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  • ROYAL CARIBBEAN IS BRINGING THE HOLIDAY HEAT TO THE BRISBANE HEAT

    ROYAL CARIBBEAN IS BRINGING THE HOLIDAY HEAT TO THE BRISBANE HEAT

    ROYAL CARIBBEAN IS BRINGING THE HOLIDAY HEAT TO THE BRISBANE HEAT

    The holiday brand will bring more unforgettable family experiences to cricket fans in a new holiday partnership with Brisbane Heat and Queensland Cricket for the 2025-26 season

    SYDNEY, 1 July 2025 – Royal Caribbean has hit it for six and entered a new partnership as the Official Holiday Partner of the Brisbane Heat and Queensland Cricket for the 2025-26 season. Known for more than 50 years of delivering memorable adventures for families sailing from Australia and around the world, Royal Caribbean will make this summer one to remember for Brisbane Heat fans. Through the partnership, BNE Heat members can make the most of the season with Royal Caribbean exclusive deals, sneak peek product updates and weekend getaway giveaways, along with family-focused community and fan event experiences throughout the summer season.

    “We’re excited to announce the coming together of two iconic brands, as we partner with the Brisbane Heat to create engaging and unforgettable fan experiences both on and off the field,” said Gavin Smith, vice president and managing director, Australia and New Zealand, Royal Caribbean. “As Royal Caribbean prepares for the upcoming Australian summer season of memory-maxing holidays, our goal is to provide unmatched experiences and entertainment to Queensland families in between monumental cricket games. We look forward to partnering with the Heat to create unforgettable moments for cricket lovers and holidaymakers this summer.”

    Fans will see the partners unite on and off the field, with Royal Caribbean serving as the presenting partner of the Gabba Park ‘Fan Zone’, as well as creating ‘The Royal Caribbean Countdown,’ set to be a fan-favourite moment, all starting in December 2025.

    Reflecting on the partnership, Heat General Manager, Commercial, Marketing & Corporate Affairs, Pete Lock, mirrored this sentiment by suggesting there were clear synergies between Royal Caribbean and the Brisbane Heat.

    “The Heat brings families together every summer. The start of summer holidays is when the Women’s Big Bash League and Big Bash League thrive, and it is a natural fit with Royal Caribbean, as it is also the peak time for travel, entertaining holidaymakers in beautiful locations,” said Lock. “We are very pleased to be on board with Royal Caribbean and look forward to working alongside them to make summer even more special for our Heat members and fans.’’

    The partnership comes on the heels of the Australian sailing season kicking off with an action-packed summer of adventures, including the long-awaited return of Voyager of the Seas to its new home in Brisbane. Aussie holidaymakers can choose from a line-up of 45 getaways to the South Pacific, New Zealand and along the eastern seaboard, sailing between November 2025 and April 2026, offering something for everyone in the family.

    To celebrate Royal Caribbean as the Official Brisbane Heat Membership Partner, the holiday brand is hosting a pre-season competition for members to win the ultimate family holiday as well as an exclusive member offer on 2025/26 sailings. For competition details, holidaymakers can visit www.brisbaneheat.com.au.

    About Royal Caribbean  
    Royal Caribbean, part of Royal Caribbean Group (NYSE: RCL), has delivered memorable vacations for more than 50 years. The cruise line’s game-changing ships and exclusive destinations revolutionize vacations with innovations and an all-encompassing combination of experiences, from thrills to dining and entertainment, for every type of family and vacationer. Voted “Best Cruise Line Overall” for 22 consecutive years in the Travel Weekly Readers Choice Awards, Royal Caribbean makes memories with adventurers across more than 300 destinations in 80 countries on all seven continents, including the line’s top-rated exclusive destination, Perfect Day at CocoCay in The Bahamas. 

    Media can stay up to date by following @RoyalCaribPR on X and visit www.RoyalCaribbeanPressCenter.com. For additional information or to book, vacationers can visit www.RoyalCaribbean.com, call (800) ROYAL-CARIBBEAN or contact their travel advisor.  

    About Brisbane Heat
    The Brisbane Heat is one of the eight founding franchises of the Big Bash League, Australia’s premier T20 cricket competition. Known for their vibrant teal uniforms and passionate fan base, the Heat have become a staple of summer cricket in Queensland. The team plays its home matches at the iconic Gabba, a venue renowned for its electric atmosphere and rich cricketing history.

