet through booms and busts of the 1800s and by the turn of the century had taken root.

    In the most recent year for which statistics are available, Australia exported 621 million litres of wine (Wine Australia 2024). That figure exceeds domestic wine sales, estimated at 444 million litres.

    There are more than 2,000 wineries and approximately 6,000 grape growers across our 65 wine growing regions.

    They have over 160,000 full and part‑time employees.

    But while the terroir may be good, the vineyard not a level playing field.

    A wine grape market study completed by the Australian Competition and Consumer Commission in 2019 found a highly concentrated industry (ACCC 2019).

    Issues in the supply chain included a lack of competition, potential unfair contract terms, a lack of price transparency, and imbalanced risk allocation in favour of winemakers over grape growers.

    The largest 1 per cent of winemakers accounted for over 80 per cent of wine production.

    Four retailers account for over 80 per cent of sales by value in the domestic retail liquor market.

    The 5 largest winemakers account for an estimated 87 per cent of volume in the Australian wine export market.

    And the trend has been towards even greater consolidation of large winemakers in recent years.

    Change is never easy in agricultural industries subject to boom‑and slump cycles of over production in the good times and consolidation in the bad.

    In 2021 the ACCC found that commercial practices in the wine grape industry had improved since their 2019 report but warned that regulatory action may be necessary without further reforms in payment times and transparency.

    Industry is taking steps to improve transparency but there is still work to be done to ensure a fair and functioning wine, grape and retail market.

    In August, we appointed former competition minister Craig Emerson to lead an independent impact analysis of the wine and grape sector’s regulatory options (Collins 2024).

    Dr Emerson’s report will examine fair trading, competitive relationships, contracting practices and risk allocation.

    Competition beef

    Those problems are not unique to the grape and wine industry.

    In 2023, the National Farmers Federation released an issues paper criticising the lack of transparency and competition across Australia’s agricultural supply chains (NFF 2023).

    The National Farmers Federation said reduced competition meant farmers weren’t receiving the incomes they deserved with long‑term consequences for competitiveness, economic and environmental sustainability and profitability.

    Those concerns echoed the Australian Competition and Consumer Commission’s cattle and beef market study of 2017. That study found evidence that conflicts of interest regularly arise in saleyard transactions when buyers bid for livestock on behalf of multiple clients, and when agents represent both a cattle seller and a cattle buyer in the same transaction (ACCC 2017).

    The report pointed out that cattle auctions have characteristics that make it easier for cartels to develop, including repeated interactions with the same auctioneers, who are often linked by social networks that make it easier to ‘punish’ auctioneers who break away from agreed anti‑competitive bidding practices. Other problematic behaviours included the exclusion of rival agents, and a lack of transparency around saleyard weighing protocols.

    There is a cyclical element to many concerns about competitiveness in the market structure of the Australian cattle and beef industry.

    An ongoing concern is the impact on producers of market concentration and buyer power during tough times, such as droughts.

    Seasonal and cyclical fluctuations in supply can also affect the profitability of meat processors, dampening incentives for new entrants and reducing competition through mergers or acquisitions of incumbents.

    The 2017 report found that the top 5 Australian processors account for around 57 per cent of total cattle slaughter (ACCC 2017).

    A follow‑up report by the Australian Competition and Consumer Commission 2 years later found that the industry had taken some steps towards improving transparency in dealings between processors and farmers, but, again, there was still work to do (ACCC 2019).

    Super concentrated

    Another highly concentrated part of the agricultural supply chain in Australia are supermarkets.

    Coles and Woolworths account for about 67 per cent of national retail sales (Mulino 2024, ACCC 2024 p147).

    Only 2 OECD countries – New Zealand and Norway – have a greater market share of sales controlled by 2 supermarkets (ACCC 2024 p148).

    Earlier this year, the House of Representatives Standing Committee on Economics handed down an excellent report on the inquiry into promoting economic dynamism, competition and business formation.

    The Committee received evidence on the high market share in the supermarket sector, profit margins, and the power imbalance in the relationship between the major supermarkets and farm‑gate producers.

    The report said: ‘Many agricultural suppliers are at risk of that power imbalance being used to negotiate outcomes that affect profitability and, therefore, the capacity and willingness to invest.’

    At the same time as the Parliamentary inquiry, our government is taking action on several fronts.

    Food and Grocery Code of Conduct

    First, we are making sure the Food and Grocery Code of Conduct is working effectively and fairly.

    The voluntary Code was introduced in 2015 to improve behaviour in the way supermarkets deal with suppliers – including growers where they supply directly to supermarkets.

    Dr Craig Emerson’s independent review found the Code is ‘needed to address persistent bargaining power imbalances between supermarkets and their smaller suppliers’ (Emerson 2024).

    Dr Emerson made 11 recommendations for improving the Code and the government announced in June that it will adopt them all (Treasury 2024a).

    The Code will be made mandatory with Coles, Woolworths, Aldi and Metcash subject to million‑dollar penalties for serious breaches.

    There will be improvements to the dispute resolution mechanisms. There will be a pathway for anonymous complaints from suppliers and whistle‑blowers, and guards against retribution by supermarkets.

    We released exposure drafts for consultation in September and we aim to introduce legislation into the Parliament later this year.

    Supermarket inquiry

    Second, we understand more needs to be done to achieve a competitive and sustainable food and grocery sector.

    So, we directed the Australian Competition and Consumer Commission to undertake a 12‑month inquiry into supermarket pricing.

    It allows the watchdog to conduct a deep dive into competition and pricing practices in the supermarket sector for the first time in more than 15 years.

    The Australian Competition and Consumer Commission’s interim report released in September said, ‘Australia’s supermarket industry is changing’ but remains ‘highly concentrated’ (ACCC 2024).

    In the era of online shopping, loyalty programs and data technology, Coles and Woolworths have expanded their share of take‑home food and grocery sales by a combined 3.7 percentage points since 2006–07.

    Supermarkets have also expanded into broader ‘ecosystems’ beyond grocery retailing but in highly complementary areas such as advertising and data analytics, pet products, telco and insurance services (ACCC 2024 p161).

    As well as conducting consumer surveys as part of the inquiry, the Australian Competition and Consumer Commission held 7 roundtables to listen to farmers and fresh produce wholesalers.

    Although no conclusions have been made, the interim report highlighted concerns from fresh produce suppliers about information asymmetries, power imbalances and specific practices that have enabled supermarkets to transfer disproportionate risk and cost onto suppliers.

    In the next phase of the inquiry, the Australian Competition and Consumer Commission will undertake 14 case studies to examine supermarket profit margins and how profits are distributed in the supply chain.

    And it will hand a final report to the government in February 2025.

    CHOICE retail reports

    Third, we announced funding for consumer group CHOICE to produce quarterly reports on retail grocery prices.

    The CHOICE reports will compare grocery prices at different retailers, highlighting those charging the most and the least.

    We have already seen the first 2 ‘basket of goods’ quarterly reports using data from March and June to help consumers make informed decisions about what they’re buying and where they shop (Leigh 2024c).

    Other measures

    Earlier this month, the Australian Government announced around $30 million in additional funding to the ACCC to crack down on misleading and deceptive pricing practices and unconscionable conduct in the supermarket and retail sectors.

    This will strengthen the ACCC’s ability to proactively monitor behaviour and investigate concerns about supermarkets and retailers falsely justifying higher prices.

    In addition to this crackdown, the Treasurer will work closely with states and territories through the Council on Federal Financial Relations to reform planning and zoning regulations, which will help boost competition in the supermarket sector by opening up more sites for new stores (Albanese 2024).

    Strengthening protections against unfair contract terms

    Unfair contract term protections are another area where we have already made improvements.

    Unfair contract terms are terms that are clearly lopsided – for example by allowing the more powerful party to unilaterally change prices, or cancel the contract.

    Under the former government, such terms were unenforceable, but it was not an offence to include them in a contract.

    Fertiliser

    For example, last year the Australian Competition and Consumer Commission investigated complaints about fertiliser companies using contracts in a way that could disadvantage farmers (ACCC 2023).

    Contract terms allegedly gave larger suppliers the right to unilaterally vary the quantity delivered or to terminate the agreement and restricted buyers from raising issues about defects.

    Fertiliser suppliers co‑operated and changed the contract terms to address the Australian Competition and Consumer Commission’s concerns.

    Potatoes

    In another example, the Federal Court in 2019 declared Mitolo Group, Australia’s largest potato wholesaler, used unfair terms in contracts with growers (ACCC 2019).

    The court declared contract terms that allowed Mitolo to unilaterally determine or vary the price paid to growers as void.

    Terms preventing growers from selling potatoes to other purchasers and terms stopping farmers from selling their property unless the buyer entered into a contract with Mitolo were also declared void.

    Stronger laws

    More broadly, the problem is the laws weren’t stopping the use of unfair terms, which remain prevalent in standard form contracts.

    A court could declare a contract term to be unfair and therefore void and unenforceable, but until our government took office, the law didn’t allow penalties to be imposed.

    We have fixed that. In 2022, we delivered on our promise to strengthen unfair contract term laws (Leigh & Collins 2022).

    We introduced civil penalty provisions outlawing the use of, and reliance on, unfair terms in standard form contracts.

    And we extended the coverage of the protections.

    We lifted the eligibility cap from businesses with less than 20 employees to businesses with less than 100 employees, or annual turnover of less than $10 million.

    The most significant merger reforms in decades

    Merger regulation is one of the key pillars of competition law (Leigh 2024a).

    It acts as the ‘preventive medicine’ against the few mergers that substantially lessen competition.

    But feedback suggests our system isn’t as healthy as it could be.

    The Competition Taskforce found Australia’s ‘ad hoc’ merger process is unfit for a modern economy and said we lag best practice in other countries.

    In response, we have announced the most significant reforms to merger settings in almost 50 years.

    The proposed reforms will make Australia’s merger approval system faster, stronger, simpler, targeted and more transparent.

    Revitalising National Competition Policy

    The Albanese government is working with state and territories to revitalise National Competition Policy.

    There is consensus that pro‑competitive reforms are worth doing and we are aiming for agreement by the end of the year.

    The original National Competition Policy underpinned a generation of growth from the 1990s (Leigh 2024d).

    While it left us in a good position, the economy has changed, and the nation now faces new challenges that the original policy could not have anticipated.

    These include digitalisation, the growth in human services, the net zero transformation and supporting Australia’s most vulnerable (Treasury 2024b).

    Trade opportunities

    We are also looking to improve competitiveness overseas as well as at home.

    Our farmers are internationally competitive with Australia exporting around 72 per cent of the total value of agricultural, fisheries and forestry production (ABARES 2024).

    Historically, Australia’s farmers have been among the strongest advocates of trade liberalisation. The old ‘protection all round’ strategy meant that Australian farmers paid more for imported farm machinery, and faced tariffs from other countries to which they exported their produce.

    Reductions in Australia’s domestic tariffs under the Whitlam, Hawke and Keating governments made farm equipment more affordable. It also bought Australia international credibility – enabling us to spearhead reform through the creation in 1986 of the Cairns Group of Fair Trading Nations, to advocate for liberalisation of global trade in agricultural goods (cairnsgroup.org).

    Today, our government is building on that legacy. Invested: Australia’s Southeast Asia Economic Strategy said, ‘Australia is already a key partner in helping Southeast Asia meet its food security needs’, and notes that ‘there is strong potential to develop this trade relationship further towards 2040’ (DFAT 2023).

    So, trade forms a significant part of our broader economic agenda.

    And as Trade Minister Don Farrell observes, we are ‘delivering on our commitment to secure new trade and investment opportunities for Australian exporters, producers, farmers and businesses’ (Farrell 2024).

    Closing remarks

    Let me finish by saying, competitive markets matter in all parts of the Australian economy, but especially in the farm sector.

    As the Australian Competition and Consumer Commission’s Mick Keogh crisply puts it: ‘there are many farmers, but few processors or wholesalers, and even fewer major retailers’ (Keogh 2021).

    As my analysis of IBIS World data shows, small‑scale farmers are often the meat in a market concentration sandwich.

    Upstream, there is often no choice about dealing with large‑scale providers on inputs.

    Downstream, there is often no choice about negotiating with larger processors and retailers.

    And through various examples from many reports over several years, we can see that market concentration hurts farmers.

    Higher prices for inputs.

    Less choice for repairs.

    Power imbalances in negotiating contracts.

    A lack of transparency around prices.

    And potentially unfair contract terms.

    I’m pleased to say, as outlined today, the government is focused on practical solutions to improve our competition settings.

    And we appreciate the expertise and insights of the Australian Bureau of Agricultural and Resource Economics and Sciences.

    Thank you.

    Note: My thanks to officials in the Australian Treasury for invaluable drafting assistance.

