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Has Australia had a hidden recession? Peter Costello thinks so

Lucy Dean
Peter Costello discusses productivity at the Yahoo Finance All Markets Summit. Image: Yahoo Finance
Peter Costello discusses productivity at the Yahoo Finance All Markets Summit. Image: Yahoo Finance

Australia has been without a recession for 28 years - the longest run in international recorded history.

But according to Australia’s longest-serving federal treasurer, Peter Costello, Australia’s economic record isn’t as flawless as it appears, once you peek under the lid.

Speaking at the Yahoo Finance inaugural All Markets Summit in Sydney on Thursday, Costello said Australia’s economic growth has been supported by high immigration figures.

“One of the significant drivers of growth in the Australian economy has been population,” Costello said, noting that Australia has the highest population growth rate outside of Saudi Arabia in G20 countries.

But that growth has masked Australia’s underlying economic performance.

“If you convert all of our statistics, even GDP to per capita, you would find we probably have had recessions,” Costello said.

“But because we’ve had a growing population, the overall economy has been growing. I query whether we can continue that.”

Noting the ASX recently hit highs not seen since 2007, Costello warned that this performance cannot continue, describing the Australian economy as in the midst of “abnormal times”.

While the government records a budget surplus and unemployment figures “has a five in front of it”, the Reserve Bank of Australia continues to cut rates to record lows.

“The indicators of Australia’s economy are reasonably good, yet we have interest rates which are near emergency levels,” Costello said.

And markets are responding to that.

“But here’s the rub. This [performance] is still in abnormal conditions. I don’t know how long abnormal conditions can last.

“Conditions will revert to normal - the kind of conditions we’ve seen over the last century or so, and then there will be adjustments.”

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    Aquafeed Industry size is set to register more than 4% CAGR between 2020 and 2026, impelled by increasing consumption of protein-rich fish products.Selbyville, Delaware, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Global aquafeed market value is set to surpass USD 109 billion by 2026, according to a new research report by Global Market Insights, Inc. Increasing number of fisheries and rising importance of leading a healthy dietary lifestyle is expected to foster the aquafeed industry growth.Increasing consumer awareness regarding the need for maintaining a healthy dietary lifestyle is expected to drive consumer attention towards the consumption of seafood. The increasing demand for food dishes made from raw fish is likely to raise the product demand. The ability of aquafeed to reduce the occurrence of fin and gill infections in various aquatic species may foster the market outlook. Increasing aquafeed production in different regions of the world coupled with the increasing awareness regarding the use of plant-based aquafeed solutions among aquatic farmers is likely to boost growth of aquafeed and aquaculture additives market.  Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/495The industry for crustaceans is expected to witness an upsurge in the coming years owing to the numerous benefits offered by crustaceans such as omega fatty acids, vitamins, minerals and excellent source for several essential amino acids. The ability of aquafeed to improve the immune system and increase the lifespan of crustacean species is likely to raise product demand. Aquafeed market through crustaceans’ segment is expected to reach USD 17.20 billion by 2026. The increasing applications of canned, frozen and fresh salmon in different seafood dishes is likely to escalate product demand. The increasing cultivation of Atlantic salmon in European nation such as Scotland, Norway and Ireland is expected to drive aquafeed and aquaculture additives industry demand.Some major findings of aquafeed market report include: * The demand for aquafeed and aquaculture additives is rising owing to increasing instances of