Category: Politics

  • MIL-OSI Asia-Pac: A.P.T.C. SAMOA GRADUATION 2025 – 27th February 2025.

    Source: Government of Western Samoa

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    KEYNOTE ADDRESS by the Honourable Seuula Ioane Tuāau Minister for Education and Culture.

    Acknowledgments

    • Reverend Dr Taipisia Leilua

    • Your Excellency William Robinson, Australia High Commissioner to Samoa;

    • Vice Chancellor of the National University of Samoa;

    • Commissioners and Chief Executive Officers of APTC partners;

    • Chief Executive Officers of Government Agencies and Non-Government Organizations; and Principal of TVET institutions;

    • Australia Pacific Training Coalition (APTC) Samoa and Tonga Country Director, Lagaaia Lealiifano Easter Manila Silipa and staff;

    • APTC Graduands 2025;

    • Esteemed guests, ladies and gentlemen

    Introduction

    Tālofa lava and a pleasant good morning to you all.

    On behalf of the Samoan Government, it gives me a great privilege to be here to deliver the keynote address at today’s graduation ceremony.

    Congratulations and Acknowledgements

    Firstly, I would like to extend my heartfelt congratulations to each of the 89 Samoan women and men on achieving a significant milestone by graduating today.

    The Samoan Government acknowledges and appreciates your hard work and resilience in completing your Australian qualifications and we are proud of your accomplishments.

    Today, you will be conferred with Australian qualifications in seven (7) different vocational programs: drainage, plumbing services, skills for work and vocational pathways, commercial cookery, light vehicle mechanical technology, tourism, and wall and floor tiling.

    To our graduands, as your Minister for Education and Culture, I wish to convey the Government’s sincere congratulations on your achievements.

    Malo le finau! Malo le fai o le faiva!

    Gender Equality

    I am proud to announce that forty (40) of today’s graduates are women who have successfully completed their TVET programs. Notably, ten (10) of these remarkable women have excelled in traditionally male-dominated fields such as drainage and plumbing. Your achievements serve as a powerful testament to your hard work, dedication, breaking barriers and paving the way for future women and girls of Samoa.

    Government Support

    The Government of Samoa is committed to ensuring equal opportunities for everyone. I take this opportunity to acknowledge the Australian Government’s support through APTC, which offers access bursaries for our Samoan people, providing opportunities for them to pursue Technical and Vocational Education and Training (TVET). This supports the priorities of the Samoa Education Sector Plan 2019-2024, including inclusive education and TVET. It also supports the priorities of the Government of Samoa’s disability-inclusive development goals, as outlined in the National Policy for Persons with Disabilities 2021-2031.

    Today we also recognise the 24 graduates from the various government agencies who have partnered with APTC Samoa. These dedicated individuals from the Samoa Fire and Emergency Services Authority, Samoa Water Authority, and the Land Transport Authority have successfully completed the Certificate II in Drainage qualification. This signifies the positive impact of APTC’s support in our community.

    Partnerships

    The Samoan Government acknowledges the Australian Government and APTC for their partnership and support to other various government agencies and NGOs including the Samoa Police, Prisons and Corrections Services, Electric Power Corporation, Lakapi Samoa, Nuanua ole Alofa, Samoa Faafine Association, National Youth Council of Samoa and more. Your commitment to enhancing productivity, reducing unemployment, and building stronger communities in Samoa is truly commendable.

    It is great to see a growing number of our people leveraging these skills for improved livelihoods. The Government of Samoa stands committed to working alongside the Australian Government to ensure that our skills training aligns with industry needs, leading to robust employment outcomes for all Samoans. This collaboration has yielded impressive results, with over 3390 Samoans graduating with Australian qualifications since 2007.

    I would like to also highlight APTC’s collaboration with the Samoa Qualifications Authority (SQA) in bolstering Samoan qualifications and expanding our workforce’s global competitiveness, especially in high-demand fields, ensuring that our graduates are well-prepared to meet the challenges and opportunities of the global market.

    Additionally, APTC’s partnership with the National University of Samoa (NUS) which has been ongoing since 2007, ensures that our training programs are relevant and of high quality. Together, APTC and NUS have developed and accredited various programs and have provided numerous capability development opportunities for students as well as staff.

    I acknowledge and sincerely thank the Australian Government for its unwavering support and collaboration with the Samoa Education sector and TVET organisations through APTC, which has been crucial in nurturing and shaping Samoa’s future.

    Concluding Remarks

    To all our graduates, congratulations once again!

    I am confident that APTC has provided you with the skills and qualifications necessary to become invaluable contributors to Samoa’s expanding workforce. You now join a network of over 25,850 APTC Alumni across the region, and I eagerly look forward to your contributions to the national growth of Samoa.

    For those of you who have trained away from home at other APTC campuses, your dedication to learning sets a powerful example for future generations.

    As TVET role models, you now have the power to transform society’s perception of this valuable pathway to fulfilling careers. Remember, your learning journey does not end here. Continue to grow, both personally and professionally, to contribute to the betterment of Samoa.

    Well done to all the graduates! May you achieve great success in all your future endeavours.

    Faafetai tele lava. Soifua ma ia manuia.

    BACKGROUND OF THE AUSTRALIA PACIFIC TRAINING COALITION

    A centre of training excellence, the Australia Pacific Training Coalition (APTC) helps Pacific Island and Timorese citizens gain Australian skills and qualifications for a wide range of vocational careers.

    Over 25,860 Pacific Island and Timorese citizens have graduated with Australian qualifications from APTC campuses in Fiji, Samoa, Vanuatu, Papua New Guinea, Solomon Islands, and Timor-Leste. These qualifications range from accredited short courses to diploma level training for various vocational areas, including automotive, manufacturing, construction, electrical, tourism, hospitality, education, management, health and community services.

    These graduates have returned to industry and implemented a range of new skills, with over 90% of employers of APTC graduates reporting their significant contribution to improving workplace productivity.

    APTC collaborates with regional governments, industry and training providers to develop a more skilled, inclusive and productive workforce aligned with domestic and international labour market requirements, to enhance Pacific prosperity.

    APTC’s end-of-program outcomes are:

    1. APTC and partner graduates have improved employment outcomes

    2. Co-investment in skills training increases

    3. Selected TVET partners demonstrate quality TVET provision

    A.P.T.C. is an Australian Government initiative in partnership with the Pacific and Timor-Leste.

    APTC is implemented by TAFE Queensland (RTO 0275).

    Thank you.

    Photo by the Government of Samoa (Leota Marc Membrere)

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: THE FFS FIRST WOMEN CAMPAIGN IN SAVAII PROVED TO BE A SIGNIFICANT SUCCESS. 27th February 2025.

    Source: Government of Western Samoa

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    [PRESS RELEASE]- Over 100 women from various Government schools in the Faasaleleaga district came together to participate in the Football Federation Samoa (FFS) Women’s Campaign held in Iva, Savaii, on a vibrant Wednesday afternoon.

    This marked the inaugural occasion for the program in Savaii, thoughtfully organized by Women’s Football Manager Nadia Malifa and her dedicated Women Coordinator, Ms. Sila Lelevaga. The event drew not only enthusiastic girls but also supportive teachers, all gathered to encourage their students and children while engaging in an array of enjoyable activities.

    The first leg of this empowering Women’s Campaign Program was successfully held in Upolu the previous year, employing a similar approach of inviting women from select government schools to join in the festivities.

    “Overall, the program in Savaii was a joyful experience that flowed seamlessly. The girls had a fantastic time, forging new friendships and opportunities to connect with peers from different schools,” Ms. Malifa shared, To create a sense of unity and excitement, the organizers provided vibrant orange uniforms—reflecting the event’s spirited theme—alongside an abundance of delicious food and fresh fruit.

    Nadia and Sila expressed heartfelt gratitude to each participating school for their unwavering support, emphasizing that the success of the program would not have been achievable without their collaboration and encouragement.

    END.

    SOURCE – Football Federation Samoa

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    MIL OSI Asia Pacific News

  • MIL-OSI: KE Holdings Inc. Announces a Final Cash Dividend of US$0.4 Billion in Aggregate

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, March 18, 2025 (GLOBE NEWSWIRE) — KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced that its board of directors (the “Board”) approved a final cash dividend (the “Dividend”) of US$0.12 per ordinary share, or US$0.36 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 9, 2025, Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The aggregate amount of the Dividend to be paid will be approximately US$0.4 billion, which will be funded by cash surplus on the Company’s balance sheet.

    For holders of ordinary shares, in order to qualify for the Dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong no later than 4:30 p.m. on April 9, 2025 (Beijing/Hong Kong Time). Dividend to be paid to the Company’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement. The payment date is expected to be on or around April 22, 2025 for holders of ordinary shares and on or around April 25, 2025 for holders of ADSs.

    Under the Company’s current dividend policy, the Board has discretion on whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, the Company’s shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by the Board. If the Company decides to pay dividends, the form, frequency and amount will be based upon the Company’s future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board may deem relevant.

    About KE Holdings Inc.

    KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

    Safe Harbor Statement

    This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please visit: https://investors.ke.com.

    For investor and media inquiries, please contact:

    In China:
    KE Holdings Inc.
    Investor Relations
    Siting Li
    E-mail: ir@ke.com

    Piacente Financial Communications
    Jenny Cai
    Tel: +86-10-6508-0677
    E-mail: ke@tpg-ir.com

    In the United States:
    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    E-mail: ke@tpg-ir.com

    The MIL Network

  • MIL-OSI Global: The Israel-Hamas ceasefire didn’t resolve any deep-seated issues. Now, it’s shattered

    Source: The Conversation – Global Perspectives – By Marika Sosnowski, Postdoctoral research fellow, The University of Melbourne

    When a ceasefire in the war between Hamas and Israel finally came into effect on January 19, the world breathed a collective sigh of relief.

    However, that ceasefire agreement, and its associated negotiations, have now been cast aside by new Israeli attacks on Gaza.

    A statement from Israeli Prime Minister Benjamin Netanyahu’s office said the strikes came after Hamas’ “repeated refusals” to “release our hostages”, and the group’s rejection of all proposals presented by US President Donald Trump’s Middle East envoy, Steve Witkoff.

    Even before Israel cut off all humanitarian aid and electricity to Gaza in the past two weeks, Hamas claimed it had not met the levels of humanitarian aid, shelter and fuel it agreed to provide in the terms of the ceasefire. However, this is a distraction from a larger issue.

    This ceasefire was always more like a strangle contract than a negotiated agreement between equal parties. Israel, as the party with far greater military and political power, has always had the upper hand.

    And while the first phase of the ceasefire, which lasted 42 days, saw the successful release of 33 hostages held by Hamas in exchange for nearly 1,800 Palestinian prisoners, the ceasefire also enabled Israel to use it for its own political and military ends.

    Buying time

    The most common conventional concern about ceasefires is that the parties to a conflict will use them for their own ends.

    Typically, the worry is that non-state armed groups, such as Hamas, will use the halt in violence to buy time to regroup, rearm and rebuild their strength to continue fighting.

    But states such as Israel have this ability, too. Even though they have standing armies that might not need to regroup and rearm in the same way, states can use this time to manoeuvre in the international arena – a space largely denied to non-state actors.

    Trump’s rise to power in the US has seemingly given the Israeli government carte blanche to proceed in ways that were arguably off limits to previous US presidents who were also largely supportive of Israel’s actions.

    This includes the plan of forcing Gaza’s population out of the strip. This plan was raised earlier in the war by Trump advisor Jared Kushner and Israeli officials as a supposed humanitarian initiative.

    Trump has now repeated the call to relocate Palestinians from Gaza to Egypt and Jordan – or possibly other parts of Africa – and for the US to take “ownership” of the coastal strip and turn it into the “Riviera of the Middle East”.

    On the face of it, this plan would be a war crime. But even if it is never fully implemented, the fact it is being promoted by Trump after many years of domestic Israeli and international opprobrium shows how political ideas once thought unacceptable can take on a life of their own.

    Political and military maneouvering

    Israel has also used the ceasefire to pursue larger political and military goals in Gaza, the West Bank, southern Lebanon and Syria.

    Even though the ceasefire did reduce overall levels of violence in Gaza, Israel has continued to carry out attacks on targets in the strip.

    It has also escalated the construction of settlements and carried out increasingly violent operations in the West Bank. In addition, there have been egregious attacks on Palestinian residents in Israel.

    And though nearly 1,800 Palestinian prisoners were released during the ceasefire, Israel was holding more than 9,600 Palestinians in detention on “security grounds” at the end of 2024. Thousands more Palestinians are being held by Israel in administrative detention, which means without trial or charge.

    During the ceasefire, Israel also accelerated efforts to evict the UN agency for Palestinian refugees, UNRWA, from its headquarters in East Jerusalem. And the Israeli government has also proposed increasingly draconian laws aimed at restraining the work of Israeli human rights organisations.

    On the military front, the ceasefire arguably alleviated some pressure on Israel, giving it time to consolidate its territorial and security gains against Hezbollah in southern Lebanon and in Syria.

    In the past two months, two deadlines for the withdrawal of Israeli forces from southern Lebanon passed. Israel has instead proposed establishing a buffer zone on Lebanese territory and has begun destroying villages, uprooting olive trees and building semi-permanent outposts along the border.

    In a speech in February, Netanyahu also demanded the “complete demilitarisation of southern Syria” following the fall of Bashar al-Assad’s regime. And Defence Minister Israel Katz said this month Israel would keep its troops in southern Syria to “protect” residents from any threats from the new Syrian regime.

    Be careful what you wish for

    While Palestinians are known for their sumud – usually translated as steadfastness or tenacity – there is a limit to what humans can endure. The war, and subsequent ceasefires, have created a situation in which Gazans may have to put the survival and wellbeing of themselves and their families above their desire to stay in Palestine.

    There is a general assumption that ceasefires are positive and humanitarian in nature. But ceasefires are not panaceas. In reality, they are a least-worst option for stopping the violence of war for often just a brief period.

    A ceasefire was never going to be the solution to the decades-old conflict between Israel and the Palestinians. Instead, it has turned out to be part of the problem.

    Marika Sosnowski 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 Israel-Hamas ceasefire didn’t resolve any deep-seated issues. Now, it’s shattered – https://theconversation.com/the-israel-hamas-ceasefire-didnt-resolve-any-deep-seated-issues-now-its-shattered-249944

    MIL OSI – Global Reports

  • MIL-OSI: KE Holdings Inc. Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results and a Final Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, March 18, 2025 (GLOBE NEWSWIRE) — KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE and HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024, and also announced a final cash dividend.

    Business and Financial Highlights for the Fourth Quarter and Fiscal Year 2024

    • Gross transaction value (GTV)1 in 2024 was RMB3,349.4 billion (US$458.9 billion), an increase of 6.6% year-over-year. GTV of existing home transactions was RMB2,246.5 billion (US$307.8 billion), an increase of 10.8% year-over-year. GTV of new home transactions was RMB970.0 billion (US$132.9 billion), a decrease of 3.3% year-over-year. GTV of home renovation and furnishing was RMB16.9 billion (US$2.3 billion), an increase of 27.3% year-over-year. GTV of emerging and other services was RMB116.0 billion (US$15.9 billion), an increase of 17.6% year-over-year.
      In the fourth quarter of 2024, GTV was RMB1,143.8 billion (US$156.7 billion), an increase of 55.5% year-over-year. GTV of existing home transactions was RMB744.8 billion (US$102.0 billion), an increase of 59.1% year-over-year. GTV of new home transactions was RMB355.3 billion (US$48.7 billion), an increase of 49.3% year-over-year. GTV of home renovation and furnishing was RMB5.3 billion (US$0.7 billion), an increase of 34.7% year-over-year. GTV of emerging and other services was RMB38.3 billion (US$5.3 billion), an increase of 50.0% year-over-year.
    • Net revenues in 2024 were RMB93.5 billion (US$12.8 billion), an increase of 20.2% year-over-year.
      In the fourth quarter of 2024, net revenues were RMB31.1 billion (US$4.3 billion), an increase of 54.1% year-over-year.
    • Net income in 2024 was RMB4,078 million (US$559 million), a decrease of 30.8% year-over-year. Adjusted net income2in 2024 was RMB7,211 million (US$988 million), a decrease of 26.4% year-over-year.
      In the fourth quarter of 2024, net income was RMB577 million (US$79 million), a decrease of 13.9% year-over-year. Adjusted net income was RMB1,344 million (US$184 million), a decrease of 21.6% year-over-year.
    • Number of stores was 51,573 as of December 31, 2024, a 17.7% increase from one year ago. Number of active stores3 was 49,693 as of December 31, 2024, an 18.3% increase from one year ago.
    • Number of agents was 499,937 as of December 31, 2024, a 16.9% increase from one year ago. Number of active agents4 was 445,271 as of December 31, 2024, a 12.1% increase from one year ago.
    • Mobile monthly active users (MAU)5 averaged 43.2 million in the fourth quarter of 2024, relatively flat compared to 43.2 million in the same period of 2023.

    Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “in 2024, China’s real estate industry is accelerating towards an advanced stage, with customer demand shifting towards reducing decision-making risks and pursuing higher living quality. We empower service providers with technology, enabling optimal decision-making and driving the industry’s leap toward higher service efficiency.”

    “Under the strategy of active growth and ecosystem optimization, we achieved significant growth in several key metrics in 2024. The number of active stores on the platform reached nearly 49,700, an 18.3% increase year-on-year, while the number of active agents surpassed 445,000, a 12.1% increase year-on-year. The total GTV was RMB3,349.4 billion, with net revenues hitting a historic high of RMB93.5 billion, a 20.2% increase year-on-year. GTV of existing home transactions grew 10.8% year-on-year, while net revenues from new home transaction services increased by 10.1% year-on-year. The home renovation and furnishing services saw continuous improvement in scale and delivery capability, achieving net revenues of RMB14.8 billion, a 36.1% year-on-year increase. The home rental services managed over 430,000 units by the end of 2024, generating net revenues of RMB14.3 billion, a 135.0% year-on-year increase, with refined operations improving customer experience. Our Beihaojia business explored driving product strength and reduce risks in the new home industry through the C2M (customer to manufacturing) model.”

    “Looking ahead, we remain committed to our strategic direction of becoming ‘more technology-driven and more human-centric.’ AI-powered technology will enable deeper insights into personalized customer needs and redefine the boundaries of service providers’ capabilities, while a human-centered approach will highlight the value of service. We believe that the integration of technology and human touch will drive a step-change in consumer experience and service efficiency, unlocking new possibilities for the residential services industry,” concluded Mr. Peng.

    Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, “in 2024, both the existing and new home markets saw a significant recovery following the stimulus policies introduced in September. The total volume of existing home transactions saw year-on-year growth in 2024, and structurally, the proportion of existing home transactions within the overall real estate market further increased.

    Facing market opportunities, we continued to make breakthroughs in scale in 2024. Our full-year net revenues reached RMB93.5 billion, up 20.2% year-over-year. Net revenues from existing and new home transaction services both grew year-over-year. Net revenues from non-housing transaction services grew by 64.2% year-over-year, accounting for 33.8% of total net revenues, serving as a new growth engine. Our earnings quality improved as well. Net operating cash inflow in 2024 was RMB9.45 billion, 1.3 times our adjusted net income for the year.

    We placed great emphasis on shareholder returns. We have in aggregate repurchased shares with a total consideration of approximately US$716 million in 2024, which accounted for approximately 3.9% of the Company’s total issued shares at the end of 2023. Meanwhile, we are here to declare our final cash dividend, with an aggregate amount of approximately US$0.4 billion, reaffirming our commitment to sharing long-term value with our shareholders.

    We believe our outstanding financial management capabilities will safeguard our ‘one body, three wings’ strategy and facilitate the steady growth of all business lines.”

    Fourth Quarter 2024 Financial Results

    Net Revenues

    Net revenues increased by 54.1% to RMB31.1 billion (US$4.3 billion) in the fourth quarter of 2024 from RMB20.2 billion in the same period of 2023, primarily attributable to the increase of total GTV and the expansion of home rental business. Total GTV increased by 55.5% to RMB1,143.8 billion (US$156.7 billion) in the fourth quarter of 2024 from RMB735.6 billion in the same period of 2023, primarily attributable to the recovery of housing transaction market driven by the supportive policies and the Company’s proactive growth strategy and enhanced capabilities in market coverage.

    • Net revenues from existing home transaction services were RMB8.9 billion (US$1.2 billion) in the fourth quarter of 2024, increased by 47.5% from RMB6.0 billion in the same period of 2023. GTV of existing home transactions increased by 59.1% to RMB744.8 billion (US$102.0 billion) in the fourth quarter of 2024 from RMB468.1 billion in the same period of 2023. The higher growth rate in GTV compared to net revenues in existing home transaction services was primarily attributable to a decrease in the commission rate of existing home sales transaction services, driven by a strategic scaling-down of certain value-added services offerings as the Company prioritized service quality assurance to ensure the premium offerings maintain their value proposition to customers.

      Among that, (i) commission revenue was RMB7.4 billion (US$1.0 billion) in the fourth quarter of 2024, increased by 53.0% from RMB4.9 billion in the same period of 2023, primarily attributable to the increase of GTV of existing home transactions served by Lianjia stores of 65.7% to RMB311.7 billion (US$42.7 billion) in the fourth quarter of 2024 from RMB188.1 billion in the same period of 2023, partially offset by the decrease in the commission rate of existing home sales transaction services charged by Lianjia stores which was driven by a strategic scale back certain value-added services offerings; and

      (ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform increased by 25.0% to RMB1.5 billion (US$0.2 billion) in the fourth quarter of 2024 from RMB1.2 billion in the same period of 2023, mainly due to an increase of GTV of existing home transactions served by connected agents on the Company’s platform of 54.7% to RMB433.2 billion (US$59.3 billion) in the fourth quarter of 2024 from RMB280.0 billion in the same period of 2023, partially offset by incentive-based reductions in platform service and franchise service fees for connected stores.

    • Net revenues from new home transaction services increased by 72.7% to RMB13.1 billion (US$1.8 billion) in the fourth quarter of 2024 from RMB7.6 billion in the same period of 2023, primarily due to the increase of GTV of new home transactions of 49.3% to RMB355.3 billion (US$48.7 billion) in the fourth quarter of 2024 from RMB238.0 billion in the same period of 2023, and the improved monetization capability. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels increased by 51.6% to RMB287.5 billion (US$39.4 billion) in the fourth quarter of 2024 from RMB189.7 billion in the same period of 2023, and the GTV of new home transactions served by Lianjia brand increased by 40.4% to RMB67.8 billion (US$9.3 billion) in the fourth quarter of 2024 from RMB48.3 billion in the same period of 2023.
    • Net revenues from home renovation and furnishing increased by 12.8% to RMB4.1 billion (US$0.6 billion) in the fourth quarter of 2024 from RMB3.6 billion in the same period of 2023, primarily attributable to a) the increase of orders driven by the synergetic effects from customer acquisition and conversion between home transaction services and home renovation and furnishing business and b) a larger contribution from furniture and home furnishing sales in categories such as customized furniture, soft furnishings, and electrical appliances.
    • Net revenues from home rental services increased by 108.7% to RMB4.6 billion (US$0.6 billion) in the fourth quarter of 2024 from RMB2.2 billion in the same period of 2023, primarily attributable to the increase of the number of rental units under the Carefree Rent model.
    • Net revenues from emerging and other services were RMB0.4 billion (US$0.1 billion) in the fourth quarter of 2024, compared to RMB0.7 billion in the same period of 2023.

    Cost of Revenues

    Total cost of revenues increased by 59.1% to RMB24.0 billion (US$3.3 billion) in the fourth quarter of 2024 from RMB15.1 billion in the same period of 2023.

    • Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 71.7% to RMB8.7 billion (US$1.2 billion) in the fourth quarter of 2024, from RMB5.1 billion in the same period of 2023, primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.
    • Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation increased by 64.8% to RMB6.5 billion (US$0.9 billion) in the fourth quarter of 2024 from RMB3.9 billion in the same period of 2023, primarily due to an increase in the net revenues from existing and new home transactions derived from transactions facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved benefits for them.
    • Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 9.8% to RMB2.9 billion (US$0.4 billion) in the fourth quarter of 2024 from RMB2.6 billion in the same period of 2023, which was in line with the growth of net revenues from home renovation and furnishing.
    • Cost of home rental services. The Company’s cost of revenues for home rental services increased by 101.8% to RMB4.4 billion (US$0.6 billion) in the fourth quarter of 2024 from RMB2.2 billion in the same period of 2023, primarily attributable to the growth of net revenues from home rental services.
    • Cost related to stores. The Company’s cost related to stores increased by 8.1% to RMB0.8 billion (US$0.1 billion) in the fourth quarter of 2024 from RMB0.7 billion in the same period of 2023, primarily attributable to the increased number of Lianjia stores.
    • Other costs. The Company’s other costs increased to RMB0.7 billion (US$0.1 billion) in the fourth quarter of 2024 from RMB0.5 billion in the same period of 2023, mainly due to the increased tax and surcharges in line with the increased net revenues and an increase in provision and funding costs of financial services.

    Gross Profit

    Gross profit increased by 39.4% to RMB7.2 billion (US$1.0 billion) in the fourth quarter of 2024 from RMB5.1 billion in the same period of 2023. Gross margin was 23.0% in the fourth quarter of 2024, compared to 25.5% in the same period of 2023, primarily due to a) a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services and b)a lower contribution margin of emerging and other services.

    Income from Operations

    Total operating expenses increased by 15.8% to RMB6.2 billion (US$0.8 billion) in the fourth quarter of 2024 from RMB5.3 billion in the same period of 2023.

    • General and administrative expenses were RMB3.0 billion (US$0.4 billion) in the fourth quarter of 2024, compared with RMB2.6 billion in the same period of 2023, mainly due to the increase in personnel costs, partially offset by the decrease of share-based compensation expenses.
    • Sales and marketing expenses increased by 12.7% to RMB2.3 billion (US$0.3 billion) in the fourth quarter of 2024 from RMB2.1 billion in the same period of 2023, mainly due to the increase in sales and marketing expenses for home renovation and furnishing business.
    • Research and development expenses increased by 38.4% to RMB739 million (US$101 million) in the fourth quarter of 2024 from RMB534 million in the same period of 2023, primarily due to the increased headcount of research and development personnel and the increased technical service costs.

    Income from operations was RMB1,011 million (US$139 million) in the fourth quarter of 2024, compared to loss from operations of RMB173 million in the same period of 2023. Operating margin was 3.2% in the fourth quarter of 2024, compared to negative 0.9% in the same period of 2023, primarily due to the improved operating leverage in the fourth quarter of 2024, compared to the same period of 2023.

    Adjusted income from operations6 was RMB1,755 million (US$240 million) in the fourth quarter of 2024, compared to RMB856 million in the same period of 2023. Adjusted operating margin7 was 5.6% in the fourth quarter of 2024, compared to 4.2% in the same period of 2023. Adjusted EBITDA8 was RMB2,343 million (US$321 million) in the fourth quarter of 2024, compared to RMB1,700 million in the same period of 2023.

    Net Income

    Net income was RMB577 million (US$79 million) in the fourth quarter of 2024, compared to RMB670 million in the same period of 2023, primarily due to an increase in income tax expenses.

    Adjusted net income was RMB1,344 million (US$184 million) in the fourth quarter of 2024, compared to RMB1,714 million in the same period of 2023.

    Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

    Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB570 million (US$78 million) in the fourth quarter of 2024, compared to RMB670 million in the same period of 2023.

    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders9 was RMB1,336 million (US$183 million) in the fourth quarter of 2024, compared to RMB1,713 million in the same period of 2023.

    Net Income per ADS

    Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders10 were RMB0.51 (US$0.07) and RMB0.49 (US$0.07) in the fourth quarter of 2024, respectively, compared to RMB0.58 and RMB0.56 in the same period of 2023, respectively.

    Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders11 were RMB1.19 (US$0.16) and RMB1.14 (US$0.16) in the fourth quarter of 2024, respectively, compared to RMB1.49 and RMB1.44 in the same period of 2023, respectively.

    Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

    As of December 31, 2024, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB61.6 billion (US$8.4 billion).

    Fiscal Year 2024 Financial Results

    Net Revenues

    Net revenues increased by 20.2% to RMB93.5 billion (US$12.8 billion) in 2024 from RMB77.8 billion in 2023, primarily attributable to the increase of net revenues from new home transaction services and the expansion of home renovation and furnishing and home rental business. Total GTV increased by 6.6% to RMB3,349.4 billion (US$458.9 billion) in 2024 from RMB3,142.9 billion in 2023, primarily attributable to the Company’s proactive growth strategy and enhanced capabilities in market coverage.

    • Net revenues from existing home transaction services were RMB28.2 billion (US$3.9 billion) in 2024, relatively flat compared with RMB28.0 billion in 2023. GTV of existing home transactions increased by 10.8% to RMB2,246.5 billion (US$307.8 billion) in 2024 from RMB2,028.0 billion in 2023.

      Among that, (i) commission revenue increased by 1.0% to RMB23.1 billion (US$3.2 billion) in 2024, from RMB22.9 billion in 2023, primarily attributable to the GTV of existing home transactions served by Lianjia stores increased by 8.4% to RMB918.5 billion (US$125.8 billion) in 2024 from RMB847.6 billion in 2023, mainly offset by a lower commission rate of existing home transaction services charged by Lianjia stores in Beijing; and

      (ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform were RMB5.1 billion (US$0.7 billion) in 2024, relatively flat compared with RMB5.1 billion in 2023, while the GTV of existing home transactions served by connected agents on the Company’s platform increased by 12.5% to RMB1,328.0 billion (US$181.9 billion) in 2024 from RMB1,180.4 billion in 2023. The increase was mainly offset by the decrease in revenues from certain value-added services which were not directly driven by GTV of existing home transactions served by connected agents.

    • Net revenues from new home transaction services increased by 10.1% to RMB33.7 billion (US$4.6 billion) in 2024 from RMB30.6 billion in 2023, primarily due to the improved monetization capability, which was partially offset by the decrease of GTV of new home transactions of 3.3% to RMB970.0 billion (US$132.9 billion) in 2024 from RMB1,003.0 billion in 2023. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels decreased by 3.1% to RMB784.4 billion (US$107.5 billion) in 2024 from RMB809.9 billion in 2023, and the GTV of new home transactions served by Lianjia brand decreased by 3.9% to RMB185.6 billion (US$25.4 billion) in 2024 from RMB193.2 billion in 2023.
    • Net revenues from home renovation and furnishing increased by 36.1% to RMB14.8 billion (US$2.0 billion) in 2024 from RMB10.9 billion in 2023, primarily attributable to a) the increase of orders driven by the synergetic effects from customer acquisition and conversion between home transaction services and home renovation and furnishing business, b) a larger contribution from furniture and home furnishing sales in categories such as customized furniture, soft furnishings, and electrical appliances, and c) the shortened lead time driven by enhanced delivery capabilities.
    • Net revenues from home rental services increased by 135.0% to RMB14.3 billion (US$2.0 billion) in 2024 from RMB6.1 billion in 2023, primarily attributable to the increase of the number of rental units under the Carefree Rent model.
    • Net revenues from emerging and other services increased by 8.8% to RMB2.5 billion (US$0.3 billion) in 2024 from RMB2.3 billion in 2023, primarily attributable to the increase of net revenues from financial services.

