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Category: housing

  • MIL-OSI Reportage: BNZ launches Tech Business Hub to empower early-stage technology businesses

    Source: BNZ statements

    New Zealand’s tech sector is set to get a boost thanks to the launch of the country’s first dedicated banking hub for early-stage technology businesses.

    The Waikato-based BNZ Tech Business Hub is designed to address the unique needs of early-stage tech companies.

    It offers BNZ customers access to bankers with specific training and expertise who are equipped to offer financial services to address the unique challenges and opportunities faced in the technology industries.

    Tim Wixon, Head of Technology Industries at BNZ, says, “BNZ’s Tech Business Hub is not just a new offering – it represents a philosophical shift in how we approach banking for this sector. Technology businesses have distinct needs which have not historically been met by traditional banking models. Our hub will help fill this gap by offering practical guidance, advice, and tailored services to help accelerate sector growth.”

    According to the Technology Investment Network, the top 200 New Zealand tech companies generated the second largest source of offshore revenue after dairy. The industry is also growing faster than any other in New Zealand and offers salaries around 30% higher than the New Zealand average.

    “Technology Industries continue to be an increasingly important part of the New Zealand economy. Every year, we see more of our country’s tech companies succeed on the world stage and BNZ remains committed to assist wherever possible”, says Mr Wixon.

    BNZ is ambitious in its support for technology companies in New Zealand, launching a range of innovative solutions in recent years to assist the sector, including Contracted Receivables Financing, Revenue Based Financing for SaaS businesses, and Project Scale Up, which provide high-potential and high-growth technology businesses with access to non-dilutive capital.

    The new Tech Business Hub complements these offerings, underscoring BNZ’s commitment to fostering a vibrant homegrown tech ecosystem.

    Tech Business Hub Team Manager – Figo Liu – says, “Tech businesses require banking partners who speak their language and understand their journey. Our goal is to nurture the tech and startup ecosystem by making it easier to start a business and grow.”

    With the Tech Business Hub now up and running, BNZ is turning its attention to further ways that it can support tech businesses at all stages of their lifecycle.

    “We believe that New Zealand’s tech sector has enormous potential, and we want to do everything we can to help these businesses succeed,” says Mr Wixon. “The BNZ Tech Business Hub is the next step in our commitment to this important part of our economy, and we look forward to working closely with tech entrepreneurs and innovators to help them achieve their goals.”

    The post BNZ launches Tech Business Hub to empower early-stage technology businesses appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI: First Federal Savings Bank Celebrates 120 Years of Powering Local Communities

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., Oct. 20, 2024 (GLOBE NEWSWIRE) — The Independent Community Bankers of America (ICBA) congratulates First Federal Savings Bank on its milestone anniversary and faithful service to its customers and communities for 120 years.

    “From your first home to your forever home, startup or expansion small business loan, or saving for your golden years, First Federal Savings Bank has been a source of support for customers working to achieve their financial goals,” said Courtney Schmitt, VP Marketing Manager at First Federal Savings Bank. “As we reflect and reaffirm our commitment to our customers, we look forward to continuing to serve with honor and distinction to ensure our communities’ future prosperity.”

    “As financial stewards, community banks have always played a central role to the financial health and vitality of their community—whether funding their customers’ financial dreams or supporting community causes and events,” ICBA President and CEO Rebeca Romero Rainey said. “Milestones like these showcase the value of community banks as relationship lenders and the impact they have every day in powering local communities.”

    About First Federal Savings Bank Member FDIC
    First Federal Savings Bank was established on Evansville, Indiana’s Westside in 1904. A community bank offering eight locations in Posey, Vanderburgh, Warrick, and Henderson County. First Federal Savings Bank is also proud to offer Home Building Savings Bank locations in Daviess and Pike County.

    About ICBA
    The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.

    As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.

    The MIL Network –

  • MIL-Evening Report: Expanding coal mines – and reaching net zero? Tanya Plibersek seems to believe both are possible

    Source: The Conversation (Au and NZ) – By John Quiggin, Professor, School of Economics, The University of Queensland

    Federal Environment Minister Tanya Plibersek’s recent decision to approve expansion plans for three New South Wales coal mines disappointed many people concerned with stabilising the global climate.

    Two of these mines, Narrabri and Mount Pleasant in New South Wales, featured in the high-profile but ultimately unsuccessful Living Wonders court case, intended to force the federal government to take account of climate damage done by coal mine approvals. A lawyer involved in the case said Plibersek’s decision showed a refusal to “recognise their climate harms”.

    Why did Plibersek sign off on this? She has argued the mines will abide by domestic industrial emissions rules. As her spokesperson told the ABC:

    The emissions from these projects will be considered by the minister for climate change and energy under the government’s strong climate laws.

    But these laws apply only to emissions produced in Australia, which in this case will be from extracting and transporting coal and the relatively small amount of coal burned here. Most of the coal will be exported and burned overseas. Australian laws do not count those much larger emissions.

    The government is effectively washing its hands of the far larger emissions created when the coal is burned overseas. Since taking office, the Albanese government has approved seven applications to open or expand coal mines. Just this week, NSW Treasurer Daniel Mookhey said his state would keep exporting coal into the 2040s.

    This reasoning doesn’t stack up. If we stopped expanding coal mines, coal would get more expensive – and we would accelerate the global shift to clean energy.

    How can more coal be compatible with net zero?

    Under the 2015 Paris Agreement on climate action, nations must publicly commit to domestic emissions reductions goals and are expected to steadily ramp up ambition.

    But these emissions cuts are domestic only – we don’t measure the emissions we enable by exporting coal and gas.

    The Albanese government has increased domestic ambition by committing to a 43% reduction on 2005 figures by 2030. This seems to be a substantial advance on the 26-28% commitment made by the previous government. In reality, internal tensions in the Morrison Coalition government handed Labor an unintentional gift.

    In 2021, estimates suggested Australia was already on track for a 35% reduction. But internal opposition among Coalition backbenchers stopped Morrison announcing this as a target. As a result, Labor’s change looks about twice as impressive as it should.

    Still, progress is happening. Domestically, Australia is now burning less and less coal.

    But in terms of exports, the government’s position – clear in Plibersek’s decision as well as the government’s plan to keep gas flowing for decades – is as long as there is a demand for coal and gas from other countries, Australia will be ready and willing to meet it.

    Most of the coal unlocked by Plibersek’s decision will go overseas, given NSW exports 85% of its coal to partners such as Japan, China, South Korea and Taiwan.

    How does the government defend this?

    Expanding coal mines while maintaining a public commitment to net zero is a consistent theme between this government and its predecessor, which also committed to net zero. It meets a minimal interpretation of our legal obligations under the Paris Agreement, but maintains the planet’s path towards dangerous warming.

    In her statement of reasons given in 2023 as to why the Mount Pleasant mine expansion should be permitted, Plibersek and the Labor government offer several defences.

    The first is she is simply acting in accordance with Australian law, as the project would comply with “applicable Commonwealth emissions reduction legislation”. This is a weak reed, to put it mildly. The Albanese government, with the support of Greens and independents, can change the law whenever it chooses.

    In reality, the government has steadfastly resisted pressure to include a “climate trigger” in Australia’s environmental approval processes. Their resistance is relatively new – as recently as 2016, Labor policy included a climate trigger for land clearing.

    Labor’s second defence has often been dubbed the “drug dealer’s defence”. That is, if Australia didn’t export coal, other producers would take our place. As Prime Minister Anthony Albanese has put it:

    policies that would just result in a replacement of Australian resources with resources that are less clean from other countries would lead to an increase in global emissions, not a decrease.

    As I’ve argued previously, this defence doesn’t work. Coal is subject to a rising cost curve – if we stopped exporting it, new or expanded production from other sources would cost more to extract and hence be priced higher. More expensive coal would, in turn, accelerate the global energy transition. We do have agency – we could choose not to unlock more coal.

    Finally, Plibersek claims emissions from burning Mount Pleasant coal – estimated at over 500 million tonnes of carbon dioxide equivalent over the mine’s extended lifetime – would not be “substantial” relative to total global emissions. For context, Australia’s total emissions are now less than 500 million tonnes a year.

    This “litterbug’s defence” suggest Australia’s emissions – whether produced domestically or exported – are not big enough to make a difference. This is not true – we are now the second largest exporter of emissions globally, after Russia. That is due largely to coal.

    Are fossil fuel exports untouchable?

    There’s a huge gap between global pledges to cut emissions and the reductions needed to actually achieve the Paris targets. Most countries we export coal and gas to are not yet on a path to achieve the reductions in emissions necessary to stabilise the global climate – though China’s emissions may, remarkably, be about to decline.

    That’s why we need to press for decarbonisation at every stage of the energy system, from extraction of coal, oil and gas to the financing of new carbon-based projects as well as at the point where the fuel is burned and emissions produced generated.

    The problem for Australia is we sell a lot of coal and gas – more than ever before. So even as solar and wind energy begins to displace coal and gas in domestic power generation, our coal and gas exports seem all but untouchable.

    We should be saddened but not surprised at this pattern. The Albanese government seems guided by the principle of doing nothing to generate substantial opposition – and to count on the fact a Dutton Coalition government would do even less.

    John Quiggin is a former member of the Climate Change Authority

    – ref. Expanding coal mines – and reaching net zero? Tanya Plibersek seems to believe both are possible – https://theconversation.com/expanding-coal-mines-and-reaching-net-zero-tanya-plibersek-seems-to-believe-both-are-possible-241007

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Human error is the weakest link in the cyber security chain. Here are 3 ways to fix it

    Source: The Conversation (Au and NZ) – By Jongkil Jay Jeong, Senior Research Fellow in the School of Computing and Information System, The University of Melbourne

    Piotr Zajda/Shutterstock

    Despite huge advances in cyber security, one weakness continues to overshadow all others: human error.

    Research has consistently shown human error is responsible for an overwhelming majority of successful cyber attacks. A recent report puts the figure at 68%.

    No matter how advanced our technological defences become, the human element is likely to remain the weakest link in the cyber security chain. This weakness affects everyone using digital devices, yet traditional cyber education and awareness programs – and even new, forward-looking laws – fail to adequately address it.

    So, how can we deal with human-centric cyber security related challenges?

    Understanding human error

    There are two types of human error in the context of cyber security.

    The first is skills-based errors. These occur when people are doing routine things – especially when their attention is diverted.

    For example, you might forget to back up desktop data from your computer. You know you should do it and know how to do it (because you have done it before). But because you need to get home early, forgot when you did it last or had lots of emails to respond to, you don’t. This may make you more exposed to a hacker’s demands in the event of a cyber attack, as there are no alternatives to retrieve the original data.

    The second type is knowledge-based errors. These occur when someone with less experience makes cyber security mistakes because they lack important knowledge or don’t follow specific rules.

    For example, you might click on a link in an email from an unknown contact, even if you don’t know what will happen. This could lead to you being hacked and losing your money and data, as the link might contain dangerous malware.

    Many cyber attacks are successful because people click on unknown links in emails and text messages.
    ParinPix/Shutterstock

    Traditional approaches fall short

    Organisations and governments have invested heavily in cyber security education programs to address human error. However, these programs have had mixed results at best.

    This is partly because many programs take a technology-centric, one-size-fits-all approach. They often focus on specific technical aspects, such as improving password hygiene or implementing multi-factor authentication. Yet, they don’t address the underlying psychological and behavioural issues that influence people’s actions.

    The reality is that changing human behaviour is far more complex than simply providing information or mandating certain practices. This is especially true in the context of cyber security.

    Public health campaigns such as the “Slip, Slop, Slap” sun safety initiative in Australia and New Zealand illustrate what works.

    Since this campaign started four decades ago, melanoma cases in both countries have fallen significantly. Behavioural change requires ongoing investment into promoting awareness.

    The same principle applies to cyber security education. Just because people know best practices doesn’t mean they will consistently apply them – especially when faced with competing priorities or time pressures.

    New laws fall short

    The Australian government’s proposed cyber security law focuses on several key areas, including:

    • combating ransomware attacks
    • enhancing information sharing between businesses and government agencies
    • strengthening data protection in critical infrastructure sectors, such as energy, transport and communications
    • expanding investigative powers for cyber incidents
    • introducing minimum security standards for smart devices.

    These measures are crucial. However, like traditional cyber security education programs, they primarily address technical and procedural aspects of cyber security.

    The United States is taking a different approach. Its Federal Cybersecurity Research and Development Strategic Plan includes “human-centred cybersecurity” as its first and most important priority.

    The plan says

    A greater emphasis is needed on human-centered approaches to cybersecurity where people’s needs, motivations, behaviours, and abilities are at the forefront of determining the design, operation, and security of information technology systems.

