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Category: Politics

  • MIL-OSI Australia: New cost of living tax cuts under Labor

    Source: Australian Parliamentary Secretary to the Minister for Industry

    The Albanese Government will deliver two more tax cuts to every Australian taxpayer in 2026 and 2027, adding to the first round that Labor delivered in July last year.

    Every Australian taxpayer gets another tax cut from next year – all 14 million, not just some.

    This will give a top up to every taxpayer, right up and down the income scale.

    Labor’s new tax cuts are modest but they will make a difference.

    Combined with Labor’s first round of tax cuts, the average tax cut is expected to be around $43 per week or more than $2,200 in 2026–27, and around $50 per week or more than $2,500 in 2027–28.

    It’s a bit of extra help for every taxpayer and it tops up our tax cuts that started flowing on 1 July 2024.

    Labor’s new tax cuts will be phased in over two years, ensuring our fiscal settings are consistent with inflation remaining sustainably in the target band.

    Last year, we cut two rates and lifted two thresholds to deliver tax cuts for all Australian taxpayers, including around three million people who would have missed out completely under Scott Morrison’s policy from before the election.

    The Albanese Labor Government will cut income taxes further over two years:

    • From 1 July 2026, we will reduce the 16 per cent tax rate to 15 per cent (for income between $18,201 and $45,000).
    • From 1 July 2027, this tax rate will be reduced further to 14 per cent.

    As a result of these changes:

    • All 14 million Australian taxpayers will receive a tax cut, on top of our tax relief that’s already rolling out.
    • Every Australian taxpayer earning above $45,000 (around 80 per cent of taxpayers) will get an extra tax cut of $268 in 2026–27 and $536 from 2027–28, compared to 2024–25 settings.
    • A worker on average earnings ($79,000) will get an extra tax cut of $268 in 2026–27 and $536 per year from 2027–28.
    • Every Australian taxpayer earning between $18,201 and $45,000 will get an extra tax cut of up to $268 in 2026–27 and up to $536 from 2027–28, compared to 2024–25 settings.
    • A person earning $40,000 will get an extra tax cut of $218 in 2026–27 and $436 every year from 2027–28.

    Combined with Labor’s first round of tax cuts:

    • The average tax cut is expected to be around $43 per week or more than $2,200 in 2026–27, and around $50 per week or more than $2,500 in 2027–28, compared with 2023–24 settings.
    • An average earner will receive total tax relief of $1,922 in 2026–27 and $2,190 per year from 2027–28, compared to 2023–24 tax settings.
    • The average income earner will pay around $30,000 less in tax to 2035–36, compared to 2023–24 settings.

    The Government’s personal income tax reforms lower the first tax rate from 19 to 14 per cent, the second tax rate from 32.5 to 30 per cent, and lift two thresholds.

    Our changes to the bottom tax rate under the new tax cuts will bring this rate to its lowest level in over 50 years.

    In addition, the Government will increase the Medicare levy low‑income thresholds from 2024–25.

    This will benefit more than a million Australians, ensuring people on lower incomes continue to pay a reduced levy rate or are exempt from the Medicare levy.

    Labor’s tax cuts return bracket creep, increase the financial rewards from work and boost labour supply.

    Whether you’re a truckie, a teacher or a tradie, whether you’re in manufacturing, mining or the care economy, you will earn more and keep more of what you earn.

    Our new tax cuts for every Australian taxpayer come on top of our substantial and responsible cost of living relief including:

    • Cost of Living Tax Cuts from 1 July 2024;
    • Energy bill relief for every household and for small businesses;
    • Strengthening Medicare with more bulk billing;
    • Cheaper medicines, with a script to cost Australians no more than $25 under the Pharmaceutical Benefits Scheme;
    • Cheaper child care;
    • Cutting student debt and repayments;
    • Free TAFE;
    • Increased rent assistance and working age payments;
    • Building more homes;
    • Higher wages.

    The changes to the personal income tax system will cost $17.1 billion over the forward estimates.

    The increase to the Medicare levy low‑income thresholds will cost $648 million over the forward estimates.

    The Albanese Government’s responsible economic and fiscal management has allowed us to fund important priorities like this tax relief for every Australian taxpayer.

    Our economic plan is all about helping Australians earn more and keep more of what they earn and that’s what these tax cuts will help to achieve.

    To find out how much the Government’s tax cuts will benefit you, use the calculator on the Budget website.

    Table 1: New personal tax rates and thresholds
    Tax thresholds ($) Tax rates (%)
    2023–24 2024–25 and 2025–26 2026–27 2027–28
    0 – 18,200 Tax free Tax free Tax free Tax free
    18,201 – 45,000 19 16 15 14
    45,001 – 120,000 32.5 30 30 30
    120,001 – 135,000 37 30 30 30
    135,001 – 180,000 37 37 37 37
    180,001 – 190,000 45 37 37 37
    190,001 and above 45 45 45 45
    Table 2: Summary of tax benefits
    Taxable Income Current tax cut from 1 July 2024 compared to 2023–24 tax settings 2026–27 First new tax cut (from 16 to 15 per cent) compared to 2024–25 tax settings Total benefit from Labor’s tax cuts compared to 2023–24 tax settings 2027–28 onwards Second new tax cut (from 15 to 14 per cent) compared to 2026–27 tax settings Total new tax cut compared to 2024–25 tax settings Total benefit from Labor’s tax cuts compared to 2023–24 tax settings
    $40,000 $654 $218 $872 $218 $436 $1,090
    $47,627^ $870 $268 $1,138 $268 $536 $1,406
    $50,000 $929 $268 $1,197 $268 $536 $1,465
    $79,000* $1,654 $268 $1,922 $268 $536 $2,190
    $100,000 $2,179 $268 $2,447 $268 $536 $2,715
    $103,000** $2,254 $268 $2,522 $268 $536 $2,790
    $150,000 $3,729 $268 $3,997 $268 $536 $4,265
    $200,000 $4,529 $268 $4,797 $268 $536 $5,065

    ^ The national minimum wage is $47,627, set by the Fair Work Commission under the Fair Work Act as of 1 July 2024.
    * Annualised average weekly earnings is around $79,000, based on $1,510.90 per week in November 2024 (ABS data release), which captures average gross wages across all employees, including full‑ time and part‑time workers.
    ** Average ordinary full‑time earnings is $103,000, based on $1,975.80 per week in November 2024 (ABS data release), which captures average gross wage income across full‑time employees only, and excludes any income earned from overtime.

    MIL OSI News –

  • MIL-OSI Australia: Responsible economic and fiscal management

    Source: Australian Parliamentary Secretary to the Minister for Industry

    The Albanese Government is building a stronger economy and stronger Budget, with smaller deficits and much lower debt than we inherited.

    Responsible economic management is a defining feature of this Government and this Budget.

    While the global economy is uncertain and Australians are still under pressure, we have made substantial progress in turning the economy and the Budget position around.

    Inflation is down, unemployment is low, wages are up, interest rates have started to come down, growth has rebounded solidly.

    At the same time, the Government has delivered the biggest Budget turnaround in a Parliamentary term – improving the Budget by $207 billion – while delivering responsible cost of living relief to millions of Australians to ease pressures on households.

    We’ve turned two big Liberal deficits into two Labor surpluses and the deficit in our third year, of $27.6 billion, is almost half of what we inherited from the Coalition.

    This Budget improves the bottom line by $1.6 billion over the forward estimates compared to MYEFO, and the deficit in 2025–26 is forecast to be $42.1 billion – lower than MYEFO and lower than what we inherited.

    We’ve done this by limiting real spending growth, finding savings and banking the majority of revenue upgrades over the past three years.

    Fiscal policy worked with monetary policy to return inflation to the target band in the second half of last year, while keeping unemployment near historic lows and the economy growing.

    Our fiscal settings are consistent with inflation sustainably returning to the RBA’s target band, which Treasury now expects to occur six months earlier than anticipated.

    Since the Government has come to office:

    • The Budget position has improved by $207 billion over the seven years to 2028–29 and is better in every year over the forward estimates.
    • Debt is $177 billion lower this year, which will help us avoid around $60 billion in interest repayments over the decade.
    • Real payments growth is estimated to average 1.7 per cent per year over the seven years to 2028–29, which is around half the average under our predecessors.
    • We have identified $94.1 billion in savings and reprioritisations.
    • We have returned 69 per cent of upwards revisions to tax receipts compared to our predecessors who averaged around 40 per cent.

    There is heightened uncertainty in the global economy including from escalating trade tensions, a slowdown in China and the ongoing war in Europe.

    Australia has not been immune to challenging global conditions but we are one of the best placed economies to navigate them.

    When we came to government, we inherited a trillion dollars of debt and large deficits.

    In less than a term, we’ve got the debt down, we’ve delivered two surpluses when our predecessors delivered none, and we’re on track to deliver lower deficits.

    We’ll continue to do what we can to ease pressure on Australians with tax cuts, energy rebates, higher wages, strengthening Medicare and cheaper medicines at the same time as we repair the budget and Build Australia’s Future.

    MIL OSI News –

  • MIL-OSI United Kingdom: Letter to the Chair of PACAC with the CSPL report, Recognising and Responding to Early Warning Signs

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Letter to the Chair of PACAC with the CSPL report, Recognising and Responding to Early Warning Signs

    Doug Chalmers wrote to the Chair of PACAC with a copy of the CSPL report, Recognising and Responding to Early Warning signs in Public Sector Bodies.

    Documents

    Letter from Doug Chalmbers to Chair of PACAC about Early Warning Signs report

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    Details

    Doug Chalmers, Chair of the Committee on Standards in Public Life, wrote to Simon Hoare MP, Chair of PACAC, with an embargoed copy of the Committee’s report, Recognising and Responding to Early Warning signs in Public Sector Bodies, ahead of publication on 25 March 2025.

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    Published 25 March 2025

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Letter to the Chancellor of the Duchy of Lancaster with the CSPL report, Recognising and Responding to Early Warning Signs

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Letter to the Chancellor of the Duchy of Lancaster with the CSPL report, Recognising and Responding to Early Warning Signs

    Doug Chalmers wrote to the Chancellor of the Duchy of Lancaster with a copy of the CSPL report, Recognising and Responding to Early Warning signs in Public Sector Bodies.

    Documents

    Letter from Doug Chalmers to CDL about Early Warning Signs report

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    Details

    Doug Chalmers, Chair of the Committee on Standards in Public Life, wrote to Rt Hon Pat McFadden MP, the Chancellor of the Duchy of Lancaster, with an embargoed copy of the Committee’s report, Recognising and Responding to Early Warning signs in Public Sector Bodies, ahead of publication on 25 March 2025.

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    Published 25 March 2025

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Letter to the Minister for the Cabinet Office with the CSPL report, Recognising and Responding to Early Warning Signs

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Letter to the Minister for the Cabinet Office with the CSPL report, Recognising and Responding to Early Warning Signs

    Doug Chalmers wrote to the Minister for the Cabinet Office with a copy of the CSPL report, Recognising and Responding to Early Warning signs in Public Sector Bodies.

    Documents

    Letter from Doug Chalmers to Minister for the Cabinet Office about Early Warning Signs report

    PDF, 211 KB, 2 pages

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    Details

    Doug Chalmers, Chair of the Committee on Standards in Public Life, wrote to Rt Hon Nick Thomas-Symonds MP, the Minister for the Cabinet Office, with an embargoed copy of the Committee’s report, Recognising and Responding to Early Warning signs in Public Sector Bodies, ahead of publication on 25 March 2025.

