Category: Transport

  • MIL-OSI: KnowBe4 Sheds Light on the Alarming Trends of Human Trafficking Through Social Engineering in the UAE

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, UAE, Oct. 21, 2024 (GLOBE NEWSWIRE) — Human trafficking continues to be an issue in the UAE, particularly affecting foreign workers from Africa and South and Southeast Asia. Lured with false promises of high-paying jobs, victims arrive in the UAE only to have their passports confiscated and find themselves in forced labor or even sex trafficking conditions. As the U.S. Department of State’s 2023 report highlights, many foreign workers, making up nearly 90% of the UAE’s population, are vulnerable to exploitation, with common abuses including non-payment of wages, debt-based coercion, and substandard living conditions.

    Traffickers are increasingly using social engineering tactics on social media platforms to target these workers, offering employment opportunities that seem too good to be true. Once victims arrive, they often find themselves in industries ranging from domestic work to cybercrime operations or sex trafficking, trapped by a combination of legal loopholes and physical isolation.

    How to Avoid Falling Victim to Human Trafficking

    Traffickers use highly convincing tactics to deceive job seekers, but there are steps individuals can take to protect themselves:

    • Research the Employer Thoroughly: Verify the legitimacy of any job offer by researching the company’s website, reading employee reviews, and ensuring the company is registered in corporate databases.
    • Avoid Upfront Payments: Legitimate employers do not charge for recruitment fees or visas. Be wary of any employer requesting payment before employment.
    • Beware of Social Media Offers: Many job scams originate on social media platforms like Facebook or WhatsApp. Always verify the recruiter’s identity and check if the company is reputable.
    • Know Your Rights: Be familiar with UAE labor laws, especially the legal processes regarding work visas and employment contracts.
    • Ask for Legal Documentation: Ensure you have an official job offer letter and that the employer provides clear visa sponsorship information before agreeing to travel.

    Taking these steps can help individuals avoid falling victim to human trafficking schemes that are increasingly prevalent in the UAE.

    For more detailed insights, you can read the 2023 Trafficking in Persons Report on the UAE

    By Anna Collard, SVP content strategy and evangelist at KnowBe4 Africa

    The MIL Network

  • MIL-OSI Economics: ADB-Supported Project Boosts Resilience of Land, Maritime Transport Networks in Solomon Islands

    Source: Asia Development Bank

    HONIARA, SOLOMON ISLANDS (21 October 2024) — The Asian Development Bank (ADB) is providing the Government of Solomon Islands with the second tranche of financing for its Land and Maritime Connectivity Project totaling $53 million. The project is strengthening transport infrastructure in Solomon Islands.

    The Land and Maritime Connectivity Project was approved by the ADB Board in June 2021, to be funded by a concessional loan of $74.4 million and a grant of $74.5 million. The grant is sourced from the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries. The Government of Solomon Islands is contributing the remaining $21.8 million of the project’s overall cost of almost $171 million. The project is a 10-year multitranche financing facility, enabling ADB’s long-term support to the country’s transport sector.

    “Developing a sustainable transport network will help drive robust socioeconomic growth in Solomon Islands,” said ADB Senior Transport Specialist Rika Idei. “The project will better connect people in rural and remote areas to markets, health, and education services.”

    Tranche 2 will continue the rehabilitation and climate-proofing of road transport infrastructure from the first tranche. Works on the remaining 26 kilometers (km) of the Henderson–Mberande road section have commenced, while the rehabilitation of the 1.7 km Honiara City Council–Ground section and the upgrading of the 3.1 km Town Ground–White River section are ongoing. Both are critical road links on Guadalcanal Island. Climate resilience features are integrated into the road design to ensure all-year access along the east–west corridor in the island. After the completion of civil work, a 5-year performance-based maintenance will follow to sustain road quality and endurance.

    Maritime transport infrastructure will be improved in the second tranche, with work beginning for the provincial wharves under the project in Kira Kira and work in Ahanga expected to start soon. Marketplaces and passenger buildings will be included as part of the provincial wharves.

    Support for institutional improvement is a key element of the project, particularly in the second tranche. Part of the support is to develop a gender strategy to support women in technical and leadership roles in the Ministry of Infrastructure Development.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics

  • MIL-OSI New Zealand: Police appeal to public following hit and run

    Source: New Zealand Police (National News)

    Police investigating a hit and run incident in Pukekohe last week, which left a man critically injured, are appealing to the public for information.

    At about 2.47am on Friday morning, Police were called after a member of the public located a man injured and unconscious lying on Wellington Street.

    Detective Senior Sergeant Simon Taylor, Counties Manukau South CIB, says the victim was transported to hospital in a critical condition, where he remains.

    “As part of Operation Gain, our investigations team is actively making enquiries to identify and locate the driver and vehicle involved.

    “We are asking for the public’s assistance for any information which may help us to help us locate the driver or the vehicle involved.

    “Anyone in the area who may have witnessed this incident or who has any information – including CCTV – is asked to contact Police immediately.”

    Detective Senior Sergeant Taylor says it’s likely the vehicle would have been damaged during this incident.

    “If you are the owner of this vehicle, please contact us.

    “A number of people have come forward with information and spoken to Police since this incident, and we ask anyone who has not yet spoken to us to get in touch.”

    Information can be provided to Police by making an online report at 105.police.govt.nz using “Update Report” or by calling 105.

    Please reference the file number 241018/8618.

    ENDS.

    Holly McKay/NZ Police

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: First Responders – Waikato fire burning through swampland

    Source: Fire and Emergency New Zealand

    A 20 hectare scrub fire is burning in swampland off Island Block Road, Waikato this afternoon.
    Fire and Emergency New Zealand was alerted to the fire around 1.15pm.
    Incident Commander Shane Bromley says four fire trucks, five tankers and two helicopters are responding to the fire, with another helicopter on its way.
    “The fire is semi-contained but not controlled and we’ve put fire trucks in place to protect three houses as a precaution,” Shane Bromley says.
    “We are also working to protect the nearby Whangamarino Wetland and expect to have a crew at the fire ground overnight.”
    There will be another update at 7pm tonight.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Defence News – Two containers successfully removed from reef after HMNZS Manawanui sinking

    Source: New Zealand Defence Force
     
    New Zealand and Samoan teams have today removed a second shipping container from the reef off Samoa’s Upolu, one of three that came off the sunken Royal New Zealand Navy ship HMNZS Manawanui on 6 October.
     
    The first of these 10ft shipping containers was successfully removed on Saturday.
     
    Of the two that have now been removed, the first was empty while the second contained food. The third and final container is empty and damaged, and will be removed next.
     
    “We are planning for the removal tomorrow, if the conditions are right. It’s important that this work is carried out safely and with care,” NZDF Senior National Representative Commodore Andrew Brown says.
     
    The New Zealand Defence Force (NZDF) is working with a local contractor, ARK Marine, to remove these containers from the reef off the south-west coast of Upolu.
     
    The work is being carried out with the approval of the Samoan authorities, and under the direct supervision of Samoan officials.
     
    Commodore Brown says daily monitoring of the vessel and shoreline will continue during CHOGM.
     
    “We will be conducting one dive, one drone flight and one beach patrol daily. The timing will be coordinated so as not to disrupt the event.”

    MIL OSI New Zealand News

  • MIL-OSI Australia: Three arrested at Kilburn

    Source: South Australia Police

    Police recovered a stolen car and seized firearms during an investigation at Kilburn last night.

    About 7.30pm on Sunday 20 October, police located a stolen Holden Commodore station wagon in the car park of a Kilburn licensed premises.

    The alleged occupants of the stolen car were identified by police nearby.

    A 31-year-old Manningham man and a 25-year-old Paralowie woman were arrested and charged with illegal use of a motor vehicle.

    The stolen car was towed away for forensic examination.

    Following these arrests, Western District Police and Serious and Organised Crime Branch detectives searched addresses linked to the arrested people.

    At a Kilburn property, three firearms, firearm parts and ammunition were found.  Some of the firearms are suspected to have been stolen and inquiries are continuing.

    A 39-year-old Kilburn man was arrested and charged with serious firearm offences.

    The arrested men will appear in the Adelaide Magistrates Court today, Monday 21 October.

    The woman was bailed to appear in the Adelaide Magistrates Court on 3 December.

    Anyone with information about illegal or stolen firearms in our community is urged to contact Crime Stoppers on 1800 333 000 or online at http://www.crimestopperssa.com.au

    CO2400042199
    CO2400042169, CO2400042345

    MIL OSI News

  • MIL-OSI Submissions: Visa’s Growth Corporates Working Capital Index Reveals 300% Increase in Working Capital Efficiency

    Source: Visa Inc.
     
    Top performing growth corporates surveyed saved an average of $11 million, with virtual card usage jumping 32%

    SAN FRANCISCO – Visa (NYSE:V), a global leader in digital payments, announced the findings from its second annual global Growth Corporates Working Capital Index. The findings revealed an astounding increase in working capital usage and efficiency, with an 81% adoption rate of at least one working capital solution in 2024. Beyond increased adoption, top-performing companies1 saved an average of $11 million in interest and fees – a YoY efficiency increase of 300%.

    The Index surveyed nearly 1,300 CFOs and Treasurers across 8 industry segments and 23 countries, all representing “Growth Corporates,” organizations that generate between $50 million and $1 billion in annual revenue.

    Beyond the increased adoption of working capital solutions, virtual cards saw a particularly high uptick. These solutions offer flexible, on-demand working capital solutions that provide access to funds as corporate needs require.

    Virtual cards saw a 32% YoY increase in usage and were intrinsically linked to top-performing Index scores. Surveyed Growth Corporates who used virtual card solutions saw higher probability of reduced Days Payable Outstanding (DPO), strategic utilization of working capital, better cash flow predictability, more supplier integration into payment systems and early supplier payment.

    The Index notably highlights that CFOs and Treasurers of Growth Corporate businesses want relationship-based banking and personalized working capital solutions tailored to their specific industry, spending habits and business needs.

    Five out of eight industries represented by survey respondents cited lengthy approval processes and uncertainty about approval outcomes as their most significant obstacles, as respondents expressed the need for bankers with both the lending experience and working knowledge of their industry and region to design working capital solutions that fit their business requirements.

    And the stakes are high: 90% of respondents reported negative consequences when working capital access was denied or took too long.

