NewzIntel.com

Category: Transport

  • MIL-OSI Asia-Pac: The Taichung Port Technology Industrial Park’s Disaster Drill enhances regional joint emergency response capability.

    Source: Republic Of China Taiwan 2

    To improve the safety protection capabilities of the Taichung Port Technology Industrial Park (TPTIP), the Bureau of Industrial Parks (BIPs) of the Ministry of Economic Affairs (MOEA) teamed up with the Chemicals Administration (CHA) of the Ministry of Environment to hold a joint “Muti-Hazard Emergency Response and Regional Cooperation Drill” on October 23. Representatives from the CHA, the CTSP Bureau of the Ministry of Science and Technology, the Taichung City Government, and several industrial parks participated. The spirit of “collaborative cooperation” demonstrated in this drill is key to responding to large-scale disasters. Whether it’s adjusting water and electricity supply or supporting fire rescue resources, inter-agency collaboration between agencies is essential. Regular drills focusing on disaster reduction, response, and recovery are designed to ensure rapid resource integration during an actual disaster to effectively prevent escalation.
    The drill simulated a scenario where a strong earthquake caused an organic solvent leak, sparking a fire inside a factory, while toxic chemicals splashed onto personnel, creating a complex disaster. In addition to simulating on-site disaster reporting, personnel evacuation and headcount, emergency response division of labor, casualty rescue, and follow-up efforts, the drill also showcased the regional joint defense capability of Taichung Port and the Technology Industrial Parks. Various public and private entities worked together to adjust the power and water supply, dispatch fire trucks, and provide emergency equipment, demonstrating efficient teamwork in controlling the disaster.
    The Bureau of Industrial Parks (BIPs) emphasized that the drill focuses on the response efficiency and safety practices of various rescue support units. For example, when the Taichung Harbor Fire Brigade arrived at the disaster site, factory managers immediately provided critical rescue information, including the types, quantities, and locations of chemicals in the factory, and assigned personnel to assist. Additionally, a firefighting robot was also sent to the fire scene for extinguishing operations, reducing the need for rescue personnel to enter high-risk areas and thereby lowering rescue risk. Furthermore, the Central Taiwan technical team sent dispatched response vehicles and personnel to monitor chemical concentrations at the accident site, ensuring that rescue efforts were properly contained and that the disaster’s impact was minimized.
    This drill has once again enhanced the safety protection capabilities of the Taichung Port Technology Industrial Park, and has also strengthened the independent emergency response capabilities of companies within the park when facing complex disasters. In the future, the BIP will continue to deepen collaboration with various units, aiming to optimize the park’s joint defense and emergency response mechanism through more disaster drills to ensure that companies within the park can effectively protect personnel safety and minimize economic losses during major disasters.

    Spokesman: Mr. Liu Chi-Chuan (Deputy Director General, BIP)
    Contact Number: 886-7-3613349, 0911363680
    Email: lcc12@bip.gov.tw

    Contact Person: Liu, Chun-chuan (Environmental Safety and Labor Section, Taichung Branch)
    Contact Number: 886-4-2658-1215 ext 641
    Email: chunchuan@bip.gov.tw

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Georgia Man Pleads Guilty to Role in Methamphetamine Trafficking Organization

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    HUNTINGTON, W.Va. – Nehmiah Allen-Griggs, also known as “Newski,” 23, of Dallas, Georgia, pleaded guilty today to distribution of 50 grams or more of methamphetamine. Allen-Griggs admitted to his role in a drug trafficking organization (DTO) responsible for distributing large quantities of methamphetamine and fentanyl in the Southern District of West Virginia.

    According to court documents and statements made in court, on March 1, 2023, Allen-Griggs distributed approximately 1 pound of methamphetamine to a confidential informant in a Huntington parking lot in exchange for $2,000.

    On November 15, 2023, law enforcement officers executed a search warrant at a Highlawn Avenue residence in Huntington and seized quantities of methamphetamine and fentanyl, a Landor Arms Canyon Arms 12-gauge shotgun, a Walther P22 .22-caliber pistol equipped with a silencer, a Kel-Teck .22-caliber pistol, and various rounds of ammunition. Allen-Griggs admitted that he and others used the residence to store and distribute methamphetamine and fentanyl.

    Allen-Griggs is scheduled to be sentenced on February 10, 2025, and faces a mandatory minimum of 10 years and up to life in prison, at least five years of supervised release, and a $10 million fine.

    Allen-Griggs is among 27 individuals indicted in a 53-count indictment that charges the defendants with distributing methamphetamine and fentanyl transported from Detroit, Michigan, in Huntington and other locations within the Southern District of West Virginia.

    Allen-Griggs is also among 22 defendants who have pleaded guilty in the main case. One other of the 27 indicted individuals pleaded guilty to a related offense in a separate case. The indictment against the remaining defendants is pending. An indictment is merely an allegation and the defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    United States Attorney Will Thompson made the announcement and commended the investigative work of the Federal Bureau of Investigation (FBI), the Cabell County Sheriff’s Department, the Drug Enforcement Administration (DEA), the Metropolitan Drug Enforcement Network Team (MDENT), the West Virginia State Police, the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and the U.S. Postal Inspection Service. MDENT is composed of the Charleston Police Department, the Kanawha County Sheriff’s Office, the Putnam County Sheriff’s Office, the Nitro Police Department, the St. Albans Police Department and the South Charleston Police Department.

    United States District Judge Robert C. Chambers presided over the hearing. Assistant United States Attorneys Joseph F. Adams and Stephanie Taylor are prosecuting the case.

    The investigation was part of the Department of Justice’s Organized Crime Drug Enforcement Task Force (OCDETF). The program was established in 1982 to conduct comprehensive, multilevel attacks on major drug trafficking and money laundering organizations and is the keystone of the Department of Justice’s drug reduction strategy. OCDETF combines the resources and expertise of its member federal agencies in cooperation with state and local law enforcement. The principal mission of the OCDETF program is to identify, disrupt and dismantle the most serious drug trafficking organizations, transnational criminal organizations and money laundering organizations that present a significant threat to the public safety, economic, or national security of the United States.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 3:23-cr-180.

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    MIL Security OSI –

  • MIL-OSI Security: Harrison County Man Sentenced for Firearms Charge

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    CLARKSBURG, WEST VIRGINIA – Brock Corel Pearson, 42, of Meadowbrook, West Virginia, was sentenced today to 115 months in prison for the possession of a short-barreled shotgun.

    According to court documents, officers stopped Pearson’s vehicle in Harrison County, conducted a search, and found a backpack with an unregistered short-barreled shotgun. Pearson is prohibited from having firearms because of prior drug convictions in West Virginia and Mississippi.

    Pearson will serve three years of supervised release following his prison sentence.

    The Bureau of Alcohol, Tobacco, Firearms, and Explosives investigated.

    Assistant U.S. Attorney Jennifer Conklin prosecuted the case on behalf of the government.

    Chief U.S. District Judge Thomas S. Kleeh presided.

     

    MIL Security OSI –

  • MIL-OSI Australia: Address to the Australian Bureau of Agricultural and Resource Economics and Sciences

    Source: Australian Treasurer

    I acknowledge the Ngunnawal people, on whose traditional lands we meet, and pay respect to all First Nations people here today.

    Economist John Crawford started his public service career in the 1940s working under Nugget Coombs in the Department of Post‑War Reconstruction (Miller 2007, Uhr 2006).

    After taking a strong interest in agriculture, tariffs and trade in his academic studies, Crawford became the director of the Department’s rural and regional planning divisions (Powell & Macintyre 2015).

    Those planning divisions evolved into the Bureau of Agricultural Economics which would serve as the Commonwealth agency responsible for examining proposals for settling returned soldiers on productive farms.

    With Crawford as the inaugural director, the Bureau would assess ‘the suitability of climate and soil, the adequacy of the farm areas and likely economic viability of the farms’ (Powell & Macintyre 2015).

    It was a significant task because no one wanted to repeat the costly mistakes of the 1920s where nearly 12,000 soldier settlers abandoned their farms within a few years.

    But Crawford saw greater potential for the Bureau.

    He proposed broader functions such as studies on the outlook for primary industries, land use investigations and research to promote certain commodities (Powell & Macintyre 2015).

    The Bureau of Agricultural Economics, Crawford and its broader functions transferred to the Department of Commerce and Agriculture in 1946.

    Through various departmental leadership roles, Crawford went on to be one of the great public administrators of his generation.

    John Crawford is the only economist ever to be recognised as the Australian of the Year, winning the award in 1981 for his work as ‘one of the foremost architects of Australia’s post‑war growth’ (Australian of the Year n.d) (I can’t help noting in passing that we’re probably due for another economist to take the top gong).

    Meanwhile, the Bureau has broadened its economic knowledge base and has added names to its title over the years as it merged with other research agencies (ABARES n.d).

    Some 80 years and dozens of outlook conferences later, the Australian Bureau of Agricultural and Resource Economics and Sciences continues to uphold John Crawford’s best traditions.

    In his words, providing a ‘fact‑finding service’ and providing ‘the material and critical analyses of problems with which policy can be better made’ (Crawford 1952).

    Recognising the ongoing importance of your work, our government announced additional funding in last year’s Budget to help:

    • improve regional data sources
    • collect information on low‑emissions technology, and
    • examine the effect of emissions policies on agriculture and regions (DAFF 2023).

    Concentrating on competition in agriculture

    As a kid who attended an agricultural high school, I’ve always been fascinated by farming. But competition is my primary reason for being here today.

    Since at least the days of Adam Smith, economists have spruiked the virtues of competition (Leigh 2022).

    Industries with plenty of competitors tend to deliver better prices, more choices and stronger productivity growth.

    Uncompetitive markets tend to deliver higher prices, lower wages, less choice, and less innovation. A lack of competition leads to problems that can be difficult to undo.

    Today, I will talk about one problem that has only become worse in the recent decades: market concentration.

    When I took on the competition portfolio, a friend issued me a challenge: ‘How many Australian industries can you name that are not dominated by a few big firms?’ (Leigh 2024a).

    It’s a tough ask.

    Applying the rule of thumb that a market is concentrated if the largest 4 firms control one‑third or more, research by Adam Triggs and I found over half of the industries in the Australian economy are concentrated markets (Leigh & Triggs 2016).

    Indeed, many people asked to take on my friend’s challenge might well answer ‘farming’. And it turns out that for many commodities – though not all – farming is quite competitive.

    A straightforward source of market concentration data are the annual industry estimates produced by IBIS World. They estimate the market share of the top 4 firms for several hundred industries.

    A round‑up of IBIS World data on the market share of the largest 4 companies in parts of the agricultural supply chain shows farmers are often caught in the middle.

    Upstream, farmers deal with concentrated markets for their inputs.

    The largest 4 companies in fertiliser manufacturing in Australia have a combined market share of 62 per cent (IBIS World 2024a).

    The largest 4 in hardware and building supplies retailing control about 49 per cent of the market (IBIS World 2024b).

    And the market share for garden supplies retailing is about 33 per cent for the largest 4 firms (IBIS World 2024c).

    Downstream, farmers deal with concentrated markets for processing, freight and retailing.

    According to IBIS World industry reports, there is concentration in fruit and vegetable processing, with the largest 4 companies holding about 34 per cent of the market (IBIS World 2023).

    For meat processing, market share of the largest 4 companies is 44 per cent with JBS Australia, Thomas Food International and Teys Australia being the dominant players (IBIS World 2024d).

    For rail freight transport, the 4 largest including Aurizon and Pacific National have a combined 64 per cent market share (IBIS World 2024e).

    For shipping freight transport in Australia, the market share of 2 companies – ANL and Maersk – amounts to about 85 per cent (IBIS World 2024f).

    When it comes to supermarkets and grocery stores in Australia, it is well documented that Coles and Woolworths account for two‑thirds of the market (IBIS World 2024g).

    These figures show that the agricultural supply chain is highly concentrated at the national level.

    However, for many farmers, their options are even more limited than these figures suggest, as transport costs and risk of spoilage further limit the commercially viable options available to them.

    To further illustrate the point about farmers being caught in the middle, today I will draw on case studies from a series of reports where concerns have been raised about market concentration harming farmers.

    And I will finish by outlining our actions to improve competition laws, to revitalise competition policy in Australia and to make the economy more productive.

    Digging in

    First, we should never underestimate the importance and efficiency gains of farm equipment and machinery.

    Historian James Burke argues the entire modern world is the result of the plough (Harford 2017).

    Increasing farm productivity meant communities could build up a surplus of food, people could settle in one place and everyone’s job no longer had to be finding food (Leigh 2024b).

    Knowing where your next meal was coming from allowed craftspeople to specialise, it allowed trade to flourish, and it allowed people to think about improving the world around them.

    Any list of top Australian inventions typically includes Richard Bowyer Smith and his brother Clarence’s invention in 1876 of the stump‑jump plough (Dictionary of Biography n.d).

    These days, we are no longer talking about the humble plough.

    We are talking about a billion‑dollar farm machinery industry consisting of hi‑tech harvesters, tractors and seeding machinery (DAFF 2022).

    John Deere has more software development engineers than mechanical design engineers (Patel 2021).

    For farmers, machinery represents a significant capital investment involving upfront and ongoing costs (ACCC 2021).

    But many Australian farmers feel they have no genuine choice or ability to shop around.

    The Australian Competition and Consumer Commission’s 2021 market study found farm machinery markets are concentrated at the manufacturer and dealership levels (ACCC 2021).

    Compared to car manufacturers, agricultural machinery makers have greater ability to leverage their market share in new sales to reduce competition in the market for servicing, repairs and parts.

    Warranties restrict the purchaser to a single authorised dealer for servicing and repairs.

    And tech restrictions mean independent repairers or farmers can’t access the parts, manuals and diagnostic software they need to carry out repairs.

    In short, farmers have few choices when buying machinery but even less choice when servicing or repairing that equipment.

    The Productivity Commission further examined difficulties accessing repair data as part of the right to repair inquiry (PC 2021).

    It agreed restrictions harm farmers through higher repair prices, reduced access and choice, and greater financial risks from repair delays.

    The Productivity Commission recommended the government intervene by introducing a repair supplies obligation on agricultural machinery.

    This would require manufacturers to provide access to repair information and diagnostic software tools to machinery owners and independent repairers on fair and reasonable commercial terms.

    As you may know, I have advocated for the need for access to service and repair information over many years.

    In July 2022, I launched Australia’s first right to repair law, the Motor Vehicle Service and Repair Information Sharing Scheme.

    The government is currently monitoring how this scheme is operating for the benefit of independent repairers and consumers.

    Extending right to repair to other sectors, such as agriculture, is a good thing for the economy, businesses and consumers.

    I am pleased there have been negotiations between Australian farmers and the farm machinery industry to consider putting in place a voluntary right to repair arrangements for the sector.

    I encourage parties to continue those negotiations as voluntary arrangements are a great opportunity to foster collaboration and flexibility and can often lead to innovative and effective outcomes.

    Seeds of doubt

    Seeds are the next input I want to cover.

    The US Department of Agriculture’s Economic Research Service examined the seed sector as part of its paper on concentration and competition in agribusiness (MacDonald J et al. 2023).

    The 2023 paper found the seed sector ‘has become highly integrated with agricultural chemicals and more concentrated, with fewer and larger firms dominating supply’.

    Using 2021 annual report data, it said Bayer, ChemChina’s Syngenta Group, Corteva and BASF were the biggest players in global sales for seeds and agricultural chemicals.

    The Economic Research Service found seed prices rose significantly as markets became more concentrated but said the evidence was mixed on the influence of other factors.

    Between 1990 and 2020, the average seed price went up by 270 per cent and the average price for genetically modified varieties rose 463 per cent (MacDonald J et al. 2023).