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    Published 25 March 2025

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  • MIL-OSI United Kingdom: Letter to the Prime Minister about the CSPL report, Recognising and Responding to Early Warning Signs

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Letter to the Prime Minister about the CSPL report, Recognising and Responding to Early Warning Signs

    Doug Chalmers wrote to the Prime Minister about the CSPL report, Recognising and Responding to Early Warning signs in Public Sector Bodies.

    Documents

    Letter from Doug Chalmers to the Prime Minister about Early Warning Signs report

    PDF, 235 KB, 2 pages

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    Doug Chalmers, Chair of the Committee on Standards in Public Life, wrote to inform the Prime Minister that the Committee would be publishing its report, Recognising and Responding to Early Warning signs in Public Sector Bodies, on 25 March.

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    Published 25 March 2025

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  • MIL-OSI Russia: Scientists have denied the existence of a crisis of trust in science

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    An international group of researchers, including specialists from the National Research University Higher School of Economics, conducted a large-scale survey in 68 countries on the topic of trust in science. In most countries, people continue to highly value the work of scientists and want to see them become more active participants in public life. The results are published in Nature Human Behavior.

    Howresearch showsAccording to Arthur Lupia and David Allison, the last five years have seen a decline in trust in science and scientists in particular. The crisis of trust has become especially noticeable during the COVID-19 pandemic. To study this problem in more detail, the international multidisciplinary consortium TISP (Trust in Science and Science-Related Populism) conducted a survey to provide reliable data on attitudes towards science.

    More than 71,000 people answered questions about their trust in scientists and rated their competence, honesty, and concern for the common good. The survey design also included assessments of respondents’ education, income, and political views.

    The survey involved 68 countries, including those from the Global South, which are often overlooked in such studies. This allowed us to identify not only global trends in attitudes towards science, but also regional specifics.

    The survey found that 78% of respondents worldwide believe that scientists are competent, 57% believe that they are honest, and 56% believe that they care about the well-being of people. Respondents also believe that research aimed at improving public health, solving energy problems, reducing poverty, and combating climate change should be given high priority.

    Many people would like to see scientists involved in decision-making: 83% of respondents support open science, and 52% support researchers’ participation in public policy. However, less than half (42%) are confident that scientists themselves take public opinion into account.

    The study shows that the credibility of science remains high in most countries, but trust in scientists varies widely across countries and among different social groups within a country. In places where people were more reliant on scientific data, crises such as the pandemic were easier to deal with, and citizens were more likely to follow recommendations for vaccination and safety measures. Tackling mistrust of scientific findings is especially important because societies that trust scientists more are better able to deal with climate and health challenges.

    Among the main reasons for the weakening authority of science, researchers highlight misinformation, conspiracy theories, a crisis in the reproducibility of scientific data, and scientific populist sentiments, in which popular opinion is opposed to expert knowledge. These factors were especially evident during the pandemic, when, for example, opinion leaders called for the use of traditional medicine instead of vaccination.

    “Our results show that most people in most countries have a relatively high level of trust in scientists and want them to play an active role in society and politics,” says Albina Galliamova, a junior research fellow Center for Sociocultural Research HSE University. — One of the reasons for the decline in trust is insufficiently active educational activities in the public space. It is obvious that in order to overcome current problems, it is necessary to actively and clearly tell the audience about the results of your research.”

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

    MIL OSI Russia News –

  • MIL-Evening Report: Albanese government bids for votes with ‘top-up’ tax cuts for all

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Tax cuts are the centrepiece of the Albanese government’s cost-of-living budget bid for re-election in May. The surprise tax measures mean taxpayers will receive an extra tax cut of up to A$268 from July 1 next year and up to $536 every year from July 1 2027.

    Delivering his fourth budget on Tuesday night, Treasurer Jim Chalmers described the tax relief as “modest”. It will cost the budget $3 billion in 2026-27, $6.7 billion in 2027-28 and just over $17 billion over the forward estimates.

    From July 1 2026 the 16% tax rate – which applies to taxable income between $18,201 and $45,000 – will be reduced to 15%. From July 1 2027, this will be further reduced to 14%.

    While cost of living is at the heart of the budget, apart from the tax changes, almost all the other measures have been announced. These include about $8.5 billion to strengthen Medicare (mostly to boost bulk billing) and $150 per household to extend energy relief until the end of the year. The government has also previously announced measures on cheaper medicines and improved access to childcare.

    The opposition has so far refused to say what a Coalition government would do on tax. It will now be under pressure to quickly produce a counter tax policy for the election, which is likely to be called this weekend.

    Chalmers presented a cautiously optimistic picture on the economy, while stressing the uncertain international times ahead.

    “Our economy is turning the corner,” he said. “This budget is our plan for a new generation of prosperity in a new world of uncertainty.”

    “It’s a plan to help finish the fight against inflation [and] rebuild living standards.”



    Read more:
    A ‘modest’ tax bribe, delivered against dark clouds of Trump-induced uncertainty

    After delivering two budget surpluses, this budget has deficits for the foreseeable future.

    This financial year’s deficit is estimated at $27.6 billion, rising to $42.1 billion in 2025-26 (in the December 2024 update it was expected to be $46.9 billion). The cumulative deficits across the forward estimates reach $179.5 billion.

    The budget predicts 335,000 in net migration in 2024-25, which is a fall of 100,000 from the previous year. It projects 260,000 for 2025-26.

    Chalmers described the global economy as “volatile and unpredictable” with “storm clouds” gathering. “Trade disruptions are rising China’s growth is slowing, war is still raging in Europe and a ceasefire in the Middle East is breaking down,” he told parliament.

    “Treasury expects the global economy to grow 3.25% for the next three years, its slowest since the 1990s. It’s already forecasting the two biggest economies in the world will slow next year – with risks weighing more heavily on both,” he said.

    Chalmers said Australia was “neither uniquely impacted nor immune” from the international pressures. “But we are among the best placed to navigate them.”

    Australia’s economic growth is forecast to increase from 1.5% this financial year to 2.5% in 2026-27, with the private sector “resuming its rightful place as the main driver of this growth.”



    Read more:
    The 2025 budget has few savings and surprises but it also ignores climate change

    Unemployment is projected to peak at 4.25%, lower than previously anticipated. Employment and real wage growth will be stronger and inflation was coming down faster, Chalmers said.

    “Treasury now expects inflation to be sustainably back in the [2%-3%] target band six months earlier than anticipated,” he said. “The worst is now behind us and the economy is heading in the right direction.”

    Chalmers told his Tuesday afternoon conference the budget is a “story of Australian exceptionalism”.

    He called the tax cuts “top up tax cuts” that built on the recalibrated stage 3 tax cuts. He claimed the average household with two earners would save $15,000 over four years through a combination of all these tax cuts and energy bill relief.



    Read more:
    Tax cuts are coming, but not soon, in a cautious budget

    Michelle Grattan 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. Albanese government bids for votes with ‘top-up’ tax cuts for all – https://theconversation.com/albanese-government-bids-for-votes-with-top-up-tax-cuts-for-all-253021

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Open letter to public sector leaders on Early Warning Signs report

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Open letter to public sector leaders on Early Warning Signs report

    Doug Chalmers, Chair of the Committee on Standards in Public Life, writes to public sector leaders about the Committee’s report on Early Warning Signs.

    Documents

    Open letter to public sector leaders on Early Warning Signs report

    PDF, 245 KB, 3 pages

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    Doug Chalmers, Chair of the Committee on Standards in Public Life has written an open letter to encourage public sector leaders to reflect on whether their organisation’s processes and culture support recognising and responding to early warning signs and whether improvements can be made.

    Updates to this page

    Published 25 March 2025

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: ‘Public sector must get better at recognising and responding to signs of trouble’ – Doug Chalmers, Committee on Standards in Public Life

    Source: United Kingdom – Executive Government & Departments

    Press release

    ‘Public sector must get better at recognising and responding to signs of trouble’ – Doug Chalmers, Committee on Standards in Public Life

    The independent Committee on Standards in Public Life has today published a new report, ‘Recognising and Responding to Early Warning Signs in Public Sector Bodies’.

    Doug Chalmers, Chair of the independent Committee on Standards in Public Life, has today called for public sector bodies to get better at recognising and responding to early warning signs.

    Launching the Committee’s new report, Doug Chalmers said:

    “Recent public inquiries – Grenfell; Windrush; Infected Blood; Post Office Horizon IT – have laid bare the catastrophic impact of major public sector failure on human lives. There are common themes among these scandals – a failure to listen to and act on concerns raised; a failure to learn lessons from similar incidents, and a failure to identify and share emerging risks.

    “The public sector has never been more complex, with a multitude of public bodies involved in the delivery of public services, as well as contracted private providers. There is value in taking a step back to consider what more public sector bodies can do to spot problems at the earliest possible stage – while there is still time to act and, potentially, avert a disaster.

    “Our evidence shows there are things organisations can do to increase the likelihood of risks and issues being uncovered.  When leaders are committed to advocating the benefits of an open culture and listen with curiosity when staff raise concerns, or offer suggestions for better ways of doing things, organisations can spot risks and make improvements. 

    “It is not always easy to speak up – it requires moral courage to be the person who says, ‘I’m not sure this is going to plan’. But in doing so, we honour the basic contract that holders of public office have with the public we serve.

    “We want this report to bring change, stimulating leaders across the public sector to reflect on how they can better equip their organisations and people to identify and respond to the early signs of a problem and achieve better outcomes for the public.”

    The Committee, established by then PM John Major in 1995, is also marking the 30th anniversary of the Nolan Principles of Public Life this year.  The Principles – Accountability, Honesty, Objectivity, Openness, Selflessness, Integrity and Leadership – apply to all holders of public office and those delivering services to the public on behalf of the taxpayer.

    [Read Doug Chalmers’ letter to public sector leaders]

    [Download Early Warning Signs Report]

    Seven principles of public life

    Watch a short film about the work of the Committee

    Notes to Editors

    1. Interview requests and media enquiries should go to Maggie O’Boyle on 07880 740627.
    2. The independent Committee on Standards in Public Life advises the Prime Minister on arrangements for upholding ethical standards of conduct across public life in England.
    3. The current members of the Committee are Doug Chalmers CB DSO OBE (Chair), The Rt Hon Lady Mary Arden of Heswall DBE, The Rt Hon Dame Margaret Beckett GBE MP (Labour), The Rt Hon Ian Blackford (Scottish National Party), Cllr Ruth Dombey OBE (Liberal Democrat) Ewen Fergusson, Baroness (Simone) Finn (Conservative), John Henderson, and Professor Gillian Peele.
    4. Read the Committee on Standards in Public life blog  

    Ends//

    Updates to this page

    Published 25 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Letter from Harriet Aldridge, Chief Executive, Government Internal Audit Agency

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Letter from Harriet Aldridge, Chief Executive, Government Internal Audit Agency

    Letter from Harriet Aldridge, Chief Executive of the Government Internal Audit Agency, to CSPL, providing further information to support the Committee’s Accountability within Public Bodies review.

    Documents

    Letter from Harriet Aldridge to Doug Chalmers

    PDF, 155 KB, 4 pages

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    Details

    Harriet Aldridge, Chief Executive of the Government Internal Audit Agency, wrote to Doug Chalmers, Chair of CSPL, following an evidence session for the Committee’s Accountability within Public Bodies review, to provide further information on the areas discussed.