    3 rules for human-centric cyber security

    So, how can we adequately address the issue of human error in cyber security? Here are three key strategies based on the latest research.

    1. Minimise cognitive load. Cyber security practices should be designed to be as intuitive and effortless as possible. Training programs should focus on simplifying complex concepts and integrating security practices seamlessly into daily workflows.

    2. Foster a positive cyber security attitude. Instead of relying on fear tactics, education should emphasise the positive outcomes of good cyber security practices. This approach can help motivate people to improve their cyber security behaviours.

    3. Adopt a long-term perspective. Changing attitudes and behaviours is not a single event but a continuous process. Cyber security education should be ongoing, with regular updates to address evolving threats.

    Ultimately, creating a truly secure digital environment requires a holistic approach. It needs to combine robust technology, sound policies, and, most importantly, ensuring people are well-educated and security conscious.

    If we can better understand what’s behind human error, we can design more effective training programs and security practices that work with, rather than against, human nature.

    Jongkil Jay Jeong 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. Human error is the weakest link in the cyber security chain. Here are 3 ways to fix it – https://theconversation.com/human-error-is-the-weakest-link-in-the-cyber-security-chain-here-are-3-ways-to-fix-it-241459

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Intelligent auto sector speeding up

    Source: China State Council Information Office

    People visit the exhibition booth of AITO, an NEV brand jointly developed by Huawei and Chongqing-based automaker Seres, during the 2024 World Intelligent Connected Vehicles Conference in Beijing, capital of China, Oct. 17, 2024. [Photo/Xinhua]

    China is vrooming to shape the future of intelligent connected vehicles, with creation of a new industry road map underway, and is aiming for greater advancements in autonomous driving, high-end supply chains and global cooperation, according to government officials, company executives and industry experts.

    Jin Zhuanglong, minister of industry and information technology, said the country will draft a comprehensive development plan for the intelligent connected vehicle, or ICV, industry, with the aim of harmonizing vehicle-road integration and enhancing software and hardware collaboration in the sector.

    The term “intelligent connected vehicles” basically refers to “smarter” cars equipped with advanced technologies like artificial intelligence that enable them to communicate with other vehicles, the cloud and infrastructure like roads.

    “Now, China has basically formed a comprehensive industrial system spanning chips, sensors, computing platforms, chassis control and vehicle-cloud connection for the ICV industry,” Jin said at the 2024 World Intelligent Connected Vehicles Conference, which ended on Saturday in Beijing.

    Jin also said that accelerated steps will be taken to formulate a regulatory system for high-level autonomous driving.

    Another official of the Ministry of Industry and Information Technology said at the conference that China’s self-driving cars are “nearing readiness for public roads”, with a group of autonomous driving vehicles awaiting evaluation and permission for the final rollout.

    The remarks came as President Xi Jinping said that science and technology should spearhead the advancement of Chinese modernization, during a recent inspection tour of East China’s Anhui province, where he took a close look at high-tech products including intelligent connected vehicles at an exhibition of scientific and technological innovations.

    Buoyed by such accelerated efforts in developing high-tech and intelligent connected vehicles, Lei Jun, founder of tech heavyweight Xiaomi Corp, said at the conference that the company is expected to meet its goal of delivering 100,000 Xiaomi SU7s — electric vehicles launched by the company as a venture into the ICV sector — by November, which is ahead of its year-end target.

    Li Shufu, chairman of Chinese automaker Geely Holding Group, said that Chinese automakers are racing into a new stage of development with intelligence as their core competitiveness. Like many leading car companies, Geely has made progress in human-machine interaction, intelligent driving, chips and low-orbit satellites, he said.

    Such confidence was also expressed by international players. Ralf Brandstaetter, chairman and CEO of Volkswagen Group China, said, “China is the future of the global automotive industry, and we are committed to being part of this journey in the era of intelligent connected vehicles.”

    In addition to building its largest development center outside Germany in Hefei, the capital of Anhui province, Volkswagen is strengthening cooperation with Chinese manufacturers like Xpeng and local high-tech companies such as Horizon Robotics, operating system provider Thundersoft and battery maker Gotion High-Tech Co, he said in a video speech to the conference on Thursday.

    By 2027, the German automobile manufacturer will launch 40 new models in China across all brands, including more than 20 new energy vehicles, which clearly demonstrates its commitment to the Chinese market, he emphasized.

    The latest data from the Ministry of Industry and Information Technology showed that China is home to nearly 400 “little giant “companies in the intelligent connected vehicle sector. The term “little giant companies” refers to small and medium-sized enterprises that typically specialize in niche sectors, command high market share and boast strong innovative capacity.

    To support the rapid expansion of the sector, more than 50 cities across China have designated over 32,000 kilometers of test routes for ICVs and upgraded 10,000 kilometers of roads with smart technologies.

    Despite China’s momentum in the ICV industry, some company executives still see room for improvement. Yu Chengdong, executive director of Huawei Technologies Co, said that while the 5G smartphone penetration rate has reached over 85 percent in China, less than 10 percent of the nation’s passenger vehicles use 5G.

    “The integration of 5G into the ICV sector should be put into place, as it will generate economic growth and enhance the global competitiveness of the sector as a whole,” he said.

    MIL OSI China News –

  • MIL-OSI China: Moldova holds presidential election, EU membership referendum

    Source: China State Council Information Office

    Moldovan citizens living in Romania cast their votes at a polling station in Bucharest, Romania, Oct. 20, 2024. [Photo/Xinhua]

    Moldovan voters went to the polls Sunday for the country’s presidential election and a referendum on joining the European Union (EU).

    The Central Electoral Commission (CEC) of Moldova said on Sunday in a press release that 2,219 polling stations are open to an estimated 3.3 million voters from 7 a.m. (0400 GMT) until 9 p.m. local time (1800 GMT).

    The polls will be monitored by 2,061 observers, including 1,277 national observers and 784 international observers, according to the CEC.

    Under the country’s constitution, a candidate must win an absolute majority to be elected as president; otherwise, the two candidates with the most votes proceed to a runoff.

    Besides choosing a president, voters will also vote in a referendum on whether the goal of joining the EU should be enshrined in the country’s constitution.

    “Our vote in the referendum will determine our fate for many decades to come,” said Maia Sandu, the incumbent Moldovan president seeking a second term in office.

    Since her election in 2020, Sandu has steered Moldova towards greater alignment with the EU. She led the country to achieve EU candidate country status in 2022. In June 2024, formal accession negotiations were launched.

    MIL OSI China News –

  • MIL-OSI China: Kashgar’s ancient city rises from dust through people-centered protection, renovation

    Source: China State Council Information Office 3

    On a sunny morning in October, streets in the Ancient City of Kashgar come alive as the city’s daily gate-opening ceremony unfolds.

    Performers dressed in armor, reminiscent of Zhang Qian, a Han Dynasty envoy whose journey began around 138 B.C., bring visitors back to 2,000 years ago.

    The well-preserved city appears untouched by time. However, the ancient city, part of Kashgar’s old town, was a dilapidated and dusty zone only decades ago.

    A local proverb reflected the hardships of that time, “Sewage dried in the air, trash swept by the breeze, pipes hung on the wall, and to use the toilet, you’d risk a fall.”

    Renaud Andre Roger Yves Lambert, Asia editor for Le Monde Diplomatique, gazed at a photo of the old town before its renovation and asked, “Was there an earthquake here?”

    What stands today is the result of China’s unwavering commitment to protecting ancient heritage and ensuring the well-being of its people.

    In response to the people’s pressing needs, the local government adopted a tailored approach, providing each household with a customized design that aimed to retain its original architectural style as much as possible. This strategy not only maintained the city’s distinctive features but also transformed it into a livable space with modern amenities, breathing new life into the historic streets.

    Ground floors of residents’ homes were converted into charming shops, showcasing unique styles and creating a vibrant marketplace, while upper levels remained private family retreats. Various bazaars, each with its own charm, have flourished in the city.

    By the end of 2020, a total of 7.049 billion yuan (about 1 billion U.S. dollars) had been invested in the renovation project of Kashgar’s ancient city, and 49,083 dilapidated houses covering 5.07 million square meters had been renovated.

    The renovated city has now created employment for over 10,000 people. With a growing influx of domestic and international tourists, it has become a popular social media hotspot and has successfully upgraded to a national 5A-level scenic spot, the highest standard for tourist attractions in China.

    Salamaiti Guli, the owner of a charming guesthouse with intricately carved wooden doors and sun-dappled courtyards, considered herself one of the biggest beneficiaries of the renovation project.

    “My house used to be in a dangerous condition, but after the government’s protective renovation, it became both sturdy and beautiful,” said Guli. “Since it is located in a scenic area, it has been transformed into a guesthouse offering both accommodations and performances.”

    The performance at Guli’s Home soon transformed the afternoon into a celebration of color and sound, enthralling guests from Croatia, Oman, and Ecuador. Infected by the rhythmic traditional music, they joined hands with locals, twirling and swaying in perfect harmony.

    “I hope friends from all over the world come to visit my home,” Guli said.

    Another resident, who has lived here for decades, said, “After the renovation, we now have everything — water, electricity, heating, and a fully equipped kitchen and bathroom. Living here is truly comfortable.”

    As he spoke, his wife busied herself at the new stove, filling the air with the mouthwatering aroma of freshly cooked food. 

    MIL OSI China News –

  • MIL-OSI New Zealand: Insurance Sector – Commonwealth insurance peaks collaborate on global insurance protection gap

    Source: Insurance Council of NZ

    The peak bodies representing personal and business insurers in the United Kingdom, Canada, Australia and New Zealand have called on Commonwealth leaders at this week’s Commonwealth Heads of Government Meeting (CHOGM) in Samoa to discuss worsening extreme weather and its impact on national economic and community resilience across the Commonwealth.
    The Association of British Insurers (ABI), the Insurance Bureau of Canada (IBC), the Insurance Council of Australia (ICA), and the Insurance Council of New Zealand (ICNZ), have jointly written to the Prime Ministers of their respective nations calling for the issue to be put on the agenda as part of the Commonwealth Business Forum on 23 and 24 October.
    This followed a Global Insurance Protection Gap Forum held in Sydney, Australia on Friday 18 October involving the four leaders of the ABI, IBC, ICA, and ICNZ, along with insurers, Australian government representatives, and regulators.
    The four associations collectively represent insurers writing approximately US$200B in gross annual premium, with their members playing an essential role in enabling individuals, communities and businesses to recover from the unexpected and reduce risk across the economies in which they operate.
    Operating in Commonwealth nations, the four organisations and their members face similar regulatory, political, and financial environments, with their governments and regulators having similar tools at their disposal to implement solutions.
    The Global Insurance Protection Gap forum agreed that:
    – As extreme weather intensifies, populations expand and more homes are put in harm’s way, the insurance protection gap will widen.
    – Flood risk is often concentrated in particular areas, but the widespread nature of flood risk is going to increase.
    – Governments and insurers have a critical opportunity to collaborate across global markets to build a shared view of current and future hazard risk.
    – We must stop locking further risk into our economies by building homes in the wrong places.
    – Applying excessive taxes and levies to insurance premiums can directly affect the affordability of insurance coverage.
    Comment attributable to Hannah Gurga, Director General, Association of British Insurers
    Our changing climate represents a real and growing threat to our resilience as a nation and globally. The UK led the way with the creation of Flood Re, which has helped keep insurance accessible for hundreds of thousands of homes. We are now at a crossroads, with a new government in post and a review of the planning system underway. It’s vital that decisions are taken for the long-term and made for the benefit of all. That’s not just investing in flood defences but also changing where and how we build. Action is needed now, not in the future when the challenge will be ever greater.
    Comment attributable to Celyeste Power, President and CEO, Insurance Bureau Canada
    In the span of just five weeks this past summer, Canada saw five natural catastrophes: three major floods, a devastating wildfire, and a destructive hailstorm resulting in $7 billion of insured losses.
    This isn’t an anomaly. It isn’t bad luck. It’s part of an escalating trend of severe weather events that is making Canada a riskier place to live, work and insure.
    I know Canada is not facing these challenges alone and I join with my colleagues in Australia, New Zealand and Britain in our call for meaningful action to reduce the growing physical and financial risks our citizens are facing.
    Comment attributable to Andrew Hall, CEO, Insurance Council of Australia
    More frequent and intense disasters, coupled with ongoing development of areas at high risk of extreme weather and growing asset values, are widening the gap globally between those who can afford insurance in high-risk areas and those who can’t – often leaving society’s least wealthy unable to rebuild and recover when disaster strikes.
    As the bodies representing personal and business insurance providers in the United Kingdom, Canada, Australia and New Zealand, we have a unique perspective on this issue.
    Insurers remain steadfastly committed to the policies of derisking as the only sustainable way to reduce the pressure on premiums and close the protection gap: better planning so no more homes are built in harm’s way, stronger buildings that are better able to withstand extreme weather, greater investment in public infrastructure to better protect communities, and an ongoing program of home buybacks where no other mitigation is possible.
    Comment attributable to Kris Faafoi, CEO, Insurance Council of New Zealand
    Our nations share a common history and a future challenge with climate change. By working closely together our insurance representative bodies are committed to doing their bit to help reduce risk from natural hazards and protect our families and communities.
    By reducing the protection gap we keep communities safe, reduce the costs to taxpayers and ratepayers and maintain insurance capacity and affordability.
    Just last year New Zealand experienced just how devastating severe weather events can be on lives, livelihoods and communities. There is much to be gained by working together on these issues across the UK, Australia, Canada and New Zealand through policy work, relationships and our responses to natural disasters.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Health Investigation – Rights of man were breached by social workers says Deputy Commissioner 19HDC01187