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    The amplified Voyager of the Seas features adventures for vacationers of all ages to make memories, including The Perfect Storm duo of racing waterslides, the FlowRider surf simulator, mini golf and more. 

    The amplified Voyager of the Seas features adventures for vacationers of all ages to make memories, including The Perfect Storm duo of racing waterslides, the FlowRider surf simulator, mini golf and more. 

    The amplified Voyager of the Seas features adventures for vacationers of all ages to make memories, including The Perfect Storm duo of racing waterslides, the FlowRider surf simulator, mini golf and more. 

    The Perfect Storm duo of racing waterslides and the signature FlowRider surf simulator are among the thrills vacationers can enjoy on Royal Caribbean's Freedom and Voyager of the Seas.

    The Perfect Storm duo of racing waterslides and the signature FlowRider surf simulator are among the thrills vacationers can enjoy on Royal Caribbean’s Freedom and Voyager of the Seas.


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  • Royal train’s journey ends after 156 years as King Charles III seeks to cut costs

    Royal train’s journey ends after 156 years as King Charles III seeks to cut costs

    The 156-year-long journey for the royal family’s private “royal train” is set to come to an end after King Charles decided to scrap it in a bid to reduce costs. The decision taken by Buckingham Palace to decommission Britain’s royal train, a service dating back to Queen Victoria, comes as maintenance and storage were getting costlier by the day.

    Victoria, King Charles’ great-great-great-grandmother, commissioned the first royal rail carriages back in 1869. The Royal Family will still travel on regular train services. According to the BBC, the annual report revealed that 141 helicopter trips were taken in 2024, costing £475,000 ($652,348).

    According to Reuters, the latest incarnation is made up of nine carriages, the most recent of them added in 1986. The royal train was used just twice during the financial year 2024-25, with the two journeys together costing almost 80,000 pounds ($109,869).
    Speaking on the end of the royal train, James Chalmers, the king’s treasurer, said the monarch had now agreed that the train, which critics had long said was a waste of money, would reach the end of the line in 2027.

    “The royal train has … been a part of national life for many decades, loved and cared for by all those involved, but in moving forward we must not be bound by the past,” Chalmers, officially known as the Keeper of the Privy Purse, told reporters.


    “The time has come to bid the fondest of farewells, as we seek to be disciplined and forward-looking in our allocation of funding.” While the king had fond memories of the train, palace officials said it would require significant funds to pay for its long-term use, although it was not clear how much scrapping it would save.The announcement came as Chalmers, on Monday, June 30, 2025, unveiled the annual report of the Sovereign Grant, the government handout that covers staffing costs, upkeep of royal palaces, and travel expenses and is currently set at 12% of the profit from the Crown Estate, a property portfolio belonging to the monarchy.In November 2024, the Sunday Times and a TV documentary accused Charles and his elder son, Prince William, of making millions from the country’s health service, army, and schools from charges imposed by the monarch’s Duchy of Lancaster estate and the heir’s Duchy of Cornwall estate.

    William Bax, the chief executive of the Duchy of Cornwall, acknowledged that criticism as he detailed its annual report on Monday, saying they were making changes at a time of “reflection and evolution.” Bax said they intended to end or reduce rents charged to some community groups and charities, while the report showed William’s personal income from the Duchy had fallen slightly to just under 23 million pounds.

    Anti-monarchists said the annual reports were misleading, claiming that the monarchy’s price tag amounts to more than half a billion pounds. “The cost of the monarchy is out of control, and these reports receive almost no political scrutiny,” Graham Smith, chief executive of campaign group Republic, said.

    Chalmers said the global significance of the royals could not be underestimated, citing a Global Perceptions Survey that found the monarchy the single biggest influence on perceptions of the UK among international audiences.

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  • Apple eyes AI boost with Anthropic or OpenAI as it rethinks Siri’s future

    Apple eyes AI boost with Anthropic or OpenAI as it rethinks Siri’s future

    Apple is considering using artificial intelligence (AI) technology from Anthropic or OpenAI to power a new version of Siri, sidelining its own in-house models in a potentially blockbuster move aimed at turning around its flailing AI effort.

    The iPhone maker has talked with both companies about using their large language models for Siri, according to people familiar with the discussions. It had asked them to train versions of their models that could run on Apple’s cloud infrastructure for testing, said the people, who asked not to be identified discussing private deliberations.