    Cost of Revenues

    Total cost of revenues increased by 25.8% to RMB70.5 billion (US$9.7 billion) in 2024 from RMB56.1 billion in 2023.

    • Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 11.5% to RMB22.8 billion (US$3.1 billion) in 2024 from RMB20.4 billion in 2023, primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.
    • Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation increased by 11.1% to RMB18.9 billion (US$2.6 billion) in 2024 from RMB17.0 billion in 2023, primarily due to an increase in the net revenues from new home transactions derived from transactions facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved benefits for them.
    • Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 32.8% to RMB10.2 billion (US$1.4 billion) in 2024 from RMB7.7 billion in 2023, which was in line with the growth of net revenues from home renovation and furnishing.
    • Cost of home rental services. The Company’s cost of revenues for home rental services increased by 121.0% to RMB13.6 billion (US$1.9 billion) in 2024 from RMB6.2 billion in 2023, primarily attributable to the growth of net revenues from home rental services.
    • Cost related to stores. The Company’s cost related to stores was RMB2.9 billion (US$0.4 billion) in 2024, relatively flat compared with RMB2.9 billion in 2023.
    • Other costs. The Company’s other costs increased by 13.6% to RMB2.1 billion (US$0.3 billion) in 2024 from RMB1.9 billion in 2023, mainly due to the increased tax and surcharges in line with the increased net revenues and an increase in provision and funding costs of financial services.

    Gross Profit

    Gross profit increased by 5.6% to RMB22.9 billion (US$3.1 billion) in 2024 from RMB21.7 billion in 2023. Gross margin was 24.6% in 2024, compared to 27.9% in 2023, primarily due to a) a lower contribution ratio of net revenues from existing home transaction services with a relatively higher margin than other revenue streams; and b) a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services.

    Income from Operations

    Total operating expenses increased by 13.3% to RMB19.2 billion (US$2.6 billion) in 2024 from RMB16.9 billion in 2023.

    • General and administrative expenses increased by 8.8% to RMB9.0 billion (US$1.2 billion) in 2024 from RMB8.2 billion in 2023, mainly due to the increase in personnel costs.
    • Sales and marketing expenses increased by 17.0% to RMB7.8 billion (US$1.1 billion) in 2024 from RMB6.7 billion in 2023, mainly due to the increase in sales and marketing expenses for home renovation and furnishing business.
    • Research and development expenses increased by 17.9% to RMB2.3 billion (US$0.3 billion) in 2024 from RMB1.9 billion in 2023, primarily due to the increased headcount of research and development personnel and the increased technical service costs.

    Income from operations was RMB3,765 million (US$516 million) in 2024, compared to RMB4,797 million in 2023. Operating margin was 4.0% in 2024, compared to 6.2% in 2023, primarily due to a lower gross margin partially offset by the improved operating leverage in 2024, compared to 2023.

    Adjusted income from operations was RMB6,890 million (US$944 million) in 2024, compared to RMB8.7 billion in 2023. Adjusted operating margin was 7.4% in 2024, compared to 11.2% in 2023. Adjusted EBITDA was RMB9,534 million (US$1,306 million) in 2024, compared to RMB11.3 billion in 2023.

    Net Income

    Net income was RMB4,078 million (US$559 million) in 2024, compared to RMB5,890 million in 2023.

    Adjusted net income was RMB7,211 million (US$988 million) in 2024, compared to RMB9,798 million in 2023.

    Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

    Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB4,065 million (US$557 million) in 2024, compared to RMB5,883 million in 2023.

    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders12 was RMB7,198 million (US$986 million) in 2024, compared to RMB9,792 million in 2023.

    Net Income per ADS

    Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders13 were RMB3.58 (US$0.49) and RMB3.45 (US$0.47) in 2024, respectively, compared to RMB5.01 and RMB4.89 in 2023, respectively.

    Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders14 were RMB6.33 (US$0.87) and RMB6.10 (US$0.84) in 2024, respectively, compared to RMB8.34 and RMB8.13 in 2023, respectively.

    Share Repurchase Program

    As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023 and August 2024, under which the Company may purchase up to US$3 billion of its Class A ordinary shares and/or ADSs until August 31, 2025, subject to obtaining another general unconditional mandate for the repurchase from the shareholders of the Company at the next annual general meeting to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 14, 2024. As of December 31, 2024, the Company in aggregate has purchased approximately 109.1 million ADSs (representing approximately 327.4 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$1,625.4 million under this share repurchase program since its launch.

    Final Cash Dividend

    The Company is pleased to announce that its board of directors (the “Board”) has approved a final cash dividend (the “Dividend”) of US$0.12 per ordinary share, or US$0.36 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 9, 2025, Beijing/ Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The aggregate amount of the Dividend to be paid will be approximately US$0.4 billion, which will be funded by cash surplus on the Company’s balance sheet.

    For holders of ordinary shares, in order to qualify for the Dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong no later than 4:30 p.m. on April 9, 2025 (Beijing/Hong Kong Time). Dividend to be paid to the Company’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement. The payment date is expected to be on or around April 22, 2025 for holders of ordinary shares, and on or around April 25, 2025 for holders of ADSs.

    Under the Company’s current dividend policy, the Board has discretion on whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, the Company’s shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by the Board. If the Company decides to pay dividends, the form, frequency and amount will be based upon its future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board may deem relevant.

    Conference Call Information

    The Company will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Tuesday, March 18, 2025 (8:00 P.M. Beijing/Hong Kong Time on Tuesday, March 18, 2025) to discuss the financial results.

    For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

    Participant Online Registration:

    English Line: https://s1.c-conf.com/diamondpass/10045435-su5md1.html

    Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10045436-c4n72s.html

    A replay of the conference call will be accessible through March 25, 2025, by dialing the following numbers:

    United States: +1-855-883-1031
    Mainland, China: 400-1209-216
    Hong Kong, China: 800-930-639
    International: +61-7-3107-6325
    Replay PIN (English line): 10045435
    Replay PIN (Chinese simultaneous interpretation line): 10045436

    A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://investors.ke.com.

    Exchange Rate

    This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

    Non-GAAP Financial Measures

    The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business.

    The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

    Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

    About KE Holdings Inc.

    KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

    Safe Harbor Statement

    This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    In China:
    KE Holdings Inc.
    Investor Relations
    Siting Li
    E-mail: ir@ke.com

    Piacente Financial Communications
    Jenny Cai
    Tel: +86-10-6508-0677
    E-mail: ke@tpg-ir.com

    In the United States:
    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    Email: ke@tpg-ir.com

    Source: KE Holdings Inc.

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except for share, per share data)
        As of
    December 31,
      As of
    December 31,
        2023   2024
        RMB   RMB   US$
                 
    ASSETS            
    Current assets            
    Cash and cash equivalents   19,634,716   11,442,965   1,567,680
    Restricted cash   6,222,745   8,858,449   1,213,603
    Short-term investments   34,257,958   41,317,700   5,660,502
    Financing receivables, net of allowance for credit losses of RMB122,482 and RMB147,330 as of December 31, 2023 and 2024, respectively   1,347,759   2,835,527   388,466
    Accounts receivable and contract assets, net of allowance for credit losses of RMB1,681,127 and RMB1,636,163 as of December 31, 2023 and 2024, respectively   3,176,169   5,497,989   753,221
    Amounts due from and prepayments to related parties   419,270   379,218   51,953
    Loan receivables from related parties   28,030   18,797   2,575
    Prepayments, receivables and other assets   4,666,976   6,252,700   856,615
    Total current assets   69,753,623   76,603,345   10,494,615
    Non-current assets            
    Property, plant and equipment, net   1,965,098   2,400,211   328,828
    Right-of-use assets   17,617,915   23,366,879   3,201,249
    Long-term investments, net   23,570,988   23,790,106   3,259,231
    Intangible assets, net   1,067,459   857,635   117,496
    Goodwill   4,856,807   4,777,420   654,504
    Long-term loan receivables from related parties   27,000   131,410   18,003
    Other non-current assets   1,473,041   1,222,277   167,451
    Total non-current assets   50,578,308   56,545,938   7,746,762
    TOTAL ASSETS   120,331,931   133,149,283   18,241,377
     
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,
      As of
    December 31,
        2023   2024
        RMB   RMB   US$
                 
    LIABILITIES            
    Current liabilities            
    Accounts payable   6,328,516   9,492,629   1,300,485
    Amounts due to related parties   430,350   391,446   53,628
    Employee compensation and welfare payable   8,145,779   8,414,472   1,152,778
    Customer deposits payable   3,900,564   6,078,623   832,768
    Income taxes payable   698,568   1,028,735   140,936
    Short-term borrowings   290,450   288,280   39,494
    Lease liabilities current portion   9,368,607   13,729,701   1,880,961
    Contract liability and deferred revenue   4,665,201   6,051,867   829,102
    Accrued expenses and other current liabilities   5,695,948   7,268,505   995,782
    Total current liabilities   39,523,983   52,744,258   7,225,934
    Non-current liabilities            
    Deferred tax liabilities   279,341   317,697   43,524
    Lease liabilities non-current portion   8,327,113   8,636,770   1,183,233
    Other non-current liabilities   389   2,563   352
    Total non-current liabilities   8,606,843   8,957,030   1,227,109
    TOTAL LIABILITIES   48,130,826   61,701,288   8,453,043
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
    (All amounts in thousands, except for share, per share data)
        As of
    December 31,
      As of
    December 31,
        2023     2024  
        RMB   RMB   US$
                 
    SHAREHOLDERS’ EQUITY            
    KE Holdings Inc. shareholders’ equity            
    Ordinary shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,571,960,220 Class A ordinary shares issued and 3,443,860,844 Class A ordinary shares outstanding(1)as of December 31, 2023; 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding(1)as of December 31, 2024; and 151,354,549 and 145,413,446 Class B ordinary shares issued and outstanding as of December 31, 2023 and 2024, respectively)   475     461     63  
    Treasury shares   (866,198 )   (949,410 )   (130,069 )
    Additional paid-in capital   77,583,054     72,460,562     9,927,056  
    Statutory reserves   811,107     926,972     126,995  
    Accumulated other comprehensive income   244,302     609,112     83,448  
    Accumulated deficit   (5,672,916 )   (1,723,881 )   (236,171 )
    Total KE Holdings Inc. shareholders’ equity   72,099,824     71,323,816     9,771,322  
    Non-controlling interests   101,281     124,179     17,012  
    TOTAL SHAREHOLDERS’ EQUITY   72,201,105     71,447,995     9,788,334  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   120,331,931     133,149,283     18,241,377  

    (1)  Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

    (All amounts in thousands, except for share, per share data, ADS and per ADS data)


      For the Three Months Ended   For the Year Ended
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Net revenues                      
    Existing home transaction services 6,049,963     8,922,030     1,222,313     27,954,135     28,201,003     3,863,522  
    New home transaction services 7,574,098     13,076,767     1,791,510     30,575,778     33,653,403     4,610,497  
    Home renovation and furnishing 3,640,928     4,106,834     562,634     10,850,497     14,768,947     2,023,337  
    Home rental services 2,194,485     4,580,502     627,526     6,099,747     14,334,479     1,963,816  
    Emerging and other services 744,752     438,974     60,139     2,296,775     2,499,666     342,453  
    Total net revenues 20,204,226     31,125,107     4,264,122     77,776,932     93,457,498     12,803,625  
    Cost of revenues                      
    Commission-split (5,073,602 )   (8,709,790 )   (1,193,236 )   (20,419,577 )   (22,766,957 )   (3,119,060 )
    Commission and compensation-internal (3,917,437 )   (6,456,881 )   (884,589 )   (17,015,927 )   (18,903,786 )   (2,589,808 )
    Cost of home renovation and furnishing (2,628,015 )   (2,884,614 )   (395,190 )   (7,705,325 )   (10,229,696 )   (1,401,463 )
    Cost of home rental services (2,166,138 )   (4,370,712 )   (598,785 )   (6,163,044 )   (13,619,506 )   (1,865,865 )
    Cost related to stores (727,054 )   (785,966 )   (107,677 )   (2,872,093 )   (2,854,988 )   (391,132 )
    Others (547,934 )   (746,958 )   (102,333 )   (1,882,952 )   (2,138,510 )   (292,973 )
    Total cost of revenues(1) (15,060,180 )   (23,954,921 )   (3,281,810 )   (56,058,918 )   (70,513,443 )   (9,660,301 )
    Gross profit 5,144,046     7,170,186     982,312     21,718,014     22,944,055     3,143,324  
    Operating expenses                      
    Sales and marketing expenses(1) (2,080,363 )   (2,344,000 )   (321,127 )   (6,654,178 )   (7,783,341 )   (1,066,313 )
    General and administrative expenses(1) (2,647,739 )   (2,961,294 )   (405,695 )   (8,236,569 )   (8,960,747 )   (1,227,617 )
    Research and development expenses(1) (533,620 )   (738,683 )   (101,199 )   (1,936,780 )   (2,283,424 )   (312,828 )
    Impairment of goodwill, intangible assets and other long-lived assets (55,441 )   (115,179 )   (15,779 )   (93,417 )   (151,576 )   (20,766 )
    Total operating expenses (5,317,163 )   (6,159,156 )   (843,800 )   (16,920,944 )   (19,179,088 )   (2,627,524 )
    Income (loss) from operations (173,117 )   1,011,030     138,512     4,797,070     3,764,967     515,800  
    Interest income, net 311,963     283,417     38,828     1,263,332     1,260,163     172,642  
    Share of results of equity investees (18,130 )   6,144     842     9,098     10,192     1,396  
    Impairment loss for equity investments accounted for equity method (4,187 )           (10,369 )        
    Fair value changes in investments, net 4,127     125,333     17,171     78,320     312,791     42,852  
    Impairment loss for equity investments accounted for using Measurement Alternative (16,605 )   (971 )   (133 )   (28,800 )   (9,408 )   (1,289 )
    Foreign currency exchange loss (174,459 )   (6,805 )   (932 )   (93,956 )   (34,674 )   (4,750 )
    Other income, net 832,103     192,069     26,313     1,869,300     1,566,038     214,546  
    Income before income tax expense 761,695     1,610,217     220,601     7,883,995     6,870,069     941,197  
    Income tax expense (91,632 )   (1,032,969 )   (141,516 )   (1,994,391 )   (2,791,889 )   (382,487 )
    Net income 670,063     577,248     79,085     5,889,604     4,078,180     558,710  
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)

    (All amounts in thousands, except for share, per share data, ADS and per ADS data)

      For the Three Months Ended   For the Year Ended
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Net income attributable to non-controlling interests shareholders (458 )   (7,256 )   (994 )   (6,380 )   (13,280 )   (1,819 )
    Net income attributable to KE Holdings Inc. 669,605     569,992     78,091     5,883,224     4,064,900     556,891  
    Net income attributable to KE Holdings Inc.’s ordinary shareholders 669,605     569,992     78,091     5,883,224     4,064,900     556,891  
                           
    Net income 670,063     577,248     79,085     5,889,604     4,078,180     558,710  
    Currency translation adjustments (138,522 )   348,802     47,786     574,223     217,142     29,748  
    Unrealized gains (losses) on available-for-sale investments, net of reclassification 133,067     (15,206 )   (2,083 )   82,800     147,668     20,230  
    Total comprehensive income 664,608     910,844     124,788     6,546,627     4,442,990     608,688  
    Comprehensive income attributable to non-controlling interests shareholders (458 )   (7,256 )   (994 )   (6,380 )   (13,280 )   (1,819 )
    Comprehensive income attributable to KE Holdings Inc. 664,150     903,588     123,794     6,540,247     4,429,710     606,869  
    Comprehensive income attributable to KE Holdings Inc.’s ordinary shareholders 664,150     903,588     123,794     6,540,247     4,429,710     606,869  
     
    For the Three Months Ended
      For the Year Ended
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Weighted average number of ordinary shares used in computing net income per share, basic and diluted                      
    —Basic 3,449,700,565   3,356,948,233   3,356,948,233   3,521,379,938   3,409,772,592   3,409,772,592
    —Diluted 3,557,221,957   3,525,088,426   3,525,088,426   3,611,653,020   3,537,408,029   3,537,408,029
                           
    Weighted average number of ADS used in computing net income per ADS, basic and diluted                      
    —Basic 1,149,900,188   1,118,982,744   1,118,982,744   1,173,793,313   1,136,590,864   1,136,590,864
    —Diluted 1,185,740,652   1,175,029,475   1,175,029,475   1,203,884,340   1,179,136,010   1,179,136,010
                           
    Net income per share attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 0.19   0.17   0.02   1.67   1.19   0.16
    —Diluted 0.19   0.16   0.02   1.63   1.15   0.16
                           
    Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 0.58   0.51   0.07   5.01   3.58   0.49
    —Diluted 0.56   0.49   0.07   4.89   3.45   0.47
                           
    (1) Includes share-based compensation expenses as follows:  
    Cost of revenues 138,967   135,358   18,544   502,523   521,293   71,417
    Sales and marketing expenses 51,347   53,410   7,317   180,465   197,320   27,033
    General and administrative expenses 580,363   360,801   49,430   2,345,895   1,821,817   249,588
    Research and development expenses 47,761   45,499   6,233   186,666   185,645   25,433
                           
    KE Holdings Inc.
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

    (All amounts in thousands, except for share, per share data, ADS and per ADS data)

      For the Three Months Ended   For the Year Ended
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Income (loss) from operations (173,117 )   1,011,030     138,512     4,797,070     3,764,967     515,800  
    Share-based compensation expenses 818,438     595,068     81,524     3,215,549     2,726,075     373,471  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 155,039     33,695     4,616     613,307     247,862     33,957  
    Impairment of goodwill, intangible assets and other long-lived assets 55,441     115,179     15,779     93,417     151,576     20,766  
    Adjusted income from operations 855,801     1,754,972     240,431     8,719,343     6,890,480     943,994  
                           
    Net income 670,063     577,248     79,085     5,889,604     4,078,180     558,710  
    Share-based compensation expenses 818,438     595,068     81,524     3,215,549     2,726,075     373,471  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 155,039     33,695     4,616     613,307     247,862     33,957  
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 546     27,960     3,831     (26,315 )   24,371     3,339  
    Impairment of goodwill, intangible assets and other long-lived assets 55,441     115,179     15,779     93,417     151,576     20,766  
    Impairment of investments 20,792     971     133     39,169     9,408     1,289  
    Tax effects on non-GAAP adjustments (6,561 )   (6,495 )   (890 )   (26,243 )   (26,399 )   (3,617 )
    Adjusted net income 1,713,758     1,343,626     184,078     9,798,488     7,211,073     987,915  
                           
    Net income 670,063     577,248     79,085     5,889,604     4,078,180     558,710  
    Income tax expense 91,632     1,032,969     141,516     1,994,391     2,791,889     382,487  
    Share-based compensation expenses 818,438     595,068     81,524     3,215,549     2,726,075     373,471  
    Amortization of intangible assets 158,339     38,041     5,212     627,146     268,684     36,810  
    Depreciation of property, plant and equipment 196,436     238,496     32,674     775,042     743,728     101,890  
    Interest income, net (311,963 )   (283,417 )   (38,828 )   (1,263,332 )   (1,260,163 )   (172,642 )
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 546     27,960     3,831     (26,315 )   24,371     3,339  
    Impairment of goodwill, intangible assets and other long-lived assets 55,441     115,179     15,779     93,417     151,576     20,766  
    Impairment of investments 20,792     971     133     39,169     9,408     1,289  
    Adjusted EBITDA 1,699,724     2,342,515     320,926     11,344,671     9,533,748     1,306,120  
                           
    Net income attributable to KE Holdings Inc.’s ordinary shareholders 669,605     569,992     78,091     5,883,224     4,064,900     556,891  
    Share-based compensation expenses 818,438     595,068     81,524     3,215,549     2,726,075     373,471  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 155,039     33,695     4,616     613,307     247,862     33,957  
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 546     27,960     3,831     (26,315 )   24,371     3,339  
    Impairment of goodwill, intangible assets and other long-lived assets 55,441     115,179     15,779     93,417     151,576     20,766  
    Impairment of investments 20,792     971     133     39,169     9,408     1,289  
    Tax effects on non-GAAP adjustments (6,561 )   (6,495 )   (890 )   (26,243 )   (26,399 )   (3,617 )
    Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders (7 )   (7 )   (1 )   (28 )   (28 )   (4 )
    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders 1,713,293     1,336,363     183,083     9,792,080     7,197,765     986,092  
    KE Holdings Inc.
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Continued)

    (All amounts in thousands, except for share, per share data, ADS and per ADS data)

      For the Three Months Ended   For the Year Ended
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Weighted average number of ADS used in computing net income per ADS, basic and diluted                      
    —Basic 1,149,900,188   1,118,982,744   1,118,982,744   1,173,793,313   1,136,590,864   1,136,590,864
    —Diluted 1,185,740,652   1,175,029,475   1,175,029,475   1,203,884,340   1,179,136,010   1,179,136,010
                           
    Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted                      
    —Basic 1,149,900,188   1,118,982,744   1,118,982,744   1,173,793,313   1,136,590,864   1,136,590,864
    —Diluted 1,185,740,652   1,175,029,475   1,175,029,475   1,203,884,340   1,179,136,010   1,179,136,010
                           
    Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 0.58   0.51   0.07   5.01   3.58   0.49
    —Diluted 0.56   0.49   0.07   4.89   3.45   0.47
                           
    Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 0.91   0.68   0.09   3.33   2.75   0.38
    —Diluted 0.88   0.65   0.09   3.24   2.65   0.37
                           
    Adjusted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 1.49   1.19   0.16   8.34   6.33   0.87
    —Diluted 1.44   1.14   0.16   8.13   6.10   0.84
                           
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

    (All amounts in thousands)   

      For the Three Months Ended   For the Year Ended
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Net cash provided by operating activities 1,767,804     5,202,518     712,740     11,414,244     9,447,137     1,294,255  
    Net cash provided by (used in) investing activities 3,712,203     (2,015,584 )   (276,133 )   (3,977,440 )   (9,378,025 )   (1,284,784 )
    Net cash provided by (used in) financing activities (1,475,585 )   1,109,860     152,050     (7,218,210 )   (5,794,635 )   (793,862 )
    Effect of exchange rate change on cash, cash equivalents and restricted cash (142,337 )   184,196     25,237     44,608     169,476     23,216  
    Net increase (decrease) in cash and cash equivalents and restricted cash 3,862,085     4,480,990     613,894     263,202     (5,556,047 )   (761,175 )
    Cash, cash equivalents and restricted cash at the beginning of the period 21,995,376     15,820,424     2,167,389     25,594,259     25,857,461     3,542,458  
    Cash, cash equivalents and restricted cash at the end of the period 25,857,461     20,301,414     2,781,283     25,857,461     20,301,414     2,781,283  
    KE Holdings Inc.
    UNAUDITED SEGMENT CONTRIBUTION MEASURE

    (All amounts in thousands)                 

        For the Three Months Ended   For the Year Ended
        December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
        RMB   RMB   US$   RMB   RMB   US$
    Existing home transaction services                        
    Net revenues   6,049,963     8,922,030     1,222,313     27,954,135     28,201,003     3,863,522  
    Less: Commission and compensation   (3,355,714 )   (5,315,541 )   (728,226 )   (14,762,910 )   (16,016,079 )   (2,194,194 )
    Contribution   2,694,249     3,606,489     494,087     13,191,225     12,184,924     1,669,328  
    New home transaction services                        
    Net revenues   7,574,098     13,076,767     1,791,510     30,575,778     33,653,403     4,610,497  
    Less: Commission and compensation   (5,574,423 )   (9,723,154 )   (1,332,067 )   (22,455,253 )   (25,304,481 )   (3,466,700 )
    Contribution   1,999,675     3,353,613     459,443     8,120,525     8,348,922     1,143,797  
    Home renovation and furnishing                        
    Net revenues   3,640,928     4,106,834     562,634     10,850,497     14,768,947     2,023,337  
    Less: Material costs, commission and compensation   (2,628,015 )   (2,884,614 )   (395,190 )   (7,705,325 )   (10,229,696 )   (1,401,463 )
    Contribution   1,012,913     1,222,220     167,444     3,145,172     4,539,251     621,874  
    Home rental services                        
    Net revenues   2,194,485     4,580,502     627,526     6,099,747     14,334,479     1,963,816  
    Less: Property leasing costs, commission and compensation   (2,166,138 )   (4,370,712 )   (598,785 )   (6,163,044 )   (13,619,506 )   (1,865,865 )
    (Deficit)/Contribution   28,347     209,790     28,741     (63,297 )   714,973     97,951  
    Emerging and other services                        
    Net revenues   744,752     438,974     60,139     2,296,775     2,499,666     342,453  
    Less: Commission and compensation   (60,902 )   (127,976 )   (17,532 )   (217,341 )   (350,183 )   (47,974 )
    Contribution   683,850     310,998     42,607     2,079,434     2,149,483     294,479  

    1 GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.
    2 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    3 Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.
    “Active stores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 42,021 as of December 31, 2023.
    4 “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 397,135 as of December 31, 2023.
    5 “Mobile monthly active users” or “mobile MAU” are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.
    6 Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    7 Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
    8 Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets,and (viii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    9 Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure and defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    10 ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
    11 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    12 Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure and defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    13 ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
    14 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

    The MIL Network

  • MIL-Evening Report: View from The Hill: Dutton’s talk about a citizenship referendum is personal over-reach and political folly

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

    Peter Dutton, when he gets on his favoured ground of security, too often goes for the quick hit, and frequently over-reaches.

    His suggestion of running a possible referendum to facilitate the removal of bad eggs who are dual citizens is a prime example.

    Apart from the substance of the proposal, why would an aspiring prime minister be talking about a referendum after the experience of the Voice?

    As Dutton knows very well – and to his advantage in that case – referendums don’t succeed without bipartisan support, and this one certainly wouldn’t get backing from a Labor opposition. They cost a fortune, and they distract prime ministers. Dutton would have enough to do in government without going down this side track to a predictable dead end.

    Although this focus on booting people out of the country sounds Trumpian, it has long been a preoccupation of Dutton’s – something he pushed in the Coalition years.

    The Coalition amended the Citizenship Act, enabling a minister to revoke the Australian citizenship of dual nationals (so depriving them of the protection from removal that citizenship affords).

    But the High Court in 2022 struck this down, so a minister has to apply to a court in the course of a trial relating to a listed offence. The court makes the decision on citizenship as part of sentencing the person.

    Fast forward to the present, and Dutton sees advantage in any issues that go to security, of individuals or the country. Hence his talk of attempted constitutional change if the objective can’t be achieved by legislation.

    On morning TV on Tuesday he kept repeating that he wanted to keep people safe.

    He told Seven, “I want to keep our country safe […] it’s the first responsibility of any prime minister, and at the moment we’ve got people in our country who hate our country, who want to cause terrorist attacks. My argument is that if you betray your allegiance to our country in that way, you should expect to lose your citizenship.”

    “What we’re proposing here is a discussion about whether we’ve got adequate laws, whether the Constitution is restrictive, and ultimately, what I want to do is keep our country safe and keep communities safe. I think there are a lot of Australians at the moment who are worried about the rise of antisemitism and what we’ve seen in our country, and elsewhere, which just doesn’t reflect the values that we’ve fought for over many generations.”

    Apart from the fact a referendum would fail, the proposal itself has no obvious benefit. It is out of proportion to the problem it is supposed to be addressing, would be unlikely to act as a deterrent, and would stir a divisive debate. On Tuesday Dutton’s senior colleagues Michaelia Cash, who is shadow attorney-general, and Angus Taylor sounded less then enthusiastic about the move.

    For Dutton’s campaign, it carries a special danger. It gives the impression of a leader who comes up with extreme proposals. If he is suggesting this today, what will be think of tomorrow? More to the point, what might he suddenly propose when in government?

    This close to an election, Dutton needs to give voters the feeling he is predictable, that they know him, not that he produces ideas out of left field (or right field, in this case).

    Former Liberal attorney-general George Brandis, who was around for the earlier debate, summed up the situation succinctly, when he wrote in the Nine papers, “An unwanted referendum, without bipartisan support, to overturn the High Court? It is as mad an idea as I have heard in a long time.”

    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. View from The Hill: Dutton’s talk about a citizenship referendum is personal over-reach and political folly – https://theconversation.com/view-from-the-hill-duttons-talk-about-a-citizenship-referendum-is-personal-over-reach-and-political-folly-252512

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: President Lai meets Commander-in-Chief of US Veterans of Foreign Wars Alfred Lipphardt  

    Source: Republic of China Taiwan

    Details
    2025-02-17
    President Lai meets former United States Deputy National Security Advisor Matthew Pottinger
    On the morning of February 17, President Lai Ching-te met with a delegation led by former United States Deputy National Security Advisor Matthew Pottinger. In remarks, President Lai thanked the delegation for demonstrating staunch support for Taiwan through their visit. The president pointed out that increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. He emphasized that only by bolstering our defense capabilities can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. The president stated that moving forward, Taiwan will continue to enhance its self-defense capabilities. He also expressed hope of strengthening the Taiwan-US partnership and jointly building secure and resilient non-red supply chains so as to ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. A translation of President Lai’s remarks follows: I am delighted to welcome our good friends Mr. Pottinger and retired US Rear Admiral Mr. Mark Montgomery to Taiwan once again. Last June, Mr. Pottinger and Mr. Ivan Kanapathy came to Taiwan to launch their new book The Boiling Moat. During that visit, they also visited the Presidential Office. We held an extensive exchange of views on Taiwan-US relations and regional affairs right here in the Taiwan Heritage Room. Now, as we meet again eight months later, I am pleased to learn that Mr. Kanapathy is now serving on the White House National Security Council. The Mandarin translation of The Boiling Moat is also due to be released in Taiwan very soon. This book offers insightful observations from US experts regarding US-China-Taiwan relations and valuable advice for the strengthening of Taiwan’s national defense, security, and overall resilience. I am sure that Taiwanese readers will benefit greatly from it. I understand that this is Mr. Montgomery’s fourth visit to Taiwan and that he has long paid close attention to Taiwan-related issues. I look forward to an in-depth discussion with our two friends on the future direction of Taiwan-US relations and cooperation. Increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. One notion we all share is peace through strength. That is, only by bolstering our defense capabilities and fortifying our defenses can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. Moving forward, Taiwan will continue to enhance its self-defense capabilities. We also hope to strengthen the Taiwan-US partnership in such fields as security, trade and the economy, and energy. In addition, we will advance cooperation in critical and innovative technologies and jointly build secure and resilient non-red supply chains. This will ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. We believe that closer Taiwan-US exchanges and cooperation not only benefit national security and development but also align with the common economic interests of Taiwan and the US. I want to thank Mr. Pottinger and Mr. Montgomery once again for visiting and for continuing to advance Taiwan-US exchanges, demonstrating staunch support for Taiwan. Let us continue to work together to deepen Taiwan-US relations. I wish you a smooth and fruitful visit.  Mr. Pottinger then delivered remarks, first congratulating President Lai on his one-year election anniversary and on the state of the economy, which, he added, is doing quite well. Mentioning President Lai’s recent statement pledging to increase Taiwan’s defense budget to above 3 percent of GDP, Mr. Pottinger said he thinks that the benchmark is equal to what the US spends on its defense and that it is a good starting point for both countries to build deterrence. Echoing the president’s earlier remarks, Mr. Pottinger said that peace through strength is the right path for the US and for Taiwan right now at a moment when autocratic, aggressive governments are on the march. He then paraphrased the words of former US President George Washington in his first inaugural address, saying that the best way to keep the peace is to be prepared at all times for war, which captures the meaning of peace through strength. In closing, he said he looks forward to exchanging views with President Lai.