    Source: Health and Disability Commissioner

    A man’s rights under the Code of Health and Disability Services Consumers’ Rights were breached by two psychiatric social workers, said the Deputy Health and Disability Commissioner in a decision released today. Deborah James said the social workers’ actions represented a serious departure from the appropriate standard of care the man should have received.
    The man lived with schizophrenia and was experiencing deteriorating mental health. After a suicide attempt, the man was taken to a police station for a mental health assessment. There, he was assessed by two psychiatric social workers.
    A risk assessment form was completed but important information was missed such as his suicidal ideation and previous suicide attempts. The social workers also did not give appropriate weight to the fact of the man’s suicide attempt on that day, and they relied too heavily on the man’s self-reporting. Neither social worker consulted a psychiatrist, or other clinician, contacted the man’s wife or his other support worker, or followed the Health New Zealand guidance for safety planning.
    They recorded him as a low risk to himself and others, developed an overnight safety plan which involved medication, refraining from drugs and alcohol, and calling the mental health crisis team if needed, and sent him home. The man took his life later that day.
    The man’s wife complained to HDC saying he should have been taken to hospital and that he was three days overdue for his schizophrenia medication, despite requesting it. The social workers reported that although the man requested his usual injection for managing schizophrenia, they agreed this could wait and be done by a registered nurse the next day.
    One social worker expressed the view that because of her lack of familiarity with the man, she had less responsibility at key parts of his care. Ms James stated “I remain of the view that, as she was present and assisting with the assessment, she could have acted at any point to remedy the failures identified.”
    Deborah James noted that the other social worker was a junior and said, “I consider that if Ms B did not have the requisite skills and training, once she recognised this while assessing Mr A, she should have sought further support, rather than continuing”.
    Ms James made an adverse comment about the clinical note taking of both social workers, and against Health NZ for issues identified in the report with resourcing and training of mental health staff.
    Ms James’ recommendations acknowledged that considerable time had passed since the events and both social workers had undertaken significant extra training in their practice. She encouraged them to further reflect on the events and report back to HDC, including on any further training they have taken up, which they both did. She also acknowledged Health NZ had made several relevant and appropriate changes in its policies and procedures, so made no further recommendations. 

    MIL OSI New Zealand News –

  • MIL-OSI China: Global artists craft dreams in ‘porcelain capital’

    Source: China State Council Information Office 3

    Dutch designer Johannes Gille crafts ceramic lamp shades in Jingdezhen, the world-famous “porcelain capital” in east China’s Jiangxi.

    “Historically, the blue and white porcelain from Jingdezhen had influenced the renowned Delftware in my hometown,” Gille said at the city’s Taoxichuan International Studio. “I collaborate with local artisans to bring traditional blue and white patterns to life, and I can’t wait to showcase these pieces at my design studio in Delft.”

    Jingdezhen has long served as a cultural bridge, with its porcelain being a vital commodity on trade routes since the 16th century. Today, the city has evolved into a cultural oasis and attracted a vibrant mix of talent from around the globe.

    At times, as many as 5,000 foreign creators work and live in Jingdezhen. The influx of global artisans, often referred to as “Yangjingpiao,” has turned the city into a melting pot of ideas and cultures.

    Park Ju-hee from the Republic of Korea has made Jingdezhen her home. Before settling in the city, she worked as an architect in cities like Beijing and Hangzhou after graduating from Tsinghua University.

    Her recent ceramic creations are inspired by nature’s changing seasons by adopting the coiling technique.

    “Jingdezhen’s environment is ideal for my work,” she said, emphasizing the rich artistic community that fuels her creativity as well as the city’s friendly environment for start-ups.

    Gille added that in Europe, custom porcelain molds are significantly more expensive and require more complex arrangements compared to the process in Jingdezhen, where things can be organized with just a few calls.

    Spanish ceramic artist Jaume Ribalta has embraced the rural lifestyle on the outskirts of the city.

    He rented a farmhouse in Xianghu Town, where he set up his studio. Jaume blends the black-and-white ceramic patterns from his hometown of Barcelona with Jingdezhen’s exquisite blue-and-white technique.

    After two and a half years in Jingdezhen, he has handcrafted 50 covered bowls, 40 teacups, and 10 teapots, all of which have sold out, helping him navigate the challenging early stages of his business.

    “Contemporary ceramics often see artists working independently, but in Jingdezhen, artisans emphasize collaboration,” Ribalta said.

    He noted that every step of the process, from mold making to hand-painting and firing, is open to newcomers, benefiting from the support of dozens of experienced local craftsmen.

    In Jingdezhen, the spirit of collaboration among artisans fosters a unique creative environment that is hard to find elsewhere, Ribalta added. 

    MIL OSI China News –

  • MIL-OSI China: 3 killed in trail ride shooting in US state of Mississippi

    Source: China State Council Information Office 3

    Three people were killed and eight others injured on Saturday during a trail ride shooting in Holmes County, the southern U.S. state of Mississippi, authorities said.

    The incident occurred when at least two people opened fire into a crowd of 200 to 300 people celebrating Holmes County Consolidated School’s homecoming football win at an outdoor event several hours after the game ended.

    Holmes County Sheriff Willie March said the shooting followed an argument among several young men.

    The sheriff said police officers are searching for the suspects in connection to the shooting and an investigation is underway. 

    MIL OSI China News –

  • MIL-OSI New Zealand: Fred Graham work a tribute to home town

    Source: Auckland Council

    Celebrated artist Fred Graham has unveiled a gift to the town he loves in the form of a sculpture carrying its name.

    Waiuku becomes the latest addition to Auckland’s public art collection after its unveiling on the Glenbrook-Waiuku Road / Cornwall Road intersection.

    It expresses his aroha (love) and whakawhetai (gratitude) for the town where he has lived, worked and raised his family with wife Norma for more than 30 years.

    Franklin Local Board member Sharlene Druyven says Graham (Ngāti Korokī Kahukura, Tainui) is internationally and nationally celebrated and is a taonga of the area.

    Now 96, he is still being commissioned – especially in Waikato – where his ancestry anchors him, with Waiuku acknowledging Ngāti Te Ata Waiohua history in the rohe (area) and the immigrants who have made it their home.

    Based on the letter W, three of the four inner panels feature the koru, honouring those involved in the story of how Waiuku got its name.

    Brothers Tamakae and Tamakou vied for the hand of Waikato chieftainess Te Atairehia – after whom Ngati Te Ata are named – and who is represented by a fourth koru.

    Tamakae was the provider, Tamakou the orator. Tamakou was first to meet Te Atairehia but she requested Tamakae be presented. He was working in the kumara gardens and had to be washed in the wai (water) and uku (a type of white clay) at the stream that flows into the Manukau Harbour before he could meet her.

    He won her heart and they married, and from then on, the area was known as Waiuku.

    Fred Graham’s work is held in international collections.

    Graham was born in 1928 in Arapuni, going on to Taita College where his talent was recognised, a gift nurtured at Ardmore Teachers Training College.

    From there he developed an interest in sculpture, teaching himself to carve in wood and stone, and later using steel – a cornerstone of Waiuku with its iron sand and mill.

    He was part of a collective that ran a Te Tai Tokerau (Northland) initiative in rural Māori communities with artists such as Cliff Whiting and Paratene Matchitt known as the ‘Class of ’66’ after a Hamilton show called ‘Contemporary Māori Painting and Sculpture’.

    Friendships with art greats Ralph Hotere and Muru Walters were also established during his early days, while his own works fused Māori and European cultures, often combining wood, stone and modern materials in commissions displayed across Aotearoa.

    “Fred is known for drawing on Māori traditions, but that is in the art world. In Waiuku he is better known for his gentleness, kindness and wisdom,” Druyven says.

    “This is a man who has walked alongside greats of the art world but who is humble, who celebrates what matters to him, whanau and whenua.

    “Very few of us can say we are friends with an art great, and the fact he’s just Fred to so many here in Waiuku tells you everything you need to know.”

    Ngaati Te Ata kaumatua Riki Minhinnick leads the blessing of the site.

    His son Brett followed his own path, also becoming an acclaimed artist and exhibiting currently with his father and other prominent Māori artists at this year’s Venice Biennale.

    Fred Graham received the Te Waka Toi Te Tohu Aroha mō Te Arikinui Dame Te Atairangikaahu Award in 2017 and a year later the Arts Foundation Icon Award and was also made an Officer of the New Zealand Order of Merit.

    The 5.2 metre tall 1.4 tonne stainless steel work was made in Waiuku by retired engineer Rex Erikson, a long-term friend and collaborator.

    Waiuku is the second major Graham installation in the town. In 2020 his work recognising NZ Steel’s 50th anniversary in 2015, was unveiled at Centennial Park – Lions Lake to locals.

    That eight-metre steel statue features triangular panels depicting the three Franklin sites that converge to see steel forged at the mill, Taharoa, Waikato North Head and Glenbrook.

    Fifty birds adorn the panels, the cut-outs recognising the lives of those connected to the mill who have passed, and the shaped birds the lives of those now associated with the mill, and the whanau supported by that relationship.

    Inside the triangle, pipes can be seen, honouring the pipeline that sees iron sand shaped into steel.

    Atop the structure three birds rise into the sky, the past, present and the future.

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    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Progress towards Auckland’s climate goals puts resilience at the forefront

    Source: Auckland Council

    From increasing public transport options, to decarbonising the council’s operations, to community food initiatives and building resilience to flood events, Auckland Council is delivering tangible, positive climate outcomes for Aucklanders. That’s according to Auckland Council’s Te Tāruke-ā-Tāwhiri: Auckland’s Climate Plan 2024 progress snapshot.

    Councillor Richard Hills, Chair of the council’s Policy and Planning Committee applauds the progress already made but reminds us that to maintain momentum and achieve our climate goals requires continued commitment from all of us.

    “As a region, the scale and speed of climate action needed to make an impact on resilience continues to grow and will require increasing levels of cohesion and investment across both government and our council.”

    Te Tāruke-ā-Tāwhiri: Auckland’s Climate Plan is Auckland Council’s long-term approach to climate action. It sets out eight priority action areas to deliver our goals to reduce carbon pollution and plan in ways that prevent further climate disruption.

    Kataraina Maki, Auckland Council’s Chief Sustainability Officer, believes the council plays a crucial role in forward-thinking to make caring for everyone in a climate-disrupted future a reality.

    “Imagine the lives we can all live when, across our communities, we are empowered to take the bold climate actions we need, and know are feasible. Te Tāruke-ā-Tāwhiri: Auckland’s Climate Plan provides long term solutions to make wise decisions now that will prevent further disruption to the climate later for future generations.

    “Kia kotahi, Auckland Council supports our communities to unite, work together, and adapt to low-carbon, climate-prepared lifestyles to meet peoples’ needs and make our city better for everyone, especially those most vulnerable to climate disruption.”

    The annual progress report highlights the council’s contribution towards the implementation of Te Tāruke-a-Tāwhiri: Auckland’s Climate Plan based on the levels of actions that are completed, in progress, and still required in reducing emissions and improving resilience to climate change. It also provides highlights of progress and key challenges for each priority in the plan along with a summary of key initiatives planned for the year ahead.

    Key highlights of 2023/2024 report include:

    • Collecting and diverting 20,000 tonnes of food scraps from landfill, exceeding the target of 18,000 tonnes for year one
    • Investment in public transport to increase patronage up to 100 million boardings by March 2025
    • Issuing three new green bonds increasing total green bond holdings to NZ $3.7 billion
    • The Auckland Council climate grant funded 32 community-led projects, with approximately a third going to underserved communities
    • Approximately 750,000 trees were planted across the region as part of the Urban Ngahere programme
    • Several projects including Auckland Art Gallery and Auckland Domain Wintergardens have switched from gas to electricity and alternative energy sources, saving money and reducing emissions.