    References

    Albanese, A; Chalmers, J. (2024) ‘Helping Australians get fairer supermarket prices through stronger protections and greater competition’, [media release] The Treasury, accessed 1 October 2024.

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    Australian Competition and Consumer Commission (ACCC) (2024) Supermarkets inquiry interim report.

    Australian Competition and Consumer Commission (ACCC) (2017) Cattle and Beef Market Study – Final Report.

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    Australian Competition and Consumer Commission (ACCC) (2020) Perishable agricultural goods inquiry Final Report.

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    Australian Competition and Consumer Commission (ACCC) (2023) Fertiliser suppliers amend unfair contract terms after ACCC investigation Accessed 21 August 2023.

    Australian Competition and Consumer Commission (ACCC) (2019b) Court penalises potato wholesaler for breaching the Horticulture Code and declares unfair contract terms void, Accessed 2 August 2019.

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    Cairns Group, The. (n.d) About The Cairns Gro…~https://www.cairnsgroup.org/Pages/Introduction.aspx

    Collins (2024) Supporting Australia’s wine industry [media release] The Treasury, accessed 23 August 2024.

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    IBIS World (2024c) ‘Garden supplies retailing in Australia’, Industry Report, March 2024.

    IBIS World (2024d) ‘Meat processing in Australia’, Industry Report, June 2024.

    IBIS World (2024e) ‘Rail freight transport in Australia’, Industry Report, September 2024.

    IBIS World (2024f) ‘Water freight transport in Australia’, Industry Report, May 2024.

    IBIS World (2024g) ‘Supermarkets and grocery stores in Australia, Industry Report, August 2024.IBIS World 2023, ‘Fruit and vegetable processing in Australia’, Industry Report, August 2023.

    Keogh M (2021) Competition in Australian agriculture Speech to the National Farmers’ Federation accessed 11 June 2021.

    Leigh A 28 November (2022) Look overseas to see the virtues of more competition [opinion piece] The Australian.

    Leigh A 27 August (2024a) Why new rules in competition are sure to be game‑changing [opinion piece] The Canberra Times.

    Leigh A (2024b) The Shortest History of Economics, Black Inc.

    Leigh A (2024b) Supermarket price monitoring to help Australians make informed choices at the checkout [media release] Accessed 20 June 2024.

    Leigh A (2024c) Supermarket price monitoring to help Australians make informed choices at the checkout [media release] Accessed 20 June 2024.

    Leigh A (2024d) Competition reform will ensure flourishing future [opinion piece] The Australian.

    Leigh A and Collins J (2023) Labor delivering on promise to ban unfair contract terms [media release] Accessed 26 July 2022.

    Leigh A and Triggs A (2016), Markets, Monopolies and Moguls: The Relationship between Inequality and Competition. Australian Economic Review, 49: 389–412.

    MacDonald J, Dong X, and Fuglie K (2023) Concentration and Competition in U.S. Agribusiness United States Department of Agriculture Economic Research Service, Economic Information Bulletin No.256.

    Miller J (2007) Sir John Grenfell (Jack) Crawford (1910–1984) Australian Dictionary of Biography, Volume 17, 2007, ANU.

    Mulino D (2024) Better Competition, Better Prices Report on the inquiry into promoting economic dynamism, competition and business formation, House of Representatives, Standing Committee on Economics.

    National Farmers’ Federation (NFF) (2023), Issues Paper, Market Price Transparency, National Farmers’ Federation Issues Paper.

    Patel N 15 June (2021) John Deere turned tractors into computers – what’s next, The Verge.

    Powell G & Macintyre S (2015) Land of opportunity: Australia’s post‑war reconstruction, National Archives of Australia Research Guide.

    Productivity Commission (PC) (2021) Right to Repair Inquiry Report No.97, accessed 29 October 2021.

    Treasury (2024a) Government response to the Independent Review of the Food and Grocery Code of Conduct, Treasury.

    Treasury (2024b) National Competition Policy fact sheet Treasury.

    Uhr J (2006) The Crawford Doctrine: An informal sketch Australian National University, accessed 21 June 2006.

    Whitnall T and Pitts N (2020) Meat Consumption ABARES.

    Wine Australia (2024), Market insights, Australian wine sector at a glance, Wine Australia.

    MIL OSI News –

  • MIL-OSI Asia-Pac: Speech by SCED at Hong Kong FinTech Week 2024 (English only)

    Source: Hong Kong Government special administrative region

    Speech by SCED at Hong Kong FinTech Week 2024 (English only)
    Speech by SCED at Hong Kong FinTech Week 2024 (English only)
    ************************************************************

         Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the second day of the Main Conference of Hong Kong FinTech Week 2024 today (October 29): Distinguished guests, ladies and gentlemen,      Good morning.      Welcome to day two of the Main Conference of Hong Kong FinTech Week 2024. It is my pleasure to join you all here this morning.        Hong Kong has all along attached great importance to developing fintech businesses, with a view to developing our city as an ideal destination for fintech firms from around the world. As a symbol of this goal, Invest Hong Kong (InvestHK) has been organising the flagship Hong Kong FinTech Week since 2016 to gather the global fintech stakeholders, including investors, professionals and practitioners, in Hong Kong to discuss the latest developments and explore new opportunities.       Being the premier annual international fintech event in Asia, this mega event has been receiving overwhelming support and serving as a great platform over time for Hong Kong’s expanding fintech business. With its theme “Illuminating New Pathways in Fintech”, Hong Kong FinTech Week this year is expected to attract more than 30 000 visitors, and over 800 speakers and 700 exhibitors from over 100 economies. In fact, such a scale can hardly be matched by other similar fintech events. I am glad that you are in the right place today, and I can assure you of an exciting series of events in the rest of Hong Kong FinTech Week.      Being a “super connector” and a “super value-adder”, Hong Kong acts as an important gateway between the Mainland and the overseas markets. Our city is a place where we advocate entrepreneurship and innovation, and also a perfect launch pad for fintech companies to be groomed locally and globally.        Under “one country, two systems”, Hong Kong continues to maintain our uniqueness as one of the most liberal and easiest places to do business in the world. In terms of foreign direct investment, Hong Kong remains the world’s fourth largest destination as revealed in the World Investment Report 2024; Hong Kong is once again ranked in 2024 as the freest economy by the Fraser Institute; and we are ranked the third globally, the first in the Asia-Pacific region as well as one of the top 10 fintech hubs around the globe according to the recent Global Financial Centres Index report.      These recognitions are attributed to our institutional advantages including a robust common law legal system, an independent judiciary, a simple and low tax system, world-class professional services, and many others, which are the very foundation of Hong Kong’s success as an ideal place for fintech companies to thrive.      Coupled with an array of new business-friendly initiatives announced in the 2024 Policy Address this month, all businesses in Hong Kong, including the fintech sector, could benefit from them. For example, the updated Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) provides more flexibility and convenience for Hong Kong companies to invest and do business on the Mainland. All companies based in Hong Kong, regardless of their place of origin, can all benefit from the latest CEPA enhancements. My friends, I strongly recommend that you set up your fintech and related financial operations in Hong Kong in order to enjoy these advantages.        Apart from companies, we also have good news for individuals. For non-Chinese Hong Kong permanent residents, they are now eligible for the Mainland travel permit since July this year. This groundbreaking measure provides unprecedented convenience for visits to the Mainland for various purposes, including business, leisure or family trips, multiple times within a validity period of five years. Additionally, if you are a non-permanent Hong Kong resident who is also a foreign staff member of a Hong Kong-registered company, the validity period of your multiple-entry visa has now been extended to a maximum of five years to facilitate your Mainland trips. To experience the convenience brought by the two new measures, I would suggest that our overseas friends apply for the permit or multiple-entry visa, if eligible.       In fact, we note that Hong Kong’s competitiveness and business-friendly environment, which I have mentioned above, has already been highly recognised by many fintech companies. In 2024, we are home to over 1 100 fintech companies, representing a 14 per cent year-on-year increase according to InvestHK’s statistics. In the first nine months of this year, InvestHK has helped 470 overseas and Mainland enterprises to establish or expand their business in Hong Kong, and over 23 per cent of them are from the fintech, financial services and related sectors. The above encouraging results have explained Hong Kong’s attractiveness to the global fintech community.     As always, InvestHK, being the Government’s investment promotion agency and your best business partner in Hong Kong, will assist your companies to set up or expand business here. With InvestHK’s extensive and sophisticated global network, you will have no difficulty in receiving their valuable advice and unfailing support even if your companies are located outside Hong Kong. Taking the golden opportunity today, I would encourage you all approach InvestHK and see what advice they can offer you from the investment promotion perspective.      Finally, I would like to give my big thanks to our fintech friends here today for your participation in and strong support for FinTech Week and confidence in Hong Kong, especially those who have joined the event for years. I hope you enjoy today’s conference and explore more business opportunities. And don’t forget to take a walk through our city to enjoy the delicious food and beautiful scenery in Hong Kong.        Thank you.

     
    Ends/Tuesday, October 29, 2024Issued at HKT 12:15

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    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: $4 million extra funding for improved access to advice and advocacy for tenants as part of plan to make renting fairer

    Source: New South Wales Premiere

    Published: 29 October 2024

    Released by: Minister for Better Regulation and Fair Trading

    The Minns Labor Government is further supporting tenants across NSW when they need it most, with a funding boost to the Tenants Advice & Advocacy Services.

    The network of 21 local not-for-profit organisations, help tenants to understand their rights, support them during negotiations and in resolving disputes, and assist and advocate for them at the NSW Civil and Administrative Tribunal.

    Funded by NSW Fair Trading, these services will be boosted by $1 million extra a year until 2028. In 2024-25, funding has increased to $16.2m.

    The funding boost follows the Minns Labor Government’s recent passage of the most significant rental reform package to assist renters in over a decade. The new reforms will:

    • Ban no grounds evictions;
    • Limit rent increases to only one per year;
    • Make it easier to have pets in rentals;
    • Ensure fee-free ways to pay rent; and
    • Ban renters paying for background checks.

    In addition to these historic new reforms to help tenants across the state, last financial year, NSW Fair Trading responded to 393,000 rental enquiries. Where tenants required greater help, they could access the free assistance of a local Tenants Advice & Advocacy Service.

    The network responds to around 30,000 requests a year for tenancy advice from renters in private and social housing, boarders, lodgers, and land lease community residents.

    The service also provides ongoing assistance to approximately 10,000 tenants annually.

    Find out more information about the Tenants Advice & Advocacy Services.

    Minister for Fair Trading and Better Regulation Anoulack Chanthivong said:

    “NSW has millions of renters who come from diverse backgrounds and communities spread right across the state.

    “The Tenants Advice & Advocacy Service provides local support through a network of highly-skilled  advocates who work to ensure quality advice and advocacy is available to all renters in NSW.

    “The funding boost will mean the services can reach even more renters and keep this critical information service free.

    “This is another step forward to get renters a fairer deal.

    “This is part of the Minns Labor Government’s plan to build a fairer system for renters.”

    NSW Rental Commissioner Trina Jones said:

    “This funding will provide critical support to the millions of people renting in NSW.

    “The tenant advice program supports people in their own communities helping Fair Trading to increase our reach and support for renters.

    “This funding is another example of how the NSW Government is taking action to support renters across the state.”

    Chief Executive Officer of Tenants Union of NSW Leo Patterson Ross said:

    “We welcome this additional funding which will make it easier for renters to seek the expert, free advice, and practical advocacy that the Tenants’ Advice and Advocacy Program provides.

    “This funding increase will ensure services can continue to provide the same high quality advice we have for the past 30 years.

    “Tenants’ Advice and Advocacy Services are an important part of resolving disputes fairly. We help ensure renters know where they stand and help avoid prolonged disputes and unnecessary tribunal applications.

    “We look forward to continuing to work with the NSW Government to cover funding needs that have emerged with the growing renting population and as important tenancy reforms come into effect.”

    MIL OSI News –

  • MIL-OSI Asia-Pac: Property owner fined over $90,000 for not complying with removal order

    Source: Hong Kong Government special administrative region

    Property owner fined over $90,000 for not complying with removal order
    Property owner fined over $90,000 for not complying with removal order
    **********************************************************************

         ​A property owner was convicted and fined over $90,000 at the Tuen Mun Magistrates’ Courts this month for failing to comply with a removal order issued under the Buildings Ordinance (BO) (Cap. 123).     The case involved an unauthorised structure with a total area of about 34 square metres on the roof of a residential building at Yuen Long On Ning Road. As the unauthorised building works (UBWs) were carried out without prior approval and consent from the Buildings Department (BD), a removal order was served on the owner under section 24(1) of the BO.     Failing to comply with the removal order, the owner was prosecuted by the BD and was fined $93,620 in total by the Court, of which $73,620 was the fine for the number of days that the offence continued, upon conviction at the Tuen Mun Magistrates’ Courts on October 18.     A spokesman for the BD said today (October 29), “UBWs may lead to serious consequences. Owners must comply with removal orders without delay. The BD will continue to take enforcement actions against owners who have failed to comply with removal orders, including instigation of prosecution, so as to ensure building safety.”     Failure to comply with a removal order without reasonable excuse is a serious offence under the BO. The maximum penalty upon conviction is a fine of $200,000 and one year’s imprisonment, and a further fine of $20,000 for each day that the offence continues. 

