Sampo plc, stock exchange release, 30 October 2024 at 8:30 am EET
Sampo plc’s share buybacks 29 October 2024
On 29 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:
Sampo plc’s share buybacks
Aggregated daily volume (in number of shares)
Daily weighted average price of the purchased shares*
Market (MIC Code)
4,184
41.39
AQEU
35,180
41.39
CEUX
980
41.39
TQEX
50,822
41.41
XHEL
TOTAL
91,166
41.40
*rounded to two decimals
On 17 June 2024, Sampo announced a share buyback programme of up to a maximum of EUR 400 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. On 16 September 2024, the Board of Directors of Sampo plc resolved to increase the share buyback programme to EUR 475 million. The programme, which started on 18 June 2024, is based on the authorisation granted by Sampo’s Annual General Meeting on 25 April 2024.
After the disclosed transactions, the company owns in total 9,597,138 Sampo A shares representing 1.74 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.
Details of each transaction are included as an appendix of this announcement.
On behalf of Sampo plc, Morgan Stanley
For further information, please contact:
Sami Taipalus Head of Investor Relations tel. +358 10 516 0030
Distribution: Nasdaq Helsinki Nasdaq Stockholm Nasdaq Copenhagen London Stock Exchange The principal media FIN-FSA DEN-FSA www.sampo.com
Source: People’s Republic of China – State Council News
With venues ready, volunteers recruited and testing events underway, Harbin is nearly ready to take up its hosting duties for the 9th Asian Winter Games, with preparatory work almost done entering the 100-day countdown.
As a traditional hot spot for ice and snow sports activities in Northeast China, Harbin, capital of Heilongjiang province, is pushing ahead with preparations for the 2025 edition of the Games, with full confidence that the continental gala event will be a resounding success in promoting sports and culture exchanges in the region.
With 100 days to go before the Feb 7 opening ceremony, all 13 existing competition venues for the Games — five for ice sports in downtown Harbin and another eight for snow events in Yabuli, a ski resort cluster 200 kilometers from Harbin — have been renovated and have updated equipment to meet international standards, with workers trained and ready to be deployed to each site, according to the organizing committee.
The national men’s and under-18 women’s ice hockey championships, which were held during the National Day holiday, were the first of 14 test events to be held in Harbin through January to optimize various venue operations, including capacity, facility function and spectator services.
Over 6,000 volunteers, mostly local college students, have been recruited from over 10,000 applicants, with a quarter of them having experience serving at international events such as the 2022 Beijing Winter Olympics and last year’s Hangzhou Asian Games, according to organizers.
The 2025 Harbin Asian Winter Games will mark the biggest representation of Asian countries and regions, with 34 National Olympic Committees — the most in the event’s history — having confirmed their entries, including first-timers Cambodia and Saudi Arabia. Over 1,500 athletes are expected to participate.
A total of 64 medal events across six sports will be held from Feb 7 to 14. Among them, mixed doubles curling, ski mountaineering and synchronized aerials of freestyle skiing will make their debut at the Games.
Meanwhile, many Southeast Asian countries and regions, including Thailand, Malaysia and Singapore, have signed up for the alpine skiing competition, which will have more participants than any other event in Harbin’s program, underlining winter sports’ expanding landscape on the continent.
It will be Harbin’s second time staging the continental gala since it hosted in 1996, and the third edition to be held in China after the 2007 edition in Changchun, Jilin province.
Boasting ready-made facilities and abundant experience in winter sports promotion, Harbin is confident it can deliver a memorable edition of the Games with strong Chinese characteristics and Asian style, organizers said.
“With full support from the government, the public and all shareholders, we’ve moved into the home stretch of preparations,” Han Shengjian, vice-governor of Heilongjiang and vice-president of the Harbin organizing committee, said during a news conference on Tuesday. “We are committed to hosting a world-class event representing Asian spirit and Chinese style to promote winter sports across Asia, as well as the unique charm of Harbin as a generous host.”
Already a popular winter holiday destination in the country, Harbin is keen on taking advantage of the Games to make the city more appealing to winter sports fans and foreign tourists, according to Wang Hesheng, mayor of Harbin and secretary-general of the organizing committee.
To help boost tourism in the city, a new metro line will be launched at the end of this month in Harbin, and a newly built second runway at the city’s airport will open in January. In addition, more frequent high-speed railway services connecting mountain resorts in Yabuli with downtown Harbin and other major cities are coming in the near future.
“Hopefully after hosting the Games, Harbin will make its name as a winter wonderland more prominent, not just in our country, but also across Asia,” Wang said.
Source: People’s Republic of China – State Council News
China has recently optimized scholarships and bursary granting systems to senior high school and college students with an aim of providing financial aid to youth pursuing higher education.
The initiative jointly launched by the Ministry of Finance, the Ministry of Education and the Ministry of Human Resources and Social Security will double the number of undergraduate students receiving the State-level scholarships, while financial aid will also be significantly increased, starting this year.
As per the policy, 120,000 undergraduate students from universities and junior colleges can receive the scholarship, and each will be awarded 10,000 yuan ($1,400) annually. Previously, the quota of students was 60,000, and they could receive no more than 8,000 yuan a year.
The State-level scholarship provides major assistance for higher education students, rewarding them for achieving outstanding academic performance, diligence and good moral qualities.
The new policy will also double the number of such scholarships to postgraduate students from 45,000 to 90,000 from this year, among whom 70,000 will be master’s degree candidates and 20,000 doctoral students.
Meanwhile, China will also channel more funds to assist students with financial difficulties. They will receive 3,700 yuan of State-level financial aid on average from this semester, with some receiving as much as 5,000 yuan. Previously, the financial aid offered was 3,300 yuan per year.
Beginning in the spring semester next year, aid will also be extended to students from regular senior high schools facing financial difficulties. On average, they will receive 2,300 yuan, while the neediest can receive up to 3,500 yuan per year in accordance with local practices. Previously, senior high students received 2,000 yuan in such aid annually.
The nation will expand the coverage of its financial aid to more vocational high school students and raise the amount from 2,000 yuan per year to 2,300 yuan starting next spring. Vocational high school students who are in their third year and having financial difficulties are included in the new policy.
Guo Tingting, vice-minister of finance, said at a recent news conference that China has established an all-around financial support system for students to give them security and make it easier for them to access higher education.
According to the finance ministry, the nation channeled 93.2 billion yuan in scholarships and aid to students last year, with over 31 million higher education students benefiting.
Source: People’s Republic of China – State Council News
BEIJING, Oct. 30 — The three astronauts of China’s Shenzhou-19 spaceflight mission have entered the Tiangong space station and met with another astronaut trio on Wednesday, starting a new round of in-orbit crew handover.
The Shenzhou-18 crew opened the hatch at 12:51 p.m. (Beijing Time) and greeted the new arrivals, according to the China Manned Space Agency (CMSA).
The six crew members then took group pictures for the fifth space get-together in China’s aerospace history.
They will live and work together for about five days to complete planned tasks and handover work, the CMSA said.
The Shenzhou-18 crew is scheduled to return to the Dongfeng landing site in north China on Nov. 4.
On the evening of Oct. 28, the global finals and awarding ceremony for the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students and the 4th Chinese Bridge—Chinese Show for Foreign Primary School Students took place in Tianjin. The event was attended by officials from the Tianjin Municipal Government, the Center for Language Education and Cooperation of the Ministry of Education (MOE), and the Department of International Cooperation and Exchange of the MOE, along with the Kenyan Ambassador to China and representatives from the UAE’s Chinese Language Teaching “100 Schools Project.”
The global finals of the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students. [Photo courtesy of Chinese Bridge]
The finals opened with a visually stunning show titled “Jin·Cai Hua Zhang,” featuring outstanding primary and secondary school students from around the world, who gathered to communicate in Chinese and share their understanding of Chinese culture. After a series of rigorous selections during the overseas preliminary rounds, Chitpasong Souvanhxay from Laos, Irina Mei Li from Madagascar, Kuchinskaia Anastasiia from Russia, Rothschild Shiraz Palestrant from the U.S. and Blaom Oliver Garion from New Zealand emerged as continental champions to advance to the global finals.
Chitpasong Souvanhxay from Laos wins the global champion of the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students. [Photo courtesy of Chinese Bridge]
During the finals, the five contestants competed in five rounds: “History of the Spring and Autumn Period,” “Books of the Qin and Han Dynasties,” “The Lasting Appeal of the Tang and Song Dynasties,” “Window to Modernity,” and “The Final Showdown.” Chitpasong Souvanhxay from Laos showcased exceptional skills and won the global championship. Guests at the event presented awards to the participants who received individual awards in the 4th Chinese Bridge–Chinese Show for Foreign Primary School Students, as well as to those who won individual awards and the first, second, and third prizes in the 17th Chinese Bridge–Chinese Proficiency Competition for Foreign Secondary School Students, along with the continental champions and the global champion.
In the finals, contestants including Kiri Meier Werner from the U.S., Solo Uniacke from the U.K., Frida Quetzalli Garcia Lins from Mexico, Tessa Mir from Georgia and her mother shared personal stories about their experiences with the Chinese Bridge competition and the growth and benefits they gained from participating in the competition.
This year, 181 primary and secondary school contestants from 102 countries gathered in Beijing and Tianjin for a grand celebration of Chinese language learning and cultural exchange. Over a period of 15 days filled with competitions and cultural activities, contestants explored iconic landmarks in China, including the Great Wall, the Summer Palace, the Forbidden City, and Tiananmen Square. They also experienced intangible cultural heritage such as Clay Figurine Zhang, Yangliuqing New Year paintings, shadow puppetry and traditional opera, allowing them to appreciate the development and heritage of Chinese culture and history. Additionally, contestants toured Tianjin, visiting attractions like the Tianjin Eye Ferris wheel, Haihe River, the historic Wudadao area (Five Great Avenues), Jingwu Town, the National Maritime Museum, and Tianjin Port, witnessing the city’s inclusiveness and application of intelligent technologies.
At the award ceremony, primary and secondary school contestants from around the world, together with previous champions, sang the “Chinese Bridge” theme song. Through the medium of Chinese, they connected cultures, fostered lasting friendships, and strengthened global understanding of China.
Source: Hong Kong Government special administrative region
Auction for Che Kung Festival Fair stalls to be held November 13 Auction for Che Kung Festival Fair stalls to be held November 13 ****************************************************************
The Food and Environmental Hygiene Department (FEHD) announced today (October 30) that stalls at the 2025 Che Kung Festival (CKF) Fair will be put up for open auction on November 13 (Wednesday). A spokesman for the FEHD said the annual CKF Fair will be held for 18 consecutive days from January 26 to February 12, 2025, at Chui Tin Street Soccer Pitch in Sha Tin. A total of 48 dry goods stalls will be put up for auction, with an upset price of $2,770. The auction will be held at the Assembly Hall, 2/F, Lai Chi Kok Government Offices, 19 Lai Wan Road, Lai Chi Kok, Kowloon on November 13 (Wednesday), from 9.30am until completion of the auction. Bidders for CKF Fair stalls must be at least 18 years old and ordinarily reside in Hong Kong. Anyone can bid for more than one stall. A bidder must pay the bid price and register in person with his or her own name as the licensee of the stall immediately after successfully bidding for a stall. The bidder is also required to sign at once a licence agreement with the FEHD, or he/she will forfeit the right to operate the stall. The CKF Fair site will be made available to the licensees two days in advance of the fair (January 24 and 25, 2025) for the setting up of stalls. In the event of any unforeseeable incident that will cause a shortening of the whole licence period (including the duration for setting up stalls and the business period of the fair), the Government has the right to postpone the commencement date and shorten the duration of the period. The bidding price (licence fee) paid will be refunded to the successful bidder on a pro-rata basis without interest. The FEHD reminded licensees that the stalls are solely for the purpose of selling and promoting the sale of the permitted commodities, and no other activities are allowed in the licensed area. If the FEHD considers that any activity conducted by the licensee to publicise, promote, display, show, sell or gift any permitted commodities in the venue is unlawful, contrary to the interest of national security, immoral or incompatible with the object of the CKF Fair, the FEHD is entitled to direct the licensee to stop conducting such activities, and the licensee must immediately comply with the direction. Stall licensees should not destroy, damage or abandon any unsold commodities at or in the vicinity of the stall. They must completely remove the stall structure and all paraphernalia, together with all refuse, debris and unsold commodities (whether damaged or otherwise) from the licensed area before 10pm on February 12, 2025. According to the licence agreement, licensees shall not keep, store or use any compressed helium cylinders in the licenced area. Sales of floating LED glowing balloons and aquarium fish by stall licensees are prohibited at the CKF Fair. In addition, as stated in the licence agreement, the height of dry goods stalls must not exceed 3 metres from ground level. Successful bidders shall comply with all the stipulations and provisions as set out in the licence agreement. Otherwise, the FEHD is entitled to terminate the agreement and the licensee shall immediately vacate the stall. Details of the 2025 CKF Fair such as the public notice, the location and layout of the fair venue, commodities allowed for sale at the fair stalls, open auction arrangements and related rules as well as a sample of the licence agreement, are available on the FEHD website (www.fehd.gov.hk). For enquiries, please call the FEHD’s Sha Tin District Environmental Hygiene Office at 2634 0134.