    Updates to this page

    Published 25 March 2025

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  • MIL-OSI United Kingdom: CSPL Early Warning Signs report: responses to open consultation

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    CSPL Early Warning Signs report: responses to open consultation

    Written evidence submitted to the Committee on Standards in Public Life’s review on Accountability within Public Bodies.

    Documents

    Accountability within Public Bodies open consultation responses

    PDF, 798 KB, 128 pages

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    Details

    The Committee on Standards in Public Life has published the written submissions received in response to an open consultation held as part of its review into accountability in public life.

    The open consultation ran from 25 March 2024 to 14 June 2024.

    ‘Recognising and Responding to Early Warning Signs in Public Sector Bodies’ is the Committee’s report of its review into accountability in public life.

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    Published 25 March 2025

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  • MIL-OSI United Kingdom: Letter to the Prime Minister with the CSPL report, Recognising and Responding to Early Warning Signs

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Letter to the Prime Minister with the CSPL report, Recognising and Responding to Early Warning Signs

    Doug Chalmers wrote to the Prime Minister with a copy of the CSPL report, Recognising and Responding to Early Warning signs in Public Sector Bodies.

    Documents

    Second letter from Doug Chalmers to the Prime Minister about Early Warning Signs report

    PDF, 214 KB, 2 pages

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    Details

    Doug Chalmers, Chair of the Committee on Standards in Public Life, wrote to the Prime Minister with an embargoed copy of the Committee’s report, Recognising and Responding to Early Warning signs in Public Sector Bodies, ahead of publication on 25 March 2025.

    Updates to this page

    Published 25 March 2025

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    MIL OSI United Kingdom –

  • MIL-OSI China: Meeting on handling proposals from annual political advisory session held in Beijing

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

    Meeting on handling proposals from annual political advisory session held in Beijing

    BEIJING, March 25 — A meeting on the handling of proposals submitted at the third session of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC), China’s top political advisory body, was held in Beijing on Tuesday.

    Shi Taifeng, a member of the Political Bureau of the Communist Party of China Central Committee and vice chairperson of the CPPCC National Committee, presided over the meeting and delivered remarks.

    Shi said the CPPCC has enhanced the proposal handling system, further improving the quality and efficiency of proposal processing while effectively highlighting the crucial role that proposals play in reflecting public sentiment and supporting informed decision-making.

    He also underscored efforts to enhance the analysis and research of proposals, actively incorporate constructive feedback, and scientifically formulate countermeasures, aiming to foster a strong connection between effective proposal handling and problem-solving.

    The goal is to utilize high-quality proposal processing to support high-quality development and better leverage the role of CPPCC proposals in comprehensively deepening reforms and advancing Chinese modernization, Shi added.

    MIL OSI China News –

  • MIL-OSI United Nations: African Heritage Conservation in the Age of Development: A Regional Approach to Impact Assessments

    Source: UNESCO World Heritage Centre

    In an era of rapid urbanization, infrastructure development, and tourism growth, World Heritage properties across Africa face unprecedented challenges in protecting and managing their outstanding values. The inherent demand for socio-economic transformation often places immense pressure on these heritage properties, highlighting the urgent need harmonize economic growth and heritage protection for sustainable development.

    In response to these pressing challenges, the Strategy for World Heritage in Africa, aligned with UNESCO’s Global Priority Africa is designed to empower African States Parties to adopt best conservation practices as a catalyst for sustainable development. To advance this goal, and with the support of the Kingdom of Netherlands and the Government of Norway, UNESCO, in collaboration with its Advisory Bodies ICCROM and IUCN, and in close coordination with the State Party of Malawi, organized a training on Heritage Impact Assessments (HIA), from 10 to 21 February 2025, at the Lake Malawi National Park World Heritage site, a property renowned for its rich biodiversity and historical significance. The training aimed to enhance the technical expertise of national and regional stakeholders in international standards for undertaking heritage impact assessments amid pressing development demands.

    © Aaron Khombe/Malawi Department of National Museums and Monuments

    The training brought together 32 participants from across southern Africa, including heritage professionals, government officials, environmental specialists, planning agencies, and local councils alongside regional authorities responsible for water, roads, tourism, and environmental assessments from  Malawi and other member states including, Mosi-oa-Tunya / Victoria Falls, Zambia and Zimbabwe, Okavango Delta, Botswana, and Maloti-Drakensberg Park, Lesotho and South Africa, and the United Republic of Tanzania. It was structured around a dynamic blend of lectures, interactive discussions, field visits, and group exercises, providing participants with a hands-on learning experience, focusing on international best practices, assessment methodologies, and case studies.

    © UNESCO/Esnath Mwaka

    Beyond capacity building, the training fostered a transformative shift in perspective, reinforcing the urgent need for policy reforms that institutionalize heritage into national impact assessment systems. The training also served as a platform for collaboration, establishing a network of empowered heritage professionals dedicated to championing sustainable conservation policies and practices across the region, ensuring that Africa’s World Heritage properties can continue to thrive for generations to come.

    © UNESCO

    MIL OSI United Nations News –

  • MIL-OSI Africa: African Development Bank Group to expand investment in Lesotho to $331 million

    Source: Africa Press Organisation – English (2) – Report:

    MASERU, Lesotho, March 25, 2025/APO Group/ —

    The African Development Bank Group (www.AfDB.org) plans to invest $331 million in key strategic sectors in Lesotho as part of its proposed Country Strategy Paper for 2025-2030 to boost economic growth and industrial competitiveness. 

    During an official visit to Lesotho — the first by an African Development Bank President — Dr. Akinwumi Adesina met with His Majesty King Letsie III to discuss strengthening development partnerships and expanding the Bank’s investments in the country. 

    His Majesty expressed delight at the Bank President’s visit, viewing the mission as a reflection of the Bank and Adesina’s appreciation for Lesotho’s progress in improving people’s lives. 

    “With haste, we will ensure that the policies and incentives to accommodate the needs of and attract the private sector are in place, especially in healthcare, agriculture, and manufacturing,” the King remarked. 

    King Letsie said he was confident that Adesina, whom he described as a ‘man of action,’ would help catalyze progress on the Bank’s strategic projects in Lesotho. 

    Adesina thanked King Letsie for his strong leadership role as the African Union Nutrition Champion since 2014, his advocacy for improved nutrition and food security on the continent — especially for women, adolescents, and children — and his passion for youth development. 

    The African Development Bank president commended His Majesty for his leadership on the  King Letsie III Just Energy Transition Fund, which aims to generate approximately 200 megawatts of power through private sector investments. 

    He also briefed King Letsie about the Bank’s new 2025-2030 Country strategy paper and planned investments of $331 million to support quality infrastructure, capacity building, energy, integration and interconnectivity, debt management and standards, and strengthening the office of the Prime Minister.  

    Referencing dwindling donor commitments globally, Dr. Adesina said, “Africa must prepare to engage more proactively with the private sector. Every challenge is an investor’s dream. Ultimately, capital, like water, will always find a receptive place to go.” 

    According to Adesina, the Bank has implemented 87 projects totaling $429 million since Lesotho joined the Bank in 1973.  

    “We have eight ongoing projects worth $60 million, and we look forward to significantly expanding our commitments,” Adesina said. 

    The Bank’s investment strategy for Lesotho will focus on several priority areas: 

    • Energy infrastructure, including electricity transmission lines connecting Lesotho to South Africa 
    • Agricultural development to enhance food security and rural livelihoods 
    • Climate resilience initiatives to address environmental challenges 
    • Digital transformation, including broadband expansion for digital financial inclusion and government service digitalization 
    • Water resource management, building on the success of the Lesotho Lowland Rural Water Supply Project 
    • Public financial management and debt management support 
    • Trade competitiveness enhancements through improved grades and standards for exports 

    The African Development Bank-led Lesotho Rural Water Supply and Sanitation Project has delivered remarkable results: 190 kilometers of pipeline to distribution networks, water storage tanks with a total capacity of 3.48 million liters, and 166 public water points serving approximately 28,266 people across eight zones in Maseru and Berea districts. 

    Responding to King Letsie’s request, Dr. Adesina said the Bank will prioritize investments in primary healthcare centers across Lesotho.  

    “We will work on an integrated project that includes components of energy, a potential multi-partner $2.3 billion water transfer project from Lesotho through South Africa to Botswana, agro-value chains, and trade facilitation in Lesotho,” Adesina said after the meeting with King Letsie III. 

    The Bank is expected to support Lesotho in mobilizing approximately $260 million for the integrated water transfer project, which will supply 308 million cubic meters of water for domestic, agricultural, and industrial use through a 700 km pipe system. The project has the potential to generate up to 22 MW of hydropower. 

    Speaking earlier, Minister of Finance and Development Planning Retselisitsoe Matlanyane indicated that as Lesotho’s energy supply will exceed domestic demand by the end of 2026, the country intends to build a substation to export excess power production to South Africa. She reiterated Lesotho’s commitment to private sector-friendly policies and engagement. 

    The minister highlighted the importance of primary healthcare and nutrition investments to help combat extreme stunting in several parts of the country.  

    King Letsie is the African Union-appointed African Leaders for Nutrition champion.  The initiative, spearheaded by the African Development Bank and championed by African leaders, works to galvanize political will and significant investments to end malnutrition on the continent. 

    Dr. Adesina also met with Prime Minister Samuel Ntsokoane Matekane; and the ministers of Foreign Affairs; Agriculture, Food Security & Nutrition; Natural Resources; Health; Communication, Science & Technology; and Education & Training. 

    The Bank’s delegation to Lesotho included its Executive Director for Lesotho, Dr. Nomfundo X. Ngwenya; Deputy Director General for Southern Africa, Moono Mupotola; and Senior Advisor to the President for Communication and Stakeholder Engagement, Dr. Victor Oladokun. 

    MIL OSI Africa –

  • MIL-OSI Africa: Côte d’Ivoire: African Development Bank Group and Council of the Entente Join Forces to Boost Regional Growth in West Africa

    Source: Africa Press Organisation – English (2) – Report:

    ABIDJAN, Ivory Coast, March 25, 2025/APO Group/ —

    A new chapter of regional collaboration is taking shape in West Africa as the African Development Bank (www.AfDB.org) and the Council of the Entente explore closer ties to accelerate integration and sustainable development across five member states. 

    Nnenna Nwabufo, the Bank’s Vice-President for Regional Development, Integration, and Business Delivery, met with a delegation from the Council led by Deputy Executive Secretary Ali Idi at the Bank’s headquarters in Abidjan.  

    The talks focused on scaling up joint efforts to finance key regional projects, strengthen institutional capacity, and drive inclusive economic growth.  

    Founded 60 years ago, the Council of the Entente (Conseil de l’Entente) brings together Côte d’Ivoire, Niger, Burkina Faso, Togo, and Benin to promote economic cooperation and solidarity. 

    Ms. Nwabufo, joined by the Bank’s Deputy Director General for West Africa, Joseph Martial Ribeiro, and Youssouf Koné, Head of Regional Funds Management, highlighted opportunities to enhance collaboration in project co-financing, capacity building, and the implementation of regional initiatives. 

    “Strengthening the partnership between the African Development Bank Group and the Council of the Entente offers a vital opportunity to support West Africa amid an evolving socio-political landscape, while advancing regional integration,” said Ms. Nwabufo. 

    She noted that the partnership could focus on the co-financing of transformative regional projects that bolster resilience, safeguard social and investment gains, enhance regional connectivity, and foster inclusive economic growth. 