    Details
    2024-12-26
    President Lai presides over second meeting of Whole-of-Society Defense Resilience Committee
    On the afternoon of December 26, President Lai Ching-te presided over the second meeting of the Whole-of-Society Defense Resilience Committee. President Lai stated that the committee’s goal is to enhance overall resilience in terms of national defense, economic livelihoods, disaster prevention, and democracy through five key areas: civilian force training and utilization, strategic material preparation and critical supply distribution, energy and critical infrastructure operations and maintenance, social welfare, medical care, and evacuation facility readiness, and information, transportation, and financial network protection. That morning, he said, was the first time that central and local government officials, as well as civilian observers, gathered at the Presidential Office to conduct cross-disciplinary tabletop exercises, demonstrating cooperation between central and local governments to jointly enhance social resilience. President Lai also announced that the existing Wan An and Min An Exercises, which are air raid drills and disaster response drills, respectively, beginning from next year will be combined into the 2025 Urban Resilience Exercises, the nomenclature of which matches up with that of similar exercises carried out overseas. The exercises, he said, will strengthen the defensive mechanisms of the non-military sector, and verify the ability of civil defense and disaster preparedness systems to protect our nation’s people. The president emphasized that combining government and private-sector forces is the only way to strengthen Taiwan’s overall defense capabilities, jointly consolidate global democratic resilience, and maintain regional peace and stability. A translation of President Lai’s opening statement follows: Today, we are convening the second meeting of the Whole-of-Society Defense Resilience Committee, implementing the conclusions reached at the last meeting, conducting tabletop exercises, and verifying the preparedness of government agencies to address extreme situations. Looking back over the past year, circumstances at home and abroad have changed rapidly. Authoritarian states around the world continue to converge, threatening the rules-based international order, and they now present a collective challenge to the peace and stability of the entire first island chain. To address threats, whether natural disasters or ambitions for authoritarian expansion, we believe that as long as the government and all of society are prepared, we can respond. With determination, there is no need to worry. With confidence, our people can rest assured. This is the goal of whole-of-society defense resilience. Of course, these preparations are not easy. Taiwan’s society must race against time, and work together to build capabilities to respond to major disasters and threats, and deter enemy encroachment. Therefore, the goal of this committee is to formulate action plans through the five key areas: civilian force training and utilization, strategic material preparation and critical supply distribution, energy and critical infrastructure operations and maintenance, social welfare, medical care, and evacuation facility readiness, and information, transportation, and financial network protection, thereby verifying central and local government capacities to respond in times of disaster, and enhance overall resilience in terms of national defense, economic livelihoods, disaster prevention, and democracy. This morning at the Presidential Office, we conducted the first-ever cross-disciplinary tabletop exercises involving central and local government officials as well as civilian observers. Participating teams from central government departments were all led by deputy ministers, Tainan City Deputy Mayor Yeh Tse-shan (葉澤山) led a team, and Tainan Mayor Huang Wei-che (黃偉哲) also came to participate, demonstrating cooperation between central and local governments to jointly enhance social resilience. The exercises were based on Taiwan’s mature disaster prevention and relief system’s response to comprehensive threats. We had scenarios, but no scripts, so the participating units did not prepare notes in advance, but reacted on the spot. When presented with a problem, they proposed countermeasures, which is closer to a real crisis situation. To address the continued threat of authoritarian expansion to regional stability and order, in the first scenario we simulated that a high-intensity gray-zone operation occurred; for the second scenario, we simulated a state of being on the verge of conflict. The most important core objectives of the exercises were to ensure that people could carry on their daily lives and that society could function normally. I would like to thank our three deputy conveners for serving as exercise commanders, Minister of the Interior Liu Shyh-fang (劉世芳) and Minister without Portfolio of the Executive Yuan Chi Lien-cheng (季連成) for serving as deputy exercise commanders, and Deputy Secretary-General to the President Chang Tun-han (張惇涵) as well as National Security Council Deputy Secretary-General Lin Fei-fan (林飛帆) for serving as chief officials. I also want to thank all our advisors, committee members, and colleagues from government agencies at both the central and local levels for coming together to complete tabletop exercises aimed at testing out components of the five key areas. After conducting numerous exercises in the past, many government agencies improved their emergency response capabilities, and I want to recognize those achievements. However, I also want to emphasize that we must identify problems in our current systems, and then make improvements. Whether it be the central or the local level, we cannot just talk about the good things and sweep the unpleasant things under the rug. We have to rigorously ascertain numbers and make sure just how accurate the sources of our information are, because it is always a good thing when we discover problems in our exercises, and find places where improvements are needed. This means that our testing has achieved its purpose, and that there is much room for progress and improvement. I also want to report to you all that, over the past few years, due to the global pandemic and Russia’s invasion of Ukraine, countries throughout the world have been bolstering their defense resilience. NATO and the European Union, for example, have both adopted guidelines aimed at strengthening whole-of-society resilience. This shows that Taiwan is not a special case. The task of whole-of-society defense resilience is being addressed throughout the world. Taiwan’s ongoing efforts to strengthen its whole-of-society defense resilience is something the international community at large is wanting to see. This month I visited the Republic of the Marshall Islands, Tuvalu, and the Republic of Palau, all of which are Pacific allies of Taiwan, and I made transit stops in the United States islands of Hawaii and Guam. Friends in each of these places expressed firm support for Taiwan and repeatedly said they hope for peace and stability in the Taiwan Strait. We must continue taking action to respond to the international community’s support. Taiwan must have the capability to defend its own security. As president, I want to take this opportunity to emphasize to the international community that Taiwan is determined to defend regional peace and stability. We will accelerate the pace of efforts to build a more resilient Taiwan. I therefore wish to announce that our existing Wan An and Min An Exercises, which are air raid drills and disaster response drills, respectively, beginning from next year will be combined, and we will hold the 2025 Urban Resilience Exercises. This new nomenclature matches up with that of similar exercises carried out overseas, making it easier for others to understand the efforts that Taiwan is putting forth. In addition, the 2025 Urban Resilience Exercises will feature absolutely no reliance on military support, and will have a design that takes the latest international experiences into account. These resilience exercises will be distinct from the Han Kuang military exercises, and yet complementary at the same time. In other words, whole-of-society defense resilience must particularly strengthen the defensive mechanisms of the non-military sector, and must verify the ability of civil defense and disaster preparedness systems to protect our nation’s people. I want to emphasize once again that the more resilient we make Taiwan, like-minded nations around the world will be more willing to coordinate with us in responding to various challenges together. I realize that to defend democracy, we must gather together every bit of strength we have. The task of promoting whole-of-society defense resilience is a massive undertaking. The public sector must adopt a more open-minded attitude and be willing to tap into private-sector human resources, because combining government and private-sector forces is the only way to jointly respond to challenges arising under extreme conditions, and is the only way to strengthen Taiwan’s overall defense capabilities, jointly consolidate global democratic resilience, and maintain regional peace and stability. In just a few moments, Minister Liu will deliver a report on the progress of certain items listed in the first committee meeting, and Deputy Secretary-General Lin will deliver a report on the outcomes of the tabletop exercises held this morning. Next, let us engage in open discussions and examine and verify each component of the tabletop exercises, so that together we can improve whole-of-society defense resilience, make Taiwan more secure, and make the region more stable. Thank you. After listening to the report on the progress of certain items listed in the first committee meeting and the report on the outcomes of the tabletop exercises, President Lai exchanged views with the committee members regarding the content of the reports.123

    Details
    2024-11-30
    Presidential Office thanks Biden administration for announcing its 18th military sale to Taiwan
    On November 29 (US EST), the United States government announced that it had notified Congress of the sale to Taiwan of two military packages: a US$320 million sale of spare parts and support for F-16 aircraft and Active Electronically Scanned Array radar spare parts and support; and a US$65 million sale of Improved Mobile Subscriber Equipment Follow-on Support and related equipment. Presidential Office Spokesperson Karen Kuo (郭雅慧) stated that the Presidential Office is sincerely grateful to the US government for its unwavering commitment to continue to strengthen the cooperative partnership between Taiwan and the US and support Taiwan in enhancing self-defense capabilities in accordance with the Taiwan Relations Act and the Six Assurances.  Spokesperson Kuo stated that this marks the 18th military sale to Taiwan announced during the Biden administration since 2021, emphasizing that the deepening Taiwan-US security partnership is a critical cornerstone for peace and stability in the Indo-Pacific region. The spokesperson said that in the face of mounting security challenges in the region, Taiwan will continue to enhance self-defense capabilities and work alongside like-minded countries to jointly defend the values of freedom and democracy and ensure the peace and stability of the Indo-Pacific region.

    Details
    2024-10-26
    Presidential Office thanks Biden administration for announcing its 17th military sale to Taiwan
    On October 25 (US EST), the United States government announced that it had notified Congress of the US$1.988 billion sale to Taiwan of three military packages, including the National Advanced Surface-to-Air Missile System as well as L-band and non-L-band radar turnkey systems. Presidential Office Spokesperson Karen Kuo (郭雅慧) on October 26 stated that strengthening Taiwan’s self-defense capabilities is the foundation for maintaining regional stability. The spokesperson said that the Presidential Office is grateful to the US government for continuing to provide Taiwan with the weaponry it needs in accordance with the Taiwan Relations Act and the Six Assurances. Spokesperson Kuo stated that this marks the 17th military sale to Taiwan announced during the Biden administration since 2021, as well as the largest single military sale since President Biden took office, demonstrating the unwavering commitment of the US government to the security of Taiwan. She emphasized that Taiwan will continue to strengthen its self-defense capabilities as it works to maintain the rules-based international order, ensuring the peace, stability, and prosperity of the Indo-Pacific region.

    Details
    2024-09-26
    President Lai presides over first meeting of Whole-of-Society Defense Resilience Committee
    On the afternoon of September 26, President Lai Ching-te presided over the first meeting of the Whole-of-Society Defense Resilience Committee. As the committee’s convener, the president presented committee members with their letters of appointment, and explained that in order to build up our whole-of-society defense resilience, we will actively engage in comprehensive preparation to make our nation stronger and our people more confident. The president stated that we will enhance Taiwan’s response capabilities and expand cooperation between the public and private sectors. He stated that he looks forward to working together with everyone to establish a platform through which we can communicate and coordinate on our national resilience strategy, fostering a national consensus, and strengthening resilience throughout Taiwan in national defense, economic livelihoods, disaster prevention, and democracy. President Lai stated that a more resilient Taiwan will contribute more to global democracy, peace, and prosperity. He emphasized that as our society becomes better prepared, our nation grows more secure; and as Taiwan shows more determination to defend itself, the international community will feel more at ease. He expressed hope that we will engage in wide-ranging discussions and build a fortress of unity, making Taiwan a cornerstone for ensuring regional stability and democratic sustainability. A translation of President Lai’s opening statement follows: In order to consolidate forces from various sectors to strategize on national development, at the end of my first month in office, I announced that the Presidential Office will establish three committees in response to three major global issues: climate change, health promotion, and social resilience. Last month we convened the first meetings for two of those committees – the National Climate Change Committee and the Healthy Taiwan Promotion Committee. Today, we are convening the first meeting for the Whole-of-Society Defense Resilience Committee. I want to thank our three deputy conveners and all advisors and committee members for their joint commitment. I also want to thank our fellow citizens and friends for following the committee’s proceedings online. Climate change, large-scale natural disasters, and the threat to democracy posed by expanding authoritarianism are all challenges not just for Taiwan, but for the entire world. The operations and goals of these three committees are interrelated, and they are closely connected by the issue of national resilience. We intend to build up a more resilient Taiwan, proactively deal with challenges, and bring Taiwan into deeper cooperation with the international community. When former President Tsai Ing-wen was in office, the government took stock of resources in the public and private sectors in order to lay a solid foundation on which to build up our social resilience. Now, we will continue forward, from stocktaking to validation. This will entail three principles for whole-of-society defense resilience. The first principle is “preparedness through vigilance.” We will actively engage in comprehensive preparation to make our nation stronger and our people more confident. That way, in a disaster or emergency, the government and the public can quickly leverage their respective strengths and maintain the normal operation of society. The second principle is “enhanced response, fearlessness in action.” We will expand the training and utilization of civilian forces, enhance our strategic material preparation and critical supply distribution, and reinforce the operations and maintenance of energy and critical infrastructure. We will also improve the readiness of our social welfare, medical care, and evacuation facilities, and ensure the protection of information, transportation, and financial networks. All of this will enhance Taiwan’s response capabilities. The third principle is “orderly execution, methodical action.” At all levels of government, from central to local, we will conduct extensive validation and drilling, and we will expand connections with civil society groups and societal forces so that we can all work together, in a systematic and professional manner, to identify problems, propose solutions, and follow through with implementation. This is how we will resolve problems. The work involved in whole-of-society defense resilience is diverse and complex. Accordingly, this committee needs members from the public and private sectors who can work together in coordination. The members must be guided by practical experience, have interdisciplinary expertise, span different generations, and constitute a balance between the genders. These were the factors we took into consideration when we invited representatives from industry, government agencies, academia, and research institutions to serve as the four advisors and 23 members who make up this committee. Of the total committee membership, 67.7 percent are not government officials, and 32.3 percent are women.  First, I want to thank the committee advisors who have taken on that important responsibility. With us today we have Master Jing Yao (淨耀) of the Buddhist Association of the Republic of China; Huoh Shoou-yeh (霍守業), chairman of the Institute for National Defense and Security Research; and Lin Ming-hsiung (林敏雄), chairman of Chuan Lian Enterprise Co. I thank each of you for your participation, and look forward to seeing you provide the committee with broadly considered, professional views on such matters as civilian force preparedness, strategic frameworks, and supply distribution. I also want to introduce committee members who are here today. We have with us Wang Pao-tzong (王寶宗), chairman of the Holy Glory Temple; Chen Hsin-liang (陳信良), general secretary of the General Assembly Executive Committee of the Presbyterian Church in Taiwan; and Yen Po-wen (顏博文), CEO of the Tzu Chi Charity Foundation. I thank you all for your commitment and for giving us all the opportunity to learn how religious groups engage in disaster preparedness and relief efforts. Let me also thank James Liao (廖英熙), president of the National Defense Education Association; Enoch Wu (吳怡農), founder of the Forward Alliance; Hsiau Ya-wen (蕭雅文), honorary chairperson of the Taiwan Development Association for Disaster Medical Team; Liu Wen (劉文), chairperson of the Kuma Civil Defense Education Association; and Tseng Po-yu (曾柏瑜), consultant at Doublethink Lab. You have all been long involved in civil defense education, emergency medicine, and other fields, so I am quite confident that you will help the committee to better understand civilian force training and utilization. Let me also introduce Tu Wen-ling (杜文苓), distinguished professor in the Department of Public Administration at National Chengchi University, and Hsiao Hsu-chun (蕭旭君), associate professor of Computer Science and Information Engineering at National Taiwan University. I thank both of you for generously contributing your expertise to make Taiwan’s energy and critical infrastructure operations more robust. Also, I want to thank Wu Jong-shinn (吳宗信), director general of the Taiwan Space Agency; Kenny Huang (黃勝雄), chairman of the Taiwan Network Information Center; and Dai Chen-yu (戴辰宇), board member of the Association of Hackers in Taiwan. Your involvement will contribute immensely to the protection of information, transportation, and financial networks in Taiwan. Among our committee members we have the following six government representatives: Minister of National Defense Wellington Koo (顧立雄); Minister of Economic Affairs Kuo Jyh-huei (郭智輝), who could not attend today’s meeting; Minister of Transportation and Communications Chen Shih-kai (陳世凱); Minister of Agriculture Chen Junne-jih (陳駿季); Minister of Health and Welfare Chiu Tai-yuan (邱泰源); and Minister of Ocean Affairs Council Kuan Bi-ling (管碧玲). The committee has two executive secretaries, namely Chi Lien-cheng (季連成), minister without portfolio of the Executive Yuan, and Minister of the Interior Liu Shyh-fang (劉世芳). In addition, one member who will be joining us shortly is Bob Hung (洪偉淦), general manager of Trend Micro Taiwan. I also want to introduce one advisor and three committee members who could not attend today. They are, respectively, Robert Tsao (曹興誠), founder of United Microelectronics Corporation; Kuo Chia-yo (郭家佑), president of the Taiwan Digital Diplomacy Association; Liu Yu-hsi (劉玉晳), associate professor in the Department of Communications Management at Shih-Hsin University; and Tina Lin (林雅芳), managing director of sales and operations at Google Taiwan. I also thank them for participating in this committee’s operations and for contributing their valuable advice at today’s proceedings in written form. Last Saturday marked the 25th anniversary of the major earthquake that struck Taiwan on September 21, 1999. For the past 25 years, we have worked continuously to improve Taiwan’s disaster preparedness and relief capabilities. Today, our purpose in building up whole-of-society defense resilience is to enable each and every individual to realize, when an emergency arises, where to best make a contribution and how to protect themselves, contribute to society, or deter an approaching enemy. We want to enable all our citizens to feel utterly confident in the continuity and future of Taiwan’s society. Today, in this first meeting of the committee, the National Security Council (NSC) will brief us on the topic of “Whole-of-Society Defense Resilience: Planning and Challenges.” The NSC will familiarize all of us here, as well as our citizens and friends watching online, with the concepts and operations involved in whole-of-society defense resilience, the associated challenges and goals, and the progress we have made toward achieving our tasks. I have said before that a sudden natural disaster is like an acute cold, while climate change is more like a chronic disease. What whole-of-society defense resilience addresses is both the chronic and the acute. In addition to national disasters and emergencies, Taiwan has also been dealing for a long time with the challenges of gray-zone aggression and cognitive warfare. Located in the first island chain, Taiwan stands on the frontline of the democratic world. As such, we have always endeavored to safeguard regional peace and stability. I firmly believe that a more resilient Taiwan will contribute more to global democracy, peace, and prosperity. I also believe that when Taiwan is properly prepared and shows determination, our like-minded partners from around the world will be more willing to help Taiwan, jointly respond to all kinds of challenges, and work in concert to mitigate risks. As the people of Taiwan become more united, our nation grows more stable. As our society becomes better prepared, our nation grows more secure. And as Taiwan shows more determination to defend itself, the international community will feel more at ease. And so, I want to thank all of you once again for taking on the major task of enhancing our whole-of-society defense resilience. I look forward to working together with everyone, as we continue to observe global conditions, to establish a platform through which we can communicate and coordinate on our national resilience strategy, thereby fostering a nationwide consensus and strengthening resilience throughout Taiwan in national defense, economic livelihoods, disaster prevention, and democracy. Moving forward, let us engage in wide-ranging discussions, build a fortress of unity, and further empower our whole-of-society defense resilience, making Taiwan a cornerstone for ensuring regional stability and democratic sustainability. Thank you. Following his statement, President Lai presented letters of appointment to the committee members and heard a report from NSC Deputy Secretary-General Hsu Szu-chien (徐斯儉) on the topic of “Whole-of-Society Defense Resilience: Planning and Challenges.” Afterward, President Lai exchanged views with the committee members regarding the content of the report and the Rules of Procedure for Meetings of the Office of the President Whole-of-Society Defense Resilience Committee.

    Details
    2025-03-13
    President Lai holds press conference following high-level national security meeting
    On the afternoon of March 13, President Lai Ching-te convened a high-level national security meeting, following which he held a press conference. In remarks, President Lai introduced 17 major strategies to respond to five major national security and united front threats Taiwan now faces: China’s threat to national sovereignty, its threats from infiltration and espionage activities targeting Taiwan’s military, its threats aimed at obscuring the national identity of the people of Taiwan, its threats from united front infiltration into Taiwanese society through cross-strait exchanges, and its threats from using “integrated development” to attract Taiwanese businesspeople and youth. President Lai emphasized that in the face of increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and expressed hope that all citizens unite in solidarity to resist being divided. The president also expressed hope that citizens work together to increase media literacy, organize and participate in civic education activities, promptly expose concerted united front efforts, and refuse to participate in any activities that sacrifice national interests. As long as every citizen plays their part toward our nation’s goals for prosperity and security, he said, and as long as we work together, nothing can defeat us. A translation of President Lai’s remarks follows: At many venues recently, a number of citizens have expressed similar concerns to me. They have noticed cases in which members of the military, both active-duty and retired, have been bought out by China, sold intelligence, or even organized armed forces with plans to harm their own nation and its citizens. They have noticed cases in which entertainers willingly followed instructions from Beijing to claim that their country is not a country, all for the sake of personal career interests. They have noticed how messaging used by Chinese state media to stir up internal opposition in Taiwan is always quickly spread by specific channels. There have even been individuals making careers out of helping Chinese state media record united front content, spreading a message that democracy is useless and promoting skepticism toward the United States and the military to sow division and opposition. Many people worry that our country, as well as our hard-won freedom and democracy and the prosperity and progress we achieved together, are being washed away bit by bit due to these united front tactics. In an analysis of China’s united front, renowned strategic scholar Kerry K. Gershaneck expressed that China plans to divide and conquer us through subversion, infiltration, and acquisition of media, and by launching media warfare, psychological warfare, and legal warfare. What they are trying to do is to sow seeds of discord in our society, keep us occupied with internal conflicts, and cause us to ignore the real threat from outside. China’s ambition over the past several decades to annex Taiwan and stamp out the Republic of China has not changed for even a day. It continues to pursue political and military intimidation, and its united front infiltration of Taiwan’s society grows ever more serious. In 2005, China promulgated its so-called “Anti-Secession Law,” which makes using military force to annex Taiwan a national undertaking. Last June, China issued a 22-point set of “guidelines for punishing Taiwan independence separatists,” which regards all those who do not accept that “Taiwan is part of the People’s Republic of China” as targets for punishment, creating excuses to harm the people of Taiwan. China has also recently been distorting United Nations General Assembly Resolution 2758, showing in all aspects China’s increasingly urgent threat against Taiwan’s sovereignty. Lately, China has been taking advantage of democratic Taiwan’s freedom, diversity, and openness to recruit gangs, the media, commentators, political parties, and even active-duty and retired members of the armed forces and police to carry out actions to divide, destroy, and subvert us from within. A report from the National Security Bureau indicates that 64 persons were charged last year with suspicion of spying for China, which was three times the number of persons charged for the same offense in 2021. Among them, the Unionist Party, Rehabilitation Alliance Party, and Republic of China Taiwan Military Government formed treasonous organizations to deploy armed forces for China. In a democratic and free society, such cases are appalling. But this is something that actually exists within Taiwan’s society today. China also actively plots ways to infiltrate and spy on our military. Last year, 28 active-duty and 15 retired members of the armed forces were charged with suspicion of involvement in spying for China, respectively comprising 43 percent and 23 percent of all of such cases – 66 percent in total. We are also alert to the fact that China has recently used widespread issuance of Chinese passports to entice Taiwanese citizens to apply for the Residence Permit for Taiwan Residents, permanent residency, or the Resident Identity Card, in an attempt to muddle Taiwanese people’s sense of national identity. China also views cross-strait exchanges as a channel for its united front against Taiwan, marking enemies in Taiwan internally, creating internal divisions, and weakening our sense of who the enemy really is. It intends to weaken public authority and create the illusion that China is “governing” Taiwan, thereby expanding its influence within Taiwan. We are also aware that China has continued to expand its strategy of integrated development with Taiwan. It employs various methods to demand and coerce Taiwanese businesses to increase their investments in China, entice Taiwanese youth to develop their careers in China, and unscrupulously seeks to poach Taiwan’s talent and steal key technologies. Such methods impact our economic security and greatly increase the risk of our young people heading to China. By its actions, China already satisfies the definition of a “foreign hostile force” as provided in the Anti-Infiltration Act. We have no choice but to take even more proactive measures, which is my purpose in convening this high-level national security meeting today. It is time we adopt proper preventive measures, enhance our democratic resilience and national security, and protect our cherished free and democratic way of life. Next, I will be giving a detailed account of the five major national security and united front threats Taiwan now faces and the 17 major strategies we have prepared in response. I. Responding to China’s threats to our national sovereignty We have a nation insofar as we have sovereignty, and we have the Republic of China insofar as we have Taiwan. Just as I said during my inaugural address last May, and in my National Day address last October: The moment when Taiwan’s first democratically elected president took the oath of office in 1996 sent a message to the international community, that Taiwan is a sovereign, independent, democratic nation. Among people here and in the international community, some call this land the Republic of China, some call it Taiwan, and some, the Republic of China Taiwan. The Republic of China and the People’s Republic of China are not subordinate to each other, and Taiwan resists any annexation or encroachment upon our sovereignty. The future of the Republic of China Taiwan must be decided by its 23 million people. This is the status quo that we must maintain. The broadest consensus in Taiwanese society is that we must defend our sovereignty, uphold our free and democratic way of life, and resolutely oppose annexation of Taiwan by China. (1) I request that the National Security Council (NSC), the Ministry of National Defense (MND), and the administrative team do their utmost to promote the Four Pillars of Peace action plan to demonstrate the people’s broad consensus and firm resolve, consistent across the entirety of our nation, to oppose annexation of Taiwan by China. (2) I request that the NSC and the Ministry of Foreign Affairs draft an action plan that will, through collaboration with our friends and allies, convey to the world our national will and broad social consensus in opposing annexation of Taiwan by China and in countering China’s efforts to erase Taiwan from the international community and downgrade Taiwan’s sovereignty. II. Responding to China’s threats from infiltration and espionage activities targeting our military (1) Comprehensively review and amend our Law of Military Trial to restore the military trial system, allowing military judges to return to the frontline and collaborate with prosecutorial, investigative, and judicial authorities in the handling of criminal cases in which active-duty military personnel are suspected of involvement in such military crimes as sedition, aiding the enemy, leaking confidential information, dereliction of duty, or disobedience. In the future, criminal cases involving active-duty military personnel who are suspected of violating the Criminal Code of the Armed Forces will be tried by a military court. (2) Implement supporting reforms, including the establishment of a personnel management act for military judges and separate organization acts for military courts and military prosecutors’ offices. Once planning and discussion are completed, the MND will fully explain to and communicate with the public to ensure that the restoration of the military trial system gains the trust and full support of society. (3) To deter the various types of controversial rhetoric and behavior exhibited by active-duty as well as retired military personnel that severely damage the morale of our national military, the MND must discuss and propose an addition to the Criminal Code of the Armed Forces on penalties for expressions of loyalty to the enemy as well as revise the regulations for military personnel and their families receiving retirement benefits, so as to uphold military discipline. III. Responding to China’s threats aimed at obscuring the national identity of the people of Taiwan (1) I request that the Ministry of the Interior (MOI), Mainland Affairs Council (MAC), and other relevant agencies, wherever necessary, carry out inspections and management of the documents involving identification that Taiwanese citizens apply for in China, including: passports, ID cards, permanent residence certificates, and residence certificates, especially when the applicants are military personnel, civil servants, or public school educators, who have an obligation of loyalty to Taiwan. This will be done to strictly prevent and deter united front operations, which are performed by China under the guise of “integrated development,” that attempt to distort our people’s national identity. (2) With respect to naturalization and integration of individuals from China, Hong Kong, and Macau into Taiwanese society, more national security considerations must be taken into account while also attending to Taiwan’s social development and individual rights: Chinese nationals applying for permanent residency in Taiwan must, in accordance with the law of Taiwan, relinquish their existing household registration and passport and may not hold dual identity status. As for the systems in place to process individuals from Hong Kong or Macau applying for residency or permanent residency in Taiwan, there will be additional provisions for long-term residency to meet practical needs. IV. Responding to China’s threats from united front infiltration into Taiwanese society through cross-strait exchanges  (1) There are increasing risks involved with travel to China. (From January 1, 2024 to today, the MAC has received reports of 71 Taiwanese nationals who went missing, were detained, interrogated, or imprisoned in China; the number of unreported people who have been subjected to such treatment may be several times that. Of those, three elderly I-Kuan Tao members were detained in China in December of last year and have not yet been released.) In light of this, relevant agencies must raise public awareness of those risks, continue enhancing public communication, and implement various registration systems to reduce the potential for accidents and the risks associated with traveling to China. (2) Implement a disclosure system for exchanges with China involving public officials at all levels of the central and local government. This includes everyone from administrative officials to elected representatives, from legislators to village and neighborhood chiefs, all of whom should make the information related to such exchanges both public and transparent so that they can be accountable to the people. The MOI should also establish a disclosure system for exchanges with China involving public welfare organizations, such as religious groups, in order to prevent China’s interference and united front activities at their outset. (3) Manage the risks associated with individuals from China engaging in exchanges with Taiwan: Review and approval of Chinese individuals coming to Taiwan should be limited to normal cross-strait exchanges and official interactions under the principles of parity and dignity, and relevant factors such as changes in the cross-strait situation should be taken into consideration. Strict restrictions should be placed on Chinese individuals who have histories with the united front coming to Taiwan, and Chinese individuals should be prohibited from coming to Taiwan to conduct activities related in any way to the united front. (4) Political interference from China and the resulting risks to national security should be avoided in cross-strait exchanges. This includes the review and management of religious, cultural, academic, and education exchanges, which should in principle be depoliticized and de-risked so as to simplify people-to-people exchanges and promote healthy and orderly exchanges. (5) To deter the united front tactics of a cultural nature employed by Chinese nationals to undermine Taiwan’s sovereignty, the Executive Yuan must formulate a solution to make our local cultural industries more competitive, including enhanced support and incentives for our film, television, and cultural and creative industries to boost their strengths in democratic cultural creation, raise international competitiveness, and encourage research in Taiwan’s own history and culture. (6) Strengthen guidance and management for entertainers developing their careers in China. The competent authorities should provide entertainers with guidelines on conduct while working in China, and make clear the scope of investigation and response to conduct that endangers national dignity. This will help prevent China from pressuring Taiwanese entertainers to make statements or act in ways that endanger national dignity. (7) The relevant authorities must adopt proactive, effective measures to prevent China from engaging in cognitive warfare against Taiwan or endangering cybersecurity through the internet, applications, AI, and other such tools. (8) To implement these measures, each competent authority must run a comprehensive review of the relevant administrative ordinances, measures, and interpretations, and complete the relevant regulations for legal enforcement. Should there be any shortcomings, the legal framework for national security should be strengthened and amendments to the National Security Act, Anti-Infiltration Act, Act Governing Relations between the People of the Taiwan Area and the Mainland Area, Laws and Regulations Regarding Hong Kong & Macao Affairs, or Cyber Security Management Act should be proposed. Communication with the public should also be increased so that implementation can happen as soon as possible. V. Responding to threats from China using “integrated development” to attract Taiwanese businesspeople and youth (1) I request that the NSC and administrative agencies work together to carry out strategic structural adjustments to the economic and trade relations between Taiwan and China based on the strategies of putting Taiwan first and expanding our global presence while staying rooted in Taiwan. In addition, they should carry out necessary, orderly adjustments to the flow of talent, goods, money, and skills involved in cross-strait economic and trade relations based on the principle of strengthening Taiwan’s foundations to better manage risk. This will help boost economic security and give us more power to respond to China’s economic and trade united front and economic coercion against Taiwan. (2) I request that the Ministry of Education, MAC, Ministry of Economic Affairs, and other relevant agencies work together to comprehensively strengthen young students’ literacy education on China and deepen their understanding of cross-strait exchanges. I also request these agencies to widely publicize mechanisms for employment and entrepreneurship for Taiwan’s youth and provide ample information and assistance so that young students have more confidence in the nation’s future and more actively invest in building up and developing Taiwan. My fellow citizens, this year marks the 80th anniversary of the end of the Second World War. History tells us that any authoritarian act of aggression or annexation will ultimately end in failure. The only way we can safeguard freedom and prevail against authoritarian aggression is through solidarity. As we face increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and to ensure that the freedom, democracy, and way of life of Taiwan’s 23 million people continues on as normal. But relying solely on the power of the government is not enough. What we need even more is for all citizens to stay vigilant and take action. Every citizen stands on the frontline of the defense of democracy and freedom. Here is what we can do together: First, we can increase our media literacy, and refrain from spreading and passing on united front messaging from the Chinese state. Second, we can organize and participate in civic education activities to increase our knowledge about united front operations and build up whole-of-society defense resilience. Third, we can promptly expose concerted united front efforts so that all malicious attempts are difficult to carry out. Fourth, we must refuse to participate in any activities that sacrifice national interests. The vigilance and action of every citizen forms the strongest line of defense against united front infiltration. Only through solidarity can we resist being divided. As long as every citizen plays their part toward our nation’s goals for prosperity and security, and as long as we work together, nothing can defeat us.

