Statistics – Page 126 – NewzIntel.com

MIL-OSI Economics: Euro area bank interest rate statistics: September 2024

Source: European Central Bank

31 October 2024

Bank interest rates for corporations

Chart 1

Bank interest rates on new loans to, and deposits from, euro area corporations

(percentages per annum)

Data for cost of borrowing and deposit interest rates for corporations (Chart 1)

The composite cost-of-borrowing indicator, which combines interest rates on all loans to corporations, decreased in September 2024. The interest rate on new loans of over €1 million with a floating rate and an initial rate fixation period of up to three months decreased by 31 basis points to 4.72%, driven by the interest rate effect. The rate on new loans of the same size with an initial rate fixation period of over three months and up to one year fell by 31 basis points to 4.47%, driven by the interest rate effect. The interest rate on new loans of over €1 million with an initial rate fixation period of over ten years decreased by 22 basis points to 3.58%. In the case of new loans of up to €250,000 with a floating rate and an initial rate fixation period of up to three months, the average rate charged fell by 12 basis points to 5.02%.
As regards new deposit agreements, the interest rate on deposits from corporations with an agreed maturity of up to one year fell by 14 basis points to 3.28% in September 2024. The interest rate on overnight deposits from corporations stayed almost constant at 0.88%.
The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate and an initial rate fixation period of up to one year decreased by 22 basis points to 5.19%, driven by the interest rate effect.

Table 1

Bank interest rates for corporations

i.r.f. = initial rate fixation
* For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

Data for bank interest rates for corporations (Table 1)

Bank interest rates for households

Chart 2

Bank interest rates on new loans to, and deposits from, euro area households

Data for cost of borrowing and deposit interest rate for households (Chart 2)

The composite cost-of-borrowing indicator, which combines interest rates on all loans to households for house purchase, decreased in September 2024. The interest rate on loans for house purchase with a floating rate and an initial rate fixation period of up to one year decreased by 11 basis points to 4.59%. The rate on housing loans with an initial rate fixation period of over one and up to five years fell by 6 basis points to 3.82%. The interest rate on loans for house purchase with an initial rate fixation period of over five and up to ten years decreased by 10 basis points to 3.52%. The rate on housing loans with an initial rate fixation period of over ten years fell by 10 basis points to 3.27%, mainly driven by the interest rate effect. In the same period the interest rate on new loans to households for consumption decreased by 7 basis points to 7.75%.
As regards new deposits from households, the interest rate on deposits with an agreed maturity of up to one year remained broadly unchanged at 2.97%. The rate on deposits redeemable at three months’ notice stayed constant at 1.75%. The interest rate on overnight deposits from households remained broadly unchanged at 0.37%.

Table 2

Bank interest rates for households

i.r.f. = initial rate fixation
* For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories; deposits placed by households and corporations are allocated to the household sector. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
** For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

Data for bank interest rates for households (Table 2)

Further information

The data in Tables 1 and 2 can be visualised for individual euro area countries on the bank interest rate statistics dashboard. Additionally, tables containing further breakdowns of bank interest rate statistics, including the composite cost-of-borrowing indicators for all euro area countries, are available from the ECB Data Portal. The full set of bank interest rate statistics for both the euro area and individual countries can be downloaded from ECB Data Portal. More information, including the release calendar, is available under “Bank interest rates” in the statistics section of the ECB’s website.

For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806

Notes:

In this press release “corporations” refers to non-financial corporations (sector S.11 in the European System of Accounts 2010, or ESA 2010), “households” refers to households and non-profit institutions serving households (ESA 2010 sectors S.14 and S.15) and “banks” refers to monetary financial institutions except central banks and money market funds (ESA 2010 sector S.122).
The composite cost-of-borrowing indicators are described in the article entitled “Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation” in the August 2013 issue of the ECB’s Monthly Bulletin (see Box 1). For these indicators, a weighting scheme based on the 24-month moving averages of new business volumes has been applied, in order to filter out excessive monthly volatility. For this reason the developments in the composite cost of borrowing indicators in both tables cannot be explained by the month-on-month changes in the displayed subcomponents. Furthermore, the table on bank interest rates for corporations presents a subset of the series used in the calculation of the cost of borrowing indicator.
Interest rates on new business are weighted by the size of the individual agreements. This is done both by the reporting agents and when the national and euro area averages are computed. Thus changes in average euro area interest rates for new business reflect, in addition to changes in interest rates, changes in the weights of individual countries’ new business for the instrument categories concerned. The “interest rate effect” and the “weight effect” presented in this press release are derived from the Bennet index, which allows month-on-month developments in euro area aggregate rates resulting from changes in individual country rates (the “interest rate effect”) to be disentangled from those caused by changes in the weights of individual countries’ contributions (the “weight effect”). Owing to rounding, the combined “interest rate effect” and the “weight effect” may not add up to the month-on-month developments in euro area aggregate rates.
In addition to monthly euro area bank interest rate statistics for September 2024, this press release incorporates revisions to data for previous periods. Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions. Unless otherwise indicated, these euro area statistics cover the EU Member States that had adopted the euro at the time to which the data relate.
As of reference period December 2014, the sector classification applied to bank interest rates statistics is based on the European System of Accounts 2010 (ESA 2010). In accordance with the ESA 2010 classification and as opposed to ESA 95, the non-financial corporations sector (S.11) now excludes holding companies not engaged in management and similar captive financial institutions.

MIL OSI Economics –

January 25, 2025

MIL-OSI Economics: Monthly Data on India’s International Trade in Services for the Month of September 2024

Source: Reserve Bank of India

The value of exports and imports of services during September 2024 is given in the following table.

International Trade in Services
(US$ million)
Month	Receipts (Exports)	Payments (Imports)
July – 2024	30,580 (16.6)	15,903 (15.7)
August – 2024	30,340 (5.7)	16,423 (8.8)
September – 2024	32,579 (14.6)	16,507 (13.2)
Notes: (i) Data are provisional; and (ii) Figures in parentheses are growth rates over the corresponding month of the previous year which have been revised on the basis of balance of payments statistics.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/1409

MIL OSI Economics –

January 25, 2025

MIL-OSI USA: ICYMI: Murphy Administration Announces Approval of Triennium 2 Energy Efficiency Programs

Source: US State of New Jersey

TRENTON – The New Jersey Board of Public Utilities (NJBPU) today announced the approval of Triennium 2 (T2) energy efficiency programs proposed by the state’s seven electric and gas utilities. In the process of supporting building decarbonization and energy conservation, these programs will prioritize low-income customers who shoulder disproportionately high energy burdens.

“Today’s approval of the Triennium 2 energy efficiency programs marks a major milestone in our progress toward achieving the goals set out in Governor Murphy’s Energy Master Plan, which is paving the way for a healthier, more sustainable Garden State,” said NJBPU President Christine Guhl-Sadovy. “By bolstering New Jersey’s ongoing building decarbonization efforts and the NJBPU’s robust array of energy efficiency initiatives, the T2 programs will further boost long-term cost and energy savings for New Jersey customers.”

“These ambitious programs are the largest single step by New Jersey to achieve Governor Murphy’s ambitious goal in EO 316 to electrify 400,000 residential and 20,000 commercial units by 2030,” said Eric Miller, Executive Director of the Office of Climate Action and the Green Economy. “The steps taken today by the BPU will grow our clean energy workforce, lower bills for participating customers, and reduce greenhouse gas emissions.”

Triennium 2 is the second cycle of the State’s multi-year utility-run energy efficiency programs. Established by the Clean Energy Act of 2018, natural gas utilities must achieve energy savings of 0.75% and electric utilities must achieve energy savings of 2% of the average annual usage in the prior three years within five years of implementation of their energy efficiency programs.

To date, it is estimated that Triennium 1 (T1) programs have disbursed $1.25 billion in financial incentives to ratepayers statewide and reduced annual electricity usage by 3 million megawatt hours, annual natural gas usage by 8.5 million MMBtu, and reduced customers’ utility bills by $600 million. T1 resulted in 1.4 million metric tons of annual greenhouse gas emission reductions, which is equivalent to approximately 300,000 cars removed from the road per year.

The T1 portfolio was expanded in T2 to address two important challenges for NJ: building decarbonization and demand response. The building decarbonization start-up programs incentivize adoption of key measures such as electric heat pumps and water heaters to reduce building emissions from fossil fuels. Demand response programs encourage homeowners and businesses to reduce consumption of energy at peak times through smart thermostats, controls, and price signals. Collectively, over $3.75 billion has been budgeted for the programs and will be implemented over a 30-month period from January 1, 2025 through June 30, 2027. This investment will help the State achieve Governor Murphy’s goals outlined in Executive Order 316 and are anticipated to reduce annual electricity usage by 2.3 million megawatt hours, annual natural gas usage by 8.9 million MMBtu, and annual greenhouse gas emissions by 1.5 million metric tons.

To promote energy equity, the Income-Qualified Program will have more capacity compared to T1 to provide comprehensive home energy assessments and offer health and safety, weatherization, HVAC, and other energy efficiency upgrades at no cost to eligible customers. More broadly, programs across the utilities’ portfolios will continue to include enhanced incentives and more favorable financing terms for income-eligible customers.

One notable addition in T2 is the standardization of the Direct Install model, including a Public Sector Direct Install program pathway, which will help support partners in labor in growing a local workforce that represents the diverse fabric of our state. Approximately 37,000 people work in the clean buildings sector, and T2 will strengthen the pathway for diverse workers and businesses to continue to build the clean energy economy.

For more information about State and utility-led efficiency programs, please visit: https://www.njcleanenergy.com/EEP

About New Jersey’s Clean Energy Program (NJCEP)
NJCEP, established on January 22, 2003, in accordance with the Electric Discount and Energy Competition Act (EDECA), provides financial and other incentives to the State’s residential customers, businesses and schools that install high-efficiency or renewable energy technologies, thereby reducing energy usage, lowering customers’ energy bills and reducing environmental impacts. The program is authorized and overseen by the New Jersey Board of Public Utilities (NJBPU), and its website is www.NJCleanEnergy.com.

About the New Jersey Board of Public Utilities (NJBPU)
NJBPU is a state agency and regulatory authority mandated to ensure safe, adequate and proper utility services at reasonable rates for New Jersey customers. Critical services regulated by NJBPU include natural gas, electricity, water, wastewater, telecommunications and cable television. The Board has general oversight and responsibility for monitoring utility service, responding to consumer complaints, and investigating utility accidents. To find out more about NJBPU, visit our website at www.nj.gov/bpu.

MIL OSI USA News –

January 25, 2025

MIL-OSI United Kingdom: Autumn Budget 2024 speech

Source: United Kingdom – Executive Government & Departments

Autumn Budget 2024 speech as delivered by Chancellor Rachel Reeves.

Delivered on:: 30 October 2024 (Transcript of the speech, exactly as it was delivered)

Madam Deputy Speaker…

[redacted political content]

This government was given a mandate.

To restore stability to our economy…

… and to begin a decade of national renewal.

To fix the foundations…

… and deliver change.

Through responsible leadership in the national interest.

That is our task.

And I know that we can achieve it.

My belief in Britain burns brighter than ever.

And the prize on offer is immense.

As my Right Honourable Friend the Prime Minister said on Monday – change must be felt.

More pounds in people’s pockets.

An NHS that is there when you need it.

An economy that is growing, creating wealth and opportunity for all…

… because that is the only way to improve living standards.

And the only way to drive economic growth…

… is to invest, invest, invest.

There are no shortcuts.

And to deliver that investment…

… we must restore economic stability…

[redacted political content]

INHERITANCE

[redacted political content]

… it is the first Budget in our country’s history to be delivered by a woman.

I am deeply proud to be Britain’s first ever female Chancellor of the Exchequer.

To girls and young women everywhere, I say:

Let there be no ceiling on your ambition, your hopes and your dreams.

And along with the pride that I feel standing here today…

… there is also a responsibility…

… to pass on a fairer society and a stronger economy to the next

generation of women.

[redacted political content]

A black hole in the public finances…

Public services on their knees….

A decade of low growth.

And the worst parliament on record for living standards.

Let me begin with the public finances.

In July, I exposed a £22bn black hole

[redacted political content]

The Treasury’s reserve, set aside for genuine emergencies…

… spent three times over…

… just three months into the financial year.

Today, on top of the detailed document that I have provided to the House in July…

… the government is publishing a line by line breakdown of the £22bn black hole that we inherited…

It shows hundreds of unfunded pressures on the public finances…

… this year, and into the future too.

The Office for Budget Responsibility have published their own review of the circumstances around the Spring Budget forecast.

They say that the previous government – and I quote – “did not provide the OBR with all the [available] information to them”…

… and – had they known about these “undisclosed spending pressures that have since come to light”…

… then their Spring Budget forecast for spending would have been, and I quote again: “materially different”.

Let me be clear: that means any comparison between today’s forecast and the OBR’s March forecast is false…

… because the party opposite hid the reality of their public spending plans.

Yet at the very same budget…

… they made another ten billion pounds worth of cuts to National Insurance.

[redacted political content]

That’s why today, I can confirm that we will implement in full…

… the 10 recommendations from the independent Office for Budget Responsibility’s review.

But, the country has inherited not just broken public finances…

… but broken public services too.

The British people can see and feel that in their everyday lives.

NHS waiting lists at record levels.

Children in portacabins as school roofs crumble.

Trains that do not arrive.

Rivers filled with polluted waste.

Prisons overflowing.

Crimes which are not investigated…

… and criminals who are not punished.

That is the country’s inheritance

Since 2021, there had been no detailed plans for departmental spending set out beyond this year.

And [redacted political content] plans relied on a baseline for spending this year which we now know was wrong…

… because it did not take into account the £22bn black hole.

The previous government also failed to budget for costs which they knew would materialise.

That includes funding for vital compensation schemes…

… for victims of two terrible injustices…

[redacted political content]

… the infected blood scandal…

… and the Post Office Horizon scandal.

The Leader of the Opposition rightly made an unequivocal apology for the injustice of the infected blood scandal on behalf of the British state…

… but he did not budget for the costs of compensation.

Today, for the very first time, we will provide specific funding to compensate those infected and those affected, in full…

… with £11.8bn in this budget.

And I am also today setting aside £1.8bn to compensate victims of the Post Office Horizon scandal…

… redress that is long overdue for the pain and injustice that they have suffered.

[redacted political content]

… and we will restore stability to our country again.

The scale and seriousness of the situation that we have inherited cannot be underestimated.

Together, the hole in our public finances this year, which recurs every year…

… the compensation schemes that they did not fund…

… and their failure to assess the scale of the challenges facing our public services…

… means this budget raises taxes by £40bn.

Any Chancellor standing here today would have to face this reality.

And any responsible Chancellor would take action.

That is why today, I am restoring stability to our public finances…

… and rebuilding our public services.

FISCAL RULES / OBR FORECASTS

Economy forecast/growth

As a former economist at the Bank of England, I know what it means to respect our economic institutions.

I want to put on record my thanks to the Governor of the Bank, Andrew Bailey…

… and to the independent Monetary Policy Committee.

Today, I can confirm that we will maintain the MPC’s target of two per cent inflation, as measured by the 12-month increase in the Consumer Prices Index.

I want to thank James Bowler, the Permanent Secretary to the Treasury, and my team of officials.

Madam Deputy Speaker, I would also like to thank my predecessors as Chancellor of the Exchequer…

… for their wise counsel as I have prepared for this Budget.

[redacted political content]

Finally, I want to thank Richard Hughes and his team at the Office for Budget Responsibility for their work in preparing today’s economic and fiscal outlook.

Let me now take the House through that forecast.

The cost of living crisis under the last government stretched household finances to their limit, with inflation hitting a peak of above 11%.

Today, the OBR say that CPI inflation will average 2.5% this year, 2.6% in 2025, then 2.3% in 2026, 2.1% in 2027, 2.1% in 2028 and 2.0% in 2029.

Next, I move on to economic growth.

Today’s budget marks an end to short-termism.

So I am pleased, that for the first time, the OBR have published not only five year growth forecasts…

… but a detailed assessment of the growth impacts of our policies over the next decade, too…

… and the new Charter for Budget Responsibility, which I am publishing today, confirms that this will become a permanent feature of our framework.

The OBR forecast that real GDP growth will be 1.1% in 2024, 2.0% in 2025, 1.8% in 2026, 1.5% in 2027, 1.5% in 2028 and 1.6% in 2029.

And the OBR are clear: this Budget will permanently increase the supply capacity of the economy…

[redacted political content]

… boosting long-term growth.

Every Budget I deliver will be focused on our mission to grow the economy.

And underpinning that mission are the seven key pillars of our growth strategy…

… developed and delivered alongside business…

… all driven forward by our Financial Secretary to the Treasury.

First, and most important, is to restore economic stability. That is my focus today.

Second, increasing investment and building new infrastructure is vital for productivity, so we are catalysing £70bn of investment through our National Wealth Fund…

… and we are transforming our planning rules to get Britain building again.

Third, to ensure that all parts of the UK can realise their potential…

… we are working with the devolved governments…

… and partnering with our Mayors to develop local growth plans.

Fourth, to improve employment prospects and skills we are creating Skills England, delivering our plans to Make Work Pay and tackling economic inactivity.

Fifth, we are launching our long-term modern industrial strategy and expanding opportunities for our small and medium sized businesses to grow.

Sixth, to drive innovation we are protecting record funding for research and development to harness the full potential of the UK’s science base.

And finally, to maximise the growth benefits of our clean energy mission, we have confirmed key investments such as Carbon Capture and Storage to create jobs in our industrial heartlands.

Our approach is already having an impact.

Just two weeks ago – we delivered an International Investment Summit which saw businesses commit £63.5bn of investment into this country…

… creating nearly 40,000 jobs across the United Kingdom.

[redacted political content]

Economic growth will be our mission for the duration of this parliament.

Stability rule

Madam Deputy Speaker, in our manifesto, we set out the fiscal rules that would guide this government.

I am confirming those today…

Our stability rule…

And our investment rule…

The “stability rule” means that we will bring the current budget into balance…

… so that we do not borrow to fund day to day spending.

We will meet this rule in 2029-30, until that becomes the third year of the forecast.

From then on, we will balance the current budget in the third year of every budget, held annually each autumn.

That will provide a tougher constraint on day to day spending…

… so difficult decisions cannot be constantly delayed or deferred.

The OBR say that the current budget will be in deficit by £26.2bn in 2025-26 and £5.2bn in 2026-27…

… before moving into surplus of £10.9bn in 2027-28, £9.3bn in 2028-29 and £9.9bn in 2029-30…

… meeting our stability rule…

… two years early.

Monthly public sector finances data shows that government borrowing in the first six months of this year…

… was already running significantly higher than the OBR’s March forecast.

And so the OBR confirmed today, that borrowing in this financial year is now £127bn…

[redacted political content]

The increase in the net cash requirement in 24-25 is lower than the increase in borrowing, at £22.3bn higher than the spring forecast.

Because of the action that we are taking…

… borrowing falls from 4.5% of GDP this year to 2.1% of GDP by the end of the forecast.

Public sector net borrowing will be £105.6bn in 2025-26, £88.5bn in 2026-27, £72.2bn in 2027-28, £71.9bn in 2028-29 and £70.6bn in 2029-2930.

FIXING THE FOUNDATIONS

Spending

Madam Deputy Speaker, before I come to tax…

… it is vital that we are driving efficiency and reducing wasteful spending.

In July, to begin delivering, and dealing with our inheritance…

… I made £5.5bn of savings this year.

Today we are setting a 2% productivity, efficiency and savings target for all departments to meet next year…

… by using technology more effectively and joining up services across government

As set out in our manifesto, I will shortly be appointing our Covid Corruption Commissioner, they will lead our work to uncover those companies that used a national emergency to line their own pockets.

Because that money belongs in our public services. And taxpayers want that money back.

And I can confirm today that David Goldstone has been appointed as the Chair of the new Office for Value for Money…

… to help us realise the benefits from every pound of public spending.

Welfare

Today, I am also taking three steps to ensure that welfare spending is more sustainable.

First, we inherited [redacted political content] plans to reform the Work Capability Assessment.

We will deliver those savings…

…as part of our fundamental reforms to the health and disability benefits system that my Right Honourable Friend the Work and Pensions Secretary will bring forward.

Second, I can today announce a crackdown on fraud in our welfare system…

… often the work of criminal gangs.

We will expand DWP’s counter-fraud teams..

… using innovative new methods to prevent illegal activity…

… and provide new legal powers to crackdown on fraudsters…

… including direct access to bank accounts to recover debt.

This package saves £4.3bn a year by the end of the forecast.

Third, the government will shortly be publishing the “Get Britain Working” white paper…

… tackling the root causes of inactivity with an integrated approach across health, education and welfare.

… and we will provide £240m for 16 trailblazer projects…

… targeted at those who are economically inactive and most at risk of being out of education, employment or training…

… to get people into work and reduce the benefits bill.

Tax avoidance

Before a government could consider any change to a tax rate or threshold…

… it must ensure that people pay what they already owe.

So we will invest to modernise HMRC’s systems using the very best technology…

… and recruit additional HMRC compliance and debt staff.

We will clamp down on those umbrella companies who exploit workers…

… increase the interest rate on unpaid tax debt to ensure that people pay on time…

… and go after promoters of tax avoidance schemes.

These measures to reduce the tax gap raise £6.5bn by the end of the forecast…

… and I want to thank the Exchequer Secretary for his outstanding work on this agenda.

PROTECTING WORKING PEOPLE

Madam Deputy Speaker, I know that for working people up and down our country…

… family finances are stretched…

… and pay checks don’t go as far as they once did.

So today, I am taking steps to support people with the cost of living.

Cost of living

[redacted political content]

As promised in our manifesto, we asked the Low Pay Commission to take account of the cost of living for the first time.

I can confirm that we will accept the Low Pay Commission recommendation to increase the National Living Wage by 6.7% to £12.21 an hour…

… worth up to £1,400 a year for a full-time worker.

And for the first time, we will move towards a single adult rate…

… phased in over time…

… by initially increasing the National Minimum Wage for 18-20 year olds by 16.3% as recommended by the Low Pay Commission…

… taking it to £10 an hour.

[redacted political content]

Second, I have heard representations from colleagues across this house about the Carer’s Allowance…

… and the impact of the current policy on carers looking to increase the hours they work…

… including from the Honourable member for Shipley, the Honourable member for Scarborough and Whitby and the Rt Hon Member for Kingston and Surbiton, too.

Carer’s allowance currently provides up to £81.90 per week to help those with additional caring responsibilities.

Today, I can confirm that we are increasing the weekly earnings limit to the equivalent of 16 hours at the National Living Wage per week…

… the largest increase in Carer’s Allowance since it was introduced in 1976.

That means a carer can now earn over £10,000 a year while receiving Carer’s Allowance…

… allowing them to increase their hours where they want to…

… and keep more of their money.

I am also concerned about the cliff-edge in the current system and the issue of overpayments.

My Right Honourable Friend the Work and Pensions Secretary has announced an independent review to look at the issue of overpayments, and we will work across this house to develop the right solutions.

Third, we will provide £1bn from next year to extend the Household Support Fund and Discretionary Housing Payments, to help those facing financial hardship with the cost of essentials.

Fourth, having heard representations from the Joseph Rowntree Foundation, Trussell and others…

… to reduce the level of debt repayments that can be taken from a household’s Universal Credit payment each month…

… by reducing it from 25% to 15% of their standard allowance.

This means that 1.2 million of the poorest households will keep more of their award each month…

… lifting children out of poverty…

… and those who benefit will gain an average of £420 a year.

Madam Deputy Speaker, our Plan to Make Work Pay will also protect working people.

[redacted political content]

It is right that we protect those who have worked their whole lives.

In our manifesto, we promised to transfer the Investment Reserve Fund in the Mineworkers’ Pension Scheme to members…

… and I have listened closely to my Honourable Friends for Easington, Doncaster Central, Blaenau Gwent, and Ayr, Carrick and Cumnock on this issue.

Today we are keeping our promise…

… so that working people who powered our country receive the fair pension that they are owed.

Our manifesto committed to the Triple Lock…

… meaning spending on the State Pension is forecast to rise by over £31bn by 2029-30…

… to ensure that our pensioners are protected in their retirement.

This commitment means that while working age benefits will be uprated in line with CPI, at 1.7%…

… the basic and new State Pension…

… will be uprated by 4.1% in 2025-26.

This means that over 12 million pensioners will gain up to £470 next year…

… up to £275 more than if uprated by inflation.

The Pension Credit Standard Minimum Guarantee will also rise by 4.1%…

… from around £11,400 per year to around £11,850 for a single pensioner.

Fuel duty

While I have sought to protect working people with measures to reduce the cost of living…

… I have had to take some very difficult decisions on tax.

I want to set out my approach to fuel duty.

Baked into the numbers that I inherited from the previous government…

… is an assumption that fuel duty will rise by RPI next year…

… and that the temporary 5p cut will be reversed.

To retain the 5p cut…

… and to freeze fuel duty again…

… would cost over £3bn next year.

At a time when the fiscal position is so difficult…

… I have to be frank with the House that this is a substantial commitment to make.

I have concluded…

… that in these difficult circumstances…

… while the cost of living remains high…

… and with a backdrop of global uncertainty…

… increasing fuel duty next year…

… would be the wrong choice for working people.

It would mean fuel duty rising by 7p per litre.

So, I have today decided to freeze fuel duty next year…

… and I will maintain the existing 5p cut for another year, too.

There will be no higher taxes at the petrol pumps next year.

Madam Deputy Speaker, the last government made cuts of £20bn to employees’ and self-employed national insurance in their final two budgets.

[redacted political content]

Because we now know they were based on a forecast which the OBR say would have been “materially different”…

… had they known the true extent of the last government’s cover-up.

Since July, I have been urged on multiple occasions to reconsider these cuts.

To increase the taxes that working people pay and see in their payslips.

But I have made an important choice today:

To keep every single commitment that we made on tax in our manifesto.

So I say to working people:

I will not increase your National Insurance…

…I will not increase your VAT…

…And I will not increase your income tax.

Working people will not see higher taxes in their payslips as a result of the choices I make today.

That is a promise made – and a promise fulfilled.

TAX

But any responsible Chancellor would need to take difficult decisions today.

To raise the revenues required to fund our public services.

And to restore economic stability.

So in today’s Budget, I am announcing an increase in Employers’ National Insurance Contributions.

We will increase the rate of Employers’ National Insurance by 1.2 percentage points, to 15%, from April 2025.

And we will reduce the Secondary Threshold – the level at which employers start paying national insurance on each employee’s salary – from £9,100 per year to £5,000.

This will raise £25bn per year by the end of the forecast period.

I know that this is a difficult choice.

I do not take this decision lightly.

We are asking business to contribute more…

… and I know that there will be impacts of this measure felt beyond businesses, too…

… as the OBR have set out today.

But in the circumstances that I have inherited, it is the right choice to make.

Successful businesses depend on successful schools.

Healthy businesses depend on a healthy NHS.

And a strong economy depends on strong public finances.

[redacted political content]

That is the choice our country faces too.

As I make this choice, I know it is particularly important to protect our smallest companies.

So having heard representations from the Federation of Small Businesses and others…

… I am today increasing the Employment Allowance from £5,000 to £10,500.

This means 865,000 employers won’t pay any National Insurance at all next year…

… and over 1 million will pay the same or less than they did previously.

This will allow a small business to employ the equivalent of 4 full time workers on the National Living Wage…

… without paying any National Insurance on their wages.

Madam Deputy Speaker, let me come now to capital gains tax.

We need to drive growth, promote entrepreneurship, and support wealth creation…

… while raising the revenue required to fund our public services…

… and restore our public finances.

Today, we will increase the lower rate of Capital Gains Tax from 10% to 18%, and the Higher Rate from 20% to 24%…

… while maintaining the rates of capital gains tax on residential property at 18% and 24%, too.

This means the UK will still have the lowest Capital Gains Tax rate of any European G7 economy.