    Ms. Nwabufo also stressed the importance of joint efforts in capacity building and governance reforms to improve resilience, prevent crises, and strengthen social cohesion. She added that collaborative initiatives could address climate change, support economic diversification, and help mitigate security risks. 

    During the meeting, Mr. Idi presented the Council’s new Strategic Plan for 2024–2028, which aims to “strengthen peace, solidarity, security, and sustainable development in service of the community.” A key component of the plan is the PARCI-CE project (Projet d’Appui au Renforcement des Capacités Institutionnelles du Conseil de l’Entente), designed to reinforce the Council’s institutional, human, and operational capacities to better implement and monitor socio-economic development programmes across its member states. 

    The project prioritizes the design and delivery of regional socio-economic infrastructure, such as village water systems and solar electrification, as well as initiatives in agriculture, livestock, forestry, vocational training, and employment for youth and women. It also supports member states affected by humanitarian crises. 

    “The African Development Bank Group is a longstanding partner of the Council of the Entente’s member countries,” said Mr. Idi. “Our institutional capacity-building project, aligned with the 2024–2028 Strategic Plan, echoes the Bank’s key strategic priorities for the region: integrating Africa, improving the quality of life for Africans, feeding the continent, and providing light and energy across Africa.” 

    MIL OSI Africa –

  • MIL-OSI: MEXC Lists Particle Network (PARTI) with 150,000 USDT Prize Pool

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 25, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announced the listing of Particle Network (PARTI) on both spot and futures markets, scheduled for March 25, 2025 (UTC). The launch on MEXC will be accompanied by an exciting Airdrop+ rewards program totaling 150,000 USDT.

    Particle Network is the Layer 1 blockchain that powers chain abstraction, seamlessly unifying users and liquidity across Web3. By introducing Universal Accounts, the project provides a single account and unified balance across all chains, coordinated and secured by Particle Chain, ensuring a frictionless experience in the entire Web3 ecosystem.

    MEXC has prepared an exclusive Airdrop+ event to mark the Particle Network (PARTI) listing, offering substantial rewards for both new and existing users, from March 24, 2025, 12:00 – April 05, 2025, 10:00 (UTC):
    Benefit 1: Deposit and share 60,000 USDT (New user exclusive)
    Benefit 2: Spot Challenge — Trade to share 20,000 USDT (For all users)
    Benefit 3: Futures Challenge — Trade to share 50,000 USDT in Futures bonus (For all users)
    Benefit 4: Invite new users and share 20,000 USDT (For all users)

    MEXC has established itself as an industry leader by consistently providing users with early access to promising web3 projects. In 2024, MEXC introduced 2,376 new tokens, with 1,716 of those being initial listings. According to the latest TokenInsight report, MEXC leads the industry with the highest number of spot listings at 461 and the fastest listing speed. Additionally, the exchange consistently adds new tokens in bi-weekly cycles, showcasing its exceptional ability to quickly capture market trends.

    Looking ahead, MEXC will continue to enhance its platform, offering advantages such as low fees, deep liquidity, a wide selection of trending tokens, and daily airdrops. This reaffirms MEXC’s user-centric approach, providing traders with early access to high-potential projects, generous rewards, and an optimal trading experience.

    For full event details and participation rules, visit the event page.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 34 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Risk Disclaimer:
    The information provided in this article about cryptocurrencies does not represent MEXC’s official stance or investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully evaluate market fluctuations, project fundamentals, and potential financial risks before making any trading decisions.
    Source

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This press release is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. Speculate only with funds that you can afford to lose. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bcd5d255-ef2e-4eae-b8b5-d35ebce3134f

    The MIL Network –

  • MIL-OSI: MEXC Announces Term Finance (TERM) Listing with 120,000 TERM and 109,000 USDT Prize Pools

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 25, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, is pleased to announce that the Term Finance (TERM) will be listed on March 26, 2025 (UTC). To celebrate this listing, MEXC will launch a special Launchpool event featuring a 120,000 TERM token prize pool, providing new and existing users with exciting opportunities to earn rewards.

    The TERM token, which has a total supply of 100,000,000, serves as the utility token for Term Finance, a decentralized fixed-rate lending protocol. The platform utilizes on-chain auctions to enable loans, allowing users to lock in funding costs or secure fixed-rate returns with crypto-backed loans. It offers a transparent and competitive market-clearing rate for both borrowers and lenders. To learn more about the TERM token and its role within the Term Finance ecosystem, read the full article here.

    TERM Listing Celebration Events: Share 120,000 TERM and 109,000 USDT Bonus

    To celebrate the listing of Term Finance (TERM) on MEXC, the exchange is launching two exciting events, offering participants the chance to share 120,000 TERM and 109,000 USDT in bonuses.

    TERM Finance’s Launchpool event runs from March 24 to 26, 2025 (UTC). Participants can stake USDT, MX, or TERM tokens to earn from a prize pool of 120,000 TERM. TERM holders and new users are eligible to join the Launchpool. New users can access the exclusive 60,000 TERM staking pool, while all users can participate in the general pool by staking MX or TERM.

    The participation process is simple, with a low entry threshold. Simply sign up for a MEXC account, complete KYC, and deposit USDT, MX, or TERM into the Launchpool. Holding at least 25 MX unlocks additional benefits. New users must deposit funds after the event begins to be eligible for the USDT pool.

    Additionally, users can participate in the Airdrop+ event, which runs from March 24 to April 3, 2025 (UTC), offering a total prize pool of 109,000 USDT.

    MEXC has established itself as an industry leader by consistently providing users with early access to promising web3 projects. In 2024, MEXC introduced 2,376 new tokens, with 1,716 of those being initial listings. According to the latest TokenInsight report, MEXC leads the industry with the highest number of spot listings at 461 and the fastest listing speed. Additionally, the exchange consistently adds new tokens in bi-weekly cycles, showcasing its exceptional ability to quickly capture market trends.

    By prioritizing low-market-cap projects and quickly listing trending tokens, MEXC remains at the forefront of emerging market trends. With advantages such as low fees, deep liquidity, and daily airdrops, MEXC has become the platform of choice for an increasing number of cryptocurrency traders.

    For full event details and participation rules, visit the event page.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 34 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Source

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This press release is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b38ac5ca-9a78-495e-a8c2-90bd4c7618a7

    The MIL Network –

  • MIL-Evening Report: Tax cuts are coming, but not soon, in a cautious budget

    Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

    Today’s budget is a cautious and responsible response to the cost-of-living pressures facing voters.

    As noted ahead of budget night, many of the major spending initiatives had already been announced.

    But, in the only major surprise, there are income tax cuts for all income taxpayers. Even if we need to be patient. The new tax cuts only start in July 2026, with a second round in July 2027.

    And as Treasurer Jim Chalmers himself said, they are “modest” cuts. A worker on average earnings will receive A$268 in the first year, rising to $536 in the second year.

    Combined with the government’s first round of tax cuts in last year’s budget, this will add up to $2,190 per year in 2027.

    The cost to the budget of the latest tax cuts in 2026-27 will be $3 billion, and over three years will be $17.1 billion. The cuts still need to pass parliament.

    But calls by economists such as Chris Richardson and Ken Henry for major tax reform have not been heeded. Major reforms inevitably create losers as well as winners. So, big changes were never likely just weeks before an election.

    And there is still bracket creep (increases in tax revenues as taxpayers move into higher tax brackets) over the next decade. Total tax receipts are projected to rise from 25.3% of gross domestic product (GDP) in 2024-25 to 26.8% in 2035-36. This will do most of the work in the very gradual windback of the budget deficit.

    How concerned should we be about the budget moving into deficit?

    In the first back-to-back surpluses for almost 20 years, there were budget surpluses in 2022-23 and 2023-24. This year we are returning to deficit and further deficits are expected for about a decade. Should we be alarmed?

    A balanced or surplus budget is not necessarily a good budget. What we want is a budget appropriate to current economic conditions and sustainable in the long run.

    The Australian economy has only been growing modestly in recent years and is forecast to grow 1.5% in the current year. Inflation is near the target range in underlying terms. So, a modest deficit is not unreasonable.

    The longer run projections show a very gradual return to balance. But this assumes no recession and no further income tax cuts, for a decade. It might be better to rebuild the fiscal position more quickly so as to be better placed to provide fiscal stimulus in the event of a global recession or another pandemic.

    ‘A new world of uncertainty’

    As Chalmers said, we are in a “new world of uncertainty” with “the threat of a global trade war”. The volume of Australian exports is forecast to only expand by 2.5% in 2025-26 and 2026-27, but it could be lower.

    In February, the Reserve Bank forecast headline inflation would rebound above the 2% to 3% target range when the electricity rebates expired. The extension of the rebates in Tuesday’s budget as well as the reductions in the price of prescription medicines will help keep inflation below 3%. Headline inflation is forecast to improve to 2.5% in 2026-27.

    In the December 2024 budget update, the unemployment rate was forecast to be around 4.5% in mid-2025 and stay around that level for the next couple of years. Given the unemployment rate was steady at 4.1% in February, the reduction to 4.25% seems plausible.

    What will it mean for interest rates?

    One reason the government went for a modest tax cut rather than a wild “cash splash” is it did not want to undermine the narrative there will be future interest rate cuts by stimulating household spending too much.

    If households were given immediate cash to spend, this could drive up inflation.

    The Reserve Bank is unlikely to change interest rates at its April 1 meeting. But it would be very unhelpful for the government’s electoral prospects if the minutes showed the central bank had become more concerned about inflation and less likely to cut interest rates at future meetings.

    The Reserve Bank is unlikely to feel this budget contains enough government spending to boost economic activity in the near term and therefore change its view on the economic outlook.

    So, a further interest rate cut remains possible at the bank’s following meeting on May 20.

    And any further relief on interest rates would be welcomed by households – as well as whoever might be in government by then.

    John Hawkins was a formerly a senior economist at the Treasury and Reserve Bank.

    – ref. Tax cuts are coming, but not soon, in a cautious budget – https://theconversation.com/tax-cuts-are-coming-but-not-soon-in-a-cautious-budget-253027

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: The 2025 budget has few savings and surprises but it also ignores climate change

    Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra

    By the standards of pre-election budgets, this one is surprisingly modest. There are only a handful of new revenue and spending initiatives. The Budget Paper 2 book, which contains new measures, is a slim document.

    In part, this is because many of the most significant new spending proposals have been announced already – support for more bulk billing, the Future Made in Australia program, funding for schools and pre-schools and the Housing Australia Future Fund.

    It can be hard to discern the new initiatives from the old. For example, the budget commits the government to support wage growth by “funding wage increases for aged care workers and early childhood educators” and “advocating for increases to award wages”. It will also ban non-compete clauses (contract provisions that hinder workers from moving between employers) for low- and middle-income workers.

    These should in theory significantly shift wages upwards. Yet the economic forecast for the wage price index barely moves – from 4.1% in 2023-24 to 3% in 2024-25 and 3.25% in 2025-26. That is because the forecasts had already built in assumptions on the impact of things like aged care and childcare wage rises – they aren’t new.

    The non-compete reform is a new initiative and over the longer term has the potential to improve wages as people move jobs. More importantly, it will improve flexibility in the labour market and improve productivity.

    Overall, the deficits are forecast to continue for the foreseeable future.

    Some more tax cuts on the way

    The one surprising element of the budget is tax cuts. In essence, they return some bracket creep to low- and middle-income earners for a couple of years, after which revenue estimates return to trend. Bracket creep refers to increases in tax revenues as taxpayers move into higher tax brackets.