    “Growth Corporates have unique needs and capabilities that often fall through the cracks between small businesses and enterprises,” said Lauren Hewings, Visa’s Head of Working Capital Solutioning. “This valuable segment, which really represents tomorrow’s enterprises, has historically lacked access to customized, industry-tailored products and solutions from their financial institutions; however, increasingly, they are demanding them from their financial institutions as they seek flexible, on-demand methods for optimizing cash flow to drive strategic growth.”

    Additional key findings include:

    More than half (58%) of top performers surveyed improved their working capital ratios, as evidenced by 51% shorter cash conversion cycles and 28% shorter days payable outstanding.
    Strategic use cases drove 62% of working capital use. CFOs and Treasurers were 35% more likely to use solutions to invest in company assets and 37% more likely to have invested in organic growth and expansion, than last year.
    Developing markets and specific industries experienced remarkable gains: North America’s agriculture sector saw a 17% Index surge, healthcare in Europe and Asia-Pacific (APAC) led with 16% gains, and retail in Central Europe, Middle East and Africa (CEMEA) witnessed a dramatic 26% increase in Index scores.
    Top performers surveyed achieved a 21% increase in their net profit margins and a 14% increase in their working capital ratios.
    Top-performing CFOs and Treasurers are three times more likely to use virtual cards next year than bottom performers. Virtual cards provide access as needed to pay suppliers early, which is often associated with more favorable pricing from key suppliers.

    For more information about the Growth Corporates Working Capital Index, please visit: https://global-corporate.review.visa.com/solutions/commercial-solutions/knowledge-hub/working-capital-index-report.html.

    About Visa Inc.

    Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

    ______________________________
    1 Top performers are characterized by superior predictability in financing needs, which enables them to use financing more strategically than less efficient counterparts. Growth Corporates at the top of the Index are more likely to be in a stable financial position, either with the help of external working capital or without and are therefore the least likely to have needed financing for emergencies.

    MIL OSI – Submitted News

  • MIL-OSI Economics: APEC Reinforces Ethical Standards, Drives Global Impact in Health-Related Sectors Lima, Peru | 21 October 2024 APEC Small and Medium Enterprises Working Group Senior stakeholders from across the Asia-Pacific convened in Lima last month to drive action to enhance ethical practices, reinforcing APEC’s leadership in promoting sustainable growth and fair competition for SMEs.

    Source: APEC – Asia Pacific Economic Cooperation

    Dedicated to advancing ethical standards in health-related sectors, senior stakeholders from across the Asia-Pacific convened in Lima last month to drive action to enhance ethical practices, reinforcing APEC’s leadership in promoting sustainable growth and fair competition for small and medium enterprises (SMEs).

    “Ethical business practices are not just about doing the right thing—they are about creating environments where businesses can thrive, where innovation can flourish and where societies can prosper,” said Diane Farrell, Deputy Under Secretary for International Trade at the US Department of Commerce, upon opening the 2024 APEC Business Ethics for Small and Medium Enterprises Forum.

    Endorsed by APEC Small and Medium Enterprises Ministers in 2011 and recognized by APEC Economic Leaders in 2012, the Business Ethics for APEC SMEs Initiative is the world’s largest public-private partnership promoting ethical business practices in health-related sectors. 

    The APEC Kuala Lumpur Principles for medical technology industry and Mexico City Principles for biopharmaceutical industry guide nearly 20,000 enterprises and set a global benchmark for ethical conduct, supported by industry and governments alike.

    “By prioritizing ethical standards, we not only enhance competitiveness but also ensure that small and medium enterprises are well-positioned to thrive in the future economy,” said Aaron Sydor, Chair of the APEC Small and Medium Enterprises Working Group

    “We are also empowering the region’s SMEs with the tools they need to operate with integrity and transparency in an increasingly complex global market,” Sydor added.

    This year’s forum advanced government strategies to encourage ethical practices with Chile announced a pilot program to promote enterprise integrity through public procurement, and Mexico introduced a new partnership to align SMEs with the Kuala Lumpur and the Mexico City principles. 

    The forum also marked the international launch of the US Consensus Framework, expanding ethical standards across the APEC region, as well as the expansion of the Peru Consensus Framework with new public and private signatories, boosting momentum for ethical collaboration in health systems.

    Consensus frameworks are critical to advancing ethical business conduct to support small businesses within health systems and represent each economy’s commitment to strengthening collaboration. This includes adherence to rules within respective health systems and alignment of ethical principles across diverse stakeholders. 

    “When ethical practices are prioritized, patient outcomes improve. This Initiative is crucial in ensuring that ethical considerations are embedded in every aspect of healthcare, ultimately leading to better care for patients across the region,” said David Reddy, director general of the International Federation of Pharmaceutical Manufacturers and Associations.

    The 2024 forum promoted mentorship for medical technology and biopharmaceutical industry associations to embed these principles in their codes of ethics, and for the first time, addressed the role of women’s leadership in this effort.

    “APEC has a unique opportunity to champion ethical leadership that is inclusive and gender balanced. This means not only supporting women in leadership roles but also ensuring that ethical considerations are integrated into all aspects of economic policymaking,” said Dr Rebecca Sta Maria, executive director of the APEC Secretariat.

    The commitments made at the forum will play a pivotal role in shaping health-related sectors globally. APEC’s strong leadership in promoting ethical business practices is crucial to driving sustainable growth and public health, empowering SMEs to thrive in an increasingly complex global market.

    “Effective government strategies serve as a catalyst for ethical transformation across industries, ensuring that businesses are anchored in integrity,” Chris White, general counsel and chief policy officer at the Advanced Medical Technology Association. 

    “By championing ethical practices, including in the public procurement process, governments not only guide businesses but also reinforce the trust that is vital to the broader health ecosystem,” he concluded.

    For more information about the Business Ethics for APEC SMEs Initiative, visit the initiative’s homepage. Stakeholders interested in learning more or getting involved are encouraged to contact the initiative’s stakeholder liaison team at [email protected].

    For further details or to arrange possible media interviews, please contact:

    APEC Media at [email protected]

    MIL OSI Economics

  • MIL-OSI China: China’s new policies spur foreign investor confidence

    Source: China State Council Information Office

    Foreign entrepreneurs are increasingly bullish on the Chinese market, buoyed by recent economic policies aimed at encouraging growth and stability. This heightened optimism was evident at the Annual Conference of Financial Street Forum 2024, held Oct. 18-20 in Beijing.

    Pan Gongsheng, governor of the People’s Bank of China, highlighted the positive reception of these policies at the forum’s opening ceremony on Oct. 18. “Since the implementation of the policy package, we have received positive feedback from home and abroad, effectively boosting social confidence and promoting the stable operation of the economy and financial markets,” Pan said.

    “China’s forward-thinking government policies, such as the recent stimulus package, have demonstrated a commitment to fostering stable and sustainable growth, particularly in key sectors like technology, green energy and healthcare,” said Jack Perry, chairman of the 48 Group and CEO of London Export Corporation, at an afternoon subforum titled “Joint Promoting Enterprise Development with Global Capital Integration.”

    Perry praised China’s leadership, reassuring international investors that China is not only a place of opportunity but also a reliable partner for long-term investment.

    “As the country transitions from an industry-driven to a consumption-driven economy, it opens doors to investors from across the globe,” Perry said.

    He added, “The sheer size of China’s market and its growing middle class of 400 million, which will soon expand to nearly 800 million, offers significant opportunities for international companies to expand their reach.”

    Regarding how China can continue to attract international capital, Perry said the answer lies in creating an inclusive environment for investment.

    “Optimizing regulatory frameworks, strengthening intellectual property protections and fostering transparent communication between foreign and domestic stakeholders are all crucial steps in this process,” Perry said.

    He stressed that international markets stand to gain from Chinese capital just as China benefits from foreign investment. “This two-way exchange strengthens global partnerships and fosters innovation on both sides,” Perry emphasized.

    Shane Tedjarati, vice chairman of Prologis Global, speaks at a subforum titled “Jointly Promoting Enterprise Development with Global Capital Integration,” during the Annual Conference of Financial Street Forum 2024 in Beijing, Oct. 18, 2024. [Photo by Wang Yiming/China.org.cn]

    Shane Tedjarati, vice chairman of Prologis Global, echoed these sentiments. “Today, as we’ve seen over the past 30 years, there’s little debate that China was the priority investment for the whole world,” Tedjarati said, noting that China’s economic trajectory has generated real wealth “not just for China, but for the whole world for three consecutive decades.”

    Despite acknowledging several challenges facing the country, Tedjarati maintained a positive outlook on China’s economic prospects.

    “The theme of this conference, ‘trust and confidence,’ is at the heart of the policies the Chinese government is now taking to confront these challenges head-on,” he explained, adding that early signs of a recovery in consumption were emerging.

    Tedjarati underscored China’s significance as a global manufacturing powerhouse, supported by “an impressive infrastructure with a complete industrial supply chain, highly skilled workers, an extensive supply system and a growing domestic market.”

    One key driver of China’s growth is consumption and the rise of the middle class, Tedjarati said.

    He noted that China has been the main contributor to the creation of the global middle class. “The middle class in China is expected to rise in the next 15 years from about 31% of the world’s total to nearly 40%, making it the world’s largest middle class,” Tedjarati added.

    Tedjarati also highlighted China’s urbanization, noting its distinct and systematic approach to urban planning, which he said bodes well for China’s growth. Additionally, he praised China’s e-commerce infrastructure as “a trailblazer in the world,” a model that few other major economies have been able to replicate.

    Concluding his speech, Tedjarati addressed a question on many minds: “Where is the next China?” His answer was clear and confident: “The next China is still China.”

    MIL OSI China News

  • MIL-OSI Australia: Call for information – Traffic offences and vehicle fire – Alice Springs

    Source: Northern Territory Police and Fire Services

    Northern Territory Police Fire and Emergency Services are calling for information after a traffic incident involving a vehicle fire occurred in Alice Springs early Saturday morning.

    Around 2:25am, Joint Emergency Services Communications Centre received reports of a vehicle fire at the Stuart Highway and Wills Terrace intersection.

    CCTV footage reviewed by police showed a silver Holden Commodore travelling outbound on Willis Terrace when it approached the Stuart Highway intersection and a red Holden Commodore contacted the rear of the vehicle, causing the silver Holden to lose control and crash.

    A group of people exited the crashed vehicle and fled the scene on foot.

    The occupants in the red holden commodore then approached the crashed vehicle and began causing further damage before they also fled the scene on foot.