     
    Ends/Tuesday, October 29, 2024Issued at HKT 12:37

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    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Minister Shorten doorstop interview at Services Australia Newmarket, Melbourne

    Source: Ministers for Social Services

    E&OE TRANSCRIPT

    SUBJECTS: Integrating Organ Donor card into the myGov app

    BILL SHORTEN, MINISTER FOR THE NDIS AND GOVERNMENT SERVICES: Good morning, everybody. It’s fantastic to be at Services Australia Newmarket offices in the electorate of Maribyrnong. We’ve got a great announcement to make, but before I do that, just introduce some people, with me is the new Labor candidate for Maribyrnong, Jo Briskey. Also, we have Assistant Minister for Health, Ged Kearney, who’s got some exciting news to talk about organ and tissue donation. And we’ve also got Kristy, who’s got an amazing story to tell us all. So, I might hand over to Ged, then I’ll say some words about new developments with Services Australia and organ donation, and then we might hear from Kristy and then take questions. Ged?

    GED KEARNEY, ASSISTANT MINISTER FOR HEALTH, AGED CARE AND INDIGENOUS HEALTH: Thanks, Bill. Good morning, everyone I’m Ged Kearney. I’m the Assistant Minister for Health and Aged Care, I’m the Assistant Minister for Indigenous Health, and we are here on Wurundjeri land, and I pay my respects to elders, past and present. This is an exciting day. Organ donation is such an incredibly important thing. It saves lives. It gives life back to people who need organ transplants. And we know that the vast majority of Australians agree that organ donation is important, but just over 30% of Australians actually register as organ donors. We need more Australians to register as organ donors, and it’s really easy right now to do that. You can go to myGov and it’s three quick clicks on there, or you can go to DonateLife.gov.au and register to be an organ donor. It’s very important. One organ donor can save up to seven lives. So, it’s great to have Kristy with us today who is a transplant recipient.

    But I’m extremely excited to be here with Minister Shorten as the Minister for Services Australia. He has done an amazing thing in that he has allowed us to have a digital ID card. A digital card that will go in your myGov Apple Wallet, to let everybody know that you are an organ donor and that you have registered. For the first time ever in Australia, we will have that available quick and easily as a digital ID card so that everybody knows that you have you intend to be an organ donor. It’s easy to identify, easy to find, easy for you to show people. Because even though you register as an organ donor, what we know, the most successful thing, the thing that is the most enabling for organ donation at that, if indeed you are in a position where you can donate your organs, is that your family knows. If your family doesn’t know that you intended to be an organ donor, they are less likely to give that all important consent at that very difficult time. If they do know that you want it to be an organ donor, they are vastly more likely to give consent, and that’s important. So, this is a great development for organ donation. I congratulate Minister Shorten for this development and it’s very exciting news. Back to you, Bill.

    SHORTEN: Thanks, Ged. You can’t overstate how important today’s announcement actually is. Organ and Tissue Australia are doing a great job encouraging people to be organ donors. I’ve seen close hand, a family friend, when she suffered a traumatic road injury, because she was an organ donor there’s three other people who had valuable lifesaving surgeries as a result of my friend’s passing, so it really does make a difference. Four in every five Aussies say that they are up for donating their organs, but only one in every three Australians is actually registered to do it. So, what’s really great is that the Albanese government, through Services Australia, and I thank Services Australia for working with Organ and Tissue Australia, what we’ve done is that you have a myGov app, 6 million Australians have already downloaded the app, and you have a digital wallet. And you know, at the moment you can link it with your Medicare card, or your pension card, or your health card. Now, what you can do is it’s a very simple, very quick process to be able to link it to an organ donor card.

    What that means is, it’s going to change lives, literally, the ability to save lives. And so, it is really super, super easy. And what we want to do is encourage Australians, through the use of our myGov app, to be organ donors, just to close the deal between a good intent and a good act. Now we’re really privileged today to be able to hear from Kristy. Kristy has got an amazing story about the importance of organ donation and how that changes lives and, and the ripples of the generosity of organ donation that give life to other people. So maybe let’s hear from Kristy and then we could answer some questions.

    KRISTY, TRANSPLANT RECIPIENT: Hi, I’m Kristy. I’m a kidney recipient. And like what the Minister said, this is a bit about my journey that saved my life and changed my life. I was 14 when I was diagnosed with kidney disease, and throughout high school I had to go through a lot of hospital visits. By the time I was 22, I was in hospital and my doctors have told me my kidneys failed. And being 22, I wasn’t sure what that really meant. And then, everything moved so quickly. All I remembered was having tubes in me, and I was going through this machine, and this machine made me feel so cold. And I quickly learned that means it’s dialysis. So, you have to wash your blood through this machine. And that’s why your body feels so cold. And I had to do this three times a week, and it’s from 4 to 5 hours. But my body is so little, and every time after a session, I feel so washed out. My day, I would be at home, I couldn’t stand, I couldn’t walk just because I felt so dizzy.

    Then they moved me into peritoneal dialysis. It’s when you have this tube called the Tenckhoff, inserted into your belly. So, I had another operation, and they removed my Permacath, which was for haemodialysis, the taking of the blood. And then to suit my lifestyle style, I had the peritoneal dialysis, and I was able to do dialysis at home, which felt a lot nicer than being in the hospital. I was able to do that for a year. I even went overseas with my dialysis machine for a week. And then later I learned that it wasn’t for me. I went back into hospital. I was in intensive care. My heart was failing. My lungs were failing. I had blood clots in my lungs. It was so because this dialysis wasn’t working for me. And, um, then they put me on haemodialysis again, washing through the blood and this time in a hospital. And I had to stay overnight, and I did it for eight hours, three times a week as well.

    Then one day, I got a call after work. I was at McDonald’s eating, eating my meal, getting ready for dialysis. I had my sleep pack. And the call was, we found your kidney, and everything just stopped for me at that moment. And then, they told me the kidney is from a young man from Perth. And I had a minute to decide if I want this or not. And you know what’s there to lose? I said yes, and I was so excited about the news that I kept crying, and on my way home to put my dialysis bag away and go into hospital, I was crying on the tram. Then I realised I took the wrong tram. People were eavesdropping, but after I got off the phone, people were congratulating me. Then I took the taxi to my hospital, Saint Vincent’s hospital. They had nurses waiting for me downstairs because they’ve known me since I was 16, and it just felt like a royal treatment from then.

    I had my last dialysis session before I had my transplant, because they want your body to be in good shape before you have your transplant. And it took two weeks for my kidney to start. It didn’t start straight away, so I was feeling a little bit glum. But once it started working and I was doing my last half an hour of dialysis, I asked them to stop it because I felt like I needed to wee, which was the first time I would have weed in the past four years. It’s very, very weird. When you’re on dialysis, you don’t go to the toilet anymore. So, something so small I felt like I took for granted, just going to the toilet. And that’s what I felt like I really needed to do, first thing, when my kidneys started working. Um, and that also meant I didn’t need to drink water – I limited my water intake to one litre, so that was really hard for me when I was on dialysis during summer and being in Australia, we have very harsh summers and yeah, and just drinking up to one litre, that was my limit. And I’m aware some dialysis patients, but they can’t really drink up to half a litre, so I can’t imagine what they had to go through. But for me, one litre was very hard.

    So, a year after my transplant, nothing was wrong with my transplant. I told my doctors I’m ready to start a family because I wasn’t, I couldn’t – my body was not able to prior to transplant. So, post-transplant, we’ve changed my medication. I got the okay. And now I have two beautiful children. They’re 18 months and four years old. And I think that’s the biggest gift from the donors – giving me my life back, giving me a career back and letting me have a family.

    SHORTEN: Are there any questions for Kristy or Jed or myself?

    JOURNALIST: I’m wondering how the process works. Obviously, if someone’s passing away and could potentially donate their organs, will the hospital be able to access the myGov record? How does that process sort of work, to notify someone? And will that make things smoother now rather than just having a card in a wallet?

    SHORTEN: Yeah, What you’ll to be able to do is the family will be able to tell. I mean, making these decisions at the time where they’re there’s been a death or the organ’s available is very difficult. This will just provide easily accessible information for the authorities to be able to understand the intent of the donor. The best reasons to upload your myGov app and connect it to your Medicare and then get your organ donors cards, the best reasons really, I’ve heard, are 18 months and four years old. Kristy’s children. And so, yes, this just makes it a heck of a lot easier for everyone to identify the intent and the action.

    JOURNALIST: Minister, do you expect organ donation numbers to increase following this policy change? Have you got any research on that or expectations?

    SHORTEN: I’ll get Ged to supplement this, but yes, I do expect numbers to increase. Australians are a pretty generous bunch of people, but sometimes we have an idea, but we don’t get around to doing it. What we want to do is take the degree of difficulty out of the process of converting your general aspiration to be an organ donor into a reality. When people go on the myGov app and as I said, 6 million people have the app, they’ll realise, and when they’ve connected their Medicare card up, it is really, really quick. It is just a couple of steps and you’re done.

    So, what we are doing is taking the red tape and the bureaucracy out of it. By the way, if you still want a physical card, you can still get a physical card. But once you’ve got it on your digital wallet, you just – life’s just that much easier. We’re all used to tap and go, and what we do with the organ donor card is going to just be a lot quicker. So, I expect there to be an uptake and we will of course be promoting it. Maybe Ged might have some comments she’d like to make.

    KEARNEY: Sure. Thanks, Bill. I think the beauty of this is that it will be a prompt. You have your myGov app there. It might be a prompt for people to say who’ve always intended to donate or to, to register as a donor, to say, oh yeah, I should do that. And it makes it really quick and easy. So that’s the first step, is that we hope that more people will register by that, that simple prompt that the app might give them. But the most important thing, the thing that we know increases our donation, is your family knowing. Because it doesn’t matter what. It doesn’t matter how many people actually register as donors, at that time when there’s the possibility that you could be a donor, your family or your next of kin will be the ones asked to give consent. And your family are the ones that have to say yes.

    So, we know all the data shows that if your family knows that you wanted, that was your intent to donate your organs, they will say yes, and it increases the donation rates dramatically. So, having the evidence there for the family to see loud and clear every, every now and then when you open up your myGov app, you’ll say, oh, remember mum, remember dad, remember to your wife, that I’m registered. It might be a little prompt for that all important conversation. I think that is the beauty of having it right there all the time on your phone for everyone to see. It might just prompt that conversation. It’s not an easy conversation to have, but it’s an important conversation to have. So yeah, I think that this will go a long way, hopefully to increasing donation rates. So, thank you.

    MIL OSI News –

  • MIL-OSI Australia: New Bridgewater Bridge reaches the high water mark

    Source: Australian Executive Government Ministers

    Work on the once-in-a-generation New Bridgewater Bridge Project is a significant step closer to delivering faster travel times and less congestion.

    The pouring of the final pair of the 42 bridge piers this evening (October 29) will mark the completion of the bridge’s substructure and bring the project a step closer to having traffic on the bridge.

    The Australian and Tasmanian governments are investing $786 million into project, with the Australian Government committing $628.8 million, and $157.2 million from the Tasmanian Government.

    The four-lane bridge will fix the missing link between the Brooker Highway and Midland Highway.

    The 1.2-kilometre-long bridge will include two lanes of traffic in each direction, a safe shared path for cyclists and pedestrians, and clearance for boats.

    The 46 piles that make up the bridge’s foundations were completed in July 2024, ranging between 30-90 metres below the river. One of the final piles to be poured is believed to be the largest ever poured in Australia, reaching 88 metres below the surface.

    Each pier is the starting point for the construction of the superstructure, which is made up of 1,082 concrete bridge segments produced at the project’s purpose-built precast yard at Bridgewater.

    The 21 pairs of piers range in height from eight to 16 metres to provide the navigation clearance under the bridge.

    Made up of between 190-310 tonnes of concrete and 25-35 tonnes of steel, each pier is constructed using specially designed steel forms, which allow them to be poured in one piece on site.

    The project remains on track to be delivered on time and within budget, with the new bridge due to be completed by July 2025.

    For more information about the project and to see the latest flythrough footage, visit the project website at https://bridgewaterbridge.tas.gov.au/.

    Quotes attributable to Federal Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “We know how important it is to deliver infrastructure that gets people home quicker and safer.

