NewzIntel.com

Category: Politics

  • MIL-OSI China: Losing pounds goes viral amid China’s wellness wave

    Source: China State Council Information Office 2

    Weight control in China was once a solitary battle. Now, the government is offering a helping hand.
    At a recent news conference, Lei Haichao, head of the National Health Commission (NHC), announced plans to establish more weight management clinics at medical and health facilities, helping people shed pounds safely and pivot to healthier lifestyles.
    The announcement, made on the sidelines of the annual gathering of national lawmakers in Beijing — where the year’s priorities and goals are set — quickly caught fire online. Social media platforms like Weibo and rednote buzzed with reactions to the news.
    The 2025 government work report, green-lit by lawmakers on March 11, reaffirmed China’s commitment to a health-first strategy in its medical and health system — a clear departure from the traditional emphasis on disease treatment.
    The public didn’t hold back on the fun. A cheeky hashtag, “The country’s calling you to drop those pounds,” took off, along with a flood of witty cartoons from netizens that lit up the internet.
    Wang Youfa, head of the Global Health Institute at Xi’an Jiaotong University, saw this as a sign of growing public awareness about the toll of obesity.
    “It mirrors an alignment of scientific research, government action, and public engagement,” he said, noting this synergy indicates a vibrant wellness boom unfolding across the country.
    For a nation that had long struggled to feed its vast population, obesity barely registered until the late 1970s, when reform and opening-up ignited an economic boom, as well as a swelling national appetite.
    Today, with more than 1.4 billion people, China faces a growing obesity challenge. The NHC reported that over half of adults are overweight or obese. It warned that if left unchecked, the rate could climb to 70.5 percent by 2030.
    An estimate once projected that the economic burden attributed to overweight and obesity would account for 21.5 percent of the country’s total medical expenses by that time.
    In response, authorities launched a nationwide campaign in June 2024 to foster a supportive environment for weight control within three years. Obesity clinics are a key component of these efforts.

    Participants compete during the 2025 Chongqing Marathon in southwest China’s Chongqing Municipality, March 2, 2025. [Photo/Xinhua]
    Professional aid
    Weighing 100 kilograms, a Beijing resident surnamed Chen became one of the first to benefit from the new weight management clinic at Peking Union Medical College Hospital.
    On Wednesday, the 104-year-old institution unveiled its joint clinic, staffed by experts in clinical nutrition, endocrinology, and traditional Chinese medicine (TCM).
    Greeted by clinical nutrition specialist Chen Wei, Chen learned she faced not only obesity but also diabetes and high blood pressure. Chen Wei brought in endocrinology and TCM specialists, and the trio crafted a treatment plan blending TCM medications, acupuncture and Metformin, along with a personalized health management strategy.
    Highlighting the prominence of traditional medicine in this approach, Wang said that practices such as acupuncture, massage, Qigong and medicinal diets have given China a distinct edge in tackling obesity.
    At Suzhou Hospital of Traditional Chinese Medicine in east China’s Jiangsu Province, physician Jiang Yawen has already treated over 100 patients with acupuncture for obesity just two weeks into March.
    From the perspective of TCM, obesity is linked to the functioning of the liver, spleen and kidneys, said Jiang. Acupuncture can help by enhancing the function of these organs, curbing appetite, and improving nutrient absorption in the stomach and intestines, she added.
    Jiang has even taken these techniques abroad. As part of a Chinese medical team sent to Malta from 2020 to 2021, she brought her therapy to the Mediterranean country, where it helped relieve locals of obesity and was warmly embraced.
    While weight control clinics offer professional services, they carry the risk of over-treatment and unintended health or financial consequences, Wang cautioned. “We need to put in place relevant research, assessment, oversight and regulation.”

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    MIL OSI China News –

  • MIL-OSI China: How China is lifting consumer spending to boost its growth

    Source: China State Council Information Office

    Vowing to make domestic demand “the main engine and anchor of economic growth”, China’s policymakers have sent fresh and firm signals on empowering the vast number of consumers to spend, countering skepticism about the country’s shift toward a consumption-driven economy.

    China will “place a stronger economic policy focus on improving living standards and boosting consumer spending”, according to this year’s Government Work Report submitted on March 5 to the National People’s Congress, the national legislature, for deliberation.

    Boosting consumption is hardly a fresh concept in the Chinese policy toolbox, and consumer spending has played an increasingly vital role in China’s economy. In 2024, final consumption contributed 44.5 percent to China’s economic growth, surpassing investment and exports, and drove GDP up by 2.2 percentage points.

    This year, however, the push has been particularly important as China’s economy contends with rising trade protectionism and global headwinds, while the domestic shift from traditional growth drivers, such as real estate, to new and more sustainable ones poses new challenges.

    “Expanding domestic demand through stimulating consumption can effectively counter external uncertainties, and it stabilizes short-term growth while aiding structural shifts over time,” said Yang Decai, a national political advisor and economics professor at Nanjing University, during the annual meetings of China’s top legislature and political advisory body, known as the two sessions.

    To support this pivotal transition, the Government Work Report unveiled stronger supportive measures, including issuing ultra-long special treasury bonds of 300 billion yuan ($41.3 billion) to back the consumer goods trade-in program, doubling the scale from last year.

    The trade-in program, launched a year ago, has played a vital role in revitalizing consumer markets. In 2024, it led to sales exceeding 1.3 trillion yuan, including over 6.8 million vehicles, 56 million home appliances and 1.38 million e-bikes. More items have been added to the list of subsidized products this year.

    “The trade-in program is more than just an economic policy,” Minister of Commerce Wang Wentao told a news conference on the sidelines of the third session of the 14th NPC on March 6, noting that it has fostered new development engines and improved the quality of life for millions of households.

    Wang pointed out that the primary issue constraining goods consumption is the ability and willingness to spend, while the main challenge for services consumption is the lack of high-quality supply.

    To tackle these weaknesses, the Chinese government, in addition to clinching cheaper deals for consumers, aims to lift consumer confidence by bolstering people’s well-being, with a focus on creating jobs, raising incomes and easing their financial burdens.

    More funds and resources will be used to serve the people and meet their needs, according to the Government Work Report.

    Targeting over 12 million new urban jobs this year, the government will provide stronger support for full and higher-quality employment, according to the report. It also pledged to raise the minimum basic old-age benefits for rural and non-working urban residents as well as the basic pension benefits for retirees.

    “Raising farmers’ pension payments may be the most effective way to boost consumption because it will significantly reduce the savings rate and boost consumption for half of China’s population,” said Lu Ting, chief China economist at Nomura, who expects more will be done in this regard in coming years.

    Government spending on education will rise by 6.1 percent this year and that on social security and employment by 5.9 percent, with strong gains also expected in healthcare and housing, Finance Minister Lan Fo’an revealed at the news conference on March 6.

    Chinese policymakers have also tied consumption to lifestyle upgrades, not just spending volume, as the Government Work Report highlighted the need to create new consumption scenarios to accelerate the growth of digital, green, smart, and other new types of consumption.

    It promised to improve the leave system and ensure its implementation to unlock consumption potential in sectors like culture, tourism and sports, which are among the most powerful service consumption engines.

    Meanwhile, new consumption trends, from winter sports boom to silver-haired consumer spending upsurge, are already stoking fresh growth.

    The silver economy, which caters to China’s aging population, could reach 30 trillion yuan by 2035 and create at least 100 million jobs by 2050, according to national political advisor Jin Li, vice-president of Southern University of Science and Technology.

    Sun Guangzhi, head of the provincial culture and tourism department of the ice and snow-rich Jilin province, said the northeastern province sparked over 100 million yuan in direct spending by issuing consumption vouchers in the latest snow season.

    “This demonstrates the combined benefits of policy incentives and local resource strength,” said Sun, a national lawmaker.

    MIL OSI China News –

  • MIL-OSI China: Shanghai seeks to become global hub for ‘firsts’

    Source: China State Council Information Office

    The Shanghai government on Sunday announced a series of measures and activities aimed at promoting the high-quality development of what it calls the “debut economy”, as the East China metropolis works to become a global consumption hub, according to official sources.

    The latest policy package seeks to optimize the business environment in the city and encourage the introduction of more “first” stores, debut products, shows and exhibitions.

    According to Commerce Minister Wang Wentao, a series of “first “events is set to take place in Shanghai and other cities aiming to unleash market potential and promote the integration of domestic and international trade.

    “We hope Shanghai will continue to lead the development of the debut economy nationwide and drive high-quality economic growth to a higher level,” Wang said.

    Since introducing policies to boost the debut economy in 2018, Shanghai has become a top destination for domestic and international brands to launch their first stores, debut products and host shows and exhibitions, said Shanghai Mayor Gong Zheng.

    To maintain its appeal as a consumption hub, Shanghai will continue to attract high-quality brands to open their first stores, create new consumption experiences and scenarios, and enhance the business environment, Gong said.

    With the aim of creating “First in Shanghai” as a city brand, the measures seek to attract more high-profile events, position the initiative as a global consumption bellwether and make Shanghai the top choice for international brands entering the Chinese market, said the city’s Vice-Mayor Hua Yuan.

    More than 3,500 domestic and international brands have held debut activities in the city as of the end of 2024, with 1,269 first stores opening in Shanghai last year, Hua said. These included 14 first stores across Asia or beyond and 202 debut stores at the national or Chinese mainland level — leading Chinese cities in both quantity and quality, he added.

    MIL OSI China News –

  • MIL-OSI New Zealand: Activist News – New Zealanders urge Winston Peters to speak up for Palestine in his meeting with the US Secretary of State Marco Rubio – PSNA

    Source: Palestine Solidarity Network Aotearoa (PSNA)

     

    On the eve of Foreign Minister Winston Peters’ meeting with US Secretary of State Marco Rubio New Zealanders are asking Mr Peters to speak up for Palestine.

     

    In the last few days 1606 people have signed an open letter to Mr Peters which we have sent him this afternoon, New Zealand time. 

     

    The letter is below.

     

    John Minto

    Co National Chair

    Palestine Solidarity Network Aotearoa 

     

    Open letter requesting government action on the future of Gaza

     

    17 March 2025

     

    Rt Hon Winston Peters

    Minister of Foreign Affairs

     

    Open letter requesting government action on the future of Gaza

     

    Kia ora Mr Peters,

     

    The situation in Occupied Gaza has reached another crisis point.

     

    Last Sunday Israel announced it was ending its January ceasefire agreement with Palestinian groups resisting the occupation and was once more imposing a total ban on humanitarian aid entering Gaza. 

     

    Israel says this is because it wants to extend the first phase of the ceasefire agreement rather than negotiate phase two which would see the agreed withdrawal of Israeli troops from Gaza. The renewed blockade on food, water, fuel and medical supplies has been widely condemned as a breach of the ceasefire agreement and the use of “starvation as a weapon of war” by Palestinian groups, international aid organisations and many governments. The United Nations Secretary General António Guterres has called for “humanitarian aid to flow back into Gaza immediately”. Israel has refused this request.

     

    Compounding the crisis is US President Donald Trump’s recently declared intention to permanently remove all the Palestinian people of Gaza and send them to other countries such as Egypt and Jordan so Gaza can be rebuilt as a US territory in the Middle East – in his words “the riviera of the Middle East”. 

     

    Israel has accepted this US proposal but Palestinians and the vast majority of governments and civil society groups around the world are appalled at the scheme.

     

    To this point our government has not commented on either Israel’s new blockade of humanitarian supplies into Gaza or the US President’s plan for ethnic cleansing of the Palestinian territory. 

     

    Back in December 2023, when the government was commenting, the Prime Minister stated “…Israel must respect international humanitarian law. Civilians and civilian infrastructure must be protected…Safe and unimpeded humanitarian access must be increased and sustained.”

     

    None of this has happened in the more than 14 months since.

    We are asking our government to speak out once more on behalf of the people of New Zealand to, at the very least, condemn Israel’s use of humanitarian aid as a weapon of war and to call for international humanitarian and human rights law to be applied.

     

    We believe the way forward for peace and security for everyone who calls the Middle East home is for all parties to follow international law and United Nations resolutions so that a lasting peace can be established based on justice and equal rights for everyone in the region.

     

    New Zealand has an internationally respected voice which can make a strong contribution to this end. We are asking the government to use this voice.

     

    Nga mihi.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Interview with Loretta Ryan and Craig Zonca, Brisbane Breakfast, ABC Radio

    Source: Australian Treasurer

    Loretta Ryan:

    As we clean up after Alfred, we’re only just now realising how hard of a punch this cyclone has packed. Financial forecasts are predicting the impacts will amount to more than $1.2 billion.

    Craig Zonca:

    Yeah, it’s not just fixing the mess it made, it’s the flow on effects that could be felt for some time. The federal Treasurer is Jim Chalmers. Treasurer, good morning to you.

    Jim Chalmers:

    Good morning, Craig. Good morning, Loretta.

    Zonca:

    $1.2 billion, that’s quite the economic hit.

    Chalmers:

    It is a pretty hefty hit. We’ve said all along that our main focus here is obviously the human costs, but there’s going to be a very substantial economic cost as well, and we’ll account for that in the Budget. It’ll be one of the key influences on the Budget.

    The best way to think about the economic impact is that around 5 million people were in harm’s way of this cyclone. Almost 2 million homes. I think we lost something like 12 million work hours out of the economy. What Treasury does as we finalise this Budget is it provides its best initial estimates of the economic fallout. So, a hit to our economy of about $1.2 billion, that’s about a quarter of a percentage point off growth. We’re also assessing which of our food growers were impacted, and what does it mean for building costs – because there is a risk as well that there’ll be some impact on inflation.

    Zonca:

    Well, you stand up next Tuesday, 25th March, with your Budget speech, how does it now change because of Alfred?

    Chalmers:

    I’m going to provision an extra $1.2 billion in the Budget for the recovery. Australians are there for each other when these difficult natural disasters occur, and the government will be there for them as well, so we will put an extra $1.2 billion in the Budget. That means there’ll be about 13 and a half billion dollars all told, when it comes to budgeting for rebuilding communities.

    Remember, it wasn’t that long ago that our friends to the north of here were getting very substantial flooding as well. We’ve had a series of natural disasters. So, there’s about 30 and a half billion in the Budget, but $1.2 billion of that is new money which we’re putting in the Budget to account for the recovery and the rebuild after ex‑tropical Cyclone Alfred.

    Zonca:

    And is that paid by cuts elsewhere or new borrowings?

    Chalmers:

    It’s off the bottom line – and the budget overall will have some savings in it. It will have some responsible measures to get the budget in better nick, but it will have some investments as well, including this one. This brings us to an important point, unfortunately at this time of the morning, a bit of a political point, but you’ll hear our political opponents talk about wasteful spending and they talk about hundreds of billions in wasteful spending.

    When they say that, remember that part of that figure they use is actually funding for natural disaster recovery. What we’ve been able to do is manage the budget very responsibly. Two surplus budgets for the first time in almost 2 decades, we’ve engineered something like a $200 billion improvement in the budget. And because we’ve done that, because we’ve managed the budget responsibly, we can afford to pay for things which are really important, like rebuilding communities after natural disasters.

    Ryan:

    On 612 ABC Breakfast, federal Treasurer Jim Chalmers with us for the families who are listening, Treasurer, and who have been hit hard with this. Will that money go towards recovery payments for them? I know there are payments for people affected. How does that all work?

    Chalmers:

    It is part of it. So, it’s partly rebuilding bridges and footpaths and local infrastructure. I think a lot of people would have seen on the TV the destruction on the Gold Coast, for example, and further out west and in my neck of the woods in Logan and Brisbane and elsewhere. So, part of it is to help the state government and local governments rebuild that local infrastructure. But a significant part of it is these hardship payments as well. Whether it’s the Hardship Assistance Payment or the allowance for people who are put out of work for a substantial period of time, there is a significant cost to that as well.

    I’ll actually be standing up with my terrific colleague, Jenny McAllister, who is the responsible Minister in this area. We’ll be saying a bit more about this later today, because what we’re making sure that we’re doing is making sure that people are eligible for these payments, that they can access them as quickly as possible, and the total cost of that will be included in the Budget.

    Ryan:

    Is this on top of what I think the Prime Minister did announce last week when the storm was happening?

    Chalmers:

    That was part of it. The Prime Minister was talking about these payments for people who are very substantially impacted. And what the government does, via Jenny McAllister, but also working closely with the states, is we determine the eligible areas for those payments. And so, as the natural disaster evolves, more and more local communities get added to the eligibility for those payments that the Prime Minister was talking about. That always evolves in days after a disaster to make sure that we are making everyone eligible who needs to be eligible, so that they can get the payments they need to get back on their feet.

    Zonca:

    Just on those payments, Treasurer, has there been any discussion about increasing those? Because I look at the amounts on offer and we’ve seen costs of everything go up substantially over the past decade. I don’t think those hardship payments, those disaster payments have increased in 10 plus years.

    Chalmers:

    I think we keep them under constant review. If your question is, you know, would people like a little bit more, I think I would understand if they did. We’ve got to be as responsible as we can. But they’re not insignificant amounts of money. In some cases it’s $900 or $1,000 a family, depending on how impacted people are and whether they’re eligible. It is a significant payment for people just to help them get back on their feet. There’s also the income replacement payments for people who are out of work for a substantial period of time.

    We keep these totals under constant review. If we can do more, we’ll do more in the future, but it is a relatively significant payment already.

    Zonca:

    19 past 7 – the federal Treasurer, Jim Chalmers, with you as you talk about those impacts you mentioned on fruit and veggies and so on. Already we have seen substantial increases every time we go to the grocery store or our local greengrocer. What sort of further increases are likely post Cyclone Alfred?

    Chalmers:

    One of the most encouraging things that’s been happening in our economy is, you know, a couple of years ago when we came to office, inflation was multiples of what it is now, and it was rising quite quickly. What we’ve been able to do together as a country is to make some really encouraging progress on that inflation. And people are still under pressure. I know at the supermarket checkout, people are still feeling the pinch. We don’t pretend otherwise. That’s why our cost‑of‑living help that we’re rolling out is so important. But inflation is coming down.

    If you think about food inflation in particular, that was 5.9 per cent when we came to office and now about half that at 3 per cent. And so that gives you a bit of a sense of the progress that we’re making. We’re not complacent about that because people are still under pressure and that’s why that cost‑of‑living help is so important.

    Zonca:

    Well, you talk up the economic management there, but I think most Australians would probably say they feel like they’re worse off since you started in government, Jim Chalmers?

    Chalmers:

    I think I acknowledged in the answer a moment ago, Craig, that we know that people are still under the pump. You know, we don’t pretend otherwise. But what matters there is, once you acknowledge that, whether you’re prepared to do something about it. We have been prepared to do something about it, and our opponents voted against that cost‑of‑living help.

    We’ve been rolling out tax cuts for every taxpayer, energy bill relief, cheaper medicines, cheaper early childhood education, Fee‑Free TAFE, rent assistance. We’ve been getting wages moving again. And these are all of the ways that we’re not just recognising people are doing it tough, we’re trying to take the edge off these cost‑of‑living pressures where we can in the most responsible way that we can.

    Ryan:

    Treasurer, it looks like Queensland is tipped to lose a lot of the share of the GST pie. So, the Commonwealth Grants Commission proposing a $5 billion cut to GST revenue. So, we’re potentially looking at $2.4 billion next year alone. Surely this is something that you won’t let happen.

    Chalmers:

    I think as you rightly kind of intimated in your question, Loretta, this is an arm’s length process. It’s an independent process managed by the Commonwealth Grants Commission. It’s not a decision of the federal government to carve up the GST. That’s done by the Commission. And every year or every time that these relativities are calculated, some states are happy, and some states are less happy. Queensland’s done quite well over recent years from the Commonwealth Grants Commission. And what this new number recognises is the substantial amount, extra amount that Queensland is getting in coal royalties. And so, this calculation is not done by the government. I know it’s not unusual for state governments to want more money from the federal government. It’s not unusual for states to blame the feds for pressures on their budget. But this is not a process that’s done by politicians in the Commonwealth government. It’s done by this independent organisation.