    MIL OSI Asia Pacific News

  • MIL-OSI China: New York photo exhibition honors Yue Opera icon Yin Guifang

    Source: China State Council Information Office 3

    Yin Jifang (C), former artistic director of the Kunqu Society of New York and a close friend of Yin Guifang, and other friends and local Yue Opera fans pose for a photo at a retrospective photo exhibition commemorating the 25th anniversary of the passing of Chinese Yue Opera artist Yin Guifang, in New York, the United States, on March 16, 2025. [Photo/Xinhua]

    Black-and-white photos of the Yue Opera artist Yin Guifang line the walls, capturing her grace and passion on stage, as elderly local visitors, speaking in familiar dialects, reminisce about her brilliance and lasting legacy.

    The retrospective photo exhibition, being held in New York City from Sunday to April 10, commemorates the 25th anniversary of the passing of Chinese Yue Opera artist Yin Guifang.

    Nearly 100 attendees gathered for the event in Flushing, Queens borough of New York City, curated by the American Chinese Art & Culture Center (ACACC) and the Fujian Fanghua Yue Opera Troupe, which was originally established by Yin Guifang in Shanghai in 1946 and relocated to Fujian in 1959.

    The photo exhibition honors Yin’s artistic accomplishments and her lasting impact on Yue Opera both domestically and internationally.

    Yue Opera, one of China’s most popular traditional opera genres originated in Zhejiang Province, is renowned for its soft singing style, graceful performances and rich repertoire. Also known as Shaoxing Opera, after its place of origin, it was officially recognized in 2006 as part of China’s national intangible cultural heritage.

    Among the most revered figures in this art form is Yin Guifang, the founder of the “Yin-style” school of Yue Opera. Yin’s influence remains strong, carried on by her disciples, admirers and fans.

    March 1 marks the anniversary of Yin Guifang’s passing, a day especially significant for Yin Jifang, her close friend of over 60 years. Though not from the Yue Opera genre herself, Yin Jifang, former artistic director of the Kunqu Society of New York, another traditional opera form, shared a deep and enduring friendship with Yin Guifang, from artistic discussions to mentoring future generations.

    Despite their coincidentally similar names, Yin Jifang saw their connection as fate. Now 86, she continues to honor their decades-long bond — this time, through the exhibition.

    Yin Jifang said Guifang’s masterful performances and meticulously crafted characters continue to leave an indelible mark on audiences.

    “When I had this idea of the exhibition, I acted on it immediately,” Yin Jifang said. “The overwhelming support from both New York and Fujian was deeply moving.”

    She worked closely with the ACACC in New York to organize the exhibition, while securing strong backing from the Fujian Fanghua Yue Opera Troupe, which provided most of the annotated photographs.

    Despite working across time zones, a dedicated six-person team managed to put the exhibition together in just 12 consecutive days.

    The exhibition features a carefully curated selection of photographs — some from Yin Jifang’s personal collection, others from the Fujian Fanghua Yue Opera Troupe and even treasured clippings preserved by Yue Opera fans over the years, and more cropped from posters or newspapers. These images capture Yin Guifang’s life on and off stage, highlighting her mentorship of young performers and her commitment to preserving Yue Opera.

    “There is no global recognition without cultural identity,” Yin Jifang told Xinhua. Though Yue Opera and Kunqu Opera are niche art forms, their survival depends on the dedication and stewardship of the Chinese people.

    Wang Junan, current artistic director of the Fujian Fanghua Yue Opera Troupe and direct disciple of Yin Guifang, reflected on her lasting impact.

    “Her artistic spirit has never faded, and our lifelong bond remains strong,” Wang said. She added that her master Yin Guifang once dreamed of bringing Yue Opera to New York. Now, this exhibition stands as a bridge to fulfill that vision.

    “Thanks to everyone’s dedication, this exhibition is more than a remembrance — it is a collective tribute,” Wang said. “Art is an endless river, flowing through generations. We are the current that carries it forward, bringing Yin-style Yue Opera to the world.”

    “Yin Guifang nurtured generations of Yue Opera artists and revitalized traditional Chinese opera. This exhibition is an artistic dialogue that transcends borders,” said Zheng Quan, president of the Fujian Fanghua Yue Opera Troupe. “Through art as a bridge, we can carry Master Yin’s spirit onto the global stage.”

    “Yue Opera is a regional art form, a niche genre. If we don’t preserve it, it will eventually disappear,” said Shang Jiemin, event organizer and president of the ACACC. He added that commemorative events like this not only celebrate Yue Opera’s presence and influence but also ensure that its legacy continues for future generations.

    “When we founded this organization, it was driven by passion. Our cultural roots are in tradition,” said another organizer, Zhang Huizhu.

    “Our organization has been at the forefront of promoting Chinese culture overseas. We hosted numerous events — from traditional Yue Opera performances to folk music concerts, engaging local audiences in Flushing, Queens, while expanding outreach to Manhattan,” she said.

    She added that for many overseas Chinese, Yue Opera is more than just an art form — it’s a connection to their home country.

    “I never met Yin Guifang,” she said, “but growing up, my mother played Yue Opera at home. In Shanghai’s alleyways, on the streets — if you had a radio, you could hear it.”

    “These traditional melodies offer a sense of comfort and belong to the Chinese people living abroad,” Zhang said.

    MIL OSI China News

  • MIL-OSI China: Regular Press Briefing of the Ministry of National Defense on March 14, 2025 2025-03-18 Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on March 14, 2025.

    Source: People’s Republic of China – Ministry of National Defense 2

    Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on March 14, 2025. (mod.gov.cn/Photo by Li Xiaowei)

    (The following English text is for reference. In case of any divergence of interpretation, the Chinese text shall prevail.)

    I have a piece of information to announce at the top.

    The first meeting of International Military Cooperation Organs of the Shanghai Cooperation Organization (SCO) Member States for 2025 will be held in Qingdao, Shandong, from March 26 to 27. Representatives from defense ministries of the SCO member states and the SCO secretariat will attend the meeting to exchange views on future defense and security cooperation. The meeting will be hosted by the Chinese Ministry of National Defense.

    Journalist: President Xi Jinping attended the plenary meeting of the delegation of the People’s Liberation Army (PLA) and the People’s Armed Police Force (PAP) during the third session of the 14th National People’s Congress (NPC) and gave an important speech. He emphasized the need to meet the requirements for high-quality development and ensure the effective implementation of the 14th Five-Year Plan (2021-2025) for military development. Could you share more details on that?

    Zhang Xiaogang: On March 7, President Xi Jinping attended the plenary meeting of the delegation of the PLA and the PAP during the third session of the 14th NPC. He emphasized that an effective implementation of the 14th Five-Year Plan for military development is of great significance for achieving the centenary goal of the PLA on schedule and for building a strong country and rejuvenating the Chinese nation through Chinese modernization.

    Over the past four years, a series of major accomplishments have been made in the implementation of the 14th Five-Year Plan for military development, which has reached a critical stage of overcoming challenges and making breakthroughs. From the strategic height of advancing Chinese modernization, President Xi set clear requirements and made overall arrangement to ensure high-quality fulfillment of the objectives set by the 14th Five-Year Plan for military development. The speech provides important guidance for achieving the centenary goal of the Chinese military and supporting the great cause of national rejuvenation, and inspires all the servicemen and women to be more confident in overcoming challenges head-on, thereby meeting the requirements for high-quality development and achieving the set objectives and tasks on schedule.

    The whole military will keep studying and implementing the guiding principles of President Xi’s important speech. With a strong sense of political responsibility and historical mission, we will ensure effective execution and efficient implementation, pursue a path of high-quality, high-efficiency, low-cost and sustainable development, take critical steps to meet the centenary goal of the PLA, and comprehensively improve the strategic capabilities in defending national sovereignty, security and development interests.

    Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on March 14, 2025. (mod.gov.cn/Photo by Zhang Zhicheng)

    Journalist: The PLAAF Bayi Aerobatic Team visited Thailand and participated in the celebrations for the 50th anniversary of China-Thailand diplomatic relations and the 88th anniversary of the founding of the Royal Thai Air Force. Please give us more details.

    Zhang Xiaogang: At the invitation of the Royal Thai Air Force, the PLAAF Bayi Aerobatic Team performed at the celebrations for the 50th anniversary of China-Thailand diplomatic relations and the 88th anniversary of the founding of the Royal Thai Air Force from March 2 to 10. The team had a non-stop ferry flight from an airfield in North China to Bangkok, through aerial refueling with a YU-20 tanker aircraft. During the event, the team demonstrated complex maneuvers such as six-ship formation roll and five-ship horizontal upward blossom. The audience cheered when smoke trails of red, white, blue and yellow appeared in the air. Aerobatic flight performance builds the bridge of lasting, family-like friendship between China and Thailand. The PLAAF Bayi Aerobatic Team will continue to reach out and fly around the world to showcase its openness, confidence and commitment to excellence.

    Journalist: After the release of the newly-revised common regulations, media analysis suggested that the regulations placed greater emphasis on combat readiness. Meanwhile, there are some changes to rules on staying overnight in barracks and personnel egress. Do you have any comment on this?

    Zhang Xiaogang: The military is first and foremost a fighting force that exists for war. The newly-revised common regulations are aimed at helping the PLA fight and win wars. They incorporate the standard of combat effectiveness into all aspects of military development, and emphasize combat readiness at all levels of military functions, from soldiers to officers to generals. They integrate strict discipline with genuine care for service members, and combine rigorous management with thoughtful policies. On the basis of ensuring combat readiness, adjustments have been made to optimize rules regarding staying overnight in barracks, and personnel egress and leave. These heartwarming measures benefiting service members are designed to boost their morale and strengthen their commitment to the cause of building a strong military.

    Journalist: It is reported that the Japanese Ministry of Defense has, for the first time, publicly disclosed the progress in developing a new ballistic missile with a range of 3,000 kilometers, far beyond the scope of its exclusively defense-oriented policy. The missile is an offensive weapon developed in response to the calls from the US for its allies to enhance their offence capabilities. Please comment on that.

    Zhang Xiaogang: In recent years, Japan has repeatedly breached its commitments under the pacifist constitution and moved further down the path of military enhancement. Such actions are dangerous and will gain no support. Recent history tells us that Japanese militarism once brought immeasurable disasters to the people of Japan, Asia, and the whole world. This year, we will celebrate the 80th anniversary of the victory of the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War. We urge the Japanese side to learn from historical lessons, act prudently in the field of military security, contribute more to regional peace and stability, and win the trust of its Asian neighbors and the larger international community through concrete actions.

    Journalist: The Philippine Defense Secretary claimed that China’s increasing “aggression” in the disputed waters was considered the greatest threat to the national security of the Philippines. He also said that the Philippines and its security allies would together push back any “aggressive attempt” by China, and take measures against any attempt to impose an air defense zone or restrict freedom of flights over the South China Sea. Do you have any comment on this?

    Zhang Xiaogang: China has indisputable sovereignty over Nanhai Zhudao and its adjacent waters, and has sovereign rights and jurisdiction over relevant waters. We are committed to peace and stability in the region. In fact, there has never been any problem with regard to the freedom of navigation and overflight in the South China Sea. However, the Philippine side has repeatedly infringed on China’s sovereignty and made provocative moves, and some countries outside the region keep fanning the flames and stirring up troubles. Their behaviors undermined tranquility in the South China Sea. With many options in our toolkit, China stands firm in our resolve to protect our territorial sovereignty and maritime rights and interests. We urge the Philippine side not to miscalculate the situation, to immediately stop risky but futile provocations, and to return to the right track of properly handling disputes through dialogue.

    Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on March 14, 2025. (mod.gov.cn/Photo by Li Xiaowei)

    Journalist: The US side claimed that China might be developing a large nuclear-powered aircraft carrier with an equal tonnage of US carriers. Please comment on that.

    Zhang Xiaogang: Relevant reports are pure speculation. It should be emphasized that our aircraft carrier development is always based on comprehensive considerations, including the needs of national security and the development of equipment and technology.

    Journalist: It is reported that the nominee for US Under Secretary of Defense for Policy said that the status of Taiwan was not existential to the US, but Washington had important national security interests in Taiwan, and Taiwan needed to dramatically hike defense spending to around 10% of its GDP. An official from Taiwan’s defense authorities said that it was in the core interests of the US to maintain stability in the Asia-Pacific and the status quo across the Taiwan Strait, and thus the US is unlikely to give up Taiwan. What is your comment on this?

    Zhang Xiaogang: The Taiwan question is purely an internal affair of China, which brooks no external interference. The US side attempts to contain China with Taiwan, and is doubling down on arming Taiwan. At the same time, the DPP authorities are seeking to exploit such situation to increase its defense spending. Their actions have gravely harmed the security and well-being of our compatriots in Taiwan, and severely undermined peace and stability in the Taiwan Strait. The DPP authorities, intoxicated with the illusion of soliciting US support for “Taiwan independence,” willingly act as a pawn and betray the people of Taiwan. Ultimately, the useful fool will end up being an abandoned tool.

    Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on March 14, 2025. (mod.gov.cn/Photo by Zhang Zhicheng)

    Journalist: Recently, some Japanese media reported on the passage of Japanese military vessels through the Taiwan Strait in February. Japanese defense officials stated that this pertained to the operations of the Self-Defense Forces and would not comment further. However, they expressed grave concerns over the increasing activities of the Chinese military around Japan and emphasized that they would respond calmly yet resolutely. Please comment on that.

    Zhang Xiaogang: China respects the right of navigation entitled to all countries under the international law. However, China firmly opposes any attempt by any country to stir up troubles in the Taiwan Strait, infringe upon China’s sovereignty and security, or send wrong signals to “Taiwan independence” separatist forces.

    It needs to be emphasized that activities of the Chinese military in relevant waters and airspace are in accordance with international law and practice. They are legitimate, justified and beyond reproach. We firmly oppose unfounded accusations made by the Japanese side against China’s routine training activities.

    MIL OSI China News

  • MIL-Evening Report: The Israel-Hamas ceasefire didn’t resolve any deep-seated issues. Now, it’s shattered

    Source: The Conversation (Au and NZ) – By Marika Sosnowski, Postdoctoral research fellow, The University of Melbourne

    When a ceasefire in the war between Hamas and Israel finally came into effect on January 19, the world breathed a collective sigh of relief.

    However, that ceasefire agreement, and its associated negotiations, have now been cast aside by new Israeli attacks on Gaza.

    A statement from Israeli Prime Minister Benjamin Netanyahu’s office said the strikes came after Hamas’ “repeated refusals” to “release our hostages”, and the group’s rejection of all proposals presented by US President Donald Trump’s Middle East envoy, Steve Witkoff.

    Even before Israel cut off all humanitarian aid and electricity to Gaza in the past two weeks, Hamas claimed it had not met the levels of humanitarian aid, shelter and fuel it agreed to provide in the terms of the ceasefire. However, this is a distraction from a larger issue.

    This ceasefire was always more like a strangle contract than a negotiated agreement between equal parties. Israel, as the party with far greater military and political power, has always had the upper hand.

    And while the first phase of the ceasefire, which lasted 42 days, saw the successful release of 33 hostages held by Hamas in exchange for nearly 1,800 Palestinian prisoners, the ceasefire also enabled Israel to use it for its own political and military ends.

    Buying time

    The most common conventional concern about ceasefires is that the parties to a conflict will use them for their own ends.

    Typically, the worry is that non-state armed groups, such as Hamas, will use the halt in violence to buy time to regroup, rearm and rebuild their strength to continue fighting.

    But states such as Israel have this ability, too. Even though they have standing armies that might not need to regroup and rearm in the same way, states can use this time to manoeuvre in the international arena – a space largely denied to non-state actors.

    Trump’s rise to power in the US has seemingly given the Israeli government carte blanche to proceed in ways that were arguably off limits to previous US presidents who were also largely supportive of Israel’s actions.

    This includes the plan of forcing Gaza’s population out of the strip. This plan was raised earlier in the war by Trump advisor Jared Kushner and Israeli officials as a supposed humanitarian initiative.

    Trump has now repeated the call to relocate Palestinians from Gaza to Egypt and Jordan – or possibly other parts of Africa – and for the US to take “ownership” of the coastal strip and turn it into the “Riviera of the Middle East”.

    On the face of it, this plan would be a war crime. But even if it is never fully implemented, the fact it is being promoted by Trump after many years of domestic Israeli and international opprobrium shows how political ideas once thought unacceptable can take on a life of their own.

    Political and military maneouvering

    Israel has also used the ceasefire to pursue larger political and military goals in Gaza, the West Bank, southern Lebanon and Syria.

    Even though the ceasefire did reduce overall levels of violence in Gaza, Israel has continued to carry out attacks on targets in the strip.

    It has also escalated the construction of settlements and carried out increasingly violent operations in the West Bank. In addition, there have been egregious attacks on Palestinian residents in Israel.

    And though nearly 1,800 Palestinian prisoners were released during the ceasefire, Israel was holding more than 9,600 Palestinians in detention on “security grounds” at the end of 2024. Thousands more Palestinians are being held by Israel in administrative detention, which means without trial or charge.

    During the ceasefire, Israel also accelerated efforts to evict the UN agency for Palestinian refugees, UNRWA, from its headquarters in East Jerusalem. And the Israeli government has also proposed increasingly draconian laws aimed at restraining the work of Israeli human rights organisations.

    On the military front, the ceasefire arguably alleviated some pressure on Israel, giving it time to consolidate its territorial and security gains against Hezbollah in southern Lebanon and in Syria.

    In the past two months, two deadlines for the withdrawal of Israeli forces from southern Lebanon passed. Israel has instead proposed establishing a buffer zone on Lebanese territory and has begun destroying villages, uprooting olive trees and building semi-permanent outposts along the border.

    In a speech in February, Netanyahu also demanded the “complete demilitarisation of southern Syria” following the fall of Bashar al-Assad’s regime. And Defence Minister Israel Katz said this month Israel would keep its troops in southern Syria to “protect” residents from any threats from the new Syrian regime.

    Be careful what you wish for

    While Palestinians are known for their sumud – usually translated as steadfastness or tenacity – there is a limit to what humans can endure. The war, and subsequent ceasefires, have created a situation in which Gazans may have to put the survival and wellbeing of themselves and their families above their desire to stay in Palestine.

    There is a general assumption that ceasefires are positive and humanitarian in nature. But ceasefires are not panaceas. In reality, they are a least-worst option for stopping the violence of war for often just a brief period.

    A ceasefire was never going to be the solution to the decades-old conflict between Israel and the Palestinians. Instead, it has turned out to be part of the problem.

    The Conversation

    Marika Sosnowski 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 Israel-Hamas ceasefire didn’t resolve any deep-seated issues. Now, it’s shattered – https://theconversation.com/the-israel-hamas-ceasefire-didnt-resolve-any-deep-seated-issues-now-its-shattered-249944

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: UP Fintech Holding Limited Reports Unaudited Fourth Quarter And Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 18, 2025 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

    Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “Both of our financial and operating performance have achieved significant growth in the fourth quarter and the full year of 2024. Total revenue in the fourth quarter reached US$124.1 million, representing a sequential increase of 22.8% and a year-over-year growth of 77.3%. The full year total revenue amounted to US$391.5 million, a 43.7% increase from 2023. Bottom line also largely increased on a GAAP and non-GAAP basis. Net income attributable to ordinary shareholders of UP Fintech in the fourth quarter reached US$28.1 million, representing a quarter-over-quarter growth of 58.0% and compared to a net loss of US$1.8 million in the same quarter of last year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech in the fourth quarter amounted to US$30.5 million, a quarter-over-quarter increase of 51.7% and a year-over-year increase of 2772.5%. The full year net income and non-GAAP net income attributable to ordinary shareholders of UP Fintech in 2024 were US$60.7 million and US$70.5 million, increased 86.5% and 65.0% respectively compared to prior year. We are pleased to see that both our annual and quarterly topline and bottom line have reached an all-time high as we keep executing internationalization strategy and building a resilient business model with healthier operating leverage.

    In the fourth quarter, we added 59,200 customers with deposits, an increase of 17.2% quarter over quarter and 51.4% year over year, bringing our yearly total to 187,400, exceeding our yearly guidance of 150,000. The total number of customers with deposits at the end of 2024 reached 1,092,000, a 20.7% increase compared to 2023 year-end. Additionally, asset inflows remained robust, with a net inflow of US$1.1 billion in the fourth quarter, primarily from retail investors. This was slightly offset by a mark-to-market loss. As a result, the total account balance rose by 2.4% quarter over quarter and 36.4% year over year, reaching a record US$41.7 billion. Over the past three years, the number of customers with deposits and total account balance have achieved compound annual growth rates (“CAGRs”) of 17.5% and 34.7%, respectively.

    We have continued to roll out a range of localized products and features designed to enhance the user experience. In late January, our cryptocurrency platform, YAX (Hong Kong) Limited, received official approval from the Hong Kong Securities and Futures Commission (HKSFC), becoming a licensed virtual asset trading platform (VATP) in Hong Kong. Recently, we officially upgraded our AI investment assistant, TigerGPT to TigerAI and integrated with leading AI models, making it the first brokerage platform globally to incorporate such technology.

    Our corporate business continued to perform well in the fourth quarter of 2024. During this period, we underwrote a total of 14 U.S. and Hong Kong IPOs, including “Mao Geping Company”, “Pony AI Inc.” and “WeRide Inc.”, bringing the total number of U.S. and Hong Kong IPOs underwritten for the year to 44. In our ESOP business, we added 16 new clients in the fourth quarter, bringing the total number of ESOP clients served to 613 as of December 31, 2024.”

    Financial Highlights for Fourth Quarter 2024

    • Total revenues increased 77.3% year-over-year to US$124.1 million.
    • Total net revenues increased 98.9% year-over-year to US$107.4 million.
    • Net income attributable to ordinary shareholders of UP Fintech was US$28.1 million compared to a net loss of US$1.8 million in the same quarter of last year.
    • Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$30.5 million, compared to a non-GAAP net income of US$1.1 million in the same quarter of last year, an increase of 2772.5%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

    Financial Highlights for Fiscal Year 2024

    • Total revenues increased 43.7% year-over-year to US$391.5 million.
    • Total net revenues increased 46.6% year-over-year to US$330.7 million.
    • Net income attributable to ordinary shareholders of UP Fintech was US$60.7 million compared to a net income of US$32.6 million in 2023, an increase of 86.5%.
    • Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$70.5 million, compared to a non-GAAP net income of US$42.7 million in 2023, an increase of 65.0%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

    Operating Highlights as of Year End 2024

    • Total account balance increased 36.4% year-over-year to US$41.7 billion.
    • Total margin financing and securities lending balance increased 88.2% year-over-year to US$4.5 billion.
    • Total number of customers with deposit increased 20.7% year-over-year to 1,092,000.

    Selected Operating Data for Fourth Quarter 2024

      As of and for the three months ended
      December 31,   September 30,   December 31,
      2023   2024   2024
    In 000’s          
    Number of customer accounts 2,195.7   2,368.0   2,449.3
    Number of customers with deposits 904.6   1,032.8   1,092.0
    Number of options and futures contracts traded 8,044.5   15,261.2   18,926.3
    In USD millions          
    Trading volume 81,765.2   162,990.0   198,016.9
    Trading volume of stocks 19,711.6   41,406.3   55,502.6
    Total account balance 30,597.5   40,763.6   41,725.2
               

    Fourth Quarter 2024 Financial Results

    REVENUES

    Total revenues were US$124.1 million, an increase of 77.3% from US$70.0 million in the same quarter of last year.

    Commissions were US$56.0 million, an increase of 154.9% from US$22.0 million in the same quarter of last year, due to an increase in trading volume.

    Financing service fees were US$2.8 million, a decrease of 12.7% from US$3.2 million in the same quarter of last year, primarily due to a decrease in securities lending activities of our fully disclosed account customers.

    Interest income was US$55.8 million, an increase of 39.6% from US$40.0 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

    Other revenues were US$9.6 million, an increase of 96.2% from US$4.9 million in the same quarter of last year, primarily due to the increase in IPO subscription incomes and currency exchange incomes.

    Interest expense was US$16.7 million, an increase of 4.6% from US$16.0 million in the same quarter of last year, primarily due to the increase in margin financing activities.

    OPERATING COSTS AND EXPENSES

    Total operating costs and expenses were US$73.1 million, an increase of 39.3% from US$52.5 million in the same quarter of last year.

    Execution and clearing expenses were US$6.1 million, an increase of 171.5% from US$2.2 million in the same quarter of last year due to an increase in our trading volume.

    Employee compensation and benefits expenses were US$37.2 million, an increase of 40.5% from US$26.5 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion.

    Occupancy, depreciation and amortization expenses were US$2.1 million, a slight decrease of 2.4% from US$2.2 million in the same quarter of last year.

    Communication and market data expenses were US$11.8 million, an increase of 38.2% from US$8.5 million in the same quarter of last year due to increased IT-related fees.

    Marketing and branding expenses were US$9.5 million, an increase of 64.2% from US$5.8 million in the same quarter of last year, primarily due to higher marketing spending this quarter.

    General and administrative expenses were US$6.4 million, a decrease of 11.8% from US$7.3 million in the same quarter of last year due to a decrease in professional service fees.

    NET LOSS/INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH

    Net income attributable to ordinary shareholders of UP Fintech was US$28.1 million, as compared to a net loss of US$1.8 million in the same quarter of last year. Net income per ADS – diluted was US$0.158, as compared to a net loss per ADS – diluted of US$0.012 in the same quarter of last year.

    Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$30.5 million, as compared to a US$1.1 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.172 as compared to a non-GAAP net income per ADS – diluted of US$0.007 in the same quarter of last year.

    For the fourth quarter of 2024, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 179,173,811. As of December 31, 2024, the Company had a total of 2,640,326,072 Class A and B ordinary shares outstanding, or the equivalent of 176,021,738 ADSs.

    Full Year 2024 Financial Results

    REVENUES

    Total revenues were US$391.5 million, an increase of 43.7% from US$272.5 million in 2023.

    Commissions were US$159.0 million, an increase of 71.8% from US$92.6 million in 2023, due to an increase in trading volume.

    Financing service fees were US$11.3 million, a decrease of 7.1% from US$12.2 million in 2023, primarily due to a decrease in securities lending activities of our fully disclosed account customers.

    Interest income was US$191.8 million, an increase of 28.4% from US$149.3 million in 2023, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

    Other revenues were US$29.4 million, an increase of 59.6% from US$18.4 million in 2023, primarily due to the increase in IPO subscription incomes and currency exchange incomes.

    Interest expense was US$60.8 million, an increase of 29.5% from US$47.0 million in 2023, primarily due to the increase in margin financing and securities lending activities.

    OPERATING COSTS AND EXPENSES

    Total operating costs and expenses were US$252.3 million, an increase of 30.9% from US$192.7 million in 2023.

    Execution and clearing expenses were US$14.7 million, an increase of 61.3% from US$9.1 million in 2023 due to an increase in our trading volume.

    Employee compensation and benefits expenses were US$122.4 million, an increase of 21.5% from US$100.8 million in 2023, primarily due to an increase of global headcount to support our global expansion.

    Occupancy, depreciation and amortization expenses were US$8.6 million, a decrease of 8.9% from US$9.4 million in 2023.

    Communication and market data expenses were US$38.9 million, an increase of 26.1% from US$30.8 million in 2023 due to increased IT-related fees.

    Marketing and branding expenses were US$28.5 million, an increase of 36.8% from US$20.9 million in 2023, primarily due to higher marketing spending this year.

    General and administrative expenses were US$39.3 million, an increase of 80.2% from US$21.8 million in 2023 due to an increase in bad debt expense.

    NET INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH

    Net income attributable to ordinary shareholders of UP Fintech was US$60.7 million, as compared to a net income of US$32.6 million in 2023. Net income per ADS – diluted was US$0.366, as compared to a net income per ADS – diluted of US$0.207 in 2023.

    Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$70.5 million, as compared to a US$42.7 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in 2023. Non-GAAP net income per ADS – diluted was US$0.424 as compared to a non-GAAP net income per ADS – diluted of US$0.270 in 2023.

    CERTAIN OTHER FINANCIAL ITEMS

    As of December 31, 2024, the Company’s cash and cash equivalents, term deposits and long-term deposits were US$396.0 million, compared to US$327.7 million as of December 31, 2023.

    As of December 31, 2024, the allowance balance of receivables from customers was US$15.3 million compared to US$1.0 million as of December 31, 2023, which was due to a bad debt provision concerning the recoverability of a specific Hong Kong stock pledge business faced with extreme market situation and significant price drop, leading to a provision for the loan balance.

    Conference Call Information:

    UP Fintech’s management will hold an earnings conference call at 8:00 AM on March 18, 2025, U.S. Eastern Time (8:00 PM on March 18, 2025, Singapore/Hong Kong Time).

    All participants wishing to attend the call must preregister online before they may receive the dial-in numbers. Preregistration may require a few minutes to complete.

    Preregistration Information:

    Please note that all participants will need to pre-register for the conference call, using the link:

    https://register-conf.media-server.com/register/BId5c2bd4696d14e7ba2bc391b87ede751

    It will automatically lead to the registration page of “UP Fintech Holding Limited Fourth Quarter And Full Year 2024 Earnings Conference Call”, where details for RSVP are needed.

    Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

    Additionally, a live and archived webcast of the conference call will be available at https://ir.itigerup.com

    Use of Non-GAAP Financial Measures

    In evaluating our business, we consider and use non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech and non-GAAP net loss or income per ADS – diluted as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). We define non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech as net loss or income attributable to ordinary shareholders of UP Fintech excluding share-based compensation. Non-GAAP net loss or income per ADS – diluted is non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech divided by the weighted average number of diluted ADSs.

    We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech enables our management to assess our operating results without considering the impact of share-based compensation. We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance.

    These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expenses that affect our operations. Share-based compensation has been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

    These non-GAAP financial measures should not be considered in isolation or construed as alternatives to total operating costs and expenses, net loss or income attributable to ordinary shareholders of UP Fintech or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

    About UP Fintech Holding Limited

    UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

    For more information on the Company, please visit: https://ir.itigerup.com.