Ends/Wednesday, October 30, 2024Issued at HKT 14:31
Source: Hong Kong Government special administrative region
Following is a question by the Hon Yiu Pak-leung and a reply by the Secretary for Transport and Logistics, Mr Lam Sai-hung, in the Legislative Council today (October 30):
Question:
Some members of the tourism industry are of the view that further increasing the number of destinations in the Mainland served by the Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL) connecting to the Hong Kong West Kowloon Station (WKS), as well as building up the XRL’s long-haul sleeper service network in an orderly manner, are conducive to promoting the development of the tourism industry and facilitating Hong Kong’s integration into the country’s overall development. In this connection, will the Government inform this Council:
(1) of the respective monthly patronage of the XRL service plying between WKS and Guangzhoudong Station and Guangzhounan Station, as well as those plying between WKS and each of the intermediate stations along the routes between WKS and these two stations, since the resumption of XRL service last year; as it has been reported that at present, it takes at least about 90 minutes to travel from WKS to Guangzhoudong Station, which fails to demonstrate the advantages of XRL, whether the authorities have studied with the Mainland authorities the feasibility of raising the speed of the relevant route; if so, of the details; if not, the reasons for that;
(2) as it is learnt that Xintang Station, commissioned last year with its location at the core of the new development area in the eastern part of Guangzhou, is not only a necessary stop but also an important hub for travelling to the eastern part of Guangzhou, yet the relevant XRL routes only pass the station currently without stopping on it, whether the authorities will expedite negotiation with the Mainland authorities to make Xintang Station an intermediate station of XRL, so as to achieve better linkage between the XRL Hong Kong Section and the Mainland’s railway network; and
(3) as some members of the industry have relayed that XRL sleeper trains plying between Hong Kong and Beijing/Shanghai are well-received by travellers, whether the authorities have studied the provision of long-haul sleeper train service to more destinations, such as Xi’an and Chengdu in western China, so as to open up the long-haul rail passenger market in the western part of the country, thereby facilitating “two-way travel” by travellers?
Reply:
President,
The Hong Kong Section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL) was commissioned on September 23, 2018, connecting with the over 46 000 kilometres long national high-speed rail network. It is a key component of the highly accessible transport network and economic circle of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and consolidates Hong Kong’s position as a regional transport hub. The MTR Corporation Limited (MTRCL) is responsible for operating the XRL Hong Kong Section, and has been in active liaison and collaboration with the Hong Kong Special Administrative Region (HKSAR) Government and the Mainland railway authorities to continuously enhance the various operational arrangements of the XRL Hong Kong Section, with a view to fully realising its socio-economic benefits and the advantages of interconnectivity in the national high-speed rail network for the promotion of better integration of Hong Kong into the national development. Serving 80 directly connected destinations at present, the Hong Kong Section of the XRL is a crucial link between Hong Kong and the Mainland, and a testament to the increasingly frequent exchanges between the two places for business, leisure and other purposes.
In consultation with the MTRCL, my reply to the question raised by the Hon Yiu Pak-leung is as follows:
(1) and (2) With the resumption of normal travel between Hong Kong and the Mainland after the pandemic, the XRL Hong Kong Section has progressively resumed train services since January 15, 2023. New short-haul and long-haul destinations have been introduced progressively, including the short-haul destinations of Dongguannan, Dongguan, Guangzhoudong and Changping, making it a more comprehensive network. In view of the increasingly frequent flow of people between the two places, upon discussion between the MTRCL and the Mainland railway authorities, the frequency of short-haul train trips of the XRL Hong Kong Section have been increased continuously. The number of trains running to and from Guangzhounan Station has increased from 16 trips per day in early 2023 to the present 38 trips per day. Passengers may also take long-haul trains that call at Guangzhounan Station, which are operating at 20 train trips per day; whilst the number of trains running to and from Guangzhoudong Station has increased from 12 trips per day in early 2023 to the present 26 trips per day.
The services of the XRL Hong Kong Section have been popular among passengers. In the first nine months of 2024, the XRL Hong Kong Section recorded an average daily patronage of about 70 000 passenger trips, with the total number of passenger trips approaching the annual total of approximately 20 million passenger trips in 2023. According to the ticket sales provided by the MTRCL, for short-haul destinations, more than 60 per cent of short-haul passengers are destined for stations in Shenzhen (i.e. Futian and Shenzhenbei), and nearly 30 per cent are destined for Guangzhoudong and Guangzhounan. Less than 10 per cent travel to the remaining short-haul destinations (i.e. Guangmingcheng, Humen, Qingsheng, Dongguannan, Changping and Dongguan).
To meet the travel needs of passengers, the MTRCL and the Mainland railway authorities review the operation schedule of train trips from time to time and enhance services in a timely manner. For instance, train trips running between Hong Kong West Kowloon Station (WKS) and Futian Station or Shenzhenbei Station have been enhanced during weekends since early April this year. The MTRCL will also operate additional short-haul train trips for popular destinations during festive holidays in response to passengers’ travel needs. As for the travelling time of trains between WKS and Guangzhoudong Station, a balance has been struck between the journey time of trains and the number of intermediate stops needed for passenger convenience. The MTRCL will continue to liaise with the Mainland railway authorities with a view to providing better cross-boundary rail service.
As for new stations, the number of directly connected destinations on the XRL Hong Kong Section has increased from 44 at the beginning of its operation to 80 currently. In addition to the aforementioned short-haul destinations, the XRL Hong Kong Section has been connected to the Chengdudong Line in southwest part of the country, including Chengdudong and Leshan, as well as the Zhanjiangxi Line, including Jiangmen, Kaipingnan, Yangjiang, Maoming and Zhanjiangxi. A long-haul route to Hunan Province was introduced in mid-2024, which directly connects to popular tourist destinations such as Zhangjiajie and Fenghuanggucheng. As for the proposal of introducing Xintang Station as a directly connected destination to the XRL Hong Kong Section, the MTRCL and the Mainland railway authorities are actively looking into the matter with a view to offering passengers a more convenient and comfortable travelling experience, while facilitating the flow of people between the two places.
(3) Thanks to the Central Government’s care for Hong Kong and the strong support from various Mainland authorities, sleeper train service between WKS and Beijingxi Station/Shanghai Hongqiao Station was introduced on the XRL Hong Kong Section on June 15, 2024, with trains departing in the evenings and arriving the following mornings. This arrangement was an upgrade of the original ordinary-speed train service between the Hong Kong Hung Hom Station and Beijing/Shanghai, and reduced the journey time by almost a half. The trains also call at Shijiazhuang in Hebei and Hangzhou in Zhejiang as intermediate stations. In October 2024, the sleeper train service to Beijing and Shanghai was further upgraded. Fuxing high-speed sleeper trains have been deployed to serve passengers, along with adjustments to routes and departure times. The journey time between WKS and Beijing/Shanghai takes about 11.5 hours and 11 hours respectively. The service upgrade provides passengers with more caring, comfortable and comprehensive service, further leveraging the benefits of “evening departures and morning arrivals”.
The HKSAR Government and the MTRCL have been actively observing the development of the high-speed rail network in the Mainland, and striving to further introduce destinations directly connected to the XRL Hong Kong Section, so as to provide passengers with more diversified options and services. Regarding the western region of the Mainland, direct train services are currently available at WKS, serving stations such as Chengdudong, Chongqing and Kunming. As for the introduction of direct sleeper trains to those destinations, various considerations and arrangement of different railway authorities are involved. The HKSAR Government and the MTRCL will maintain liaison and co-ordination with the Mainland railway authorities and relevant departments to explore feasible options for further enhancing the service of the XRL Hong Kong Section.
Source: Hong Kong Government special administrative region
LCQ16: Recovery for reuse and upcycling of wood waste LCQ16: Recovery for reuse and upcycling of wood waste *****************************************************
Following is a question by the Hon Shiu Ka-fai and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (October 30): Question: Some members of the local timber industry have relayed that Hong Kong generates a large amount of wood waste from areas such as home decoration (including replacement of furniture and floor boards) and construction works every year. However, due to the lack of effective arrangements for recovery for reuse and upcycling, most of these wood materials are disposed of at landfills. They are of the view that this not only depletes the space resources of the landfills, but also runs contrary to environmental protection principles as the waste is not converted into resources. They aspire that the Government will provide adequate support to enable the recovery for reuse and upcycling of used wood materials. In this connection, will the Government inform this Council: (1) of the amount of wood waste (excluding yard waste) generated in Hong Kong in each of the past five years, and set out in tables a breakdown of the amount and percentage by source (e.g. used furniture, floor boards and construction materials) and way of handling (e.g. disposed of at landfills and recovered for reuse); (2) of the respective ways by which wood waste (excluding yard waste) is recovered for reuse and upcycled in Hong Kong currently, and the use of the products so produced; whether it has assessed the effectiveness of the relevant work; if so, of the details; if not, the reasons for that; (3) whether it has studied the practices adopted in other places for the recovery for reuse and upcycling of wood waste and the effectiveness of the relevant work; if so, of the details; if not, the reasons for that; (4) considering the factors required for the recovery for reuse and upcycling of wood waste, such as land and manpower, whether the authorities have plans to study the handling of wood waste jointly with Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area or other neighbouring cities; if so, of the details; if not, the reasons for that; and (5) whether it will plan to work with chambers of commerce and relevant stakeholders of the local timber industry through negotiation and co-operation to improve the ways in which wood waste is recovered for reuse and upcycled and the effectiveness of the relevant work; if so, of the details; if not, the reasons for that? Reply: President, The Government’s support to the recycling industry is primarily based on the principles of market economy and fair competition. Meanwhile, consideration is also given to the feasibility of converting different types of waste into energy or resources for various types of recyclables, in order to enhance the cost effectiveness of recycling. One of the most important support measures is the provision of land resources specifically for recycling purposes, such as the EcoPark, at affordable rents for the recycling industry (including the waste wood recycling industry), to nurture and promote the development of local recycling industry, with a view to establishing a circular economy in the long run. At present, a waste wood recycler which mainly handles waste wooden pallets and tree trunks has been operating in the EcoPark since August 2017. The reply to the question raised by the Hon Shiu Ka-fai is as follows:(1) The disposal quantity of waste wood, its share in the total municipal solid waste (MSW), recovery quantity and recovery rate in the past five years are set out below:
Year Waste Wood (Note)
Disposal quantity(tonnes per day) Share in MSW Recovery quantity(tonnes per day) Recovery rate
2018 427 3.7% 16 3.6%
2019 348 3.1% 20 5.3%
2020 345 3.2% 11 3.2%
2021 262 2.3% 29 10.0%
2022 207 1.9% 32 13.5%
Note: Under the compilation framework of statistics regarding MSW adopted by the Environmental Protection Department (EPD), “waste wood” only includes waste made of wood such as timber, rattan, wooden pallets, wooden articles, wooden chopsticks. The EPD does not collect data and statistics on wooden furniture and waste wood generated from home renovation or construction works. The compilation of relevant statistics for 2023 is underway.(2) At present, waste wood in Hong Kong after being processed by recyclers will be manufactured into products such as cat litter, wood chips, wood granules, furniture and outdoor paving materials. For instance, the foregoing recycler in the EcoPark has commenced operation since August 2017, treating an average of about 1 200 tonnes of waste wood per year in the past five years. The Government will continue to closely monitor the operational needs of the waste wood recycling industry and provide appropriate assistance as far as possible.(3) and (4) In the course of formulating relevant policies with regard to the handling of different recyclables, the Government will make reference and pay heed to the development and relevant work in other places, as well as taking into account the actual circumstances in Hong Kong in the process of implementation. As for regional co-operation, the “Guangdong-Hong Kong-Macao Greater Bay Area Ecological Environmental Protection Plan” promulgated by the Ministry of Ecology and Environment vigorously promotes the development of a “Zero Waste” Bay Area. With this opportunity, Guangdong and Hong Kong have established a close co-operation and exchange mechanism on environmental issues to jointly explore the capacity and modes for developing a circular economy in the region, leveraging the competitive advantages of the two places, complementing each other’s strengths, and mutually developing green industries, green energy and related facilities.(5) The EPD has been maintaining communication with stakeholders of the waste wood recycling industry, and supporting the waste wood recycling industry through the Recycling Fund. Since 2015, the Recycling Fund has approved six projects related to waste wood, involving a total funding of about $7.8 million. These approved projects include support for environmental protection technology and furniture companies to collect and recycle waste wood, upcycling it into furniture and outdoor paving materials.