    Ryan:

    Are you disappointed, though?

    Chalmers:

    I think over time it all works out. You know, for example, the last time this was done, NSW was unhappy. This time it’s Queensland. But over time, if you look at this over a period of time, it generally smooths out. On this occasion, it recognises that Queensland’s doing well or expected to do really well out of coal royalties. On other occasions, Queensland’s done incredibly well. Over a period of time, not just from year to year or update to update, it generally smooths out. From time to time, states are unhappy. Obviously, I care about that. As a Queenslander, I have a respectful working relationship with the Queensland government. I have a respectful relationship with governments of both political persuasions around Australia. It’s not unusual for them to want more and that’s what we’re seeing here.

    Ryan:

    But we need more because of the Olympics, don’t we?

    Chalmers:

    We’re kicking billions of dollars in for the Olympics. I think that’s a really important point. We’re providing $3.5 billion as a Commonwealth government for the Olympics. We haven’t been shy about that. We haven’t been pinching pennies when it comes to our commitment there. We think the Olympics are going to be terrific. We want to work closely with the state government to deliver something that we can be proud of and our $3.5 billion is part of that effort.

    Zonca:

    So, giving us $3.5 billion for Olympic infrastructure but taking $5 billion in GST revenue, that still leaves us $1.5 billion down overall.

    Chalmers:

    No, because there’s a big recovery in coal royalties, as I keep pointing out. Secondly, you need to look at these calculations by the Independent Commission at arm’s length from us over a period of time and not just from update to update. Queensland’s done well over the years. I know that people are not happy about this one. I do genuinely understand that you do genuinely care about that. But you need to look at it over a period of time, not just from one update to the next.

    Zonca:

    I appreciate your time this morning, Treasurer. Thanks so much.

    Chalmers:

    Thanks to both of you. All the best.

    Zonca:

    Federal Treasurer Jim Chalmers.

    MIL OSI News –

  • MIL-Evening Report: Hundreds of livestock breeds have gone extinct – but some Australian farmers are keeping endangered breeds alive

    Source: The Conversation (Au and NZ) – By Catie Gressier, Adjunct Research Fellow in Agriculture and Environment, The University of Western Australia

    Berkshire pigs JWhitwell/Shutterstock

    It took thousands of years to develop the world’s extraordinary range of domesticated farm animals – an estimated 8,800 livestock breeds across 38 farmed species.

    But this diversity is dwindling fast. Advances in selective breeding and artificial insemination have fuelled the global spread of a small number of profitable livestock types. Their popularity has left ever more heritage breeds at risk of extinction.

    Why does this matter? Each breed represents vital genetic diversity for the livestock species on which we rely, known as agrobiodiversity. As the number of breeds shrink, we lose their genetics forever.

    There are bright spots amid the decline. Hundreds of passionate farmers are working hard to keep heritage breeds alive around Australia. As my new book shows, they do it primarily for love.

    Which livestock breeds are disappearing – and why?

    Cattle have experienced the highest number of extinctions, with at least 184 breeds lost globally.

    Of all chicken breeds, one in ten is now extinct, and a further 30% are endangered.

    Sheep are also rapidly losing diversity, with 160 breeds now extinct. The rise of synthetic materials has endangered the remaining breeds producing carpet wool in New Zealand and Australia, including the unique Tasmanian Elliottdale.

    The fleece of Elliotdale sheep has been used to make woollen carpets.
    Sue Curliss, CC BY-NC-ND

    Pigs fare little better. Australia’s 2.5 million pigs are predominantly Large White, Landrace and Duroc crossbreeds, while none of the eight remaining purebred pig breeds in Australia currently has more than 100 sows registered with the Rare Breeds Trust. While not all sows are registered, we know breeds such as Tamworths are at dangerously low numbers.

    How did this happen? Over the past century, the goal of animal husbandry has shifted from breeding hardy, multipurpose animals to increasing performance for economic gain. For livestock, performance means more of what humans value, such as pigs with extra ribs, prolific egg-laying hens and sheep with finer wool.

    Huge sums have been spent on selective breeding and artificial insemination technologies. This, in turn, has made it possible for a small number of profitable livestock types to be farmed globally.

    For instance, when you buy a roast chicken, it will likely be one of just two types of fast-growing broilers (meat chickens), the Ross or the Cobb. Their genetics are developed and trademarked by two multinational agribusinesses who dominate the global broiler market.

    Chicken breed numbers have shrunk too, risking rare breeds such as Transylvanian naked neck cockerel bantams.
    Scott Carter, CC BY-NC-ND

    It’s hard to overstate how big the increases in production have been from reproductive technologies. In the dairy industry, for instance, milk yield per cow has doubled in the past 40 years. These volumes are around six times greater now than a century ago.

    Holsteins, the top dairy breed, have become globally dominant. Almost 1.4 million of Australia’s 1.65 million dairy cows are Holsteins. But as Holstein numbers soar, other breeds dwindle. Many farmers have simply stopped rearing other breeds, leading to many becoming endangered or extinct.

    For Holsteins themselves, this has come with a cost. Selective breeding for high milk volume has meant Holsteins suffer more medical issues such as metabolic diseases and frequent mastitis. They also have reduced fertility and longevity.

    Researchers have found 99% of Holstein bulls produced by artificial insemination in the United States are descended from just two sires. This wide dissemination of limited bloodlines has led to the spread of genetic defects.

    Holstein cows produce much more milk – but there’s a cost.
    VanderWolf Images/Shutterstock

    What is at stake?

    Our food systems face growing threats. Genetic diversity provides a safeguard for livestock species against lethal animal diseases such as H5N1 bird flu and African swine fever.

    If we rely on just a few breeds, we risk a wipe out. The Irish potato famine is a catastrophic example. In the 1800s, Irish farmers took up the “lumper” variety of potatoes to feed a growing population. But when fungal rot struck in the 1840s, it turned most of the crop to mush – and led to mass starvation.

    Some breeds have very useful traits, such as resistance to particular pests and diseases.

    Chickens and other birds die in swathes if infected by Newcastle disease, one of the most serious bird viruses. But breeds such as the hardy Egyptian Fayoumi survive better, while the European Leghorn – whose genetics are used in commercial egg-laying breeds – is highly susceptible.

    Local breeds can also have better resistance to endemic pests. The Indian zebu humped cattle breed, for example, is less prone to tick infestation than crossbreeds.

    Climate change is also making life harder for livestock, and some breeds are better adapted to heat than others.

    For different cultural groups, local heritage breeds also have unique symbolic and culinary value.

    While it’s well-known eating less meat would benefit ecosystems, animal welfare and human health, eating meat remains entrenched in our diets and the economy. Pursuing more sustainable and higher-welfare approaches to livestock production is crucial.

    Some Aussie farmers love heritage breeds

    A cohort of Australian farmers is working hard to conserve dozens of endangered livestock breeds such as Large Black pigs, Shropshire sheep and Belted Galloway cattle.

    A rare Belted Galloway cow with a one week old calf.
    Scott Carter, CC BY-NC-ND

    But these farmers are hampered by our reluctance as consumers to pay more to cover the cost of raising slower-growing breeds in free-range environments. Not only that, but meat processors are increasingly closing their doors to small-scale producers.

    Why persevere? For four years, I’ve conducted ethnographic research with Australia’s heritage breed farmers. I found they were motivated by one of the most powerful conservation tools we have: love.

    Of his endangered English Leicester sheep, one farmer told me:

    I consider them to be family; they have been our family for over 150 years. I talk to them, and the rams in particular talk to me. Sorry if I sound like a silly old man, but you must talk to them. I gave myself a 60th birthday present by commissioning a large portrait of an English Leicester head, which hangs in our kitchen (I do not have a painting of my wife).

    Love doesn’t often feature in agricultural research. But it is an important force. We know from wildlife conservation that humans will act to save what they love. This holds for livestock, too.

    What can you do? If you eat meat or work with wool, seek out rare breeds and join organisations such as the Rare Breeds Trust of Australia and the Australian Food Sovereignty Alliance who back farmers supporting breed diversity.

    Catie Gressier receives funding from the Australian Research Council’s Discovery Project scheme as well as the European Research Council. She is affiliated with the Rare Breeds Trust of Australia and the Australian Food Sovereignty Alliance.

    – ref. Hundreds of livestock breeds have gone extinct – but some Australian farmers are keeping endangered breeds alive – https://theconversation.com/hundreds-of-livestock-breeds-have-gone-extinct-but-some-australian-farmers-are-keeping-endangered-breeds-alive-250393

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Press conference in Sydney

    Source: Australian Executive Government Ministers

    BILAL EL-HAYEK: Well, good morning everyone. I want to welcome you here to the City of Canterbury Bankstown to this important announcement. Well, Bankstown is booming. We have 14,000 new homes coming to Bankstown, brand new metro, a state of the art hospital. So this fantastic announcement comes in at a perfect timing when we are planning for our open space. I actually want to welcome all the ministers as well of course, the Federal Minister, Catherine King, Paul Scully, Rose Jackson, and the candidate for Banks, Zhi Soon.

    I’ll now hand over to the Minister, Catherine King. Minister.

    CATHERINE KING: Thank you. Thanks, Mayor. And it’s fantastic to be here today alongside my state counterparts, Paul Scully and Rose Jackson. Both planning and housing are pretty critical to the announcement we’re making today. And of course, Zhi Soon, our fantastic candidate for the federal seat of Banks in the upcoming federal election, whenever that may be.

    Well, today we’re announcing alongside the New South Wales Government that as part of the Albanese Labor Government’s Housing Support Program, we’re providing over $300 million to New South Wales to bring on stream over 60,000 homes, including very quickly, over 100 social homes that are incredibly important across the whole of New South Wales. What this money goes towards is the enabling infrastructure to bring those developments to fruition, so things like the road infrastructure, water, sewerage, other utilities. But also more importantly, we’re also funding community infrastructure. As you can see from the development behind me, it isn’t just about building houses. It’s actually about building green space, good places for people to be able to walk through on their way to work, get that really sense of place, but also be able to bring their kids and make sure that they are cooler places for people to be able to engage in recreation and social activities. So part of that $300 million we’re announcing today is, here in Bankstown, a further community space. Again, it’s not just about having well-located homes around train stations, around Metro. It’s really about also making sure these are great and liveable places.

    The money is being stretched right across the state, so Parramatta, Kellyville, Bella Vista, community spaces there, and as I said also, social housing in Albury. This program is part of over almost $2 billion that the Federal Government is investing in that infrastructure. We’re doing that now. The money is flowing. That infrastructure is being built to bring those 60,000 additional homes on stream here in New South Wales. It forms part of our $32 billion commitment to really build over 1.2 million homes across the whole of the country, and my part of it is building the infrastructure.

    I might hand over to Minister Scully to say a few words and then Minister Jackson.

    PAUL SCULLY: Thank you, Minister King. And thank you, Mayor Bilal, for inviting us here today to Bankstown.

    As you can see, there’s a lot of activity going on in Bankstown. As the Mayor just said, Bankstown is booming. As part of the New South Wales Government’s work to build more housing, our focus is building better communities. When we did the master planning and rezoned areas around the Transport Oriented Development’s accelerated precincts, we made it very, very clear that we were not just building housing, we were building communities. That means vibrant communities with access to jobs, access to transport, and access to good public spaces. This financial support, the $228.2 million from the Commonwealth Government to go towards accelerating the delivery of those new public spaces, will be an important contribution to that work that the New South Wales Government is undertaking.

    Together, in the first tranche, Bankstown’s accelerated precinct, along with the accelerated precincts in Kellyville and Bella Vista, have been identified for those priority public spaces. We’ll continue to work with the council here in Canterbury Bankstown, through the Parks for People program, to deliver those public spaces to make sure that alongside the homes, alongside the jobs, alongside the transport activity that’s going here, is going to be the public spaces that people need, green spaces for people to meet, to recreate, to engage with other parts of the community. It’s really vital that we look at those areas not just from an environmental perspective, but the social benefit they bring.

    I’ll leave some further comments on the social housing part to Minister Jackson, but I’d just like to acknowledge the hard work of the Mayor and the council here at Canterbury Bankstown. They have been in lockstep with the New South Wales Government right the way through this process, identifying and recognising that Bankstown and Canterbury are great places to live and will continue to be, but there are even better places, courtesy of this contribution from the Albanese Government, to make sure that we can get those green spaces underway, get those recreational spaces underway as we deliver new homes and as we complete the work on the metro here. Minister Jackson.

    ROSE JACKSON: We know that New South Wales is in a housing crisis. The number one issue that’s raised with us when we’re talking to the community is cost of living. That is the thing that the community is absolutely determined that governments understand is hitting them hard, and we know that part of addressing cost of living is to delivering more affordable housing. It’s simply too expensive to find a place to buy and rent. What the State Government and the Federal Government are determined to do is put our money where our mouth is when it comes to addressing that crisis. So the State’s put $5.1 billion into building more social housing, and we are incredibly thrilled to have a federal partner that is willing to come to the table and contribute as well. This announcement alone is another $70 million to build social housing. We know that we need growth. We know we need more homes. But it’s not just any old growth, it’s good growth. It’s growth that delivers better, more diverse communities. And yes, that’s infrastructure, that’s green space, that’s community amenity, that’s transport. But it’s also diverse types of homes, and social and affordable housing is part of that mix.

    With this $70 million, we’re going to be able to bring hundreds of new social housing properties online. We’ve already started that work from east to west, from Randwick to Campbelltown. We’re looking at acquiring homes in places like Lismore and Tweed as well – areas recently hit by Tropical Cyclone Alfred. So this is exactly the kind of working together between state and federal governments that are going to be necessary to confront the housing crisis.

    It’s also really important to call out our local government partners, local councils, we’ve always been up front, have been a little bit of a mixed bag when it’s come to supporting housing. Not Canterbury-Bankstown – this is a council that is deeply invested in building a great community here, and it’s fantastic to have Mayor Bilal El-Hayek here alongside us to demonstrate all three levels of government working together. This is yet more money to build the homes that people need, that security of a roof over your head. We need a federal government that is willing to stick to the course when it comes to supporting housing, and the State Government is ready to stand right alongside it, using the funding to deliver homes that we know are desperately needed in this state.

    CATHERINE KING: Happy to take any questions.

    JOURNALIST: Well, may I ask about the allegations yesterday [indistinct] …

    CATHERINE KING: [Interrupts] Sure – have you’ve got any questions on this- the announcement today yet? Nope, okay. Happy to take further- other questions, sure.

    JOURNALIST: … allegations last night on 60 Minutes and Nine papers about more corrupt and [indistinct], specifically in Victoria. I note one area of Victoria on the North East Link Road where federal taxpayers have already committed $3 billion to this project. How can federal taxpayers know that there won’t be any sort of- or, you know, if that money’s being overinflated, or if there’s any sort of corruption or wrongdoing in that process?

    CATHERINE KING: Yeah, so we have zero tolerance for criminal activities on any work site, and especially on our building work sites. We have already taken strong action against the CFMEU by placing it in administration, and the administrator continues to do his work. When this broke some time ago, in terms of the CFMEU, I was in the process of negotiating new federated funding agreements with every state and territory. In those agreements, we have inserted new clauses that require states and territories to ensure they are- that we are receiving value for money on every single project where the Commonwealth is investing, that we are prioritising businesses that engage in ethical business practices. And I also wrote to every state and territory minister asking their assurance that proper checks are being put in place to ensure that- again, that value for Australian taxpayer dollars, and if there is any criminal activity seen on any of the sites where the Commonwealth is investing that that immediately be reported both to the administrator, to the police and also to my department. And we’ll continue to work with every state and territory in relation to that.

    But I want to make it very clear: this is hard fought money. Taxpayers don’t want to see their money going to criminals, and that is incredibly important that every state and territory ensures that it’s got the assurance processes in place to make sure that we are getting value for money for every taxpayer dollar.

    JOURNALIST: Did the Federal Government conduct its own audit of the $3 billion in this project?

    CATHERINE KING: Well, again, what we have asked quite specifically is that every state and territory give us those assurances. I saw the program on 60 Minutes last night. If there is more that needs to be done, I’ll have a look at that. But what we have asked is every state and territory to assure us that they have the processes in place to make sure that this activity is not being undertaken. Thanks everyone.

    MIL OSI News –

  • MIL-Evening Report: Luxon meets Modi: why a ‘good’ NZ-India trade deal is preferable to a ‘perfect’ one

    Source: The Conversation (Au and NZ) – By Chris Ogden, Associate Professor in Global Studies, University of Auckland, Waipapa Taumata Rau

    Some have said Christopher Luxon’s pledge to get a free trade deal between New Zealand and India over the line in his first term as prime minister was overly optimistic. But not all trade deals are the same, and Luxon may yet get to claim bragging rights.

    Already he is managing expectations, saying a “good” deal will be better than waiting a long time for a “perfect” one. And with formal negotiations confirmed not long after Luxon touched down in New Delhi, we can perhaps expect genuine movement.

    At the same time, India’s negotiating style is notoriously rigid, with its bilateral investment treaty model having proved a stumbling block to deals with many other nations or blocs, including the United Kingdom and European Union.

    New Zealand first held formal negotiations with India over a decade ago. But talks derailed in 2015 over the inclusion of dairy products in any agreement. We can be fairly sure this will be the compromise Luxon’s government is ready to make now.

    One model might be Australia’s Economic Cooperation and Trade Agreement, which leaves out dairy, too. And New Zealand was able to sign a free trade deal with China in 2008 that excluded diary, with those restrictions removed in a 2022 upgrade.

    Beyond the economic implications, of course, lie domestic political calculations. Luxon needs a win to counter flatlining poll numbers and speculation about his leadership future. Good news in India offers just that.

    Playing the Indo-Pacific card

    Using diplomatic language that plays up New Zealand being part of the Indo-Pacific region – rather than the traditional Western alliance – will be essential.

    New Zealand – despite its relatively small size – is still a significant regional player, with the Indo-Pacific’s fourth highest GDP per capita.

    In the context of an imminent “Asian Century”, and the region becoming a crucial zone for economic and military power, New Zealand also provides a strategic pathway into the Pacific, where India is becoming increasingly involved.

    All of this will influence Luxon’s keynote address today at the 10th Raisina Dialogue, India’s flagship multilateral conference on global politics and economics. He is the first leader not governing a European country to make such a speech, and is also the chief guest at the dialogue.

    Luxon is already on the record as saying New Zealand and India are “very aligned” on Indo-Pacific security and concerns over Chinese regional influence, with scope for more joint defence exercises. This linkage between security and trade mirrors Wellington’s recent relations with Beijing, which have become increasingly difficult to navigate.

    Solid foundations

    But there is a long way to go. In 2024, India-New Zealand trade was worth a combined NZ$3.14 billion – a fraction of the $208.46 billion generated by trade with China in the same year.

    Nevertheless, Luxon and his ministers have made undeniable progress. His “recalibration of a relationship that has long been neglected” bore fruit in October last year when he met Indian Prime Minister Narendra Modi at the ASEAN summit, and the countries announced their intention to take the relationship to “greater heights”.

    The previous Labour government helped set the scene with a succession of high-level diplomatic visits and parliamentary exchanges. In 2023, the Indian government described relations with New Zealand as having “an upward trajectory”.

    And there are clearly good foundations to build on – especially the 292,000 people of Indian ethnicity in New Zealand, who contribute US$10 billion to the New Zealand economy.

    Great expectations

    Trade is ripe for expansion, too. New Zealand primarily exports wool, iron and steel, aluminium, fruits and nuts, wood pulp and recovered paper, and imports Indian pharmaceuticals, machinery, precious metals and stones, textiles, vehicles and clothing.