    Safe Harbor Statement

    This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 22, 2024. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

    For investor and media inquiries please contact:

    Investor Relations Contact

    UP Fintech Holding Limited

    Email: ir@itiger.com

    UP FINTECH HOLDING LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in U.S. dollars (“US$”))

        As of
    December 31,
        As of
    December 31,
     
        2023     2024  
        US$     US$  
    Assets:            
    Cash and cash equivalents   322,599,616     393,576,874  
    Cash-segregated for regulatory purpose   1,617,154,185     2,464,683,625  
    Term deposits   896,683     1,075,260  
    Receivables from customers (net of allowance of US$991,286 and
       US$15,284,002 as of December 31, 2023 and December 31, 2024)
      753,361,199     1,052,972,649  
    Receivables from brokers, dealers, and clearing organizations   541,876,929     2,305,740,507  
    Financial instruments held, at fair value   428,159,554     75,547,082  
    Prepaid expenses and other current assets   17,936,180     17,629,819  
    Amounts due from related parties   7,987,756     16,720,671  
    Total current assets   3,689,972,102     6,327,946,487  
    Non-current assets:            
    Long-term deposits   4,225,412     1,369,994  
    Right-of-use assets   9,067,885     10,880,673  
    Property, equipment and intangible assets, net   16,429,543     15,358,528  
    Goodwill   2,492,668     2,492,668  
    Long-term investments   7,586,483     7,658,809  
    Equity method investment       10,203,622  
    Other non-current assets   5,282,012     6,828,553  
    Deferred tax assets   10,990,998     8,573,135  
    Total non-current assets   56,075,001     63,365,982  
    Total assets   3,746,047,103     6,391,312,469  
    Current liabilities:            
    Payables to customers   2,913,306,558     3,574,651,125  
    Payables to brokers, dealers and clearing organizations   114,771,931     1,914,769,701  
    Accrued expenses and other current liabilities   42,381,946     67,263,254  
    Deferred income-current   819,809      
    Lease liabilities-current   4,133,883     4,153,928  
    Amounts due to related parties   10,148,142     874,331  
    Total current liabilities   3,085,562,269     5,561,712,339  
    Convertible bonds   156,887,691     159,505,397  
    Lease liabilities-non-current   4,777,134     5,902,323  
    Deferred tax liabilities   3,397,831     2,068,661  
    Total liabilities   3,250,624,925     5,729,188,720  
    Mezzanine equity            
    Redeemable non-controlling interest   6,706,660     7,177,668  
    Total Mezzanine equity   6,706,660     7,177,668  
    Shareholders’ equity:            
    Class A ordinary shares   22,528     25,427  
    Class B ordinary shares   976     976  
    Additional paid-in capital   505,448,080     619,030,730  
    Statutory reserve   8,511,039     12,425,463  
    (Accumulated deficit) Retained earnings   (19,600,434 )   37,843,547  
    Treasury Stock   (2,172,819 )   (2,172,819 )
    Accumulated other comprehensive loss   (3,232,993 )   (11,919,310 )
    Total UP Fintech shareholders’ equity   488,976,377     655,234,014  
    Non-controlling interests   (260,859 )   (287,933 )
    Total equity   488,715,518     654,946,081  
    Total liabilities, mezzanine equity and equity   3,746,047,103     6,391,312,469  
    UP FINTECH HOLDING LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
    (All amounts in U.S. dollars (“US$”), except for number of shares (or ADSs) and per share (or ADS) data)
     
        For the three months ended     For the years ended  
        December 31,     September 30,     December 31,     December 31,     December 31,  
        2023     2024     2024     2023     2024  
        US$     US$     US$     US$     US$  
    Revenues:                              
    Commissions   21,954,587     41,207,882     55,964,174     92,593,458     159,045,052  
    Interest related income                              
    Financing service fees   3,174,949     2,803,878     2,770,419     12,178,838     11,311,560  
    Interest income   39,956,315     47,957,486     55,762,091     149,291,006     191,754,746  
    Other revenues   4,895,109     9,084,834     9,605,165     18,444,293     29,430,071  
    Total revenues   69,980,960     101,054,080     124,101,849     272,507,595     391,541,429  
    Interest expense   (15,995,738 )   (15,700,359 )   (16,731,341 )   (46,957,657 )   (60,803,516 )
    Total Net Revenues   53,985,222     85,353,721     107,370,508     225,549,938     330,737,913  
    Operating costs and expenses:                              
    Execution and clearing   (2,244,785 )   (3,518,611 )   (6,095,132 )   (9,084,089 )   (14,651,612 )
    Employee compensation and benefits   (26,458,931 )   (28,769,980 )   (37,163,110 )   (100,750,644 )   (122,365,537 )
    Occupancy, depreciation and amortization   (2,190,610 )   (2,162,704 )   (2,137,586 )   (9,387,056 )   (8,554,315 )
    Communication and market data   (8,532,128 )   (9,730,680 )   (11,787,814 )   (30,831,488 )   (38,893,381 )
    Marketing and branding   (5,790,739 )   (8,223,404 )   (9,507,918 )   (20,859,834 )   (28,530,053 )
    General and administrative   (7,293,530 )   (6,932,672 )   (6,432,737 )   (21,791,263 )   (39,278,674 )
    Total operating costs and expenses   (52,510,723 )   (59,338,051 )   (73,124,297 )   (192,704,374 )   (252,273,572 )
    Other (loss) income:                              
    Others, net   (1,664,053 )   (5,189,945 )   3,469,021     13,148,173     3,299,308  
     (Loss) income before income tax   (189,554 )   20,825,725     37,715,232     45,993,737     81,763,649  
    Income tax expenses   (1,498,639 )   (2,907,080 )   (9,488,084 )   (12,986,310 )   (20,409,721 )
    Net (loss) income   (1,688,193 )   17,918,645     28,227,148     33,007,427     61,353,928  
    Less: net (loss) income attributable to non-controlling interests   (1,293 )   3,353     12,563     (98,285 )   (4,477 )
    Accretion of redeemable non-controlling interests to redemption value   (148,624 )   (160,998 )   (164,328 )   (542,187 )   (630,485 )
    Net (loss) income attributable to ordinary shareholders of UP Fintech   (1,835,524 )   17,754,294     28,050,257     32,563,525     60,727,920  
    Other comprehensive income (loss), net of tax:                              
    Unrealized loss on available-for-sale investments   (450,325 )       343,892     (450,325 )   343,892  
    Changes in cumulative foreign currency translation adjustment   7,261,631     16,119,046     (17,440,809 )   (545,498 )   (9,022,611 )
    Total Comprehensive income (loss)   5,123,113     34,037,691     11,130,231     32,011,604     52,675,209  
    Less: comprehensive (loss) income attributable to non-controlling interests   (8,222 )   (7,023 )   24,226     (92,526 )   3,121  
    Accretion of redeemable non-controlling interests to redemption value   (148,624 )   (160,998 )   (164,328 )   (542,187 )   (630,485 )
    Total Comprehensive income attributable to ordinary shareholders of UP Fintech   4,982,711     33,883,716     10,941,677     31,561,943     52,041,603  
    Net (loss) income per ordinary share:                              
    Basic   (0.001 )   0.008     0.011     0.014     0.025  
    Diluted   (0.001 )   0.007     0.011     0.014     0.024  
    Net (loss) income per ADS (1 ADS represents 15 Class A ordinary shares):                              
    Basic   (0.012 )   0.113     0.164     0.210     0.379  
    Diluted   (0.012 )   0.110     0.158     0.207     0.366  
    Weighted average number of ordinary shares used in calculating net (loss) income per ordinary share:                              
    Basic   2,336,018,747     2,362,528,627     2,557,911,677     2,325,338,439     2,404,640,854  
    Diluted   2,336,018,747     2,467,241,917     2,687,607,158     2,427,268,831     2,534,097,315  
    Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
    (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data)


        For the three months ended December 31,
    2023
      For the three months ended September 30,
    2024
      For the three months ended December 31,
    2024
              non-GAAP           non-GAAP           non-GAAP    
        GAAP     Adjustment   non-GAAP   GAAP   Adjustment   non-GAAP   GAAP   Adjustment   non-GAAP
        US$     US$   US$   US$   US$   US$   US$   US$   US$
        Unaudited     Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited
              2,896,312 (1)         2,331,274 (1)         2,421,342 (1)  
    Net (loss) income attributable   to ordinary shareholders of UP Fintech   (1,835,524 )   2,896,312   1,060,788   17,754,294   2,331,274   20,085,568   28,050,257   2,421,342   30,471,599
                                           
    Net (loss) income per ADS –  diluted   (0.012 )       0.007   0.110       0.124   0.158       0.172
    Weighted average number of ADSs used in calculating diluted net (loss) income per ADS   155,734,583         157,931,785   164,482,794       164,482,794   179,173,811       179,173,811

    (1) Share-based compensation.

    Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
    (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data)


        For the year ended December 31,
    2023
      For the year ended December 31,
    2024
            non-GAAP           non-GAAP    
        GAAP   Adjustment   non-GAAP   GAAP   Adjustment   non-GAAP
        US$   US$   US$   US$   US$   US$
        Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited
            10,147,362 (1)         9,736,901 (1)  
    Net income attributable to ordinary shareholders of UP Fintech   32,563,525   10,147,362   42,710,887   60,727,920   9,736,901   70,464,821
                             
    Net income per ADS – diluted   0.207       0.270   0.366       0.424
    Weighted average number of ADSs used in calculating diluted net income per ADS   161,817,922       162,607,678   168,939,821       168,939,821

    (1) Share-based compensation.

    The MIL Network

  • MIL-OSI: New Report Exposes Climate Finance Failures, Calls for Urgent Investment Migration Solutions

    Source: GlobeNewswire (MIL-OSI)

    LONDON , March 18, 2025 (GLOBE NEWSWIRE) — A groundbreaking climate finance report, released today by the Climate Vulnerable Forum (CVF) and Henley & Partners, highlights the failings in funding urgent climate action and explores how investment migration can unlock vital resources for climate resilience in the world’s most at-risk nations.

    The CVF, an international organization of 70 climate-vulnerable countries representing 1.75 billion people — 20% of the global population — accounts for just 6% of global emissions yet faces the most severe impacts of climate breakdown. By 2030, these nations will require an estimated USD 500 billion annually to fund climate action, development, and nature preservation.

    As CVF Secretary-General and former President of the Maldives, Mohamed Nasheed, points out in the Citizenship by Investment: Sustainable Climate Finance for Governments report, global climate finance remains sluggish, restrictive, and largely inaccessible to those who need it most. “While wealthy nations delay climate action and funding commitments, frontline countries are left fighting for survival. The international financial system is failing us, and we need bold solutions to shift the balance of power in climate finance. Over the past two decades, CVF countries have already lost 20% of their potential GDP growth due to climate impacts. We cannot rely on charity from industrialized nations. Urgent initiatives are needed to ensure direct and immediate access to climate finance.”

    Mobilizing private capital for climate resilience

    Through its globally leading international government advisory practice, Henley & Partners has been providing strategic consulting to countries on the development, implementation, and management of investment-based residence and citizenship programs. To date, the firm has facilitated over USD 15 billion in foreign direct investment in many states. Its most recent initiative led to the establishment of the first climate-related citizenship investment program, the Nauru Economic and Climate Resilience Citizenship Program.

    Commenting in the report, H.E. Hon. David W.R. Adeang, M.P., President of the Republic of Nauru, says “our program funds critical resilience initiatives — from coastal reinforcement to modernized water management and sustainable food production. Similar models have strengthened climate resilience in small island states like Grenada and Antigua and Barbuda, but Nauru’s is the first to put climate adaptation at its core. The innovations we implement against rising seas can help shape global strategies for resilience.”

    According to the UN, Small Island Developing States (SIDS) have suffered USD 153 billion in climate-related losses over the past five decades, despite contributing less than 1% of global emissions, and the financial burden on these nations is further exacerbated by a USD 34 billion climate adaptation finance gap. Compounding these challenges, 70% of SIDS exceed sustainable debt levels, and climate disaster damages in these regions have surged by 90% from 2011 to 2022.

    Dr. Juerg Steffen, CEO of Henley & Partners, says “by mobilizing international investment, we can provide immediate, non-debt funding for climate resilience projects, offering a crucial financial lifeline for vulnerable nations while enabling investors to support global climate action. Rethinking how private wealth and capital intersects with public financing needs is key to bridging the climate finance gap.”

    From sovereign debt to sovereign equity

    The report outlines how investment migration programs can be structured to create Investment Migration Resilience Funds (IMRFs) that channel private capital into critical climate resilience projects without increasing national debt. By linking these programs with natural capital endowment trusts, countries can secure sustainable revenue streams to finance coastal protection, carbon offset initiatives, and the expansion of the blue economy. Successful models of this approach include leveraging blue bonds, eco-tourism, and carbon credit markets to generate funds for climate adaptation and economic diversification.

    Henley & Partners’ Chief Economist Jean Paul Fabri explains how, “effective IMRFs will operate like sovereign wealth funds, aimed at reducing economic fluctuations, funding long-term sustainability initiatives, and providing a financial cushion against climate and economic challenges. However, they differ from traditional models by incorporating climate finance, risk management, and economic development into their governance.”

    “For too long, climate-vulnerable nations have been told to adapt, cope, and endure — as if resilience were simply an act of will, rather than a matter of investment,” insists Sara Jane Ahmed, Managing Director of CVF and V20 Finance Advisor at the CVF-V20 Secretariat. “By funding climate resilience, the world is not just aiding at-risk nations — it is unlocking markets, strengthening economies, and shaping a shared future. The future belongs not to those who wait, but to those bold enough to build it.”

    Read the Full Press Release

    Media Contact: Sarah Nicklin

    Group Head of PR

    sarah.nicklin@henleyglobal.com

    +27 72 464 8965

    The MIL Network

  • MIL-OSI Asia-Pac: President Lai meets Japan-ROC Diet Members’ Consultative Council Chairman Furuya Keiji

    Source: Republic of China Taiwan

    Details
    2025-03-17
    President Lai addresses opening of 2025 Yushan Forum
    On the morning of March 17, President Lai Ching-te attended the opening of the 2025 Yushan Forum, the theme of which was “New Southbound Policy+: Taiwan, the Indo-Pacific, and a New World.” In remarks, President Lai stated that the New Southbound Policy has led to great success in economic and trade cooperation, professional exchanges, resource sharing, and building regional links. He said that in the past, Taiwanese industries went from moving westward across the Taiwan Strait, to shifting southbound, to working closer with the north, but that now, Taiwan is confidently stepping across the Pacific, reaching eastward, to the Americas and other regions. While staying firmly rooted in Taiwan, he said, Taiwan’s enterprises are expanding their global presence and marketing worldwide. The president stated that Taiwan will strive alongside its partners in democracy to bolster non-red supply chains and digital solidarity, and together respond to the threats and challenges posed by expanding authoritarianism. He indicated that the Yushan Forum is a place to share experiences, and more importantly, lay down firm foundations for exchanges and cooperation among participants’ countries to create greater stability for the region and greater prosperity for the world. A transcript of President Lai’s remarks follows: On behalf of all the people of Taiwan, I want to welcome our good friends joining us from around the world. Your presence shows support for a peaceful and stable Taiwan and a free and open Indo-Pacific region. The Yushan Forum has become more than just an important platform for the New Southbound Policy. Over these eight years, more than 3,600 participants from Taiwan and 28 other countries have helped deepen Taiwan’s connections with nations around the world. The New Southbound Policy has led to great success in economic and trade cooperation, professional exchanges, resource sharing, and building regional links. Looking ahead, the Yushan Forum will be taking on the important mission of carrying its legacy forward and transforming it into action. Not only must we turn consensus into action plans for close cooperation among countries in the region; we must also work with partners around the world to forge ahead with cooperative plans for mutual prosperity. We hope to envision a new world from Taiwan – and see Taiwan in this new world. We are also embracing an era of smart technology. The government sessions of this Yushan Forum are therefore centered around topics including smart healthcare, smart transportation, and resilient supply chains for semiconductors. Taiwan is intent on working side by side with other countries to face the challenges of this new era. Today’s Taiwan celebrates not only the democratic achievements that are recognized by the international community, but also our strengths in the semiconductor and other tech industries, which enable us to play a key role in restructuring global democratic supply chains and the economic order. We are building on Taiwan as a “silicon island” for semiconductors while accelerating innovation and AI applications for industry. These efforts will help Taiwan become an “AI island” as well. We are also developing forward-looking fields such as quantum technology and precision medicine, which will create an industry ecosystem that is highly competitive and innovative. The government will also develop economic models powered by innovation. This will help SMEs (small- and medium-sized enterprises) upgrade and transform through the power of digital transformation and net-zero transition. In the past, Taiwanese industries went from moving westward across the Taiwan Strait, to shifting southbound, to working closer with the north. But now, we are confidently stepping across the Pacific, reaching eastward, to the Americas and other regions. While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. Taiwan will continue to engage with the world, and we welcome the world to come closer to Taiwan. As we gather here today, I am confident that we share the same goal: Through international cooperation, we hope to build an even more inclusive, resilient, prosperous Indo-Pacific, while jointly defending the democracy, freedom, and peace we so firmly believe in. I want to thank you all once again for supporting Taiwan. We will strive alongside our partners in democracy to bolster non-red supply chains and digital solidarity, and together respond to the threats and challenges posed by expanding authoritarianism. Yushan is also known as Jade Mountain. It is Taiwan’s highest peak and stands as firm as our unwavering spirit. During this critical time of global change and transformation, the Yushan Forum is a place where we can share our experiences, and more importantly, lay down firm foundations for exchanges and cooperation among our countries. This way, we can create greater stability for the region and greater prosperity for the world. I wish everyone a successful forum. Thank you. Also in attendance at the event were former Prime Minister of Denmark and Alliance of Democracies Foundation Chairman Anders Fogh Rasmussen, former Prime Minister of the Republic of Slovenia Janez Janša, Japan-ROC Diet Members’ Consultative Council Chairman Furuya Keiji, and American Institute in Taiwan Taipei Office Director Raymond Greene.

    Details
    2025-03-13
    President Lai attends Ministry of Foreign Affairs 2025 Spring Banquet  
    On the evening of March 13, President Lai Ching-te attended the Ministry of Foreign Affairs 2025 Spring Banquet for foreign ambassadors and representatives stationed in Taiwan. In remarks, President Lai thanked our diplomatic allies and like-minded countries for continuing to demonstrate their high regard and support for Taiwan at international venues. The president stated that a stronger Taiwan will be able to contribute even more to the world, explaining that is why he established the National Climate Change Committee, the Whole-of-Society Defense Resilience Committee, and the Healthy Taiwan Promotion Committee. He added that he hopes to pool our strengths so as to formulate national development strategies and enhance Taiwan’s international collaboration. The president also expressed hope of developing opportunities for cooperation with other countries across many domains to jointly advance democracy, peace, and prosperity throughout the region and around the world. A translation of President Lai’s remarks follows: Today is my first time attending the Ministry of Foreign Affairs Spring Banquet since becoming president. It is a pleasure to be able to meet and socialize with esteemed guests from other countries and good friends from all sectors of Taiwan. The global landscape has changed rapidly over the past year. Geopolitical volatility, the restructuring of supply chains, technological advancements, and other factors have had a profound impact on nations’ strategic plans. I want to take this opportunity to thank our diplomatic allies and like-minded countries for continuing to demonstrate their high regard and support for Taiwan at international venues. Last month, the leaders of the United States and Japan, the US secretary of state and the foreign ministers of Japan and the Republic of Korea, and the G7 foreign ministers all issued joint statements emphasizing the importance of peace and stability across the Taiwan Strait, underscoring Taiwan’s vital role in global progress and prosperity.  I would especially like to thank members of the diplomatic corps for working with us to build even closer partnerships between our countries. I have always believed that a stronger Taiwan will be able to contribute even more to the world. That is why, after taking office, I established the National Climate Change Committee, the Whole-of-Society Defense Resilience Committee, and the Healthy Taiwan Promotion Committee under the Office of the President. These committees continue to address global concerns and seek to solve important issues that impact our own people. I hope to pool our strengths so as to formulate national development strategies and enhance Taiwan’s international collaboration.  Last year, I visited our Pacific allies – the Republic of the Marshall Islands, Tuvalu, and the Republic of Palau. I deeply appreciated our friends’ warm hospitality and came to feel very deeply that we are like a family. Through local visits and mutual exchanges, we deepened our diplomatic alliances and cooperation, creating win-win outcomes. We also showed Taiwan’s determination to work with allies to tackle the many challenges related to climate change, net-zero transition, and digital transformation. At the start of this month, Taiwan hosted the first-ever workshop on whole-of-society defense resilience under the Global Cooperation and Training Framework. Experts and scholars from 30 countries participated in the discussions. I once again thank the diplomatic corps for their support and assistance. In the future, we look forward to developing opportunities for cooperation with other countries across many domains to jointly advance democracy, peace, and prosperity throughout the region and around the world. In the face of authoritarian expansion, Taiwan will continue to bolster its national defense capabilities. We will stand shoulder to shoulder with fellow democracies to demonstrate the strength of deterrence. We will also join hands to build non-red supply chains, strengthen our economic resilience, and promote an initiative on semiconductor supply chain partnerships for global democracies. All of this will ensure steady technological and economic development.  In my New Year’s Day address, I said that in this new year, we have many more brilliant stories of Taiwan to share with the world. Everyone gathered here tonight is a dear friend of Taiwan. And each of you plays an important role in the stories this land has to tell.  I am deeply grateful to you all for the incredible efforts you make in support of Taiwan. In so many ways, you connect Taiwan to the rest of the world and allow the world to see the many different sides of this amazing nation. I believe that through even deeper and more extensive cooperation, we will create many more wonderful stories of Taiwan and build an even brighter future together. I wish you all a pleasant evening. Also in attendance at the event were Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman and other members of the foreign diplomatic corps in Taiwan.

    Details
    2025-03-04
    President Lai meets US Heritage Foundation founder Dr. Edwin Feulner
    On the afternoon of March 4, President Lai Ching-te met with a delegation led by founder of the US-based Heritage Foundation Dr. Edwin Feulner. In remarks President Lai thanked the foundation for publishing the 2025 Index of Economic Freedom, in which Taiwan ranked fourth globally and which recognized Taiwan’s sound legal foundation and ideal investment environment. The president said that Taiwan and the United States are important economic and trade partners and engage closely in industrial exchange. The president also expressed hope to expand investment in and procurement from the US in such areas as high-tech, energy, and agricultural products, and to work with the US and other democratic partners to create more resilient and diverse semiconductor supply chains to address new circumstances. A translation of President Lai’s remarks follows: It is a pleasure to welcome Dr. Feulner back to Taiwan today. I recall meeting with Dr. Feulner and Heritage Foundation President Kevin Roberts here at the Presidential Office at the end of last February. We had a fruitful discussion on Taiwan-US relations and regional affairs. When President Donald Trump was elected for his first term, Dr. Feulner played a crucial role in the administration’s transition team. Today, I look forward to hearing his thoughts on possible ways to further deepen relations between Taiwan and the US. I would like to thank the Heritage Foundation for publishing the 2025 Index of Economic Freedom, in which Taiwan ranked fourth globally. The report also recognized Taiwan’s sound legal foundation and ideal investment environment. Taiwan and the US are important economic and trade partners and engage closely in industrial exchange. The Taiwan Semiconductor Manufacturing Company’s (TSMC) historic US$65 billion investment in Arizona–negotiated and finalized during President Trump’s first term–is a case in point. And today, TSMC Chairman C.C. Wei (魏哲家) and President Trump jointly announced that the company would be expanding its investment in the US with new facilities. Looking ahead, we hope to expand investment in and procurement from the US in such areas as high-tech, energy, and agricultural products. We also look forward to working with the US and other democratic partners to create more resilient and diverse semiconductor supply chains to address new circumstances. At present, we continue to face authoritarian expansionism. As a country that deeply loves and staunchly defends freedom, Taiwan will collaborate with the US and other like-minded countries to maintain regional peace and stability. I would like to thank President Trump for his recent joint statement with Japanese Prime Minister Ishiba Shigeru, which emphasized the importance of maintaining peace and stability across the Taiwan Strait. And last month, the US was also part of a G7 foreign ministers’ statement in which “they strongly opposed any attempts to change unilaterally the status quo using force.” We firmly believe that only peace attained through one’s own strength can truly be called peace. Currently, Taiwan’s defense budget stands at approximately 2.5 percent of GDP. Going forward, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. Also, we will continue to reform national defense in the conviction that help comes most to those who help themselves. This will allow us to contribute even more to regional peace and stability. In closing, I once again thank Dr. Feulner for visiting and for demonstrating support of Taiwan. I wish you all a smooth and successful trip. Dr. Feulner then delivered remarks, first stating that on behalf of his successor, President Roberts, and all of his colleagues at the Heritage Foundation, it is his pleasure to present President Lai with the first copy of the 2025 Index of Economic Freedom. Pointing out that in the Index the Republic of China (Taiwan) is number four of 176 countries around the world in terms of its economic freedom, Dr. Feulner extended his congratulations to President Lai.  Dr. Feulner said he looks forward to a discussion about the present situation and how we can improve relations between the US and Taiwan. Dr. Feulner expressed his gratitude on hearing the wonderful announcement from TSMC, which was released right before his visit, that it will be expanding its investment in the US. In past trips, he said, he has had the opportunity to visit the TSMC headquarters in Taiwan, and fairly recently he has had the opportunity to view the site in Arizona where the construction continues and where the initial operations are beginning. He stated that they are proud to have TSMC now as an integral part of our responsible bilateral relationship. Dr. Feulner noted that while TSMC is of course very big, he also wants to express appreciation for all of the hundreds and hundreds of Taiwan-based companies that are strong, close partners throughout the US with American companies and with American people in terms of making a close and unified alliance of two freedom-loving countries.

    Details
    2025-03-04
    President Lai attends opening ceremony of GCTF Workshop on Whole-of-Society Resilience Building, Preparation, and Response
    On the morning of March 4, President Lai Ching-te attended the opening ceremony of the Global Cooperation and Training Framework (GCTF) Workshop on Whole-of-Society Resilience Building, Preparation, and Response. In remarks, President Lai stated that global challenges such as extreme weather, pandemics, and energy crises continue to emerge, and growing authoritarianism presents a grave threat to freedom-loving countries. These challenges have no borders, he said, and absolutely no single country can face them alone. The president said that as a responsible member of the international community, Taiwan is both willing and able to contribute even more to the democracy, peace, and prosperity of the world, and that the GCTF is an important platform where Taiwan can make those contributions by sharing its experiences with the rest of the world. President Lai indicated that Taiwan will join the forces of the central and local governments to enhance social resilience across the board, enhance disaster response capabilities in the community, and leverage its strengths to make contributions to the international community. He said that we are demonstrating to the world our determination to create an even more resilient Taiwan, and expressed hope to advance mutual assistance and exchanges with all the countries involved, so that we can together promote stability and prosperity around the world. A transcript of President Lai’s remarks follows: To begin, I would like to welcome more than 60 distinguished guests from 30 countries, as well as experts from Taiwan. You are all here for this GCTF workshop to discuss whole-of-society resilience building, preparation, and response. As a responsible member of the international community, Taiwan is both willing and able to contribute even more to the democracy, peace, and prosperity of the world. The GCTF is an important platform where Taiwan can make those contributions by sharing its experiences with the rest of the world. I want to thank our full GCTF partners, the United States, Japan, Australia, and Canada. Over the past several years, we have worked with even more countries through this framework and have expanded our exchanges into even more fields. Together, we have met all kinds of new challenges. I am confident that as our cooperation grows stronger, so will our ability to promote global progress. Each of today’s guests is contributing a vital force in that regard. I extend my sincere thanks to you all. Global challenges such as extreme weather, pandemics, and energy crises continue to emerge. And growing authoritarianism presents a grave threat to freedom-loving countries. These challenges have no borders, and absolutely no single country can face them alone. Taiwan holds a key position on the first island chain, and stands at the very frontline of the defense of democracy. With this joint workshop, we are demonstrating to the world our determination to create an even more resilient Taiwan. We are also aiming to advance our mutual assistance and exchanges with all the countries involved, so that we can make our societies more resilient and together promote stability and prosperity around the world. Moving forward, we will continue advancing the following three initiatives: First, we will join the forces of the central and local governments to enhance social resilience across the board. Just last year, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office. Civilian force training, strategic material preparation, and critical infrastructure operation and maintenance are all key discussion areas for our committee. These aim to enhance Taiwan’s resilience in national defense, economic livelihoods, disaster prevention, and democracy. They are also items on the agenda for this GCTF workshop. To cover all the bases, Taiwan must unite and cooperate as a team. Last year, our committee held the very first cross-sector tabletop exercise at the Presidential Office which included central and local government officials as well as civilian observers. We aim to test the government’s emergency response capabilities in high-intensity gray-zone operations and near-conflict situations. We will continue to hold exercises to help the central and local governments work together more efficiently, and strengthen Taiwan’s overall disaster response capabilities. Second is to enhance disaster response capabilities in the community. We fully understand that to build whole-of-society resilience, we must help people increase risk awareness, know how to respond to disasters, and develop abilities to help themselves, help one another, and work together. We are grateful to the American Institute in Taiwan (AIT) for collaborating with the Taiwan Development Association for Disaster Medical Teams to host “Take Action” workshops around the country since 2021. A 2.0 version is already in practice, and continues to train the public in first aid skills. Director of the AIT Taipei Office Raymond Greene and I took part in a Take Action event in New Taipei City last year and personally saw the positive outcomes of the training. In addition to the Take Action workshops, the government is also providing Disaster Relief Volunteer training for ages 11 to 89, and is continuing to expand its target audience. We have also set up Taiwan Community Emergency Response Teams at key facilities nationwide, enhancing the ability of these important facilities to respond independently to disasters. Civilian training will continue to be refined and expanded so that members of the public can serve as important partners in government-led disaster prevention and relief. Third, we will leverage Taiwan’s strengths to make contributions to the international community. The inspiration for our Disaster Relief Volunteer training comes from a similar program run by The Nippon Care-Fit Education Institute in Japan. I am confident that through exchanges like this workshop, Taiwan and other countries can also inspire one another in many areas, and enhance whole-of-society resilience in multiple ways. Taiwan also excels in information and communications and advanced technology. We will set up even more robust cybersecurity systems, expand usage of emerging technologies, and improve the ways we maintain domestic security. We hope that by leveraging our capabilities and sharing our experiences, Taiwan can contribute even more to the international community. I want to welcome all our partners once again, and thank AIT for co-hosting this event. Let’s continue down the path of advancing global security and developing resilience together. Because together, we can travel farther, and we can travel longer. Also in attendance at the event were Japan-Taiwan Exchange Association Deputy Representative Takaba Yo, Australian Office in Taipei Representative Robert Fergusson, and Canadian Trade Office in Taipei Executive Director Jim Nickel.