disease outbreaks in aquatic species. * Increasing awareness regarding the importance of consuming protein-rich healthy food is likely to promote growth of aquafeed and aquaculture additives market. * Increasing aquafeed production in countries such as Mexico and Peru may boost market trends. * Sustainable farming practices coupled with the increasing applications of mollusks in pharmaceutical and therapeutic sector is likely to raise the demand for mollusks in the coming years. * Mollusks segment is expected to register over 4.3% CAGR throughout the review period. * Key players in the aquafeed market include, Norel Animal Nutrition, Archer Daniels Midland (ADM), BioMar A/S, Alltech, Nutriad International, BASF SE. ADDCON, Novus International, Dibaq A.S., Alicorp, Growel Feeds, Ridley Corporation, Biomin Holding Gmbh, Avanti Feeds Ltd., DSM, Evonik Industries, Aller Aqua Beneo Ingredients GmbH, Purina Animal Nutrition LLC, Cargill, Inc., NK Ingredients Pte. Ltd., De Heus Animal Nutrition, Skretting. * Eurythermic nature and adaptability to a diverse range of climatic conditions may raise the demand for carp in the near future. * Carps segment of the industry is expected to reach USD 26.55 billion by 2026. * Manufacturers are heavily investing in R&D to sustain the increasing market competition. * Stringent regulations imposed by governments of different countries to restrict fishing activities in certain regions may decline market growth to some extent.  Browse key industry insights spread across 290 pages with 332 market data tables and 48 figures & charts from the report, “Aquafeed Market Analysis By Application (Crustaceans, Mollusks, Carp, Salmon, Catfish, Tilapia), Aquaculture Additives Market Size By Product (Amino Acids, Antibiotics, Vitamins, Feed Acidifiers) Industry Analysis Report, Regional Outlook  Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:https://www.gminsights.com/industry-analysis/aquafeed-and-aquaculture-additives-marketThe use of feed acidifiers as an aquaculture additive is expected to rise in the near future owing to its ability to preserve food, reduce pathogen impacts and improve feed conversion rate. The conserving properties of feed acidifiers aid in reducing the pH of the feed and inhibit microbial and other pathogenic growth, thus raising the product demand. Aquaculture additives market through feed acidifiers segment is expected to reach USD 154.66 million by 2026 growing at a CAGR of 6.2% over the assessment period. Asia Pacific aquafeed and aquaculture additive market is expected to witness healthy growth during the forecast period. This is mainly attributed to abundant resource availability, inexpensive labor and ambient environmental conditions supporting growth of aquaculture industry. China, Vietnam, Philippines, Thailand and India are some of the major producers and exporters of aquafeed and aquaculture additives in the region. Increasing freshwater and marine fishing activities in the region may drive market trends. Asia Pacific aquafeed market is expected to grow at a CAGR of 4.3% over the assessment period.       Toc of this report @ https://www.gminsights.com/toc/detail/aquafeed-and-aquaculture-additives-marketBrowse Related Report:Fish Protein Hydrolysate Market By Application (Animal Feed [Poultry {Broilers, Layers}, Swine, Calves, Aquaculture {Salmon, Trouts, Shrimps}, Equine], Pet Food [Cat, Dog], Food (Flavor Enhancers, Functional Food, Infant Formulation, Nutraceuticals, Sports Nutrition, Protein Supplements, Elderly Food Formulation, Clinicals), Cosmetics [By Protein Type {Collagen (Glycine, Hydroxylysine, Proline), Elastin, Keratin}], Agriculture [Fertilizers, Protection, Elicitor], Pharmaceutical), Technology (Acid Hydrolysis, Enzymatic Hydrolysis), Form (Powder, Paste, Liquid), Source (Anchovy, Tilapia, Tuna, Sardine, Atlantic Salmon, Crustacean, Molluscs, Codfish), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020-2026https://www.gminsights.com/industry-analysis/fish-protein-hydrolysate-marketAbout Global Market InsightsGlobal Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology. CONTACT: Contact Us: Arun Hegde Corporate Sales, USA Global Market Insights, Inc. Phone: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: sales@gminsights.com

