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Category: Trade

  • MIL-OSI Russia: Andrei Rudskoy took part in a meeting chaired by Russian Presidential Aide Nikolai Patrushev

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    On January 23, a meeting on the participation of universities in ensuring technological leadership and developing engineering education was held at the Saint Petersburg State Marine Technical University under the chairmanship of Nikolai Patrushev, Assistant to the President of the Russian Federation. The meeting was addressed by the Rector of SPbPU, Academician of the Russian Academy of Sciences Andrei Rudskoy.

    The meeting was attended by the governors of St. Petersburg and the Leningrad Region, representatives of the Ministry of Industry and Trade, the Ministry of Education, university rectors and heads of companies in the shipbuilding and related industries. The participants examined issues related to the role of universities in the formation of a system of research, development and production of high-tech products.

    Aide to the President of Russia, Chairman of the Russian Maritime Board Nikolay Patrushev noted in his speech that in order to achieve technological sovereignty and technological superiority, the domestic industry needs to reduce the timeframes for developing and implementing new technologies in production, as well as eliminate problems associated with the specifics of certification processes. He emphasized the importance of developing various technical and technological areas, including the production of low- and medium-speed engines, robotics and instrumentation.

    Nikolay Patrushev also touched upon the issue of training highly qualified engineering personnel. He emphasized that increasing the number of scientists, researchers and engineers in the total number of workforces is a key factor for achieving technological sovereignty.

    In turn, the Minister of Science and Higher Education of the Russian Federation, Valery Falkov, presented the results of monitoring the quality of admission to HSE universities and reported on the growth of interest in engineering education in recent years.

    Rector of SPbPU, Academician of the Russian Academy of Sciences Andrey Rudskoy presented the model of “Qualified Partnership” in his report. He noted that the university, regularly performing R&D, generates new knowledge. At the next stage, due to the introduction of digital platforms in the performance of R&D, knowledge is accumulated and competencies are formed.

    Effective actions based on knowledge and technology allow us to form a scientific and technological reserve on a systemic basis, which characterizes a qualified performer. A breakthrough, in fact, an exit to another level of development, is associated with the formulation of frontier engineering tasks by a qualified customer. This is how globally competitive market products are created – this is what real innovations consist of. Particular attention is paid to the transfer of knowledge through a new educational model with variable terms of basic educational programs, – Andrey Rudskoy emphasized.

    Andrey Ivanovich drew the attention of the audience to the fact that Russian President Vladimir Putin set the task of creating a new model of education based on the foundations of the domestic system, which is distinguished by an optimal ratio of fundamentality and practical orientation of training. Mathematics and physics are of key importance, allowing the formation of logical thinking in schoolchildren, a scientific view of the world and creating the basis for future fundamental training in any field of activity.

    Andrey Ivanovich noted that today the task of ensuring technological leadership is becoming vital for Russia. It is necessary to create a reliable foundation – well-prepared applicants to engineering universities. To this end, the standards of the current advanced level of studying mathematics and physics should become mandatory in secondary school.

    It is obvious that the need for mathematics and science teachers in schools will increase significantly, and this requires prompt decisions. In 2024, we launched a joint project of SPbPU and the Herzen State Pedagogical University to combine the competencies of the two universities in training physics teachers within the framework of a network educational program. The participation of the Polytechnic University in this program contributed to the development of specialized competencies of future physics teachers, including through the use of the material base of SPbPU. And this year, we are launching a unique master’s program with the assignment of two qualifications in the areas of training “Applied Mathematics and Physics” and “Pedagogical Education”, which will help compensate for the shortage of physics and mathematics teachers, – said Andrey Rudskoy.

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

    MIL OSI Russia News –

    January 27, 2025
  • MIL-OSI Economics: Joint Trades Letter in Support of Cost Recovery of Intangible Drilling Costs (IDCs)

    Source: Independent Petroleum Association of America

    Headline: Joint Trades Letter in Support of Cost Recovery of Intangible Drilling Costs (IDCs)

    Jan 23, 2025 Joint Trades Letter in Support of Cost Recovery of Intangible Drilling Costs (IDCs)

    Re: Equalize the Tax Treatment of Oil & Natural Gas Capital Expenditures under the CAMT to Unlock Domestic Energy Production

    Dear Chairman Smith, Chairman Crapo, Ranking Member Neal, and Ranking Member Wyden:

    With this new Congress, we have a real opportunity to spur domestic energy production through common-sense, durable reform. This includes tax policy and the equitable treatment of capital investment to produce our own oil and natural gas.

    On behalf of U.S. independent producers of oil and natural gas, we urge this Congress to rectify prior unsound and disparate tax policy embedded in the corporate alternative minimum tax (CAMT) and allow for the accelerated cost-recovery of intangible drilling costs (IDCs).

    IDCs are ordinary business expenses incurred in the exploration, development, and drilling of new wells — including wages, repairs, supplies, fuel, surveying, and ground clearing. …

    Continue Reading

    MIL OSI Economics –

    January 27, 2025
  • MIL-OSI United Kingdom: Ex-high street chief to keep Britain working with review into business support for disabled and long-term sick

    Source: United Kingdom – Executive Government & Departments

    A new “Keep Britain Working” review has been launched today [Friday 24 January] to explore how to urgently support people with long-term illnesses or disabilities back into work, and to stay in work.

    • Independent review led by former John Lewis boss, Sir Charlie Mayfield, officially underway.
    • Review to investigate how government and businesses can work together to support ill and disabled people into work, boost living standards and grow the economy as part of Plan for Change.
    • Intervention comes as government is expected to publish major health and disability benefit reforms this Spring.

    Former chairman of John Lewis Partnership, Sir Charlie Mayfield, will lead the Keep Britain Working Review to investigate the factors behind spiralling levels of inactivity, and how government and businesses can work together to turn this around, to get Britain working again. 

    The review will be the first of its kind, and following the launch of the Get Britain Working White Paper, will be one part of the government’s Plan for Change to kickstart economic growth in partnership with businesses, drive up prosperity and raise living standards across the UK.

    With over a third of working age people reporting a long-term health condition and around a quarter classed as disabled, the latter group being three times more likely to be not in work or looking for work, the scale of the challenge is stark.

    Beginning today, the review will move at pace concluding in the Autumn, with Sir Charlie Mayfield meeting businesses and health and disability organisations across the country to identify the scale, trends, obstacles and opportunities for companies when recruiting and retaining ill and disabled people. 

    This phase will conclude in Spring with a report based on the findings from his conversations with company bosses, employees who have been supported to stay in work, and organisations who help those out of work, to inform wider engagement. Recommendations to the government are expected later this year.

    This will be part of the government’s plan to boost employment by breaking down barriers to opportunity and improving people’s living standards through work and life-changing support, building on the latest data this week showing real earnings have increased by 2.5% on the year.

    Sir Charlie Mayfield, who was also Chair of the British Retail Consortium and Chair of the UK Commission for Employment and Skills, said: 

    Losing people from the workforce because of ill-health or disability is bad for many of the individuals, for the businesses employing them, and for the wider economy.

    It’s a growing problem for us all and it’s one that’s more likely to be resolved by business and government working together.

    I’m looking forward to engaging closely with businesses, government departments and the many organisations committed to improving our performance here.

    The review, which will identify measures to help ill and disabled people get into work and stay in work, comes ahead of significant reforms to health and disability benefits expected in the Spring. 

    Work and Pensions Secretary, Rt Hon Liz Kendall MP, said: 

    Millions of people have been left without support to get into work and on at work, and completely held back from reaching their potential for far too long, and the record-high cost of long-term sickness benefits is evidence of that fact.

    That’s why I am pleased to have Sir Charlie leading this review, bringing a wealth of experience and helping us to get people into work, and most importantly keep them in work, so we can boost living standards and get our economy growing.

    Business and Trade Secretary, Rt Hon Jonathan Reynolds, said: 

    It isn’t right that too many businesses are missing out on the people they need, while those who want to work can’t because of long-term sickness. 

    Solving this problem is one of the greatest challenges facing the labour market, with years of poor support blocking those with great talent from helping drive our economy forward.

    The government is on the side of working people and is unashamedly pro-business. That’s why this review will be critical in getting businesses the people they need to unlock their full potential.

    Rain Newton-Smith, CEO of the CBI, said: 

    Lower rates of employment for people with long-term health conditions or disabilities is a tragic waste of potential that holds back economic growth and impacts on well-being. 

    It denies people the opportunity to improve their personal financial security through work and prevents businesses from using their valuable skills and experience to grow the economy. 

    Sir Charlie’s review is a welcome opportunity for business and government to co-design solutions that have a real impact.

    This business engagement is part of the government’s Get Britain Working White Paper which is currently progressing the biggest employment reforms in a generation so the UK can reach an ambitious 80% employment rate. 

    As part of the plan, Jobcentre’s are to change their focus from monitoring and managing benefit claims to skills and careers, mental health support will be expanded to reduce waiting lists in areas with the highest levels of economic inactivity, and mayors will be empowered to join up local work, health and skills support to tackle the root causes of inactivity in their areas.

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    Published 24 January 2025

    MIL OSI United Kingdom –

    January 27, 2025
  • MIL-OSI China: Trump voices willingness to get along with China in Davos teleconference

    Source: China State Council Information Office

    U.S. President Donald Trump said his government looks forward to “doing very well with China and getting along with China” in virtual remarks to the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, on Thursday.

    Trump emphasized that the leaders of the United States and China are going to have a “very good relationship.”

    Addressing the ongoing situation in Ukraine, Trump acknowledged China’s role and expressed hope for cooperation. “Hopefully, we could work together and get that (armed conflict) stopped,” he said.

    In his message to global business leaders, Trump promised what would be “among the lowest taxes of any nation on Earth” for those who bring manufacturing operations to the United States, but still warned of tariffs for those who do not.

    Trump also voiced concerns over rising oil prices, adding that he would ask Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to bring down costs.

    MIL OSI China News –

    January 27, 2025
  • MIL-OSI Australia: Victoria’s new Critical Minerals Roadmap: a positive step towards the development of local industry

    Source: Allens Insights

    A positive step towards the development of local industry 6 min read

    In early December, the Victorian Government announced a series of measures designed to reinvigorate Victoria’s economy and encourage business investment in the state. Among these announcements was the release of the new Victorian Critical Minerals Roadmap (the Roadmap), targeting further development of the industry in Victoria to take advantage of the state’s critical minerals deposits.

    The Roadmap is an encouraging sign of Government support for the development of critical minerals projects and a recognition of some of the challenges proponents face including, in particular, a slow and uncertain approvals process. It also highlights the Government’s vision of Victoria as a leading supplier of ‘ethically-sourced’ critical minerals through equitable sharing of benefits between local communities, Traditional Owners and proponents, and the maintenance of high environmental standards.

    This Insight provides an overview of the Roadmap and some of its key initiatives.

    Key takeaways

    • The Roadmap sets out an ambitious vision for developing the critical minerals industry in Victoria, centred around four guiding themes: mapping the opportunities; a modernised regulatory regime; production and processing; and sharing the benefits.
    • It includes several concrete initiatives that the Government proposes to implement over the next 12 months across these four themes as well as possible longer-term initiatives. The Roadmap is intended to be a live document that will be reviewed and adapted to changing circumstances.
    • Importantly, the Roadmap outlines several actions that the Government is already taking or will implement in the short term to streamline and reduce uncertainty in the approvals process for critical minerals projects.
    • It also contemplates developing a community benefit sharing model, and inviting Traditional Owners to co-design a benefit sharing model, in the short term.
    • There is some uncertainty about how the Government plans to balance sometimes competing objectives in the Roadmap – for example, encouraging investment while ensuring equitable sharing of benefits between proponents, local communities and Traditional Owners. However, overall, the indication of support from the Government is a positive step in the industry’s further development in Victoria.

    Background

    Victoria is the latest Australian jurisdiction to recognise the importance of facilitating the development of local critical minerals and strategic materials resources to support the transition to a carbon net-zero economy and, in the case of critical minerals, secure diversified supply.

    Although it garners little public awareness, Victoria holds significant deposits of critical minerals and strategic materials (in particular, in the northwestern and central regions). The Victorian Government estimates the value of Victoria’s critical minerals endowment to be approximately $200 billion and that a local critical minerals industry could support up to 7,000 jobs.1

    Overview of the Roadmap

    The Roadmap sets out the Government’s vision for a ‘strategically and economically important critical minerals industry’ in the state. In particular, the Government envisages a ‘world-leading ethical critical minerals sector’ that:

    • has timely approvals for development;
    • delivers significant economic benefits for regional communities;
    • is environmentally responsible;
    • creates opportunities for future downstream industries; and
    • forms strong and lasting partnerships with local communities and Traditional Owners.

    As the Roadmap is intended to be a live document that is reviewed and updated at regular intervals, it focuses on concrete actions to be undertaken in the short term while outlining possible future initiatives to be considered at a later date.

    Deep dive – four core themes

    The actions that the Government proposes to undertake over the next 12 months and possible future initiatives are centred across four themes, which are explored below.