Ends/Wednesday, October 30, 2024Issued at HKT 14:45
Source: Hong Kong Government special administrative region
Following is the opening address by the Permanent Secretary for Financial Services and the Treasury (Financial Services), Ms Salina Yan, at the ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia today (October 30):
Peter (Chief Executive Officer of the Asia Securities Industry & Financial Markets Association (ASIFMA), Mr Peter Stein), Boris (Managing Director, Head of Institutional Banking Group of DBS Bank (Hong Kong) Limited, Mr Boris Chan), distinguished guests, ladies and gentlemen,
Good morning. It is my great pleasure to join you today at the 5th Annual Sustainable Finance Conference organised by ASIFMA. ASIFMA’s events always draw an inquisitive and enthusiastic crowd with a lot of brain power. Today is no exception, but perhaps with somewhat more seriousness than usual as we are addressing the serious topic of enabling transition finance in the sustainability pathway towards net zero carbon emissions.
The seriousness is compounded when one reads the Asian Development Bank’s thematic report on “Asia in the Global Transition to Net Zero” published last year. According to the report, developing Asia accounted for 44 per cent of global greenhouse gas (GHG) emissions in 2019, and growth in the region still tends to rely substantially on emission-intensive activities. Obviously, there is a huge need for transition finance to assist heavy-emitting industries and economic activities to go down the path of net zero while managing economic development implications. Market estimates put the funding gap at over US$3 to 4 trillion in annual investment over the next three decades in the region. Policy trade-offs will certainly be involved in finding the right solutions.
For this, I note a keyword in the topic of the Conference today and that is “enabling”. Hong Kong, being an international financial centre as well as a premier sustainable finance hub, is well-positioned to play important enabling roles in expediting Asia’s transition to net zero in an enabling or conducive environment.
With well-functioning capital markets offering a wide range of investment products and an international pool of financial services professionals, Hong Kong can contribute to mobilising international capital to finance transition initiatives in the region. We are already doing so and enriching our ecosystem. For example, the number of ESG funds authorised by the Securities and Futures Commission (SFC) has increased significantly in recent years, with assets under management reaching close to US$170 billion as of June this year.
The bond market also helps issuers raise sustainable financing in support of low-carbon transition efforts. The volume of green and sustainable bonds arranged in Hong Kong increased by about five times from around US$6 billion in 2019 to almost US$30 billion last year, topping the Asian market from 2021 to 2023. Among these, the Government Green Bond Programme has issued bonds of various tenors denominated in different currencies including RMB, euro and USD. The programme has recently been expanded to cover sustainable projects. The bonds issuances have been well received by institutional and retail investors alike, and have taken tokenisation form for two recent tranches.
Two points specifically on transition finance:
(a) First, we published the first edition of the Hong Kong Taxonomy for Sustainable Finance in May this year to provide a clear set of definitions or classification of green activities for application by the industry in their green transition journey. It aligns with the two mainstream taxonomies of the Mainland and the European Union, and currently encompasses 12 economic activities under four sectors of power generation, transportation, construction, and water and waste management. The Taxonomy is now under the next phase development, where the scope of sectors and economic activities will be expanded to cover transition activities as well. The Hong Kong Monetary Authority (HKMA) plans to conduct a public consultation on the updated taxonomy prototype in the first half of 2025.
(b) Second, to cater for the increasingly significant need for transition finance in the region, we have expanded the scope of the Green and Sustainable Finance Grant Scheme to cover transition bonds and loans, helping to incentivise relevant industries in the region to make use of Hong Kong’s transition financing platform towards the decarbonisation mission. Since its inception in 2021 to mid-October this year, we have granted around $280 million to 470 green and sustainable debt instruments under the Scheme.
Moving into another subject which is important to today’s topic, data clarity and transparency is often cited as one of the primary challenges hindering the development of transition finance. Hong Kong operates a highly open and internationalised market aligning with international standards and best practices. We stand ready to promote the adoption of data transparency in the market to facilitate and encourage more transition financing activities.
Earlier this month, for example, the Hong Kong Code of Conduct for ESG Ratings and Data Products Providers was published by an industry working group sponsored by the SFC. Its aim is to establish and promote a globally consistent, interoperable, and proportionate voluntary code for providers offering ESG ratings and data products and services in Hong Kong. The Code was modelled on international best practices recommended by the International Organization of Securities Commissions (IOSCO). It is intended to enhance transparency of methodologies for ESG ratings and data products and improve standards generally across the market with a view to combating greenwashing and instilling integrity in the growing green and sustainable finance ecosystem.
Another important measure on standards is our commitment to launch a roadmap on the full adoption of the ISSB Standards on sustainability disclosure within this year, leading Hong Kong to be among the first jurisdictions in the world to align its local requirements with ISSB Standards. The Hong Kong Institute of Certified Public Accountants has already issued the exposure drafts for consultation. I am sure they will come up with final Hong Kong standards aligning with the ISSB Standards soon. I know that the afternoon session of this Conference has scheduled a dedicated panel to dive deep into this subject. I will spare the detail here.
Blended finance is an evolving concept and is quickly developing. An OECD (Organisation for Economic Co-operation and Development) report defines it as a combination of official development finance, private philanthropic funds and commercial finance where the principal purpose is commercial rather than development. I look forward to the Panel’s discussion on this. I would note here that as Asia’s primary asset and wealth management hub for international investors, Hong Kong is well placed to harness the finance power of the public and private sectors.
On the home front, the HKMA launched last week the Sustainable Finance Action Agenda, setting out its goals and actions to be taken to further support green and sustainable financing needs in Asia and globally. Under the Agenda, one of the action areas is investment in a sustainable future, under which the HKMA aims to achieve net-zero emissions for the investment portfolio of the Exchange Fund by 2050 through continuing to actively expand the scope and variety of its sustainable investments, particularly those supporting the theme of climate transition across the public and private markets. The Exchange Fund will also deepen its focus on transition opportunities and mobilise stakeholders to actively support this effort through stewardship and engagement.
Another emerging source of funds to support sustainable initiatives comes from philanthropy and impact investing of family offices. In Hong Kong, the philanthropic landscape is underscored by the existence of more than 10 000 charities that have been established in Hong Kong, reflecting a diverse and robust ecosystem of giving. Meanwhile, the global impact investing market, valued at about US$1.6 trillion, attaches growing recognition of the need to address critical challenges such as climate change. We have seen growing interest from family offices in impact investing as they do not just allocate funds for charitable purposes but also seek financial returns and measurable social outcomes. To this end, we will soon consult the industry on proposals to enhance the tax arrangements for funds and single family offices, including expanding the definition of “fund” to cover pension fund and endowment fund, and include emission derivatives and emission allowance as eligible exemption items.
Added to this, Hong Kong is exceptionally well placed to serve the sustainable initiatives and transition needs of entities on the Mainland. Various Mainland local governments including Shenzhen, Hainan Province and Guangdong Province have issued offshore RMB local government bonds including green, blue, sustainability and social bonds in Hong Kong over the past few years. And Core Climate, our carbon credit marketplace, is exploring co-operation initiatives with its Mainland counterparts. We will certainly contribute our best to the country’s drive to achieve the goal of peaking carbon emissions by 2030 and reaching net zero by 2060.
Ladies and gentlemen, all these being said, a lot remains to be done. Hong Kong takes our 2050 net zero commitment very seriously and has set up a high-level steering committee comprising policy bureaux with both environmental protection and financial services policy responsibilities, and all financial regulators to co-ordinate and take forward relevant initiatives. Our Financial Secretary is also chairing the Green Technology and Finance Development Committee. We look forward to having your advice and participation in the journey. On this note, I wish you all a rewarding day at the Conference today. Thank you.
Quadient secures €25 million Schuldschein facility from EBRD to finance R&D programs in Czech Republic
Paris, October 30, 2024
Quadient S.A. (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, today announces that it has secured a new €25 million Schuldschein facility from the European Bank of Reconstruction and Development (EBRD) to finance R&D programs in Czech Republic.
The Schuldschein loan from the EBRD is for a total nominal amount of €25 million with maturities spread equally between 5 and 7 years. The new credit facility aims at financing R&D programs at Quadient’s state of the art R&D center in Hradec Králové, Czech Republic.
Quadient’s R&D center in Czech Republic is the Company’s hub for its Digital automation platform development. It currently hosts around 400 employees, including software developers, testers, IT consultants, trainers and UX designers. The R&D team is responsible for driving continuous improvements to Quadient software offerings and developing innovative Digital solutions, by leveraging advanced technologies such as Artificial Intelligence, complex frameworks, and programming languages. A strong focus is placed on fostering continuous learning and collaboration by partnering with local schools and universities to train future engineers and developers. Notably, Quadient regularly collaborates with the University of Hradec Králové, offering classes, organizing IT events, and hosting BarCamps on new technologies.
In addition to the headquarters in Hradec Králové, Quadient also has offices established in Olomouc and Ostrava in the Czech Republic. This strong presence in the Královéhradecký region is well recognized locally as Quadient Czech Republic has been named Employer of the Year for several consecutive years and recently achieved 4th place nationally.
Laurent du Passage, Chief Financial Officer of Quadient, said: “We are pleased to be partnering with the EBRD to strengthen our R&D activities in Czech Republic. Our R&D center in Hradec Králové is central to Quadient’s Digital strategy and plays a key role in the local community. We are excited to be able to further enhance our development capabilities while maintaining our leadership in the field of innovation and Artificial Intelligence, continuing to offer best in class solutions to our customers.”
In the full-year 2023, Quadient dedicated a total of €63.2 million to R&D spending across its three automation platforms, representing 5.9% of its Group revenue.
About Quadient®
Quadient is a global automation platform provider powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing.
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 73 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, well governed, green, inclusive, resilient and integrated.
Source: United States Senator for Nevada Cortez Masto
Las Vegas, Nev. – U.S. Senators Catherine Cortez Masto (D-Nev.) and Jacky Rosen (D-Nev.) applauded that the State of Nevada will receive more than $47 million from the Environmental Protection Agency (EPA) to upgrade Nevada’s water infrastructure. The grants will fund projects in Nevada that manage wastewater, protect freshwater resources, and deliver safe drinking water to homes, schools, and businesses.
“All Nevadans deserve access to clean, safe drinking water, and I’m proud to see these funds coming to Nevada to make critical improvements to our water infrastructure,” said Senator Cortez Masto. “I’ll continue working in the Senate to deliver essential resources to protect our water supply for generations to come.”
“All Nevadans deserve access to clean water, which is why I’ve been working across party lines to make historic investments to improve our water infrastructure,” said Senator Rosen. “I’m proud to announce millions of dollars to protect our water supply and deliver safe drinking water for families, communities, and Tribes in Nevada.”
The funding comes from two EPA grants. Nearly $26 million will support updates to Nevada’s water infrastructure secured through the Bipartisan Infrastructure Law, which Senators Cortez Masto and Rosen helped pass. More than $21 million comes through the Clean Water and Drinking Water State Revolving Fund to ensure communities across the country have access to clean water and updated water infrastructure.
Senators Cortez Masto and Rosen worked to pass the Bipartisan Infrastructure Law to create good-paying jobs and upgrade Nevada’s infrastructure, including the state’s water infrastructure. They recently announced $10 million from the Federal Emergency Management Agency to enhance the safety and functionality of the Marlette Lake Dam. They secured $30 million from the Bureau of Reclamation for the Truckee Meadow Water Authority to make Northern Nevada’s water supply more drought resilient. Senators Cortez Masto and Rosen also fought for the passage of the Lake Tahoe Restoration Reauthorization Act, which will improve water infrastructure in the Tahoe Basin.
30 October 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) held its special meeting of shareholders in Dublin, Ireland yesterday.
All resolutions considered and voted upon by the shareholders were approved. The full text of each resolution was included in the Management Information Circular communicated in advance of the meeting to shareholders.
Ends.
CONTACT DETAILS:
Falcon Oil & Gas Ltd.
+353 1 676 8702
Philip O’Quigley, CEO
+353 87 814 7042
Anne Flynn, CFO
+353 1 676 9162
Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae
+44 131 220 9771
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd. is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd. is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS
Redemption of 2024 Zero Dividend Preference Shares and Notice of Cancellation
30 October 2024
NB Private Equity Partners (NBPE), the $1.3bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces that the Company will request the admission to and trading of the 2024 ZDPs on the Specialist Fund Segment of the Main Market of London Stock Exchange plc be cancelled. The cancellation will follow the redemption of the 2024 Zero Dividend Preference Shares (“2024 ZDPs”), with effect from 12:00 pm on 30 October 2024.
As previously announced, the maturity date of the 2024 ZDPs is 30 October 2024 and the final capital entitlement is 130.63 pence per share.