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  • The Extraordinary General Meeting of Telia Lietuva, AB Shareholders will be held on 23 November 2020

    The Extraordinary General Meeting of Telia Lietuva, AB (code 121215434, registered address: Saltoniškių str. 7A, Vilnius, Lithuania) Shareholders will be held in Telia Lietuva, AB headquarters, Saltoniškių str. 7A, Vilnius, Lithuania, at 11.00 on 23 November 2020. Registration will take place from 10.00 till 10.40.The meeting is convened by the initiative of the Board and following the decision of the Board adopted on 20 October 2020.The General Meeting of Shareholders’ accounting day is 16 November 2020.The shareholders’ proprietary rights accounting day is 7 December 2020.Proposed Agenda: 1\. Election of the Company’s Board member.Shareholders who at the end of the General Meeting of Shareholders’ accounting day, i.e. 16 November 2020, are shareholders of the Company will have a right to participate and vote at the General Meeting of Shareholders personally or by proxy, or to be represented by the person with whom an agreement on the transfer of voting rights is concluded.A person attending the General Meeting of Shareholders and having a voting right must bring with him/her a person’s identification document. A person who is not a shareholder must additionally produce a document confirming his/her right to vote at the General Meeting of Shareholders.Each shareholder shall have a right, in the manner established by law, to authorise another (natural or legal) person on his/her behalf to attend and vote at the General Meeting of Shareholders. At the General Meeting of Shareholders, an authorised person shall have the same rights as would be held by the shareholder or shareholders represented by him/her, unless the authorized person's rights are limited by the power of attorney or by law. The authorised person must provide a power of attorney certified in the manner established by law. A power of attorney issued in a foreign state must be translated into Lithuanian and legalised in the manner established by law. The Company does not establish special form of power of attorney.If on the day of General Meeting of Shareholders, restrictions related to pandemic including the quarantine will be valid in the territory of the Republic of Lithuania or Vilnius city municipality and events or gatherings organized in public and closed areas will be banned or restricted, or any other restrictions are imposed, the participation in General Meeting of Shareholders would be possible only by voting in writing in advance by filling in the General Voting Ballot. The Company cares about the health of its shareholders and employees thus recommends at first consider possibility to get the General Voting Ballot and participate in advance voting remotely, and only in exceptional case, when there is no other possibility, visit the Company’s office. A shareholder or a person authorised by him/her shall have a right to vote in writing in advance by filling in the General Voting Ballot. Upon a shareholder's request, the Company, not later than 10 days before the General Meeting, shall send the General Voting Ballot by registered mail free of charge. The General Voting Ballot on business days also could be obtained at Telia Lietuva, AB, Saltoniškių str. 7A, Vilnius, Lithuania in person if all at that time valid safety requirement due to coronavirus are followed. A sample of the General Voting Ballot is also provided on the Company’s website at www.telia.lt under the heading ‘Investors’. The General Voting Ballot, duly filled in and signed by the shareholder or a person, having a voting right, and the document confirming the voting right (if any) must be submitted to the Company in writing not later than on the last business day before the General Meeting of Shareholders by sending them by registered mail to Telia Lietuva, AB, Saltoniškių str. 7A, LT-03501 Vilnius, Lithuania, or by submitting them to the Company on a business day (to the aforementioned address).The Company is not providing the possibility to attend and vote at the General Meeting of Shareholders through electronic means of communication.A shareholder shall have the right to authorize another person (natural or legal) to participate and vote in the General Meeting of Shareholders on the shareholder’s behalf through electronic communication means. No notarisation of such authorization is required. The power of attorney issued through electronic communication means must be confirmed by the shareholder with a safe electronic signature developed by safe signature equipment and approved by a qualified certificate effective in the Republic of Lithuania. The shareholder shall inform the Company on the power of attorney issued through the means of electronic communication by e-mail daiva.kasperaviciene@telia.lt not later than on the last business day before the General Meeting of Shareholders. The power of attorney and notification shall be issued in writing. The power of attorney and notification to the Company shall be signed with the electronic signature but not letters sent via e-mail.Persons, who at the end of the tenth business day following the General Meeting that will adopt a respective decision, i.e. on 7 December 2020, (rights accounting day) are the shareholders of the Company, shall have proprietary rights.Each shareholder holding shares that grant at least 1/20 of all votes shall have the right of proposing to supplement the agenda of the General Meeting of Shareholders. Draft decisions on the proposed issues shall be submitted together with the proposal or, if the decisions do not need to be approved, explanations on each proposed issue of the General Meeting of Shareholders shall be presented. A proposal to supplement the agenda must be presented in writing by sending it by registered mail to Telia Lietuva, AB, Saltoniškių str. 7A, LT-03501 Vilnius, Lithuania, or by e-mail daiva.kasperaviciene@telia.lt, or by submitting it to the Company on the business days (to the before mentioned address). The agenda will be supplemented if the proposal is received not later than 14 days before the General Meeting of Shareholders. Each shareholder holding shares that grant at least 1/20 of all votes shall have the right of proposing draft resolutions on the issues already included or to be included in the agenda of the General Meeting of Shareholders. The proposed draft decisions at any time before the General Meeting of Shareholders must be presented in writing by sending them by registered mail to Telia Lietuva, AB, Saltoniškių str. 7A, LT-03501 Vilnius, Lithuania, or by e-mail daiva.kasperaviciene@telia.lt, or by submitting it to the Company on a business day (to the aforementioned address). The shareholders shall also be entitled to propose draft resolutions on the agenda issues of the General Meeting of Shareholders in writing during the Meeting. The shareholders shall have the right to present questions related to issues on the agenda of the General Meeting of Shareholders to the Company in advance in writing, by providing the shareholder's (natural or legal person’s) personal identification number, the natural person’s consent to process personal data – personal identification number, in a letter sent by registered mail. The Company undertakes to respond if the questions are received not later than 3 business days before the General Meeting of Shareholders. Generic responses shall be posted on the Company’s website www.telia.lt under the heading ‘Investors’. The Company will not respond personally to the shareholder if the respective information is posted on the Company's website.The shareholders could get familiarised with the documents possessed by the Company related to the agenda of the Meeting, including draft resolutions, and other documents to be submitted to the General Meeting of Shareholders as well as get information regarding execution of the shareholders’ rights at the headquarters of Telia Lietuva, AB, Saltoniškių str. 7A, Vilnius, Lithuania, or on the Company’s website at www.telia.lt under the heading ‘Investors’.The total number of the Company’s shares and the number of shares granting voting rights during the General Meeting of Shareholders is the same and amounts to 582,613,138. ISIN code of the Company’s shares is LT0000123911.Additional information is provided by tel.: +370 5 236 7878 and on the web site www.telia.lt. Darius Džiaugys, Head of Investor Relations, Tel.: +370 5 236 7878, E-mail: darius.dziaugys@telia.lt

