Board Approves Dividend of $0.2875 Per Share on the Company's Common Stock NORTH BETHESDA, Md. , Dec. 11, 2024 /PRNewswire/ -- Choice Hotels International, Inc. CHH , one of the world's leading lodging franchisors, announced that its board of directors has declared a cash dividend of $0.2875 per share on the company's common stock. The dividend is payable on January 16, 2025 , to shareholders of record on January 2 , 2025. About Choice Hotels® Choice Hotels International, Inc. CHH is one of the largest lodging franchisors in the world. The one to watch in upscale and a leader in midscale and extended stay, Choice® has over 7,500 hotels, representing nearly 635,000 rooms, in 45 countries and territories. A diverse portfolio of 22 brands that range from full-service upper upscale properties to midscale, extended stay and economy enables Choice ® to meet travelers' needs in more places and for more occasions while driving more value for franchise owners and shareholders. The award-winning Choice Privileges® rewards program and co-brand credit card options provide members with a fast and easy way to earn reward nights and personalized perks. For more information, visit www.choicehotels.com . Forward-Looking Statements Certain matters discussed in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "expect," "estimate," "believe," "anticipate," "should," "will," "forecast," "plan," "project," "assume," or similar words of futurity. All statements other than historical facts are forward-looking statements. These forward-looking statements are based on management's current beliefs, assumptions, and expectations regarding future events, which, in turn, are based on information currently available to management. Such statements may relate to projections of the company's revenue, expenses, EBITDA, adjusted EBITDA, earnings, debt levels, ability to repay outstanding indebtedness, payment of dividends, repurchases of common stock and other financial and operational measures, including the company's occupancy and open hotels, RevPAR, and liquidity, among other matters. We caution you not to place undue reliance on any such forward-looking statements. Forward-looking statements do not guarantee future performance and involve known and unknown risks, uncertainties, and other factors. Several factors could cause actual results, performance or achievements of the company to differ materially from those expressed in or contemplated by the forward-looking statements. Such risks include, but are not limited to, changes to general, domestic and foreign economic conditions, including access to liquidity and capital; changes in consumer demand and confidence, including consumer discretionary spending and the demand for travel, transient and group business; the timing and amount of future dividends and share repurchases; future domestic or global outbreaks of epidemics, pandemics or contagious diseases or fear of such outbreaks, and the related impact on the global hospitality industry, particularly but not exclusively the U.S. travel market; changes in law and regulation applicable to the travel, lodging or franchising industries, including with respect to the status of the company's relationship with employees of our franchisees; foreign currency fluctuations; impairments or declines in the value of the company's assets; operating risks common in the travel, lodging or franchising industries; changes to the desirability of our brands as viewed by hotel operators and customers; changes to the terms or termination of our contracts with franchisees and our relationships with our franchisees; our ability to keep pace with improvements in technology utilized for marketing and reservations systems and other operating systems; our ability to grow our franchise system; exposure to risks related to our hotel development, financing and ownership activities; exposures to risks associated with our investments in new businesses; fluctuations in the supply and demand for hotel rooms; our ability to realize anticipated benefits from acquired businesses; impairments or losses relating to acquired businesses; the level of acceptance of alternative growth strategies we may implement; the impact of inflation; cyber security and data breach risks; climate change and sustainability related concerns; ownership and financing activities; hotel closures or financial difficulties of our franchisees; operating risks associated with our international operations; labor shortages; the outcome of litigation; and our ability to effectively manage our indebtedness and secure our indebtedness. These and other risk factors are discussed in detail in the company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and, as applicable, our Quarter Reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. © 2024 Choice Hotels International, Inc. All Rights Reserved View original content to download multimedia: https://www.prnewswire.com/news-releases/choice-hotels-announces-quarterly-cash-dividend-302329442.html SOURCE Choice Hotels International, Inc. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Digitise now or neverLindsey Vonn takes another step in comeback at age 40, competes in a pair of downhills