Alongside these changes to the headline rates of Capital Gains Tax…

… we are maintaining the lifetime limit for Business Asset Disposal Relief at £1m…

… to encourage entrepreneurs to invest in their businesses.

Business Asset Disposal Relief will remain at 10% this year…

… before rising to 14% in April 2025…

… and 18% from 2026-27…

… maintaining a significant gap compared to the higher rate of Capital Gains Tax.

Together, the OBR say these measures will raise £2.5bn by the end of the forecast.

In a sign of this government’s commitment to supporting growth and entrepreneurship…

…we have already extended the Enterprise Investment Scheme and Venture Capital Trust schemes to 2035…

… and we will continue to work with leading entrepreneurs and venture capital firms…

… to ensure our policies support a positive environment for entrepreneurship in the UK.

Next, inheritance tax.

Only 6% of estates will pay inheritance tax this year.

I understand the strongly held desire to pass down savings to children and grandchildren.

So I am taking a balanced approach in my package today.

First, the previous government froze inheritance tax thresholds until 2028. I will extend that freeze for a further two years, until 2030.

That means the first £325,000 of any estate can be inherited tax-free…

… rising to £500,000 if the estate includes a residence passed to direct descendants….

… and £1m when a tax free allowance is passed to a surviving spouse or civil partner.

Second, we will close the loophole created by the previous government…

… made even bigger when the Lifetime Allowance was abolished…

… by bringing inherited pensions into inheritance tax from April 2027.

Finally, we will reform Agricultural Property Relief and Business Property Relief.

From April 2026, the first £1m of combined business and agricultural assets will continue to attract no inheritance tax at all…

… but for assets over £1m, inheritance tax will apply with 50% relief, at an effective rate of 20%.

This will ensure we continue to protect small family farms…

… and three-quarters of claims will be unaffected by these changes.

I can also announce that we will apply a 50% relief, in all circumstances, on inheritance tax for shares on the Alternative Investment Market (AIM) and other similar markets…

… setting the effective rate of tax at 20%.

Taken together, these measures raise over £2bn in the final year of the forecast.

Next, I can confirm that the government will renew the Tobacco Duty escalator for the remainder of this Parliament at RPI+2%…

… increase duty by a further 10% on hand-rolling tobacco this year…

… introduce a flat rate duty on all vaping liquid from October 2026…

… alongside an additional one off- increase in tobacco duty to maintain the incentive to give up smoking.

And we will increase the Soft Drinks Industry Levy to account for inflation since it was introduced…

… as well as increasing the duty in line with CPI each year going forward.

These measures will raise nearly £1bn per year by the end of the forecast period.

Madame Deputy Speaker, we want to support the take-up of electric vehicles.

So I will maintain incentives for electric vehicles in Company Car Tax from 2028…

… and increase the differential between fully electric and other vehicles in the first year rates of Vehicle Excise Duty from April 2025.

These measures will raise around £400m by the end of the forecast period.

Madam Deputy Speaker let me update the House on our plans for Air Passenger Duty…

[redacted political content]

Air Passenger Duty has not kept up with inflation in recent years…

… so we are introducing an adjustment…

… meaning an increase of no more than £2 for an economy class short-haul flight.

But I am taking a different approach when it comes to private jets…

… increasing the rate of Air Passenger Duty by a further 50%.

[redacted political content]

These measures will raise over £700m by the end of the forecast period.

Madam Deputy Speaker, let me turn now to our high street businesses.

I know that for them, a major source of concern is business rates.

From 2026-27, we intend to introduce two permanently lower tax rates for retail, hospitality and leisure properties which make up the backbone of high streets across the country…

… and it is our intention that is paid for by a higher multiplier for the most valuable properties.

[redacted political content]

So I will today provide 40% relief on business rates for the retail, hospitality and leisure industry in 2025-26…

… up to a cap of £110,000 per business.

Alongside this, the small business tax multiplier will be frozen next year.

Next, I can confirm that alcohol duty rates on non-draught products will increase in line with RPI from February next year…

… but nearly two-thirds of alcoholic drinks sold in pubs are served on draught.

So today, instead of uprating these products in line with inflation…

… I am cutting draught duty by 1.7%…

… which means a penny off a pint in the pub.

Alongside the changes I am making today, I am publishing a Corporate Tax Roadmap..

… providing the business certainty called for by the CBI, British Chambers of Commerce and the Institute for Directors.

This confirms our commitment to cap the rate of Corporation Tax at 25% – the lowest in the G7 – for the duration of this parliament….

… while maintaining full expensing and the £1 million Annual Investment Allowance…

…and keeping the current rates of research and development reliefs, to drive innovation.

Manifesto

Madam Deputy Speaker, in our manifesto we made a number of commitments to raise funding for our public services.

First, I have always said that if you make Britain your home, you should pay your tax here.

So today, I can confirm…

… we will abolish the non-dom tax regime…

… and remove the outdated concept of domicile from the tax system from April 2025.

We will introduce a new, residence based scheme…

… with internationally competitive arrangements for those coming to the UK on a temporary basis…

… while closing the loopholes in the scheme designed by the party opposite.

To further encourage investment into the UK, we will also extend the Temporary Repatriation Relief to three years and expand its scope…

… bringing billions of pounds of new funds into Britain.

The independent Office for Budget Responsibility say that this package of measures will raise £12.7bn over the next five years.

Next, the fund management industry provides a vital contribution to our economy…

… but as our manifesto set out, there needs to be a fairer approach to the way carried interest is taxed.

So we will increase the Capital Gains Tax rates on carried interest to 32% from April 2025…

… and – from April 2026 – we will deliver further reforms to ensure that the specific rules for carried interest are simpler, fairer and better targeted.

In our manifesto we committed to reforming stamp duty land tax to raise revenue while supporting those buying their first home.

We are increasing the stamp-duty land tax surcharge for second-homes…

…known as the “Higher Rate for Additional Dwellings”…

… by 2 percentage points, to 5%, which will come into effect from tomorrow.

This will support over 130,000 additional transactions from people buying their first home, or moving home over, the next five years.

Next, we committed to reform the Energy Profits Levy on oil and gas companies.

I can confirm today that we will increase the rate of the levy to 38%, which will now expire in March 2030…

… and we will remove the 29% investment allowance.

To ensure the oil and gas industry can protect jobs and support our energy security…

… we will maintain the 100% first year allowances and the decarbonisation allowances too.

Finally, 94% of children in the UK attend state schools.

To provide the highest quality of support and teaching that they deserve…

… we will introduce VAT on private school fees from January 2025…

… and we will shortly introduce legislation to remove their business rates relief from April 2025, too.

We said in our manifesto that these changes…

… alongside our measures to tackle tax avoidance…

… would bring in £8.5bn by the final year of the forecast.

I can confirm today that they will in fact raise over £9bn…

… to support our public services and restore our public finances.

That is a promise made – and a promise fulfilled.

Madam Deputy Speaker, I have one final decision to take on tax today.

The previous government froze income tax and National Insurance thresholds in 2021…

… and then they did so again after the mini-budget.

Extending their threshold freeze for a further two years raises billions of pounds.

Money to deal with the black hole in our public finances…

… and repair our public services.

Having considered this issue closely…

… I have come to the conclusion…

… that extending the threshold freeze…

… would hurt working people.

It would take more money out of their payslips.

I am keeping every single promise on tax that I made in our manifesto.

So there will be no extension of the freeze in income tax and National Insurance thresholds beyond the decisions of the previous government.

From 2028-29, personal tax thresholds will be uprated in line with inflation once again.

When it comes to choices on tax, this government chooses to protect working people every single time.

SPENDING

Madam Deputy Speaker, these are the choices I have made.

To restore economic stability.

And to protect working people.

The next choice I make is to begin to repair our public services.

In recent months, we have conducted the first phase of the Spending Review…

… to set departmental budgets for 2024-25 and 2025-26…

… and I want to thank my Right Honourable Friend the Chief Secretary to the Treasury for his tireless work with colleagues from across government.

Because I have taken difficult decisions on tax today…

… I am able to provide an injection of immediate funding over the next two years…

… to stabilise and to support our public services.

The next phase of the Spending Review will report in late Spring, and I have set the overall envelope today.

Day to day spending from 2024-25 onwards will grow by 1.5% in real terms…

… and total departmental spending, including capital spending, will grow by 1.7% in real terms.

At the election we promised there would be no return to austerity.

Today we deliver on that promise.

But given the scale of the challenges that are facing our public services…

… that means there will still be difficult choices in the next phase of the Spending Review.

Just as we cannot tax and spend our way to prosperity…

… nor can we simply spend our way to better public services.

So we will deliver a new approach to public service reform…

… using technology to improve public services…

… and taking a zero-based approach…

… so that taxpayers’ money is spent as effectively as possible…

… and so that we focus on delivering our key priorities.

Spending Review: Phase 1

In the first phase of the Spending Review…

… I have prioritised day-to-day funding to deliver on our manifesto commitments.

I want every child to have the best start in life…

… and the best possible start to the school day, too…

… and I know my Right Honourable Friend the Education Secretary shares my ambition.

So I am today tripling investment in breakfast clubs to fund them in thousands of schools.

I am increasing the core schools budget by £2.3bn next year…

… to support our pledge to hire thousands more teachers into key subjects.

So that our young people can develop the skills that they need for the future…

… I am providing an additional £300m for further education.

And finally, this government is committed to reforming special educational needs provision…

… to improve outcomes for our most vulnerable children and ensure the system is financially sustainable.

To support that work, I am today providing a £1bn uplift in funding, a 6% real terms increase from this year.

There is no more important job for government than to keep our country safe, and we are conducting a Strategic Defence Review to be published next year.

And as set out in our manifesto, we will set a path to spending 2.5% of GDP on defence at a future fiscal event.

Today, I am announcing a total increase to the Ministry of Defence’s Budget of £2.9bn next year…

… ensuring the UK comfortably exceeds our NATO commitments…

… and providing guaranteed military support to Ukraine of £3bn per year, for as long as it takes.

Last week, alongside my Right Honourable Friend the Defence Secretary, I announced, in addition to this, further support to Ukraine – on top of our NATO commitment…

… through our £2.26bn contribution to the G7’s Extraordinary Revenue Acceleration agreement…

… repaid using profits from immobilised Russian sovereign assets.

And as we approach Remembrance Sunday…

… it is vital that we take time to remember those who have served our country so bravely.

So I am today announcing funding to commemorate the 80th anniversary of VE and VJ day next year…

… to honour those who have served at home and abroad.

We must also remember those who experienced the atrocities of the Nazi regime first hand.

I would like to pay tribute to Lily Ebert, the Holocaust Survivor and educator who passed away aged 100 earlier this month.

I am today committing a further £2m to holocaust education next year…

… so that charities like the Holocaust Educational Trust, can continue their work to ensure these vital testimonies are not lost and are preserved for the future.

Madam Deputy Speaker, to repair our public services we also need to work alongside our mayors and our local leaders.

We will deliver a significant real-terms funding increase for local government next year…

… including £1.3bn of additional grant funding to deliver essential services…

… with at least £600m in grant funding for social care…

… and £230m to tackle homelessness and rough sleeping

We are today confirming that Greater Manchester and the West Midlands will be the first mayoral authorities to receive integrated settlements from next year…

… giving Mayors meaningful control of the funding for their local areas.

*

And to support our local high streets…

… we are taking action to deal with the sharp rise in shoplifting we have seen in recent years.

We will scrap the effective immunity for low-value shoplifting introduced by the party opposite.

And having listened closely to organisations like the British Retail Consortium and USDAW…

… I am providing additional funding to crack down on the organised gangs which target retailers…

… and to provide more training to our police officers and retailers to help stop shoplifting in its tracks.

Finally, I am today providing funding to support public services and drive growth across Scotland, Wales and Northern Ireland.

Having discussed the matter with the First Minister of Wales, Eluned Morgan, and my HFs for Llanelli and Pontypridd…

… I am providing a £25m to the Welsh Government next year for the maintenance of coal tips to ensure we keep our communities safe.

And to support growth, including in our rural areas, we will proceed with City and Growth Deals in Northern Ireland…

… in Causeway Coast and Glens; and Mid-South West.

And we will drive growth in Scotland [redacted political content] including a City and growth Deal in Argyll and Bute.

This budget provides the devolved governments with the largest real-terms funding settlement since devolution…

… delivering an additional £3.4 billion for the Scottish Government through the Barnett formula…

… funding which must now be spent effectively to improve public services in Scotland.

This budget also provides £1.7 billion to the Welsh Government…

… and £1.5 billion to the Northern Ireland Executive in 2025-26.

I said there would be no return to austerity, and that is the choice I have made today.

REBUILDING BRITAIN

Madam Deputy Speaker, to rebuild our country we need to increase investment.

The UK lags behind every other G7 country when it comes to business investment as a share of our economy.

That matters.

It means the UK has fallen behind in the race for new jobs…

… new industries…

… and new technology.

By restoring economic stability…

… and by establishing the National Wealth Fund to catalyse private funding…

… we have begun to create the conditions that businesses need to invest.

But there is also a significant role for public investment.

Hospitals without the equipment they need.

School buildings not fit for our children.

A desperate lack of affordable housing.

Economic growth held back at every turn.

Under the plans I inherited…

… public investment was set to fall from 2.5% to 1.7% of GDP.

But in Washington last week, the International Monetary Fund were clear:

More public investment is badly needed in the UK.

So today, having listened to the case made by the former Governor of the Bank of England, Mark Carney…

… former Treasury Minister, Jim O’Neill…

… and the former Cabinet Secretary, Gus O’Donnell…

… among others…

… I am confirming our investment rule.

As set out in our manifesto, we will target debt falling as a share of the economy.

Debt will be defined as Public Sector net Financial Liabilities, or “net financial debt”, for short…

… a metric that has been measured by the Office for National Statistics since 2016…

… and forecast by the Office for Budget Responsibility since that date too.

“Net financial debt” recognises that government investment delivers returns for taxpayers…

… by counting not just the liabilities on a government’s balance sheet, but the financial assets too.

This means that we count the benefits of investment, not just the costs…

And we free up our institutions to invest…

… just as they do in Germany, France and Japan.

Like our stability rule, our investment rule will apply in 2029-2030…

… until that becomes the third year of the forecast.

From that point onwards, net financial debt will fall in the third year of every forecast.

Today, the OBR say that we are already meeting our target two years early…

… with “net financial debt” falling by 2027-28…

… with £15.7bn of headroom in the final year.

So that we drive the right incentives in government investments…

… we will introduce four key guardrails to ensure capital spending is good value for money and drives growth in our economy.

First, our portfolio of new financial investments will be delivered by expert bodies like the National Wealth Fund which must, by default, earn a rate of return at least as large as that on gilts.

Second, we will strengthen the role of institutions to improve infrastructure delivery.

Third, we will improve certainty, setting capital budgets for five years and extending them at every spending review every two years.

Finally, we will ensure there is greater transparency for capital spending, with robust annual reporting of financial investments…

… based on accounts audited by the National Audit Office…

… and made available to the Office for Budget Responsibility at every forecast.

Taken together with our stability rule…

…these fiscal rules will ensure that our public finances are on a firm footing…

… while enabling us to invest prudently alongside business.

Growth projects

The capital plans I now set out…

… to drive growth across our country…

… and repair the fabric of our nation…

… are only possible because of our investment rule.

Let me set out those investment plans.

Industrial strategy

Today we are confirming our plans to capitalise the National Wealth Fund…

… to invest in the industries of the future…

… from gigafactories, to ports to green hydrogen.

Building on these investments, my Right Honourable Friend the Business Secretary is driving forward our modern industrial strategy…

… working with businesses and organisations like Make UK…

… to set out the sectors with the biggest growth potential.

Today, we are confirming multi-year funding commitments for these areas of our economy, including…

… nearly £1bn for the aerospace sector to fund vital research and development, building on our industry in the East Midlands, the South-West and Scotland…

… over £2 billion for the automotive sector…

… to support our electric vehicle industry and develop our manufacturing base…

… building on our strengths in the North East and the West Midlands…

And up to £520m for a new Life Sciences Innovative Manufacturing Fund.

For our world-leading creative industries…

… we will legislate to provide additional tax relief for visual effect costs in TV and film…

.. and we are providing £25m for the North East Combined Authority…

… which they plan to use to remediate the Crown Works Studio site in Sunderland…

… creating 8,000 new jobs.

Research & Development

To unlock these growth industries of the future, we will protect government investment in research and development with more than £20bn worth of funding.

This includes at least £6.1bn to protect core research funding for areas like engineering, biotechnology and medical science…

…through Research England, other research councils, and the National Academies.

We will extend the Innovation Accelerators programme in Glasgow, in Manchester and in the West Midlands.

And with over £500m of funding next year, my Right Honourable Friend the Science, Technology and Innovation Secretary, will continue to drive progress in improving reliable, fast broadband and mobile coverage across our country, including in rural areas.

Housing

We committed in our manifesto to build 1.5 million homes over the course of this parliament…

… and my Right Honourable Friend the Deputy Prime Minister is driving that work forward across government.

Today, I am providing over £5bn of government investment to deliver our plans on housing next year.

We will increase the Affordable Homes Programme to £3.1bn…

… delivering thousands of new homes.

We will provide £3bn of support in guarantees…

… to boost the supply of homes and support our small housebuilders.

And we will provide investment to renovate sites across our country…

… including at Liverpool Central Docks…

… where we will deliver 2,000 new homes…

… and funding to help Cambridge realise its full growth potential.

Alongside this investment, we will put the right policies in place to increase the supply of affordable housing.

Having heard representations from local authorities, social housing providers and from Shelter…

… I can today confirm that the government will reduce Right to Buy Discounts…

… and local authorities will be able to retain the full receipts from any sales of social housing…

… to reinvest back into the housing stock, and into new supply..

… so that we give more people a safe, secure and affordable place to live.

We will provide stability to social housing providers, with a social housing rent settlement of CPI+1 percent for the next five years.

And we will deliver on our manifesto commitment to hire hundreds of new planning officers, to get Britain building again.

We will also make progress on our commitment to accelerate the remediation of homes following the findings of the Grenfell Inquiry…

… with £1bn of investment to remove dangerous cladding next year.

Transport

Working with my Right Honourable Friend the Transport Secretary, I am changing that.

We are today securing the delivery of the Trans-Pennine upgrade to connect York, Leeds, Huddersfield and Manchester…

… delivering fully electric local and regional services between Manchester and Stalybridge by the end of this year…

… with a further electrification of services between Church Fenton and York by 2026.…

… to help grow our economy across the North of England…

… with faster and more reliable services.

We will deliver East-West Rail to drive growth between Oxford, Milton Keynes and Cambridge…

… with the first services running between Oxford, Bletchley and Milton Keynes next year…

… and trains between Oxford and Bedford running from 2030.

We are delivering railway schemes which improve journeys for people across our country…

… including upgrades at Bradford Forster Square…

… improving capacity at Manchester Victoria…

… and electrifying the Wigan-Bolton line.

My Right Honourable Friend the Transport Secretary has also set out a plan for how to get a grip of HS2.

Today, we are securing delivery of the project between Old Oak Common and Birmingham…

… and we are committing the funding required to begin tunnelling work to London Euston station…

… This will catalyse private investment into the local area.

I am also funding significant improvements to our roads network.

For too long, potholes have been an all too visible reminder of our failure to invest as a nation.

Today, that changes…

… with a £500m increase in road maintenance budgets next year…

… more than delivering on our manifesto commitment to fix an additional one million potholes each year.

We will provide over £650m of local transport funding to improve connections across our country…

… in our towns like Crewe and Grimsby…

… and in our villages and rural areas, from Cornwall to Cumbria.

… we understand how important bus services are for our communities…

…so we will extend the cap for a further year, setting it at £3 until December 2025.

Finally we will deliver £1.3bn of funding to improve connectivity in our city regions, funding projects like…

… the Brierley Hill Metro extension in the West Midlands…

… the renewal of the Sheffield Supertram…

… and West Yorkshire Mass Transit, including in Bradford and Leeds.

Energy

Madam Deputy Speaker, to bring new jobs to Britain and drive growth across our country…

… we are delivering our mission to make Britain a clean energy superpower, led by my Right Honourable Friend the Energy Secretary.

Earlier this month, we announced a significant multi-year investment between government and business into Carbon Capture and Storage…

… creating 4,000 jobs across Merseyside and Teesside.

Today, I am providing funding for 11 new green hydrogen projects across England, Scotland and Wales – they will be among the first commercial scale projects anywhere in the world…

… including in Bridgend, East Renfrewshire and in Barrow-in-Furness

We are kickstarting the Warm Homes Plan by confirming an initial £3.4bn over the next three years…

… to transform 350,000 homes…

… including a quarter of a million low-income and social homes.

And we will establish GB Energy…

… providing funding next year to set up GB Energy at its new home in Aberdeen.

Overall, we will invest an additional £100bn over the next five years in capital spending…

… only possible because of our investment rule.

The OBR say today that this will drive growth across our country in the next five years…

… and in the longer term increase GDP by up to 1.4%.

It will crowd in private investment…

… meaning more jobs, and more opportunities…

… in every corner of the UK.

That is the choice that I have made.

To invest in our country…

… and to grow our economy.

Today, I am setting out two final areas in which investment is so badly needed…

… to repair the fabric of our nation.

Schools

[redacted political content]

… schools roofs are crumbling….

… and millions of children are facing the very same backdrop as I did.

I will be the Chancellor that changes that.

So today, I am providing £6.7bn of capital investment to the Department for Education next year…

… a 19% real-terms increase on this year.

That includes £1.4bn to rebuild over 500 schools in the greatest need…

… including St Helen’s Primary School in Hartlepool, and Mercia Academy in Derby…

… and so many more across our country.

And we will provide a further £2.1bn to improve school maintenance, £300m more than this year…

… ensuring that all our children can learn somewhere safe…

… including dealing with RAAC affected schools in the constituencies of my HFs the members for Watford, Stourbridge, Hyndburn, and beyond.

Alongside investment in new teachers…

… and funding for thousands of new breakfast clubs…

… this government is giving our children and young people the opportunities that they deserve.

NHS

Madam Deputy Speaker, I come to our most cherished public service of all: our NHS.

[redacted political content]

In our first week in office, he commissioned an independent report into the state of our health service by Lord Darzi.

Its conclusions were damning.

While our NHS staff do a remarkable job, and we thank them for it…

… it is clear that, that in so many areas…

… we are moving in the wrong direction.

100,000 infants waited over 6 hours in A&E last year.

350,000 people are waiting a year for mental health support.

Cancer deaths here are higher than in other countries.

It is simply unforgiveable.

In the Spring, we will publish a 10 year plan for the NHS…

… to deliver a shift from hospital to community…

… from analogue to digital…

… and from sickness to prevention.

Today, we are announcing a downpayment on that plan…

… to enable the NHS to deliver 2% productivity growth next year.

These reforms are vital.

But we should be honest.

The state of the NHS we inherited…

… after – and I quote Lord Darzi – “the most austere decade since the NHS was founded” –

… means reform must come alongside investment.

So today…

… because of the difficult decision that I have taken on tax, welfare and spending…

… I can announce…

… that I am providing a £22.6bn increase in the day to-day health budget…

… and a £3.1bn increase in the capital budget…

… over this year and next year.

This is the largest real-terms growth in day to day NHS spending outside of Covid since 2010.

Let me set out what this funding is delivering.

Many NHS buildings have been left in a state of disrepair.

So we will provide £1 billion of health capital investment next year to address the backlog of repairs and upgrades across the NHS.

To increase capacity for tens of thousands more procedures next year…

… we will provide a further £1.5bn…

… for new beds in hospitals across the country…

… new capacity for over a million additional diagnostic tests…

… and new surgical hubs and diagnostic centres …

… so that those people waiting for their treatment can get it as quickly as possible.

My Right Honourable Friend the Health Secretary will be announcing the details of his review into the New Hospital Programme in the coming weeks…

… and publishing in the new year…

… but I can tell the House today…

… that work will continue at pace to deliver those seven hospitals affected including…

… West Suffolk Hospital in Bury St Edmunds…

… and Leighton Hospital in Crewe.

And finally…

… because of this record injection of funding…

… because of the thousands of additional beds that we have secured…

… and because of the reforms that we are delivering in our NHS…

… we can now begin to bring waiting lists down more quickly…

… and move towards our target for waiting times no longer than 18 weeks…

… by delivering our manifesto commitment for 40,000 extra hospital appointments a week.

[redacted political content]

CLOSING

Madam Deputy Speaker, the choices that I have made today are the right choices for our country.

To restore stability to our public finances.

To protect working people.

To fix our NHS.

And to rebuild Britain.

That doesn’t mean these choices are easy.

But they are responsible.

[redacted political content]

This is a moment of fundamental choice for Britain.

I have made my choices.

The responsible choices.

To restore stability to our country.

To protect working people.

More teachers in our schools.

More appointments in our NHS.

More homes being built.

Fixing the foundations of our economy.

Investing in our future.

Delivering change.

Rebuilding Britain.

We on these benches commend those choices…

… and I commend this Statement to the House.

Published 30 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI USA: Remarks of Commissioner Summer K. Mersinger at ISDA’s Annual Legal Forum

Source: US Commodity Futures Trading Commission

Good morning and thank you to ISDA for inviting me to join today’s conference. It is an honor to speak to all of you this morning. Before I begin, I need to provide my standard disclaimer: The views I express are my own and do not necessarily reflect the views of my fellow commissioners, of the Commodity Futures Trading Commission (“CFTC” or “Commission”), or of the United States Government.

As the fall weather begins to set in, the days become shorter and colder, and the leaves change colors, it is a time to reflect on how far we have come throughout the year and to prepare for where we must go as winter and the new year approach. In that vein, I want to speak today about enforcement and a few ideas for improvement.

Expressing Dissent

Over the past few weeks, I have had several opportunities to speak with professionals from a variety of industries on numerous topics. While I always value these discussions, I was surprised by how many times people asked me: “Are you enjoying the job?” Usually, I am quick to answer, “Of course I enjoy the job.” The work we do at the CFTC is interesting, impactful, and important. I am constantly learning, and there is never a dull day.

I started to wonder, though, if there was a reason people were frequently asking me this question. Maybe it was my body language; maybe I was not smiling enough; or maybe I have spent too much time with my teenage daughters and have adopted their surly demeanor. But then it occurred to me—maybe they read my recent dissenting statements. I have issued quite a few dissenting statements in the past few weeks[1], and I guess you could say I sounded a little frustrated, maybe even disgruntled.

Well, I am here to tell you that despite my dissenting statements, I do enjoy my job, and I am incredibly grateful for the opportunity to serve as a commissioner at the CFTC—even on Friday afternoons when multiple enforcement matters appear in my inbox, and I realize that the shortest memo is a mere hundred plus pages long.

I read every page of every document upon which I am asked to vote. As one of five Presidentially-nominated and Senate-confirmed commissioners, I believe that it is my responsibility to do so because my fellow commissioners and I are the ones ultimately accountable for the charges we bring, the cases we settle, and the results of the CFTC’s enforcement program—and for balancing enforcement with all the other critical daily functions performed by the agency.

As was wisely stated in the 51^st Federalist Paper, “If men were angels, no government would be necessary.”[2] And we all know that men (and women) are not angels. Thus, government—including its enforcement function—is necessary. Vigorous enforcement is a vital part of carrying out the CFTC’s mission.

I would be remiss if I did not acknowledge the agency’s enforcement team and reaffirm my commitment to a robust enforcement program. I am proud of the tireless work of the CFTC’s Division of Enforcement (“DOE”), whose experienced and conscientious attorneys, investigators, and other staff members are dedicated to identifying, prosecuting, and sanctioning those who violate the Commodity Exchange Act (“CEA”) and the CFTC’s rules. But, like everything we do in life, we should look for opportunities to improve.

Chasing Trendlines

As most of you know, a large number of the CFTC’s enforcement actions are settled during the month—sometimes the week—before the end of the government’s fiscal year on September 30^th.