    If Apple ultimately moves forward, it would represent a monumental reversal. The company currently powers most of its AI features with home-grown technology that it calls Apple Foundation Models and had been planning a new version of its voice assistant that runs on that technology for 2026.

    A switch to Anthropic’s Claude or OpenAI’s ChatGPT models for Siri would be an acknowledgment that the company is struggling to compete in generative AI – the most important new technology in decades. Apple already allows ChatGPT to answer web-based search queries in Siri, but the assistant itself is powered by Apple.

    iPhones on display at an Apple store in the Huangpu district in Shanghai. Photo: AFP

    Apple’s investigation into third-party models was at an early stage, and the company had not made a final decision on using them, the people said. A competing project internally dubbed LLM Siri that uses in-house models remains in active development.

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  • New study shows immense impact of public health on life expectancy

    New study shows immense impact of public health on life expectancy

    The current landscape of public health in the United States is marked by a far-reaching attack on foundational scientific principles and institutions, threatening decades of progress in combating preventable diseases. Recent actions by the Trump administration, such as the abrupt dismissal of the Advisory Committee on Immunization Practices (ACIP) members and the appointment of individuals who have publicly expressed skepticism about established vaccine science, have generated profound concerns in the medical and public health communities. 

    Health and Human Services Secretary Robert F. Kennedy Jr. has publicly questioned vaccine safety, notably by halting US funding to Gavi, the global vaccine alliance, accusing it of “ignoring the science,” without significant evidence, a move experts describe as “stunning and calamitous” and potentially costing “hundreds of thousands of children’s lives a year.” This politicization of public health measures, coupled with the spread of misinformation, risks eroding public trust and undermining critical immunization programs.

    Amidst this contentious environment, a recent study published in JAMA Network Open titled “All-Cause Mortality and Life Expectancy by Birth Cohort Across US States,” by Holford et al. (2025), which analyzed 179 million deaths in the US across states and birth cohorts over more than a century, offers important insights into the social value of sustained public health investments. 

    This study emphasizes the utility of analyzing cohort life expectancy, a measure that more accurately reflects the “lived experiences of populations” by tracking how early-life exposures and risk factors shape health outcomes as a group ages. The cohort perspective highlights how public health interventions’ impacts can follow individuals throughout their lives.

    The study, alongside other sources, underscores a period of “large gains in life expectancy” and an “unprecedented decline in mortality” in the United States during the 20th century. Between 1900 and 1950, every US state experienced a substantial increase in life expectancy. These gains continued into the 1970s. This remarkable achievement was not accidental but resulted from a combination of deliberate public health actions and medical innovations:

    • Public health improvements: Significant strides were made in public health infrastructure, including improvements in sanitation and the provision of clean water.
    • Medical advances: The introduction of life-saving medical treatments, such as antibiotics like sulfa drugs and penicillin, dramatically reduced deaths from infectious diseases.
    • Vaccine programs: The widespread implementation of vaccination programs played a pivotal role. 

    These benefits spread globally as well, with a time lag, as poorer countries sought to catch up. Measles vaccination alone accounted for 93.7 million lives saved—over 60 percent of the total 154 million lives saved by vaccination between 1974 and 2024. DTP-containing vaccines saved an estimated 40 million lives globally over the past 50 years.

    In the US, routine childhood vaccinations for children born between 1994 and 2023 are estimated to have prevented 1.1 million deaths, 32 million hospitalizations, and 508 million illnesses, resulting in nearly $3.7 trillion in societal cost savings. The eradication of smallpox through vaccines is highlighted as a monumental achievement. These factors essentially ended the childhood mortality gap. In 1900, a newborn could expect to live to 48 years of age, but if they survived childhood, life expectancy dramatically increased to 61. By 1980, life expectancy at birth and after childhood were equal.

    Male life expectancy by state in 1900, 1950 and 2000 cohorts. Data obtained from the study and graphics by WSWS. States arranged by highest life expectancy in 2000 cohort. Solid lines show average life expectancy in the US for respective cohorts.

    However, other critical factors in the broader public health initiatives include behavioral changes, such as the decline in cigarette smoking, that have further contributed to improved health outcomes for older adults. This included broader access to healthcare, which further supported these gains.

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  • Ten cases of H5N1 bird flu reported so far in Cambodia this year

    Ten cases of H5N1 bird flu reported so far in Cambodia this year

    PHNOM PENH – Ten cases of H5N1 avian influenza have been detected in Cambodia so fa this year. The two most recent patients are a mother and son from Siem Reap province.