    Mapping the opportunities

    The first theme promises to modernise geoscience data and to use geological mapping to assist in identifying new critical minerals opportunities, with land use assessments identifying future areas for development, referred to as ‘Critical Minerals Priority Development Zones’ (Priority Zones). The Victorian Government has established a whole-of-government critical minerals taskforce, led by Resources Victoria, to coordinate the Government’s actions in Priority Zones, including approvals facilitation and community consultation to drive faster development. A strategic land use assessment pilot program is currently underway in north-west Victoria to define mineral sands Priority Zones. The Roadmap flags that, based on this first pilot, in the short term, the Government will also commence a strategic land use assessment potential to identify a Priority Zone for antimony projects in central Victoria.

    In addition, within the next 12 months, the Government intends to develop a policy regarding when the Minister will exercise their powers under section 7 of the Mineral Resources (Sustainable Development) Act 1990 (Vic) (MRSD Act) to designate areas as exempt from minerals exploration and development. The powers granted under section 7 are broad and entitle the Minister to exempt land for any reasons they decide to be appropriate. However, in making such a decision, the Minister must take into account the known or potential value of the resources, the impact that the proposed exemption may have on that value, and the social and economic implications of the decision. We expect that this policy will be of interest to those assessing the viability of potential development opportunities, as it will provide greater certainty regarding when the Minister is likely to exercise these powers.

    Modernised regulatory regime

    The Roadmap outlines several key initiatives and reforms aimed at streamlining and improving the approvals process for mineral exploration and mining projects. This is a welcome development, as approval timeframes for exploration activities in Victoria lag those in other mining jurisdictions and a lack of transparency in the approval process has been cited as a key deterrent for investment.2

    This will primarily be delivered through the implementation of reforms in the Mineral Resources (Sustainable Development) Amendment Act 2023 (Vic) (MRSD Amendment Act), which will commence by 1 July 2027. These reforms introduce a duty-based model for regulation, which imposes a duty on a licence or work authority holder to eliminate or minimise, as far as reasonably practicable, the risk of harm to the environment, the public, land, property or infrastructure by its exploration, extractive industry, mining or rehabilitation of land or related activities (the breach of which will be an offence). The licence or work authority holder will not be able to commence work until the department head has determined whether the risk level for the licence or authority is lower, moderate or higher which, in turn, determines the obligations with which the holder must comply. The existing requirement to lodge work plans will no longer apply, however rehabilitation plans will continue to be required for moderate or higher-risk operations. Rehabilitation for lower-risk operations will need to be undertaken in accordance with a compliance code made under the Act. Although these reforms are intended to reduce the time and administrative burden of the existing approvals processes, largely by removing the work plan approval process, whether they are effective in doing so will depend on the details of their implementation.

    Importantly, the Roadmap also indicates that the Government has committed to reforming the Victorian Environment Effects Statement process to facilitate accelerated approvals, with a targeted timeframe of no longer than 18 months for assessment under that process as a result of sharper assessment scopes and the provision of extra support to proponents.

    Further, the Government has extended Resources Victoria Approvals Coordination (RVAC), a division of Resources Victoria, until 2027 so that it can continue, through its case management role, to assist with reducing the uncertainty associated with earth resources development approvals. It is not clear whether RVAC will continue to focus, in the mining workstream, on critical minerals and gold given the Roadmap also provides for the establishment of a new Critical Minerals Coordination Office (CMC) within Resources Victoria within the next 12 months with responsibility for all critical minerals project approvals. It may be that the CMC assumes responsibility for critical minerals projects while RVAC continues to be responsible for gold resources. The Roadmap does not include any further detail regarding the division of responsibility between the two offices.

    Overall, these initiatives are designed to provide clearer regulatory pathways, reduce administrative burdens, ensure timely project approvals and maintain high environmental standards while fostering responsible investment in Victoria’s critical minerals sector.

    Local production and processing

    Across Australia, industry participants and governments have sought to explore opportunities to develop downstream critical minerals processing and end-use manufacturing capabilities. If done right, there are clear economic, security and environmental benefits that can be achieved through this. The Roadmap promises to continue to investigate these opportunities. This is a promising show of support, and industry participants will keenly await the announcement of any initiatives to navigate the challenges that Australia faces in competing with other jurisdictions for future investment in production and processing, including relatively higher labour costs and more stringent environmental regulation.

    Sharing benefits

    The Victorian Government has also indicated its intention to design ‘benefit sharing models’ involving regional communities and Traditional Owners. These benefits are stated to be both financial and non-financial. The Roadmap sets out key principles underpinning these proposed models, including that the benefits of Victoria’s mineral wealth should be shared equitably, and that these benefits include tangible and non-tangible opportunities. These models may, for example, encompass environmental protection, the building of a local workforce to support the development of the industry, and other means of enriching local areas. Investment in projects located in regional areas will undoubtedly contribute to local communities through employment and training opportunities and increased economic activity. It remains to be seen how the Government intends to balance these potentially competing benefit sharing objectives with the desire to create an attractive investment environment for proponents.

    Continuing a trend of government support

    This latest announcement continues the trend we have observed in recent times of increasing government support across Australia and globally for the development of the critical minerals industry, including:

    • governments globally, including Australia’s, have engaged in government-sponsored initiatives to secure diversified supply of critical minerals;
    • the New South Wales Government released its Critical Minerals and High-Tech Metals Strategy 2024–35, including a centrepiece announcement of a $250 million royalty deferral initiative for critical minerals projects;
    • the Western Australian and Federal Governments announced initiatives to support critical minerals investment, namely Western Australia’s Battery and Critical Minerals Strategy 2024-2030, and support for the critical minerals industry in the recent Federal Budget; and
    • similarly, the unveiling of Queensland’s Critical Minerals Strategy contained $245 million in initiatives aimed at unlocking Queensland’s critical minerals industry.

    This is a promising trend that we expect to see continue given the challenges the volatility inherent in the markets for critical minerals present in developing projects and obtaining funding sources.

    Next steps

    The Victorian Government’s Roadmap is a step in the right direction to encourage investment in critical minerals projects in the state. Stakeholders at all stages of the critical minerals value chain – be they explorers, producers, financiers or otherwise – are likely to benefit from these initiatives.

    However, given the significant regulatory changes to be implemented under the MRSD Amendment Act and the need to balance the potentially competing interests of proponents, local communities and Traditional Owners, time will tell how effective the Government’s proposed policy changes are at attracting investment in the exploration and development of the state’s critical minerals resources.

    MIL OSI News –

    January 27, 2025
  • MIL-OSI USA: Volcano Watch — Recent lava fountains highlight Pele’s Hair hazards

    Source: US Geological Survey

    Breadcrumb

    1. News

    Volcano Watch — Recent lava fountains highlight Pele’s Hair hazards

    Residents and visitors alike have been watching episodic lava fountains in Halemaʻumaʻu at the summit of Kīlauea since late December 2024. While beautiful and safe to view, this activity has left residents of communities nearby wondering about the dusting of glittery threads on their property. 

    Volcano Watch is a weekly article and activity update written by U.S. Geological Survey Hawaiian Volcano Observatory scientists and affiliates.

    On January 16–17, persistent lava fountaining at Kīlauea summit, coupled with Kona wind conditions, resulted in Pele’s hair falling on nearby communities and within parts of Hawaiʻi Volcanoes National Park. This photo was taken near Kīlauea Visitor Center, where strands of the fine volcanic glass had accumulated into tubular tumbleweeds of Pele’s Hair reaching up to 56 centimeters (22 inches). USGS photo by K. Mulliken. 

    Pele’s Hair is the name for the strands of volcanic glass that are created when globs of liquid lava are stretched apart during an eruption. These golden strands can be more than a meter (3 feet) long and less than 1 millimeter (0.04 inches) thick. They are very light weight and can be wafted up in the hot or warm eruption plume, allowing them to be carried by wind and fall in areas far from eruption sites. 

    Tradewind conditions would typically take these particles downwind in a southwest direction from Kīlauea summit, into the Kaʻū Desert area of Hawaiʻi Volcanoes National Park. However, during episode 4, from January 15–18, there were no tradewinds. The lack of wind allowed the eruption plume, and all the particles in it, to spread out to the north dropping Pele’s Hair fell in Hawaiʻi Volcanoes National, Volcano Golf Course, Volcano Village, Mauna Loa Estates, and Ohia Estates. In some areas, the hair tangled into tumble-weed like structures up to 60 cm (about two feet) long. 

    You may be wondering if there are steps you need to take regarding vehicles, pets and children being outside, grazing livestock, or water catchment systems if you live in an area that has been affected by Pele’s Hair.

    Much of the general guidance about volcanic ash exposure and cleanup can be applied to Pele’s Hair, though the two are not exactly the same. Ash is defined as particles smaller than 2 millimeters (0.079 inches) in diameter. While Pele’s Hair is usually thicker and longer, it is likely that ash-sized particles are also falling with Pele’s Hair. And fragile Pele’s Hair can also easily break into ash-sized pieces. Pele’s hair doesn’t wash off of grassy areas as easily as ash and might impact grazing animals, but there are no studies of these impacts. If you are concerned, considered supplementing your animals’ feed or relocating them to an area where Pele’s Hair did not fall.  Pele’s Hair could be beneficial to pasture growth in the long term.

    The recent eruption episode deposited less than 1 millimeter (a fraction of an inch) of Pele’s Hair in communities near Kīlauea’s summit. This amount usually does not require any action but it’s good to be aware and prepared in case more Pele’s Hair falls in the future or accumulates over time.

    Take a look at any flat surfaces outside on your property to evaluate the amount of Pele’s Hair that has accumulated. The hood of a vehicle that was parked outside, for example.  If you do notice any material on your vehicle, it’s a good idea to rinse the particles off with water—especially from windows and door handles as it can scratch paint and metal surfaces. 

    Both Pele’s Hair and volcanic ash are abrasive and can irritate eyes, skin, and respiratory systems. Limiting exposure is the best way to avoid being impacted; consider wearing protective clothing or equipment (gloves, eye protection, facemask) if you cannot limit your exposure. Rainfall and wind will eventually remove the Pele’s Hair, or plants will bind it into the soil. 

    The amount of Pele’s Hair that fell recently was small enough to be handled by most general filtration systems. However, if you are concerned about Pele’s Hair getting in your water catchment system during future lava fountain episodes, there are steps you can take to prevent that from happening. Disconnect the downpipe that connects your gutter system to your tank when Pele’s Hair is falling. This will prevent particles from entering your tank. A rainfall or rinsing will clean much of the material off your roof and flush it out of your downpipe. Then, reconnect your downpipe to your tank again. 

    Pele’s Hair deposition depends on the type of eruptive activity and wind conditions. Five fountaining episodes have taken place so far at Kīlauea summit and monitoring data show patterns suggesting that this type of activity could continue. If you live near the eruptive activity, please stay aware and reach out to askHVO@usgs.gov if you have any questions or concerns. 

    Volcano Activity Updates

    Kīlauea is erupting. Its USGS Volcano Alert level is WATCH.

    The summit eruption at Kīlauea volcano that began in Halemaʻumaʻu crater on December 23 ended its 5th episode at 4:30 AM HST January 23 after 14 hours of eruptive activity from the north vent. Kīlauea summit has been inflating since the eruption ended. Resumption of eruptive activity is possible within days if summit inflation continues at current rate. No unusual activity has been noted along Kīlauea’s East Rift Zone or Southwest Rift Zone. Sulfur dioxide emission rates are elevated in the summit region during active eruption episodes. Earthquake rates in the Southwest Rift Zone and upper to middle East Rift Zone remained comparable to the previous week. Ground deformation rates outside of the summit region remained steady. 

    Mauna Loa is not erupting. Its USGS Volcano Alert Level is at NORMAL.

    No earthquakes were reported felt in the Hawaiian Islands during the past week.

    HVO continues to closely monitor Kīlauea and Mauna Loa.

    Please visit HVO’s website for past Volcano Watch articles, Kīlauea and Mauna Loa updates, volcano photos, maps, recent earthquake information, and more. Email questions to askHVO@usgs.gov.

    MIL OSI USA News –

    January 27, 2025
  • MIL-OSI Banking: 5 ways that AI modernization is transforming trade financing

    Source: Microsoft

    Headline: 5 ways that AI modernization is transforming trade financing

    The newest wave of business and operating model transformation in corporate banking is underway in one of the oldest domains of international commerce: trade finance. Underpinning the great majority of global commerce, trade finance provides the financial instruments and products for importers and exporters to conduct business reliability and with minimum risk. Long underinvested in, trade finance is now undergoing rapid and fundamental change, thanks to the advent of cloud and AI technologies. 

    Helping banks and other financial institutions modernize and take full advantage of cloud and AI technologies is central to our work at Microsoft Cloud for Financial Services. We offer a secure, compliant, scalable infrastructure tailored to support financial services and unlock new benefits and opportunities. 

    Microsoft Cloud for Financial Services

    Unlock business value and deepen customer relationships

    How data became the third leg of bank business models 

    From its inception, banking has always been a business of data—its movement and processing, and the insights derived therefrom.  

    As financial intermediaries, banks survived for centuries based on data at the heart of a two-sided business model: taking deposits (liability ledger) and making loans (risk assets). Profit was the lucrative spread between these two pillars. Business cycles and financial crises have come and gone but this fundamental model has not changed. 