If you purchase an independently reviewed product or service through a link on our website, The Hollywood Reporter may receive an affiliate commission. Bag charms are back in a big way, and they’re converting even the most simplistic dressers to a maximalist aesthetic. From the runway to social media to street style, this undeniably fun accessory seems to have everyone in a chokehold. On TikTok, the hashtag “birkinify” is trending, and describes the act of adorning one’s handbag — or other — with charms, keychains, twillies and beads. Dua Lipa and are just two famous faces spotted with decked out Birkin bags, and Gigi Hadid recently with an assortment of charms, including her coveted . Below, we rounded up 17 bag charms that are the epitome of playful meets chic, from a variety of independent designers and large houses like Loewe, Gucci and Prada. Plus, they make the perfect or stocking stuffer. Available in three charm varieties. The engraved brass charm opens to reveal a mirror. Coach makes some of the best in the game. Select 10 beads from dozens of choices: hearts, faces, disco balls, snacks and so on. While likely won’t arrive in time for the holidays, it may very well be worth the wait. For a limited time, a 20 percent discount will be automatically applied at checkout. A similar look without the customization. And . Timeless. Gigi Hadid, Dua Lipa, Kendall Jenner, Justin Bieber and Blackpink are just a few famous fans of . Check out more of Susan Alexandra’s sweet . An Anthro bestseller. No one does bag charms quite like Loewe. Four charms in one. Part of Urban Outfitters’ exclusive collection of . Use code CHEERS for 25 percent off. A match made in leather and shearling heaven. One more cherry charm for good measure. Ending with a bang. More colorways available at . THR Newsletters Sign up for THR news straight to your inbox every day More from The Hollywood Reporter
New Delhi, Dec 7 (PTI) Unified Payments Interface (UPI) has brought in a significant expansion of consumer credit among the underserved borrowers who had no credit history, a study said. Since its launch in 2016, the Unified Payments Interface (UPI) has transformed financial access in India, enabling 300 million individuals and 50 million merchants to perform seamless digital transactions. By October 2023, 75 per cent of all retail digital payments in India were through UPI, according to a study titled Open Banking and Digital Payments: Implications for Credit Access. UPI is a payment system built as an interoperable protocol that allows third-party vendors to build apps to provide payments as a service to all customers of participating banks. It has enabled underserved groups, including subprime and new-to-credit borrowers, to access formal credit for the first time as transaction data was available before the lenders which enabled them to make credit decisions, it said. UPI is the earliest implementation of an open-banking-based payment infrastructure that is free for customers and enables them to create verifiable digital financial footprints in real time. Importantly, customers own their data and can share their UPI transaction history across financial intermediaries, it said. Taking advantage, it said, fintech lenders scaled rapidly, increasing their loan volumes 77 times, far outpacing traditional banks in catering to smaller, underserved borrowers. The study noted that the affordability of digital technology played a critical role, enabling widespread UPI adoption in rural and urban areas alike. A 10 per cent increase in UPI transactions led to a 7 per cent rise in credit availability, reflecting how digital financial histories enabled lenders to assess borrowers better, the report said. Despite the credit surge, default rates did not rise, showing that UPI-enabled digital transaction data helped lenders expand responsibly, it said. India's success with UPI offers a replicable model for other nations, showcasing how combining public digital infrastructure with open banking policies can reduce financial exclusion, foster innovation, and promote equitable economic growth, it suggested.Ever wanted to bring your dog with you aboard a cruise ship? Do you have a business focused on dogs and their families? If you answered yes to either question, you’ll be excited to learn that what’s being called the first-ever dog-friendly