    On Sunday, June 29, the Ministry of Health announced that two additional cases of avian influenza were found in the same area as a 41-year-old woman who had tested positive for the H5N1 virus, as confirmed by the National Institute of Public Health the previous Monday.

    An active field investigation to identify suspected cases and those exposed in Lbeuk village, of Puok district’s Donkeo commune — where the 41-year-old woman resides — revealed two more confirmed H5N1 cases: a 46-year-old woman and a her 16-year-old son.

    The institute confirmed that both individuals tested positive for the H5N1 virus. They are the 9th and 10th cases of bird flu recorded in Cambodia in 2025.

    “These two cases reside approximately 20 metres from the home of the 41-year-old patient. Currently, both patients are in stable condition and are being treated with Tamiflu under close medical supervision,” the ministry stated.

    Interviews revealed that at the homes of the patients, as well as their neighbours and around the village, there were sick or dead chickens and ducks. The patients had reportedly handled and come into contact with the ill poultry, which they then prepared and ate.

    National and subnational rapid response teams from the health ministry, in cooperation with provincial agriculture department officials and local authorities, are actively investigating the outbreak. They are also responding with technical protocols, identifying sources of infection in both animals and humans, locating suspected cases and those exposed, preventing further community transmission, distributing Tamiflu to close contacts, and launching a health education campaign for villagers.

    The 41-year-old woman, the first H5N1 case in the village, had also handled sick and dead poultry at her own home and her neighbour’s, and prepared them as food five days before falling ill.

    The ministry again urged the public to remain vigilant about bird flu, as H5N1 continues to pose a serious threat to public health in Cambodia.

    Anyone experiencing fever, cough, runny nose or difficulty breathing, along with a history of contact with sick or dead poultry in the 14 days before symptoms began, should avoid gatherings and crowded places and immediately seek medical advice and treatment at the nearest health centre or hospital without delay.

    On June 27, officers from the Provincial Livestock and Animal Health Office of the Siem Reap agriculture department, in cooperation with the National Animal Health and Production Research Institute (NAHPRI), implemented veterinary measures at the site of an earlier outbreak in Puok district and commune’s Chambak He village.

    The team culled 45 eggs and 16 chickens, and disinfected coops and the surrounding area. Additionally, samples were collected from two whole chickens for further testing.

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  • Apple weighs using Anthropic or OpenAI to power Siri in major reversal: Bloomberg News

    Apple weighs using Anthropic or OpenAI to power Siri in major reversal: Bloomberg News

    An Apple logo is displayed on a smartphone with stock market values in the background.

    SOPA Images | LightRocket | Getty Images

    Apple is weighing using artificial intelligence technology from Anthropic or OpenAI to power a new version of Siri, instead of its own in-house models, Bloomberg News reported on Monday.

    Shares of the iPhone maker, which had traded down earlier in the session, closed 2% higher on Monday.

    Apple has had discussions with both companies about using their large language models for Siri, asking them to train versions of their LLMs that could run on Apple’s cloud infrastructure for testing, the report said, citing people familiar with the discussions.

    Apple’s investigation into third-party models is at an early stage and the company has not made a final decision on using them, the report said.

    Amazon-backed Anthropic declined to comment, while Apple and OpenAI did not respond to Reuters requests.

    The company had in March said AI improvements to its voice assistant Siri will be delayed until 2026, without giving a reason for the setback.

    Apple shook up its executive ranks to get its AI efforts back on track after months of delays, resulting in Mike Rockwell taking charge of Siri, as CEO Tim Cook lost confidence in AI head John Giannandrea’s ability to execute on product development, Bloomberg had reported in March.

    At its annual Worldwide Developers Conference earlier this month, Apple focused more on incremental developments that improve everyday life — including live translations for phone calls — rather than the sweeping ambitions for AI that Apple’s rivals are capitalizing.

    Apple software chief Craig Federighi had then said it is opening up the foundational AI model that the iPhone maker uses for some of its own features to third-party developers, and that the company will offer both its own and OpenAI’s code completion tools in its key Apple developer software.

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  • 3D Time Could Solve Physics’ Biggest Problem, Says Bizarre New Study : ScienceAlert

    3D Time Could Solve Physics’ Biggest Problem, Says Bizarre New Study : ScienceAlert

    Clocks might be far more fundamental to physics than we ever realized.

