Source: China State Council Information Office
The China Chamber of Commerce for Import and Export of Machinery and Electronic Products on Wednesday expressed “great regret” on behalf of the Chinese automotive industry at the European Commission’s decision to impose anti-subsidy tariffs on electric vehicles originating in China.
Source: GlobeNewswire (MIL-OSI)
YOKNEAM ILLIT, ISRAEL, Oct. 30, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, announces an innovative collaboration with TCL-RayNeo™ (“RayNeo”), a leader in augmented reality (“AR”) technology, aiming at bringing mass-market neural interface wristband for AR glasses to life now.
Both parties will be showcasing how neural interface wristband can be seamlessly integrated into AR devices, enhancing user experience by enabling hands-free, gesture-based interactions in augmented and mixed reality environments. This collaboration, previously announced earlier this month, highlights a groundbreaking leap towards more immersive, intuitive user experiences with the objective of being available as soon as next year. For comparison, Meta announced last month its entrance into the gesture control space and presented its neural wristband as a ‘Purposeful Product Prototype’ for smart glasses. RayNeo is known for its innovations in AR, developing cutting-edge AR glasses that enhance immersive experiences by overlaying digital content in the real world. By integrating RayNeo’s AR glasses with Wearable Devices’ neural gesture control technology, users can experience a truly hands-free interaction, elevating the immersive experience to new heights.
“Our collaboration with RayNeo signals a thrilling new chapter in neural gesture technology,” said Asher Dahan, Chief Executive Officer of Wearable Devices. “Our breakthrough Mudra Band and Mudra Link technology is redefining how users interact in mixed reality, offering more natural and instinctive control. Together with RayNeo, we’re creating immersive experiences that feel almost magical, as if technology has become an extension of oneself.”
“Collaborating with Wearable Devices represents a significant leap forward in the future of AR technology,” said Howie Li, Chief Executive Officer of RayNeo. “By combining RayNeo’s advanced AR glasses with the cutting-edge neural interface technology from Wearable Devices, we are committed to providing innovative solutions that empower users and transform everyday experiences. We believe this collaboration will lead to a new era of smart, intuitive, and immersive wearable experiences.”
This collaboration highlights the potential for future innovations in the extended reality (“XR”) market. The combination of RayNeo’s advanced AR hardware and Wearable Devices’ neural input technology creates exciting possibilities for the next generation of smart wearables, offering seamless and touchless control across various applications. The details of the full terms of this collaboration are subject to negotiation and execution of definitive agreements.
About Wearable Devices Ltd.
Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares and warrants trade on the Nasdaq market under the symbols “WLDS” and “WLDSW”, respectively.
About RayNeo™
RayNeo™, incubated by TCL Electronics (1070.HK), is an industry leader in consumer-grade AR innovation, developing some of the world’s most revolutionary AR consumer hardware, software and applications. RayNeo specializes in the research and development of AR technologies with industry-leading optics, display, algorithm and device manufacturing.
Established in 2021, RayNeo has launched the world’s first full-color Micro-LED optical waveguide AR glasses, achieving several technology breakthroughs in the industry. Alongside winning the “Best Connected Consumer Device” at MWC’s Global Mobile Awards (GLOMO) 2023 with NXTWEAR S, RayNeo also developed the innovation consumer XR wearable glasses, RayNeo Air 2, featuring top-tier, cinematic audiovisual experiences with ultimate comfort. For more information, please visit: https://www.rayneo.com/
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss benefits and advantages of our technology and solutions and those of RayNeo, our expectation that this collaboration will lead to a new era of smart, intuitive, and immersive wearable experiences and the availability of the technology to users. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. The Company may not enter into or complete any definitive agreement for the proposed collaboration or, even if it does, such collaboration may not achieve the intended benefits. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the full terms of the contemplated collaboration which are subject to negotiation and execution of definitive agreements; the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Investor Relations Contact
Walter Frank
IMS Investor Relations
203.972.9200
wearabledevices@imsinvestorrelations.com
Source: The Conversation – USA – By Christopher P. Scheitle, Associate Professor of Sociology, West Virginia University
Since we spend so much of our lives at our jobs, it’s only natural that conversations with colleagues go beyond the work in front of us. People share interests and hobbies, family struggles, health concerns, and hopes or goals, from the silly to the serious.
The topic of religion, however, can provoke anxiety. Many people might second what the Muslim CEO of a technology company told us: “If you want to express faith, do it! Just do it on your own time.” Uncertainty surrounding religion’s role in the workplace tends to lead to silence. Even among researchers who study workplaces, religion is often ignored.
Yet for many people, faith is a core component of their identity – part of the “whole self” that employees are increasingly encouraged to bring to work. It’s an important piece of diversity but one that managers often tiptoe around. And for many Americans, faith is part of why they show up at their job each day: 1 in 5 consider their work a spiritual calling.
We are social scientists who spent the past five years conducting research on the role of faith at work. Our findings – from more than 15,000 surveys with a nationally representative population, and nearly 300 in-depth interviews with some of those workers – confirm that there are many challenges when religion comes into the workplace. However, the costs of ignoring or suppressing workers’ faith often exceed those risks and challenges.
The most common concern we heard about bringing up religion in the workplace is that it will lead to conflict – including conflict from people trying to change each other’s beliefs. A Catholic woman who works in eldercare told us, “I think we shouldn’t talk about religion at work because that’s when the problems arise. I’m going to defend what I think, and they will defend what they think, their way of being, their religion.”
Several other people we interviewed also expressed concerns that some forms of religious expression could make people uncomfortable, or even turn into harassment. A nonreligious security guard noted that during Christmas and Easter some of his Christian co-workers will say, “‘God bless,’ ‘Let’s pray,’ and stuff like that. It becomes very uneasy for me, uncomfortable.”
Asking workers to bottle up their faith when they start the workday may seem like the easiest way to avoid these problems. Some workers we interviewed agreed with this sentiment. As one Muslim federal employee told us, “If I wear my religion as a badge on my shoulder, it will rub somebody the wrong way. So, why do that?”
What’s more, silence around religion may seem like a neutral request. If no one expresses their faith, after all, then no one can be discriminated against, no one can be offended, and no one is seen as getting special treatment for their religious beliefs.
There are a few problems with this logic, however.
First, employers are legally required to provide reasonable accommodations tied to workers’ religion. Under most conditions, this includes things such as providing time off for religious observances. It also generally includes accommodating dress and grooming practices tied to one’s religion, such as wearing Sikh turbans or Christian crosses.
What’s more, vague expectations about not acknowledging faith at work aren’t necessarily so neutral and often tend to disproportionately harm minority groups.
In our survey, we asked individuals whether they “conceal their religious beliefs at work for fear of others’ perceptions.” Nineteen percent of Jewish workers, 51% of Hindus, 29% of Muslims and 28% of Buddhists said they did. By contrast, only 9% of evangelical Protestants, 15% of nonevangelical Protestants and 13% of Catholics reported that they conceal their faith at work.
A Jewish project manager at an engineering firm told us how she has tried to conceal her faith from others: “The times that I did have to pray, I actually walked outside into a closed corner in the hallway to do it.”
In the same survey, we asked individuals if they “have been treated unfairly” at work due to their “religion or non-religion.” Overall, 31% of U.S. adults agreed, and such experiences are most common among Muslim and Jewish workers.
One Muslim woman we interviewed described how her colleagues made life extremely difficult for her, calling her names that were derisive, and said she’s received little support from her employer. Indeed, during one meeting her boss “got up and talked a lot about me being Muslim, and it was all negative.”
Whether their co-workers or managers like it, many U.S. adults do see their work and faith as interwoven.
One of our surveys, for example, asked workers whether they “turn to faith for support through stressful times in their work life.” Nearly half agreed.
For many Americans, faith is also part of why they do their work in the first place. According to another one of our surveys, 20% of U.S. adults “see their work as a spiritual calling.” This percentage is higher among certain groups, such as evangelical Protestants and Muslims: 33% and 30%, respectively. Viewing work in spiritual terms is also more likely among women, at 24%, and Black workers, at 31%.
And it is not just workers in explicitly religious jobs who view their work this way. One marine biologist explained to us, “I think that all truth is from God and, as a scientist, I try to understand and reveal the truth of how the world works.”
Importantly, our research finds that individuals who feel a sense of spiritual connection to their work report greater job satisfaction, find more meaning in their work and better manage negative experiences they encounter in the workplace.
Social science research has found that people’s well-being, social interactions and performance are harmed when they feel the need to suppress an important part of themselves within a group or organization. In other words, everyone suffers when individuals are not allowed to bring their whole selves to work.
Despite such evidence, our research finds that many organizations are not taking even basic steps to accommodate individuals’ religious lives.
In one survey, we asked workers whether their “workplace provides accommodations that allow people to practice their religion.” Almost one-fifth of workers disagreed. This percentage was highest among Muslim workers: 54%.
Workers appreciate when their employers take active steps to let employees know that religious accommodations are available and that religious expression in general is not forbidden. Having upfront conversations about what is or is not appropriate – not only legally but socially – can go a long way toward setting boundaries.
A Muslim optometry technician we interviewed, for example, recounted how appreciative she was when her boss told her, “If you ever do prayers or anything, feel free to go to that room – it can be your space, you can leave your mat in there.”
Ideally, however, organizations would take active steps to establish and communicate policies to all employees, rather than reacting to situations as they arise.
While we recognize the challenges when it comes to addressing individuals’ faith in the workplace, proactively engaging in conversations about the appropriate role of religion at work is better for workers and workplaces.
Christopher P. Scheitle receives funding from the National Science Foundation and the John Templeton Foundation.
Denise Daniels receives funding from the Lilly Endowment.
Elaine Howard Ecklund receives funding from the Templeton Religion Trust and the Lilly Endowment.
– ref. Religion in the workplace is tricky – but employers and employees both lose when it becomes a total taboo – https://theconversation.com/religion-in-the-workplace-is-tricky-but-employers-and-employees-both-lose-when-it-becomes-a-total-taboo-239996
Source: GlobeNewswire (MIL-OSI)
BINGHAMTON, N.Y., Oct. 30, 2024 (GLOBE NEWSWIRE) — New Energy New York (NENY) has opened applications for the second cohort of ChargeUp. The six-month accelerator program is designed to support startups working on battery innovations to help them advance their technology development and their business. Early-stage U.S. companies that are working on battery innovations anywhere in the supply chain are encouraged to apply. Companies accepted into the accelerator will receive $25,000, connections to investors, and opportunities for follow-on investment, including up to $100,000 in vouchers for technical development. Each month, participation in the Binghamton-based accelerator includes one week of in-person instructional workshops and regional tours of supply chain partners and three weeks of virtual activities, such as instruction provided by industry and business experts, pitch coaching, regional showcases, and building out each company’s data room so they are ready for investment.
The program follows the success of the inaugural cohort of companies that includes Ateios Systems, Fermi Energy, MITO Materials and Standard Potential.
“ChargeUp stands as a flagship accelerator for battery startup companies. Completing the program, we emerged with significant tasks ahead but equipped with essential know-how. Additionally, the ChargeUp network proved tremendously beneficial, enabling us to establish pivotal business relationships. I strongly recommend this program to any battery startup considering joining an accelerator to enhance their growth and success,” said Ray Xu, Co-Founder and CTO of Fermi Energy.
The initiative is part of a $4.5 million grant awarded to NextCorps from the U.S. National Science Foundation (NSF-2334103) to test an accelerator model focused on technology commercialization for early-stage, deep-tech businesses, and strengthen economic development within region-specific technology hubs located across the U.S. The accelerator is based on curriculum and learnings from two of NextCorps’ proven accelerators: Luminate, the world’s largest accelerator for startups developing technologies enabled by optics, photonics and imaging, and the Manufacturing Accelerator, which helps early-stage companies reduce the risk, waste, and cost associated with getting hardware from prototype to mass production. The methodology used by both programs leverages university, community, and industrial involvement to guide and speed the delivery of emerging technologies.
ChargeUp will follow a similar format, and will be run by Binghamton University’s Koffman Southern Tier Incubator. During the program, companies will receive over 200 hours of curriculum that will prepare them to become investment-ready by mastering business due diligence, design for manufacturing, complex supply chains, product pricing, and other topics. The accelerator also will connect them to resources within the region’s rapidly growing battery industry cluster, which has been federally designated as a battery tech hub, and New York State’s efforts to pioneer critical energy storage technologies through the NENY project.
“The Binghamton region and our network of partners are internationally recognized for its expertise in energy storage. This accelerator will continue to attract the best startups and talent to the region, and connect them to the benchmark assets and expertise available here to change the trajectory of their business and technology commercialization. We had a very successful inaugural cohort and plan to build off the first year of running this program,” said Bandhana Katoch, Assistant Vice President, Office of Entrepreneurship and Innovation Partnership at Binghamton University.
Since 2017, the Southern Tier Clean Energy Incubator program has fostered over 60 startup companies. Binghamton University, through its Office of Entrepreneurship and Innovation Partnerships, is leading the NENY initiative, with the cornerstone project, Battery-NY, for the development of a battery technology and prototyping center in the Southern Tier of NY.
Startups applying to ChargeUp must be incorporated, have at least two people working full time on the business, and should have proven their core technology, preferably having developed a working prototype. ChargeUp Cohort 2 begins in April 2025 and concludes in October 2025. Virtual info sessions will be held November 13 and December 10, 2024 and on January 8, 2025, to help companies assess if the program is right for their business.
To apply to ChargeUp, go here.
“Our world is facing energy storage issues that are affecting almost every industry. Testing our proven accelerator methodologies within battery innovation to solve these pressing challenges, and doing so within a rich, industry-leading battery ecosystem makes perfect sense,” said Dr. Sujatha Ramanujan, Managing Director, Luminate NY. “We’re eager to support the ChargeUp accelerator and to assess the impact it has on improving success rates for bringing novel technologies to market.”
For more information on ChargeUp, visit https://newenergynewyork.com/programs/chargeup-accelerator/
For more information about Binghamton University’s Koffman Southern Tier Incubator, visit thekoffman.com.
For more information on NextCorps, visit nextcorps.org.
For more information about Binghamton’s New Energy New York initiative, go to newenergynewyork.com.
For more information about NSF grants, visit nsf.gov.
Media Contact
Kari Bayait
kbayait@binghamton.edu
607-725-5975
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9af0d78d-54d3-4f3b-8e9c-da6eedf25490
Source: GlobeNewswire (MIL-OSI)
DURHAM, N.C., Oct. 30, 2024 (GLOBE NEWSWIRE) — ServiceTrade, Inc., a leading software platform for commercial mechanical and fire system service contractors, is pleased to announce the release of its 2024 ServiceTrade Benchmark Reports. The annual reports provide commercial fire and mechanical contractors with critical insights to evaluate their business performance against peers, enabling them to identify optimization opportunities and strengthen their businesses.