    A short time later, the silver Holden Commodore became engulfed in flames.

    Police and Fire and Rescue Services attended the scene, and the vehicle fire was extinguished.

    A 21-year-old male later approached the officers in attendance and informed them he was the owner and driver of the red commodore.

    He has since been transported to Alice Springs Hospital for treatment and blood testing.

    Police urge anyone with information about the incident to make contact on 131 444 and quote reference NTP2400105383.

    Anonymous reports can be made via Crime Stoppers on 1800 333 000 or through https://crimestoppersnt.com.au/.

    MIL OSI News

  • MIL-OSI Australia: The CFA volunteers who love marrying people

    Source: Victoria Country Fire Authority

    The COVID-19 lockdowns led to an exciting and fulfilling change of direction for CFA volunteers and married couple Greg Thorpe and Anne Tammesild.

    Instead of sitting idle, they both completed a Certificate IV in celebrancy, and now get a lot of joy from marrying people – especially fellow CFA volunteers.

    “I retired during the COVID-19 pandemic after being an air traffic controller for 43 years,” Greg said. “Anne saw me getting bored and suggested I find something new to do. I said I wouldn’t mind being a marriage celebrant, and Anne replied that she’d like to do that too.”

    Greg and Anne both completed their certificate IV in about nine months, but because of COVID-19 they weren’t able to get their new business off the ground the way they had hoped.

    Greg and Anne, who live in Hampton, are members of District 8 Headquarters Brigade where they are learning new skills to work in an Incident Control Centre. Before moving to Hampton, Greg had been a firefighter with St Andrews Fire Brigade since 2008, and the impact of the 2009 fires on Greg and those around him prompted him to become a peer in CFA’s Peer Support Program.

    “At St Andrews I got really interested in firefighting and learned a range of skills. Then after 2009 I also wanted to help fellow volunteers, so I trained to be a peer supporter,” Greg said. 

    Greg and Anne love marrying people, and are happy to conduct weddings in addition to having daytime jobs.

    “We aim to do 15 weddings a year in between my part-time job as the manager of emergency management and business continuity across 51 magistrates’ courts, and Anne’s full-time teaching role.”

    Anne became a CFA member about a year ago after many years as a Life Saving Victoria volunteer where she was a district assessor and trainer. She now wants to contribute to the operation of CFA Incident Control Centres.

    Greg and Anne approach a wedding as a team. Although only one celebrant can legally marry a couple, they both attend the wedding.

    “We do it together because we enjoy it so much,” Greg said. “If Anne conducts the ceremony, I’ll be the roadie and set everything up. It brings us a lot of joy. After the wedding, we walk away with a big smile. We’re not in it to make much money but to marry people and make them happy.

    “I see how much work CFA members devote to supporting their communities and we like to give back by marrying them for a reasonable fee. We’re not worried about travelling a long distance to marry CFA people – we just turn the occasion into a weekend away.”

    One happy occasion was when Greg married CFA employee Jacinta McMahon and her partner Tim late last year in their backyard with about 30 guests. Their beloved dog Bundy was the ring bearer.

    Greg and Anne discuss each wedding together and writing the couple’s love story is a joint effort.

    “Having two celebrants who know all the documents and the members of the bridal party means that either of us can conduct the ceremony. If I was sick, Anne could take the ceremony and vice versa. Fortunately, that hasn’t been a problem,” Greg said.

    Submitted by News and Media

    MIL OSI News

  • MIL-OSI Australia: Serious crash at Kapunda

    Source: South Australia Police

    Police and emergency services are at the scene of a serious crash at Kapunda.

    Just after 2.30pm on Monday 21 October, Police responded to a two car crash on the Thiele Highway.

    South bound traffic out of the Kapunda township is closed and northbound traffic is being diverted down East Terrace.

    Please avoid the area.

    MIL OSI News

  • MIL-OSI: Results of the Offering of Unsecured Subordinated Bonds of Bigbank AS

    Source: GlobeNewswire (MIL-OSI)

    The public offering of Bigbank AS (Bigbank) unsecured subordinated bonds (the Offering) ended on Friday, 18 October 2024. It was the third series under Bigbank’s unsecured subordinated bond programme, conducted based on the base prospectus of the subordinated bond programme. Under the programme, Bigbank can raise up to 30 million euros in total.

    During the Offering, up to 3,000 unsecured subordinated bonds, each with a nominal value of EUR 1,000, a maturity date of 23 October 2034, and a fixed interest rate of 6.5% per annum, payable quarterly, were offered by Bigbank. In the event of oversubscription, Bigbank had the right to increase the volume of the Offering by up to 5,000 bonds, bringing the total to a maximum of 8,000 bonds. The Offering was carried out in Estonia, Latvia, and Lithuania.

    789 investors participated in the subscription and submitted subscription orders for the subordinated bonds in the total amount of 8.7 million euros. Therefore, the base issue volume of 3 million euros was oversubscribed by nearly 3 times. Bigbank exercised its right to increase the volume of the Offering, bringing the total volume of the Offering to 5 million euros.

    The Management Board of Bigbank decided to allocate the bonds according to the following principles:

    1. All subscription orders from the same subscriber were summed up;
    2. Subscriptions by investors up to the amount of 30,000 euros were accepted in full;
    3. Employees of companies belonging to Bigbank group were allocated 100% of the amount subscribed;
    4. Investors were allocated 2.75% of the amount subscribed exceeding 30,000 euros;
    5. The number of bonds with decimal places was rounded to the nearest whole number.

    Martin Länts, Chairman of the Management Board of Bigbank, thanked all investors who participated in the public issue for their trust in the bank’s strategy and growth prospects. “The subscription results show that investor confidence in Bigbank’s future plans remains very high, and the interest rate on the bonds offered may have been slightly too high, considering the rapid developments in the interest rate environment over the past month. With the capital raised, Bigbank will be even stronger in implementing its business strategy, planning to continue growing primarily in the housing and corporate loan segments while ensuring compliance with established capital requirements,” commented Martin Länts.

    The Bonds are expected to be transferred to the securities accounts of investors on or around 23 October 2024 and the first trading day of the bonds on the Baltic Bonds List of Nasdaq Tallinn Stock Exchange is expected to be on or around 24 October 2024.

    Bigbank AS (http://www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 30 June 2024, the bank’s total assets amounted to 2.6 billion euros, with equity of 252.8 million euros. Operating in nine countries, the bank serves more than 150,000 active customers and employs over 500 people. The credit rating agency Moody’s has assigned Bigbank a long-term deposit rating of Ba1, as well as a baseline credit assessment (BCA) and adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Tel: +372 53 930 833
    Email: Argo.Kiltsmann@bigbank.ee 
    http://www.bigbank.ee

    The MIL Network

  • MIL-OSI China: Beijing’s growing appeal amid city’s pursuit of high-quality development

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

    BEIJING, Oct. 20 — Walking through the Chaoyangmen South and North streets spanning 2.8 km in downtown Beijing, clean streets adorned with delicately designed miniature gardens, well-refurbished restaurants and convenience stores bustle with life as residents bask in the sun on a late autumn day.

    First established in ancient China’s Yuan Dynasty (1271-1368), the streets over 700 years old have defied age by constantly renewing themselves, where businesses are thriving and original residents and newcomers mingle and pursue life and work goals.

    Not far away from the neighborhood is Qianmen, a hotspot for tourists. From here, the attention-catching antique buses called “dang dang che” move slowly as tourists on these buses enjoy learning about the history and culture of the Beijing Central Axis, a newly recognized UNESCO World Heritage Site.

    As the refurbished antique bus travels on its routine path, modern clean-energy double-deckers and dual-carriage buses hurtle by, conjuring up a city image that showcases both the history and modern-day development of Beijing.

    As China’s political and cultural center, the city receives people from around the world for important meetings and its many historical attractions such as the Forbidden City and the Great Wall. But apart from that, the megacity with a population of around 22 million is also one of the most modern, vibrant, and technologically advanced Chinese cities, providing a window to look at and digest the historical changes brought about by economic and social development in China.

    ANCIENT CITY WITH RENEWED IMAGE

    In the Chinese capital, clean energy public buses accounted for nearly 95 percent of the city’s public buses as of the end of 2023, per capita GDP ranked first compared to other Chinese regions and people’s average life expectancy reached 82.51 years in the same cited year, according to data from local authorities.

    For An Zhifeng, a resident living in the Chaoyangmen South and North streets area, her life after retirement focuses on leading a healthy lifestyle. “The streets have become wider and more beautiful now. There are seats everywhere along the streets and we can sit down for some rest after a walk or exercise.”

    An was referring to an already completed urban renewal project for the streets that started at the end of 2023, through which the functions of the streets were analyzed and redesigned by removing traffic barriers that used to be set up to prioritize fast-moving vehicles, setting up new slow-traffic lanes for the passage of pedestrians and bicycles, and renovating municipal facilities to improve the streets’ image and residents’ life quality in the area.

    “Before the renewal, the hutongs were very narrow and residents parked cars in quite a limited space, and they often quarreled for parking. With this newly built multi-level parking facility in our neighborhood, we have more parking lots and it helped strengthen the harmony and unity within our community,” said Jiang Xiuping, another resident.

    Sun Yang, deputy head of the Dongcheng district government, said that the renewal project lasted for nearly a year, and is an example of Beijing’s practice in upholding the “people’s city” concept and responding to the people’s needs.

    The changes in Chaoyangmen South and North streets epitomize city-wide urban renewal projects conducted across various districts based on local conditions. In terms of urban renewal, data from the Beijing municipal government shows that the city has completed the renovation of 565 residential communities from 2021 to 2023, with more such projects being carried out.

    The city also promotes digitalization and green transformation for major projects during urban renewal. For instance, the Liangma River region in eastern Beijing’s Chaoyang district has become a bustling commercial hub for its robust night activities and light shows, while the Beijing South Central Axis Culture and Innovation Park in Fengtai district, once the site of a major clothing wholesale market, has now transformed into a hub where high-tech firms gather.

    GLOBAL HIGH-TECH HUB AMBITION

    Apart from its roles as China’s political, cultural and international exchange centers, the city also aims to become a hub for key engines driving high-quality development as well as a global hub of science and technological innovation.

    The Dongsheng Industrial Park in the city’s Haidian district is a hub where high-tech firms concentrate. “After years of development, Dongsheng Town is now home to nearly 4,000 enterprises, including 1,879 technology enterprises, 16 listed enterprises, and 7 unicorn enterprises…the advantages of large-scale industrial agglomeration are significant,” according to Ren Yiding, deputy mayor of the town.