    It is one of the reasons why governments have resisted calls to index the income tax brackets to inflation. Giving back bracket creep from time to time in the form of a tax cut, especially when an election looms, is more politically attractive.

    There were few savings initiatives. The main one was the old chestnut of more funding to the Australian Taxation Office for compliance.

    The Taxation Office receives an additional A$999 million over four years to combat tax avoidance including non-compliance, under reporting of income and illicit tobacco. This is expected to recoup $3.2 billion over five years, while increasing payments by $1.4 billion – some of the additional tax collected will go to GST payments to the states. So in net terms therefore this is also a modest saving.

    One thing to look for in every budget is the provision for “decisions taken but not yet announced”. This refers to money put aside in the budget for future announcements – such as election promises.

    It is not clear what the government might have planned. Revenue drops in 2025-26, but it climbs back up again in the following two years. Spending decisions include $323 million next year, which is relatively small change in the overall budget.

    For transparency, we should not have any undisclosed decisions but at least the ones in this budget are far from extravagant.

    Public service numbers

    On staffing in the public service, there has been a large increase since the government took office. There will be some 33,000 more public servants – the majority outside Canberra – in 2025-26 than in 2022-23. However, the rate of increase is slowing. Not all agencies have had staff increases in this budget.

    Nevertheless, the government has devoted ten pages to arguments for investing in the public service, and why the public service is a valuable resource. This is probably to emphasise one of the few points of difference between it and the opposition.

    The defence budget saw almost no change. The treasurer was asked in his budget lockup press conference why this was, given the uncertain geopolitical environment documented in the budget papers.

    Chalmers agreed “the world is a dangerous place right now” but pointed to increases in defence spending in previous budgets and argued these had positioned Australia to respond.

    One missing element of the budget is new spending to combat climate change. The threat of climate change to the budget estimates has grown significantly. This is acknowledged briefly with a half page in the budget’s “statement of risks” – “climate change is expected to have a significant impact on the budget”.

    However, that impact is not quantified – possibly because of “significant uncertainty”. Yes, there is uncertainty.

    But the same applies to other parts of the budget, including the international economy, which is discussed in much more depth. The climate change department is one of a handful that lose staff in this budget. It may take more severe disasters before it regains prominence in the budget papers.

    Stephen Bartos 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. The 2025 budget has few savings and surprises but it also ignores climate change – https://theconversation.com/the-2025-budget-has-few-savings-and-surprises-but-it-also-ignores-climate-change-253026

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: At a glance: the 2025 federal budget

    Source: The Conversation (Au and NZ) – By Digital Storytelling Team, The Conversation, The Conversation

    What’s the theme?

    Many budget measures are aimed at easing cost of living. The headline announcement is tax cuts: everyone will get one, but not until July 1 2026. Other major spends are on Medicare, medicines and energy bill rebates. If this seems familiar, it’s because the government has already announced most of these measures before budget day.

    Your tax cut calculator

    Key announcements:

    Read the full analysis from our experts:

    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. At a glance: the 2025 federal budget – https://theconversation.com/at-a-glance-the-2025-federal-budget-252637

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: CoinShares Selected for BoursoBank’s Landmark Crypto ETP Launch

    Source: GlobeNewswire (MIL-OSI)

    CoinShares, one of the two selected providers, offers five of the six products features in the BoursoBank’s new crypto offering

    March 25, 2025 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares” or “the Group”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), a global leader in digital asset investing with over $6 billion in assets under management, announces today that five CoinShares Physical crypto ETPs will feature in BoursoBank’s groundbreaking entry into crypto investment products. This collaboration marks a significant step forward for mainstream crypto adoption in France, offering more than 7 million BoursoBank customers their first opportunity to invest in regulated crypto products listed on traditional exchanges.

    French retail investors have shown growing enthusiasm for digital assets but often struggle with limited access through regulated financial platforms. This partnership addresses that critical gap. CoinShares’ fully regulated crypto ETPs trade on traditional exchanges and qualify for inclusion in standard brokerage (“compte titre”) accounts, providing French investors with a secure, transparent, and familiar route into digital assets via France’s premier digital banking platform.

    Recognised as the most affordable French bank for 17 consecutive years, BoursoBank further enhances its competitive advantage by adding CoinShares’ cost-effective crypto ETPs—Europe’s most competitively priced offering—to its product portfolio, reinforcing its value-driven proposition to an expanding client base.

    CoinShares Physical ETPs available on the BoursoBank platform include:

    • CoinShares Physical Bitcoin: Annual management fees of 0.25%
    • CoinShares Physical XRP: Annual management fees of 1.50%
    • CoinShares Physical Staked Ethereum: Management fees reduced to 0.00%, 1.25% annual staking reward
    • CoinShares Physical Staked Solana: Management fees reduced to 0.00%, 3.0% annual staking reward
    • CoinShares Physical Staked Cardano: Management fees reduced to 0.00%, 2.0% annual staking reward

    Jean-Marie Mognetti, CEO of CoinShares, commented:

    “We are honoured to collaborate with BoursoBank on their groundbreaking venture into crypto ETPs. Our selection affirms CoinShares’ position as Europe’s leading institutional digital asset investment firm, known for transparency, regulatory compliance, innovation, reliability and cost-effectiveness.

    BoursoBank’s entry into crypto ETPs marks a crucial step for digital asset adoption in France. Their expanding clientele, remarkable growth and focus on investor education create an ideal platform for mainstream crypto investing.

    This partnership allows French investors to easily incorporate digital assets into their traditional investment portfolios through their trusted bank, underpinned by CoinShares’ expertise and robust security measures.”

    About CoinShares

    CoinShares is a leading global digital asset manager that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Founded in 2013, the firm is headquartered in Jersey, with offices in France, Stockholm, the UK, and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

    For more information on CoinShares, please visit: https://coinshares.com
    Company | +44 (0)1534 513 100 | enquiries@coinshares.com
    Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

    PRESS CONTACT

    CoinShares
    Benoît Pellevoizin
    bpellevoizin@coinshares.com

    M Group Strategic Communications
    Peter Padovano
    coinshares@mgroupsc.com

    The MIL Network –

  • MIL-OSI Economics: Navigating uncertainty in the global economy: central bank challenges in an era of change

    Source: Bank for International Settlements

    The global economy is facing mounting uncertainties, from rising tariffs and geopolitical tensions to structural issues like ageing populations, high debt levels and low productivity growth. Central banks must navigate divergent inflation paths, volatile financial markets and uneven growth across regions. While the United States and euro area contend with policy and trade uncertainties, Asia remains relatively resilient, though not immune. China’s economic rebalancing faces headwinds including weak consumption and higher debt. At the same time, artificial intelligence offers transformational potential, promising productivity gains and reshaping central bank operations. However, its adoption also raises concerns around data governance and financial stability. The future demands central banks remain adaptive, realistic in their goals and transparent in communication. Traditional tools must be complemented by macroprudential policies and collaboration across stakeholders. As the world evolves rapidly, embracing innovation while safeguarding stability will be critical to navigating the complex challenges ahead.

    MIL OSI Economics –

  • MIL-OSI NGOs: Oxfam: Humanitarian operations in Gaza severely hampered; famine risks increasing

    Source: Oxfam –

    Restoring ceasefire deal vital as death toll hits 50,000 and continues to rise amid Israeli airstrikes, aid and power blockades and renewed mass forced displacements 

    Oxfam and partners’ operations have been severely hampered as Israel’s renewed military assault and ground offensive on Gaza continues into its 7th day. 

    Oxfam is calling for a renewed ceasefire and for Israel to lift its 23-day siege which is again blocking aid supplies and increasing famine risks for desperate civilians. Israel imposed a complete blockade 23 days ago and cut off electricity to Gaza a few days later. 

    Israeli authorities are denying entry to trucks loaded with 63,000 metric tons of food for 1.1 million people. Operations have been forced to stop in vital areas such as food security and livelihood, as well as hygiene promotion, and essential repair work to damaged water infrastructure. 

    “For the past 535 days, Israel has been systematically weaponizing life-saving aid, inflicting collective punishment upon the population of Gaza. The denial of food, water, fuel and electricity is a war crime and a crime against humanity. Many within the international community are enabling this by their silence, inaction and complicity.” 

    Bushra Khalidi, Policy Lead

    Oxfam Office in the Occupied Palestinian Territory and Israel

    Bushra Khalidi, Oxfam’s OPT Policy Lead, said: 

    “During the 42-day ceasefire families in Gaza could finally fall asleep knowing their loved ones would still be beside them when they woke up. Even though aid that entered was not enough—far from enough—it was something. The price of food stabilized. Supermarkets reopened. Bakeries began running again. Many people even went to their homes or what was left of it, and tried to repair and rebuild, however little they could.” 

    Humanitarian agencies were able to mount operations that saw an average of more than 4,000 trucks per week entering Gaza despite Israeli authorities initially only partially opening the crossings and denying much of the urgently needed reconstruction materials. Oxfam reached almost 200,000 people with essential relief. 

    Israel’s renewed bombardment of residential areas, including Jabalia and Khan Younis, has killed almost 700 people, including at least 200 children since March 18. Israeli authorities have issued new mass forced displacement orders, forcing around 120,000 Palestinians to flee across at least 37% of Gaza. These orders are causing panic and chaos in the absence of anywhere safe in Gaza.  

    Oxfam says humanitarian operations have been gravely hindered by the absence of guarantees of safety for aid workers moving around Gaza. 

    Oxfam and its partners say their storage facilities containing food parcels are severely depleted. Israeli authorities have denied access to Oxfam shipments of six desalination units and seven trucks of water and sanitation infrastructure, up to 85% of which has been destroyed by Israel’s bombing campaign. 

    “Oxfam, through its partners has been able to initiate emergency water trucking across the Gaza Strip, and are maintaining some other aid programs, such as multi-purpose cash transfers, despite the severe challenges that all humanitarian workers now face around lack of protection,” said Khalidi. 

    “For the past 535 days, Israel has been systematically weaponizing life-saving aid, inflicting collective punishment upon the population of Gaza. The denial of food, water, fuel and electricity is a war crime and a crime against humanity. Many within the international community are enabling this by their silence, inaction and complicity.” 

    Oxfam’s health partner in Gaza, Juzoor for Health and Social Development, had its center in Jabalia destroyed in an airstrike on March 18. It had been serving over 1,000 patients daily. Dr Umaiyeh Khammash, Director of Juzoor, said: “Every airstrike that hits, threatens the lives and safety of our dedicated staff and the patients they serve. This center is not just a building; it’s the heartbeat of healthcare for countless families here. Without it, many will lose access to crucial medical care.”  

    In another attack yesterday (March 23), three sewage operators from the Abasan Al Kabira municipality working with Oxfam’s partner Coastal Municipalities Water Utility (CMWU) were killed while performing their duties when their clearly- marked truck was destroyed in an attack by Israeli military. 

    A renewed ceasefire must be permanent and accompanied by the safe return of Israeli hostages and illegally detained Palestinian prisoners. Israel must provide unfettered aid at scale. Oxfam said governments must stop transferring arms, while the international community must enforce international law. We reiterate our call for justice and accountability for all those affected.   