    Details
    2025-02-24
    President Lai meets Japanese House of Representatives Member Tamaki Yuichiro
    On the afternoon of February 24, President Lai Ching-te met with Japanese House of Representatives Member Tamaki Yuichiro. In remarks, President Lai noted that Taiwan and Japan are important trading partners. The president expressed hope that, in addition to semiconductors, Taiwan and Japan can also bolster cooperation in the fields of hydrogen energy and drones and build non-red supply chains, thus creating economic win-win situations and maintaining peace and stability in the Indo-Pacific region and globally. A translation of President Lai’s remarks follows: I would like to start by warmly welcoming Representative Tamaki on his first trip to Taiwan. Now is a key moment for the cooperative ties between Taiwan and Japan, and the fact that Representative Tamaki has chosen to take time out of his busy schedule to make this trip demonstrates his especially meaningful support for Taiwan. For this I want to express my deepest gratitude. At the beginning of this month, Japan and the United States held a summit meeting. In the post-summit joint leaders’ statement the government of Japan reiterated the importance of maintaining peace and stability across the Taiwan Strait, opposed any attempts to unilaterally change the status quo by force or coercion, and expressed support for Taiwan’s meaningful participation in international organizations. I would like to thank the government of Japan for these statements. Taiwan and Japan are both responsible members of the international community. I welcome an even firmer friendship between Japan and the US and hope to see cooperation among Taiwan, Japan, and the US become a solid force in consolidating peace and stability in the Indo-Pacific region. In addition to complex international conditions, we now also face the threat of China’s red supply chain. More and more countries are becoming increasingly concerned about such issues as economic security and supply chain resilience. As authoritarianism consolidates, democratic nations must also come closer in solidarity. Taiwan and Japan are important trading partners. I hope that, in addition to semiconductors, Taiwan and Japan can also bolster cooperation in the fields of hydrogen energy and drones, and that we can build non-red supply chains, thus creating economic win-win situations and maintaining peace and stability in the Indo-Pacific region and globally. Lastly, I would like once again to welcome Representative Tamaki to Taiwan and wish him a successful visit. I hope he departs Taiwan with a deep impression and that he will visit again. Representative Tamaki then delivered remarks, noting that this was his first visit to Taiwan and thanking President Lai and officials of the Taiwan government for their warm welcome. Pointing out that Taiwan-Japan ties are closer than ever thanks to the major efforts made on this front by President Lai since taking office, Representative Tamaki expressed his admiration and gratitude. Representative Tamaki pointed out that in a changing global landscape, Taiwan, Japan, and the Indo-Pacific region all face major changes, but he firmly believes that Taiwan-Japan relations will develop even further. Recalling President Lai’s previous remarks, the representative said that Japan and the US recently held a summit meeting that yielded important results. In the joint leaders’ statement, he noted, the two sides made a clear commitment regarding peace and stability across the Taiwan Strait and firmly opposed any attempts to unilaterally change the status quo by force or coercion. Representative Tamaki said that the ruling Liberal Democratic Party and the Komeito did not win a majority in last year’s House of Representatives general elections, while the number of seats held by his own Democratic Party for the People quadrupled. This result, he said, has filled him with a feeling of great responsibility. Moving forward, he intends to continue promoting Taiwan-Japan cooperation and strengthening relations. Also in attendance at the meeting was Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    Details
    2025-03-13
    President Lai holds press conference following high-level national security meeting
    On the afternoon of March 13, President Lai Ching-te convened a high-level national security meeting, following which he held a press conference. In remarks, President Lai introduced 17 major strategies to respond to five major national security and united front threats Taiwan now faces: China’s threat to national sovereignty, its threats from infiltration and espionage activities targeting Taiwan’s military, its threats aimed at obscuring the national identity of the people of Taiwan, its threats from united front infiltration into Taiwanese society through cross-strait exchanges, and its threats from using “integrated development” to attract Taiwanese businesspeople and youth. President Lai emphasized that in the face of increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and expressed hope that all citizens unite in solidarity to resist being divided. The president also expressed hope that citizens work together to increase media literacy, organize and participate in civic education activities, promptly expose concerted united front efforts, and refuse to participate in any activities that sacrifice national interests. As long as every citizen plays their part toward our nation’s goals for prosperity and security, he said, and as long as we work together, nothing can defeat us. A translation of President Lai’s remarks follows: At many venues recently, a number of citizens have expressed similar concerns to me. They have noticed cases in which members of the military, both active-duty and retired, have been bought out by China, sold intelligence, or even organized armed forces with plans to harm their own nation and its citizens. They have noticed cases in which entertainers willingly followed instructions from Beijing to claim that their country is not a country, all for the sake of personal career interests. They have noticed how messaging used by Chinese state media to stir up internal opposition in Taiwan is always quickly spread by specific channels. There have even been individuals making careers out of helping Chinese state media record united front content, spreading a message that democracy is useless and promoting skepticism toward the United States and the military to sow division and opposition. Many people worry that our country, as well as our hard-won freedom and democracy and the prosperity and progress we achieved together, are being washed away bit by bit due to these united front tactics. In an analysis of China’s united front, renowned strategic scholar Kerry K. Gershaneck expressed that China plans to divide and conquer us through subversion, infiltration, and acquisition of media, and by launching media warfare, psychological warfare, and legal warfare. What they are trying to do is to sow seeds of discord in our society, keep us occupied with internal conflicts, and cause us to ignore the real threat from outside. China’s ambition over the past several decades to annex Taiwan and stamp out the Republic of China has not changed for even a day. It continues to pursue political and military intimidation, and its united front infiltration of Taiwan’s society grows ever more serious. In 2005, China promulgated its so-called “Anti-Secession Law,” which makes using military force to annex Taiwan a national undertaking. Last June, China issued a 22-point set of “guidelines for punishing Taiwan independence separatists,” which regards all those who do not accept that “Taiwan is part of the People’s Republic of China” as targets for punishment, creating excuses to harm the people of Taiwan. China has also recently been distorting United Nations General Assembly Resolution 2758, showing in all aspects China’s increasingly urgent threat against Taiwan’s sovereignty. Lately, China has been taking advantage of democratic Taiwan’s freedom, diversity, and openness to recruit gangs, the media, commentators, political parties, and even active-duty and retired members of the armed forces and police to carry out actions to divide, destroy, and subvert us from within. A report from the National Security Bureau indicates that 64 persons were charged last year with suspicion of spying for China, which was three times the number of persons charged for the same offense in 2021. Among them, the Unionist Party, Rehabilitation Alliance Party, and Republic of China Taiwan Military Government formed treasonous organizations to deploy armed forces for China. In a democratic and free society, such cases are appalling. But this is something that actually exists within Taiwan’s society today. China also actively plots ways to infiltrate and spy on our military. Last year, 28 active-duty and 15 retired members of the armed forces were charged with suspicion of involvement in spying for China, respectively comprising 43 percent and 23 percent of all of such cases – 66 percent in total. We are also alert to the fact that China has recently used widespread issuance of Chinese passports to entice Taiwanese citizens to apply for the Residence Permit for Taiwan Residents, permanent residency, or the Resident Identity Card, in an attempt to muddle Taiwanese people’s sense of national identity. China also views cross-strait exchanges as a channel for its united front against Taiwan, marking enemies in Taiwan internally, creating internal divisions, and weakening our sense of who the enemy really is. It intends to weaken public authority and create the illusion that China is “governing” Taiwan, thereby expanding its influence within Taiwan. We are also aware that China has continued to expand its strategy of integrated development with Taiwan. It employs various methods to demand and coerce Taiwanese businesses to increase their investments in China, entice Taiwanese youth to develop their careers in China, and unscrupulously seeks to poach Taiwan’s talent and steal key technologies. Such methods impact our economic security and greatly increase the risk of our young people heading to China. By its actions, China already satisfies the definition of a “foreign hostile force” as provided in the Anti-Infiltration Act. We have no choice but to take even more proactive measures, which is my purpose in convening this high-level national security meeting today. It is time we adopt proper preventive measures, enhance our democratic resilience and national security, and protect our cherished free and democratic way of life. Next, I will be giving a detailed account of the five major national security and united front threats Taiwan now faces and the 17 major strategies we have prepared in response. I. Responding to China’s threats to our national sovereignty We have a nation insofar as we have sovereignty, and we have the Republic of China insofar as we have Taiwan. Just as I said during my inaugural address last May, and in my National Day address last October: The moment when Taiwan’s first democratically elected president took the oath of office in 1996 sent a message to the international community, that Taiwan is a sovereign, independent, democratic nation. Among people here and in the international community, some call this land the Republic of China, some call it Taiwan, and some, the Republic of China Taiwan. The Republic of China and the People’s Republic of China are not subordinate to each other, and Taiwan resists any annexation or encroachment upon our sovereignty. The future of the Republic of China Taiwan must be decided by its 23 million people. This is the status quo that we must maintain. The broadest consensus in Taiwanese society is that we must defend our sovereignty, uphold our free and democratic way of life, and resolutely oppose annexation of Taiwan by China. (1) I request that the National Security Council (NSC), the Ministry of National Defense (MND), and the administrative team do their utmost to promote the Four Pillars of Peace action plan to demonstrate the people’s broad consensus and firm resolve, consistent across the entirety of our nation, to oppose annexation of Taiwan by China. (2) I request that the NSC and the Ministry of Foreign Affairs draft an action plan that will, through collaboration with our friends and allies, convey to the world our national will and broad social consensus in opposing annexation of Taiwan by China and in countering China’s efforts to erase Taiwan from the international community and downgrade Taiwan’s sovereignty. II. Responding to China’s threats from infiltration and espionage activities targeting our military (1) Comprehensively review and amend our Law of Military Trial to restore the military trial system, allowing military judges to return to the frontline and collaborate with prosecutorial, investigative, and judicial authorities in the handling of criminal cases in which active-duty military personnel are suspected of involvement in such military crimes as sedition, aiding the enemy, leaking confidential information, dereliction of duty, or disobedience. In the future, criminal cases involving active-duty military personnel who are suspected of violating the Criminal Code of the Armed Forces will be tried by a military court. (2) Implement supporting reforms, including the establishment of a personnel management act for military judges and separate organization acts for military courts and military prosecutors’ offices. Once planning and discussion are completed, the MND will fully explain to and communicate with the public to ensure that the restoration of the military trial system gains the trust and full support of society. (3) To deter the various types of controversial rhetoric and behavior exhibited by active-duty as well as retired military personnel that severely damage the morale of our national military, the MND must discuss and propose an addition to the Criminal Code of the Armed Forces on penalties for expressions of loyalty to the enemy as well as revise the regulations for military personnel and their families receiving retirement benefits, so as to uphold military discipline. III. Responding to China’s threats aimed at obscuring the national identity of the people of Taiwan (1) I request that the Ministry of the Interior (MOI), Mainland Affairs Council (MAC), and other relevant agencies, wherever necessary, carry out inspections and management of the documents involving identification that Taiwanese citizens apply for in China, including: passports, ID cards, permanent residence certificates, and residence certificates, especially when the applicants are military personnel, civil servants, or public school educators, who have an obligation of loyalty to Taiwan. This will be done to strictly prevent and deter united front operations, which are performed by China under the guise of “integrated development,” that attempt to distort our people’s national identity. (2) With respect to naturalization and integration of individuals from China, Hong Kong, and Macau into Taiwanese society, more national security considerations must be taken into account while also attending to Taiwan’s social development and individual rights: Chinese nationals applying for permanent residency in Taiwan must, in accordance with the law of Taiwan, relinquish their existing household registration and passport and may not hold dual identity status. As for the systems in place to process individuals from Hong Kong or Macau applying for residency or permanent residency in Taiwan, there will be additional provisions for long-term residency to meet practical needs. IV. Responding to China’s threats from united front infiltration into Taiwanese society through cross-strait exchanges  (1) There are increasing risks involved with travel to China. (From January 1, 2024 to today, the MAC has received reports of 71 Taiwanese nationals who went missing, were detained, interrogated, or imprisoned in China; the number of unreported people who have been subjected to such treatment may be several times that. Of those, three elderly I-Kuan Tao members were detained in China in December of last year and have not yet been released.) In light of this, relevant agencies must raise public awareness of those risks, continue enhancing public communication, and implement various registration systems to reduce the potential for accidents and the risks associated with traveling to China. (2) Implement a disclosure system for exchanges with China involving public officials at all levels of the central and local government. This includes everyone from administrative officials to elected representatives, from legislators to village and neighborhood chiefs, all of whom should make the information related to such exchanges both public and transparent so that they can be accountable to the people. The MOI should also establish a disclosure system for exchanges with China involving public welfare organizations, such as religious groups, in order to prevent China’s interference and united front activities at their outset. (3) Manage the risks associated with individuals from China engaging in exchanges with Taiwan: Review and approval of Chinese individuals coming to Taiwan should be limited to normal cross-strait exchanges and official interactions under the principles of parity and dignity, and relevant factors such as changes in the cross-strait situation should be taken into consideration. Strict restrictions should be placed on Chinese individuals who have histories with the united front coming to Taiwan, and Chinese individuals should be prohibited from coming to Taiwan to conduct activities related in any way to the united front. (4) Political interference from China and the resulting risks to national security should be avoided in cross-strait exchanges. This includes the review and management of religious, cultural, academic, and education exchanges, which should in principle be depoliticized and de-risked so as to simplify people-to-people exchanges and promote healthy and orderly exchanges. (5) To deter the united front tactics of a cultural nature employed by Chinese nationals to undermine Taiwan’s sovereignty, the Executive Yuan must formulate a solution to make our local cultural industries more competitive, including enhanced support and incentives for our film, television, and cultural and creative industries to boost their strengths in democratic cultural creation, raise international competitiveness, and encourage research in Taiwan’s own history and culture. (6) Strengthen guidance and management for entertainers developing their careers in China. The competent authorities should provide entertainers with guidelines on conduct while working in China, and make clear the scope of investigation and response to conduct that endangers national dignity. This will help prevent China from pressuring Taiwanese entertainers to make statements or act in ways that endanger national dignity. (7) The relevant authorities must adopt proactive, effective measures to prevent China from engaging in cognitive warfare against Taiwan or endangering cybersecurity through the internet, applications, AI, and other such tools. (8) To implement these measures, each competent authority must run a comprehensive review of the relevant administrative ordinances, measures, and interpretations, and complete the relevant regulations for legal enforcement. Should there be any shortcomings, the legal framework for national security should be strengthened and amendments to the National Security Act, Anti-Infiltration Act, Act Governing Relations between the People of the Taiwan Area and the Mainland Area, Laws and Regulations Regarding Hong Kong & Macao Affairs, or Cyber Security Management Act should be proposed. Communication with the public should also be increased so that implementation can happen as soon as possible. V. Responding to threats from China using “integrated development” to attract Taiwanese businesspeople and youth (1) I request that the NSC and administrative agencies work together to carry out strategic structural adjustments to the economic and trade relations between Taiwan and China based on the strategies of putting Taiwan first and expanding our global presence while staying rooted in Taiwan. In addition, they should carry out necessary, orderly adjustments to the flow of talent, goods, money, and skills involved in cross-strait economic and trade relations based on the principle of strengthening Taiwan’s foundations to better manage risk. This will help boost economic security and give us more power to respond to China’s economic and trade united front and economic coercion against Taiwan. (2) I request that the Ministry of Education, MAC, Ministry of Economic Affairs, and other relevant agencies work together to comprehensively strengthen young students’ literacy education on China and deepen their understanding of cross-strait exchanges. I also request these agencies to widely publicize mechanisms for employment and entrepreneurship for Taiwan’s youth and provide ample information and assistance so that young students have more confidence in the nation’s future and more actively invest in building up and developing Taiwan. My fellow citizens, this year marks the 80th anniversary of the end of the Second World War. History tells us that any authoritarian act of aggression or annexation will ultimately end in failure. The only way we can safeguard freedom and prevail against authoritarian aggression is through solidarity. As we face increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and to ensure that the freedom, democracy, and way of life of Taiwan’s 23 million people continues on as normal. But relying solely on the power of the government is not enough. What we need even more is for all citizens to stay vigilant and take action. Every citizen stands on the frontline of the defense of democracy and freedom. Here is what we can do together: First, we can increase our media literacy, and refrain from spreading and passing on united front messaging from the Chinese state. Second, we can organize and participate in civic education activities to increase our knowledge about united front operations and build up whole-of-society defense resilience. Third, we can promptly expose concerted united front efforts so that all malicious attempts are difficult to carry out. Fourth, we must refuse to participate in any activities that sacrifice national interests. The vigilance and action of every citizen forms the strongest line of defense against united front infiltration. Only through solidarity can we resist being divided. As long as every citizen plays their part toward our nation’s goals for prosperity and security, and as long as we work together, nothing can defeat us.

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Interview – ABC Afternoon Briefing with Stephanie Dalzell

    Source: Australian Ministers for Education

    STEPHANIE DALZELL, HOST: Returning to our top story today, the government says it will investigate the child care sector after Four Corners exposed systemic issues and cases of abuse and neglect. Let’s bring in the Early Childhood Education Minister, Anne Aly, to discuss this further. Anne, thanks for joining us. This Four Corners investigation exposed a flawed and inconsistent regulatory system for child care centres with allegations of abuse. Can I just ask you, firstly, what was your initial reaction when you saw the story?

    MINISTER ANNE ALY: Yeah, look, I think the behaviours that were reported in last night’s story are deeply, deeply concerning and I want to make it very clear that there is no tolerance for those kinds of behaviours in early childhood education and care sector. We care deeply and are committed to child wellbeing and safety and understand that parents rightly expect that when they drop off their children in early childhood education and care, that their children are well looked after, that they’re safe and that they’re secure.

    I might point out that the vast majority of providers, and the vast majority of early childhood educators, are dedicated professionals who care deeply about safety and child development and child education.

    I would also point out that I expect that state and territory governments fulfil their regulatory obligations and ensure that services operating within their jurisdictions comply with the National Quality Framework.

    Now, this afternoon, I have asked the CEO of the National Quality Authority to give some immediate advice on what more can be done around child safety and security, building on the 2023 recommendations of the report that myself and the Minister for Education, Jason Clare commissioned. That gives us a range of recommendations for improving child safety in early childhood education and care. All state and territory ministers and the Commonwealth Government have agreed on those recommendations and we’re making good progress in implementing those recommendations. And we’ll continue working with state and territory governments to ensure that child safety and wellbeing are front and centre of our early childhood education and care system.

    DALZELL: You mentioned the state and territory regulators. Given how systemic these failures and breaches have been here, does the Federal Government need to take over regulation to ensure children’s safety?

    ALY: Well, early childhood education and care and the regulation of early childhood education and care services is a shared responsibility. The states have a responsibility and the Federal Government has a responsibility. And so, I would reiterate that I expect state and territory governments to fulfil their regulatory obligations and ensure that services within their jurisdictions comply with the National Quality Framework.

    DALZELL: The Commonwealth pays Child Care Subsidies. You’re writing the cheques. Wouldn’t it make sense for you to also fund the regulators upholding these national standards?

    ALY: As I said, it’s a shared responsibility between state and Federal Governments. The Federal Government has a responsibility for the National Quality Framework. The state governments have a responsibility for the regulation. Embedded within the National Quality Framework are safety, security and child health and wellbeing measures. And I expect that state and territory governments fulfil that regulatory responsibility.

    DALZELL: The Prime Minister says he supports an investigation into the sector. I know it’s early days, but what are you anticipating that might look like? The Greens are calling for a Royal Commission. Why won’t you consider that? And what will this investigation look like?

    ALY: Well, the Prime Minister, as the Prime Minister said, Royal Commissions take years. Now, these are not issues that have just cropped up in early childhood education and care. They are long-standing issues. But this is the first time we have a Federal Government, in the Federal Labor Government, that is taking reform seriously and that has a program of reform. We have already commissioned a review by the ACCC, a review by the Productivity Commission. We have in 2023, as I mentioned, the review into child safety and wellbeing in early childhood education and care. Those reviews are informing our pathway to a system, a universal early childhood education and care system, that is based on quality, affordability and accessibility for every child in Australia. We’ll continue to refer to the reviews that we have done and the consultations that we have with the sector, with families, with educators to chart that pathway to universal early childhood education and care, which is quality, which is affordable and which is accessible.

    DALZELL: Anne on another topic, Israel has begun striking Gaza again today, the biggest attack since the start of this ceasefire. How concerned are you about this and the status of the ceasefire?

    ALY: I’m deeply concerned. I think the ceasefire gave hope of the stages towards a more lasting peace between Palestine and Israel. I have said before, and I will say it again, there is absolutely no justification for the collective punishment of Palestinian civilians by the Israeli Defence Forces. And you know, this is deeply, deeply concerning. I continue to push for, and I know Australia will continue to push for, an end to the hostilities, a lasting ceasefire and a lasting peace.

    DALZELL: Can I also ask you about Peter Dutton’s idea for a referendum to deport dual citizens that have committed serious crimes? We just heard Shadow Trade Minister Kevin Hogan say that one person is too many to be a dual citizen that’s committed a serious crime like terrorism. What’s your response to that?

    ALY: Well, our constitution is very clear. A citizen is a citizen, and all citizens should be treated equally. You know, I think the Prime Minister describes this as a thought bubble. I would add to that that Peter Dutton likes to punch down, and he likes to utilise the politics of division and politics of fear for what he sees to be as political gain. I agree with the Prime Minister that this is a thought bubble.

    DALZELL: What would the government do, or what is the government doing to deal with dual citizens who have committed crimes like terrorism?

    ALY: We have laws in place, and we continue to follow the letter of the law. What we’re talking about here is Peter Dutton wanting to spend millions of taxpayer dollars on a referendum to change our constitution, to give himself the power to take away, strip away citizenship as he sees fit. You know, I think that many Australians would find that idea of a single politician having the power to strip them of their citizenship to be quite untasteful.

    DALZELL: When pressing Kevin Hogan about this idea earlier, he didn’t have any specific figures on exactly how many dual citizens might have committed crimes like terrorism. Are you concerned about the Coalition putting this on the table without those details in place?

    ALY: I’m concerned that it will be a free-for-all. You know, where does it stop? Who decides? If Peter Dutton wants the power to decide who gets citizenship and who doesn’t, or who gets their citizens stripped and who doesn’t get their citizens stripped, I think all Australians should be concerned about that.

    DALZELL: Anne Aly, thanks so much for your time. We really appreciate it.

    ALY: Thank you.

    MIL OSI News

  • MIL-Evening Report: Catholic priest calls PNG’s Christian state declaration ‘cosmetic’ change

    By Caleb Fotheringham, RNZ Pacific journalist

    Papua New Guinea being declared a Christian nation may offer the impression that the country will improve, but it is only “an illusion”, according to a Catholic priest in the country.

    Last week, the PNG Parliament amended the nation’s constitution, introducing a declaration in its preamble: “(We) acknowledge and declare God, the Father; Jesus Christ, the Son; and Holy Spirit, as our Creator and Sustainer of the entire universe and the source of our powers and authorities, delegated to the people and all persons within the geographical jurisdiction of Papua New Guinea.”

    In addition, Christianity will now be reflected in the Fifth Goal of the Constitution, and the Bible will be recognised as a national symbol.

    Father Giorgio Licini of Caritas PNG said that the Catholic Church would have preferred no constitutional change.

    “To create, nowadays, in the 21st century a Christian confessional state seems a little bit anachronistic,” Father Licini said.

    He believes it is a “cosmetic” change that “will not have a real impact” on the lives of the people.

    “PNG society will remain basically what it is,” he said.

    An ‘illusion that things will improve’
    “This manoeuvre may offer the impression or the illusion that things will improve for the country, that the way of behaving, the economic situation, the culture may become more solid. But that is an illusion.”

    He said the preamble of the 1975 Constitution already acknowledged the Christian heritage.

    Father Licini said secular cultures and values were scaring many in PNG, including the recognition and increasing acceptance of the rainbow community.

    “They see themselves as next to Indonesia, which is Muslim, they see themselves next to Australia and New Zealand, which are increasingly secular countries, the Pacific heritage is fading, so the question is, who are we?” he said.

    “It looks like a Christian heritage and tradition and values and the churches, they offer an opportunity to ground on them a cultural identity.”

    Village market near a Christian church building in Papua New Guinea . . . secular cultures and values scaring many in PNG. Image: 123rf

    Prime Minister James Marape, a vocal advocate for the amendment, is happy about the outcome.

    He said it “reflects, in the highest form” the role Christian churches had played in the development of the country.

    Not an operational law
    RNZ Pacific’s PNG correspondent Scott Waide said that Marape had maintained it was not an operational law.

    “It is something that is rather symbolic and something that will hopefully unite Papua New Guinea under a common goal of sorts. That’s been the narrative that’s come out from the Prime Minister’s Office,” Waide said.

    He said the vast majority of people in the country had identified as Christian, but it was not written into the constitution.

    Waide said the founding fathers were aware of the negative implications of declaring the nation a Christian state during the decolonisation period.

    “I think in their wisdom they chose to very carefully state that Papua New Guineans are spiritual people but stopped short of actually declaring Papua New Guinea a Christian country.”

    He said that, unlike Fiji, which has had a 200-year experience with different religions, the first mosque in PNG opened in the 1980s.

    “It is not as diverse as you would see in other countries. Personally, I have seen instances of religious violence largely based on ignorance.

    “Not because they are politically driven, but because people are not educated enough to understand the differences in religions and the need to coexist.”

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Amid claims of abuse, neglect and poor standards, what is going wrong with childcare in Australia?

    Source: The Conversation (Au and NZ) – By Gabrielle Meagher, Professor Emerita, School of Society, Communication and Culture, Macquarie University

    On Monday, an ABC’s Four Corners investigation reported shocking cases of abuse and neglect in Australian childcare centres. This included examples of children being sexually abused, restrained for hours in high chairs, and fed nutritionally substandard meals such as pasta with ketchup.

    While acknowledging there are high-quality services operating in the community, the program also showed how centre-based childcare is big business, dominated by for-profit providers, who may not be meeting regulatory standards.

    What is going wrong with childcare in Australia?

    Differing levels of quality

    Data from Australia’s childcare regulator consistently shows for-profit childcare services are, on average, rated as lower quality than not-for-profit services.

    Of those rated by regulators, 11% of for-profit long daycare centres are not meeting national minimum quality standards (they are just “working towards”). This compares with 7% of not-for-profit centres not meeting minimum standards.

    There are 13% of for-profit centres exceeding the standards, compared to 28% of not-for-profits.

    Inquiries suggest this divergence is due to staffing levels, qualifications and pay. In 2023, the Australian Competition and Consumer Commission (ACCC) found large for-profit providers spend significantly less on staffing than not-for-profit providers.

    Large for-profit providers have a higher proportion of part-time and casual staff than not-for-profits. They also employ less experienced early childhood teachers. On top of this, they are more likely to use award rates of pay, which are typically lower than enterprise agreement rates.

    Lower pay and less job security is related to higher turnover of staff, which makes it difficult for educators to establish and maintain the trusting relationships with children and families that underpin high quality.

    Despite this, the federal government continues to support for-profit services through childcare subsidies.

    These subsidies are designed to help families with the costs of childcare. But they do not stop some providers increasing their fees. The ACCC found a consistent pattern of increased government subsidies leading to higher out-of-pocket expenses for families, due to subsequent fee increases.

    It hasn’t always been like this

    Childcare subsidies haven’t always worked in this way. “Operational subsidies” were introduced in 1972 through the historic Child Care Act, which set the precedent for Australian governments to fund childcare.

    This aimed to support women’s workforce participation through an expanded, high-quality childcare sector. Subsidies at the time were only available to not-for-profit services and required the employment of qualified staff, including teachers. In these ways, Commonwealth funding positioned childcare as a public good, like school education.

    Then, in 1991, federal government subsidies were extended to for-profit providers. This prompted dramatic changes in the childcare landscape, leading to a dominance of for-profit centres.

    Today, more than 70% of all long day-care centres are operated by private providers. Between 2013 and 2023, the number of for-profit long daycare services jumped by 60%, while not-for-profits only grew by 4%.

    Quality concerns

    There are 25 large long daycare providers in Australia and of these, 21 are run for profit. Large for-profit providers impact sector quality in several ways.

    Many have disproportionately high numbers of staffing waivers, granted by regulators, permitting them to operate centres without the required number of qualified staff.

    According to unpublished research by Gabrielle Meagher, as of October 2024, 11 large for-profit providers held waivers for a quarter or more of their services and five held waivers for more than a third. This compares to 15% of the sector overall.

    Large for-profit providers also serve investors as well as families. So there are extra incentives to cut costs and maximise profits.

    The dominance of for-profit providers also makes them powerful players in policy-making circles, as governments depend on them to provide an essential service.

    Why isn’t the system working?

    Given Australia has a regulatory and quality assurance system for childcare services, why do we have these quality issues?

    As the Productivity Commission found, regulators are under-resourced, and inspections are infrequent. Services that repeatedly fail to meet the minimum standards are still allowed to operate, sometimes for more than a decade.

    Services are notified about upcoming inspections, potentially giving them time to give a false impression of their quality and safety standards.

    As Four Corners highlighted, poor-quality services, with bad pay and working conditions are driving good educators away from the sector.

    What next?

    The Albanese government recently passed legislation to “guarantee” eligible families three days of subsidised childcare per week from January 2026.

    But families need more than access. They also require a guarantee this childcare will be high-quality and keep children safe.

    Even without the extra spending on the three-day guarantee, government spending on childcare subsidies is due to reach nearly A$15 billion by 2026–27. Thus there is also a corresponding duty to taxpayers to ensure these funds are going to high-quality providers.

    In the wake of the Four Corners report, the Greens are calling for a royal commission into childcare. But we do not need this level of inquiry to tell us the current system needs fundamental change.

    Stronger regulatory powers, while important, will not be enough on their own. High-quality services need well-educated and well-supported staff. They also need governance and leadership that value educators’ expertise and enable consistently high standards.

    Gabrielle was interviewed as part of the 4 Corners program mentioned in the article.

    Marianne Fenech receives funding from the Australian Research Council.

    ref. Amid claims of abuse, neglect and poor standards, what is going wrong with childcare in Australia? – https://theconversation.com/amid-claims-of-abuse-neglect-and-poor-standards-what-is-going-wrong-with-childcare-in-australia-252493

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Politics with Michelle Grattan: Barbara Pocock on the Greens’ policy priorities

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

    The Greens have heaped a lot of pressure on the government during this term, from issues of the environment, housing, and Medicare, to the war in the Middle East.

    With the polls close to a dead heat and minority government appearing a real possibility, would the Greens push a minority Labor government even harder in pursuit of their agenda?

    To talk about the Greens’ policies and prospects, we’re joined by South Australian Greens senator Barbara Pocock, who is the party’s spokeswoman on employment, the public sector and finance.

    After their efforts in this term, Pocock says the Greens would be just as tough in pushing a possible Labor minority government next term:

    People can judge us on our record in the last few years. People saw us really fight hard on housing – we wanted to see something meaningful. It is the most significant post-war crisis in housing that is affecting millions of Australians’ lives and certainly an intergenerational crisis.

    So we held out for a long time to try and push Labor to improve its offering on public housing [and] on housing spending and we achieved some real wins there. We will fight hard for the things that matter.

    We will push very hard on those core issues of a better health system, putting dental into Medicare. We pushed very hard on that in the last time there was a minority government and won it for kids. We want to see everyone be able to get to the dentist, and we really want to see reductions in student debt.

    However, Pocock stresses that keeping Peter Dutton out of government remains a key focus:

    We are very focused on preventing a Dutton Coalition government, because everything we hear from that stable sends a shiver down my spine.

    Pocock did a lot of work during the Senate inquiry investigating consulting services and she warns Dutton’s policy to cut 36,000 public servants would lead to a return to consultants:

    In that last year of the Morrison government, we saw a spend of $20 billion on consulting and labour hire and a hollowing out in the public sector. We are still seeing a slow regrowth of the capability of the federal public sector following the scandals relating to the consulting industry and the way it worked with government.