    With its success in electric mobility products, the Ninebot company based in the park has in recent years developed products such as smart lawn mower robots that meet the user needs in the global market. “The lawnmowers have been exported to European and American markets and are well received, further establishing the Made-in-China brand,” said Gao Lufeng, founder and CEO of Ninebot.

    In the first half of this year, retail sales of its scooters reached 518,100 units and the sales volume of electric motorbikes exceeded 1.2 million units. In addition, sales of all-terrain vehicles stood at 12,100 units, and the emerging business of lawn mowing robots also achieved remarkable results, according to the company’s 2024 half-year report.

    These products enabled the company to realize a net profit growth of 168 percent year on year during the period as its business revenues reached nearly 6.7 billion yuan (about 940 million U.S. dollars), up 52.2 percent, according to the report.

    As an early explorer of computer vision and AI technology applications, Beijing Deep Glint Technology Co., Ltd., also based in the park, has rolled out AI-enabled services that can be used in some sports tests for students. Company founder Zhao Yong said that its AI-enabled system can automatically count students’ sit-ups during the test while recognizing unqualified body moves.

    Zhao said that in May this year, the company’s integrated sports training and test system was applied in many test sites for sixth-grade students who were about to enroll at junior high schools. “In the future, we will use this technology in physical education and promote it nationwide.”

    Data from the municipal government shows that, from January to August this year, investment in high-tech manufacturing and high-tech services grew by 72.7 percent and 19.4 percent year on year, respectively, driven by policies aimed at accelerating the development of new quality productive forces. This surge has fostered deeper integration between technological and industrial innovation, aligning with the national push for new quality productive forces.

    OPTIMIZED PUBLIC SERVICES FOR THE PEOPLE

    The development level in a city is reflected to some extent by the sophistication of its public service system. At the Fengtai District Government Service Center, hundreds of counters occupied by working staff provide varied services for individuals and companies.

    Launched in April 2021, the center has gathered 23 sub-centers in profession categories, which can offer services on more than 1,500 district-level matters, such as establishing a company, property transactions, marriage registration, medical insurance and social security, passports and driving licenses, among others.

    The concentration of these varied services means individuals or companies can settle all their matters at the same place without the need to go to different government venues, which greatly improves efficiency and people’s satisfaction levels.

    Data from the local government shows that over the past five years, the 12345 citizen hotline service has picked up 140 million complaints and inquiries from the public, with 96.5 percent of them settled. The public’s satisfaction rate on the service reached nearly 97 percent.

    Yang Junyao, an employee with 12345, said that the hotline service, first set up as the “mayor hotline” in the 1980s with only one telephone and three operators, has now grown into a center with hundreds of service desks and nearly 1,700 operators.

    The 12345 service, which serves both individuals and companies and offers foreign language services, also relies on Internet portals and other platforms such as WeChat and Weibo in handling inquiries and complaints from the public, with itself becoming a driving force that pushes the modernization of megacity governance by addressing people’s needs.

    MIL OSI China News

  • MIL-OSI Economics: Premiumization trend reshapes consumer beauty preferences in APAC, says GlobalData

    Source: GlobalData

    Premiumization trend reshapes consumer beauty preferences in APAC, says GlobalData

    Posted in Consumer

    Rising consumer disposable income coupled with the increasing consumer inclination towards high quality ingredients in products is creating demand for premium and ultra-premium products in the Asia-Pacific (APAC). Consumers, especially older ones, are seeking luxury goods to get a superior experience. Moreover, the growing consumer preferences for a healthy grooming routine are enabling them to invest more in beauty products with high quality attributes. These factors are reshaping consumer preferences, which is supporting the growth of the premium cosmetics market in the APAC region, says GlobalData, a leading data and analytics company.

    Naveed Khan, Consumer Analyst at GlobalData, comments: “Premiumization is an emerging trend in the APAC region, which is fueled by changing consumer needs and increasing affinity towards superior quality products. Countries such as China, India, and South Korea registered significant growths in gross disposable income per household in 2023+, supporting the trend. Moreover, the high internet penetration in APAC countries such as South Korea (98.6%) and China (78%) made beauty products more accessible to consumers through e-commerce platforms, benefiting the trend. Additionally, consumers are also seeking quality products with unique and uncommon ingredients that are well researched and have stable formulations.”

    GlobalData 2024 Q2 Consumer Survey* corroborates this trend, where 66% of respondents in Asia & Australasia stated that they find “novel/unique” attributes in product purchases as either essential or nice to have. In the same survey, 34% of respondents stated that they prefer “high quality products/ingredients” in beauty and grooming products.

    In response, manufacturers are using novel and uncommon ingredients to align with consumer preferences. For instance, in October 2023, Bio Essence introduced a Gel Cleanser in Malaysia, containing unique and high-quality ingredients such as 24k bio-gold and nano gold peptide, which provide antioxidant protection, reduce signs of anti-aging, and rejuvenate skin.

    Deepak Nautiyal, Consumer and Retail Commercial Director, APAC and ME at GlobalData, adds: “Young consumers, especially Gen-Z, are preferring quality over quantity and are seeking premium cosmetics. Moreover, the ease of availability of both local and international brands through e-commerce platforms and growing consumer focus on their appearance is boosting the premiumization trend in the region. Furthermore, changing global beauty standards and the growing K-beauty and J-beauty trend that focus on traditional methods and unique ingredients are further fueling the premium products market in the region. As a result, in the past few years, various premium beauty brands such as Charlotte Tilbury and Sulwhasoo have established their base in Asian geographies.”

    American beauty company Coty is also looking to leverage the rising premiumization trend in China to improve its market in the region. In 2023, the company introduced Lancaster Ligne Princiere, an ultra-premium cosmetic product range in the country. It also introduced its premium skincare brand Orveda in the year.

    In 2024, Sisley Paris introduced a high-quality anti-aging cream, Sisleÿa L’Intégral Anti-Age Fresh Gel Cream in Hong Kong. It is claimed to contain quality ingredients such as Alchemilla extract, Lindera extract, Persian acacia extract, apple pip extracts, yeast, and soy protein complex.

    Khan concludes: “Growing consumer inclination towards high quality and premium priced products will offer significant growth opportunities to manufacturers in the region. Moreover, manufacturers must concentrate on introducing products with innovative ingredient combinations in attractive and sustainable packaging to offer the premium appeal capable of attracting consumers.”

    *GlobalData 2024 Q2 Consumer Survey – Asia & Australasia, published in July 2024, included 6,506 respondents

    +GlobalData Macroeconomic Data, accessed on October 15, 2024

    MIL OSI Economics

  • MIL-Evening Report: Australia’s fertility rate has reached a record low. What might that mean for the economy?

    Source: The Conversation (Au and NZ) – By Jonathan Boymal, Associate Professor of Economics, RMIT University

    BaLL LunLa/Shutterstock

    Australia’s fertility rate has fallen to a new record low of 1.5 babies per woman. That’s well below the “replacement rate” of 2.1 needed to sustain a country’s population.

    On face value, it might not seem like a big deal. But we can’t afford to ignore this issue. The health of an economy is deeply intertwined with the size and structure of its population.

    Australians simply aren’t having as many babies as they used to, raising some serious questions about how we can maintain our country’s workforce, sustain economic growth and fund important services.

    So what’s going on with fertility rates here and around the world, and what might it mean for the future of our economy? What can we do about it?

    Are lower birth rates always a problem?

    Falling fertility rates can actually have some short-term benefits. Having fewer dependent young people in an economy can increase workforce participation, as well as boost savings and wealth.

    Smaller populations can also benefit from increased investment per person in education and health.

    But the picture gets more complex in the long term, and less rosy. An ageing population can strain pensions, health care and social services. This can hinder economic growth, unless it’s offset by increased productivity.

    Other scholars have warned that a falling population could stifle innovation, with fewer young people meaning fewer breakthrough ideas.

    Students sitting at a school assembly
    In the short term, lower birth rates can mean more is able to be spent per-person on services like education.
    Jandrie Lombard/Shutterstock

    A global phenomenon

    The trend towards women having fewer children is not unique to Australia. The global fertility rate has dropped over the past couple of decades, from 2.7 babies per woman in 2000 to 2.4 in 2023.

    However, the distribution is not evenly spread. In 2021, 29% of the world’s babies were born in sub-Saharan Africa. This is projected to rise to 54% by 2100.

    There’s also a regional-urban divide. Childbearing is often delayed in urban areas and late fertility is more common in cities.

    In Australia, we see higher fertility rates in inner and outer regional areas than in metro areas. This could be because of more affordable housing and a better work-life balance.

    But it raises questions about whether people are moving out of cities to start families, or if something intrinsic about living in the regions promotes higher birth rates.

    Fewer workers, more pressure on services

    Changes to the makeup of a population can be just as important as changes to its size. With fewer babies being born and increased life expectancy, the proportion of older Australians who have left the workforce will keep rising.

    One way of tracking this is with a metric called the old-age dependency ratio – the number of people aged 65 and over per 100 working-age individuals.

    In Australia, this ratio is currently about 27%. But according to the latest Intergenerational Report, it’s expected to rise to 38% by 2063.

    An ageing population means greater demand for medical services and aged care. As the working-age population shrinks, the tax base that funds these services will also decline.

    Aged care worker holding the hand of an aged care resident.
    An ageing population can mean more pressure on tax-payer funded services like healthcare.
    Chinnapong/Shutterstock

    Unless this is offset by technological advances or policy innovations, it can mean higher taxes, longer working lives, or the government providing fewer public services in general.

    What about housing?

    It’s tempting to think a falling birth rate might be good news for Australia’s stubborn housing crisis.

    The issues are linked – rising real estate prices have made it difficult for many young people to afford homes, with a significant number of people in their 20s still living with their parents.

    This can mean delaying starting a family and reducing the number of children they have.

    At the same time, if fertility rates stay low, demand for large family homes may decrease, impacting one of Australia’s most significant economic sectors and sources of household wealth.




    Read more:
    No savings? No plans? No Great Australian Dream. How housing is reshaping young people’s lives


    Can governments turn the tide?

    Governments worldwide, including Australia, have long experimented with policies that encourage families to have more children. Examples include paid parental leave, childcare subsidies and financial incentives, such as Australia’s “baby bonus”.