    There’s potential to grow trade with India in tourism (especially attractive to India’s growing middle class), and collaboration on space technology, renewable energy and agritech.

    There were 8,000 Indian students in New Zealand last year, a number that may well grow given a relative drop in student numbers from China. With the US and UK becoming more hostile to immigration, New Zealand can offer a relatively safe and tolerant alternative.

    In many ways, India is the new China. In 2023, India’s GDP was US$14.54 trillion, making it the world’s fourth largest economy. New Delhi is on the cusp of becoming a great power, and is being courted by all countries, big and small.

    As such, while Luxon has momentum on a trade deal, he is also part of a long queue. Given the relative power imbalance between the two countries, the weight of expectation sits squarely on his shoulders.

    Chris Ogden is a Senior Research Fellow with The Foreign Policy Centre, London.

    – ref. Luxon meets Modi: why a ‘good’ NZ-India trade deal is preferable to a ‘perfect’ one – https://theconversation.com/luxon-meets-modi-why-a-good-nz-india-trade-deal-is-preferable-to-a-perfect-one-252036

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Detectives from another era grab attention

    Source: China State Council Information Office 3

    When a movie presents tragic history in a comedic way, it goes beyond entertainment to convey profound meaning. Detective Chinatown 1900 is one such cinematic endeavor.

    Set in San Francisco in 1900, the film follows detectives Qin Fu and Ah Gui as they investigate the murder of an American woman in Chinatown. Starring Chow Yun-fat, Wang Baoqiang and Liu Haoran, this fourth installment of the Detective Chinatown franchise premiered during the Spring Festival holiday, quickly capturing public attention.

    Praising the movie for its seamless blend of mystery and humor, Georges Chamchoum, an Emmy Award-winning film director and producer, says that the film effectively employs over-the-top acting and comedic elements to depict the harsh realities of historical racism.

    “I believe the story resonates with a broad audience, including American viewers, as it vividly portrays the racism of that era,” Chamchoum told China Daily at a recent special screening hosted by the Asian World Film Festival in Culver City in the United States.

    Co-directed by Chen Sicheng and Dai Mo, the film explores issues of race, immigration and national identity. Despite the invaluable contribution of Chinese immigrants to the development of the US during the Gold Rush, and the construction of the Pacific Railway, they faced discrimination and were even labeled the “yellow peril”, and the subject of derogatory rumors. The film highlights the rhetoric surrounding the Chinese Exclusion Act and its exploitation by one of the film’s characters, a mayoral candidate named Grant, who attempts to frame Chinese laborers in order to drive them out of the US.

    Although the film treats these serious historical themes with a touch of caricature, its subtext regarding racial discrimination remains “significant”, according to Chamchoum.

    For Chow, the role of Bai Xuanling was a long-awaited opportunity. Speaking to Chinese media, the actor said that he had been offered a similar role in the 1990s when he first arrived in Hollywood seeking opportunities. The late director King Hu had given him the script for The Battle of Ono, a film about Chinese laborers building American railways during the late Qing Dynasty (1644-1911). However, Hu died before the project could be realized.

    Three decades later, Chow finally found his dream role in Detective Chinatown 1900. The film dramatically portrays the real-life injustices suffered by Chinese immigrants through its fictitious plot in which San Francisco elites fabricate a “Chinese Jack the Ripper” to justify dismantling Chinatown.

    One of the most powerful scenes in the film has Chow’s character Bai delivering a passionate courtroom monologue in English. Facing an all-American jury, he exposes the discrimination endured by Chinese immigrants, despite their critical role in the growth of the US. The moment has been widely discussed for its emotional impact and historical significance.

    “I think a lot of Americans didn’t know this history before, but the film brings it back to life and explains it to younger audiences, and I was so proud of those Chinese workers,” Miriam Ajibekova, an audience member, told China Daily.

    Detective Chinatown 1900 is more than just an action-comedy mystery; it is a cultural bridge between China and the US, according to Chamchoum. Chen who studied in Hollywood has successfully merged Chinese and American cultural elements in the Detective Chinatown series through international collaborations. The latest installment features Hollywood actor John Cusack in the role of mayoral candidate Grant.

    The film’s composer, Nathan Wang, a University of Southern California-trained musician born in the US, shared his experiences of working on the film after the special screening. “We recorded the pipa (a four-stringed lute), guzheng (plucked zither), and erhu (a two-stringed fiddle) here in LA and layered them with Western orchestration,” says the composer, who worked with German film composer Hans Zimmer on Kung Fu Panda 3.

    Wang adds that he took pride in writing a score that blends Western orchestral elements with traditional Chinese instruments.

    The film was shot in Shandong province at the Laoling Film Studio in Laoling county-level city, Dezhou, where a replica of 1900s San Francisco Chinatown was built. Covering a 200,000-square-meter area, the set took seven months to complete, adding to the film’s authenticity.

    “The production value is incredible,” Chamchoum says, expressing hope for further collaborations between Chinese and American filmmakers.

    Detective Chinatown 1900 is among the flagship Chinese films released internationally during Spring Festival, China’s most profitable box-office period. The film opened to 460 million yuan ($64 million) on its first day, Jan 29, the first day of Chinese New Year, and grossed 3.4 billion yuan in early March. The three preceding films in the franchise amassed over 8.74 billion yuan before the latest installment.

    MIL OSI China News –

  • MIL-OSI China: Hong Kong’s visitor arrivals up 7 pct in first two months

    Source: China State Council Information Office

    Hong Kong registered 8.4 million visitor arrivals in the first two months of 2025, up 7 percent year on year, the Hong Kong Tourism Board (HKTB) said.

    Among them, approximately 6.5 million visitor arrivals were from the mainland, up 4 percent from last year. Visitor arrivals from elsewhere jumped significantly, hitting 1.91 million and representing a 20 percent increase from last year, the HKTB data showed.

    Short-haul markets have shown particularly strong performance, with 1.13 million visitor arrivals recorded in the reporting months, up 26 percent. Notably, travelers from the Philippines, Indonesia, Japan, and South Korea all increased over 30 percent.

    In the long-haul sector, around 500,000 arrivals were made from overseas, reflecting a 20 percent increase, with Australia leading the way at an impressive growth rate of 34 percent.

    To enhance experience for travelers, the tourism board has launched a new program platform titled “Hong Kong Great Outdoors,” designed to introduce global visitors to the city’s scenic hiking trails, outlying islands, and geological parks.

    The recent budget proposal from the Hong Kong Special Administrative Region government for the fiscal year 2025/2026 included a significant allocation of 1.235 billion Hong Kong dollars (158.8 million U.S. dollars) to the tourism board, aimed at realizing the concept of “tourism is everywhere” and implementing the Development Blueprint for Hong Kong’s Tourism Industry 2.0. 

    MIL OSI China News –

  • MIL-OSI China: Chinese delegation visits Austria for business cooperation

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

    VIENNA, March 16 — A Chinese business delegation, organized by the China Council for the Promotion of International Trade (CCPIT), visited Austria from March 13 to 16.

    It has been the first large-scale Chinese delegation to visit Austria since the establishment of the new Austrian government.

    Businesses from both sides had in-depth exchanges on industries including automobile, agriculture and food processing, and reached multiple cooperation intentions.

    During the visit, Ren Hongbin, chairman of the CCPIT, made extensive interactions with local political and business representatives and those of relevant UN agencies, highlighting that China stands ready to work with all parties to enhance economic and trade cooperation and promote the stability and smooth flow of global industrial and supply chains.

    Representatives of the Austrian business community expressed their willingness to strengthen cooperation with the Chinese business community and jointly oppose trade protectionism, and they hoped that more Chinese enterprises will invest and do business in Austria.

    MIL OSI China News –

  • MIL-OSI: Castellum Announces Pricing of $4.5 Million Public Offering of Common Stock and Warrants

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., March 16, 2025 (GLOBE NEWSWIRE) — Castellum, Inc. (the “Company” and “Castellum”) (NYSE-American: CTM), a cybersecurity, electronic warfare, and software services company focused on the federal government, today announced the pricing of its previously announced public offering of 4,500,000 Units at a public offering price of $1.00 per Unit. Each unit consists of one share of common stock and one warrant to purchase one share of common stock. The warrants will be immediately exercisable at $1.08 per share and will expire 60 days from the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately.

    Gross proceeds from the offering are expected to be approximately $4.5 million before deducting placement agent fees and estimated offering expenses. Castellum intends to use the net proceeds of the offering for working capital and general corporate purposes.

    Maxim Group LLC is acting as the sole placement agent, on a reasonable best-efforts basis for the offering.

    The closing of the offering is expected to occur on or about March 18, 2025 subject to satisfaction of customary closing conditions.

    A shelf registration statement on Form S-3 (File No. 333-284205) relating to the securities being offered was previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and became effective on January 24, 2025. The shares of common stock and shares underlying the warrants are being offered only by means of a prospectus. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the public offering have been filed with the SEC. A final prospectus supplement and an accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and accompanying prospectus relating to the public offering may be obtained by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Prospectus Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com. Before you invest, you should read the preliminary prospectus supplement and accompanying prospectus, together with the information incorporated by reference therein, for more complete information about the Company and the proposed offering. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    About Castellum, Inc.

    Castellum, Inc. (NYSE-American: CTM) is a defense-oriented technology company that is executing strategic acquisitions in the cybersecurity, MBSE, and information warfare areas – http://castellumus.com/.

    Forward-Looking Statements:

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Words such as “will,” “would,” “believe,” and “expects,” and similar language or phrasing are indicative of forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results to differ (sometimes materially) from the results expressed or implied in the forward-looking statements, including, among others: the Company’s ability to close the described equity financing; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company’s revenue due to a delay in the U.S. Congress approving a federal budget; and the Company’s ability to maintain the listing of its common stock on the NYSE American LLC. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in Item 1A. “Risk Factors” section of the Company’s recently filed Form 10-Q, Item 1A. “Risk Factors” in the Company’s most recent Form 10-K, and other filings with the Securities and Exchange Commission which can be viewed at www.sec.gov. These risks and uncertainties, or not closing the described potential equity financing in this press release, could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements. Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.

    Contact:

    Glen Ives
    President and Chief Executive Officer
    Phone: (703) 752-6157
    Contact: Info@castellumus.com 

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/590352b6-41bd-42db-ae52-4ac6cdaa126b

    The MIL Network –

  • MIL-OSI USA: Transcript: Governor Hochul is a Guest on “PoliticsNation”

    Source: US State of New York

    arlier today, Governor Kathy Hochul was a guest on MSNBC’s “PoliticsNation” with Reverend Al Sharpton.

    AUDIO: The Governor’s remarks are available in audio form here.

    A rush transcript of the Governor’s remarks is available below:

    Reverend Al Sharpton, MSNBC: Just two months into Trump’s second term, the administration’s unprecedented policy moves on trade, immigration and civil rights put the President on a political collision course with the state he was born in and the city he once called home. Joining me now to talk about it in the studio is New York’s Democratic Governor, Kathy Hochul. Governor, first, thank you for being with us and thank you for your moving message at the funeral of NAACP Hazel Dukes. We were all so moved by what you had to say.

    Governor Hochul: Thank you. Your words were profound as well, Reverend Al.

    Reverend Al Sharpton, MSNBC: Thank you. Governor, you met with President Trump at the White House on Friday. What can you share with us about that meeting in terms of the tone and the substance of your conversation?

    Governor Hochul: Well, I reached out to the President again because there is so much I need to deliver for New York and New York City in particular. I need to get Penn Station done and make sure we have money for the Second Avenue subway, which is so important.

    I want to make sure that we have an understanding on immigration that says, “We’ll help you when you have serious, violent criminals you need to get off the streets.” I’ve always said that. We’ve done that under the Biden Administration. But we’re not going to be there to allow you to just take people off the streets and split up families.

    And so, we had a conversation also about tariffs. I want to talk about the impact of tariffs on New York. It is devastating. Absolutely devastating for our farmers in upstate New York, for our factory workers who aren’t sure if they’re going to be able to do phase two of a major project that was in Buffalo, my hometown, right on the border with Canada. So, I needed to be able to continue the conversation with him on some of our energy policies. I talked about how important offshore wind was, talked about opportunities for small modular reactors so we could power the innovation economy in New York. I need to keep that dialogue going.

    But, they also understand this about me: My willingness to talk about areas where we could have a common interest in, does not take away from my responsibility as a leader of this state to fight back, and fight back hard, when the line is crossed and you’ve hurt New Yorkers or attacked our values.

    Reverend Al Sharpton, MSNBC: Now, President Trump wants to get rid of the congestion pricing program you put in place. However, he also wants a natural gas pipeline built in New York State. And you mentioned — you just mentioned — he may be interested in a Penn Station redesign. Did you get the sense in your meeting with the President that he’s open to making deals on these issues?

    Governor Hochul: You know, I don’t want to get into private conversations, but I spent an enormous amount of my time in there talking about how congestion pricing is working. It really is working.

    I think a lot of people who are naysayers who said, “This is going to crush the City. Nobody’s going to come in,” they were wrong and I wanted him to see the data that I had — more recent numbers. Broadway is up, you know, retail sales are up $900 million, we have more people on the streets, walking around going into stores, and a 10 percent increase in riders on the subway.

    So all the fears that were out there are absolutely unfounded, and people are getting to the City so much faster. So I needed to help walk him through what I thought were the real reasons why we need to keep this and not have it shut down, which is what he said the administration would do beginning this Friday.

    But as I’ve said — and I was very aggressive in this — we are not turning off the cameras. This is our program, we put this in place, we have the proper approvals, and we feel, if necessary, we’ll be successful in court. But I was hoping it wouldn’t have to get that far, but time will tell.

    Reverend Al Sharpton, MSNBC: Alright. New York was one of three northern states hit with surcharges on Canadian electricity this month after Trump imposed tariffs. What’s your message to the President on trade wars, and what can you do to protect the State economically?

    Governor Hochul: Our states, our residents, the people you promised to lower the cost of everything on day one — they’re the collateral damage in this war. And there may be some long term gain that the President sees, but why are we making people suffer right now? They’ve been through enough: Inflation, the pandemic — our people are hurting. They just want people to give them money back in their pockets.

    So that’s at odds with what I’m trying to do in New York, which is find a way to get over up to $5,000 in families’ pockets with child tax credits and the largest middle class tax rate cut in 70 years, and to put money from the inflation rebate. We collected so much money in sales tax because of inflation, and I want to put it back in people’s pockets.

    So, contrary to what is happening in Washington where they don’t seem to care about the people they promised lower prices, because tariffs will drive up prices. We are doing the exact opposite here in New York.

    Reverend Al Sharpton, MSNBC: Now, two of your fellow New Yorkers, House Minority Leader Hakeem Jeffries and Senate Minority Leader Chuck Schumer, disagreed last week on whether to go along with Trump and the Republican spending bill. You’ve talked about leading the resistance against Trump, but you are also trying to work with him. What are your thoughts about the debate that’s going on within the Democratic Party about how to respond to the President?

    Governor Hochul: We need to get back on the same page because anytime we’re not like this, it benefits the Republicans. We need to realize that. And so, yes, families can disagree on an approach. I get that. But let us not forget who brought us here, who brought us to this place. We should not have had a continuing resolution that could hurt people, and the Republicans in the House who are voting for programs that could be devastating — we have to stop that and be smart about knowing who we’re attacking and who we have to go up against, and it’s not each other.

    Reverend Al Sharpton, MSNBC: Now, let’s get to some local issues. You and I have worked together on combating crime in the streets and on the subways, and we’ve joined with Attorney General Letitia James and Manhattan DA, Alvin Bragg, on the issue of discovery law reforms to make sure victims of crime get their day in court. I’m concerned about domestic violence and some of the records that they brought out to me about that — DA Bragg. Where are we with that?

    Governor Hochul: I have introduced legislation in my Budget — and we’re negotiating it right now, I’ll be back in Albany tomorrow and I’ll be negotiating on this — but what I want to do is talk about the reforms.

    Back in 2019, important reforms were put in place because the system was skewed against offenders. It really was. Prosecutors were withholding too much information, the law had to change, and I support that. But it has now gone the other way. The pendulum has swung so far that defense lawyers are scamming the system, withholding information to the last minute, or that they’re saying that if even a tiny bit of information that you already have a duplicate bit of information that confirms it — that’s a reason to throw out a case altogether.

    And you’re absolutely right. It is the victims of domestic violence and rape. Think about the women who had to go through the horrible, horrible process of exposing their lives, being willing to prosecute someone and go stand up against someone who harmed them. And then to have a judge and prosecutors say, “We can’t bring it forward because the information was too late.” I mean, I’m talking about minor technicalities. If there’s something significant, yes, of course you should not have the case dismissed. But I’m talking about just fixing the system, because before the reforms were put in place, 42 percent of cases brought in New York City were dismissed. Now it’s 62 percent. That’s a lot of people based on technicalities. And I want the Legislature to understand that. And your voice is so important, and I appreciate you standing up for these victims.

    Reverend Al Sharpton, MSNBC: I’m concerned about when I saw the data on domestic abuse.

    Finally, Governor, a lot has happened since we last spoke in the race. A lot has happened in the race for New York City Mayor. Former Governor Andrew Cuomo has announced he’s running. What are your thoughts about the kind of leaders New Yorkers should be looking toward at this moment?

    Governor Hochul: They should be looking for somebody who will work with the Governor. Now, that has not always been the practice, as you’ve seen historically.

    I worked with Bill de Blasio in the end of his term. I worked with Eric Adams. We don’t need the conflict that has historically defined the relationship, because you know who gets hurt when the Governor and the Mayor are fighting? The people of New York. I represent 8.3 million New York City residents as well.

    And that’s why I focused on public safety, paying for overtime on the overnight subway trains so people feel safer. Also, $1 billion to build more housing. I want to keep doing this, but I need someone who’s not looking to be at war with the Governor, who will actually be a partner. So that’s all I’m looking for, and I’ll work with anybody, as long as they want to focus on the agenda that I have put forth that is for New York City residents.

    Reverend Al Sharpton, MSNBC: Does that mean late in the primary you may make an endorsement?

    Governor Hochul: I am not endorsing in this. I do not vote in this great city, although I live here three, four days a week, and I will not be making an endorsement.

    Reverend Al Sharpton, MSNBC: But you want someone that will work with the Governor?

    Governor Hochul: Someone who’s smart enough to know to work with me, because otherwise, it won’t be fun.

    Reverend Al Sharpton, MSNBC: And we’ll have to figure out who we think you might best work with.

    Governor Hochul: Get me a real partner.

    Reverend Al Sharpton, MSNBC: Thank you for being with us, Governor Kathy Hochul of New York.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Union Name Change – Our union’s new name: ‘FIRST Union’ Becomes ‘Workers First Union’

    Source: Workers First Union

    Workers First Union is pleased to announce that the union has now formally changed its name from ‘FIRST Union’ to ‘Workers First Union’ (or ‘Workers First’, for short) following a vote by delegates at the union’s Annual General Meeting in December 2024.
    Dennis Maga, Workers First General Secretary, said he was proud that the union was making its mission clear with the new name.
    “For too long, employers have been putting workers second or worse, with fair wage rises and workplace wellbeing ranking last after a long list of shareholders, creditors and managers,” said Mr Maga.
    “I’m excited to enter the next era with a new name befitting of our union’s work and purpose – we put workers first.”
    FIRST Union was formed in 2011 through the merger of the National Distribution Union (NDU) and the Finance Sector Union of New Zealand (Finsec). NDU represented workers in the retail, distribution, and textile industries, while Finsec represented employees in banking and finance. The new Workers First Union has since grown to cover over 32,000 workers across retail, finance, transport, logistics and manufacturing. The union is an affiliate of the Council of Trade Unions(CTU) but unaffiliated to any political parties.
    Mr Maga said that the union had sought to change its name to distinguish the organisation from similarly named business entities and encapsulate the union’s purpose more clearly.
    “This change reflects what our members have always known: our union is here to fight for them, whether in wage bargaining, on the picket line, or in the halls of Parliament,” said Mr Maga.
    “The new name embodies the interests of working people in New Zealand and is particularly apt at a time when a far-right Government is abandoning the working class in favour of an illusory ‘growth’ model for their corporate backers.”
    “Workers in Aotearoa face serious challenges ahead, from increasing workplace automation to stagnating wages, but our union is built on collective strength, and we will meet these challenges head-on in 2025 and beyond.”
    Background information
    – The union’s main website address is now workersfirst.nz

    MIL OSI New Zealand News –

  • MIL-OSI China: 59 killed in nightclub fire in North Macedonia

    Source: China State Council Information Office

    This photo taken on March 16, 2025 shows the site of a fire at a nightclub in Kocani, North Macedonia. [Photo/Xinhua]

    At least 59 people have died, and over 100 others have been hospitalized after a devastating fire broke out on Sunday at a nightclub in Kocani, North Macedonia, local media reported.