This September crunch is frustrating to all involved and potentially harmful to the agency’s agenda. First, it diverts the agency’s attention from its other important responsibilities, as matters requiring Commissioners’ attention from other divisions are postponed and deferred. Second, it incentivizes those hoping to settle with the CFTC to wait until the fiscal year-end, knowing the agency will be eager to get another point on the board before the clock runs out and that the resulting settlement will draw less public attention as just one of the myriad cases being announced at the same time. Third, such a crunch diminishes the time for decision making and increases the risk of promulgating faulty interpretations of the CEA and CFTC regulations. Wrongdoing occurs year-round. Our enforcement docket should reflect that.

After the close of each fiscal year, the CFTC’s Division of Enforcement publishes an Annual Report that typically proclaims success based on “headline stats,” such as the number of cases filed and the amount of monetary sanctions imposed during the previous fiscal year.[3]

I believe it is time for the agency to stop prioritizing volume. Rather than focus on making the current fiscal year statistics better than the previous year’s, the agency should concentrate on where improvements can be made in our regulatory oversight functions to prevent pervasive violations and should devote more resources to educating market participants and the general public on how to avoid becoming victims of fraudulent behavior.

Enforcement Should be a Last Resort

That said, I believe there is certainly a role for enforcement. But enforcement should be the last resort to achieving compliance, not the first. Yes, in cases of fraud, manipulation, and other willful violations of the law, enforcement is critical to punish wrongdoers and to deter misconduct by others. But in other cases, oversight of the derivatives markets and market participants by the agency’s Division of Clearing and Risk (“DCR”), Division of Market Oversight (“DMO”), and Market Participants Division (“MPD”) can achieve compliance more effectively and efficiently than bringing a costly, time-consuming, resource-intensive, and backward-looking enforcement action.

Clear and Workable Rules as the Foundation

Where CFTC regulations are vague, the agency should not leverage these provisions to drive annual statistics. Instead, we must communicate our expectations by writing clear, sensible, and workable rules, so that we can fairly require compliance with those obligations.

Enforcement is but one tool available to the agency. Our ability to achieve compliance with the CEA and the CFTC’s rules will be enhanced if we consider the underlying reasons for non-compliance and contemplate the most effective means of addressing that non-compliance, in particular cases. Where the underlying reason is an unclear expectation, the onus is on the CFTC to revise its regulations accordingly.

Appropriately Employing Settlement Authority

It is no secret that most CFTC enforcement actions settle without litigation. While such settlements enable us to achieve our enforcement objectives while conserving our scarce resources to root out and prosecute other violations, vague settlements cause confusion and undermine our efforts to achieve compliance.

When settling, the CFTC issues an order that sets out the agency’s findings about what the settling party did and how it violated the law. These orders are not binding precedents as a matter of law. However, since they reflect a statement of the agency’s thinking, the public may understandably consider them as precedents—and the agency often cites them as persuasive authority in future cases, too.

But remember: No court has decided on the legal theories as applied to the particular facts that the CFTC includes in its settlement orders. The legal theories advanced in settlement orders should not push the bounds of the agency’s authority. Such orders should avoid theories that are novel, that are arguably beyond the limits of the CEA and its implementing regulations, or that are likely to raise additional questions or issues. Otherwise, the agency risks creating regulatory expectations that become difficult to follow.

Incentivizing Cooperation

To foster voluntary compliance with the law and to provide transparency into certain aspects of enforcement determinations regarding penalties, we must further unwind the layers around how we recognize and credit those who self-report, offer cooperation during the enforcement process, and undertake remediation.

First, a company is currently only eligible for a civil monetary penalty (“CMP”) credit for self-reporting if it makes its disclosure to DOE rather than to one of the CFTC’s oversight divisions (i.e., DCR, DMO, or MPD).[4] This requirement is an unnecessary layer that unduly restricts self-reporting credit. A self-report to an oversight division serves the agency’s interests by enabling that division to work with the company on compliance on a going-forward basis, while also referring the matter to DOE where appropriate to investigate whether an enforcement action is warranted for any violations that may have been committed. To limit self-reporting credit to disclosures directly to DOE is to elevate form over substance.

Second, if a company self-reports, substantially cooperates, and appropriately remediates, a reduced CMP should not be the only potential outcome. Where a company has identified the problem, disclosed it to CFTC staff, analyzed the situation, provided a report of its findings to CFTC staff, and engaged in steps to address the problem—it has essentially performed many of the CFTC’s functions. And such cooperation and remediation often come at a significant expense, which may include hiring an independent compliance consultant or monitor to investigate the company’s practices and procedures, to recommend improvements, and to ensure that remediation is completed.

Of course, an enforcement action may be appropriate in these cases to assure that the company will complete its remediation and will report to DOE on the status of those remediation efforts. But given that compliance objectives are being achieved often with fewer agency resources, substantial penalties may not be necessary.

The Way Forward

As I mentioned earlier, I am committed to strong enforcement at the CFTC, and I am proud of our Enforcement Division. The agency’s enforcement professionals do an exemplary job in safeguarding the integrity of U.S. derivatives markets and those who use them. However, there are opportunities for strategic reform.

My hope is that today begins a conversation about the path ahead for enforcement at the CFTC.

Thank you so much for your time today, and I wish you all a safe and fun Halloween.

I would like to thank ISDA once again for inviting me and would be happy to answer audience questions.

[1] Dissenting Statement of Commissioner Summer K. Mersinger Regarding cryptoiminerstrade.com, Expert Stocks Zone, FalconForexBot, and swiftminingexpert.com (Sept. 24, 2024), available at https://www.cftc.gov/PressRoom/SpeechesTestimony/mersingerstatement092424; Dissenting Statement of Commissioner Summer K. Mersinger Regarding Settlement With Piper Sandler Hedging Services, LLC (Sept. 23, 2024), available at https://www.cftc.gov/PressRoom/SpeechesTestimony/mersingerstatement092324; Dissenting Statement of Commissioner Summer K. Mersinger Regarding Settlement with Uniswap Labs (Sept. 4, 2024), available at https://www.cftc.gov/PressRoom/SpeechesTestimony/mersingerstatement090424.

[2] The Federalist Papers, No. 51 (Feb. 8, 1788).

MIL OSI USA News –

January 25, 2025

MIL-OSI Economics: Fiscal Affairs Department’s 60th Anniversary Conference: “60 Years of FAD: The Fiscal Affair Continues”

Source: International Monetary Fund

The Fiscal Affairs Department (FAD) of the IMF will celebrate 60 years since it was formed in 1964 with a one-day conference, “60 Years of FAD: The Fiscal Affair Continues,“ on November 4, 2024, in Washington D.C., USA.

Even as prospects for a global soft landing have improved, fiscal policy continues to struggle with legacies of high debt and deficits, while facing new challenges. Risks to public finances are acute, reflecting the pressures of aging societies, industrial policies, geopolitical tensions, the needs of a greener and more equitable society and now, the threat to labor from AI technologies. Lower medium-term growth prospects have worsened debt dynamics and compounded the risks to fiscal sustainability. Fiscal policy challenges are especially acute in low-income countries, where financing is scarce and limits the ability of governments to support economic and human development.

In this context, the conference will bring together fiscal policy experts, senior policy makers, and former and current IMF staff. They will look back at the contributions of FAD to the global fiscal policy discourse and its service to the membership. They will discuss the likely evolution of sovereign debt market and the role that public policy can play in making AI beneficial for workers and growth. And they will look ahead to the challenges that will emerge for fiscal policy in the future, and the choices fiscal policymakers will face, especially in low-income and fragile countries. The conference will also be an occasion to celebrate the evolution and impact of FAD’s capacity development (CD) from serving a small section of the membership to covering nearly every corner of the world.

Agenda

8:30 A.M.	Coffee and refreshments
9:00 A.M.	Opening remarks. Gita Gopinath, First Deputy Managing Director of the IMF, introduced by Vítor Gaspar, Director, Fiscal Affairs Department, IMF.
9:15 – 10:30 A.M.	Sovereign Debt Moderator: Ceyla Pazarbasioglu, Director, Strategy, Policy and Review Department, IMF Panelists: S. Ali Abbas (Deputy Director, Fiscal Affairs Department, IMF) S. Ali Abbas is a deputy director in the IMF’s Fiscal Affairs Department where he supervises the sovereign debt and governance workstreams, and oversees the department’s review of Fund programs in emerging and developing economies, with a focus on Sub-Saharan Africa. He was previously IMF mission chief for the United Kingdom and Jordan, and deputy chief of the Debt Policy Division in the IMF’s Strategy Policy and Review Department. He has been closely involved in several complex Fund programs, and has led reforms to the IMF’s exceptional access lending and debt sustainability frameworks. In 2019, he co-edited Sovereign Debt: A Guide for Economists and Practitioners (OUP), with Alex Pienkowski and Kenneth Rogoff, adding to his earlier published work on post-GFC fiscal policy, the euro area sovereign debt crisis, international tax competition, state contingent debt instruments, fiscal policy and the current account, and government securities markets. Ali is a Rhodes scholar from Pakistan and holds a doctorate in economics from Oxford. He also served as an Overseas Development Institute fellow to the Tanzanian Treasury during 2000–02. Carlo Cottarelli (Former Director Fiscal Affairs Department, IMF) Carlo Cottarelli, a citizen of Italy, after receiving degrees in economics from the University of Siena and the London School of Economics, worked at the Bank of Italy, ENI and the IMF. He was FAD Director in 2008-13, Commissioner for Public Spending in Italy in 2013-14, IMF Executive Director in 2014-17. He taught at Bocconi University and he is currently Director of the Observatory on the Italian Public Accounts of the Catholic University of Milan, where he also teaches a course of Fiscal Macroeconomics In 2021 he was awarded the honor of First Class Knight Grand Cross of the Order of Merit of the Italian Republic. Christoph Trebesch (Professor, Kiel University) Christoph Trebesch is a professor at the Kiel Institute for the World Economy and the University of Kiel. His research focuses on international finance and macroeconomics as well as political economy and geopolitics. His research has been published in leading economic journals such as the American Economic Review, the Quarterly Journal of Economics, and the Journal of Political Economy, and is regularly cited in international media, including the New York Times, the Financial Times, and the Wall Street Journal. He directs the CEPR Policy Network on “International Lending and Sovereign Debt” and co-directs the CEPR Network on “Geoeconomics”, for which he organizes an annual high-level conference on geopolitics and economics. He is also the creator of the widely referenced “Ukraine Support Tracker” on military and financial aid flows to Ukraine. In 2023, he was awarded an ERC Consolidator Grant, one of the most prestigious research recognitions in Europe.





10:30 – 11:00 AM	The Surge in FAD’s Capacity Development Delivery (A/V) Moderators: Katherine Baer (Deputy Director, Fiscal Affairs Department, IMF) Katherine Baer is a Deputy Director in the IMF’s Fiscal Affairs Department (FAD). She oversees FAD’s work in the areas of taxation and public financial management, supervises Capacity Development (CD) delivery in all fiscal areas to countries in the Middle East, North Africa and Centra Asia, oversees FAD’s strategy to strengthen fiscal policies and institutions in the Fragile and Conflict-Affected States, and manages the department’s work on fiscal issues from a gender perspective. Her career at the IMF has focused on strengthening fiscal policies and institutions in member countries across all regions and income levels, and in countries experiencing economic crises. She has been an economist in the U.S. Treasury and an assistant commissioner in the Mexican Tax Administration. She also worked at the World Bank on public finance reforms in Latin America and the Caribbean at the height of the region’s debt crisis in the 1980s. Ms. Baer has many publications relating to public finance and holds a Ph.D. from Cornell University. Juan Toro (Deputy Director, Fiscal Affairs Department, IMF) Juan Toro is Deputy Director of the IMF’s Fiscal Affairs Department (FAD), in charge of: managing FAD budget, relationship with development partners, overseeing governance and operations of FAD’s capacity development (CD), coordinating FAD’s CD to Europe, and coordinating FAD TA on sustainable development goals. He previously was Assistant Director in charge of the IMF’s revenue administration CD to Europe, Asia, Middle East, and Central Asia. He has led and participated in IMF TA missions in taxation in more than 40 countries and has authored and contributed to several analytical papers in taxation. Before joining the IMF in 2007, he was the Commissioner of the Chilean Tax Administration (Servicio de Impuestos Internos, SII) from 2002 to 2006.



11.00 – 11:30 A.M.	Coffee break
11:30 A.M. – 12:45 P.M.	FAD in the Global Discourse Moderator: Ruud De Mooij , Deputy Director, Fiscal Affairs Department, IMF Panelists: Zainab Ahmed (Alternate Executive Director, World Bank) Alternate Executive Director from Nigeria from July 2023 to October 2024. A Nigerian national representing – Angola, Nigeria, and South Africa (EDS25). Prior to joining the WBG, Ms. Ahmed has served a:- Minister of Finance, Budget and National Planning (2018- 2023); Minister of State, Ministry of Budget and National Planning (2015 – 2018); Chair of the board of Trustees of the African Union Peace Fund (2019 – 2023). Member of the International Board, Extractive Industries Transparency Initiative (EITI) (2016 – 2019); Executive Secretary and National Coordinator, Nigeria Extractive Industries Transparency Initiative (NEITI) (2010 – 2015); and Managing Director, Kaduna Investment Company Ltd (2009 – 2010). Abdulelah Alrasheedy (Deputy Minister of Macro-Fiscal Policies, Ministry of Finance, Saudi Arabia) Dr. Abdulelah AlRasheedy is the Deputy Minister for Macro-Fiscal Policies at Ministry of Finance (MOF). Before being named Deputy Minister in March 2024, Dr. AlRasheedy was Assistant Deputy Minister for Macroeconomic Policies Analysis and Acting as General Supervisor of Policy and Consultation Assistant Deputyship. Prior to joining Ministry of Finance, Dr. Abdulelah spent 12 years with Saudi Central Bank (SAMA) most recently as Manager of Economic Modeling Division and was SAMA Representative at The International Financial Architecture Working Group. Dr. Abdulelah earned a Ph.D.  in economics and statistics from University of Missouri, where he was a Research Scholar at the Global Institute for Sustainable Prosperity. In addition to being a Deputy Minister, he is a board member of King Abdullah City for Atomic and Renewable Energy. Also a Ministry of Finance Representative for Financial Sustainability Board.  Adam Posen (President, Peterson Institute of International Economics) Mark Sobel (U.S. Chairman, OMFIF) Mark Sobel is currently US Chair at OMFIF.  He served  nearly four decades at the US Treasury, including as Deputy Assistant Secretary for International and Monetary Affairs from 2000-2015, a position in which he led the Department’s work in preparing G7 and G20 Finance Minister and Central Bank Governor meetings, formulating US positions in the IMF, and coordinating the work of Treasury and regulatory agencies in the Financial Stability Board.  He was also chief US financial negotiator in the G20 from 2008-2015, including for the 2009 London Economic Summit.  From 2015 through early 2018, he was US representative at the IMF.






12:45 – 1:00 P.M.	FAD Montage (A/V) A look back at FAD through the decades.
12:45 – 1:00 P.M.
1:00 – 2:15 P.M.	Lunch (by invitation)
2:15 – 3:30 P.M.	Public Policy for AI Moderator: Era Dabla-Norris, Deputy Director, Fiscal Affairs Department, IMF Panelists: Simon Johnson (Professor, MIT Sloan School of Management & 2024 Nobel Prize Winner in Economics ) Simon Johnson is the Ronald A. Kurtz (1954) Professor of Entrepreneurship the MIT Sloan School of Management, where he is head of the Global Economics and Management group. At MIT, he is also co-director of the Shaping the Future of Work Initiative and a Research Affiliate at Blueprint Labs. In 2007-08, Johnson was chief economist and director of the Research Department at the International Monetary Fund. He currently co-chairs the CFA Institute Systemic Risk Council with Erkki Liikanen. In February 2021, Johnson joined the board of directors of Fannie Mae, where he is vice chair of the audit committee and a member of the risk and capital committee. Johnson’s most recent book, with Daron Acemoglu, Power and Progress: Our 1000-Year Struggle Over Technology and Prosperity, explores the history and economics of major technological transformations up to and including the latest developments in Artificial Intelligence. 2024 Nobel prize laureate in economic sciences “for studies of how institutions are formed and affect prosperity” Branko Milanovic (Professor, City University of New York) Research professor at the Graduate Center, City University of New York and senior scholar at The Stone Center on Socio-economic Inequality; Visiting Professor at the Institute for International Inequalities at LSE; was lead economist in World Bank Research Department for almost 20 years and senior associate at the Carnegie Endowment for International Peace in Washington. Milanovic’s main area of work is income inequality, in individual countries and globally, as well as historically among pre-industrial societies. His most recent books are Global inequality: a new approach for the age of globalization which deals with economic and political issues of globalization, and Capitalism, Alone that contrasts inequality and class formation in societies of liberal and political capitalism. In October 2023, he published Visions of Inequality that looks at how income distribution was studied by the most famous economists over the past 200 years. Milanovic was awarded (jointly with Mariana Mazzucato) the 2018 Leontieff Prize. Christine Qiang (Global Director, Digital Transformation Global Department, World Bank)





3.30 – 4:00 P.M.	Coffee break
4:00 – 5:15 P.M.	The Future of Fiscal Policy Moderator: Vítor Gaspar Director, Fiscal Affairs Department, IMF Panelists: Jason Furman (Professor, Kennedy School of Government, Harvard University) Jason Furman is the Aetna Professor of the Practice of Economic Policy jointly at Harvard Kennedy School (HKS) and the Department of Economics at Harvard University. Furman engages in public policy through research, writing and teaching in a wide range of areas including U.S. and international macroeconomics, fiscal policy, labor markets and competition policy. Previously Furman served eight years as a top economic adviser to President Obama, including serving as the 28th Chairman of the Council of Economic Advisers from August 2013 to January 2017, acting as both President Obama’s chief economist and a member of the cabinet. In addition to articles in scholarly journals and periodicals, Furman is a regular contributor to the Wall Street Journal and Project Syndicate and the editor of two books on economic policy. Furman holds a Ph.D. in economics from Harvard University. Ilan Goldfajn (President, Inter-American Development Bank) He was elected president of the IDB in November 2022, after serving as director of the Western Hemisphere Department at the International Monetary Fund. Previously, he was governor of the Banco Central do Brasil (2016-2019), where he led several modernization reforms, including promoting financial inclusion through Brazil’s fast digital payment system. He has also held several academic positions and high-ranking roles in Brazil’s financial sector.  In 2017, he was elected Central Banker of the Year by The Banker magazine.  Mr. Goldfajn holds a doctorate in economics from MIT, and master’s degree in economics from the Pontificia Universidade and has taught economics at universities in Brazil and the U.S. He is fluent in four languages. Mick Keen (Professor, Tokyo University) Michael Keen was formerly Deputy Director of the Fiscal Affairs Department at the International Monetary Fund. He is now Ushioda Fellow at the University of Tokyo. Michael was President of the International Institute of Public Finance from 2003 to 2006, awarded the CESifo Musgrave Prize in 2010, and in 2018 received from the National Tax Association of the United States its most prestigious award, the Daniel M. Holland Medal for distinguished lifetime contributions to the study and practice of public finance. His most recent book, Rebellion, Rascals and Revenues (with Joel Slemrod), aims to use history and humor to convey basic tax principles to a wider audience.





5:15 P.M.	Closing remarks Vítor Gaspar (Director, Fiscal Affairs Department )
6:00 P.M.	Adjourn

Conference Organizing Committee: Katherine Baer (Deputy Director, FAD), Mitali Das (Advisor, FAD), and Andrew Okello (Deputy Division Chief, FAD).

Conference Coordinators: Agnese de Leo (Administrative Coordinator), Harsha Padaruth (Administrative Coordinator), Luciana Marcelino (Administrative Coordinator) Martha Gaytan Frettlohr (Administrative Coordinator), Sahara De la Torre (Administrative Coordinator), and Sheetal Prasad (Senior Administrative Coordinator) – all FAD.

The conference (which is in-person only) is open to all Fund employees and invited external guests (registration is required of external guests who will all receive a link to the registration form). Please note that the deadline for registration for this conference is October 25th, 2024. Registered external guests will be required to present photo identification on entering the IMF at 1900 Pennsylvania Avenue, N.W., Washington D.C. For questions regarding the conference, please email FAD_60th_anniversary@imf.org

MIL OSI Economics –

January 25, 2025

MIL-OSI Global: Three ways for schools to make climate education inclusive for all children

Source: The Conversation – UK – By Rachael C. Edwards, Senior Research Fellow in Public Health, UCL

Robert Kneschke/Shutterstock, CC BY-NC-ND

All young people need to have access to high-quality climate education because, when not overwhelming, emotional engagement with the climate crisis can motivate action.

We recently surveyed more than 2,400 school students aged 11-14 in England about their views on climate change and sustainability education. Students from disadvantaged backgrounds were less likely to experience negative emotions related to climate change. Children from more advantaged backgrounds were more likely to want to learn about climate change and sustainability, to want to do more to look after the environment and to believe that adults are doing enough to look after the planet.

The variation in climate literacy and educational opportunities demonstrated through our survey is highly concerning. These inequalities are particularly concerning as children from disadvantaged backgrounds are more vulnerable to the effects of climate change. But these children’s limited capacity to engage with climate issues is also understandable considering the state of child poverty in the UK and the more immediate challenges they are probably facing.

Much has been written about young people’s fears about the climate crisis and the associated mental health effects. We know far less about how to introduce these challenging topics to children who are less engaged. How can we reach these young people so they’re not isolated or sent into a panic, but empowered to act? Our research suggests that schools are a critical place to start.

In our survey, students of all socio-economic backgrounds told us that they learned about climate change and sustainability in secondary school. Conversely, children from disadvantaged backgrounds were less likely to have learned about these topics in the news and media, from their families and from extracurricular activities.

These findings are somewhat unsurprising given the algorithms limiting engagement with online content that challenges our existing perspectives. Children from disadvantaged backgrounds also experience many barriers to participating in nature-based activities outside school. These include lack of availability, cultural exclusion and safety concerns.

A chance for change

Based on our survey and earlier research (for example, the pioneering work of psychology professor Maria Ojala), we have identified three ways that schools can address inequalities to reach and connect with all children to deliver quality climate and sustainability education.

First, the education sector should include climate and sustainability learning within a broader range of subjects. Climate change intersects with nearly all aspects of our lives. Therefore, all school subjects offer unique learning opportunities.

If climate and sustainability education was integrated throughout the formal and informal curriculum, children could learn about the issues as part of the subjects that most interest them.

A hybrid nature craft tree incorporating nature products, paper leaves, and circuitry.
Andrea Gauthier, CC BY-NC-ND

For example, our colleagues at UCL are developing a new type of crafting activity in schools. It involves combining materials from nature and paper circuits which bring nature to life through light. Through integrating nature, technology and art, these hybrid nature crafts align with many subjects and could appeal to children of all ages.

We must also develop emotionally responsive teaching practices. Building climate awareness is emotionally challenging, particularly for children with little prior knowledge of the issues. It can also be emotionally draining for teachers.

Time for emotional reflection should be included in lesson plans. Students should be encouraged to share their emotions, be it sadness, anxiety or anger. These are valid and natural responses when learning about climate change.

Creative practices can encourage emotional engagement with climate learning. For example, arts-based activities and storytelling. Our research found that students felt happier with their life, spent more time outdoors and were more optimistic about the future after taking part in arts-in-nature experiences.

Schools should also give students opportunities to combat the climate crisis and other environmental issues. This supports their sense of agency which is critical to motivating action. Engaging students in collective action can be particularly effective for empowering them and instilling hope.

In our survey, one student highlighted the benefits of whole-school projects for climate and sustainability education. She said that “a whole community feels more empowered when they know everyone is working towards a goal and therefore, it helps [us] understand the depth of global warming and the long-term and short-term changes we can make.”

However, a word of caution. Limiting climate action to activities that don’t challenge existing power structures (through recycling or buying eco-friendly products, for example) does not go far enough. Instead, we advocate for transformative actions that encourage students to critically evaluate the norms and practices around them. This could include partnerships with local organisations, student-driven whole-school approaches and political activism.

It is essential that schools provide high-quality climate and sustainability education that engages all students and avoids causing disengagement and despair. The strategies we’ve outlined here will help schools do so, thereby equipping the next generation with the skills, knowledge and agency to tackle climate change.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

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

– ref. Three ways for schools to make climate education inclusive for all children – https://theconversation.com/three-ways-for-schools-to-make-climate-education-inclusive-for-all-children-242059

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Europe: Written question – Scaling-back of human trafficking – E-002231/2024

Source: European Parliament

23.10.2024

Question for written answer E-002231/2024
to the Commission
Rule 144
Gabriela Firea (S&D)

Human trafficking is a social phenomenon that takes many forms, involving the buying and selling and exploitation of adults and children. Traffickers take advantage of people’s vulnerabilities and their unstable circumstances arising from poverty, discrimination, violence against women, lack of access to education, ethnic conflict and natural disasters. In recent years, several Member States have reported an increase (to 21 % of all trafficking victims) in trafficking with a view to labour exploitation, including an increase in the number of men being pressed into agricultural work. Traffickers are taking advantage of loopholes in the laws relating to work permits, visas, workers’ rights and working conditions.

On top of this, the increase in child trafficking has been exacerbated by the current migration crisis, during which time the number of children arriving in the EU has increased exponentially.

1.To what extent is the Commission intervening and working with the Member States to improve the collection of statistics on these phenomena and to pinpoint solutions for gearing EU legislation to help combat human trafficking?
2.What arrangements does the Commission have in mind for information campaigns, particularly in rural areas, aimed at raising awareness of human trafficking among low-income families, which are those most often targeted by traffickers?

Submitted: 23.10.2024

Last updated: 30 October 2024

MIL OSI Europe News –

January 25, 2025

MIL-OSI Europe: Written question – Electricity prices in Cyprus – E-002232/2024

Source: European Parliament

23.10.2024

Question for written answer E-002232/2024
to the Commission
Rule 144
Giorgos Georgiou (The Left)

Cyprus is the only Member State that remains condemned to energy isolation as it is cut off from all EU energy networks and cannot fulfil the objectives of the green transition. As a result, electricity prices in Cyprus are constantly rising, leaving much of the population mired in energy poverty. According to data from the European statistics service, Cyprus has the second highest electricity prices in Europe. Of those in the EU who are at risk of poverty or social exclusion, 35 % said they live in accommodation that is not comfortably warm in the winter.

In view of the above:

1.What measures does the Commission plan to put forward so that the problem of high electricity prices across the EU can be resolved?
2.What short-term measures will it take to address the problem, in Cyprus in particular (e.g. VAT reduction)?
3.Will it support the proposal for the establishment of an emergency mechanism for recovering the excessive profits of energy producers and suppliers?

Submitted: 23.10.2024

Last updated: 30 October 2024

MIL OSI Europe News –

January 25, 2025

MIL-OSI Asia-Pac: Annual Survey of Industries (ASI) Publications for 2022-23

Source: Government of India

Posted On: 30 OCT 2024 4:47PM by PIB Delhi

Introduction

Annual Survey of Industries is conducted with the primary objective to provide a meaningful insight into the dynamics of change in the composition, growth and structure of various manufacturing industries in terms of output, value added, employment, capital formation and a host of other parameters. It provides valuable input to the National Accounts Statistics at national and state level. The results are prepared at state and major industry level.

Ministry of Statistics and Programme Implementation (MoSPI) has released the results of Annual Survey of Industries (ASI) for the reference periods April 2022 to March 2023 (i.e. financial year 2022-23) referred to as ASI 2022-23 on 30^th September 2024 in the form of press note and seven (07) website tables. All the said tables of ASI 2022-23 along with write-up are available in the website of the Ministry (https://www.mospi.gov.in).

The detailed publications of ASI 2022-23, viz. Volume I, Volume II, “Summary Results of Factory Sector” along with unit level data are now available for dissemination.

