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  • MIL-OSI New Zealand: Breaking ground on the first new Road of National Significance

    Source: New Zealand Government

    Work has kicked off on the Hawke’s Bay Expressway Road of National Significance (RoNS) as the Government continues to move at pace to deliver infrastructure that enables Kiwis and freight to get to where they want to go quickly and safely, Transport Minister Simeon Brown says.

    “The Government is keeping its promise to New Zealanders to deliver a new generation of RoNS across the country that reduce congestion, unlock land for thousands of new houses, and boost economic growth as we rebuild the economy to reduce the cost of living. Delivering the infrastructure this country needs is a key part of our plan to rebuild the economy and boost productivity,” Mr Brown says. 

    “Early works have now started on the Hawke’s Bay Expressway RoNS to four-lane this critical corridor that carries 29,000 vehicles a day and links freight to one of New Zealand’s largest ports. The growing population and economy mean that the central section of this road is reaching capacity at peak times. Starting work now allows the NZTA to maximise the 2025/2026 construction season and bring forward the construction of this project by 12 to 15 months.”

    The Government is prioritising 17 RoNS which were highlighted in the Government Policy Statement on Land Transport, with seven new projects to begin procurement, enabling works and construction in the next three years.

    “New Zealand has an infrastructure deficit, and our Government is taking action to fix it. It’s not enough to just talk about projects and write endless business cases. Kiwis voted for a Government that would get on and build the infrastructure that our country needs. That is what we are doing, and we’re pleased to be able to show action within our first year. 

    “Four-laning the Hawke’s Bay Expressway will unleash national and regional economic growth and productivity by reducing travel times, increasing resilience, and improving safety for motorists. 

    “The Hawke’s Bay Expressway was critical to the resilience of the region during Cyclone Gabrielle, with other routes being cut off. This Road of National Significance will increase capacity, resilience, support residential growth, and provide a boost to the local economy by helping move freight more quickly to the Napier Port. 

    “NZTA is prioritising the Taradale Road to Pākowhai Road section of the Hawke’s Bay Expressway as it is the most congested part of the road, and will help ensure more reliable journey times for commuters and freight operators in the Bay. 

    “The Government will be delivering the benefits of better road infrastructure to Kiwis and businesses across the country, as progress ramps up on several other Roads of National Significance projects. Takitimu North Link Stage 1 is already underway, Ōtaki to North of Levin will begin construction next year, and the Northland Expressway is currently undergoing geotechnical work. 

    “The RoNS projects previously built by National are some of New Zealand’s most successful State Highway corridors, reducing congestion and improving safety. Moving at pace to build a new generation of RoNS signals our Government’s focus on prioritising investments that deliver real value to commuters and businesses.”

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Lower speed limits on SH1 Whangārei to Te Hana, SH14 Dargaville to Whangārei, SH15 Maungatapere

    Source: New Zealand Transport Agency

    |

    New speed limits will soon come into effect on short sections of the following state highways:

    • SH1 Whangārei to Te Hana – changes in place from w/c 21 October 2024
    • SH14 Dargaville to Whangārei – changes in place from w/c 29 October 2024 
    • SH15 Maungatapere School – changes in place from w/c 29 October 2024 

    Note: All other approved changes on SH15 were implemented on 13 May 2024

    The changes we are making on SH1, SH14 and SH15 focus on short sections of state highway, including schools, and involved extensive community engagement and input prior to approval.

    School speed changes include new electronic variable speed limit signs outside five schools to reduce speeds during pick up and drop off times.

    For more information, please visit: 

    Speed management in Northland and Auckland(external link)

    Tags

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: TD to send HKeToll SMS by “#HKeToll” from October 28

    Source: Hong Kong Government special administrative region

    TD to send HKeToll SMS by “#HKeToll” from October 28
    TD to send HKeToll SMS by “#HKeToll” from October 28
    **************************************************************

         The Transport Department (TD) announced today (October 21) that the HKeToll has participated in the SMS Sender Registration Scheme under the Office of the Communications Authority to help the public verify SMS messages issued by the HKeToll. Starting from noon next Monday (October 28), the HKeToll will use “#HKeToll” for issuing messages to local subscribers of mobile services who are HKeToll users, ceasing the use of the sender ID without prefix “#” at the same time.     A spokesman for the TD said that the HKeToll has been progressively implemented at government-tolled tunnels and Tsing Sha Control Area since May 2023. The overall operation has generally been smooth to date, and motorists have been extensively using and adapting to the system. The registered sender ID “#HKeToll” with prefix “#” will enable users to authenticate messages and guard against scams and loss.     The TD reiterated that the HKeToll will not send SMS messages or emails with hyperlinks to vehicle owners for carrying out transactions. Vehicle owners must log in to the HKeToll website (hketoll.gov.hk) or mobile app to pay outstanding tolls online. Members of the public should stay alert when receiving messages without prefix “#” but purportedly issued by the HKeToll or any unidentified messages, and should not reply directly, visit suspicious websites or disclose any personal information to avoid being directed to fraudulent websites to carry out transactions. For enquiries about the HKeToll, please call 3853 7333.