Cheques are expected to be mailed to holders on 30 October 2024.
CREST accounts are expected to be credited on 30 October 2024.
About NB Private Equity Partners Limited NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.
LEI number: 213800UJH93NH8IOFQ77
About Neuberger Berman Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $509 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The PRI identified the firm as part of the Leader’s Group, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years
This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security. NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.
(firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of September 30, 2024.
Bezons, October 30, 2024 – 8:00am – RIBER, the global leader for molecular beam epitaxy (MBE) equipment serving the semiconductor industry, is reporting its revenues for the year to end-September 2024.
Change in revenues
€m
2024
2023
Change
First quarter
4.5
3.7
+20 %
Second quarter
9.3
8.5
+10 %
Third quarter
4.7
4.0
+19 %
Total 9-month revenues
18.5
16.2
+14 %
At end-September (€m)
2024
2023
Change
Systems
12.3
9.6
+28 %
Services and accessories
6.2
6.6
-6 %
Total 9-month revenues
18.5
16.2
+14 %
At September 30, 2024, RIBER revenues amounted to €18.5m, up +14% compared with the same period in 2023, reflecting the company’s strengthened position in the MBE market for both research and industrial production.
Systems revenues came to €12.3 m, up +28% with the delivery of 4 machines, compared with 5 machines in the first nine months of 2023.
Revenues for services and accessories totaled €6.2 m, down 6% compared with the previous year.
The geographical breakdown of revenues at end-September 2024 was as follows: Asia 68%, Europe 25% and North America 6%.
Order book developments
At end-September (€m)
2024
2023
Change
Systems
31,9
27,6
+16%
Services and accessories
6,4
6,1
+6%
Total order book
38,3
33,6
+14%
The systems order book came to €31.9m, up +16%, with a total of 13 systems, including 8 production machines. This figure does not include the order for a production system announced on October 21, 2024.
The services and accessories order book reached €6.4m, up +6% from the previous year.
As a result, at September 30, 2024, the total order book came to €38.3m, up +14% compared with the same period in 2023.
Outlook
Based on the fourth-quarter delivery schedule, RIBER expects to exceed €40m in full-year revenues, along with further improvements in earnings.
Against a favorable backdrop of growth in the compound semiconductor market, new orders should continue to be booked before the end of the year.
Next date: 2024 full-year revenues will be released on Wednesday January 29, 2025 (before start of trading).
About RIBER
Founded in 1964, RIBER is the global market leader for MBE – molecular beam epitaxy – equipment. It designs and produces equipment for the semiconductor industry, and provides scientific and technical support for its clients (hardware and software), maintaining their equipment and optimizing their performance and output levels. Accelerating the performance of electronics, RIBER’s equipment performs an essential role in the development of advanced semiconductor systems that are used in numerous applications, from information technologies to photonics (lasers, sensors, etc.), 5G telecommunications networks and research, including quantum computing.
RIBER is a BPI France-approved innovative company and is listed on the Euronext Growth Paris market (ISIN: FR0000075954). www.riber.com
Source: Moscow Government – Government of Moscow –
Muscovites chose a name for a Black Sea bottlenose dolphin calf in the Active Citizen project. More than 290,000 people took part in the voting.
According to its results, the baby will be called Lucky, which means “lucky” in English. This option was chosen by 34 percent of participants. In second place was the name Fedya – 24 percent of votes. 14 percent of “active citizens” voted for Kesha. 13 percent of Muscovites would like to name the baby Leon. 12 percent of participants liked the name Lars. Four percent of users trusted their choice to specialists.
The baby dolphin was born in the Moskvarium oceanography and marine biology center in July. As Moskvarium reported, during the two months of voting, the baby managed to grow a lot and become more independent.
“The baby is developing quickly, gaining weight well and growing actively. Since birth, its weight has tripled, and it has grown by about 40 centimeters. It has also started teething. We regularly monitor all of its physiological indicators and can confidently say that the baby’s development is within the biological norms for this age,” shared Irina Suvorova, head of the veterinary service at Moskvarium.
The baby dolphin is also increasingly showing interest in the world around him. Previously, he spent all his time with his mother, but now he often communicates with other inhabitants, especially with the cubs Loki and Izy.
“The baby is very playful and inquisitive. He loves his toys, especially the fitballs and the big ring. Recently he learned to blow bubbles with his blowhole, his favorite pastime now is blowing them up and popping them. He actively tries to interact with the trainers, comes up to scratch himself, offers his tummy and tail,” said Ilya Siplivy, a marine mammal trainer at Moskvarium.
With the help of voting in the Active Citizen project, residents of the capital have already chosen names for animals of the Moscow Zoo and the City Farm at VDNKh. Among them are panda Katyusha, tiger Amur, macaques Manya and Dunya, yak Zvezdochka, alpacas Shokoladka and Chernichka, and others.
The vote is prepared VDNKh and the Active Citizen project. The results can be found on the website or in the project’s mobile application.
Project “Active Citizen” has been operating since 2014. During this time, more than seven million people have joined it, and over 6.7 thousand votes have been held. Every month, 30–40 decisions made by Muscovites are implemented in the city. The project is being developed Department of Information Technology of the City of Moscow and the State Institution “New Management Technologies”.
The use of digital technologies and artificial intelligence to improve the quality of life of city residents corresponds to the objectives of the national program “Digital Economy of the Russian Federation” and the regional project of the capital “Digital Public Administration”. More information about this and other national projects implemented in Moscow can be found Here.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Source: Moscow Government – Government of Moscow –
In the Kryukovo district, a phased resettlement of 860 residents of four old houses to a new building on Zavodskaya Street is beginning. This was announced by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.
“The new building is located at the address: Zavodskaya Street, Building 14, Buildings 1 and 2. It was erected on the site of four old buildings that were resettled and dismantled. 860 residents of the Kryukovo district are starting to move to the new residential complex. In total, 34 houses are to be resettled under the renovation program in Zelenograd, and more than seven thousand residents of the district will receive modern apartments,” said Vladimir Efimov.
The first stage of the renovation program in the district has come to an end. The resettlement of city residents has been completed ahead of schedule.
“The completion of the new building on Zavodskaya Street has made it possible to speed up the resettlement of residents of buildings included in the second stage of the renovation program. The building is designed for 477 apartments. For the convenience of Muscovites, entrance groups were made on both sides. You can exit both into the inner courtyard space with a playground, and into the outer part of the courtyard with guest parking for cars,” added the Minister of the Moscow Government, head of the capital’s Department of Urban Development Policy Vladislav Ovchinsky.
The first to be resettled are residents of old buildings located at the following addresses: Zavodskaya Street, Buildings 4 and 6. According to the Minister of the Moscow Government, Head of the Moscow Department of City Property Maxim Gaman, letters offering equivalent apartments to 280 Muscovites were sent on October 30. City residents will be able to inspect the new housing starting the next day. Another 580 residents of two buildings at the addresses: Zavodskaya Street, Building 2 and 1 Maya Street, Building 4 will begin inspecting apartments on November 6 and 12, respectively. Specialists from the City Property Department will send them notifications with offers the day before — November 5 and 11.
On the first floor of the new building, a public information center will be open from October 31, where you can get free consultations on resettlement issues.
To all participants renovation programs The city offers spacious apartments with improved finishing, plumbing, electric stoves and lighting fixtures. The entrances are level with the ground. Thanks to this, parents with strollers and residents with limited mobility can get into the entrance without assistance. Children’s and sports grounds are arranged in the courtyards.
Previously Sergei Sobyanin reported, that since the beginning of the year, 23 new buildings have been commissioned under the renovation program and 44 residential complexes have been handed over for occupancy.
Renovation program housing was approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. In 2023 alone, 59 new buildings in the capital were handed over for settlement and the resettlement of over 47 thousand people was ensured. The Mayor of Moscow has instructed to double the pace of implementation of the renovation program.
Moscow is one of the leaders among regions in terms of construction rates and volumes. In recent years, within the framework of the federal project “Housing” of the national project “Housing and Urban Environment” the volume of construction and commissioning of residential properties in the capital has doubled – from three to five to seven million square meters per year. More information about national projects being implemented in Moscow can be found Here.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
The government continues to create favorable conditions for conducting research and development work. A decree has been signed establishing a new coefficient value, which reduces the base for calculating income tax.
We are talking about expenses incurred in conducting research and development, which are excluded from the calculation base of the profit tax. They are classified as other expenses. Until now, the coefficient increasing them was equal to 1.5, now it will be equal to 2. Thus, the tax payments of organizations and enterprises will decrease, which will allow them to allocate more funds for conducting research.
The list of research and development activities covered by this benefit is approved by the Government. Today, it includes several hundred types of work in 10 areas. Among them are “Nanosystems Industry”, “Information and Telecommunication Systems”, “Transport and Space Systems”, “Small- and Medium-Tonnage Chemistry”.
The increase in the coefficient reducing the base for calculating income tax is provided for by the new version of the Tax Code. It was adopted by legislators in July 2024.
The document will be published.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Source: Hong Kong Government special administrative region
LCQ2: Development of private museums LCQ2: Development of private museums ************************************
Following is a question by the Hon Ma Fung-kwok and a reply by the Acting Secretary for Culture, Sports and Tourism, Mr Raistlin Lau, in the Legislative Council today (October 30): Question: In the National 14th Five-Year Plan, the country has expressed unequivocal support for developing Hong Kong into an East-meets-West centre for international cultural exchange. It is learnt that while private museums are recognised as facilitating the preservation of arts and culture and are booming in many places across the globe, the development of private museums in Hong Kong has all along been constrained by the lack of suitable venues, high maintenance costs, as well as the lack of government support, accreditation, promotion and publicity, etc, some private museums have even ceased operations as a result. In this connection, will the Government inform this Council: (1) whether it knows the number of private museums and their operating conditions in the past three years, including the ratio of fee-charging to free admission, attendances, the ratio of those on the promotion list of the Government or the relevant organisations, as well as the number of private museums facing operating difficulties; whether any applications to operate a private museum have been rejected; (2) among the existing private museums, of the number of those which have received support (including one-off or regular funding) from the Government or the relevant organisations; whether any requests for support by a museum have been rejected by the Government, and of the purpose for which support was requested; and (3) whether it has plans to introduce an accreditation scheme for private museums or extend the scope of application of the Museums Regulation to cover private museums and to centralise the promotion of local museums, so as to enrich the contents of Hong Kong’s tourism in arts and culture, and facilitate the development of Hong Kong into an East-meets-West centre for international cultural exchange? Reply: President, Museums are an important part of cultural inheritance and dissemination. The Government has been committed to supporting the development of cultural software in Hong Kong through public museums. Currently, 15 museums and two art spaces are managed by the Leisure and Cultural Services Department (LCSD) in accordance with the Public Health and Municipal Services Ordinance (Chapter 132), each with different focuses and themes, covering the three major areas of art, history and science, bringing different cultural experiences to citizens and tourists. The LCSD continues to invest a lot of resources in improving the facilities and enriching the content of its museums. The renovation of the Hong Kong Museum of Art in recent years is an important example. The current-term Government is committed to fostering cultural development with a view to developing Hong Kong into an East-meets-West centre for international cultural exchange, and has announced that the number of museums under the LCSD will be further increased to continue to enrich Hong Kong’s cultural landscape and bring new impetus to cultural development to meet the general public’s demand for museums. From the cultural policy perspective, in addition to operating and developing public museums, the Government also welcomes the establishment of private museums by individuals or organisations to complement with public museums, which is conducive to the diversified development of the cultural ecology of Hong Kong. The LCSD museums have detailed plans from planning, construction to operation to achieve the Government’s public policy mission, while private museums have higher development autonomy, fewer restrictions, and can also be operated in a more commercial manner. Therefore, when the Government considers supporting private museums and formulating related policies, it must take into account the overall resource allocation and evaluate relative priorities of projects to avoid unnecessary pressure on public funds. Having regard to the uniqueness on the history, theme, scale, operating mode, and financial situation of individual museums, the Government currently does not have plans to formulate a set of standard mechanisms to support the operation of private museums, however, if resources permit, we will consider providing different forms of support to the operation of individual private museums, based on the Government’s policy objectives, expectations of society, and the actual situation of individual museums. In consultation with relevant bureaux/departments, my reply to the question raised by the Hon Ma Fung-kwok is as follows: (1) and (2) The Government does not maintain data on the number and operating conditions of private museums. As far as we know, there are dozens of private museums in Hong Kong, covering different themes such as culture, arts, history, folklore and education. Currently, the Hong Kong Maritime Museum (HKMM) is the only private museum subvented by the Government. It rents Central Pier No. 8 at nominal rent and receives Government subvention to support its operation. The HKMM recorded approximately 66 100, 52 800 and 106 200 visitors respectively in the last three financial years (i.e. April 1, 2021 to March 31, 2024), among which free visitors account for about 30 per cent, mainly school tour groups. In addition to subvention, the Government welcomes organisations interested in operating museums to apply for subsidy for cultural, arts projects or activities, such as the Springboard Grants and the Project Grants under the Arts Capacity Development Funding Scheme managed by the Culture, Sports and Tourism Bureau (CSTB), the Project Grant and Matching Fund Scheme from Hong Kong Arts Development Council (HKADC) and the Lord Wilson Heritage Trust, to support the museum’s operations or to organise events. For example, the HKADC provided funding to a private museum’s training programme in 2023. Non-government organisations and social enterprises, if interested in operating a private museum on vacant government land, can submit an application for “Use of Vacant Government Land for Community, Institutional or Non-Profit Making Purposes on Short Term Basis”. The Government will consider whether to grant the short term tenancy at nominal rent in accordance with policy objectives and established assessment criteria. In 2024, the CSTB provided policy support at nominal rent for two short-term tenancy applications for the use of private museums. These two applications are currently being considered together with other applications by relevant departments. Private museums may also consider participating in the global network of the International Council of Museums (ICOM) by referring to and adhering to the professional and ethical standards established by the ICOM, thereby improving the quality of their museums to attract more visitors and gain more chances of mutual support and collaboration with other museums. The ICOM, established in 1946, is an international organisation of museums and museum professionals committed to the conservation, continuation and communication to society of the world’s natural and cultural heritage. The major museums under the LCSD are members of the ICOM. Non-governmental cultural and museum organisations including the West Kowloon Cultural District Authority, the HKMM, the Art Museum of the Chinese University of Hong Kong, the University Museum and Art Gallery of the University of Hong Kong and MILL6 Foundation are also members of the Council. (3) As mentioned above, the Government encourages the diversified development of Hong Kong’s cultural ecology and currently has no plans to launch a private museum certification system or regulate the operation of private museums through legislation. Nonetheless, the LCSD museums have been collaborating with other local museums from time to time, and promoting these museums through different platforms and channels. One of the most obvious examples is the Muse Fest HK organised by the LCSD every year since 2015, inviting different local museums and cultural institutions to become partners, allowing citizens and tourists to visit different museums in the city and experience Hong Kong’s rich and unique culture, history and artistic diversity. In addition, the LCSD museums and private museums also from time to time lend collections to each other or collaborate in organising various activities, including exhibitions, lectures and seminars. In addition, the Hong Kong Tourism Board (HKTB) has been promoting unique museums, including public and private museums and related activities to tourists through its website (discoverhongkong.com), social platforms and tourist information centres, etc, such as M+, Hong Kong Palace Museum, Hong Kong Museum of Medical Sciences and Hong Kong News-Expo. The HKTB also introduces Hong Kong’s museums through social media. For example, it has collaborated with the Mainland social media Xiaohongshu to launch the Hong Kong Citywalk Guide, which introduces five unique Citywalk routes for roaming around Hong Kong, including the Museum Walk route.