    Authorities believe the blaze was sparked by pyrotechnic effects that ignited the venue’s flammable ceiling material, causing the flames and thick smoke to spread rapidly. Video footage circulating online shows the ceiling engulfed in fire as people scramble to escape.

    Interior Minister Panche Toshkovski confirmed that 18 of the injured are in critical condition. Among those hospitalized is Vladimir Blazevski, a member of the performing hip-hop group DNK, who sustained burns but remains in stable condition.

    Police have detained one suspect and issued arrest warrants for four others, including the club’s owner. Investigators are focusing on possible safety violations and negligence.

    The North Macedonian government has pledged a thorough investigation to prevent similar disasters in the future. Prime Minister Hristijan Mickoski canceled his planned trip to Montenegro and traveled to Kocani to oversee emergency efforts. Justice Minister Igor Filkov has called for accountability, stressing that such a tragedy must never happen again.

    European Union Enlargement Commissioner Marta Kos also extended her condolences to the victims and their families.

    MIL OSI China News –

  • MIL-OSI China: US airstrikes target Houthi-controlled areas in Yemen

    Source: China State Council Information Office

    U.S. warplanes launched extensive airstrikes across northern Yemen on Saturday night, targeting multiple Houthi-controlled locations in a large-scale operation. According to Houthi estimates on Sunday, the bombardment resulted in at least 31 deaths and 101 injuries.

    Widespread military campaign

    American fighter jets carried out approximately 40 airstrikes targeting multiple locations across six Houthi-controlled governorates in northern Yemen. The coordinated assault struck sites in the capital Sanaa as well as Dhamar, Al-Bayda, Marib, Hajjah, and Saada provinces, according to the Houthi-affiliated al-Masirah TV.

    In Sanaa, the strikes focused on strategic military installations including the Jabal Attan area housing missile brigade headquarters, the Jarban area in Sanhan district east of the capital, and Al-Jarraf residential neighborhood in the north, which reportedly contains significant Houthi political offices.

    The bombing campaign extended to critical civil infrastructure in Saada province, the Houthi main stronghold in Yemen’s far north, where the U.S. warplanes targeted a key power plant in Dahyan area.

    Additional targets included sites in Marib’s oil-rich Majzar district, areas in central Al-Bayda province, positions in the outskirts of Dhamar province and military sites in Hajjah province.

    The U.S. Central Command publicly announced the large-scale operation against “Iranian-backed Houthi targets” via social media, stating the mission aims to “defend American interests, deter enemies, and restore freedom of navigation.”

    This is the first military operation conducted by the U.S. military against the Houthi sites since U.S. President Donald Trump assumed office in January and redesignated the group as a “foreign terrorist organization.”

    Trump posted on social media Truth Social that the aerial attacks on the “terrorists’ bases, leaders, and missile defenses were to protect American shipping, air and naval assets, and to restore navigational freedom.”

    He also warned the Houthis that if they do not stop their attacks “starting today … hell will rain down upon you like nothing you have ever seen before.”

    Civilian impact & casualties

    The strikes on residential areas, particularly in Sanaa’s Al-Jarraf neighborhood, caused widespread panic among civilians. One resident, speaking under the pseudonym Ahmed Hayani, described the terrifying experience to Xinhua: “I was at home with my children when suddenly we heard a huge explosion and the glass of the house’s windows fell on us, as if an earthquake had struck.”

    He recounted four massive explosions that followed within minutes as missiles struck a building in the neighborhood. Security forces quickly cordoned off streets leading to the targeted structure while ambulances rushed to retrieve victims. The resident noted significant damage to nearby homes and the traumatic night experienced by all neighborhood inhabitants.

    Following Saturday’s night bombardment, witnesses reported that huge explosions continued on early Sunday in Faj Attan, generating powerful shockwaves that affected scores of businesses in neighboring areas and shattering storefront windows. Ambulances were seen rushing to the targeted neighborhoods following the attacks.

    The Houthi-controlled Ministry of Health in Sanaa reported this morning that most casualties were women and children, describing the attacks as “a full-fledged war crime.”

    Houthi response & regional implications

    In response to the U.S. strikes, the Houthi Supreme Political Council — the group’s highest governing authority — vowed a “painful” retaliation, framing the American attacks as support for Israel and warning they would “drag the situation to a more severe and painful level.”

    In a statement, the council said “the aggressors against Yemen will be punished in a professional and painful manner,” while calling on the international community to address what it termed “U.S.-Israeli recklessness.”

    The Houthi leadership also confirmed that its naval operations would continue until the blockade on Gaza is lifted, and humanitarian aid is permitted entry.

    Fatima Asrar, research director at the Washington Center for Yemeni Studies, told Xinhua that the Houthis are unlikely to be deterred by these strikes.

    “The Houthis have a known pattern of escalation, and they will not yield to deterrence,” she explained, predicting the group may target Israel directly “to justify their position of weakness and frame it as support for the Palestinians so that they can garner sympathy.”

    The renewed conflict comes after Israel halted the entry of goods and supplies into Gaza on March 2, coinciding with the end of the first phase of the ceasefire agreement.

    On Tuesday, the Houthi group announced that it would resume launching attacks against any Israeli ship in the Red Sea, Arabian Sea, the Gulf of Aden, and the Bab al-Mandab Strait until the crossings of Gaza Strip are reopened and aid allowed in.

    From November 2023 to Jan. 19, the Houthi group launched dozens of drone and rocket attacks against Israel-linked ships and Israeli cities to show solidarity with Palestinians amid the ongoing Israel-Hamas conflict. The attacks later expanded to include U.S. and British ships after the U.S.-British navy coalition started to intervene, launching air raids and missile strikes against Houthi targets to deter the group.

    The Houthis stopped their attacks on Jan. 19, when the Gaza ceasefire deal took effect.

    The Houthi group has maintained control of Sanaa and most of northern Yemen for more than a decade with strong ties to Iran.

    MIL OSI China News –

  • MIL-Evening Report: Australia’s defence – navigating US-China tensions in changing world

    SPECIAL REPORT: By Peter Cronau for Declassified Australia

    Australia is caught in a jam, between an assertive American ally and a bold Chinese trading partner. America is accelerating its pivot to the Indo-Pacific, building up its fighting forces and expanding its military bases.

    As Australia tries to navigate a pathway between America’s and Australia’s national interests, sometimes Australia’s national interest seems to submerge out of view.

    Admiral David Johnston, the Chief of the Australia’s Defence Force, is steering this ship as China flexes its muscle sending a small warship flotilla south to circumnavigate the continent.

    He has admitted that the first the Defence Force heard of a live-fire exercise by the three Chinese Navy ships sailing in the South Pacific east of Australia on February 21, was a phone call from the civilian Airservices Australia.

    “The absence of any advance notice to Australian authorities was a concern, notably, that the limited notice provided by the PLA could have unnecessarily increased the risk to aircraft and vessels in the area,” Johnston told Senate Estimates .

    Johnston was pressed to clarify how Defence first came to know of the live-fire drill: “Is it the case that Defence was only notified, via Virgin and Airservices Australia, 28 minutes [sic] after the firing window commenced?”

    To this, Admiral Johnston replied: “Yes.”

    If it happened as stated by the Admiral — that a live-fire exercise by the Chinese ships was undertaken and a warning notice was transmitted from the Chinese ships, all without being detected by Australian defence and surveillance assets — this is a defence failure of considerable significance.

    Sources with knowledge of Defence spoken to by Declassified Australia say that this is either a failure of surveillance, or a failure of communication, or even more far-reaching, a failure of US alliance cooperation.

    And from the very start the official facts became slippery.

    What did they know and when did they know it
     The first information passed on to Defence by Airservices Australia came from the pilot of a Virgin passenger jet passing overhead the flotilla in the Tasman Sea that had picked up the Chinese Navy VHF radio notification of an impending live-fire exercise.

    The radio transmission had advised the window for the live-fire drill commenced at 9.30am and would conclude at 3pm.

    We know this from testimony given to Senate Estimates by the head of Airservices Australia. He said Airservices was notified at 9.58am by an aviation control tower informed by the Virgin pilot. Two minutes later Airservices issued a “hazard alert” to commercial airlines in the area.

    The Headquarters of the Defence Force’s Joint Operations Command (HJOC), at Bungendore 30km east of Canberra, was then notified about the drill by Airservices at 10.08am, 38 minutes after the drill window had commenced.

    When questioned a few days later, Prime Minister Anthony Albanese appeared to try to cover for Defence’s apparent failure to detect the live-fire drill or the advisory transmission.

    “At around the same time, there were two areas of notification. One was from the New Zealand vessels that were tailing . ..  the [Chinese] vessels in the area by both sea and air,” Albanese stated. “So that occurred and at the same time through the channels that occur when something like this is occurring, Airservices got notified as well.”

    But the New Zealand Defence Force had not notified Defence “at the same time”. In fact it was not until 11.01am that an alert was received by Defence from the New Zealand Defence Force — 53 minutes after Defence HQ was told by Airservices and an hour and a half after the drill window had begun.

    The Chinese Navy’s stealth guided missile destroyer Zunyi, sailing south in the Coral Sea on February 15, 2025, in a photograph taken from a RAAF P-8A Poseidon surveillance plane. Image: Royal Australian Air Force/Declassified Australia

    Defence Minister Richard Marles later in a round-about way admitted on ABC Radio that it wasn’t the New Zealanders who informed Australia first: “Well, to be clear, we weren’t notified by China. I mean, we became aware of this during the course of the day.

    “What China did was put out a notification that it was intending to engage in live firing. By that I mean a broadcast that was picked up by airlines or literally planes that were commercial planes that were flying across the Tasman.”

    Later the Chinese Ambassador to Australia, Xiao Qian, told ABC that two live-fire training drills were carried out at sea on February 21 and 22, in accordance with international law and “after repeatedly issuing safety notices in advance”.

    Eyes and ears on ‘every move’
     It was expected the Chinese-navy flotilla would end its three week voyage around Australia on March 7, after a circumnavigation of the continent. That is not before finally passing at some distance the newly acquired US-UK nuclear submarine base at HMAS Stirling near Perth and the powerful US communications and surveillance base at North West Cape.

    Just as Australia spies on China to develop intelligence and targeting for a potential US war, China responds in kind, collecting data on US military and intelligence bases and facilities in Australia, as future targets should hostilities commence.

    The presence of the Chinese Navy ships that headed into the northern and eastern seas around Australia attracted the attention of the Defence Department ever since they first set off south through the Mindoro Strait in the Philippines and through the Indonesian archipelago from the South China Sea on February 3.

    “We are keeping a close watch on them and we will be making sure that we watch every move,” Marles stated in the week before the live-fire incident.

    “Just as they have a right to be in international waters . . .  we have a right to be prudent and to make sure that we are surveilling them, which is what we are doing.”

    Around 3500 km to the north, a week into the Chinese ships’ voyage, a spy flight by an RAAF P-8A Poseidon surveillance plane on February 11, in a disputed area of the South China Sea south of China’s Hainan Island, was warned off by a Chinese J-16 fighter jet.

    The Chinese Foreign Ministry responded to Australian protests claiming the Australian aircraft “deliberately intruded” into China’s claimed territorial airspace around the Paracel Islands without China’s permission, thereby “infringing on China’s sovereignty and endangering China’s national security”.

    Australia criticised the Chinese manoeuvre, defending the Australian flight saying it was “exercising the right to freedom of navigation and overflight in international waters and airspace”.

    Two days after the incident, the three Chinese ships on their way to Australian waters were taking different routes in beginning their own “right to freedom of navigation” in international waters off the Australian coast. The three ships formed up their mini flotilla in the Coral Sea as they turned south paralleling the Australian eastern coastline outside of territorial waters, and sometimes within Australia’s 200-nautical-mile (370 km) Exclusive Economic Zone.

    “Defence always monitors foreign military activity in proximity to Australia. This includes the Peoples Liberation Army-Navy (PLA-N) Task Group.” Admiral Johnston told Senate Estimates.

    “We have been monitoring the movement of the Task Group through its transit through Southeast Asia and we have observed the Task Group as it has come south through that region.”

    The Task Group was made up of a modern stealth guided missile destroyer Zunyi, the frigate Hengyang, and the Weishanhu, a 20,500 tonne supply ship carrying fuel, fresh water, cargo and ammunition. The Hengyang moved eastwards through the Torres Strait, while the Zunyi and Weishanhu passed south near Bougainville and Solomon Islands, meeting in the Coral Sea.

    This map indicates the routes taken by the three Chinese Navy ships on their “right to freedom of navigation” voyage in international waters circumnavigating Australia, with dates of way points indicated — from 3 February till 6 March 2025. Distances and locations are approximate. Image: Weibo/Declassified Australia

    As the Chinese ships moved near northern Australia and through the Coral Sea heading further south, the Defence Department deployed Navy and Air Force assets to watch over the ships. These included various RAN warships including the frigate HMAS Arunta and a RAAF P-8A Poseidon intelligence, surveillance and reconnaissance plane.

    With unconfirmed reports a Chinese nuclear submarine may also be accompanying the surface ships, the monitoring may have also included one of the RAN’s Collins-class submarines, with their active range of sonar, radar and radio monitoring – however it is uncertain whether one was able to be made available from the fleet.

    “From the point of time the first of the vessels entered into our more immediate region, we have been conducting active surveillance of their activities,” the Defence chief confirmed.

    As the Chinese ships moved into the southern Tasman Sea, New Zealand navy ships joined in the monitoring alongside Australia’s Navy and Air Force.

    The range of signals intelligence (SIGINT) that theoretically can be intercepted emanating from a naval ship at sea includes encrypted data and voice satellite communications, ship-to-ship communications, aerial drone data and communications, as well as data of radar, gunnery, and weapon launches.

    There are a number of surveillance facilities in Australia that would have been able to be directed at the Chinese ships.

    Australian Signals Directorate’s (ASD) Shoal Bay Receiving Station outside of Darwin, picks up transmissions and data emanating from radio signals and satellite communications from Australia’s near north region. ASD’s Cocos Islands receiving station in the mid-Indian ocean would have been available too.

    The Jindalee Operational Radar Network (JORN) over-the-horizon radar network, spread across northern Australia, is an early warning system that monitors aircraft and ship movements across Australia’s north-western, northern, and north-eastern ocean areas — but its range off the eastern coast is not thought to presently reach further south than the sea off Mackay on the Queensland coast.

    Of land-based surveillance facilities, it is the American Pine Gap base that is believed to have the best capability of intercepting the ship’s radio communications in the Tasman Sea.

    Enter, Pine Gap and the Americans
     The US satellite surveillance base at Pine Gap in Central Australia is a US and Australian jointly-run satellite ground station. It is regarded as the most important such American satellite base outside of the USA.

    The spy base – Joint Defence Facility Pine Gap (JDFPG) – showing the north-eastern corner of the huge base with some 18 of the base’s now 45 satellite dishes and covered radomes visible. Image: Felicity Ruby/Declassified Australia

    The role of ASD in supporting the extensive US surveillance mission against China is increasingly valued by Australia’s large Five Eyes alliance partner.

    A Top Secret ‘Information Paper’, titled “NSA Intelligence Relationship with Australia”, leaked from the National Security Agency (NSA) by Edward Snowden and published by ABC’s Background Briefing, spells out the “close collaboration” between the NSA and ASD, in particular on China:

    “Increased emphasis on China will not only help ensure the security of Australia, but also synergize with the U.S. in its renewed emphasis on Asia and the Pacific . . .   Australia’s overall intelligence effort on China, as a target, is already significant and will increase.”

    The Pine Gap base, as further revealed in 2023 by Declassified Australia, is being used to collect signals intelligence and other data from the Israeli battlefield of Gaza, and also Ukraine and other global hotspots within view of the US spy satellites.

    It’s recently had a significant expansion (reported by this author in The Saturday Paper) which has seen its total of satellite dishes and radomes rapidly increase in just a few years from 35 to 45 to accommodate new heightened-capability surveillance satellites.

    Pine Gap base collects an enormous range and quantity of intelligence and data from thermal imaging satellites, photographic reconnaissance satellites, and signals intelligence (SIGINT) satellites, as expert researchers Des Ball, Bill Robinson and Richard Tanter of the Nautilus Institute have detailed.

    These SIGINT satellites intercept electronic communications and signals from ground-based sources, such as radio communications, telemetry, radar signals, satellite communications, microwave emissions, mobile phone signals, and geolocation data.

    Alliance priorities
     The US’s SIGINT satellites have a capability to detect and receive signals from VHF radio transmissions on or near the earth’s surface, but they need to be tasked to do so and appropriately targeted on the source of the transmission.

    For the Pine Gap base to intercept VHF radio signals from the Chinese Navy ships, the base would have needed to specifically realign one of those SIGINT satellites to provide coverage of the VHF signals in the Tasman Sea at the time of the Chinese ships’ passage. It is not known publicly if they did this, but they certainly have that capability.

    However, it is not only the VHF radio transmission that would have carried information about the live-firing exercise.

    Pine Gap would be able to monitor a range of other SIGINT transmissions from the Chinese ships. Details of the planning and preparations for the live-firing exercise would almost certainly have been transmitted over data and voice satellite communications, ship-to-ship communications, and even in the data of radar and gunnery operations.

    But it is here that there is another possibility for the failure.

    The Pine Gap base was built and exists to serve the national interests of the United States. The tasking of the surveillance satellites in range of Pine Gap base is generally not set by Australia, but is directed by United States’ agencies, the National Reconnaissance Office (NRO) together with the US Defense Department, the National Security Agency (NSA), and Central Intelligence Agency (CIA).

    Australia has learnt over time that US priorities may not be the same as Australia’s.

    Australian defence and intelligence services can request surveillance tasks to be added to the schedule, and would have been expected to have done so in order to target the southern leg of the Chinese Navy ships’ voyage, when the ships were out of the range of the JORN network.

    The military demands for satellite time can be excessive in times of heightened global conflict, as is the case now.

    Whether the Pine Gap base was devoting sufficient surveillance resources to monitoring the Chinese Navy ships, due to United States’ priorities in Europe, Russia, the Middle East, Africa, North Korea, and to our north in the South China Sea, is a relevant question.

    It can only be answered now by a formal government inquiry into what went on — preferably held in public by a parliamentary committee or separately commissioned inquiry. The sovereign defence of Australia failed in this incident and lessons need to be learned.

    Who knew and when did they know
     If the Pine Gap base had been monitoring the VHF radio band and heard the Chinese Navy live-fire alert, or had been monitoring other SIGINT transmissions to discover the live-fire drill, the normal procedure would be for the active surveillance team to inform a number of levels of senior officers, a former Defence official familiar with the process told Declassified Australia.