     
    Ends/Monday, October 21, 2024Issued at HKT 12:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: ​​DTA pilots new AI assurance framework​

    Source: Australia Digital Transformation Agency

    The DTA is exploring artificial intelligence (AI) assurance mechanisms for Australian Government agencies consistent with the National framework for the assurance of AI in government. Our approach to AI assurance prioritises human oversight and the rights, wellbeing, and interests of people and communities. 

    MIL OSI News

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    How to Avoid Falling Victim to Human Trafficking

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

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

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

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

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

    The MIL Network

  • MIL-OSI: Nokia and VNPT collaborate on 5G in Vietnam

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Nokia and VNPT collaborate on 5G in Vietnam

    • Nokia and VNPT partner to deploy 5G technology supporting the development of digital infrastructure in Vietnam

    21st October 2024
    Espoo, Finland – Nokia and Vietnam Posts and Telecommunications Group (VNPT), one of Vietnam’s leading telecommunications operators, today announced a new partnership to deploy 5G technology. This significant development marks a new milestone in the long-standing collaboration between the two companies, reinforcing their commitment to providing a strong digital infrastructure in Vietnam. Nokia is also manufacturing its 5G products locally in Vietnam highlighting its commitment to the region.

    As part of this agreement, Nokia will deploy equipment from its state-of-the-art 5G AirScale portfolio, powered by its energy-efficient ReefShark System-on-Chip technology. These provide premium connectivity, low latency, enhanced network capacity, and reduced power consumption. Nokia will also deploy its AI-based 5G MantaRay network management solution which will greatly improve VNPT’s network operation efficiency.
      
    Mr. Huynh Quang Liem, VNPT’s CEO, said: “Collaborating with Nokia will enable VNPT to rapidly deploy a world-class 5G network and meet the growing demands of our customers in Vietnam, 5G will serve as the foundation that will drive Vietnam’s economic development and societal progress, thereby accelerating its journey towards becoming a digital economy.”

    Tommi Uitto, Nokia’s President of Mobile Networks, said: “Nokia is proud to be VNPT’s strategic partner in introducing 5G which will deliver future-ready communications solutions that will help accelerate Vietnam’s digital future. Our local 5G production is further enhancing our strong bond with the country.”

    Resources:
    Webpage: Nokia 5G
    Product page: AirScale Radio Access
    Product page: MantaRay Network Management

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale.Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable, and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
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    The MIL Network

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

    Source: Asia Development Bank

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

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

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

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

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

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

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

    MIL OSI Economics

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

    Source: New Zealand Police (National News)

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

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

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

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

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

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

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

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

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

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

    Please reference the file number 241018/8618.

    ENDS.

    Holly McKay/NZ Police

    MIL OSI New Zealand News

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

    Source: Fire and Emergency New Zealand

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

    MIL OSI New Zealand News

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

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

    MIL OSI New Zealand News

  • MIL-OSI Australia: Three arrested at Kilburn

    Source: South Australia Police

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

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

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

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

    The stolen car was towed away for forensic examination.

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

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

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

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

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

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

    CO2400042199
    CO2400042169, CO2400042345

    MIL OSI News

  • MIL-OSI Submissions: United Kingdom – Hundreds Gather to Celebrate 100 Years Since Construction of London’s First Ever Mosque

    Source: AHMADIYYA MUSLIM JAMAAT INTERNATIONAL
     
    The capital’s oldest mosque, the Fazl Mosque in Southfields, London, welcomed hundreds of guests on Saturday evening to mark a century since its foundation stone was first laid. 