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  • Philips and Marienhospital Stuttgart sign 10-year strategic partnership to improve patient care and efficiency

    Marienhospital Stuttgart October 21, 2020 * Long-term agreement guarantees access to state-of-the-art solutions, controls costs, and ensures security of future investment * Fully-integrated approach deploying Philips’ digital healthcare solutions across multiple departments to enhance the experience of Marienhospital Stuttgart’s patient and staffAmsterdam, the Netherlands and Stuttgart, Germany – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, and Marienhospital Stuttgart (Germany) today signed a 10-year strategic partnership agreement to expand world-class medicine at the hospital and provide integrated patient care. The project will include renewal and ongoing development of the hospital’s diagnostic imaging equipment and associated IT systems, digitization of its pathology department, and enhancement of the hospital’s emergency medicine capabilities.Rather than treating each of these improvement areas as a separate exercise, Philips and Marienhospital Stuttgart will integrate them into connected patient care and optimized efficiency solutions. This will involve analysis of the hospital’s current treatment structures and pathways to enhance the overall quality of the hospital’s structures, processes and results, while also identifying potential cost savings. By jointly developing needs-based technology solutions, Marienhospital Stuttgart will be able to better plan its costs and ensure investment security in all areas.“Due to the long-term nature of our partnership with Philips, our hospital will not only actively participate in future technological advances in healthcare, but also become a leader,” said Markus Mord, Managing Director of Marienhospital Stuttgart. “It will enable us to offer our patients diagnostic and therapeutic procedures that consistently meet the latest standards. We live medicine and always focus on the well-being of our patients.”“As a solution provider, we specialize in partnering with our customers to provide integrated care concepts that enhance treatment pathways for their patients,” said Peter Vullinghs, Managing Director Philips DACH. “With new, highly innovative approaches, we will help to enhance the quality of medical care for the benefit of the patient across the board. We look forward to many years of mutual cooperation with Marienhospital Stuttgart."Reliable diagnosis through digital pathology A core element of the collaboration is redesign of the hospital’s pathology department workflow, replacing conventional microscopes and glass slides with Philips’ high-performance digital pathology slide scanners and computer workstations. This will allow slide images to be managed, displayed, analyzed and discussed with clinical colleagues – for example, during tumor boards for the diagnosis and treatment of cancers. The ability to share slide images will also enable virtual consultations with experts from other hospitals. Competence networks like this combine the experience of doctors working in the clinic with the knowledge of their research colleagues, speeding up right-first-time diagnosis and the initiation of therapy.Radiology for current and future needs Reflecting the holistic nature of the partnership model, Philips will also help to analyze and redefine Marienhospital Stuttgart’s radiology procedures, processes and IT systems, as well as coordinating equipment renewal and expansion. Under the terms of the agreement, Philips will be responsible for the procurement, installation, maintenance (including updates and upgrades) and servicing of all large radiology equipment, with an obligation to ensure the availability of equipment in line with the strategic orientation of the hospital.Emergency medicine for enhanced patient and staff experiences As the first point of contact for patients with acute health problems, Marienhospital Stuttgart’s Clinic for Emergency Medicine plays a central role in its care concept. A working group from Philips and the hospital has already examined the clinic’s current status and development potential against the background of a holistic care approach, including assessment of patient safety, processes, procedures, technical equipment and staff working conditions. The knowledge gained from this will be incorporated into the clinic’s future structural planning and implementation.For further information, please contact:Mark Groves Philips Group Press Office Tel: +31 631 639 916 Email: mark.groves@philips.com Twitter: mark_grovesAnnette Halstrick PR Manager Philips DACH Tel: +49 152 2280 0529 Email: annette.halstrick@philips.comAbout Royal Philips Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being, and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2019 sales of EUR 19.5 billion and employs approximately 81,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.About Marienhospital Stuttgart The Marienhospital Stuttgart was founded in 1890. It is still owned by the Sisters of Mercy of Saint Vincent de Paul in Untermarchtal. From a small hospital with 15 nuns and 90 beds, it has developed into a large hospital and today has 761 beds and well over 2,000 employees. Marienhospital Stuttgart regularly receives recognition from independent institutions such as health insurance companies, magazines and associations; among other things as one of the best hospitals and one of the best employers in Germany. From the beginning, two characteristics have been one of the cornerstones of the hospital: human attention to the patient and medicine that was technically always up-to-date or ahead of its time. As early as 1908, the hospital was one of the first hospitals to acquire an X-ray machine and in the 130 years of its existence it has always been one of the most technically advanced hospitals in Germany. More about Marienhospital Stuttgart: https://www.marienhospital-stuttgart.de Attachment * Marienhospital Stuttgart

  • New Final Bond Terms for Nykredit Realkredit A/S's Base Prospectus dated 13 May 2020 - Nykredit Realkredit A/S

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