    Technology has been integral to data management since the rudiments of data processing automation and Management Information System (MIS) dashboards. The rise of the modern real-time data economy, however, completely alters the environment in which banks operate.  

    Retail banking was first to transform by monetizing fragmented data in correlation with context and other factors. That beginning marked a signpost to a new space where the value of insights became the third important leg of bank business models. With the power of AI and the simplicity of natural language copilots, we are at the start of a new epoch which marks a profound transformation in banking. 

    Developing this trajectory, it is clear that Business-to-Business (B2B) flows contain much richer datasets to be monetized across a broader spectrum of economic activity, from local Main Street to global supply chains. Corporate banking is the epicenter of this next wave of B2B value creation through its main business lines: working capital management, payments and transaction banking, and, in particular, trade finance.  

    Unlocking B2B data insights is driving banking transformation 

    Trade finance is a natural starting place for bank modernization. It is unusually rich in untapped B2B details, it is super relevant to a bank’s overall commercial banking proposition, and it offers the most easily addressed “low hanging fruit” for return on investment (ROI) due to the prevalence of so many manual processes. 

    Note that this near-term upside should not be confused with the industry’s longer-term policy agenda on “trade digitization,” which focuses on transitioning from traditional, paper-based processes to digital formats. Global bodies such as the Bankers Association for Finance and Trade (BAFT), the International Trade and Forfaiting Association (ITFA), and the International Chamber of Commerce (ICC) will, in due course, develop legal frameworks that facilitate this transition. But before that, there is a clear business case within banks to adopt currently available new technologies in a race to transform client experience, improve operating efficiency, and gain marketplace advantage from B2B data insights. 

    Banks are naturally rich in B2B data as a consequence of their existing franchises and the daily flow of transactions through their processing systems. Yet, insights from the graph of these non-linear B2B relationships languish trapped and untapped in legacy silos. With this in mind, Microsoft has been leading the development of new AI-focused technologies for knowledge workers in today’s modern banking environment. These include natural language copilots, starting with Microsoft 365 Copilot, custom copilots built with Microsoft Copilot Studio, and Agentic AI for more complex tasks. Concurrently, solutions like Microsoft Fabric can unify data for analysis and action from disparate sources irrespective of the technical environments in which they sit.  

    Microsoft’s data tools unlock data insights and help make trade finance processes more efficient and accessible. Importantly, they are all designed with the same security, compliance, and content entitlements that are already established within banks, so getting started is easier. 

    A benefits-driven roadmap for trade finance modernization 

    The roadmap that banks are adopting for trade finance modernization follows five simple steps, starting with the basics of helping colleagues do their work better: 

    1. Generative AI copilots can transform operations and drive new efficiencies in many powerful ways. For example, copilots can help front-office trade sales and relationship managers identify new financing opportunities when advising clients. Natural language queries can convert a daunting amount of manual research into simple and repeatable investigative questions. A client’s Annual Report, 10-K filings, and other sources can be analyzed in real time with opportunities summarized for action.
      Microsoft’s Financial Meeting Prep on Microsoft Teams, launched with LSEG, shows the simplicity of how this could work in trade finance. Financial Meeting Prep helps organize more effective meetings through a single view of all relevant content. It drives better meeting outcomes and improves engagement, job satisfaction, and revenue growth. By the same token, trade finance product managers can transform how they conduct research in developing and managing new products with Copilot for project. Mundane tasks, like generating monthly product performance reports, can be automated with conversational copilots that are embedded in familiar tools like Copilot in Excel and Copilot for Power BI. This provides all users with proactive drilldown capabilities to discover desired insights without reversion to a lot of manual rework.
    2. Improved internal collaboration can be achieved with modern office tools. Many banks have legacy processes designed for linear workflows—for example, sending credit applications as email attachments to multiple stakeholders for approval. This process is cumbersome, often involving a lot of back and forth to reconcile a “golden truth” of client exposure sourced from multiple systems. Redesigning these team workflows with modern technology like Copilot Pages provides a single, persistently updated canvas that allows for multiparty interactive collaboration that integrates all relevant data.  
    3. Operational efficiencies can be greatly enhanced with AI. Consider Letters of Credit processing, a mainstay of classical trade finance which remains paper-based to this day, with literally billions of pieces of paper circulating between parties at any given time. Banks must examine all these documents for compliance—a costly effort requiring a skilled workforce. To ease this burden, Microsoft partners leverage Azure technologies to automate much of the work, freeing bank staff to deal with exceptions rather than the bulk of mundane examination. Microsoft Document Intelligence Read Optical Character Recognition (OCR) dematerializes trade documents while AI algorithms spot compliance issues, detect signs of trade-based money laundering (TBML), and meet other requirements to complete a transaction before payment. The result is improved quality and profitability, as well as new data insight APIs from digitized trade documentation. The next wave of this process will apply semi-autonomous Agentic AI that further understands context and can complete multiple assignments digitally. 
    4. Knowledge Management tools using natural language can advance the effectiveness of staff and banking operations. Retrieval Augmented Generation (RAG) technology will reason over a bank’s broad SharePoint catalogue of material and surface only relevant information for a given request. This will be especially useful in training bank staff who are not familiar with the day-to-day technicalities of trade finance. For example, legal documentation can be surfaced as needed for each appropriate use case. In certain circumstances, this could be extended as curated material directly to clients. Using natural language copilots can simplify how staff and clients learn and understand trade finance, which historically has been a specialized field.  
    5. Customer service tools can enhance the customer experience. One of the greatest areas for improvement with natural language processing and copilots is client service problem resolution. Agent-first workflow tools, such as Microsoft Dynamics 365 Contact Center, immeasurably improve efficiency by putting all the facts at an agent’s fingertips. Accessing a bank’s catalogue of products, an agent can also upsell solutions while reducing time spent on “swivel chairing” between different systems. These tools can also be designed to enable client self-help functions that reduce mundane repetitive calls to the bank, like status of a shipment or payment. Client queries with an agent can be in written form, spoken through Interactive Voice Response (IVR), or conversed with an avatar.  

    Get started on your modernization journey 

    Trade finance AI is not just for big banks that finance global supply chains. In fact, the impact of AI automation could be greater for regional and smaller banks where skilled staff are fewer and transactions are less frequent, but where client needs require receivables discounting, performance bonds, or other working capital assistance. Moreover, increasing demand for trade financing by small and medium-sized enterprises (SMEs) in developing nations is a significant driver of market growth.  

    The benefits of modernization impact banks of every size and geography. To help understand how your organization can explore the new opportunities, begin by engaging with your Microsoft representative. They can help develop strategies and solutions that deliver immediate and long-term benefits to meet your bank’s unique needs.

    Empower your organization with Microsoft Cloud for Financial Services

    Peter Hazou

    Director of Business Development, Financial Services, Microsoft

    Peter Hazou is Directory of Business Development at Microsoft, responsible for corporate and commercial banking. A career banker, he was the EMEA Regional Head of GTB at HSBC and the CEEMEA Regional Head for GTS at Citigroup, and previously served as Head of Strategy for transaction banking at UniCredit in Milan. He began his career in New York as a credit officer at Manufacturers Hanover Trust.

    See more articles from this author

    MIL OSI Global Banks –

    January 27, 2025
  • MIL-Evening Report: China has invested billions in ports around the world. This is why the West is so concerned

    Source: The Conversation (Au and NZ) – By Claudio Bozzi, Lecturer in Law, Deakin University

    Shutterstock

    On his way to the G20 summit in Rio de Janeiro in November, Chinese President Xi Jinping met with Peruvian President Dina Boluarte to officially open a new US$3.6 billion (A$5.8 billion) deepwater mega-port in Peru called Chancay.

    China’s state-owned Cosco shipping giant had purchased a 60% stake in the port for US$1.6 billion (A$2.6 billion), which gave the company exclusive use of the port for 60 years.

    Days later, the first ship departed for Shanghai loaded with blueberries, avocados and minerals.

    Chancay is part of China’s vision of a 21st century maritime Silk Road that will better connect China’s manufacturing hubs with its trading partners around the world. This has involved a heavy investment in ports in many countries, which has the West concerned about China’s expanding influence over global shipping routes.

    Newly re-elected US President Donald Trump made clear these concerns when he claimed China was “operating” the Panama Canal and the US intended to take it back.

    China does not operate the canal, though. Rather, a Hong Kong company operates two ports on either side of it.

    A booming port expansion

    The scale and scope of the maritime Silk Road is impressive. China has invested in 129 ports in dozens of countries through its state-owned enterprises, mostly in the Global South. Seventeen of these ports have majority-Chinese ownership.

    According to one estimate, Chinese companies invested US$11 billion (A$17.7 billion) in overseas port development from 2010–19. More than 27% of global container trade now passes through terminals where leading Chinese firms hold direct stakes.

    China has entered Latin America aggressively, becoming the region’s top trading partner. Its port strategy has clearly signalled a long-term goal to access the exports essential to its food and energy security: soybeans, corn, beef, iron ore, copper and battery-grade lithium.

    Last year, for example, Portos do Paraná, the Brazilian state-owned enterprise that acts as the port authority in the state of Paraná, signed a letter of intent with China Merchants Port Holdings to expand Paranaguá Container Terminal, the second-largest terminal in South America. China may invest in even more Brazilian ports, as 22 terminals are scheduled to be auctioned before the end of 2025.

    In Africa, Chinese investment grew from two ports in 2000 to 61 facilities in 30 countries by 2022.

    And in Europe, Chinese enterprises have complete or majority ownership of two key ports in Belgium and Greece – the so-called “dragon’s head” of the Belt and Road Initiative in Europe.

    What’s driving this port strategy?

    China’s emergence as a maritime and shipping power is central to Xi’s ambition for global economic dominance.

    For one, China requires stable access to key trading routes to continue meeting the demand for Chinese exports globally, as well as the imports Beijing needs to keep its economy humming.

    Controlling ports also enables China to create economic zones in other countries that give port owners and operators privileged access to commodities and products. Some fear this could allow China to disrupt supplies of certain goods or even exert influence over other countries’ politics or economies.

    Another key driver of this strategy is the metals and minerals needed to fuel China’s rise as a tech superpower. Beijing has concentrated its port investment in regions where these critical resources are located.

    For example, China is the world’s largest importer of copper ore, mainly from Chile, Peru and Mexico. It is also one of the world’s major lithium carbonate importers.), mainly from Chile and Argentina. And its port deals in Africa give it access to rare earths and other minerals.

    In addition, tapping into Latin America counteracts the trade tensions China has experienced recently with Europe. It also preempts concerns about possible US tariffs imposed on Chinese goods by Trump.

    Military concerns

    These moves have prompted concern in Washington that China is challenging US influence in its own backyard.

    China maintains that its seaport diplomacy is market oriented. However, it has established one naval base in the strategically located African nation of Djibouti. And it is believed to be building another naval base in Equatorial Guinea.

    According to a recent report by the Asia Society Policy Institute, strategy analysts believe China is seeking to “weaponise” the Belt and Road Initiative.

    One way it is doing this is by requiring the commercial ports it invests in to be equally capable of acting as naval bases. So far, 14 of the 17 ports in which it has a majority stake have the potential to be used for naval purposes. These ports can then serve a dual function and support the Chinese military’s logistics network and allow Chinese naval vessels to operate further away from home.

    US officials are also concerned China could leverage its influence over private companies to disrupt trade during a time of war.

    How is the West responding?

    While China’s investments are raising suspicions, the West’s willingness to invest in ports at this scale is limited. The US International Development Finance Corporation, for instance, has a much slower, rigorous process for its investments, which generally leads to fairer outcomes for both investors and host nations.

    However, some Western companies are acquiring stakes in established and newly built ports in other countries, albeit not to the extent of Chinese enterprises.

    The French shipping and logistics company CMA CGM’s global port development strategy, for example, includes investments in 60 terminals worldwide. In 2024, it acquired control over South America’s largest container terminal in the Port of Santos, Brazil.

    Trump has threatened tariffs as one way of countering China’s global sea power. An advisor on his transition team has proposed a 60% tariff on any product transiting through the Chancay port in Peru or any other Chinese-owned or controlled port in South America.

    Rather than making nations reluctant to sign port deals with Beijing, however, this kind of action just erodes Washington’s regional influence. And China is likely to take retaliatory measures, like banning the export of critical minerals to the US.

    Host nations like Peru and Brazil, meanwhile, are using the competition for port investment to their advantage. Attracting interest from both the West and China, they are increasingly asserting their autonomy and adopting a strategy of using ports to “play everywhere” on the global stage.

    Claudio Bozzi 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. China has invested billions in ports around the world. This is why the West is so concerned – https://theconversation.com/china-has-invested-billions-in-ports-around-the-world-this-is-why-the-west-is-so-concerned-244733

    MIL OSI Analysis – EveningReport.nz –

    January 27, 2025
  • MIL-OSI China: Europe gravitates to greater self-reliance as Trump begins new term

    Source: China State Council Information Office

    This photo taken on Dec. 18, 2024 shows a view of the Voelklingen Ironworks in Saarland, Germany. [Photo/Xinhua]

    U.S. President Donald Trump’s first days in the White House have sent ripples of unease through Europe. Accusing the EU of unfair treatment, Trump has vowed to impose tariffs to address trade imbalances.