    “This much-needed bridge replacement will also boost economic opportunities including ensuring tourists have a more enjoyable experience getting to and from the north and south of the state.

    “We continue to deliver our commitments to priority projects right around Australia.”

    Quotes attributable to Premier Jeremy Rockliff:

    “Anyone who has driven through the area recently would have seen the hive of activity as we move closer to having traffic on the new bridge.

    “The project site is changing daily, and Tasmanians are rightly excited to see the new bridge taking shape so quickly.

    “Completing the bridge’s substructure is a major milestone and is a significant step towards seeing the deck of the new bridge finished. 

    “Not only will a new Bridgewater Bridge remove the bottlenecks people have been experiencing at each end of the bridge, but it will provide more reliable travel times so people know how long their journey will take.”

    Quotes attributable to Minister for Infrastructure Kerry Vincent:

    “Seeing so many outstanding Tasmanian businesses come together to deliver this once-in-a-generation project is something special and something all Tasmanians should be proud of.

    “The project is providing increased capacity and capability in local skills within the state’s civil construction industry.

    “This means we can keep the skills and knowledge created on the project in the state and will benefit future major projects.”

    Quotes attributable to Federal Member for Lyons Brian Mitchell:

    “Creating jobs, upskilling workers, and supporting Tasmanian industry has been a key focus of the New Bridgewater Bridge, with more than 25 per cent of the new jobs on the project filled by people from the Brighton, Derwent Valley, and Glenorchy municipalities.

    “The steady progress being realised on this nationally significant project is big news for Bridgewater and other communities north of Hobart, where people rely on reliable and safe road links over the Derwent river.”

    MIL OSI News –

  • MIL-OSI Economics: Asthma crisis in US marginalized communities from redlining requires more than just healthcare interventions, says GlobalData

    Source: GlobalData

    Asthma crisis in US marginalized communities from redlining requires more than just healthcare interventions, says GlobalData

    Posted in Pharma

    Decades after the discriminatory practice of redlining was banned in the US, its lasting impact is still driving significant health disparities, particularly in asthma prevalence, according to recent studies. These findings highlight how the combination of poor housing conditions and environmental pollutants in historically redlined neighborhoods continues to fuel the asthma crisis, particularly among children. Addressing this crisis requires more than just healthcare interventions, according to GlobalData, a leading data and analytics company.

    Redlining, a practice that historically denied financial services to predominantly minority neighborhoods, labeled these areas as “risky” and prevented necessary investments. Though outlawed in 1968, its effects persist, exposing these neighborhoods to higher pollution levels, poor housing conditions, and entrenched poverty.

    Many redlined neighborhoods remain disproportionately exposed to harmful pollutants from industrial sites and high-traffic roadways, exacerbating respiratory issues. Poor housing quality in these areas, rife with mold, pests, and other asthma triggers, further worsens the condition for residents, making it an issue of environmental justice.

    Sravani Meka, Senior Pharma Analyst at GlobalData, comments: “The legacy of redlining is a multifaceted public health crisis. The intersection of environmental hazards, poor housing conditions, and healthcare access gaps has created a perfect storm for chronic asthma in these communities.”

    Efforts are underway to address these disparities, with initiatives focusing on improving air quality, housing standards, and healthcare access. However, experts warn that systemic barriers remain.

    Meka continues: “While policy reforms are being implemented, convincing decision-makers to prioritize these vulnerable communities and ensuring healthcare providers are equipped to manage the complex needs of these patients will be crucial for long-term change. If successful, these reforms could significantly reduce asthma rates and improve quality of life in historically disadvantaged neighborhoods.”

    Meka concludes: “It’s essential that these communities receive sustained attention, not just short-term interventions, to truly dismantle the structural inequalities that drive these health disparities.”

    MIL OSI Economics –

  • MIL-OSI Australia: Address to AFR Super and Wealth Summit, Sydney

    Source: Australian Treasurer

    Introduction

    I would like to acknowledge the Gadigal people of the Eora Nation as the traditional custodians of the land we are meeting on.

    I pay my respects to their Elders past and present, and I acknowledge any First Nations Australians in attendance.

    At this very forum 2 years ago, I made a promise –

    A promise that the Albanese government will deliver a stronger superannuation system that provides the best outcomes for members.

    A stronger system where workers are paid what they are owed.

    A system where funds deliver strong investment performance.

    A system where the member is at the centre.

    A system that is fair.

    On current trends, the superannuation sector will exceed $4 trillion in the next term of government.

    As the stewards of the system, we are committed to ensuring that translates to a dignified retirement for all Australians.

    To do that, we have been improving every interaction with the system.

    From the first dollar of superannuation accumulated –

    To the final dollar drawn down –

    We want to ensure Australians share in the dividend of the nation’s prosperity.

    Every dollar of superannuation needs to be paid

    Superannuation relies on the premise that wealth will accumulate over your working life to be drawn down upon in retirement.

    This all falls over from the outset if workers are not paid what they are owed.

    In the most recent data available, in a single year, it is estimated that workers had $3.6 billion stolen from them through unpaid super.

    Not good enough.

    We don’t accept workers being underpaid wages.

    We shouldn’t accept workers being underpaid super.

    So we have acted decisively.

    We enshrined the right to super in the National Employment Standards.

    We’ve criminalised the theft of superannuation.

    And we’re fulfilling our election commitment to set new targets for the Tax Office to recover unpaid super.

    Yet the most important policy in this regard is our commitment to payday super.

    From 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages.

    Workers will benefit by getting their super earlier and more frequently.

    The Tax Office will have greater ability to track employers meeting their obligations.

    And it will help prevent the build‑up of debts of unpaid super, which are too often lost forever if a business becomes insolvent.

    This is one of the biggest reforms to the payment of superannuation since it was introduced over 30 years ago.

    And it will deliver for workers.

    Funds must deliver strong investment returns

    We need to make sure super is paid on time.

    And we need to make sure super is invested in the best financial interests of members.

    Upon coming to government, the annual superannuation performance test only applied to around 70 MySuper products.

    It has now been expanded to around 650 products, including the choice sector.

    The test now covers around 80 per cent of benefits held in the accumulation phase.

    This drives accountability for trustees to deliver good investment returns.

    And it delivers transparency for members to know how their fund is performing.

    And it’s working.

    The tail of underperformance is being cleaned up.

    After almost 100 products failed last year, that number is down to 37 this year.

    But this is not a policy that is set and forget.

    We have had a look under the hood of the test to ensure that it is delivering for members.

    That it is not limiting the returns that funds can achieve.

    And to ensure that it is fit‑for‑purpose as the system continues to mature.

    As we work through the views and feedback we have received, you can judge our record to decipher what the future of the test looks like.

    How do we ensure funds invest in the best financial interests of members.

    And how do we help more Australians retire with dignity.

    Superannuation will be increasingly judged by its member service

    Now for a long time, the superannuation system has been judged simply by how well it accumulates wealth.

    And this is a key metric for its success.

    A metric – might I add – that it has generally hit out of the park.

    But more and more, this is not going to be the only marker against which success is judged.

    The superannuation industry will be judged by the standard of member service received throughout a person’s working life and retirement.

    And members are not judging their superannuation fund against another fund.

    They’re judging their fund against the service they receive from their bank or their insurer.

    And if they don’t receive an acceptable level of service, members might just start to question the value proposition of superannuation.

    There are plenty of bad answers to the question of what superannuation should be used for.

    In fact, you can spot these bad ideas when they put forward an answer that is anything but retirement income.

    In recent weeks, the Opposition have revealed their true colours when it comes to the superannuation system.

    The Shadow Treasurer let the cat out of the bag – they don’t believe in a universal superannuation system.

    And they don’t want superannuation to be kept for retirement as they continue to promote using super to buy a house.

    It’s an idea that is both bad retirement policy and bad housing policy.

    The entry price for a good idea is that it has to work.

    But this one doesn’t build a single home.

    And in a supply‑constrained market, it will only push house prices up and up.

    Their sales pitch to a young person is to drain your super, while pushing home ownership further away.

    And housing is just the tip of the iceberg.

    There is not a policy problem that the Opposition believe can’t be met by ripping open super.

    Like when they encouraged $38 billion in retirement savings to be drained during the pandemic.

    However, if the superannuation system doesn’t meet the members’ needs, these ideas become more attractive.

    Let’s be clear – the expectation on funds is only going to increase.

    The government has made its views clear.

    And this is a key strategic priority for ASIC as well and they will continue to work across industry to hold funds to account.

    Members are going to want help to meet their retirement goals.

    To be in the right products.

    And to be supported when things go wrong.

    Upon coming to government, the standard was not good enough.

    Pleasingly, this has started to turn around as funds have dedicated time and resources to lifting their performance.

    And I welcome the recent guidance note that ASFA has published –

    And I acknowledge the collaboration from others in the sector, including the Super Members Council and Financial Services Council.

    This is trending in the right direction, with more to be done to serve the members of the system.

    Reforming the financial advice laws will improve member outcomes

    While superannuation funds can do a lot more to meet their members’ expectations and needs –

    There is one area of the law that funds have almost unanimously said is holding them back and leading to bad outcomes for members.

    The financial advice laws in the country are not fit‑for‑purpose.

    It’s too expensive.

    Too hard to access.

    And too strangled by red tape to be helpful.

    4 in 5 Australians aged 45 to 54 said they needed financial advice, but did not have the capacity to pay for it.

    74 per cent of Australians aged 18 to 34 have been found to have unmet advice needs.

    Funds have to hang up on members or turn them away because the laws prevent them from providing answers to, often, simple questions.

    This means members might get no advice or information, which means they are likely not able to maximise their savings.

    Treasury analysis shows around 50 per cent of accounts have a balance of at least $100,000 in the year before a person’s passing.

    But worse still, if members cannot get advice from regulated sources, they may be led by ‘finfluencers’ and ‘armchair’ commentators to expose themselves to the dangerous world of scammers.

    No one can defend the current financial advice laws when presented with these outcomes.

    This is an acute challenge for the superannuation industry.

    We have over 5 million Australians at or approaching retirement.

    And they are hungry for advice and information.

    And so we have set out to implement the most significant reforms to the financial advice laws in a decade.

    We are committed to improving the retirement phase of superannuation.

    And the foundation stone for this project is helping more Australians access quality and affordable financial advice.

    We have delivered the first tranche of reforms.

    And the next tranche of reforms is being drafted and prepared for introduction.

    In this tranche of reforms, we will modernise the best interests duty and remove the safe harbour steps.

    We will reform statements of advice so that they are actually usable by the consumer who paid for it to make informed decisions.

    And we will create a new class of adviser who will be able to provide simple and safe advice.

    Advice will be safe – so that we protect Australians from bad advice.

    Advice will be helpful – so that it is useful and fit‑for‑purpose.

    And advice will be quality – so that it delivers the best outcomes for Australians.

    An Australian retirement system must be fair

    Strengthening the system also means that we need to ensure it reflects society’s expectations around fairness.

    In just the past week, the Tax Office revealed that there are 42 self‑managed superannuation funds with assets in excess of $100 million.

    No one is decrying that success.

    But you’ll have a hard time convincing me that these accounts need their current level of taxpayer support.

    The top 10 per cent receive over 40 per cent of the current earnings concessions.

    And the cost of superannuation concessions will exceed the cost of the Age Pension by the 2040s.

    So we think it is a fairer outcome if we modestly reduce the tax concessions for some of these accounts with very high balances.

    We’re not capping how much can be held in superannuation.

    And the tax concessions will still be generous for everyone.

    But budgets are about trade‑offs.

    If you think the current tax concessions are appropriate, then you will need to find those savings by cutting services somewhere else.

    Our decisions mean we can go further to improve the equity of the system.

    Where we believe more support has been needed is in paid parental leave.

    By 2026, we will have expanded the government‑funded scheme to a full 6 months, an extra 6 weeks of paid leave.

    And we don’t think this time off work should impact your retirement income.

    For births and adoptions from 1 July next year, all parents who receive PPL will be eligible for an additional 12 per cent payment directly into their super fund.

    This is a landmark reform for families that could see them up to $3,000 better off.

    That’s a fairer outcome.

    Conclusion

    Our superannuation policy agenda is comprehensive.

    But the thread that binds it together is what we have proposed as the objective of superannuation.

    That savings would be preserved to deliver income for a dignified retirement – alongside government support – in an equitable and sustainable way.

    So we are committed to a system where every dollar of super is paid.

    A system that maximises performance.

    And a system that puts the member’s needs at the centre.

    This is the vision for better retirement incomes for all Australians.

    That’s the objective of super.