ASI Publications

The ASI 2022-23 publications contain detailed results of factory sector in two volumes. Volume I of the publication presents data relating to capital, employment, emoluments and several other economic parameters relevant to industrial sector such as (i) number of factories, (ii) fixed/working capital, (iii) total input, (iv) total output, (v) depreciation, (vi) gross value added, (vii) employment details, (viii) fuels consumption details, etc. The results are released at 2/3/4-digit industry-code wise [National Industrial Classification (NIC), 2008] for all-India and at 2/3 digit level of NIC-2008 for States/UTs.

Volume II of the publication provides details on materials consumed and ex-factory value of products and by-products both at all India level as well as at the level of State/UTs. Volume II contains 3-digit industry-code wise by State/UT-wise materials consumed as well as products & by-products generated by the manufacturing establishments. These input/output items are classified as per National Product Classification for Manufacturing Sector (NPC-MS), 2011 (Revised).

While Volume I is uploaded on the website of the Ministry (www.mospi.gov.in), Volume II publication is available in pen drive/ CD-ROM. In addition to Volume I & Volume II, “Summary Results for Factory Sector” is also brought out as a separate publication based on ASI 2022-23 results for easy comprehension.

The Summary Results for Factory Sector is prepared with the objective to draw attention to certain key features of the ASI results and the same is being brought out as a separate publication. The Summary Results aim to present a comprehensive overview of the ASI findings through specialized tables highlighting key characteristics such as employment size, capital investment, gross output and net value added at both the national and state/UT levels. These tables provide a comprehensive overview of the industrial landscape at the regional as well as at the national level. “Summary Results of Factory Sector” is also uploaded on the website of the Ministry (www.mospi.gov.in).

Unit level data of ASI 2022-23 are also available in the website of the Ministry (https://www.mospi.gov.in).

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MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI United Nations: Experts of the Committee against Torture Commend Kuwait on Positive Measures to Prevent Torture, Raise Questions on the Independence of the Judiciary and the Death Penalty

Source: United Nations – Geneva

The Committee against Torture today concluded its consideration of the fourth periodic report of Kuwait, with Committee Experts commending the State on positive measures introduced to combat torture, while raising questions on the independence of the judiciary and the application of the death penalty.

Peter Vedel Kessing, Committee Expert and Rapporteur, commended Kuwait for all the positive measures taken, including new laws and regulations to prevent torture.

Abdul Razzaq Rawan, Committee Expert and Rapporteur for Kuwait, asked if the State party could inform the Committee of any legislative amendments or developments aimed at establishing the judiciary as an authority that was independent of the executive authority, and granting it the full authority to manage the affairs of judges and supervise the preparation of relevant regulations? What measures had been taken to implement the constitutional principle guaranteeing the independence of the judiciary and to implement the requirements of article 163?

Mr. Vedel Kessing said the number of death sentences and executions carried out had reportedly increased, particularly since 2022. How many persons had been sentenced to death over the last five years and how many of those persons had been executed? Was it correct that a person could be sentenced to death for crimes not involving intentional killing, for example drug-related crimes? Allegedly, the abolition of the death penalty would be incompatible with Islamic Sharia, which was the main source of all Kuwaiti domestic legislation, including criminal law. Would this also apply to a moratorium for the execution of death sentences?

The delegation said judges needed to be fully competent and qualified in the field of law or Sharia and did not have the right to exercise political activities. Judges could not be removed from their posts unless disciplinary measures were issued against them. If judges were related to the accused by four degrees, they were required to recuse themselves from proceedings. The Ministry of Justice could not get involved in daily cases or the running of the judiciary. The judiciary was fully independent; there was no involvement from the executive or the parliament in the judiciary.

The delegation said the death penalty was one of last instance, the maximum penalty issued in the Criminal Code of Kuwait. It was only enacted for the most serious crimes and was not in contradiction with Islamic Sharia. At any stage of proceedings, the accused murderer could appeal, or ask for a lighter or reduced sentence, rather than the death penalty. From 2022 to 2024, there were 80 penalties reduced from the death penalty to a lighter sentence, with people even being released in some cases. In the case of a woman who was pregnant, the death penalty could not be carried out until the child was born. Minors could not be subjected to the death penalty.

Introducing the report, Naser Alhayen, Permanent Representative of Kuwait to the United Nations Office at Geneva and head of the delegation, said the accession of Kuwait to the Convention against Torture in 1996 was a pioneering step towards promoting rights and preserving freedoms. Since the submission of the fourth periodic report, Kuwait had taken steps to strengthen the legislative framework related to combatting torture. These efforts were represented in the issuance of decree-law no. 93 of 2024, which clearly stipulated the definition and prohibition of torture. The new law tightened the penalties imposed on perpetrators of torture crimes, and strictly criminalised any act of discrimination or ill treatment.

In closing remarks, Claude Heller, Committee Chairperson, thanked the delegation for the dialogue which had been very constructive. The Committee aimed to contribute to the improvement of human rights in all States.

Mr. Alhayen, in concluding remarks, thanked the Committee for the dialogue. Kuwait was fully committed to the implementation of all international standards and human rights and would continue the constructive dialogue with the Committee and the international community.

The delegation of Kuwait consisted of representatives from the Ministry of Foreign Affairs; the Ministry of Justice; the Ministry of Interior; the Ministry of Defense; the Ministry of Social Affairs; the Ministry of Information; the Ministry of Health; the Ministry of Education; the Central System for the Remedy of Situations of Illegal Residents; the Public Authority of Manpower; and the Permanent Mission of Kuwait to the United Nations Office at Geneva.

The Committee will issue concluding observations on the report of Kuwait at the end of its eighty-first session on 22 November. Those and other documents relating to the Committee’s work, including reports submitted by States parties, will be available on the session’s webpage. Summaries of the public meetings of the Committee can be found here, and webcasts of the public meetings can be found here.

The Committee will next meet in public on Thursday, 31 October at 3 p.m. to conclude its consideration of the third periodic report of Namibia (CAT/C/NAM/3).

Report

The Committee has before it the fourth periodic report of Kuwait (CAT/C/KWT/4).

Presentation of Report

NASER ALHAYEN, Permanent Representative of Kuwait to the United Nations Office at Geneva and head of the delegation, said the accession of Kuwait to the Convention against Torture in 1996 was a pioneering step towards promoting rights and preserving freedoms. Since the submission of the fourth periodic report, Kuwait had taken steps to strengthen the legislative framework related to combatting torture. These efforts were represented in the issuance of decree-law no. 93 of 2024, which clearly stipulated the definition and prohibition of torture. The new law tightened the penalties imposed on perpetrators of torture crimes, and strictly criminalised any act of discrimination or ill treatment. This decree was a milestone in the State’s efforts to strengthen the rule of law and protect human rights, and it imposed severe penalties of up to life imprisonment for certain crimes. A decree had also been adopted which redefined measures for receiving complaints relating to human rights.

Kuwaiti legislation included comprehensive protection for women and criminalisation of all forms of violence against them. The protection from domestic violence law no. 160 of 2020 was issued, which established shelters for victims of domestic violence, and the possibility of reporting violence. A child protection centre was also established. The Supreme Council for Family Affairs was working on establishing the third centre for protection from domestic violence and the rehabilitation of survivors. Law no. 21 of 2015 guaranteed the rights of the child, prohibiting children from deliberately being subjected to any physical or psychological abuse and punishing those who violated these provisions.

Specialised enforcement departments had been established to implement family court rulings and settle family disputes. Social security and insurance were provided to persons with disabilities. Monthly financial allocations were provided, in addition to a cash allowance for hiring a domestic worker or a driver to meet their daily needs. During the first half of 2024, the number of residents in social care homes reached 518 people, including 362 citizens and 165 non-citizens. These homes provided integrated rehabilitation and training programmes focused on reintegration.

The protection of the rights of contracted workers was a top priority for Kuwait, and this was highlighted in law no. 68 of 2015 on the protection of the rights of contracted workers. Since the adoption of the law, the situation of domestic workers had improved substantially, as strict laws had been imposed to prevent the exploitation of these workers and ensure them full legal protection. Inspection campaigns were conducted periodically on domestic labour recruitment offices and agencies to ensure that they applied the law; these campaigns issued fines in the event procedures were not followed.

Law no. 91 of 2013 aimed to criminalise all forms of human trafficking and provide legal protection for victims. The National Committee to Combat Trafficking in Persons was established, as well as a specialised prosecutor to investigate these cases. There had been a significant decrease in the number of trafficking crimes committed from 82 cases in 2020 to nine cases in 2023. A special system had been established for the early identification of victims by training workers at border crossings and hospitals to detect signs of exploitation. Victims were then transferred to care centres where they received medical, psychological and legal support.

Kuwait had adopted an approach that achieved more security for detainees by subjecting all prisons to the supervision of the judicial authority, represented by the Public Prosecution, which was an independent authority. The current system guaranteed every detainee the right to access a lawyer from the first moment of detention, and ensured that all detainees obtained their legal rights, and were granted an independent medical examination.

Mechanisms had been developed which allowed detainees or their families to submit confidential complaints for immediate investigation, with any official found to be involved in ill treatment held accountable. Advanced training programmes for police officers and prison staff had been developed in cooperation with the Office of the High Commissioner for Human Rights, with a special focus on practical aspects related to dealing with detainees. Mr. Alhayen concluded by emphasising Kuwait’s full commitment to human rights and to cooperation with the international community.

Questions by Committee Experts

ABDUL RAZZAQ RAWAN, Committee Expert and Rapporteur for Kuwait, congratulated Kuwait for the desire expressed with regards to continued cooperation and dialogue with the Committee. The Committee congratulated Kuwait on announcing a number of important initiatives and legislation. The Committee also congratulated the State party on the fact that half the delegation were women, and that the delegation represented multiple sectors, reflecting the importance of the Convention.

The Committee congratulated Kuwait for the work of the National Standing Committee on follow-up and communications that prepared the report, while asking for further clarification around the work of this body. What was the number of organizations which attended consultations for preparing the report, and how did these consultations impact the report? Could the State party elaborate further on the place of the Convention within the national legal system, in particular article 70 of the Kuwaiti Constitution? What was the impact of this jurisprudence in the country? To what extent was there an application of the provisions of the Convention by law enforcement officers?

Decree-law no. 93 of 2024 amended some provisions of the Kuwaiti Penal Code, with a new article which stipulated that the punishment of a public official who caused physical or psychological harm to a person, or induced him to confess to committing a crime, would face imprisonment for a period not exceeding five years and a fine not exceeding 5,000 dinars. Penalties for torture should be proportionate to the acts committed and the damage resulting from them. Torture leading to death was a crime that should be treated as more severe than murder, and should have its own punishment to distinguish it from ordinary murder. Could the State party comment on this?

Could the State party also comment regarding article 37 of the Code of Criminal Procedure, which allowed the use of “any means” during investigations to obtain evidence, provided that it was not contrary to public morals or infringed on the rights and freedoms of individuals? What procedural safeguards prevented coercion to remove confessions during interrogations and pretrial detention? What legal texts and legislative measures ensured the exclusion of torture from national legislation on amnesty and immunities? What was being done to fill this gap at the legislative level and in practice? The Convention obliged States parties to prevent and prohibit torture in all circumstances, including a state of emergency, war or any other exceptional circumstance. What were the State’s planned future actions to implement this commitment?

The Committee was satisfied with the provisions of paragraph 126 of the national report, in particular the requirements of articles 158 and 159 concerning the prohibition of coercion or inducement of the accused to make statements and the invalidity of a confession obtained under duress or torture. Could current examples be provided of judicial decisions invalidating confessions of accused persons as a result of torture?

The Committee had questions regarding the right of detainees to challenge the lawfulness or necessity of their detention. What actions had been taken to establish safeguards currently, or in the future, as well as the measures taken to enforce respect for them by law enforcement officials? What measures had been taken with regard to the control of records in all places of deprivation of liberty? Was there a centralised national information register that included all the data of the records in the detention centres in the country?

The Committee had expressed concern that judges were appointed by the Supreme Judiciary Council. There was also concern about the independence of foreign judges due to a lack of career security. Could the State party inform the Committee of any legislative amendments or developments aimed at establishing the judiciary as an authority that was independent of the executive authority, and granting it the full authority to manage the affairs of judges and supervise the preparation of relevant regulations? This included the conditions for managing the judiciary, appointing judges, tracking their careers, including their dismissal and promotion, and the conditions for appointing foreign judges to ensure their job security. What measures had been taken to implement the constitutional principle guaranteeing the independence of the judiciary and to implement the requirements of article 163?

The Committee had previously recommended that the State party adopt a legislative and institutional framework that incorporated international standards on asylum. Was this on the legislative agenda? While noting the decisions reported in the report whereby the daily fines imposed in many cases had been abolished, what measures had been taken to give effect to the Committee’s previous recommendation to amend the laws imposing such fines? What was the nature of cooperation with the Office of the United Nations High Commissioner for Refugees, and could any statistics be provided?

What measures were taken during the period under review to ensure that no person was returned to a country where they were in danger of being subjected to torture or ill treatment? Were those concerned with expulsion, return or extradition informed that they were entitled to seek asylum and appeal against deportation decisions? What legal and practical safeguards existed to ensure the right of persons for whom deportation orders had been issued, to have their cases reviewed by a competent judicial body? How many cases of return, extradition and expulsion had been carried out by the State party during the reporting period in exchange for diplomatic assurances?

Did Kuwaiti law and jurisprudence allow for universal jurisdiction, which was the following and prosecution of crimes of torture, so as to establish jurisdiction in all cases and to ensure that perpetrators did not go unpunished? If the State received a request for extradition from a State where Kuwait had no extradition agreement or treaty, what were the legislative and administrative measures needed to ensure that the Convention could be invoked as a legal basis for extradition? Had the State ever refused a request by another State for the extradition of an individual suspected of the crime of torture? Had it initiated any criminal proceedings against that individual as a result? If so, could information on the status and results of these proceedings be provided?

Could the delegation provide the Committee with information on any specialised programmes aimed at raising awareness of law enforcement officials, including security and prison personnel, and the measures adopted by the State party to prevent torture? Had any programmes been adopted and implemented to train police cadets and officers in non-coercive investigative techniques? Could information be provided on the assessment, review and updating of interrogation rules for persons who had been subjected to any form of arrest, detention or imprisonment? What did the State of Kuwait intend to do to fulfil the obligation of monitoring practices related to interrogation, methods of detention, and treatment of persons arrested?

The Committee would appreciate receiving information on the cases in which the legal provisions on the protection of witnesses and medical professionals documenting acts of torture and ill treatment had applied, in particular cases where these provisions had not been respected and action that had been taken against persons who had violated these legal requirements? Taking into account the legal amendments on torture, did Kuwait intend to accompany these amendments by allocating legal provisions related to the protection of victims, witnesses and medical experts in criminal law?

Article 14 of the Convention obligated States parties to provide a legislative framework for the right of victims to effective remedy and adequate compensation. What measures would be taken to give effect to this commitment through the adoption of legislation and institutional requirements? What measures of reparation and compensation, including court-ordered rehabilitation methods, had been made available to victims of torture and ill treatment or their families since the consideration of the previous periodic report? Were programmes being implemented to provide reparation to victims of torture and ill treatment, including health and psychological rehabilitation?

PETER VEDEL KESSING, Committee Expert and Rapporteur, asked what progress had been made to establish a fully independent National Human Rights Institution in line with the Paris Principles? Did the Government agree with reports that some law enforcement officers still engaged in abuse and ill treatment during arrest or interrogation? How many complaints of torture and ill treatment had been received over the last three years and what was the outcome of these complaints?

Were the three institutions which could investigate allegations of torture – the Office of the Public Prosecution, the General Directorate for Oversights and Inspection in the Ministry of Interior, and the National Bureau for Human Rights – completely independent from the Government as required under the Convention? Would the State party consider establishing a fully independent institution that could investigate violations of the Convention in an effective and impartial way? How many complaints had the Bureau received over alleged torture and ill treatment over the last three years? What was the outcome of these cases?

Overcrowding in prisons continued to be a significant problem, particularly in the central prison. The prison population was reported to be at an occupancy rate of 126 per cent in 2023. What efforts that had been taken to improve the living conditions in prisons? Was the Government considering additional efforts since the problem with overcrowding had not been solved? What progress had been made on the building of the new prison?

A law reportedly allowed the use of shackling of hands and feet for up to a month and the deprivation of certain types of food for a week as disciplinary punishment. How many detainees had been shackled over the last three years? What kind of offence warranted this punishment? How many detainees had been deprived of food over the last three years?

How could a prisoner make a complaint over ill treatment in the prison? How many complaints of ill treatment had been received over the last three years and what was the outcome of these cases? Was it correct that some officers only received a decrease in their salaries as a penalty for having subjected detainees to torture and other forms of ill treatment? How many visits had the International Committee of the Red Cross undertaken to places of detention from 2019 and onwards? How many announced and unannounced visits had the National Bureau for Human Rights carried out to places of detention over the last three years? How had Kuwait followed-up and implemented the recommendations from the independent institutions visiting places of detention in Kuwait?

The number of death sentences and executions carried out had reportedly increased, particularly since 2022. How many persons had been sentenced to death over the last five years and how many of those persons had been executed? Was it correct that a person could be sentenced to death for crimes not involving intentional killing, for example drug-related crimes? Allegedly, the abolition of the death penalty would be incompatible with Islamic Sharia, which was the main source of all Kuwaiti domestic legislation, including criminal law. Did this also apply to a moratorium for the execution of death sentences?

The delegation had provided important information on steps taken to improve the protection of foreign workers, including reviewing the laws, improving working conditions, and criminalising trafficking, which were positive steps. However, it was reported that there was a high death rate among migrant workers who carried out dangerous work, particularly in construction sites. How many migrant workers had died in Kuwait over the last three years? What measures were taken to protect migrant workers from ill treatment and exploitation? Why was a domestic worker not allowed to freely resign and change workplace? Why did they need the consent of or authorisation from the employer to change workplace?

The Committee appreciated the steps taken by Kuwait to counter domestic and sexual violence. Could marital rape be punished in Kuwait? Were there concrete court cases where martial rape had been punished as a criminal offence? What was the outcome of the court cases involving violence against women? In how many cases were the accused persons convicted for a crime and what were the sentences? Was the Government considering a ban on corporal punishment in all settings?

There had been reported concerns that Bidoon citizens were being denied access to education, health care and employment, and faced mass arrests, torture and abuse when trying to exercise their right to freedom of peaceful assembly. Did the Government accept the criticism and recommendations from the United Nations Human Rights Committee and from other sources, and was it willing to improve conditions for the Bidoons?

A Committee Expert said prolonged solitary confinement was proven to undermine the standards outlined in the Convention. Under what circumstances was incommunicado detention authorised? Would the State party consider abolishing incommunicado detention?

Responses by the Delegation

The delegation said the National Standing Committee on follow-up and communications was established in 2019. This Committee was delegated to respond to reports regarding the human rights situation in Kuwait and was assigned with preparing periodic reports presented to international bodies, and coordinating with non-governmental organizations working in the field of human rights. The Committee was operational and was present in the meeting. Its staff received the necessary training to support its mandate. This Committee had been in contact and coordinated with the Office of the High Commissioner for Human Rights.

The promulgation of the 1996 law approving the adoption of the Convention meant that this instrument was part of the national legal framework in Kuwait. A judge could invoke the Convention in the issuance of verdicts. There was no need for another process or procedure for the Convention to be part of national legislation. A new text in the legislation included a penalty for using torture to extract a confession. A new law punished every official who had acquiesced to a request of torture.

Any official or service provider who inflicted physical or mental harm against a person or their family members, or forced them to provide statements thereof, could be found guilty of torture. The punishment was a sentence of not more than five years and not less than 5,000 dinars. There was also a criminalisation of discrimination in connection with torture. If torture led to death, then a person was charged with the crime of a deliberate murder. The sentence was then death, and there was no harsher punishment.

The Public Prosecutor conducted investigations and interrogations into charges of torture. Defendants could deny such charges. Everything took place under the supervision of the courts. A defendant could adhere to the invalidity of such a confession. If a confession was obtained under torture, then it was dismissed by the court. The court resorted to many principles related to the invalidity of confessions extracted under torture. In a case when a police officer had forced a defendant to provide a confession, the defendant was acquitted. Acquittal was premised on the examination of evidence in the case.

If a detainee requested a medical evacuation, medical care was provided under the supervision of the police. Anyone sentenced to imprisonment had their names recorded in an electronic system which was supervised by multiple agencies. If their detention period exceeded the terms stipulated in the law, there was a notification, and those in charge were held accountable.

Judicial safeguards were in place, including that the individual had the right to know the reason for their arrest. If the individual could not appoint a lawyer, the State had the right to appoint a lawyer for them. All questioning should be done by specialist bodies, and it was up to the judge to release the person or keep them in detention. Detainees could appeal at any stage of the judgement. Questioning could only be conducted by trained, specialised staff, not just the police. The accused individual had the right to request an examination to ensure there were no injuries, which needed to be included in the investigation report. The arrested individual had the possibility of appointing somebody to witness this.

Judges needed to be fully competent and qualified in the field of law or Sharia and did not have the right to exercise political activities. Judges could not be removed from their posts unless disciplinary measures were issued against them. If judges were related to the accused by four degrees, they were required to recuse themselves from proceedings. The Ministry of Justice could not get involved in daily cases or the running of the judiciary. They could recommend the appointment of judges when necessary. Kuwait had chosen to ensure a separation of powers. The judiciary was fully independent; there was no involvement from the executive or the parliament in the judiciary.

Currently, there were no persons subject to a decision of exile or expulsion. If such a decision was taken, it was implemented in cooperation with the United Nations High Commissioner for Refugees, allowing the affected persons to be supported. All foreign individuals could not be exonerated from fines imposed upon them. Any individual who had received fines was obliged to pay them before being deported. In cases where people were unable to pay the fines, they could pay them subsequently in cooperation with third parties.

Responses by the Delegation

The delegation said the definition of the crime of torture was challenging, as there was a need to define what behaviours constituted torture. For example, if an individual was compelled to disclose information under duress, this could equate to torture, even if they were not subject to physical constraint. One did not have to be the perpetrator of torture to be covered by the acts under the law; individuals could be sanctioned as a standby witness. Any physical act of torture was a crime and the Kuwaiti legislator had established as a minimum threshold, a three-year imprisonment. If the acts committed had long-term impacts and were severe, the sanctions would be increased. Pre-mediated crimes could be punished by life imprisonment or the death penalty. The crime of torture was an absolute crime, and mitigating circumstances could not be used to downplay or excuse acts of torture.

Awareness campaigns had been rolled out on national radio and television stations to make the public aware of the serious nature of the act of torture. Social media networks had published advertisements and short awareness-raising videos and clips. The campaign aimed to ensure that violence was not seen as mainstream or normal, whether in schools or in the family. All channels were used to repeat this point. A robust checking system was in place to monitor campaigns and check results. Steps were taken to ensure unjustified violence was never promoted or mainstreamed, and to crack down on misinformation which could foster unrest and discrimination. Producers who violated requirements were held accountable. There were rare cases where scenes of violence had been broadcast, for example during the COVID-19 pandemic. These were immediately followed up on and assessed, and action was taken to hold those responsible to account.

Initiatives had been conducted to be conducive to awareness raising in schools, to ensure victims of violence could have access to support. All measures were taken to support the psychological wellbeing of women. Around 60 clinics provided women victims of violence with psychological support. Specialised non-governmental organizations worked with victims of domestic violence and conducted training for self-defence. Each State had rules for interrogation and treating any person who was under arrest, in such a way to ensure there were no acts of torture involved. There first needed to be a medical observation of the entire body of the arrested person prior to interrogation, and they were then given the opportunity to meet with a lawyer. If the arrested person did not speak Arabic, they would receive the support of an interpreter.

In the cases of detention, the detainee was entitled to all communication tools, access to a lawyer, and the ability to communicate with their family members to inform about their whereabouts. All cases involving compensation for acts of torture were actioned through a special administration. From 2020 to 2023, there were only nine torture complaints. Torture was not considered a phenomenon or a scourge in Kuwait.

The National Bureau for Human Rights conducted training and developed content to disseminate a general culture about human rights, and also contributed to building programmes on human rights training in schools. The protection and promotion of human rights was promoted through a website, social media networks, and awareness raising campaigns. This year, the Bureau participated in a conference on local and regional initiatives for human rights. The Bureau supported rehabilitation and penitentiary centres and could conduct visits to places of detention, women’s shelters, and other institutions without any clearance needed. Investigations against the police were conducted in the event of complaints. If it was found that these complaints were legitimate, sanctions were imposed, including the loss of salary or job.

Twenty-one memorandums of understanding had been signed with other countries to govern the issue of domestic workers. Kuwait heeded its commitments under the International Labour Organization conventions. A hotline was provided to all workers, enabling them to file complaints at any time. One hundred and fifty-three inspection campaigns had been conducted in July. Seven violations against domestic workers had been recorded in 2024.

Any domestic worker could request a change of employment without requiring the approval of their previous employer. An awareness campaign which targeted domestic workers was being rolled out, focused on raising awareness for current and prospective domestic workers about their rights, as well as promoting the hotlines and contact points they might need.

Being held incommunicado in isolation cells could only be imposed in specific circumstances, for example if the person was self-harming while in detention. The death penalty was one of last instance, the maximum penalty issued in the Criminal Code of Kuwait. It was only enacted for the most serious crimes and was not in contradiction with Islamic Sharia. At any stage of proceedings, the accused murderer could appeal, or ask for a lighter or reduced sentence, rather than the death penalty. From 2022 to 2024, there were 80 penalties reduced from the death penalty to a lighter sentence, with people even being released in some cases. In the case of a woman who was pregnant, the death penalty could not be carried out until the child was born. Minors could not be subjected to the death penalty.

The crime of rape was defined with the non-presence of consent. Consent was a constant, including in a marriage. If consent had not been given, this was recognised as being a rape and was defined as a rape in the Criminal Code. If marital rape occurred, this was criminalised and the perpetrator was punished. This relied on the woman registering a complaint of rape. The existing legislation in Kuwait did meet the requisite standards. The sanctions and punishments were commensurate with the degree of harm suffered.

Crimes of sexual violence had multiplied, including rape and non-consensual sexual relationships with minors. Some of the sentences handed down for these cases were life imprisonment, with the minimum sentences being 15 years in certain circumstances. This highlighted that the justice system was working as it should in Kuwait, with perpetrators being duly sanctioned.

The State did not currently intend to lift its reservations to the Convention, as doing this would pose a risk to the State’s sovereignty. Any detainee who had health concerns where their lives were at risk were assessed by doctors, and in some cases could be provided with a conditional release.

The Government was continuing its tireless efforts to address the issue of stateless persons. An action plan had been adopted which served as a roadmap. There were 10,260 stateless persons in Kuwait who were currently in the regularisation process. People undergoing this process received long-term resident permits and received medical insurance cards.

Kuwait guaranteed the right to freedom of expression and peaceful assembly. The country had signed 15 extradition agreements, which were bilateral agreements between Kuwait and third parties. In the event no treaty was in place, Kuwait referred to the principle of reciprocity.

Laws and regulations punished terrorist acts and crimes, money laundering, and the financing of terrorism. Kuwait had a specialised department on combatting terrorism, money laundering and terrorism financing. Twenty-eight terrorist cases had been registered over the past four years. Thirty-five inmates currently were being held in prison for being associated with a group which presented a threat to the nation.

Kuwait had rehabilitation and mental health follow-up programmes for persons in institutions, which allowed these persons to avoid relapse. Therapy sessions were conducted, in which persons were evaluated at the psycho-social level and evaluated from a general risk perspective before they were discharged. A social and family integration programme was in place for persons with disabilities. Allowances were provided for personal assistants and drivers. Five hundred and eighteen persons were in social care institutions. These included persons with severe psychological and motor disabilities.