    In response, French President Emmanuel Macron and German Chancellor Olaf Scholz met in Paris on Wednesday, describing Trump as “a challenge” for Europe while stressing Europe’s strength and unity.

    Trump’s policies are poised to affect not just U.S.-Europe trade relations but also Europe’s territorial integrity, defense priorities and economic outlook.

    “President Trump’s initial statements and executive orders put transatlantic relations under pressure, not only because of their unpredictability, but also because raw power seems to be more important than legality and international cooperation,” said Philippe Monnier, former executive director of the Greater Geneva Berne Area’s Economic Development Agency.

    Bleak economic outlook

    The specter of U.S. tariffs on EU imports threatens to send shockwaves through the European economy. Although many EU countries have taken lessons from Trump’s first term and braced themselves for such scenarios, the potential impact remains significant.

    Yannis Stournaras, governor of the Bank of Greece, warned that the projected eurozone economic growth of 1.1 percent in 2025 could decline by 0.5 percentage point within two years if the United States imposes 10-percent tariffs.

    The effects are expected to be more pronounced in European economies with substantial exports to the United States. Export-oriented countries like Germany are likely to bear the brunt first.

    Germany’s exports to America could decline by 10-15 percent in the long term, potentially reducing its GDP by 0.3 percent, said Moritz Schularick, president of the Kiel Institute for the World Economy. “It might not sound like much, but we’ve barely had any growth beyond that level recently.”

    “Trump isn’t concerned with the interests of the Old Continent. He just wants to squeeze more money out of Europeans,” Francois Heisbourg, special advisor at the International Institute for Strategic Studies, told Austrian newspaper Der Standard.

    Italy, a close U.S. ally notwithstanding, is also expected to face challenges. With its significant trade surplus with the United States and relatively low defense spending, Italy is likely to be targeted by Trump’s tariff policies, according to the Italian Institute for International Political Studies.

    Speaking at the Handelsblatt Energy Summit in Berlin on Tuesday, German Vice Chancellor and Economy Minister Robert Habeck said that while Germany should engage with the new government under Trump with “an outstretched hand… We should not crawl in submission.”

    He warned that Germany is ready with countermeasures should tariffs be imposed. “We do not need to be pushed around.”

    Valdis Dombrovskis, the EU’s economy commissioner, also affirmed the EU’s readiness to respond in “a proportionate way” to any U.S. actions.

    Monnier cautioned that strained transatlantic ties could escalate further.

    Pushback in Europe

    On top of trade, Trump’s decision to withdraw from the Paris Climate Agreement and the World Health Organization (WHO) has deepened rifts with his European counterparts, who remain strong advocates of climate action and global health initiatives.

    Addressing the 54th annual meeting of the World Economic Forum in Davos on Tuesday, European Commission President Ursula von der Leyen said: “The world is not at a single inflection point; it is at multi-inflection points.” She reaffirmed the EU’s commitment to the Paris Climate Agreement and urged countries to “deepen global collaboration more than ever before.”

    In an interview on Tuesday with Bel RTL, a local media outlet, Belgian Foreign Minister Bernard Quintin voiced concerns over Trump’s isolationist tendencies, viewing them as a culmination of a longstanding trend of U.S. unilateralism.

    Critics argue that Trump’s withdrawals allow the United States to evade its financial responsibilities toward global climate protection and public health initiatives.

    “This is certainly not a good sign for international climate protection” if the United States is not included, climate researcher Niklas Hoehne from the NewClimate Institute told Germany’s dpa news agency, saying such moves made global climate achievements “more difficult.”

    An analysis by Climate Action Tracker, a Berlin-based non-profit climate science and policy institute, estimates that the U.S. withdrawal alone could add 0.04 degree Celsius to global warming by the end of the century.

    Europe’s sense of urgency

    Trump’s “America First” agenda has galvanized European leaders to advocate for greater autonomy from Washington.

    In the realm of defense, Macron has called for a reevaluation of Europe’s defense spending. He said on Monday that Europe’s military budgets of billions of euros should not be directed toward purchasing American weapons.

    A report on Europe’s future competitiveness authored by Mario Draghi, former Italian prime minister and former European Central Bank president, revealed that between June 2022 and June 2023, nearly two-thirds of the EU’s defense spending was directed to U.S. companies.

    During a joint press conference with Scholz on Wednesday, Macron stressed the need for Europeans “to play their full part in consolidating a united, strong and sovereign Europe.” France and Germany should ensure that Europe is capable of defending its interests while maintaining transatlantic ties, he said.

    The recent revelation of Trump’s interest in acquiring Greenland, an autonomous territory of Denmark, has further alarmed European nations.

    French Foreign Minister Jean-Noel Barrot has warned of the resurgence of “might makes right” policies, calling on Europe to bolster its strength. Speaking to France Inter radio recently, Barrot noted that Greenland is a “territory of the European Union and of Europe.”

    “It is undoubtedly no way that the European Union would let other nations of the world, whoever they are, attack its sovereign borders,” he said.

    Schularick, the Kiel Institute president, said: “What is certain is that Trump is more interested in deals than in a rules-based global economy. The era of faster globalization, lower tariffs and dispute resolution within the framework of the World Trade Organization is now temporarily over.”

    “Europeans cannot remain passive at the risk of disappearing tomorrow,” Jordan Bardella, president of France’s National Rally party and member of the European Parliament, said at the European Parliament on Tuesday.

    With Trump’s comeback, Europe faces a critical juncture — whether to remain tethered to Washington or chart its own course in the face of renewed challenges.

    “The EU needs to make changes, and this is a good opportunity to get rid of its dependence on Washington and implement its own independent policies by cooperating with other countries in Asia, South America and Africa,” said Croatian political analyst Robert Frank.

    MIL OSI China News –

    January 27, 2025
  • MIL-OSI China: WEF calls for global cooperation

    Source: China State Council Information Office

    This photo taken on Jan. 20, 2025 shows the logo of the World Economic Forum (WEF) in Davos, Switzerland. [Photo/Xinhua]

    Amid unprecedented global uncertainty and rising protectionism, the ongoing World Economic Forum (WEF) annual meeting has emphasized the urgent need for an open, inclusive global economy and strengthened international cooperation to address economic challenges and ensure a sustainable recovery.

    Weak recovery

    The global economy is poised for another year of uncertainty and uneven growth, according to the WEF’s latest Chief Economists Outlook, which was launched ahead of the annual meeting that is themed “Collaboration for the Intelligent Age” this year.

    The outlook said 56 percent of surveyed chief economists expected the global economy to weaken in 2025, compared to only 17 percent anticipating improvement. In addition, key discussions at the annual meeting were dominated by phrases such as “extremely high uncertainty” and “at a crossroads.”

    The International Monetary Fund (IMF) released an update to its global outlook on Jan. 17 projecting the global economic growth at 3.3 percent both in 2025 and 2026. However, the figure is below the average of 3.7 percent during the period from 2000 to 2019.

    Global solution for global problems

    The escalation of geopolitical conflicts and regional instability have brought the level of global cooperation to a low point, according to the Global Cooperation Barometer 2025 report released by the WEF on Jan. 7.

    Speaking at the WEF annual meeting on Tuesday, European Commission President Ursula von der Leyen noted that the world has entered a new era of harsh geostrategic competition. “We will need to work together to avoid a global race to the bottom, because it is in no-one’s interest to break the bonds in the global economy,” she said.

    While acknowledging the current climate of competition and inward-looking tendencies in many countries, WEF President Borge Brende has reiterated that cooperation remains the only way to address the world’s common challenges. “For global problems, you have to find global solutions,” he told Xinhua in an interview.

    The United Nations Secretary-General Antonio Guterres also issued a stark warning about mounting global crises, including the climate crisis and geopolitical divisions. Calling the challenges a “Pandora’s box of troubles,” Guterres urged the international community to prioritize collaboration. “As a global community, we must live up to these responsibilities,” he said, echoing the WEF’s call for unity.

    Free trade, no protectionism

    Protectionism emerged as a focal point of concern at the meeting. The WEF’s Chief Economists Outlook report warned that rising trade barriers and geopolitical conflicts could cause lasting disruptions to trade patterns. Over half of surveyed economists foresee a grim future driven by trade barriers, soaring public debt and uneven recovery.

    The IMF also warned against unilateral measures such as tariffs, non-tariff barriers or subsidies that could hurt trading partners and spur retaliation.

    Brende warned that decoupling would have a significant negative impact on the global economy. The IMF estimates that severe decoupling, combined with high tariffs, could shrink the global economy by as much as 7 percent. He urged all countries to engage in dialogue, address tariff issues constructively, and avoid the pitfalls of decoupling and protectionism.

    The World Trade Organization Director-General Ngozi Okonjo-Iweala also voiced strong opposition to protectionism. “We do not want tariffs. We do not want a tariff war,” she said during the “Finding Growth in Uncertain Times” panel on Tuesday.

    “This will not really benefit anyone, the U.S. and the rest of the world. It’s going to be inflationary in many cases,” she noted, “We still need try to work together to make sure we keep open and predictable markets.”

    In his speech at the WEF annual meeting, German Chancellor Olaf Scholz stressed that Germany would be defending free trade as the basis of prosperity, including in cooperation with other partners.

    MIL OSI China News –

    January 27, 2025
  • MIL-OSI Australia: New Chief Executive for Geoscience Australia

    Source: Ministers for Social Services

    24 January 2025

    Experienced public servant and chief executive Ms Melissa Harris PSM will take up the role of Chief Executive Officer of Australia’s key government geoscience organisation, Geoscience Australia, in February.

    Previously a senior executive with Land Use Victoria for more than six years, Ms Harris was appointed Chief Executive and Registrar of Titles in 2020. She received a Public Service Medal in 2023 for outstanding public service and transformation of geospatial, planning and land administration in Victoria.

    Acting Minister for Resources the Hon Amanda Rishworth MP noted Ms Harris had more than 30 years of experience leading change and innovation in land administration and planning.

    “In her new role, Ms Harris will oversee the Government’s record $3.4 billion investment through Resourcing Australia’s Prosperity, which will help find those economy-making discoveries that will support future generations of Australians,” Minister Rishworth said.

    “Importantly, she will also drive Australia’s engagement with the United States-led Landsat Next satellite program, building on more than 50 years of collaboration with the United States on Earth observation and data.”

    Minister Rishworth thanked outgoing CEO Dr James Johnson, who joined Geoscience Australia in 2006 after 20 years in the mineral and exploration industries to serve eight years as its CEO.

    “Dr Johnson is a distinguished leader and I thank him for his leadership and dedication to the organisation,” Minister Rishworth said.

    “Dr Johnson’s term as CEO will be remembered for his strong commitment to scientific excellence, his leadership in the application of scientific data for decision makers in government and industry and for building enduring links with stakeholders across the nation and world. I wish him well in his retirement.”
     

    MIL OSI News –

    January 27, 2025
  • MIL-OSI Asia-Pac: Toronto ETO celebrates Year of Snake at joint reception with HKTB (with photos)

    Source: Hong Kong Government special administrative region

         â€‹The Hong Kong Economic and Trade Office (Toronto) (Toronto ETO) welcomed over 120 guests and friends to celebrate the Year of the Snake together at a spring reception jointly hosted with the Hong Kong Tourism Board (Canada) (HKTB) on January 23 (Toronto time) in Toronto. Business, cultural, academia and community partners came together and learned about the latest developments of Hong Kong on its economic and cultural fronts.

         In her welcoming speech at the reception, the Director of the Toronto ETO, Ms Emily Mo, said that Hong Kong achieved a series of encouraging results in 2024.

         “We shone brightly on the world stage,” she said. “Hong Kong is recognised as the world’s freest economy and the third-largest international financial centre. It has risen two places to fifth in world competitiveness, and re-entered the top 10 for talent competitiveness. The city continues to maintain the world’s top position in investment environment, international trade, business legislation, and air freight volume.”

         The International Monetary Fund Executive Board just published a Staff Report today acknowledging Hong Kong’s economic recovery and resilient financial system. The Report recognised that Hong Kong’s economy is on a path of gradual recovery, reaffirmed Hong Kong’s status and function as an international financial centre and recognised that Hong Kong’s financial system remains resilient, supported by robust institutional frameworks, ample room for policy buffers, and the smooth functioning of the Linked Exchange Rate System.

         Looking ahead to the Year of the Snake, Ms Mo added that Hong Kong will better leverage its unique advantages under the “one country, two systems” arrangement. The city will continue to be a “super-connector” and “super value-adder,” bridging traditional and emerging markets and creating opportunities for global investors, including Canadian businesses. 

         At the reception, the Senior Manager of Marketing and Public Relations of the HKTB, Mr Jorge Lee, shared with participants the HKTB’s achievements in 2024 and tourism publicity initiatives in 2025.

         “In 2024, Hong Kong welcomed almost 45 million travellers, with 1.2 million visitors from North America. For our Canada market, over 320,000 Canadians visited Hong Kong last year, reflecting an impressive year-on-year growth rate of nearly 50 per cent. We introduced unique offerings centred around iconic events with our trade partners, bringing Canadians closer to Hong Kong’s vibrant culture. To our trade partners, we extend our deepest gratitude to and appreciation for their continued collaboration.