    Many of these efforts have had only limited success. One reason is the rising average age at which women have their first child. In many developed countries, including Australia, the average age for first-time mothers has surpassed 30.

    As women delay childbirth, they become less likely to have multiple children, further contributing to declining birth rates. Encouraging women to start a family earlier could be one policy lever, but it must be balanced with women’s growing workforce participation and career goals.

    Research has previously highlighted the factors influencing fertility decisions, including levels of paternal involvement and workplace flexibility. Countries that offer part-time work or maternity leave without career penalties have seen a stabilisation or slight increases in fertility rates.

    Mother with small baby working from homeoffice, typing on laptop
    Any solutions to falling fertility rates must balance other important factors such as women’s increased workforce participation.
    Halfpoint/Shutterstock

    The way forward

    Historically, one of the ways Australia has countered its low birth rate is through immigration. Bringing in a lot of people – especially skilled people of working age – can help offset the effects of a low fertility rate.

    However, relying on immigration alone is not a long-term solution. The global fertility slump means that the pool of young, educated workers from other countries is shrinking, too. This makes it harder for Australia to attract the talent it needs to sustain economic growth.

    Australia’s record-low fertility rate presents both challenges and opportunities. On one hand, the shrinking number of young people will place a strain on public services, innovation and the labour market.

    On the other hand, advances in technology, particularly in artificial intelligence and robotics, may help ease the challenges of an ageing population.

    That’s the optimistic scenario. AI and other tech-driven productivity gains could reduce the need for large workforces. And robotics could assist in aged care, lessening the impact of this demographic shift.

    The Conversation

    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 fertility rate has reached a record low. What might that mean for the economy? – https://theconversation.com/australias-fertility-rate-has-reached-a-record-low-what-might-that-mean-for-the-economy-241577

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Economics: APAC companies add $550 billion in MCap in Q3 2024, driven by China’s stimulus and strong regional demand, reveals GlobalData

    Source: GlobalData

    APAC companies add $550 billion in MCap in Q3 2024, driven by China’s stimulus and strong regional demand, reveals GlobalData

    Posted in Business Fundamentals

    The Asia-Pacific (APAC) region experienced a significant surge in market capitalization (MCap), with the top 50 companies gaining $550 billion in the third quarter (Q3) of 2024. This growth was fueled by China’s fiscal stimulus, strong domestic demand in India and Southeast Asia, and better-than-expected corporate earnings, underscoring the region’s resilience amid global uncertainties, reveals a study by GlobalData, a leading data and analytics company.

    At the end of Q3 2024, the combined market value of the companies in the technology sector reached $3.3 trillion, while those in the financial services sector totaled $527.4 billion. Among the top 50 companies, 19 companies were from the technology sector. In terms of geographic distribution, 19 were based out of China, 15 from Japan, and seven from India.

    Murthy Grandhi, Business Fundamentals Analyst at GlobalData, comments: “Asian stocks surged in late September following the announcement of a comprehensive stimulus package by the Chinese policymakers. While individual measures such as interest rate cuts and reduced downpayment requirements for home purchases have been introduced over the past year, the coordinated nature of September’s initiative marked the strongest indication, yet Beijing is committed to bolster the Chinese economy and stabilize the stock markets.

    “The Bank of Japan’s July rate hike, coupled with Governor Ueda Kazuo’s signals of further increases, was swiftly followed by weak US labor market data. As the interest rate gap between the US and Japan narrowed, the Japanese yen strengthened significantly, triggering a rapid unwinding of many ‘carry trades’ that had benefited from low Japanese borrowing costs. A more reassuring stance from BoJ officials later helped Japanese stocks recover some of their losses.”

    Companies that witnessed significant gains include Chinese food-delivery giant Meituan, which experienced more than 50% quarter-on-quarter (QoQ) growth in its market capitalization owing to the stronger-than-expected quarterly results and share buyback announcement.

    Alibaba Group’s market valuation soared by 46.2% during the quarter, following the announcement of the completion of a three-year regulatory “rectification” process. This development came after the company was fined for monopolistic practices in 2021 as part of an antitrust investigation.

    The shares of China Life Insurance saw a 46.1% increase in market capitalization, driven by the company’s strong interim financial results.

    Grandhi adds: “The Chinese constituents in the top 50 APAC companies list witnessed a 18% increase in market value, driven by the announcement of China’s fiscal stimulus package. Oil majors CNOOC and PetroChina experienced market capitalization loss of 12.3% and 10.3%, respectively, owing to slump in crude oil prices.”

    Chipmakers SK Hynix and Samsung Electronics experienced significant declines in market value, dropping by 22.2% and 20.1%, respectively. These losses reflect concerns over a potential oversupply in the market, despite the low probability of this occurring.

    Additionally, Samsung is facing challenges in maintaining its lead in high-bandwidth memory (HBM) chips, a crucial component in AI processors, as domestic competitor SK Hynix’s latest HBM products are reportedly undergoing testing for possible integration into processors from leading AI-chip maker Nvidia.

    Grandhi concludes: “Into Q4 2024, APAC companies could be keenly keeping an eye on the monetary policies of their respective countries, with interest rates likely to be cut down, albeit not to extend of the recent US Fed rate cuts. Additionally, the ongoing Middle East crisis could disrupt the market, affecting investor confidence and business strategies. However, APAC’s resilience, driven by innovation and supply chain strengthening, will help them in navigating these uncertainties and in sustaining the growth story.”

    MIL OSI Economics

  • MIL-OSI Australia: General anti-avoidance rules and PSI

    Source: Australian Department of Revenue

    Overview of general anti-avoidance rules

    This information is relevant to you if both of the following apply:

    • you receive personal services income (PSI) as a sole trader or through your company, partnership or trust
    • the PSI rules don’t apply to your income because you are carrying on a personal services business (PSB).

    The PSI rules were introduced to prevent the diverting, alienating or splitting of income with other individuals or entities in an attempt to pay less tax.

    The general anti-avoidance rules (GAAR) may still apply if you are a PSB and the PSI rules don’t apply. For the GAAR to apply to your arrangement, there must be a sole or dominant purpose to obtain a tax benefit.

    When the GAAR may apply

    The GAAR may apply where there are factors indicating that the dominant purpose of the arrangement is to obtain a tax benefit by diverting, alienating or splitting your PSI or retaining profits in your lower-taxed company, partnership or trust (being an interposed entity).

    In deciding whether the PSB has engaged in income splitting to gain a tax benefit, the following considerations may be relevant:

    • Whether the salary or wages paid to you is commensurate with
      • the skills you exercised or services you provided, and
      • the income received by the PSB for your services.
    • Remuneration commensurate to the value of your services will generally be the gross amount received by the PSB for your services, less allowable deductions (other than deductions associated with non PSI income of the PSB or income splitting).
    • Whether the PSB distributes income to associates and does not distribute income to you, the individual who provided the actual services.
    • Whether the salary or wages paid to associates by the sole trader or PSB is not commensurate with
      • the skills exercised and services provided by the associate, and
      • the income received by the sole trader or PSB is for services performed by the individual (which is different to income being generated by assets of an interposed entity).

    Examples include if you:

    • use a company, partnership, or trust to retain profits from your PSI
    • divert, alienate or split your PSI with an associate – which reduces your overall income tax liability, or
    • create an entitlement to deductions which would not be available to an individual providing the same services as an employee.

    Example: when the GAAR may apply

    Jason provides services as a computer analyst through his trust, JB Trust. Jason’s wife and children are also beneficiaries of JB Trust. The contract price for Jason’s services is $120,000.

    Through the income year, Jason is paid a salary of $50,000 by JB Trust to perform his services. JB Trust also incurs $25,000 of deductions. The balance of $45,000 is distributed to Jason’s wife and children, who are in the lowest marginal tax rate.

    The JB Trust self-assesses as a PSB due to passing the results test. The PSI rules don’t apply to the income. The GAAR may apply to the arrangement JB Trust has in place, as Jason may be obtaining a tax benefit by splitting the income with his associates.

    If the GAAR applied, then the tax benefits would be cancelled. This is done by making a determination, and relevant amounts would be deemed to be included in Jason’s assessable income.

    End of example

    The GAAR Panel advises on the application of the GAAR to particular arrangements.

    Draft Practical Compliance Guideline (PCG 2024/D2)

    A draft Practical Compliance Guideline (PCG 2024/D2) is currently being finalised. The draft Guideline outlines the types of alienation arrangements that we consider to be of ‘low’ or ‘higher’ risk of the general anti-avoidance provisions of income tax law (Part IVA) applying and the likelihood of us reviewing those arrangements.

    For more information, visit PCG 2024/D2 Personal services businesses and Part IVA of the Income Tax Assessment Act 1936.

    MIL OSI News

  • MIL-OSI China: China expands elderly care services with focus on community-based solutions

    Source: China State Council Information Office 2

    China had a total of 410,000 elderly care institutions and facilities at the end of the second quarter this year, the Ministry of Civil Affairs said on Monday.
    Of these, 369,000 were community-based elderly care facilities, reflecting a marked increase compared to 2019, when the numbers were roughly half their current levels, according to the ministry.
    Specifically, the number of elderly care institutions has doubled, while that of community-based care facilities has grown by 120 percent over the same period.
    The progress comes as China has been significantly expanding its elderly care services over recent years, with a particular emphasis on the development of at-home and community-based care. With its rapidly aging population, the country is under increasing pressure to provide sufficient care for its elderly citizens.
    Official data show that there were 297 million people aged 60 and above in the country at the end of 2023, accounting for 21.1 percent of the total population. The number of people aged 65 and above reached 217 million, or 15.4 percent of the total.

    MIL OSI China News

  • MIL-OSI: Resolutions of the General Extraordinary Shareholders Meeting of INVL Technology

    Source: GlobeNewswire (MIL-OSI)

    The resolutions of the General Extraordinary Shareholders Meeting (hereinafter – “the Meeting“) of special closed-ended type private equity investment company INVL Technology (hereinafter – “the Company”) that was held on 21 October 2024:

    1. Regarding the election of an auditor to carry out the audit of the annual financial statements and setting conditions of payment for audit services.

    Considering that PricewaterhouseCoopers, UAB has audited the Company for 10 years and, in accordance with the requirements of Regulation (EU) No. 537/2014 of the European Parliament and of the Council, can no longer continue to provide audit services, it is decided to:

    1.1.   Based on the results of the Company’s surveys of audit firms and the recommendation provided by the audit committee, to appoint BDO Auditas ir Apskaita, UAB, as the Company’s audit firm for the audit of the Company’s annual financial statements for the years 2024, 2025, and 2026, and for the assessment of the Company’s management reports.