Questions by Committee Experts

ABDUL RAZZAQ RAWAN, Committee Expert and Rapporteur for Kuwait, said torture was a serious and grave crime within international human rights law. Therefore, it was absurd that there were no provisions thereon, and the Committee insisted on this. Mr. Rawan commended the provisions in the civic law of Kuwait, which provided for reparations. Could the delegation explain in detail the course of the reforms undertaken by Kuwait? Were there any special education programmes to support the Convention among law enforcement officers?

All countries were recommended to provide training in the provisions of the Istanbul Protocol. Did Kuwait provide such training? Was there a law which governed the use of forensic medicine in Kuwait? The Convention considered mechanisms monitoring deprivation of liberty as an effective means to combat torture. It was hoped that Kuwait would ratify the Optional Protocol to the Convention. Regarding fundamental legal safeguards, it was vital for family members to be notified of one’s place of detention. Could clarifications be provided on whether this was complied with?

PETER VEDEL KESSING, Committee Expert and Rapporteur, commended Kuwait for all the positive measures taken, including new laws and regulations to prevent torture. It was understood that the State was willing to tighten the penalty for torture to more than five years, which was commensurate with the gravity of the crime. This was commendable. What was to process from here on? When could it be hoped that there would be changes? Would the Government apply for international accreditation for the National Bureau for Human Rights? Was it common to have video or audio recordings of police interrogations? If there were allegations against a police officer, who would investigate that complaint?

Could a domestic worker easily terminate a contract with a month’s notice, or were they always required to supply a reason? It was encouraging to learn that Kuwait was considering a ban on the use of shackles. Could the State be more specific on the timeline? Had the new prison been built to tackle the issue of overcrowding? Could updated statistics be provided on deaths in custody? Had deaths in custody been investigated? What measures were being taken to prevent these kinds of deaths?

Responses by the Delegation

The delegation said sovereignty was a sensitive issue, all the more so when international texts and treaties departed from national legislation. The State of Kuwait was firmly resolved to prosecute and punish any act of torture, irrespective of the perpetrator of that act. The law on protection from corporal punishment 2020 expressly prohibited any act of violence against a child. A unit was set up which responded to complaints of ill treatment against children, including corporal punishment. Immediate investigations were launched into allegations of abuse in schools. Any report of abuse needed to be followed up on immediately.

The Office of the Prosecutor was mandated to prosecute crimes brought before it, including torture. Once the Office was seized with a case of torture, an effective streamlined system ensured a rapid investigation into the reported case of torture. The Public Prosecutor’s Office was also an independent, oversight body which enacted measures to ensure oversight of places of deprivation of liberty. Since 2009, it had the right to carry out visits to verify the conditions of places of deprivation of liberty. The visits were also used to ensure that there were not acts tantamount to torture, ill treatment or abuse being carried out.

If an act of torture had led to a loss of life, the sentence would be toughened up to the death penalty. If a doctor believed a patient in hospital ran the risk of being tortured, they would report it to the police unit in the hospital which would take legal measures against the perpetrator.

Around 53,000 domestic workers had changed careers to jobs in the public sector. When a suspect or defendant was under interrogation, they were informed of their rights. Twenty-two cases of detention without grounds between 2020 and 2024 had been referred to the competent judicial authorities, who referred the cases to the competent courts. A decree regulated the suspension of a police officer, following reports of excessive use of force.

A study was being conducted to amend the article in regard to the use of discipline of inmates. It was hoped that this amendment would see the light of day, and the article would then be in line with the Mandela and Bangkok Rules. Remand in custody was limited by law and could not be extended. The provision of a hotline was a safeguard, which was open to Kuwaitis or non-Kuwaitis to lodge any abuse of their rights, including complaints against police officers. Kuwait would recommend that the National Bureau for Human Rights seek accreditation under the Global Alliance of National Human Rights Institutions.

Question by a Committee Expert

ABDUL RAZZAQ RAWAN, Committee Expert and Rapporteur for Kuwait, said the judiciary had a fundamental role in preventing torture and implementing the provisions of the Convention. It was hoped the State would take into account shortcomings which could impact the work of the judges and judiciary into account.

Responses by the Delegation

The delegation said the judicial authority in Kuwait was fully independent of the executive and legislative authority; these were separate powers. In practice, there was no interference whatsoever. Rules might imply an interference, but in practice, this was not the reality. The Kuwaiti judiciary and the Office of the Prosecutor General were fully independent from a technical standpoint.

Closing Remarks

CLAUDE HELLER, Committee Chairperson, thanked the delegation for the dialogue which had been very constructive. The Convention was respectful of sovereignty. The Committee aimed to contribute to the improvement of human rights in all States.

NASER ALHAYEN, Permanent Representative of Kuwait to the United Nations Office at Geneva and head of the delegation, thanked the Committee for the dialogue. Kuwait was fully committed to the implementation of all international standards and human rights and would continue the constructive dialogue with the Committee and the international community.

Produced by the United Nations Information Service in Geneva for use of the media;
not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

CAT24.019E

MIL OSI United Nations News –

January 25, 2025

MIL-Evening Report: Collisions between planes and birds follow seasonal patterns and overlap with breeding and migration – new research

Source: The Conversation (Au and NZ) – By Tirth Vaishnav, PhD Candidate in Ecology and Biodiversity, Te Herenga Waka — Victoria University of Wellington

Getty Images

Bird strikes with aircraft pose a serious threat to human safety. The problem dates back to the early days of aviation, with the first death of a pilot recorded in 1912 when an aircraft crashed into the sea after striking a gull.

Since then, 795 lives have been lost to collisions between aircraft and birds, not to mention the countless bird fatalities.

As aircraft get faster, quieter, larger and more numerous, the risk of serious accidents increases accordingly. Every year, the aviation industry incurs damages worth billions of dollars.

To mitigate this problem, airports around the world implement wildlife hazard management, including dispersing flocks away from the runway, tracking local bird movements and managing potential food sources such as landfills and farms near the aerodrome.

In our recent study, we zoomed out from the local airport and examined seasonal and hemispheric trends in bird strikes.

We found they peak in late summer and autumn in both hemispheres, but the annual distribution differs between the northern and southern hemispheres. Seasonal trends in bird strikes were seemingly influenced by avian breeding and migration patterns.

Airports deploy noise barriers and reflective walls to keep birds away from the runway.
Getty Images

Seasonal patterns

To assess seasonal patterns in bird strikes, we gathered information for individual airports from existing literature and online sources. Our dataset includes 122 airports in 16 countries and five continents.

For each hemisphere, we determined the time of year with the overall highest number of bird strikes and the spread of strikes through the year.

We found that bird strikes peaked in late August in the northern hemisphere and in early April in the southern hemisphere. Strikes were relatively more seasonal in the north, while they had a greater annual spread in the south.

For instance, strikes in New York or Oslo in the northern hemisphere were considerably higher in August compared to other times of the year, while in Wellington or Durban in the southern hemisphere, strikes occurred more consistently throughout the year.

Birds strikes are more seasonal in the northern hemisphere and more distributed across the year in the southern hemisphere.
Author provided, CC BY-SA

Bird strikes peaked in the autumn season in each hemisphere. Autumn is generally when young birds fledge and take to the skies. There may be two explanations for why bird strikes are higher during this time of year.

For young birds, avoiding foreign objects in the flight path may be a learned behaviour. This would result in juveniles being struck at a higher rate.
The greater number of birds in the air during autumn due to the influx of fledglings may result in more strikes, with adults and juveniles being struck at random.

Links to bird migration

Seasonal peaks in bird strikes were more pronounced in the north compared to the south. Approximately 80% of the southern hemisphere’s surface is water and the solar energy absorbed by the oceans leads to a more stable thermal regime.

Conversely, the surface of the northern hemisphere is mostly land, leading to greater fluctuations in temperature. Birds migrate in response to these environmental factors and this influences global avian distributions and abundances.

The intensity of migration is, therefore, much stronger in the northern hemisphere compared to the southern hemisphere, where local bird abundances are more stable seasonally.

Our findings bridge a gap between aviation safety and macroecology. Airport authorities can use this information in several ways.

Wildlife officers can optimise their bird strike mitigation efforts by allocating more resources in the autumn months, particularly in northern regions.
Management plans for “problem” species such as gulls are often adapted from existing plans for similar species at other airports. Information on patterns in bird strikes may help in customising these plans to local bird behaviour.
Bird strikes are a global issue, so better standardisation in reporting bird strike statistics could improve our ability to analyse them at a global scale.

Finally, with climate change altering the seasonal timing of cyclical events, such as avian breeding seasons and migration patterns, it may be crucial to forecast the impact of these changes on the seasonal trends in bird strikes.

To some degree, bird strikes may be inevitable. But with the cooperation of aviation authorities, scientists and policy makers, we may be able to minimise their frequency and intensity.

Tirth Vaishnav 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. Collisions between planes and birds follow seasonal patterns and overlap with breeding and migration – new research – https://theconversation.com/collisions-between-planes-and-birds-follow-seasonal-patterns-and-overlap-with-breeding-and-migration-new-research-241238

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI: Transocean Ltd. Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

	Three months ended											Three months ended
	September 30,				June 30,				sequential			September 30,				year-over-year
	2024				2024				change			2023				change
(In millions, except per share amounts, percentages and backlog)
Contract drilling revenues	$	948			$	861			$	87		$	713			$	235
Adjusted contract drilling revenues	$	948			$	861			$	87		$	721			$	227
Revenue efficiency ⁽¹⁾		94.5		%		96.9		%					95.4		%
Operating and maintenance expense	$	563			$	534			$	29		$	524			$	39
Net loss attributable to controlling interest	$	(494	)		$	(123	)		$	(371	)	$	(220	)		$	(274	)
Diluted loss per share	$	(0.58	)		$	(0.15	)		$	(0.43	)	$	(0.28	)		$	(0.30	)

Adjusted EBITDA	$	342			$	284			$	58		$	162			$	180
Adjusted EBITDA margin		36.0		%		33.0		%					22.5		%
Adjusted net income (loss)	$	64			$	(123	)		$	187		$	(280	)		$	344
Adjusted diluted earnings (loss) per share	$	—			$	(0.15	)		$	0.15		$	(0.36	)		$	0.36


Backlog as of the October 2024 Fleet Status Report	$	9.3		billion

STEINHAUSEN, Switzerland, Oct. 30, 2024 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $494 million, $0.58 per diluted share, for the three months ended September 30, 2024.

Third quarter results included net unfavorable items of $558 million or $0.58 per diluted share as follows:

$617 million, $0.64 per diluted share, loss on impairment of assets, net of tax.

Partially offset by:

$21 million , $0.02 per diluted share, gain on retirement of debt; and
$38 million, $0.04 per diluted share, discrete tax items, net.

After consideration of these net unfavorable items, third quarter 2024 adjusted net income was $64 million.

Contract drilling revenues for the three months ended September 30, 2024, increased sequentially by $87 million to $948 million, primarily due to increased rig utilization, increased dayrates for two rigs, higher reimbursement revenues and a full quarter of revenues from the newbuild ultra-deepwater drillship Deepwater Aquila, partially offset by lower revenue efficiency across the fleet.

Operating and maintenance expense was $563 million, compared with $534 million in the prior quarter. The sequential increase was the result of increased fleet activity, including a full quarter of operations from Deepwater Aquila, partially offset by reduced operating costs related to Transocean Norge following the acquisition of Orion Holdings (Cayman) Limited in June 2024.

General and administrative expense was $47 million, down from $59 million in the second quarter. The decrease was primarily due to reduced costs associated with the early retirement of certain personnel and lower professional fees.

Interest expense net of capitalized amounts was $154 million, compared to $143 million in the prior quarter, excluding the favorable adjustment of $74 million and $69 million in the third and second quarter, respectively, for the fair value of the bifurcated exchange feature related to the 4.625% exchangeable bonds. Interest income was $11 million, compared to $14 million in the prior quarter.

The Effective Tax Rate⁽²⁾ was 6.0%, down from 474.5% in the prior quarter. The decrease was primarily due to rig impairments, rig sales and other ordinary movement in income before tax. The Effective Tax Rate excluding discrete items was 22.5% compared to 416.3% in the previous quarter.

Cash provided by operating activities was $194 million during the third quarter of 2024, representing an increase of $61 million compared to the prior quarter. The sequential increase was primarily due to increased operating activities, improved cash collected from customers and timing of payments to suppliers, partially offset by higher interest payments.

Third quarter 2024 capital expenditures of $58 million were primarily associated with Deepwater Aquila. This compares with $84 million in the prior quarter.

“As illustrated by the nearly $1.3 billion in backlog booked in the third quarter, including the recent award for Deepwater Conqueror, the demand for our fleet of high specification ultra-deepwater and harsh environment rigs remains strong,” said Chief Executive Officer, Jeremy Thigpen. “With these most recent awards, more than 97% of Transocean’s active fleet is contracted in 2025, once again demonstrating that our customers clearly recognize Transocean’s unique capabilities – our rigs, crews and superior operational performance – add value to their programs.”

Thigpen concluded, “With approximately $9.3 billion in backlog, and clear visibility to future demand, we will remain focused on delivering safe, reliable and efficient operations for our customers and continue to maximize cash generation to improve our balance sheet, as we did in the third quarter with $136 million of free cash flow.”

Non-GAAP Financial Measures
We present our operating results in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). We believe certain financial measures, such as Adjusted Contract Drilling Revenues, EBITDA, Adjusted EBITDA and Adjusted Net Income, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.

All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.

For more information about Transocean, please visit: www.deepwater.com.

Conference Call Information

Transocean will conduct a teleconference starting at 9 a.m. EDT, 2 p.m. CET, on Thursday, October 31, 2024, to discuss the results. To participate, dial +1 785-424-1226 and refer to conference code 827284 approximately 15 minutes prior to the scheduled start time.

The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. Supplemental materials that may be referenced during the teleconference will be available at: www.deepwater.com, by selecting Investors, Financial Reports.

A replay of the conference call will be available after 12 p.m. EDT, 5 p.m. CET, on Thursday, October 31, 2024. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-9184, passcode 827284. The replay will also be available on the company’s website.

Forward-Looking Statements

The statements described herein that are not historical facts are 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. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2023, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

Notes

(1)

Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. See the accompanying schedule entitled “Revenue Efficiency.”

(2)

Effective Tax Rate is defined as income tax expense or benefit divided by income or loss before income taxes. See the accompanying schedule entitled “Supplemental Effective Tax Rate Analysis.”

Analyst Contact:
Alison Johnson
+1 713-232-7214

Media Contact:
Pam Easton
+1 713-232-7647

TRANSOCEAN LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
	Three months ended						Nine months ended
	September 30,						September 30,
	2024			2023			2024			2023

Contract drilling revenues	$	948		$	713		$	2,572		$	2,091

Costs and expenses
Operating and maintenance		563			524			1,620			1,417
Depreciation and amortization		190			192			559			560
General and administrative		47			44			158			137
		800			760			2,337			2,114

Loss on impairment of assets		(629	)		(5	)		(772	)		(58	)
Loss on disposal of assets, net		(4	)		(3	)		(10	)		(173	)
Operating loss		(485	)		(55	)		(547	)		(254	)

Other income (expense), net
Interest income		11			12			40			42
Interest expense, net of amounts capitalized		(80	)		(232	)		(271	)		(649	)
Gain (loss) on retirement of debt		21			—			161			(32	)
Other, net		8			12			32			35
		(40	)		(208	)		(38	)		(604	)
Loss before income tax benefit		(525	)		(263	)		(585	)		(858	)
Income tax benefit		(31	)		(43	)		(66	)		(8	)

Net loss		(494	)		(220	)		(519	)		(850	)
Net income attributable to noncontrolling interest		—			—			—			—
Net loss attributable to controlling interest	$	(494	)	$	(220	)	$	(519	)	$	(850	)

Loss per share
Basic	$	(0.56	)	$	(0.28	)	$	(0.62	)	$	(1.13	)
Diluted	$	(0.58	)	$	(0.28	)	$	(0.65	)	$	(1.13	)

Weighted-average shares outstanding
Basic		879			774			840			755
Diluted		954			774			915			755

TRANSOCEAN LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
	September 30,			December 31,
	2024			2023
Assets
Cash and cash equivalents	$	435		$	762
Accounts receivable, net of allowance of $2 at September 30, 2024 and December 31, 2023		594			512
Materials and supplies, net of allowance of $176 and $198 at September 30, 2024 and December 31, 2023, respectively		425			426
Assets held for sale		345			49
Restricted cash and cash equivalents		365			233
Other current assets		179			144
Total current assets		2,343			2,126

Property and equipment		22,412			23,875
Less accumulated depreciation		(6,424	)		(6,934	)
Property and equipment, net		15,988			16,941
Contract intangible assets		—			4
Deferred tax assets, net		165			44
Other assets		1,014			1,139
Total assets	$	19,510		$	20,254

Liabilities and equity
Accounts payable	$	255		$	323
Accrued income taxes		13			23
Debt due within one year		457			370
Other current liabilities		706			681
Total current liabilities		1,431			1,397

Long-term debt		6,503			7,043
Deferred tax liabilities, net		570			540
Other long-term liabilities		778			858
Total long-term liabilities		7,851			8,441

Commitments and contingencies

Shares, $0.10 par value, 1,057,879,029 authorized, 141,262,093 conditionally authorized, 940,828,901 issued
and 875,803,595 outstanding at September 30, 2024, and CHF 0.10 par value, 1,021,294,549 authorized,
142,362,093 conditionally authorized, 843,715,858 issued and 809,030,846 outstanding at December 31, 2023		87			81
Additional paid-in capital		14,871			14,544
Accumulated deficit		(4,552	)		(4,033	)
Accumulated other comprehensive loss		(179	)		(177	)
Total controlling interest shareholders’ equity		10,227			10,415
Noncontrolling interest		1			1
Total equity		10,228			10,416
Total liabilities and equity	$	19,510		$	20,254

TRANSOCEAN LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
	Nine months ended
	September 30,
	2024			2023
Cash flows from operating activities
Net loss	$	(519	)	$	(850	)
Adjustments to reconcile to net cash provided by operating activities:
Amortization of contract intangible asset		4			45
Depreciation and amortization		559			560
Share-based compensation expense		38			30
Loss on impairment of assets		772			58
Loss on impairment of investment in unconsolidated affiliate		5			—
Loss on disposal of assets, net		10			173
Fair value adjustment to bifurcated compound exchange feature		(153	)		272
Amortization of debt-related balances, net		39			38
(Gain) loss on retirement of debt		(161	)		32
Deferred income tax expense (benefit)		(91	)		1
Other, net		(6	)		21
Changes in deferred revenues, net		98			40
Changes in deferred costs, net		(26	)		(125	)
Changes in other operating assets and liabilities, net		(328	)		(229	)
Net cash provided by operating activities		241			66

Cash flows from investing activities
Capital expenditures		(225	)		(207	)
Investment in loans to unconsolidated affiliates		(3	)		(3	)
Investment in equity of unconsolidated affiliate		—			(10	)
Proceeds from disposal of assets, net of costs to sell		99			10
Cash acquired in acquisition of unconsolidated affiliates		5			7
Net cash used in investing activities		(124	)		(203	)

Cash flows from financing activities
Repayments of debt		(2,073	)		(1,707	)
Proceeds from issuance of debt, net of issue costs		1,767			1,664
Other, net		(6	)		(3	)
Net cash used in financing activities		(312	)		(46	)

Net decrease in unrestricted and restricted cash and cash equivalents		(195	)		(183	)
Unrestricted and restricted cash and cash equivalents, beginning of period		995			991
Unrestricted and restricted cash and cash equivalents, end of period	$	800		$	808

TRANSOCEAN LTD. AND SUBSIDIARIES
FLEET OPERATING STATISTICS


	Three months ended
	September 30,		June 30,		September 30,
Contract Drilling Revenues (in millions)	2024		2024		2023
Ultra-deepwater floaters	$	668	$	606	$	516
Harsh environment floaters		280		255		197
Total contract drilling revenues	$	948	$	861	$	713

	Three months ended
	September 30,		June 30,		September 30,
Average Daily Revenue ⁽¹⁾	2024		2024		2023
Ultra-deepwater floaters	$	426,700	$	433,900	$	406,500
Harsh environment floaters		464,900		449,600		357,400
Total fleet average daily revenue	$	436,800	$	438,300	$	391,300

	Three months ended
	September 30,		June 30,		September 30,
Utilization ⁽²⁾	2024		2024		2023
Ultra-deepwater floaters	60.7	%	53.5	%	45.0	%
Harsh environment floaters	75.0	%	73.0	%	63.0	%
Total fleet average rig utilization	63.9	%	57.8	%	49.4	%

	Three months ended
	September 30,		June 30,		September 30,
Revenue Efficiency ⁽³⁾	2024		2024		2023
Ultra-deepwater floaters	92.5	%	96.5	%	94.3	%
Harsh environment floaters	100.1	%	98.1	%	98.1	%
Total fleet average revenue efficiency	94.5	%	96.9	%	95.4	%


⁽¹⁾ Average daily revenue is defined as operating revenues, excluding revenues for contract terminations, reimbursements and contract intangible amortization, earned per operating day. An operating day is defined as a day for which a rig is contracted to earn a dayrate during the firm contract period after operations commence.

⁽²⁾ Rig utilization is defined as the total number of operating days divided by the total number of rig calendar days in the measurement period, expressed as a percentage.

⁽³⁾ Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations.

TRANSOCEAN LTD. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE
(in millions, except per share data)


	YTD			QTD			YTD			QTD			YTD
	09/30/24			09/30/24			06/30/24			06/30/24			03/31/24
Adjusted Net Income (Loss)
Net income (loss) attributable to controlling interest, as reported	$	(519	)	$	(494	)	$	(25	)	$	(123	)	$	98
Loss on impairment of assets, net of tax		755			617			138			138			—
Loss on impairment of investment in unconsolidated affiliates		5			—			5			4			1
Gain on retirement of debt		(161	)		(21	)		(140	)		(140	)		—
Discrete tax items		(161	)		(38	)		(123	)		(2	)		(121	)
Net income (loss), as adjusted	$	(81	)	$	64		$	(145	)	$	(123	)	$	(22	)

Adjusted Diluted Earnings (Loss) Per Share:
Diluted earnings (loss) per share, as reported	$	(0.65	)	$	(0.58	)	$	(0.03	)	$	(0.15	)	$	0.11
Loss on impairment of assets, net of tax		0.82			0.64			0.17			0.17			—
Loss on impairment of investment in unconsolidated affiliates		0.01			—			—			—			—
Gain on retirement of debt		(0.18	)		(0.02	)		(0.17	)		(0.17	)		—
Discrete tax items		(0.18	)		(0.04	)		(0.15	)		—			(0.14	)
Diluted earnings (loss) per share, as adjusted	$	(0.18	)	$	—		$	(0.18	)	$	(0.15	)	$	(0.03	)

	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/23			12/31/23			09/30/23			09/30/23			06/30/23			06/30/23			03/31/23
Adjusted Net Loss
Net loss attributable to controlling interest, as reported	$	(954	)	$	(104	)	$	(850	)	$	(220	)	$	(630	)	$	(165	)	$	(465	)
Loss on impairment of assets		57			(1	)		58			5			53			53			—
Loss on disposal of assets, net		169			—			169			—			169			—			169
Loss on impairment of investment in unconsolidated affiliate		5			5			—			—			—			—			—
Loss on conversion of debt to equity		27			24			3			—			3			3			—
(Gain) loss on retirement of debt		31			(1	)		32			—			32			—			32
Discrete tax items		(74	)		3			(77	)		(65	)		(12	)		(1	)		(11	)
Net loss, as adjusted	$	(739	)	$	(74	)	$	(665	)	$	(280	)	$	(385	)	$	(110	)	$	(275	)

Adjusted Diluted Loss Per Share:
Diluted loss per share, as reported	$	(1.24	)	$	(0.13	)	$	(1.13	)	$	(0.28	)	$	(0.85	)	$	(0.22	)	$	(0.64	)
Loss on impairment of assets		0.07			—			0.08			0.01			0.07			0.07			—
Loss on disposal of assets, net		0.22			—			0.23			—			0.23			—			0.23
Loss on impairment of investment in unconsolidated affiliate		0.01			0.01			—			—			—			—			—
Loss on conversion of debt to equity		0.04			0.03			—			—			—			—			—
(Gain) loss on retirement of debt		0.04			—			0.04			—			0.04			—			0.04
Discrete tax items		(0.10	)		—			(0.10	)		(0.09	)		(0.01	)		—			(0.01	)
Diluted loss per share, as adjusted	$	(0.96	)	$	(0.09	)	$	(0.88	)	$	(0.36	)	$	(0.52	)	$	(0.15	)	$	(0.38	)

TRANSOCEAN LTD. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
ADJUSTED CONTRACT DRILLING REVENUES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION AND RELATED MARGINS
(in millions, except percentages)


	YTD				QTD				YTD				QTD				YTD
	09/30/24				09/30/24				06/30/24				06/30/24				03/31/24

Contract drilling revenues	$	2,572			$	948			$	1,624			$	861			$	763
Contract intangible asset amortization		4				—				4				—				4
Adjusted Contract Drilling Revenues	$	2,576			$	948			$	1,628			$	861			$	767

Net income (loss)	$	(519	)		$	(494	)		$	(25	)		$	(123	)		$	98
Interest expense, net of interest income		231				69				162				60				102
Income tax expense (benefit)		(66	)			(31	)			(35	)			156				(191	)
Depreciation and amortization		559				190				369				184				185
Contract intangible asset amortization		4				—				4				—				4
EBITDA		209				(266	)			475				277				198

Loss on impairment of assets		772				629				143				143				—
Loss on impairment of investment in unconsolidated affiliates		5				—				5				4				1
Gain on retirement of debt		(161	)			(21	)			(140	)			(140	)			—
Adjusted EBITDA	$	825			$	342			$	483			$	284			$	199


Profit (loss) margin		(20.2	)	%		(52.0	)	%		(1.5	)	%		(14.3	)	%		12.9		%
EBITDA margin		8.1		%		(28.1	)	%		29.2		%		32.2		%		25.8		%
Adjusted EBITDA margin		32.0		%		36.0		%		29.7		%		33.0		%		26.0		%

	YTD				QTD				YTD				QTD				YTD				QTD				YTD
	12/31/23				12/31/23				09/30/23				09/30/23				06/30/23				06/30/23				03/31/23

Contract drilling revenues	$	2,832			$	741			$	2,091			$	713			$	1,378			$	729			$	649
Contract intangible asset amortization		52				7				45				8				37				19				18
Adjusted Contract Drilling Revenues	$	2,884			$	748			$	2,136			$	721			$	1,415			$	748			$	667

Net loss	$	(954	)		$	(104	)		$	(850	)		$	(220	)		$	(630	)		$	(165	)		$	(465	)
Interest expense, net of interest income		594				(13	)			607				220				387				157				230
Income tax expense (benefit)		13				21				(8	)			(43	)			35				(16	)			51
Depreciation and amortization		744				184				560				192				368				186				182
Contract intangible asset amortization		52				7				45				8				37				19				18
EBITDA		449				95				354				157				197				181				16

Loss on impairment of assets		57				(1	)			58				5				53				53				—
Loss on disposal of assets, net		169				—				169				—				169				—				169
Loss on impairment of investment in unconsolidated affiliate		5				5				—				—				—				—				—
Loss on conversion of debt to equity		27				24				3				—				3				3				—
(Gain) loss on retirement of debt		31				(1	)			32				—				32				—				32
Adjusted EBITDA	$	738			$	122			$	616			$	162			$	454			$	237			$	217


Loss margin		(33.7	)	%		(14.0	)	%		(40.7	)	%		(30.9	)	%		(45.7	)	%		(22.6	)	%		(71.6	)	%
EBITDA margin		15.6		%		12.7		%		16.6		%		21.8		%		13.9		%		24.2		%		2.4		%
Adjusted EBITDA margin		25.6		%		16.3		%		28.9		%		22.5		%		32.1		%		31.7		%		32.5		%

TRANSOCEAN LTD. AND SUBSIDIARIES
SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS
(in millions, except tax rates)


	Three months ended												Nine months ended
	September 30,				June 30,				September 30,				September 30,				September 30,
	2024				2024				2023				2024				2023

Income (loss) before income taxes	$	(525	)		$	33			$	(263	)		$	(585	)		$	(858	)
Loss on impairment of assets		629				143				5				772				58
Loss on disposal of assets, net		—				—				—				—				169
Loss on impairment of investment in unconsolidated affiliates		—				4				—				5				—
Loss on conversion of debt to equity		—				—				—				—				3
(Gain) loss on retirement of debt		(21	)			(140	)			—				(161	)			32
Adjusted income (loss) before income taxes	$	83			$	40			$	(258	)		$	31			$	(596	)


Income tax expense (benefit)	$	(31	)		$	156			$	(43	)		$	(66	)		$	(8	)
Loss on impairment of assets		12				5				—				17				—
Loss on disposal of assets, net		—				—				—				—				—
Loss on impairment of investment in unconsolidated affiliates		—				—				—				—				—
Loss on conversion of debt to equity		—				—				—				—				—
(Gain) loss on retirement of debt		—				—				—				—				—
Changes in estimates (1)		38				2				65				161				77
Adjusted income tax expense (benefit) (2)	$	19			$	163			$	22			$	112			$	69

Effective Tax Rate (3)		6.0		%		474.5		%		16.3		%		11.3		%		0.9		%

Effective Tax Rate, excluding discrete items (4)		22.5		%		416.3		%		(8.7	)	%		364.0		%		(11.7	)	%


(1) Our estimates change as we file tax returns, settle disputes with tax authorities, or become aware of changes in laws and other events that have an effect on our (a) deferred taxes, (b) valuation allowances on deferred taxes and (c) other tax liabilities.