The 2024 ServiceTrade Benchmark Reports offer a data-driven analysis of the operational performance of US and Canada-based commercial fire and mechanical contractor businesses. Specifically, the reports reveal contractors’ performance in year-over-year revenue, driven by smart strategies such as uncovering proactive pull-through revenue opportunities from existing customers, prioritizing high-value work, and optimizing back-end processes. The reports also provide insights and proven best practices to help contractors take advantage of operational trends and identify sustainable growth, revenue performance, and efficiency opportunities.
ServiceTrade Customers Outperform Industry Average
Per the reports, ServiceTrade customers consistently outperform industry averages. The reports measure two key industry sectors: fire protection and commercial mechanical HVAC service.
The median YoY growth rate for mechanical contractors using the ServiceTrade platform was 12.3%, while top performers (those in the 75th percentile) grew at 30.1%. This far outpaces the industry average CAGR for heating and air conditioning contractors’ revenue in the US market, which has shown minimal overall growth of less than 1% over the last five years. Looking forward, the US HVAC services market is expected to witness a CAGR of 3.4% during 2024-2030.
In the fire industry, the median YoY growth rate for ServiceTrade customers was 14.9%, while top performers grew at 33.2%. This far outpaces the industry average performance. Fire Protection contractors’ revenue has contracted at a rate of 1.6% over the last 5 years, despite a post-Covid jump of 1.2% in 2023.
“As the leading provider of field service management software for commercial contractors, we’re proud to provide the industry with these comprehensive benchmarks,” said Shawn Mims, VP of Marketing at ServiceTrade. “The ServiceTrade annual benchmark reports are known for critical data and market insights that help companies focus on the right strategies, tactics and opportunities to improve their business performance.”
The full ServiceTrade Benchmark Reports are available for free download:
To learn more about ServiceTrade:
About ServiceTrade:
ServiceTrade, Inc. is a software platform for commercial mechanical, fire, and life safety contractors. During a chronic skilled labor shortage, ServiceTrade helps commercial contractors increase profit by improving service and project operations, increasing technician productivity, selling more service agreements, and growing customer loyalty. Located in Durham, North Carolina, ServiceTrade was founded in 2012 to automate and streamline the commercial mechanical and fire protection industry and has grown to have more than 1,300 customers. More than 10% of the commercial or industrial buildings in the United States are serviced by contractors using ServiceTrade. Learn more at www.servicetrade.com.
Sources:
Heating & Air-Conditioning Contractors in the US – Market Size, Industry Analysis, Trends and Forecasts (2024-2029), IBIS World, July 2024
US HVAC Services Market Size and Share Analysis – Trends, Drivers, Competitive Landscape, and Forecasts (2024-2030) PS Market Research
U.S. Fire Protection System Market Size, Share & Trends Analysis Report By Product (Detection, Suppression, Response, Analysis, Sprinkler System), By Service, By Application, And Segment Forecasts, 2024 – 2030, Grandview Research, February 2024
Fire Protection and Security System Installation Contractors in the US – Market Size, Industry Analysis, Trends and Forecasts (2024-2029), IBIS World, January 2024
Contact:
Media@KTCMarketingandPR.com
Source: Office of United States Attorneys
Consistent with longstanding Justice Department practices and procedures, the department today is providing information about its efforts, through the Civil Rights Division, Criminal Division, National Security Division (NSD), and U.S. Attorneys’ Offices throughout the country, to ensure that all qualified voters have the opportunity to cast their ballots and have their votes counted free of discrimination, intimidation, or criminal activity in the election process, and to ensure that our elections are secure and free from foreign malign influence and interference.
Civil Rights Division
The department’s Civil Rights Division is responsible for ensuring compliance with the civil provisions of federal statutes that protect the right to vote and with the criminal provisions of federal statutes prohibiting discriminatory interference with that right. This work is often performed in partnership with U.S. Attorneys’ Offices.
The Civil Rights Division’s Voting Section enforces the civil provisions of a wide range of federal statutes that protect the right to vote including: the Voting Rights Act; National Voter Registration Act; Uniformed and Overseas Citizens Absentee Voting Act; Help America Vote Act; and Civil Rights Acts. Among other things, collectively, these laws:
The Civil Rights Division’s Disability Rights Section enforces the Americans with Disabilities Act (ADA), which prohibits discrimination in voting based on disability. The ADA applies to all aspects of voting, including voter registration, selection and accessibility of voting facilities, and the casting of ballots on Election Day or during early voting, whether in-person or absentee.
The Civil Rights Division’s Criminal Section enforces federal criminal statutes that prohibit voter intimidation and voter interference based on race, color, national origin, or religion.
Complaints related to violence, threats of violence, or intimidation at a polling place should always be reported immediately to local authorities by calling 911. They should also be reported to the department after local authorities are contacted.
Criminal Division and the Department’s 94 U.S. Attorneys’ Offices
The department’s Criminal Division oversees the enforcement of federal laws that criminalize certain forms of election fraud and vindicate the integrity of the federal election process.
The Criminal Division’s Public Integrity Section and U.S. Attorneys’ Offices are responsible for enforcing the federal criminal laws that prohibit various forms of election crimes, such as destruction of ballots, vote-buying, multiple voting, submission of fraudulent ballots or registrations, alteration of votes, and malfeasance by postal or election officials and employees. See Justice Manual 9-85.210 (discussing requirements regarding election crime matters); 9-85.300 (discussing approach to ballot fraud); 9-85.400 (discussing application of 18 U.S.C. § 592); 9-85.500 (discussing timing of actions).
The Criminal Division and the U.S. Attorneys’ Offices are also responsible for enforcing federal criminal law prohibiting unlawful threats of violence against election workers, and prohibiting voter intimidation and voter suppression for reasons other than race, color, national origin, or religion (as noted above, voter intimidation and voter suppression that has a basis in race, color, national origin, or religion is addressed by the Civil Rights Division often in partnership with the U.S. Attorneys’ Offices).
U.S. Attorneys’ Offices around the country designate Assistant U.S. Attorneys who serve as District Election Officers (DEOs) in their respective districts. DEOs are responsible for overseeing potential election-crime matters in their districts, and for coordinating with the department’s election-crime experts in Washington, D.C.
The U.S. Attorneys’ Offices work with specially trained FBI personnel in each district to ensure that complaints from the public involving possible election crimes are handled appropriately. Specifically:
All complaints related to violence, threats of violence, or intimidation at a polling place should be reported first to local police authorities by calling 911. After alerting local law enforcement to such emergencies by calling 911, the public should contact the Justice Department.
National Security Division
The department’s National Security Division (NSD) supervises the investigation and prosecution of cases affecting or relating to national security, including any cases involving foreign malign influence and interference in elections or violent extremist threats to elections. In this context:
As in past elections, the National Security Division will work closely with counterparts at the FBI and our U.S. Attorneys’ Offices to protect our nation’s elections from any national security threats. Attorneys from National Security Division sections will be partnered with FBI Headquarters components to provide support to U.S. Attorneys’ Offices and FBI field offices to counter any such threats. The Department of Homeland Security also plays its own important role in safeguarding critical election infrastructure from cyber and other threats.
Complaints related to violence, threats of violence, or intimidation at a polling place should always be reported immediately to local authorities by calling 911 and, after local authorities are contacted, then should be reported also to the department.
Protecting the right to vote, prosecuting election crimes, and securing our elections are all essential to maintaining the confidence of all Americans in our democratic system of government. The department encourages anyone with information regarding concerns in these subject areas to contact the appropriate authorities.
For more information about the department’s work to ensure compliance with federal civil and criminal laws related to voting, please visit www.justice.gov/voting and www.justice.gov/criminal/criminal-pin/election-crimes-branch.
Source: United Kingdom – Executive Government & Departments
The fifth round of negotiations on an enhanced Free Trade Agreement (FTA) with Switzerland took place in London between 14 and 18 October 2024
The fifth round of negotiations on an enhanced Free Trade Agreement (FTA) with Switzerland took place in London between 14 and 18 October 2024.
The talks were the UK’s first with the Swiss since the Secretary of State for Business and Trade announced the government’s intention to deliver the UK’s FTA negotiations programme in July.
FTAs have an important role to play in achieving economic growth. A stronger trade relationship with Switzerland will contribute to growth, jobs and prosperity in the UK, providing long-term certainty on UK business travel to Switzerland and helping data and ideas flow seamlessly between two world-leading services powerhouses. Total trade between the UK and Switzerland was worth £50.8 billion in 2023.
UK negotiators made good progress in this round and covered almost all areas of the negotiation.
Talks continue to be constructive, with both countries working towards agreeing ambitious outcomes in key areas, including services, investment and digital.
Round 6 of negotiations is expected to take place in Switzerland in early 2025. The government will continue to work towards delivering outcomes in the FTA that secure economic growth for the UK.
The government will only ever sign a trade agreement which aligns with the UK’s national interests, upholding our high standards across a range of sectors, including protections for the National Health Service.
Any organisations or individuals interested in speaking to the Department for Business and Trade about negotiations with Switzerland should do so by emailing ch.fta.engagement@businessandtrade.gov.uk.
Source: Africa Press Organisation – English (2) – Report:
WASHINGTON D.C., United States of America, October 30, 2024/APO Group/ —
The eighth Babacar Ndiaye Lecture held at the Four Seasons Hotel in Washington D.C., on 26 October 2024, under-scored the need for African nations to strike a balance between short-term development imperatives and long-term climate goals.
Under the theme “Saving Lives Today versus Saving the Planet for the Future: Can the AfCFTA Resolve the Climate Change Dilemma?” discussions centred on how the African Continental Free Trade Area (AfCFTA), Africa’s most ambitious trade initiative, could serve as a vehicle for economic growth and environmental sustainability, positioning the continent as a leader in the global green transition.
The Lecture drew a distinguished audience of policymakers, academics, financial experts and climate advocates.
Speaking about Dr. Babacar Ndiaye in his opening remarks, H.E. Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank Group, said “Dr Babacar Ndiaye was most concerned by the long-term threats posed to humanity by climate change. He once said, “Climate change is the greatest threat to development, particularly in Africa, where millions of people depend on the environment for their livelihoods … Africa’s economic transformation cannot happen without addressing climate change.”
Dr. Ndiaye’s reflection on the impact of climate change was spot-on and intellectually deep.” But, “disappointingly, the global debate on climate has been so much focused on emissions reduction with the question of reducing its impact on Africa and other developing countries always reduced to a footnote. A call for Africa to decarbonise, when the continent has not even carbonised, poses a serious threat to the socio-economic development of a gas-rich continent that has at least six hundred million people without electricity.”
The African Continental Free Trade Area Agreement “is seen as a potent means of reducing carbon emissions as it is helping to domesticate industrial activities and minimise the carbon emissions caused by shipping of commodities to far-away lands for value addition and reshipping to Africa and elsewhere. We believe that The AfCFTA could offer a pathway to a just transition, enabling local industrial value addition while protecting the planet.”
Professor Yemi Osinbajo, SAN, GCON, the Immediate Past Vice President of the Federal Republic of Nigeria, delivered a powerful address titled “Sustainable Infrastructure for Africa’s Future: Harnessing Innovation and Partnerships.” He spoke passionately about the advantages of the AfCFTA and its potential to transform Africa’s trade landscape, reduce carbon emissions and foster innovation in green industries.
“There are two obvious advantages to a fully operational AfCFTA.The first is that 42% of African countries, aside from North Africa, now have legislation prohibiting the export of raw ores or minerals before being processed. This legislation gives African countries the benefit of jobs and revenues from local processing and manufacturing.
“The second advantage of the AfCFTA is that shipping is a major source of carbon emissions. Under current trade practices, a large share of African raw materials are exported to other regions, where they are processed or manufactured into finished products, usually using fossil fuel power sources, before being shipped back to Africa for consumption. This cycle contributes to higher emissions and constitutes a loss for African countries that do not reap the value chain gain from beneficiation. Intra-African trade in finished goods will substantially reduce this massive cause of global emissions,” he said.
The reduction of emissions by intra-African trade has been the subject of several empirical studies. Professor Osinbajo referred to a recent ECA/ CEPII study titled “Greening the African Continental Free Trade Area Agreement’s Implementation” published in December 2023, which found, inter alia, that implementing the AfCFTA can boost intra-African trade by 35% in 2045 while increasing GHG emissions by less than 1%, compared to no AfCFTA or climate policies.
These studies do not factor in using renewable energy sources in the processing and manufacturing of traded goods, an assumption of the Climate Positive Growth paradigm, which would again substantially reduce emissions.
Professor Osinbajo cited mining bauxite in Guinea as an example. If Guinea, which has 25% of global deposits of bauxite, processed the bauxite it mines to aluminium with renewable energy in readiness for export, Guinea could save the world 335 million tonnes of carbon dioxide equivalent (CO2e) per year, which is approximately 1% of global emissions, and create 280,000 jobs and generate $37 billion of additional revenue. If it chooses to sell the aluminium within Africa, it will again save the huge shipping cost to countries thousands of miles away.
A Bloomberg study done for the African Development Bank (AfDB) in 2021 on the manufacture of battery precursors found that manufacturing battery precursors in the Democratic Republic of the Congo (DRC), which has plenty of lithium and cobalt, is three times cheaper than manufacturing it in the US, EU and China. Manufacturing in the DRC would extend value chain opportunities to other African countries, they would need manganese from Zambia, Tanzania, Gabon and South Africa to contribute to its capacity to produce these battery precursors. Manufacturing using renewable energy could significantly reduce the cost of manufacturing. Africa’s abundant renewable energy has very low seasonality or intermittency, making it possible to reliably provide a renewable baseload to power continuous industrial production.
“The AfCFTA empowers African countries first to add value to materials and specialise in areas of national comparative advantage, and also to work together to trade more beneficially with the rest of the world,” said Prof Osinbajo.
He futher said that “Most African countries depend on fossil fuels for their energy needs and for fossil fuel rich African countries, this is also a major source of export earnings and fiscal revenues. Ostensibly in keeping with their net zero obligations, there has been a growing trend amongst development finance institutions to withdraw from fossil fuel investment. These actions include the World Bank’s decision to cease funding for upstream oil and gas development in Africa and the restrictions on financing downstream gas development by the European Union, the United Kingdom, and the United States. Clearly, the implications of these actions are dire, where there are no immediate alternative sources of power and the cost of the transition to cleaner fuels may be prohibitive. Some studies show that divesting from fossil fuels could reduce GDP by as much as USD$30 billion for Nigeria, USD$22 billion for Algeria, and USD$19.3 billion for Angola.”
H.E. Dr Rania A Al-Mashat, Minister for Planning, Economic Development and International Co-operation, Arab Republic of Egypt said that while the “African continent is the least responsible for carbon emissions, it has the biggest burden in terms of financing climate change for developmental needs – such as food and water security, and access to energy.
She called for greater collaboration with national and international stakeholders “We need to work together; we need to bring the experiences from other places so that Africa can push forward with respect to development and sustainable economic growth.”