cruise is being planned aboard Margaritaville at Sea’s Islander out of the Port of Tampa in November 2025. And business opportunities await. Cruise ships famously don’t allow dogs other than service animals. Organizers of this cruise anticipate selecting from a long line of hopefuls. A “waitlist for all dog parents who have dreamt of bringing their furry friends along for their vacations will open soon,” a news release says. Organizers are calling for 250 dogs, “their owners and their closest humans” to become “inaugural ambassadors” for the cruise, which they promise will offer “unique experiences and activities including gifts and samples from top vendors, dog shows and trainings, guest speakers, costume contests, parades, and more.” The event is being staged by two organizations — Cruise Tails and Expedia Cruises of West Orlando. The website cruisetails.com seeks sponsors and investors in hopes of turning the cruise into a recurring event. Sponsorship and partnership opportunities are available for companies seeking brand visibility “across a passionate pet-loving audience,” the site says. And participants must sign photo waivers, the website says, adding, “We anticipate the fun will be all over social media and even in the press. In fact, the 250 chosen will undoubtedly be asked by sponsors to try products and post about them.” Cruise Tails was formed by Steve Matzke, a Bradenton-based entrepreneur listed on LinkedIn as beginning his career this month as an “independent consultant.” Matzke spent four years prior to that as senior director of external relations for the American Accounting Association, and 12 years before that as director of faculty and university initiatives for the American Institute of CPAs, his LinkedIn profile shows. Expedia Cruises of West Orlando was founded in 2019 by Dawn von Graff, an avid traveler who has taken more than 75 cruises and visited more than 80 countries, and her husband. She owned a computer networking firm, worked as an international tour manager, and was a top salesperson for Marriott before forming Expedia Cruises of West Orlando as a full-service travel agency. Details including dates, prices and itineraries have not yet been released. According to the website, organizers hope to select the inaugural 250 dogs based partly on how the dogs perform in a “video talent singing contest” as well as “a variety of criteria” to be announced “over the next few weeks.” The bigger the dog’s entourage, the better chance it will have to be chosen, the website says. “Preference will be given to dogs in a group which includes one dog cabin traveling with two or more associated cabins of friends or family without dogs,” it says. A spokeswoman for Margaritaville at Sea says the organizers are chartering the Islander, and the cruise will not be available for booking to the general public. Each dog will have “private relief stations” on their cabin balconies, and when dogs don’t make it to the relief station, each will have its own “pet butler” to ensure “their cabin and the boat remain in top condition,” a Cruise Tails spokeswoman said. Participants must agree to follow protocols on board, including keeping their dogs in permitted areas and making sure they are up to date with appropriate vaccinations. Dogs will not be allowed in dining areas, the ship’s casino, pool decks, lounges or music venues, according to the news release. Organizers will also be looking for workers and vendors. “We’re going to need dog walkers, pet butlers, and so much more,” the website says. And “if you have a proven skill like pet massage, grooming and pet walking or if you make custom dog costumes, have a unique dog product you would like to promote or are a well-known dog expert, we would love to chat with you.” Calls for pet handlers and vendors will be posted “in the next few months,” the site says. Whether the event turns into the profitable industry that its organizers hope for will undoubtedly depend on how the first one unfolds. A spokeswoman did not immediately have answers to such questions of what will happen to dogs that get aggressive with humans or other dogs? Will owners be required to purchase additional insurance to cover any possibilities? Will food be provided and how will feedings be handled? Contributors on Reddit.com posted mixed reactions to the announcement on Monday. “Cruises are already floating petri dishes. This doesn’t seem like a very good idea,” said one. “Now all decks are poop decks,” said another. A couple of posters worried about dogs going overboard. One said, “sounds awesome if you like dogs,” while another chimed in, “Better than a gorilla-friendly cruise, I suppose.” Ron Hurtibise covers business and consumer issues for the South Florida Sun Sentinel. He can be reached by phone at 954-356-4071, on Twitter @ronhurtibise or by email at rhurtibise@sunsentinel.com.None