(2) The three months ended September 30, 2024 included $283 million of additional tax benefit, reflecting the cumulative effect of a decrease in the annual effective tax rate from the previous quarter estimate.

(3) Our effective tax rate is calculated as income tax expense or benefit divided by income or loss before income taxes.

(4) Our effective tax rate, excluding discrete items, is calculated as income tax expense or benefit, excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes), divided by income or loss before income taxes, excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes related to estimating the annual effective tax rate.

Transocean Ltd. and subsidiaries
Non-GAAP Financial Measures and Reconciliations
Free Cash Flow and Levered Free Cash Flow
(in millions)


							YTD			QTD			YTD			QTD			YTD
							09/30/24			09/30/24			06/30/24			06/30/24			03/31/24

Cash provided by (used in) operating activities							$	241		$	194		$	47		$	133		$	(86	)
Capital expenditures								(225	)		(58	)		(167	)		(84	)		(83	)
Free Cash Flow								16			136			(120	)		49			(169	)
Debt repayments								(2,073	)		(258	)		(1,815	)		(1,664	)		(151	)
Debt repayments, paid from debt proceeds								1,748			99			1,649			1,649			–
Levered Free Cash Flow							$	(309	)	$	(23	)	$	(286	)	$	34		$	(320	)



	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/23			12/31/23			09/30/23			09/30/23			06/30/23			06/30/23			03/31/23

Cash provided by (used in) operating activities	$	164		$	98		$	66		$	(44	)	$	110		$	157		$	(47	)
Capital expenditures		(427	)		(220	)		(207	)		(50	)		(157	)		(76	)		(81	)
Free Cash Flow		(263	)		(122	)		(141	)		(94	)		(47	)		81			(128	)
Debt repayments		(1,717	)		(10	)		(1,707	)		(139	)		(1,568	)		(4	)		(1,564	)
Debt repayments, paid from debt proceeds		1,156			–			1,156			–			1,156			–			1,156
Levered Free Cash Flow	$	(824	)	$	(132	)	$	(692	)	$	(233	)	$	(459	)	$	77		$	(536	)



	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/22			12/31/22			09/30/22			09/30/22			06/30/22			06/30/22			03/31/22

Cash provided by (used in) operating activities	$	448		$	178		$	270		$	230		$	40		$	41		$	(1	)
Capital expenditures		(717	)		(409	)		(308	)		(87	)		(221	)		(115	)		(106	)
Free Cash Flow		(269	)		(231	)		(38	)		143			(181	)		(74	)		(107	)
Debt repayments		(554	)		(101	)		(453	)		(196	)		(257	)		(92	)		(165	)
Debt repayments, paid from debt proceeds		–			–			–			–			–			–			–
Levered Free Cash Flow	$	(823	)	$	(332	)	$	(491	)	$	(53	)	$	(438	)	$	(166	)	$	(272	)

The MIL Network –

January 25, 2025

MIL-OSI: SEACOR Marine Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Oct. 30, 2024 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its third quarter ended September 30, 2024.

SEACOR Marine’s consolidated operating revenues for the third quarter of 2024 were $68.9 million, operating loss was $6.5 million, and direct vessel profit (“DVP”)⁽¹⁾ was $16.0 million. This compares to consolidated operating revenues of $76.9 million, operating income of $9.8 million, and DVP of $36.8 million in the third quarter of 2023, and consolidated operating revenues of $69.9 million, operating loss of $3.9 million, and DVP of $20.3 million in the second quarter of 2024.

Notable third quarter items include:

10.4% decrease in revenues from the third quarter of 2023 and a 1.4% decrease from the second quarter of 2024.
Average day rates of $18,879, a 4.6% increase from the third quarter of 2023, and a 1.4% decrease from the second quarter of 2024.
67% utilization, a decrease from 73% in the third quarter of 2023 and a decrease from 69% in the second quarter of 2024.
DVP margin of 23.2%, a decrease from 47.8% in the third quarter of 2023 and a decrease from 29.1% in the second quarter of 2024, due in part to $8.3 million of drydocking and major repairs during the quarter compared to $2.0 million in the third quarter of 2023 and $8.5 million in the second quarter of 2024, all of which are expensed as incurred.

For the third quarter of 2024, net loss was $16.3 million ($0.59 loss per basic and diluted share). This compares to a net loss for the third quarter of 2023 of $0.9 million ($0.03 loss per basic and diluted share). Sequentially, the third quarter 2024 results compare to a net loss of $12.5 million ($0.45 earnings per basic and diluted share) in the second quarter of 2024.

Chief Executive Officer John Gellert commented:

“The third quarter results reflect overall lower utilization driven by our heavy 2024 maintenance schedule and softer than expected demand during the quarter, particularly in the U.S. Gulf of Mexico and the North Sea markets. While we made progress in remarketing and repositioning our available tonnage, these efforts reduced the utilization of these vessels during the quarter. Our utilization figures were also affected by continuing work on drydockings and major repairs, some of which experienced additional delays as a result of ongoing shipyard and vendor capacity issues. We continue to see challenges as shipyards and other vendors expand their support teams, expertise and production capacity to respond to demand growth. In addition to lower utilization, these results also reflect higher operating expenses, driven mostly by 9.9% higher crewing costs and 30.0% higher maintenance costs relative to the year to date third quarter of 2023, both of which we attribute primarily to increased industry demand and vendor capacity constraints. Nevertheless, our average day rates held steady and we continued to add charters that will contribute improvements to our utilization, with contracted revenue backlog, including options, in excess of $360.0 million.

In the near term, one of our premium liftboats located in the U.S. Gulf of Mexico will return to work in early November after being in the shipyard for maintenance since April. We are also seeing a stronger volume of inquiries for decommissioning work for our liftboats in the 2025-2026 timeframe, which is coming from both the U.S. Gulf of Mexico as well as international markets. We own one of the youngest and most fuel efficient and versatile fleets of offshore vessels in the world. Although demand for our services remains highly correlated to the underlying commodity prices, which have been very volatile during 2024, we are well positioned to capture attractive opportunities servicing offshore energy.”
___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data)
	Three Months Ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Operating Revenues	$	68,916		$	76,900		$	201,553		$	206,428
Costs and Expenses:
Operating		52,907			40,142			150,526			116,381
Administrative and general		11,019			12,300			33,825			37,636
Lease expense		364			651			1,331			2,069
Depreciation and amortization		12,928			13,462			38,749			40,799
		77,218			66,555			224,431			196,885
Gains (Losses) on Asset Dispositions and Impairments, Net		1,821			(512	)		1,857			3,352
Operating (Loss) Income		(6,481	)		9,833			(21,021	)		12,895
Other Income (Expense):
Interest income		358			340			1,396			1,222
Interest expense		(10,127	)		(9,536	)		(30,626	)		(27,060	)
Loss on debt extinguishment		—			(2,004	)		—			(2,004	)
Derivative gains (losses), net		67			—			(372	)		—
Foreign currency (losses) gains, net		(1,717	)		571			(2,357	)		(857	)
Other, net		29			—			(66	)		—
		(11,390	)		(10,629	)		(32,025	)		(28,699	)
Loss Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies		(17,871	)		(796	)		(53,046	)		(15,804	)
Income Tax (Benefit) Expense		(513	)		2,360			(270	)		2,421
Loss Before Equity in Earnings of 50% or Less Owned Companies		(17,358	)		(3,156	)		(52,776	)		(18,225	)
Equity in Earnings of 50% or Less Owned Companies		1,012			2,273			878			3,182
Net Loss	$	(16,346	)	$	(883	)	$	(51,898	)	$	(15,043	)

Net Loss Per Share:
Basic	$	(0.59	)	$	(0.03	)	$	(1.88	)	$	(0.56	)
Diluted	$	(0.59	)	$	(0.03	)	$	(1.88	)	$	(0.56	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,772,733			27,181,754			27,615,699			27,048,656
Diluted		27,772,733			27,181,754			27,615,699			27,048,656

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)
				Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
Time Charter Statistics:
Average Rates Per Day	$	18,879		$	19,141		$	19,042		$	18,031		$	18,046
Fleet Utilization		67	%		69	%		62	%		71	%		73	%
Fleet Available Days⁽²⁾		5,026			4,994			5,005			5,170			5,182
Operating Revenues:
Time charter	$	63,313		$	65,649		$	59,263		$	66,498		$	68,668
Bareboat charter		372			364			364			368			368
Other marine services		5,231			3,854			3,143			6,217			7,864
		68,916			69,867			62,770			73,083			76,900
Costs and Expenses:
Operating:
Personnel		21,940			21,566			21,670			22,080			19,943
Repairs and maintenance		9,945			10,244			9,763			7,604			7,418
Drydocking		6,068			6,210			6,706			2,561			1,768
Insurance and loss reserves		2,584			3,099			1,738			2,944			1,833
Fuel, lubes and supplies		6,574			3,966			4,523			3,683			5,047
Other		5,796			4,435			3,699			4,397			4,133
		52,907			49,520			48,099			43,269			40,142
Direct Vessel Profit⁽¹⁾		16,009			20,347			14,671			29,814			36,758
Other Costs and Expenses:
Lease expense		364			486			481			679			651
Administrative and general		11,019			10,889			11,917			11,547			12,300
Depreciation and amortization		12,928			12,939			12,882			13,022			13,462
		24,311			24,314			25,280			25,248			26,413
Gains (Losses) on Asset Dispositions and Impairments, Net		1,821			37			(1	)		18,057			(512	)
Operating (Loss) Income		(6,481	)		(3,930	)		(10,610	)		22,623			9,833
Other Income (Expense):
Interest income		358			445			593			222			340
Interest expense		(10,127	)		(10,190	)		(10,309	)		(10,444	)		(9,536	)
Derivative gains (losses), net		67			104			(543	)		608			—
Loss on debt extinguishment		—			—			—			—			(2,004	)
Foreign currency (losses) gains, net		(1,717	)		(560	)		(80	)		(1,276	)		571
Other, net		29			—			(95	)		—			—
		(11,390	)		(10,201	)		(10,434	)		(10,890	)		(10,629	)
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies		(17,871	)		(14,131	)		(21,044	)		11,733			(796	)
Income Tax (Benefit) Expense		(513	)		(682	)		925			6,378			2,360
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(17,358	)		(13,449	)		(21,969	)		5,355			(3,156	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		1,012			966			(1,100	)		374			2,273
Net (Loss) Income	$	(16,346	)	$	(12,483	)	$	(23,069	)	$	5,729		$	(883	)

Net (Loss) Earnings Per Share:
Basic	$	(0.59	)	$	(0.45	)	$	(0.84	)	$	0.21		$	(0.03	)
Diluted	$	(0.59	)	$	(0.45	)	$	(0.84	)	$	0.20		$	(0.03	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,773			27,729			27,344			27,182			27,182
Diluted		27,773			27,729			27,344			28,401			27,182
Common Shares and Warrants Outstanding at Period End		28,950			28,941			28,906			28,489			28,481

____________________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics)
	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	17,188		$	22,356		$	28,156		$	22,584		$	23,663
Fleet utilization		42	%		37	%		27	%		50	%		57	%
Fleet available days		920			921			927			1,152			1,196
Out-of-service days for repairs, maintenance and drydockings		116			179			137			61			151
Out-of-service days for cold-stacked status⁽²⁾		175			127			182			254			206
Operating Revenues:
Time charter	$	6,593		$	7,697		$	6,957		$	12,929		$	16,236
Other marine services		1,188			480			1,026			5,346			5,478
		7,781			8,177			7,983			18,275			21,714
Direct Costs and Expenses:
Operating:
Personnel		6,297			6,284			5,781			6,906			6,712
Repairs and maintenance		1,655			1,879			1,404			819			1,560
Drydocking		2,615			2,570			1,968			303			462
Insurance and loss reserves		799			943			396			1,297			332
Fuel, lubes and supplies		964			866			667			1,032			958
Other		225			226			(171	)		475			375
		12,555			12,768			10,045			10,832			10,399
Direct Vessel (Loss) Profit⁽¹⁾	$	(4,774	)	$	(4,591	)	$	(2,062	)	$	7,443		$	11,315
Other Costs and Expenses:
Lease expense	$	140		$	141		$	138		$	141		$	116
Depreciation and amortization		3,194			3,194			2,750			3,479			3,810

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	18,875		$	18,580		$	15,197		$	15,233		$	15,388
Fleet utilization		77	%		74	%		76	%		82	%		84	%
Fleet available days		1,990			1,969			1,775			1,748			1,748
Out-of-service days for repairs, maintenance and drydockings		203			203			238			124			111
Out-of-service days for cold-stacked status		58			91			91			92			54
Operating Revenues:
Time charter	$	28,809		$	27,047		$	20,555		$	21,791		$	22,528
Other marine services		3,048			1,028			169			189			1,943
		31,857			28,075			20,724			21,980			24,471
Direct Costs and Expenses:
Operating:
Personnel		6,083			4,969			5,181			6,007			5,089
Repairs and maintenance		3,455			3,161			3,209			2,807			2,214
Drydocking		681			1,226			2,032			1,298			320
Insurance and loss reserves		599			819			334			416			573
Fuel, lubes and supplies		2,514			1,170			1,287			623			2,573
Other		3,975			2,801			2,199			2,267			2,448
		17,307			14,146			14,242			13,418			13,217
Direct Vessel Profit⁽¹⁾	$	14,550		$	13,929		$	6,482		$	8,562		$	11,254
Other Costs and Expenses:
Lease expense	$	75		$	172		$	178		$	289		$	372
Depreciation and amortization		4,540			4,565			3,915			3,747			3,821

____________________
(1) See full description of footnote above.
(2) Includes one liftboat and one FSV cold-stacked in this region as of September 30, 2024.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics)
	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	17,825		$	17,083		$	16,934		$	17,590		$	16,313
Fleet utilization		71	%		82	%		71	%		69	%		67	%
Fleet available days		1,288			1,296			1,365			1,461			1,472
Out-of-service days for repairs, maintenance and drydockings		229			168			224			360			297
Operating Revenues:
Time charter	$	16,411		$	18,073		$	16,477		$	17,729		$	16,087
Other marine services		375			619			350			539			267
		16,786			18,692			16,827			18,268			16,354
Direct Costs and Expenses:
Operating:
Personnel		5,769			6,930			5,963			5,522			5,157
Repairs and maintenance		3,318			3,443			2,712			2,590			2,623
Drydocking		832			707			1,483			624			1,056
Insurance and loss reserves		927			798			618			1,022			711
Fuel, lubes and supplies		1,043			1,103			1,198			1,242			743
Other		1,131			989			1,000			1,133			943
		13,020			13,970			12,974			12,133			11,233
Direct Vessel Profit⁽¹⁾	$	3,766		$	4,722		$	3,853		$	6,135		$	5,121
Other Costs and Expenses:
Lease expense	$	73		$	71		$	85		$	158		$	59
Depreciation and amortization		3,261			3,247			3,496			3,643			3,721

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	21,984		$	22,437		$	28,308		$	20,745		$	20,656
Fleet utilization		63	%		71	%		58	%		84	%		87	%
Fleet available days⁽²⁾		828			808			938			809			766
Out-of-service days for repairs, maintenance and drydockings		94			41			1			—			67
Operating Revenues:
Time charter	$	11,500		$	12,832		$	15,274		$	14,049		$	13,817
Bareboat charter		372			364			364			368			368
Other marine services		620			1,727			1,598			143			176
		12,492			14,923			17,236			14,560			14,361
Direct Costs and Expenses:
Operating:
Personnel		3,791			3,383			4,745			3,645			2,985
Repairs and maintenance		1,517			1,761			2,438			1,388			1,021
Drydocking		1,940			1,707			1,223			336			(70	)
Insurance and loss reserves		259			539			390			209			217
Fuel, lubes and supplies		2,053			827			1,371			786			773
Other		465			419			671			522			367
		10,025			8,636			10,838			6,886			5,293
Direct Vessel Profit⁽¹⁾	$	2,467		$	6,287		$	6,398		$	7,674		$	9,068
Other Costs and Expenses:
Lease expense	$	76		$	102		$	80		$	91		$	104
Depreciation and amortization		1,933			1,933			2,721			2,153			2,110

_______________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics)
	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	10,316		$	8,125		$	8,538		$	8,937		$	9,947
Fleet utilization		46	%		49	%		75	%		64	%		50	%
Fleet available days		334			364			364			368			368
Out-of-service days for repairs, maintenance and drydockings		87			29			—			41			111
Out-of-service days for cold-stacked status		58			91			91			92			54
Operating Revenues:
Time charter	$	1,576		$	1,459		$	2,331		$	2,102		$	1,831
Other marine services		13			219			—			6			930
		1,589			1,678			2,331			2,108			2,761
Direct Costs and Expenses:
Operating:
Personnel	$	981		$	1,045		$	1,064		$	944		$	1,019
Repairs and maintenance		239			465			220			612			484
Drydocking		436			280			68			58			747
Insurance and loss reserves		66			97			43			73			88
Fuel, lubes and supplies		90			69			616			375			428
Other		263			230			287			295			378
		2,075			2,186			2,298			2,357			3,144
Other Costs and Expenses:
Lease expense	$	4		$	164		$	171		$	253		$	331
Depreciation and amortization		175			175			175			175			249

*FSV*
Time Charter Statistics:
Average rates per day worked	$	13,102		$	12,978		$	11,834		$	11,841		$	11,441
Fleet utilization		81	%		80	%		72	%		74	%		79	%
Fleet available days		2,024			2,002			2,002			2,105			2,116
Out-of-service days for repairs, maintenance and drydockings		96			128			216			337			227
Out-of-service days for cold-stacked status		83			36			91			92			69
Operating Revenues:
Time charter	$	21,606		$	20,698		$	17,081		$	18,502		$	19,135
Other marine services		1,012			516			126			163			652
		22,618			21,214			17,207			18,665			19,787
Direct Costs and Expenses:
Operating:
Personnel	$	5,637		$	5,829		$	5,649		$	5,320		$	5,144
Repairs and maintenance		4,378			4,572			3,093			2,691			2,787
Drydocking		448			457			1,869			1,710			870
Insurance and loss reserves		532			546			277			507			185
Fuel, lubes and supplies		1,962			993			1,051			1,441			1,501
Other		2,238			1,850			1,649			1,632			1,552
		15,195			14,247			13,588			13,301			12,039
Other Costs and Expenses:
Depreciation and amortization	$	4,744		$	4,746		$	4,744		$	4,879		$	5,002

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
*PSV*
Time Charter Statistics:
Average rates per day worked	$	21,819		$	20,952		$	19,133		$	19,778		$	19,528
Fleet utilization		58	%		66	%		53	%		77	%		78	%
Fleet available days⁽¹⁾		1,932			1,900			1,911			1,902			1,870
Out-of-service days for repairs, maintenance and drydockings		349			291			307			109			110
Operating Revenues:
Time charter	$	24,488		$	26,390		$	19,390		$	29,140		$	28,580
Bareboat charter		372			364			364			368			368
Other marine services		2,855			2,266			416			595			696
		27,715			29,020			20,170			30,103			29,644
Direct Costs and Expenses:
Operating:
Personnel	$	9,360		$	8,979		$	8,850		$	9,017		$	8,793
Repairs and maintenance		3,798			3,151			4,393			3,520			2,504
Drydocking		2,629			2,616			3,386			472			232
Insurance and loss reserves		636			1,037			395			690			682
Fuel, lubes and supplies		3,594			1,575			1,889			1,027			2,352
Other		2,821			1,850			1,395			1,922			1,761
		22,838			19,208			20,308			16,648			16,324
Other Costs and Expenses:
Lease expense	$	(3	)	$	3		$	—		$	—		$	—
Depreciation and amortization		4,117			4,128			4,073			4,073			4,073

___________________
(1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	36,423		$	43,204		$	53,506		$	40,181		$	39,419
Fleet utilization		58	%		54	%		53	%		52	%		59	%
Fleet available days		736			728			728			795			828
Out-of-service days for repairs, maintenance and drydockings		109			143			78			60			111
Out-of-service days for cold-stacked status		92			91			91			162			137
Operating Revenues:
Time charter	$	15,643		$	17,102		$	20,461		$	16,754		$	19,122
Other marine services		1,142			666			1,772			4,666			4,710
		16,785			17,768			22,233			21,420			23,832
Direct Costs and Expenses:
Operating:
Personnel	$	5,926		$	6,842		$	6,140		$	5,316		$	4,983
Repairs and maintenance		1,531			2,054			2,035			769			1,643
Drydocking		2,555			2,857			1,383			321			(81	)
Insurance and loss reserves		1,334			1,482			1,282			1,554			1,148
Fuel, lubes and supplies		928			1,329			967			838			766
Other		473			519			343			531			445
		12,747			15,083			12,150			9,329			8,904
Other Costs and Expenses:
Depreciation and amortization		3,866			3,865			3,866			3,867			4,099

*Other Activity*
Operating Revenues:
Other marine services	$	209		$	187		$	829		$	787		$	876
		209			187			829			787			876
Direct Costs and Expenses:
Operating:
Personnel	$	36		$	(1,129	)	$	(33	)	$	1,483		$	4
Repairs and maintenance		(1	)		2			22			12			—
Insurance and loss reserves		16			(63	)		(259	)		120			(270	)
Fuel, lubes and supplies		—			—			—			2			—
Other		1			(14	)		25			17			(3	)
		52			(1,204	)		(245	)		1,634			(269	)
Other Costs and Expenses:
Lease expense	$	363		$	319		$	310		$	426		$	320
Depreciation and amortization		26			25			24			28			39

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
ASSETS
Current Assets:
Cash and cash equivalents	$	35,601		$	40,605		$	59,593		$	67,455		$	55,840
Restricted cash		2,263			2,255			2,566			16,676			2,796
Receivables:
Trade, net of allowance for credit loss		76,497			70,770			58,272			63,728			63,246
Other		7,841			6,210			12,210			11,049			8,662
Tax receivable		983			983			983			983			445
Inventories		3,139			3,117			2,516			1,609			1,738
Prepaid expenses and other		4,840			5,659			3,425			2,686			2,957
Assets held for sale		—			500			500			500			6,093
Total current assets		131,164			130,099			140,065			164,686			141,777
Property and Equipment:
Historical cost		921,445			921,443			919,139			918,823			936,520
Accumulated depreciation		(362,604	)		(349,799	)		(337,001	)		(324,141	)		(318,549	)
		558,841			571,644			582,138			594,682			617,971
Construction in progress		11,935			11,518			13,410			10,362			9,413
Net property and equipment		570,776			583,162			595,548			605,044			627,384
Right-of-use asset – operating leases		3,575			3,683			3,988			4,291			4,907
Right-of-use asset – finance leases		19			28			29			37			45
Investments, at equity, and advances to 50% or less owned companies		2,046			2,641			3,122			4,125			3,857
Other assets		1,864			1,953			2,094			2,153			2,095
Total assets	$	709,444		$	721,566		$	744,846		$	780,336		$	780,065
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	494		$	861		$	1,285		$	1,591		$	1,856
Current portion of finance lease liabilities		17			26			33			35			35
Current portion of long-term debt		28,605			28,605			28,605			28,365			28,005
Accounts payable		22,744			17,790			23,453			27,562			32,468
Other current liabilities		28,808			23,795			21,067			19,533			21,340
Total current liabilities		80,668			71,077			74,443			77,086			83,704
Long-term operating lease liabilities		3,221			3,276			3,390			3,529			3,571
Long-term finance lease liabilities		4			5			—			6			15
Long-term debt		272,325			277,740			281,989			287,544			291,843
Deferred income taxes		26,802			30,083			33,873			35,718			33,078
Deferred gains and other liabilities		1,416			1,447			2,285			2,229			2,217
Total liabilities		384,436			383,628			395,980			406,112			414,428
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		287			286			286			280			280
Additional paid-in capital		477,661			476,020			474,433			472,692			471,158
Accumulated deficit		(154,374	)		(138,028	)		(125,609	)		(102,425	)		(108,154	)
Shares held in treasury		(8,110	)		(8,110	)		(8,071	)		(4,221	)		(4,221	)
Accumulated other comprehensive income, net of tax		9,223			7,449			7,506			7,577			6,253
		324,687			337,617			348,545			373,903			365,316
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		325,008			337,938			348,866			374,224			365,637
Total liabilities and equity	$	709,444		$	721,566		$	744,846		$	780,336		$	780,065

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
				Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
Cash Flows from Operating Activities:
Net (Loss) Income	$	(16,346	)	$	(12,483	)	$	(23,069	)	$	5,729		$	(883	)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization		12,928			12,939			12,882			13,022			13,462
Deferred financing costs amortization		298			297			295			279			459
Stock-based compensation expense		1,604			1,587			1,645			1,510			1,540
Debt discount amortization		2,061			1,993			1,926			1,862			1,714
Allowance for credit losses		101			39			3			266			594
(Gain) loss from equipment sales, retirements or impairments		(1,821	)		(37	)		1			(18,057	)		512
Losses on debt extinguishment		—			—			—			—			177
Derivative (gains) losses		(67	)		(104	)		543			(608	)		—
Interest on finance lease		—			1			—			1			59
Settlements on derivative transactions, net		—			—			164			—			197
Currency losses (gains)		1,717			560			80			1,276			(571	)
Deferred income taxes		(3,281	)		(3,790	)		(1,845	)		2,640			(960	)
Equity (earnings) losses		(1,012	)		(966	)		1,100			(374	)		(2,273	)
Dividends received from equity investees		1,498			1,418			—			166			1,031
Changes in Operating Assets and Liabilities:
Accounts receivables		(7,411	)		(6,928	)		4,291			(3,472	)		(747	)
Other assets		1,032			(2,395	)		(1,290	)		733			493
Accounts payable and accrued liabilities		9,325			(4,378	)		(3,895	)		(6,456	)		(7,705	)
Net cash provided by (used in) operating activities		626			(12,247	)		(7,169	)		(1,483	)		7,099
Cash Flows from Investing Activities:
Purchases of property and equipment		(210	)		(658	)		(3,416	)		(3,644	)		(6,455	)
Proceeds from disposition of property and equipment		2,331			86			—			36,692			—
Net investing activities in property and equipment		2,121			(572	)		(3,416	)		33,048			(6,455	)
Principal payments on notes due from others		—			—			—			—			5,000
Net cash provided by (used in) investing activities		2,121			(572	)		(3,416	)		33,048			(1,455	)
Cash Flows from Financing Activities:
Payments on long-term debt		(7,770	)		(6,533	)		(7,530	)		(6,173	)		(4,901	)
Payments on debt extinguishment		—			—			—			—			(104,832	)
Payments on debt extinguishment cost		—			—			—			—			(1,827	)
Proceeds from issuance of long-term debt, net of issue costs		—			—			—			87			121,207
Payments on finance leases		(10	)		(9	)		(9	)		(9	)		(204	)
Proceeds from issuance of common stock, net of issue costs		—			—			—			24			—
Proceeds from exercise of stock options		38			102			—			—			—
Tax withholdings on restricted stock vesting		—			(39	)		(3,850	)		—			—
Net cash (used in) provided by financing activities		(7,742	)		(6,479	)		(11,389	)		(6,071	)		9,443
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		(1	)		(1	)		2			1			3
Net Change in Cash, Restricted Cash and Cash Equivalents		(4,996	)		(19,299	)		(21,972	)		25,495			15,090
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		42,860			62,159			84,131			58,636			43,546
Cash, Restricted Cash and Cash Equivalents, End of Period	$	37,864		$	42,860		$	62,159		$	84,131		$	58,636

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS
	Owned		Leased-in		Managed		Total
September 30, 2024
AHTS		2		1		—		3
FSV		22		—		1		23
PSV		21		—		—		21
Liftboats		8		—		—		8
		53		1		1		55
December 31, 2023
AHTS		3		1		—		4
FSV		22		—		3		25
PSV		21		—		—		21
Liftboats		8		—		—		8
		54		1		3		58

The MIL Network –

January 25, 2025

MIL-OSI USA: Heliostat Consortium Delivers New Tools To Ensure Quality of Precision Mirrors and Support the Concentrating Solar Industry

Source: US National Renewable Energy Laboratory

HelioCon’s 2024 Annual Report Details Its Advancement of a Technique To Improve Heliostat Accuracy and the Launch of an Open-Source CSP Platform

Maintenance workers drive between the heliostats at the Ivanpah concentrating solar energy plant, where mirrors track the sun and reflect sunlight to boiler receivers on power towers. When the concentrated sunlight strikes the boiler pipes, it heats the water to create superheated steam. Photo by Dennis Schroeder, NREL

Large mirrors that track the sun to concentrate and capture thermal energy—heliostats—are a core component of every power-tower concentrating solar power (CSP) plant around the world. But the sheer variety of shapes, sizes, and configurations of these giant mirrors has created the need for new, adaptable testing and calibration methods, both on the assembly line and in the field, to maximize the potential output of these precision devices.