    I am very worried about the Coalition’s proposals for a 36,000 cut in the public sector. That’s one in five public sector workers gone and that means services like Centrelink, Veterans Affairs, services that Australians depend on cannot deliver on what they suggest. And we also need to remember that a very significant number – something like two-thirds of our public service, federal public service – actually live outside Canberra.

    All they would be doing is taking that money, which pays for public servants, doing a whole range of many different things and taking it across to, in many cases, their supporters and buddies and donors in the consulting and labour hire industry and it’s a very bad value-for-money proposition for the Australian voter.

    As spokeswoman on employment, Pocock is a strong advocate for the Greens policies on a four-day work week:

    If we go right back to 1856 when Australia led the world on reducing working hours, and the eight-hour day, now we were the first to adopt that internationally for stonemasons in Melbourne. And in the last 40 years, [we] have not seen any reduction in average working time. It’s been 38 hours now since 1983. In that 40 years, we’ve seen massive changes in technology. We have seen increases in productivity. And in the last 10 years, we’ve seen private profit increase by 97% while wages have gone up by 50%. And what we’re saying is, let’s look at the length of the average full-time working week and let’s see how we can move the dial on that.

    We’d certainly like to see a wide range of pilots, diverse experimentation, real change, working with those who are ready for it, who are up for it, but making sure we collect the evidence and then move over time towards a national test case, which is the way in which over decades we have slowly ratcheted back the length of the working week.

    On the attack from the opposition and others that the Greens are anti-Semitic, Pocock defends the Greens as an anti-racist party.

    I think there are diverse views out there in the community and certainly, and we can see it every day, but I think that there are also many people, including many Jewish people, who understand that you can have a critique of a war that’s had such a terrible consequence for civilian women and children in Gaza, and you can still take a very strong position in relation to the kinds of attacks we’ve seen on the Jewish community, for example.

    We are an anti-racist party. We want to call out behaviour which is wrong wherever it happens and we have certainly been critical of the behaviour of the Israeli state, their military, and the way they continue to conduct a war against the civilians in Gaza.

    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. Politics with Michelle Grattan: Barbara Pocock on the Greens’ policy priorities – https://theconversation.com/politics-with-michelle-grattan-barbara-pocock-on-the-greens-policy-priorities-252502

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Treasurer Chalmers promises ‘meaningful and substantial’ cost of living help in Tuesday’s budget

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

    Next week’s budget will have cost-of-living assistance that will be meaningful and substantial but “responsible”, Treasurer Jim Chalmers has said.

    In a Tuesday speech framing the budget Chalmers said, “it will be a responsible budget which helps with the cost of living, builds our future, and makes our economy more resilient in the new world of global uncertainty”.

    He said the budget would have five major priorities:

    • helping the recovery and rebuild following Cyclone Alfred, for which it will provide $1.2 billion

    • helping with the cost of living and finishing the fight against inflation

    • strengthening Medicare and funding more urgent care clinics

    • putting money into every stage of education

    • making the economy more competitive and productive.

    In the question-and-answer part of his appearance at the Queensland Media Club Chalmers refused to be drawn on whether the cost-of-living relief would include more help on power bills, as is widely expected.

    He was also put on the spot about his future leadership ambitions, initially being asked whether, given federal Labor’s poor showing in Queensland, it would do better with a leader from that state.

    After diverting the question with a joke and a vigorous defence of Anthony Albanese’s “practical pragmatism” and his appreciation of Queensland, he was asked directly, “So you don’t have aspirations to become leader one day yourself?” “No”, he replied.

    Chalmers is lowering expectations of extensive new initiatives being announced next Tuesday, because big spending measures in health, education and infrastructure have been announced.

    The budget will project deficits throughout the forward estimates. But Chalmers said Treasury did not expect the bottom line this year or the coming years to be substantially changed from the mid year update.

    In the mid-year update release in December, Treasury said it expected the deficit this financial year to be $26.9 billion. The deficit was forecast to increase further next year to $46.9 billion, compared with $42.8 billion forecast in last year’s budget.

    Chalmers sought to scotch incorrect predictions he said had been made.

    “For example, some commentators have made wild and wide-of-the-mark predictions about big surges in revenue.

    “Some wrongly predict the tax-to-GDP ratio will go up this year, when Treasury expects it to be stable or even a bit down.

    “Revenue upgrades have actually come off very significantly since the highs of October 2022.”

    Chalmers argued the Australian economy “has turned a corner” but acknowledged “a new world of uncertainty” in which it was operating.

    “The global economy is volatile and unpredictable.

    “There’s a new US administration disrupting trade, a slowdown in China, war in eastern Europe and a fragile ceasefire in the Middle East, division and dissatisfaction around the world.

    “Overnight, the OECD downgraded its growth expectations for next year and the year after.”

    The OECD cut its forecasts for GDP growth to just 1.8% in 2026, down from an earlier forecast of 2.5%.

    “Treasury forecasts in the Budget will have Chinese and American growth slowing to around 4.5 and 2 per cent next year, respectively.

    “The forecasts for the US are the same as the mid-year update but the downside risks are weighing more heavily now.

    “Unemployment is rising overseas from higher interest rates, and in the UK inflation is going up again.

    “This is the global backdrop for the Budget.”

    Chalmers repeated the government’s criticism of the US failure to grant an exemption from the steel and aluminium tariffs.

    He said Treasury had modelled the impact of tariffs on our economy, both before the US election, and after the inauguration.

    “Treasury estimates the direct hit to GDP from steel and aluminium tariffs would be less than 0.02 per cent by 2030. So the direct overall impacts on Australia should be manageable.

    “But when you add in the indirect effects, the hit to GDP could be more like 0.1 per cent by 2030.

    “In fact, over a range of scenarios, Treasury found the indirect GDP impacts of a trade war could be up to four times larger than the direct effects of tariffs on our economy.

    “In a world of retaliation and escalation, the impacts of tariffs are amplified, they linger for longer, resulting in a bigger reduction in GDP and a bigger increase in prices.”

    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. Treasurer Chalmers promises ‘meaningful and substantial’ cost of living help in Tuesday’s budget – https://theconversation.com/treasurer-chalmers-promises-meaningful-and-substantial-cost-of-living-help-in-tuesdays-budget-252173

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: The Israel-Hamas ceasefire failed to resolve many deep-seated issues. Now, it appears to be shattered

    Source: The Conversation (Au and NZ) – By Marika Sosnowski, Postdoctoral research fellow, The University of Melbourne

    When a ceasefire in the war between Hamas and Israel finally came into effect on January 19, the world breathed a collective sigh of relief.

    However, that ceasefire agreement, and its associated negotiations, have now been cast aside by new Israeli attacks on Gaza.

    A statement from Israeli Prime Minister Benjamin Netanyahu’s office said the strikes came after Hamas’ “repeated refusals” to “release our hostages”, and the group’s rejection of all proposals presented by US President Donald Trump’s Middle East envoy, Steve Witkoff.

    Even before Israel cut off all humanitarian aid and electricity to Gaza in the past two weeks, Hamas claimed it had not met the levels of humanitarian aid, shelter and fuel it agreed to provide in the terms of the ceasefire. However, this is a distraction from a larger issue.

    This ceasefire was always more like a strangle contract than a negotiated agreement between equal parties. Israel, as the party with far greater military and political power, has always had the upper hand.

    And while the first phase of the ceasefire, which lasted 42 days, saw the successful release of 33 hostages held by Hamas in exchange for nearly 1,800 Palestinian prisoners, the ceasefire also enabled Israel to use it for its own political and military ends.

    Buying time

    The most common conventional concern about ceasefires is that the parties to a conflict will use them for their own ends.

    Typically, the worry is that non-state armed groups, such as Hamas, will use the halt in violence to buy time to regroup, rearm and rebuild their strength to continue fighting.

    But states such as Israel have this ability, too. Even though they have standing armies that might not need to regroup and rearm in the same way, states can use this time to manoeuvre in the international arena – a space largely denied to non-state actors.

    Trump’s rise to power in the US has seemingly given the Israeli government carte blanche to proceed in ways that were arguably off limits to previous US presidents who were also largely supportive of Israel’s actions.

    This includes the plan of forcing Gaza’s population out of the strip. This plan was raised earlier in the war by Trump advisor Jared Kushner and Israeli officials as a supposed humanitarian initiative.

    Trump has now repeated the call to relocate Palestinians from Gaza to Egypt and Jordan – or possibly other parts of Africa – and for the US to take “ownership” of the coastal strip and turn it into the “Riviera of the Middle East”.

    On the face of it, this plan would be a war crime. But even if it is never fully implemented, the fact it is being promoted by Trump after many years of domestic Israeli and international opprobrium shows how political ideas once thought unacceptable can take on a life of their own.

    Political and military maneouvering

    Israel has also used the ceasefire to pursue larger political and military goals in Gaza, the West Bank, southern Lebanon and Syria.

    Even though the ceasefire did reduce overall levels of violence in Gaza, Israel has continued to carry out attacks on targets in the strip.

    It has also escalated the construction of settlements and carried out increasingly violent operations in the West Bank. In addition, there have been egregious attacks on Palestinian residents in Israel.

    And though nearly 1,800 Palestinian prisoners were released during the ceasefire, Israel was holding more than 9,600 Palestinians in detention on “security grounds” at the end of 2024. Thousands more Palestinians are being held by Israel in administrative detention, which means without trial or charge.

    During the ceasefire, Israel also accelerated efforts to evict the UN agency for Palestinian refugees, UNRWA, from its headquarters in East Jerusalem. And the Israeli government has also proposed increasingly draconian laws aimed at restraining the work of Israeli human rights organisations.

    On the military front, the ceasefire arguably alleviated some pressure on Israel, giving it time to consolidate its territorial and security gains against Hezbollah in southern Lebanon and in Syria.

    In the past two months, two deadlines for the withdrawal of Israeli forces from southern Lebanon passed. Israel has instead proposed establishing a buffer zone on Lebanese territory and has begun destroying villages, uprooting olive trees and building semi-permanent outposts along the border.

    In a speech in February, Netanyahu also demanded the “complete demilitarisation of southern Syria” following the fall of Bashar al-Assad’s regime. And Defence Minister Israel Katz said this month Israel would keep its troops in southern Syria to “protect” residents from any threats from the new Syrian regime.

    Be careful what you wish for

    While Palestinians are known for their sumud – usually translated as steadfastness or tenacity – there is a limit to what humans can endure. The war, and subsequent ceasefires, have created a situation in which Gazans may have to put the survival and wellbeing of themselves and their families above their desire to stay in Palestine.

    There is a general assumption that ceasefires are positive and humanitarian in nature. But ceasefires are not panaceas. In reality, they are a least-worst option for stopping the violence of war for often just a brief period.

    A ceasefire was never going to be the solution to the decades-old conflict between Israel and the Palestinians. Instead, it has turned out to be part of the problem.

    Marika Sosnowski 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 Israel-Hamas ceasefire failed to resolve many deep-seated issues. Now, it appears to be shattered – https://theconversation.com/the-israel-hamas-ceasefire-failed-to-resolve-many-deep-seated-issues-now-it-appears-to-be-shattered-249944

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: The Israel-Hamas ceasefire didn’t resolve any deep-seated issues. Now, it appears to be shattered

    Source: The Conversation (Au and NZ) – By Marika Sosnowski, Postdoctoral research fellow, The University of Melbourne

    When a ceasefire in the war between Hamas and Israel finally came into effect on January 19, the world breathed a collective sigh of relief.

    However, that ceasefire agreement, and its associated negotiations, have now been cast aside by new Israeli attacks on Gaza.

    A statement from Israeli Prime Minister Benjamin Netanyahu’s office said the strikes came after Hamas’ “repeated refusals” to “release our hostages”, and the group’s rejection of all proposals presented by US President Donald Trump’s Middle East envoy, Steve Witkoff.

    Even before Israel cut off all humanitarian aid and electricity to Gaza in the past two weeks, Hamas claimed it had not met the levels of humanitarian aid, shelter and fuel it agreed to provide in the terms of the ceasefire. However, this is a distraction from a larger issue.

    This ceasefire was always more like a strangle contract than a negotiated agreement between equal parties. Israel, as the party with far greater military and political power, has always had the upper hand.

    And while the first phase of the ceasefire, which lasted 42 days, saw the successful release of 33 hostages held by Hamas in exchange for nearly 1,800 Palestinian prisoners, the ceasefire also enabled Israel to use it for its own political and military ends.

    Buying time

    The most common conventional concern about ceasefires is that the parties to a conflict will use them for their own ends.

    Typically, the worry is that non-state armed groups, such as Hamas, will use the halt in violence to buy time to regroup, rearm and rebuild their strength to continue fighting.

    But states such as Israel have this ability, too. Even though they have standing armies that might not need to regroup and rearm in the same way, states can use this time to manoeuvre in the international arena – a space largely denied to non-state actors.

    Trump’s rise to power in the US has seemingly given the Israeli government carte blanche to proceed in ways that were arguably off limits to previous US presidents who were also largely supportive of Israel’s actions.

    This includes the plan of forcing Gaza’s population out of the strip. This plan was raised earlier in the war by Trump advisor Jared Kushner and Israeli officials as a supposed humanitarian initiative.

    Trump has now repeated the call to relocate Palestinians from Gaza to Egypt and Jordan – or possibly other parts of Africa – and for the US to take “ownership” of the coastal strip and turn it into the “Riviera of the Middle East”.

    On the face of it, this plan would be a war crime. But even if it is never fully implemented, the fact it is being promoted by Trump after many years of domestic Israeli and international opprobrium shows how political ideas once thought unacceptable can take on a life of their own.

    Political and military maneouvering

    Israel has also used the ceasefire to pursue larger political and military goals in Gaza, the West Bank, southern Lebanon and Syria.

    Even though the ceasefire did reduce overall levels of violence in Gaza, Israel has continued to carry out attacks on targets in the strip.

    It has also escalated the construction of settlements and carried out increasingly violent operations in the West Bank. In addition, there have been egregious attacks on Palestinian residents in Israel.

    And though nearly 1,800 Palestinian prisoners were released during the ceasefire, Israel was holding more than 9,600 Palestinians in detention on “security grounds” at the end of 2024. Thousands more Palestinians are being held by Israel in administrative detention, which means without trial or charge.

    During the ceasefire, Israel also accelerated efforts to evict the UN agency for Palestinian refugees, UNRWA, from its headquarters in East Jerusalem. And the Israeli government has also proposed increasingly draconian laws aimed at restraining the work of Israeli human rights organisations.

    On the military front, the ceasefire arguably alleviated some pressure on Israel, giving it time to consolidate its territorial and security gains against Hezbollah in southern Lebanon and in Syria.

    In the past two months, two deadlines for the withdrawal of Israeli forces from southern Lebanon passed. Israel has instead proposed establishing a buffer zone on Lebanese territory and has begun destroying villages, uprooting olive trees and building semi-permanent outposts along the border.

    In a speech in February, Netanyahu also demanded the “complete demilitarisation of southern Syria” following the fall of Bashar al-Assad’s regime. And Defence Minister Israel Katz said this month Israel would keep its troops in southern Syria to “protect” residents from any threats from the new Syrian regime.

    Be careful what you wish for

    While Palestinians are known for their sumud – usually translated as steadfastness or tenacity – there is a limit to what humans can endure. The war, and subsequent ceasefires, have created a situation in which Gazans may have to put the survival and wellbeing of themselves and their families above their desire to stay in Palestine.

    There is a general assumption that ceasefires are positive and humanitarian in nature. But ceasefires are not panaceas. In reality, they are a least-worst option for stopping the violence of war for often just a brief period.

    A ceasefire was never going to be the solution to the decades-old conflict between Israel and the Palestinians. Instead, it has turned out to be part of the problem.

    Marika Sosnowski 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 Israel-Hamas ceasefire didn’t resolve any deep-seated issues. Now, it appears to be shattered – https://theconversation.com/the-israel-hamas-ceasefire-didnt-resolve-any-deep-seated-issues-now-it-appears-to-be-shattered-249944

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: Business News ‘Politics & Business’ breakfast

    Source: Australian Government – Minister of Foreign Affairs

    Acknowledgements omitted

    I always enjoy the perspective of Western Australia and Perth which reflect your economic position and your geographic position, so close to Southeast Asia and so engaged with the regional economies.

    I know the business community thinks deeply about what it means to protect and promote Australia’s interests in an increasingly uncertain world.

    I know you think deeply about how we shore up Australia’s prosperity despite that uncertainty. I don,t need to tell this room, Western Australia is vital to that prosperity: when you succeed, the whole country prospers.

    That success includes WA resources, metals, critical minerals and rare earths but it also includes WA manufacturers and workers, your universities, research and technology, which are all globally prized.

    So what’s my role as Foreign Minister? Amongst other things and importantly, it is to help create opportunities, and promote and protect Australia’s interests as a reliable exporter of choice in an increasingly competitive international environment.

    Our foreign policy helps build and maintain the strategic conditions that enable our stability and prosperity.

    And you have to say that is a task that is not getting any easier.

    Each day, our assumptions are being tested.

    We live in a world of increasing strategic surprise. We live in a world that is ever more uncertain and unpredictable.

    We see the devastating human toll of conflicts including in Ukraine, Gaza and Sudan.

    Malign actors continue to engage in sabotage and terrorism.

    Bullies threaten to use nuclear weapons, and authoritarianism is spreading.

    Some countries are shifting alignment, high global inflation continues to put pressure on working people.

    And institutions that we helped build are being eroded and rules that we helped write are being challenged.

    These factors compound threats and risks in our own region from a changing climate, military buildup without transparency, and disruption of trade – as well as the risks inherent in great power competition.

    I recently released the 2025 Snapshot of Australia in the World, a summary of our foreign policy strategy, priorities and policy achievements.

    What it clearly shows is that even though we face a time of growing uncertainty, Australia is well-placed to protect our security, our stability and our prosperity.

    But that is only if we continue to build our disciplined focus on our region, because it is here where our interests are most at stake; if we invest not only in traditional but also in more diverse relationships; and if we work with partners to uphold international rules that protect us all.

    We have to apply ourselves to these tasks with ambition and calm, consistent and disciplined engagement.

    This is the approach the Albanese Government is taking with the United States.

    President Trump’s America First agenda envisages a very different role for America in the world, and that is what the American people have chosen.

    President Trump campaigned on change and none of us should try to minimise the implications of this change.

    And over the first seven weeks of the Trump Administration we have seen how broad those implications are around the world.

    Mindful of the scale of this change involving our most important strategic partner, there has been extensive engagement across senior levels of the Albanese Government.

    In addition to our relentless Ambassador in Washington, the Prime Minister has had two productive phone calls with the President.

    I had the honour of being the first Australian Foreign Minister ever to be invited to attend a Presidential Inauguration, and I was able to put the case for Australia to the Secretary of State Marco Rubio on his first day in office.

    The Deputy Prime Minister was Secretary Hegseth’s first international counterpart to meet with him following his confirmation.

    The Treasurer has made an early connection with his counterpart, US Secretary of the Treasury Scott Bessent.

    And our Trade and Tourism Minister has also been engaging with his counterparts.

    In those interactions we make the point that the US enjoys a two-to-one trade surplus with Australia and has since the Truman Presidency.

    We make the point that US exports to Australia face no tariffs.

    And that our trade and investment relationship is important for US industry and jobs. Half of Australia’s exports are inputs into US manufacturing and construction. And of course, we are a top 10 investor in the United States.

    And given the pool of funds under management in Australia’s superannuation sector that can only grow.

    Nevertheless, last week we saw that the second Trump administration has hardened its position in favour of tariffs as a centrepiece of its economic policy.

    And whereas the first Trump administration exempted 36 countries from steel tariffs and 32 countries from aluminium tariffs, this time not one single country has been exempted.

    Not Australia. Not Japan. Not anyone.

    And the degree of a country’s engagement has not changed the outcome.

    Indeed, the administration has been clear that the exemptions granted in its first term were a mistake.

    Our response to the Trump administration’s imposition of tariffs on Australia has been firm and it has been clear.

    As the Prime Minister has said, these measures are “entirely unjustified”.

    And “it is against the spirit of our two nations, enduring friendship and fundamentally at odds with the benefits our economic partnership has delivered over more than 70 years.”

    Steel and aluminium exports to the US represent 0.18 per cent of Australia’s total exports in 2023.

    We will continue to press the case for all Australian exporters, including steel and aluminium.

    We will continue to have advocate for the existing economy-wide access commitments under the Australia-United States Free Trade Agreement. They should be maintained.

    And we will also keep making the case for the many opportunities Australia has to offer.

    After the US announced their position, Peter Dutton said he would “do a deal” and “there’s no question about that”.

    Given not one leader of the 36 countries that got a deal last time got a deal this time, Australians are right to be incredulous about that claim.

    And they,re rightly concerned Peter Dutton would do a deal at any cost.

    Unlike Mr Dutton, we are not going to give away the farm – and we don,t have to.

    We will always put the interests of Australian industries and workers first.

    Remember, these tariffs do not necessarily mean that Americans won,t keep buying Australian products.

    And many nations want our exports. This state understands that possibly more than any part of Australia.

    We have a strong track record of supporting our exporters diversify their export markets, and regardless of what happens with US tariffs, that is a priority we will continue to pursue.

    One of the priorities I have brought to this job has been a focus on Southeast Asia, in part because of where I,m from originally, but in part because of my firm belief that ASEAN and the countries of Southeast Asia are critical to our next generation’s stability and prosperity.

    So just to our north, Indonesia stands as a major and growing power in our region and beyond.

    The world’s third largest democracy, projected to become the world’s fifth largest economy.

    So deepening our economic engagement with Indonesia is of enormous value to Australia, and part of our broader effort to diversify our economy, especially through Southeast Asia.

    Now we have our work cut out. When we came to government, Australian direct investment in Southeast Asia was lower than it was in 2014.

    Over this period, while international investment in the region had grown apace, Australia’s investment in it had gone backwards, both in relative and absolute terms.

    And by 2040, Southeast Asia is predicted to be the world’s fourth-largest economy after the United States, China and India.

    Australia’s trade and investment has simply not kept pace – and we need to turn this around.

    Australia has been central to the north Asian economic growth story, so we must be to the Southeast Asian economic growth story.

    That’s why we appointed Nicholas Moore AO as Australia’s Special Envoy to Southeast Asia and charged him with developing a Southeast Asia Economic Strategy to 2040.

    In the almost 18 months since its launch, we have made tangible progress.

    We have now implemented a number of initiatives responding to its recommendations, including new deal teams to identify and facilitate Australian investment in the region.

    New landing pads in Jakarta and Ho Chi Minh City, in addition to the existing hub in Singapore, to help our tech companies scale up.

    Business and investment missions, including three to Singapore, one of which was our largest ever outbound investment mission by value, representing a combined $2.5 trillion of assets under management.

    Improved visa access for businesspeople from the region and the establishment of the ASEAN-Australia Centre because we have to continue to build Southeast Asia literacy and enhance business and cultural ties.

    It’s no accident that Austrade had their best ever client results in Southeast Asia in 2024, with over $1 billion in commercial outcomes.

    We all need to play our part in diversification.

    Complacency, or business as usual, risks compromising our influence today and our prosperity tomorrow.

    Nobody today could claim they don,t understand the risk of putting too many eggs in one market.

    As you know, China’s growth has been a crucial driver of Australia’s prosperity and the world’s prosperity – and we know this has never been straightforward for business.

    Especially during the last term of government, when China’s doors were closed to many of our exports.

    Since the Albanese Government was elected you have seen a concerted effort to restore dialogue and stabilise the relationship with our largest trading partner.

    We pressed China to lift impediments on more than $20 billion of Australian exports – barley, wine, coal, timber logs, cotton, beef, hay and copper ores, concentrates, and lobsters.

    The final impediments on lobster were lifted in late December, and we have seen in just the first month of the crayfish trade resuming into China, sales have already reached $118 million.

    We know how important that is to Western Australia. In 2023-24, China received 56 per cent of exports from this state. And what we want is grow opportunities for our great exporters – both into China and elsewhere across our region.

    The China relationship will continue to face challenges.

    You see, the term stabilisation has never meant there would be no problems.

    It has always meant we should be able to engage directly with China in order to manage differences and problems that are inevitable – without these problems derailing our ability to talk to each other – as we saw in the past.

    And that is what we will keep doing – and it is what the Australian people expect of us, your government – to engage confidently, calmly and consistently, protecting our sovereignty and advancing our interests.

    We have seen in recent weeks that the same people who had no regard for the consequences for Australian exporters and jobs are at it again – trying to turn China into an election issue, with inflammatory language.

    This country, as you all know, built our prosperity in great part because we are a trading nation.

    A great trading nation has to grapple with a world where trade can be a vulnerability as well as an opportunity.

    And the whole country, all of us, government, business, the workforce – we have to manage these risks together.

    We can’t imagine the challenges away nor can we put other countries, interests ahead of ours.

    What we can do is recognise our challenges in the world are growing.

    That our interests are most at stake in our region.

    And that we must not just invest in our traditional relationships but also in diversified relationships.

    And if we do these things, we can be confident that together as Australians we can meet these challenges, and keep building a better future.

    MIL OSI News

  • MIL-Evening Report: PSNA calls on NZ govt to condemn renewed Israel air strikes on Gaza – 230 killed

    Asia Pacific Report

    A national Palestinian advocacy group has called on the Aotearoa New Zealand government to immediately condemn Israel for its resumption today of “genocidal attacks” on the almost 2 million Palestinians trapped in the besieged Gaza enclave.

    Media reports said that more than 230 people had been killed — many of them children — in a wave of predawn attacks by Israel to break the fragile ceasefire that had been holding since mid-January.

    The renewed war on Gaza comes amid a worsening humanitarian crisis that has persisted for 16 days since March 1.

    This followed Israeli Prime Minister Netanyahu’s decision to block the entry of all aid and goods, cut water and electricity, and shut down the Strip’s border crossings at the end of the first phase of the ceasefire agreement.

    “Immediate condemnation of Israel’s resumption of attacks on Gaza must come from the New Zealand government”, said co-national chair John Minto of the Palestine Solidarity Network Aotearoa (PSNA) in a statement.

    “Israel has breached the January ceasefire agreement multiple times and is today relaunching its genocidal attacks against the Palestinian people of Gaza.”

    Israeli violations
    He said that in the last few weeks Israel had:

    • refused to negotiate the second stage of the ceasefire agreement with Hamas which would see a permanent ceasefire and complete withdrawal of Israeli troops from Gaza;
    • Issued a complete ban on food, water, fuel and medical supplies entering Gaza — “a war crime of epic proportions”; and
    • Cut off the electricity supply desperately needed to, for example, operate desalination plants for water supplies.

    ‘Cowardly silence’
    “The New Zealand government response has been a cowardly silence when the people of New Zealand have been calling for sanctions against Israel for its genocide,” Minto said.

    “The government is out of touch with New Zealanders but in touch with US/Israel.

    “Foreign Minister Winston Peters seems to be explaining his silence as ‘keeping his nerve’.

    Minto said that for the past 17 months, minister Peters had condemned every act of Palestinian resistance against 77 years of brutal colonisation and apartheid policies.

    “But he has refused to condemn any of the countless war crimes committed by Israel during this time — including the deliberate use of starvation as a weapon of war.

    “Speaking out to condemn Israel now is our opportunity to force it to reconsider and begin negotiations on stage two of the ceasefire agreement Israel is trying to walk away from.

    “Palestinians and New Zealanders deserve no less.”

    A Netanyahu “Wanted” sign at last Saturday’s pro-Palestinian rally in “Palestinian Corner”, Auckland . . . in reference to the International Criminal Court arrest warrants issued last November against the Israeli Prime Minister and former defence minister Yoav Gallant. Image: APR

    ‘Devastating sounds’
    Al Jazeera reporter Maram Humaid said from Gaza: “We woke up to the devastating sounds of multiple explosions as a series of air attacks targeted various areas across the Gaza Strip, from north to south, including Jabalia, Gaza City, Nuseirat, Deir el-Balah and Khan Younis.”

    “The strikes hit homes, residential buildings, schools sheltering displaced people and tents, resulting in a significant number of casualties, including women and children, especially since the attacks occurred during sleeping hours.

    The Palestinian Ministry of Health in Gaza said at least 232 people had been killed in today’s Israeli raids.

    The Palestinian resistance group Hamas called on people of Arab and Islamic nations — and the “free people of the world” — to take to the streets in protest over the devastating attack.

    Hamas urged people across the world to “raise their voice in rejection of the resumption of the Zionist war of extermination against our people in the Gaza Strip”.

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Renewables are cheap. So why isn’t your power bill falling?

    Source: The Conversation (Au and NZ) – By Tony Wood, Program Director, Energy, Grattan Institute

    Steve Tritton/Shutterstock

    Power prices are set to go up again even though renewables now account for 40% of the electricity in Australia’s main grid – close to quadruple the clean power we had just 15 years ago. How can that be, given renewables are the cheapest form of newly built power generation?

    This is a fair question. As Australia heads for a federal election campaign likely to focus on the rising cost of living, many of us are wondering when, exactly, cheap renewables will bring cheap power.

    The simple answer is – not yet. While solar and wind farms produce power at remarkably low cost, they need to be built where it’s sunny or windy. Our existing transmission lines link gas and coal power stations to cities. Connecting renewables to the grid requires expensive new transmission lines, as well as storage for when the wind isn’t blowing or the sun isn’t shining.

    Notably, Victoria’s mooted price increase of 0.7% was much lower than other states, which would be as high as 8.9% in parts of New South Wales. This is due to Victoria’s influx of renewables – and good connections to other states. Because Victoria can draw cheap wind from South Australia, hydroelectricity from Tasmania or coal power from New South Wales through a good transmission line network, it has kept wholesale prices the lowest in the national energy market since 2020.

    While it was foolish for the Albanese government to promise more renewables would lower power bills by a specific amount, the path we are on is still the right one.

    That’s because most of our coal plants are near the end of their life. Breakdowns are more common and reliability is dropping. Building new coal plants would be expensive too. New gas would be pricier still. And the Coalition’s nuclear plan would be both very expensive and arrive sometime in the 2040s, far too late to help.

    Renewables are cheap, building a better grid is not

    The reason solar is so cheap and wind not too far behind is because there is no fuel. There’s no need to keep pipelines of gas flowing or trainloads of coal arriving to be burned.

    But sun and wind are intermittent. During clear sunny days, the National Energy Market can get so much solar that power prices actually turn negative. Similarly, long windy periods can drive down power prices. But when the sun goes down and the wind stops, we still need power.

    This is why grid planners want to be able to draw on renewable sources from a wide range of locations. If it’s not windy on land, there will always be wind at sea. To connect these new sources to the grid, though, requires another 10,000 kilometres of high voltage transmission lines to add to our existing 40,000 km. These are expensive and cost blowouts have become common. In some areas, strong objections from rural residents are adding years of delay and extra cost.

    So while the cost of generating power from renewables is very low, we have underestimated the cost of getting this power to markets as well as ensuring the power can be “firmed”. Firming is when electricity from variable renewable sources is turned into a commodity able to be turned on or off as needed and is generally done by storing power in pumped hydro schemes or in grid-scale batteries.

    In fact, the cost of transmission and firming is broadly offsetting the lower input costs from renewables.