    A new theory suggests what we see around us – from the smallest of quantum actions to the cosmic crawl of entire galaxies – could all be literally a matter of time. Three dimensions of time, in fact.

    The basic idea of 3D time isn’t new. But University of Alaska geophysicist Gunther Kletetschka says his mathematical framework is the first to reproduce known properties of the Universe, making it a somewhat serious contender for uniting physics under one consistent model.

    “Earlier 3D time proposals were primarily mathematical constructs without these concrete experimental connections,” says Kletetschka.

    Related: Physicists Catch Light in ‘Imaginary Time’ in Scientific First

    “My work transforms the concept from an interesting mathematical possibility into a physically testable theory with multiple independent verification channels.”

    Something is wrong with our current models of reality. While quantum mechanics and general relativity both explain our Universe to a degree that’s uncannily accurate, each emerges from fundamentally distinct grounds – one granular and random, the other seamless and immutable.

    These irreconcilable starting points make it a challenge to construct a single, all-ruling theory of physics that explains gravity in the same way as it does the other three forces. Not that theorists haven’t tried.

    Kletetschka proposes a complete rethink on the basics, pulling back the fabric of space-time itself to come up with a new bedrock to base reality on.

    While we use the word time to describe virtually any series of events, there’s a clear contrast in scale that extends from the near-instantaneous flitting of quantum particles to the eons of cosmic growth stretching into eternity.

    On the cosmic end, time can be relative, distorting in relation to mass and acceleration. Up close, time is undecided, equally capable of looking to the past as it does to the future. And drifting in the middle is an existence as boringly predictable as tomorrow’s sunrise.

    Separating these scales into their own dimensions provides us with three paths to follow, each marching to its own beat at right angles to the others.

    Time flows in three dimensions in a new framework of physics. (Kletetschka, RAPS, 2025)

    By embedding these timelines in mathematics that preserves cause and effect, it’s possible to link all three dimensions in a way that could explain everything from how fundamental particles pop up in quantum fields, to why we can’t experience quantum weirdness, to the expanding boundaries of the Universe itself.

    “These three time dimensions are the primary fabric of everything, like the canvas of a painting,” says Kletetschka.

    “Space still exists with its three dimensions, but it’s more like the paint on the canvas rather than the canvas itself.”

    Related: A Fifth Force of Nature May Have Been Discovered Inside Atoms

    Importantly, the framework precisely reproduces known masses of a number of particles, such as top quarks, muons, and electrons, and volunteers predictions for the unknown masses of neutrinos and subtle influences on the speeds of gravitational waves.

    That means the theory could receive support from future experiments, and potentially contribute to a more united approach to physics as a whole.

    “The path to unification might require fundamentally reconsidering the nature of physical reality itself,” says Kletetschka.

    This research was published in Reports in Advances of Physical Sciences.

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  • 3D Time Could Solve Physics’ Biggest Problem, Says Bizarre New Study

    3D Time Could Solve Physics’ Biggest Problem, Says Bizarre New Study

    Clocks might be far more fundamental to physics than we ever realized.

    A new theory suggests what we see around us – from the smallest of quantum actions to the cosmic crawl of entire galaxies – could all be literally a matter of time. Three dimensions of time, in fact.

    The basic idea of 3D time isn’t new. But University of Alaska geophysicist Gunther Kletetschka says his mathematical framework is the first to reproduce known properties of the Universe, making it a somewhat serious contender for uniting physics under one consistent model.

    “Earlier 3D time proposals were primarily mathematical constructs without these concrete experimental connections,” says Kletetschka.

    Related: Physicists Catch Light in ‘Imaginary Time’ in Scientific First

    “My work transforms the concept from an interesting mathematical possibility into a physically testable theory with multiple independent verification channels.”

    Something is wrong with our current models of reality. While quantum mechanics and general relativity both explain our Universe to a degree that’s uncannily accurate, each emerges from fundamentally distinct grounds – one granular and random, the other seamless and immutable.

    These irreconcilable starting points make it a challenge to construct a single, all-ruling theory of physics that explains gravity in the same way as it does the other three forces. Not that theorists haven’t tried.

    Kletetschka proposes a complete rethink on the basics, pulling back the fabric of space-time itself to come up with a new bedrock to base reality on.

    While we use the word time to describe virtually any series of events, there’s a clear contrast in scale that extends from the near-instantaneous flitting of quantum particles to the eons of cosmic growth stretching into eternity.