US budget airlines are struggling. Will pursuing premium passengers solve their problems? DALLAS (AP) — Delta and United Airlines have become the most profitable U.S. airlines by targeting premium customers while also winning a significant share of budget travelers. That is squeezing smaller low-fare carriers like Spirit Airlines, which filed for bankruptcy protection on Monday. Some travel industry experts think Spirit’s troubles indicate less-wealthy passengers will have fewer choices and higher prices. Other discount airlines are on better financial footing but also are lagging far behind the full-service airlines when it comes to recovering from the COVID-19 pandemic. Most industry experts think Frontier and other so-called ultra-low-cost carriers will fill the vacuum if Spirit shrinks, and that there's still plenty of competition to prevent prices from spiking. Bitcoin ticks closer to $100,000 in extended surge following US elections NEW YORK (AP) — Bitcoin is jumping again, setting another new high above $99,000. The cryptocurrency has been shattering records almost daily since the U.S. presidential election, and has rocketed more than 40% higher in just two weeks. It's now at the doorstep of $100,000. Cryptocurrencies and related investments like crypto exchange-traded funds have rallied because the incoming Trump administration is expected to be more “crypto-friendly.” Still, as with everything in the volatile cryptoverse, the future is hard to predict. And while some are bullish, other experts continue to warn of investment risks. Supreme Court steps into fight over FCC's $8 billion subsidies for internet and phone services WASHINGTON (AP) — The Supreme Court has stepped into a major legal fight over the $8 billion a year the federal government spends to subsidize phone and internet services in schools, libraries and rural areas, in a new test of federal regulatory power. The justices on Friday agreed to review an appellate ruling that struck down as unconstitutional the Universal Service Fund. The Federal Communications Commission collects money from telecommunications providers, who then pass the cost on to their customers. The Biden administration appealed the lower court ruling, but the case probably won’t be argued until late March. At that point, the Trump administration will be in place and it is not clear whether it will take a different view of the issue. Stock market today: Wall Street gains ground as it notches a winning week and another Dow record Stocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average. The S&P 500 rose 0.3% Friday. The Dow added 1%, and the Nasdaq composite tacked on 0.2%. Retailers had some of the biggest gains. Gap soared after reporting quarterly results that easily beat analysts' estimates. EchoStar fell after DirecTV called off its purchase of that company's Dish Network unit. European markets closed mostly higher and Asian markets ended mixed. Treasury yields held relatively steady in the bond market. Crude oil prices gained ground. Australia rejects Elon Musk's claim that it plans to control access to the internet MELBOURNE, Australia (AP) — An Australian Cabinet minister has rejected X Corp. owner Elon Musk’s allegation that the government intends to control all Australians' access to the internet through legislation that would ban young children from social media. Treasurer Jim Chalmers said on Friday that Musk’s criticism was “unsurprising” after the government introduced legislation to Parliament that would fine platforms including X up to $133 million for allowing children under 16 to hold social media accounts. The spat continues months of open hostility between the Australian government and the tech billionaire over regulators’ efforts to reduce public harm from social media. Parliament could pass the legislation as soon as next week. Oil company Phillips 66 faces federal charges related to alleged Clean Water Act violations LOS ANGELES (AP) — Oil company Phillips 66 has been federally indicted in connection with alleged violations of the Clean Water Act in California. The Texas-based company is accused of discharging hundreds of thousands of gallons of industrial wastewater containing excessive amounts of oil and grease. The U.S. Department of Justice announced the indictment on Thursday. Phillips is charged with two counts of negligently violating the Clean Water Act and four counts of knowingly violating the Clean Water Act. An arraignment date has not been set. A spokesperson for the company said it was cooperating with prosecutors. US regulators seek to break up Google, forcing Chrome sale as part of monopoly punishment U.S. regulators want a federal judge to break up Google