    Despite the higher seed costs, the paper said it could be argued that genetically modified varieties resulted in ‘significant productivity gains to farmers’.

    It also said higher seed prices may have supported research and development with the number of patents for new crop varieties doubling compared to earlier decades.

    Still, there are not many other industries where the price of a key input has grown fivefold in thirty years.

    Mergers have changed the global seed and farm chemical industry in recent years, and questions remain about what it means for prices and innovation in the long term.

    Sour competition grapes

    Wine grapes arrived with the first fleet in 1788 as cuttings collected en route by Captain Arthur Phillip.

    They were planted at Sydney Cove but withered and died without producing any fruit.

    Which is why it’s called the Rum Rebellion, not the Chardonnay Coup.

    Nevertheless, a fledging wine industry struggled to its feet through booms and busts of the 1800s and by the turn of the century had taken root.

    In the most recent year for which statistics are available, Australia exported 621 million litres of wine (Wine Australia 2024). That figure exceeds domestic wine sales, estimated at 444 million litres.

    There are more than 2,000 wineries and approximately 6,000 grape growers across our 65 wine growing regions.

    They have over 160,000 full and part‑time employees.

    But while the terroir may be good, the vineyard not a level playing field.

    A wine grape market study completed by the Australian Competition and Consumer Commission in 2019 found a highly concentrated industry (ACCC 2019).

    Issues in the supply chain included a lack of competition, potential unfair contract terms, a lack of price transparency, and imbalanced risk allocation in favour of winemakers over grape growers.

    The largest 1 per cent of winemakers accounted for over 80 per cent of wine production.

    Four retailers account for over 80 per cent of sales by value in the domestic retail liquor market.

    The 5 largest winemakers account for an estimated 87 per cent of volume in the Australian wine export market.

    And the trend has been towards even greater consolidation of large winemakers in recent years.

    Change is never easy in agricultural industries subject to boom‑and slump cycles of over production in the good times and consolidation in the bad.

    In 2021 the ACCC found that commercial practices in the wine grape industry had improved since their 2019 report but warned that regulatory action may be necessary without further reforms in payment times and transparency.

    Industry is taking steps to improve transparency but there is still work to be done to ensure a fair and functioning wine, grape and retail market.

    In August, we appointed former competition minister Craig Emerson to lead an independent impact analysis of the wine and grape sector’s regulatory options (Collins 2024).

    Dr Emerson’s report will examine fair trading, competitive relationships, contracting practices and risk allocation.

    Competition beef

    Those problems are not unique to the grape and wine industry.

    In 2023, the National Farmers Federation released an issues paper criticising the lack of transparency and competition across Australia’s agricultural supply chains (NFF 2023).

    The National Farmers Federation said reduced competition meant farmers weren’t receiving the incomes they deserved with long‑term consequences for competitiveness, economic and environmental sustainability and profitability.

    Those concerns echoed the Australian Competition and Consumer Commission’s cattle and beef market study of 2017. That study found evidence that conflicts of interest regularly arise in saleyard transactions when buyers bid for livestock on behalf of multiple clients, and when agents represent both a cattle seller and a cattle buyer in the same transaction (ACCC 2017).

    The report pointed out that cattle auctions have characteristics that make it easier for cartels to develop, including repeated interactions with the same auctioneers, who are often linked by social networks that make it easier to ‘punish’ auctioneers who break away from agreed anti‑competitive bidding practices. Other problematic behaviours included the exclusion of rival agents, and a lack of transparency around saleyard weighing protocols.

    There is a cyclical element to many concerns about competitiveness in the market structure of the Australian cattle and beef industry.

    An ongoing concern is the impact on producers of market concentration and buyer power during tough times, such as droughts.

    Seasonal and cyclical fluctuations in supply can also affect the profitability of meat processors, dampening incentives for new entrants and reducing competition through mergers or acquisitions of incumbents.

    The 2017 report found that the top 5 Australian processors account for around 57 per cent of total cattle slaughter (ACCC 2017).

    A follow‑up report by the Australian Competition and Consumer Commission 2 years later found that the industry had taken some steps towards improving transparency in dealings between processors and farmers, but, again, there was still work to do (ACCC 2019).

    Super concentrated

    Another highly concentrated part of the agricultural supply chain in Australia are supermarkets.

    Coles and Woolworths account for about 67 per cent of national retail sales (Mulino 2024, ACCC 2024 p147).

    Only 2 OECD countries – New Zealand and Norway – have a greater market share of sales controlled by 2 supermarkets (ACCC 2024 p148).

    Earlier this year, the House of Representatives Standing Committee on Economics handed down an excellent report on the inquiry into promoting economic dynamism, competition and business formation.

    The Committee received evidence on the high market share in the supermarket sector, profit margins, and the power imbalance in the relationship between the major supermarkets and farm‑gate producers.

    The report said: ‘Many agricultural suppliers are at risk of that power imbalance being used to negotiate outcomes that affect profitability and, therefore, the capacity and willingness to invest.’

    At the same time as the Parliamentary inquiry, our government is taking action on several fronts.

    Food and Grocery Code of Conduct

    First, we are making sure the Food and Grocery Code of Conduct is working effectively and fairly.

    The voluntary Code was introduced in 2015 to improve behaviour in the way supermarkets deal with suppliers – including growers where they supply directly to supermarkets.

    Dr Craig Emerson’s independent review found the Code is ‘needed to address persistent bargaining power imbalances between supermarkets and their smaller suppliers’ (Emerson 2024).

    Dr Emerson made 11 recommendations for improving the Code and the government announced in June that it will adopt them all (Treasury 2024a).

    The Code will be made mandatory with Coles, Woolworths, Aldi and Metcash subject to million‑dollar penalties for serious breaches.

    There will be improvements to the dispute resolution mechanisms. There will be a pathway for anonymous complaints from suppliers and whistle‑blowers, and guards against retribution by supermarkets.

    We released exposure drafts for consultation in September and we aim to introduce legislation into the Parliament later this year.

    Supermarket inquiry

    Second, we understand more needs to be done to achieve a competitive and sustainable food and grocery sector.

    So, we directed the Australian Competition and Consumer Commission to undertake a 12‑month inquiry into supermarket pricing.

    It allows the watchdog to conduct a deep dive into competition and pricing practices in the supermarket sector for the first time in more than 15 years.

    The Australian Competition and Consumer Commission’s interim report released in September said, ‘Australia’s supermarket industry is changing’ but remains ‘highly concentrated’ (ACCC 2024).

    In the era of online shopping, loyalty programs and data technology, Coles and Woolworths have expanded their share of take‑home food and grocery sales by a combined 3.7 percentage points since 2006–07.

    Supermarkets have also expanded into broader ‘ecosystems’ beyond grocery retailing but in highly complementary areas such as advertising and data analytics, pet products, telco and insurance services (ACCC 2024 p161).

    As well as conducting consumer surveys as part of the inquiry, the Australian Competition and Consumer Commission held 7 roundtables to listen to farmers and fresh produce wholesalers.

    Although no conclusions have been made, the interim report highlighted concerns from fresh produce suppliers about information asymmetries, power imbalances and specific practices that have enabled supermarkets to transfer disproportionate risk and cost onto suppliers.

    In the next phase of the inquiry, the Australian Competition and Consumer Commission will undertake 14 case studies to examine supermarket profit margins and how profits are distributed in the supply chain.

    And it will hand a final report to the government in February 2025.

    CHOICE retail reports

    Third, we announced funding for consumer group CHOICE to produce quarterly reports on retail grocery prices.

    The CHOICE reports will compare grocery prices at different retailers, highlighting those charging the most and the least.

    We have already seen the first 2 ‘basket of goods’ quarterly reports using data from March and June to help consumers make informed decisions about what they’re buying and where they shop (Leigh 2024c).

    Other measures

    Earlier this month, the Australian Government announced around $30 million in additional funding to the ACCC to crack down on misleading and deceptive pricing practices and unconscionable conduct in the supermarket and retail sectors.

    This will strengthen the ACCC’s ability to proactively monitor behaviour and investigate concerns about supermarkets and retailers falsely justifying higher prices.

    In addition to this crackdown, the Treasurer will work closely with states and territories through the Council on Federal Financial Relations to reform planning and zoning regulations, which will help boost competition in the supermarket sector by opening up more sites for new stores (Albanese 2024).

    Strengthening protections against unfair contract terms

    Unfair contract term protections are another area where we have already made improvements.

    Unfair contract terms are terms that are clearly lopsided – for example by allowing the more powerful party to unilaterally change prices, or cancel the contract.

    Under the former government, such terms were unenforceable, but it was not an offence to include them in a contract.

    Fertiliser

    For example, last year the Australian Competition and Consumer Commission investigated complaints about fertiliser companies using contracts in a way that could disadvantage farmers (ACCC 2023).

    Contract terms allegedly gave larger suppliers the right to unilaterally vary the quantity delivered or to terminate the agreement and restricted buyers from raising issues about defects.

    Fertiliser suppliers co‑operated and changed the contract terms to address the Australian Competition and Consumer Commission’s concerns.

    Potatoes

    In another example, the Federal Court in 2019 declared Mitolo Group, Australia’s largest potato wholesaler, used unfair terms in contracts with growers (ACCC 2019).

    The court declared contract terms that allowed Mitolo to unilaterally determine or vary the price paid to growers as void.

    Terms preventing growers from selling potatoes to other purchasers and terms stopping farmers from selling their property unless the buyer entered into a contract with Mitolo were also declared void.

    Stronger laws

    More broadly, the problem is the laws weren’t stopping the use of unfair terms, which remain prevalent in standard form contracts.

    A court could declare a contract term to be unfair and therefore void and unenforceable, but until our government took office, the law didn’t allow penalties to be imposed.

    We have fixed that. In 2022, we delivered on our promise to strengthen unfair contract term laws (Leigh & Collins 2022).

    We introduced civil penalty provisions outlawing the use of, and reliance on, unfair terms in standard form contracts.

    And we extended the coverage of the protections.

    We lifted the eligibility cap from businesses with less than 20 employees to businesses with less than 100 employees, or annual turnover of less than $10 million.

    The most significant merger reforms in decades

    Merger regulation is one of the key pillars of competition law (Leigh 2024a).

    It acts as the ‘preventive medicine’ against the few mergers that substantially lessen competition.

    But feedback suggests our system isn’t as healthy as it could be.

    The Competition Taskforce found Australia’s ‘ad hoc’ merger process is unfit for a modern economy and said we lag best practice in other countries.

    In response, we have announced the most significant reforms to merger settings in almost 50 years.

    The proposed reforms will make Australia’s merger approval system faster, stronger, simpler, targeted and more transparent.

    Revitalising National Competition Policy

    The Albanese government is working with state and territories to revitalise National Competition Policy.

    There is consensus that pro‑competitive reforms are worth doing and we are aiming for agreement by the end of the year.

    The original National Competition Policy underpinned a generation of growth from the 1990s (Leigh 2024d).

    While it left us in a good position, the economy has changed, and the nation now faces new challenges that the original policy could not have anticipated.

    These include digitalisation, the growth in human services, the net zero transformation and supporting Australia’s most vulnerable (Treasury 2024b).

    Trade opportunities

    We are also looking to improve competitiveness overseas as well as at home.

    Our farmers are internationally competitive with Australia exporting around 72 per cent of the total value of agricultural, fisheries and forestry production (ABARES 2024).

    Historically, Australia’s farmers have been among the strongest advocates of trade liberalisation. The old ‘protection all round’ strategy meant that Australian farmers paid more for imported farm machinery, and faced tariffs from other countries to which they exported their produce.

    Reductions in Australia’s domestic tariffs under the Whitlam, Hawke and Keating governments made farm equipment more affordable. It also bought Australia international credibility – enabling us to spearhead reform through the creation in 1986 of the Cairns Group of Fair Trading Nations, to advocate for liberalisation of global trade in agricultural goods (cairnsgroup.org).

    Today, our government is building on that legacy. Invested: Australia’s Southeast Asia Economic Strategy said, ‘Australia is already a key partner in helping Southeast Asia meet its food security needs’, and notes that ‘there is strong potential to develop this trade relationship further towards 2040’ (DFAT 2023).

    So, trade forms a significant part of our broader economic agenda.

    And as Trade Minister Don Farrell observes, we are ‘delivering on our commitment to secure new trade and investment opportunities for Australian exporters, producers, farmers and businesses’ (Farrell 2024).

    Closing remarks

    Let me finish by saying, competitive markets matter in all parts of the Australian economy, but especially in the farm sector.

    As the Australian Competition and Consumer Commission’s Mick Keogh crisply puts it: ‘there are many farmers, but few processors or wholesalers, and even fewer major retailers’ (Keogh 2021).

    As my analysis of IBIS World data shows, small‑scale farmers are often the meat in a market concentration sandwich.

    Upstream, there is often no choice about dealing with large‑scale providers on inputs.

    Downstream, there is often no choice about negotiating with larger processors and retailers.

    And through various examples from many reports over several years, we can see that market concentration hurts farmers.

    Higher prices for inputs.

    Less choice for repairs.

    Power imbalances in negotiating contracts.

    A lack of transparency around prices.

    And potentially unfair contract terms.

    I’m pleased to say, as outlined today, the government is focused on practical solutions to improve our competition settings.

    And we appreciate the expertise and insights of the Australian Bureau of Agricultural and Resource Economics and Sciences.

    Thank you.

    Note: My thanks to officials in the Australian Treasury for invaluable drafting assistance.

    References

    Albanese, A; Chalmers, J. (2024) ‘Helping Australians get fairer supermarket prices through stronger protections and greater competition’, [media release] The Treasury, accessed 1 October 2024.

    Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) n.d About ABARES – Our History, online content.

    Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) (2024) Snapshot of Australian Agriculture 2024, ABARES Insights.

    Australian Competition and Consumer Commission (ACCC) (2024) Supermarkets inquiry interim report.

    Australian Competition and Consumer Commission (ACCC) (2017) Cattle and Beef Market Study – Final Report.

    Australian Competition and Consumer Commission (ACCC) (2019a), Transparency improving in cattle and beef industry, media release issued 20 August 2019.

    Australian Competition and Consumer Commission (ACCC) (2020) Perishable agricultural goods inquiry Final Report.

    Australian Competition and Consumer Commission (ACCC) (2021) Agricultural Machinery Market Study.

    Australian Competition and Consumer Commission (ACCC) (2023) Fertiliser suppliers amend unfair contract terms after ACCC investigation Accessed 21 August 2023.

    Australian Competition and Consumer Commission (ACCC) (2019b) Court penalises potato wholesaler for breaching the Horticulture Code and declares unfair contract terms void, Accessed 2 August 2019.

    Australian of the Year Awards (n.d) Sir John Crawford AC CBE – In Memoriam.

    Cairns Group, The. (n.d) About The Cairns Gro…~https://www.cairnsgroup.org/Pages/Introduction.aspx

    Collins (2024) Supporting Australia’s wine industry [media release] The Treasury, accessed 23 August 2024.

    Department of Agriculture, Fisheries and Forestry (2022) Snapshot – Australian agricultural machinery imports Accessed 4 November 2022.

    Department of Agriculture, Fisheries and Forestry (2023) Boosting capabilities to support a sustainable agriculture sector Budget 2023–2024 fact sheet, Australian Government.

    Department of Foreign Affairs and Trade (2023) Invested: Australia’s Southeast Asia Economic Strategy to 2040, a report for the Australian Government accessed September 2023.

    Dictionary of Biography, Australian. Richard Bowyer Smith entry, Biography – Richard …~https://adb.anu.edu.au/biography/smith‑richard‑bowyer‑13201

    Emerson C (2024) Independent Review of the Food and Grocery Code of Conduct Final Report, [final report] Treasury.