    Inside an operations room at the Australian Signals Directorate (ASD) head office at the Defence complex at Russell Hill in Canberra. Image: ADF/Declassified Australia

    Expected to be included in the information chain are the Australian Deputy-Chief of Facility at the US base, NSA liaison staff at the base, the Australian Signals Directorate head office at the Defence complex at Russell Hill in Canberra, the Defence Force’s Headquarters Joint Operations Command, in Bungendore, and the Chief of the Defence Force. From there the Defence Minister’s office would need to have been informed.

    As has been reported in media interviews and in testimony to the Senate Estimates hearings, it has been stated that Defence was not informed of the Chinese ships’ live-firing alert until a full 38 minutes after the drill window had commenced.

    The former Defence official told Declassified Australia it is vital the reason for the failure to detect the live-firing in a timely fashion is ascertained.

    Either the Australian Defence Force and US Pine Gap base were not effectively actively monitoring the Chinese flotilla at this time — and the reasons for that need to be examined — or they were, but the information gathered was somewhere stalled and not passed on to correct channels.

    If the evidence so far tendered by the Defence chief and the Minister is true, and it was not informed of the drill by any of its intelligence or surveillance assets before that phone call from Airservices Australia, the implications need to be seriously addressed.

    A final word
     In just a couple of weeks the whole Defence environment for Australia has changed, for the worse.

    The US military announces a drawdown in Europe and a new pivot to the Indo-Pacific. China shows Australia it can do tit-for-tat “navigational freedom” voyages close to the Australian coast. US intelligence support is withdrawn from Ukraine during the war. Australia discovers the AUKUS submarines’ arrival looks even more remote. The prime minister confuses the limited cover provided by the ANZUS treaty.

    Meanwhile, the US militarisation of Australia’s north continues at pace. At the same time a senior Pentagon official pressures Australia to massively increase defence spending. And now, the country’s defence intelligence system has experienced an unexplained major failure.

    Australia, it seems, is adrift in a sea of unpredictable global events and changing alliance priorities.

    Peter Cronau is an award-winning, investigative journalist, writer, and film-maker. His documentary, The Base: Pine Gap’s Role in US Warfighting, was broadcast on Australian ABC Radio National and featured on ABC News. He produced and directed the documentary film Drawing the Line, revealing details of Australian spying in East Timor, on ABC TV’s premier investigative programme Four Corners. He won the Gold Walkley Award in 2007 for a report he produced on an outbreak of political violence in East Timor. This article was first published by Declassified Australia and is republished here with the author’s permission.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: $5 Banknote Theme Celebrates First Nations Connection to Country

    Source: Reserve Bank of Australia

    The Reserve Bank of Australia (RBA) is today announcing the theme for the updated $5 banknote, which will honour the enduring emotional, spiritual, and physical connection of First Nations peoples to country.

    Assistant Governor (Business Services) Michelle McPhee says, ‘The theme encompasses the deep connection First Nations peoples have to the land, the waters and the sky.’

    ‘This inspiring theme will guide the creation of an artwork that will feature on the redesigned banknote.’

    ‘The selection of a theme follows an Australia-wide campaign, which led to more than 2,100 theme nominations from the public.’

    ‘We extend our gratitude to everyone who made a submission.’

    Theme for the $5 Banknote

    For Aboriginal and Torres Strait Islander people, Country is more than just the land. Country is the land, the waters, and the sky. All are connected. The imagery on the $5 banknote should recognise the enduring connection that First Nations peoples have to Country – as an emotional and spiritual connection, as much as a physical one.

    An important context for this connection is the overturning of the concept of terra nullius. This action recognised the existence of Aboriginal and Torres Strait Islander people’s relationship to Country for thousands of years. The artist is invited to reflect how this decision has shaped a positive future for First Nations peoples.

    Key to this theme is the recognition of First Nations communities’ contribution to the restoration and conservation of our environment. Using traditional ecological knowledge First Nations peoples continue to act as custodians to sustain and conserve Country. There is an opportunity for all Australians to learn from Australia’s original stewards on how to nurture and protect our fragile world.

    The theme should be represented in a way that recognises the diversity of First Nations peoples, across Australia and the Torres Strait. In acknowledging connection and caring for Country the theme should be inclusive, recognising the nature of Country varies, but it is all connected – the land, waters and sky. The artwork should avoid being tokenistic or stereotypical. The tone for the banknote is of a hopeful future, where First Nation peoples’ connection to Country is celebrated and respected.

    Background

    Before selecting the theme, the RBA engaged with First Nations organisations across the country to build awareness and encourage the submission of ideas.

    The $5 Redesign Imagery Selection Panel, which includes First Nations representatives and representatives from the RBA and Note Printing Australia, selected the theme.

    The new design will replace the portrait of Her Majesty Queen Elizabeth II, while the reverse side will continue to feature the Australian Parliament. The new design will reflect the chosen theme and incorporate artwork from a First Nations artist.

    MIL OSI News –

  • MIL-OSI USA News: SUNDAY SHOWS: American Strength Is Back Under President Trump

    Source: The White House

    This morning, the Trump Administration took to the TV networks to make clear to the country and world that American strength is back – and no longer will terrorist attacks on U.S. troops and vital international commerce be tolerated.

    Here’s what you missed:

    President Trump on Full Measure

    • On securing the border: “You just needed a new president … I said, ‘close the border’ — and they closed the border.”
    • On tariffs: “We have companies moving into the United States at levels that has never been seen before.”

    Secretary of State Marco Rubio on Face the Nation

    • On Houthi terrorist attacks in the Red Sea: “In the last 18 months, the Houthis have struck or attacked … the U.S. Navy 174 times, and 145 times, they’ve attacked commercial shipping. So, we basically have a band of pirates with guided precision anti-ship weaponry exacting a toll system in one of the most important shipping lanes in the world. That’s just not sustainable.”
    • On revoking visas for terrorist sympathizers: “When you apply to enter the United States and you get a visa, you are a guest … If you tell us when you apply for a visa, ‘I’m coming to the U.S. to participate in pro-Hamas events,’ that runs counter to the foreign policy interest of the United States … If you had told us you were going to do that, we never would have given you the visa.”
    • On tariffs: “I understand why these countries don’t like it — because the status quo of trade is good for them. It benefits them … We are going to set a new status quo … We have de-industrialized the United States of America. There are things we can no longer make.”

    Secretary of Defense Pete Hegseth on Sunday Morning Futures

    • On U.S. strikes against Houthi terrorists: “An era of peace through strength is back … This campaign is about freedom of navigation and restoring deterrence … The minute the Houthis say ‘we’ll stop shooting at your ships, we’ll stop shooting at your drones,’ this campaign will end. But until then, it will be unrelenting.”
    • On President Trump’s agenda: “Shipbuilding, long-range munitions, hypersonics, long-range drones, a Golden Dome, southern border – the president has laid out very clearly his agenda to rebuild the U.S. military … We have revived the warrior ethos.”

    National Security Advisor Mike Waltz on This Week

    • On U.S. strikes against Houthi terrorists: “These were not pinprick, back and forth, what ultimately proved to be feckless attacks. This was an overwhelming response that actually targeted multiple Houthi leaders and took them out.”

    National Security Advisor Mike Waltz on Fox News Sunday

    • On negotiations for peace in Ukraine: “As both President Putin and Zelensky said on our first call just a few weeks ago, only President Trump could drive this to an end … We know who we’re dealing with on all sides.”

    Secretary of the Treasury Scott Bessent on Meet the Press

    • On President Trump’s economic agenda: “One week does not the market make… It would have been very easy for us to come in, run these reckless policies that have been happening before. We’ve got these large government deficits… We are bringing those down in a responsible way.”
    • On tariffs: “Chinese manufacturers will eat the price … I believe that the currency adjusts … If we’re de-regulating, if we’re getting energy prices down, then if we look across the spectrum, Americans will realize lower prices and better affordability.”

    Special Envoy Steve Witkoff on State of the Union

    • On negotiations to end the war in Ukraine: “Before this visit, there was another visit, and before that visit, the two sides were miles apart … The two sides are, today, a lot closer … We’ve narrowed the differences.”
    • On when a deal to end the war could be possible: “The president uses the timeframe weeks — and I don’t disagree with him. I am really hopeful that we’re going to see some real progress here.”
    • On dealing with Hamas: “What happened with the Houthis yesterday, what happened with our strike, ought to inform as to where we stand with the regard to terrorism and our tolerance level for terrorist actions — and I would encourage Hamas to get much more sensible.”

    Press Secretary Karoline Leavitt on Sunday Morning Futures

    • On securing our homeland: “The president signed a proclamation invoking the Alien Enemies Act against Tren de Aragua members who have invaded our country … The president invoked this authority to deport nearly 300 of them who are now in El Salvador, where they will be behind bars where they belong.”
    • On activist legal challenges: “President Trump is not shy of resistance … Clearly, there are left-wing activists who sit behind a bench in a courthouse who don’t like this president and his policies, but the fact is everything President Trump is doing is within his executive authority.”

    MIL OSI USA News –

  • MIL-OSI Australia: How pumped hydro can be a viable large-scale energy asset for private investors

    Source: Allens Insights

    Financing the next generation of PHES projects 11 min read

    Interest in pumped hydro energy storage (PHES) continues to grow as the need for affordable, long-term, firm and weather-independent dispatchable electricity becomes increasingly critical to Australia’s energy transition. However, its high upfront capital costs and complex planning, procurement, and delivery processes, in contrast with its low operational expenses, is prompting debate over its viability as a mainstream asset class and optimal funding strategies.

    PHES assets in Australia are predominantly government-owned, reflecting an era when electricity generation was seen as a public utility and a national asset. The privatisation of many segments within the energy sector raises questions about the future ownership and funding of large-scale PHES assets in today’s market-driven environment.

    In this Insight, we explore the challenges and opportunities related to the financing of PHES projects in Australia and outline possible offtake structures to ensure a successful project.

    Key takeaways

    • Government corporations have traditionally owned and procured PHES assets in Australia.
    • Significant capital costs, extensive civil engineering, underground works and long lead times have made private sector ownership and access to debt capital markets for PHES challenging.
    • Recent advancements seen in the BESS sector underpinned by the development of innovative funding and offtake structures present a potential pathway by which PHES could follow and become a mainstream asset class.
    • In NSW in particular, there is significant government support for PHES projects, with the LDS LTESA and the new Energy Security Corporation focusing on investing in long-duration storage, and in South Australia the proposed Firm Energy Reliability Mechanism.

    Background

    Australia has a PHES fleet of approximately 1.6 GW across the Wivenhoe, Tumut 3 and Shoalhaven power stations, with an additional 2.2 GWs of generation expected to come online with the completion of the Snowy 2.0 expansion project. There is also a significant pipeline of privately procured PHES projects in various stages of feasibility and planning.

    The scale, capital intensity and inherent complexities of delivering a PHES project has meant that, to date, every project that has come to market in Australia has been funded using some form of government support. The most recent example is the Kidston PHES, which reached financial close in 2021. Whilst a privately owned asset, the project was funded with a combination of equity capital, a government grant and a concessional loan.

    A question therefore arises as to whether PHES should continue to seen as public infrastructure necessitating government investment, or market evolution will result in future PHES being funded exclusively by the private sector.

    Could a PHES be privately funded?

    In our view, yes, though in the short term, the success of PHES will depend on a combination of both private and public sector investment. The private sector faces a unique set of challenges when it comes to the development and funding of PHES projects.

    PHES projects have long lead times and are capital-intensive. Upfront development costs are very high, and the construction period typically ranges between three to four years. Up to 80% of asset-life costs can be on upfront capital expenditure, which typically runs into several billions of dollars. As a consequence, PHES is beyond the investment horizons of many private sector investors and the future success of the sector will be contingent on investors gaining access to debt capital markets.

    While the recent $3.5 billion debt financing of Snowy 2.0 is an encouraging example of the willingness of mainstream financiers to lend to PHES, it is a government-procured project backed by an AAA-rated counterparty. Privately procured PHES projects with more limited funding sources will be subject to much more stringent credit requirements. Recent examples of cost and time delays on major PHES projects and the trend towards collaborative contracting and pricing models represent potential challenges from a bankability perspective.

    Prospective financiers will focus heavily on the developer’s chosen procurement model to ensure that there is firm pricing and transferred risk to limit volatility and exposure. Where there are elements of flexibility or uncapped pricing (for example as seen with approaches to managing geotechnical risk on recent government projects), we are seeing developers seeking to forward-solve these issues by implementing robust risk mitigation measures, including, alternative contracting methods, highly structured delay and performance liquidated damages regimes and intricate risk allocation arrangements.

    In addition to enhanced procurement regimes, prospective financiers to PHES projects have, through market soundings, also indicated that highly conversative modelling assumptions and tighter financing terms will be required. As seen with other nascent renewables assets classes during their ascendancy (such as wind, solar and now BESS), developers will likely be required to also build in large contingency packages, contingent undrawn lines, accept front-ended repayment profiles, more stringent cash sweep and upside sharing mechanisms and lower gearing levels.

    Access to debt capital markets will also be contingent on investors demonstrating that PHES as an asset class is commercially viable in the context of private ownership. Traditionally, governments have adopted a model of utilising PHES projects as a form of system support (ie where there has been a shortfall of supply during periods of peak demand). In contrast, private sector investors will need to monetise projects and demonstrate positive price differentials between pumping and generation.

    Owing to the capital cost of PHES, the initial wave of privately held projects will be financed utilising multi-source funding structures. At least initially, it is expected that multilateral agencies which are spearheading Australia’s push to net zero, such as ARENA, the CEFC and NAIF, will provide concessional/grant funding alongside mainstream commercial debt. The limited pool of civil contractors with PHES experience in Australia, combined with a lack of a domestic OEM market will likely result in developers satisfying key credibility requirements for international export credit agencies to also participate in the financing of Australian PHES projects.

    Unlocking private funding for PHES projects

    Despite the challenges in financing PHES assets, recent market developments and potential future changes could pave the way for greater private funding of PHES projects.

    The sheer scale of PHES projects means there is a limited pool of available investment-grade offtakes, and as a consequence, many pipeline PHES developers are seeking to underpin project economics through government revenue underwriting schemes such as the Long-term Energy Support Agreements (LTESA) and Capacity Investment Scheme Agreements (CISA).

    While initially met with scepticism, these agreements are starting to be viewed favourably by financiers, representing a fixed revenue line against which debt sizing can be made. This has been demonstrated by the successful project financings of the Orana BESS project in mid-2024 (the first standalone financing of an LTESA) and recently EnergyAustralia’s Wooreen BESS project (the first standalone financing of a CISA). Both projects also demonstrate the potential upside these products offer to developers, with the revenue underwrite providing scope to trade all or part of a project’s capacity in the merchant market.

    A potential challenge however is whether or not the LTESA and CIS programs are in fact ‘fit-for-purpose’ in the context of PHES, owing to their capital intensity and the quantum that these government support agreements will have to underwrite over the long term. There is a view by some market participants that a more traditional model, whereby the government acquires an equity interest in projects, would be better suited to PHES and would go some way towards solving a number of the key bankability concerns pipeline developers are currently grappling with.

    The NSW Government has sought to address this issue through the Long Duration Storage (LDS) LTESA, which provides a tailored agreement for LDS projects (including PHES) to account for the fundamental differences in their operational and market context.

    Key features of the LDS LTESA that benefit PHES projects are:

    • an underwriting mechanism that grants the operator a series of two-year options to access a variable annuity payment in the form of a top-up to net operational revenue – rather than short-term swaps, which are granted under the generation LTESA;
    • a minimum availability threshold of 97% rather than a minimum generation guarantee; and
    • a contract term of up to 40 years for PHES projects, compared to 20 years for a generation LTESA and 10 years for firming LTESAs.

    The ACEN Phoenix PHES project was recently awarded an LDS LTESA, marking the first time a PHES project has been awarded an LTESA. AEMO Services has indicated that the next LDS tender round will open in the second quarter of 2025 and is encouraging projects with short lead times to participate in order to meet the 2030 minimum objective. This directive does not rule out PHES projects, with many of the PHES currently under development in Australia having expected completion dates of 2030 or earlier. PHES projects with longer lead times are encouraged to participate in future LDS tenders to help meet the 2034 minimum objective.

    While there is no active mechanism in any other jurisdiction, the South Australian Government has announced its proposed Firm Energy Reliability Mechanism (FERM), which is similar to the NSW LDS LTESA tenders and Federal Capacity Investment Scheme, providing a revenue underwrite for long-duration capacity projects. All existing and new generators in South Australia with long-duration firm capacity >30MW (excluding coal) and that can dispatch for a period of at least eight continuous hours must participate in the FERM process, but are not required to bid for financial contracts. The South Australian Government is considering responses to the FERM and is expected to release an update in 2025. With NSW as the frontrunner in supporting LDS projects and SA proposing some support, other jurisdictions may consider similar regimes based on their progress.

    In June 2024, the NSW Energy Security Corporation (ESC) was established to accelerate the state’s renewable energy transition. In February 2025, the government announced the first Investment Mandate for the ESC. The Investment Mandate sets out how the ESC will invest in renewable energy projects where private sector investments alone are insufficient. The ESC has been allocated $1 billion and will co-invest with private investors on PHES, as well as large-scale batteries, community batteries and virtual power plants.

    The Investment Mandate did not provide a breakdown of how the $1 billion would be allocated amongst these projects. However, with a clear mandate to invest in PHES projects, there is hope that the ESC may be able to help address some of the challenges faced by private investment as set out above.

    PHES is often referred to as a ‘water battery’. It is therefore unsurprising that revenue models which have underpinned the recent meteoric rise of the BESS market are similarly being adopted by PHES developers who are currently in the planning phase.

    In particular, the rise of virtual offtake arrangements (ie where the offtaker makes virtual nominations that are effectively separate from the physical operation of the asset). These structures (and the significant capacity size of PHES) allow a developer to retain day-to-day control over the underlying PHES asset, split capacity across multiple offtakers, provide potential for greater equity upside (although also give rise to greater risk on the downside), and importantly can be treated off-balance sheet from an accounting perspective.

    We are anticipating a further evolution of the virtual offtake market, particularly if storage projects can secure an underlying LTESA or CISA, which can give them a base level of security to trade the remaining capacity. Revenue sharing, caps and firmed supply (or a mixture of a number of structures) could be possible, and we expect the PHES market to take inspiration from the BESS market.

    Actions you can take now

    If you are considering entering the PHES space and exploring funding options, it is important to:

    • engage with financiers (both private and government, and concessional providers) early;
    • engage external counsel early and seek guidance on key bankability issues throughout the planning and feasibility phases;
    • develop your revenue stack during the planning phase (in consultation with financiers) and take into consideration the quickly evolving offtake market in the BESS sector;
    • for those projects in NSW:
      • prepare for the next LDS LTESA round which is slated to be undertaken before the second half of this year; 
      • engage with the ESC to explore how it will invest its $1 billion in the context of a PHES project; and
    • for those projects in South Australia, engage with the South Australian government and monitor for updates on the FERM process.

    MIL OSI News –

  • MIL-OSI China: China will continue to work closely with Jordan to promote common development: ambassador

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

    China will continue to work closely with Jordan to promote common development: ambassador

    AMMAN, March 16 — China will continue to work closely with Jordan to promote common development and contribute to regional and global peace, stability, and development, Chinese Ambassador to Jordan Chen Chuandong said here on Sunday.

    Chen made the remarks during a press conference held in Amman on the outcome of China’s recently concluded “two sessions” — the annual sessions of the National People’s Congress, China’s national legislature, and the National Committee of the Chinese People’s Political Consultative Conference, the top political advisory body.

    Hailing the “strong complementarity” of both countries in economic structure and calling Jordan a “close partner,” Chen said some of China’s reform and development policies and measures are consistent with Jordan’s modernization drive.