    MIL OSI NGO –

  • MIL-OSI NGOs: Greenpeace Australia Pacific urges Parliament to vote down Albanese’s extinction Bill

    Source: Greenpeace Statement –

    CANBERRA, 25 MARCH 2025—As Prime Minister Anthony Albanese introduces an ill-conceived bill to give Tasmania’s salmon industry a free pass from environmental oversight, Greenpeace Australia Pacific has urged parliament to vote down the legislation, calling it a death warrant for the endangered Maugean Skate. 

    “With this bill, the Prime Minister has chosen the profits of overseas corporations with unsustainable business models over the survival of the endangered Maugean Skate, of which there are only a few thousand left in the wild,” said Glenn Walker, Head of Nature, Greenpeace Australia Pacific. 

    “Greenpeace Australia Pacific calls on MPs to vote down this pro-extinction bill, which provides a loophole for the polluting salmon farming industry and also sets a dangerous precedent for giving special treatment to other multinational corporations, such as fossil fuels.

    “This pro-extinction bill undermines and contradicts the government’s overnight recommitment to a national environmental protection authority and an overhaul of our nature laws. It risks rendering Labor’s ‘no new extinctions’ pledge worthless. 

    “It should be a source of deep concern that the Maugean Skate has survived in Tasmanian waters since the age of dinosaurs, but may not survive Anthony Albanese and everyone who votes for this ill-considered legislation. We urge all MPs not to be complicit in this death warrant and vote down the bill. 

    “It is still not too late for the PM to course-correct, and for Labor to get on with the job fixing our broken nature laws, establishing an independent Environmental Protection Authority, and ending species extinctions in Australia. 

    “That must start with dropping this terrible bill immediately and focusing instead on solutions to support and transition workers while still allowing industrial activity to be subject to appropriate scrutiny by the Federal Environment Minister, under the EPBC Act. 

    – ENDS-

    For interviews, contact Vai at 0452 290 082 / [email protected] 

    MIL OSI NGO –

  • MIL-OSI United Kingdom: Analysis in Government Month 2025

    Source: United Kingdom – Executive Government & Departments

    News story

    Analysis in Government Month 2025

    The UK’s largest learning and development event for government analysts is back for the fifth year.

    Analysis in Government (AiG) Month, the UK’s largest learning and development event for government analysts, returns for the fifth year with the theme of ‘Impact’. 

    Throughout the whole of May, we will be highlighting the impact of quality analysis across government, exploring how analysts are working together to deliver in areas of Policy, Operational Delivery and much more.  

    As always, the month will feature an inspirational calendar of live online events, links to learning, social media takeovers, online blogs and interactive learning events.

    Present your own AiG Month session

    The Analysis Function central team is accepting expressions of interest from analysts who would like to present a session until Friday 28 March.  

    Head over to the Analysis in Government Month hub page on our website to find out more and book your space.

    About AiG Month

    Bookmark the Analysis in Government Month hub on our website so you don’t miss any of the events and great content throughout May.

    Follow us on EventBrite and subscribe to the monthly Analysis Function Newsletter.

    Updates to this page

    Published 25 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Join community sessions to shine spotlight on local issues

    Source: City of Wolverhampton

    The Love Your Community sessions give residents the chance to meet with representatives from Wolverhampton Police, the City of Wolverhampton Council, Wolverhampton’s Anti Social Behaviour team and more, and to share information about issues and activities in their neighbourhoods.

    Councillor Obaida Ahmed, the City of Wolverhampton Council’s Cabinet Member for Digital and Community, said: “These sessions are an important forum for residents to meet with organisations and discuss the priorities for their neighbourhoods – and how we can all work together to deliver on these.

    “Please come along to find out what’s happening in your area, tell us what’s important for your neighbourhood, help improve your local spaces, connect with your neighbours and businesses, and speak with police, councillors and community services.”

    Chief Superintendent Richard Fisher of Wolverhampton Police added: “The Love Your Community events are an integral part of the work of the neighbourhood police teams, community safety partners and local people to address concerns and issues in the community.

    “These sessions provide an opportunity to outline clear shared ownership for local priorities and help to increase collective care for what happens in our communities.”

    Love Your Community drop ins are held for each ward on a regular basis. The next are as follows:

    • Ettingshall South and Spring Vale, Monday 31 March, 4pm to 6pm, Lanesfield Methodist Church WV4 6PG
    • Oxley, Tuesday 1 April, 6pm to 8pm, Rakegate Methodist Church, Renton Grove WV10 6XG
    • Wednesfield South, Thursday 3 April, 4pm to 6pm, Wednesfield Community Centre WV11 1XT
    • Blakenhall, Tuesday 8 April, 4pm to 6pm, Lakshmi’s, Dudley Road WV2 3DT
    • Tettenhall, Thursday 10 April, 6pm to 8pm, Wolverhampton Cricket Club, Danescourt Road WV6 9BJ
    • St Peter’s and Park, Tuesday 15 April, 6pm to 8pm, Newhampton Arts Centre, Dunkley Street WV1 4AN
    • Low Hill, Fallings Park and Bushbury, Thursday 17 April, 6pm to 8pm, Low Hill Community Centre, Kempthorne Park WV10 9JJ
    • East Park, Wednesday 23 April, 4pm to 6pm, Eastfield Community Centre WV1 2QY
    • Heath Town, Tuesday 29 April, 4.30pm to 6.30pm, Hope Centre, Ling House WV10 0HH
    • Wednesfield North, Wednesday 30 April, 4pm to 6pm, The Hub at Ashmore Park WV11 2LH
    • Merry Hill, Wednesday 30 April, 6pm to 8pm, Swanmore Centre, Swanmore Close WV4 7JY
    • Bilston South, Thursday 1 May, 4pm to 6pm, St Martin’s Church, Bradley WV14 8PF
    • Graiseley, Thursday 1 May, 6pm to 8pm, St Chad’s Community Centre, Owen Road WV3 0HT
    • Ettingshall North, Tuesday 6 May, 4.30pm to 6.30pm, The Saplings, Parkfield Road WV4 6EL
    • Penn, Thursday 8 May, 4pm to 6pm, Penn Library, Coalway Avenue WV3 7LT
    • Bilston North, Monday 12 May, 4.30pm to 6.30pm, Bilston College, Wellington Road WV14 6BT

    For more details, please visit eventbrite or email safer@wolverhampton.gov.uk.

    MIL OSI United Kingdom –

  • MIL-OSI: Valeura Energy Inc.: Another Year of Record Results in 2024

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 25, 2025 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) reports its financial and operating results for the three month period and year ended December 31, 2024.

    The complete reporting package for the Company, including the audited financial statements and associated management’s discussion and analysis (“MD&A”) and the 2024 annual information form (“AIF”), are being filed on SEDAR+ at www.sedarplus.ca and posted to the Company’s website at www.valeuraenergy.com.

    2024 Operational Highlights

    • Production increased by 12% year-over-year to 22,825 bbls/d(1) on the back of a full year of drilling operations and development of the Nong Yao C Field;
    • 100% success rate in exploration and appraisal activities with discoveries at Niramai, Wassana North, and Nong Yao D;
    • Company’s first full year of operations completed with no significant health, safety, or environment incidents; and
    • Reduced greenhouse emissions intensity by approximately 20% compared to 2023 baseline.

    2024 Financial Highlights

    • Generated revenue of US$679 million, with average price realisation of US$81/bbl;
    • Delivered Adjusted EBITDAX of US$378 million(2) and adjusted cashflow from operations of US$273 million(2);
    • Strengthened the balance sheet with record high year-end cash position of US$259 million(3) and zero debt;
    • Reduced asset retirement obligation (“ARO”) by 54% since assuming operatorship in Q1, 2023;
    • Completed internal restructuring to optimise operational and financial aspects of the Thai III petroleum concessions; and
    • Implemented share buyback programme through a Normal Course Issuer Bid for up to 10% of the public float.

    2024 Reserves Highlights

    • Record high year-end reserves: 32 MMbbl proved (1P), 50 MMbbl proved plus probable (2P) and 60 MMbbl proved plus probable plus possible (3P) reserves;
    • Delivered 2P reserves replacement ratio of 245%, even after production increase of 12%;
    • Increased 2P reserves and extended the end of field life (“EOFL”) at every field;
    • Grew 2P net present value (NPV10) before tax to US$934 million and US$753 million after tax(4);
    • Considering year-end 2024 cash position, increased 2P net asset value after tax to US$1,012 million, equating to C$13.6 per share(5); and
    • Doubled contingent resources to 48 MMbbls compared to year-end 2023(6).

    (1) Working interest share production before royalties.
    (2) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section in the Company’s MD&A.
    (3) Includes restricted cash of $22.8 million.
    (4) Discount rate 10%.
    (5) Proved plus probable (2P) NPV10 plus net cash at December 31, 2024, assuming $/C$ exchange rate of 1.435, and 106.65 million shares outstanding as of December 31, 2024.
    (6) Unrisked best estimate (2C) contingent resources.

    Dr. Sean Guest, President and CEO commented:

    “Our first full year of operations in Thailand were a success across all areas of our business and a trophy for value creation.  We have attained record production, record cash flow, and replaced nearly 2.5x the reserves we produced, all while continuing to strengthen our financial position.  Our business is stronger and has a longer line of sight than ever before.

    Continued drilling throughout 2024 added 20 new production wells, including those we drilled to develop the new Nong Yao C field, making Nong Yao the largest and most profitable asset in our portfolio.  We’ve also had success with the drill bit on both appraisal and exploration which has significantly increased the number of future development well locations.  This successful drilling, combined with detailed reservoir studies has resulted in a 32% increase in 2P reserves to 50 million bbls.  Moreover, the economic life of each of our fields has moved further into the future, such that all fields are now expected to remain economic beyond 2030. 

    We are focussed relentlessly on value, and with the combination of an increase in the net present value of our 2P reserves, and the record cash position of US$259 million at year-end, the net asset value of our business is now more than one billion US dollars.  On a per share basis, that equates to over C$13/share, meaning an investment in Valeura’s shares continues to represent an excellent value proposition. 

    In addition to growing both the value and longevity of our existing portfolio, we continue to pursue several other avenues for growth, including exciting exploration opportunities, and potential merger and acquisition targets.”

    Financial and Operating Results Summary

        Three months ended  Year ended
        December 31, 2024 December 31, 2023 Delta December 31, 2024 December 31, 2023 Delta
    Oil Production(1) (‘000 bbls) 2,403 1,763 +36% 8,354 5,825 43%
    Average Daily Oil Production(1) (bbls/d) 26,109 19,165 +36% 22,825 20,440(2) +12%
    Average Realised Price (US$/bbl) 76.7 85.5 (10%) 81.3 84.3 (4%)
    Oil Volumes Sold (‘000 bbls) 2,948 1,987 +48% 8,349 5,854 +43%
    Oil Revenue (US$’000) 226,148 169,909 +33% 678,794 493,457 +38%
    Net Income (US$’000) 213,983 23,480 +811% 240,797 244,313 (1%)
    Adjusted EBITDAX(3) (US$’000) 132,402 96,679 +37% 377,985 230,672 +64%
    Adjusted Pre-Tax Cashflow from Operations(3) (US$’000) 133,612 88,326 +51% 356,627 238,661 +49%
    Adjusted Cashflow from Operations(3) (US$’000) 107,134 56,023 +107% 272,641 152,375 +79%
    Operating Expenses (US$’000) 55,607 49,622 +12% 186,407 180,192 +3%
    Adjusted Opex(3) (US$’000) 54,668 51,818 +6% 214,891 165,077 +30%
    Operating Expenses per bbl (US$/bbl) 18.9 25.0 (25%) 22.3 30.9 (28%)
    Adjusted Opex per bbl(3) (US$/bbl) 22.8 29.4 (22%) 25.7 28.3 (9%)
    Adjusted Capex(3) (US$’000) 38,870 30,374 +28% 134,258 103,733 +29%
    Weighted average shares outstanding – basic (‘000 shares) 106,955 102,652 +4% 105,778 99,227 +7%
        As at Comparison
        December 31, 2024 December 31, 2023 %
    Cash & Cash equivalents(4) (US$’000) 259,354 151,165 +72%
    Adjusted Net Working Capital(3) (US$’000) 205,735 118,143 +74%
    Shareholder’s Equity (US$’000) 528,283  284,178 +86%

     
    (1) Working interest share production before royalties.
    (2) Average daily oil production of 20,440 bbls/d represents the average production from closing of the Mubadala Acquisition on March 22, 2023 to December 31, 2023 (285 days).
    (3) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section in the Company’s MD&A.
    (4) Includes restricted cash of US$22.8 million at December 31, 2024 and restricted cash of US$17.3 million at December 31, 2023.