    Farrell D (2024) Press conference, Parliament House Accessed 17 September 2024.

    Harford T 27 November (2017) How the plough made the modern economy possible BBC World Service.

    IBIS World (2024a) ‘Agricultural machinery manufacturing in Australia’, Industry Report, February 2024.

    IBIS World (2024b) ‘Hardware and building supplies retailing in Australia’, Industry Report, February 2024.

    IBIS World (2024c) ‘Garden supplies retailing in Australia’, Industry Report, March 2024.

    IBIS World (2024d) ‘Meat processing in Australia’, Industry Report, June 2024.

    IBIS World (2024e) ‘Rail freight transport in Australia’, Industry Report, September 2024.

    IBIS World (2024f) ‘Water freight transport in Australia’, Industry Report, May 2024.

    IBIS World (2024g) ‘Supermarkets and grocery stores in Australia, Industry Report, August 2024.IBIS World 2023, ‘Fruit and vegetable processing in Australia’, Industry Report, August 2023.

    Keogh M (2021) Competition in Australian agriculture Speech to the National Farmers’ Federation accessed 11 June 2021.

    Leigh A 28 November (2022) Look overseas to see the virtues of more competition [opinion piece] The Australian.

    Leigh A 27 August (2024a) Why new rules in competition are sure to be game‑changing [opinion piece] The Canberra Times.

    Leigh A (2024b) The Shortest History of Economics, Black Inc.

    Leigh A (2024b) Supermarket price monitoring to help Australians make informed choices at the checkout [media release] Accessed 20 June 2024.

    Leigh A (2024c) Supermarket price monitoring to help Australians make informed choices at the checkout [media release] Accessed 20 June 2024.

    Leigh A (2024d) Competition reform will ensure flourishing future [opinion piece] The Australian.

    Leigh A and Collins J (2023) Labor delivering on promise to ban unfair contract terms [media release] Accessed 26 July 2022.

    Leigh A and Triggs A (2016), Markets, Monopolies and Moguls: The Relationship between Inequality and Competition. Australian Economic Review, 49: 389–412.

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    MIL OSI News –

  • MIL-OSI Security: KAMANDAG 8 Combined HA/DR Drill Increases Allied Response Capabilities

    Source: United States INDO PACIFIC COMMAND

    BURGOS, Philippines  –  

    A peaceful coastal town in Ilocos Norte, Philippines, showcases a blend of natural beauty and rural charm. Stretching along the northernmost coast of Luzon, it is bordered by the blue waters of the western Pacific Ocean. During October, Burgos became the location where the proverbial rubber met the road as three different nations trained together to accomplish one common goal.

    Members of the Amphibious Rapid Deployment Brigade (ARDB), Japan Ground Self-Defense Force (JGSDF), trained side-by-side with the Philippine Marine Corps (PMC) 4th Marine Brigade (4MBDE) and Bureau of Fire Protection (BFP), along with support from U.S. Marines and Sailors from Marine Rotational Force-Southeast Asia (MRF-SEA), elements of Marine Medium Tiltrotor Squadron (VMM) 165 (Reinforced), 15th Marine Expeditionary Unit (15th MEU), and Combined Task Force – 76 (CTF 76) to share knowledge and experiences while participating in various subject matter expert exchanges leading up to a final humanitarian aid and disaster relief (HA/DR) demonstration on Camp Cape Bojeador during the annual Philippine Marine Corps exercise, KAMANDAG 8.

    The expert exchanges included classes on Small Unmanned Aerial Systems (sUAS); medical care, triage and casualty evacuation; small boats; and operational planning, which were vital to the final execution of the HA/DR demonstration between the combined forces.

    Marines and Sailors from MRF-SEA played a key role in the planning for the HA/DR demonstration, coordinated by the JGSDF Logistics Support Brigade (LSB). U.S. Marine involvement comes on the heels of a successful bilateral response to Typhoon Krathon (Julian) in Northern Luzon and the Batanes Islands, which occurred less than a week before the commencement of KAMANDAG. This experience provided MRF-SEA with valuable insights that enhanced the overall planning process.

    “This is one of the first major evolutions where you have a combined effort between the Japanese Ground Self-Defense Force, the Philippine Marine Corps, and the United States Marine Corps,” said U.S. Marine Corps Capt. Matthew Demaso, the Air Naval Gunfire Liaison Company officer in charge for Marine Rotational Force-Southeast Asia.

    Leading up to the execution of the HA/DR mission demonstration, leaders from the JGSDF, 4MBDE, and MRF-SEA engaged in extensive planning over four days at Camp Cape Bojeador in Burgos. The Operational Planning Team developed a comprehensive and integrated response strategy for the simulated disaster scenario. Concurrently, participating forces conducted multilateral training in key areas, including amphibious landings, search and rescue operations, medical triage and patient evacuation, engineering clearance procedures, and sUAS operations with an RQ-20 PUMA.

    The U.S. Marines manning the PUMA were able to showcase the abilities of an unmanned aerial vehicle in assisting with search and rescue missions in the event of a natural disaster.

    “The information that I’ve been sharing with their personnel is focused on search and rescue, specifically how the sUAS systems could help both the military and the civilian sector for any humanitarian aid or disaster relief mission,” said U.S. Marine Corps Sgt. Marcos Lopez, a sUAS operator with ANGLICO Detachment 1.

    Lopez served as the lead instructor for the sUAS SMEE, demonstrating how to properly launch a PUMA and showcasing the information that the unmanned aircraft can provide, such as grid location, altitude, distance, and live video footage of the surrounding area.

    Leveraging the PUMA’s reconnaissance capabilities enables combined forces to identify citizens impacted by natural disasters ahead of time, allowing rescue personnel to prepare accordingly before arriving on-site.

    While MRF-SEA Marines shared insights into the capabilities of the sUAS, medical personnel at Camp Cape Bojeador exchanged knowledge on best medical practices for responding to natural disasters as they prepared for the HA/DR demonstration. Nurses with the JGSDF, service members with the Philippine BFP, and U.S. Navy Hospital Corpsman 2nd Class David Doyle, a preventative medicine technician with MRF-SEA, led the majority the medical SMEE focusing on taking a mass influx of patients and triaging them promptly, monitoring vitals, and documenting injuries to ensure the best patient care during their admission to a higher echelon of medical care.

    “If we can continue to educate each other on the multitude of possible medical scenarios that can happen after a natural disaster, we will enhance our ability to assist in a real-life scenario,” said Doyle.

    As the training progressed, the collaborative efforts among the combined forces highlighted the importance of real-world preparedness in the face of potential disasters. Elements of the 15th MEU provided air support with MV-22 Ospreys to aid in transporting supplies and conducting casualty evacuations, including medical personnel from 4MBDE and JGSDF. The demonstration also featured over-the-horizon ship-to-shore movements and coordination with local agencies.

    This comprehensive approach not only facilitated skill-building in search-and-rescue tactical operations and patient triage, but also fostered a deeper understanding of each nation’s roles and capabilities, emphasizing the significance of scenario-based training.

    MRF-SEA, along with the 15th MEU and CTF 76/3, played a crucial role in the success of the HADR demonstration as it was one of the defining events of KAMANDAG 8. “We did a tabletop exercise through the humanitarian aid disaster response to walk through the plan and rehearse it, and then we were able to execute the plan for the demonstration, near flawlessly, on time, effectively, and safely,” said Demaso.

    Elements from the LSB and the 4MBDE conducted their ship-to-shore movement using two MV-22 Ospreys attached to Marine Medium Tiltrotor Squadron (VMM) 165 (Reinforced) 15th MEU, launched from the USS Miguel Keith, an expeditionary staging base assigned to CTF-76/3.

    Simultaneously, an amphibious insertion involving combined military forces and Philippine relief agencies was executed using small boats, ensuring rapid notional link-up with local government officials. This set the stage for the rapid deployment of forces and assistance in the simulated disaster response.

    In the days leading up to the demonstration, Marines and Sailors of MRF-SEA used the RQ-20 PUMA to showcase its capabilities in the search-and-rescue component of a HA/DR mission.

    Additionally, MRF-SEA’s tactical air control party conducted successful pick-up and landing zone operations, allowing for the safe and efficient unloading of relief supplies and multilateral disaster relief teams. These efforts also expedited the evacuation of casualties, who were transported to a higher echelon of medical care aboard U.S. Navy vessels.

    In a major step toward enhancing multilateral cooperation in the Indo-Pacific region, MRF-SEA, in collaboration with CTF-76/3 and the 15th MEU, successfully integrated with the PMC and JGSDF, testing the readiness of the multinational forces to respond to real-world emergencies.

    “This successful execution of this HADR training and demonstration marks a significant launch of the Philippines and Japan Reciprocal Access Agreement (RAA), which was enacted just three months ago,” said Capt. Will Thomas, a joint terminal attack controller with MRF-SEA.

    The Philippines and Japan RAA is a defense cooperation agreement that allows for the increased presence of Japanese troops in the Philippines and vice versa for humanitarian missions, disaster response, and other scenarios. This agreement streamlines coordination between the two nations during combined operations or mutual defense needs.

    Unified efforts between U.S., Philippine, and Japanese forces demonstrated their ability to conduct effective disaster response operations in challenging environments, further strengthening regional preparedness for real-world scenarios.

    The annual Philippine Marine Corps exercise highlighted MRF-SEA’s key role in strengthening multilateral cooperation within the U.S. Indo-Pacific Command and reinforced future cooperation with U.S. allies and regional partners, enhancing collective readiness against environmental and security challenges.

    MIL Security OSI –

  • MIL-OSI Security: Enduring Partnerships: MRF-SEA Concludes KAMANDAG 8 with new experiences, knowledge

    Source: United States INDO PACIFIC COMMAND

    MANILA, Philippines  –  

    In a historic first, six nations converged on Filipino soil in the wake of a super typhoon to train, learn, and strengthen their partnership during KAMANDAG 8, reaffirming the exercise’s importance to regional peace and stability in the Indo-Pacific.

    The two-week exercise, which concluded on Oct. 25, focused on enhancing defense and humanitarian capabilities through combined training events and expert exchanges. Participants engaged in a wide range of training activities, including chemical, biological, radiological, and nuclear response; humanitarian assistance and disaster relief; unmanned aerial systems use; small boat operations; logistics; civil-military operations; coastal defense; and command and control processes.

    Among the participants in KD8 was a detachment of Marines and Sailors from Marine Rotational Force-Southeast Asia, a unit derived from elements of I Marine Expeditionary Force designed to provide a persistent presence in the region while conducting exercises and military expert exchanges with allies and partners. For instructors with MRF-SEA, the exchanges were invaluable to sustaining partnerships west of the International Date Line.

    “The exchanges with not just our Philippine Marine Corps partners, but all partner nations, allow us to learn and grow as a fighting force,” said Gunnery Sgt. Ryan Berthiaume, CBRN chief with MRF-SEA. “Everyone has different ways of doing the same mission. These events are a great way to alter our way of thinking and apply new procedures to our own techniques, tactics, and procedures.”

    Just days before KAMANDAG 8 kicked off, U.S. Marines, Philippine Marines and citizens concluded a real-world foreign disaster relief mission in support of Philippine citizens residing in typhoon-stricken Northern Luzon. Efforts to transport nearly 100,000 pounds of supplies and family food aid packs from Manila to Laoag International Airport and then onward to affected areas near Basco solidified a joint commitment of protecting the people of the Philippines from natural disasters across the country.

    “This [mission] enabled them to have their basic needs met and focus on rebuilding their lives and getting back to normal,” said U.S. Marine Corps Capt. Matthew Demaso, the Air Naval Gunfire Liaison Company officer in charge for MRF-SEA. “It demonstrates that the United States is willing to answer the call of its allies quickly and efficiently to get them the help they need now.”

    Following the residual effects of the storm, a previously scheduled, notional HA/DR training event amongst the U.S., JGSDF, and PMC within the exercise provided another opportunity for allies to test their mettle as a proactive force in readiness. Teams took to the ocean in small boats to exercise boat use and movement to shore in order to provide necessary triage care and transportation of the injured; utilizing MV-22 Ospreys attached to Marine Medium Tiltrotor Squadron (VMM) 165 (Reinforced), 15th Marine Expeditionary Unit, who were already postured in the area with forces participating in the exercise on Palawan.

    This year’s KAMANDAG was the eighth iteration conducted in the Philippines and included over 2,000 participants. Service members from the French Armed Forces, Royal Thai Marine Corps, and Indonesian Marine Corps,Australian Defense Force, British Armed Forces, Japan Ground Self-Defense Force, and Republic of Korea Marine Corps united in the Philippines to take part in the historically bilateral, Philippine and U.S. Marine lead exercise.

    The multinational collaboration of KAMANDAG 8 provided a valuable platform for participants to exchange expertise and foster working relationships across the globe. The combined environment allowed service members of all ranks and skill sets to enhance multinational cooperation, interoperability, and strengthen their collective capabilities.

    Operating in a foliage-rich environment brought new challenges and questions from young Marines participating in their first exercise; especially in utilizing communications equipment and radios in a mostly comm-degraded location such as the Philippine jungle. Cpl. Jacon McMahon, a transmissions systems operator with MRF-SEA, brought attention to the uniqueness of learning communications procedures from incredibly resourceful Filipino counterparts.

    “Through collaboration and shared expertise, the PMC demonstrated the art of crafting a jungle antenna and their communication capabilities. They showcased not just technical skills but strengthened our capabilities as Marines.”

    By combining training, humanitarian assistance, and disaster relief efforts, participating nations have reinforced their commitment to a secure and prosperous Indo-Pacific. As the region continues to face evolving challenges, exercises like KAMANDAG remain crucial in making partners “Stronger Together.”

    MIL Security OSI –

  • MIL-OSI New Zealand: SH2 blocked, Te Hauke, Hawke’s Bay

    Source: New Zealand Police (District News)

    State Highway 2 is blocked at Te Hauke near Burma Road while the road is cleaned, following a two vehicle crash this afternoon.

    Police responded to SH2 following the two vehicle crash involving a portaloo and a ute around 3:40pm.

    No injuries were reported. 

    Motorists are advised to expect delays and take an alternate route.

    ENDS

    Issued by Police Media Centre 

    MIL OSI New Zealand News –

  • MIL-OSI Security: KAMANDAG 8: Philippine 3rd Marine Brigade, 15th MEU Conduct Integrated Live-fire Coastal Defense

    Source: United States INDO PACIFIC COMMAND

    PALAWAN PROVINCE, Philippines  –  

    Philippine Marines with 3rd Marine Brigade and U.S. Marines with elements of the 15th Marine Expeditionary Unit established defensive positions at Apurawan Beach to conduct a combined live-fire coastal defense Oct. 22, 2024, during Exercise KAMANDAG 8.

    The training scenario on Palawan’s western shores integrated Philippine and U.S. forces as they coordinated close air support, air defense systems, guided missiles, artillery, mortars, rockets, machine guns, and command-detonated mines to repel a simulated amphibious landing to defend key maritime terrain.

    Philippine Navy Vice Adm. Alfonso Torres, commander of Western Command, and Philippine Marine Corps Commandant Maj. Gen Arturo Rojas attended the event, along with other key commanders and staff.

    KAMANDAG is an annual Philippine Marine Corps and U.S. Marine Corps-led exercise taking place Oct. 15-25 aimed at enhancing the Armed Forces of the Philippines’ defense and humanitarian capabilities by providing valuable training in combined operations with foreign militaries in the advancement of a Free and Open Indo-Pacific. This year marks the eighth iteration of this exercise and includes participants from the French Armed Forces, Royal Thai Marine Corps, and Indonesian Marine Corps; including continued participation from the Australian Defense Force, British Armed Forces, Japan Ground Self-Defense Force, and Republic of Korea Marine Corps.