    Transmission lines are essential – but building them is sometimes fraught.
    Naohisa goto/Shutterstock

    Does this mean the renewable path was wrong?

    At both federal and state levels, Labor ministers have made an error in claiming renewables would directly translate to lower power prices.

    But consider the counterpoint. Let’s say the Coalition gets in, rips up plans for offshore wind zones and puts the renewable transition on ice. What happens then?

    Our coal plants would continue to age, leading to more frequent breakdowns and unreliable power, especially during summer peak demand. Gas is so expensive as to be a last resort. Nuclear would be far in the future. What would be left? Quite likely, expensive retrofits of existing coal plants.

    If we stick to the path of the green energy transition, we should expect power price rises to moderate. With more interconnections and transmission lines, we can accommodate more clean power from more sources, reducing the chance of price spikes and adding vital resilience to the grid. If an extreme weather event takes out one transmission line, power can still flow from others.

    Storing electricity will be a game-changer

    Until now, storing electricity at scale for later use hasn’t been possible. That means grid operators have to constantly match supply and demand. To cope with peak demand, such as a heatwave over summer, we have very expensive gas peaking plants which sit idle nearly all the time.

    Solar has only made the challenge harder, as we get floods of solar at peak times and nothing in the evening when we use most of our power. Our coal plants do not deal well with being turned off and on to accommodate solar floods.

    The good news is, storage is solving most of these problems. Being able to keep hours or even days of power stored in batteries or in elevated reservoirs at hydroelectric plants gives authorities much more flexibility in how they match supply and demand.

    We will never see power “too cheap to meter”, as advocates once said of the nuclear industry. But over time, we should see price rises ease.

    For our leaders and energy authorities, this is a tricky time. They must ensure our large-scale transmission line interconnectors actually get built, juggle the flood of renewables, ensure storage comes online, manage the exit of coal plants and try not to affect power prices. Pretty straightforward.

    Tony Wood’s superannuation fund may have shares in companies positively or negatively affected by the issues covered in this article.

    ref. Renewables are cheap. So why isn’t your power bill falling? – https://theconversation.com/renewables-are-cheap-so-why-isnt-your-power-bill-falling-252391

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: Minns Government seeks energy bill relief for cyclone region

    Source: New South Wales Government 2

    Headline: Minns Government seeks energy bill relief for cyclone region

    Published: 18 March 2025

    Released by: Minister for Energy and Climate Change, Minister for the North Coast, Minister for Small Business


    The Minns Labor Government has written to energy companies asking them to defer electricity bills and waive a fee for NSW households and businesses hit by ex-Tropical Cyclone Alfred, to further ease the pressure on those recovering from the natural disaster.

    Residents and business owners in northern NSW have experienced substantial disruptions to their power supply due to ex-Tropical Cyclone Alfred. It delivered heavy rain and severe winds to large areas of Northern NSW, causing extensive damage to the area’s electricity distribution network.

    A total of 84,000 homes and businesses experienced power outages across various communities from Tweed Heads to Grafton, and west to Armidale. Some lost power multiple times.

    Essential Energy will waive the daily access charge for customers for the period they were without power.

    While energy retailers have not played a role in relation to the power disruptions, Minister for Energy Penny Sharpe has written to 22 companies requesting their cooperation in supporting customers who live in local government areas included in the natural disaster declaration. The Minister has asked them to:

    • waive the daily power supply charge for customers for the period they were not supplied electricity (by passing on the waiver being provided to retailers by Essential Energy)
    • defer any electricity bills that are due to be sent to customers for 14 days
    • defer any disconnections or repayment requirements for 14 days for affected customers in debt or with any amount owing on their account
    • provide additional information about payment plan options and NSW Government financial support if customers find they are unable to pay their bill as a result of the cyclone impacts.

    The NSW Government along with the Australian Government is working together to provide support to the affected area. A personal hardship grant with payments of $180 for individuals and up to $900 per family is available through Service NSW for essential costs such as food, clothing, medicine and emergency accommodation. To be eligible, individuals must have been subject to an evacuation order or have experienced a power outage of more than 48 hours.

    Customers whose ability to repay their energy bills has been impacted by Ex-Tropical Cyclone Alfred can also apply for NSW Government Energy Accounts Payment Assistance (EAPA) support to help pay their energy bills. EAPA helps people experiencing difficulty paying their electricity and/or gas bill due to a short-term financial hardship, crisis or emergency to stay connected to essential services. EAPA can only be applied to current, unpaid energy bills.

    Minister for Energy, Penny Sharpe said:

    “It is important we provide as much support as possible to households and business owners who are recovering from ex-Tropical Cyclone Alfred.

    “I have written to energy retailers asking them to join Essential Energy in providing relief to customers in the natural disaster zone, and thank them in advance for any assistance they can offer.”

    Minister for Recovery, Small Business and the North Coast, Janelle Saffin said:

    “Every bit of support counts for families, households and businesses doing it tough in the wake of this natural disaster.

    “Thank you for your consideration of this request during this difficult time for the residents and businesses of the Northern Rivers and North Coast.”

    Further information:

    • Essential Energy is one of three distribution network operators in NSW. Essential Energy, Ausgrid and Endeavour Energy are responsible for the distribution lines in a specified region:
      • Essential Energy – Riverina, South Eastern region, Northern NSW and Central Tablelands
      • Ausgrid – Sydney’s north, Central Coast and Newcastle
      • Endeavour Energy – Blue Mountains, Western Sydney, Illawarra and South Coast
    • Energy retailers such as Origin Energy, AGL, Red Energy and EnergyAustralia buy electricity from the market pool and contract with generators to manage prices.
      • Retailers then sell electricity to households and businesses. Most customers only ever interact with their retailer, which sends them their quarterly bill.
      • There are 22 energy retailers with customers in the region affected by the natural disaster from 3 March 2025.
    • To assist customer recovery from the impacts of ex-cyclone Alfred and the extended periods of time without power, Essential Energy is offering financial and non-financial support. For more information visit the Essential Energy website.

    MIL OSI News

  • MIL-OSI China: Xi praises distinctive Dong culture in ethnic village

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

    GUIYANG, March 18 — Xi Jinping, general secretary of the Communist Party of China Central Committee, visited a Dong ethnic village in southwest China’s Guizhou Province on Monday afternoon, praising the distinctive culture of the ethnic group as “deeply traditional and remarkably stylish.”

    Xi watched a performance of the grand song of the Dong ethnic group, a form of a folk chorus inscribed on the UNESCO Intangible Cultural Heritage list, in the Zhaoxing Dong Village in Liping County.

    He also explored the features of the village, visited the Dong culture exhibition center, and inspected a local base of special industry featuring weaving, dyeing and embroidery.

    “Stilt houses, ancient villages, intangible cultural heritage instruments, the grand song of the Dong people, and batik craftsmanship all embody the unique charm of this ethnic culture — both deeply traditional and remarkably stylish,” Xi said.

    He expressed the hope that with the support of the Party and the government, the villagers will live better lives, further advance rural revitalization, and contribute to the progress of Chinese modernization.

    MIL OSI China News

  • MIL-Evening Report: The next round in the US trade war has the potential to be more damaging for Australia

    Source: The Conversation (Au and NZ) – By Felicity Deane, Professor of Trade Law, Taxation and Climate Change, Queensland University of Technology

    Slladkaya/Shutterstock

    On April 2 the United States is set to implement a new wave of tariffs under its Fair and Reciprocal Trade Plan. Details of the plan that will impact all US trading partners are not yet known, but the US administration has suggested these tariffs will target any rules it considers “unfair”.

    This means the April 2 tariffs may take aim at a range of Australian domestic policies, such as biosecurity rules that govern food imports, and the government’s Pharmaceutical Benefits Scheme (PBS).

    The size of the hit is uncertain. One report indicates a relatively modest tariff between 2% and 8% is being considered, below the 25% rate imposed on steel and aluminium on March 12. But it will apply to a much larger set of exports.




    Read more:
    With Australian steel and aluminium set to incur US tariffs, global uncertainty will be our next challenge


    Australia and the US have been allies for over a century. The two nations celebrated a “century of mateship” in 2018. More formally, the two countries have a current free trade agreement, Australia-United States Free Trade Agreement (AUSFTA).

    The agreement was negotiated in good faith, and entered into force on January 1, 2005. It called for the elimination of tariffs between the two nations over time, and until now both parties have upheld their respective bargains. The so-called “reciprocal” tariff plan would breach that agreement.

    What sectors are likely to be targeted?

    The Trump reference to non-tariff barriers raises two main concerns for Australian products: meat and pharmaceuticals.

    These exports to the US are worth about A$3.3 billion and $1.6 billion a year respectively. That’s about five times the total value of our steel and aluminium exports to the US.

    In Australia, domestic beef products are subject to strict traceability rules. Similarly, imported beef has rigid biosecurity requirements as it is classified as a high-risk food.

    This is because of the potential risk of mad cow disease (Bovine Spongiform Encephalopathy). This disease was detected in the US in 2002 and triggered an Australian ban on US beef products.

    The ban was partially lifted in 2018, but some restrictions remain, which the US says are a barrier to trade. This was also raised by the Biden administration in a 2024 report on trade barriers.

    The US cannot force Australia to change its laws on the basis of tariffs – but they can make products coming from Australian suppliers more expensive and therefore restrict market access to the US, which many Australian producers rely on.

    A tariff on Australian-sourced beef products would also push up prices for American consumers. Trade Minister Don Farrell has warned the price of a McDonald’s burger may increase.

    If tariffs are placed on Australian beef, the government has warned that McDonalds burgers in the US will become more expensive.
    Shutterstock

    Medicines are also in the line of fire

    Turning to pharmaceuticals, the Australian PBS has been a sticking point between US and Australian trade negotiators for the past 20 years.  

    The PBS, which has been in place since 1948, ensures Australians have affordable access to essential medicines. It formed part of discussions during the free-trade negotiations and has been raised as a potential barrier to trade.

    The US argues innovation and unfettered market access for American drug companies should be prioritised over Australia’s reference pricing arrangements. Reference pricing means medicines with similar outcomes should have similar pricing.

    The reason the US has a problem with this scheme is because some of their companies are not able to charge higher prices for medicines.

    Although these are the categories of most concern, there is no assurance the “Fair and Reciprocal Plan” will be limited to beef and pharmaceuticals.

    For instance, there are no barriers imposed on the import of wine into Australia. But there has been some concern tariffs could be introduced regardless.

    Wine is often the target of trade wars and President Donald Trump has threatened the European Union with a 200% tariff on all wine and spirits entering the US. As Australian wine makers have only recently recovered from Chinese and Canadian tariffs, any US tariffs would deal a harsh blow to the industry.

    An old clip of the former Republican President Ronald Reagan went viral this week, highlighting his quite different view:

    Is there any avenue for appeal?

    There is one thing that is clear about these tariffs. Their imposition will be in violation of both the WTO rules and the free-trade agreement.

    Both have provisions to settle disputes and Australia does have options for filing complaints. However, the rule of law and existing norms of the international order do not appear to be persuasive to the Trump administration.

    Despite this, it is important to note the US cannot force Australia to change its longstanding laws that protect consumers and ensure accessibility to medicines. This remains the choice of the Australian government.

    If the tariffs are introduced in the range of 2% to 8%, there may not be a significant direct economic impact. But they will have other consequences. Trade negotiations, and international agreements, are largely based on goodwill. These acts of the US will erode much of what has been built up over the past century.

    The downturn we are seeing in financial markets has so far been dismissed by the Trump administration as necessary. But if the correction turns into a crash, it may give President Trump pause. Given his lack of interest in negotiating, this may be the only thing that could change his mind.

    Felicity Deane 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 next round in the US trade war has the potential to be more damaging for Australia – https://theconversation.com/the-next-round-in-the-us-trade-war-has-the-potential-to-be-more-damaging-for-australia-252377

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: National Children’s Commissioner calls for urgent action to safeguard children in early learning and care

    Source: Australian Human Rights Commission

    National Children’s Commissioner Anne Hollonds is urging a national response to revelations about dangerous practices and regulatory failings across Australia’s childcare sector. 

    An ABC Four Corners investigation aired last night has exposed an ineffective regulatory system for Australia’s childcare providers which is failing to protect the safety, health and wellbeing of infants and young children.  

    Commissioner Hollonds: “The safety and wellbeing of our youngest and most vulnerable children should be of paramount concern for governments across Australia.  

    “There’s been a lot of commentary about ‘childcare deserts’ being a barrier to women seeking employment, and so governments have been focussed on increasing supply and improving affordability as well as increasing pay for childcare workers and early childhood educators.  

    “However, there has clearly been insufficient focus on the safety of infants and preschool age children in some of these centres.  

    “Australia has had a childcare quality framework in place since 2012, and the majority of childcare centres do prioritise child wellbeing. 

    “However, the ‘quality’ of early childhood education needs to start with the basics, and that means ensuring the safety and wellbeing of our youngest and most vulnerable children, without exception.  

    “We must urgently address any serious gaps in the regulatory scaffolding and child safeguarding framework that allows physical, sexual and emotional abuse of children in early childhood centres to continue unnoticed or unaddressed.   

    “Putting babies, toddlers and young kids at risk because of regulatory failings is unacceptable and we need urgent government action across our federation to address these dangerous gaps in how we protect children in this country. 

    “By not making child safety and wellbeing a priority for National Cabinet, we’re allowing our youngest citizens to fall into these gaps created by jurisdictional boundaries as well as fragmentation and complexity in the childcare industry.   

    “As I have consistently said, our whole approach to child safety and wellbeing in this country is in desperate need of systemic reform, and this includes our childcare sector.  

    “Governments need to stop tinkering around the edges and make the safety and wellbeing of children a priority for National Cabinet so we have accountability and evidence-based approaches at the heart of how we protect our kids and provide opportunities for them to thrive.” 

    ENDS | Media contact: media@humanrights.gov.au or +61 457 281 897

    MIL OSI News

  • MIL-Evening Report: After a century of Monday to Friday, could the 4-day week finally be coming to Australia?

    Source: The Conversation (Au and NZ) – By John L. Hopkins, Associate Professor of Management, Swinburne University of Technology

    The reality of shorter working hours could be one step closer for many Australians, pending the outcome of the federal election.

    The Greens, who could control crucial cross bench votes in a hung parliament, have announced plans for a four-day working week, with no loss of pay. They say the policy would alleviate stress and burn out, and increase women’s participation in the workforce.

    Earning the same money for fewer hours would appeal to most workers. But is it too good to be true? Could it really be rolled out cost free to all workplaces, especially to “client facing” companies and service providers?

    Or does research suggest the Greens could be onto something?

    The Greens’ plan

    The Greens’ policy would involve a new National Institute for the Four Day Work Week and a test case through the Fair Work Commission.

    A series of national trials would be set up in a number of different industries, whereby workers would work 80% of their normal hours, while maintaining 100% of their pay.

    According to Greens Senator Barbara Pocock, it’s a win-win for everyone:

    It can increase productivity, reduce absenteeism, improve recruitment and retention and give employees more time to manage their home life. This change will allow workers to create a working week that works for them.

    The 100:80:100 model

    The four-day work week being proposed in this instance is commonly regarded as the 100:80:100 model.

    It delivers 100% of the pay, for 80% of the hours, in return for maintaining 100% of productivity.

    This is unlike other forms of shorter working weeks, which compress five days’ worth of work into four longer days. This obviously disadvantages some employees.

    Recent research conducted by Swinburne University of Technology involved interviews with ten Australian firms that have already adopted the 100:80:100 model.

    They were a mixture of small and medium sized private sector businesses, including management consulting firms, a shipping and logistics company, and recruitment and marketing agencies.

    The research underlined the potential for a range of positive outcomes for both employers and employees.

    Workers reported having better work-life balance, more time to complete “life administration” tasks, and more time to invest in hobbies, exercise, wellness and self-care. Bosses cited productivity gains, reduced sick days, and significant improvements in recruitment and retention rates.

    However, the 100:80:100 model is viewed with scepticism in some quarters. There is still doubt that productivity and output would be maintained, or in some cases improved, when workers are working one day fewer per week.

    Also, there could be costs associated with the implementation of this work model for front-line roles, such as retail, schools, hospitals and nursing homes. Additional workers may need to be hired, at extra expense, to cover the hours dropped by the existing workforce.

    100 years of working 5 days a week

    The year 2026 will mark the 100th anniversary of the five-day work week.

    It was car maker Henry Ford who reduced the working week in the United States from six days to five. Other sectors and countries followed suit. This was at a time when the average life expectancy of Australian workers was just 55 and households typically only had one bread-winner.

    Despite the time saved by the many technological breakthroughs in the past 100 years – from the photocopier, desktop computer and fax machine, to the internet, mobile phones and AI – the average Australian is now working longer hours in paid and unpaid labour than ever before.

    The Greens point out Australian society is changing. More women and carers are either in the workforce or would be encouraged into the workforce by more flexible arrangements:

    yet we are constrained by archaic labour laws that see the fruits of our efforts swallowed up in profits for bosses and shareholders.

    The role of generative AI technologies in the workplace may also deliver benefits to workers. Separate Swinburne research has revealed an increasing expectation among workers that they will receive a share in the time saved by future technologies in the form of improved work-life balance and wellbeing gains.

    Time to enter the 21st century

    Earlier this year, 200 UK companies signed up to the 100:80:100 model, as part of a campaign to “reinvent Britain’s working week”. Large scale trials are also underway in Canada and several European countries.

    The global interest in a shorter working week is not surprising, and has likely been fuelled by the COVID pandemic, which has caused workers and employers to re-imagine their working lives.

    If the Greens are in a position to leverage any balance of power after the coming election, it could be Australia’s turn to recognise the conventional five-day working week is no longer fit for purpose.

    John L. Hopkins 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. After a century of Monday to Friday, could the 4-day week finally be coming to Australia? – https://theconversation.com/after-a-century-of-monday-to-friday-could-the-4-day-week-finally-be-coming-to-australia-252379

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: Minister Rishworth doorstop interview at the Derwent Valley Community House in New Norfolk, Tasmania

    Source: Ministers for Social Services

    E&OE TRANSCRIPT

    Topics: Investment in Australia’s neighbourhood houses and community centres; ABC Four Corners child care investigation.

    AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES: I’m so pleased to be here at Derwent Valley Community House to make a really important announcement that the Commonwealth Government will partner with neighbourhood houses and community centres across Australia to deliver funding for their priorities. This announcement will be close to a $1 million and deliver small grants to up to 50 projects delivered by neighbourhood houses and community centres through the Australian Neighbourhood Houses and Centres Association. This is a really good partnership. We have been investing through our Strong and Resilient Communities grants in neighbourhood houses directly. But this is the first time that we’ll partner with the national association to deliver small grants across the country. Of course, here in Tasmania, there is a very strong network of neighbourhood houses and community centres, and they’ve demonstrated that they do a lot with a small amount of money. So, I’m really pleased to be announcing this partnership today, and happy to take any questions.

    JOURNALIST: So, what’s the value of these individual grants?

    AMANDA RISHWORTH: Individual grants will be up to $15,000 to do a variety of things under the SARC (Strong and Resilient Communities) grant guidelines. It’s really about building community connections, particularly for those people that may be isolated, disengaged, disconnected. There’s often a focus on youth or newly arrived migrants. But ultimately, the types of ideas will come from the centres themselves, and they’ll be able to put an application into the association to get that funding.

    JOURNALIST: You spoke about a lack of volunteers before over the past few years. Can you go into a little bit of that?

    AMANDA RISHWORTH: COVID, in particular, disrupted volunteering across the country. We have been working hard with Volunteering Australia to build that back up. So we have put in place a National Strategy for Volunteering, along with an action plan. I’ve also been working with the peak associations in all states and territories to make sure that we’re providing funding for them to look at groups that may have been excluded from volunteering in the past. And we’re actually also running a new national campaign encouraging young people to look at volunteering. It’s called Hanging Out to Help Out. So these are really important elements to encourage volunteering. But I would say that we are seeing some green shoots of this investment. We are seeing, anecdotally, volunteers coming back and wanting to play a role, and speaking with the volunteers at this neighbourhood centre, hearing that they want to give back to the community is really heartening. And we’ve also heard, of course, the connections that are made through volunteering and being part of a community.

    JOURNALIST: Of those 50 community houses that you mentioned before. Are they predetermined or are applications open?

    AMANDA RISHWORTH: We are providing the funding to the Australian Neighbourhood Houses and Centres Association to take applications and deliver that money. They are best placed and have the experience to do this. They have run a similar program with philanthropic money so they know how to do this. So we’re partnering with the national association to administer those ones.

    JOURNALIST: And is there a state by state allocation or is it first in best dressed?

    KEIR PATERSON, CEO OF NEIGHBOURHOOD HOUSES VICTORIA: We will assess all the applications, and they will be granted on the merit of the application. But we also look at the geographical spread to make sure it’s equitable state by state.

    JOURNALIST: Do you know how many are based in Tasmania compared to other states?

    MICHELLE EWINGTON, PRESIDENT OF NEIGHBOURHOOD HOUSES TASMANIA: So here in Tasmania, we have 35 neighbourhood houses that are funded through a variety of means. We’re very lucky to have state government funding and a commitment to such valuable and vital services.

    JOURNALIST: Is there a part of Tasmania that really takes up a lot of those 35 services, or how are they spread out?

    MICHELLE EWINGTON: They are dispersed right around the state. Each of them have their own diverse communities that they work with. They listen to the needs of communities. They fill the gaps for vital services that are required across the state, and each of those will have a great interest in applying for specific project funding as a result of this grant.

    JOURNALIST: You really rely on this funding. This 15K – is it enough?

    MICHELLE EWINGTON: Funding is essential to keep our services alive. We have such loyal staff in these organisations that stretch themselves immensely to actually deliver on the much-needed services for each community. So whilst these grants are going to be very useful and of interest, the continued funding for such important services, having been here today listening to the stories of this great house itself, the experiences of the volunteers here, the more funding that can be provided to houses right across the country, but particularly here in Tasmania, it’s essential.

    JOURNALIST: What types of programs are being offered?

    MICHELLE EWINGTON: Across the state there’s a diverse range of programs, from supporting people with learning to drive and mentor programs to offering social inclusion activities. Here we have a program called Happy Hookers Crochet Club. We offer cooking classes across the state. We bring services in so that they can meet the community where the community is. Community connectors is an important role that actually allows those that are vulnerable, those who may not have the skills, those who might not have the confidence, to approach the relevant services and get the referrals they need.

    JOURNALIST: So for people coming through the door, what are some of the challenges that they’re facing?

    MICHELLE EWINGTON: The challenges that communities face again are complex. The cost of living – we see that every day. Things like our food relief programs, the increased need for those. When we think about isolation and loneliness and the impact on communities, again, another important need addressed by our houses. There are a number of other skill building programs which might not be accessible to people through other means, and so neighbourhood houses fill a vital space in our communities and in amongst government services.

    JOURNALIST: Have you seen a change in the community needs post COVID?

    MICHELLE EWINGTON: I think the change is pretty evident in in terms of the common themes that have come through – cost of living, impacts on mental health, loneliness, concerns about health access, housing. All of the things that we know are big ticket items. At a grassroots level, the neighborhood houses are the places where we hear this, where we learn this, and where we support this.

    JOURNALIST: There are calls for an urgent inquiry into the childcare sector, following a Four Corners expose into abuse, sexual misconduct and neglect. Would you support an inquiry, and in what form?

    AMANDA RISHWORTH: First, I would say that our Government has taken the safety and quality of early learning and care incredibly seriously. In fact, it was Labor that introduced the National Quality Framework, which has done really important work in ensuring that we’re lifting the quality and safety of our early learning sector. But in addition, Minister Clare and Minister Aly commissioned an important report around child safety requirements under the National Quality Framework, and all Education Ministers have agreed to implement those recommendations. So the work really is working across the board with all states and territories to implement these recommendations. I would say that the majority of early childhood education settings and the workers that work in there do the right thing. For those that are not doing the right thing, there needs to be swift action.

    JOURNALIST: And do you think there is swift action at the moment?

    AMANDA RISHWORTH: Well as I said, predominantly the regulatory enforcement does come down to states and territories. However, as I said, Minister Clare and Minister Aly have worked and commissioned a review into child safety. There are now recommendations that all Education Ministers have agreed to. It’s important that those recommendations are implemented.

    JOURNALIST: The sector’s propped up by $14 billion in Federal funding, and there have been increased incidents and breaches in every state. What are you doing to prevent money for educators’ pay rises just going to the profits of centres?

    AMANDA RISHWORTH: Well, let’s be really clear if, if educators and centres sign up for the pay increases, they have to deliver those through pay increases. The program that involves funding educators’ wages must be given to educators. That’s first and foremost. Secondly, we are driving improvement in this sector. It was neglected under the previous Government, who, in fact, opposed the introduction of the National Quality Framework. So it is important that we continue to work with our state and territory colleagues who are responsible for implementing it, but I want to see, importantly, action taken where we see quality improving and safety being lifted.

    JOURNALIST: Given the systemic failures and serious breaches in childcare uncovered by Four Corners, does the Federal Government need to take over regulation to ensure children’s safety?

    AMANDA RISHWORTH: Well, we think that there is an important role to be played by both state and territory governments and the Commonwealth. It is a joint responsibility around the National Quality Framework. We have been working hard, as I said, through the Education Ministers, to do a review through the National Quality Framework to ensure that child safety is reviewed, and it’s a responsibility for states and territories, along with the Commonwealth, to deliver this.

    JOURNALIST: I guess, circling back to that first point, on calls for inquiry. Should there be one? Have you seen the reports from Monday on Four Corners?

    AMANDA RISHWORTH: Of course, child safety has to be at the forefront at all times. And as I said, this has been something that Minister Aly and Minister Clare have had as a real focus. That’s why they commissioned the review. That’s why they’ve taken the recommendations to the Education Ministers, and that’s why they are focused on implementation. We need to ensure that the implementation of these recommendations are made. That’s critically important, and we’ll keep working with states and territories to ensure that happens.

    JOURNALIST: But no fresh inquiry?

    AMANDA RISHWORTH: There was a review done in 2003 after a decade of neglect by the previous Government. There are recommendations made. It is now down to implementing them.

    MIL OSI News

  • MIL-Evening Report: Here’s what’s different about Slinda, the single-hormone contraceptive just added to the PBS

    Source: The Conversation (Au and NZ) – By Nial Wheate, Professor, School of Natural Sciences, Macquarie University

    areeya_ann/Shutterstock

    From May 1, the oral contraceptive Slinda (drospirerone) will be listed on the Pharmaceutical Benefits Scheme (PBS). This means the price will drop for the more than 100,000 Australian women who currently use it – from around $A320 a year to around $94.

    It’s the third contraceptive pill the federal government has added to the PBS this year, after Yaz and Yasmine. But these two are combined oral contraceptives – meaning they contain both the hormones oestrogen and progestogen – whereas Slinda is progestogen-only.

    So, Slinda is a little bit different – here’s how it works and what it will cost.

    What is Slinda and how does it work?

    Oral contraceptive pills contain active ingredients based on the female sex hormones oestrogen and progesterone to prevent pregnancy.

    Contraceptive pills with both hormones are known as combined-contraceptive pills. Progesterone only pills are often referred to as mini-pills.

    The active ingredient in Slinda is a progestogen, which is a synthetic derivative of progesterone, which makes the medication a mini-pill.

    Slinda works by stopping ovulation (the ovary doesn’t release an egg) and making the mucus in the cervix thicker so sperm cannot get into the uterus from the vagina.

    Both combined contraceptive pills and mini pills effectively prevent pregnancy, but their suitability varies for different women. Mini-pills, including Slinda, can be 99% effective if used perfectly – but with typical day-to-day use, they provide only around 93% protection.

    Who will find Slinda useful?

    Slinda may be a particularly beneficial alternative for people who can’t use contraceptives containing oestrogen.

    This may include women who are older, overweight, or prone to migraines. This is because oestrogen is known to increase the risk of blood clots which lead to deep vein thrombosis – already a higher risk for older and overweight women.

    Similarly, combined pills containing oestrogen aren’t appropriate for those who’ve had a baby in the last 21 days or are breastfeeding. Lower levels of oestrogen are needed in a woman’s body post-birth as it stimulates prolactin, the hormone responsible for milk production. Taking an oestrogen-based pill can potentially interfere with that.

    Slinda can be taken at any time after childbirth, including while breastfeeding, and generally remains a safer option for people with a history of blood clots or migraines.

    Slinda also has advantages over other, older generations of progestogen-based contraceptive pills. Mini-pills such as Microlut and Noriday have no pill-free days, whichs means if a woman misses taking the pill by even a few hours it can increase her chance of becoming pregnant.

    The pill-free window for Slinda is 24 hours. This means if you are less than 24 hours late it’s considered a late pill, not a missed pill. If you take the late pill as soon as you remember, and then the next pill at the normal time, you should have effective protection from unwanted pregnancy.

    Slinda has a 24-hour ‘missed pill’ window.
    SeventyFour/Shutterstock

    What are the risks or potential side effects?

    The potential side effects for Slinda are similar to other contraceptive pills. Women may find that their period may stop altogether, or they may experience bleeding irregularities or spotting, as well as breast tenderness.

    It is not currently recommended for those with breast cancer, unexplained vaginal bleeding, or severe liver disease, in line with recommendations for all mini-pills.

    The pill may also not work effectively if it’s not taken correctly every day, or if it is taken with other drugs, such as the anti-viral ritonavir and anti-seizure medication phenytoin.

    If a woman is suffering from vomiting or severe diarrhoea, Slinda may not be effective and she should use back-up contraception such as condoms.

    There are other progesterone-only contraceptive options available on the PBS, such as levonorgestrel pills and implants, including the intrauterine devices, Mirena and Kyleena.

    Why was Slinda added to the PBS?

    Slinda has been available in Australia since at least 2004, but not at a subsidised price.

    In November 2024, the Pharmaceutical Benefits Advisory Committee recommended Slinda’s listing on the PBS. The committee cited several reasons, including advice from doctors, the need to provide women with more contraceptive options and Slinda’s longer pill-free window.

    At a stakeholder meeting in October 2024, doctors stressed the need for more choice for women, when choosing a pill.

    They highlighted women starting an oral contraceptive pill for the first time will often first use PBS-subsidised medications, even though a non-PBS product may be more suitable for them. Slinda’s listing makes it a more accessible first choice for women.

    As Slinda is a prescription-only medication, if you wish to change pills or start on the drug you will need to consult your doctor. If you do change, from May 1 and based on similar PBS medications, you can expect to pay around $31 for a four-month supply.

    Nial Wheate in the past has received funding from the ACT Cancer Council, Tenovus Scotland, Medical Research Scotland, Scottish Crucible, and the Scottish Universities Life Sciences Alliance. He is a fellow of the Royal Australian Chemical Institute. Nial is the chief scientific officer of Vaihea Skincare LLC, a director of SetDose Pty Ltd (a medical device company) and was previously a Standards Australia panel member for sunscreen agents. Nial regularly consults to industry on issues to do with medicine risk assessments, manufacturing, design, and testing.

    Jasmine Lee and Shoohb Alassadi 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. Here’s what’s different about Slinda, the single-hormone contraceptive just added to the PBS – https://theconversation.com/heres-whats-different-about-slinda-the-single-hormone-contraceptive-just-added-to-the-pbs-252385

    MIL OSI AnalysisEveningReport.nz