Ends/Wednesday, October 30, 2024Issued at HKT 15:11
Source: Hong Kong Government special administrative region
Speech by SITI at Green Tech Summit 2024 (English only) (with photo) Speech by SITI at Green Tech Summit 2024 (English only) (with photo) ********************************************************************
Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Hong Kong Green Tech Summit 2024 today (October 30): Alice Chow (President of Stanford GSB Hong Kong Alumni Club), Jason Tu (Founder and CEO of MioTech), and participants of the Hong Kong Green Tech Summit 2024, I am delighted to join you today at this important occasion, the first ever Hong Kong Green Tech Summit 2024 – The Tech Afternoon, where leading experts, policymakers, and innovators gather to discuss and explore the latest advancements in innovation and technology (I&T), with a focus on green technology and sustainable practices. In the face of intensifying climate change challenges, promoting green transformation to achieve sustainable development is a crucial issue for countries worldwide. Hong Kong has pooled together numerous green tech enterprises and talent, giving it a significant advantage in fostering the development of green tech. There are more than 250 green-technology companies now in the two I&T flagships in Hong Kong, i.e. the Hong Kong Science Park and Cyberport, with some equipped with globally competitive technologies and having successfully tapped into Mainland and overseas markets. This also enables Hong Kong to contribute its strengths to addressing global climate issues. Green tech plays a vital role in supporting the reduction of carbon emissions and environmental protection, serving as a key engine for accelerating green transformation. Promoting the development of green tech is a long-term and challenging task. Throughout this process, stakeholders from various fields collaborate across sectors to identify pain points and needs in the low-carbon transition of different industries. They jointly develop and refine solutions, and support and promote applications, aiming to balance environmental protection and societal needs while driving economic development. Under the National 14th Five-Year Plan, Hong Kong is positioned to be an international I&T centre. The Hong Kong SAR Government has been attaching much importance to enhancing the I&T ecosystem in Hong Kong by rolling out various initiatives in recent years, and I am pleased to share with you that Hong Kong ranked first in Asia and third globally among the world’s top 100 emerging ecosystems in the Global Startup Ecosystem Report 2024. We also ranked second worldwide in the “Technology” Factor and 10th overall in the World Digital Competitiveness Ranking 2023 published by the International Institute for Management Development. In fact, Hong Kong has robust capability in basic research and development (R&D). Our city is the only one in Asia with five of the world’s top 100 universities. In addition, the level of internationalisation among our I&T talent is world-leading, with four of our universities ranked among the world’s top 10 most international universities. These, coupled with our robust intellectual property protection regime, could help pool global innovation resources to Hong Kong. To support the development of various I&T industries, including green tech, the Government has been proactively enhancing Hong Kong’s I&T ecosystem, which hinges on the comprehensive development of and positive interaction among the upstream, midstream and downstream sectors. To this end, the Government has been actively promoting interactive development of the upstream, midstream and downstream sectors. To further promote upstream basic R&D, we endeavour to consolidate Hong Kong’s R&D strengths and strengthen universities’ capacity for breakthrough researches. The Government has been implementing different initiatives to fund R&D projects, including those on green technologies. For example, the Green Tech Fund provides focused funding support to R&D projects that can help Hong Kong decarbonise and enhance environmental protection. In addition, the I&T Fund provides funding to R&D projects in various technology areas, including green tech. The R&D Centres established by the Government have been carrying out R&D work in different areas, including green tech. For example, one of the centres developed a new generation of materials incorporating plant stems into biodegradable plastics, which could aid the production of eco-friendly products at a competitive cost. To support the transformation and realisation of the R&D outcomes in the midstream, we launched the $10 billion Research, Academic and Industry Sectors One-plus Scheme (RAISe+) last year, to fund, on a matching basis, research teams from universities with good potential to become successful start-ups to transform and commercialise their R&D outcomes. We welcome investors around the world to explore collaboration opportunities with the universities in Hong Kong and invest in their RAISe+ projects. As for the promotion of downstream development of new industrialisation, we have launched the $10 billion New Industrialisation Acceleration Scheme this year to provide funding support for enterprises in industries of strategic importance to set up new smart production facilities in Hong Kong. Such industries include life and health technology, along with AI and data science, advanced manufacturing and new energy technology industries, etc. To further support our tech enterprises, the Government introduced enhancement measures to the New Industrialisation Funding Scheme to encourage local manufacturers to switch to smart manufacturing. The scheme benefits enterprises to, among others, upgrade and transform by adopting green technology. In addition, to give further impetus to the promotion of new industrialisation, the Chief Executive has announced in his 2024 Policy Address (PA) that a $10 billion I&T Industry-Oriented Fund will be set up to form a fund-of-funds to channel more market capital to invest in specified emerging and future industries of strategic importance. Hong Kong’s two I&T flagships, the Hong Kong Science and Technology Parks Corporation and Cyberport, have been providing technology start-ups with incubation programmes and one-stop support services. These I&T parks have nurtured a group of passionate and high-quality green tech companies. The 2024 PA also announced the launch of the I&T Accelerator Pilot Scheme with a funding allocation of $180 million at a one-to-two matching ratio between the Government and the institution, up to a subsidy ceiling of $30 million, with an aim to attract professional start-up service providers with proven track records in and beyond Hong Kong to set up accelerator bases in Hong Kong. Ladies and gentlemen, Hong Kong is fully committed to positioning as an international I&T centre. I would like to express my sincere appreciation to the Stanford GSB Hong Kong Alumni Club and MioTech for hosting this meaningful event. I encourage all participants to engage in meaningful discussions, share best practices, and forge collaborations that will drive real change. Together, let us embrace the opportunities before us and solidify Hong Kong’s position as a global leader in green tech. Thank you.
Ends/Wednesday, October 30, 2024Issued at HKT 15:15
Increased surveillance and potential for enforcement action8 min read
APRA recently announced in a letter to all superannuation trustees that it will intensify scrutiny of ‘fund-level expenditure to hold RSE Licensees accountable to improve practices’ and ‘reduce spending that is deemed to not be in members’ best financial interests’.
In this Insight, we highlight what APRA plans to do over the coming 12 months through surveillance and enforcement action and areas of its likely focus, and then set out practical steps trustees can take now to prepare for increased scrutiny and possible enforcement action from APRA.
What APRA plans to do about trustee expenditure
Over the next 12 months, APRA will prioritise its supervision of fund expenditure where member benefit is not immediately evident or may not be reasonably justified. It is this expenditure which we assume is at risk of being deemed not to be in members’ best financial interests by APRA.
APRA Deputy Chair Margaret Cole also warned this week that APRA is prepared to ‘test the limits of the law’ in this area if needed, which we interpret to mean a willingness to commence proceedings even where there may be legal uncertainty about the application of the law to expenditure by trustees.
APRA will take a targeted approach, partly informed by expense data that RSE licensees were required to submit to APRA. It will initially focus on ‘discretionary expenditure’ such as travel, entertainment and conferences, outliers (which we take to mean RSE licensees with higher expenses than their peers), and particular types of payees and payments.
It says its focus will be informed by ‘market intelligence and matters of public interest’. The reference to ‘public interest’ suggests APRA may be reacting to issues raised in the media or public criticism of individual funds and their expenses, and APRA may be more likely to target these trustees for scrutiny and enforcement action.
APRA’s interest in trustee expenditure is not new, but its announcements are a warning to trustees that it is looking closely at this area and wants to be seen to be taking action against trustees who are not complying with their obligations.
APRA is already engaging with a number of trustees following its review of initial expense data. The review isn’t finished and APRA has said trustees can expect it to issue notices requiring information that demonstrates how trustees determined that expenditure is in members’ best financial interests. In reviewing expenditure decisions, APRA will consider governance, conflicts of interest and attestations from management (as recommended under the updated SPG 515 from 1 July 2025) and the role of accountable persons under the Financial Accountability Regime (FAR). It has foreshadowed imposing rectification measures where warranted, and will make enforcement actions public where appropriate.
The focus on expenditure by trustees ties in with APRA’s stated aim in the 2024-25 corporate plan of improving transparency around expenses and a focus on compliance by trustees with the updated SPS 515, which commences from 1 July 2025. APRA flagged in the plan that it will use the new, more detailed expense data it receives ‘to identify trustees with outlying expenditure for certain discretionary expense categories and will intensify supervisory efforts accordingly’.
Steps trustees can take to anticipate APRA action
Given APRA’s clear warning that it will focus on trustee compliance with expenditure obligations in the next 12 months, including increased surveillance and potential for enforcement action, trustees should take steps now to prepare and anticipate issues APRA may raise. Failure to do so may itself open trustees to criticism. This could include:
1. Reviewing compliance of existing expenditure management policies and processes
While APRA’s level of scrutiny and apparent willingness to take enforcement action are new, the obligations are not.
Trustees have obligations under the SIS Act to perform their duties and exercise their powers in the best financial interests of beneficiaries, to give priority to beneficiaries’ interests where there is a conflict, and to comply with the sole purpose test. They are also subject to existing requirements in SPS 515 to demonstrate that decisions about business operations that result in significant expenditure will contribute to meeting the trustee’s strategic objectives.
All trustees should have governance policies and processes in place for complying with these requirements. This would include an expenditure management policy and procedures for reviewing and approving expenditure, including escalation of decisions to senior management or the board for significant decisions.
Trustees should check that their policies and procedures are up to date and that they are following their own policies and procedures when making decisions about budgets and expenses. Those people who will become their accountable persons should be taking reasonable steps now to make sure they are being applied.
It is these things that will enable trustees to demonstrate to APRA that they have complied with their duties in making expenditure decisions if required.
2. Reviewing high-risk expenses
APRA is likely to focus its scrutiny on certain types of expenses, including advertising, sponsorships, corporate entertainment, political donations and related-party transactions.