to prevent the company from continuing to squash competition through its dominant search engine after a court found it had maintained an abusive monopoly over the past decade. The proposed breakup floated in a 23-page document filed late Wednesday by the U.S. Justice Department calls for Google to sell its industry-leading Chrome web browser and impose restrictions designed to prevent Android from favoring its search engine. Regulators also want to ban Google from forging multibillion-dollar deals to lock in its dominant search engine as the default option on Apple’s iPhone and other devices. New York judge rejects state efforts to shutter bitcoin mine over climate concerns NEW YORK (AP) — A New York judge has rejected an effort by state regulators to shutter a bitcoin mine over concerns about its greenhouse gas emissions. The decision will allow the Greenidge power plant to continue operating in the Finger Lakes region of the state. The state had previously found the gas-powered crypto mine ran afoul of a climate law intended to limit greenhouse gas emissions. But on Thursday, a state Supreme Court judge found Greenidge was entitled to a process to defend its continued operation. Environmental groups have protested the facility, which they allege is pumping emissions into the air while contaminating the nearby Seneca Lake. What you need to know about the proposed measures designed to curb Google's search monopoly U.S. regulators are proposing aggressive measures to restore competition to the online search market after a federal judge ruled that Google maintained an illegal monopoly. The sweeping set of recommendations filed late Wednesday could radically alter Google’s business. Regulators want Google to sell off its industry-leading Chrome web browser. They outlined a range of behavioral measures such as prohibiting Google from using search results to favor its own services such as YouTube, and forcing it to license search index data to its rivals. They're not going as far as to demand Google spin off Android, but are leaving that door open if the remedies don't work. Apple and Google face UK investigation into mobile browser dominance LONDON (AP) — A British watchdog says Apple and Google aren't giving consumers a genuine choice of mobile web browsers. The watchdog's report Friday recommends they face an investigation under new U.K. digital rules taking effect next year. The Competition and Markets Authority took aim at Apple, saying the iPhone maker’s tactics hold back innovation by stopping rivals from giving users new features like faster webpage loading. The CMA’s report also found that Apple and Google manipulate the choices given to mobile phone users to make their own browsers “the clearest or easiest option.” Apple said it disagreed with the findings.BBC Strictly Come Dancing's Pete Wicks makes brutal admission as fans 'change mind'
The Vancouver Canucks continued their homestand on Tuesday night with a 4-3 overtime loss to the St. Louis Blues in Thatcher Demko's first game since April. Vancouver put up a strong effort in the loss, but couldn't find a way to finish it off in overtime as Dylan Holloway picked up his tenth goal of the season for St. Louis. After the game, Rick Tocchet met with the media, as he always does, but this time seemed pretty irritated with a question regarding Swedish forward Elias Pettersson. Rick Tocchet irked by question from Farhan Lalji about Elias Pettersson During his post-game media conference, Vancouver Canucks head coach Rick Tocchet was asked about Elias Pettersson and how he was able to elevate his game in the absence of J.T. Miller. He added, 'I don't know what else to say. You guys are obsessed with Petey huh? It's Petey, Petey, Petey every game.' When Farhan Lalji mentions about Elias Pettersson's salary and the expectation that comes with making that much money, Rick Tocchet replied with: Dan Riccio of Canucks Central believes that questions will remain until Elias Pettersson hits his full stride, especially when he has just three goals at five-on-five. Pettersson has turned a corner in the last month and is nearly a point-per-game player, registering 26 (eight goals, 18 assists) in 27 games. While Elias Pettersson might not be scoring at the rate you'd expect at five-on-five, he'll get there, but it might be a struggle to record his fourth-straight 30+ goal season. This article first appeared on Canucks Daily and was syndicated with permission.South Korea lifts president's martial law decree after lawmakers reject military ruleMeet the 12 CFP Title Contenders: No. 12 Clemson