    The Chinese ambassador called on Jordan to make use of Chinese exhibitions to promote its products, particularly dates and olive oil, emphasizing the vast opportunities for agricultural cooperation between the two countries.

    He stressed that China will uphold global governance based on extensive consultation, joint contribution, and shared benefits.

    This year, China will continue to offer initiatives and solutions for hot-spot issues, promote the political settlement of the Ukraine crisis, and strive for a comprehensive, just, and lasting solution to the Palestinian issue, contributing to peace and stability in the Middle East, he said.

    MIL OSI China News –

  • MIL-OSI New Zealand: Barrio Brings the Taste of Home to Filipinos in New Zealand

    Source: Press Release Service – Press Release/Statement:

    Headline: Barrio Brings the Taste of Home to Filipinos in New Zealand

    Barrio, a new Filipino online grocery store, has officially launched in New Zealand. Founded by the team behind Bini Beauty, Barrio offers a wide selection of authentic Filipino products, including Mama Sita’s meal mixes, shrimp paste, chili garlic oil, Burong Hipon (fermented shrimp), sauces, childhood snacks, and Filipino coffee. With free shipping on orders over $100, Barrio aims to bring the comfort and flavours of home to Filipinos living in New Zealand. The store offers an easy online shopping experience, making it simple to enjoy beloved Filipino flavours no matter the distance.

    The post Barrio Brings the Taste of Home to Filipinos in New Zealand first appeared on PR.co.nz.

    – –

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Changes to the Minns Government Ministry

    Source: New South Wales Premiere

    Published: 17 March 2025

    Statement by: The Premier

    Today I am announcing changes to the Cabinet and the Ministry of the NSW Government.

    The Hon John Graham MLC will remain the Special Minister of State, the Minister for the Arts, the Minister for Music and the Night-time Economy and will permanently take on the role of Minister for Transport

    The Hon Jenny Aitchison MP will become the Minister for Roads and the Minister for Regional Transport. Regional roads will now be incorporated into the Roads portfolio. As a regional MP Jenny Aitchison is well placed to ensure the needs of regional and rural communities are met.

    John Graham will continue to take carriage of the Government’s response to the toll review given the Government is mid-negotiation with toll companies about reforming the system.

    The Hon Steve Kamper MP will be sworn in as the Minister for Jobs and Tourism, in addition to his responsibilities as the Minister for Lands and Property, the Minister for Multiculturalism and the Minister for Sport.

    The Minns Labor Government is proud to welcome Janelle Saffin into the NSW Cabinet, to be sworn in as the Minister for Recovery, the Minister for Small Business, and the Minister for the North Coast.

    Janelle is one of the most experienced MPs in the NSW Government. She has been instrumental in helping the Lismore community and surrounds recover from the 2022 floods as well as the recent impacts from Ex Tropical Cyclone Alfred.

    She has intimate knowledge of the workings of the NSW Reconstruction Authority and will be a very strong advocate and voice for the North Coast as well as small businesses across the state.

    Emily Suvaal will also be appointed as the Parliamentary Secretary for Trade and Small Business.

    Parliamentary Secretaries perform an important role in supporting Ministers and driving action to deliver on government priorities in Parliament and Emily is an excellent addition to the team.

    These are important changes to the NSW Ministry that will ensure we continue to invest in essential services that people rely on, and build a better NSW.

    MIL OSI News –

  • MIL-OSI Australia: Export grants supporting Aussie businesses

    Source: Minister for Trade

    The Albanese Labor Government is rolling out larger grants for Australian exporters to help them take on the world through the Export Market Development Grants (EMDG) program.

    Since the most recent grant round opened in November 2024, the government has delivered over $74 million in grant agreements to over 700 Australian exporters.

    The average value of grant agreements executed in the most recent round has risen to $53,000. This is more than double the average grant amount for businesses than was provided under the former coalition government.

    When we came to government, it was clear that the declining size of grants significantly reduced the value of the program for our exporters. We have worked to improve the program, so that exporters have greater support and the program is more effective.

    Since its inception in 1974, the EMDG program has supported more than 51,000 Australian businesses to market their products and services in over 180 countries. It is administered by the Australian Trade and Investment Commission.

    The government is committed to continuously improve businesses’ experience in applying for EMDG, and has appointed Mr Timothy Yeend to conduct the next independent review in accordance with section 106A of the Export Market Development Grants Act 1997.

    Mr Yeend is trade expert with over 30 years’ experience working on trade and international business issues. He is a current board member of Tourism Australia and former Associate Secretary at the Department of Foreign Affairs and Trade. His knowledge of trade and what support export businesses need to compete on the global stage, coupled with his experience in government, will provide a solid foundation for this legislative review.

    Consultations will commence in May 2025, with the final report to be provided to government by November 2025, in accordance with legislative timeframes.

    MIL OSI News –

  • MIL-OSI Australia: About the Register of Foreign Ownership of Australian Assets

    Source: Australian Department of Revenue

    The Register’s role

    Foreign investment is essential to Australia’s prosperity. It helps to build our economy and enhance the wellbeing of Australians by supporting financial growth.

    The Register of Foreign Ownership of Australian AssetsExternal Link was introduced to provide transparency and extract information which we use to report on who is investing in Australian assets.

    The Register commenced operating on 1 July 2023. This Register replaced all other registers.

    Register functions

    The Register:

    • replaces existing foreign investment registers we manage (relating to agricultural and residential land, and water interests)
    • expands on assets to be registered
    • provides a streamlined experience for foreign persons to manage their investment affairs
    • supports compliance with Australia’s foreign investment framework
    • increases the government’s visibility of foreign investments made in Australia.

    Information the Register holds

    The Register holds details about foreign ownership of Australian assets, including:

    For information on registering assets other than residential property, see Steps to invest in Australian non-residential assets.

    Who is responsible for administering the Register

    The role of the Commissioner of Taxation as Registrar

    The Commissioner of Taxation is the Registrar responsible for administering the Register, under the Commonwealth Registers (Appointment of Registers) Instrument 2021.

    The Commissioner was appointed as the Registrar of the Register by the Assistant Treasurer, commencing 29 November 2022.

    The Registrar’s role in administering the Register includes:

    • maintaining accurate records of interests and changes that need to be registered for the purposes of administration of the foreign investment laws, such as case management and compliance
    • accurate reporting to government of foreign ownership in Australia.

    The visibility of interests held by foreign persons in specified assets in Australia will also inform future policy development by government.

    How the information on the Register is used

    The Registrar will take steps to protect personal information they hold about individuals against loss, unauthorised access, use, modification or disclosure and other misuse.

    Information on the Register can be used, recorded or disclosed for any purpose that protected information can be used under Division 3 of Part 7 of the FATA. Secrecy provisions apply to the information disclosed or obtained under or for the purposes of the FATA.

    It is an offence under section 128 of the FATA for a person to disclose protected information. That is unless the disclosure is permitted either under section 130V of the FATA or under one of the exceptions in Division 3 of Part 7 to the FATA.

    There are safeguards to protect an individual’s right to privacy and this applies to the information collected by the Registrar. In particular, the Registrar complies with obligations under the Australian Privacy Principles (APPs) contained in the Privacy Act 1988 and records authorities issued by the National Archives of Australia.

    Supporting legislation and reforms

    For more information, see:

    MIL OSI News –

  • MIL-Evening Report: Gains for Labor as they lead in three of last five polls

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    A national Freshwater poll for The Financial Review, conducted March 13–15 from a sample of 1,051, gave the Coalition a 51–49 lead by respondent preferences, a one-point gain for Labor since the late February Freshwater poll.

    Primary votes were 39% Coalition (down two), 31% Labor (steady), 14% Greens (up one) and 16% for all Others (up one). By 2022 election preference flows, this would be about a 50–50 tie.

    Anthony Albanese’s net approval improved one point to -10, while Peter Dutton’s slid four points to -12. In the last two months, Albanese is up eight and Dutton down eight. It’s the first time since May 2024 that Albanese has had a better net approval than Dutton in this poll.

    Albanese led Dutton by 45.9–42.5 as preferred PM, his best lead in this poll since last September. By 42–40, respondents thought Dutton better suited to negotiate with US President Donald Trump than Albanese (47–36 in November).

    The Coalition leads on important issues, but Labor has gained seven points on economic management and three points on cost of living since February.

    There has been improvement for Labor across a range of polls in the last few weeks, and the graph below has Labor leads in three of the last five national polls (two YouGovs and a Morgan), with the Coalition still ahead in Newspoll and Freshwater.

    In analyst Kevin Bonham’s aggregate, Labor now leads by 50.5–49.5 using 2022 election flows, while it’s a 50–50 tie adjusting for a likely pro-Coalition shift in One Nation preferences.

    Last Wednesday Trump imposed 25% tariffs on steel and aluminium imports into the US, including on Australia. I believe this will assist Labor as the tariff imposition will appear unjustified to most Australians, and the Coalition is the more pro-Trump party. If the stock market continues to fall, this will undermine support for Trump’s economic agenda.

    Trump has been threatening Canada with tariffs for much longer than Australia, and the centre-left governing Liberals have surged back in the polls to a near-tie with the Conservatives from over 20 points behind, and have taken the lead since Mark Carney’s March 9 election as Liberal leader.

    Labor retains lead in YouGov

    A national YouGov poll, conducted March 7–13 from a sample of 1,526, gave Labor a 51–49 lead, unchanged from the February 28 to March 6 YouGov poll. YouGov is conducting weekly polls, and the previous poll was the first Labor lead in YouGov since July 2024.

    Primary votes were 36% Coalition (steady), 31% Labor (steady), 13.5% Greens (up 0.5), 7.5% One Nation (up 0.5), 1% Trumpet of Patriots (steady), 9% independents (down one) and 2% others (steady). YouGov is using weaker preference flows for Labor than occurred in 2022, and by 2022 flows Labor would have a lead above 52–48.

    Albanese’s net approval improved three points to -6, with 49% dissatisfied and 43% satisfied, while Dutton’s net approval slid two points to -6. Albanese led Dutton as better PM by an unchanged 45–39.

    Since the first weekly YouGov poll in late February, Albanese has gained six points on net approval while Dutton has slid four points. This is the first time Dutton has not had a better net approval than Albanese in YouGov since March 2024.

    On the ongoing conflict caused by Russia’s invasion of Ukraine, 69% of Australians thought we should stand with Ukraine President Zelensky, while 31% wanted us to stand with Trump.

    Labor regains lead in Morgan poll

    A national Morgan poll, conducted March 3–9 from a sample of 1,719, gave Labor a 51.5–48.5 lead by headline respondent preferences, a two-point gain for Labor since the February 24 to March 2 poll. This is Labor’s second lead in the last three Morgan polls, after they had trailed in this poll since November.

    Primary votes were 37% Coalition (down three), 30% Labor (up 1.5), 13.5% Greens (steady), 5% One Nation (up one), 10.5% independents (steady) and 4% others (up 0.5). By 2022 election flows, Labor led by 52–48, a two-point gain for Labor.

    By 51.5–33, respondents said the country was going in the wrong direction (52–31.5 previously). Morgan’s consumer confidence index was down 0.8 points to 86.9.

    Poll of teal-held seats has the teals struggling

    Freshwater took a poll for the News Corporation tabloids of six seats held by teal independents. These are Curtin in WA, Goldstein and Kooyong in Victoria and Mackellar, Warringah and Wentworth in NSW. The poll was conducted March 5–7 from an overall sample of 830.

    Across the six seats polled, the Liberals had a 51–49 lead, representing a 5% swing to the Liberals since the 2022 election. On these figures, the Liberals would gain four of these teal seats (Curtin, Goldstein, Kooyong and Mackellar).

    Primary votes were 41% Liberals (up two since 2022), 33% teals (steady), 7% Labor (down six), 7% Greens (down two) and 12% others (up six). Albanese and Dutton were tied at 39–39 on better PM. By 47–42, respondents opposed their local MP backing an Albanese Labor minority government.

    The YouGov MRP poll that was conducted between late January and mid-February from a sample of over 40,000 had all the teals holding their seats. At the March 8 Western Australian election, swings to the Liberals were lowest in affluent Perth seats.

    WA election late counting

    With 70% of enrolled voters counted for the WA election, the ABC is calling 43 of the 59 lower house seats for Labor, six for the Liberals, four for the Nationals and six seats remain undecided. The Poll Bludger has Labor ahead in 47 seats, with the Liberals and Nationals ahead in six seats each.

    On election night, it had appeared likely that an independent would win Labor-held Fremantle. However, the independent has performed badly on absent and postal votes, and Labor will retain.

    In the upper house, all 37 seats are elected by statewide proportional representation with preferences, and a quota for election is just 2.63%. With 63% of enrolled counted, Labor has 15.8 quotas, the Liberals 10.5, the Greens 4.1, the Nationals 2.1, One Nation 1.35, Legalise Cannabis and the Australian Christians 1.0 each, an independent group 0.48 and Animal Justice 0.43.

    On current figures, Labor will win 16 seats, the Liberals ten, the Greens four, the Nationals two, One Nation, Legalise Cannabis and the Christians one each and two seats are unclear (Liberals, independent group and Animal Justice contesting). Counting of absents in the lower house has hurt the Liberals, so their vote is likely to drop further. Labor and the Greens will have a combined upper house majority.

    Liberals hold Port Macquarie at NSW byelection

    A byelection occurred on Saturday in the New South Wales Liberal-held state seat of Port Macquarie. Labor did not contest after finishing third behind the Nationals and Liberals at the 2023 NSW election with 19.2%.

    With 59% of enrolled counted, The Poll Bludger is projecting that the Liberals will defeat the Nationals by 52.8–47.2, a 7.9% swing to the Nationals since 2023. Current primary votes are 34.2% Liberals (down 4.1%), 31.2% Nationals (up 5.5%), 12.8% for an independent (new), 10.7% Greens (up 3.7%) and 7.9% Legalise Cannabis (up 3.4%).

    Adrian Beaumont 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. Gains for Labor as they lead in three of last five polls – https://theconversation.com/gains-for-labor-as-they-lead-in-three-of-last-five-polls-252016

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: MIL-OSI News

    Greenpeace Statement: The deep sea mining industry is crumbling and desperate

    Source: Greenpeace
    The 30th Session of the International Seabed Authority, which starts today in Kingston, Jamaica, is the first under the new Secretary-General Leticia Carvalho, a scientist whose appointment brings an opportunity to reset the ISA’s focus away from prioritising deep sea mining industry interests and towards its mandate of protecting the seabed for all.[1][2]
    In stark contrast with Carvalho’s science-driven approach, delegates are being forced to address The Metals Company’s (TMC) threat to submit the world’s first ever deep sea mining application for the international seabed in June without any rules and regulations in place.[3] TMC are seeking regulatory certainty from governments at this meeting, calling on governments to deliver a pathway to greenlight the start of deep sea mining despite growing headwinds.
    Greenpeace International campaigner Louisa Casson, who is attending the meeting, said: “The deep sea mining industry is crumbling and resorting to increasingly desperate tactics as they lose support from governments and investors. The last weeks have repeatedly shown that companies are failing to live up to their hype and downsizing plans before they’ve even started. There’s never been a better time for governments to take decisive action to protect the ocean from this faltering, risky industry.”
    Earlier this year, in a further sign of a faltering industry, TMC gave up one third of their exploration areas in the north-eastern Pacific Ocean. [5]
    Alongside the threat of the first-ever commercial mining application, deep sea mining contractors have sent a joint letter to the ISA Council complaining they have spent US$2 billion, yet governments have not finalised the Mining Code. Indigenous representatives attending the ISA challenged the letter.
    Louisa Casson added: “Deep sea mining companies seem to be confused about the role of the ISA. Governments are not gathered here to protect corporate interests but to co-operate on how to preserve the ocean for future generations. The only way to responsibly respond to these dangerous threats is by putting a moratorium in place.”
    Greenpeace Aotearoa seabed mining campaigner Juressa Lee says: “Wannabe miners like Trans-Tasman Resources also want to plunder the ocean here in Aotearoa, encouraged by the Luxon government’s reckless fast-track process. The threat of seabed mining in Aotearoa is imminent and seabed miners around the world are watching closely what happens here. If TTR is given the go-ahead, it will encourage wannabe miners like TMC to push their application to start deep sea mining in the Pacific.”
    Thirty-two governments have voiced opposition to the start of deep sea mining, calling for a moratorium at the International Seabed Authority in 2025.
    [1] Leticia Carvalho’s inaugural statement: “We will embark on a new era defined by collaboration, equity, inclusiveness, transparency, accountability, effectiveness and sustainability-values that will guide our collective efforts to ensure ISA remains a trusted steward of the ocean […] Together, we must ensure that the ISA embodies the spirit of multilateral cooperation, serving as a model for transparent, inclusive and science-driven governance.”
    [5] The company’s financial filings show that the company’s subsidiary DeepGreen Engineering Pte Ltd has ended its services agreement with Kiribati-sponsored Marawa, which gave TMC exclusive exploration rights to an area covering 74,990 square kilometres in the Clarion Clipperton Zone, the area of international seabed targeted for deep sea mining. https://www.sec.gov/Archives/edgar/data/1798562/000110465924119467/tmc-20240930x10q.htm

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: New Business – Soda’s New Online Platform a Game-Changer for Entrepreneurs and Small Business Owners

    Source: Soda

    Kiwi entrepreneurs now have an easier way to turn their business ideas into reality. Soda has launched an online business platform, packed with short business courses that give aspiring entrepreneurs and small business owners the framework to create business success.
    There are six courses which, as a complete set, provide the necessary tools and frameworks to guide aspiring entrepreneurs and new business owners through all the steps of being a business owner.
    Each course is around two hours long and includes real-world insights from successful founders, downloadable checklists, templates, and actionable strategies.
    The six primary Business Fundamentals courses include: Your Business Vision & Goals, Market Validation & Customer Fit, Crafting Your Brand & Competitive Edge, Money Matters, Marketing & Sales, and Legal, Compliance & Future Planning. These are complemented by a Beginners Marketing Toolkit and a free Business Setup Checklist.
    Soda Innovation Specialist, Dr Fern Kelly-Zander has led the platform development and says: “Having worked in innovation and startup environments abroad – and having also launched a business while on maternity leave – I know firsthand how overwhelming starting a business can be. I always wished for a practical, easy-to-access platform like this. Business Fundamentals Online is a supportive learning experience with real-world insights, actionable tools and peer discussion to help entrepreneurs and small business owners succeed.”
    Soda General Manager Anna Devcich adds: “Soda has been supporting entrepreneurs and small business owners for 16 years, during which time we’ve received constant requests for resources to support the establishment of new businesses. In 2023 we created an in-person Business Fundamentals programme which has run successfully in Taranaki and the Waikato, so the next natural step was to create an online version.
    “Our online Business Fundamentals programme enables entrepreneurs and business owners to access everything they need to start a business, all in one easy place. It gives people the ability to learn the fundamentals of being a business owner anywhere, anytime and at a very reasonable price.”
    The courses are targeted at entrepreneurs who wish to start their own business and small business owners who may need to refine and review their strategies.
    Small business owner, Rae MacDonald, has completed all six Business Fundamental courses and says: “Business Fundamentals is jam-packed with critical actions for building a successful business. It is a tiny investment, for a big return. The Sales & Marketing module was a game-changer! I feel empowered and confident to take my business to the next level.”
    Prices start at just $49 per course or $245 for all six courses.
    Background
    Soda helps businesses achieve their goals and create success. We connect entrepreneurs, business owners and key decision makers with the right people, tools, resources and programmes to accelerate business growth. Based in Hamilton, Soda is the Waikato’s Regional Business Partner (RBP), connecting business owners with government funding and support. Soda also provides free one-to-one coaching sessions for startups through Startup Aotearoa.