    MIL OSI News –

  • MIL-OSI: WTW expands Japan’s Corporate Risk & Broking business with new insurance brokerage service

    Source: GlobeNewswire (MIL-OSI)

    TOKYO, Oct. 29, 2024 (GLOBE NEWSWIRE) — WTW, (NASDAQ: WTW), a leading global advisory and broking solutions company, today announced the expansion of its Corporate Risk & Broking (CRB) business in Japan with the launch of an insurance brokerage service. The new service will offer insurance solutions to commercial clients, as well as wholesale facultative reinsurance placement services to partner brokers or agencies in Japan under the entity, WTW Broker Japan Co., Ltd.

    Ryohei (Roy) Nakazawa, Head of WTW Japan, said: “We’re excited with the expansion of our additional service in Japan, introducing specialty broking solutions to Japanese companies. Working closely with the international and domestic insurance markets, we will focus on the speciality segments, particularly for large corporates and Japanese companies with overseas business interests. These include those in Natural Resources, such as Power Plants, Renewables and Mining, Marine, Construction, Aviation, Crisis Management, Rep & Warranty, Captive and reinsurance business.

    At the same time, our existing agency company will continue to focus on the domestic corporate business and Japanese companies with global programmes, where we can support them in collaborating with their corporate in-house agencies.”

    Luke Ware, Head of CRB Asia, WTW commented: “This underscores our commitment to support the evolving needs of our clients and strengthen our position in the market – to be Japan’s best risk advisor, specialty broker and client partner, with world-class analytical capability. Japanese businesses face increasing technology, cyber, supply chain and climate transition risks. In response, we offer deep industry knowledge and insights to help them mitigate these risks and optimize business performance.”

    Headed by Tetsuro Nakazawa, Representative Director and Chief Operating Officer, WTW Broker Japan, the new retail brokerage operation will consist of over 10 brokers and risk advisors by the beginning of next year.

    Tetsuro recently joined WTW and brings with him 25-years of insurance industry experience in Japan, Singapore and London. An industry veteran in facultative reinsurance broking, Tetsuro has dedicated himself to property and facultative reinsurance placements for large and complex Japanese corporate risks, having worked at leading international broking companies with agency and broking operations in the past.

    Tetsuro said: “Japan’s corporate insurance market is undergoing a phase of transformation, and the role of independent international brokers is expected to grow in importance. WTW Broker Japan is positioned to work with corporate clients and insurance partners or agencies to support companies in securing insurance and fac reinsurance for complex risks. I am confident that our new broking business, armed with our group of specialists, can draw on the experience of our brokers and risk advisors globally, as well as our extensive network internationally to ensure that our clients and partners get the right insurance cover.”

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

    Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.

    Media contact

    Clara Goh: +65 6958 2542
    clara.goh@wtwco.com

    The MIL Network –

  • MIL-OSI Economics: AIIB Commits EUR75 Million to Support ENGIE’s Global Renewable Energy Expansion, Decarbonization

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has committed EUR75 million to a EUR500 million sustainability-linked green loan facility to support ENGIE’s global renewable energy portfolio expansion and decarbonization efforts.

    The ENGIE Sustainability Linked Green Loan Project has been co-financed with the International Finance Corporation (IFC) and Société de Promotion et de Participation pour la Coopération Economique (Proparco). This is AIIB’s second engagement with ENGIE, one of the world’s largest multinational electric utilities and independent power producers, following the financing of the 400MW Gujarat Solar Project earlier this year.

    AIIB joins IFC and Proparco to provide a green sustainability-linked loan facility to support the expansion of the group’s clean energy assets in Poland and South Africa, both AIIB members. Proceeds will finance the acquisition, development and construction of over 550MW of installed capacity. In line with sustainability-linked principles, remuneration of the loan will be linked to ENGIE’s global performance in terms of greenhouse gas emissions, renewable energy expansion and occupational health and safety.

    “This project reinforces AIIB’s global mandate, strong partnership and innovative focus on climate finance,” said Najeeb Haider, AIIB Director General, Project and Corporate Finance Clients, Global. “With its agility and international presence in strategic markets, AIIB is uniquely placed to support multinational energy groups like ENGIE to advance the energy transition in Asia and beyond with their investments. We congratulate ENGIE and our cofinancing partners on their respective achievements.”

    Through the loan, AIIB is supporting its members by leveraging ENGIE’s global leadership in green energy and climate transition. ENGIE aims to invest EUR22-25 billion in renewable energy and low-carbon energy solutions between 2023 and 2025. The projects are aligned with AIIB’s Energy Sector Strategy, which directs the Bank to support traditional energy conglomerates and state-owned enterprises as they shift their corporate strategies and business modalities to redirect investments toward the energy transition.

    “To accelerate the energy transition, considerable resources and efforts are needed from many stakeholders,” said Jean-Marc Turchini, Group Head of Corporate Finance at ENGIE. “Our partnership with AIIB is certainly a meaningful contribution and we feel grateful for what they achieved with this financing. We are also proud to highlight the innovative structure of this most recent corporate loan, which includes climate-related targets for scope 3 emissions and a health and safety performance indicator that covers ENGIE employees and subcontractors on all sites, reflecting ENGIE’s sustainability and social ambitions.”

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    MIL OSI Economics –

  • MIL-OSI United Nations: Voluntary Return of 131 Togolese Migrants from Libya: A Joint Effort by IOM and the Togolese Government

    Source: International Organization for Migration (IOM)

    Lomé, Togo – The International Organization for Migration, in collaboration with the Togolese Government, facilitated the voluntary return of 131 migrants (77 men, 54 women, including 28 children) from Libya via a charter flight on Tuesday, 22 October 2024.

    Upon their arrival in Lomé, the migrants were welcomed by H.E. Madame Kossiwa Zinsou-Klassou, Minister of Social Action, National Solidarity, and Women’s Promotion, the Secretary General of the Ministry of Foreign Affairs, Regional Integration, and Togolese Abroad, along with representatives from the Ministry of Security and Civil Protection, the Ministry of Health and Public Hygiene, and Madame Fatou Diallo Ndiaye, Chief of Mission of IOM for Benin, Togo, and Ghana. IOM provided immediate assistance to the migrants, including food, water, and hygiene kits.

    In a message on behalf of President Faure Essozimna Gnassingbé, H.E. Madame Kossiwa Zinsou-Klassou welcomed the migrants and reassured them of the Togolese Government’s commitment to establish necessary services to facilitate their social reintegration, in line with the policy of inclusion under the leadership of President Faure Essozimna. “No one will come to build Togo in our place. We must all contribute to building the Togolese nation,” she conveyed to the migrants.

    IOM continued the registration and profiling process initiated in Libya, allowing reintegration measures to be tailored to the specific needs of the migrants. In collaboration with officials from the Ministry of Health and Public Hygiene, IOM also provided psychological and health-care support to migrants in need.

    Mme. Fatou Diallo Ndiaye, IOM Togo Chief of Mission, expressed gratitude to IOM Libya, which, through emergency funding, enabled the smooth facilitation of the profiling and reintegration process for migrants returning voluntarily to Togo. She emphasized that protection and assistance activities for migrants, such as voluntary return assistance provided by IOM, ensure vulnerable, stranded migrants a safe and dignified journey home if they choose, allowing them to reunite with their families. She also thanked the Togolese Government for its ongoing collaboration in organizing the voluntary return of Togolese migrants.

    IOM and its partners will continue to support returnees by developing comprehensive reintegration plans that address economic, social, and psychosocial needs. These plans will include initiatives such as identifying income-generating activities, housing, education, vocational training for small business development, and strengthening professional skills acquired before and during the migration journey.

    Quote from Mr. Lare Nadijoua (Returning Migrant):

    “Returning home is a tremendous relief. When the plane landed, you could hear everyone’s shouts of joy. Words truly fail to describe my happiness. Now, I have the opportunity to rebuild my life and reunite with my family. I thank the Togolese Government and IOM.”

    ***

    For more information, please contact:

    Mr. Etienne Banga, Head of IOM Togo Office, ebanga@iom.int

    MIL OSI United Nations News –

  • MIL-OSI China: Japanese animation ‘Look Back’ debuts in China

    Source: China State Council Information Office 3

    Kiyotaka Oshiyama’s “Look Back,” a Japanese animated film adaptation of Tatsuki Fujimoto’s acclaimed manga, premiered in Beijing on Oct. 25 to widespread acclaim from Chinese audiences.

    Director Kiyotaka Oshiyama speaks to the audience via video link at the China premiere of his animated film “Look Back” in Beijing, Oct. 25, 2024. [Photo courtesy of Today Pictures]

    The heart-wrenching story follows Fujino, a popular and outgoing student known for creating humorous comics in the class newspaper. Her world transforms when her teacher pairs her with Kyomoto, a talented but reclusive artist. This unexpected partnership sparks competition in Fujino, and as she wrestles with feelings of jealousy, she discovers they share a deep passion for drawing. The two form a complicated relationship through their dedication to manga creation.

    “Look Back,” a faithful adaptation by newcomer Studio Durian and industry veteran Kiyotaka Oshiyama, resonates deeply with its source material by exploring the emotional journey of artistic pursuit and the profound connections forged through creative expression. Since its release, the directorial debut has moved audiences to tears and inspired many to pursue their artistic dreams.

    At the Beijing premiere, Oshiyama connected with viewers via video link, expressing admiration for Fujimoto’s distinctive style while acknowledging the challenges of adapting a four-panel comic into a feature film.

    The director said scenes of Fujino and Kyomoto drawing held special significance, reflecting his own background as a key animator where drawing became his most intimate craft.

    “Look Back” was released across China on Oct. 26 through the National Alliance of Arthouse Cinemas (NAAC), earning nearly 20 million yuan ($2.8 million) on its opening day. The NAAC, established in 2016, is managed by the China Film Archive and works with theater chains to support arthouse film distribution. The film garnered an impressive 8.5/10 rating on Douban, China’s leading review aggregation platform.

    A Chinese poster for “Look Back.” [Image courtesy of China Film Group]

    Fujimoto, known for creating the hit manga series “Chainsaw Man,” shared his enthusiasm for the film’s reception: “The film adaptation of ‘Look Back’ initially was released in fewer than 100 cinemas in Japan, but now is to be shown in 3,500 cinemas across China. I must thank the enthusiastic fans in China! This miraculous work involves director Kiyotaka Oshiyama, whom I greatly admire, and musician Haruka Nakamura. I hope fans in China can also appreciate the talents of these two. Thank you very much!”

    MIL OSI China News –

  • MIL-OSI Asia-Pac: HKSAR Government sets up Hong Kong Cross-boundary Public Services self-service kiosk and “iAM Smart” self-registration kiosk in Foshan (with photos)

    Source: Hong Kong Government special administrative region

    HKSAR Government sets up Hong Kong Cross-boundary Public Services self-service kiosk and “iAM Smart” self-registration kiosk in Foshan (with photos)
    HKSAR Government sets up Hong Kong Cross-boundary Public Services self-service kiosk and “iAM Smart” self-registration kiosk in Foshan (with photos)
    ******************************************************************************************

         To advance the development of a digital government, the Hong Kong Special Administrative Region (HKSAR) collaborates with Guangdong Province to promote the Cross-boundary Public Services initiative. The Digital Policy Office (DPO) announced today (October 29) the setting up of a Hong Kong Cross-boundary Public Services self-service kiosk in Foshan. It will help residents and enterprises in Mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) access public services of Hong Kong without the need to travel to Hong Kong in person.      Starting today, the public can use the Hong Kong Cross-boundary Public Services self-service kiosk located on the first floor of the Foshan Nanhai District Administrative Service Center to access various public services of Hong Kong. The kiosk is available for use during the opening hours of the Center (i.e. 8.30am to noon and 2pm to 5.30pm, Monday to Friday except public holidays on the Mainland). For details, please visit the Hong Kong Cross-boundary Public Services thematic website at www.crossboundaryservices.gov.hk/en/home/index.html.      Following the Hong Kong Cross-boundary Public Services self-service kiosks that commenced operation earlier in Guangzhou, Qianhai and Futian in Shenzhen as well as Zhuhai, the Cross-boundary Public Services self-service kiosk currently provides a total of 70 public services from 11 government bureaux and departments as well as related organisations, encompassing areas commonly used by enterprises and the public including taxation, company registration, property and vehicle enquiry and registration, application for personal identification documents and entry of talent, welfare and education, healthcare, immigration clearance, urgent assistance as well as culture and tourism. Members of the public can use the self-service kiosk to perform data entry, document scanning and result printing to enjoy one-stop access when applying for various public services.       An “iAM Smart” self-registration kiosk is also set up at the location mentioned above to enable Hong Kong residents working and living on the Mainland to register for, or upgrade to, “iAM Smart+” directly to enjoy online public services that support “iAM Smart+” such as renewal of a vehicle licence, application for an International Driving Permit and registration for eHealth. For details and registration requirements, please visit the “iAM Smart” thematic website at www.iamsmart.gov.hk/en/reg.html.      A spokesman for the DPO expressed sincere gratitude to the Guangdong Provincial Administration of Government Service and Data for its strong support and the Center for its full co-operation. The DPO will continue to discuss with the Guangdong Provincial Administration of Government Service and Data to set up self-service and self-registration kiosks in more Mainland cities of the GBA to cope with the demands of residents and enterprises in the GBA for public services of Hong Kong.      To implement the State Council’s Guiding Opinions to all provincial governments on Cross-provincial Public Services and their comprehensive deployment, the HKSAR Government accepted the invitation of the People’s Government of Guangdong Province in 2021 to jointly launch the GBA Cross-boundary Public Services, and worked with Guangdong Province in November last year to introduce a dedicated service area/thematic website for Cross-boundary Public Services. The initiative enables enterprises and the public in both regions to enjoy simple and convenient cross-boundary services, with a view to facilitating the provision of public services and investment in the GBA, and enhancing the satisfaction and sense of contentment of enterprises and the public in accessing services across the boundary.