    “Today, Philippine and U.S. Marines are integrating our respective emerging doctrines for coastal defense and counter-landing operations,” said U.S. Marine Corps Lt. Col. Nicholas Freeman, commanding officer of Battalion Landing Team 1/5, 15th MEU. “We’re training to maneuver and mass effects to attrite, block, fix and destroy a force that attempts to land. Here, Philippine guides would bring in our forces to rapidly establish an area defense of this landing site. Our engagement area would extend from the beach’s exit routes out to the launch points for enemy landing craft, with a plan for fires integrating both Philippine and U.S. Marine weapons systems.”

    On the day prior to the coastal defense, Charlie Battery, Battalion Landing Team 1/5, landed on Palawan’s eastern shores from the amphibious assault ship USS Boxer (LHD 4) in the Sulu Sea. The unit then infiltrated their M777 155 mm towed howitzers across 45 miles of mountainous terrain to firing positions covering the engagement area. Although the M777s did not fire live artillery during the exercise, their participation marked a significant milestone in quickly positioning defensive fires capabilities on the island.

    “This was the longest U.S. military tactical movement, bearing the most fires capability to date, across Palawan,” said Freeman. “This is the first time we have moved this much firepower from one side of the island to the other, and they did it safely, swiftly, and realistically from a ship to objective.”

    In just over 24 hours, the dirty work of digging in by hand along hundreds of yards of coconut palms was completed by approximately 150 Philippine Marines from 3rd MDBE and 150 U.S. Marines from 15th MEU, mainly from BLT 1/5’s Weapons and Bravo Companies. From their camouflaged positions, some Marines commented that the tropical landscape reminded them of the island battles during World War II, such as Guadalcanal and Wake Island.

    “This is the environment that we try to simulate back in California, but it’s difficult to do that because we often train in the desert,” said U.S. Marine Corps 1st Lt. Graham Clark, the battalion fires officer of BLT 1/5 who synchronized each of the elements conducting the live-fire. “This was valuable training with a very important partner force since we are developing these tactics to fight in an environment like Palawan.”

    The first event in the scenario was the detection of an approaching unmanned aircraft system threat. FIM-92 Stinger gunners with the Low Altitude Air Defense detachment, Marine Medium Tiltrotor Squadron (VMM) 165 (Reinforced), 15th MEU, unmasked from their positions and sighted their missiles.

    When the target drone was grounded due to high winds, the Stinger gunners took direct aim at target boats bobbing just above the surface hundreds of yards away. The Stingers, typically used against aircraft, fired and scored direct hits, sending pieces of orange-painted wood scattering into the bay.

    Next, radio calls alerted the defense that amphibious landing craft were approaching from over the horizon. Two F-35B Lightning II aircraft attached to Marine Fighter Attack Squadron (VMFA) 225, 15th MEU, quickly launched from the Boxer and roared overhead. They dropped two 500-pound GBU-12 laser-guided bombs to destroy boats a few kilometers from shore before disappearing over the ocean.

    From the tree line, Philippine Marines then opened fire with 105 mm artillery cannons, supported by BLT 1/5’s 81 mm and 60 mm mortars, providing steady fires and suppression on the next set of targets.

    Meanwhile, a mixed section of AH-1Z Viper and UH-1Y Venom helicopters with VMM-165 (Rein.) launched from Antonio Bautista Air Base in Puerto Princesa, where the squadron had established an aviation spoke ashore. They made multiple attack runs and fired rockets, 20 mm cannons, and 2.75-inch rounds.

    As the remaining closer-in boats were targeted, BLT 1/5 Marines emerged from the tree line with Javelin anti-tank missiles, sending wood flying as their strikes echoed across the bay.

    The entire beachfront then erupted as Philippine Marines fired 90 mm rounds from atop an armored personnel carrier. The combined forces also employed heavy machine guns, including Mark 19 40 mm grenade machine guns and .50-caliber machine guns, as well as medium machine guns.

    When the remaining enemy force crossed the surf, individual Philippine and U.S. Marines repelled the final wave with small arms, accurately engaging paper silhouette targets at close range. A claymore anti-personnel mine detonated, signaling a final blow and ceasing fires across the beach.

    “This was part of KAMANDAG, but really it’s part of a larger transformation in the concept and tactics for coastal defense strategy in this region – something that has not been employed or tested at scale for decades in the Indo-Pacific,” said U.S. Marine Corps Col. Sean Dynan, commanding officer of the 15th MEU. “Having the commander of WESCOM and the commandant of the Philippine Marine Corps attend showed the value and interest in developing this doctrine by both of our militaries. We, along with our Filipino counterparts, will take the lessons learned and continue to refine these concepts.”

    MIL Security OSI –

  • MIL-OSI Security: USS George Washington Carrier Strike Group leads Task Force 70 surface, air forces into Keen Sword 25

    Source: United States INDO PACIFIC COMMAND

    PACIFIC OCEAN  –  

    The USS George Washington Carrier Strike Group (CSG) is leading a contingent of Commander, Task Force (CTF) 70 ships, aircraft and personnel participating in exercise Keen Sword 25 from Oct. 23 to Nov. 1, 2024.

    Keen Sword is the latest in a series of joint-bilateral field training exercises designed to increase combat readiness and interoperability of Japan Self-Defense Forces (JSDF) and U.S. forces.

    In addition to Carrier Air Wing 5 and the strike group staff, embarked aboard the flagship Nimitz-class aircraft carrier USS George Washington (CVN 73), CTF 70 is represented in the exercise by the expeditionary Electronic Attack Squadron (VAQ) 134, as well as the Ticonderoga-class guided-missile cruiser USS Lake Erie (CG 70) and the Arleigh Burke-class guided-missile destroyer USS Preble (DDG 88), both operating under Destroyer Squadron (DESRON) 15.

    “The George Washington Carrier Strike Group’s presence is crucial in Keen Sword 25,” said Rear Adm. Greg Newkirk, commander of Task Force 70 and the carrier strike group. “In Keen Sword, our strike group rehearses complex, high-end warfighting with the joint force and allies. This type of exercise showcases the range, agility and lethality of our unified force and reestablishes the George Washington Carrier Strike Group in the U.S. 7th Fleet area of operations with emphasis.”

    George Washington, returning in its second stint as the U.S. Navy’s aircraft carrier forward-deployed to Japan, departed the San Diego area on Oct. 8 to begin operations in the Indo-Pacific.

    The carrier was previously forward-deployed to Yokosuka from 2008 to 2015, and will return there in late fall after completion of its current patrol. The Nimitz-class aircraft carrier USS Ronald Reagan (CVN 76) served as the forward-deployed carrier from 2015 until earlier this year.

    “Keen Sword 25 provides the George Washington CSG an arena to flex its considerable capability in the air, surface and information domains,” said Newkirk. “Not only is the strike group conducting dynamic flight operations and complex expeditionary logistics during this exercise, it is also serving as a hub for tactical decision-making, driving action and reaction among forces throughout the region.”

    The CSG team, with DESRON 15, is coordinating with Lake Erie, operating with allies in the Philippine Sea near Okinawa, as well as Preble, which is in Yokosuka providing a platform for bilateral Tomahawk Land-Attack Missile (TLAM) training with Japan Maritime Self-Defense Force specialists.

    Keen Sword is a biennial exercise designed to help promote peace and security in the Indo-Pacific region. This exercise, and others like it, are an opportunity to demonstrate to the world the will of the U.S. and allies to defend Japan, as well as the ironclad nature of the U.S.-Japan alliance, which has stood for more than 70 years.

    MIL Security OSI –

  • MIL-OSI Australia: New Key Worker Accommodation arrives in Narrandera

    Source: New South Wales Premiere

    Published: 29 October 2024

    Released by: Minister for Regional Health

    Three new key worker accommodation units have been delivered to Narrandera Health Service as part of the NSW Government’s $45.3 million Key Worker Accommodation Program.

    Minister for Regional Health Ryan Park announced installation of the units is now underway off Adams Street on the north side of the campus.

    The modern and fit-for-purpose units will be fully furnished and self-contained. Each unit features a light-filled living and dining area, modern kitchen, bedroom with ensuite, an internal laundry and a screened verandah. One of the three units has also been designed to support accessibility needs.

    Secure access to the units will be provided and there will also be landscaping surrounding the units.

    The new units will assist the Murrumbidgee Local Health District (MLHD) with the recruitment and retention of health workers in the area, with staff expected to move into the new accommodation before the end of the year.

    MLHD is one of three regional local health districts to benefit from a $45.3 million investment to deliver accommodation for health workers across rural and regional NSW, under the Key Worker Accommodation Program, which is being delivered in partnership with Health Infrastructure NSW.

    Narrandera is the fourth site in NSW to receive new prefabricated units built off-site and modelled on a prototype unit completed earlier this year.

    An additional $200.1 million has been committed by the NSW Government to increase key health worker accommodation across rural and regional areas of the state as part of the 2024-25 NSW Budget. 

    Quotes attributable to Regional Health Minister Ryan Park:

    “It’s great to see the rollout of the key worker accommodation program throughout the Murrumbidgee Local Health District, and Narrandera being one of the health services to benefit.”

    “Recruitment and retention of staff in rural and regional hospitals is a priority for the Minns Labor Government, which is why we are committing a further $200.1 million to increase key health worker accommodation in the state.”

    “Securing suitable accommodation in regional areas can be difficult, so the new units will assist to remove one of the barriers preventing health care workers looking at making the move to a regional town to live and work.”

    Quotes attributable to Labor spokesperson for Cootamundra Stephen Lawrence MLC:

    “Narrandera is such a great community, and with the Murrumbidgee River and natural beauty of the town, healthcare workers should really consider it as a potential place to live and work, especially with this new accommodation available.”

    “The accommodation units are a positive attribute to the local hospital and the town of Narrandera, and we are looking forward to move-in day soon.”

    MIL OSI News –

  • MIL-OSI New Zealand: Update: Gang related funeral, Hutt Valley and Porirua

    Source: New Zealand Police (District News)

    Police have been present today as a funeral procession travelled between Hutt Valley and Porirua and can report that attendees are now dispersing.

    Hutt Valley Prevention Manager Inspector Shaun Lingard says: “We acknowledge that the procession caused disruption to traffic flows in the area, and we’d like to thank members of the public for their patience while the funeral procession made its way through our District.

    “A significant Police attendance helped ensure public safety around this event. While there were no arrests made today, we will be following up on information gathered relating to unlawful behaviour, to determine what further enforcement action will be taken.

    Police will continue to monitor the event as attendees disperse and will take action as required.

    If you are concerned about your safety, or witness illegal behaviour happening now, please call 111 immediately.

    To report, or send in any footage of the unlawful behaviour, we encourage you to file a report online at https://www.police.govt.nz/use-105 or report anonymously via Crime Stoppers on 0800 555 111 or www.crimestoppers-nz.org 

    ENDS

    Issued by the Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Property owner fined over $90,000 for not complying with removal order

    Source: Hong Kong Government special administrative region

    Property owner fined over $90,000 for not complying with removal order
    Property owner fined over $90,000 for not complying with removal order
    **********************************************************************

         ​A property owner was convicted and fined over $90,000 at the Tuen Mun Magistrates’ Courts this month for failing to comply with a removal order issued under the Buildings Ordinance (BO) (Cap. 123).     The case involved an unauthorised structure with a total area of about 34 square metres on the roof of a residential building at Yuen Long On Ning Road. As the unauthorised building works (UBWs) were carried out without prior approval and consent from the Buildings Department (BD), a removal order was served on the owner under section 24(1) of the BO.     Failing to comply with the removal order, the owner was prosecuted by the BD and was fined $93,620 in total by the Court, of which $73,620 was the fine for the number of days that the offence continued, upon conviction at the Tuen Mun Magistrates’ Courts on October 18.     A spokesman for the BD said today (October 29), “UBWs may lead to serious consequences. Owners must comply with removal orders without delay. The BD will continue to take enforcement actions against owners who have failed to comply with removal orders, including instigation of prosecution, so as to ensure building safety.”     Failure to comply with a removal order without reasonable excuse is a serious offence under the BO. The maximum penalty upon conviction is a fine of $200,000 and one year’s imprisonment, and a further fine of $20,000 for each day that the offence continues. 

     
    Ends/Tuesday, October 29, 2024Issued at HKT 12:37

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Minister Shorten doorstop interview at Services Australia Newmarket, Melbourne

    Source: Ministers for Social Services

    E&OE TRANSCRIPT

    SUBJECTS: Integrating Organ Donor card into the myGov app

    BILL SHORTEN, MINISTER FOR THE NDIS AND GOVERNMENT SERVICES: Good morning, everybody. It’s fantastic to be at Services Australia Newmarket offices in the electorate of Maribyrnong. We’ve got a great announcement to make, but before I do that, just introduce some people, with me is the new Labor candidate for Maribyrnong, Jo Briskey. Also, we have Assistant Minister for Health, Ged Kearney, who’s got some exciting news to talk about organ and tissue donation. And we’ve also got Kristy, who’s got an amazing story to tell us all. So, I might hand over to Ged, then I’ll say some words about new developments with Services Australia and organ donation, and then we might hear from Kristy and then take questions. Ged?

    GED KEARNEY, ASSISTANT MINISTER FOR HEALTH, AGED CARE AND INDIGENOUS HEALTH: Thanks, Bill. Good morning, everyone I’m Ged Kearney. I’m the Assistant Minister for Health and Aged Care, I’m the Assistant Minister for Indigenous Health, and we are here on Wurundjeri land, and I pay my respects to elders, past and present. This is an exciting day. Organ donation is such an incredibly important thing. It saves lives. It gives life back to people who need organ transplants. And we know that the vast majority of Australians agree that organ donation is important, but just over 30% of Australians actually register as organ donors. We need more Australians to register as organ donors, and it’s really easy right now to do that. You can go to myGov and it’s three quick clicks on there, or you can go to DonateLife.gov.au and register to be an organ donor. It’s very important. One organ donor can save up to seven lives. So, it’s great to have Kristy with us today who is a transplant recipient.

    But I’m extremely excited to be here with Minister Shorten as the Minister for Services Australia. He has done an amazing thing in that he has allowed us to have a digital ID card. A digital card that will go in your myGov Apple Wallet, to let everybody know that you are an organ donor and that you have registered. For the first time ever in Australia, we will have that available quick and easily as a digital ID card so that everybody knows that you have you intend to be an organ donor. It’s easy to identify, easy to find, easy for you to show people. Because even though you register as an organ donor, what we know, the most successful thing, the thing that is the most enabling for organ donation at that, if indeed you are in a position where you can donate your organs, is that your family knows. If your family doesn’t know that you intended to be an organ donor, they are less likely to give that all important consent at that very difficult time. If they do know that you want it to be an organ donor, they are vastly more likely to give consent, and that’s important. So, this is a great development for organ donation. I congratulate Minister Shorten for this development and it’s very exciting news. Back to you, Bill.

    SHORTEN: Thanks, Ged. You can’t overstate how important today’s announcement actually is. Organ and Tissue Australia are doing a great job encouraging people to be organ donors. I’ve seen close hand, a family friend, when she suffered a traumatic road injury, because she was an organ donor there’s three other people who had valuable lifesaving surgeries as a result of my friend’s passing, so it really does make a difference. Four in every five Aussies say that they are up for donating their organs, but only one in every three Australians is actually registered to do it. So, what’s really great is that the Albanese government, through Services Australia, and I thank Services Australia for working with Organ and Tissue Australia, what we’ve done is that you have a myGov app, 6 million Australians have already downloaded the app, and you have a digital wallet. And you know, at the moment you can link it with your Medicare card, or your pension card, or your health card. Now, what you can do is it’s a very simple, very quick process to be able to link it to an organ donor card.