    MIL OSI New Zealand News –

  • MIL-OSI: Qifu Technology Announces Fourth Quarter and Full Year 2024 Unaudited Financial Results and Raises Semi-Annual Dividend

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, March 16, 2025 (GLOBE NEWSWIRE) — Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qifu Technology” or the “Company”), a leading AI-empowered Credit-Tech platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024 and raised semi-annual dividend.

    Fourth Quarter 2024 Business Highlights

    • As of December 31, 2024, our platform has connected 162 financial institutional partners and 261.2 million consumers*1 with potential credit needs, cumulatively, an increase of 11.0% from 235.4 million a year ago.
    • Cumulative users with approved credit lines*2 were 56.9 million as of December 31, 2024, an increase of 11.8% from 50.9 million as of December 31, 2023.
    • Cumulative borrowers with successful drawdown, including repeat borrowers was 34.4 million as of December 31, 2024, an increase of 13.1% from 30.4 million as of December 31, 2023.
    • In the fourth quarter of 2024, financial institutional partners originated 24,814,923 loans*3 through our platform.
    • Total facilitation and origination loan volume*4 reached RMB89,885 million, an increase of 0.4% from RMB89,561 million in the same period of 2023 and an increase of 9.0% from RMB82,436 million in the prior quarter. RMB47,796 million of such loan volume was under capital-light model, Intelligence Credit Engine (“ICE”) and total technology solutions*5, representing 53.2% of the total, an increase of 23.2% from RMB38,798 million in the same period of 2023 and an increase of 5.3% from RMB45,396 million in the prior quarter.
    • Total outstanding loan balance*6 was RMB137,014 million as of December 31, 2024, a decrease of 5.7% from RMB145,270 million as of December 31, 2023 and an increase of 7.3% from RMB127,727 million as of September 30, 2024. RMB79,599 million of such loan balance was under capital-light model, “ICE” and total technology solutions, an increase of 8.6% from RMB73,268 million as of December 31, 2023 and an increase of 7.5% from RMB74,078 million as of September 30, 2024.
    • The weighted average contractual tenor of loans originated by financial institutions across our platform in the fourth quarter of 2024 was approximately 10.00 months, compared with 11.47 months in the same period of 2023.
    • 90 day+ delinquency rate*7 of loans originated by financial institutions across our platform was 2.09% as of December 31, 2024.
    • Repeat borrower contribution*8 of loans originated by financial institutions across our platform for the fourth quarter of 2024 was 93.9%.

    1 Refers to cumulative registered users across our platform.
    2 “Cumulative users with approved credit lines” refers to the total number of users who had submitted their credit applications and were approved with a credit line at the end of each period.
    3 Including 2,799,208 loans across “V-pocket”, and 22,015,715 loans across other products.
    4 Refers to the total principal amount of loans facilitated and originated during the given period. Retrospectively excluding the impact of discontinued service, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations.
    5 “ICE” is an open platform primarily on our “Qifu Jietiao” APP (previously known as “360 Jietiao”), we match borrowers and financial institutions through big data and cloud computing technology on “ICE”, and provide pre-loan investigation report of borrowers. For loans facilitated through “ICE”, the Company does not bear principal risk.
    Under total technology solutions, we have been offering end-to-end technology solutions to financial institutions based on on-premise deployment, SaaS or hybrid model since 2023.
    6 “Total outstanding loan balance” refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days. Retrospectively excluding the impact of discontinued service, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations.
    7 “90 day+ delinquency rate” refers to the outstanding principal balance of on- and off-balance sheet loans that were 91 to 180 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans across our platform as of a specific date. Loans that are charged-off and loans under “ICE” and total technology solutions are not included in the delinquency rate calculation.
    8 “Repeat borrower contribution” for a given period refers to (i) the principal amount of loans borrowed during that period by borrowers who had historically made at least one successful drawdown, divided by (ii) the total loan facilitation and origination volume through our platform during that period.

    Fourth Quarter 2024 Financial Highlights

    • Total net revenue was RMB4,482.3 million (US$614.1 million), compared to RMB4,370.2 million in the prior quarter.
    • Net income was RMB1,912.7 million (US$262.0 million), compared to RMB1,798.8 million in the prior quarter.
    • Non-GAAP*9 net income was RMB1,972.4 million (US$270.2 million), compared to RMB1,825.1 million in the prior quarter.
    • Net income per fully diluted American depositary share (“ADS”) was RMB13.24 (US$1.82), compared to RMB12.18 in the prior quarter.
    • Non-GAAP net income per fully diluted ADS was RMB13.66 (US$1.87), compared to RMB12.35 in the prior quarter.

    9 Non-GAAP income from operations, Non-GAAP net income, Non-GAAP operating margin, Non-GAAP net income margin and Non-GAAP net income per fully diluted ADS are Non-GAAP financial measures. For more information on these Non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

    Full Year 2024 Operational Highlights

    • Total loan facilitation and origination volume*4 in 2024 was RMB321,969 million, representing a decrease of 12.8% from RMB369,132 million in 2023. Loan facilitation volume*4 under Platform Services was RMB170,589 million, an increase of 3.8% from RMB164,321 million in 2023.
    • The weighted average contractual tenor of loans facilitated and originated was 10.05 months in full year 2024, compared with 11.21 months in 2023.
    • Repeat borrower contribution was 93.1% in full year 2024, compared with 91.6% in 2023.

    Full Year 2024 Financial Highlights

    • Total net revenue was RMB17,165.7 million (US$2,351.7 million), compared to RMB16,290.0 million in 2023.
    • Net income was RMB6,248.1 million (US$856.0 million), compared to RMB4,268.6 million in 2023.
    • Non-GAAP net income was RMB6,415.7 million (US$879.0 million), compared to RMB4,454.2 million in 2023.
    • Net income per fully diluted ADS was RMB41.28 (US$5.66), compared to RMB26.08 in 2023.
    • Non-GAAP net income per fully diluted ADS was RMB42.39 (US$5.81), compared to RMB27.22 in 2023.

    Mr. Haisheng Wu, Chief Executive Officer and Director of Qifu Technology, commented, “Although 2024 was a challenging year as macro-economic headwinds persisted, we have made timely adjustments to our operations throughout the year and focused our effort on improving the quality and sustainability of our business. With consistent execution, we closed the year with strong operational and financial results. Throughout 2024, we proactively expanded the scope of our platform services, which makes our business model more resilient and forms a solid foundation for high quality growth in 2025.

    Approximately 58% of the year-end loan balance was under the capital-light model, ICE and total technology solutions. The strong contribution from non-credit risk bearing services helped us mitigate some risks in a challenging environment and demonstrated the efficiency of our platform services. In 2024, we further diversified our user acquisition channels and in the fourth quarter, approximately 47% of our new credit line users were acquired through embedded finance channels. Meanwhile, we continued to solidify our relationships with financial institution partners. With record-setting ABS issuance, we further optimized our funding structure.

    While we started to see some tentative signs of improvement in user activities late in 2024, we will continue to take a prudent approach in our business planning in 2025. We will remain focused on quality growth and further empower our partners and users through our open platform. With the increasing maturity and efficiency of large language models, we expect to allocate more resources to the application of AI across the credit scenarios in the future. We believe such efforts will enable us to better navigate through the current environment and position us well to capture long-term opportunities through innovative technologies, enhanced products and collaborative models.”

    “We are pleased to report another quarter of solid financial results and close the year on a strong note in a still uncertain macro environment. For 2024, total revenue was RMB17.17 billion and Non-GAAP net income was RMB6.42 billion,” Mr. Alex Xu, Chief Financial Officer, commented. “Meanwhile, we generated a record-breaking RMB9.34 billion cash from operations in 2024. Our strong financial positions not only allow us to consistently execute our strategy and support business initiatives, but also enable us to further enhance returns to our shareholders by actively executing 2025 share repurchase plan and significantly raising semi-annual dividends.”

    Mr. Yan Zheng, Chief Risk Officer, added, “Despite facing macro uncertainties, we significantly reduced our overall portfolio risks through 2024 by decisively tightening risk standards early in the year. Overall risk performance reached the best level for the year in the fourth quarter. Among key leading indicators, Day-1 delinquency rate*10 was 4.8% in the fourth quarter, and 30-day collection rate*11 was 88.1%. We feel comfortable with current risk levels and expect to see relatively stable risk performance in the coming quarters as we seek growth opportunities in a changing environment in 2025.”

    10 “Day-1 delinquency rate” is defined as (i) the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that was due for repayment as of such specified date.
    11 “30-day collection rate” is defined as (i) the amount of principal that was repaid in one month among the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that became overdue as of such specified date.

    Fourth Quarter 2024 Financial Results

    Total net revenue was RMB4,482.3 million (US$614.1 million), compared to RMB4,495.5 million in the same period of 2023, and RMB4,370.2 million in the prior quarter.

    Net revenue from Credit Driven Services was RMB2,889.5 million (US$395.9 million), compared to RMB3,248.3 million in the same period of 2023, and RMB2,901.0 million in the prior quarter.

    Loan facilitation and servicing fees-capital heavy were RMB363.0 million (US$49.7 million), compared to RMB481.2 million in the same period of 2023 and RMB258.7 million in the prior quarter. The year-over-year and sequential changes were primarily due to the changes in capital-heavy loan facilitation volume.

    Financing income*12 was RMB1,667.3 million (US$228.4 million), compared to RMB1,485.4 million in the same period of 2023 and RMB1,744.1 million in the prior quarter. The year-over-year increase was primarily due to the growth in average outstanding balance of the on-balance-sheet loans.

    Revenue from releasing of guarantee liabilities was RMB761.8 million (US$104.4 million), compared to RMB1,211.8 million in the same period of 2023, and RMB794.6 million in the prior quarter. The year-over-year decrease was mainly due to the decrease in average outstanding balance of off-balance-sheet capital-heavy loans during the period.

    Other services fees were RMB97.4 million (US$13.3 million), compared to RMB69.8 million in the same period of 2023, and RMB103.7 million in the prior quarter. The year-over-year increase reflected the increase in late payment fees under the credit driven services due to improvement in collection rates of late paid loans.

    Net revenue from Platform Services was RMB1,592.8 million (US$218.2 million), compared to RMB1,247.2 million in the same period of 2023 and RMB1,469.1 million in the prior quarter.

    Loan facilitation and servicing fees-capital light were RMB515.1 million (US$70.6 million), compared to RMB697.0 million in the same period of 2023 and RMB574.6 million in the prior quarter. The year-over-year and sequential decreases were primarily due to the decreases in capital-light loan facilitation volume.

    Referral services fees were RMB907.2 million (US$124.3 million), compared to RMB446.5 million in the same period of 2023 and RMB763.1 million in the prior quarter. The year-over-year and sequential increases were mainly due to the increases in loan facilitation volume through ICE.

    Other services fees were RMB170.5 million (US$23.4 million), compared to RMB103.8 million in the same period of 2023 and RMB131.4 million in the prior quarter.

    Total operating costs and expenses were RMB2,591.9 million (US$355.1 million), compared to RMB3,215.9 million in the same period of 2023 and RMB2,081.0 million in the prior quarter.

    Facilitation, origination and servicing expenses were RMB734.7 million (US$100.6 million), compared to RMB731.8 million in the same period of 2023 and RMB707.9 million in the prior quarter.

    Funding costs were RMB126.8 million (US$17.4 million), compared to RMB161.0 million in the same period of 2023 and RMB146.8 million in the prior quarter. The year-over-year decrease was mainly due to the lower average costs of ABS and trusts. The sequential decrease was mainly due to the decline in funding from ABS and trusts and lower average costs.

    Sales and marketing expenses were RMB523.9 million (US$71.8 million), compared to RMB551.6 million in the same period of 2023 and RMB419.9 million in the prior quarter. The year-over-year decrease was primarily due to improved efficiency in acquiring new customers. The sequential increase was primarily due to a more proactive customer acquisition effort and seasonal factors.

    General and administrative expenses were RMB156.1 million (US$21.4 million), compared to RMB108.0 million in the same period of 2023 and RMB92.0 million in the prior quarter.

    Provision for loans receivable was RMB598.4 million (US$82.0 million), compared to RMB639.9 million in the same period of 2023 and RMB477.5 million in the prior quarter. The year-over-year and sequential changes reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile and changes in loan origination volume of on-balance-sheet loans.

    Provision for financial assets receivable was RMB63.3 million (US$8.7 million), compared to RMB148.2 million in the same period of 2023 and RMB64.4 million in the prior quarter. The year-over-year decrease was mainly due to the decline in capital-heavy loan facilitation volume and reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile. The sequential decrease was mainly due to reversal of prior quarters’ provision in the quarter, offsetting by the increase in capital-heavy loan facilitation volume.

    Provision for accounts receivable and contract assets was RMB77.5 million (US$10.6 million), compared to RMB91.1 million in the same period of 2023 and RMB108.8 million in the prior quarter. The year-over-year and sequential decreases reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile.

    Provision for contingent liability was RMB311.4 million (US$42.7 million), compared to RMB784.3 million in the same period of 2023 and RMB63.6 million in the prior quarter. The year-over-year and sequential changes reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile as well as the changes in capital-heavy loan facilitation volume.

    Income from operations was RMB1,890.3 million (US$259.0 million), compared to RMB1,279.6 million in the same period of 2023 and RMB2,289.2 million in the prior quarter.

    Non-GAAP income from operations was RMB1,950.0 million (US$267.2 million), compared to RMB1,322.1 million in the same period of 2023 and RMB2,315.5 million in the prior quarter.

    Operating margin was 42.2%. Non-GAAP operating margin was 43.5%.

    Income before income tax expense was RMB1,932.7 million (US$264.8 million), compared to RMB1,330.9 million in the same period of 2023 and RMB2,356.9 million in the prior quarter.

    Income taxes expense was RMB20.0 million (US$2.7 million), compared to RMB 223.2 million in the same period of 2023 and RMB558.1 million in the prior quarter. The year-over-year and sequential changes were mainly due the writeback of withholding taxes related to the Company’s dividend and share repurchase plans, as the Company became eligible to a lower tax rate in the fourth quarter.

    Net income was RMB1,912.7 million (US$262.0 million), compared to RMB1,107.7 million in the same period of 2023 and RMB1,798.8 million in the prior quarter.

    Non-GAAP net income was RMB1,972.4 million (US$270.2 million), compared to RMB1,150.3 million in the same period of 2023 and RMB1,825.1 million in the prior quarter.

    Net income margin was 42.7%. Non-GAAP net income margin was 44.0%.

    Net income attributed to the Company was RMB1,916.6 million (US$262.6 million), compared to RMB1,111.7 million in the same period of 2023 and RMB1,802.9 million in the prior quarter.

    Non-GAAP net income attributed to the Company was RMB1,976.4 million (US$270.8 million), compared to RMB1,154.3 million in the same period of 2023 and RMB1,829.2 million in the prior quarter.

    Net income per fully diluted ADS was RMB13.24 (US$1.82).

    Non-GAAP net income per fully diluted ADS was RMB13.66 (US$1.87).

    Weighted average basic ADS used in calculating GAAP net income per ADS was 142.94 million.

    Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 144.71 million.

    12 “Financing income” is generated from loans facilitated through the Company’s platform funded by the consolidated trusts and Fuzhou Microcredit, which charge fees and interests from borrowers.

    Full Year 2024 Financial Results

    Total net revenue was RMB17,165.7 million (US$2,351.7 million), compared to RMB16,290.0 million in 2023.

    Net revenue from Credit Driven Services was RMB11,719.0 million (US$1,605.5 million), compared to RMB11,738.6 million in 2023.

    Loan facilitation and servicing fees-capital heavy were RMB1,016.5 million (US$139.3 million), compared to RMB1,667.1 million in 2023. The year-over-year decrease was primarily due to a decline in capital-heavy loan facilitation volume.

    Financing income was RMB6,636.5 million (US$909.2 million), compared to RMB5,109.9 million in 2023. The year-over-year increase was primarily due to the growth in average outstanding balance of on-balance-sheet loans.

    Revenue from releasing of guarantee liabilities was RMB3,695.0 million (US$506.2 million), compared to RMB4,745.9 million in 2023. The year-over-year decrease was mainly due to decrease in average outstanding balance of off-balance-sheet capital-heavy loans during the period.

    Other services fees were RMB371.0 million (US$50.8 million), compared to RMB215.6 million in 2023. The year-over-year increase was mainly due to an increase in late payment fees in connection with improvement in collection rate of late paid loans under the credit driven services.

    Net revenue from Platform Services was RMB5,446.6 million (US$746.2 million), compared to RMB4,551.5 million in 2023.

    Loan facilitation and servicing fees-capital light were RMB2,116.8 million (US$290.0 million), compared to RMB3,214.0 million in 2023. The year-over-year decrease was primarily due to a decline in loan facilitation volume under the capital-light model.

    Referral services fees were RMB2,842.6 million (US$389.4 million), compared to RMB950.0 million in 2023. The year-over-year increase was primarily due to an increase in the loan facilitation volume through ICE.

    Other services fees were RMB487.2 million (US$66.7 million), compared to RMB387.5 million in 2023.

    Total operating costs and expenses were RMB9,637.1 million (US$1,320.3 million), compared to RMB11,433.1 million in 2023.

    Facilitation, origination and servicing expenses were RMB2,900.7 million (US$397.4 million), compared to RMB2,659.9 million in 2023. The year-over-year increase was primarily due to higher collection fees.

    Funding costs were RMB590.9 million (US$81.0 million), compared to RMB645.4 million in 2023. The year-over-year decrease was mainly due to the lower average cost of ABS and trusts, partially offset by the growth in funding from ABS and trusts.

    Sales and marketing expenses were RMB1,725.9 million (US$236.4 million), compared to RMB1,939.9 million in 2023. The year-over-year decrease was mainly due to our prudent customer acquisition approach and lower unit customer acquisition cost.

    General and administrative expenses were RMB449.5 million (US$61.6 million), compared to RMB421.1 million in 2023.

    Provision for loans receivable was RMB2,773.3 million (US$379.9 million), compared to RMB2,151.0 million in 2023. The year-over-year increase was mainly due to the growth in loan origination volume of on-balance-sheet loans.

    Provision for financial assets receivable was RMB296.9 million (US$40.7 million), compared to RMB386.1 million in 2023. The year-over-year decrease was mainly due to a decline in capital-heavy loan facilitation volume.

    Provision for accounts receivable and contract assets was RMB421.5 million (US$57.7 million), compared to RMB175.8 million in 2023. The year-over-year increase reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile.

    Provision for contingent liability was RMB478.4 million (US$65.5 million), compared to RMB3,053.8 million in 2023. The year-over-year decrease was mainly due to a decline in capital-heavy loan facilitation volume and the reversal of prior provision as loans facilitated in previous period performed better than expected.

    Income from operations was RMB7,528.6 million (US$1,031.4 million), compared to RMB4,857.0 million in 2023.

    Non-GAAP income from operations was RMB7,696.2 million (US$1,054.4 million), compared to RMB5,042.6 million in 2023.

    Operating margin was 43.9%. Non-GAAP operating margin was 44.8%.

    Income before income tax expense was RMB7,892.4 million (US$1,081.3 million), compared to RMB5,277.5 million in 2023.

    Income taxes expense was RMB1,644.3 million (US$225.3 million). Effective tax rate was 20.4%, compared to 18.5% in 2023. The increase in effective tax rate was mainly due to withholding taxes related to the Company’s dividend and share repurchase plan.

    Net income attributed to the Company was RMB6,264.3 million (US$858.2 million), compared to RMB4,285.3 million in 2023.

    Non-GAAP net income attributed to the Company was RMB6,431.9 million (US$881.2 million), compared to RMB4,470.9 million in 2023.

    Net income margin was 36.4%. Non-GAAP net income margin was 37.4%.

    Net income per fully diluted ADS was RMB41.28 (US$5.66).

    Non-GAAP net income per fully diluted ADS was RMB42.39 (US$5.81).