     
    Ends/Tuesday, October 29, 2024Issued at HKT 15:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: Australia’s COVID inquiry shows why a permanent ‘centre for disease control’ is more urgent than ever

    Source: The Conversation (Au and NZ) – By Jocelyne Basseal, Associate Director, Sydney Infectious Diseases Institute (Sydney ID), Faculty of Medicine and Health, University of Sydney

    Christie Cooper/Shutterstock

    The long-awaited independent inquiry into Australia’s COVID response was released today, with lessons on how the nation could better prepare for future pandemics.

    The 868-page report outlined nine guiding recommendations and 26 actions, including 19 set for implementation over the next 12 to 18 months. These form the foundation for future pandemic preparedness.

    With initial strong national solidarity, Australia acted quickly to close national borders, the inquiry found. This bought crucial time, but Australia was not adequately prepared for a crisis of the scale of the COVID pandemic.

    Australia’s response lacked strong central co-ordination and leadership. Communication about public health advice was often conflicting or not appropriately communicated with the most vulnerable groups. Public trust was further undermined by a lack of transparency in decision-making, such as disease modelling, which underpinned important public health responses.

    In hindsight, the inquiry concluded a fully fledged Australian Centre for Disease Control (CDC) could have made a huge difference. In response, the federal government today committed A$251 milion to establish such a centre in Canberra.

    What did the inquiry find?

    1. Early rapid response and consensus helped keep us safe. As an inland nation, Australia was able to close its borders while preparing for the ultimate inevitable population-wide spread of SARS CoV-2. But it was unprepared for pandemic-related quarantines.

    2. Initially, the communication was clear and consistent. This didn’t last. Huge uncertainties, rapidly changing circumstances, differing opinions among experts and the politicisation of the response undermined communication strategies. Communication with diverse ethnic groups and vulnerable populations groups were often sub-optimal. In future, misinformation and disinformation needs to be addressed through improving health literacy and proactive communication.

    3. Our health-care infrastructure was lacking and couldn’t cope with emergency surge capacity, the inquiry found, although health-care workers “pulled together” remarkably. Aged care facilities were particularly vulnerable and had poor infection-control practices. More broadly, there were supply chain issues and inadequate stockpiles of essential infection prevention and control equipment, such as masks and gloves. Australia was unable to manufacture these and was left at the mercy of foreign providers.

    4. Analysing the genetic material of the virus and widespread testing were critical to tracking viral evolution and spread. Pathogen genomics in New South Wales and Victoria, for instance, allowed accurate tracking of virus variants and local transmission. But there was poor exchange of data between jurisdictions and limited national coordination to optimise data interpretation and response.

    5. Transparent, evidence-based decision-making was lacking. Disease models that informed key decisions were opaque and not open to scrutiny or peer review.

    6. Vulnerable populations, including children, suffered disproportionately. COVID-related school closures were particularly harmful as they affected learning, socialising and development, and disproportionately affected children from lower socioeconomic backgrounds. Strict social isolation also increased the risk of family violence, along with anxiety and other mental health impacts. Aboriginal and Torres Strait Islander people experienced higher risks due to the inequity of service provision and the social determinants of health.

    7. Research is important and should be rapidly scalable. Good surveillance systems for emerging infectious diseases and future pandemic threats should be in place. Patient specimens need to be stored so we can rapidly explore the mechanisms of disease and develop essential diagnostic tests. The inquiry recognised the need for Australia to develop its own vaccines and for access to mRNA technology was recognised as an important health security measure, given challenges in vaccine access.

    8. Global solidarity and co-operation create a safer word for all.
    The stark inequities in COVID vaccine access, opened major fault lines in international relationships and still complicate the drafting of a global pandemic treaty.

    9. Emerging diseases with a One Health focus should be recognised as a ‘standing threat’. In our modern interconnected world, with highly concentrated human and animal populations combined with stressed ecosystems, new diseases with pandemic potential will continue to emerge at an unprecedented rate. This requires a gobal focus.

    How could a CDC make a difference?

    One of the inquiry’s key take-home messages is that the lack of strong, independent, central co-ordination hampered our pandemic response.

    The inadequate flow of data between jurisdictions were major shortcomings that limited the ability to target responses. This is needed to understand:

    • transmission dynamics
    • the vulnerabilities in those with severe disease
    • the circulating viral variants.

    The inquiry also emphasised the need to analyse data in near real time.

    Good data drive evidence-informed and transparent policy. This is a crucial area for a future Australian CDC to address. The CDC will function as a “data hub”, with Canberra offering the ideal location supporting a multi-jurisdictional “hub-and-spoke” model.

    Australia’s new CDC is expected to be launched by January 2026, pending legislation approval. The ongoing challenge will be to ensure it delivers optimal long-term health benefits for all Australians.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Australia’s COVID inquiry shows why a permanent ‘centre for disease control’ is more urgent than ever – https://theconversation.com/australias-covid-inquiry-shows-why-a-permanent-centre-for-disease-control-is-more-urgent-than-ever-239498

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Europe: Luis de Guindos: Interview with ANSA

    Source: European Central Bank

    Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti

    29 October 2024

    At the latest press conference, President Lagarde spoke of a series of economic indicators pointing lower and of downside risks to growth. The Survey of Professional Forecasters published by the ECB foresees inflation of 1.9% in 2025, compared with 2.2% in the projections by ECB experts. In this context, will the Governing Council have the option to make back-to-back interest rate cuts, as occurred in September and October?

    In short, on the current economic situation, we don’t have good news with respect to growth but we do have good news with respect to inflation.

    On growth, we have revised down our projections twice – before the summer and in September. We see that the downside risks that we identified are crystallising, mainly because consumption is not recovering as expected. Even though real disposable income has increased because wages are catching up with past inflation, households are not increasing their spending. This could be due to structural factors, including a lack of confidence owing to past inflation, the pandemic or geopolitical risks. But it is clear that the recovery in consumption is not happening at the pace we had previously projected.

    On inflation, we have the opposite happening. The latest figures are good, in terms of both headline inflation and underlying inflation. Most measures of underlying inflation are declining, and we are confident that we will be able to reach our 2% target over the medium term in the course of 2025.

    Regarding possible future cuts, we have been very clear that we will keep all options open at forthcoming meetings, both in terms of the number of cuts and the size of these cuts. But what is most relevant for the transmission of monetary policy and the impact of financial conditions on aggregate demand is the medium-term trajectory, which is evidently that of an easing cycle. Fine-tuning monetary policy is very complex and the important signal is the medium-term trajectory.

    Geopolitical risks will play a role in the forthcoming monetary policy decisions. To what extent are the risks associated with the conflicts in the Middle East and the risks of a further escalation in trade tariffs pushing the ECB to take a prudent approach in reducing interest rates?

    Geopolitical factors play a very important role in our analysis. For example, the conflict in the Middle East has an impact on energy prices and upcoming elections could have an impact on international trade, global growth and inflation. This is one reason why we have to be very prudent with our decisions. When you are in a dark room full of uncertainty, for example because of geopolitical risks that you cannot control, you have to take very careful steps.

    Another important element is fiscal policy. Governments are now submitting their medium-term budgetary plans to the European Commission. This will give us more clarity on the fiscal outlook, which is an element that we take into consideration in our analysis and decision-making. So geopolitical risks, the possibility of distortions in international trade plus what will happen with fiscal policy will all feed into our decisions in the near future.

    In its new operational framework that came into force in September 2024, the ECB anticipates that a substantial contribution to providing liquidity to the banking sector will come from a structural portfolio of securities and from new longer-term refinancing operations, under conditions to be defined at a later date. What point has the discussion reached and what guidance is there?

    The operational framework has to be used to implement our monetary policy, it cannot condition it. And we have said very clearly that all monetary policy instruments in our toolkit remain available to us. This will include, for example, non-conventional measures, such as targeted longer-term refinancing operations and quantitative easing.

    Right now, we are in a situation of ample liquidity, which we are gradually reducing by discontinuing reinvestments, which will come to a complete halt at the beginning of next year. Once that liquidity has been significantly reduced, a combination of the monetary policy instruments at our disposal will help us deliver enough liquidity to the banking system.

    In my view, when we discuss the structural portfolio, we will need to take into account the actual liquidity situation of the banks and look not only at the average, but also at the dispersion in the banking sector. We have not decided on the size of the structural portfolio, but it will need to be large enough to deliver sufficient liquidity to the banking system.

    The latest monetary policy strategy review in 2021 took place at a time of strong deflationary pressures linked to various factors, including digitalisation and globalisation. Since then the landscape has changed. We find ourselves in a fragmented geopolitical context with the return of inflationary shocks. How will all this be reflected in the coming monetary policy strategy review? When will the discussion begin and what topics will it cover?

    We have established a couple of workstreams at the technical level to examine these factors, namely how the landscape has changed, how the new environment could have an impact on inflation, and our evolving policy toolkit. But this will not be discussed by the Governing Council until next year, with conclusions expected in the second half of 2025.

    What is crystal clear is that the definition of price stability as 2% inflation over the medium term will not be up for debate. And several other elements, such as the importance of financial stability considerations or accounting for climate change in our work, are already established. Instead, this review will mostly be an assessment of the previous strategy review while considering new elements, such as the changed economic and inflation environment, the possibility of deglobalisation and other structural elements that could affect the inflation outlook.

    Importantly, we will look at the consequences of measures we have used in the past. For every monetary policy decision, we need to look not only at short-term effects but also further ahead at possible unwanted effects. Quantitative easing, for example, is an instrument that proved to be very useful to fight deflation and the impact of the pandemic, but it also caused some side effects. In that respect, now that we have started the opposite process of quantitative tightening, we have much more information on the potential consequences of quantitative easing.

    Are you referring to fiscal side effects?

    No. I’m referring, for instance, to the impact on financial stability or on national central banks’ profit and loss accounts. These are side effects that can be better taken into consideration and that were not obvious at the time.

    Italy has seen inflation fall to below 2% from a high of close to 12% two years ago, and its growth rate is in line with the European average. While real disposable income is improving, investment is feeling the effects of a still restrictive monetary policy and politicians have criticised the ECB’s cautious stance in the last few months. How would you explain to Italian politicians and households the need for a cautious approach in reducing interest rates, and how do you plan to reassure them about the current transition from still restrictive interest rates to a more neutral stance?

    Above all else, we listen to all opinions carefully and with an open mind. The ECB and central banks are independent institutions, meaning that they need to display an additional level of responsibility and accountability.

    What I would say to Italian and European citizens is that it’s important to be cautious and prudent. We have reduced interest rates and the trajectory of our monetary policy is very clear, but there is a huge amount of uncertainty and we cannot make mistakes. That’s why a gradual approach to implementing monetary policy is essential.

    That being said, I’d like to reassure them that things are moving in the right direction. Inflation has fallen significantly. Most people look more closely at price levels than at inflation, but at the end of the day, current price levels are a consequence of past inflation. We can’t claim victory yet, but we have made good progress so far. And despite an economic slowdown, we have so far managed to reduce inflation without causing a recession in the euro area. When you look at the labour market, the situation remains positive. So I hope that in the medium term it will become more evident that we are on the right track.

    In its draft budget, the Italian government is seeking a contribution of around €3.5 billion from the banking sector by targeting deferred tax assets (DTAs). Has the ECB been consulted on the merits of this approach and what guidance is being formulated on this measure?

    In general, our assessment of banking sector taxes is quite clear from the legal opinions we have issued on proposals by several countries. Our view is that such taxes should not impair banks’ solvency or the transmission of monetary policy in terms of hampering the flow of credit to the real economy.

    In this specific case, we don’t have the definitive version of the tax yet, so it’s difficult to form an opinion about it. But I hope that solvency will be one of the items taken into consideration, which would be positive from our perspective.

    In my view, the design of the previous version of the tax was balanced, for example, because it made tax revenues and bank solvency compatible. Of the many approaches taken by other European countries that imposed taxes on the banking sector, I believe this was the most balanced one.