    1.2.   To authorize the person appointed by the Management Company to sign the audit services contract, according to which the payment for the audit of the financial statements for the three financial years and the evaluation of the management reports will be the price agreed by the parties, but not exceeding 52,500 euros (excluding VAT) for the entire three-year period.

    1.3.   To stipulate that the Board of the Management Company reserves the right to increase the remuneration of the audit company by no more than 25 percent of the total remuneration approved by this decision if the scope of audit work changes significantly.

    The person authorized to provide additional information:
    Kazimieras Tonkūnas
    INVL Technology Managing Partner
    E-mail k.tonkunas@invltechnology.lt

    The MIL Network

  • MIL-OSI China: ​Universal Beijing Resort joins Wuzhen Theater Festival

    Source: China State Council Information Office 3

    Universal Beijing Resort has expanded its presence beyond its theme park borders to the 11th Wuzhen Theater Festival, showcasing its popular characters in the festival’s carnival segment.

    Iconic characters from Universal Beijing Resort and dancers perform at the opening of the 11th Wuzhen Theater Festival’s carnival segment in Tongxiang, Zhejiang province, Oct. 17, 2024. [Photo courtesy of Universal Beijing Resort]

    Universal Beijing Resort has brought Minions Bob and Kevin from Illumination Entertainment, along with Puss in Boots and King Julien from DreamWorks Animation, to the annual theater event in the ancient water town of Wuzhen, Zhejiang province. This crossover experience began at the festival’s opening Thursday, where the characters danced to upbeat music alongside performers and spectators.

    The special carnival performance by Universal Beijing Resort will take place several times a day at Shitian Square during the festival, which runs from Oct. 17 to 27. Spectators and tourists can join the festivities, and the Minions and King Julien will also appear at meet-and-greet events. Additionally, the resort will display an exhibition wall, screen an official documentary and offer free merchandise.

    An exhibition wall showcases Universal Beijing Resort attractions during the 11th Wuzhen Theater Festival in Tongxiang, Zhejiang province, Oct. 17-27, 2024. [Photo courtesy of Universal Beijing Resort]

    In a statement released on Oct. 17, the resort said the carnival extravaganza and crossover integration would allow visitors to experience the allure of its blockbuster world and immersive entertainment up close. The resort also pledged to continue expanding its creative boundaries, appeal to young visitors and inject momentum into the integration of diverse cultures.

    MIL OSI China News

  • MIL-OSI: Tales Reveals Gaming AI: Enables Users to Build & Play Any Game

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., Oct. 21, 2024 (GLOBE NEWSWIRE) — Tales—the popular AI gaming project spearheaded by a team of Stanford PhDs and Game developers—has today announced its innovative debut product: a Large World Model (LWM) that can generate entire digital worlds using simple text-to-game prompts.

    Tales intends to completely transform the world of gaming by enabling users to create fully functional games without the need for any development or game design experience. The aim is to empower players to overthrow the gaming establishment.

    Video: https://www.youtube.com/watch?v=_CUoVGW8VCw

    Competing with the world’s leading studios, Tales allows gamers to ‘bring this vision to life’ by creating user-generated, interactive, and immersive experiences. By crowdsourcing data, resources, and infrastructure, Tales is developing Sia, perhaps the most radical AI model to-date.

    Building games in seconds with a text prompt

    Similar to how chatbots like ChatGPT and Claude are powered by Large Language Models (LLMs), which specialize in processing and generating text-based outputs, Tales is building its own Large World Model designed for video game creation. This LWM is capable of understanding and generating all components of a video game— from environments, physics, 3D models, and gameplay footage to NPC (non-player character) behavior—along with detailed metadata.

    While an LLM learns language patterns by training on vast amounts of text, an LWM trains on gameplay data, video content, 3D assets, descriptive metadata, and feedback over time. This enables the LWM to understand how games are structured, refining its ability to create complex game elements and mechanics.

    Tales can output fully functional games by leveraging 3D engines, spatial reasoning algorithms, and NPC behavior systems. With just a simple text prompt like, “make a first person shooter in space” the LWM can generate the requested game, which is customizable and immediately playable. The model essentially serves as a tool for procedurally generating games in real-time and marks a substantial evolution from existing AI offerings.

    Tales’ outputs extend beyond games, with possibilities for virtual reality worlds, interactive experiences, and immersive educational tools, making this a diversified value proposition for potential future investors.

    “Tales truly feels like something out of a sci-fi film, and we can’t wait to make it a reality,” said Jason Krupat, Head of Product.

    “The gaming industry is in desperate need of a revolution, and putting the power to create in the hands of gamers could be the start of a new era of entertainment that extends far beyond games. A lack of resources should never get in the way of a creative spark, and empowering creators in this way means so much to us.”

    How does Tales learn?

    In one of the most ambitious crowdsourced projects in history, Tales utilizes data, storage, and computational power to train its Large World Model. To ensure the community are engaged and incentivized to build this together, Tales is launching a rewards-based incentive system. 

    Users can submit anything from gameplay footage, in-game assets, and extensive environment descriptions to form a fully transparent dataset, which is tracked and documented to ensure provenance and preserve privacy.

    “The systems of the future place increasingly stringent demands on infrastructure and data, posing unique challenges in the creation of a project like Tales—and this calls for unique solutions,” said Viktor Uzunov, Head of Community.

    “This is why we’ve decided to bootstrap the power of what could be one of the fastest-growing communities in tech. Why can’t we take on the largest competitors in the industry by working together with gamers?”

    Tales will be ready for early access in November. For more information, please visit https://tales.world/

    About Tales

    Tales is an ambitious next-generation gaming platform, powered by AI. Tales is pioneering crowdsourced generative AI within the gaming industry with its large world model. By crowdsourcing vast amounts of data and computational power, the team including Stanford PhDs and Game Developers based out of Palo Alto, are building one of the world’s most powerful AI models ever, democratizing game creation and empowering creators to bring their vision to life with zero friction. 

    To follow on social media: XTelegramDiscordTikTokTwitchMediumYouTube

    Contact

    Head of Community
    Viktor Uzunov
    Tales
    pr@tales.world

    The MIL Network

  • MIL-Evening Report: With reports of students abusing peers in primary schools, how can parents help keep their kids safe?

    Source: The Conversation (Au and NZ) – By Daryl Higgins, Professor & Director, Institute of Child Protection Studies, Australian Catholic University

    An ABC report on Monday revealed a concerning rise in peer-on-peer sexual abuse within Australian primary schools.

    Data on Victorian schools shows hundreds of such incidents were reported in 2022 and 2023, with many involving children under the age of ten.

    The Australian Child Maltreatment Study also showed rates of sexual abuse inflicted by peers has been increasing. Overall, 18.2% of participants aged 16 to 24 reported being sexually abused by a peer during their childhood, compared to 12.1% of those aged 45 years and over.

    Parents may be wondering how they can protect their children at school.

    One of the most effective tools parents have is open, regular and age-appropriate conversations with their kids.




    Read more:
    There are reports some students are making sexual moaning noises at school. Here’s how parents and teachers can respond


    Talk about boundaries and consent early

    What should you be talking about?

    It is crucial for parents to talk with their children about boundaries and consent from an early age. For younger children, this can be as simple as teaching them their body belongs to them and no one else has the right to touch them without permission. Asking if its OK for a hug, and respecting when children say “no” is a great start.

    When discussing consent, it is important to highlight consent is not just about saying “no”, but also recognising and respecting others’ boundaries.

    Peer relationships and trusted adults play a crucial role in a child’s life. Helping children identify adults they can trust if they need to talk about something is also very important. Peers are often the first to hear of concerns or are often the recipients of disclosures, so fostering healthy friendships and teaching children to report to trusted adults is crucial.

    Addressing peer pressure and secrecy

    Children may feel pressured by peers or may be told to keep certain behaviours secret.

    It is essential for parents to emphasise no matter who asks them to keep a secret, they should always share concerns or things they are unsure about with a trusted adult.

    Parents can reinforce the message that if someone tells them not to tell, it is a “red flag”.

    Children can often feel unsure or scared of whether what has happened is wrong. This is why encouraging openness and creating a nonjudgmental space for children to share is important.

    Discussing online safety

    Research shows exposure to harmful material, like pornography, is a contributing factor to inappropriate sexual behaviour among peers.

    Being aware of your child’s internet use and educating them on how to keep themselves safe online is crucial.

    What else can parents do?

    While conversations with your children are vital, parents can also take practical steps to ensure their child’s safety at school. These include:

    • familiarising yourself with school policies: understand the school’s procedures for reporting bullying, harassment and sexual abuse. Parents should ask about how teachers manage supervision during breaks or other occasions where children may be less well unsupervised

    • advocating for comprehensive sex education at your school: when parents are involved in sex education it leads to better outcomes for children. Check what your school covers in the curriculum. Ask about what supports are available to parents, and how you can be involved

    • getting involved in your child’s social world: knowing who your child’s friends are and staying connected with teachers can offer insight into troubling dynamics. Create opportunities for your child to talk about their friendships and school experiences regularly. And as they start navigating the digital world, it’s even more important to know who they are engaging with

    • teach assertiveness and confidence: find ways to empower your child to speak up for themselves when they are unsure, or something feels wrong. Don’t leave this up to a class teacher to deal with in respectful relationship education. At home, you can encourage assertiveness in expressing their preferences and boundaries. You can also model how to stand up to peer pressure. Children can learn and be encouraged to say simple phrases such as, “stop, I don’t like it” or “no, I don’t want to”.

    If there is a problem

    If you do come across an issue or problem, try and work with your school. Despite your distress, try not to be adversarial – rather pitch your conversation to the teacher or principal as “How can I help us work through this together?”

    Parental involvement in education, can reduce the risk of child sexual abuse. If parents and schools can work together, they are more likely to be effective in keeping children safe.

    Prevention requires vigilance, communication and support from both parents and schools. Parents play a crucial role in shaping their child’s understanding of what’s OK, what’s harmful, as well as boundaries, safety and consent.

    By having ongoing conversations, staying informed, and working with schools, parents are the first step to creating safety for children – and supporting them if something goes wrong.