Trustees may want to review these categories of expenses—particularly where they are significant or where the link to financial interests of beneficiaries is not evident. A good starting point would be expense data that has been reported to APRA, as APRA will use the same data to identify areas for further scrutiny.
Trustees should test whether they can demonstrate that good governance processes were followed when approving expenses and that the decisions were consistent with the trustee’s obligations. They should identify documents and information that could be produced to evidence the approval process if APRA raises concerns.
An internal review could bring to light expenditure decisions that potentially lack justification on the available information, in which case the trustee may need to reconsider the decisions or identify and document any additional information available to support the decisions. It is important to remember that some expenditure may have an indirect connection to members’ best financial interests and can be justified on this basis—such as spending on employee benefits that assists in recruitment and retention of good employees that ultimately benefits members.
3. Checking on progress in implementing updated SPS 515 and SPG 515
The updated SPS 515 was finalised in July 2024 and takes effect from 1 July 2025. It includes additional requirements around expenditure management that apply to all expenditure decisions (not just to ‘significant expenditure’), and the new SPG 515 includes revised guidance with a focus on trustees’ duties to act in the best financial interests of beneficiaries, more scrutiny of expenditure that involves conflicts or provides incidental benefits to third parties, and greater focus on accountability around expenditure decisions.
Trustees will need to review and update their policies, procedures and governance arrangements to address the new requirements and APRA’s expectations by 1 July 2025. Trustees should be in a position to provide APRA with an update on progress in this area, including timeframes and anticipated changes to their existing arrangements.
4. Testing whether some expenses may be outside the regulatory regime
The requirements in SPS 515 and the guidance in SPG 515 purport to apply broadly to ‘expenditure decisions’ by an RSE Licensee ‘relating to its business operations’. There is an important unresolved issue around how far APRA’s scrutiny will go, and whether it will extend beyond the use by trustees of fund assets for expenses.
There is an important distinction between trustee business models that is not acknowledged in SPS 515 or SPG 515. Some trustees pay expenses directly from fund assets relying on their right of indemnity or exoneration. Other trustees charge a fee for their services and then meet expenses out of their personal assets. Many trustees do both—with the proportion of expenses coming from fund assets or personal assets varying depending on the trustee’s business model.
The source of funding for expenses has important implications for the trustee’s obligations in relation to expenditure decisions. Trustees are required to comply with the SIS Act obligations to act in the best financial interests of beneficiaries, give priority to their interests and ensure consistency with the sole purpose test only where they are performing a trustee’s duties or exercising a trustee’s powers. In spending their own money, they are doing neither of these things (although some restrictions apply to the use of trustee capital which is maintained to meet operational risk loss events).
It is not at all clear whether SPS 515 and SPG 515 acknowledge this distinction. While the guidance refers to the requirement to ‘have robust governance and oversight of fund expenditure’, which suggests it is intended to apply only to expenses paid from fund assets, SPS 515 imposes requirements on a trustee when it makes ‘an expenditure decision relating to its business operations’. On its face, this appears to apply equally to expenditure from fund assets or the trustee’s personal assets.
In its letter to trustees, APRA says it will prioritise supervisory attention on ‘fund expenditure’. Whether it gives this a narrower meaning confined to trustees spending fund money, or whether it includes a broader range of expenditure by trustees, is yet to be seen. This could be one area where it decides to ‘test the limits of the law’. SPS 515 also includes new obligations in relation to the setting of fees—including to ensure the fee is ‘appropriate and proportionate, having regard to factors such as the arm’s-length value of the features and services that the fee relates to’. While this raises separate issues, it could provide another means for APRA to regulate the ability of trustees to pay for expenses out of their own funds.
5. Preparing a ‘playbook’ for responding to APRA notices or enforcement action
Given APRA has issued a letter to trustees saying it intends to increase scrutiny on expenditure and issue notices to trustees, trustees should prepare now to be able to respond to those notices in an efficient and cost-effective way.
We suggest trustees plan now:
A process to ensure that, when a notice is received, it is quickly referred to those responsible for preparing a response, to avoid wasting time in the initial phase.
The resources available and governance arrangements to be followed in responding to any notice, including identifying key accountable individuals and specifying roles and responsibilities, identifying advisers who will be briefed to assist in any response, setting out a process for obtaining input from a range of stakeholders, and setting out the approval and escalation process, including indicative timeframes required for review of draft responses.
Collating relevant policy and procedures documents so they can be quickly produced and, to the extent possible, preparing draft responses in relation to governance arrangements and key areas of likely scrutiny.
Preparing a public relations and press engagement strategy in the event issues are first raised in the media or come to light following an APRA notice (although given the nature of the investigations, having regard to the interests of members).
The plan should have input from key senior management and individuals who will be involved in any response.
What’s next?
APRA’s focus on fund expenditure over the coming 12 months will require trustees to consider their expenditure management arrangements again, and potentially to respond to scrutiny of their governance or individual expenditure decisions. APRA’s warning gives trustees a rare opportunity to anticipate issues and prepare a response plan ahead of time. A failure to do so could itself be cause for criticism by APRA.
Workers walking by a solar power plant in Kazakhstan
Article | 30 October 2024 Read time: 6 mins
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IF-CAP is the first leveraged guarantee mechanism for climate finance to ever be adopted by a multilateral development bank.
Various simulations have shown that for every $1 that is guaranteed, up to $4.5 of new climate finance will be generated under IF-CAP’s mechanism.
IF-CAP will strengthen ADB’s developing member countries’ capacity to develop their low-carbon and climate-resilient strategies and build a larger pipeline of potential investments.
What is IF-CAP?
The Innovative Finance Facility for Climate in Asia and the Pacific, or IF-CAP, is a multi-donor financing partnership facility with the goal of scaling-up finance for accelerated action against climate change in Asia and the Pacific. IF-CAP partners will provide guarantees for parts of ADB’s sovereign loan portfolios to enable ADB to free up capital to increase lending for climate investments. Supplementary grants will facilitate project preparation, capacity building, and knowledge solutions.
Why is IF-CAP being formed?
The battle against climate change will be won or lost in Asia and the Pacific. And our region is uniquely vulnerable to the impacts. More than 40% of climate-related disasters occurred in Asia and the Pacific since the start of the century, affecting nearly 3.6 billion people. ADB estimates that $1.7 trillion per year will need to be invested in infrastructure in developing Asia between 2016-2030 to meet both climate and development goals. The Intergovernmental Panel for Climate Change (IPCC) says the year 2030 is a significant crossroad after which it will become considerably harder to meet climate targets.
As Asia and the Pacific’s climate bank, the Asian Development Bank is spearheading significant climate change financing and expertise across the region. IF-CAP is the first leveraged guarantee mechanism for climate finance to ever be adopted by a multilateral development bank. It is inspired by the International Finance Facility for Education (IFFEd), which aims to use innovative financing to unlock new education funding in low-and middle-income countries.
What will IF-CAP do?
IF-CAP will allow ADB to significantly increase climate finance for investments that are aligned with the Paris Agreement and other key ADB policies, including the forthcoming Climate Change Action Plan.
With a model of “$1 in, $4.5 out”, IF-CAP’s current guarantee size of $2.5 billion will create over $11 billion in climate finance for much-needed climate projects across Asia and the Pacific. Alongside lending facilitated by IF-CAP, ADB will provide up to $1 billion in concessional ordinary capital resources lending (COL) from its own resources, in support of projects enabled by IF-CAP’s guarantee structure. In total, resources aligned with IF-CAP amount to over $12 billion.
IF-CAP enabled projects will address both climate change mitigation, which focuses on reducing greenhouse gas emissions, and climate change adaptation, which focuses on building resilience to the worsening effects of climate change. These investments could cover a wide range of sectors, such as transportation, energy, urban, and agriculture and natural resources, as well as social sectors such as health and education, for projects with high climate impacts.
What will IF-CAP not do?
IF-CAP will not support new or existing fossil fuel-based electricity generation facilities or dedicated transmission, or any new or existing natural gas-related projects. Climate finance enabled by IF-CAP will not be used towards early retirement or repurposing of fossil fuel fired power plants.
Developing Asia’s share of global greenhouse gas emissions nearly doubled,from 22% in 1990 to 44% in 2019 and is expected to remain at this level until mid-century under current policies.
Asia and the Pacific can only realize its climate goals if it pursues a transition away from coal-based energy in the near term.
How does the leverage mechanism work?
The program is based on the use of financial guarantees from our partners. By guaranteeing a portfolio of ADB sovereign loans on a first-loss basis, they will help shoulder some of the loss in case of a default by one of our borrowers included in our portfolio.
This is a groundbreaking arrangement because IF-CAP’s portfolio guarantee enables ADB to optimize the usage of our balance sheet, supported by the strength of our triple-A credit ratings and preferred creditor status. This allows ADB to reduce the capital held for credit risk and release more capital for climate loans. Every dollar of guarantee into IF-CAP will result in the capacity to provide more climate finance for eligible projects. Simulations show that for every $1 that is guaranteed, $4.5 of climate finance could be generated. That is a fundamental shift from the traditional “one dollar in, one dollar out” facilities at MDBs, because of IF-CAP’s leverage effect.
Who are the partners supporting IF-CAP?
IF-CAP’s founding partners are Denmark, Japan, Norway, Republic of Korea, Sweden, the United Kingdom, and the United States. In 2023, the Global Energy Alliance for People and Planet established a trust fund under the IF-CAP Financing Partnership Facility.
What sovereign portfolios will their guarantees cover?
IF-CAP will cover a dynamic and diversified reference portfolio consisting of ADB’s exposures to a board spectrum of developing member countries, which have been identified to achieve the desired leverage based on the risk appetite of the partners.
Which countries are eligible for IF-CAP financing?
All ADB’s developing member countries (DMCs) are eligible. Individual financing partners may exercise discretion for certain projects based on their policies and priorities.
Will IF-CAP differ from ADB’s regular climate financing?
Functionally, there will be no difference. IF-CAP’s role will be to enable ADB to approve climate financing more quickly and at a higher volume.
What are the benefits of IF-CAP?
For DMCs, IF-CAP can help them advance operations with high climate ambition that are currently not in their pipeline, increase climate finance components of existing pipeline projects, and enable greater visibility and demonstration effects for projects including those with innovative components or high climate impact.
For IF-CAP partners, it can enable them to make a greater impact through a leveraged guarantee mechanism not offered by other financing partnership facilities, providing them with an effective and efficient way to fight climate change in support of their national commitments.
For ADB, IF-CAP is an innovative method to optimize our balance sheet, unlock capital resources, and increase our lending capacity by over $11 billion so we can make more resources available for critical climate projects in Asia and the Pacific.
Will IF-CAP contribute to ADB’s ambition of $100 billion climate financing for 2019-2030?
IF-CAP will be one of the flagship instruments to enable ADB to reach its climate finance target beyond $100 billion and support our target for climate finance to reach 50% of the total committed financing volume by 2030.
Taiwan’s meteorological agency issued a land warning early Wednesday morning as Typhoon Kong-rey approached the island, following a sea warning on Tuesday afternoon. The agency said the typhoon is likely to land on the island on Thursday afternoon. As of 9 a.m. Wednesday, Kong-rey was centered about 480 km southeast of the island’s southernmost point, moving northwestward at about 15 to 20 kph, according to the agency. The maximum wind speed near its center reached 184 kph. The land warning includes Hualien, Taitung, Pingtung and the Hengchun Peninsula in southern and eastern Taiwan. The meteorological agency predicted intensifying rainfall in the island’s northern and eastern parts Wednesday, while from Thursday to Friday, there will be significant rainfall across the island.
Source: Moscow Government – Government of Moscow –
From November 5 to 22, more than 170 excursions will be held around the capital’s high-tech industrial enterprises. Participants will visit production facilities that produce cosmetics, footwear, clothing, confectionery and bakery products, ventilators, emergency medical supplies, elevators and other products. You can register for the excursion on the project’s website “Open. This was reported by the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy Anatoly Garbuzov.
“We continue to introduce Moscow residents to the production processes of food products, children’s educational kits, laser equipment, pharmaceuticals, auto parts and other high-tech products. In November, we prepared over 170 excursions to 35 enterprises, as well as 75 master classes. This season, four new factories have joined the project, which produce Christmas tree decorations, clothing, cable products and printed products,” said Anatoly Garbuzov.
The new season will see the first tours of the Kolomeyev Christmas tree toy factory. Guests will see how the products are blown and painted. The company makes classic Soviet toys: pine cones, Christmas trees, houses, astronaut figurines, as well as New Year’s decorations for the interior and dolls for the tree. Most of the products are made using traditional technologies and hand-painted by master artists.
For the first time, the company “Printing House “Tissot”” will welcome visitors. The company’s specialists will show how postcards, books, calendars, folders and other products are produced. In addition, a master class on making notebooks will be held here.