    A planted area and stormwater stream beside the motorway in South Auckland.

    Building resilience to future extreme weather events top priority for the council

    In response to the 2023 extreme weather events, Auckland Council has partnered with the government to implement a $2 billion flood recovery and resilience package. As severe weather events happen more frequently, the council is preparing for the additional water we know to expect and preventing further flood risks through financial support for affected homeowners, supporting community-led responses and accelerating crucial repairs to affected infrastructure.

    The Making Space for Water programme has been integral to this work where $820 million has been given to help build resilience, repair affected stormwater assets and reduce the impacts of future intense rainfall.

    Councillor Hills says that rebuilding our infrastructure after big flooding and climate events can prevent worsening climate disruption.

    “Rampant carbon pollution has trapped heat like a blanket in our atmosphere and warmed the oceans, leading to a disrupted climate and more extreme weather events. A lot more water is one of the effects,” he says.

    “Auckland Council prioritises working alongside mana whenua, communities, and infrastructure experts to redesign our city to be more spongy to soak up this extra water and reduce heat in our neighbourhoods.

    “By uncovering our natural waterways and enhancing and maintaining our stormwater systems through programmes like Making Space for Water, we’re giving water space to flow and rise to build resilience and reduce the impacts of future flooding.”

    An electric bus on Waiheke Island.

    Zero emission transport

    Auckland’s public transport network is becoming fully electric. A total of 180 buses are now zero emissions in the fleet, making it the largest fleet of zero-emission buses of any city in Australasia. Investment in the transition from fossil fuels to lower emissions has also seen the construction of the first low emission ferries. The Climate Action Transport Targeted Rate has also increased our frequent bus network to forty routes in total, the most recent addition is the 94, which is seeing almost 400 new users each day.

    Te Herenga Waka O Orewa Marae has received funding to repair flooring in the wharekai, an engineering design to improve stormwater management.

    Mana whenua partnerships

    Auckland Council supports leadership of mana whenua who have expertise in living in harmony with natural systems to care for their rohe and tāngata, using mātauranga Māori to guide how te taiao is valued and protected. The council supports climate resilience programmes across seven Auckland marae as part of the Resilient Marae Programme, and rangatahi Māori-led responses to the environment such as Mātātahi Taio to deliver climate action outcomes using traditional Māori knowledge systems and practices.

    About the progress snapshot

    The council group this year reports that based on the current allocation of funding for greenhouse gas emissions reduction, meeting the 2050 net zero target set in Te Tāruke-ā-Tāwhiri is becoming more challenging within timeframe and financial constraints. Regional emissions are also starting to rise, after they temporarily decreased during the COVID-19 pandemic.

    The report identifies that we all face big challenges in a climate-disrupted future. Better, resilient lives for everyone are possible through bold community climate planning, and a sustained collective commitment and effort from government, the council, businesses, communities and individuals to climate action.

    MIL OSI New Zealand News –

  • MIL-OSI China: China’s railway cargo transportation rises

    Source: China State Council Information Office 3

    This aerial photo shows a freight train loaded with auto parts, home appliances and textile products pulling out of the Xiahuayuan railway cargo terminal in Zhangjiakou, north China’s Hebei Province. [Photo/Xinhua]

    China’s railway network transported 1.004 billion tonnes of cargo in the third quarter of this year, marking a year-on-year increase of 3.8 percent and setting a new record for freight volume in a single quarter, official data showed Sunday.

    China’s railway industry has been improving its transportation services and efficiency to support the high-quality development of the economy, according to China State Railway Group Co., Ltd.

    During this period, railways handled 520 million tonnes of coal, up 3.5 percent year on year.

    The company said it will further speed up the development of a modern railway logistics network to facilitate domestic and international economic circulations, and reduce logistics costs.

    MIL OSI China News –

  • MIL-OSI Australia: Average speed camera trial to investigate safety dividend

    Source: New South Wales Government 2

    Headline: Average speed camera trial to investigate safety dividend

    Published: 21 October 2024

    Released by: Minister for Regional Transport and Roads, Minister for Roads

    Previously, average speed cameras have only been used in NSW to monitor the speed of heavy vehicles. Road safety benefits will be evaluated when a trial of average speed cameras for light vehicles is conducted from next year.

    Legislation that passed NSW Parliament has enabled their use for all vehicles, bringing the state into line with all other Australian mainland states and the ACT where the technology is an integral part of their speed enforcement programs.

    The NSW Government will now trial the lifesaving benefits of average speed cameras as part of efforts to combat the rising road toll which today stands at 271 – two more than at the same date in 2023.

    The average speed camera trial will build on road safety initiatives introduced by the Minns Labor Government, including:

    • Seatbelt enforcement by the existing mobile phone camera detection network
    • Removing a loophole to force all motorists driving on a foreign licence to convert to a NSW licence within six months
    • The demerit return trial that rewarded more than 1.2 million drivers for maintaining a demerit-offence-free driving record during the initial 12-month period up to 16 January 2024
    • Doubling roadside enforcement sites used for mobile speed cameras, with the addition of 2,700 new locations where a camera can be deployed. Enforcement hours will remain the same
    • Hosting the state’s first Road Safety Forum of international and local experts
    • Signed National Road Safety Data Agreement with the Commonwealth

    Speeding is the biggest killer on NSW roads, contributing to 41 per cent of all fatalities over the past decade.

    Regional NSW is home to a third of the population but is where two-thirds of all road deaths happen.

    Two trials will be conducted on limited stretches of highway in regional NSW to assess whether these measures reduce speeding at these locations, improving safety and preventing injuries and fatalities. The trial areas are:

    • Pacific Highway between Kew and Lake Innes (Port Macquarie) – 15kms between cameras
    • Hume Highway between Coolac and Gundagai – 16kms between cameras

    There were a combined total of six fatalities and 33 serious injuries between 2018 and 2022 at these locations.

    Road safety experts have backed the use of average speed cameras and the NRMA will be part of the assessment process to ensure drivers have a voice in the review of the trial. 

    Transport for NSW will now work on the technical elements and deliver a communications campaign to inform motorists about the trial to begin mid-2025.

    Trials are proposed to begin with a 60-day period in which speeding drivers will receive a warning letter rather than a fine before normal enforcement, including fines and demerit points, begin.

    Minister for Roads John Graham said:

    “This is the right time to investigate whether lives can be saved by the use of average speed cameras for all vehicles, not only trucks.

    “This technology has been found to be effective in other states and in the UK, Norway, Italy and the Netherlands.

    “It is our responsibility to properly evaluate whether they are effective in preventing another family and another friendship circle from being devastated – which is the sad result every time someone dies on NSW roads.

    “Before trials begin next year, the NSW Government will conduct a comprehensive awareness campaign so the public is aware of average speed cameras and a 60-day warning letter period will give motorists time to adjust to their use in these limited locations.”

    Minister for Regional Transport and Roads Jenny Aitchison said:

    “In 2023, over two thirds of the deaths on our roads were in regional NSW. Our goal is to assess how effective the cameras can be in changing speeding habits and reducing needless deaths.

    “The NSW Government will continue to inform all drivers but particularly the regional communities around these trial sites about how it will work.

    “Unfortunately, on Tuesday night we saw Nationals in the Legislative Council cynically voting against the average speed camera trial, putting politics above the safety of the people they purport to represent.

    “There have been a few times in this Parliament that the Leader of the Nationals has torched the Coalition agreement allegedly on a matter of principle – but saving lives on our roads in the bush? The Nationals are clearly confused about what is important.”

    MIL OSI News –

  • MIL-OSI New Zealand: Breaking ground on the first new Road of National Significance

    Source: New Zealand Government

    Work has kicked off on the Hawke’s Bay Expressway Road of National Significance (RoNS) as the Government continues to move at pace to deliver infrastructure that enables Kiwis and freight to get to where they want to go quickly and safely, Transport Minister Simeon Brown says.

    “The Government is keeping its promise to New Zealanders to deliver a new generation of RoNS across the country that reduce congestion, unlock land for thousands of new houses, and boost economic growth as we rebuild the economy to reduce the cost of living. Delivering the infrastructure this country needs is a key part of our plan to rebuild the economy and boost productivity,” Mr Brown says. 

    “Early works have now started on the Hawke’s Bay Expressway RoNS to four-lane this critical corridor that carries 29,000 vehicles a day and links freight to one of New Zealand’s largest ports. The growing population and economy mean that the central section of this road is reaching capacity at peak times. Starting work now allows the NZTA to maximise the 2025/2026 construction season and bring forward the construction of this project by 12 to 15 months.”

    The Government is prioritising 17 RoNS which were highlighted in the Government Policy Statement on Land Transport, with seven new projects to begin procurement, enabling works and construction in the next three years.

    “New Zealand has an infrastructure deficit, and our Government is taking action to fix it. It’s not enough to just talk about projects and write endless business cases. Kiwis voted for a Government that would get on and build the infrastructure that our country needs. That is what we are doing, and we’re pleased to be able to show action within our first year. 

    “Four-laning the Hawke’s Bay Expressway will unleash national and regional economic growth and productivity by reducing travel times, increasing resilience, and improving safety for motorists. 

    “The Hawke’s Bay Expressway was critical to the resilience of the region during Cyclone Gabrielle, with other routes being cut off. This Road of National Significance will increase capacity, resilience, support residential growth, and provide a boost to the local economy by helping move freight more quickly to the Napier Port. 

    “NZTA is prioritising the Taradale Road to Pākowhai Road section of the Hawke’s Bay Expressway as it is the most congested part of the road, and will help ensure more reliable journey times for commuters and freight operators in the Bay. 

    “The Government will be delivering the benefits of better road infrastructure to Kiwis and businesses across the country, as progress ramps up on several other Roads of National Significance projects. Takitimu North Link Stage 1 is already underway, Ōtaki to North of Levin will begin construction next year, and the Northland Expressway is currently undergoing geotechnical work. 

    “The RoNS projects previously built by National are some of New Zealand’s most successful State Highway corridors, reducing congestion and improving safety. Moving at pace to build a new generation of RoNS signals our Government’s focus on prioritising investments that deliver real value to commuters and businesses.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: First Responders – Waikato fire burning through swampland

    Source: Fire and Emergency New Zealand

    A 20 hectare scrub fire is burning in swampland off Island Block Road, Waikato this afternoon.
    Fire and Emergency New Zealand was alerted to the fire around 1.15pm.
    Incident Commander Shane Bromley says four fire trucks, five tankers and two helicopters are responding to the fire, with another helicopter on its way.
    “The fire is semi-contained but not controlled and we’ve put fire trucks in place to protect three houses as a precaution,” Shane Bromley says.
    “We are also working to protect the nearby Whangamarino Wetland and expect to have a crew at the fire ground overnight.”
    There will be another update at 7pm tonight.

    MIL OSI New Zealand News –

  • MIL-OSI Economics: APEC Reinforces Ethical Standards, Drives Global Impact in Health-Related Sectors Lima, Peru | 21 October 2024 APEC Small and Medium Enterprises Working Group Senior stakeholders from across the Asia-Pacific convened in Lima last month to drive action to enhance ethical practices, reinforcing APEC’s leadership in promoting sustainable growth and fair competition for SMEs.

    Source: APEC – Asia Pacific Economic Cooperation

    Dedicated to advancing ethical standards in health-related sectors, senior stakeholders from across the Asia-Pacific convened in Lima last month to drive action to enhance ethical practices, reinforcing APEC’s leadership in promoting sustainable growth and fair competition for small and medium enterprises (SMEs).

    “Ethical business practices are not just about doing the right thing—they are about creating environments where businesses can thrive, where innovation can flourish and where societies can prosper,” said Diane Farrell, Deputy Under Secretary for International Trade at the US Department of Commerce, upon opening the 2024 APEC Business Ethics for Small and Medium Enterprises Forum.

    Endorsed by APEC Small and Medium Enterprises Ministers in 2011 and recognized by APEC Economic Leaders in 2012, the Business Ethics for APEC SMEs Initiative is the world’s largest public-private partnership promoting ethical business practices in health-related sectors. 

    The APEC Kuala Lumpur Principles for medical technology industry and Mexico City Principles for biopharmaceutical industry guide nearly 20,000 enterprises and set a global benchmark for ethical conduct, supported by industry and governments alike.