The newly released HelioCon 2024 Annual Report highlights a host of new advances toward improving the cost and performance of heliostats, including a universally adaptable heliostat quality-control tool developed at the National Renewable Energy Laboratory (NREL) and an open-source platform developed at Sandia National Laboratories to share data, code, and workforce educational tools for the global CSP community.

“HelioCon has made tremendous progress on developing, maturing, and validating third-party evaluation and testing capabilities to make them ready for industry,” said Guangdong Zhu, HelioCon executive director and a senior researcher at NREL. “This is exactly what the industry needs right now.”

The U.S. Department of Energy Solar Energy Technologies Office (SETO) funds the Heliostat Consortium for CSP (HelioCon), which is coled by NREL and Sandia, along with core members at the Australian Solar Thermal Research Institute (ASTRI). HelioCon was founded in 2021 with a mission to develop and promote heliostat-based CSP technologies in the United States and advance the techno-economic performance of heliostats. Lowering the cost of producing, operating, and maintaining heliostats would ultimately lower the overall costs for CSP systems, which can provide clean long-duration energy storage and low-cost thermal energy for dispatchable electricity generation and high-heat industrial processes that have been difficult to decarbonize.

“Concentrating solar has a unique role to play in our clean energy future,” said Matthew Bauer, SETO’s CSP program manager. “Not only can CSP complement other clean energy sources by providing long-duration energy storage, but it can also supply the high temperatures that tough-to-electrify industrial processes require. Heliostats are a key to lowering the overall costs of all of these applications, so improving heliostats can boost a range of decarbonization strategies.”

Heliostats and a solar power tower operate at the Ivanpah CSP plant in California. Photo by Dennis Schroeder, NREL

The consortium’s online and in-person engagement efforts at seminars, events, and an annual workshop led to a growth spurt in 2024. HelioCon now includes 16 member institutions and more than 100 researchers, and it has developed partnerships with universities to prepare college students for work in the CSP field. HelioCon also awarded six new projects that are focused on workforce development, heliostat controls, and deployment, for a total of $3 million in its second-round funding request.

The HelioCon 2024 Annual Report details members’ advances in preparing metrology, measurement, and heliostat control tools for commercial readiness. These advances include a solar field closed-loop wireless control system, Non-Intrusive Optical (NIO) characterization tools, the Solar Optical Fringe Alignment Slope Technique (SOFAST), and composite mirror facets assessment. The report also announced that two major HelioCon projects are now being tested by industry partners:

ReTNA: An Adaptable Commercial Quality-Control Tool for Heliostat Manufacturers

An employee runs diagnostics on heliostats at the Crescent Dunes Solar Energy Project CSP facility. Photo by Dennis Schroeder, NREL

To tackle the question of how manufacturers can check the optics of heliostats before they are deployed in the field, NREL researchers used an existing tool they developed for testing heliostats outdoors—NIO measurement—as a starting point for developing a new measurement method for indoor use. The team, led by NREL researcher Devon Kesseli, set specifications to make the new optical measurement tool useful to industry: Regardless of the size and shape of the heliostats, the tool should be low cost, require minimal setup, measure a heliostat in less than a minute, and use the available lighting along the production line in a warehouse or laboratory.

Reflected Target Non-Intrusive Assessment (ReTNA) measures slope and canting in heliostats by deflectometry, or deflected reflection, with a commercially available camera. The camera captures images of a printed target panel that can be mounted to a wall or even the ceiling, and computer vision stitches together multiple reflected images of the patterned target to create a precision measurement of each mirror. Because ReTNA is so easily adaptable, the tool can measure the surface slope and facet canting of heliostats of various sizes and in any orientation along an assembly line.

Development of ReTNA under HelioCon began in 2022, and in 2024 it completed its proof-of-concept phase. ReTNA is now undergoing further testing by the consortium’s commercial partners.

OpenCSP: An Open-Source Platform for Code and Data Sharing and Workforce Development

Workers monitor system operations at Ivanpah’s control room. Photo by Dennis Schroeder, NREL

At the 2024 SolarPACES conference in October, HelioCon researcher Randy Brost, who leads the Optics Lab team at Sandia National Laboratories, announced the public launch of OpenCSP, an open-source platform that will serve as a collaborative environment where the CSP community can share code, data, and computer-aided design models, as well as tools for workforce education.

Designed to grow as a repository of information, OpenCSP launched with a number of tools and datasets already in place, including optical targets for heliostat metrology testing and Sandia’s SOFAST 2.0 code in Python. SOFAST is an adaptable, low-cost tool that can be used across the industry to create high-fidelity slope maps of concentrating solar mirrors.

Read the full HelioCon 2024 Annual Report.

Learn more about HelioCon’s research and outreach efforts and visit the NREL CSP and Sandia CSP sites.

MIL OSI USA News –

January 25, 2025

MIL-OSI Australia: Minister Shorten doorstop interview at Salvation Army Project 614, Melbourne

Source: Ministers for Social Services

30 October 2024

E&OE transcript

JOURNALIST: Mr. Shorten, how important is this initiative between the Salvos and Diabetes Australia, and what impact do you think it will have?

BILL SHORTEN, MINISTER FOR THE NDIS AND GOVERNMENT SERVICESHORTEN: Diabetes is a giant problem for Aussies. 1.9 million of our fellow Australians have been diagnosed with diabetes. Someone’s going to get a diagnosis every five minutes in Australia. For diabetes, the burden of it falls particularly on First Nations people, and also people who live in insecure housing or are in fact homeless. So today, for the first time, we’ve partnered up Diabetes Australia with the Salvation Army, Project 614 in Bourke Street in Melbourne. And what we’re going to see is that at long last, people living at the margins of Australian society won’t be forgotten citizens when it comes to getting a diagnosis of diabetes and the treatment that’s required, because this is a preventable illness.

JOURNALIST: Were you quite shocked with some of the statistics you heard today about just how prevalent, even over the past ten weeks, how much they’ve found of it on the streets of Melbourne?

SHORTEN: Diabetes is one of the invisible killers of Australians but is preventable. Sometimes in life stuff happens you can’t stop. Diabetes can be treated. Now, at long last, courtesy of the Salvos, Diabetes Australia and a bit of help from a friendly federal government, we are going to see homeless people are get this sort of assistance which some Australians take for granted.

JOURNALIST: And would you like to see this expanded? Obviously, it’s for the Salvos at the moment, but would you like to see it expanded into other areas as well?

SHORTEN: There’s a big challenge in Australia and the way we deliver government and health services. Not everyone is a digital warrior who can go online. Not everyone is able to just pop down to the local health office or Services Australia office. Governments and health systems have got to go to where the people are. A lot of our people in Australia are not doing so well and so we have to go to the people. And today, I hope this is an example all over Australia, that where the government and health system goes to the people, we don’t wait for the people to come to us.

JOURNALIST: Okay. On the Anti-Corruption Commission now looking, reviewing its decision about not investigating Robodebt. Do you welcome that?

SHORTEN: Labor set up the National Anti-Corruption Commission. It was long overdue to be set up. The organisation is completely independent of government. The Inspector General has made a recommendation that the decision by the National Anti-Corruption Commission not to take proceedings further, be reviewed. So now the decision will be reconsidered, whether or not people referred to the National Anti-Corruption Commission should in fact be investigated again.

JOURNALIST: Do you welcome that decision? I mean, you campaigned long and hard, didn’t you?

SHORTEN: The decision of the Anti-Corruption Commission today by the Inspector General to review an earlier decision not to proceed with matters against people involved in the Robodebt scandal that is up to the independent body. For me, it’s all about justice for the victims of Robodebt. We can’t invent a time – we haven’t invented a time machine to take us back before Robodebt happened. That would be the best outcome. The class action, the Royal Commission, internal public sector, that’s all been putting pressure on the authors of Robodebt. I still am very keen to see the sealed section, listing some of the people that the Royal Commission identify released that’s still under consideration.

JOURNALIST: Okay. Now on the Prime Minister, do you concede, given its cost of living, do you concede it is a bad look what he did?

SHORTEN: Prime Minister has done everything within the rules that exist. He has diligently for two decades declared any particular benefits which he’s received. He’s adhered to the rules. That’s where I think the matter is at.

JOURNALIST: But do you concede, though, it’s a bad look given there is a cost-of-living crisis. So many Australians, so many Australians are struggling, and yet you have a transport minister ringing up the CEO of Qantas saying give me the upgrades?

SHORTEN: Well, first of all, the Prime Minister has explained exactly what’s happened, and these matters go back in some cases up to 20 years ago. Labor is focused on cost of living. If we want to fix cost of living, it’s not whether or not a politician catches a plane. It’s how do we help them with tax cuts? Tick, we’ve done that. How do we help them with their energy bills? Tick, we’re doing that. Cost of living is a major pressure on Australians. We’ve got more to do, and this government and the Prime Minister and everyone else has been focused on tax cuts, energy relief, more Medicare support, more bulk billing. I mean, times are really tough. And that’s where our focus is not on a particular news story.

JOURNALIST: So, this is a, this is a big distraction though isn’t it, when this is happening?

SHORTEN: Oh, I’m not distracted. I’m focused on making sure the crooks in the NDIS are caught, making sure that people are getting value for money who are disabled. I certainly am focused on making sure that people at the margins of our society are accessing healthcare. No, I think we’re focused.

JOURNALIST: Claire O’Neill says it’s all a beat up. Do you agree with her?

SHORTEN: Well, I’m just focused on my day job and that’s what I know the Government is. Our day job is to make sure, in the example of health services, that people, regardless of how much money they’ve got in the bank, can get to see their doctor or get the medical support they require. I’m focused on making sure that people have, the hard-working people who earn, you know, as cleaners or workers, aged care workers, disability, that they’re getting pay rises along with our nurses. So, my eye is on the ball, the government’s eye is on the ball. It’s about helping people get through this very difficult time of cost, living pressure and high interest rates.

JOURNALIST: Mr. Dutton says he wants to refer this matter to the Anti-Corruption Commission. What’s your reaction?

SHORTEN: I wish Mr. Dutton was focused on the cost-of-living issues of everyday Australians. I mean, he’s not shy about catching a plane with billionaire mining magnate Gina Rinehart. I don’t think he’s proposing to refer himself. So, I think that what Australians want is for the politicians to stop bickering amongst themselves and get on with looking after the everyday people. That’s what we’re doing today.

JOURNALIST: We’ve just got a couple of questions from SBS just back on the NACC. Has the NACC failed at the very first hurdle?

SHORTEN: Oh, the NACC is independent of Government. The National Anti-Corruption Commission is independent of Government. I think the smartest thing that a parliamentarian can do is not comment adversely about the operations of the National Anti-Corruption Commission. They’ve got to do their job. The very fact that we’ve established one is something which was long overdue. The Liberals never did that. The very fact that in the system that we set up, that there’s an inspector general who can review decisions and then send them back if he didn’t agree, shows the system is actually working.

JOURNALIST: Should Commissioner Brereton keep his job?

SHORTEN: Oh, absolutely not the province of a politician to start picking and choosing, you know, saying he should go, he should stay. The NACC is doing its job. The system is actually worked in that the Inspector General has said, hey, you need to go back and redo this decision for various reasons. Have relook at it. That’s actually the system working. For Robodebt victims, it should never have happened. I mean, illegal and immoral scheme. I’ve helped run the class action we helped do the parliamentary or the Royal Commission. We’re making sure that never again can our poor people be welfare shamed and treated as second class citizens by a government. That’s where my focus is. I wish it had never happened. I’m sorry that they were let down by the government, and we’re making sure that just because you’re disadvantaged or down on your luck doesn’t mean you get treated like a second class Australian.

JOURNALIST: Should the independent statutory review of the NACC be brought forward?

SHORTEN: That’s a matter for other Ministers. I’m interested in how someone can get an analysis for diabetes and get treated. The review of whatever to do with the NACC. I’ll leave to other people. My eye is on the ball. Thank you.

MIL OSI News –

January 25, 2025

MIL-OSI Asia-Pac: LCQ16: Recovery for reuse and upcycling of wood waste

Source: Hong Kong Government special administrative region

LCQ16: Recovery for reuse and upcycling of wood waste
LCQ16: Recovery for reuse and upcycling of wood waste
*****************************************************

Following is a question by the Hon Shiu Ka-fai and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (October 30): Question: Some members of the local timber industry have relayed that Hong Kong generates a large amount of wood waste from areas such as home decoration (including replacement of furniture and floor boards) and construction works every year. However, due to the lack of effective arrangements for recovery for reuse and upcycling, most of these wood materials are disposed of at landfills. They are of the view that this not only depletes the space resources of the landfills, but also runs contrary to environmental protection principles as the waste is not converted into resources. They aspire that the Government will provide adequate support to enable the recovery for reuse and upcycling of used wood materials. In this connection, will the Government inform this Council: (1) of the amount of wood waste (excluding yard waste) generated in Hong Kong in each of the past five years, and set out in tables a breakdown of the amount and percentage by source (e.g. used furniture, floor boards and construction materials) and way of handling (e.g. disposed of at landfills and recovered for reuse); (2) of the respective ways by which wood waste (excluding yard waste) is recovered for reuse and upcycled in Hong Kong currently, and the use of the products so produced; whether it has assessed the effectiveness of the relevant work; if so, of the details; if not, the reasons for that; (3) whether it has studied the practices adopted in other places for the recovery for reuse and upcycling of wood waste and the effectiveness of the relevant work; if so, of the details; if not, the reasons for that; (4) considering the factors required for the recovery for reuse and upcycling of wood waste, such as land and manpower, whether the authorities have plans to study the handling of wood waste jointly with Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area or other neighbouring cities; if so, of the details; if not, the reasons for that; and (5) whether it will plan to work with chambers of commerce and relevant stakeholders of the local timber industry through negotiation and co-operation to improve the ways in which wood waste is recovered for reuse and upcycled and the effectiveness of the relevant work; if so, of the details; if not, the reasons for that? Reply: President, The Government’s support to the recycling industry is primarily based on the principles of market economy and fair competition. Meanwhile, consideration is also given to the feasibility of converting different types of waste into energy or resources for various types of recyclables, in order to enhance the cost effectiveness of recycling. One of the most important support measures is the provision of land resources specifically for recycling purposes, such as the EcoPark, at affordable rents for the recycling industry (including the waste wood recycling industry), to nurture and promote the development of local recycling industry, with a view to establishing a circular economy in the long run. At present, a waste wood recycler which mainly handles waste wooden pallets and tree trunks has been operating in the EcoPark since August 2017. The reply to the question raised by the Hon Shiu Ka-fai is as follows:(1) The disposal quantity of waste wood, its share in the total municipal solid waste (MSW), recovery quantity and recovery rate in the past five years are set out below:

Year
Waste Wood (Note)

Disposal quantity(tonnes per day)
Share in MSW
Recovery quantity(tonnes per day)
Recovery rate

2018
427
3.7%
16
3.6%

2019
348
3.1%
20
5.3%

2020
345
3.2%
11
3.2%

2021
262
2.3%
29
10.0%

2022
207
1.9%
32
13.5%

Note: Under the compilation framework of statistics regarding MSW adopted by the Environmental Protection Department (EPD), “waste wood” only includes waste made of wood such as timber, rattan, wooden pallets, wooden articles, wooden chopsticks. The EPD does not collect data and statistics on wooden furniture and waste wood generated from home renovation or construction works. The compilation of relevant statistics for 2023 is underway.(2) At present, waste wood in Hong Kong after being processed by recyclers will be manufactured into products such as cat litter, wood chips, wood granules, furniture and outdoor paving materials. For instance, the foregoing recycler in the EcoPark has commenced operation since August 2017, treating an average of about 1 200 tonnes of waste wood per year in the past five years. The Government will continue to closely monitor the operational needs of the waste wood recycling industry and provide appropriate assistance as far as possible.(3) and (4) In the course of formulating relevant policies with regard to the handling of different recyclables, the Government will make reference and pay heed to the development and relevant work in other places, as well as taking into account the actual circumstances in Hong Kong in the process of implementation. As for regional co-operation, the “Guangdong-Hong Kong-Macao Greater Bay Area Ecological Environmental Protection Plan” promulgated by the Ministry of Ecology and Environment vigorously promotes the development of a “Zero Waste” Bay Area. With this opportunity, Guangdong and Hong Kong have established a close co-operation and exchange mechanism on environmental issues to jointly explore the capacity and modes for developing a circular economy in the region, leveraging the competitive advantages of the two places, complementing each other’s strengths, and mutually developing green industries, green energy and related facilities.(5) The EPD has been maintaining communication with stakeholders of the waste wood recycling industry, and supporting the waste wood recycling industry through the Recycling Fund. Since 2015, the Recycling Fund has approved six projects related to waste wood, involving a total funding of about $7.8 million. These approved projects include support for environmental protection technology and furniture companies to collect and recycle waste wood, upcycling it into furniture and outdoor paving materials.

Ends/Wednesday, October 30, 2024Issued at HKT 14:45

NNNN

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Asia-Pac: LCQ11: Supply of hostel places of post-secondary institutions

Source: Hong Kong Government special administrative region

     â€‹Following is a question by the Hon Benson Luk and a written reply by the Secretary for Education, Dr Choi Yuk-lin, in the Legislative Council today (October 30):

Question:

     The Third Plenary Session of the 20th Central Committee of the Communist Party of China (the CPC Central Committee) adopted the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization, in which support for Hong Kong’s position to become an international hub for high-calibre talents was stated. Moreover, last year’s Policy Address proposed to build Hong Kong into an international hub for post-secondary education by increasing the admission quota of non-local students to Government-funded post-secondary institutions. According to a recent report published by an organisation, it was envisaged that by 2028, the shortfall in hostel places for students of local post-secondary institutions would further increase to some 120 000. In this connection, will the Government inform this Council:

(1) whether it has projected and compiled statistics on the respective (i) numbers, (ii) proportions and (iii) hostel application proportions of local and non-local students in post-secondary institutions in the coming five years; given that the Government has, starting from the current academic year, increased the admission quota of non-local students to Government-funded post-secondary institutions to 40 per cent, of the current nationality distribution of the non-local students;

(2) whether it knows (i) the respective proportions of local and non-local students in post-secondary institutions who were successfully allocated with hostel places upon application and (ii) their terms of hostel residence in the past 10 years; whether various post-secondary institutions have set a limit on the term of hostel residence; if a limit has been set, of the details (set out in a table), and whether the Government has plans to extend the term of hostel residence for students;

(3) given that the Government established in 2018 the Hostel Development Fund with some $10.3 billion to provide six University Grants Committee-funded universities with an additional 13 473 hostel places, whether it has compiled statistics on the current number of hostel places provided by universities across the territory; of the Government’s projected growth in the supply of university hostel places in the coming five years, and the shortfall in hostel places when set against students’ demand for accommodation; whether it will consider injecting funds into the Fund again in the future; if so, of the details; if not, the reasons for that;

(4) whether it will study allocating idle lands in the vicinity to the post-secondary institutions concerned for the construction of academic buildings or hostels, or consider relaxing the plot ratio of land adjacent to universities in rural areas to allow for greater flexibility in university expansion; if so, of the details; if not, the reasons for that; and

(5) given that as indicated in the paper submitted by the Government to the Subcommittee on Matters Relating to the Development of the Northern Metropolis of this Council in April this year, 19 post-secondary institutions had participated in the engagement activity of the Northern Metropolis University Town (NMUT) and submitted proposals, whether the Government has estimated the number of post-secondary institutions that can be accommodated by the NMUT, and whether sites have been reserved for hostel purposes; if so, of the expected number of hostel places to be provided; if not, the reasons for that?

Reply:

President,

     The 2023 Policy Address stated building Hong Kong into an international post-secondary education hub and a cradle of future talents. The 2024 Policy Address also announced further measures to nurture future talents and to create the “Study in Hong Kong” brand. At the same time, the Government will set up the Committee on Education, Technology and Talents to be chaired by the Chief Secretary for Administration. The Committee will co-ordinate and promote the integrated development of education, science and technology and talent, so as to enhance convergence and coherence and formulate policies to promote the synergistic development of nurturing talents, gathering talents and science and technology, as well as to facilitating international high-calibre talents to stay in Hong Kong. Developing Hong Kong into an international post-secondary education hub is also one of the three major strategies. My reply to the various parts of the Hon Benson Luk’s question is as follows:

(1) The enrolment ceiling of non-local students in University Grants Committee (UGC)-funded taught programmes has been doubled from a level equivalent to 20 per cent of local student places in the 2023/24 academic year (AY) to 40 per cent with effect from the 2024/25 AY. There are no restrictions on research postgraduate programmes. It is important to note that all non-local students pursuing UGC-funded taught programmes do not receive public funding, and the number of such non-local students is accounted for separately from local student places. This ensures that the study opportunities for local students will not be affected.

     In the 2023/24 AY, the total number of local students pursuing full-time locally-accredited publicly-funded and self-financing programmes was about 158 300, whereas there were about 64 200 non-local students. As far as UGC-funded taught programmes (i.e. undergraduate, sub-degree and taught post-graduate programmes) are concerned, the actual number of non-local students was about 14 900 while that of local students was about 76 400; the proportion of non-local students was about 19 per cent. The non-local students come from over 100 places of origin. In the 2023/24 AY, the numbers of students by study levels and by places of origin are tabulated below:

Programme types
Numbers of students

Places of origin
Grand total

Local
Non-local

Mainland China
Other non-local
Total

UGC-funded taught programmes
76 359
10 450
4 419
14 869
91 228

UGC-funded research post-graduate programmes
1 373
7 372
813
8 185
9 558

Non-UGC-funded taught programmes
79 870
34 410
822
35 232
115 102

Non-UGC-funded research postgraduate programmes
654
5 561
397
5 958
6 612

Grand Total
158 256
57 793
6 451
64 244
222 500

Note: If research postgraduate students are financed by the UGC-funded universities using both UGC and external funds, they will be counted towards different sources on a pro-rata basis. Figures may not add up to the corresponding totals due to rounding.

     As for student hostels, the relative proportion of applications from local students and non-local students of the UGC-funded universities at the beginning of the 2023/24 AY is 55 per cent and 45 per cent respectively. Looking ahead, we envisage that universities will continue to take into account their capacity in promoting the advantages of our higher education sector around the world using the “Study in Hong Kong” brand, with a view to gradually admitting more non-local students to study in Hong Kong. Self-financing programmes will also flourish. As our post-secondary education sector in Hong Kong continues to enhance quality and expand capacity, the corresponding demand for student hostels will increase. We are delighted to explore flexible and innovative ways with the institutions and different stakeholders to increase the supply of student hostels.

(2) Based on the data provided by the UGC-funded universities, the success rate of local students and non-local students in hostel applications in the past ten AYs (2014/15 to 2023/24 AY) is at Annex. We do not maintain information on the terms of residence of local students and non-local students.

     The specific arrangements for hostel allocation are formulated by the UGC-funded universities and there is generally no upper limit set for the terms of residence. The universities are encouraged to reflect the priorities of different groups of students for hostel accommodation in the allocation mechanism, having regard to the practical needs and educational benefits, while maintaining suitable flexibility to ensure that resources of student hostels are utilised properly.

(3) and (4) Under the Hostel Development Fund (HDF), the UGC-funded universities are provided with a capital grant covering up to 75 per cent of the construction costs for 15 student hostel projects to provide a total of about 13 500 additional hostel places, with a target for gradual completion by 2027. Based on the data provided by the UGC-funded universities, the total number of hostel places (including publicly-funded, privately-funded and temporary hostel places) available for allocation in September 2023 was around 37 600. Taking into account the future supply from the projects under HDF, the number of hostel places will gradually increase to around 50 000 in the coming few years, to cater for the needs of students, including those arising from the additional intake.

     Under the prevailing mechanism, the universities may apply to the Government for granting additional sites for campus expansion if they have strong justifications and specific proposals, which will then be considered by the bureaux and departments concerned from relevant perspectives such as policy, resources, practical circumstances, planning and land administration, etc. The universities could also as necessary apply for a relaxation of development parameters for the proposed sites, including building height restrictions and plot ratios, etc, which will be processed in accordance with the statutory procedures and established arrangements by the Town Planning Board and relevant departments.

     To improve hostel facilities, the Chief Executive announced in the 2024 Policy Address that the Government would launch a pilot scheme to streamline the processing of applications in relation to planning, lands and building plans, so as to encourage the market to convert hotels and other commercial buildings into student hostels on a self-financing and privately-funded basis, increasing the supply of student hostels. The Government will also make available suitable sites for the private sector to build new hostels, having regard to market demand. The Development Projects Facilitation Office under the Development Bureau will provide one-stop advisory and facilitation services for these projects.

(5) The Government has earmarked over 80 hectares of land in the Northern Metropolis for the Northern Metropolis University Town (NMUT), and will encourage local post-secondary institutions to introduce more branded programmes, research collaboration and exchange projects with renowned Mainland and overseas institutions in a flexible and innovative manner. We will retain flexibility in the planning process to facilitate the development of student hostels.

     Relevant Government departments are still discussing the site planning of the NMUT at this stage. We plan to publish the Northern Metropolis University Town Development Conceptual Framework in the first half of 2026.