    Completing the banking union is one of the most urgent objectives that will make Europe more resilient and more competitive. Despite this, a cross-border merger like the potential merger between Unicredit and Commerzbank currently under discussion is treated as a national matter in both countries. What lessons can we learn from this and why is a cross-border merger between European banks still hitting the headlines in Europe in 2024?

    Given the importance of banks’ funding for the real economy, completing the banking union should be the number one priority on the European Union’s economic agenda. I acknowledge that there are political hurdles to achieving that, but it will be very difficult to have a real economic and monetary union without a banking union. Greater coordination of fiscal policy, for example through a common fiscal instrument or progress towards the capital markets union, would also be important.

    If you want a single banking market, you need to have genuine pan-European banks. This is why cross-border consolidation of the banking sector is important. I don’t discuss the merits of individual cases, but in my view, a European approach should prevail over a national one. That’s the way forward for European integration.

    In any case, our assessment of any merger and acquisition transaction is always based exclusively on prudential and solvency criteria. This is the guiding principle for us, based on European regulation.

    The Italian government has voiced its support for the merger between Unicredit and Commerzbank, which would strengthen European banking consolidation. At the same time, Italy is the only Member State that hasn’t ratified the treaty to reform the European Stability Mechanism (ESM), which is an important element in completing the banking union. How important will it be to remove this obstacle?

    In my previous answer, I referred to how important it is for a European approach to prevail over a national one. But this principle has to be consistent from all angles and in all kinds of situations. In my opinion, a pro-European approach to the integration of the economy, the banking system and the capital markets should be the one that prevails for all the items under discussion, including ESM reform. Ratifying the reformed ESM Treaty would be a clear pro-European decision.

    MIL OSI Europe News –

  • MIL-OSI: Interim Financial Report Q1-Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    • Updated strategy and new long-term targets
    • Earnings per share declined by 2% to DKK 60.5 (Q1-Q3 2023: DKK 62.0)
    • The net profit was down by 1% to DKK 4,044m (Q1-Q3 2023: DKK 4,106m)
    • Net interest income rose by 1% to DKK 7,211m (Q1-Q3 2023: DKK 7,155m)
    • Core income was up by 1% to DKK 10,307m (Q1-Q3 2023: DKK 10,244m)
    • Core expenses rose by 6% to DKK 4,768m (Q1-Q3 2023: DKK 4,498m)
    • Loan impairment charges DKK 13m (Q1-Q3 2023: DKK 96m)
    • Capital ratio at 22.6%, of which common equity tier 1 capital ratio of 17.2% (Q1 – Q3: 2023: 20.9% and 16.7%, respectively)
    • Expected earnings per share in 2024 upgraded on 11 October to DKK 75-80 from the upper end of the range of DKK 64-76
    • Share buy-back programme of DKK 1.5bn completed on 3 October 2024.

    Summary

    ”Earlier in the month, Jyske Bank upgraded its outlook for 2024 due to a continued positive development. We are now launching a strategy to become an even better bank for our customers,” says Lars Mørch, CEO and Managing Director, and continues:

    “With a strong foundation in the Danish market and a number of positions of strength in servicing both personal and corporate customers, Jyske Bank will over the coming years do more of what we have shown that we are good at and accelerate development in the areas where we want to do better.“

    “We support customers, e.g., in their sustainable transition and use digitization proactively to the benefit of the customers and to increase efficiency. Based on the strategy, we have set financial targets according to which we aim to obtain a return on tangible equity of 10% based on a cost/income ratio below 50 supplemented by an attractive distribution to shareholders,” says Lars Mørch, CEO and Managing Director.

    Updated strategy
    Jyske Bank utilizes the opportunities that arise to create value for customers, and the Group will seek out opportunities for cooperation and, in doing so, be an attractive partner for other players in the sector.

    In the lead up to the strategy announcement, the Group has set up the organisation so that customer orientation is strengthened throughout the value chain and efforts and resources are efficiently channelled to where it benefits the customers the most and contributes the most to the Group’s profitability. At the same time, risk management and digitization have been strengthened.

    Long-term financial targets
    Jyske Bank expects a return on tangible equity of 10% in 2028 based on a presupposed common equity tier 1 capital ratio at the lower end of 15%-17%, a cost/income ratio below 50, and a normalised cost of risk of 8bp p.a. The ambition to distribute approx. 30% of shareholders’ result supplemented by share buy-backs is maintained. In the coming years, the Danish economy is expected to be dominated by lower interest rates and balanced growth with high levels of employment and moderate inflation.

    The targets reflect an underlying improvement in profitability aimed at mitigating expectations of significantly lower interest rates over the coming years. The targets will be achieved through stronger customer-orientation and focus on capital-light income as well as structural cost measures, ensuring continued investment in new technology and higher efficiency.

    Other initiatives
    Prior to the update of its strategy, Jyske Bank changed its organisation to obtain stronger client orientation, higher professionalism in the Group’s control set-up and higher development and implementation efficiency. Subsequently, the Group Executive Board will consist of the CEO and Managing Director, a Managing Director of Corporate Clients and Capital Markets, a Managing Director of Personal Clients and Wealth Management, a Managing Director of Digitization and Operations as well as a Chief Risk Officer.

    In continuation of the organisational change, Erik Gadeberg was appointed new member of the Group Executive Board as Managing Director, Corporate Clients and Capital Markets. Erik Gadeberg has prior to this held the position as Managing Director of Capital Markets at Jyske Bank. He joined Jyske Bank in 1990 and has primarily been employed in functions associated with Capital Markets, including large corporates and institutional clients.

    Managing Director Per Skovhus retired at the end of June 2024. Jacob Gyntelberg will take office on 6 December 2024 as Managing Director, Chief Risk Officer (CRO) and new member of the Group Executive Board. Since 2021, Jacob Gyntelberg has been Director of Economic and Risk Analysis at the European Banking Authority (EBA). During the period 2019-2021, Jacob Gyntelberg was Deputy Chief Risk Officer at Nordea, and previously he held executive positions at Danske Bank, Bank for International Settlements (BIS), Nykredit and Danmarks Nationalbank.

    In 2023, Jyske Bank acquired PFA Bank, and the integration was in the first half of 2024 successfully completed according to plan. The IT migration to Bankdata from BEC was implemented in the second quarter of 2024 when also administration and management of PFA Invest were taken over by BankInvest to ensure smooth transfer for the clients. The approach underlines Jyske Bank’s focus on client requirements which contributed to Jyske Bank’s Private Banking clients having been Denmark’s most satisfied clients for the past nine years running according to the research company Voxmeter.

    In September 2024, Jyske Finans, which manages the Group’s leasing activities, announced the acquisition of a leasing portfolio from Opendo. The acquisition supports Jyske Finans’ leading position in the structurally growing leasing market with higher volume to the portfolio of cars on operational leasing contracts.

    In Q1-Q3 2024, Jyske Bank introduced additional attractive savings products and sharper prices and offers for home loan products to personal clients. The flexible mortgage loan, Jyske Prioritet+, was highlighted by TÆNK, the Danish Consumer Council, with the rating ’Recommend’. Clients’ credit cards were also improved through travel insurance and purchase warranty as well as VISA’s loyalty programme with approx. 1,500 stores and web shops.

    Jyske Bank’s target is to be an active and constructive part of the green transition and Jyske Bank’s target is net zero CO2 emission across business-oriented activities in the form of loans and investments not later than in 2045 and 2050, respectively. In addition, Jyske Bank aims at lending growth contributing to offset climate changes, and the CO2 emission from Jyske Bank’s own activities must be reduced by 65% from 2020 to 2030.

    Earnings per share DKK 60.5 in Q1-Q3 2024
    Earnings per share were DKK 60.5 against DKK 62.0 the previous year, corresponding to a net profit of DKK 2,623m or a return of 11.8% p.a. on equity against DKK 2,488m and 13.5% p.a., respectively in Q1-Q3 2023. Despite a lower pre-tax profit, the tax expense increased due to a higher special tax.

    The reason for the lower results is particularly higher costs as a result of sector-wide, collectively prescribed salary increases and the acquisition of PFA Bank as well as lower gains from the sale of leasing cars. The development in Q1-Q3 2024 reflects a Danish economy growing moderately with continued high employment. The economy withstood interest rate hikes in 2022 and 2023, and an improved inflation outlook in June 2024 paved the way for Danmarks Nationalbank’s first interest rate cut for several years, followed up by further cuts in September and October.

    Jyske Bank’s business volume showed an overall declining development in loans and deposits in Q1-Q3 2024, supplemented by a sizeable increase in the investment area. Bank loans decreased 5% due to lower loans to personal clients compared with end-2023. Bank deposits fell by 2% due to lower time deposits from corporate clients. Nominal mortgage loans were roughly unchanged since lower lending to personal clients were offset by a higher amount of lending to corporate clients. Assets under management rose by 14% due to a favourable development in the financial markets and net sales of investment solutions.

    Core income rose by 1% relative to Q1-Q3 2023 due to a slight increase in most income items. Net interest income rose by 1% due to the higher level of interest rates. Net fee and commission income was up by 1% due to the acquisition of PFA Bank and a higher amount of assets under management. Value adjustments still contributed positively due to the development in the financial markets. Other income increased due to higher share dividends whereas a gradual normalisation of favourable sales conditions in the leasing car market caused a decline in income from operating lease (net).

    Core expenses rose by 6% compared to Q1-Q3 2023. The increase can primarily be attributed to sector-wide, collectively prescribed salary increases of 3.7%, the derived effect from the abolishment of All Prayers Day and the effect from the acquisition of PFA Bank. In addition, the level of one-off items was at an elevated level.

    Loan impairment charges amounted to DKK 13m in Q1-Q3 2024 compared with DKK 96m in Q1-Q3 2023. Management’s estimates relating to loan impairment charges were in Q1-Q3 2024 reduced by DKK 151m to DKK 1,783m as the result of lower macroeconomic risks. The credit quality is still solid with a low level of non-performing exposures.

    At the end of Q1-Q3 2024, Jyske Bank’s common equity tier 1 capital ratio was 17.2%, which is above the targeted range of 15%-17%. In Q1-Q3 2024, Jyske Bank distributed a dividend of DKK 500m or DKK 7.78 per share and executed a share buy-back programme of DKK 1.5bn which was completed in early October. The share buy-back programme was the first since the acquisition of Handelsbanken Denmark and reflects a restored capital base supported by two capital issues in the first quarter of 2024. The issues contributed to an increase in the total capital ratio to 22.6%, above the targeted range at 20%-22%.

    2024 outlook
    For 2024, Jyske Bank estimates a net profit in the range of DKK 5.0bn-5.3bn, corresponding to earnings per share in the range of DKK 75-80. The outlook was in October 2024 upgraded from a net profit in the upper end of the range of DKK 4.3bn-5.1bn, corresponding to earnings per share in the upper half of the range of DKK 64-76. The upward revision was attributed to favourable financial markets and a solid credit quality.

    Core income is expected to decline in 2024, in particular as a result of lower value adjustments which were at a historically high level in 2023. Expectations mirror moderate growth in the Danish economy and a reduction of Danmarks Nationalbank’s deposit rate at 1.0 percentage point in 2024. Core expenses inclusive of non-recurring costs are expected to be slightly higher in 2024 compared with 2023. Non-recurring expenses for the integration of Handelsbanken Denmark and PFA Bank are expected to total DKK 0.1bn.

    As in 2023, loan impairment charges are expected to be at a low level in 2024. The expectations involve uncertainty and depend, for instance, on macroeconomic circumstances and the development in the financial markets.

    Webcast and conference call
    Jyske Bank will host a conference call in English targeting investors and analysts today at 2.00 p.m. CET (link). Conference call and presentation will be available via jyskebank.com/investorrelations.

    Yours faithfully,
    Jyske Bank

    Contact:
    Lars Mørch, CEO and Managing Director, tel. +45 89 89 20 01
    Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44

    Attachments

    The MIL Network –

  • MIL-OSI China: Foreign Minister Lin to attend Saint Vincent and Grenadines’ 45th Independence Day celebrations as presidential envoy and visit Guatemala, Saint Lucia, Belize, and Saint Christopher and Nevis

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    Foreign Minister Lin to attend Saint Vincent and Grenadines’ 45th Independence Day celebrations as presidential envoy and visit Guatemala, Saint Lucia, Belize, and Saint Christopher and Nevis

    • Date：2024-10-23
    • Data Source：Department of Latin American and Caribbean Affairs

    October 23, 2024 

    No. 362

    Saint Vincent and the Grenadines will celebrate the 45th anniversary of independence on October 27. Underscoring the importance that Taiwan attaches to its diplomatic relations between the two countries, President Lai Ching-te appointed Minister of Foreign Affairs Lin Chia-lung as his special envoy to extend congratulations to Saint Vincent and the Grenadines on behalf of the people and government of the Republic of China (Taiwan). During his visit, Minister Lin will attend various celebration activities and meet with Governor-General Susan Dougan and Prime Minister Ralph Gonsalves to exchange views on issues of mutual concern and the direction of future cooperation. 