    “By prioritizing ethical standards, we not only enhance competitiveness but also ensure that small and medium enterprises are well-positioned to thrive in the future economy,” said Aaron Sydor, Chair of the APEC Small and Medium Enterprises Working Group. 

    “We are also empowering the region’s SMEs with the tools they need to operate with integrity and transparency in an increasingly complex global market,” Sydor added.

    This year’s forum advanced government strategies to encourage ethical practices with Chile announced a pilot program to promote enterprise integrity through public procurement, and Mexico introduced a new partnership to align SMEs with the Kuala Lumpur and the Mexico City principles. 

    The forum also marked the international launch of the US Consensus Framework, expanding ethical standards across the APEC region, as well as the expansion of the Peru Consensus Framework with new public and private signatories, boosting momentum for ethical collaboration in health systems.

    Consensus frameworks are critical to advancing ethical business conduct to support small businesses within health systems and represent each economy’s commitment to strengthening collaboration. This includes adherence to rules within respective health systems and alignment of ethical principles across diverse stakeholders. 

    “When ethical practices are prioritized, patient outcomes improve. This Initiative is crucial in ensuring that ethical considerations are embedded in every aspect of healthcare, ultimately leading to better care for patients across the region,” said David Reddy, director general of the International Federation of Pharmaceutical Manufacturers and Associations.

    The 2024 forum promoted mentorship for medical technology and biopharmaceutical industry associations to embed these principles in their codes of ethics, and for the first time, addressed the role of women’s leadership in this effort.

    “APEC has a unique opportunity to champion ethical leadership that is inclusive and gender balanced. This means not only supporting women in leadership roles but also ensuring that ethical considerations are integrated into all aspects of economic policymaking,” said Dr Rebecca Sta Maria, executive director of the APEC Secretariat.

    The commitments made at the forum will play a pivotal role in shaping health-related sectors globally. APEC’s strong leadership in promoting ethical business practices is crucial to driving sustainable growth and public health, empowering SMEs to thrive in an increasingly complex global market.

    “Effective government strategies serve as a catalyst for ethical transformation across industries, ensuring that businesses are anchored in integrity,” Chris White, general counsel and chief policy officer at the Advanced Medical Technology Association. 

    “By championing ethical practices, including in the public procurement process, governments not only guide businesses but also reinforce the trust that is vital to the broader health ecosystem,” he concluded.

    For more information about the Business Ethics for APEC SMEs Initiative, visit the initiative’s homepage. Stakeholders interested in learning more or getting involved are encouraged to contact the initiative’s stakeholder liaison team at [email protected].

    For further details or to arrange possible media interviews, please contact:

    APEC Media at [email protected]

    MIL OSI Economics –

  • MIL-OSI China: China’s new policies spur foreign investor confidence

    Source: China State Council Information Office

    Foreign entrepreneurs are increasingly bullish on the Chinese market, buoyed by recent economic policies aimed at encouraging growth and stability. This heightened optimism was evident at the Annual Conference of Financial Street Forum 2024, held Oct. 18-20 in Beijing.

    Pan Gongsheng, governor of the People’s Bank of China, highlighted the positive reception of these policies at the forum’s opening ceremony on Oct. 18. “Since the implementation of the policy package, we have received positive feedback from home and abroad, effectively boosting social confidence and promoting the stable operation of the economy and financial markets,” Pan said.

    “China’s forward-thinking government policies, such as the recent stimulus package, have demonstrated a commitment to fostering stable and sustainable growth, particularly in key sectors like technology, green energy and healthcare,” said Jack Perry, chairman of the 48 Group and CEO of London Export Corporation, at an afternoon subforum titled “Joint Promoting Enterprise Development with Global Capital Integration.”

    Perry praised China’s leadership, reassuring international investors that China is not only a place of opportunity but also a reliable partner for long-term investment.

    “As the country transitions from an industry-driven to a consumption-driven economy, it opens doors to investors from across the globe,” Perry said.

    He added, “The sheer size of China’s market and its growing middle class of 400 million, which will soon expand to nearly 800 million, offers significant opportunities for international companies to expand their reach.”

    Regarding how China can continue to attract international capital, Perry said the answer lies in creating an inclusive environment for investment.

    “Optimizing regulatory frameworks, strengthening intellectual property protections and fostering transparent communication between foreign and domestic stakeholders are all crucial steps in this process,” Perry said.

    He stressed that international markets stand to gain from Chinese capital just as China benefits from foreign investment. “This two-way exchange strengthens global partnerships and fosters innovation on both sides,” Perry emphasized.

    Shane Tedjarati, vice chairman of Prologis Global, speaks at a subforum titled “Jointly Promoting Enterprise Development with Global Capital Integration,” during the Annual Conference of Financial Street Forum 2024 in Beijing, Oct. 18, 2024. [Photo by Wang Yiming/China.org.cn]

    Shane Tedjarati, vice chairman of Prologis Global, echoed these sentiments. “Today, as we’ve seen over the past 30 years, there’s little debate that China was the priority investment for the whole world,” Tedjarati said, noting that China’s economic trajectory has generated real wealth “not just for China, but for the whole world for three consecutive decades.”

    Despite acknowledging several challenges facing the country, Tedjarati maintained a positive outlook on China’s economic prospects.

    “The theme of this conference, ‘trust and confidence,’ is at the heart of the policies the Chinese government is now taking to confront these challenges head-on,” he explained, adding that early signs of a recovery in consumption were emerging.

    Tedjarati underscored China’s significance as a global manufacturing powerhouse, supported by “an impressive infrastructure with a complete industrial supply chain, highly skilled workers, an extensive supply system and a growing domestic market.”

    One key driver of China’s growth is consumption and the rise of the middle class, Tedjarati said.

    He noted that China has been the main contributor to the creation of the global middle class. “The middle class in China is expected to rise in the next 15 years from about 31% of the world’s total to nearly 40%, making it the world’s largest middle class,” Tedjarati added.

    Tedjarati also highlighted China’s urbanization, noting its distinct and systematic approach to urban planning, which he said bodes well for China’s growth. Additionally, he praised China’s e-commerce infrastructure as “a trailblazer in the world,” a model that few other major economies have been able to replicate.

    Concluding his speech, Tedjarati addressed a question on many minds: “Where is the next China?” His answer was clear and confident: “The next China is still China.”

    MIL OSI China News –

  • MIL-OSI: Results of the Offering of Unsecured Subordinated Bonds of Bigbank AS

    Source: GlobeNewswire (MIL-OSI)

    The public offering of Bigbank AS (Bigbank) unsecured subordinated bonds (the Offering) ended on Friday, 18 October 2024. It was the third series under Bigbank’s unsecured subordinated bond programme, conducted based on the base prospectus of the subordinated bond programme. Under the programme, Bigbank can raise up to 30 million euros in total.

    During the Offering, up to 3,000 unsecured subordinated bonds, each with a nominal value of EUR 1,000, a maturity date of 23 October 2034, and a fixed interest rate of 6.5% per annum, payable quarterly, were offered by Bigbank. In the event of oversubscription, Bigbank had the right to increase the volume of the Offering by up to 5,000 bonds, bringing the total to a maximum of 8,000 bonds. The Offering was carried out in Estonia, Latvia, and Lithuania.

    789 investors participated in the subscription and submitted subscription orders for the subordinated bonds in the total amount of 8.7 million euros. Therefore, the base issue volume of 3 million euros was oversubscribed by nearly 3 times. Bigbank exercised its right to increase the volume of the Offering, bringing the total volume of the Offering to 5 million euros.

    The Management Board of Bigbank decided to allocate the bonds according to the following principles:

    1. All subscription orders from the same subscriber were summed up;
    2. Subscriptions by investors up to the amount of 30,000 euros were accepted in full;
    3. Employees of companies belonging to Bigbank group were allocated 100% of the amount subscribed;
    4. Investors were allocated 2.75% of the amount subscribed exceeding 30,000 euros;
    5. The number of bonds with decimal places was rounded to the nearest whole number.

    Martin Länts, Chairman of the Management Board of Bigbank, thanked all investors who participated in the public issue for their trust in the bank’s strategy and growth prospects. “The subscription results show that investor confidence in Bigbank’s future plans remains very high, and the interest rate on the bonds offered may have been slightly too high, considering the rapid developments in the interest rate environment over the past month. With the capital raised, Bigbank will be even stronger in implementing its business strategy, planning to continue growing primarily in the housing and corporate loan segments while ensuring compliance with established capital requirements,” commented Martin Länts.

    The Bonds are expected to be transferred to the securities accounts of investors on or around 23 October 2024 and the first trading day of the bonds on the Baltic Bonds List of Nasdaq Tallinn Stock Exchange is expected to be on or around 24 October 2024.

    Bigbank AS (http://www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 30 June 2024, the bank’s total assets amounted to 2.6 billion euros, with equity of 252.8 million euros. Operating in nine countries, the bank serves more than 150,000 active customers and employs over 500 people. The credit rating agency Moody’s has assigned Bigbank a long-term deposit rating of Ba1, as well as a baseline credit assessment (BCA) and adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Tel: +372 53 930 833
    Email: Argo.Kiltsmann@bigbank.ee 
    http://www.bigbank.ee

    The MIL Network –

  • MIL-OSI China: Beijing’s growing appeal amid city’s pursuit of high-quality development

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

    BEIJING, Oct. 20 — Walking through the Chaoyangmen South and North streets spanning 2.8 km in downtown Beijing, clean streets adorned with delicately designed miniature gardens, well-refurbished restaurants and convenience stores bustle with life as residents bask in the sun on a late autumn day.

    First established in ancient China’s Yuan Dynasty (1271-1368), the streets over 700 years old have defied age by constantly renewing themselves, where businesses are thriving and original residents and newcomers mingle and pursue life and work goals.

    Not far away from the neighborhood is Qianmen, a hotspot for tourists. From here, the attention-catching antique buses called “dang dang che” move slowly as tourists on these buses enjoy learning about the history and culture of the Beijing Central Axis, a newly recognized UNESCO World Heritage Site.

    As the refurbished antique bus travels on its routine path, modern clean-energy double-deckers and dual-carriage buses hurtle by, conjuring up a city image that showcases both the history and modern-day development of Beijing.

    As China’s political and cultural center, the city receives people from around the world for important meetings and its many historical attractions such as the Forbidden City and the Great Wall. But apart from that, the megacity with a population of around 22 million is also one of the most modern, vibrant, and technologically advanced Chinese cities, providing a window to look at and digest the historical changes brought about by economic and social development in China.

    ANCIENT CITY WITH RENEWED IMAGE

    In the Chinese capital, clean energy public buses accounted for nearly 95 percent of the city’s public buses as of the end of 2023, per capita GDP ranked first compared to other Chinese regions and people’s average life expectancy reached 82.51 years in the same cited year, according to data from local authorities.

    For An Zhifeng, a resident living in the Chaoyangmen South and North streets area, her life after retirement focuses on leading a healthy lifestyle. “The streets have become wider and more beautiful now. There are seats everywhere along the streets and we can sit down for some rest after a walk or exercise.”

    An was referring to an already completed urban renewal project for the streets that started at the end of 2023, through which the functions of the streets were analyzed and redesigned by removing traffic barriers that used to be set up to prioritize fast-moving vehicles, setting up new slow-traffic lanes for the passage of pedestrians and bicycles, and renovating municipal facilities to improve the streets’ image and residents’ life quality in the area.

    “Before the renewal, the hutongs were very narrow and residents parked cars in quite a limited space, and they often quarreled for parking. With this newly built multi-level parking facility in our neighborhood, we have more parking lots and it helped strengthen the harmony and unity within our community,” said Jiang Xiuping, another resident.

    Sun Yang, deputy head of the Dongcheng district government, said that the renewal project lasted for nearly a year, and is an example of Beijing’s practice in upholding the “people’s city” concept and responding to the people’s needs.

    The changes in Chaoyangmen South and North streets epitomize city-wide urban renewal projects conducted across various districts based on local conditions. In terms of urban renewal, data from the Beijing municipal government shows that the city has completed the renovation of 565 residential communities from 2021 to 2023, with more such projects being carried out.

    The city also promotes digitalization and green transformation for major projects during urban renewal. For instance, the Liangma River region in eastern Beijing’s Chaoyang district has become a bustling commercial hub for its robust night activities and light shows, while the Beijing South Central Axis Culture and Innovation Park in Fengtai district, once the site of a major clothing wholesale market, has now transformed into a hub where high-tech firms gather.

    GLOBAL HIGH-TECH HUB AMBITION

    Apart from its roles as China’s political, cultural and international exchange centers, the city also aims to become a hub for key engines driving high-quality development as well as a global hub of science and technological innovation.