In her Goodwill Message, Ms. Amina J. Mohammed, Deputy Secretary-General of the United Nations and Chair of the United Nations Sustainable Development Group, spoke about the rapidly closing window to prevent the worst impacts of climate change. She addressed the fact that many African countries are mired in debt, exacerbated by extended crises with little access to long-term concessional financing to invest in sustainable development.
“With adequate access to financial resources at a reasonable cost, renewables can dramatically boost economies, grow new industries, create jobs and drive development, including by reaching the over 600 million Africans living without access to power,” said Ms Mohammed.
She also stressed the importance of prioritising inclusive policies that empower women and youth when building climate-resilient economies.
“By harnessing the collective might of the AfCFTA, Africa can make strides in addressing both climate action and sustainable development by promoting regional integration and fostering green industrialisation.
“The AfCFTA can help build climate-resilient economies while creating jobs, reducing poverty and strengthening food security.”
The eighth Babacar Ndiaye Lecture also reinforced Afreximbank’s commitment to leadership in financing sustainable infrastructure and trade policies across the continent.
Source: Apple
Headline: New MacBook Pro features M4 family of chips and Apple Intelligence
October 30, 2024
PRESS RELEASE
Apple’s new MacBook Pro features the incredibly powerful M4 family of chips and ushers in a new era with Apple Intelligence
With an advanced 12MP Center Stage camera, Thunderbolt 5 on M4 Pro and M4 Max models, and an all-new nano-texture display option, MacBook Pro gets even more capable and even more pro
CUPERTINO, CALIFORNIA Apple today unveiled the new MacBook Pro, powered by the M4 family of chips — M4, M4 Pro, and M4 Max — delivering much faster performance and enhanced capabilities. The new MacBook Pro is built for Apple Intelligence, the personal intelligence system that transforms how users work, communicate, and express themselves, while protecting their privacy. Now available in space black and silver finishes, the 14-inch MacBook Pro includes the blazing-fast performance of M4 and three Thunderbolt 4 ports, starting with 16GB of memory, all at just $1,599. The 14- and 16-inch models with M4 Pro and M4 Max offer Thunderbolt 5 for faster transfer speeds and advanced connectivity. All models include a Liquid Retina XDR display that gets even better with an all-new nano-texture display option and up to 1000 nits of brightness for SDR content, an advanced 12MP Center Stage camera, along with up to 24 hours of battery life, the longest ever in a Mac.1 The new MacBook Pro is available to pre-order today, with availability beginning November 8.
“MacBook Pro is an incredibly powerful tool that millions of people use to do their life’s best work, and today we’re making it even better,” said John Ternus, Apple’s senior vice president of Hardware Engineering. “With the powerful M4 family of chips, and packed with pro features like Thunderbolt 5, an advanced 12MP Center Stage camera, an all-new nano-texture display option, and Apple Intelligence, the new MacBook Pro continues to be, by far, the world’s best pro laptop.”
Supercharged by the M4 Family of Chips
Built using second-generation 3-nanometer technology, the M4 family is the most advanced lineup of chips for a personal computer. The M4 family features phenomenal single-threaded CPU performance with the world’s fastest CPU core,2 along with outstanding multithreaded CPU performance for the most demanding workloads. Combined with machine learning accelerators in the CPU, an advanced GPU, and a faster and more efficient Neural Engine, Apple silicon is built from the ground up to deliver incredible performance for AI. Together with faster unified memory, each chip also includes increased memory bandwidth, so large language models (LLMs) and other large projects run smoothly and on device. Additionally, the industry-leading performance per watt of the M4 family means that users get up to 24 hours of battery life, raising the bar of what users can do on a single charge.
New 14-inch MacBook Pro with M4
The 14-inch MacBook Pro with M4 is the ideal choice for entrepreneurs, students, creators, or anyone doing what they love. Featuring a more powerful 10-core CPU, with four performance cores and six efficiency cores, and a faster 10-core GPU with Apple’s most advanced graphics architecture, the new MacBook Pro starts with 16GB of faster unified memory with support for up to 32GB, along with 120GB/s of memory bandwidth. With M4, MacBook Pro is up to 1.8x faster than the 13-inch MacBook Pro with M1 for tasks like editing gigapixel photos, and even more demanding workloads like rendering complex scenes in Blender are up to 3.4x faster.1 With a Neural Engine that’s over 3x more powerful than in M1, it’s great for features in Apple Intelligence and other AI workloads. The M4 model also supports two high-resolution external displays in addition to the built-in display, and now features three Thunderbolt 4 ports so users can connect all their peripherals.
MacBook Pro with M4 delivers:1
MacBook Pro with M4 Pro: A Pro Powerhouse
For researchers, developers, engineers, creative pros, or anyone that needs even faster performance for more demanding workflows, MacBook Pro with M4 Pro offers a tremendous performance boost. M4 Pro features a powerful 14-core CPU with 10 performance cores and four efficiency cores for a jump in multicore performance, along with up to a 20-core GPU that is twice as powerful as M4. With M4 Pro, the new MacBook Pro gets a massive 75 percent increase in memory bandwidth over the prior generation — double that of any AI PC chip.3 The new MacBook Pro with M4 Pro is up to 3x faster than models with M1 Pro, speeding up workflows like geo mapping, structural engineering, and data modeling.1
MacBook Pro with M4 Pro offers:1
MacBook Pro with M4 Max: The Ultimate in Pro Performance
Designed for pros like data scientists, 3D artists, and composers who constantly push workflows to the limit, MacBook Pro with M4 Max empowers users to work on projects that were previously only imaginable on a desktop. M4 Max brings up to a 16-core CPU, up to a 40-core GPU, over half a terabyte per second of unified memory bandwidth, and a Neural Engine that is over 3x faster than M1 Max, allowing on-device AI models to run faster than ever. With M4 Max, MacBook Pro delivers up to 3.5x the performance of M1 Max, ripping through heavy creative workloads like visual effects, 3D animation, and film scoring.1 It also supports up to 128GB of unified memory, so developers can easily interact with LLMs that have nearly 200 billion parameters. And with the powerful Media Engine in M4 Max, which features two ProRes accelerators, MacBook Pro performance is amazing even when taking 4K120 fps ProRes video captured with the new iPhone 16 Pro and editing it in Final Cut Pro.
MacBook Pro with M4 Max enables:1
Industry-Leading Liquid XDR Display Gets Even Better
The new MacBook Pro introduces an all-new nano-texture display option that dramatically reduces glare and distractions from reflections. In bright lighting conditions, the new MacBook Pro can now show SDR content at up to 1000 nits and still displays HDR content at up to 1600 nits of peak brightness. All together, it’s a game-changing experience for users working outdoors.
New 12MP Center Stage Camera
MacBook Pro includes a new 12MP Center Stage camera that delivers enhanced video quality in challenging lighting conditions. Video calls are even more engaging with Center Stage, which automatically keeps users centered in the frame as they move around. The new camera also supports Desk View, which adds a whole new dimension to video calls. And with studio-quality mics and a phenomenal six-speaker sound system with support for Spatial Audio, MacBook Pro delivers an incredibly immersive audio experience whether users are listening to music or watching a movie in Dolby Atmos.
Thunderbolt 5 Comes to the Mac
MacBook Pro with M4 Pro and M4 Max features Thunderbolt 5 ports that more than double transfer speeds up to 120 Gb/s, enabling faster external storage, expansion chassis, and powerful docking and hub solutions. For example, by connecting just a single cable, pros like music producers can now light up their entire studio. All MacBook Pro models feature an HDMI port that supports up to 8K resolution, a SDXC card slot, a MagSafe 3 port for charging, and a headphone jack, along with support for Wi-Fi 6E and Bluetooth 5.3.
A New Era with Apple Intelligence on the Mac
Apple Intelligence ushers in a new era for the Mac, bringing personal intelligence to the personal computer. Combining powerful generative models with industry-first privacy protections, Apple Intelligence harnesses the power of Apple silicon and the Neural Engine to unlock new ways for users to work, communicate, and express themselves on Mac. It is available in U.S. English with macOS Sequoia 15.1. With systemwide Writing Tools, users can refine their words by rewriting, proofreading, and summarizing text nearly everywhere they write. With the newly redesigned Siri, users can move fluidly between spoken and typed requests to accelerate tasks throughout their day, and Siri can answer thousands of questions about Mac and other Apple products. New Apple Intelligence features will be available in December, with additional capabilities rolling out in the coming months. Image Playground gives users a new way to create fun original images, and Genmoji allows them to create custom emoji in seconds. Siri will become even more capable, with the ability to take actions across the system and draw on a user’s personal context to deliver intelligence that is tailored to them. In December, ChatGPT will be integrated into Siri and Writing Tools, allowing users to access its expertise without needing to jump between tools.
Apple Intelligence does all this while protecting users’ privacy at every step. At its core is on-device processing, and for more complex tasks, Private Cloud Compute gives users access to Apple’s even larger, server-based models and offers groundbreaking protections for personal information. In addition, users can access ChatGPT for free without creating an account, and privacy protections are built in — their IP addresses are obscured and OpenAI won’t store requests. For those who choose to connect their account, OpenAI’s data-use policies apply.
An Unrivaled Experience with macOS Sequoia
macOS Sequoia completes the new MacBook Pro experience with a host of exciting features, including iPhone Mirroring, allowing users to wirelessly interact with their iPhone, its apps, and notifications directly from their Mac.4 Safari, the world’s fastest browser,5 now offers Highlights, which quickly pulls up relevant information from a site; a smarter, redesigned Reader with a table of contents and high-level summary; and a new Video Viewer to watch videos without distractions. With Distraction Control, users can hide items on a webpage that they may find disruptive to their browsing. Gaming gets even more immersive with features like Personalized Spatial Audio and improvements to Game Mode, along with a breadth of exciting titles, including the upcoming Assassin’s Creed Shadows. Easier window tiling means users can stay organized with a windows layout that works best for them. The all-new Passwords app gives convenient access to passwords, passkeys, and other credentials, all stored in one place. And users can apply new beautiful built-in backgrounds for video calls, which include a variety of color gradients and system wallpapers, or upload their own photos.
The Perfect Time to Upgrade or Switch to a Mac
Upgraders will get monumental improvements over Intel-based MacBook Pro models, including the amazing features of Apple Intelligence. When compared to an Intel-based MacBook Pro, the new MacBook Pro provides nearly 10x faster performance for AI-based workloads,1 and for graphics-intensive workloads, users get up to 20x faster performance.6 With battery life on the new MacBook Pro now up to 24 hours, upgraders will also experience up to 14 additional hours. And with the Liquid Retina XDR display, a new 12MP Center Stage camera, an immersive six-speaker sound system, the unrivaled experience of macOS Sequoia, and more, there’s never been a better time to upgrade or switch to MacBook Pro.
MacBook Air: The World’s Most Popular Laptop Now Starts at 16GB
MacBook Air is the world’s most popular laptop, and with Apple Intelligence, it’s even better. Now, models with M2 and M3 double the starting memory to 16GB, while keeping the starting price at just $999 — a terrific value for the world’s best-selling laptop.
Better for the Environment
The new MacBook Pro is built to last and incredibly durable, created from a custom alloy that uses 100 percent recycled aluminum in the enclosure. It also uses 100 percent recycled rare earth elements in all magnets, and 100 percent recycled tin soldering, gold plating, and copper in multiple printed circuit boards. The packaging for the 14-inch MacBook Pro is now entirely fiber-based, joining the 16-inch MacBook Pro and bringing Apple closer to its goal to remove plastic from its packaging by 2025.
Today, Apple is carbon neutral for global corporate operations and, as part of its ambitious Apple 2030 goal, plans to be carbon neutral across its entire carbon footprint by the end of this decade.
Pricing and Availability
About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
Press Contacts
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Source: The Conversation (Au and NZ) – By Ashish Nanda, Research Fellow, Deakin Cyber Research and Innovation Centre, Deakin University
Australia’s new digital ID system promises to transform the way we live. All of our key documents, such as driver’s licences and Medicare cards, will be in a single digital wallet, making it easier for us to access a range of services.
The federal government is still developing the system, with a pilot expected to run next year. Known as the “Trust Exchange”, it is part of the Trusted Digital Identity Framework, which is designed to securely verify people’s identities using digital tokens.
Earlier this year, in a speech to the National Press Club in Canberra, Federal Minister for Government Services Bill Shorten, called the new digital ID system “world leading”. However, it has several privacy issues, especially when compared to international standards like those in the European Union.
So how can it be fixed?
Trust Exchange – or TEx – is designed to simplify how we prove who we are online. It will work alongside the myID (formerly myGovID) platform, where Australians can store and manage their digital ID documents.
The platform is intended to be both secure and convenient. Users would be able to access services ranging from banking to applying for government services without juggling paperwork.
Think of the system as a way to prove your identity and share personal information such as your age, visa status or licence number — without handing over any physical documents or revealing too much personal information.
For example, instead of showing your full driver’s licence to enter a licensed premises, you can use a digital token that confirms, “Yes, this person is over 18”.
But what will happen to all that sensitive data behind the scenes?
The World Wide Web Consortium sets global standards around digital identity management. These standards ensure people only share the minimum required information and retain control over their digital identities without relying on centralised bodies.
The European Union’s digital identity system regulation builds on these standards. It creates a secure, privacy-centric digital identity framework across its member states. It is decentralised, giving users full control over their credentials.
In its proposed form, however, Australia’s digital ID system falls short of these global standards in several key ways.
First, it is a centralised system. Everything will be monitored, managed and stored by a single government agency. This will make it more vulnerable to breaches and diminishes users’ control over their digital identities.
Second, the system does not align with the World Wide Web Consortium’s verifiable credentials standards. These standards are meant to give users full control to selectively disclose personal attributes, such as proof of age, revealing only the minimum personal information needed to access a service.
As a result, the system increases the likelihood of over-disclosure of personal information.
Third, global standards emphasise preventing what’s known as “linkability”. This means users’ interactions with different services remain distinct, and their data isn’t aggregated across multiple platforms.
But the token-based system behind Australia’s digital ID system creates the risk that different service providers could track users across services and potentially profile their behaviours. By comparison, the EU’s system has explicit safeguards to prevent this kind of tracking – unless explicitly authorised by the user.
Finally, Australia’s framework lacks the stringent rules found in the EU which require explicit consent for collecting and processing biometric data, including facial recognition and fingerprint data.
It is crucial the federal government addresses these issues to ensure its digital ID system is successful. Our award-winning research offers a path forward.
The digital ID system should simplify the verification process by automating the selection of an optimal, varied set of credentials for each verification.
This will reduce the risk of user profiling, by preventing a single credential from being overly associated with a particular service. It will also reduce the risk of a person being “singled out” if they are using an obscure credential, such as an overseas drivers licence.
Importantly, it will make the system easier to use.
The system should also be decentralised, similar to the EU’s, giving users control over their digital identities. This reduces the risk of centralised data breaches. It also ensures users are not reliant on a single government agency to manage their credentials.