         “In the coming years, visitors to Hong Kong can expect a vibrant and evolving destination that seamlessly blends its ‘East-meets-West’ cultural identity with sustainable tourism initiatives. Hong Kong will continue to showcase distinctive experiences by integrating culture, art, sports, nature, and mega events, appealing to diverse interests.”

         This year, the Toronto ETO invited internationally renowned Hong Kong sand artist Hoi Chiu to showcase his skills at the spring reception. Through sand and his exquisite technique, the artist told the traditional story of the Lunar New Year. His performance was a perfect fusion of skill, art, and storytelling, drawing the audience into an engaging narrative world.

         In closing, Ms Mo invited the guests to visit Hong Kong to experience its unique East-meets-West culture and seize the tremendous opportunities presented by Asia’s world city.

         The Toronto ETO and the HKTB will jointly host a spring reception in Vancouver on January 28, celebrating the Lunar New Year with local guests and friends.            

    MIL OSI Asia Pacific News –

    January 27, 2025
  • MIL-OSI New Zealand: Qualification and programme eligibility – final-year Fees Free

    Source: Tertiary Education Commission

    Only qualifications and programmes at Levels 3 and above on the New Zealand Qualifications and Credentials Framework (NZQCF) are eligible. Eligible qualifications and programmes must be recognised by the New Zealand Qualifications Authority (NZQA) or Universities New Zealand and funded by the Tertiary Education Commission (TEC) from:

    the Delivery at Levels 3–7 (non-degree) on the NZQCF and all industry training Fund (DQ3-7), or
    the Delivery at Levels 7 (degree) to 10 on the NZQCF Fund (DQ7-10), or
    grants under section 556 of the Education and Training Act 2020 for tertiary provision towards a qualification on the NZQCF at Levels 3 or above.

    Provider-based qualifications
    Eligible provider-based qualifications are TEC-funded and are equal to or greater than 0.5 equivalent full-time students (EFTS).
    Work-based programmes
    Eligible work-based programmes are TEC-funded programmes comprising at least 120 credits.
    Qualifications and programmes that are not eligible for final-year Fees Free
    The following are not eligible for final-year Fees Free:

    School learning programmes and secondary tertiary programmes
    Certificates of proficiency
    Pathway qualifications
    Zero fee programmes
    Programmes where fees are met under another funding arrangement, such as the Youth Guarantee (YG) Fund, Māori and Pasifika Trades Training (MPTT), or the Refugee English Fund
    Qualifications and programmes at Levels 1 or 2 on the NZQCF
    Provider-based qualifications that are less than 0.5 EFTS, or work-based programmes that are less than 120 credits.

    Pathway qualifications
    Pathway qualifications are qualifications that prepare learners to progress into further study and training by supporting them to meet minimum entry requirements and/or develop the required skills for higher study. For the purposes of final-year Fees Free:

    This includes bridging qualifications, Certificates of University Preparation, Certificates in Study and Employment Pathways, and Level 3 Study and Career Preparation (except when primarily intended for career preparation).
    This does not include qualifications that are used for staircasing, or programmes that comprise part of, or are cross-credited towards a higher qualification.

    Any qualification confirmed as a pathway qualification will be excluded for all learners. The exclusion is not able to take into account individual learner intentions.
    You can view the list of pathway qualifications that are excluded from Fees Free:
    Pathway qualifications (XLSX 15 KB)
    To request to add or remove a qualification from the list of pathway qualifications excluded from Fees Free, contact customerservice@tec.govt.nz with the subject: (EDUMIS number) Final-year Fees Free – pathway qualifications. Please briefly outline how the qualification you wish to add/remove from the list does/doesn’t meet the definition of a pathway qualification.
    Qualification completion date
    The date the learner completes their eligible provider-based qualification or work-based programme is defined as the date the requirements have been met by the learner to be awarded the qualification. This should align with what is recorded on the learner’s New Zealand Record of Achievement.
    For provider-based study, TEOs will be required to submit the qualification completion date as part of their SDR submission from August 2025.
    TEOs already report work-based programme completion dates to NZQA, which NZQA provide to TEC.
    Qualification and programme eligibility FAQs
    Why must provider-based qualifications comprise at least 0.5 EFTS and work-based programmes at least 120 credits to be eligible?
    Setting a minimum threshold mitigates the risk of learners using their Fees Free entitlement on small pieces of study or training. For example, a learner will not be able to inadvertently consume their entitlement on a very short programme of 0.2 EFTS.
    Setting the eligibility criteria for provider-based qualifications at 0.5 EFTS or greater means that the large number of learners who complete qualifications at this level, and don’t go on to do further study or training, can access final-year Fees Free.
    A work-based programme minimum of 120 credits gives assurance that the training programme has career benefit to the learner. It reduces the risk that learners will use up their Fees Free entitlement on short training programmes directed by (and often entirely paid for by) their employers, or that employers will shift training costs onto learners.
    Why aren’t Level 1 and 2 qualifications covered by Fees Free?
    The Fees Free policy aligns eligibility with student support and government tuition subsidies.
    Foundation programmes and qualifications (at NZQCF Levels 1 and 2) are excluded because provider-based Level 1 and 2 study is already fees-free, and learners shouldn’t have to use their Fees Free entitlement on courses and programmes intended to prepare them for tertiary education at Levels 3 and above.
    Why do programmes and courses have to be recognised and funded to be available for Fees Free?
    Fees Free was designed to help New Zealanders access high-quality tertiary education that provides skills for life and work. When a course or programme is both recognised by the NZQA or Universities New Zealand, and funded by the TEC, it means the course is of a high educational standard.
    Are private training establishment (PTE) courses covered by Fees Free?
    Yes, as long as the provider-based qualification or work-based programme meets the eligibility criteria.
    What happens if a learner is enrolled in two qualifications at the same time?
    For provider-based study, a learner enrolled in two qualifications at the same time will only receive Fees Free on completion of their first qualification. This applies, for example, when a learner is enrolled in a concurrent degree, or is studying towards two qualifications simultaneously. We’ll use the qualification completion date reported by TEOs to determine the first completed qualification.
    For work-based learning, eligibility is based on the learner’s first programme completion (apprenticeship or training programme) rather than the qualifications that make up that programme, many of which will be under the 120-credit minimum.

    MIL OSI New Zealand News –

    January 27, 2025
  • MIL-OSI Australia: Support for $10,000 apprentice incentive payments

    Source: New South Wales Government 2

    Headline: Support for $10,000 apprentice incentive payments

    Published: 24 January 2025

    Statement by: Minister for Skills, TAFE and Tertiary Education


    We welcome the Albanese Labor Government’s $10,000 incentive payment for apprentices in the construction and clean energy sectors and its focus on apprentice retention.

    NSW leads the nation in apprenticeship and traineeship participation, accounting for nearly 30% of Australia’s total, with more than 103,000 apprentices and trainees in training.

    These figures highlight the Minns Labor Government’s commitment to building a skilled workforce for the future.

    Importantly, completion numbers in NSW are also on the rise, with a 10% increase in the 2024 June quarter compared with 2023.

    This includes a 13% jump in apprenticeship completions and 7% growth in traineeships, well above the national average of 3%.

    However, we know there is more work to do and finding innovative ways to address skills shortages in the construction sector will be key if we are to meet our NSW commitment to boost housing supply and reach net zero by 2050.

    Whenever I meet apprentices, they tell me how difficult it is to keep up with cost-of-living pressures. I know this $10,000 boost will be warmly welcomed by apprentices in NSW.

    This incentive payment complements the work under way as part of our newly released NSW Skills Plan, the first in over 15 years, the Apprenticeship & Traineeship Roadmap 2024-26, and the NSW VET Review, which all have a key focus on construction and renewable energy workforces and giving young people opportunities and pathways to fulfilling careers.

    MIL OSI News –

    January 27, 2025
  • MIL-OSI: Municipality Finance issues EUR 1.25 billion benchmark under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    27 January 2025 at 10:00 am (EET)

    Municipality Finance issues EUR 1.25 billion benchmark under its MTN programme

    Municipality Finance Plc issues EUR 1.25 billion benchmark on 28 January 2025. The maturity date of the benchmark is 14 December 2029. The benchmark bear interest at a fixed rate of 2.625% per annum.

    The benchmark is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the benchmark are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the benchmark to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 January 2025.

    Danske Bank A/S, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank and Landesbank Baden-Württemberg acts as the Joint Lead Managers for the issue of the benchmark.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland.
    The Group’s balance sheet totals over EUR 50 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

    January 27, 2025
  • MIL-OSI: BTCC Exchange Unveils Spot Trading Fiesta to Celebrate Altcoin Season

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, Jan. 27, 2025 (GLOBE NEWSWIRE) — BTCC, one of the world’s longest-serving cryptocurrency exchanges, is excited to announce the launch of its Spot Trading Fiesta, a campaign celebrating the altcoin season to come. This highly anticipated campaign allows crypto enthusiasts to earn rewards through social media giveaways, deposit rewards, and trading prizes.

    The Spot Trading Fiesta will feature one popular altcoin each week, offering users a chance to dive deeper into altcoin trading while enjoying exciting rewards. Kicking off the campaign is fan-favorite DOGE (Dogecoin), with a social media giveaway awarding DOGE to lucky participants. To join, participants can visit BTCC’s X post and enter by February 2, 2025.

    The campaign follows the success of BTCC’s OG Week, which celebrated trending meme coins like FLOKI, SHIB, and PEPE and garnered overwhelming community support. Spot Trading Fiesta aims to build on this momentum, coinciding with increasing excitement around altcoins.

    “We are thrilled to launch Spot Trading Fiesta at such a pivotal moment in the crypto space,” said Aaryn Ling, Head of Branding at BTCC Exchange. “With altcoin season potentially around the corner and Bitcoin making headlines, now is the perfect time to explore the potential of all those popular altcoins. BTCC’s growing portfolio of spot trading pairs ensures our users can access some of the most popular cryptocurrencies. We invite everyone to join this campaign, trade their favorite altcoins, and earn incredible rewards.”

    BTCC has been adding to its diverse selection of spot trading pairs, now offering over 240 cryptocurrencies to meet the growing demand for altcoin trading. This campaign reinforces BTCC’s mission to make crypto trading accessible, secure, and rewarding.

    About BTCC

    Founded in 2011, BTCC is one of the longest-standing cryptocurrency exchanges globally, trusted by millions of users. Known for its robust features and cutting-edge platform, BTCC Exchange remains committed to providing a seamless crypto trading experience for crypto traders worldwide.

    For more information on Spot Trading Fiesta, visit the campaign page: https://www.btcc.com/market-promotion/bonus2/Spot-Trading-Fiesta/en-US

    Contact: press@btcc.com

    The MIL Network –

    January 27, 2025
  • MIL-OSI Asia-Pac: Import of poultry meat and products from Goleniów District of Zachodniopomorskie Region in Poland suspended

    Source: Hong Kong Government special administrative region

    Import of poultry meat and products from Goleniów District of Zachodniopomorskie Region in Poland suspended
    Import of poultry meat and products from Goleniów District of Zachodniopomorskie Region in Poland suspended
    ******************************************************************************************

         The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (January 27) that in view of a notification from the World Organisation for Animal Health (WOAH) about an outbreak of highly pathogenic H5N1 avian influenza in Goleniów District of Zachodniopomorskie Region in Poland, the CFS has instructed the trade to suspend the import of poultry meat and products (including poultry eggs) from the area with immediate effect to protect public health in Hong Kong.     A CFS spokesman said that according to the Census and Statistics Department, Hong Kong imported about 3 480 tonnes of frozen poultry meat from Poland in the first nine months of last year.     “The CFS has contacted the Polish authority over the issue and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreak. Appropriate action will be taken in response to the development of the situation,” the spokesman said.

     
    Ends/Monday, January 27, 2025Issued at HKT 15:25

    NNNN

    MIL OSI Asia Pacific News –

    January 27, 2025
  • MIL-OSI China: Colombia announces tit-for-tat tariffs on US goods following Trump threat

    Source: China State Council Information Office

    Colombian President Gustavo Petro on Sunday announced 25-percent tariffs on all goods from the United States in a tit-for-tat measure after U.S. President Donald Trump imposed tariffs on Colombia.

    Trump said he would impose 25 percent tariffs and various sanctions on Colombia after the South American country refused to allow the landing of two military aircraft carrying deported immigrants.

    “I order the Minister of Foreign Trade to raise tariffs on imports from the United States by 25 percent,” Petro posted on social media platform X. The president also said the government will assist in replacing those U.S. products with Colombian products.

    He said in another message that he would never allow Colombian immigrants to be transported in military aircraft handcuffed as if they were criminals.

    MIL OSI China News –

    January 27, 2025
  • MIL-OSI Australia: Building Western Australia’s future

    Source: Australian Ministers for Regional Development

    The Albanese and Cook Governments are building Western Australia’s future, driving economic growth and delivering benefits for commuters with a partnership to deliver a $700 million upgrade to the Kwinana Freeway.

    The Albanese Government will invest $350 million to ensure this important work gets delivered.

    Widening the Kwinana Freeway will add around 50 per cent capacity to the upgraded sections, easing congestion for motorists and improving the efficiency of moving freight on a road that typically carries 100,000 vehicles every day.