In addition, Muscovites will be able to visit the production of PLNB Jeans, where jeans, trousers, jackets, shirts and much more are produced. The tour will tell about all stages of preparation and production of products, as well as the history of denim culture and the capital brand.
At the Spetskabel plant, which will also welcome visitors for the first time, guests will see how modern cable and wire products are manufactured. The company manufactures cables for all industries, including the oil and gas, energy, shipbuilding and space sectors. Many of the company’s developments have no analogues in the world. The plant produces more than 40 thousand kilometers of cable per year.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Source: Moscow Government – Government of Moscow –
Moscow is constantly increasing support for high-tech companies in the form of grants and loans. This was reported by Sergei Sobyanin in his telegram channel.
“In May, they determined
main tasks to support innovation and business development until 2030. We approach the issue comprehensively: over the past years, we have formed a unique line of tools,” the Mayor of Moscow emphasized.
Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin
One of the successful and fast growing programs is preferential loans under the pledge of rights to the results of intellectual activity. With the support of the city, entrepreneurs concluded 20 contracts for the amount of 608 million rubles, 13 of them this year for the amount of 452 million rubles, which is already almost three times more than for the whole of last year.
Thus, a loan was received by a company that produces special pipeline fittings for heating systems of housing and communal services. Support was also provided to a company that creates briquettes from small waste of large industrial enterprises for their further use as raw materials or fuel.
Another measure in demand is grants for the purchase of equipment and development of activities. The city compensates businesses for expenses already incurred. Since the beginning of the year, Moscow entrepreneurs have been approved for over 450 applications for a total of almost 1.9 billion rubles. This is 17 percent more than last year’s figure for the same period. Thanks to the capital’s support, companies have purchased equipment for over 4.2 billion rubles.
Among those receiving compensation was a company that produces vaccines for adults and children. In addition, the list includes a developer and manufacturer of equipment for precision machining of parts in various industries with numerical control.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Source: Hong Kong Government special administrative region
​Following is a question by the Hon Benson Luk and a written reply by the Secretary for Education, Dr Choi Yuk-lin, in the Legislative Council today (October 30):
Question:
The Third Plenary Session of the 20th Central Committee of the Communist Party of China (the CPC Central Committee) adopted the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization, in which support for Hong Kong’s position to become an international hub for high-calibre talents was stated. Moreover, last year’s Policy Address proposed to build Hong Kong into an international hub for post-secondary education by increasing the admission quota of non-local students to Government-funded post-secondary institutions. According to a recent report published by an organisation, it was envisaged that by 2028, the shortfall in hostel places for students of local post-secondary institutions would further increase to some 120 000. In this connection, will the Government inform this Council:
(1) whether it has projected and compiled statistics on the respective (i) numbers, (ii) proportions and (iii) hostel application proportions of local and non-local students in post-secondary institutions in the coming five years; given that the Government has, starting from the current academic year, increased the admission quota of non-local students to Government-funded post-secondary institutions to 40 per cent, of the current nationality distribution of the non-local students;
(2) whether it knows (i) the respective proportions of local and non-local students in post-secondary institutions who were successfully allocated with hostel places upon application and (ii) their terms of hostel residence in the past 10 years; whether various post-secondary institutions have set a limit on the term of hostel residence; if a limit has been set, of the details (set out in a table), and whether the Government has plans to extend the term of hostel residence for students;
(3) given that the Government established in 2018 the Hostel Development Fund with some $10.3 billion to provide six University Grants Committee-funded universities with an additional 13 473 hostel places, whether it has compiled statistics on the current number of hostel places provided by universities across the territory; of the Government’s projected growth in the supply of university hostel places in the coming five years, and the shortfall in hostel places when set against students’ demand for accommodation; whether it will consider injecting funds into the Fund again in the future; if so, of the details; if not, the reasons for that;
(4) whether it will study allocating idle lands in the vicinity to the post-secondary institutions concerned for the construction of academic buildings or hostels, or consider relaxing the plot ratio of land adjacent to universities in rural areas to allow for greater flexibility in university expansion; if so, of the details; if not, the reasons for that; and
(5) given that as indicated in the paper submitted by the Government to the Subcommittee on Matters Relating to the Development of the Northern Metropolis of this Council in April this year, 19 post-secondary institutions had participated in the engagement activity of the Northern Metropolis University Town (NMUT) and submitted proposals, whether the Government has estimated the number of post-secondary institutions that can be accommodated by the NMUT, and whether sites have been reserved for hostel purposes; if so, of the expected number of hostel places to be provided; if not, the reasons for that?
Reply:
President,
The 2023 Policy Address stated building Hong Kong into an international post-secondary education hub and a cradle of future talents. The 2024 Policy Address also announced further measures to nurture future talents and to create the “Study in Hong Kong” brand. At the same time, the Government will set up the Committee on Education, Technology and Talents to be chaired by the Chief Secretary for Administration. The Committee will co-ordinate and promote the integrated development of education, science and technology and talent, so as to enhance convergence and coherence and formulate policies to promote the synergistic development of nurturing talents, gathering talents and science and technology, as well as to facilitating international high-calibre talents to stay in Hong Kong. Developing Hong Kong into an international post-secondary education hub is also one of the three major strategies. My reply to the various parts of the Hon Benson Luk’s question is as follows:
(1) The enrolment ceiling of non-local students in University Grants Committee (UGC)-funded taught programmes has been doubled from a level equivalent to 20 per cent of local student places in the 2023/24 academic year (AY) to 40 per cent with effect from the 2024/25 AY. There are no restrictions on research postgraduate programmes. It is important to note that all non-local students pursuing UGC-funded taught programmes do not receive public funding, and the number of such non-local students is accounted for separately from local student places. This ensures that the study opportunities for local students will not be affected.
In the 2023/24 AY, the total number of local students pursuing full-time locally-accredited publicly-funded and self-financing programmes was about 158 300, whereas there were about 64 200 non-local students. As far as UGC-funded taught programmes (i.e. undergraduate, sub-degree and taught post-graduate programmes) are concerned, the actual number of non-local students was about 14 900 while that of local students was about 76 400; the proportion of non-local students was about 19 per cent. The non-local students come from over 100 places of origin. In the 2023/24 AY, the numbers of students by study levels and by places of origin are tabulated below:
Note: If research postgraduate students are financed by the UGC-funded universities using both UGC and external funds, they will be counted towards different sources on a pro-rata basis. Figures may not add up to the corresponding totals due to rounding.
As for student hostels, the relative proportion of applications from local students and non-local students of the UGC-funded universities at the beginning of the 2023/24 AY is 55 per cent and 45 per cent respectively. Looking ahead, we envisage that universities will continue to take into account their capacity in promoting the advantages of our higher education sector around the world using the “Study in Hong Kong” brand, with a view to gradually admitting more non-local students to study in Hong Kong. Self-financing programmes will also flourish. As our post-secondary education sector in Hong Kong continues to enhance quality and expand capacity, the corresponding demand for student hostels will increase. We are delighted to explore flexible and innovative ways with the institutions and different stakeholders to increase the supply of student hostels.
(2) Based on the data provided by the UGC-funded universities, the success rate of local students and non-local students in hostel applications in the past ten AYs (2014/15 to 2023/24 AY) is at Annex. We do not maintain information on the terms of residence of local students and non-local students.
The specific arrangements for hostel allocation are formulated by the UGC-funded universities and there is generally no upper limit set for the terms of residence. The universities are encouraged to reflect the priorities of different groups of students for hostel accommodation in the allocation mechanism, having regard to the practical needs and educational benefits, while maintaining suitable flexibility to ensure that resources of student hostels are utilised properly.
(3) and (4) Under the Hostel Development Fund (HDF), the UGC-funded universities are provided with a capital grant covering up to 75 per cent of the construction costs for 15 student hostel projects to provide a total of about 13 500 additional hostel places, with a target for gradual completion by 2027. Based on the data provided by the UGC-funded universities, the total number of hostel places (including publicly-funded, privately-funded and temporary hostel places) available for allocation in September 2023 was around 37 600. Taking into account the future supply from the projects under HDF, the number of hostel places will gradually increase to around 50 000 in the coming few years, to cater for the needs of students, including those arising from the additional intake.
Under the prevailing mechanism, the universities may apply to the Government for granting additional sites for campus expansion if they have strong justifications and specific proposals, which will then be considered by the bureaux and departments concerned from relevant perspectives such as policy, resources, practical circumstances, planning and land administration, etc. The universities could also as necessary apply for a relaxation of development parameters for the proposed sites, including building height restrictions and plot ratios, etc, which will be processed in accordance with the statutory procedures and established arrangements by the Town Planning Board and relevant departments.
To improve hostel facilities, the Chief Executive announced in the 2024 Policy Address that the Government would launch a pilot scheme to streamline the processing of applications in relation to planning, lands and building plans, so as to encourage the market to convert hotels and other commercial buildings into student hostels on a self-financing and privately-funded basis, increasing the supply of student hostels. The Government will also make available suitable sites for the private sector to build new hostels, having regard to market demand. The Development Projects Facilitation Office under the Development Bureau will provide one-stop advisory and facilitation services for these projects.
(5) The Government has earmarked over 80 hectares of land in the Northern Metropolis for the Northern Metropolis University Town (NMUT), and will encourage local post-secondary institutions to introduce more branded programmes, research collaboration and exchange projects with renowned Mainland and overseas institutions in a flexible and innovative manner. We will retain flexibility in the planning process to facilitate the development of student hostels.
Relevant Government departments are still discussing the site planning of the NMUT at this stage. We plan to publish the Northern Metropolis University Town Development Conceptual Framework in the first half of 2026.
Source: Hong Kong Government special administrative region
Following is a question by the Hon Chan Yuet-ming and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (October 30):
Question:
The Inland Revenue Department has implemented the Tax Reserve Certificates system for many years to help taxpayers save up and earn interest for tax payment, and introduced the Electronic Tax Reserve Certificates Scheme (the Scheme) in 1999. In this connection, will the Government inform this Council:
(1) of the effectiveness of the Scheme at present, and set out in a table (i) the total amount of sales, (ii) the number of purchasers, (iii) the amount of sales per capita, (iv) the distribution of sales by age groups, and (v) the amount of redemptions under the Scheme in each of the past five years;
(2) as there are views that, under the influence of external factors, the time deposit rates of banks in Hong Kong are still at a high level, whether the Government has assessed if such a situation will affect the sale of the Scheme; and
(3) as the latest per annum interest rate announced in the Tax Reserve Certificates (Rate of Interest) (Consolidation) Notice has been changed from the previous rate of 0.8833 per cent to 0.8 per cent, and the Scheme will earn interest for a period of 36 months only, its return is much lower than that of the time deposit schemes of banks in Hong Kong in recent years as well as that of other medium and low-risk wealth management products, whether the Government will conduct a review of the contents of the Scheme or step up the publicity work, so as to enhance the effectiveness of the Scheme?
Reply:
President,
At present, the Inland Revenue Department (IRD) issues two types of Tax Reserve Certificate (TRCs), namely ordinary TRCs that are purchased by taxpayers who wish to prepare for tax payment in future, and TRCs for “Conditional Standover Order” (“conditional TRCs”) that the Commissioner of Inland Revenue requires taxpayers who have objected to their tax assessments to purchase in order to cover the total amount or part of the tax in dispute. An ordinary TRC will bear the interest rate prevailing at the date of purchase and will earn interest only when the holder pays for the tax. For a conditional TRC, interest is payable from the date of its issue to the date of final determination of the objection or appeal. The interest rate is calculated based on the rates in force from time to time over the tenure of the TRC. Upon final determination of the objection to or appeal against the tax assessment, IRD will pay the interest on the part of the capital sum eventually repaid to the taxpayer.
The interest rate on TRCs is reviewed every month based on the average of the prevailing interest rate for the twelve-month time deposits for $100,000 to $499,999 offered by the three note-issuing banks. With effect from October 7, 2024, the interest rate on TRCs is 0.8 per cent per annum and applies to all ordinary TRCs issued on or after the above date until further notice.
IRD has launched the Electronic TRCs Scheme since 1999 to replace paper version of ordinary TRCs and provide TRC users with a full range of electronic services, including a variety of electronic channels for purchasing TRCs (monthly bank autopay, telephone, internet and ATM), auto tax payment service, etc. The objective of the Electronic TRCs Scheme is to facilitate the purchase of TRCs by taxpayers and increase the flexibility by allowing them to choose the time, method of buying TRCs, etc. Users of the Electronic TRCs Scheme may also enjoy auto tax payment service to ensure that tax payments are always made on time and avoid any late payment penalty.