     

    To further deepen Taiwan’s friendships with its Latin American and Caribbean allies, Minister Lin will also visit four other countries—Guatemala, Saint Lucia, Belize, and Saint Christopher and Nevis. He will hold meetings with their respective heads of state and government and conduct an inspection tour of bilateral collaboration projects. The delegation led by Minister Lin will depart on October 23 and return to Taipei on November 2. Minister Lin’s wife will accompany him on his visit to Guatemala. She has been invited by Guatemalan First Lady Lucrecia Peinado, who recently traveled to Taiwan for National Day celebrations.

     

    On this trip, Minister Lin will discuss in detail the content and vision of the Taiwan government’s Diplomatic Allies Prosperity Project. This initiative will mark a new chapter of bilateral cooperation based on mutual benefits and shared prosperity, with a shift from consolidating alliances to creating prosperity. Taiwan and its allies will build on the existing solid foundations to further deepen collaboration, support national development programs, and enhance people’s well-being.

     

    Taiwan and its allies in Latin America and the Caribbean enjoy robust relations, having long engaged in close cooperation across such domains as public health, health care, agriculture, education, ICT, and women’s empowerment. Joint endeavors aimed at benefiting the economy and people’s livelihoods have achieved significant success and earned widespread acclaim. (E)

    MIL OSI China News –

  • MIL-OSI Europe: Income and Living Conditions 2022 (SILC): Indebtedness – More than one in eight people lived in a household with at least one arrear in 2022

    Source: Switzerland – Department of Home Affairs

    In 2022, 12.1% of the population lived in a household with at least one arrear. The most common arrears were for taxes and health insurance premiums. The most common type of debt was vehicle leases, with 14.5% of the population living in a household leasing a vehicle. Next came mortgages financing real estate other than main residence, at 12.6%. The main reasons for people taking out a loan vary depending on their income. These are some of the findings from the Survey on Income and Living Conditions (SILC) conducted by the Federal Statistical Office (FSO).

    MIL OSI Europe News –

  • MIL-OSI Europe: President Erdoğan’s Message on 29 October Republic Day

    Source: Republic of Turkey

    My dear citizens living at home and abroad,
    My treasured friends sharing our happiness on this joyful day,
    I salute you all with my most heartfelt feelings, affection and respect.
    I congratulate our each and every citizen living in our country and all across the world on 29 October Republic Day.
    Also, on behalf of my country and nation, I thank all our guests and friends who share our joy in our country and in different geographies of the world.
    Today we are experiencing the happiness and rightful pride of marking the first anniversary of the new century of our Republic.
    Happy 101st anniversary of the proclamation of our Republic!
    I remember with gratitude all the founding cadres of our state, particularly Ghazi Mustafa Kemal Atatürk, the founder of our Republic, the final and eternal link of our thousands-year-long sequence of states.
    I wish Allah’s mercy upon our veterans and martyrs, who have sacrificed themselves for our independence and future since Malazgirt up to date.
    Our each brother and sister, who has sacrificed themselves for the sake of our future, especially our martyrs we lost in the attack on the Turkish Aerospace Industries’ facility, the leader organization of our defense industry, will always live in our hearts.
    As the poet who says, ‘People grow in cradles, to lie in a grave; and heroes sacrifice themselves, to make the homeland live,’ points out:
    I remember with grace all our heroes, who contributed to the establishment, sustainment and them leaving indelible marks in history of our states that reigned over the vast borders of our beloved geography.
    We are determined to make the independent, strong, dignified and prosperous Türkiye, which is the legacy of our states extending from the extending from the Seljuks to the Ottomans and finally to the Republic on the Anatolian lands, live forever.
    Our nation has a deep-rooted statecraft of over 2,200 years, which has manifested itself in the 16 stars on our presidential seal.
    We aim to use, develop and empower this heritage in a way to make the biggest contribution to the common heritage of the humanity with the participation of our kinsmen and friends.
    We will further embrace our civilizational values and this ancient historical perspective of our nation in order for peace, calm, security and justice prevail in our country, region and the world.
    Neither terrorist organizations nor those, who seek to wreak carnage in our region with expansionist ambitions, or imperialists who spoil them by supporting them can prevent us from achieving our goal.
    To that end, we work round-the-clock to raise our country above the level of contemporary civilizations, making up for our shortcomings wherever we have.
    During this period we have left behind with our nation’s support, we have really made great progress by making great sacrifices, foiling many insidious games and traps, and thwarting numerous treacherous attacks.
    We are now on the eve of a period during which we will be reaping the rewards of the sacrifices we have made in every area, from security and technology, diplomacy to economy.
    We have few obstacles to overcome, few problems to resolve ahead of us to reach the bright futures that we call the ‘Century of Türkiye’.
    We are well aware of the challenges caused by the attempts to undermine our country in economy as well as in other areas, particularly through security threats, in the past six years.
    In the similar vein, we know that by using all our means, we should eliminate the scourge of terror, which has wasted our energy, eroded our brotherhood and kept us away from our goals for 40 years.
    We would like to wide open the doors of a Türkiye, whereby we compete our joys, not pains, share our richness, not poverty, and germinate our hopes, not disappointments.
    As we stated in last year’s Republic Day message, we do whatever we do to glorify the great and strong Türkiye ideal without paying heed to malevolent people at home and abroad.
    With Allah’s help, our nation’s sagacity and support, and the political and military strength of our country, we are determined to make sure that our Republic emerges even stronger from the period we have entered.
    We believe from the bottom of our hearts that all the individuals of our nation, regardless of their origin, disposition or political view, and all our friends, no matter where they live, will stand with us in this historical struggle of ours.
    May my Lord help and guide us.
    With these thoughts, I wholeheartedly congratulate all our citizens living in Türkiye and abroad on 29 October Republic Day.
    May our martyrs rest in peace!
    Happy 101st anniversary of the proclamation of our Republic!
    May you all remain in good health…

    MIL OSI Europe News –

  • MIL-OSI Security: Federal Judge Finds Milwaukee Man Guilty of Sex Trafficking and Arson

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

    United States Attorney Gregory J. Haanstad announced that on October 28, 2024, United States District Court Judge Lynn Adelman found Bobby McNeil (age 45) guilty of all five counts with which he was charged, which were Sex Trafficking by Force, Fraud, or Coercion; Arson in Furtherance of a Federal Felony; Arson of a Building/Rental Property; Interstate Transportation for the Purpose of Prostitution; and Unlawful Possession of a Firearm by a Felon. Judge Adelman announced the verdict after a two-day bench trial that concluded on October 16, 2024.

    The evidence presented at trial established that between 2021 and 2022, McNeil used force, threats of force, fraud, and coercion to compel an adult female victim to engage in commercial sex acts on the south side of Milwaukee.  He also induced the victim to travel from Florida back to Wisconsin to engage in further commercial sex acts. McNeil also committed a retaliatory act of arson by throwing a Molotov cocktail into the home of another adult who attempted to help the female victim get away from McNeil.  In rendering his verdict, Judge Adelman pointed to numerous text messages, Facebook messages, and recorded messages the defendant made and sent that corroborated the trafficking victim’s testimony and reflected the defendant’s intentions and violence.

    McNeil’s sentencing hearing is scheduled for February 4, 2025, before Judge Adelman.  McNeil faces a maximum life term of imprisonment and a mandatory minimum of 25 years of imprisonment.

    The Bureau of Alcohol, Tobacco, Firearms, and Explosives investigated the case, with the assistance of the Federal Bureau of Investigation and Milwaukee Police Department.  Assistant United States Attorneys Abbey M. Marzick and Porchia S. Lewand prosecuted the case.

    # # #

    For Additional Information Contact:

    Public Information Officer

    Kenneth.Gales@usdoj.gov

    414-297-1700

    Follow us on Twitter

    MIL Security OSI –

  • MIL-OSI: The notes redeemed by Municipality Finance have been removed from trading at Nasdaq Helsinki

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    29 October 2024 at 10:00 am (EET)

    The notes redeemed by Municipality Finance have been removed from trading at Nasdaq Helsinki

    On 14 October 2024 Municipality Finance Plc announced that it is exercising its right to redeem in whole its USD 150 million notes (XS2548900146). Nasdaq Helsinki has approved MuniFin’s application to remove the notes from trading. The last day of trading was 28 October 2024.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland. The Group’s balance sheet totals over to EUR 50 billion.

    MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic, but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: www.kuntarahoitus.fi/en

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI Security: U.S. Navy Reserve Officer Sentenced for Bribery Scheme Involving Department of State’s Approval Process for Special Immigrant Visas

    Source: United States Attorneys General 7

    A U.S. Navy Reserve Commander from Florida was sentenced today to 30 months in prison for his role in a years-long bribery scheme involving Special Immigrant Visas (SIVs) for Afghan nationals.

    According to court documents and evidence submitted at trial, Jeromy Pittmann, 53, of Pensacola, accepted bribe payments from Afghan nationals in exchange for drafting, submitting, and verifying fraudulent letters of recommendation for Afghan nationals who applied for SIVs with the U.S. Department of State. Since 2009, Congress has authorized the State Department to offer a limited number of SIVs to enter the United States for Afghan nationals who were employed as translators for U.S. military personnel. Pittmann signed over 20 letters in which he fraudulently represented that he personally knew and had supervised the Afghan national visa applicants while they worked as translators in support of the U.S. military and NATO; that the applicants’ lives were in jeopardy because the Taliban considered them to be traitors; and that, based on his personal knowledge of the applicants, he believed they did not pose any threat to the national security of the United States. In truth, Pittmann did not know the applicants and had no basis for recommending them for SIVs. In exchange for the fraudulent letters, Pittmann received several thousands of dollars in bribes. To avoid detection, Pittmann received the bribe money through an intermediary and created false invoices purporting to show that Pittmann was receiving the money for legitimate work unrelated to his military service.

    On July 12, Pittmann was convicted by a jury in the District of New Hampshire after a four-day trial of conspiracy to commit bribery, bribery, making a materially false writing, and conspiring to commit money laundering.

    “By protecting Afghan nationals who risk their personal safety to help the U.S. government, the SIV program is essential for the security of U.S. military and diplomatic personnel in Afghanistan,” said Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. “Jeromy Pittmann, however, used his position of authority over the program to benefit foreign nationals who paid him bribes, falsely asserting that they had served the United States. Today’s sentence demonstrates that the Justice Department has zero tolerance for those who place their self-interest ahead of our national security.”

    “This case shows how someone betrayed his sacred oath of office to commit crimes for personal gain, with no regard for how his actions could threaten U.S. homeland security and harm Afghans, who risked their lives to help the United States,” said Inspector General John F. Sopko of the Special Inspector General for Afghanistan Reconstruction (SIGAR). “It also shows how a U.S. Government investigation — from initial tip to prosecution to conviction — can hold individuals accountable for their crimes. I’m proud of SIGAR special agents and our investigative partners who brought Pittmann to justice, and I hope their hard work will deter others from pursuing similar acts.”

    “Pittmann’s participation in this bribery scheme not only jeopardized the integrity of the SIV program, which protects our allies, but also introduced significant security risks to our nation,” said Special Agent in Charge Greg Gross of the Naval Criminal Investigative Service (NCIS) Economic Crimes Field Office. “NCIS and our partners will continue to hold accountable those who exploit government processes for personal gain, ensuring that the safety of the public and our warfighters is preserved.”

    “Pittmann deliberately chose self-enrichment over service when he violated federal law in his lengthy bribery scheme. He also compromised the integrity of the Afghan SIV system which is intended for those who faithfully performed activities while working for, or on behalf of, the U.S. government in Afghanistan,” said Inspector General Robert P. Storch of the Department of Defense. “The Defense Criminal Investigative Service (DCIS), in collaboration with its law enforcement partners, is resolved to help bring to justice those who abuse their public office for personal gain.”

    “The Diplomatic Security Service (DSS) is firmly committed to protecting the integrity of all U.S. visas and travel documents,” said Deputy Assistant Director Greg Batman of DSS. “This case is the result of a strong partnership among federal law enforcement agencies and DSS’ global network of special agents working together to stop visa and passport crimes, and to stop criminals from earning illegal income by exploiting U.S. visas, passports, and foreign nationals.”

    SIGAR, NCIS, DCIS, and DSS investigated the case.

    Trial Attorneys Matt Kahn and Theodore M. Kneller of the Criminal Division’s Fraud Section prosecuted the case.

    MIL Security OSI –