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Economics: Historical data on currency exposure and hedging are now available

Source: Danmarks Nationalbank

Insurance and pension

30 October 2024Statistics period: September 2024

In May 2024, Danmarks Nationalbank published an extended statistic on insurance and pension companies’ currency exposure and hedging including data from January 2019 onwards.* The statistic has now been expanded to also include historical data from January 2015 onwards, whereby the time series now covers close to a full decade. You can read more about recent developments in the dollar hedge ratio of the Danish insurance and pensions companies in the newest edition of Danmarks Nationalbank’s biannual analysis Monetary and financial trends.**

The data coverage approaches a full decade

Note:

Danish insurance and pension companies’ dollar hedge ratio measured as the hedged dollar exposure divided by the total dollar exposure.

Source:

Danmarks Nationalbank, DNFPVALE.

* See Extended Statistic on Currency Exposure and Hedging (link).

** See Policy rates have been lowered, but monetary policy remains restrictive, Danmarks Nationalbank Analysis (Monetary and financial trends), no. 13, September 2024 (link).

MIL OSI Economics –

January 25, 2025

MIL-OSI Asia-Pac: SFST’s speech at ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia (English only)

Source: Hong Kong Government special administrative region

Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia today (October 30):

Distinguished guests, ladies and gentlemen,

It is both an honour and a privilege to stand before you today at ASIFMA’s 5th Annual Sustainable Finance Conference. I would like to extend my heartfelt gratitude to ASIFMA (Asia Securities Industry & Financial Markets Association) for hosting this significant event, now in its fifth year, and for bringing together an impressive gathering of leaders and advocates in the realm of sustainability. We are here to engage in critical discussions about how we can collectively scale and enable transition finance in Asia – a topic that has never been more urgent.

Today’s theme, “Enabling Transition Finance in Asia”, reflects a vital aspect of our collective effort to combat climate change. As we know, climate change poses unprecedented challenges to our societies and economies. We must take bold steps to address these challenges. Hong Kong serves as a crucial financial gateway in Asia, bridging the East and West. This unique position makes it an ideal location for managing and channelling investments aimed at sustainable development. With our robust banking system, flourishing financial market, and strong regulatory framework, Hong Kong is well-positioned to facilitate transition finance.

As we gather here today, we are acutely aware of the challenges that climate change poses to our societies and economies. Today, I would like to outline Hong Kong’s efforts in driving sustainability, encapsulated in four key “C” pillars: Capital, Creation, Commitment, and Collaboration.

Capital – A vital tool for green financing

The first “C” is Capital, which highlights Hong Kong’s well-developed capacity for green investment. This is not just a financial mechanism; it is a vital tool for green financing that underpins our commitment to sustainability. Hong Kong has set an ambitious goal to achieve carbon neutrality by 2050, with a target to halve carbon emissions by 2035. To realise these goals, we are implementing a range of policies and initiatives designed to promote green finance and support the transition to a low-carbon economy.

As Asia’s leading international financial centre and green finance hub, Hong Kong stands ready to channel international investment toward sustainable purposes. Our financial ecosystem is equipped to facilitate a robust green transition. Recent market research estimates that sustainable bond issuance will approach US$1 trillion in 2024. Moreover, it is projected that annual climate investments must reach US$9 trillion by 2030 and US$10 trillion by 2050, underscoring the immense demand for green finance.

To this end, we launched the Government Green Bond Programme (renamed Government Sustainable Bond Programme) in 2019. This initiative aims to raise funds for government green projects that contribute to sustainable development. I am pleased to report that our issuance has been attracting strong interest from both local and international investors. For example, for the issuance in July this year, our offer of HK$25 billion of bonds attracted more than HK$120 billion equivalent in orders, about five times of the offer size. So far a total of HK$220 billion in government green bonds has been successfully issued, including a diverse array of bonds – retail, institutional, and tokenised – across multiple currencies and tenors. These efforts have effectively raised funds for the Government’s green projects, reinforcing our commitment to fostering a greener future for Hong Kong.

The momentum towards sustainable investment has gained unprecedented traction in our financial markets. Over 230 ESG (environmental, social, and governance) funds have been authorised by our Securities and Futures Commission, collectively managing over HK$1.3 trillion in assets. This represents a significant year-on-year increase of 19 per cent in the number of funds and an 8 per cent rise in assets. These encouraging statistics reflect a growing recognition among investors of the importance of sustainable finance and their commitment to supporting responsible investment initiatives.

Creation – innovating the green fintech market

The second “C” is Creation, which emphasises Hong Kong’s role in innovation for adoption of green fintech. In addition to capital, technology plays a crucial role in green transition. The global shift toward sustainability is not just creating new markets; it is also driving innovation and opening up investment opportunities. The Government recognises that sustainable development and financial innovation must go hand in hand. By positioning Hong Kong as a leader in sustainable finance, we can attract capital, stimulate innovation, and contribute to a more sustainable future for all.

As we strive to integrate fintech with green finance and accelerate our green transformation, we are actively expanding the green fintech ecosystem. This year in June, we launched the Green and Sustainable Fintech Proof-of-Concept Funding Support Scheme. This initiative aims to provide early-stage funding to technology companies or research institutes conducting green fintech activities, allowing them to collaborate with local enterprises to co-develop new projects that address industry pain points. By facilitating the completion of the commercialisation and proof-of-concept stages, this scheme aims to enable wider adoption of green and sustainable fintech solutions in our local business landscape.

Fostering partnerships that drive innovation in financial products is another crucial element in promoting sustainable practices and ensuring that our financial systems are resilient and future-ready. Earlier this year, in March, we launched the Prototype Hong Kong Green Fintech Map, developed in collaboration with various stakeholders. This map serves as a one-stop resource, providing comprehensive information on the current status of green fintech companies in Hong Kong and the related services available. By enhancing the visibility of these companies, we support their growth and ultimately contribute to our vision of a greener and more sustainable financial ecosystem.

Commitment – building a comprehensive foundation

The third “C” is our commitment to building a comprehensive green finance ecosystem. Recent market studies indicate that approximately 90 per cent of issuance in the green bond market relates to financing climate transition projects. Transition finance encompasses more than just capital; it empowers various industries to evolve towards sustainable practices while acknowledging that the journey to a low-carbon economy varies across sectors.

The time is ripe for Hong Kong to seize the opportunities ahead in developing a sustainable community. We are committed to enabling transition finance in Asia and working towards a more sustainable future. As part of this commitment, Hong Kong is a forerunner in setting regulatory requirements and guidance for the financial sector. In the recent Policy Address, the Chief Executive announced significant steps towards enhancing our financial reporting framework.

We will soon launch a roadmap for the full adoption of the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards). Our goal is clear: We aim for Hong Kong to be among the first jurisdictions to align our local requirements with these internationally recognised standards. This initiative not only underscores our commitment to transparency and sustainability but also positions Hong Kong as a leader in the global financial landscape.

Transparency and accountability are essential for the success of sustainable finance. As a crucial initial step, Hong Kong Stock Exchange has introduced new climate-related disclosure requirements. These requirements, developed based on the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures, will be implemented for listed companies under a phased approach starting next year. These initiatives reflect our ongoing efforts to foster a sustainable environment that resonates throughout our financial ecosystem.

Collaboration – the key to a sustainable future

The last “C”, but certainly not least, is collaboration. While government initiatives are crucial, the transition to a sustainable economy cannot be achieved in isolation. It requires collaboration among all stakeholders – the Government and regulators, financial institutions, corporations, and the community.

In 2020, the Government established the Green and Sustainable Finance Cross-Agency Steering Group, comprising representatives from various sectors. This group is working diligently to formulate strategies that enhance Hong Kong’s role as a green finance hub and engage industry participants and relevant stakeholders to advance sustainable finance in Hong Kong.

As we look ahead, we are also mindful of the international context. In just a few weeks, the global climate challenge will be front and centre at COP29 (29th Conference of the Parties to the United Nations Framework Convention on Climate Change) in Azerbaijan. This conference presents an opportunity for world leaders to ramp up climate action and provide stronger protections for those on the frontlines of climate change. COP29 is being billed as the “finance COP”, a pivotal moment for countries to establish a new global climate finance goal. We look forward to actively exploring collaboration with other regions on zero-carbon projects and initiatives, enhancing our collective capacity to address these urgent challenges.

Closing

In closing, the journey to a sustainable future is one that requires capital, creation, commitment, and collaboration. As we gather here today, we reaffirm our shared responsibility to enable transition finance in Asia and harness the power of finance to drive meaningful change. Together, we can create a better world for future generations.

Your commitment to advancing the agenda of sustainable finance in Asia is truly inspiring. I am grateful for your attention to this pressing global issue, and I look forward to the fruitful discussions and insights that will emerge from today’s conference. Together, let us turn our vision of a sustainable future into a reality.

Thank you.

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Asia-Pac: 2024 Edition of “Hong Kong Annual Digest of Statistics” published

Source: Hong Kong Government special administrative region

2024 Edition of “Hong Kong Annual Digest of Statistics” published
2024 Edition of “Hong Kong Annual Digest of Statistics” published
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The 2024 Edition of the “Hong Kong Annual Digest of Statistics” was published by the Census and Statistics Department (C&SD) today (October 30). The Digest is available for downloading at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1010003&scode=460). The Digest is a comprehensive and convenient collection of official statistics. It contains some 300 statistical tables on a wide range of topics, including: – Population- Labour- External trade- National income and Balance of Payments- Prices- Business performance- Innovation and technology- Energy- Housing and property- Government accounts, finance and insurance- Transport, communications and tourism- Education- Health- Social welfare- Law and order- Culture, entertainment and recreation- Environment, climate and geography This Digest aims to provide key annual statistical series on various aspects of the social and economic developments of Hong Kong. Most of the data series presented reflect the latest situation covering a time span of the last decade, enabling readers to understand the trends of development in recent years. Descriptions of the scope of the statistical data and definitions of the terms used in this Digest are provided in the “Concepts and methods” in each chapter. Enquiries about the “Hong Kong Annual Digest of Statistics” can be directed to the Statistical Information Dissemination Section (1) of the C&SD (Tel: 2582 5073; email: gen-enquiry@censtatd.gov.hk).

Ends/Wednesday, October 30, 2024Issued at HKT 16:00

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MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Asia-Pac: LCQ17: Protecting the rights and interests of consumers

Source: Hong Kong Government special administrative region

Following is a question by Professor the Hon Priscilla Leung and a written reply by the Secretary for Commerce and Economic Development, Mr Algernon Yau, in the Legislative Council today (October 30):

Question:

     It has been reported that a chain fitness and beauty group suddenly announced its “temporary business suspension” last month. As at the middle of last month, the Consumer Council received a total of 3 861 relevant complaints, involving a total amount of nearly $130 million, with an average amount of about $33,000 per case, and the largest amount involved in a single complaint was about $1.81 million. Regarding protecting the rights and interests of consumers, will the Government inform this Council:

(1) whether it will re-activate the legislative exercise to stipulate a statutory cooling-off period for beauty and fitness services consumer contracts; if so, of the details; if not, the reasons for that;

(2) whether it will consider establishing new industry rules for the beauty and fitness industries, so as to protect the rights and interests of consumers; if so, of the details; if not, the reasons for that; and

(3) whether it will consider setting up an interdepartmental task force to roll out publicity and education programmes (especially targeting underprivileged groups such as poor elders), so as to help members of the public become smart consumers and avoid suffering losses; if so, of the details; if not, the reasons for that?

Reply:

President,

     The Government of the Hong Kong Special Administrative Region is highly concerned about the recent incident involving the temporary business suspension suddenly announced by a chain fitness and beauty group, and has formed an inter-departmental dedicated investigation team to follow up. The dedicated investigation team, which comprises the Commerce and Economic Development Bureau, the Security Bureau, the Customs and Excise Department (C&ED), the Hong Kong Police Force (Police) and the Consumer Council (Council), continues to closely monitor the developments of the incident. In particular, the C&ED and the Police are conducting intensive investigation from the perspectives of offences regarding the unfair trade practices under the Trade Descriptions Ordinance (Cap. 362) (the Ordinance) and whether other criminal offences are involved respectively.

     The reply to the various parts of the question is as follows:

(1) and (2) In view of the unfair trade practices involving prepaid mode of consumption (in particular the situation of fitness centres and beauty parlours using aggressive tactics to sell services that involve large amount of prepayments), the Government conducted a three-month public consultation in 2019 to solicit views on the proposal to stipulate a statutory cooling-off period for beauty and fitness services consumer contracts through legislation. However, shortly after the public consultation, there have been drastic changes in the social environment, economic situation and consumption sentiment since the second half of 2019.

     We are aware that different sectors of the community have put forward various suggestions in respect of offering better protection to consumers who make prepayments (including stipulating a statutory cooling-off period, imposing a cap on the length of prepayment contracts and prepayment amounts, and setting up trust accounts), after this incident of the chain fitness and beauty group announcing temporary business suspension. We will conduct an in-depth study into different suggestions and consider their pros and cons and feasibility, with reference to the experience of this incident, other relevant factors (including the economic environment, the operating situation of relevant industries and relevant complaint and enforcement statistics) and the experience in other jurisdictions, with a view to formulating appropriate strategies to strengthen the protection of consumers’ rights and interests.

(3) Currently, various laws in Hong Kong protect consumers’ rights and interests. Among others, the Ordinance covers goods and services, and prohibits traders from subjecting consumers to unfair trade practices, including false trade descriptions, misleading omissions, aggressive commercial practices, bait advertising, bait-and-switch and wrongly accepting payment. The Ordinance is applicable to the trade practices of both physical and online traders.

     The C&ED is the principal enforcement agency of the Ordinance, and adopts a three-pronged approach, covering enforcement actions, compliance promotion and publicity and public education, to combat unfair trade practices proactively. Meanwhile, the Council endeavours to study and promote the protection of consumers’ rights and interests, and carries out its statutory functions in accordance with the Consumer Council Ordinance (Cap. 216), including handling complaints from consumers and resolving disputes between consumers and traders.

     The C&ED and the Council have been maintaining close communication with each other, and have been collaborating with other government departments and social service organisations, etc, to jointly promote the protection of the rights and interests of consumers (including the elderly and other vulnerable groups). They also adjust and strengthen the strategies and work in respect of publicity and public education, having regard to the complaints and the enforcement situation. Among others, the relevant publicity and public education work includes:

(i) Conducting talks and workshops for the elderly and other vulnerable groups (and their family members and carers), with a view to enhancing their understanding of common unfair trade practices and sharing with them tips about “smart consumption”, so as to prevent them from falling into sales pitfalls.

     In particular, targeting common unfair trade practices, the C&ED conducts talks for the elderly and joins hands with the Police, District Councils and District Fight Crime Committees to carry out promotion by distributing promotional leaflets to the elderly, with a view to enhancing the elderly’s understanding of the Ordinance and awareness of “smart consumption”.

(ii) Conducting dedicated educational programmes to enhance the capability of the elderly and other vulnerable groups to guard against unfair trade practices.

     In particular, the Council conducts the Educator Scheme for Senior Citizens, which provides consumer education training to soon-to-be retirees and retirees so as to equip them to host consumer educational talks for other elderly in the community. The Council’s Support Programme for Persons with Special Needs, through virtual reality role-play simulations that cover different scenarios (for example those about the sales pitfalls of fitness and beauty centres), allows persons with special needs to better grasp the skills for guarding against common sales pitfalls.

(iii) Disseminating consumer information to facilitate consumers to make informed consumption decisions.

     In particular, the Council publishes product tests, service surveys, consumption tips and complaint case sharing, etc, in its CHOICE magazine, providing practical consumer information to different groups of consumers (including the elderly and other vulnerable groups).

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI United Kingdom: Scottish Fish Farm Production Survey 2023

Source: Scottish Government

An Official Statistics Publication for Scotland

The Scottish Government today published the Scottish Fish Farm Production Survey 2023. The publication details statistics on the employment and production from Scottish fish farms. It is structured to follow industry trends within the farmed Atlantic salmon, rainbow trout and other species sectors.

Some key figures from this publication are:

In 2023, production of Atlantic salmon decreased by 18,245 tonnes (11%) to 150,949 tonnes.
The total number of smolts produced in 2023 decreased by 3.6 million (7%) to 51.5 million.
Production tonnage of rainbow trout increased by 6% in 2023 to 9,258 tonnes. This is the highest level of rainbow trout production recorded in Scotland.
Brown and sea trout production decreased to 16 tonnes in 2023.
In 2023, the total number of staff directly employed in salmon production was 1,480 staff, a decrease of 28 staff compared with 2022. The staffing figures refer to production of Atlantic salmon in seawater and do not include staff involved with processing or marketing activities.

Background

Scottish Fish Farm Production Survey 2023 – gov.scot (www.gov.scot)

The survey is compiled from data collected directly from authorised fish farming businesses.

Official statistics are produced by professionally independent staff – more information on the standards of official statistics in Scotland can be accessed at: Producing Official Statistics – gov.scot (www.gov.scot)

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI United Kingdom: Monthly GDP Estimates for August

Source: Scottish Government

An Official Statistics in Development publication for Scotland.

Scotland’s onshore GDP contracted by 0.3% in August 2024, according to statistics announced by the Chief Statistician. This follows revised growth of 0.5% in July 2024.

In the three months to August, GDP is estimated to have grown by 0.1% compared to the previous three month period. This indicates an decrease in growth relative to the growth of 0.4% (revised from 0.6%) in 2024 Quarter 2 (April to June).

In August, the largest contribution to headline GDP was made by the Information & Communications sector which contracted by 3.2%, contributing -0.2 percentage points to the overall contraction. The largest positive contribution was made by the Education sector which grew by 1.4%, contributing 0.1 percentage points towards GDP.

Background

The quarterly statistical publication and data and the monthly statistical publication and data are available online.

All results are seasonally adjusted and presented in real terms (adjusted to remove inflation). GDP growth relates to Scotland’s onshore economy, which means it does not include the output of offshore oil and gas extraction.

Gross Domestic Product (GDP) measures the output of the economy in Scotland and are designated as official statistics in development. This means that they are still in development but have been released to enable their use at an early stage. All results are provisional and subject to relatively high levels of uncertainty.

Further information on GDP statistics is available online.

These estimates are compiled in line with the Code of Practice for Statistics.

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Asia-Pac: World Stroke Day 2024 celebrated by organizing Nation-wide programmes at National Institutes and Regional Centres under DEPwD

Source: Government of India (2)

World Stroke Day 2024 celebrated by organizing Nation-wide programmes at National Institutes and Regional Centres under DEPwD

Objective – Raise Awareness on Stroke and reduce restorant Disability and Mortality Rates

Posted On: 30 OCT 2024 2:15PM by PIB Delhi

On the occasion of World Stroke Day (29^th October 2024), National Institutes and Composite Regional Centres under the Department of Empowerment of Persons with Disabilities (DEPwD) organized various programmes, to raise awareness about the severity of stroke, its prevention, and treatment. This year’s objective is to reduce disability and mortality rates caused by stroke.

According to statistics, stroke is the second leading cause of death globally and the third leading cause of disability. Every year, nearly 1.8 million people are affected by stroke. In light of this critical issue, awareness programs were organized nationwide by DEPwD to address the impact of stroke.

The National Institute for Locomotor Disabilities (NILD) in Kolkata conducted street plays and awareness sessions aimed at educating the public about stroke. In these sessions, experts discussed the symptoms, risks, and preventive measures associated with stroke.

The Composite Regional Center (CRC) in Nellore held an awareness session where they discussed the importance of World Stroke Day, causes of stroke, and its effects. Experts highlighted that timely response and proper treatment can save many lives. Additionally, the CRC provided information on services available for those affected by stroke.

Other CRCs in Kullu, Bolangir, Rajnandgaon, and other locations also organized awareness programmes, focusing on educating people about recognizing early symptoms of stroke and seeking timely medical help.

Through these initiatives, the DEPwD aims to increase awareness about stroke and emphasize that with the right knowledge and vigilance, the risks associated with stroke can be significantly reduced. Through the World Stroke Day programs, the department reaffirms its commitment to making the public more aware of stroke and its implications.

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MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI USA: Department of Labor finds construction contractors failed to protect rigger from fatal 30-story fall at Fort Lauderdale high-rise

Source: US Department of Labor

FORT LAUDERDALE, FL – A U.S. Department of Labor investigation found two contractors could have prevented a crane collapse at a Fort Lauderdale residential construction site in April 2024, which caused a 27-year-old rigger to suffer fatal injuries after falling approximately 30 stories.

Investigators with the department’s Occupational Safety and Health Administration learned that two workers employed by Phoenix Rigging & Erecting LLC were installing a section on a tower crane to increase its height when a support cable failed and the platform on which they stood became displaced. One worker, who was wearing the required fall protection and tied off, was rescued. Another worker, whose lanyard was not connected to an anchor point was fatally injured.

OSHA cited Phoenix Rigging & Erecting in Mableton, Georgia, for three serious violations for failing to do the following:

The agency also cited a Canonsburg, Pennsylvania, crane rental company, Maxim Crane Works LP, for two serious violations for failing to do the following:

Observing deficiencies to significantly corroded and cracked pins and bolts, and improperly applying end connections.
Allowing employees to start work without conducting pre-inspections of crane components, including but not limited to U-bolt clamps, bolts, pins, thimbles and wire ropes, to ensure those were inspected adequately by a qualified person for damage or excessive wear.

“Neglecting workplace safety requirements can be a matter of life or death,” said OSHA Area Director Condell Eastmond in Fort Lauderdale, Florida. “If these companies had made safety a priority, a young man’s family, friends, and co-workers wouldn’t be facing this preventable loss. Construction employers are responsible for ensuring that workers use fall protection in hazardous situations, and we will hold all employers accountable for failing to provide safe working conditions.”

OSHA cited the construction contractors for five serious violations and proposed $61,299 in penalties, the maximum amount that OSHA can legally recommend.

The Bureau of Labor Statistics reports that 1,056 construction workers were fatally injured on the job in 2022, with 423 of those fatalities related to falls from elevation, slips or trips.

Phoenix Rigging & Erecting LLC conducts crane assembly and dismantling. Maxim Crane Works LP rents heavy-lift equipment, including hydraulic truck cranes, rough terrain cranes, crawler cranes, tower cranes, conventional truck cranes and boom trucks at more than 50 locations nationwide.

The contractors have 15 business days from receipt of their citations and penalties to comply, request an informal conference with OSHA’s area director, or contest the findings before the independent Occupational Safety and Health Review Commission.

Visit OSHA’s website for information on developing a workplace safety and health program. Employers can also contact the agency for information about OSHA’s compliance assistance resources and for free help on complying with OSHA standards.

Under the Occupational Safety and Health Act of 1970, employers are responsible for providing safe and healthful workplaces for their employees. OSHA’s role is to ensure these conditions for America’s working men and women by setting and enforcing standards, and providing training, education and assistance. For more information, visit OSHA’s website to learn more.

MIL OSI USA News –

January 25, 2025

MIL-OSI Africa: South Africa’s fight against extreme poverty needs a new strategy – model shows how social grants could work

Source: The Conversation – Africa – By Ramos Emmanuel Mabugu, Professor, Sol Plaatje University

South Africa has been struggling for decades to reduce poverty, inequality and unemployment and raise the rate of economic growth.

Economic growth has been slow since a recession in 2008. The annual growth rate averaged 1.1% between 2009 and 2021, slowing to 0.6% in 2023.

Unemployment remains stubbornly above 30%. It was 32.9% in the first quarter of 2024.

The country’s Gini coefficient, a measure of how income is distributed across the population, is estimated to be 0.63, one of the worst in the world. Poverty levels remain high too. A large number of people live in extreme poverty. According to Statistics South Africa, an estimated 40.0% of the population (or 25 million people) have a monthly consumption expenditure of below R9,096 (which is used as the lower-bound poverty line). And 55.5% of the population falls within the upper-bound poverty line, with monthly consumption expenditure of below R13,656.

This is despite government’s extensive spending on social assistance and other support mechanisms. In the 2023/24 fiscal year, there were 18.8 million social grant beneficiaries (about 35% of the population) with an annual cost to the fiscus of R217.1 billion (US$12.2 billion). This is expected to increase to R259.3 billion (US$14.6 billion) in 2026/27.

Social support also includes spending on health, education, social protection, community development and employment programmes which protect the most vulnerable groups. In addition, the government has extended the Social Relief of Distress Grant which was introduced during the COVID pandemic.

Based on my research as an economist for the last 20 years, I believe the government won’t make much progress in reducing unemployment, inequality and poverty unless it adopts a different strategy – one that targets extreme poverty reduction explicitly.

In a recent paper, colleagues and I identify key conditions for reducing extreme poverty through social transfers. We designed an economic simulation model to track the effect of increasing social grants to very poor South Africans to move them out of extreme poverty. This would be done by transferring an average of R4,020 (US$225) to every extremely poor South African. Based on our assumptions, about 25 million individuals would be eligible for this social transfer.

Moving about 25 million South Africans out of extreme poverty would cost on average US$6.5 billion per year. We argue that this cost is worth carrying. Our model also showed that, under certain conditions, poverty-alleviation social transfers can be good for the broader economy.

Additional benefits

We know that social grants are important instruments to fight poverty and inequality in South Africa. They can produce sizeable multiplier effects in the economy.

But we wanted to know more about how society benefits when a large share of the public budget is transferred to poor households.

What makes the model we built to explore this different is that we simulated the economic implications of a hypothetical South Africa with lower poverty and inequality outcomes. More precisely, we set the poverty headcount rate at the lower-bound poverty line at 5.0% under both unconstrained and constrained scenarios. This is the conventionally accepted definition of extreme poverty eradication.

The tool combined a macroeconomic model to project the economic impacts and a micro-simulation model to work out the poverty and inequality effects.

We tested a combination of policy options, including social grants, and their multiplier effects and funding implications. We considered two financing scenarios: one that involved a budget deficit and one which was budget-neutral.

Under a budget-neutral scenario, funding for interventions would be taken from budgets allocated for other purposes and put towards poverty alleviation instead.

Key findings

The model showed that the South African economy, measured by the level of gross domestic product (GDP), would grow faster (by 0.5 percentage points) when the transfer was designed to support poor people’s progressive engagement in economic participation rather than simply providing them with a basic cash grant. This can be done, for instance, by expanding and upgrading the current social assistance schemes such as the public work programmes. These have been shown to have positive outcomes for economic participation.

When people who receive income transfers are able to work, they contribute to a higher supply of goods and services as well as to higher demand.

The inflationary effects, in particular food price increases, are limited under this scenario.

On the other hand, GDP deteriorates by 1 percentage point when there is no requirement or condition for participation (when grant recipients still don’t have a job). Under this scenario food demand increases and related price increases contribute to reducing consumers’ purchasing power.

What needs to be done

Our model shows how poverty-alleviation social transfers can have positive economic outcomes under two conditions.

First, the expansion of the grant lifting approximately 25 million South Africans above the lower-bound poverty line of R9,606 has to be done under a budget-neutral funding arrangement.

Second, the transfer has to be made with a requirement that there is an increase in the economic participation of extremely poor beneficiaries. In other words, the grant only has a positive effect if the very poor beneficiaries can find work or are required to participate in a certain kind of public work activity.

The fiscal cost of the poverty alleviating grant transfer would be around 1.6% of GDP or 4.9% of public expenditure. This would mean increasing social spending by 4.9%. Alternatively, spending on other areas would have to be cut by the same proportion.

In either scenario, the findings show that this constraint might even be relaxed if the fiscal transfer enabled poor people to get work or if the cash transfer was conditional on recipients doing certain work.

In our view the benefits of this are massive in terms of extreme poverty eradication.

– South Africa’s fight against extreme poverty needs a new strategy – model shows how social grants could work
– https://theconversation.com/south-africas-fight-against-extreme-poverty-needs-a-new-strategy-model-shows-how-social-grants-could-work-241694

MIL OSI Africa –

January 25, 2025

MIL-OSI Global: South Africa’s fight against extreme poverty needs a new strategy – model shows how social grants could work