    Financial Update

    The Company’s Q4 2024 oil production averaged 26,109 bbls/d (working interest share before royalties), representing a 36% increase from Q4 2023.  Full year 2024 oil production averaged 22,825 bbls/d, 12% higher than 2023.  This growth was primarily driven by production from the Wassana field, which was not in production for most of 2023 and the Nong Yao C development, which came online in August 2024.  Oil sales for Q4 2024 were 2.9 million bbls, compared to 2.0 million bbls in Q4 2023.  For the full year 2024, oil sales totalled 8.4 million bbls, up 43% from 5.8 million bbls in 2023.  The increase is due to higher production rates in 2024, coupled with the fact that in 2023 the Company had only 285 days of production operations (following closing of the Mubadala acquisition on March 22, 2023).

    The Company generated Q4 2024 revenue of US$226.1 million, a 33% increase from Q4 2023.  Full year 2024 revenue was US$678.8 million, representing a 38% increase from 2023.  Q4 2024 price realisations averaged US$76.7/bbl, achieving a US$2.0/bbl premium to the Brent benchmark.  Full year 2024 price realisations averaged US$81.3/bbl, reflecting a US$0.5/bbl premium to Brent.  Valeura reported Q4 2024 Adjusted EBITDAX (a non-IFRS measure which is more fully described in the “Non-IFRS Financial Measures and Ratios” section of the MD&A) of US$132.4 million, up 37% from Q4 2023, while full year 2024 Adjusted EBITDAX increased 64% to US$378.0 million.

    The Company demonstrated improved operational efficiency with Q4 2024 Adjusted Opex (a non-IFRS measure which is more fully described in the “Non-IFRS Financial Measures and Ratios” section of the MD&A) of US$22.8/bbl, down from US$29.4/bbl in Q4 2023.  Full year 2024 Adjusted Opex decreased to US$25.7/bbl from US$28.3/bbl in 2023.  Operating expenses for Q4 were US$18.9/bbl compared to US$25.0/bbl in Q4 2023, and US$22.3/bbl for the full 2024 versus US$30.9/bbl in 2023. These improved unit costs were driven primarily by increased production from the low-cost Nong Yao field, which has become the Company’s largest production source.

    Valeura incurred total petroleum tax income and special remuneratory benefit tax of US$68.3 million and US$29.2 million respectively during the full year 2024, compared to US$71.2 million and US$15.1 million in the previous year.   The Company stands to benefit from a more efficient tax structure in 2025 as a result of the corporate restructuring which was completed in November 2024. This will result in Petroleum income tax loss carry-forwards that were previously associated with only the Wassana asset now being applied to all of the Company’s Thai III petroleum concessions, being Wassana, Nong Yao, and Manora.

    The Company recorded Net income for the year of US$240.8 million following the recognition of deferred tax assets from the tax consolidation.

    As of December 31, 2024, Valeura had a strong cash position of US$259.4 million, including US$22.8 million in restricted cash.  The Company continues to operate with no current or non-current debt.  Valeura remains well-positioned for both organic reinvestment opportunities and potential strategic acquisitions.

    Operations Update and Outlook

    During Q4 2024, the Company had ongoing production operations on all of its Gulf of Thailand fields, comprised of the Jasmine, Nong Yao, Manora, and Wassana fields.  The Company has had one drill rig working continuously on contract since Q1 2023 full-time.

    Oil production averaged 26.1 mbbls/d during Q4 2024 (Valeura’s working interest share, before royalties).

    Jasmine/Ban Yen

    Oil production before royalties from the Jasmine/Ban Yen field, in Licence B5/27 (100% operated interest) averaged 8.5 mbbls/d during Q4 2024, an increase of 12% from Q3 2024.  Increased production rates reflect the start-up of five new wells drilled as part of an infill drilling programme, with the last three wells coming onstream in late November 2024.  In addition to adding new production, the Jasmine programme also evaluated several secondary appraisal targets which will be the subject of further infill development drilling in due course. 

    Although the Jasmine field is the most mature asset in the Company’s portfolio, ongoing drilling success underscores the field’s ability to continue serving as a key source of cash generation for the business.  The Q4 Jasmine drilling results have been included in the Company’s reserves evaluation for the year-ended December 31, 2024, and contributed to a further extension in the field’s economic life, which on a 2P reserves basis, now lasts into mid 2031. 

    In February 2025 the drill rig returned to the Jasmine field where it has begun executing a seven-well infill campaign.  In total 10 development and appraisal wells are currently planned for the Jasmine field in 2025 and one exploration well at the Ratree prospect.  In addition, a workover rig is currently operating on the field completing two workovers.

    The low-BTU gas generator was delivered to the Jasmine B platform in Q1 2025 and is expected to be commissioned and operational in Q2 2025.  This creates an opportunity to significantly reduce greenhouse gas emissions from this platform as well as to reduce operating costs by using a waste gas stream for power generation.

    Nong Yao

    At the Nong Yao field, in Licence G11/48 (90% operated working interest), Valeura’s working interest share production before royalties averaged 11.1 mbbls/d, an increase of 18% from Q3 2024.  Q4 production rates benefitted from a full quarter of operations at the Nong Yao C field extension, which came online in August 2024. 

    Performance from Nong Yao C is continuing in line with the Company’s expectations.  The Nong Yao field is now the Company’s largest source of production.  In addition, it also has the Company’s lowest per unit Adjusted Opex and its oil fetches a premium to the Brent benchmark.  As a result, Nong Yao is the Company’s most cash generative asset.

    In 2025, nine development wells are planned across the three Nong Yao platforms.  This programme is expected to commence in late Q2 2025. 

    Wassana

    Oil production at the Wassana field, in Licence G10/48 (100% operated interest), averaged 4.3 mbbls/d (before royalties), an increase of 55% over Q3 2024.  The increase reflects the effect of a full quarter of normal operations at the field, as compared to Q3 2024, during which the Company conducted a one-month precautionary suspension of production while performing underwater inspection work.  There was no drilling on the Wassana field in Q4 and no further drilling is planned at this location for 2025.

    Valeura has completed the front end engineering and design work for the potential redevelopment of the Wassana field.  Detailed contracting and procurement work commenced in late Q4 2024 to validate cost assumptions for the project.  Valeura expects to consider a final investment decision in early Q2 2025. 

    Manora

    At the Manora field, in Licence G1/48 (70% operated working interest), Valeura’s working interest share of oil production before royalties averaged 2.2 mbbls/d, a decrease of 11% from Q3 2024.  During Q4, the Company began a five-well infill drilling campaign on the Manora field, including both production-oriented infill development wells and appraisal targets.  The programme was completed in Q1 2025 and for the month of March to date, working interest share production before royalties has averaged 2.9 mbbls/d.  In addition, several appraisal targets were evaluated, giving rise to between three and five potential future drilling targets, which will be further evaluated for inclusion in a future drilling programme.

    Türkiye

    The Company had no active operations in Türkiye during Q4 2024, however it continues to hold an interest in a potentially large deep gas play in the Thrace basin in the northwest part of the country.  In 2024 the Company received official confirmation that it’s leases and licences covering the play had been extended into 2025, and more recently the Company was granted an additional one-year extension, bringing the expiry date to June 27, 2026.  Following the current period, Valeura may apply for a further two-year extension for appraisal purposes, and has engaged the government in discussions to that effect. 

    The Company believes the Thrace basin deep gas play could be a source of significant value in the longer term.  Valeura intends to farm out a portion of its interest to a new partner in order to jointly pursue the next phase of appraisal work. 

    Reserves and Resources Summary

    The results of Valeura’s third-party independent reserves and resources assessment for its Thailand assets as of December 31, 2024 were announced on February 13, 2025.  Below are summary tables associated with the reserves.

    Summary of Reserves Replacement, Value and Field Life
     
      Gross (Before Royalties) 2P Reserves, Working Interest Share End of Field Life 2P NPV10 After Tax (US$ million)
    Fields December 31, 2023
    (MMbbl)    		 2024 Production
    (MMbbl)    		 Additions
    (MMbbl)    		 December 31, 2024
    (MMbbl)    		 Reserves Replacement Ratio (%) NSAI 2023 Report NSAI 2024 Report December 31, 2023 December 31, 2024
    Jasmine 10.4 (2.9) 9.2 16.8 324% Dec 2028 Aug 2031 81.8 163.9
    Manora 2.2 (0.9) 2.1 3.4 223% Jul 2027 Apr 2030 21.2 45.7
    Nong Yao 12.4 (3.1) 7.7 16.9 245% Dec 2028 Dec 2033 185.6 416.1
    Wassana 12.9 (1.4) 1.5 12.9 102% Jun 2032 Dec 2035 139.9 126.6
    Total 37.9 (8.4) 20.5 50.0 245%     428.5 752.2
    Summary of NPV and NAV
     
      1P NPV10 2P NPV10 3P NPV10
    Before Tax After Tax Before Tax After Tax Before Tax After Tax
    NPV10 (US$ million) 360.7 358.6 933.9 752.2 1,339.1 990.2
    Cash at December 31, 2024 (US$ million)(1) 259.4 259.4 259.4 259.4 259.4 259.4
    Net Asset Value (US$ million) 620.1 618.0 1,193.3 1,011.6 1,598.5 1,249.6
    Common shares (million)(2) 106.65 106.65 106.65 106.65 106.65 106.65
    Estimated NAV per basic share (C$ per share)(3) 8.3 8.3 16.1 13.6 21.5 16.8

     
    (1) Cash at December 31, 2024 of US$259.4 million, debt nil.
    (2) Issued and outstanding common shares as of December 31, 2024
    (3) US$/C$ exchange rate of 1.435 as at December 31, 2024

    Webcast

    Valeura’s management team will host an investor and analyst webcast at 08:00 Calgary / 14:00 London / 21:00 Bangkok / 22:00 Singapore on Wednesday, March 26, 2025 to discuss today’s announcement.  Please register in advance via the link below.

    Registration link:  https://events.teams.microsoft.com/event/aa5e4d6a-cb5f-46da-ab85-0976e3600c84@a196a1a0-4579-4a0c-b3a3-855f4db8f64b

    As an alternative, an audio only feed of the event is available by phone using the Conference ID and dial-in numbers below.