    Weighted average basic ADS used in calculating GAAP net income per ADS was 149.01 million.

    Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 151.72 million.

    30 Day+ Delinquency Rate by Vintage and 180 Day+ Delinquency Rate by Vintage

    The following charts and tables display the historical cumulative 30 day+ delinquency rates by loan facilitation and origination vintage and 180 day+ delinquency rates by loan facilitation and origination vintage for all loans facilitated and originated through the Company’s platform. Loans under “ICE” and total technology solutions are not included in the 30 day+ charts and the 180 day+ charts:

    http://ml.globenewswire.com/Resource/Download/2a5d124f-5f90-4a71-a264-908b101a7e87

    http://ml.globenewswire.com/Resource/Download/95f56823-ce1f-4ade-baf5-cdc0bcf8526c

    Semi-Annual Dividend for the Second Half of 2024

    The board of directors of the Company (the “Board”) has approved a dividend of US$0.35 per Class A ordinary share, or US$0.70 per ADS for the second half of 2024 to holders of record of Class A ordinary shares and ADSs as of the close of business on April 23, 2025 Hong Kong Time and New York Time, respectively, in accordance with the Company’s dividend policy. For holder of Class A ordinary shares, in order to qualify for the dividend, all valid documents for the transfers 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, Hong Kong no later than 4:30 p.m. on April 23, 2025 (Hong Kong Time). The payment date is expected to be on May 28, 2025 for holders of Class A ordinary shares and around June 2, 2025 for holders of ADSs.

    Update on Share Repurchase

    On March 12, 2024, the Board approved a share repurchase plan (the “2024 Share Repurchase Plan”) whereby the Company is authorized to repurchase its ADSs or Class A ordinary shares with an aggregate value of up to US$350 million during the 12-month period from April 1, 2024.

    In the fourth quarter, the Company had in aggregate purchased approximately 3.1 million ADSs in the open market for a total amount of approximately US$107 million (inclusive of commissions) at an average price of US$34.5 per ADS. As of December 30, 2024, the Company had utilized substantially all of the total authorized value for the 2024 Share Repurchase Plan.

    On November 19, 2024, the Board approved a new share repurchase plan (the “2025 Share Repurchase Plan”) whereby the Company is authorized to repurchase up to US$450 million worth of its ADSs or Class A ordinary shares over the next 12 months starting from January 1, 2025.

    As of March 14, 2025, the Company had in aggregate purchased approximately 2.2 million ADSs in the open market for a total amount of approximately US$86 million (inclusive of commissions) at an average price of US$39.7 per ADS pursuant to the 2025 Share Repurchase Plan.

    Business Outlook

    As macro-economic uncertainties persist, the Company intends to maintain a prudent approach in its business planning for 2025. Management will continue to focus on enhancing efficiency of the Company’s operations. As such, for the first quarter of 2025, the Company expects to generate a net income between RMB1.75 billion and RMB1.85 billion and a non-GAAP net income*13 between RMB1.80 billion and RMB1.90 billion, representing a year-on-year growth between 49% and 58%. This outlook reflects the Company’s current and preliminary views, which is subject to material changes.

    13 Non-GAAP net income represents net income excluding share-based compensation expenses.

    Conference Call Preregistration

    Qifu Technology’s management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Monday, March 17, 2025 (7:30 PM Beijing Time on the same day).

    All participants wishing to join the conference call must pre-register online using the link provided below.

    Registration Link: https://s1.c-conf.com/diamondpass/10045854-hg6t5r.html

    Upon registration, each participant will receive details for the conference call, including dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

    Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of the Company’s website at https://ir.qifu.tech.

    About Qifu Technology

    Qifu Technology is a leading AI-empowered Credit-Tech platform in China. By leveraging its sophisticated machine learning models and data analytics capabilities, the Company provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services. The Company is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.

    For more information, please visit: https://ir.qifu.tech.

    Use of Non-GAAP Financial Measures Statement

    To supplement our financial results presented in accordance with U.S. GAAP, we use Non-GAAP financial measure, which is adjusted from results based on U.S. GAAP to exclude share-based compensation expenses. Reconciliations of our Non-GAAP financial measures to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the Non-GAAP financial measures.

    We use Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS in evaluating our operating results and for financial and operational decision-making purposes. Non-GAAP income from operation represents income from operation excluding share-based compensation expenses. Non-GAAP operating margin is equal to Non-GAAP income from operation divided by total net revenue. Non-GAAP net income represents net income excluding share-based compensation expenses. Non-GAAP net income margin is equal to Non-GAAP net income divided by total net revenue. Non-GAAP net income attributed to the Company represents net income attributed to the Company excluding share-based compensation expenses. Non-GAAP net income per fully diluted ADS represents net income excluding share-based compensation expenses per fully diluted ADS. Such adjustments have no impact on income tax. We believe that Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in results based on U.S. GAAP. We believe that Non-GAAP income from operation and Non-GAAP net income provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Our Non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of Non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.

    Exchange Rate Information

    This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 7.2993 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024.

    Safe Harbor Statement

    Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. Qifu Technology may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements made on the website of 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 the Company’s business outlook, 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, which factors include but not limited to the following: the Company’s growth strategies, the Company’s cooperation with 360 Group, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the credit-tech industry, governmental policies relating to the credit-tech industry, general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks and uncertainties is included in Qifu Technology’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qifu Technology does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    Qifu Technology
    E-mail: ir@360shuke.com

    Unaudited Condensed Consolidated Balance Sheets
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      December 31, December 31, December 31,
      2023 2024 2024
      RMB RMB USD
    ASSETS      
    Current assets:      
    Cash and cash equivalents 4,177,890 4,452,416 609,978
    Restricted cash 3,381,107 2,353,384 322,412
    Short term investments 15,000 3,394,073 464,987
    Security deposit prepaid to third-party guarantee companies 207,071 162,617 22,278
    Funds receivable from third party payment service providers 1,603,419 462,112 63,309
    Accounts receivable and contract assets, net 2,909,245 2,214,530 303,389
    Financial assets receivable, net 2,522,543 1,553,912 212,885
    Amounts due from related parties 45,346 8,510 1,166
    Loans receivable, net 24,604,487 26,714,428 3,659,862
    Prepaid expenses and other assets 329,920 1,464,586 200,647
    Total current assets 39,796,028 42,780,568 5,860,913
    Non-current assets:      
    Accounts receivable and contract assets, net-noncurrent 146,995 27,132 3,717
    Financial assets receivable, net-noncurrent 596,330 170,779 23,397
    Amounts due from related parties 4,240 51 7
    Loans receivable, net-noncurrent 2,898,005 2,537,749 347,670
    Property and equipment, net 231,221 362,774 49,700
    Land use rights,net 977,461 956,738 131,073
    Intangible assets 13,443 11,818 1,619
    Goodwill 41,210 42,414 5,811
    Deferred tax assets 1,067,738 1,206,325 165,266
    Other non-current assets 45,901 36,270 4,969
    Total non-current assets 6,022,544 5,352,050 733,229
    TOTAL ASSETS 45,818,572 48,132,618 6,594,142
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Payable to investors of the consolidated trusts-current 8,942,291 8,188,454 1,121,814
    Accrued expenses and other current liabilities 2,016,039 2,492,921 341,529
    Amounts due to related parties 80,376 67,495 9,247
    Short term loans 798,586 1,369,939 187,681
    Guarantee liabilities-stand ready 3,949,601 2,383,202 326,497
    Guarantee liabilities-contingent 3,207,264 1,820,350 249,387
    Income tax payable 742,210 1,040,687 142,574
    Other tax payable 163,252 109,161 14,955
    Total current liabilities 19,899,619 17,472,209 2,393,684
    Non-current liabilities:      
    Deferred tax liabilities 224,823 439,435 60,202
    Payable to investors of the consolidated trusts-noncurrent 3,581,800 5,719,600 783,582
    Other long-term liabilities 102,473 255,155 34,956
    Total non-current liabilities 3,909,096 6,414,190 878,740
    TOTAL LIABILITIES 23,808,715 23,886,399 3,272,424
    TOTAL QIFU TECHNOLOGY INC EQUITY 21,937,483 24,190,043 3,314,022
    Noncontrolling interests 72,374 56,176 7,696
    TOTAL EQUITY 22,009,857 24,246,219 3,321,718
    TOTAL LIABILITIES AND EQUITY 45,818,572 48,132,618 6,594,142
           
    Unaudited Condensed Consolidated Statements of Operations
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
                   
      Three months ended December 31,   Year ended December 31,
      2023 2024 2024   2023 2024 2024
      RMB RMB USD   RMB RMB USD
    Credit driven services 3,248,263   2,889,500   395,860     11,738,560   11,719,027   1,605,500  
    Loan facilitation and servicing fees-capital heavy 481,195   362,958   49,725     1,667,119   1,016,514   139,262  
    Financing income 1,485,446   1,667,340   228,425     5,109,921   6,636,511   909,198  
    Revenue from releasing of guarantee liabilities 1,211,787   761,827   104,370     4,745,898   3,695,017   506,215  
    Other services fees 69,835   97,375   13,340     215,622   370,985   50,825  
    Platform services 1,247,240   1,592,752   218,206     4,551,467   5,446,629   746,185  
    Loan facilitation and servicing fees-capital light 696,985   515,062   70,563     3,213,955   2,116,797   290,000  
    Referral services fees 446,486   907,207   124,287     950,016   2,842,637   389,440  
    Other services fees 103,769   170,483   23,356     387,496   487,195   66,745  
    Total net revenue 4,495,503   4,482,252   614,066     16,290,027   17,165,656   2,351,685  
    Facilitation, origination and servicing 731,787   734,659   100,648     2,659,912   2,900,704   397,395  
    Funding costs 161,016   126,841   17,377     645,445   590,935   80,958  
    Sales and marketing 551,590   523,936   71,779     1,939,885   1,725,877   236,444  
    General and administrative 108,037   156,061   21,380     421,076   449,505   61,582  
    Provision for loans receivable 639,886   598,353   81,974     2,151,046   2,773,323   379,944  
    Provision for financial assets receivable 148,198   63,251   8,665     386,090   296,857   40,669  
    Provision for accounts receivable and contract assets 91,105   77,450   10,611     175,799   421,481   57,743  
    Provision for contingent liabilities 784,323   311,372   42,658     3,053,810   478,404   65,541  
    Total operating costs and expenses 3,215,942   2,591,923   355,092     11,433,063   9,637,086   1,320,276  
    Income from operations 1,279,561   1,890,329   258,974     4,856,964   7,528,570   1,031,409  
    Interest income, net 46,970   74,951   10,268     217,307   237,015   32,471  
    Foreign exchange (loss) gain (815 ) 2,680   367     2,356   1,512   207  
    Other income, net 5,209   (35,251 ) (4,829 )   230,936   125,325   17,169  
    Investment loss –   –   –     (30,112 ) –   –  
    Income before income tax expense 1,330,925   1,932,709   264,780     5,277,451   7,892,422   1,081,256  
    Income taxes expense (223,237 ) (20,042 ) (2,746 )   (1,008,874 ) (1,644,306 ) (225,269 )
    Net income 1,107,688   1,912,667   262,034     4,268,577   6,248,116   855,987  
    Net loss attributable to noncontrolling interests 4,052   3,970   544     16,759   16,198   2,219  
    Net income attributable to ordinary shareholders of the Company 1,111,740   1,916,637   262,578     4,285,336   6,264,314   858,206  
    Net income per ordinary share attributable to ordinary shareholders of Qifu Technology, Inc.
    Basic 3.51   6.70   0.92     13.36   21.02   2.88  
    Diluted 3.44   6.62   0.91     13.04   20.64   2.83  
                   
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc.
    Basic 7.02   13.40   1.84     26.72   42.04   5.76  
    Diluted 6.88   13.24   1.82     26.08   41.28   5.66  
                   
    Weighted average shares used in calculating net income per ordinary share
    Basic 316,325,750   285,872,913   285,872,913     320,749,805   298,012,150   298,012,150  
    Diluted 323,305,948   289,427,077   289,427,077     328,508,945   303,449,864   303,449,864  
                   
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
                   
      Three months ended December 31,   Year ended December 31,
      2023 2024 2024   2023 2024 2024
      RMB RMB USD   RMB RMB USD
    Net cash provided by operating activities 2,351,791   3,051,606   418,067     7,118,350   9,343,311   1,280,027  
    Net cash used in investing activities (1,885,694 ) (945,611 ) (129,548 )   (11,147,789 ) (7,994,081 ) (1,095,184 )
    Net cash (used in) provided by financing activities (911,621 ) (1,873,516 ) (256,671 )   1,066,458   (2,114,463 ) (289,680 )
    Effect of foreign exchange rate changes (877 ) 31,464   4,311     9,615   12,036   1,649  
    Net (decrease) increase in cash and cash equivalents (446,401 ) 263,943   36,159     (2,953,366 ) (753,197 ) (103,188 )
    Cash, cash equivalents, and restricted cash, beginning of period 8,005,398   6,541,857   896,231     10,512,363   7,558,997   1,035,578  
    Cash, cash equivalents, and restricted cash, end of period 7,558,997   6,805,800   932,390     7,558,997   6,805,800   932,390  
                   
    Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      Three months ended December 31,
      2023 2024 2024
      RMB RMB USD
    Net income 1,107,688   1,912,667 262,034
    Other comprehensive income, net of tax of nil:      
    Foreign currency translation adjustment (3,606 ) 145,610 19,948
    Other comprehensive (loss) income (3,606 ) 145,610 19,948
    Total comprehensive income 1,104,082   2,058,277 281,982
    Comprehensive loss attributable to noncontrolling interests 4,052   3,970 544
    Comprehensive income attributable to ordinary shareholders 1,108,134   2,062,247 282,526
           
           
      Year ended December 31,
      2023 2024 2024
      RMB RMB USD
    Net income 4,268,577   6,248,116 855,987
    Other comprehensive income, net of tax of nil:      
    Foreign currency translation adjustment 17,118   46,534 6,375
    Other comprehensive income 17,118   46,534 6,375
    Total comprehensive income 4,285,695   6,294,650 862,362
    Comprehensive loss attributable to noncontrolling interests 16,759   16,198 2,219
    Comprehensive income attributable to ordinary shareholders 4,302,454   6,310,848 864,581
    Unaudited Reconciliations of GAAP and Non-GAAP Results
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      Three months ended December 31,
      2023 2024 2024
      RMB RMB USD
    Reconciliation of Non-GAAP Net Income to Net Income      
    Net income 1,107,688   1,912,667   262,034
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP net income 1,150,260   1,972,387   270,216
    GAAP net income margin 24.6 % 42.7 %  
    Non-GAAP net income margin 25.6 % 44.0 %  
           
    Net income attributable to shareholders of Qifu Technology, Inc. 1,111,740   1,916,637   262,578
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. 1,154,312   1,976,357   270,760
    Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS -diluted 161,652,974   144,713,538   144,713,538
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 6.88   13.24   1.82
    Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 7.14   13.66   1.87
           
    Reconciliation of Non-GAAP Income from operations to Income from operations      
    Income from operations 1,279,561   1,890,329   258,974
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP Income from operations 1,322,133   1,950,049   267,156
    GAAP operating margin 28.5 % 42.2 %  
    Non-GAAP operating margin 29.4 % 43.5 %  
           
           
      Year ended December 31,
      2023 2024 2024
      RMB RMB USD
    Reconciliation of Non-GAAP Net Income to Net Income      
    Net income 4,268,577   6,248,116   855,987
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP net income 4,454,181   6,415,729   878,950
    GAAP net income margin 26.2 % 36.4 %  
    Non-GAAP net income margin 27.3 % 37.4 %  
           
    Net income attributable to shareholders of Qifu Technology, Inc. 4,285,336   6,264,314   858,206
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. 4,470,940   6,431,927   881,169
    Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS -diluted 164,254,473   151,724,932   151,724,932
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 26.08   41.28   5.66
    Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 27.22   42.39   5.81
           
    Reconciliation of Non-GAAP Income from operations to Income from operations      
    Income from operations 4,856,964   7,528,570   1,031,409
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP Income from operations 5,042,568   7,696,183   1,054,372
    GAAP operating margin 29.8 % 43.9 %  
    Non-GAAP operating margin 31.0 % 44.8 %  
           

    The MIL Network –

  • MIL-OSI Australia: There’s plenty of pork on Chinese forks, but the environment is paying a heavy price

    Source: University of South Australia

    17 March 2025

    Pork accounts for at least 60% of all meat eaten in China, but its popularity exacts a heavy toll on the environment that has proven tricky to resolve until now.

    A new study by Chinese and Australian researchers has identified a sustainable solution to mitigating excessive amounts of copper found in the 3.8 billion tons of pig manure turned into organic fertiliser to increase crop yields.

    Although an essential nutrient in small doses, high concentrations of copper – added to pig feed to promote growth – is toxic to plants, soil, water and humans.

    Researchers from China’s Fujian Normal University and the University of South Australia have demonstrated that adding green-synthesised iron nanoparticles (G-nFe) to pig manure neutralises the amount of bioavailable copper in piggery effluent, reducing the environmental risks.

    China has regulations limiting the amount of copper allowed in pig feed, but the scale of livestock farming keeps increasing to feed a population of 1.4 billion people, making it difficult to control the huge amount of manure and sewage released into the environment.

    Experiments undertaken by researchers showed that adding G-nFe to pig manure compost reduced exchangeable cooper by 66.8%, carbonate-bound copper by 47.5%, and iron-manganese oxide-bound copper by 15.4%.

    “This process was able to convert free copper into a less bioavailable form, reducing the potential for uptake by plants,” according to UniSA environmental chemist, Associate Professor Gary Owens, who was part of the study.

    Residual copper levels initially increased by a third in the first five days before declining by over 60.9% over the full composting period.

    The study findings have recently been published in the journal Science of the Total Environment.

    China processes approximately 628 million pigs annually, making it the world’s largest pork producer.

    Nearly half of the 3.8 billion tons of the resulting pig manure is inadequately treated, researchers say, and the heavy metal and organic pollutants are causing widespread environmental contamination.

    While pig manure has traditionally been valued s an inexpensive organic fertiliser for Chinese farmers, it is increasingly posing a serious problem due to the heavy metal contamination, posing a challenge for both government and researchers seeking economically viable solutions.

    Green synthesised iron nanoparticles have been widely used to remediate water and soil contamination due to its cost-effectiveness, low toxicity, and strong absorption rates.

    However, this is the first study to explore its use in organic compost to remediate heavy metal pollution.

    “This research presents a significant step forward in addressing heavy metal contamination in agricultural waste,” according to Assoc Prof Owens.

    “By using green-synthesised iron nanoparticles, we can not only improve the safety of composted pig manure, but also contribute to more sustainable farming practices.”

    The researchers plan to test G-nFe’s efficiency in larger composting systems using fresh pig manure, hoping to encourage stakeholders in the livestock and composting sectors to adopt the process.

    A video explaining the research is available at https://youtu.be/CoEz82qlSq8

    Notes for editors

    “Enhanced Copper Passivation in Pig Manure Composting through Iron Nanoparticle Amendment” is authored by researchers from Fujian Polytechnic Normal University, Fujian Key Laboratory of Pollution Control & Resource Reuse, and the University of South Australia. DOI: 10.1016/j.scitotenv.2024.177950

    The University of South Australia and the University of Adelaide are joining forces to become Australia’s new major university – Adelaide University. Building on the strengths, legacies and resources of two leading universities, Adelaide University will deliver globally relevant research at scale, innovative, industry-informed teaching and an outstanding student experience. Adelaide University will open its doors in January 2026. Find out more on the Adelaide University website.

    …………………………………………………………………………………………………………………………

    Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au
    Researcher contact: Associate Professor Gary Owens E: gary.owens@unisa.edu.au

    MIL OSI News –