My reply to Hon Chan Yuet-ming’s question is as follows:
(1) Since a taxpayer may purchase more than one TRC in each financial year, IRD does not maintain record on the number of purchasers of TRCs, average amount of each purchaser and the age profile of purchasers. The total sales amount, number of certificates sold, average amount per certificate and the total redemption amount of ordinary TRCs for the last five financial years are tabulated below:
Table 1
Year Total sales amount ($’000) No. of certificates sold Average amount per certificate ($) Total redemption amount ($’000)
2019-20 467,041 86 766 5,383 461,016
2020-21 452,352 89 944 5,029 443,812
2021-22 430,415 84 122 5,117 466,587
2022-23 423,404 80 951 5,230 448,218
2023-24 409,765 79 672 5,143 416,804
The total sales amount, number of certificates sold, average amount per certificate and the total redemption amount of conditional TRCs for the last five financial years are tabulated below:
Table 2
Year Total sales amount ($’000) No. of certificates sold Average amount per certificate ($) Total redemption amount ($’000)
2019-20 2,514,175 1 196 2,102,153 2,401,318
2020-21 2,896,920 1 344 2,155,446 2,781,430
2021-22 3,133,413 1 092 2,869,426 3,486,200
2022-23 2,413,492 946 2,551,260 3,028,070
2023-24 3,008,748 1 058 2,843,807 3,093,966
(2) Since the rate hike cycle in 2022, the total sales amount of ordinary TRCs slightly fell from $430 million in 2021-22 to $409 million in 2023-24, representing a decrease of 4.8 per cent. The number of certificates sold slightly fell from 84 122 in 2021-22 to 79 672 in 2023-24, representing a decrease of 5.3 per cent. It can therefore be seen that the overall sales of TRCs have not changed significantly due to external factors or interest rates.
As for conditional TRCs, they are purchased by taxpayers at the request of the Commissioner of Inland Revenue and therefore their sales are not related to changes in interest rates.
(3) The existing mechanism for determining the TRC rate has already ensured that changes in interest rate of time deposits offered by the note-issuing banks are timely reflected in TRCs. Since the two types of TRCs have their stated purpose and are not intended as a tool to provide investment returns, we do not consider it appropriate to adjust the interest rate on TRCs by making reference to the interest rates of wealth management products. The Government has no intention of setting a target for the sale of TRCs. We respect the choice of taxpayers to purchase ordinary TRCs.
On publicity, an application form for Electronic TRCs Scheme is available on the IRD’s website for members of the public to download. The Brief Guide to Taxes of IRD and the websites of GovHK and Cross-boundary Public Services also include information on the Electronic TRCs Scheme. IRD will add a new link on the Electronic TRCs Scheme at a prominent position on its website to facilitate members of the public to search for relevant information.
Bigger Sydbank – new 3-year strategy plan On the back of the highly satisfactory results achieved during the present strategy period, which will expire at the end of 2024, Sydbank is announcing today a new 3-year strategy plan to ensure that the Bank will continue the positive momentum demonstrated since 2014. The strategy is called: “Bigger Sydbank – value for all through advice and relationships”.
Q1-Q3 2024 – highlights
Profit for the period of DKK 2,396m equals a return on equity of 21.7% p.a. after tax
Core income of DKK 5,447m is 4% higher compared to the same period in 2023
Trading income of DKK 223m compared to DKK 240m in the same period in 2023
Costs (core earnings) of DKK 2,453m compared to DKK 2,335m in the same period in 2023
Core earnings before impairment of DKK 3,217m are 3% higher compared to the same period in 2023
Impairment charges for loans and advances etc represent an expense of DKK 87m
Bank loans and advances have risen by DKK 8.0bn, equal to an increase of 11% compared to year-end 2023
The CET1 ratio stands at 18.0%, equal to a decrease of 0.9pp compared to year-end 2023
CEO Mark Luscombe comments on the result:
It is positive that we were able to lift core income and total income in the first 9 months of the year from their all-time high levels last year. Costs have risen by 3% – excl Coop Bank – compared with a year ago. Thanks to the Bank’s constant focus on becoming increasingly efficient, the increase in costs is smaller than the effects of the agreed overall pay rises and the abolition of Great Prayer Day. Profit for the first 9 months of the year is on the same level as that of the record year 2023 and equals a return on equity of 21.7%, which is highly satisfactory.
Mark Luscombe comments on developments in business volume:
We are pleased that the continued effect of our strong focus on providing value-creating advice to our customers has boosted our business volume in terms of bank loans and advances, deposits and the investment area. Bank loans and advances constitute DKK 82.5bn – an increase of DKK 8.0bn during the period. Deposits make up DKK 114.8bn – – and are thus at a historically all-time high.
Board chairman Lars Mikkelgaard-Jensen comments on Sydbank’s new 3-year strategy plan: As a natural next step for the current strategy “Growing our business” we will be raising the bar and we will create a Bigger Sydbank in the next strategy period. This means that we will maintain our starting point as Denmark’s Corporate Bank and increase our market share in the corporate segment. Our ambition is to have more satisfied retail clients and significantly more retail clients and Private Banking clients. Assets under management will increase as a result of our customer focus within Wealth Management.
Mark Luscombe elaborates: Our strategy “Bigger Sydbank” centres on 5 themes: “Customer-focused”, “Bigger and efficient”, “Attractive and cooperating”, “Data, digitization, AI and security”, and “ESG integrated in core business”. The themes must go hand in hand with a level of profitability at the very top of the Danish banking industry. We will continue to focus on the customer and be the workplace for some of the industry’s brightest and most dedicated employees.
Outlook for 2024
Moderate growth is projected for the Danish economy.
Profit after tax is expected to be in the range of DKK 2,800-3,100m.
The outlook is subject to uncertainty and depends on financial market developments and macroeconomic factors which may affect eg the level of impairment charges.
Additional information Jørn Adam Møller, Deputy Group Chief Executive, Tel +45 74 37 20 30 Lars Grubak Lohff, Press Manager Tel +45 20 31 54 65
In May 2024, Danmarks Nationalbank published an extended statistic on insurance and pension companies’ currency exposure and hedging including data from January 2019 onwards.* The statistic has now been expanded to also include historical data from January 2015 onwards, whereby the time series now covers close to a full decade. You can read more about recent developments in the dollar hedge ratio of the Danish insurance and pensions companies in the newest edition of Danmarks Nationalbank’s biannual analysis Monetary and financial trends.**
The data coverage approaches a full decade
Note:
Danish insurance and pension companies’ dollar hedge ratio measured as the hedged dollar exposure divided by the total dollar exposure.
Source:
Danmarks Nationalbank, DNFPVALE.
* See Extended Statistic on Currency Exposure and Hedging (link).
** See Policy rates have been lowered, but monetary policy remains restrictive, Danmarks Nationalbank Analysis (Monetary and financial trends), no. 13, September 2024 (link).
Source: People’s Republic of China – State Council News
BEIJING, Oct. 30 — China’s Ministry of Water Resources on Wednesday issued a Level-IV emergency response to flooding due to the lingering impact of Typhoon Trami in Hainan, the country’s southernmost island province.
Affected by Typhoon Trami, most areas of Hainan will experience torrential rain on Wednesday, with a high risk of flash floods, and the Wanquan River may experience floods exceeding the warning level.
The ministry has dispatched a working group to the front line to guide flood response, with the focus on evacuating people from dangerous areas.
Meanwhile, efforts will also be made to strengthen early warning, enhance disaster response in reservoirs and small and medium-sized rivers, and reinforce inspections and defense of critical sections and weak links such as dikes, according to the ministry.
From Saturday to Monday, Typhoon Trami rotated over the waters off the southern coast of Hainan and the Xisha Islands.
China has a four-tier emergency response system, with Level I being the most severe.
Source: Hong Kong Government special administrative region
Following is the speech by the Secretary for Environment and Ecology, Mr Tse Chin-wan, at 19th Eco Expo Asia today (October 30):
Secretary Sun (Secretary of the Leading Party Members Group of the Ministry of Ecology and Environment of the People’s Republic of China, Mr Sun Jinlong), Margaret (Executive Director of the Hong Kong Trade Development Council, Ms Margaret Fong), distinguished guests, ladies and gentlemen,
Good morning.
My heartfelt welcome to all of you joining us at the opening of the 19th Eco Expo Asia. This is a golden opportunity for us to discuss and advance our shared commitments to a sustainable future. This year, we are honoured to have about 190 officials from about 40 official delegations from various provinces and cities in Mainland China, ASEAN (Association of Southeast Asian Nations) and Belt and Road countries joining this signature annual environmental trade event in Asia.
When people are talking about Hong Kong, what comes into our minds usually is high-rise buildings and very congested streets and roads. But actually we have a lot of well-protected countrysides in Hong Kong. And if you don’t know, I tell you that we are very rich in biodiversity. The number of coral species in our sea is more than the entire Caribbean Sea. Well, surprised? Therefore, we have produced two documentaries, “Beautiful Hong Kong” and also “Enchanting China” so as to bring the very beautiful scenes of our motherland and natural Hong Kong to the world. What you have just seen is just an extract only, and I encourage all of you to enjoy the full version that would be screened at our booth at this Expo which would tell you more about our efforts and achievements in pollution prevention, ecological protection, and nature conservation.
This year, the theme of Eco Expo Asia is “Fostering Green Innovations for Carbon Neutrality”. Our country places a lot of importance on climate change and therefore sets targets to achieve peak carbon emissions before 2030 and also strives to achieve carbon neutrality before 2060. As to Hong Kong, our carbon emissions peaked in 2014, and compared to the peak, our carbon emissions today have been reduced by about a quarter already. Actually our carbon emissions per capita is only about one quarter of the United States, and about 60 per cent of the European Union. And therefore we have set an interim target, to cut our carbon emissions by half before 2035 and achieve carbon neutrality before 2050.
We have been striving to achieve these targets through implementing our Climate Action Plan 2050 in Hong Kong, which covers four major decarbonisation strategies, namely aiming to achieve net-zero electricity generation, promote green buildings and also energy efficiency, promote green transport, as well as manage our waste reduction. In terms of green transport, I can tell you that now out of 10 newly registered vehicles in Hong Kong, seven are electric. And therefore I think we are moving at a reasonable speed.
Looking ahead, we will continue to harness the transformative power of innovation and technology to accelerate the growth of green and low-carbon transformation through supporting the development of green industry, promoting development of new energy and more importantly, facilitating green research and development projects with application potentials to transform into commercially valuable products through various measures.
On green tech, we are supporting relevant research and development through various initiatives and funding schemes, including the Innovation and Technology Fund, Green Tech Fund, New Energy Transport Fund, etc. Over HK$800 million has been approved from these funds for a few hundred research and development and pilot projects in net-zero electricity generation, energy saving, green buildings, green transport, and more.
Turning to new energy, our Chief Executive has announced in his Policy Address earlier this month, the Hong Kong Special Administrative Region (SAR) Government is committed to further promote the development of new energy including setting a target for sustainable aviation fuel (SAF) consumption, developing SAF and green maritime fuel supply chains, and promoting green and low-carbon energy such as hydrogen.
Hydrogen is regarded as a low-carbon energy with development potential in the course of energy transition. To prepare for possible wider application of hydrogen energy, the Hong Kong SAR Government published the Strategy of Hydrogen Development in Hong Kong in June this year. The Strategy sets out the four major strategies of improving legislations, establishing standards, aligning with the market, and advancing with prudency to create an environment conducive to the development of hydrogen energy in Hong Kong in a prudent and orderly manner, so that we would be able to capitalise on the environmental and economic opportunities brought about by the recent developments of hydrogen energy in different parts of the world.
While the scarcity of land resources has made it difficult for the development of a major manufacturing base for green energy as well as green technologies in Hong Kong, we are determined to leverage our position as a “super connector” and a “super value-adder” to serve as the platform for green and low-carbon technologies to facilitate their application in other parts of the world. For instance, we have supported the development of Hong Kong’s first green hydrogen production demonstration project at a landfill which is scheduled for commencement next year, and we are also facilitating the industry to establish a solar-to-hydrogen facility in Hong Kong very soon.
Ladies and gentlemen, decarbonisation cannot wait. Different regions around the world have suffered the devastating consequences of extreme weather events. Heatwaves, severe droughts, extreme rainfall, and extreme storms have attacked every corner of our planet. This year, Hong Kong experienced the hottest ever mid-autumn festival. These events remind us that climate change is indeed a current-day reality. The world must take urgent actions to combat climate change together.
Decarbonisation implies transformational change. Green innovation solutions are of paramount importance in our decarbonisation journey. During Eco Expo Asia, we will see the latest innovation and technologies and products around the world in new energy, climate adaptation and other areas.
Last but not least, I thank you again for coming today. Together, we can drive global sustainability. I hope you will find the Expo and the three-day Eco Asia Conference inspiring. For friends who come from abroad and across the boundary, I wish you all an enjoyable stay in Hong Kong, and spend more money. Thank you.
(Please also refer to the Chinese portion of the speech.)