    The Dongsheng Industrial Park in the city’s Haidian district is a hub where high-tech firms concentrate. “After years of development, Dongsheng Town is now home to nearly 4,000 enterprises, including 1,879 technology enterprises, 16 listed enterprises, and 7 unicorn enterprises…the advantages of large-scale industrial agglomeration are significant,” according to Ren Yiding, deputy mayor of the town.

    With its success in electric mobility products, the Ninebot company based in the park has in recent years developed products such as smart lawn mower robots that meet the user needs in the global market. “The lawnmowers have been exported to European and American markets and are well received, further establishing the Made-in-China brand,” said Gao Lufeng, founder and CEO of Ninebot.

    In the first half of this year, retail sales of its scooters reached 518,100 units and the sales volume of electric motorbikes exceeded 1.2 million units. In addition, sales of all-terrain vehicles stood at 12,100 units, and the emerging business of lawn mowing robots also achieved remarkable results, according to the company’s 2024 half-year report.

    These products enabled the company to realize a net profit growth of 168 percent year on year during the period as its business revenues reached nearly 6.7 billion yuan (about 940 million U.S. dollars), up 52.2 percent, according to the report.

    As an early explorer of computer vision and AI technology applications, Beijing Deep Glint Technology Co., Ltd., also based in the park, has rolled out AI-enabled services that can be used in some sports tests for students. Company founder Zhao Yong said that its AI-enabled system can automatically count students’ sit-ups during the test while recognizing unqualified body moves.

    Zhao said that in May this year, the company’s integrated sports training and test system was applied in many test sites for sixth-grade students who were about to enroll at junior high schools. “In the future, we will use this technology in physical education and promote it nationwide.”

    Data from the municipal government shows that, from January to August this year, investment in high-tech manufacturing and high-tech services grew by 72.7 percent and 19.4 percent year on year, respectively, driven by policies aimed at accelerating the development of new quality productive forces. This surge has fostered deeper integration between technological and industrial innovation, aligning with the national push for new quality productive forces.

    OPTIMIZED PUBLIC SERVICES FOR THE PEOPLE

    The development level in a city is reflected to some extent by the sophistication of its public service system. At the Fengtai District Government Service Center, hundreds of counters occupied by working staff provide varied services for individuals and companies.

    Launched in April 2021, the center has gathered 23 sub-centers in profession categories, which can offer services on more than 1,500 district-level matters, such as establishing a company, property transactions, marriage registration, medical insurance and social security, passports and driving licenses, among others.

    The concentration of these varied services means individuals or companies can settle all their matters at the same place without the need to go to different government venues, which greatly improves efficiency and people’s satisfaction levels.

    Data from the local government shows that over the past five years, the 12345 citizen hotline service has picked up 140 million complaints and inquiries from the public, with 96.5 percent of them settled. The public’s satisfaction rate on the service reached nearly 97 percent.

    Yang Junyao, an employee with 12345, said that the hotline service, first set up as the “mayor hotline” in the 1980s with only one telephone and three operators, has now grown into a center with hundreds of service desks and nearly 1,700 operators.

    The 12345 service, which serves both individuals and companies and offers foreign language services, also relies on Internet portals and other platforms such as WeChat and Weibo in handling inquiries and complaints from the public, with itself becoming a driving force that pushes the modernization of megacity governance by addressing people’s needs.

    MIL OSI China News –

  • MIL-OSI Economics: Premiumization trend reshapes consumer beauty preferences in APAC, says GlobalData

    Source: GlobalData

    Premiumization trend reshapes consumer beauty preferences in APAC, says GlobalData

    Posted in Consumer

    Rising consumer disposable income coupled with the increasing consumer inclination towards high quality ingredients in products is creating demand for premium and ultra-premium products in the Asia-Pacific (APAC). Consumers, especially older ones, are seeking luxury goods to get a superior experience. Moreover, the growing consumer preferences for a healthy grooming routine are enabling them to invest more in beauty products with high quality attributes. These factors are reshaping consumer preferences, which is supporting the growth of the premium cosmetics market in the APAC region, says GlobalData, a leading data and analytics company.

    Naveed Khan, Consumer Analyst at GlobalData, comments: “Premiumization is an emerging trend in the APAC region, which is fueled by changing consumer needs and increasing affinity towards superior quality products. Countries such as China, India, and South Korea registered significant growths in gross disposable income per household in 2023+, supporting the trend. Moreover, the high internet penetration in APAC countries such as South Korea (98.6%) and China (78%) made beauty products more accessible to consumers through e-commerce platforms, benefiting the trend. Additionally, consumers are also seeking quality products with unique and uncommon ingredients that are well researched and have stable formulations.”

    GlobalData 2024 Q2 Consumer Survey* corroborates this trend, where 66% of respondents in Asia & Australasia stated that they find “novel/unique” attributes in product purchases as either essential or nice to have. In the same survey, 34% of respondents stated that they prefer “high quality products/ingredients” in beauty and grooming products.

    In response, manufacturers are using novel and uncommon ingredients to align with consumer preferences. For instance, in October 2023, Bio Essence introduced a Gel Cleanser in Malaysia, containing unique and high-quality ingredients such as 24k bio-gold and nano gold peptide, which provide antioxidant protection, reduce signs of anti-aging, and rejuvenate skin.

    Deepak Nautiyal, Consumer and Retail Commercial Director, APAC and ME at GlobalData, adds: “Young consumers, especially Gen-Z, are preferring quality over quantity and are seeking premium cosmetics. Moreover, the ease of availability of both local and international brands through e-commerce platforms and growing consumer focus on their appearance is boosting the premiumization trend in the region. Furthermore, changing global beauty standards and the growing K-beauty and J-beauty trend that focus on traditional methods and unique ingredients are further fueling the premium products market in the region. As a result, in the past few years, various premium beauty brands such as Charlotte Tilbury and Sulwhasoo have established their base in Asian geographies.”

    American beauty company Coty is also looking to leverage the rising premiumization trend in China to improve its market in the region. In 2023, the company introduced Lancaster Ligne Princiere, an ultra-premium cosmetic product range in the country. It also introduced its premium skincare brand Orveda in the year.

    In 2024, Sisley Paris introduced a high-quality anti-aging cream, Sisleÿa L’Intégral Anti-Age Fresh Gel Cream in Hong Kong. It is claimed to contain quality ingredients such as Alchemilla extract, Lindera extract, Persian acacia extract, apple pip extracts, yeast, and soy protein complex.

    Khan concludes: “Growing consumer inclination towards high quality and premium priced products will offer significant growth opportunities to manufacturers in the region. Moreover, manufacturers must concentrate on introducing products with innovative ingredient combinations in attractive and sustainable packaging to offer the premium appeal capable of attracting consumers.”

    *GlobalData 2024 Q2 Consumer Survey – Asia & Australasia, published in July 2024, included 6,506 respondents

    +GlobalData Macroeconomic Data, accessed on October 15, 2024

    MIL OSI Economics –

  • MIL-Evening Report: Australia’s fertility rate has reached a record low. What might that mean for the economy?

    Source: The Conversation (Au and NZ) – By Jonathan Boymal, Associate Professor of Economics, RMIT University

    BaLL LunLa/Shutterstock

    Australia’s fertility rate has fallen to a new record low of 1.5 babies per woman. That’s well below the “replacement rate” of 2.1 needed to sustain a country’s population.

    On face value, it might not seem like a big deal. But we can’t afford to ignore this issue. The health of an economy is deeply intertwined with the size and structure of its population.

    Australians simply aren’t having as many babies as they used to, raising some serious questions about how we can maintain our country’s workforce, sustain economic growth and fund important services.

    So what’s going on with fertility rates here and around the world, and what might it mean for the future of our economy? What can we do about it?

    Are lower birth rates always a problem?

    Falling fertility rates can actually have some short-term benefits. Having fewer dependent young people in an economy can increase workforce participation, as well as boost savings and wealth.

    Smaller populations can also benefit from increased investment per person in education and health.

    But the picture gets more complex in the long term, and less rosy. An ageing population can strain pensions, health care and social services. This can hinder economic growth, unless it’s offset by increased productivity.

    Other scholars have warned that a falling population could stifle innovation, with fewer young people meaning fewer breakthrough ideas.

    Students sitting at a school assembly
    In the short term, lower birth rates can mean more is able to be spent per-person on services like education.
    Jandrie Lombard/Shutterstock

    A global phenomenon

    The trend towards women having fewer children is not unique to Australia. The global fertility rate has dropped over the past couple of decades, from 2.7 babies per woman in 2000 to 2.4 in 2023.

    However, the distribution is not evenly spread. In 2021, 29% of the world’s babies were born in sub-Saharan Africa. This is projected to rise to 54% by 2100.

    There’s also a regional-urban divide. Childbearing is often delayed in urban areas and late fertility is more common in cities.

    In Australia, we see higher fertility rates in inner and outer regional areas than in metro areas. This could be because of more affordable housing and a better work-life balance.

    But it raises questions about whether people are moving out of cities to start families, or if something intrinsic about living in the regions promotes higher birth rates.

    Fewer workers, more pressure on services

    Changes to the makeup of a population can be just as important as changes to its size. With fewer babies being born and increased life expectancy, the proportion of older Australians who have left the workforce will keep rising.

    One way of tracking this is with a metric called the old-age dependency ratio – the number of people aged 65 and over per 100 working-age individuals.

    In Australia, this ratio is currently about 27%. But according to the latest Intergenerational Report, it’s expected to rise to 38% by 2063.

    An ageing population means greater demand for medical services and aged care. As the working-age population shrinks, the tax base that funds these services will also decline.

    Aged care worker holding the hand of an aged care resident.
    An ageing population can mean more pressure on tax-payer funded services like healthcare.
    Chinnapong/Shutterstock

    Unless this is offset by technological advances or policy innovations, it can mean higher taxes, longer working lives, or the government providing fewer public services in general.

    What about housing?

    It’s tempting to think a falling birth rate might be good news for Australia’s stubborn housing crisis.

    The issues are linked – rising real estate prices have made it difficult for many young people to afford homes, with a significant number of people in their 20s still living with their parents.

    This can mean delaying starting a family and reducing the number of children they have.

    At the same time, if fertility rates stay low, demand for large family homes may decrease, impacting one of Australia’s most significant economic sectors and sources of household wealth.



    Read more:
    No savings? No plans? No Great Australian Dream. How housing is reshaping young people’s lives

    Can governments turn the tide?

    Governments worldwide, including Australia, have long experimented with policies that encourage families to have more children. Examples include paid parental leave, childcare subsidies and financial incentives, such as Australia’s “baby bonus”.

    Many of these efforts have had only limited success. One reason is the rising average age at which women have their first child. In many developed countries, including Australia, the average age for first-time mothers has surpassed 30.

    As women delay childbirth, they become less likely to have multiple children, further contributing to declining birth rates. Encouraging women to start a family earlier could be one policy lever, but it must be balanced with women’s growing workforce participation and career goals.

    Research has previously highlighted the factors influencing fertility decisions, including levels of paternal involvement and workplace flexibility. Countries that offer part-time work or maternity leave without career penalties have seen a stabilisation or slight increases in fertility rates.

    Mother with small baby working from homeoffice, typing on laptop
    Any solutions to falling fertility rates must balance other important factors such as women’s increased workforce participation.
    Halfpoint/Shutterstock

    The way forward

    Historically, one of the ways Australia has countered its low birth rate is through immigration. Bringing in a lot of people – especially skilled people of working age – can help offset the effects of a low fertility rate.

    However, relying on immigration alone is not a long-term solution. The global fertility slump means that the pool of young, educated workers from other countries is shrinking, too. This makes it harder for Australia to attract the talent it needs to sustain economic growth.

    Australia’s record-low fertility rate presents both challenges and opportunities. On one hand, the shrinking number of young people will place a strain on public services, innovation and the labour market.

    On the other hand, advances in technology, particularly in artificial intelligence and robotics, may help ease the challenges of an ageing population.

    That’s the optimistic scenario. AI and other tech-driven productivity gains could reduce the need for large workforces. And robotics could assist in aged care, lessening the impact of this demographic shift.

    The Conversation

    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 fertility rate has reached a record low. What might that mean for the economy? – https://theconversation.com/australias-fertility-rate-has-reached-a-record-low-what-might-that-mean-for-the-economy-241577

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: APAC companies add $550 billion in MCap in Q3 2024, driven by China’s stimulus and strong regional demand, reveals GlobalData

    Source: GlobalData

    APAC companies add $550 billion in MCap in Q3 2024, driven by China’s stimulus and strong regional demand, reveals GlobalData

    Posted in Business Fundamentals

    The Asia-Pacific (APAC) region experienced a significant surge in market capitalization (MCap), with the top 50 companies gaining $550 billion in the third quarter (Q3) of 2024. This growth was fueled by China’s fiscal stimulus, strong domestic demand in India and Southeast Asia, and better-than-expected corporate earnings, underscoring the region’s resilience amid global uncertainties, reveals a study by GlobalData, a leading data and analytics company.