    Thailand: +66 2 026 9035,,922648874#
    Singapore: +65 6450 6302,,922648874#
    Canada: (833) 845-9589,,922648874#
    Türkiye: 0800 142 034779,,922648874#
    United States: (833) 846-5630,,922648874#
    United Kingdom: 0800 640 3933,,922648874#

    Phone conference ID: 922 648 874#

    For further information, please contact:

    Valeura Energy Inc. (General Corporate Enquiries)                       +65 6373 6940
    Sean Guest, President and CEO
    Yacine Ben-Meriem, CFO
    Contact@valeuraenergy.com  

    Valeura Energy Inc. (Investor and Media Enquiries)              +1 403 975 6752 / +44 7392 940495
    Robin James Martin, Vice President, Communications and Investor Relations
    IR@valeuraenergy.com

    Contact details for the Company’s advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/.

    About the Company

    Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.

    Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

    Oil and Gas Advisories

    Reserves and contingent resources disclosed in this news release are based on an independent evaluation conducted by the incumbent independent petroleum engineering firm, NSAI with an effective date of December 31, 2024. The NSAI estimates of reserves and resources were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The reserves and contingent resources estimates disclosed in this news release are estimates only and there is no guarantee that the estimated reserves and contingent resources will be recovered.

    This news release contains a number of oil and gas metrics, including “NAV”, “reserves replacement ratio”, “RLI”, and “end of field life” which do not have standardised meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics are commonly used in the oil and gas industry and have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

    “NAV” is calculated by adding the estimated future net revenues based on a 10% discount rate to net cash, (which is comprised of cash less debt) as of December 31, 2024.  NAV is expressed on a per share basis by dividing the total by basic common shares outstanding. NAV per share is not predictive and may not be reflective of current or future market prices for Valeura.

    “Reserves replacement ratio” for 2024 is calculated by dividing the difference in reserves between the NSAI 2024 Report and the NSAI 2023 Report, plus actual 2024 production, by the assets’ total production before royalties for the calendar year 2024.

    “RLI” is calculated by dividing reserves by management’s estimated total production before royalties for 2025.

    “End of field life” is calculated by NSAI as the date at which the monthly net revenue generated by the field is equal to or less than the asset’s operating cost.

    Reserves

    Reserves are estimated remaining quantities of commercially recoverable oil, natural gas, and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data, the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Reserves are further categorised according to the level of certainty associated with the estimates and may be sub-classified based on development and production status.

    Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

    Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (e.g., when compared to the cost of drilling a well) to put the reserves on production.

    Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

    Developed non-producing reserves are those reserves that either have not been on production, or have previously been on production, but are shut in, and the date of resumption of production is unknown.

    Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable, possible) to which they are assigned.

    Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

    Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable plus possible reserves.

    The estimated future net revenues disclosed in this news release do not necessarily represent the fair market value of the reserves associated therewith.

    The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

    Contingent Resources

    Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies are conditions that must be satisfied for a portion of contingent resources to be classified as reserves that are: (a) specific to the project being evaluated; and (b) expected to be resolved within a reasonable timeframe.

    Contingent resources are further categorised according to the level of certainty associated with the estimates and may be sub‐classified based on a project maturity and/or characterised by their economic status. There are three classifications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classification of estimated resources described in the Canadian Oil and Gas Evaluation Handbook as the best estimate of the quantity that will be actually recovered; it is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the best estimate.

    The project maturity subclasses include development pending, development on hold, development unclarified and development not viable. The contingent resources disclosed in this news release are classified as either development unclarified or development not viable.

    Development unclarified is defined as a contingent resource that requires further appraisal to clarify the potential for development and has been assigned a lower chance of development until commercial considerations can be clearly defined. Chance of development is the likelihood that an accumulation will be commercially developed.

    Conversion of the development unclarified resources referred to in this news release is dependent upon (1) the expected timetable for development; (2) the economics of the project; (3) the marketability of the oil and gas production; (4) the availability of infrastructure and technology; (5) the political, regulatory, and environmental conditions; (6) the project maturity and definition; (7) the availability of capital; and, ultimately, (8) the decision of joint venture partners to undertake development.

    The major positive factor relevant to the estimate of the contingent development unclarified resources referred to in this news release is the successful discovery of resources encountered in appraisal and development wells within the existing fields. The major negative factors relevant to the estimate of the contingent development unclarified resources referred to in this news release are: (1) the outstanding requirement for a definitive development plan; (2) current economic conditions do not support the resource development; (3) limited field economic life to develop the resources; and (4) the outstanding requirement for a final investment decision and commitment of all joint venture partners.

    Development not viable is defined as a contingent resource where no further data acquisition or evaluation is currently planned and hence there is a low chance of development, there is usually less than a reasonable chance of economics of development being positive in the foreseeable future. The major negative factors relevant to the estimate of development not viable referred to in this news release are: (1) current economic conditions do not support the resource development; and (2) availability of technical knowledge and technology within the industry to economically support resource development.

    If these contingencies are successfully addressed, some portion of these contingent resources may be reclassified as reserves.

    Of the best estimate 2C contingent resources estimated in the NSAI 2024 Report, on a risked basis: 74% of the estimated volumes are light/medium crude oil, with the remainder being heavy oil; 77% are categorised as Development Unclarified, with the remainder being Development Not Viable.  Development Unclarified 2C resources have been assigned an average chance of development for the four fields ranging from 30% to 50% depending on oil type, while 2C Development Not Viable resources have been assigned an average chance of development ranging from 16% to 17%.

    Resources Project
    Maturity Subclass    		 Light and Medium Crude Oil
    (Development Unclarified)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Unclarified 8,267 7,334 3,108 2,742 38 %
    Contingent Best Estimate (2C) Development Unclarified 14,178 12,538 4,227 3,728 30 %
    Contingent High Estimate (3C) Development Unclarified 21,072 18,644 5,289 4,673 25 %
    Resources Project
    Maturity Subclass    		 Heavy Crude Oil
    (Development Unclarified)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Unclarified 7,807 7,358 4,045 3,813 52 %
    Contingent Best Estimate (2C) Development Unclarified 10,641 10,029 5,325 5,018 50 %
    Contingent High Estimate (3C) Development Unclarified 14,524 13,689 6,560 6,182 45 %
    Resources Project
    Maturity Subclass    		 Light and Medium Crude Oil
    (Development Not Viable)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Not Viable 11,294 10,502 1,694 1,575 15 %
    Contingent Best Estimate (2C) Development Not Viable 21,539 19,965 3,652 3,319 17 %
    Contingent High Estimate (3C) Development Not Viable 33,503 30,964 5,363 4,802 16 %
    Resources Project
    Maturity Subclass    		 Heavy Crude Oil
    (Development Not Viable)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Not Viable 2,069 1,950 310 293 15 %
    Contingent Best Estimate (2C) Development Not Viable 2,091 1,971 341 321 16 %
    Contingent High Estimate (3C) Development Not Viable 3,003 2,830 815 768 27 %

    The NSAI estimates have been risked, using the chance of development, to account for the possibility that the contingencies are not successfully addressed.  Due to the early stage of development for the development unclarified resources, NSAI did not perform an economic analysis of these resources; as such, the economic status of these resources is undetermined and there is uncertainty that any portion of the contingent resources disclosed in this new release will be commercially viable to produce.

    Glossary   

    bbl barrels of oil
    Mbbl thousand barrels of oil
    MMbbl  million barrels of oil
       

    Advisory and Caution Regarding Forward-Looking Information

    Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook.

    Forward-looking information in this news release includes, but is not limited to, the profitability of the Nong Yao asset, relative to rest of the Company’s portfolio; the increase in the number of future development well locations; the estimated net asset value of the Company; the belief that an investment in Valeura’s shares represents an excellent value proposition; Valeura’s expectation that it will benefit from a more efficient tax structure as a result of the corporate restructuring; the inclusion of appraisal-led drilling targets in further infill development drilling programmes; the ability for Jasmine to continue serving as a key source of cash generation; timing to commission the low-BTU gas generator and to reduce greenhouse gas emissions and operating costs; planned drilling and well workovers in 2025; timing to consider a final investment decision on the Wassana field redevelopment project; and the Company’s belief that the Thrace basin deep gas play could be a source of significant value in the longer term.  In addition, statements related to “reserves” and “resources” are deemed to be forward-looking information as they involve the implied assessment, based on certain estimates and assumptions, that the resources can be discovered and profitably produced in the future.

    Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

    Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; ability to achieve extensions to licences in Thailand and Türkiye to support attractive development and resource recovery; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; the impact of conflicts in the Middle East; royalty rates and taxes; management’s estimate of cumulative tax losses being correct; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the availability and identification of mergers and acquisition opportunities; the ability to successfully negotiate and complete any mergers and acquisition opportunities; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; international trade policies; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

    Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; the risk that the Company’s tax advisors’ and/or auditors’ assessment of the Company’s cumulative tax losses varies significantly from management’s expectations of the same; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, including international treaties and trade policies; the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors.

    Certain forward-looking information in this news release may also constitute “financial outlook” within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura’s prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook.

    The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

    This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

    Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

    The MIL Network –

  • MIL-OSI NGOs: Türkiye: Attacks on protesters is a ‘blatant assault’ on freedom of expression

    Source: Amnesty International –

    Turkish authorities must end the use of unnecessary and indiscriminate force against peaceful protesters

    Amnesty has reviewed footage of police beating protesters with batons and kicking them when they are on the ground

    Social media companies must take immediate steps to ensure that the accounts of people critical of the Turkish government are restored

    ‘The indiscriminate use of pepper spray, tear gas and water cannon against peaceful protesters is deeply shocking’ – Agnès Callamard

    Amnesty International have called for Turkish authorities to end the use of unnecessary and indiscriminate force by security forces against peaceful demonstrators and to investigate unlawful acts of violence committed by police against protesters.

    The call comes following the extension of a blanket protest ban in three cities and as authorities confirm that 1,133 protesters have been detained since the overwhelmingly peaceful protests began on 19 March, following the detention of Istanbul mayor, Ekrem İmamoğlu. It also comes amid reports of injuries, the throttling of social media and the detention of journalists covering the overwhelmingly peaceful protests in dawn raids.

    Commenting on the protests, Agnès Callamard, Amnesty International’s Secretary General, said:

    “The use of unnecessary and indiscriminate force by police against peaceful protesters in Türkiye must immediately stop.

    “Amnesty reviewed footage showing completely unwarranted police use of force against peaceful demonstrators with people beaten with batons and kicked when they were on the ground. “The indiscriminate use of pepper spray, tear gas and water cannon, against peaceful protesters is deeply shocking as is the police use of plastic bullets – sometimes fired at close range at the face and upper body – which have caused numerous injuries and even hospitalisations. These unlawful acts of violence must be investigated promptly and the perpetrators brought to justice.

    “The throttling of the Internet is a blatant assault on the right to freedom of expression. Authorities should refrain from resorting to such measures. Social media companies, namely X, must take immediate steps to ensure that the accounts of people critical of the Turkish government are restored.

    “It is crucial that Turkish authorities respect and protect the right to peaceful assembly, immediately lift the blanket protest bans and release all those unjustifiably and arbitrarily detained solely for exercising their rights to freedom of expression and peaceful protest.”

    Dawn raids

    In a series of dawn raids on 24 March, at least eight journalists who had been reporting on the protests were detained from their homes. Internet users experienced bandwidth restrictions that lasted for 42 hours, restricting access to social media and news sites and more than 700 accounts of journalists, activists and opposition figures on Twitter/X have been blocked. 

    MIL OSI NGO –