    This investment will also support the operations of the future Westport project, while improving safety and delivering congestion relief for commuters.

    The upgrades to road infrastructure will also support the growing industrial areas and Defence Assets on the Western Trade Coast.

    The Westport project is the linchpin for future trade growth in Western Australia, supporting local jobs and WA’s economy for the long term.

    This new funding builds on the previous $67 million joint commitment towards planning and scoping of landside enabling infrastructure for the Westport project.

    The Albanese and Cook Governments are working together to build Western Australia’s future, with major projects underway including METRONET, upgrades to the Tonkin Highway and the Outback Way.

    The Albanese Government is investing $9.7 billion towards transport infrastructure projects in Western Australia.

    Quotes attributable to Prime Minister of Australia Anthony Albanese:

    “We’re working with the Cook Labor Government to build Western Australia’s future.

    “Western Australia is an economic powerhouse, and we want to make sure we are investing in future job creating projects like Westport, while still delivering the immediate congestion benefits for commuters now.

    “This project will support jobs, improve safety and ease congestion for the 100,000 commuters who use the Kwinana Freeway each day.

    “Only Labor has a plan to build Australia’s future.”

    Quotes attributable to Premier of Western Australia Roger Cook:

    “As a Kwinana local, I know how important this project is for our State.

    “Western Australia is the economic engine room of Australia, with Westport and the Western Trade Coast critical to keeping our economy strong and creating the local jobs of the future in WA.

    “My WA Labor Government is partnering with the Albanese Government to do what’s right for WA.”

    Quotes attributable to Federal Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

    “The Australian Government remains dedicated to working for all Australians by delivering nationally significant infrastructure projects that enhance productivity and resilience, improve liveability and promote sustainability.

    “We are getting on with delivering a better future for all Australians, and this project will increase opportunities and connections, build communities and improve safety.”

    Quotes attributable to WA Minister for Transport Rita Saffioti:

    “We welcome this critical investment by the Albanese Labor Government.

    “The investment will ensure we can continue our Government’s major transformation of the Kwinana Freeway, which has seen the installation of smart freeway technology, the Armadale Road to North Lake Road Bridge Project and widening to large sections.

    “The Western Australian Government is working in partnership with the Australian Government on these and other growth-area roads, including the Stephenson Avenue Extension and Tonkin Highway extension.”

    MIL OSI News –

    January 27, 2025
  • MIL-OSI: Key Tronic Corporation Announces Results for the First Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Nov. 05, 2024 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended September 28, 2024.

    For the first quarter of fiscal year 2025, Key Tronic reported total revenue of $131.6 million, compared to $150.1 million in the same period of fiscal year 2024. Revenue in the first quarter of fiscal year 2025 was adversely impacted by customer-driven design and qualification delays of three programs that we believe impacted revenue by approximately $9 million. These delays have since been resolved on two of these programs and shipments have resumed in the second quarter.   Production in Key Tronic’s Mexico facilities in the first quarter of fiscal year 2025 increased by approximately 10% sequentially from the prior quarter.  

    The Company saw significant improvement in its production efficiencies compared to the first quarter of fiscal year 2024, primarily as a result of recent headcount reductions, continued improvements in the supply chain and a favorable decline in the exchange rate of the Mexican Peso. Gross margins were 10.1% and operating margins were 3.4% in the first quarter of fiscal year 2025, up from 7.2% and 2.2%, respectively, in the same period of fiscal year 2024.

    Net income was $1.1 million or $0.10 per share for the first quarter of fiscal year 2025, compared to net income of $0.3 million or $0.03 per share for the same period of fiscal year 2024.   Adjusted net income was $1.2 million or $0.11 per share for the first quarter of fiscal year 2025, compared to $0.0 million or $0.00 per share for the same period of fiscal year 2024. See “Non-GAAP Financial Measures,” below for additional information about adjusted net income and adjusted net income per share.

    “While we did not meet revenue expectations in our first quarter of fiscal 2025 due to unavoidable delays for a few programs, we are pleased to see our improved operating efficiencies, margins, and liquidity,” said Brett Larsen, President and CEO. “The recent workforce reductions in Mexico, trimming of non-profitable programs, and making a concerted effort to improve working capital are starting to pay off.   We also continued to reduce our inventories, which are now much more in line with our revenue levels. Over the longer term, we expect that these strategic changes will improve our overall profitability.”  

    “During the first quarter, we also continued to win new business, including new programs in manufacturing equipment, vehicle lighting, and commercial pest control.   We believe we are well positioned for increased growth and profitability in coming periods.”

    The financial data presented for the first quarter of fiscal 2025 should be considered preliminary and could be subject to change, as the Company’s independent auditor has not completed their review procedures.

    Business Outlook

    For the second quarter of fiscal 2025, Key Tronic expects to report revenue in the range of $130 million to $140 million and earnings in the range $0.05 to $0.15 per diluted share. These expected results assume an effective tax rate of 20% in the coming quarter.

    Conference Call

    Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) today. A broadcast of the conference call will be available at www.keytronic.com under “Investor Relations” or by calling 888-394-8218 or +1-313-209-4906 (Access Code: 7268667). The Company will also reference accompanying slides that can be viewed with the webcast at www.keytronic.com under “Investor Relations”. A replay will be available at www.keytronic.com under “Investor Relations”.

    About Key Tronic

    Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers with full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as aims, anticipates, believes, continues, estimates, expects, hopes, intends, plans, predicts, projects, targets, will, or would, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this release include, without limitation, the Company’s statements regarding its expectations with respect to financial conditions and results, including revenue and earnings, cost savings from headcount reduction and the Mexican Peso exchange rate, demand for certain products and the effectiveness of some of its programs, business from customers and programs, and impacts from operational streamlining and efficiencies. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the future of the global economic environment and its impact on our customers and suppliers; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

    Non-GAAP Financial Measures

    To supplement our consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States (GAAP), we use certain non-GAAP financial measures, adjusted net income and adjusted net income per share, diluted. We provide these non-GAAP financial measures because we believe they provide greater transparency related to our core operations and represent supplemental information used by management in its financial and operational decision making. We exclude (or include) certain items in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe this facilitates operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain income and expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. See the table below entitled “Reconciliation of GAAP to non-GAAP measures” for reconciliations of adjusted net income to the most directly comparable GAAP measure, which is GAAP net income, and the computation of adjusted net income per share, diluted.

     
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended
      September 28, 2024   September 30, 2023
    Net sales $ 131,558     $ 150,112  
    Cost of sales   118,255       139,250  
    Gross profit   13,303       10,862  
    Research, development and engineering expenses   2,289       2,241  
    Selling, general and administrative expenses   6,570       5,784  
    Gain on insurance proceeds, net of losses   —       (431 )
    Total operating expenses   8,859       7,594  
    Operating income   4,444       3,268  
    Interest expense, net   3,263       3,011  
    Income before income taxes   1,181       257  
    Income tax (benefit) provision   57       (78 )
    Net income $ 1,124     $ 335  
    Net income per share — Basic $ 0.10     $ 0.03  
    Weighted average shares outstanding — Basic   10,762       10,762  
    Net income per share — Diluted $ 0.10     $ 0.03  
    Weighted average shares outstanding — Diluted   10,762       11,003  
     
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
        September 28, 2024   June 29, 2024
    ASSETS        
    Current assets:        
    Cash and cash equivalents   $ 6,555     $ 4,752  
    Trade receivables, net of credit losses of $3,129 and $2,918     133,984       132,559  
    Contract assets     23,626       21,250  
    Inventories, net     95,845       105,099  
    Other, net of credit losses of $1,642 and $1,679     28,273       24,739  
    Total current assets     288,283       288,399  
    Property, plant and equipment, net     27,910       28,806  
    Operating lease right-of-use assets, net     14,612       15,416  
    Other assets:        
    Deferred income tax asset     18,394       17,376  
    Other     6,735       5,346  
    Total other assets     25,129       22,722  
    Total assets   $ 355,934     $ 355,343  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Current liabilities:        
    Accounts payable   $ 83,768     $ 79,394  
    Accrued compensation and vacation     6,870       6,510  
    Current portion of long-term debt     3,057       3,123  
    Other     18,450       15,149  
    Total current liabilities     112,145       104,176  
    Long-term liabilities:        
    Long-term debt, net     109,675       116,383  
    Operating lease liabilities     9,573       10,312  
    Deferred income tax liability     74       263  
    Other long-term obligations     124       219  
    Total long-term liabilities     119,446       127,177  
    Total liabilities     231,591       231,353  
    Shareholders’ equity:        
    Common stock, no par value—shares authorized 25,000; issued and outstanding 10,762 and 10,762 shares, respectively     47,351       47,284  
    Retained earnings     78,045       76,921  
    Accumulated other comprehensive income (loss)     (1,053 )     (215 )
    Total shareholders’ equity     124,343       123,990  
    Total liabilities and shareholders’ equity   $ 355,934     $ 355,343  
             
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    Reconciliation of GAAP to non-GAAP measures
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended
      September 28, 2024   September 30, 2023
    GAAP net income $ 1,124     $ 335  
    Gain on insurance proceeds (net of losses)   —       (431 )
    Stock-based compensation expense   67       59  
    Income tax effect of non-GAAP adjustments (1)   (13 )     74  
    Adjusted net income: $ 1,178     $ 37  
           
    Adjusted net income per share — non-GAAP Diluted $ 0.11     $ 0.00  
    Weighted average shares outstanding — Diluted   10,762       11,003  
           
    (1) Income tax effects are calculated using an effective tax rate of 20%, which approximates the statutory GAAP tax rate for the presented periods.
             
    CONTACTS:   Tony Voorhees   Michael Newman
        Chief Financial Officer   Investor Relations
        Key Tronic Corporation   StreetConnect
        (509)-927-5345   (206) 729-3625

    The MIL Network –

    January 26, 2025
  • MIL-OSI: Enstar Acquires Bermuda Reinsurer in its Second Property ILS Transaction

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, Nov. 05, 2024 (GLOBE NEWSWIRE) — Enstar Group Limited (Nasdaq: ESGR) today announced that its wholly-owned subsidiary, Cavello Bay Reinsurance Limited (“Cavello Bay”), has acquired a Bermuda-domiciled Class 3B insurer and segregated accounts company (the “Reinsurer”).

    The Reinsurer underwrote property reinsurance business between 2020 and 2023 on behalf of third-party investors, assuming the risk through retrocession agreements with a fronting carrier. The Reinsurer had $66 million of shareholders’ equity at the end of July 2024.

    The Reinsurer will be merged into Cavello Bay and a consolidated and amended retrocession agreement between the fronting carrier and Cavello Bay will become effective.

    Dominic Silvester, Chief Executive Officer of Enstar, said: “This acquisition is our second transaction in the property ILS space in recent months, which we see as a growth market for legacy solutions. The deal structure eliminates collateral requirements, demonstrating the benefit of Cavello Bay’s strong balance sheet and financial strength rating.”

    About Enstar 

    Enstar is a NASDAQ-listed leading global insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired over 120 companies and portfolios since its formation. For further information about Enstar, see www.enstargroup.com. 

    Cautionary Statement  

    This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘aim’, ‘ambition’, ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future events or performance. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Important risk factors regarding Enstar can be found under the heading “Risk Factors” in Enstar’s Form 10-K for the year ended December 31, 2023 and Enstar’s Form 10-Q for the quarter ended June 30, 2024 and are incorporated herein by reference. Furthermore, Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.

    Contact:

    For Enstar:
    For Investors: Matthew Kirk (investor.relations@enstargroup.com)
    For Media: Jenna Kerr (communications@enstargroup.com)

    The MIL Network –

    January 26, 2025
  • MIL-OSI: Enstar Group Limited Announces Quarterly Preference Share Dividends

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, Nov. 05, 2024 (GLOBE NEWSWIRE) — Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) today announced that it will pay cash dividends on its Series D and Series E preference shares.

    Dividends on Enstar’s Series D 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares of $0.43750 per depositary share (each of which represents a 1/1,000th interest in a Series D Preference Share) will be payable on December 1, 2024 to shareholders of record on November 15, 2024.

    Dividends on Enstar’s Series E 7.00% Perpetual Non-Cumulative Preference Shares of $0.43750 per depositary share (each of which represents a 1/1,000th interest in a Series E Preference Share) will be payable on December 1, 2024 to shareholders of record on November 15, 2024.

    About Enstar

    Enstar is a NASDAQ-listed leading global insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired over 120 companies and portfolios since its formation. For further information about Enstar, see www.enstargroup.com.

    Cautionary Statement

    This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Important risk factors regarding Enstar can be found under the heading “Risk Factors” in our Form 10-K for the year ended December 31, 2023 and in our Quarterly Report on Form 10-Q for the interim period ended June 30, 2024 and are incorporated herein by reference. Furthermore, Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.