Australia’s digital ID system is a step in the right direction, offering greater convenience and security for everyday transactions. However, the government must address the gaps in its current framework to ensure this system also balances Australians’ privacy and security.
The work has been supported by the Cyber Security Cooperative Research Centre Limited, whose activities are partially funded by the Australian government’s Cooperative Research Centres Programme.
The work has been supported by the Cyber Security Cooperative Research Centre Limited whose activities are partially funded by the Australian government’s Cooperative Research Centres Programme.
The work has been supported by the Cyber Security Cooperative Research Centre Limited, whose activities are partially funded by the Australian government’s Cooperative Research Centres Programme.
– ref. Australia’s new digital ID scheme falls short of global privacy standards. Here’s how it can be fixed – https://theconversation.com/australias-new-digital-id-scheme-falls-short-of-global-privacy-standards-heres-how-it-can-be-fixed-241797
Source: Government of India
Posted On: 29 OCT 2024 6:32PM by PIB Delhi
The probationers of Indian Trade Service and Indian Cost Accounts Service called on the President of India, Smt Droupadi Murmu at Rashtrapati Bhavan today (October 29, 2024).
Speaking on the occasion, the President said that with a rapid economic growth of 8.2 percent in the year 2023-24, the Indian economy has been demonstrating resilience in the face of geopolitical challenges. India needs to attract private investment to increase the levels of per capita income and to get to continued high levels of growth, even amidst a turbulent global environment. Several initiatives of the government of India are creating an enabling ecosystem for growth.
The President said that with the enhanced focus of the government on boosting manufacturing, it would be the responsibility of Indian Trade Service officers to facilitate the creation of an enabling environment and infrastructure for increasing trade across borders. They are expected to bring up new dimensions in trade negotiation, create innovative policies and provide new impetus to boost India’s trade. She reminded Indian Trade Service officers that they would play an important role in powering India’s growth and making an impact on the lives of people at large.
The President said that Indian Cost Accounts Service officers play a proactive role in rationalising expenditure across government operations, schemes and projects while ensuring transparent assessment of revenues. They are expected to have an acumen for handling complex financial and cost management issues. They also play an important role in navigating international trade matters such as anti-dumping measures and safeguard duties under various bilateral and multilateral agreements. She said that their decisions and actions would be key to safeguarding public finances and boosting efficiency and effectiveness in government procurement systems.
The President was happy to note that in the implementation of the GST system, audits undertaken by Indian Cost Accounts Service officers have been instrumental in detecting revenue leakages and enhancing compliance measures. She advised them to be aware of the fact that whatever they do has an ultimate impact on the welfare of underprivileged and deprived sections.
Please click here to see the President’s Speech –
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MJPS/VJ/SKS
(Release ID: 2069315) Visitor Counter : 63
Source: International Chamber of Commerce
Headline: How the B20 is turning policy into action for a sustainable future
As a B20 Network Partner, ICC supported the Brazilian National Confederation of Industry (CNI) in the fulfilment of the theme – contributing to the development of impactful policy recommendations, leveraging the participation of 11 ICC Executive Board members across a range of Task Forces, and ICC and World Chambers Federation leadership in the B20 International Business Advisory Caucus.
The B20 is a global platform for the international business community to support the work of the G20 process. Here’s how ICC is working to help the B20 turn policy into action.
Improving representation of women in B20 Task Forces
As a partner institution of a new B20 initiative to help increase the representation of women in B20 membership and leadership, ICC pledged to support B20 presidencies by proposing women candidates eligible to chair B20 task forces and encouraging women to become B20 members through the mobilisation of the global ICC network in over 170 countries. The SheLeads B20 initiative aims to achieve 50% female representation by 2030. ICC Secretary General John W.H. Denton AO, who co-chaired a B20 Task Force on Finance and Infrastructure, signed the pledge on behalf of ICC, together with representatives from the OECD, Business at OECD, and International Organisation of Employers (IOE). Prominent women leaders, ICC Honorary Chair Maria Fernanda Garza, ICC Board Member Lama Al-Sulaiman and ICC World Chambers Federation First Vice-Chair Marie Christine Oghly co-chaired B20 Brazil Task Forces on Integrity and Compliance, Employment and Education, and Women, Diversity and Inclusion in Business respectively. Five additional female ICC Board Members (Candace Johnson, Rebecca Enonchong, Marienne Coutinho, Marjorie Yang, and Patricia Nzolantima) were also Members of B20 Task Forces this year.
Women in trade
ICC is also a proud supporter of B20 Brazil’s Women in Trade legacy initiative. Working in collaboration with the International Trade Centre (ITC) and the Organisation for Economic Co-operation and Development (OECD), the initiative saw the G20 and B20 partner to share knowledge and best practices for inclusive trade policy designed to increase women’s participation in international trade.
Combatting food loss and waste
The Summit also saw the launch of an ICC-B20 Global Challenge against Food Loss and Waste to address food insecurity. The Initiative aims to identify, through a global challenge, private sector projects that can contribute to tackle the most critical issues related to food loss and waste.
Following a consultation phase, businesses worldwide will be invited to submit proposals aimed at addressing the five biggest challenges related to food loss and waste. The highest-ranking projects will be presented at the FAO World Food Forum in October 2025, providing an opportunity for further visibility and engagement with key stakeholders. A founding member of the Global Alliance Against Hunger and Poverty, one of the Brazilian G20 Presidency’s key initiatives, ICC is committed to leveraging the unique expertise and network of the private sector to support and scale integrated solutions to sustainably and equitably feed the world.
Addressing B20 participants on a panel looking at how B20 Brazil legacy initiatives are turning policy into action, ICC Secretary General John W.H. Denton AO said:
“Through the ICC-B20 Global Challenge against Food Loss and Waste, we aim to act as a bridge between the B20 and G20, ensuring public-private collaboration to achieve lasting solutions to poverty and hunger worldwide.”
Source: Government of India (2)
Posted On: 29 OCT 2024 6:01PM by PIB Delhi
Raksha Mantri Shri Rajnath Singh reviewed the performance of Defence Public Sector Undertakings (DPSUs) at South Block, New Delhi on October 29, 2024. He emphasised the importance of development of new technology by DPSUs & indigenisation and lauded the role of DPSUs in preparedness of the Armed Forces.
Raksha Mantri directed the DPSUs to put dedicated efforts and resources towards Research & Development (R&D), Export & Indigenisation. He further exhorted them on increasing the production capacity, quality of products and timely deliveries to Armed forces.
Shri Rajnath Singh congratulated CMD, Hindustan Aeronautics Limited (HAL) on getting the Maharatna Status & becoming the 14th Maharatna PSU of India and first among the DPSUs. He also encouraged other DPSUs to become maharatna and navratna. Secretary (Defence Production) Shri Sanjeev Kumar briefed the minister about the overview of DPSUs including financial performance, present status & category of DPSUs and further efforts by them in the areas of R&D & Indigenisation etc.
At the end of the review, DPSUs namely HAL, Bharat Electronics Limited, BEML Limited, Bharat Dynamics Limited, Mazagon Dock Shipbuilders Limited, Garden Reach Shipbuilders & Engineers Ltd and Goa Shipyard Limited handed over Dividend Cheques amounting to Rs. 1620 Cr to Raksha Mantri.
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VK/SR/Savvy/KB
(Release ID: 2069296) Visitor Counter : 20
Source: WTO
Headline: Members address digitalization, capacity building at trade facilitation meeting
In line with the Committee’s 2024 theme “Use of Digitalization to Facilitate Trade,” five members – China, El Salvador, Georgia, Jamaica, and Japan – shared national experiences with the use of digitalization in the “Single Window for Trade Facilitation” process. Under the TFA, members undertake to establish a single window enabling traders to submit documentation and data related to the importation, exportation, or transit of goods through a single entry point.
In addition, another six members – Bolivia, Chile, Fiji, the Kyrgyz Republic, Nicaragua, and Uzbekistan – made presentations at the Committee meeting on different topics related to TFA implementation, such as average release times for goods, pre-arrival processing, electronic certification of cross-border shipment of plastics, digitalization of border procedures, and regional trade facilitation strategies.
The TFA entered into force in 2017 and contains provisions for expediting the movement, release, and clearance of goods, including goods in transit, thereby enhancing efficiency, and promoting greater cooperation in cross-border transactions. It is the first WTO agreement in which developing members and least developed country (LDC) members can determine their own implementation schedules, in accordance with their national priorities and capacities, and seek to acquire implementation capacity through the provision of related assistance and support.
Technical assistance and capacity building
The Committee also organized a dedicated session on 24 October focused on technical assistance and capacity building, which allowed beneficiary and donor members as well as international development partners to interact and exchange ideas on the topic.
Members received an update on progress in technical assistance and capacity building support for the next two-year period through 2026, including a status report from the Trade Facilitation Agreement Facility, which was set up to help developing and least developed country (LDC) members in the implementation of the TFA. This year, members redesigned the dedicated session to focus on interactive panel discussions. A first discussion took place on enhancing the coordination of technical assistance and capacity building, followed by a round-table discussion where members involved in both the delivery and receipt of technical assistance and capacity building addressed how to mobilize such support for sustained reform.
The Chair expressed appreciation for the constructive engagement of all members, which enriched the discussion and highlighted the importance of collaboration and the need to address ongoing challenges for sustained support. Additionally, member insights on coordination, monitoring, and tailored assistance will contribute to strengthening implementation efforts and ensuring that trade facilitation benefits all members, including developing and LDC members.
Separately, the United States presented a communication on technical assistance and capacity building which outlines considerations regarding its process of delivering technical assistance, including how to identify specific national contacts, prepare for engagement with donors, and contact donors. During the course of the meeting, the United Kingdom also circulated a paper outlining some general guidance that countries could follow to help guide them in seeking and successfully utilising collaboration with donors for capacity building support.
Other Committee work
The WTO Secretariat provided a status report concerning the ratification and implementation of the TFA. Notifications submitted by developing and LDC members currently show they have committed to implement 79% of their TFA obligations. Developed members were required to implement all provisions of the TFA from its entry into force.
Other topics covered during the meeting included the United States’ concern over Indonesia’s customs procedures for intangible products. In addition, members continued discussions on a revised version of a Committee paper entitled “Good Practices and Building Blocks of Successful National Trade Facilitation Committees”, which seeks to reflect the experiences shared by members and international organizations in this area.
The next committee meetings will be held on 12-13 March, 4-5 June and 21-23 October 2025.
All presentations made are available here.
If you would like to receive news on trade facilitation, subscribe to the TFA Newsbytes here.
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Source: Reporters Without Borders (RSF) (Video Release)
#UKRAINE: “We can counter Russian propaganda and make it less effective.”
Ruslan Deynychenko, co-founder of StopFake, talks about his website (available in 14 languages) where journalists publish daily fact-checking investigations that disprove the false information targeting Ukraine and inform people about the dangers of this propaganda.
Since 2014, the founders of the website, journalists trained at the Mohyla school of journalism in Kyiv, have been tracking down and identifying the Russian disinformation spread by Russian and pro-Russian propaganda media. The organization has become a benchmark in the country, racking up more than three million visits a year to its website.
Discover his testimony on #RSFTALKS
Source: United Nations (Video News)
Press conference by Ben Saul, Special Rapporteur on the promotion and protection of human rights and fundamental freedoms while countering terrorism.
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The Special Rapporteur on the Promotion and Protection of Human Rights and Fundamental Freedoms while Countering Terrorism, Ben Saul, today (28 Oct) said, “wars on terror are back with a vengeance, along with their catastrophic humanitarian consequences.”
Saul, talking to reporters in New York after briefing the General Assembly’s 3rd committee, emphasized the “support for those wars by states which failed to use their influence to prevent violations of international law by other states.”
He said, “over the past year, I’ve been concerned about excessive counter-terrorism laws in many countries which are misused against political activists, civil society, journalists, universities, students. Often combined with unfair trials and judiciaries which are not independent.”
Responding to a reporter’s question, Saul said, “we’ve called on all states not to provide weapons or munitions to Israel because that would breach the obligation of other states to ensure respect for humanitarian law. It would breach obligations under the Genocide Convention to prevent genocide, and it would breach for parties to the Arms Trade Treaty their obligations not to provide weapons to another state where they would be used to commit violations of international law.”
Special Rapporteurs are part of the Special Procedures of the UN Human Rights Council and work on a voluntary basis. They are not UN staff and do not receive a salary for their work. They are independent of any government or organization and serve in their individual capacity.
Pacific Trade Invest NZ is delighted to invite you to our upcoming hour-long webinar, Expanding the Horizon for Women in Technology.
Join us on Thursday 7 November 2024 at 2:00 PM New Zealand time as industry experts and thought leaders discuss their involvement in the technology sector; what’s on the horizon and the investment possibilities the sector presents for investors.
Register here https://shorturl.at/C34uL
A great line-up of speakers is confirmed:
Julia Arnott-Nene and Eteroa Lafaele, Co-Founders and Directors Fibre Fale
Julia and Eteroa are an award-winning changemaker team in tech, on a mission for Digital Equity and increased representation of Pacific people in technology. Fibre Fale is an innovative Aotearoa collective creating pathways into technology for Pacific people. Fibre Fale builds future tech leaders and prepares the future of the technology industry in the Blue Pacific.
Priyanka Brahmbhatt, Executive Director, Bankai Group and CEO Bankai Technology
Global leader in technology and investments; a member of the Forbes Council. As a UN Youth Delegate she’s advocated for climate action, women in tech, mental health awareness, and socio-economic empowerment of marginalized communities.
Tenanoia Simona, CEO Tuvalu Telecommunications Corporation
An innovator and leader in implementing effective technology in the Blue Pacific. Simona has spearheaded initiatives from satellites, xGPON fibre network roll-out, and 4G LTE deployment in remote islands. She firmly believes that diversity and inclusion are vital for driving innovation and achieving meaningful progress in small island nations.
The speakers will discuss topics such as:
Register here https://shorturl.at/C34uL
ABOUT PACIFIC TRADE INVEST NZ
Source: GlobeNewswire (MIL-OSI)
Luxembourg – 29 October 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award to Seaway7, part of the Subsea7 Group, of a substantial1 contract by Ørsted for the transport and installation of the inter-array cables of the Hornsea 3 offshore wind project located in the UK sector of the North Sea.
Seaway7’s scope of work covers the transportation and installation (T&I) of 192 66kV inter-array cables, measuring approximately 500 kilometres in length, with offshore activities scheduled to commence in 2026.
Stuart Fitzgerald, CEO Seaway7, said: “With this award we look forward to continuing our long-standing relationship with Ørsted. The Hornsea 3 project represents our seventh offshore wind project together, including the inter-array cables on the two previous phases of the Hornsea Wind Zone, Hornsea 1 and Hornsea 2. The award adds to our backlog and leading position in the UK, Europe’s largest offshore wind market.
(1) Subsea7 defines a substantial contract as being between USD 150 million and USD 300 million.
*******************************************************************************
Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry. We create sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.
Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.
*******************************************************************************
Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 (0)20 8210 5568
ir@subsea7.com
Contact for media enquiries:
Nikki Beales
Communications Manager, Seaway7
Tel +44 (0)7843895292
nikki.beales@seaway7.com
www.seaway7.com
Forward-Looking Statements: This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 29 October 2024 at 21:05 CET.
Attachment
Source: GlobeNewswire (MIL-OSI)
Annual recurring revenues grew 18% year-over-year
SaaS ARR as a percentage of total ARR was approximately 43%
Year-to-date cash from operations generated $90.9 million vs. $49.0 million last year
Year-to-date free cash flow generated $88.6 million vs. $46.0 million last year
NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), a leader in data security, today announced financial results for the third quarter ended September 30, 2024.
Yaki Faitelson, Varonis CEO, said, “We are encouraged by the many tailwinds that are contributing to the strong growth in our business, and our third quarter results reflect the continued strong adoption of our SaaS platform and positive momentum from our Managed Data Detection and Response offering.”
Guy Melamed, Varonis CFO & COO, added, “The robust demand for Varonis SaaS from both new and existing customers is evident with 43% of total company ARR coming from SaaS. This demand is benefiting our ARR growth and cash flow generation and gives us confidence as we enter the fourth quarter.”
Financial Summary for the Third Quarter Ended September 30, 2024
The tables at the end of this press release include a reconciliation of GAAP operating income (loss) to non-GAAP operating income (loss) and GAAP net income (loss) to non-GAAP net income (loss) for the three and nine months ended September 30, 2024 and 2023. An explanation of these measures is included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.”
Key Performance Indicators and Recent Business Highlights
An explanation of ARR is included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.” In addition, the tables at the end of this press release include a reconciliation of net cash provided by operating activities to non-GAAP free cash flow. An explanation of this measure is also included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.”
Financial Outlook
For the fourth quarter of 2024, the Company expects:
For full year 2024, the Company now expects:
Actual results may differ materially from the Company’s Financial Outlook as a result of, among other things, the factors described below under “Forward-Looking Statements”.
Conference Call and Webcast
Varonis will host a conference call today, Tuesday, October 29, 2024, at 4:30 p.m. Eastern Time, to discuss the Company’s third quarter 2024 financial results. To access this call, dial 877-425-9470 (domestic) or 201-389-0878 (international). The passcode is 13749435. A replay of this conference call will be available through November 5, 2024 at 844-512-2921 (domestic) or 412-317-6671 (international). The replay passcode is 13749435. A live webcast of this conference call will be available on the “Investors” page of the Company’s website (www.varonis.com), and a replay will be archived on the website as well.
Non-GAAP Financial Measures and Key Performance Indicators
Varonis believes that the use of non-GAAP operating income (loss) and non-GAAP net income (loss) is helpful to our investors. These measures, which the Company refers to as our non-GAAP financial measures, are not prepared in accordance with GAAP.
Non-GAAP operating income (loss) is calculated as operating income (loss) excluding (i) stock-based compensation expense, (ii) payroll tax expense related to stock-based compensation, and (iii) amortization of acquired intangible assets and acquisition-related expenses.
Non-GAAP net income (loss) is calculated as net income (loss) excluding (i) stock-based compensation expense, (ii) payroll tax expense related to stock-based compensation, (iii) amortization of acquired intangible assets and acquisition-related expenses, (iv) foreign exchange gains (losses) which include exchange rate differences on lease contracts as a result of the implementation of ASC 842 and (v) amortization of debt issuance costs.
The Company believes that the exclusion of these expenses provides a more meaningful comparison of our operational performance from period to period and offers investors and management greater visibility to the underlying performance of our business. Specifically:
Free cash flow is calculated as net cash provided by or used in operating activities less purchases of property and equipment. We believe that free cash flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash provided by or used in our operations that, after the investments in property and equipment, can be used for strategic initiatives.
Each of our non-GAAP financial measures is an important tool for financial and operational decision making and for evaluating our own operating results over different periods of time. The non-GAAP financial measures do not represent our financial performance under U.S. GAAP and should not be considered as alternatives to operating income (loss) or net income (loss) or any other performance measures derived in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, and exclude expenses that may have a material impact on our reported financial results. Further, stock-based compensation expense and payroll tax expense related to stock-based compensation have been, and will continue to be for the foreseeable future, significant recurring expenses in our business and an important part of the compensation provided to our employees. Also, the amortization of intangible assets are expected recurring expenses over the estimated useful life of the underlying intangible asset and acquisition-related expenses will be incurred to the extent acquisitions are made in the future. Additionally, foreign exchange rates may fluctuate from one period to another, and the Company does not estimate movements in foreign currencies. Finally, the amortization of debt issuance costs are expected recurring expenses until the maturity of the senior notes in 2029.
The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Varonis urges investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measures to evaluate our business.
A reconciliation for non-GAAP operating income (loss) and non-GAAP net income (loss) referred to in our “Financial Outlook” is not provided because, as forward-looking statements, such reconciliation is not available without unreasonable effort due to the high variability, complexity, and difficulty of estimating certain items such as charges to stock-based compensation expense and currency fluctuations which could have an impact on our consolidated results. The Company believes the information provided is useful to investors because it can be considered in the context of the Company’s historical disclosures of this measure.
ARR is a key performance indicator defined as the annualized value of active term-based subscription license contracts, SaaS contracts, and maintenance contracts in effect at the end of that period. Subscription license contracts, SaaS contracts, and maintenance contracts are annualized by dividing the total contract value by the number of days in the term and multiplying the result by 365. The annualized value of contracts is a legal and contractual determination made by assessing the contractual terms with our customers. The annualized value of maintenance contracts is not determined by reference to historical revenues, deferred revenues or any other GAAP financial measure over any period. ARR is not a forecast of future revenues, which can be impacted by contract start and end dates and renewal rates.
Forward-Looking Statements
This press release contains, and statements made during the above referenced conference call will contain, “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including regarding the Company’s growth rate and its expectations regarding future revenues, operating income or loss or earnings or loss per share. These statements are not guarantees of future performance but are based on management’s expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: the impact of potential information technology, cybersecurity or data security breaches; risks associated with anticipated growth in Varonis’ addressable market; general economic and industry conditions, such as foreign currency exchange rate fluctuations and expenditure trends for data and cybersecurity solutions; Varonis’ ability to predict the timing and rate of subscription renewals and their impact on the Company’s future revenues and operating results; risks associated with international operations; the impact of global conflicts on the budgets of our clients and on economic conditions generally; competitive factors, including increased sales cycle time, changes in the competitive environment, pricing changes and increased competition; the risk that Varonis may not be able to attract or retain employees, including sales personnel and engineers; Varonis’ ability to build and expand its direct sales efforts and reseller distribution channels; risks associated with the closing of large transactions, including Varonis’ ability to close large transactions consistently on a quarterly basis; new product introductions and Varonis’ ability to develop and deliver innovative products; Varonis’ ability to provide high-quality service and support offerings; the expansion of cloud-delivered services; and risks associated with our convertible notes and capped-call transactions. These and other important risk factors are described more fully in Varonis’ reports and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. All information provided in this press release and in the conference call is as of the date hereof, and Varonis undertakes no duty to update or revise this information, whether as a result of new information, new developments or otherwise, except as required by law.
About Varonis
Varonis (Nasdaq: VRNS) is a leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.
Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), and insider risk management.
Varonis protects data first, not last. Learn more at www.varonis.com.
Investor Relations Contact:
Tim Perz
Varonis Systems, Inc.
646-640-2112
investors@varonis.com
News Media Contact:
Rachel Hunt
Varonis Systems, Inc.
877-292-8767 (ext. 1598)
pr@varonis.com
| Varonis Systems, Inc. | |||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||
| (in thousands, except for share and per share data) | |||||||||||||||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Unaudited | Unaudited | ||||||||||||||
| Revenues: | |||||||||||||||
| Term license subscriptions | $ | 68,751 | $ | 83,963 | $ | 187,460 | $ | 250,306 | |||||||
| SaaS | 57,805 | 13,716 | 136,575 | 21,437 | |||||||||||
| Maintenance and services | 21,512 | 24,629 | 68,401 | 73,318 | |||||||||||
| Total revenues | 148,068 | 122,308 | 392,436 | 345,061 | |||||||||||
| Cost of revenues | 24,007 | 17,381 | 67,792 | 52,404 | |||||||||||
| Gross profit | 124,061 | 104,927 | 324,644 | 292,657 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 53,459 | 44,818 | 146,219 | 135,694 | |||||||||||
| Sales and marketing | 71,378 | 68,610 | 212,646 | 207,324 | |||||||||||
| General and administrative | 22,864 | 20,646 | 65,878 | 61,618 | |||||||||||
| Total operating expenses | 147,701 | 134,074 | 424,743 | 404,636 | |||||||||||
| Operating loss | (23,640 | ) | (29,147 | ) | (100,099 | ) | (111,979 | ) | |||||||
| Financial income, net | 10,245 | 8,634 | 27,039 | 24,872 | |||||||||||
| Loss before income taxes | (13,395 | ) | (20,513 | ) | (73,060 | ) | (87,107 | ) | |||||||
| Income taxes | (4,938 | ) | (2,504 | ) | (9,711 | ) | (12,911 | ) | |||||||
| Net loss | $ | (18,333 | ) | $ | (23,017 | ) | $ | (82,771 | ) | $ | (100,018 | ) | |||
| Net loss per share of common stock, basic and diluted | $ | (0.16 | ) | $ | (0.21 | ) | $ | (0.74 | ) | $ | (0.92 | ) | |||
| Weighted average number of shares used in computing net loss per share of common stock, basic and diluted | 112,268,210 | 109,429,722 | 111,382,582 | 109,187,063 | |||||||||||
| Stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 is included in the Condensed Consolidated Statements of Operations as follows (in thousands): | |||||||||||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Unaudited | Unaudited | ||||||||||
| Cost of revenues | $ | 1,357 | $ | 1,416 | $ | 4,017 | $ | 5,946 | |||
| Research and development | 10,442 | 11,323 | 31,057 | 37,480 | |||||||
| Sales and marketing | 9,860 | 11,201 | 30,985 | 37,861 | |||||||
| General and administrative | 10,272 | 9,040 | 28,054 | 26,889 | |||||||
| $ | 31,931 | $ | 32,980 | $ | 94,113 | $ | 108,176 | ||||
| Payroll tax expense related to stock-based compensation for the three and nine months ended September 30, 2024 and 2023 is included in the Condensed Consolidated Statements of Operations as follows (in thousands): | |||||||||||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Unaudited | Unaudited | ||||||||||
| Cost of revenues | $ | 15 | $ | 24 | $ | 631 | $ | 385 | |||
| Research and development | 187 | 75 | 566 | 232 | |||||||
| Sales and marketing | 150 | 122 | 3,050 | 1,820 | |||||||
| General and administrative | 49 | 18 | 1,165 | 486 | |||||||
| $ | 401 | $ | 239 | $ | 5,412 | $ | 2,923 | ||||
| Amortization of acquired intangibles and acquisition-related expenses for the three and nine months ended September 30, 2024 and 2023 is included in the Condensed Consolidated Statements of Operations as follows (in thousands): | |||||||||||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Unaudited | Unaudited | ||||||||||
| Cost of revenues | $ | 381 | $ | 382 | $ | 1,143 | $ | 1,144 | |||
| Research and development | — | 412 | — | 1,235 | |||||||
| Sales and marketing | — | — | — | — | |||||||
| General and administrative | — | — | — | — | |||||||
| $ | 381 | $ | 794 | $ | 1,143 | $ | 2,379 | ||||
| Varonis Systems, Inc. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (in thousands) | |||||||
| September 30, 2024 | December 31, 2023 | ||||||
| Unaudited | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 282,218 | $ | 230,740 | |||
| Marketable securities | 562,568 | 253,175 | |||||
| Short-term deposits | 34,174 | 49,800 | |||||
| Trade receivables, net | 119,203 | 169,116 | |||||
| Prepaid expenses and other short-term assets | 76,206 | 64,326 | |||||
| Total current assets | 1,074,369 | 767,157 | |||||
| Long-term assets: | |||||||
| Long-term marketable securities | 332,329 | 211,063 | |||||
| Operating lease right-of-use assets | 45,390 | 51,838 | |||||
| Property and equipment, net | 28,908 | 33,964 | |||||
| Intangible assets, net | 119 | 1,263 | |||||
| Goodwill | 23,135 | 23,135 | |||||
| Other assets | 16,904 | 15,490 | |||||
| Total long-term assets | 446,785 | 336,753 | |||||
| Total assets | $ | 1,521,154 | $ | 1,103,910 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities: | |||||||
| Trade payables | $ | 1,489 | $ | 672 | |||
| Accrued expenses and other short-term liabilities | 123,256 | 125,057 | |||||
| Convertible senior notes, net | 251,625 | — | |||||
| Deferred revenues | 217,605 | 181,049 | |||||
| Total current liabilities | 593,975 | 306,778 | |||||
| Long-term liabilities: | |||||||
| Convertible senior notes, net | 449,759 | 250,477 | |||||
| Operating lease liabilities | 43,654 | 51,313 | |||||
| Deferred revenues | 1,530 | 886 | |||||
| Other liabilities | 3,676 | 4,808 | |||||
| Total long-term liabilities | 498,619 | 307,484 | |||||
| Stockholders’ equity: | |||||||
| Share capital | |||||||
| Common stock | 112 | 109 | |||||
| Accumulated other comprehensive loss | (4,381 | ) | (8,649 | ) | |||
| Additional paid-in capital | 1,159,990 | 1,142,578 | |||||
| Accumulated deficit | (727,161 | ) | (644,390 | ) | |||
| Total stockholders’ equity | 428,560 | 489,648 | |||||
| Total liabilities and stockholders’ equity | $ | 1,521,154 | $ | 1,103,910 | |||
| Varonis Systems, Inc. | |||||||
| Condensed Consolidated Statements of Cash Flows | |||||||
| (in thousands) | |||||||
| Nine Months Ended September 30, |
|||||||
| 2024 | 2023 | ||||||
| Unaudited | |||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (82,771 | ) | $ | (100,018 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 8,543 | 8,736 | |||||
| Stock-based compensation | 94,113 | 108,176 | |||||
| Amortization of deferred commissions | 19,906 | 17,547 | |||||
| Non-cash operating lease costs | 7,050 | 7,087 | |||||
| Amortization of debt issuance costs | 1,264 | 1,133 | |||||
| Amortization of premium and accretion of discount on marketable securities | (11,288 | ) | (5,557 | ) | |||
| Acquired in-process research and development | 6,653 | — | |||||
| Changes in assets and liabilities: | |||||||
| Trade receivables | 49,913 | 24,895 | |||||
| Prepaid expenses and other short-term assets | (10,889 | ) | (11,118 | ) | |||