12. Clemson Tigers 10-3 (7-1 Atlantic Coast Conference regular season) What's next: First-round at No. 5 seed Texas, Dec. 21 Head coach: Dabo Swinney (17th season, 180-46 overall) About Swinney: The 55-year-old, who is 6-4 in the CFP, took over during the 2008 season and has won two national titles (2016, 2018). He will take the Tigers to the CFP the first time since the 2020 season and the seventh time overall. Resume The Tigers, the only three-loss team in the 12-team field, were in a must-win situation in the ACC championship game, prevailing on a last-second, 56-yard field goal to defeat SMU 34-31. Clemson lost two games to SEC opponents (Georgia and South Carolina) this season. The Tigers' other defeat came at home to Louisville. The matchup with Texas will be Clemson's first true road game against the SEC this season. Postseason history A nine-time winner of the ACC Championship Game, the Tigers notched a double-figure win total for the 13th time in the last 14 seasons. Along with its two national titles, Clemson reached the title game two other times (2019 and 2015). This will be the first Clemson-Texas matchup. The road to Atlanta It will be a tricky road for the Tigers to reach the CFP title game in Atlanta at a venue familiar to Clemson fans. The Tigers will take at least two and maybe three trips outside of their own time zone to qualify for the final. Names to know QB Cade Klubnik Klubnik, a Texas native, has been taking snaps in crucial situations since a limited role as a freshman in 2022, when he rescued the Tigers in an ACC Championship victory vs. North Carolina. Sporting a 19-8 career record as a starter, Klubnik has thrown for 3,303 yards and 33 touchdowns along with five interceptions this season. He tossed four TDs in the ACC title game Dec. 7 against SMU after receiving All-ACC honorable mention following the regular season. "He's battle-tested," Swinney said. "He has got a lot of experience under his belt. He has had some failure, which has made him better." RB Phil Mafah The senior has racked up 1,106 rushing yards with eight touchdowns this season and has 28 career scores. Mafah has averaged fewer than 17 carries per game, so he makes the most of his opportunities, and at 230 pounds he can be a load to bring down. DE T.J. Parker He's been disruptive on a regular basis, racking up 19 tackles for loss (11 sacks) this season. The 265-pound sophomore helped set the tone in the ACC title game when the Tigers feasted on early SMU mistakes. Parker is tied for the Division I lead with six forced fumbles this season. K Nolan Hauser The freshman joined the Tigers this season with great acclaim and produced a career highlight with a 56-yard game-winning field goal -- the longest in ACC title game history -- to beat SMU at the buzzer. --Field Level MediaDavid Warner set to pick Sam Konstas as Big Bash opening partner over Cameron Bancroft
Cal selected to play in LA Bowl later this month
New Zealand has joined a new United States-led Indo-Pacific group that "directly supports" America's defence strategy to boost "warfighting" capabilities. The US says the new Partnership for Indo-Pacific Industrial Resilience is about "better integrating our defence industries". The 13-country group was set up in June and had its first meeting, hosted by the US military, in Honolulu in October. Defence Minister Judith Collins called it a "discussion forum". However, US reports show it has four workstreams that include help to co-produce hypersonic and other missiles with Japan and Australia, and drones with Korea, and fix US Navy ships at shipyards in Asia. In local briefings, officials told Collins and Foreign Minister Winston Peters that the New Zealand Defence Force wanted to help in the workstream on improving military supply chains. Collins has agreed. The influential Atlantic Council, in an article about the group , said: "In a war against China the US could quickly exhaust its weapons. A new Indo-Pacific defence initiative might be the answer." It said an example of US vulnerability was how it used up a year's production of a type of counter-ballistic missile in one go on 1 October helping Israel. The Partnership for Indo-Pacific Industrial Resilience includes some NATO countries and is modelled on a heavy armaments forum set up to bolster Ukraine in the Russia war. New Zealand has quietly joined the group at the same as a public debate carries on over whether to join Aukus Pillar Two, itself a pact of sharing advanced military technology. Last week, a top US official said about PIPIR: "We are creating the first ever consortium to support defence armaments requirements across the globe, unlocking new sources of supply, capturing new production arrangements, and ensuring that we can increase the time-on-station of key assets and platforms with smarter logistics and forward repair and upgrade." New Zealand had earlier signed a Statement of Principles on which the new group is based. Neither this signing, nor joining