    At the end of Q3 2024, the combined market value of the companies in the technology sector reached $3.3 trillion, while those in the financial services sector totaled $527.4 billion. Among the top 50 companies, 19 companies were from the technology sector. In terms of geographic distribution, 19 were based out of China, 15 from Japan, and seven from India.

    Murthy Grandhi, Business Fundamentals Analyst at GlobalData, comments: “Asian stocks surged in late September following the announcement of a comprehensive stimulus package by the Chinese policymakers. While individual measures such as interest rate cuts and reduced downpayment requirements for home purchases have been introduced over the past year, the coordinated nature of September’s initiative marked the strongest indication, yet Beijing is committed to bolster the Chinese economy and stabilize the stock markets.

    “The Bank of Japan’s July rate hike, coupled with Governor Ueda Kazuo’s signals of further increases, was swiftly followed by weak US labor market data. As the interest rate gap between the US and Japan narrowed, the Japanese yen strengthened significantly, triggering a rapid unwinding of many ‘carry trades’ that had benefited from low Japanese borrowing costs. A more reassuring stance from BoJ officials later helped Japanese stocks recover some of their losses.”

    Companies that witnessed significant gains include Chinese food-delivery giant Meituan, which experienced more than 50% quarter-on-quarter (QoQ) growth in its market capitalization owing to the stronger-than-expected quarterly results and share buyback announcement.

    Alibaba Group’s market valuation soared by 46.2% during the quarter, following the announcement of the completion of a three-year regulatory “rectification” process. This development came after the company was fined for monopolistic practices in 2021 as part of an antitrust investigation.

    The shares of China Life Insurance saw a 46.1% increase in market capitalization, driven by the company’s strong interim financial results.

    Grandhi adds: “The Chinese constituents in the top 50 APAC companies list witnessed a 18% increase in market value, driven by the announcement of China’s fiscal stimulus package. Oil majors CNOOC and PetroChina experienced market capitalization loss of 12.3% and 10.3%, respectively, owing to slump in crude oil prices.”

    Chipmakers SK Hynix and Samsung Electronics experienced significant declines in market value, dropping by 22.2% and 20.1%, respectively. These losses reflect concerns over a potential oversupply in the market, despite the low probability of this occurring.

    Additionally, Samsung is facing challenges in maintaining its lead in high-bandwidth memory (HBM) chips, a crucial component in AI processors, as domestic competitor SK Hynix’s latest HBM products are reportedly undergoing testing for possible integration into processors from leading AI-chip maker Nvidia.

    Grandhi concludes: “Into Q4 2024, APAC companies could be keenly keeping an eye on the monetary policies of their respective countries, with interest rates likely to be cut down, albeit not to extend of the recent US Fed rate cuts. Additionally, the ongoing Middle East crisis could disrupt the market, affecting investor confidence and business strategies. However, APAC’s resilience, driven by innovation and supply chain strengthening, will help them in navigating these uncertainties and in sustaining the growth story.”

    MIL OSI Economics –

  • MIL-OSI China: China expands elderly care services with focus on community-based solutions

    Source: China State Council Information Office 2

    China had a total of 410,000 elderly care institutions and facilities at the end of the second quarter this year, the Ministry of Civil Affairs said on Monday.
    Of these, 369,000 were community-based elderly care facilities, reflecting a marked increase compared to 2019, when the numbers were roughly half their current levels, according to the ministry.
    Specifically, the number of elderly care institutions has doubled, while that of community-based care facilities has grown by 120 percent over the same period.
    The progress comes as China has been significantly expanding its elderly care services over recent years, with a particular emphasis on the development of at-home and community-based care. With its rapidly aging population, the country is under increasing pressure to provide sufficient care for its elderly citizens.
    Official data show that there were 297 million people aged 60 and above in the country at the end of 2023, accounting for 21.1 percent of the total population. The number of people aged 65 and above reached 217 million, or 15.4 percent of the total.

    MIL OSI China News –

  • MIL-OSI: Resolutions of the General Extraordinary Shareholders Meeting of INVL Technology

    Source: GlobeNewswire (MIL-OSI)

    The resolutions of the General Extraordinary Shareholders Meeting (hereinafter – “the Meeting“) of special closed-ended type private equity investment company INVL Technology (hereinafter – “the Company”) that was held on 21 October 2024:

    1. Regarding the election of an auditor to carry out the audit of the annual financial statements and setting conditions of payment for audit services.

    Considering that PricewaterhouseCoopers, UAB has audited the Company for 10 years and, in accordance with the requirements of Regulation (EU) No. 537/2014 of the European Parliament and of the Council, can no longer continue to provide audit services, it is decided to:

    1.1.   Based on the results of the Company’s surveys of audit firms and the recommendation provided by the audit committee, to appoint BDO Auditas ir Apskaita, UAB, as the Company’s audit firm for the audit of the Company’s annual financial statements for the years 2024, 2025, and 2026, and for the assessment of the Company’s management reports.

    1.2.   To authorize the person appointed by the Management Company to sign the audit services contract, according to which the payment for the audit of the financial statements for the three financial years and the evaluation of the management reports will be the price agreed by the parties, but not exceeding 52,500 euros (excluding VAT) for the entire three-year period.

    1.3.   To stipulate that the Board of the Management Company reserves the right to increase the remuneration of the audit company by no more than 25 percent of the total remuneration approved by this decision if the scope of audit work changes significantly.

    The person authorized to provide additional information:
    Kazimieras Tonkūnas
    INVL Technology Managing Partner
    E-mail k.tonkunas@invltechnology.lt

    The MIL Network –

  • MIL-OSI Asia-Pac: Speech by SCED at JUMPSTARTER Ignition Gala by Alibaba Entrepreneurs Fund (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the JUMPSTARTER Ignition Gala by Alibaba Entrepreneurs Fund today (October 21):Distinguished guests, ladies and gentlemen,          Good afternoon.     Welcome to the StartmeupHK Festival 2024. It is my pleasure to join you all this afternoon at this first and foremost opening event of the Festival – JUMPSTARTER Ignition Gala by Alibaba Entrepreneurs Fund. The Gala marks the exciting launch of JUMPSTARTER, a global pitch competition organised by the Alibaba Entrepreneurs Fund, alongside the kick-off of the StartmeupHK Festival 2024.     As you all know, this Festival, which is in its ninth year now, has been receiving overwhelming support from the start-up ecosystem in Hong Kong, and serving as a powerful catalyst over time for Hong Kong’s burgeoning start-up ecosystem. The Festival this year, curated by Invest Hong Kong (InvestHK) with the theme “A Future Unlimited”, will bring together many start-ups, investors, industry leaders and tech enthusiasts from around the world, providing an international platform for knowledge exchange, networking and collaboration across various cutting-edge sectors. I can assure you about an exciting series of events in the coming full week of the StartmeupHK Festival.     As for this opening Gala, it marks the start of this year’s JUMPSTARTER, which is a global competition providing invaluable opportunities for entrepreneurs across the globe to gather in Hong Kong, pitch their ideas and business proposals, learn from mentors and investors, and most importantly, pursue their dreams in Hong Kong. I look forward to the enthusiastic participation by contestants from around the world, and wish the competition a great success.     The JUMPSTARTER is just one of the many opportunities offered in Hong Kong as a launch pad for start-ups to be groomed locally and scale globally. Being the only economy in the world where the global advantage and the China advantage come together, Hong Kong continues to maintain our uniqueness as one of the most liberal and easiest places to do business in the world: Hong Kong is once again ranked by the Fraser Institute this year as the freest economy; and we are ranked the third globally as well as the first in the Asia-Pacific region in the recent Global Financial Centres Index report. In addition, Hong Kong remains as the world’s fourth largest recipient of foreign direct investment in 2023 as revealed in the World Investment Report 2024, and continues to attract businesses and investment from around the world.     These impressive achievements are attributed to our institutional strengths, such as a robust common law legal system, an independent judiciary, a simple and low tax system, world-class professional services, start-up-and-business-friendly environment as well as other advantages guaranteed under “one country, two systems”. All of these continue to be the pillars supporting Hong Kong’s success as hubs for start-ups.     In fact, many start-ups fully recognise Hong Kong’s competitive edges. We are home to over 4 200 start-ups, which is a record high, representing a significant increase by 7 per cent year on year. In the first nine months this year, InvestHK has helped 470 overseas and Mainland enterprises to set foot or expand their business here, and over 10 per cent of them are start-ups and scale-ups from different sectors. The above encouraging results are testaments to Hong Kong’s attractiveness.     In the 2024 Policy Address announced last week, the Government has launched new initiatives to further drive economic development, which will benefit all businesses in Hong Kong, including start-ups. For instance, the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) has recently been updated to provide more flexibility and convenience for Hong Kong enterprises to invest and do business on the Mainland. As CEPA measures are nationality neutral, all companies based in Hong Kong can benefit from the latest enhancements. We would encourage more start-ups from around the world to set up their operations in Hong Kong to enjoy these advantages.     On individuals’ level, non-Chinese Hong Kong permanent residents have become eligible for the Mainland travel permit since July this year. This unprecedented measure facilitates their visits to the Mainland for business, leisure or family trips multiple times within a five-year validity period. I note that it has been well received by expatriates in Hong Kong, and encourage our overseas friends in the start-up community to all apply for the permit, if eligible, and enjoy the convenience brought by this initiative.     To facilitate your understanding of the above initiatives and many others, InvestHK, including its global network of Dedicated Teams for Attracting Businesses and Talents based in overseas Economic and Trade Offices, as well as its consultant offices, will continue to render support to you, with a view to facilitating your start-ups to set up and scale up in our city.     Looking forward, Hong Kong’s economic prospects are promising, and the Government will continue to strive to maintain a favourable business environment for start-ups as we always do. I would like to express my heartfelt gratitude to our start-up friends here today for your tremendous support to the Festival and confidence in Hong Kong. I hope you enjoy the Gala event and all the exciting events ahead, exploring collaboration opportunities and experiencing the innovative spirit that defines Hong Kong as a prime destination for start-ups.     Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI: WOO X and OpenTrade enhance yield on RWA vaults through Avalanche integration

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 21, 2024 (GLOBE NEWSWIRE) — WOO X, a leading centralized crypto futures and spot trading platform, has upgraded its RWA flexible term vaults in collaboration with OpenTrade, leveraging OpenTrade’s deployment on Avalanche to enhance its offerings. By utilizing OpenTrade’s platform, WOO X seamlessly integrates and manages RWA-backed yield within its financial products, benefiting from robust off-chain infrastructure and legal expertise.

    The upgraded RWA Flexible Term Vault of WOO X and OpenTrade utilizes Avalanche’s innovative L1s to enhance liquidity and lower transaction costs. This customizable and secure platform streamlines automated processes and reduces operational inefficiencies in traditional asset management, enabling users to manage their investments more effectively. With features like instant redemption and daily compounding, WOO X RWA Flexible Term Vault addresses the growing demand for flexible and stable financial solutions, as tokenized assets are projected to reach $16.1 trillion by 2030.

    “As traditional finance increasingly enters the crypto space, our upgraded RWA flexible term vault on Avalanche is a significant advancement for WOO X. By offering opportunities backed by real-world assets like tokenized Treasury Bills, we enhance liquidity and lower transaction costs, positioning ourselves at the forefront of a trillion-dollar market projected by 2030,” said Willy Chuang, COO of WOO X.

    “The upgraded RWA flexible term vault on Avalanche exemplifies how OpenTrade enables companies like WOO X to offer seamless access to low-risk yields backed by U.S. Treasury Bills, enhancing liquidity and showcasing the utility of RWA solutions in the evolving digital finance landscape,” said David Sutter, CEO of OpenTrade.

    “WOO X and OpenTrade’s initiative underscores Avalanche’s dedication to revolutionizing digital finance. This development empowers users to access innovative financial products and services, taking advantage of the efficiencies and reduced costs enabled by our blockchain technology,” said Eric Kang, BD Manager at Avalanche.

    Unlock Exclusive Rewards with up to 13.75% APR on RWA Products!

    To celebrate this collaboration, WOO X, OpenTrade, and Avalanche are excited to launch a campaign highlighting RWA products! Users can earn a boosted yield of approximately 13.75% APR on our RWA subscription product, offering a secure and user-friendly way to achieve higher returns. This activity will run from October 21, 2024, to January 19, 2025. Click here for more details.