    Guests including MPs, academics and religious leaders came together to view a special exhibition and hear a keynote address from the worldwide Head and Fifth Caliph of the Ahmadiyya Muslim Community, His Holiness, Hazrat Mirza Masroor Ahmad.
    The evening, themed “Islamic Light in the West: A Century of Spiritual Revival,” honoured the legacy of the journey of the Second Caliph of the Ahmadiyya Muslim Community from India to the UK – a journey that marked the dawn of a new era for Islam in Britain. 
    Speaking about the history of the mosque, His Holiness said:
    “From 1920 onwards, Ahmadi Muslims diligently raised funds through personal sacrifices and contributions.  Their collective efforts culminated in the purchase of the plot of land in Southfields, where you have gathered, for the sum of £2,230. It would serve as the location for the first Mosque in London.”
    “Exactly a century ago, the Second Caliph graced the land in Southfields where you are sitting and laid the foundation stone for the Fazl Mosque, which proved to be a landmark moment in the history of Islam in the UK.”
    The Fazl Mosque was granted heritage status by Historic England in 2018 and has served as the global headquarters of the Ahmadiyya Muslim Community. It remains a focal point for the community’s religious and humanitarian activities.
    His Holiness, Mirza Masroor Ahmad, also highlighted the urgent need to end conflicts taking place around the world.
    “Across the globe, wars are raging, lives are being tragically lost in unimaginable numbers, and we are witnessing a blatant disregard for the rights of Allah the Almighty and the rights of humanity.”
    “It is my heartfelt prayer that may the love of God Almighty and His Creation enter the hearts of all mankind. Certainly, it was to achieve this objective that the Fazl Mosque was constructed, and it is for the sake of reiterating this message and recognising the immense blessings of God Almighty that we have held this event.”

    MIL OSI – Submitted News

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

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

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

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

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

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

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

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

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

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

    Additional key findings include:

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

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

    About Visa Inc.

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

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

    MIL OSI – Submitted News

  • MIL-OSI New Zealand: Release: Delay to retirement village review won’t help residents

    Source: New Zealand Labour Party

    “Retirement Village Residents Association members have asked for three priority areas they want action on; maintenance and repairs, disputes settlements and fairer fees, and repayments on exiting a village. Timelines for review set by this Government are unacceptable and will leave residents in the lurch for years,” Labour seniors spokesperson Ingrid Leary said. 

    “Nearly all the background work has been done. Leaving any changes to the Act to the next parliamentary term will see many of the current residents passed on, time is on no one’s side.

    “Delays will only benefit the operators, not the residents.

    “Labour started this review process which now needs to be completed with haste by the Government. More than 20 years since the original Act was implemented.  

    “Recent comments by the Executive Director for Retirement Village Association Michelle Palmer in the media indicate the industry has been encouraging its members to make changes.

    “Clearly the time is right for this Government to act with both residents and operators primed and ready to resolve these long overdue concerns,” Ingrid Leary said.


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    MIL OSI New Zealand News

  • MIL-OSI Australia: Appointments – Members, Companies Auditors Disciplinary Board

    Source: Australian Treasurer

    The Albanese Government has today appointed Mr Michael Bray, Ms Julie Williams and Mr Matthew Green as part‑time accounting members of the Companies Auditors Disciplinary Board (CADB) for a three‑year period.

    The CADB is an independent disciplinary body established by Part 11 of the Australian Securities and Investments Commission Act 2001 (ASIC Act).

    CADB receives and reviews applications made to it by the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority in respect of registered company auditors under the Corporations Act 2001.

    Mr Bray specialises in financial statement audits in specialist industries with complex accounting and auditing issues. He has extensive experience in a number current and previous roles including as a Professor of Practice at Deakin University, a Director at the Australian Business Reporting Leaders Forum and a Special Adviser to the Chief Connectivity and Integrated Reporting Officer of the International Financial Reporting Standards Foundation.

    Ms Williams has many years experience as a registered liquidator and is well‑versed in the financial regulatory framework, including the Corporations legislation. Her experience includes membership of the board of the Institute of Public Accountants where she chaired the IPA’s disciplinary committee and served as President between 2020 and 2023.

    Mr Green is a partner at Forvis Mazars and a registered company auditor. He has a breadth of experience that includes providing audit and assurance services specialising in corporate reporting, accounting and auditing requirements, corporate law and governance, risk assessment and corporate transactions and valuations.

    The Government has also reappointed Ms Adeline Hiew as a part‑time business member and Mr Tony Brain and Ms Ann‑Maree Robertson as part‑time accounting members of the CADB.

    These appointments will continue the high level of skills and experience available to the CADB, to help ensure that the key sectors of our economy are effectively regulated.