| Deferred commissions | (23,846 | ) | (18,338 | ) | |||
| Other long-term assets | (129 | ) | (963 | ) | |||
| Trade payables | 817 | (1,634 | ) | ||||
| Accrued expenses and other short-term liabilities | (5,882 | ) | (17,652 | ) | |||
| Deferred revenues | 37,200 | 33,555 | |||||
| Other long-term liabilities | 272 | 3,120 | |||||
| Net cash provided by operating activities | 90,926 | 48,969 | |||||
| Cash flows from investing activities: | |||||||
| Proceeds from maturities of marketable securities | 157,100 | 28,850 | |||||
| Investment in marketable securities | (576,753 | ) | (331,651 | ) | |||
| Proceeds from short-term and long-term deposits | 25,038 | 170,925 | |||||
| Investment in short-term and long-term deposits | (9,233 | ) | (118,605 | ) | |||
| Purchase of in-process research and development | (6,653 | ) | — | ||||
| Purchases of property and equipment | (2,342 | ) | (2,945 | ) | |||
| Net cash used in investing activities | (412,843 | ) | (253,426 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from issuance of convertible senior notes, net of issuance costs | 450,099 | — | |||||
| Purchases of capped calls | (55,522 | ) | — | ||||
| Proceeds from employee stock plans | 16,082 | 11,346 | |||||
| Taxes paid related to net share settlement of equity awards | (37,264 | ) | (19,971 | ) | |||
| Repurchase of common stock | — | (43,522 | ) | ||||
| Net cash provided by (used in) financing activities | 373,395 | (52,147 | ) | ||||
| Increase (decrease) in cash and cash equivalents | 51,478 | (256,604 | ) | ||||
| Cash and cash equivalents at beginning of period | 230,740 | 367,800 | |||||
| Cash and cash equivalents at end of period | $ | 282,218 | $ | 111,196 | |||
| Varonis Systems, Inc. | |||||||||||||||
| Reconciliation of GAAP Measures to non-GAAP | |||||||||||||||
| (in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, |
||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Unaudited | Unaudited | ||||||||||||||
| Reconciliation to non-GAAP operating income: | |||||||||||||||
| GAAP operating loss | $ | (23,640 | ) | $ | (29,147 | ) | $ | (100,099 | ) | $ | (111,979 | ) | |||
| Add back: | |||||||||||||||
| Stock-based compensation expense | 31,931 | 32,980 | 94,113 | 108,176 | |||||||||||
| Payroll tax expenses related to stock-based compensation | 401 | 239 | 5,412 | 2,923 | |||||||||||
| Amortization of acquired intangible assets and acquisition-related expenses | 381 | 794 | 1,143 | 2,379 | |||||||||||
| Non-GAAP operating income | $ | 9,073 | $ | 4,866 | $ | 569 | $ | 1,499 | |||||||
| Reconciliation to non-GAAP net income: | |||||||||||||||
| GAAP net loss | $ | (18,333 | ) | $ | (23,017 | ) | $ | (82,771 | ) | $ | (100,018 | ) | |||
| Add back: | |||||||||||||||
| Stock-based compensation expense | 31,931 | 32,980 | 94,113 | 108,176 | |||||||||||
| Payroll tax expenses related to stock-based compensation | 401 | 239 | 5,412 | 2,923 | |||||||||||
| Amortization of acquired intangible assets and acquisition-related expenses | 381 | 794 | 1,143 | 2,379 | |||||||||||
| Foreign exchange rate differences, net | (1,052 | ) | (1,002 | ) | (2,302 | ) | (3,206 | ) | |||||||
| Amortization of debt issuance costs | 496 | 379 | 1,264 | 1,133 | |||||||||||
| Non-GAAP net income | $ | 13,824 | $ | 10,373 | $ | 16,859 | $ | 11,387 | |||||||
| GAAP weighted average number of shares used in computing net loss per share of common stock – basic and diluted | 112,268,210 | 109,429,722 | 111,382,582 | 109,187,063 | |||||||||||
| Non-GAAP weighted average number of shares used in computing net income per share of common stock – basic | 112,268,210 | 109,429,722 | 111,382,582 | 109,187,063 | |||||||||||
| Non-GAAP weighted average number of shares used in computing net income per share of common stock – diluted | 134,713,048 | 126,748,606 | 134,821,002 | 126,777,843 | |||||||||||
| GAAP net loss per share of common stock – basic and diluted | $ | (0.16 | ) | $ | (0.21 | ) | $ | (0.74 | ) | $ | (0.92 | ) | |||
| Non-GAAP net income per share of common stock – basic | $ | 0.12 | $ | 0.09 | $ | 0.15 | $ | 0.10 | |||||||
| Non-GAAP net income per share of common stock – diluted | $ | 0.10 | $ | 0.08 | $ | 0.13 | $ | 0.09 | |||||||
| Varonis Systems, Inc. | |||||||
| Reconciliation of GAAP Measures to non-GAAP | |||||||
| (in millions) | |||||||
| Nine Months Ended September 30, | |||||||
| 2024 | 2023 | ||||||
| Unaudited | |||||||
| Reconciliation to non-GAAP free cash flow: | |||||||
| Net cash provided by operating activities | $ | 90.9 | $ | 49.0 | |||
| Purchases of property and equipment | (2.3 | ) | (3.0 | ) | |||
| Free cash flow | $ | 88.6 | $ | 46.0 | |||
| Varonis Systems, Inc. | |||||||
| Reconciliation of GAAP Measures to non-GAAP | |||||||
| (in millions) | |||||||
| Twelve Months Ended December 31, 2024 | |||||||
| Low | High | ||||||
| Reconciliation to non-GAAP free cash flow: | |||||||
| Net cash provided by operating activities | $ | 100.0 | $ | 107.0 | |||
| Purchases of property and equipment | (5.0 | ) | (7.0 | ) | |||
| Free cash flow | $ | 95.0 | $ | 100.0 | |||
Source: GlobeNewswire (MIL-OSI)
MIAMI, Oct. 29, 2024 (GLOBE NEWSWIRE) — Defiance ETFs, a pioneer in leveraged single-stock ETFs, is excited to announce an increase in leverage for two of its flagship products, MSTX and SMST, from 1.75x and 1.5x respectively to 2x daily target exposure. This change marks a strategic enhancement, positioning Defiance to stay at the forefront of the market amid increased investor interest.
MSTX, Defiance’s first-of-its-kind leveraged ETF providing long exposure to MicroStrategy (NASDAQ: MSTR), will now deliver 2x daily targeted exposure, enhancing potential returns for investors seeking amplified access to MicroStrategy’s price movements. MicroStrategy, a leader in data analytics and one of the largest corporate holders of Bitcoin, presents an innovative investment vehicle for investors looking to capitalize on the unique and volatile dynamics of the cryptocurrency market.
SMST, Defiance’s Short MicroStrategy ETF, has likewise increased to 2x inverse daily exposure, enabling sophisticated traders to capitalize on potential downturns in MicroStrategy’s stock with greater leverage. This ETF offers traders a powerful tool to hedge against Bitcoin volatility, considering MicroStrategy’s significant holdings in the cryptocurrency. With this enhanced inverse leverage, SMST allows investors to tactically manage risk or capitalize on anticipated market declines with a more potent instrument.
“Following the strong response to MSTX and SMST, we recognized the importance of delivering enhanced leverage in response to investor demand and competitive dynamics,” said Sylvia Jablonski, CEO of Defiance ETFs. “With the transition to 2x leverage, Defiance ETFs is committed to providing investors with leading-edge tools to engage with both bullish and bearish views on the Bitcoin market and MicroStrategy’s strategic role within it.”
The Fund pursues a daily leveraged investment objective, which means that the Fund is riskier than alternatives that do not use leverage because the Fund magnifies the performance of its Underlying Security. It is designed only for sophisticated investors, such as traders and active investors employing dynamic strategies. Investors who do not understand the Funds or do not intend to actively manage and monitor their investments should not buy shares of the Funds.
The Fund MSTX is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking 200% daily (2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund will lose money if the underlying security’s performance is flat, and that it is possible that the Fund will lose money even if the underlying security’s performance decreases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.
The Fund SMST is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking 200% daily inverse (-2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund will lose money if the underlying security’s performance is flat, and that it is possible that the Fund will lose money even if the underlying security’s performance decreases over a period longer than a single day.An investor could lose the full principal value of his/her investment within a single day.
About Defiance ETFs
Founded in 2018, Defiance is at the forefront of ETF innovation. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.
Important Disclosures
Investing involves risk. Principal loss is possible. The Funds’ investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information. Please read it carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383 or visiting www.defianceetfs.com/prospectuses
Defiance ETFs LLC is the ETF sponsor. The Funds’ investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).
SMST Key Risks:
MSTR Price Appreciation Risk. As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts that are based on the share price of MSTR common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -1.5X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price increases. If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.
MSTR Good Performance Risk. MSTR may meet or exceed its publicly announced expectations or guidelines regarding its business, which could potentially lead to a rise in the share price of the Underlying Security.
Bitcoin Positive Performance Risk. MSTR’s significant investment in Bitcoin has become a key driver of its stock price. Any positive movement in the price of Bitcoin, such as reaching new all-time highs, increased institutional adoption, or favorable regulatory developments, directly impacts MSTR’s balance sheet and investor perception. With MSTR holding a substantial amount of Bitcoin, its stock price tends to correlate with Bitcoin’s performance.
Leverage Risk: Leverage may increase the risk of loss and cause fluctuations in the Fund’s portfolio value to have disproportionately large effects or cause the NAV to decline faster than it would otherwise.
Compounding and Market Volatility Risk: Due to compounding, performance over periods greater than a trading day may differ from the underlying security’s performance.
Derivatives and Single Issuer Risk: Derivatives may be more sensitive to market conditions and may amplify risks. Additionally, the focus on a single issuer can lead to increased volatility.
MSTR key risks:
Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.
Bitcoin Risk. While the Fund will not directly invest in digital assets, it will be subject to the risks associated with Bitcoin by virtue of its investments in options contracts that reference MSTR.
Leverage Risk: Leverage may increase the risk of loss and cause fluctuations in the Fund’s portfolio value to have disproportionately large effects or cause the NAV to decline faster than it would otherwise.
Compounding and Market Volatility Risk: Due to compounding, performance over periods greater than a trading day may differ from the underlying security’s performance.
Derivatives and Single Issuer Risk: Derivatives may be more sensitive to market conditions and may amplify risks. Additionally, the focus on a single issuer can lead to increased volatility.
Distributed by Foreside Fund Services, LLC.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4e5c8ab2-865a-4635-a0c2-a6535224f385
Source: GlobeNewswire (MIL-OSI)
Nokia Corporation
Stock Exchange Release
29 October 2024 at 22:30 EET
Nokia Corporation: Repurchase of own shares on 29.10.2024
Espoo, Finland – On 29 October 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:
| Trading venue (MIC Code) | Number of shares | Weighted average price / share, EUR* |
| XHEL | 1,382,271 | 4.54 |
| CEUX | 263,565 | 4.55 |
| BATE | – | – |
| AQEU | – | – |
| TQEX | – | – |
| Total | 1,645,836 | 4.54 |
* Rounded to two decimals
On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.
Total cost of transactions executed on 29 October 2024 was EUR 7,474,564. After the disclosed transactions, Nokia Corporation holds 189,427,128 treasury shares.
Details of transactions are included as an appendix to this announcement.
On behalf of Nokia Corporation
BofA Securities Europe SA
About Nokia
At Nokia, we create technology that helps the world act together.
As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.
Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.
Inquiries:
Nokia Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications
Nokia Investor Relations
Phone: +358 40 803 4080
Email: investor.relations@nokia.com
Attachment
Source: Minister for Trade
Today the Albanese Labor Government is announcing a historic new Partnership to support greater participation and economic opportunities for First Nations people and businesses in Australia’s tourism industry.
The First Nations Visitor Economy Partnership, comprising First Nations tourism industry representatives from every state and territory, will provide leadership and guidance on respectfully embedding Australia’s rich cultural heritage in our tourism offerings.
Importantly, the Partnership will be tasked with investigating and establishing a permanent First Nations national tourism peak body which will provide guidance and strategic support to grow this critical sector.
The Partnership will be funded for an initial two years through the National Indigenous Australians Agency’s Indigenous Advancement Strategy.
First Nations industry representatives co-designed the Partnership in collaboration with the Australian Trade and Investment Commission (Austrade), the National Indigenous Australians Agency (NIAA), Tourism Australia and state and territory governments.
The Albanese Labor Government understands the importance of First Nations tourism in Australia and has been investing to increase economic opportunities for First Nations people in this sector.
This includes the Indigenous Tourism Fund which is supporting First Nations people in the travel and tourism industry through grants, mentoring and co-investment in strategic projects.
The First Nations Tourism Mentoring Program is connecting businesses with skilled, experienced and culturally respectful tourism industry specialists who are providing one-on-one guidance, advice and support.
These programs build on support provided by state and territory governments, such as Tourism Northern Territory’s Aboriginal Tourism Development Support Grant Program, which is co-funded by the Australian Government and helps to develop Aboriginal cultural tourism experiences and tourism product.
Quotes attributable to Senator the Hon Don Farrell, Minister for Trade and Tourism:
“First Nations tourism offers an important avenue for First Nations people to stay on country, preserve their culture and knowledge while providing economic opportunities.
“I recently had the privilege of attending the graduation of the National Indigenous Training Academy’s class of 2024 on Anangu country who expressed to me the importance of this industry and their excitement of sharing their culture with visitors. With graduates like these, alongside the support of this new national body, the future is very bright for First Nations tourism in Australia.
“We know that domestic and international visitors are increasingly seeking unique First Nations experiences as part of their travels.
“This presents great opportunities for First Nations tourism and job creation in Australia’s regions and First Nations communities.”
Quotes attributable to Senator the Hon Malarndirri McCarthy, Minister for Indigenous Australians:
“First Nations tourism provides opportunities to share the world’s oldest living culture with travellers from around the world, while empowering First Nations people through employment and business prospects.
“The First Nations Visitor Economy Partnership will advocate for the sector and
support the growth of First Nations tourism businesses to provide unique experiences for domestic and international visitors, driving more economic activity in the regions and local communities.“The First Nations Visitor Economy Partnership demonstrates the Albanese Government’s commitment to working with First Nations people and in partnership with state and territory governments to advance self-determination and economic empowerment.
“The First Nations tourism sector has been calling for support to establish a national peak tourism body and the Albanese Government has listened.”
Source: Hong Kong Government special administrative region
​The Director of the Hong Kong Economic and Trade Office, New York, Ms Maisie Ho, visited Raleigh, North Carolina from October 28 to 29 (Raleigh time) to strengthen ties with interlocutors in business, technology, and education sectors.
Ms Ho attended the Raleigh Internet of Things (RIoT) Demo Night, an annual demonstration and networking event hosted by the RIoT initiative which fosters collaboration among start-ups, established companies, entrepreneurs and industry professionals. Before the event, she met with the Executive Director of RIoT, Mr Thomas Snyder and discussed potential partnership and exchange activities between start-ups and incubators in the Research Triangle Park of North Carolina and Hong Kong.