    To learn more about WOO X, download our app or visit WOO X

    Contact us: media@woo.network

    About WOO X

    WOO X is a global centralized crypto futures and spot trading platform offering the best-in-class liquidity and price execution. WOO X has an average daily volume exceeding $600 million and is home to hundreds of thousands of traders worldwide. WOO X traders benefit from radical transparency through our industry-first live Proof of Reserves & liabilities dashboard and the company’s mission to maintain the trust of its growing community of professional traders.

    About OpenTrade

    OpenTrade is an institutional-grade platform for RWA-backed lending and stablecoin yield products. The OpenTrade platform provides FinTechs with a white-label solution that allows them to power USDC and EURC yield products for their users, who can access them with the click of a button, and the security guarantee of a bankruptcy-remote, time-tested legal framework.

    About Avalanche Blockchain Network

    Avalanche is a high-performance blockchain platform designed for builders who need to scale. Engineered with a revolutionary three-part Layer 1 (L1) architecture, Avalanche is anchored by its Avalanche Consensus Mechanism, ensuring near-instant finality for transactions. The platform also features an open-source Layer 0 (L0) framework, enabling the seamless creation of interoperable Layer 1 blockchain with high throughput on both public and private networks.

    Supported by a global community of developers and validators, Avalanche offers a fast, low-cost environment for building the next generation of decentralized applications (dApps). With its unique blend of speed, flexibility, and scalability, Avalanche is the preferred choice for innovators pushing the boundaries of blockchain technology.

    For more information, visit avax.network

    The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

    The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a342476e-8b1f-4a2c-a8bb-aa60980d487a

    The MIL Network –

  • MIL-Evening Report: With reports of students abusing peers in primary schools, how can parents help keep their kids safe?

    Source: The Conversation (Au and NZ) – By Daryl Higgins, Professor & Director, Institute of Child Protection Studies, Australian Catholic University

    An ABC report on Monday revealed a concerning rise in peer-on-peer sexual abuse within Australian primary schools.

    Data on Victorian schools shows hundreds of such incidents were reported in 2022 and 2023, with many involving children under the age of ten.

    The Australian Child Maltreatment Study also showed rates of sexual abuse inflicted by peers has been increasing. Overall, 18.2% of participants aged 16 to 24 reported being sexually abused by a peer during their childhood, compared to 12.1% of those aged 45 years and over.

    Parents may be wondering how they can protect their children at school.

    One of the most effective tools parents have is open, regular and age-appropriate conversations with their kids.



    Read more:
    There are reports some students are making sexual moaning noises at school. Here’s how parents and teachers can respond

    Talk about boundaries and consent early

    What should you be talking about?

    It is crucial for parents to talk with their children about boundaries and consent from an early age. For younger children, this can be as simple as teaching them their body belongs to them and no one else has the right to touch them without permission. Asking if its OK for a hug, and respecting when children say “no” is a great start.

    When discussing consent, it is important to highlight consent is not just about saying “no”, but also recognising and respecting others’ boundaries.

    Peer relationships and trusted adults play a crucial role in a child’s life. Helping children identify adults they can trust if they need to talk about something is also very important. Peers are often the first to hear of concerns or are often the recipients of disclosures, so fostering healthy friendships and teaching children to report to trusted adults is crucial.

    Addressing peer pressure and secrecy

    Children may feel pressured by peers or may be told to keep certain behaviours secret.

    It is essential for parents to emphasise no matter who asks them to keep a secret, they should always share concerns or things they are unsure about with a trusted adult.

    Parents can reinforce the message that if someone tells them not to tell, it is a “red flag”.

    Children can often feel unsure or scared of whether what has happened is wrong. This is why encouraging openness and creating a nonjudgmental space for children to share is important.

    Discussing online safety

    Research shows exposure to harmful material, like pornography, is a contributing factor to inappropriate sexual behaviour among peers.

    Being aware of your child’s internet use and educating them on how to keep themselves safe online is crucial.

    What else can parents do?

    While conversations with your children are vital, parents can also take practical steps to ensure their child’s safety at school. These include:

    • familiarising yourself with school policies: understand the school’s procedures for reporting bullying, harassment and sexual abuse. Parents should ask about how teachers manage supervision during breaks or other occasions where children may be less well unsupervised

    • advocating for comprehensive sex education at your school: when parents are involved in sex education it leads to better outcomes for children. Check what your school covers in the curriculum. Ask about what supports are available to parents, and how you can be involved

    • getting involved in your child’s social world: knowing who your child’s friends are and staying connected with teachers can offer insight into troubling dynamics. Create opportunities for your child to talk about their friendships and school experiences regularly. And as they start navigating the digital world, it’s even more important to know who they are engaging with

    • teach assertiveness and confidence: find ways to empower your child to speak up for themselves when they are unsure, or something feels wrong. Don’t leave this up to a class teacher to deal with in respectful relationship education. At home, you can encourage assertiveness in expressing their preferences and boundaries. You can also model how to stand up to peer pressure. Children can learn and be encouraged to say simple phrases such as, “stop, I don’t like it” or “no, I don’t want to”.

    If there is a problem

    If you do come across an issue or problem, try and work with your school. Despite your distress, try not to be adversarial – rather pitch your conversation to the teacher or principal as “How can I help us work through this together?”

    Parental involvement in education, can reduce the risk of child sexual abuse. If parents and schools can work together, they are more likely to be effective in keeping children safe.

    Prevention requires vigilance, communication and support from both parents and schools. Parents play a crucial role in shaping their child’s understanding of what’s OK, what’s harmful, as well as boundaries, safety and consent.

    By having ongoing conversations, staying informed, and working with schools, parents are the first step to creating safety for children – and supporting them if something goes wrong.

    Daryl Higgins receives funding from the Australian Research Council, the National Health and Medical Research Council and a range of government departments, agencies, and service providers, including Bravehearts. He was a Chief Investigator on the Australian Child Maltreatment Study.

    Gabrielle works with the Australian Child Maltreatment Study (ACMS) team as part of her PhD Candidature. She has also previously worked for Bravehearts in various roles, including for the Turning Corners program, which provides support to young people who have displayed harmful sexual behaviours.

    – ref. With reports of students abusing peers in primary schools, how can parents help keep their kids safe? – https://theconversation.com/with-reports-of-students-abusing-peers-in-primary-schools-how-can-parents-help-keep-their-kids-safe-241786

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Draft guidelines for ‘forever chemicals’ have been released. Here’s what it means for drinking water safety in Australia

    Source: The Conversation (Au and NZ) – By Ian Musgrave, Senior lecturer in Pharmacology, University of Adelaide

    Alexander_Safonov/Shutterstock

    The Australian National Health and Medical research Council (NHMRC) has today released draft guidelines for acceptable levels of per- and polyfluoroalkyl substances, or PFAS, in drinking water.

    PFAS chemicals are also known as “forever chemicals”, because they don’t break down easily and can persist in the environment, including drinking water supplies.

    The new guidelines – which are not mandatory but will inform state and territory policy – are expected to be finalised in April 2025. They propose a reduction in the maximum levels previously considered safe for four key PFAS chemicals: PFOS, PFOA, PFHxS and PFBS.

    Continually scrutinising and updating our PFAS regulations is important to ensure Australians’ safety. However, these updated guidelines are unlikely to have a significant impact on Australia’s drinking water. The majority of potable water supplies in Australia either have no detectable PFAS, or have levels already below the new limits.

    What are PFAS chemicals?

    PFAS are highly fat-soluble compounds that are very slow to break down. They are basically long chains of carbon atoms studded with fluorine molecules.

    PFAS chemicals are inert, water-repellent and heat-resistant. These properties make them ideal for industrial usage and they have been used in firefighting foams and fire-retardant material. They have also been used in common household items such as nonstick pans and stain-resistant fabrics.

    PFAS chemicals are very slow to break down.
    Gorodenkoff/Shutterstock

    Unfortunately, their useful industrial stability means they persist in the environment and can accumulate in the human body. It can take five years for half an ingested dose of PFAS to be removed.

    Given PFAS chemicals have the potential to mimic the body’s own fats, there has been concern they could harm our health if sufficient amounts accumulated in the body.

    What sorts of health effects are they linked to?

    The buildup of a chemical that’s hard to remove from our bodies is always of concern. Despite this, the potential health risks appear to be low. In 2018 the Australian Expert Health Panel for PFAS looked in detail at the evidence.

    One of the largest concerns was PFAS chemicals’ ability to increase levels of cholesterol in the blood, potentially increasing heart disease risk. However, studies of people who have been chronically exposed to significant levels of PFOA have not shown statistically significant increases in heart disease.

    In 2018, the report from Australia’s expert health panel stated:

    Evidence to date does not establish whether PFAS at exposure levels seen in Australia might increase risks of cardiovascular disease… Established risk factors … are likely to be of a much greater magnitude than those potentially caused by PFAS.

    Cancer has also been a concern. However the expert panel found no consistent evidence that PFAS chemicals are associated with cancer. One study even found exposure to PFOA decreased the incidence of bowel cancer.

    However, the impact of PFAS on human health is continuously reviewed as new evidence comes to light.

    Why has Australia revised its drinking water guidelines?

    Australia began to phase out PFAS chemicals in the early 2000s. Since then, the levels of PFAS detected in the Australian population have steadily dropped.

    Now that industrial use is being phased out, the main way we are exposed to PFAS is through things like persistent environmental contamination. While drinking water is not a major source of PFAS, water can be contaminated from environmental sources, for example, if contaminated dust or ground water makes its way into reservoirs.

    Most drinking water levels in Australia either have no detectable PFAS or are already below the new levels.
    Juergen_Wallstabe/Shutterstock

    The Australian Drinking Water Guidelines provide limits for how much PFAS is allowed to be in our drinking water.

    The NHMRC periodically reviews the health evidence around PFAS used to develop these guidelines, which were last updated in 2018. The latest review looks at additional evidence available since then.

    A few developments were of particular interest in this review: studies about the influence of PFAS on thyroid function. Altering thyroid function can be problematic because thyroid hormones regulate our metabolism, growth and development.

    The International Agency for Cancer Research’s (IARC) recent ruling on PFAS and cancer also needed to be investigated. The IARC has classified PFOS – one of the four key chemicals Australia is regulating – as “possibly carcinogenic to humans”. However the IARC noted there was “inadequate” evidence PFOS directly causes any type of cancer in people.

    This agency can rule on the probability that a chemical can cause cancer under any possible exposure, no matter how extreme. But it doesn’t evaluate the risk of cancer from ordinary exposure.

    This means the NHMRC needed to reevaluate the evidence that the levels present in drinking water would constitute a risk.

    What are the new PFAS limits?

    The NHRMC considered evidence about PFAS exposure in animal studies, and by looking at human epidemiology.

    In studies involving animals, the NHMRC review paid particular attention to what concentration of PFAS exposure had no effect on their health. This threshold is used to determine limits for humans, by adding a safety buffer usually a hundred times lower than the level that was safe for animals.

    The limits are set are carefully considering the evidence about impact on human health, as well as evaluating how much PFAS exposure is likely from sources beyond drinking water, such as food and inhaled dust.

    The proposed limits are:

    Note: PFOS and PFHxS are now regulated separately.
    NHMRC

    These guidelines are unlikely to have a significant impact on health. As the NHMRC report shows, majority of potable water supplies in Australia have no detectable PFAS, or levels are already below these new limits.

    For example, drinking water sampling for WaterNSW found PFOS levels were between 1.2ng/L and undectable. Similar results were found for PFHxS (between 1.4 and 0.1ng/L) and PFOA (basically undetectable).

    While the concentration of PFAS in bores near contamination sites are higher, these are typically not used as sources of drinking water.

    The Australian guidelines differ from some international guidelines. The draft guidelines note that different jurisdictions place different weighting on animal and human evidence, and this will affect these regulatory levels.

    The draft guidelines are now open to public consultation, with submissions closing on November 22 2024. Final guidelines are expected to be released in April 2025.

    Ian Musgrave has received funding from the National Health and Medical Research Council to study adverse reactions to herbal medicines and has previously been funded by the Australian Research Council to study potential natural product treatments for Alzheimer’s disease. He has collaborated with SA Water on studies of cyanobacterial toxins and their implication for drinking water quality.

    – ref. Draft guidelines for ‘forever chemicals’ have been released. Here’s what it means for drinking water safety in Australia – https://theconversation.com/draft-guidelines-for-forever-chemicals-have-been-released-heres-what-it-means-for-drinking-water-safety-in-australia-241773

    MIL OSI Analysis – EveningReport.nz –