    Daryl Higgins receives funding from the Australian Research Council, the National Health and Medical Research Council and a range of government departments, agencies, and service providers, including Bravehearts. He was a Chief Investigator on the Australian Child Maltreatment Study.

    Gabrielle works with the Australian Child Maltreatment Study (ACMS) team as part of her PhD Candidature. She has also previously worked for Bravehearts in various roles, including for the Turning Corners program, which provides support to young people who have displayed harmful sexual behaviours.

    ref. With reports of students abusing peers in primary schools, how can parents help keep their kids safe? – https://theconversation.com/with-reports-of-students-abusing-peers-in-primary-schools-how-can-parents-help-keep-their-kids-safe-241786

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Draft guidelines for ‘forever chemicals’ have been released. Here’s what it means for drinking water safety in Australia

    Source: The Conversation (Au and NZ) – By Ian Musgrave, Senior lecturer in Pharmacology, University of Adelaide

    Alexander_Safonov/Shutterstock

    The Australian National Health and Medical research Council (NHMRC) has today released draft guidelines for acceptable levels of per- and polyfluoroalkyl substances, or PFAS, in drinking water.

    PFAS chemicals are also known as “forever chemicals”, because they don’t break down easily and can persist in the environment, including drinking water supplies.

    The new guidelines – which are not mandatory but will inform state and territory policy – are expected to be finalised in April 2025. They propose a reduction in the maximum levels previously considered safe for four key PFAS chemicals: PFOS, PFOA, PFHxS and PFBS.

    Continually scrutinising and updating our PFAS regulations is important to ensure Australians’ safety. However, these updated guidelines are unlikely to have a significant impact on Australia’s drinking water. The majority of potable water supplies in Australia either have no detectable PFAS, or have levels already below the new limits.

    What are PFAS chemicals?

    PFAS are highly fat-soluble compounds that are very slow to break down. They are basically long chains of carbon atoms studded with fluorine molecules.

    PFAS chemicals are inert, water-repellent and heat-resistant. These properties make them ideal for industrial usage and they have been used in firefighting foams and fire-retardant material. They have also been used in common household items such as nonstick pans and stain-resistant fabrics.

    PFAS chemicals are very slow to break down.
    Gorodenkoff/Shutterstock

    Unfortunately, their useful industrial stability means they persist in the environment and can accumulate in the human body. It can take five years for half an ingested dose of PFAS to be removed.

    Given PFAS chemicals have the potential to mimic the body’s own fats, there has been concern they could harm our health if sufficient amounts accumulated in the body.

    What sorts of health effects are they linked to?

    The buildup of a chemical that’s hard to remove from our bodies is always of concern. Despite this, the potential health risks appear to be low. In 2018 the Australian Expert Health Panel for PFAS looked in detail at the evidence.

    One of the largest concerns was PFAS chemicals’ ability to increase levels of cholesterol in the blood, potentially increasing heart disease risk. However, studies of people who have been chronically exposed to significant levels of PFOA have not shown statistically significant increases in heart disease.

    In 2018, the report from Australia’s expert health panel stated:

    Evidence to date does not establish whether PFAS at exposure levels seen in Australia might increase risks of cardiovascular disease… Established risk factors … are likely to be of a much greater magnitude than those potentially caused by PFAS.

    Cancer has also been a concern. However the expert panel found no consistent evidence that PFAS chemicals are associated with cancer. One study even found exposure to PFOA decreased the incidence of bowel cancer.

    However, the impact of PFAS on human health is continuously reviewed as new evidence comes to light.

    Why has Australia revised its drinking water guidelines?

    Australia began to phase out PFAS chemicals in the early 2000s. Since then, the levels of PFAS detected in the Australian population have steadily dropped.

    Now that industrial use is being phased out, the main way we are exposed to PFAS is through things like persistent environmental contamination. While drinking water is not a major source of PFAS, water can be contaminated from environmental sources, for example, if contaminated dust or ground water makes its way into reservoirs.

    Most drinking water levels in Australia either have no detectable PFAS or are already below the new levels.
    Juergen_Wallstabe/Shutterstock

    The Australian Drinking Water Guidelines provide limits for how much PFAS is allowed to be in our drinking water.

    The NHMRC periodically reviews the health evidence around PFAS used to develop these guidelines, which were last updated in 2018. The latest review looks at additional evidence available since then.

    A few developments were of particular interest in this review: studies about the influence of PFAS on thyroid function. Altering thyroid function can be problematic because thyroid hormones regulate our metabolism, growth and development.

    The International Agency for Cancer Research’s (IARC) recent ruling on PFAS and cancer also needed to be investigated. The IARC has classified PFOS – one of the four key chemicals Australia is regulating – as “possibly carcinogenic to humans”. However the IARC noted there was “inadequate” evidence PFOS directly causes any type of cancer in people.

    This agency can rule on the probability that a chemical can cause cancer under any possible exposure, no matter how extreme. But it doesn’t evaluate the risk of cancer from ordinary exposure.

    This means the NHMRC needed to reevaluate the evidence that the levels present in drinking water would constitute a risk.

    What are the new PFAS limits?

    The NHRMC considered evidence about PFAS exposure in animal studies, and by looking at human epidemiology.

    In studies involving animals, the NHMRC review paid particular attention to what concentration of PFAS exposure had no effect on their health. This threshold is used to determine limits for humans, by adding a safety buffer usually a hundred times lower than the level that was safe for animals.

    The limits are set are carefully considering the evidence about impact on human health, as well as evaluating how much PFAS exposure is likely from sources beyond drinking water, such as food and inhaled dust.

    The proposed limits are:

    Note: PFOS and PFHxS are now regulated separately.
    NHMRC

    These guidelines are unlikely to have a significant impact on health. As the NHMRC report shows, majority of potable water supplies in Australia have no detectable PFAS, or levels are already below these new limits.

    For example, drinking water sampling for WaterNSW found PFOS levels were between 1.2ng/L and undectable. Similar results were found for PFHxS (between 1.4 and 0.1ng/L) and PFOA (basically undetectable).

    While the concentration of PFAS in bores near contamination sites are higher, these are typically not used as sources of drinking water.

    The Australian guidelines differ from some international guidelines. The draft guidelines note that different jurisdictions place different weighting on animal and human evidence, and this will affect these regulatory levels.

    The draft guidelines are now open to public consultation, with submissions closing on November 22 2024. Final guidelines are expected to be released in April 2025.

    Ian Musgrave has received funding from the National Health and Medical Research Council to study adverse reactions to herbal medicines and has previously been funded by the Australian Research Council to study potential natural product treatments for Alzheimer’s disease. He has collaborated with SA Water on studies of cyanobacterial toxins and their implication for drinking water quality.

    ref. Draft guidelines for ‘forever chemicals’ have been released. Here’s what it means for drinking water safety in Australia – https://theconversation.com/draft-guidelines-for-forever-chemicals-have-been-released-heres-what-it-means-for-drinking-water-safety-in-australia-241773

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI United Kingdom: City to celebrate young care leavers with week of activities

    Source: City of Wolverhampton

    The council works with young people in care to help them make the move into independent living, and to take advantage of the education, employment and training opportunities that are available to them.

    And young people who have either recently moved out of care, or will shortly be doing so, will be taking part in a wide range of activities during Care Leavers Week to highlight their progress and celebrate their successes.

    Events will include a night at the movies with the council’s Reach Leaving Care team and 2 ‘Changing Rooms’ style challenge events with Wolverhampton Homes supporting young people and the Supported Accommodation Team to makeover two flats.

    There will be baby swim and stay and play sessions, a swap shop and a special event at Wildside Activity Centre giving care leavers who are not currently in employment, education or training the chance to take part in team building exercises, confidence building activities and volunteering opportunities.

    Members of the Care Leavers Independent Collective will host a Total Respect training session, encouraging staff and professionals to understand what it means to be a child in care or care leaver, while Food Around The World will give young people the chance to sample some amazing dishes from different parts of the world.

    Ahead of Care Leavers Week, care leavers enjoyed a silent Halloween disco on Saturday, the Care Leavers football team will shortly be hosting a friendly match with Walsall Care Leavers FC ahead of the Care Leavers Championship Cup next summer, and the atrium at the Civic Centre will be lit blue to mark the start of the week, with the colour chosen by care leavers themselves.

    Alison Hinds, the City of Wolverhampton Council’s Director of Children’s Services, said: “Care Leavers Week is an important and enjoyable week for all the young people who either have, or are, making the transition from care to independent living, ensuring they are fully supported and celebrated at this important and exciting time so that their first step into adulthood is the best it can be.”

    Wolverhampton’s Local Offer for care leavers aged between 16 and 25 provides information about a wide range of services which could help young care leavers prepare for adult life. It includes details of support which they are entitled to by law, as well as additional services that the council has been able to secure with the help of partner organisations. For more information, please visit Wolverhampton Children in Care.

    Care Leavers Week seeks to highlight the needs of care leavers and encourages the agencies responsible for looking after them to work in a coordinated and effective way.

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: HKeToll to send SMS by #HKeToll

    Source: Hong Kong Information Services

    From noon on October 28, the HKeToll will use “#HKeToll” for issuing messages to local users, ceasing the use of the sender ID without the prefix “#”, the Transport Department announced today.

    The move came after the HKeToll began participating in the Office of the Communications Authority’s SMS Sender Registration Scheme to help the public verify SMS messages issued by the free-flow tolling service, the department explained, adding that the registered sender ID “#HKeToll” with the prefix “#” will enable users to verify messages and guard against scams and loss.

    Apart from advising the public to stay alert when receiving messages without the prefix “#” but purportedly issued by the HKeToll, it elucidated that people should not reply directly, visit suspicious websites or disclose any personal information to avoid being directed to fraudulent websites.

    The department reiterated that the HKeToll will not send SMS messages or emails with hyperlinks to vehicle owners for carrying out transactions. Users must log in to hketoll.gov.hk or the HKeToll mobile app to pay tolls online.

    For enquiries, call 3853 7333.

    MIL OSI Asia Pacific News

  • MIL-OSI: Danske Bank share buy-back programme: Transactions in week 42

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 46 2024   Group Communications
    Bernstorffsgade 40
    DK-1577 København V
    Tel. +45 45 14 00 00

    21 October 2024

    Danske Bank share buy-back programme: Transactions in week 42

    On 2 February 2024, Danske Bank A/S announced a share buy-back programme for a total of DKK 5.5 billion, with a maximum of 70 million shares, in the period from 5 February 2024 to 31 January 2025, at the latest, as described in company announcement no. 2 2024.