    What that means is, it’s going to change lives, literally, the ability to save lives. And so, it is really super, super easy. And what we want to do is encourage Australians, through the use of our myGov app, to be organ donors, just to close the deal between a good intent and a good act. Now we’re really privileged today to be able to hear from Kristy. Kristy has got an amazing story about the importance of organ donation and how that changes lives and, and the ripples of the generosity of organ donation that give life to other people. So maybe let’s hear from Kristy and then we could answer some questions.

    KRISTY, TRANSPLANT RECIPIENT: Hi, I’m Kristy. I’m a kidney recipient. And like what the Minister said, this is a bit about my journey that saved my life and changed my life. I was 14 when I was diagnosed with kidney disease, and throughout high school I had to go through a lot of hospital visits. By the time I was 22, I was in hospital and my doctors have told me my kidneys failed. And being 22, I wasn’t sure what that really meant. And then, everything moved so quickly. All I remembered was having tubes in me, and I was going through this machine, and this machine made me feel so cold. And I quickly learned that means it’s dialysis. So, you have to wash your blood through this machine. And that’s why your body feels so cold. And I had to do this three times a week, and it’s from 4 to 5 hours. But my body is so little, and every time after a session, I feel so washed out. My day, I would be at home, I couldn’t stand, I couldn’t walk just because I felt so dizzy.

    Then they moved me into peritoneal dialysis. It’s when you have this tube called the Tenckhoff, inserted into your belly. So, I had another operation, and they removed my Permacath, which was for haemodialysis, the taking of the blood. And then to suit my lifestyle style, I had the peritoneal dialysis, and I was able to do dialysis at home, which felt a lot nicer than being in the hospital. I was able to do that for a year. I even went overseas with my dialysis machine for a week. And then later I learned that it wasn’t for me. I went back into hospital. I was in intensive care. My heart was failing. My lungs were failing. I had blood clots in my lungs. It was so because this dialysis wasn’t working for me. And, um, then they put me on haemodialysis again, washing through the blood and this time in a hospital. And I had to stay overnight, and I did it for eight hours, three times a week as well.

    Then one day, I got a call after work. I was at McDonald’s eating, eating my meal, getting ready for dialysis. I had my sleep pack. And the call was, we found your kidney, and everything just stopped for me at that moment. And then, they told me the kidney is from a young man from Perth. And I had a minute to decide if I want this or not. And you know what’s there to lose? I said yes, and I was so excited about the news that I kept crying, and on my way home to put my dialysis bag away and go into hospital, I was crying on the tram. Then I realised I took the wrong tram. People were eavesdropping, but after I got off the phone, people were congratulating me. Then I took the taxi to my hospital, Saint Vincent’s hospital. They had nurses waiting for me downstairs because they’ve known me since I was 16, and it just felt like a royal treatment from then.

    I had my last dialysis session before I had my transplant, because they want your body to be in good shape before you have your transplant. And it took two weeks for my kidney to start. It didn’t start straight away, so I was feeling a little bit glum. But once it started working and I was doing my last half an hour of dialysis, I asked them to stop it because I felt like I needed to wee, which was the first time I would have weed in the past four years. It’s very, very weird. When you’re on dialysis, you don’t go to the toilet anymore. So, something so small I felt like I took for granted, just going to the toilet. And that’s what I felt like I really needed to do, first thing, when my kidneys started working. Um, and that also meant I didn’t need to drink water – I limited my water intake to one litre, so that was really hard for me when I was on dialysis during summer and being in Australia, we have very harsh summers and yeah, and just drinking up to one litre, that was my limit. And I’m aware some dialysis patients, but they can’t really drink up to half a litre, so I can’t imagine what they had to go through. But for me, one litre was very hard.

    So, a year after my transplant, nothing was wrong with my transplant. I told my doctors I’m ready to start a family because I wasn’t, I couldn’t – my body was not able to prior to transplant. So, post-transplant, we’ve changed my medication. I got the okay. And now I have two beautiful children. They’re 18 months and four years old. And I think that’s the biggest gift from the donors – giving me my life back, giving me a career back and letting me have a family.

    SHORTEN: Are there any questions for Kristy or Jed or myself?

    JOURNALIST: I’m wondering how the process works. Obviously, if someone’s passing away and could potentially donate their organs, will the hospital be able to access the myGov record? How does that process sort of work, to notify someone? And will that make things smoother now rather than just having a card in a wallet?

    SHORTEN: Yeah, What you’ll to be able to do is the family will be able to tell. I mean, making these decisions at the time where they’re there’s been a death or the organ’s available is very difficult. This will just provide easily accessible information for the authorities to be able to understand the intent of the donor. The best reasons to upload your myGov app and connect it to your Medicare and then get your organ donors cards, the best reasons really, I’ve heard, are 18 months and four years old. Kristy’s children. And so, yes, this just makes it a heck of a lot easier for everyone to identify the intent and the action.

    JOURNALIST: Minister, do you expect organ donation numbers to increase following this policy change? Have you got any research on that or expectations?

    SHORTEN: I’ll get Ged to supplement this, but yes, I do expect numbers to increase. Australians are a pretty generous bunch of people, but sometimes we have an idea, but we don’t get around to doing it. What we want to do is take the degree of difficulty out of the process of converting your general aspiration to be an organ donor into a reality. When people go on the myGov app and as I said, 6 million people have the app, they’ll realise, and when they’ve connected their Medicare card up, it is really, really quick. It is just a couple of steps and you’re done.

    So, what we are doing is taking the red tape and the bureaucracy out of it. By the way, if you still want a physical card, you can still get a physical card. But once you’ve got it on your digital wallet, you just – life’s just that much easier. We’re all used to tap and go, and what we do with the organ donor card is going to just be a lot quicker. So, I expect there to be an uptake and we will of course be promoting it. Maybe Ged might have some comments she’d like to make.

    KEARNEY: Sure. Thanks, Bill. I think the beauty of this is that it will be a prompt. You have your myGov app there. It might be a prompt for people to say who’ve always intended to donate or to, to register as a donor, to say, oh yeah, I should do that. And it makes it really quick and easy. So that’s the first step, is that we hope that more people will register by that, that simple prompt that the app might give them. But the most important thing, the thing that we know increases our donation, is your family knowing. Because it doesn’t matter what. It doesn’t matter how many people actually register as donors, at that time when there’s the possibility that you could be a donor, your family or your next of kin will be the ones asked to give consent. And your family are the ones that have to say yes.

    So, we know all the data shows that if your family knows that you wanted, that was your intent to donate your organs, they will say yes, and it increases the donation rates dramatically. So, having the evidence there for the family to see loud and clear every, every now and then when you open up your myGov app, you’ll say, oh, remember mum, remember dad, remember to your wife, that I’m registered. It might be a little prompt for that all important conversation. I think that is the beauty of having it right there all the time on your phone for everyone to see. It might just prompt that conversation. It’s not an easy conversation to have, but it’s an important conversation to have. So yeah, I think that this will go a long way, hopefully to increasing donation rates. So, thank you.

    MIL OSI News –

  • MIL-OSI Australia: New Bridgewater Bridge reaches the high water mark

    Source: Australian Executive Government Ministers

    Work on the once-in-a-generation New Bridgewater Bridge Project is a significant step closer to delivering faster travel times and less congestion.

    The pouring of the final pair of the 42 bridge piers this evening (October 29) will mark the completion of the bridge’s substructure and bring the project a step closer to having traffic on the bridge.

    The Australian and Tasmanian governments are investing $786 million into project, with the Australian Government committing $628.8 million, and $157.2 million from the Tasmanian Government.

    The four-lane bridge will fix the missing link between the Brooker Highway and Midland Highway.

    The 1.2-kilometre-long bridge will include two lanes of traffic in each direction, a safe shared path for cyclists and pedestrians, and clearance for boats.

    The 46 piles that make up the bridge’s foundations were completed in July 2024, ranging between 30-90 metres below the river. One of the final piles to be poured is believed to be the largest ever poured in Australia, reaching 88 metres below the surface.

    Each pier is the starting point for the construction of the superstructure, which is made up of 1,082 concrete bridge segments produced at the project’s purpose-built precast yard at Bridgewater.

    The 21 pairs of piers range in height from eight to 16 metres to provide the navigation clearance under the bridge.

    Made up of between 190-310 tonnes of concrete and 25-35 tonnes of steel, each pier is constructed using specially designed steel forms, which allow them to be poured in one piece on site.

    The project remains on track to be delivered on time and within budget, with the new bridge due to be completed by July 2025.

    For more information about the project and to see the latest flythrough footage, visit the project website at https://bridgewaterbridge.tas.gov.au/.

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

    “We know how important it is to deliver infrastructure that gets people home quicker and safer.

    “This much-needed bridge replacement will also boost economic opportunities including ensuring tourists have a more enjoyable experience getting to and from the north and south of the state.

    “We continue to deliver our commitments to priority projects right around Australia.”

    Quotes attributable to Premier Jeremy Rockliff:

    “Anyone who has driven through the area recently would have seen the hive of activity as we move closer to having traffic on the new bridge.

    “The project site is changing daily, and Tasmanians are rightly excited to see the new bridge taking shape so quickly.

    “Completing the bridge’s substructure is a major milestone and is a significant step towards seeing the deck of the new bridge finished. 

    “Not only will a new Bridgewater Bridge remove the bottlenecks people have been experiencing at each end of the bridge, but it will provide more reliable travel times so people know how long their journey will take.”

    Quotes attributable to Minister for Infrastructure Kerry Vincent:

    “Seeing so many outstanding Tasmanian businesses come together to deliver this once-in-a-generation project is something special and something all Tasmanians should be proud of.

    “The project is providing increased capacity and capability in local skills within the state’s civil construction industry.

    “This means we can keep the skills and knowledge created on the project in the state and will benefit future major projects.”

    Quotes attributable to Federal Member for Lyons Brian Mitchell:

    “Creating jobs, upskilling workers, and supporting Tasmanian industry has been a key focus of the New Bridgewater Bridge, with more than 25 per cent of the new jobs on the project filled by people from the Brighton, Derwent Valley, and Glenorchy municipalities.

    “The steady progress being realised on this nationally significant project is big news for Bridgewater and other communities north of Hobart, where people rely on reliable and safe road links over the Derwent river.”

    MIL OSI News –

  • MIL-OSI Economics: China’s medtech market growth to exceed global average over 2023-33 despite headwinds, says GlobalData

    Source: GlobalData

    China’s medtech market growth to exceed global average over 2023-33 despite headwinds, says GlobalData

    Posted in Medical Devices

    Prominent medical technology market experts who gathered at the MedTech Conference 2024, which was held recently in Toronto, Canada, expressed an optimistic outlook for the future of the medical devices market in China. While the global medical devices market is forecast to grow at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2033, China’s medical devices market is forecast to expand at a faster CAGR of 5.0% over the same period despite some challenges, according to GlobalData, a leading data and analytics company.

    Tina Deng, MSc, Principal Medical Device Analyst at GlobalData, comments: “The key drivers of growth in China’s medical devices market include the country’s aging population, an increasing number of chronic conditions, rising penetration of medical devices at all levels of healthcare, and growing coverage by Chinese health insurance funds.”

    The overall economic slowdown in China has resulted in tighter budgets for healthcare expenditures. This financial strain may negatively impact the growth of the medical devices market as hospitals and healthcare institutions struggle to manage costs. While volume-based procurement (VBP) aims to improve efficiency and reduce costs in healthcare spending, it poses challenges for manufacturers that could affect the long-term landscape of the medical devices market in China.

    Global supply chain issues, which were exacerbated by geopolitical tensions and the COVID-19 pandemic, hinder production, and distribution. Additionally, China’s increasing protectionist policies are aimed at bolstering its domestic medical device industry, which poses challenges for international companies.

    Deng concludes: “Multinational companies need to consider differentiated strategies to reduce operational cost and offer affordable products in China. It is essential to emphasize the overall value of products rather than just their price. Highlighting superior quality, reliability, and post-sales support can differentiate products in a competitive landscape.

    “Additionally, multinational companies can collaborate with local companies or distributors to enhance their market knowledge, navigate regulatory environments, and improve access to procurement opportunities. Flexible pricing models that can adapt to different procurement requirements and buyer preferences can also be developed, ensuring competitiveness in various segments.”

    MIL OSI Economics –

  • MIL-OSI Economics: Asthma crisis in US marginalized communities from redlining requires more than just healthcare interventions, says GlobalData

    Source: GlobalData

    Asthma crisis in US marginalized communities from redlining requires more than just healthcare interventions, says GlobalData

    Posted in Pharma

    Decades after the discriminatory practice of redlining was banned in the US, its lasting impact is still driving significant health disparities, particularly in asthma prevalence, according to recent studies. These findings highlight how the combination of poor housing conditions and environmental pollutants in historically redlined neighborhoods continues to fuel the asthma crisis, particularly among children. Addressing this crisis requires more than just healthcare interventions, according to GlobalData, a leading data and analytics company.

    Redlining, a practice that historically denied financial services to predominantly minority neighborhoods, labeled these areas as “risky” and prevented necessary investments. Though outlawed in 1968, its effects persist, exposing these neighborhoods to higher pollution levels, poor housing conditions, and entrenched poverty.

    Many redlined neighborhoods remain disproportionately exposed to harmful pollutants from industrial sites and high-traffic roadways, exacerbating respiratory issues. Poor housing quality in these areas, rife with mold, pests, and other asthma triggers, further worsens the condition for residents, making it an issue of environmental justice.

    Sravani Meka, Senior Pharma Analyst at GlobalData, comments: “The legacy of redlining is a multifaceted public health crisis. The intersection of environmental hazards, poor housing conditions, and healthcare access gaps has created a perfect storm for chronic asthma in these communities.”

    Efforts are underway to address these disparities, with initiatives focusing on improving air quality, housing standards, and healthcare access. However, experts warn that systemic barriers remain.

    Meka continues: “While policy reforms are being implemented, convincing decision-makers to prioritize these vulnerable communities and ensuring healthcare providers are equipped to manage the complex needs of these patients will be crucial for long-term change. If successful, these reforms could significantly reduce asthma rates and improve quality of life in historically disadvantaged neighborhoods.”

    Meka concludes: “It’s essential that these communities receive sustained attention, not just short-term interventions, to truly dismantle the structural inequalities that drive these health disparities.”

    MIL OSI Economics –

  • MIL-OSI China: Xi extends congratulations on 20th anniversary of Cambodian King Norodom Sihamoni’s enthronement

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

    Xi extends congratulations on 20th anniversary of Cambodian King Norodom Sihamoni’s enthronement

    BEIJING, Oct. 29 — Chinese President Xi Jinping on Tuesday congratulated Cambodian King Norodom Sihamoni on the 20th anniversary of his enthronement.

    In his congratulatory message, Xi said that since being enthroned 20 years ago, King Sihamoni has made important contributions to Cambodia’s peace, stability, development and rejuvenation, and international exchanges, and has long been committed to carrying forward the traditional friendship between the two countries.

    Under the joint guidance from leaders of both countries, the building of the China-Cambodia community with a shared future has entered a new era featuring high quality, high level and high standards, he said.

    The “Diamond Hexagon” cooperation framework has made solid progress, the building of the “Industrial Development Corridor” and the “Fish and Rice Corridor” has made positive headway, and the China-Cambodia people-to-people exchange year has achieved great success, bringing tangible benefits to the two peoples, Xi said.