    Contact: Enstar Communications
    Telephone: +1 (441) 292-3645

    The MIL Network –

    January 26, 2025
  • MIL-OSI Global: No, America’s battery plant boom isn’t going bust – construction is on track for the biggest factories, with thousands of jobs planned

    Source: The Conversation – USA – By James Morton Turner, Professor of Environmental Studies, Wellesley College

    Workers install battery packs in a BMW X5 in South Carolina. A new battery plant under construction nearby will supply BMW factories. BMW

    The United States is in the midst of the biggest boom in clean energy manufacturing investments in history, spurred by laws like the bipartisan Infrastructure Investment and Jobs Act and the Inflation Reduction Act.

    These laws have leveraged billions of dollars in government support to drive private sector investments in clean energy supply chains across the country.

    For several years, one of us, Jay Turner, and his students at Wellesley College have been tracking clean energy investments in the U.S. and sharing the data at The Big Green Machine website. That research shows that companies have announced 225 projects, totaling US$127 billion in investment, and more than 131,000 new jobs since the Inflation Reduction Act became law in 2022.

    You may have seen news stories that said these projects are at risk of failure or significant delays. In August 2024, the Financial Times reported that 40% of more than 100 projects it evaluated were delayed. These included battery manufacturing, renewable energy projects and metals and hydrogen projects, as well as semiconductor manufacturing plants. More recently, The Information, which covers the technology industry, warned that 1 in 4 companies were walking away from government-supported grants for battery investments.

    Workers assemble battery packs for electric vehicles in Spartanburg, S.C. New battery plants in the state will help move the supply chain closer to U.S. EV factories.
    BMW

    We checked up on all 23 battery cell factories announced or expanded since the Inflation Reduction Act was signed – almost all of them gigafactories, which are designed to produce over 1 gigawatt-hour of battery cell capacity. These factories have some of the largest employment potential of any project supported by the act.

    We wanted to find out if the boom in U.S.-based clean energy manufacturing is about to go bust. What we have learned is mostly reassuring.

    The biggest battery factories are on track

    While the exact investment totals are challenging to pin down, our research shows that planned capital expenditures add up to $52 billion, which would support 490 gigawatt-hours of battery manufacturing capacity per year – enough to put roughly 5 million new electric vehicles on the road.

    While not all 23 companies have announced their hiring plans, these facilities are expected to support nearly 30,000 new jobs, with projects mostly in the U.S. Southeast, Midwest and Southwest.

    We wanted to know if these projects are on track or experiencing delays or problems.

    To do that, we first reached out to local and state economic development agencies. In many instances, local and state tax incentives are supporting these projects. Where possible, we sought to confirm the project’s status through public data or formal announcements. In other instances, we looked for news stories to see if there is evidence of construction or hiring.

    Of the 23 projects, our research shows that 13 appear to be on track, with total planned capital investments in excess of $40 billion and nearly 352 gigawatt-hours per year of capacity. Importantly, these include most of the biggest projects with the largest investments and projected production.

    By our count, 77% of the total planned capital investment, 79% of the proposed jobs and 72% of the planned battery production are on track, which means that a project is likely to happen, roughly on time, and generally with their expected level of investment and employment.

    Three projects are on the bubble. These have shown progress but experienced delays in construction or financing.

    Five others show deeper signs of distress. We don’t yet have enough information to draw a conclusion on two projects.

    An example of a project that is on track is Envision AESC’s battery factory in Florence, South Carolina. Its scale has been expanded twice since it was first announced in December 2022. It is now a $3 billion investment intended to manufacture 30 gigawatt-hours of batteries annually to supply BMW’s factory in Woodruff, South Carolina.

    In early October 2024, South Carolina Secretary of Commerce Harry Lightsey conducted a tour of the Envision site and posted a video. Construction on the plant started in February 2024, and 850 workers are working six days a week to finish the 1.4 million-square-foot facility by August 2025. Once it goes into full production, the project is expected to employ 2,700 people.

    2024 election could end or accelerate the boom

    But a lot hinges on what happens in the upcoming elections.

    Our data suggests the real risk that these projects and projects like them face isn’t slow demand for electric vehicles, as some people have suggested – in fact, demand continues to climb. Nor is it local opposition, which has slowed only a few projects.

    The biggest risk is policy change. Many of these projects are counting on Advanced Manufacturing Tax Credits authorized by the Inflation Reduction Act through 2032.

    On the campaign trail, Republicans up and down the ticket are promising to repeal key Biden-led legislation, including the Inflation Reduction Act, which includes grant funding and loans to support clean energy as well as tax incentives to support domestic manufacturing.

    While full repeal of the act may be unlikely, an administration hostile to clean energy could divert its unspent funds to other purposes, slow the pace of grants or loans by slow-walking project approvals, or find other ways to make the tax incentives harder to get. While our research has focused on the battery industry, this concern extends to investments in wind and solar power too.

    So, is the big boom in U.S.-based clean energy manufacturing about to go bust? Our data is optimistic, but the politics is uncertain.

    Joshua Busby receives funding from the U.S. Department of Defense. He is affiliated with the Center for Climate and Security and the Chicago Council on Global Affairs.

    James Morton Turner and Nathan Jensen do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. No, America’s battery plant boom isn’t going bust – construction is on track for the biggest factories, with thousands of jobs planned – https://theconversation.com/no-americas-battery-plant-boom-isnt-going-bust-construction-is-on-track-for-the-biggest-factories-with-thousands-of-jobs-planned-242567

    MIL OSI – Global Reports –

    January 26, 2025
  • MIL-OSI Canada: Canada and African Union Commission to host High-Level and Trade Policy dialogues

    Source: Government of Canada News

    The Honourable Mélanie Joly, Minister of Foreign Affairs, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, and the Honourable Ahmed Hussen, Minister of International Development, will meet African Union Commission (AUC) leadership for the second annual Canada-AUC High-Level Dialogue on November 7, 2024. On November 6, Minister Ng will attend a high-level event at the Canada-AUC Trade Policy Dialogue. The events will take place in Toronto, Ontario.

    November 5, 2024 – Ottawa, Ontario – Global Affairs Canada

    The Honourable Mélanie Joly, Minister of Foreign Affairs, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, and the Honourable Ahmed Hussen, Minister of International Development, will meet African Union Commission (AUC) leadership for the second annual Canada-AUC High-Level Dialogue on November 7, 2024. On November 6, Minister Ng will attend a high-level event at the Canada-AUC Trade Policy Dialogue. The events will take place in Toronto, Ontario.

    During the High-Level Dialogue events, the ministers will reaffirm Canada’s commitment to deepening its engagement across the African continent. They will meet with representatives of the AUC and the African Union (AU), senior officials, stakeholders from civil society and diasporas and youths to strengthen ties and create opportunities across the African continent. They will also discuss shared priorities, such as promoting peace and security, democracy and human rights, trade diversification and gender equality and tackling food security.

    On November 7, Minister Joly will participate in meetings to discuss how Canada and the AUC can work together within multilateral institutions on shared objectives. She will also highlight Canada’s desire to build further upon the 70 years of its relations with African countries as a reliable and trusted partner in advancing shared priorities and fostering mutual prosperity with African countries. She will also underscore the important role of Canada’s Ambassador for Women, Peace and Security in supporting and fostering the role of young women in civil society.

    Minister Ng will co-chair an economic cooperation session with Albert Muchanga, the AUC’s Commissioner for Trade and Industry, to advance Canada-AUC trade policy collaboration and promote 2-way trade and investment diversification. She will take the opportunity to strengthen cooperation between Canada and Africa and chart a path forward to shared economic prosperity and resilience. Minister Ng will also explore ways to expand and diversify Canada-Africa trade and investment partnerships that will benefit businesses, economies and people in Canada and Africa.

    Minister Hussen will emphasize Canada’s commitment to fostering development partnerships, grounded in its Feminist International Assistance Policy, that benefit both Canada and Africa. He will lead discussions with AUC representatives that focus on Canada and Africa working closely together on trade, gender equality and skills development for youth. Minister Hussen will also underscore Canada’s collaborative approach to maternal health, child nutrition, climate resilience and sustainable agriculture, reinforcing Canada’s dedication to supporting resilient African communities and inclusive economic growth across the continent.

    Throughout the High-Level Dialogue, the 3 ministers will leverage the talented and energetic African youth population, which is playing an important leadership role across the continent.

    The long-standing relationship between Canada and the AUC will be -enhanced with the signing of a memorandum of understanding. A solid partnership between Canada and Africa is fundamental to advancing shared priorities and fostering the mutual prosperity of Canadians and Africans alike.

    MIL OSI Canada News –

    January 26, 2025
  • MIL-OSI New Zealand: FAQs – Unified Funding System

    Source: Tertiary Education Commission

    What are performance element incentive payments? When will they be implemented?
    The learner component has an incentive payment element which will be paid to each TEO on achieving the performance expectations set by TEC. This will be part of TEOs’ annual investment plan process within TEOs’ learner success plan, where appropriate.
    TEC is taking a phased approach to implementing these incentive payments. In 2023, this payment will be required of a small number of TEOs (but those with significant levels of learner component funding), then rolling out to cover all TEOs in 2024.  
    For more information, please see the Learner Component section of our website.
    How do TEOs apply for learner component funding?
    TEOs will not need to apply for learner component funding. It will be allocated as part of TEOs’ overall funding for VET.
    Can PTEs apply for more transitions funding?  How do they do this?
    No. TEC will allocate transition funding to eligible TEOs based on the published criteria and allocation methodology.
    There are no additional reporting requirements.
    What is the definition of ‘low prior achievement’ (LPA)?
    In 2022, this is a learner under the age of 25 as at the date of enrolment who has not previously achieved a qualification on the NZQF at level 3 or above.
    From 2023, it will apply to all learners as at the date of enrolment who has not previously achieved a qualification on the NZQF at level 3 or above, not just those under 25.
    How are learners with LPA identified by the TEC?
    SDR, ITR and NZQA data are used to determine LPA.  If prior education records are not available for a learner, they are deemed to be LPA.
    Does the LPA include equivalent qualifications achieved overseas?
    Where overseas qualifications are recorded in the data, they are taken into account in the LPA analysis.
    Will a student out of high school into tertiary education be considered someone with LPA?
    Students that have not achieved NCEA level 3 are considered having LPA.
    Will a PTE lose their learner component funding if an LPA learner achieves at level 3 and transitions to a level 4 course, unless the student qualifies under a different component?
    The learner attributes are proxies for distributing funding. The learner component is not intended to be targeted at specific learners with these characteristics – the funding is a contribution for the support of all learners.  It is expected that each TEO will determine the actual support each learner requires, whether or not the learner has any of the characteristics used for the funding proxy.
    Can learner component funding be recovered through the wash-up process?
    No, there are no recoveries of the learner component.
    Can a TEO update the Disability Status and Disability Support Needs fields after enrolment?
    Yes, if a learner’s disability status has changed since their enrolment, and the TEO has also obtained the learner’s answers to the Disability Support Needs questions, TEOs can amend the record in the next learner file submission.
    How were the four learner groups that are linked to the learner component chosen?
    We undertook extensive analysis of data on the performance of the Vocational Education and Training (VET)  system to understand more about those learners who, on average, have been not well served by the education system in the past. This analysis showed that there were four groups of learners most at risk of not completing VET qualifications and/or face a range of disadvantages in the VET system: learners with low prior achievement, disabled learners, Māori learners and Pacific learners.
    Why are only four learner groups linked to funding?
    Accurately identifying each individual learner’s needs is challenging. We needed a way to approximate the level of need among each TEO’s learner population. We did this by using relatively large learner groups that are more likely to face disadvantages in the VET system. Our analysis shows that these four groups of learners are good proxies of need among each TEO’s learner population, that is, they approximate the level of need in a straightforward way.
    What about learners who don’t fall into the four groups linked to funding? How will they get support?
    TEOs should use learner component funding for all learners who need additional support, not just for learners in the four identified groups. The four groups serve as a proxy for learners who need additional support to be successful in VET. Providers are expected to identify the unique needs of all their learners (including through engagement with learners and their communities), decide how best to support them, and allocate funding accordingly. All learners should therefore receive the support they need to be successful in VET.
    Why is there a difference in rates for Māori and Pacific learners compared to learners with low prior achievement and disabled learners?
    Data is mixed on how the system performs for Māori and Pacific learners. For example, while Māori learners are more likely than New Zealand European learners to participate in VET, they experience poorer employment outcomes from their study. This means that tying funding to a participation measure alone is unlikely to have the results we want to see. We have therefore developed a performance incentive payment that can more directly incentivise the outcomes we want. Māori will be involved in developing the indicators for this.
    Importantly, for Māori and Pacific learners who also have low prior achievement and/or are disabled, providers will receive both funding rates. Māori and Pacific learners who have low prior achievement and/or are disabled will attract the highest level of funding. It recognises that these learners have compounding levels of disadvantage.
    Will the incentive payments be the same as the previous performance-linked funding?
    No. We are still developing the details of how they will work but they are not intended to be the same as performance-linked funding. Further information will be available in 2022.
    How will performance expectations for each TEO be set?
    We are still developing the details of how these will be set along with related incentive payments. We will work with stakeholders to finalise the details of the performance part of the learner component. Further information will be available in 2022.
    What happens to existing equity funding for VET?
    The learner component replaces equity funding for VET. From 2023, equity funding will not apply to VET but will continue for non-UFS provision.
    Why doesn’t the learner component apply to the assessment and verification mode?
    The assessment and verification mode will support learners who are employed and receive support for their learning and wellbeing directly from their employer. Providers will have a limited role focused on quality assurance of the assessment that underpins learners’ qualifications. This means providers will have little direct contact with learners and limited scope to engage with and support learners.
    How will the funding be calculated with learners with more than one eligible characteristic?
    We will calculate funding by allocating:

    the relevant rate where a learner is identified in the data as disabled and/or having low prior achievement
    the relevant rate where a learner is identified in the data as Māori and/or Pacific
    both relevant rates where a learner is identified in the data as disabled and/or having low prior achievement and as Māori and/or Pacific (both rates apply).