    On the cosmic end, time can be relative, distorting in relation to mass and acceleration. Up close, time is undecided, equally capable of looking to the past as it does to the future. And drifting in the middle is an existence as boringly predictable as tomorrow’s sunrise.

    Separating these scales into their own dimensions provides us with three paths to follow, each marching to its own beat at right angles to the others.

    Time flows in three dimensions in a new framework of physics. (Kletetschka, RAPS, 2025)

    By embedding these timelines in mathematics that preserves cause and effect, it’s possible to link all three dimensions in a way that could explain everything from how fundamental particles pop up in quantum fields, to why we can’t experience quantum weirdness, to the expanding boundaries of the Universe itself.

    “These three time dimensions are the primary fabric of everything, like the canvas of a painting,” says Kletetschka.

    “Space still exists with its three dimensions, but it’s more like the paint on the canvas rather than the canvas itself.”

    Related: A Fifth Force of Nature May Have Been Discovered Inside Atoms

    Importantly, the framework precisely reproduces known masses of a number of particles, such as top quarks, muons, and electrons, and volunteers predictions for the unknown masses of neutrinos and subtle influences on the speeds of gravitational waves.

    That means the theory could receive support from future experiments, and potentially contribute to a more united approach to physics as a whole.

    “The path to unification might require fundamentally reconsidering the nature of physical reality itself,” says Kletetschka.

    This research was published in Reports in Advances of Physical Sciences.

    Related News

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  • Tackling Korea’s Real Estate Project Finance Challenges – ASEAN+3 Macroeconomic Research Office

    Tackling Korea’s Real Estate Project Finance Challenges – ASEAN+3 Macroeconomic Research Office

    Korea’s interconnected PF structure

    In Korea, real estate project finance (PF) is a financing method used primarily for large-scale real estate development projects. Unlike traditional corporate finance, project finance is typically structured around a specific project, with repayment of debt relying on the cash flows and assets generated by the project itself, rather than the general creditworthiness of the developer. Unlike advanced economies where developers typically contribute 30–40% equity to real estate PF projects, Korean developers often inject as little as 5% or less of the total project cost, hence financing the remainder through debt.

    Given the inherently high risk and uncertainty of PF projects, financial institutions are reluctant to lend without guarantees, placing greater emphasis on guarantees instead of conducting comprehensive assessments of project feasibility. These guarantees are often provided by construction companies. With the enhancement of the project’s creditworthiness, developers can better secure the necessary financing (Figure 1). Non-bank financial institutions (NBFIs) too extended credit to the developers but they tend to focus on riskier projects in search for higher returns.

    In light of these credit guarantees, a construction company is obligated to assume the responsibility in the event where financial institutions refuse to extend the loan maturity or the developer becomes insolvent. In such cases, the construction company’s deteriorating financial condition may trigger a credit crunch across the construction sector, potentially creating ripple effects that affect the broader financial system. This was evident In late 2023 when Taeyoung Construction, Korea’s 16th largest builder, entered a debt workout which fueled concerns of a funding squeeze in the construction sector leading to financial market volatility.

    PF stress across NBFIs and construction

    The current challenges faced by real estate PF have their roots in the mid-2010s, when a real estate boom was fueled by low rates. During this period, both banks and NBFIs aggressively expanded their PF lending. By Q2 2024, Korea’s PF loans stood at KRW 132.2 trillion, with 63.5 percent held by NBFIs and 36.5 percent by banks (Figure 2). Among NBFIs, savings banks and credit cooperatives targeted higher-risk market segments and lending to lower-credit borrowers.

    However, this landscape changed dramatically in mid-2021, as aggressive rate hikes and rising construction costs inflated presale prices and dampened real estate demand. Inventory of unsold units rose sharply, especially in non-metropolitan areas (Figure 3). As unsold units accumulated, developers and construction firms faced worsening liquidity, triggering contingent liabilities and forcing costly financing or asset sales. This placed additional strain on already weakened construction companies and eroded their profitability (Figure 4).

    For example, Taeyoung Construction’s debt-to-equity ratio was 258 percent, with KRW 3.7 trillion in PF guarantees (374% of its equity) as of end-September 2023, prior to filing for a debt workout in December.