On the same day, Ms Ho visited Innovate Carolina, the central team for innovation, entrepreneurship and economic development at the University of North Carolina at Chapel Hill (UNC Chapel Hill). She met with the Director of New Ventures and Partnerships, Dr Bryant Moore, and the Director of Economic Development and Innovation Hubs, Ms Sheryl Waddell, to learn more about Innovate Carolina and explore possible collaborations in the future. During the meeting, Ms Ho introduced Hong Kong’s growing start-up ecosystem and strategic focuses, as well as the various talent attraction schemes available to entrepreneurs and young professionals graduating from the UNC Chapel Hill. The UNC Chapel Hill is on the list of eligible universities under Hong Kong’s Top Talent Pass Scheme.
Ms Ho also met with the Chief Executive Officer and President of First Flight Venture Centre, Ms Krista Covey. The centre is one of the most prominent incubators in the Research Triangle Park. During the meeting, Ms Ho introduced the latest measure in the 2024 Policy Address in attracting international start-up accelerators to establish a presence in Hong Kong through the I&T Accelerator Pilot Scheme.
In addition, she discussed areas of mutual interests during her meeting with the Vice President for Advocacy of business organisation of the Chamber for Greater Chapel Hill-Carrboro, Mr Ian Scott.
Ms Ho was accompanied by the Head of Business and Talent Attraction / Invest Promotion of Invest Hong Kong in New York, Mr Ranjit Unnithan, during her visit to Raleigh.
US Senate News:
Source: United States Senator Kyrsten Sinema (Arizona)
The bipartisan, bicameral legislation reauthorizes the National Breast and Cervical Cancer Early Detection Program (NBCCEDP) for five years
WASHINGTON – Arizona senior Senator Kyrsten Sinema cosponsored the Screening for Communities to Receive Early and Equitable Needed Services (SCREENS) for Cancer Act – bipartisan, bicameral legislation reauthorizing the National Breast and Cervical Cancer Early Detection Program (NBCCEDP) for five years to allow for greater flexibility in providing access to lifesaving screening, diagnostic, and treatment services and continue its innovative work aimed to reduce disparities and advance health equity in breast and cervical cancer.
The National Breast and Cervical Cancer Early Detection Program (NBCCEDP) provides breast and cervical cancer screenings, diagnostic tests, and treatment referral services to women who are limited-income, underserved, underinsured, or uninsured, and do not qualify for Medicaid. The SCREENS for Cancer Act would reauthorize NBCCEDP through 2028.
“Our legislation ensures the National Breast and Cervical Cancer Early Detection Program may continue providing lifesaving breast and cervical cancer screenings, diagnostic, and treatment services to women in underserved communities,” said Sinema.
Early detection of breast and cervical cancer through screening can improve survival and reduce mortality by finding cancer at an early stage when treatment is more effective and less expensive. However, research has shown there are many barriers to cancer screening for people with limited income, including access to providers and facilities, costs of screening and care, lack of knowledge and understanding about the role of screening, as well as barriers like time off work and access to childcare. Unfortunately, people who are uninsured and underinsured have lower breast and cervical cancer screening rates, resulting in a greater risk of being diagnosed at a later, more advanced stage of disease.
Since the program’s inception in 1991, NBCCEDP has provided over 16.1 million screening exams to more than 6.2 million eligible people, detecting 77,968 invasive breast cancers and 24,656 premalignant breast lesions, as well as 5,220 invasive cervical cancers, and 242,261 premalignant cervical lesions, of which 38% were high grade.
In 2024, an estimated 310,720 women in the U.S. will be diagnosed with invasive breast cancer, and 42,250 will die from the disease. Additionally, an estimated 13,820 people will be diagnosed with invasive cervical cancer, and 4,360 will die from the disease.
The SCREENS for Cancer Act does not require any additional funding and has no score. Importantly, early detection of breast and cervical cancer through screening can improve survival and reduce mortality by finding cancer at an early stage when treatment is more effective and less expensive. Currently, the U.S. spends approximately $30 billion annually on breast cancer treatments. This could be significantly reduced if more women receive their annual screenings, and the disease is caught early. For cervical cancer, the current expenditure is approximately $12 billion annually.
Source: Australian Government – Minister of Foreign Affairs
Australia has now ratified all ten International Labour Organization’s (ILO) Fundamental Conventions, reaffirming the Albanese Government’s commitment to protect workers’ rights and safety.
The final Fundamental Convention – Promotional Framework for Occupational Safety and Health Convention 187 – was ratified by Australia overnight [29 October] in a tripartite ceremony in Geneva, Switzerland, with representatives of the Australian Council of Trade Unions and the Australian Chamber of Commerce and Industry.
The Convention promotes nationwide policies, systems and programs to support a safe and healthy working environment, and prevent occupational injuries, diseases and deaths.
This achievement underscores the Government’s belief in upholding international rules, norms and standards, and securing a safe and healthy working environment for all.
Ratification ensures Australian Governments continue to promote labour standards and protect workers from occupational harm, in line with international best practice.
For more information on the ILO’s Fundamental Conventions, see International Labour Standards.
Quotes attributable to Minister for Foreign Affairs, Penny Wong:
“While our Government is making sure that Australians make more and keep more of what they earn, we are also ensuring that their working conditions are safe and supportive.
“This is a major milestone for Australian workers. We are demonstrating Australia’s leadership and ongoing commitment to workers’ rights, as well as internationally agreed rules, norms and standards.”
Quotes attributable to Minister for Employment and Workplace Relations, Murray Watt:
“By ratifying these conventions, Australia sends a powerful message: we respect the fundamental rights of all workers.
“As such, Australia upholds all fundamental international labour rights and is a fair, safe and secure place to work and do business.
“Through the Albanese Government’s workplace law changes and ratifying these Conventions, we are delivering secure jobs and better pay to Australian workers.
“Australia is committed to workplace health and safety as a fundamental principle and right at work.”
Source: US State of Arizona
SIERRA VISTA, AZ — Yesterday, Governor Katie Hobbs joined the Audubon Society, The Nature Conservancy, environmental advocates, and officials from Sierra Vista, Cochise County, Fort Huachuca and the Bureau of Land Management to announce a $1.5 million grant for Cochise County to complete a water recharge project on the San Pedro River.
“The San Pedro River is a one-of-a-kind desert river that plays a critical role in the habitat and ecosystem of the region,” said Governor Katie Hobbs. “This funding isn’t just dollars and cents, it’s a down payment on the state’s long-term commitment to securing Arizona’s water future. Important water conservation projects like this, alongside efforts to reform rural groundwater management will bring real solutions to build a sustainable future across the entire state.”
With the support of the grant, the Coyote Wash Stormwater Management Project will capture additional precipitation and stormwater to recharge the aquifer, protect flows in the San Pedro River, and improve water quality.
“Thank you to Governor Hobbs for recognizing the efforts we have made to protect our San Pedro River,” said Sierra Vista Mayor Clea McCaa. “As the major migratory corridor for wildlife, the San Pedro River is crucial for both the health of our environment and for the vitality of our communities here in Cochise County. The City of Sierra Vista has worked with our partners at the local, state, and federal levels to implement innovative and responsible water management for decades and we continue to work on that today.”
“We have to protect the Fort, as well as the people, as well as the river,” said Cochise County Supervisor Ann English. “This is the last mile and last dollar we needed to finish this project. We’ve been working on this project, as well as many other conservation projects for years because we knew it needed to happen. Our flood control department and our staff in the supervisors office all have been and are committed toward working toward a better water future for Cochise County.”
“The Nature Conservancy is thankful for the investment by Governor Hobbs in the Cochise Conservation and Recharge Network’s Coyote Wash Project,” said Kim Schonek, The Nature Conservancy’s Arizona Water Program Director. “Long-term collaboration with state, local, and federal partners combined with sound science led to the development and design of this project. These efforts are key examples of how water managers can plan for a resilient future that balances water needs for communities and nature.”
Prior to the announcement, the Governor joined local advocates and stakeholders for a tour of the river to see its current condition and the wildlife it supports. This grant is part of the Hobbs Administration’s efforts and commitments to protect Arizona’s water supplies and improve sustainable water management practices.
###
Source: Australian Ministers for Infrastructure and Transport
**CHECK AGAINST DELIVERY**
As always, I begin by acknowledging the Muwinina People as the custodians of this land. We acknowledge and pay our respects to all Tasmanian Aboriginal Communities.
Tasmania is one of the most beautiful places in our nation and a fitting setting for the Ports Australia Conference.
We recognise the ongoing custodianship that Indigenous Australians have shown towards these lands and I extend this respect to all First Nations people joining us today.
Thank you as well to Mike for that kind introduction, and to Stewart, your Chair, thank you very much for the invitation and for all the work that you do throughout the course of the year.
It is wonderful to see so many public and private leaders from around the world come together.
I would also like to extend a particular welcome to the Minister for Infrastructure for the Kingdom of Tonga.
Like Australia, your nation relies on shipping. It is wonderful to have you here.
I also want to recognise Dr Patrick Verhoeven, the Managing Director of the International Association of Ports and Harbours, and Jens Meier, the CEO of Hamburg Port Authority, who have travelled such a long way.
Your presence underlines the inherently global nature of this industry, and I hope you enjoy your time here in our beautiful country.
This is in fact my second time in Tasmania in the last two weeks.
Last week I was in the north, this week I’m in the south.
On both these visits, I have had the pleasure of engaging with Tasmania’s proud maritime industry.
Last week, I was in Burnie to commission the new shiploader – a project which replaced an essential piece of infrastructure that had been in place for five decades.
The new shiploader doubles the capacity of the old, and can serve ships up to Panamax size, creating local jobs and growing local industry.
It is a project that pays tribute to both the maritime past and future of this great state, as well as setting the local economy up for decades of success to come.
It also speaks to how essential maritime logistics are to our day-to-day lives.
At the port I could see woodchips going to China, as well as cars and supermarket produce coming into the state.
It is too easy to miss the magic that defines our modern world, but when you take even a moment to think about it, it is truly extraordinary.
That port in Burnie on the north coast of Tasmania is connected to a global network that stretches to every corner of our planet.
Everything that we rely on, relies in turn on shipping – which is why it is such a pleasure to be here today with some of the many, many hardworking people who underpin this essential industry.
Events like these are key to fostering a strong, robust sector – and year after year, Ports Australia does a wonderful job bringing you together and advocating for your industry.
I stand here today as a minister in a government that knows that ports are a primary driver of our economy and workforce.
As well as facilitating international trade and the movement of goods throughout the region, our ports are strategic assets and critical infrastructure.
They are vital to sustaining our island nation.
The most recent report from Ports Australia shows exactly this.
Ports move an overwhelming 99 per cent of Australia’s international trade by volume, and importantly, over 694,000 local jobs are facilitated by Australia’s port activities.
This works out to a staggering one in every 20 jobs across the nation.
Container transport has seen a huge increase.
As have vehicle imports.
The most recent numbers show that cruise ships have soared to 18% higher than pre-pandemic numbers.
You take our goods to the world, and you bring the world to us.
Of course, these numbers, while good news, bring pressures of their own.
This story of growth underlines the need to ensure that our infrastructure, our investments and our policies are positioned to support a sustainable, reliable and productive supply chain.
That’s why our government is making investments like those at the Port of Burnie, and it is also why my department led a review earlier this year into the national freight and supply chain strategy.
In total, 71 submissions were received from a variety of stakeholders, including from maritime and associated peak bodies.
Of course, I acknowledge and thank Ports Australia for their submission and engagement throughout the Review process.
The review found that while the foundations of the strategy remain strong, productivity, resilience, decarbonisation and data should be strengthened in the strategy and new National Action Plan.
We are already doing the work of refreshing the strategy and action plan to address the findings of the review, and I look forward to updating you further in due course.
But, of course, the findings of the review touch on challenges that are faced across our entire economy and society – none more so than the need to act to mitigate climate change.
The Albanese Government is committed to reducing greenhouse gas emissions to 43% below 2005 levels by 2030 and to achieving net zero emissions by 2050.
Achieving these ambitious economy-wide targets will require concerted action across all sectors, including this one.
Right now, transport contributes 21 percent of Australia’s direct emissions.
Adding to that challenge, transport is one of the hardest sectors to abate.
So, our work here is vital.
That is why we released the Transport Net Zero Roadmap for consultation earlier this year.
While that roadmap covered all modes of transport, it was of particular importance for the maritime sector.
As we know, decarbonisation will rely on a combination of low carbon liquid fuels (LCLFs), hydrogen, electrification and efficiency improvements.
Of these, LCLFs offer the clearest pathway for decarbonisation within liquid fuel-reliant sectors that cannot readily electrify in the near-term.
This includes maritime, aviation, heavy vehicle and rail, as well as mining, manufacturing and agricultural sectors.
The bad news is that we need a lot of liquid fuels, but the good news is that Australia is well-placed with comparative advantages in the production of LCLFs:
As part of our Future Made in Australia agenda, the Government is fast-tracking support for an LCLF industry.
The government announced $18.5 million as part of the recent Budget, to support a domestic LCLF industry through the development of a certification scheme for those fuels.
And $1.7 billion over the next ten years will go towards a Future Made in Australia Innovation Fund.
This funding will be used in part to support nascent LCLF production technologies through research and development, to help de-risk developments, and to attract private sector investment.
And we will continue to work with industry on further steps as needed.
By successfully building a local LCLF industry we will increase fuel security, strengthen regional economies, diversify income streams for farmers, and meet our decarbonisation objectives – it’s hard to find a bigger win-win than that.
To speak even more specifically to the challenges of this sector, we’ve created a Maritime Emission Reduction National Action Plan, the MERNAP for short.
The MERNAP aims to support Australia’s national emissions reduction targets, contribute to the global decarbonisation of shipping, and future-proof the Australian maritime sector to avoid costly and disruptive transitions later, ensuring an equitable transition, particularly for the maritime workforce, safeguarding jobs and skills for the future.
The vision is that by 2050, Australia will fully leverage the global maritime decarbonisation transition, benefiting our ports, vessels, and the broader energy sector.
This will showcase Australia’s unique comparative advantages while supporting a fair and balanced transition for the industry.
The MERNAP Consultative Group has played a vital role in shaping this action plan, and I’d like to acknowledge those here today, including: Maritime Industry Australia Limited, the Maritime Union of Australia, and of course, Ports Australia.
To support the development of MERNAP, we undertook extensive public consultations that revealed to us that the future of the maritime sector will be powered by multiple energy sources, all of which will require new skills, and see us facing new challenges around technology readiness for alternative fuels.
Safety, operational efficiencies, and strong partnerships across the value chain will be critical to driving this transition.