    Depicting China and Cambodia as iron-clad friends who stand together through thick and thin and extend assistance to each other, the Chinese president said he attaches great importance to the development of bilateral relations, prizes the traditional friendship with the Cambodian Royal Family, and stands ready to work with King Sihamoni to strengthen the strategic guidance of bilateral relations, so as to push for more fruitful results in the building of the China-Cambodia community with a shared future.

    MIL OSI China News –

  • MIL-OSI China: Astronauts of China’s Shenzhou-19 mission meet press

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

    Chinese astronauts Cai Xuzhe (C), Song Lingdong (R) and Wang Haoze, who will carry out the Shenzhou-19 spaceflight mission, meet the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]

    JIUQUAN, Oct. 29 — Cai Xuzhe, Song Lingdong and Wang Haoze, the three Chinese astronauts for the upcoming Shenzhou-19 spaceflight mission, met the press on Tuesday.

    The Shenzhou-19 crewed spaceship is scheduled to be launched at 4:27 a.m. Wednesday (Beijing Time) from the Jiuquan Satellite Launch Center in northwest China, the China Manned Space Agency announced earlier at a press conference on Tuesday.

    Chinese astronauts Cai Xuzhe, Song Lingdong and Wang Haoze, who will carry out the Shenzhou-19 spaceflight mission, meet the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]
    Chinese astronauts Cai Xuzhe, Song Lingdong and Wang Haoze, who will carry out the Shenzhou-19 spaceflight mission, meet the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]
    Chinese astronauts Cai Xuzhe (C), Song Lingdong (R) and Wang Haoze, who will carry out the Shenzhou-19 spaceflight mission, meet the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]
    Cai Xuzhe, one of the three astronauts who will carry out the Shenzhou-19 spaceflight mission, meets the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]
    Song Lingdong, one of the three astronauts who will carry out the Shenzhou-19 spaceflight mission, meets the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]
    Wang Haoze, one of the three astronauts who will carry out the Shenzhou-19 spaceflight mission, meets the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]
    Wang Haoze, one of the three astronauts who will carry out the Shenzhou-19 spaceflight mission, meets the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]
    Song Lingdong, one of the three astronauts who will carry out the Shenzhou-19 spaceflight mission, meets the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]
    Cai Xuzhe, one of the three astronauts who will carry out the Shenzhou-19 spaceflight mission, meets the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]
    Chinese astronauts Cai Xuzhe (C), Song Lingdong (R) and Wang Haoze, who will carry out the Shenzhou-19 spaceflight mission, meet the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]
    Chinese astronauts Cai Xuzhe (C), Song Lingdong (R) and Wang Haoze, who will carry out the Shenzhou-19 spaceflight mission, meet the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]
    Wang Haoze, one of the three astronauts who will carry out the Shenzhou-19 spaceflight mission, meets the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]
    Cai Xuzhe, one of the three astronauts who will carry out the Shenzhou-19 spaceflight mission, meets the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]
    Song Lingdong, one of the three astronauts who will carry out the Shenzhou-19 spaceflight mission, meets the press at the Jiuquan Satellite Launch Center in northwest China, Oct. 29, 2024. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: China fully advances manned lunar landing program

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

    JIUQUAN, Oct. 29 — China is pressing ahead with its mission to land astronauts on the Moon by 2030, moving quickly with development and construction to turn this goal into reality, the China Manned Space Agency (CMSA) announced at a press conference on Tuesday.

    The production and ground tests of prototypes of the Long March-10 carrier rocket, the manned spacecraft Mengzhou, the lunar lander Lanyue, the space suit and the manned lunar rover are underway as planned, said Lin Xiqiang, spokesperson for the CMSA.

    A series of major tests have been completed, including the integrated airdrop test for the spacecraft, the separation test for the two modules of the lander, the test firing of the three-engine power system for the rocket’s first stage, and the high-altitude simulation test for the hydrogen-oxygen engine.

    Ground systems including the launch site, telemetry and control communications, and the landing site are being developed and constructed, he added.

    MIL OSI China News –

  • MIL-OSI China: China sets to select, train astronauts from partner nations: spokesperson

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

    JIUQUAN, Oct. 29 — China is engaging in discussions to select and train astronauts from partner nations to participate in its space station missions, a spokesperson with the China Manned Space Agency (CMSA) said at a press conference on Tuesday.

    The CMSA welcomes its international counterparts to join in the flight missions of the country’s space station, spokesperson Lin Xiqiang told the press conference in Jiuquan, northwest China, ahead of the launch of the Shenzhou-19 crewed spaceflight mission scheduled for early Wednesday morning.

    “Regardless of which country participates, it is humanity’s collective quest to unravel the mysteries of the cosmos,” said Lin, noting that manned space missions are “the most immediate human endeavor in harnessing the space resources.”

    Currently, the first batch of payloads selected under cooperation between China and the United Nations Office for Outer Space Affairs are conducting experiments in orbit, said Lin, adding that more international collaborative experimental research initiatives are in the pipeline.

    China’s space station Tiangong boasts a wealth of scientific application resources and comprehensive support capabilities, and the Shenzhou manned system and Tianzhou cargo system can ensure reliable and stable round-trip transportation for personnel and supplies between Earth and the space, said Lin. “It is an excellent platform for international collaboration.”

    China has conducted international collaborations with the world’s major space-faring nations and developing countries, spanning various areas including astronaut selection and training, space science applications, in-orbit facilities, space debris protection and ground support, which have yielded abundant outcomes, Lin said.

    China’s space station serves not only as a national asset but also as a platform for advancing space technology and bringing benefits to all of humanity, he said.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Kai Tak test events will be useful: CE

    Source: Hong Kong Information Services

    (To watch the full press briefing with sign language interpretation, click here.)

    Chief Executive John Lee said today that test events will take place at the Kai Tak Sports Park in a progressive manner, allowing improvement measures to be put in place prior to its opening.

    Mr Lee spoke to reporters about the sports park this morning, after the first test event – a football match – was held at the venue on Sunday.

    He said the drills staged at the park will be used to train up staff working there and facilitate visitor flows.

    “It is very important (that) we do all the drills necessary. It has to be progressive so that it will train up, first of all, departmental staff, those who work (for) Kai Tak Sports Park Limited, and those who are involved, especially those in the transport industry.

    “The challenge, of course, is the dispersal of crowds after an event, which will comprise 50,000 spectators. That is a challenge we must take up boldly.”

    The Chief Executive added that the forthcoming test events will be useful.

    “I do want the drills to progress fast, but is it also important for reviews and improvement measures to be designed so that we can put them in.

    “I envisage there will be at least 20-plus drills, and depending on the experiences we will gain through the drills, then we will decide whether more will be necessary.”

    MIL OSI Asia Pacific News –

  • MIL-OSI: Notice on Public Offering of Subordinated Bonds of LHV Group

    Source: GlobeNewswire (MIL-OSI)

    AS LHV Group (hereinafter LHV) hereby announces a public offering of LHV’s subordinated bonds. The offering is conducted on the basis of the prospectus affirmed by the Estonian Financial Supervision and Resolution Authority (FSA) on 28 October 2024, that has been disclosed on the date of this announcement on the web pages of LHV and the FSA. The public offering of the subordinated bonds will be carried out in Estonia, Latvia and Lithuania.

    This is the second issue of subordinated bonds, in the amount of up to EUR 20 million, under the bond programme confirmed in 2023. Under the bond programme EUR 35 million worth of subordinated bonds have previously been issued and altogether it is possible to raise up to EUR 200 million.

    Main Terms of Offering

    LHV offers publicly up to 20,000 subordinated bonds of LHV „EUR 6.00 LHV Group subordinated bond 24-2034” with the nominal value of EUR 1,000, the maturity date of 15 November 2034 and a quarterly paid fixed interest rate offered to the investor at the rate 6% per annum. Subordinated bonds will be offered at a price of EUR 1,000 per one bond. Subordinated bonds will be issued in a dematerialised book-entry form and registered in Nasdaq CSD SE under ISIN code EE3300004993.

    The subscription period for the bonds will start on 29 October 2024 at 10:00 and will end on 12 November 2024 at 16:00. The subordinated bond offering is intended for retail and institutional investors operating in Estonia, Latvia, and Lithuania and made possible for the clients of account-managing financial institutions that are members of the Estonian securities settlement system.

    A subordinated bond represents an unsecured debt obligation of LHV before the investor. The subordination of the bonds means that upon the liquidation or bankruptcy of LHV, all the claims arising from the subordinated bonds shall fall due and shall be satisfied only after the full satisfaction of all unsubordinated recognised claims in accordance with the applicable law. Among other things, with subordinated bonds, the risk of conversion of liabilities and claim rights (bail-in risk) must be considered.

    Timetable of Offering

    29.10.2024 at 10:00 Start of the subscription period for the subordinated bonds
    12.11.2024 at 16:00 End of the subscription period for the subordinated bonds
    On or about 13.11.2024  Disclosing the allocation results of the subordinated bonds
    On or about 15.11.2024 Transfer of the subordinated bonds to investors’ securities accounts
    On or about 18.11.2024 Expected listing of the subordinated bonds and admission to trading on the regulated market operated by Nasdaq Tallinn AS (on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange)

    Submitting Subscription Undertakings 

    In order to subscribe for the subordinated bonds an investor has to submit, during the subscription period, a subscription undertaking to the custodian who holds the investor’s securities account opened at Nasdaq CSD SE, with the format accepted by the custodian and in accordance with the prospectus and offer conditions. The subscription undertaking must be submitted before the end of the subscription period. The investor may use any method that such investor’s custodian offers to submit the subscription undertaking (e.g., physically at the client service venue of the custodian, over the internet or by other means). The subscription undertaking will be forwarded to Nasdaq CSD SE.

    Listing and Admission to Trading

    LHV intends to submit an application to Nasdaq Tallinn AS for the listing and admission to trading of the LHV’s subordinated bonds on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange. The expected date of listing and admission to trading is on or about 18 November 2024.

    While every effort will be made and due care will be taken in order to ensure the listing and the admission to trading of the subordinated bonds, LHV cannot ensure that the subordinated bonds will be listed and admitted to trading.

    Availability of Prospectus and Terms of Offering

    The Prospectus has been published and can be obtained in electronic format from LHV’s website https://investor.lhv.ee/en/ and from the website of the FSA https://www.fi.ee/en. Additionally, the Estonian translation of the Prospectus has been disclosed and made available together with the Prospectus on the LHV website https://investor.lhv.ee/en and is also available through the information system of Nasdaq Tallinn Stock Exchange. The terms and conditions of the subordinated bonds and the final terms of the offering together with the summary of the prospectus and their translations to Estonian, Latvian and Lithuanian have been published and can be obtained in electronic format from LHV’s website https://investor.lhv.ee/en.

    Before investing into LHV’s subordinated bonds we ask you to acquaint yourself with the prospectus, the terms and conditions of the bonds, the final terms and if necessary consult an expert.

    LHV Group is the largest domestic financial group and capital provider in Estonia. The LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs nearly 1,200 people. As at the end of September, LHV’s banking services are being used by 445,000 clients, the pension funds managed by LHV have 116,000 active clients, and LHV Kindlustus protects a total of 169,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee

    Important information:
    This information is an advertisement of securities within the meaning of Regulation (EU) 2017/1129 and does not constitute an offer of bonds of AS LHV Group or an invitation to subscribe for or acquire bonds. The offer of the bonds will be made on the basis of the Terms and Conditions of the Prospectus published on the day of the public offer of the bonds and approved by the Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority), and the Final Terms of the First Issue. The Prospectus is available on the websites of the Finantsinspektsioon and AS LHV Group at fi.ee and investor.lhv.ee, respectively, where the Terms and Conditions referred to and the Summary of the Prospectus are also available. Investors should read the information published in the Prospectus, its Terms and Conditions, and the Final Terms of the First Issue before making an investment decision in order to understand all the facts relating to the investment. The approval of the prospectus by the Finantsinspektsioon does not constitute an approval of AS LHV Group or the securities offered. The bonds are publicly offered in the Republic of Estonia, the Republic of Latvia, and the Republic of Lithuania.

    Attachments

    The MIL Network –

  • MIL-OSI Economics: Lufthansa Group reports an operating profit of 1.3 billion euros for the third quarter following a strong summer travel season

    Source: Lufthansa Group

    Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG:

    “Today, we are reporting on another strong summer travel season, with a record seat load factor of 88 percent in August. Particularly in view of the fact that global air traffic again reached its capacity limits this summer, I would like to thank our employees for their efforts and our customers for the patience we sometimes had to ask for.
    Global demand remains intact and bookings for the fourth quarter are also at a high level compared to the previous year, particularly in the premium classes.

    With all passenger airlines operating at a profit, Eurowings, Austrian Airlines and Brussels Airlines even generated record results in the third quarter. Lufthansa Technik and Lufthansa Cargo also remain on track. 
    At the same time, delayed aircraft deliveries, punctuality issues at our hubs in Germany and regulatory disadvantages are impacting our core brand. Lufthansa Airlines has therefore launched the “Turnaround” program to address these and structural internal challenges.

    Across the group, we are continuing to invest in the largest fleet modernization in our history, in premium offers for our guests and in an even more international positioning. These three central pillars of our strategy will enable us to further expand our role as the leading airline group in Europe.”

    Results
    The Group increased its revenue by five percent year-on-year to 10.7 billion euros (previous year: 10.3 billion euros) in the third quarter due to the higher number of flights and the revenue growth at Lufthansa Technik. This was the strongest quarter in terms of revenue in the history of the Lufthansa Group. The Group generated an operating profit (Adjusted EBIT) of 1.3 billion euros (previous year: 1.5 billion euros), resulting in an operating margin of 12.5 percent (previous year: 14.3 percent). The year-on-year decline was due to significant cost increases, particularly in fees, MRO expenses and personnel. Net profit fell to 1.1 billion euros (previous year: 1.2 billion euros).

    Lufthansa Group Passenger Airlines expand capacity

    The Lufthansa Group airlines welcomed more than 40 million guests on board their aircraft in the third quarter, an increase of six percent over the previous year. At 94 percent of available capacity (prior-year period: 88 percent), the seat load factor rose to 87 percent in the third quarter (previous year: 86 percent). In terms of the seat load factor, August was the strongest month in the company’s history, with a load factor of 88 percent.

    Due to the industry-wide capacity growth, average yields fell by 3.5 percent compared to the previous year, although the development in the various traffic regions was mixed: While average yields in continental traffic in the third quarter remained almost at the previous year’s level (-0.4 percent), they fell significantly by 14 percent in the Asia/Pacific region. Due to the improved passenger load factor, the decline in unit revenues (RASK) was less pronounced at minus 2.7 percent. Unit costs increased by 4.5 percent compared to the previous year due to higher fees, as well as higher material and personnel costs. 

    Overall, the Group’s passenger airlines generated an Adjusted EBIT of 1.2 billion euros in the third quarter (previous year: 1.4 billion euros). The decline in the operating profit of the passenger airlines is mainly driven by the 234 million euros decline in the result of Lufthansa Airlines. Delays in the delivery of new aircraft and the associated need to continue operating older aircraft, increased location costs, higher staff costs and expenses for compensation payments following flight irregularities had an above-average impact on the result of Lufthansa Airlines.

    Turnaround program at Lufthansa Airlines is making progress

    Lufthansa Airlines is consistently implementing its Turnaround program. The aim is to increase efficiency, reduce complexity and improve product quality, thereby making the airline fit for the future. Among other things, the Turnaround plan envisages shifting more short-haul traffic to more cost-efficient flight operations. Further efficiency gains are to be achieved by optimizing the network and increasing flexibility and automation. By 2026, the measures will have a gross EBIT effect of around 1.5 billion euros.

    Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

    “The Lufthansa Group will continue to focus on generating cash flow and creating value for our shareholders. For this, the Turnaround program at Lufthansa Airlines and the fleet modernization are core elements. I am confident that on this basis we will position all our passenger airlines to be sustainably efficient and profitable.”

    Lufthansa Technik’s result on par with last year, positive performance at Lufthansa Cargo

    In the third quarter, Lufthansa Technik continued to benefit from the high demand for air travel and the associated increase in demand from airlines worldwide for maintenance and repair services. Lufthansa Technik generated an Adjusted EBIT of 167 million euros in the third quarter (previous year: 168 million euros).

    The airfreight business continued to recover in the third quarter compared with the previous quarter. Lufthansa Cargo achieved an operating profit of 38 million euros (previous year: 1 million euros) in the traditionally seasonally weak third quarter for air freight. This trend confirms the anticipated normalization in the air freight market. Furthermore, Lufthansa Cargo is optimally positioned to benefit from strong e-commerce business with Asia, which has prompted Lufthansa Cargo to shift capacity from the transatlantic to the Asia/Pacific region. 

    Adjusted free cash flow clearly positive, balance sheet further strengthened

    The Lufthansa Group generated an operating cash flow of 635 million euros in the third quarter of 2020 (previous year: 1.2 billion euros). After deducting net capital expenditure, primarily for new fuel-efficient aircraft, the Group recorded an Adjusted free cash flow of 128 million euros in the quarter. In the first nine months, the Adjusted free cash flow was 1.0 billion euros (previous year: 1.7 billion euros).

    The Group continued to strengthen its balance sheet during the first nine months of the year, supported by the positive cash flow. At 5.1 billion euros, net debt was below the year-end level 2023 (December 31, 2023: 5.7 billion euros). Net pension liabilities decreased to 2.6 billion euros (December 31, 2023: 2.7 billion euros). Compared to the beginning of the year, available liquidity increased by around 1 billion euros to 11.4 billion euros and was therefore well above the target range of 8-10 billion euros as of the reporting date.

    Outlook

    The Lufthansa Group expects demand for air travel to remain strong in the remaining months of the year. The load factors booked for November and December are well above the levels observed at the same time last year. Demand remains particularly high in the premium classes, i.e. Business Class and First Class.

    The Lufthansa Group plans to increase its capacity in the fourth quarter further compared to the previous year. For the full year 2024, it expects a capacity of around 91 percent compared to the pre-crisis level.

    The Group also expects to report a positive operating result in the fourth quarter. Overall, the Lufthansa Group is therefore confirming its expectation of achieving an Adjusted EBIT of 1.4 to 1.8 billion euros for the full year.

    Further information

    Further information on the results of individual business segments will be published in the report for the third quarter of 2024. This will be published at the same time as this press release on October 29, 2024, at 7:00 a.m. at

    https://investor-relations.lufthansagroup.com/en/investor-relations.html.

    The traffic figures for the third quarter of 2024 will also be published at 7:00 a.m. at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html

     
     
    Jan. – Sept.
    2024
     
    Jan. – Sept. 2023
     
    Change in %
     
    July – Sept.
    2024
     
    July – Sept. 2023
     
    Change in %
    Revenue and result
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Total revenue
     
    €m
     
    28,137
     
    26,681
     
    5
     
    10,738
     
    10,275
     
    5
    Of which traffic revenue
     
    €m
     
    23,578
     
    22,583
     
    4
     
    9,246
     
    8,832
     
    5
    Adjusted EBIT
     
    €m
     
    1,177
     
    2,280
     
    -48
     
    1,340
     
    1,468
     
    -9
    Adjusted EBIT margin
     
    %
     
    4.2%
     
    8.5%
     
    -4.3%p
     
    12.5
     
    14.3
     
    -1.8%p
    EBIT
     
    €m
     
    1,249
     
    2,218
     
    -44
     
    1,461
     
    1,441
     
    1
    Net profit / loss
     
    €m
     
    830
     
    1,606
     
    -48
     
    1,095
     
    1,192
     
    -8
    Earnings per Share
     
    €
     
    0,69
     
    1,34
     
    -49
     
    0,92
     
    1,00
     
    -8
    Key balance sheet and cash flow statement figures
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Total assets
     
    €m
     
    46,439
     
    46,591
     
    0
     
    –
     
    –
     
    –
    Cash flow from operating activities
     
    €m
     
    3,423
     
    4,320
     
    -21
     
    635
     
    1,220
     
    -48
    Net capital expenditures
     
    €m
     
    1,815
     
    2,421
     
    -25
     
    61
     
    550
     
    -89
    Adjusted free cash flow
     
    €m
     
    1,006
     
    1,663
     
    -40
     
    128
     
    592
     
    -78
    Employees
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Employees as of 30 September
     
    Number
     
    100,518
     
    117,187
     
    -14
     
    –
     
    –
     
    –

    MIL OSI Economics –

  • MIL-OSI Economics: AIIB Commits EUR75 Million to Support ENGIE’s Global Renewable Energy Expansion, Decarbonization

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has committed EUR75 million to a EUR500 million sustainability-linked green loan facility to support ENGIE’s global renewable energy portfolio expansion and decarbonization efforts.

    The ENGIE Sustainability Linked Green Loan Project has been co-financed with the International Finance Corporation (IFC) and Société de Promotion et de Participation pour la Coopération Economique (Proparco). This is AIIB’s second engagement with ENGIE, one of the world’s largest multinational electric utilities and independent power producers, following the financing of the 400MW Gujarat Solar Project earlier this year.

    AIIB joins IFC and Proparco to provide a green sustainability-linked loan facility to support the expansion of the group’s clean energy assets in Poland and South Africa, both AIIB members. Proceeds will finance the acquisition, development and construction of over 550MW of installed capacity. In line with sustainability-linked principles, remuneration of the loan will be linked to ENGIE’s global performance in terms of greenhouse gas emissions, renewable energy expansion and occupational health and safety.

    “This project reinforces AIIB’s global mandate, strong partnership and innovative focus on climate finance,” said Najeeb Haider, AIIB Director General, Project and Corporate Finance Clients, Global. “With its agility and international presence in strategic markets, AIIB is uniquely placed to support multinational energy groups like ENGIE to advance the energy transition in Asia and beyond with their investments. We congratulate ENGIE and our cofinancing partners on their respective achievements.”

    Through the loan, AIIB is supporting its members by leveraging ENGIE’s global leadership in green energy and climate transition. ENGIE aims to invest EUR22-25 billion in renewable energy and low-carbon energy solutions between 2023 and 2025. The projects are aligned with AIIB’s Energy Sector Strategy, which directs the Bank to support traditional energy conglomerates and state-owned enterprises as they shift their corporate strategies and business modalities to redirect investments toward the energy transition.

    “To accelerate the energy transition, considerable resources and efforts are needed from many stakeholders,” said Jean-Marc Turchini, Group Head of Corporate Finance at ENGIE. “Our partnership with AIIB is certainly a meaningful contribution and we feel grateful for what they achieved with this financing. We are also proud to highlight the innovative structure of this most recent corporate loan, which includes climate-related targets for scope 3 emissions and a health and safety performance indicator that covers ENGIE employees and subcontractors on all sites, reflecting ENGIE’s sustainability and social ambitions.”

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    MIL OSI Economics –

  • MIL-OSI United Nations: Voluntary Return of 131 Togolese Migrants from Libya: A Joint Effort by IOM and the Togolese Government

    Source: International Organization for Migration (IOM)

    Lomé, Togo – The International Organization for Migration, in collaboration with the Togolese Government, facilitated the voluntary return of 131 migrants (77 men, 54 women, including 28 children) from Libya via a charter flight on Tuesday, 22 October 2024.

    Upon their arrival in Lomé, the migrants were welcomed by H.E. Madame Kossiwa Zinsou-Klassou, Minister of Social Action, National Solidarity, and Women’s Promotion, the Secretary General of the Ministry of Foreign Affairs, Regional Integration, and Togolese Abroad, along with representatives from the Ministry of Security and Civil Protection, the Ministry of Health and Public Hygiene, and Madame Fatou Diallo Ndiaye, Chief of Mission of IOM for Benin, Togo, and Ghana. IOM provided immediate assistance to the migrants, including food, water, and hygiene kits.

    In a message on behalf of President Faure Essozimna Gnassingbé, H.E. Madame Kossiwa Zinsou-Klassou welcomed the migrants and reassured them of the Togolese Government’s commitment to establish necessary services to facilitate their social reintegration, in line with the policy of inclusion under the leadership of President Faure Essozimna. “No one will come to build Togo in our place. We must all contribute to building the Togolese nation,” she conveyed to the migrants.

    IOM continued the registration and profiling process initiated in Libya, allowing reintegration measures to be tailored to the specific needs of the migrants. In collaboration with officials from the Ministry of Health and Public Hygiene, IOM also provided psychological and health-care support to migrants in need.

    Mme. Fatou Diallo Ndiaye, IOM Togo Chief of Mission, expressed gratitude to IOM Libya, which, through emergency funding, enabled the smooth facilitation of the profiling and reintegration process for migrants returning voluntarily to Togo. She emphasized that protection and assistance activities for migrants, such as voluntary return assistance provided by IOM, ensure vulnerable, stranded migrants a safe and dignified journey home if they choose, allowing them to reunite with their families. She also thanked the Togolese Government for its ongoing collaboration in organizing the voluntary return of Togolese migrants.

    IOM and its partners will continue to support returnees by developing comprehensive reintegration plans that address economic, social, and psychosocial needs. These plans will include initiatives such as identifying income-generating activities, housing, education, vocational training for small business development, and strengthening professional skills acquired before and during the migration journey.

    Quote from Mr. Lare Nadijoua (Returning Migrant):

    “Returning home is a tremendous relief. When the plane landed, you could hear everyone’s shouts of joy. Words truly fail to describe my happiness. Now, I have the opportunity to rebuild my life and reunite with my family. I thank the Togolese Government and IOM.”

    ***

    For more information, please contact:

    Mr. Etienne Banga, Head of IOM Togo Office, ebanga@iom.int

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: HKSAR Government sets up Hong Kong Cross-boundary Public Services self-service kiosk and “iAM Smart” self-registration kiosk in Foshan (with photos)

    Source: Hong Kong Government special administrative region

    HKSAR Government sets up Hong Kong Cross-boundary Public Services self-service kiosk and “iAM Smart” self-registration kiosk in Foshan (with photos)
    HKSAR Government sets up Hong Kong Cross-boundary Public Services self-service kiosk and “iAM Smart” self-registration kiosk in Foshan (with photos)
    ******************************************************************************************

         To advance the development of a digital government, the Hong Kong Special Administrative Region (HKSAR) collaborates with Guangdong Province to promote the Cross-boundary Public Services initiative. The Digital Policy Office (DPO) announced today (October 29) the setting up of a Hong Kong Cross-boundary Public Services self-service kiosk in Foshan. It will help residents and enterprises in Mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) access public services of Hong Kong without the need to travel to Hong Kong in person.      Starting today, the public can use the Hong Kong Cross-boundary Public Services self-service kiosk located on the first floor of the Foshan Nanhai District Administrative Service Center to access various public services of Hong Kong. The kiosk is available for use during the opening hours of the Center (i.e. 8.30am to noon and 2pm to 5.30pm, Monday to Friday except public holidays on the Mainland). For details, please visit the Hong Kong Cross-boundary Public Services thematic website at www.crossboundaryservices.gov.hk/en/home/index.html.      Following the Hong Kong Cross-boundary Public Services self-service kiosks that commenced operation earlier in Guangzhou, Qianhai and Futian in Shenzhen as well as Zhuhai, the Cross-boundary Public Services self-service kiosk currently provides a total of 70 public services from 11 government bureaux and departments as well as related organisations, encompassing areas commonly used by enterprises and the public including taxation, company registration, property and vehicle enquiry and registration, application for personal identification documents and entry of talent, welfare and education, healthcare, immigration clearance, urgent assistance as well as culture and tourism. Members of the public can use the self-service kiosk to perform data entry, document scanning and result printing to enjoy one-stop access when applying for various public services.       An “iAM Smart” self-registration kiosk is also set up at the location mentioned above to enable Hong Kong residents working and living on the Mainland to register for, or upgrade to, “iAM Smart+” directly to enjoy online public services that support “iAM Smart+” such as renewal of a vehicle licence, application for an International Driving Permit and registration for eHealth. For details and registration requirements, please visit the “iAM Smart” thematic website at www.iamsmart.gov.hk/en/reg.html.      A spokesman for the DPO expressed sincere gratitude to the Guangdong Provincial Administration of Government Service and Data for its strong support and the Center for its full co-operation. The DPO will continue to discuss with the Guangdong Provincial Administration of Government Service and Data to set up self-service and self-registration kiosks in more Mainland cities of the GBA to cope with the demands of residents and enterprises in the GBA for public services of Hong Kong.      To implement the State Council’s Guiding Opinions to all provincial governments on Cross-provincial Public Services and their comprehensive deployment, the HKSAR Government accepted the invitation of the People’s Government of Guangdong Province in 2021 to jointly launch the GBA Cross-boundary Public Services, and worked with Guangdong Province in November last year to introduce a dedicated service area/thematic website for Cross-boundary Public Services. The initiative enables enterprises and the public in both regions to enjoy simple and convenient cross-boundary services, with a view to facilitating the provision of public services and investment in the GBA, and enhancing the satisfaction and sense of contentment of enterprises and the public in accessing services across the boundary.

     
    Ends/Tuesday, October 29, 2024Issued at HKT 15:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Antisemitism at Australian universities referred to the Parliamentary Joint Committee on Human Rights

    Source: Australian Executive Government Ministers

    The Albanese Government has referred antisemitism at Australian universities to the Parliamentary Joint Committee on Human Rights for inquiry and report. 

    Every Australian deserves to feel safe and supported in our community, no matter who they are or what they believe. 

    There is no place for hatred or racism in our universities or anywhere else. 

    This inquiry was a recommendation of the Senate Legal and Constitutional Affairs Legislation Committee. The Committee was deeply troubled by the experiences of Jewish students and staff, and the responses to antisemitism by Australian universities. 

    The Parliamentary Joint Committee on Human Rights inquiry will consider the prevalence, nature and experiences of antisemitism at universities, including frameworks and policies to prevent and respond to it, and support provided to students and staff. 

    This inquiry is part of the Government’s multifaceted approach to addressing Australia’s complex experiences of racism. 

    The inquiry will complement other initiatives underway, including: 

    • the Australian Human Rights Commission’s ‘Respect at Uni: Study into Antisemitism, Islamophobia, Racism and the experience of First Nations People’ 
    • the work of the Special Envoy to Combat Antisemitism and Special Envoy to Combat Islamophobia, and 
    • legislation to establish an independent National Student Ombudsman. 

    The Committee has been asked report to both Houses of the Parliament by 31 March 2025.

    Details of the inquiry, including the letter of referral and the terms of reference, will be available on the Parliamentary Joint Committee on Human Rights webpage. 

    Quotes attributable to Attorney-General Mark Dreyfus:

    “All around Australia Jewish students and staff tell me they don’t feel welcome on campus and they don’t think their universities care. 

    “This is an intolerable situation and urgent action is needed to address the tensions on university campuses to protect the safety of students and staff. The Albanese Government is committed to ensuring we deal effectively with this disturbing situation.” 

    Quotes attributable to Minister for Education Jason Clare: 

    “There is nothing more important than the safety of students and staff on campus. 

    “This inquiry complements the existing actions the Government is taking to improve safety at our universities and I look forward to its recommendations.”