    The programme is being carried out under Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016, also referred to as the Safe Harbour Rules.

    The following transactions were made under the share buy-back programme in week 42:

      Number
    of shares
    VWAP
    DKK
    Gross value
    DKK
    Accumulated, last announcement 20,216,413 201.9095 4,081,885,067
    14/10/2024 55,000 198.8679 10,937,735
    15/10/2024 88,000 198.5977 17,476,598
    16/10/2024 110,000 198.9107 21,880,177
    17/10/2024 26,990 202.4357 5,463,740
    18/10/2024 60,000 200.9581 12,057,486
    Total accumulated over week 42 339,990 199.4639 67,815,735
    Total accumulated during the share buyback programme 20,556,403 201.8690 4,149,700,801

    With the transactions stated above the total accumulated number of own shares under the share buy-back programme corresponds to 2.38% of Danske Bank A/S’ share capital.

    We enclose share buy-back transaction data in detailed form of each transaction in accordance with the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016.

    Danske Bank

    Contact: Stefan Singh Kailay, Group Press Officer, tel. +45 45 14 14 00

    Attachments

    The MIL Network

  • MIL-OSI Africa: Nigeria: African Development Bank Approves $100 Million to Support Youth and Women-led Micro, Small and Medium Enterprises (MSME)

    Source: Africa Press Organisation – English (2) – Report:

    ABIDJAN, Ivory Coast, October 21, 2024/APO Group/ —

    The African Development Bank (www.AfDB.org) has approved a $100 million loan to increase access to finance for youth and women-led small and medium enterprises, under the Nigeria Youth Entrepreneurship Investment Bank (YEIB) initiative.

    The Nigeria YEIB is a pioneering institution designed to foster economic growth and job creation in the country by acting as an ecosystem anchor and convener, bringing together relevant financial and non-financial stakeholders to collaborate more effectively in support of youth entrepreneurs.

    The Bank is leading the coordination among key Nigeria YEIB anchor investors and partners, including the Federal Government of Nigeria through the Ministry of Finance Incorporated, the Nigeria Sovereign Investment Authority (NSIA), and the Development Bank of Nigeria (DBN). The Bank Group’s $100 million investment will be bolstered by an additional $25 million from DBN and $5 million from NSIA.

    The project has two main pillars: establishing the YEIB Investment Management Company to oversee three special purpose vehicles – an Equity Investment Fund (EIF), an Ecosystem Development Fund (EDF), and a Credit Guarantee Facility (CGF) – and creating these vehicles to support youth and women-led businesses. The EIF will invest in early-stage and high-growth enterprises, while the EDF will provide grants for business development service providers and reimbursable grants to youth-led businesses. The CGF will offer risk mitigation to improve access to credit for SMEs, managed by the Development Bank of Nigeria’s subsidiary, Impact Credit Guarantee Limited.

    By de-risking young entrepreneurs and fostering talent, the Bank’s YEIB initiative aims to provide the patient capital and ecosystem support needed to turn ideas into sustainable businesses, offering a long-term solution to Africa’s youth unemployment crisis.

    The Nigeria YEIB project aims to create over 161,000 direct jobs, 40% of which will be for women, and 1.4 million indirect jobs, with 35% allocated to women. It will also support more than 38,000 youth-led enterprises through financial services, and an additional 38,000 through non-financial services, with at least 40 percent of beneficiaries being women.

    Following the approval, the Bank’s Director General for Nigeria, Dr Abdul Kamara, emphasised the transformative nature of the project. “This initiative will be a game-changer for Nigeria’s economy, addressing youth unemployment and closing gender gaps through targeted entrepreneurship support,” Kamara said.

    The Director of the Bank’s Financial Sector Development Department, Mr Ahmed Attout said, “The YEIB is a transformative initiative that moves beyond project-based approaches to systemic, institutional solutions for entrepreneurship development across all sectors. By positioning Nigerian youth entrepreneurs as a high-potential investment asset class, it brings together key stakeholders to unlock financial opportunities, open new avenues for public and private sector investors, and tackle the structural challenges facing young entrepreneurs.”

    The Nigeria YEIB project is the third to be approved, with efforts ongoing to establish YEIBs in several African countries. In July 2023, the Bank approved $16 million (http://apo-opa.co/3NEU25L) for the establishment of a YEIB in Liberia, and in May 2024, approved $43 million for a project in Ethiopia (http://apo-opa.co/3Ytx8Vg) that includes the design and establishment of the country’s YEIB.

    MIL OSI Africa

  • MIL-OSI Africa: Japan: African Development Bank Celebrates Three Decades of Japan-Backed Trust Fund

    Source: Africa Press Organisation – English (2) – Report:

    TOKYO, Japan, October 21, 2024/APO Group/ —

    The African Development Bank Group (www.AfDB.org) has celebrated the 30th anniversary of  the Policy and Human Resource Development Grant (PHRDG), a bilateral trust fund created by Japan  in 1994.The initiative has contributed significantly to the development of Africa’s human capital, supporting over 100 transformational projects across various sectors.

    Presenting a commemorative publication on the trust fund at the Ministry of Finance in Tokyo on Wednesday, 16 October, Dr Akinwumi Adesina Adesina, African Development Bank Group President said the publication highlights three decades of successful collaboration and the impactful projects funded by the Policy and Human Resource Development Grant, as well as the critical role the grant has played in Africa’s socioeconomic development.

    Over the past three decades, Japan has contributed JPY 5.3 billion ($ 37.4 million) to the PHRDG, supporting 107 projects, with 96 completed and 11 ongoing as of September 2024. In recent years, the trust fund has seen a notable increase in contributions, underscoring Japan’s renewed commitment to fostering a climate-smart, resilient, inclusive, and integrated Africa.

    Japan’s Vice Minister of Finance for International Affairs, Atsushi Mimura, said he was pleased the country’s partnership with the African Development Bank Group was going well. He pledged continued support, particularly for the African Development Fund, the private sector, and Japanese and African start-ups

    “We look forward to deepening Japan’s relationship with the African Development Bank,” he said.

    Mimura described the African Development Bank Group’s partnership with the World Bank’s plan to bring electricity to 300 million Africans (Mission 300) as a powerful narrative that draws attention to the continent’s energy needs.

    Adesina commended Japan for its strong support of the African Dev?

    elopment Fund, noting that the Fund has delivered impressive results. He sought the country’s support on a wide range of issues, including the 17th general replenishment of the African Development Fund, Mission 300 (http://apo-opa.co/3YcTfy2), Special Drawing Rights, the private sector, and start-ups, among others.

     “We thank the people of Japan for standing in solidarity with the people of Africa,” Adesina said.

    Since its establishment, the PHRDG has been a vehicle for Japan to share its expertise and experience in human resource development, empowering Africans to lead the transformation of their societies and economies. The grant has supported a wide range of projects aligned with Japan and the African Development Bank Group’s shared objective of human capital development. Officials said the projects have laid the groundwork for accelerated economic growth in Africa.

    In a foreword to the Policy and Human Resource Development Grant at 30 publication, Deputy Vice Minister of Finance for International Affairs Daiho Fujii, expressed Japan’s pride in celebrating the 30th anniversary of the PHRDG.

    “Japan is leading the international community’s efforts to overcome global challenges, particularly those affecting vulnerable populations. Through the PHRDG, we provide technical cooperation to develop the human resources that will drive Africa’s socioeconomic transformation. Our partnership with the African Development Bank Group is key to realizing a more resilient and prosperous Africa.”

    As the Policy and Human Resource Development Grant enters its fourth decade, the African Development Bank Group and Japan have expressed eagerness to expand their partnership. With six new projects in the 2024–2025 pipeline, including initiatives in higher education, debt management, and climate-smart agriculture, the trust fund remains a critical tool for delivering impact across Africa, officials said.

    Both parties pledged to continue to work hand in hand to unlock the potential of Africa’s human capital, fostering innovation and economic development for generations to come.

    Japan–Africa Dream Scholarship Program: Investing in the Future

    Among the most impactful PHRDG-funded initiatives is the Japan-Africa Dream Scholarship Program (JADS), launched in 2017. This program aims to develop Africa’s human capital by offering scholarships to high-achieving African students for master’s studies in fields such as agriculture, development economics, energy, and public health. To date, the program has awarded scholarships to 23 students from 10 African countries, two-thirds of whom are women.

    Graduates of the JADS program have gone on to make significant contributions to their home countries.  Alumni include Mary Yeboah Asantewaa from Ghana, who now works at SORA Technology in Accra, leveraging drone technology to control infectious diseases, and Glory Sibale from Malawi, who joined Tokyo’s Taiyo-Yuka recycling company, focusing on sustainable agricultural project management.

    As part of his mission to Japan, Adesina also met with Nobumitsu Hayashi, the Governor of the Japan Bank for International Cooperation, to expand collaboration in key areas, including agriculture, healthcare, energy access, support for youth entrepreneurs, critical minerals, and regional corridors.

    Later Wednesday, Adesina met with the leadership of the Association of African Economic and Development Japan, where both parties discussed potential collaborations for impactful projects. He continued with meetings with Kanetsugu Mike, Chairman of Mitsubishi UFJ Financial Group, and Ken Shibuya, Co-Chairman of the Global South Africa Committee of Keizai Doyukai (Japan Association of Corporate Executives).

    The African Development Bank president invited  business leaders to the 2024 Africa Investment Forum to be held in Rabat in December. Adesina also hosted representatives of the African diplomatic corps, development partners, and the private and public sectors, where they discussed leveraging co-creative relationships with Japanese companies and institutions.

    MIL OSI Africa

  • MIL-OSI Australia: Update: Serious crash at Kapunda

    Source: South Australia Police

    Three people are being treated in hospital following a serious crash at Kapunda this afternoon.

    Just after 2.30pm on Monday 21 October, Police responded to a two-car crash on Thiele Highway.

    The driver of a Honda SUV, a 54-year-old local woman, was taken to hospital where she is being treated for serious injuries.  The passenger, a 56-year-old woman from Kapunda, was flown to hospital where she is being treated for serious injuries.

    The driver of a Toyota Kluger, a 38-year-old local woman, and single occupant of the car suffered minor injuries and was taken to hospital.

    Both cars were towed from the scene and police are investigating the incident.

    The highway was closed for a few hours but has since reopened.

    MIL OSI News