the new group, was announced by the government. RNZ has reported it based off documents released under the Official Information Act. The papers show the first thing that officials told Foreign Minister Winston Peters and Defence Minister Judith Collins about PIPIR was that "enhancing defence industrial and supply chain resilience is a priority of the United States". The officials then quoted US Defence Secretary Lloyd Austin, in a speech on 1 May when New Zealand and others signed up to the principles: "We're breaking down national barriers and better integrating our defence industries," he said. This would "fortify" the shared capacity of the military industrial bases. The officials told the two ministers in mid-September this was a non-binding, ad hoc arrangement. "New Zealand proposes to leave open the option of engaging in all of the workstreams ... to be determined on a case-by-case basis ... New Zealand's priority would be to participate in the supply chain resilience workstream," they said. At the first meeting of PIPIR two months ago, US Under Secretary of Defense for Acquisition and Sustainment William LaPlante said: "PIPIR will help strengthen our collective ability to produce and sustain warfighting capability in the Indo-Pacific." Military trade news media in the US, which analyses Department of Defence moves, explained: "As weapons demand surges amid the Ukraine war, conflict in the Middle East and rising power of China, the Pentagon has been casting about across the world in search of new partnerships for weapons production." Collins, asked by RNZ why the country had joined PIPIR, issued a short statement on Sunday. "The Partnership is a discussion forum which seeks to mitigate defence supply chain challenges such as those caused by the war in Ukraine and the global pandemic. New Zealand recognises the importance of international collaboration to reduce or avoid supply chain risks, enable rapid responses to any disruptions, and to limit their impact," she said. Peters referred RNZ's questions to Collins. Officials had told the ministers that PIPIR "is a good initiative" and that the Ministry of Foreign Affairs and Trade backed joining it, the September briefing released under the Official Information Act said. Expanding industrial capacity, reducing barriers to trade flow and opening channels for "new entrants" would all benefit New Zealand, they advised. The risks of joining PIPIR were blanked out. The group's four workstreams were around supply chains; military "sustainment", which includes ship and other repairs at non-US shipyards; weapons and other production; and policy and "optimisation". PIPIR would offer "access to new markets for defence contractors", reports said. The New Zealand Defence Force has about 60 capital projects on the go, though only 2 percent of its spending is on local contractors, with most on giant multinational contractors. It is also strapped for cash and told MPs last week it has had to pause or stop a "raft" of activities - including those around building relationships with allies. Supply chains have become a key focus among core Western allies, with the US, UK and Australia recently signing a memorandum of understanding on supply chain resilience. That extended beyond defence to telecommunications and other critical sectors. Australia and New Zealand on Friday in Auckland signed an updated joint statement on closer defence relations, aimed at the two defence forces becoming "much more integrated". "Everything that we're doing, we're looking to see how we can be more interoperable with Australia," Collins said on Friday. Australian Defence Minister Richard Marles said the focus was to maximise coordination around "newer innovative defence technologies". The New Zealand Defence Force has held over 30 tech-related meetings with core allies since January. This is also the thrust of the controversial Aukus Pillar Two agreement, which the Labour Party recently said it was opposed to joining. Marles said that Pillar Two was not "a club", and its use to cooperate on military tech was "a fair way down the track". Peters has said the heated debate about Pillar Two was misguided, since New Zealand had not even been invited to join by the members of Pillar One: The US, UK and Australia. The 13 signatories to the statement that set up PIPIR included Australia, Japan, Canada, Korea and Singapore. Official reports said the group also included some NATO countries, though it has not been established just which ones. Other moves The US' new national defence industrial strategy in January stressed that America must work more with allies to "boost defense production, innovation, and overall capability". Measures involving New Zealand include: Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.