    As construction companies’ repayment capacity weakened, NBFIs with large exposures to PF loans saw a sharp rise in delinquencies. Particularly hit were savings banks whose non-performing loan (NPL) ratios surged from 3.4 percent at end-2021 to 11.5 percent in June 2024. Securities firms also recorded growing PF loan delinquencies, reflecting broader vulnerabilities across the NBFI sector (Figure 5).

    Policy response and challenges

    The accumulation of PF-related distress has led to a sharp downturn in the property market and triggered broader stress across the construction and financial sectors. In 2024, the Korean authorities rolled out extensive policy measures to reduce market uncertainty surrounding real estate PF and to ensure its orderly soft landing.

    • A “soft landing” package centered on differentiating viable and non-viable projects through enhanced feasibility reviews.
    • Broader reforms to shore up the PF sector’s structural resilience, including raising efforts aimed at bringing equity ratio in line with advanced economy standards (of 20 percent) over the medium to long term.

    As a result, as of December 2024, KRW 6.5 trillion—30.9 percent of the KRW 20.9 trillion in loans to development projects classified as “attention” or “insolvency risk” had been resolved or restructured.

    These efforts contributed to improvements in key financial soundness indicators, including a decline in both the NPL ratio and PF delinquency rates for two consecutive quarters. However, with the real estate market still underperforming, new non-performing assets are expected to emerge.

    The authorities must therefore maintain heightened vigilance and continue with the resolution and restructuring of existing NPLs, and implementation of rigorous asset quality management frameworks across all financial institutions exposed to PF risk.


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  • Urzila Carlson adds extra show to her New Zealand tour in Auckland’s SkyCity!

    Multi-award-winning South African-New Zealander Urzila Carlson is adding an extra performance to her New Zealand tour after sell out shows!

    After selling out in Auckland only days after launching her New Zealand Tour, Comedian Urzila Carlson is adding another show to her ‘You Don’t Say’ tour, Live Nation has today announced. Fans should act quickly as tickets to the new show in Auckland’s SkyCity are expected to sell out just as quickly!

    Tickets for the new show go on sale to the public at 1pm local time today (1st July).  

    urz yds nz 1080x1350

    Multi-award-winning South African-New Zealander Urzila Carlson is one of Australian and New Zealand’s biggest comedy stars, and she’s bringing her trademark cheeky wit back to New Zealand stages in 2025 with the ‘You Don’t Say’ Tour.

    The tour announces comes off the back of her ‘You Don’t Say’ run at Melbourne International Comedy Festival where she was awarded People’s Choice Award for the most popular show of the festival.

    Urzila Carlson’s New Zealand tour will kick off 28 November at The Civic Theatre in Auckland and continue with performances at the Wellington Opera House on the 5 December and 7 December  at Christchurch Town Hall.  

    Talking about the upcoming dates, Urzila said, “You Don’t Say” is a show born out of sarcasm and storytelling from the mind of a woman who might be slightly out of her mind! I cannot wait to tour this show and bring it to your ears!”.

    2025 started with a bang for Urzila, starring in the NETFLIX rom-com ‘Kinda Pregnant’, alongside Amy Schumer and Wil Forte, and produced by Adam Sandler.

    ‘Kinda Pregnant’ was viewed 25.1 million times in its first week, making it the most-watched title on Netflix from Feb. 3 to Feb. 10 and the number 1 movie globally. 

    An undeniable tour de force of the comedy world, in 2025 Urzila will be doing her first national tour of the USA and her biggest tour of the UK.

    For complete tour and ticket information, visit livenation.co.nz

     

    URZILA CARLSON

    ‘YOU DON’T SAY’

    NEW ZEALAND TOUR 2025

    THE CIVIC, AUCKLAND

    FRIDAY 28 NOVEMBER

    SKYCITY, AUCKLAND

    SATURDAY 29 NOVEMBER

    OPERA HOUSE, WELLINGTON

    FRIDAY 5 DECEMBER

    CHRISTCHURCH TOWN HALL, CHRISTCHURCH

    SUNDAY 7 DECEMBER

    TICKETS ON SALE FRIDAY 30 MAY, 11AM LOCAL

    My Live Nation presale 10am, Thursday 29 May – 10am, Friday 30 May
    For complete tour and ticket information, visit:
    livenation.co.nz

     
     

    About Live Nation Entertainment

    Live Nation Entertainment (NYSE: LYV) is the world’s leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship. For additional information, visit livenationentertainment.com.

    For all Live Nation related enquiries, contact:

    Live Nation Australasia

    Neal Downward

    Arlo Flitcroft

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