    MIL OSI News –

  • MIL-Evening Report: Australia’s COVID inquiry shows why a permanent ‘centre for disease control’ is more urgent than ever

    Source: The Conversation (Au and NZ) – By Jocelyne Basseal, Associate Director, Sydney Infectious Diseases Institute (Sydney ID), Faculty of Medicine and Health, University of Sydney

    Christie Cooper/Shutterstock

    The long-awaited independent inquiry into Australia’s COVID response was released today, with lessons on how the nation could better prepare for future pandemics.

    The 868-page report outlined nine guiding recommendations and 26 actions, including 19 set for implementation over the next 12 to 18 months. These form the foundation for future pandemic preparedness.

    With initial strong national solidarity, Australia acted quickly to close national borders, the inquiry found. This bought crucial time, but Australia was not adequately prepared for a crisis of the scale of the COVID pandemic.

    Australia’s response lacked strong central co-ordination and leadership. Communication about public health advice was often conflicting or not appropriately communicated with the most vulnerable groups. Public trust was further undermined by a lack of transparency in decision-making, such as disease modelling, which underpinned important public health responses.

    In hindsight, the inquiry concluded a fully fledged Australian Centre for Disease Control (CDC) could have made a huge difference. In response, the federal government today committed A$251 milion to establish such a centre in Canberra.

    What did the inquiry find?

    1. Early rapid response and consensus helped keep us safe. As an inland nation, Australia was able to close its borders while preparing for the ultimate inevitable population-wide spread of SARS CoV-2. But it was unprepared for pandemic-related quarantines.

    2. Initially, the communication was clear and consistent. This didn’t last. Huge uncertainties, rapidly changing circumstances, differing opinions among experts and the politicisation of the response undermined communication strategies. Communication with diverse ethnic groups and vulnerable populations groups were often sub-optimal. In future, misinformation and disinformation needs to be addressed through improving health literacy and proactive communication.

    3. Our health-care infrastructure was lacking and couldn’t cope with emergency surge capacity, the inquiry found, although health-care workers “pulled together” remarkably. Aged care facilities were particularly vulnerable and had poor infection-control practices. More broadly, there were supply chain issues and inadequate stockpiles of essential infection prevention and control equipment, such as masks and gloves. Australia was unable to manufacture these and was left at the mercy of foreign providers.

    4. Analysing the genetic material of the virus and widespread testing were critical to tracking viral evolution and spread. Pathogen genomics in New South Wales and Victoria, for instance, allowed accurate tracking of virus variants and local transmission. But there was poor exchange of data between jurisdictions and limited national coordination to optimise data interpretation and response.

    5. Transparent, evidence-based decision-making was lacking. Disease models that informed key decisions were opaque and not open to scrutiny or peer review.

    6. Vulnerable populations, including children, suffered disproportionately. COVID-related school closures were particularly harmful as they affected learning, socialising and development, and disproportionately affected children from lower socioeconomic backgrounds. Strict social isolation also increased the risk of family violence, along with anxiety and other mental health impacts. Aboriginal and Torres Strait Islander people experienced higher risks due to the inequity of service provision and the social determinants of health.

    7. Research is important and should be rapidly scalable. Good surveillance systems for emerging infectious diseases and future pandemic threats should be in place. Patient specimens need to be stored so we can rapidly explore the mechanisms of disease and develop essential diagnostic tests. The inquiry recognised the need for Australia to develop its own vaccines and for access to mRNA technology was recognised as an important health security measure, given challenges in vaccine access.

    8. Global solidarity and co-operation create a safer word for all.
    The stark inequities in COVID vaccine access, opened major fault lines in international relationships and still complicate the drafting of a global pandemic treaty.

    9. Emerging diseases with a One Health focus should be recognised as a ‘standing threat’. In our modern interconnected world, with highly concentrated human and animal populations combined with stressed ecosystems, new diseases with pandemic potential will continue to emerge at an unprecedented rate. This requires a gobal focus.

    How could a CDC make a difference?

    One of the inquiry’s key take-home messages is that the lack of strong, independent, central co-ordination hampered our pandemic response.

    The inadequate flow of data between jurisdictions were major shortcomings that limited the ability to target responses. This is needed to understand:

    • transmission dynamics
    • the vulnerabilities in those with severe disease
    • the circulating viral variants.

    The inquiry also emphasised the need to analyse data in near real time.

    Good data drive evidence-informed and transparent policy. This is a crucial area for a future Australian CDC to address. The CDC will function as a “data hub”, with Canberra offering the ideal location supporting a multi-jurisdictional “hub-and-spoke” model.

    Australia’s new CDC is expected to be launched by January 2026, pending legislation approval. The ongoing challenge will be to ensure it delivers optimal long-term health benefits for all Australians.

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

    – ref. Australia’s COVID inquiry shows why a permanent ‘centre for disease control’ is more urgent than ever – https://theconversation.com/australias-covid-inquiry-shows-why-a-permanent-centre-for-disease-control-is-more-urgent-than-ever-239498

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Europe: Luis de Guindos: Interview with ANSA

    Source: European Central Bank

    Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti

    29 October 2024

    At the latest press conference, President Lagarde spoke of a series of economic indicators pointing lower and of downside risks to growth. The Survey of Professional Forecasters published by the ECB foresees inflation of 1.9% in 2025, compared with 2.2% in the projections by ECB experts. In this context, will the Governing Council have the option to make back-to-back interest rate cuts, as occurred in September and October?

    In short, on the current economic situation, we don’t have good news with respect to growth but we do have good news with respect to inflation.

    On growth, we have revised down our projections twice – before the summer and in September. We see that the downside risks that we identified are crystallising, mainly because consumption is not recovering as expected. Even though real disposable income has increased because wages are catching up with past inflation, households are not increasing their spending. This could be due to structural factors, including a lack of confidence owing to past inflation, the pandemic or geopolitical risks. But it is clear that the recovery in consumption is not happening at the pace we had previously projected.

    On inflation, we have the opposite happening. The latest figures are good, in terms of both headline inflation and underlying inflation. Most measures of underlying inflation are declining, and we are confident that we will be able to reach our 2% target over the medium term in the course of 2025.

    Regarding possible future cuts, we have been very clear that we will keep all options open at forthcoming meetings, both in terms of the number of cuts and the size of these cuts. But what is most relevant for the transmission of monetary policy and the impact of financial conditions on aggregate demand is the medium-term trajectory, which is evidently that of an easing cycle. Fine-tuning monetary policy is very complex and the important signal is the medium-term trajectory.

    Geopolitical risks will play a role in the forthcoming monetary policy decisions. To what extent are the risks associated with the conflicts in the Middle East and the risks of a further escalation in trade tariffs pushing the ECB to take a prudent approach in reducing interest rates?

    Geopolitical factors play a very important role in our analysis. For example, the conflict in the Middle East has an impact on energy prices and upcoming elections could have an impact on international trade, global growth and inflation. This is one reason why we have to be very prudent with our decisions. When you are in a dark room full of uncertainty, for example because of geopolitical risks that you cannot control, you have to take very careful steps.

    Another important element is fiscal policy. Governments are now submitting their medium-term budgetary plans to the European Commission. This will give us more clarity on the fiscal outlook, which is an element that we take into consideration in our analysis and decision-making. So geopolitical risks, the possibility of distortions in international trade plus what will happen with fiscal policy will all feed into our decisions in the near future.

    In its new operational framework that came into force in September 2024, the ECB anticipates that a substantial contribution to providing liquidity to the banking sector will come from a structural portfolio of securities and from new longer-term refinancing operations, under conditions to be defined at a later date. What point has the discussion reached and what guidance is there?

    The operational framework has to be used to implement our monetary policy, it cannot condition it. And we have said very clearly that all monetary policy instruments in our toolkit remain available to us. This will include, for example, non-conventional measures, such as targeted longer-term refinancing operations and quantitative easing.

    Right now, we are in a situation of ample liquidity, which we are gradually reducing by discontinuing reinvestments, which will come to a complete halt at the beginning of next year. Once that liquidity has been significantly reduced, a combination of the monetary policy instruments at our disposal will help us deliver enough liquidity to the banking system.

    In my view, when we discuss the structural portfolio, we will need to take into account the actual liquidity situation of the banks and look not only at the average, but also at the dispersion in the banking sector. We have not decided on the size of the structural portfolio, but it will need to be large enough to deliver sufficient liquidity to the banking system.

    The latest monetary policy strategy review in 2021 took place at a time of strong deflationary pressures linked to various factors, including digitalisation and globalisation. Since then the landscape has changed. We find ourselves in a fragmented geopolitical context with the return of inflationary shocks. How will all this be reflected in the coming monetary policy strategy review? When will the discussion begin and what topics will it cover?

    We have established a couple of workstreams at the technical level to examine these factors, namely how the landscape has changed, how the new environment could have an impact on inflation, and our evolving policy toolkit. But this will not be discussed by the Governing Council until next year, with conclusions expected in the second half of 2025.

    What is crystal clear is that the definition of price stability as 2% inflation over the medium term will not be up for debate. And several other elements, such as the importance of financial stability considerations or accounting for climate change in our work, are already established. Instead, this review will mostly be an assessment of the previous strategy review while considering new elements, such as the changed economic and inflation environment, the possibility of deglobalisation and other structural elements that could affect the inflation outlook.

    Importantly, we will look at the consequences of measures we have used in the past. For every monetary policy decision, we need to look not only at short-term effects but also further ahead at possible unwanted effects. Quantitative easing, for example, is an instrument that proved to be very useful to fight deflation and the impact of the pandemic, but it also caused some side effects. In that respect, now that we have started the opposite process of quantitative tightening, we have much more information on the potential consequences of quantitative easing.

    Are you referring to fiscal side effects?

    No. I’m referring, for instance, to the impact on financial stability or on national central banks’ profit and loss accounts. These are side effects that can be better taken into consideration and that were not obvious at the time.

    Italy has seen inflation fall to below 2% from a high of close to 12% two years ago, and its growth rate is in line with the European average. While real disposable income is improving, investment is feeling the effects of a still restrictive monetary policy and politicians have criticised the ECB’s cautious stance in the last few months. How would you explain to Italian politicians and households the need for a cautious approach in reducing interest rates, and how do you plan to reassure them about the current transition from still restrictive interest rates to a more neutral stance?

    Above all else, we listen to all opinions carefully and with an open mind. The ECB and central banks are independent institutions, meaning that they need to display an additional level of responsibility and accountability.

    What I would say to Italian and European citizens is that it’s important to be cautious and prudent. We have reduced interest rates and the trajectory of our monetary policy is very clear, but there is a huge amount of uncertainty and we cannot make mistakes. That’s why a gradual approach to implementing monetary policy is essential.

    That being said, I’d like to reassure them that things are moving in the right direction. Inflation has fallen significantly. Most people look more closely at price levels than at inflation, but at the end of the day, current price levels are a consequence of past inflation. We can’t claim victory yet, but we have made good progress so far. And despite an economic slowdown, we have so far managed to reduce inflation without causing a recession in the euro area. When you look at the labour market, the situation remains positive. So I hope that in the medium term it will become more evident that we are on the right track.

    In its draft budget, the Italian government is seeking a contribution of around €3.5 billion from the banking sector by targeting deferred tax assets (DTAs). Has the ECB been consulted on the merits of this approach and what guidance is being formulated on this measure?

    In general, our assessment of banking sector taxes is quite clear from the legal opinions we have issued on proposals by several countries. Our view is that such taxes should not impair banks’ solvency or the transmission of monetary policy in terms of hampering the flow of credit to the real economy.

    In this specific case, we don’t have the definitive version of the tax yet, so it’s difficult to form an opinion about it. But I hope that solvency will be one of the items taken into consideration, which would be positive from our perspective.

    In my view, the design of the previous version of the tax was balanced, for example, because it made tax revenues and bank solvency compatible. Of the many approaches taken by other European countries that imposed taxes on the banking sector, I believe this was the most balanced one.

    Completing the banking union is one of the most urgent objectives that will make Europe more resilient and more competitive. Despite this, a cross-border merger like the potential merger between Unicredit and Commerzbank currently under discussion is treated as a national matter in both countries. What lessons can we learn from this and why is a cross-border merger between European banks still hitting the headlines in Europe in 2024?

    Given the importance of banks’ funding for the real economy, completing the banking union should be the number one priority on the European Union’s economic agenda. I acknowledge that there are political hurdles to achieving that, but it will be very difficult to have a real economic and monetary union without a banking union. Greater coordination of fiscal policy, for example through a common fiscal instrument or progress towards the capital markets union, would also be important.

    If you want a single banking market, you need to have genuine pan-European banks. This is why cross-border consolidation of the banking sector is important. I don’t discuss the merits of individual cases, but in my view, a European approach should prevail over a national one. That’s the way forward for European integration.

    In any case, our assessment of any merger and acquisition transaction is always based exclusively on prudential and solvency criteria. This is the guiding principle for us, based on European regulation.

    The Italian government has voiced its support for the merger between Unicredit and Commerzbank, which would strengthen European banking consolidation. At the same time, Italy is the only Member State that hasn’t ratified the treaty to reform the European Stability Mechanism (ESM), which is an important element in completing the banking union. How important will it be to remove this obstacle?

    In my previous answer, I referred to how important it is for a European approach to prevail over a national one. But this principle has to be consistent from all angles and in all kinds of situations. In my opinion, a pro-European approach to the integration of the economy, the banking system and the capital markets should be the one that prevails for all the items under discussion, including ESM reform. Ratifying the reformed ESM Treaty would be a clear pro-European decision.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Welcome remarks by SLW at Hong Kong: A World of Opportunities seminar for Korean talent (English only)

    Source: Hong Kong Government special administrative region

         Following are the welcome video remarks by the Secretary for Labour and Welfare, Mr Chris Sun, at Hong Kong: A World of Opportunities seminar for Korean talent organised by Hong Kong Talent Engage (HKTE) this afternoon (October 29):
     
         Ladies and gentlemen, annyeong-haseyo (hello in Korean).
     
         I am glad to welcome you to the seminar organised by HKTE today. It is great to have students from Korean universities and exchange students currently in Hong Kong with us today.
     
         This seminar is a follow-up on HKTE’s recent duty visit to Korea in August, during which we met with professionals as well as university students and received much positive feedback. Many expressed interest in working in a dynamic environment like Hong Kong to pursue their careers and succeed.
     
         Talent is the prime resource and driving force that boosts economic development and competitiveness. The Hong Kong Special Administrative Region Government is committed to building Hong Kong into an international hub for high-calibre professionals with diverse backgrounds. Thanks to our “one country, two systems” principle, Hong Kong is bestowed with unique advantages of enjoying the strong support of our motherland and being closely connected to the world. We also have a strong foundation for success, with institutional strengths such as a world-class business environment, a simple and low tax system, and a highly open and internationalised market.
     
         All these strengths make Hong Kong an ideal place for talent looking for personal growth and self-enhancement, so that they can bring their innovative ideas to life as well as make a positive change to the world. Many professionals also choose to base themselves in Hong Kong to explore opportunities in Mainland China.
     
         To attract and retain talent worldwide to pursue long-term development here, the Government announced an array of admission measures in late 2022, including the well-received Top Talent Pass Scheme (TTPS), which has garnered significant interest.
     
         As at end-September, the Government received over 380 000 applications under various talent admission schemes, with about 240 000 applications approved. For the TTPS, over 100 000 applications were received with over 81 000 approved, including over 200 degree graduates from renowned universities in Korea.
     
         Settling into a new environment might be challenging; that is why we set up HKTE to provide one-stop comprehensive support services to facilitate incoming talent to come and settle in Hong Kong. Later in this seminar, Anthony, the Director of HKTE, will introduce to you HKTE’s services in more detail.
     
         I sincerely hope you find the information shared today fruitful and that you will consider embarking on your international career journey here in Hong Kong.
     
         Thank you once again for joining us.

    MIL OSI Asia Pacific News –