    How are learners with low prior achievement identified?
    Learners with low prior achievement are those who have not achieved a prior qualification at level 3 or above on the New Zealand Qualifications Framework (NZQF) as at the learner’s enrolment start date.
    How will support for learners change?
    Over time, all VET learners can expect learning and wellbeing support that is tailored to their specific needs. This will take time but we expect providers to more proactively identify learners who may need support and for providers to be more focused on meeting learners’ needs.
    Who receives the funding? And who decides how it is spent?
    Learner component funding will be allocated to TEOs. They will decide how to spend this funding in a way that supports all of their learners’ needs.
    How will this improve the way the VET system performs for Māori learners?
    Māori learners can expect to have increased opportunities to enrol in and complete VET qualifications that have strong employment outcomes including apprenticeships. Providers and employers will be encouraged to work together to increase hiring, training and support for Māori learners. Labour market underutilisation rates could drop, and median salaries could rise. Māori learners will be able to consistently expect culturally affirming learning environments.
    How will this improve the way the VET system performs for Pacific learners?
    As for Māori, Pacific learners can expect to have increased opportunities to enrol in and complete VET qualifications that have strong employment outcomes, including apprenticeships. Providers and employers will be encouraged to work together to increase hiring, training and support for Pacific learners. Labour market underutilisation rates could drop, and median salaries could rise. Pacific learners will be able to consistently expect culturally affirming learning environments
    How will this improve the way the VET system performs for disabled learners?
    Providers will have increased capability and capacity to understand, identify and support disabled learners’ needs. Providers and employers will be encouraged to work together to improve hiring and training rates and support for disabled employees. Disabled learners could increasingly enrol in, and complete, VET qualifications that have strong employment outcomes, including work-based training. The very high labour market underutilisation rates for disabled people could drop.
    How will this improve the way the VET system performs for learners with low prior achievement?
    Learners with low prior educational achievement can expect more support to complete their qualifications. We are seeking a significant improvement in qualification completion rates for these learners compared to other learner groups.
    How are disabled learners identified?
    Disabled learners are learners who identify as disabled on enrolment forms and learners who access disability support from providers. TEC is working with providers and the wider sector to improve data collection on disabled learners.

    MIL OSI New Zealand News –

    January 26, 2025
  • MIL-OSI China: Chinese premier meets with Mongolian PM in Shanghai

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

    Chinese Premier Li Qiang meets with Mongolian Prime Minister Luvsannamsrai Oyun-Erdene, who is in China to attend the seventh China International Import Expo, in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    SHANGHAI, Nov. 5 — Chinese Premier Li Qiang on Tuesday met with Mongolian Prime Minister Luvsannamsrai Oyun-Erdene, who is in Shanghai to attend the seventh China International Import Expo (CIIE).

    Li said that under the strategic guidance of the two heads of state, China and Mongolia have maintained sound, stable momentum in their bilateral relations in recent years. China values its friendly cooperation with Mongolia highly, and considers Mongolia a priority in its neighborhood diplomacy, he noted.

    He said that both sides should implement the important consensus reached by the two heads of state to deepen practical cooperation for the benefit of the two peoples.

    Li noted that China will synergize its development strategy with Mongolia further, step up trade and investment cooperation, and enhance cooperation on infrastructure construction in such areas as port connectivity, mining and hydropower stations.

    The premier encouraged both sides to tap into the cooperation potential of emerging industries such as the high-tech and green development sectors, and support more capable Chinese enterprises to invest and do business in Mongolia.

    China will work with Mongolia and other Asian countries in the pursuit of peace, solidarity and cooperation, and enhance exchange and coordination within the frameworks of multilateral mechanisms such as the Shanghai Cooperation Organization.

    Oyun-Erdene said that Mongolia abides firmly by the one-China policy, and is willing to maintain mutual respect and support on issues bearing on each other’s core interests.

    Mongolia stands ready to deepen mutually beneficial cooperation with China in such areas as energy, urban planning and desertification control, and explore cooperation in new fields including artificial intelligence, green development and human resources, he said.

    Chinese Premier Li Qiang meets with Mongolian Prime Minister Luvsannamsrai Oyun-Erdene, who is in China to attend the seventh China International Import Expo, in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    MIL OSI China News –

    January 26, 2025
  • MIL-OSI China: Chinese premier meets Serbian PM

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

    Chinese Premier Li Qiang meets with Serbian Prime Minister Milos Vucevic, who is in China to attend the 7th China International Import Expo, in Shanghai, east China, Nov. 5, 2024. [Photo/Xinhua]

    SHANGHAI, Nov. 5 — Chinese Premier Li Qiang met with Serbian Prime Minister Milos Vucevic in Shanghai on Tuesday, who is here to attend the 7th China International Import Expo (CIIE).

    Noting that China always attaches great importance to its relations with Serbia, Li said that China stands ready to work with Serbia to further implement the important consensus reached by the two heads of state, maintain close strategic communication, deepen political mutual trust, firmly support each other’s core interests and major concerns, take bilateral cooperation in various fields to a new level, and advance the building of a China-Serbia community with a shared future in a new era with high quality.

    Li said that China is willing to work with Serbia to strengthen the docking of development strategies, jointly implement the China-Serbia free trade agreement, build and operate key cooperation projects, accelerate cooperation in green, digital and artificial intelligence innovation areas, and achieve more mutually beneficial and win-win results.

    It is hoped that Serbia will continue to provide a sound business environment for Chinese enterprises to invest and do business in Serbia, Li said, adding that the two sides should further deepen exchanges and cooperation on culture, tourism, education, sports, media and youth to consolidate popular support for building a China-Serbia community with a shared future.

    Vucevic said Serbia firmly abides by the one-China principle, appreciates China for its firm support on issues concerning Serbia’s sovereignty and territorial integrity, and looks forward to closer exchanges with China, well implementing the bilateral free trade agreement under the framework of the Belt and Road Initiative, deepening practical cooperation in such fields as economy and trade, education, science and technology, medical and health care, transportation and agriculture, and strengthening people-to-people exchanges.

    Chinese Premier Li Qiang meets with Serbian Prime Minister Milos Vucevic, who is in China to attend the 7th China International Import Expo, in Shanghai, east China, Nov. 5, 2024. [Photo/Xinhua]

    MIL OSI China News –

    January 26, 2025
  • MIL-OSI China: Chinese premier meets Malaysian PM in Shanghai

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

    Chinese Premier Li Qiang meets with Malaysian Prime Minister Anwar Ibrahim, who is in China to attend the seventh China International Import Expo, in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    SHANGHAI, Nov. 5 — Chinese Premier Li Qiang met on Tuesday with Malaysian Prime Minister Anwar Ibrahim, who is in Shanghai to attend the 7th China International Import Expo.

    Li said that China-Malaysia relations have entered a new stage of historical development and are moving steadily toward the goal of building a China-Malaysia community with a shared future.

    He said that China is ready to work with Malaysia to implement the important consensus reached by the leaders of the two countries, uphold mutual respect and mutual trust, treat each other as equals and cooperate for win-win results, working together to achieve common development and prosperity of the two countries.

    Li said China is willing to continue with firmly supporting each other on issues involving each other’s core interests and major concerns, strengthening the docking of development strategies and the exchange of experience in governance, improving the layout of cooperation in various fields, and boosting the modernization process of the two countries with high-level strategic cooperation.

    He called on the two sides to steadily advance flagship projects such as the East Coast Rail Link and the Malaysia-China “Two Countries, Twin Parks,” tap into the cooperation potential in emerging areas, and constantly expand new space for cooperation.

    China will continue to promote cultural exchanges and mutual learning with Malaysia, strengthen cooperation on education and visa facilitation, and encourage the two peoples, especially the youth, to visit each other more often to enhance mutual understanding and friendship, he said.

    Li said China will strongly support Malaysia in assuming the rotating presidency of the Association of Southeast Asian Nations (ASEAN) next year, and is ready to strengthen coordination and cooperation with Malaysia within China-ASEAN and other multilateral frameworks to jointly advance regional economic integration, safeguard ASEAN centrality and safeguard the peaceful development of Asia.

    Anwar noted that China is Malaysia’s good friend and good partner. Malaysia is willing to deepen Belt and Road cooperation with China, promote cooperation in such areas as trade, investment, digital economy and education, and enhance people-to-people exchanges, he added.

    Malaysia supports China in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, said Anwar.

    He noted that as the rotating presidency of ASEAN next year, Malaysia will take this opportunity to enhance coordination with China on international and regional issues.

    Chinese Premier Li Qiang meets with Malaysian Prime Minister Anwar Ibrahim, who is in China to attend the seventh China International Import Expo, in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    MIL OSI China News –

    January 26, 2025
  • MIL-OSI Canada: Ministers Joly, Ng and Hussen to attend the Canada-African Union Commission High-Level Dialogue

    Source: Government of Canada News

    November 5, 2024 –The Honourable Mélanie Joly, Minister of Foreign Affairs, The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development and The Honourable Ahmed Hussen, Minister of International Development, will attend the Second Canada-African Union Commission High-Level Dialogue in Toronto. As part of this meeting the Ministers will engage with members of the African Union Commission, including Chairperson Moussa Faki Mahamat, with the aim of building stronger, expanded and more visible partnerships. The Ministers will also make an announcement related to the Government of Canada’s engagement on the continent.

    November 5, 2024 –The Honourable Mélanie Joly, Minister of Foreign Affairs, The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development and The Honourable Ahmed Hussen, Minister of International Development, will attend the Second Canada-African Union Commission High-Level Dialogue in Toronto. As part of this meeting the Ministers will engage with members of the African Union Commission, including Chairperson Moussa Faki Mahamat, with the aim of building stronger, expanded and more visible partnerships. The Ministers will also make an announcement related to the Government of Canada’s engagement on the continent.   

    Family photo and Memorandum of Understanding singing ceremony 

    Date: November 7th, 2024
    Time: 9:00 am EST 
    Location: Toronto, Ontario 

    Notes: This event will be open to media for photos and b-roll only. Media representatives who wish to attend the event must arrive by 8:30 am EST.

    Joint Ministerial media availability 

    Date:  November 7th, 2024 
    Time: 1:30 pm EST  
    Location: Toronto, Ontario 

    Notes: Media representatives who wish to attend the event must arrive by 1:00 pm EST. 

    Evening reception opening remarks

    Date:  November 7th, 2024 
    Time: 6:00 pm EST  
    Location: Toronto, Ontario 

    Notes: The opening remarks at the evening reception will be open to media. Media representatives who wish to attend the event must arrive by 5:30 pm EST. 

    For all events noted above, media are asked to confirm their attendance by contacting media@international.gc.ca. The exact address will be shared following confirmation. 

    MIL OSI Canada News –

    January 26, 2025
  • MIL-OSI: BitMart Adds UAH Into Its P2P Marketplace to Enhance User Experience

    Source: GlobeNewswire (MIL-OSI)

    Mahe, Seychelles, Nov. 05, 2024 (GLOBE NEWSWIRE) —  BitMart, a leading global cryptocurrency exchange, is excited to announce that it has officially added the Ukrainian Hryvnia (UAH) to its peer-to-peer (P2P) trading marketplace. This strategic addition underscores BitMart’s commitment to diversifying trading options and providing users with more convenient ways to manage cryptocurrency transactions.

    The integration of UAH into BitMart’s P2P marketplace reflects the growing demand for accessible and adaptable payment solutions. In a world where personal finance and digital asset management are evolving rapidly, the ability to transact in multiple currencies is crucial. By including UAH, BitMart ensures its users can benefit from a broader range of currency transactions, further simplifying deposits and withdrawals while maintaining high security standards and low entry barriers. BitMart’s UAH market also offers a competitive buy price, putting it ahead of other exchanges and providing users with a cost-effective option for trading UAH.

    In celebration of adding UAH to BitMart’s P2P Marketplace, BitMart launched the event “UAH Exclusive Event: Easy to Share 1000 USDT Rewards,” running until Nov. 18, 2024. To learn how to participate, please visit https://www.bitmart.com/activity/UAH-trading/en-US.
    For more information, please visit BitMart’s P2P Trading marketplace.

    About BitMart
    BitMart is the premier global digital asset trading platform. With millions of users worldwide and ranked among the top crypto exchanges on CoinGecko, it currently offers 1,500+ trading pairs with competitive trading fees. Constantly evolving and growing, BitMart is interested in crypto’s potential to drive innovation and promote financial inclusion. To learn more about BitMart, visit their Website, follow their X (Twitter), or join their Telegram for updates, news, and promotions. Download BitMart App to trade anytime, anywhere.

    The MIL Network –

    January 26, 2025
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