The Albanese Government remains committed to ensuring that Australia’s maritime industry is prepared for the future, ready to contribute to our national emissions targets, and able to thrive in a decarbonised global economy – including through initiatives like Green Shipping Corridors – partnering with nations, such as New Zealand, Singapore and South Korea.
I have focused a lot on what fuels our maritime sector, but there is, of course, an even more important element – the people who run it.
I am proud to say that our plan to establish a Strategic Fleet is underway.
This fleet will provide assistance in times of crisis, supply chain disruption, or natural disaster. And it will support industries reliant on shipping, such as heavy manufacturing.
Tenders to participate in the Strategic Fleet Pilot will close on 29 November.
Through this process, three vessels that will be privately owned and commercially operated will be selected for the pilot.
This is a major step towards fulfilling our commitment to establish a Strategic Fleet of up to twelve Australian flagged and crewed vessels.
This will strengthen our sovereign maritime capabilities while supporting our maritime workforce.
The creation of a strategic fleet is a central government policy that will shape our workforce for decades to come.
I strongly encourage all interested parties to take part in this process and to consider what role they can play.
The tender process is being managed by my Department, which is seeking innovative tenders that will deliver the objectives of the Pilot Program.
These include providing the Commonwealth with certainty of access to the strategic fleet, to move cargo in times of need, crisis or national emergency. And to support of the needs of Defence —including in training and logistical capacities.
The Albanese Government is seeking to have pilot vessels on the water as soon as possible.
While it is not a silver bullet to solve all of the issues of our current and emerging seafarer shortage, the Strategic Fleet and the work being undertaken by Industry Skills Australia through the Maritime Industry Workforce Plan, will support our maritime workforce by increasing the amount of Australian qualified seafarers at a time of a growing global shortage.
The independent reviews of the Shipping Registration Act and the Coastal Trading Act being conducted by Ms Lynelle Briggs AO and Emeritus Professor Nicholas Gaskell will also contribute to the modernisation of Australia’s shipping regulatory framework, ensuring the Acts are fit for purpose and support the long-term sustainability of an Australian Maritime Strategic Fleet, and the maritime industry more broadly.
Public consultation has commenced and I encourage you all to make your voices heard.
As you can see, there is a lot to do in your sector and we are a government that is determined to get on with doing it.
The reforms the Albanese Government is delivering will do our part to support a productive, resilient supply chain, while positioning Australia to thrive in the new net zero economy.
Thank you for having me, and all the best with the rest of your conference.
ENDS
Source: New Zealand Government
Trade Minister Todd McClay will hold trade discussions with Gulf Cooperation Council (GCC) trade ministers in Doha this week.
Minister McClay will meet with all six GCC Trade Ministers, as well as the GCC Secretary General.
“This will be my seventh visit to the region this year including two Ministerial meetings with Saudi Arabi following reengagement at the WTO Ministerial Meeting in Abu Dhabi in February of this year,” Mr McClay says.
“New Zealand’s goods and services exports to the Gulf region totalled $2.6 billion in the year to June 2024.
“The GCC is an important economic partner for New Zealand and an important part of meeting our ambitious target of doubling exports by value in ten years.
“Growing New Zealand’s trade relationships is part of our plan to grow the economy, lift incomes for kiwis, and create jobs.”
Source: Australian Treasurer
GREG JENNETT:
In the fight against inflation and ever rising grocery prices, farmers have been caught in the middle of debate on the effect of pricing on customers. The Minister responsible for competition, Andrew Leigh, has been taking a close look at the farming sector. We spoke to him earlier. Andrew Leigh, good to have you back with us. Now, you’ve given a speech today on competition, pointing out that it’s definitely lacking in the agriculture or farming sector. They feel it in lots of ways, according to your presentation, through the harvesters, they buy and maintain seeds and spray that they put in the field and cattle they sell at the yard. So, you’ve highlighted it. What’s the solution?
ANDREW LEIGH:
Well, Greg, as you say, farmers are the meat in the market concentration sandwich. You often get a lot of farmers, but just a few suppliers, and just a few people they can sell to. Part of the answer is the Food and Grocery Code of Conduct being made mandatory rather than voluntary as it was under the Liberals and Nationals. That ensures that farmers get a fairer deal when they’re negotiating with supermarkets. Part of it is also about banning unfair contract terms, which we did when we came to office. Those unfair contract terms were hurting small farmers in areas like fertiliser contracts or potato grower retailing, and that ensures that the small guy gets a better deal.
JENNETT:
What’s the argument against strong entities with big networks of dealers, typically in small country towns. So, you might buy for instance, a John Deere tractor and sure you are completely tethered then to the local dealer, the local repairer, the software, they own, but around that sits local jobs as well. Why would you want to disrupt those big strong entities with their networks across the land?
LEIGH:
Well, the same argument was made with cars where dealers argued that only they should be able to fix their cars. But the decision that the parliament made, which I was pleased to kick off from July 2022, was that there ought to be a right to repair, a sharing of the information. These pieces of farm machinery are now incredibly advanced, John Deere has more software engineers than mechanical engineers on staff. And so we’re looking carefully at whether there ought to be a right to repair, whether it’s possible to in the first instance, strike an arrangement between those independent repairers and the farm suppliers and so anyone can fix their machinery if they have the right qualifications.
JENNETT:
Do they exist, these independent repairers, or exist in large enough number to make a difference?
LEIGH:
No, you go to exactly the right question, Greg. When you’re talking about independent mechanics, there’s thousands of them across the country. When you talk about independents to fix farm machinery, there’s fewer of them around. But the problem is really acute for farmers because if a harvester can’t operate for a week, that can be the difference of thousands of dollars in the price that the farmer receives. So, with that risk of spoilage, you do need to get a quicker fix and an independent repair sector may be part of the answer.
JENNETT:
Might it be necessary when you look at the conglomerates that make seed and sprays for agriculture – most of them are very large multinationals – might it be necessary to consider having a power to break them up?
LEIGH:
Look, we haven’t gone for divestment, but we are concerned about the degree of market concentration and that’s why we’ve introduced into parliament the biggest merger shake up in 50 years. Jim Chalmers introduced that in the parliament just in the last sittings. And that’s a really key part of economic reform for us, continuing the competition legacy of the Hawke and Keating governments.
JENNETT:
If you push this agenda all the way through in all the areas of agriculture that we’re discussing here, possible to estimate price reductions for consumers, those of us who buy food made by Australian farmers, grown by Australian farmers at Australian supermarkets?
LEIGH:
The best estimate we’ve got, Greg, is if we return the economy to the levels of competition that prevailed at the turn of the millennium, is that we’d boost GDP by somewhere between one and 3 per cent. That’s in line with estimates that suggested that the National Competition Policy reforms of the 1990s benefited the typical Australian by about 2.5 per cent. These are massive gains and they’re key in dealing with cost‑of‑living issues. [A lack of] competition drives down prices and drives up wages. It also reduces innovation and productivity if you have a lack of competition in the market. So, we need a more competitive and dynamic economy for our farmers and for people who work in other sectors.
JENNETT:
Inevitably, you touch on trade in your speech and there’s some big clouds sitting over global trade at the moment, principally from the United States. There’s an event happening there in a week’s time. If the US erects higher tariff walls, particularly on Chinese goods, with the suggestion from candidate Trump of a 60 per cent tariff. What do you estimate the effect on China’s demand for raw ingredients produced by Australia? How much could that drop off by virtue of a US tariff change?
LEIGH:
Australia has been a strong advocate of open markets and the Cairns Group of agricultural free trading nations was spearheaded by Australia in order to get a better deal at the World Trade Organisation. Obviously, the Americans will make their own decision. But I’m a passionate free trader because I believe that’s strongly in the interests of Australian consumers and producers. Our farmers in particular have benefited from freer trade and that old era of ‘protection all round’ meant that farmers paid too much for their machines and got too little for their exports as a result of retaliatory tariffs.
JENNETT:
Would there be a balancing out here? Sure. China’s demand under the scenario I’ve described, China’s demand for iron ore and coal might drop off because they’re selling fewer goods manufactured into the United States. But by the same token, goods already made need to go somewhere else. Could Australian consumers benefit by China offloading product that might otherwise have been intended for the United States?
LEIGH:
Greg, a medium‑sized economy that is engaged with the world like Australia, benefits when trade barriers are low. As Joan Robinson, the great Cambridge economist put it, it’s always worth taking the rocks out of your own harbours, better yet if your trading partners take the rocks out of theirs. So, our interest is strongly in a rules‑based trading system and in low tariffs around the world. Governments in Australia have consistently argued for that. It’s in the national interest and it boosts wages and means Australians get better prices for the goods they buy.
JENNETT:
So, are you nervous about what you’re hearing from political debate emanating from the US?
LEIGH:
Well, of course we’re all watching the US election and it’s a fascinating show every 4 years, but that’s a decision for the American people.
JENNETT:
All right, we might come back to that when we actually get a result in a week or so time. Andrew, one final one. Can’t let you go without asking because we’re asking almost everyone on travel. Would it be better if a blanket rule were put in place for politicians against airline upgrades pertaining to private or unofficial travel? I don’t mean work related travel, but private travel. Would it be cleaner if such a rule existed?
LEIGH:
Look, I’d certainly be relaxed about that, Greg. I’m somebody who flies most of my domestic flights economy rather than business. That’s meant that in the past from time ‑to‑time I’ve received upgrades. Doesn’t happen if you book business. But of course that then means the taxpayer’s paying twice as much.
JENNETT:
Ever been upgraded on personal travel unexpectedly?
LEIGH:
It’s happened to me before. You don’t ask for it, and it’s not something that’s ever changed my decision. I don’t think there’s anyone who’s been as vociferous a critic of Qantas in the parliament as me. I’ve been very strongly critical of their cancellations of Sydney‑Canberra flights and a strong advocate of more competition in the aviation sector. Indeed, I gave a speech on it recently.
JENNETT:
Ok, so just to be clear, any personal upgrade you believe was unconnected to your line of work as a politician? Because that’s the grey line here around the Anthony Albanese episodes, isn’t it?
LEIGH:
Yeah. I have no idea on what basis they make those decisions. Certainly, I report as the Prime Minister has done, and it’s never affected my decisions. I’ll continue to be a strong advocate for more competition in the aviation sector.
JENNETT:
Understood. You certainly have been that. Andrew Leigh, we thank you, as always.
Source: New Zealand Ministry of Foreign Affairs and Trade – Safe Travel
If you are planning international travel at this time, please read our COVID-19 related travel advice here, alongside our destination specific travel advice below.
Do not travel to South Sudan due to ongoing armed conflict, inter-ethnic violence and violent crime (level 4 of 4).
New Zealanders currently in South Sudan are advised to depart as soon as it is safe to do so.
South Sudan
Armed Conflict/Civil Unrest
Pockets of armed conflict between government and various opposition forces remain and the security situation in Juba has the potential to deteriorate with little or no warning. Land routes into and out of South Sudan may be blocked and flights may be cancelled at short notice. The political and security situation throughout South Sudan remains volatile.
Inter-ethnic violence and cattle raiding continues to occur throughout the country, with significant loss of life. There is a complete absence of rule of law outside of the capital Juba and even in Juba, the capacity of the authorities to uphold law and order is very limited.
Areas within 40 kilometres of South Sudan’s northern border with Sudan are also particularly dangerous and vulnerable to armed incursions and violence. Parts of the border remain disputed and military forces are deployed in these areas.
The border areas with South Sudan’s other neighbouring countries, including Ethiopia, the Democratic Republic of the Congo, Kenya, the Central African Republic, and Uganda are extremely dangerous due to armed conflict, military activity and other violence. There are regular reports of attacks by armed groups on vehicles travelling on the main road connecting Juba to Uganda (Jiba-Niomule road).
We recommend you avoid all protests, demonstrations and large public gatherings in South Sudan as they have the potential to turn violent with little warning. Monitor local and international media, review personal security plans and be aware of your surroundings.
Violent Crime
Violent crime, including kidnapping, murder, armed robbery, home invasions, car-jacking, and sexual assault is a significant problem throughout South Sudan, both in urban and rural areas. The economic situation has led to a significant increase in both petty and violent crime. Criminals are often armed as weapons are readily accessible.
The government has limited capacity to deter crime and maintain law and order throughout South Sudan. Banditry and lawlessness is an issue in rural areas. Humanitarian workers have been the targets of killings and violence in the past.
New Zealanders in South Sudan should exercise a very high degree of personal security awareness at all times. No resistance should be given if you are the victim of an armed robbery or carjacking as this could lead to an escalation in violence. For security reasons we recommend against travelling alone, at night, or to isolated areas.
Petty crime, such as bag snatching and pickpocketing, also occurs and is often accompanied by violence. We advise New Zealanders to be alert to their surroundings at all times and take steps to safeguard and secure their personal belongings.
Road Travel
We strongly advise against using public transport due to safety concerns.
If travelling by road, car doors should be locked and windows up.
Official checkpoints are frequently set up by security forces and have been known to become hostile or violent. Individuals staffing checkpoints have been known to solicit bribes. Criminals who pose as police officers have also set up roadblocks. At checkpoints, remain in your vehicle and produce requested documents through a raised window. We recommend carrying colour photocopies of your passport and identity documents and producing these when requested, not the originals.
Landmines
There is a risk from landmines, which are reportedly present throughout South Sudan, including in Juba. We advise you not to stray off well-used public roads and paths.
General Travel Advice
As there is no New Zealand diplomatic presence in South Sudan, the ability of the government to assist New Zealand citizens is severely limited. We offer advice to New Zealanders about contingency planning that travellers to South Sudan should consider.
We advise New Zealanders in South Sudan to be vigilant and take appropriate precautions to ensure their safety, including by seeking professional security advice. You should have a contingency plan in place for departure, monitor developments closely through the media and other local information sources. As a precautionary measure, we recommend ensuring adequate supplies of food, water, fuel, cash and essential medications are always on hand and travel documents are kept up to date.
New Zealanders travelling or living in South Sudan should have a comprehensive travel insurance policy in place that includes provision for medical evacuation by air. You should check that your travel insurance policy covers travel to South Sudan – exclusions may well apply. Only very limited medical facilities are available in South Sudan.
The rainy season typically runs from April to November, during which flooding often occurs. Flooding impacts transport and communications infrastructure, as well as lead to shortages of drinking water and food. Severe flooding has led to displacement, property damage and loss of life.
Penalties for possession, use or trafficking of illegal drugs are severe and can include the death penalty.
New Zealanders are advised to respect religious, social and cultural traditions in South Sudan to avoid offending local sensitivities. Modesty and discretion is recommended for both dress and behaviour.
Photography, including from a mobile phone, without a permit from the Ministry of Information in South Sudan is illegal. Taking photographs without a permit will immediately attract suspicion, and could lead to detention. Even with a permit, it is illegal to take photos of airfields, military installations or personal, government buildings and infrastructure.
New Zealanders who decide to live or travel in South Sudan against our advice are strongly encouraged to register their details with the Ministry of Foreign Affairs and Trade.
See our regional advice for Africa