    MIL OSI News

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

    Source: APEC – Asia Pacific Economic Cooperation

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    APEC Media at [email protected]

    MIL OSI Economics

  • MIL-OSI Economics: Secretary General of ASEAN participates in Singapore International Energy Week 2024

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered a keynote speech at the Singapore International Energy Week (SIEW) 2024 Summit, held in Singapore. In his remarks, Dr. Kao emphasized the need for enhanced cooperation among ASEAN Member States as well as between ASEAN and its external partners in strengthening regional energy security and sustainable development. He also highlighted ASEAN’s efforts under the ASEAN Plan of Action and Energy Cooperation (APAEC) Phase II 2021-2025, in which he urged for greater synergy in advancing regional initiatives such as the ASEAN Power Grid (APG) and fostering innovation in renewable energy to meet future energy demands.

    Download the full speech here.

    The post Secretary General of ASEAN participates in Singapore International Energy Week 2024 appeared first on ASEAN Main Portal.

    MIL OSI Economics

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

    Source: China State Council Information Office

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI China News

  • MIL-OSI New Zealand: Government to Clarify s70 Discharge Consent to Provide Certainty for Councils and Primary Sector

    Source: New Zealand Government

    The Government has announced its intention to provide certainty on discharge rules under section 70 of the Resource Management Act (RMA) for primary producers, and councils – enabling permitted discharge activities to be managed in a practical way, Agriculture Minister Todd McClay confirmed today.

    “The clarification will be introduced via the second Resource Management Amendment Bill. It will safeguard permitted activities and restore certainty for councils and the primary sector around diffuse discharges.

    “The recent High Court decision threatens to require consents for previously permitted discharges into waterways, imposing costs that would hinder the primary sector’s ability to improve freshwater quality over time,” Mr McClay says.

    “The High Court decision will also significantly increase the consenting workload of councils, affecting clearance timeframes and consent backlogs.

    “The work progressed through the second Resource Management Amendment Bill will provide legal clarity to councils and applicants so that they can plan ahead and ensure that key operations in the primary sector can continue without disruption.

    “Our goal is to produce clear rules that unlock the double dividend of higher growth and productivity alongside positive environmental outcomes.

    “The Government is committed to providing the settings regional councils and the primary sector need to support New Zealand’s economic growth while maintaining environmental standards.”

    MIL OSI New Zealand News

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

    Source: Northern Territory Police and Fire Services

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI News

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

    Source: Victoria Country Fire Authority

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Submitted by News and Media

    MIL OSI News

  • MIL-OSI Australia: Serious crash at Kapunda

    Source: South Australia Police

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

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

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

    Please avoid the area.

    MIL OSI News

  • MIL-OSI Asia-Pac: FS attends APEC meeting in Peru

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan began his visit in Lima, Peru, to attend the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting and related activities.

    Yesterday morning, he attended the Finance Ministers’ Retreat, a meeting focused on discussing the fiscal policies of economies and several specific topics, including tax administration, promoting quality infrastructure development, and the digital transformation of financial services.

    Mr Chan introduced the latest developments in Hong Kong regarding these topics and specifically shared Hong Kong’s experience in issuing retail bonds to support infrastructure projects that benefit the economy and people’s lives.

    He highlighted that this arrangement allows residents to participate in advancing infrastructure projects, and providing them with a safe, reliable, and stable investment option, while also raising funds for such projects. This approach, Mr Chan pointed out, achieves the dual goals of supporting inclusive finance and infrastructure development.

    He also shared Hong Kong’s progress in promoting the digitalisation of financial services, including ongoing optimisation of the fintech ecosystem, launching regulatory sandboxes to test and promote innovative projects across various financial sectors, and facilitating data sharing between small and medium-sized enterprises and banks to facilitate business lending.

    In the afternoon, while participating in the High Level Event on Sustainable Finance under Finance Ministers’ Meeting, Mr Chan engaged in in-depth discussions with finance ministers on the strategies for the development of sustainable finance and transition finance, governance frameworks and international co-operation.

    The Financial Secretary outlined the Hong Kong Special Administrative Region Government’s emission reduction targets and action strategies set forth in Hong Kong’s Climate Action Plan 2050.

    Additionally, he shared Hong Kong’s latest developments as a leading green finance centre in Asia, including the issuance of green and sustainable bonds, participation in the formulation of relevant international standards and climate disclosure guidelines, talent training, and promoting transition finance to build a thriving green and sustainable finance ecosystem.

    Moreover, he noted that a steering group comprising all financial regulators has been established to drive related efforts.

    What’s more, Mr Chan met Vice Minister of Finance Liao Min as well as several representatives from participating economies, including Peru’s Minister of Economy & Finance José Arista Arbildo, Singapore’s Minister for Transport and Second Minister for Finance Chee Hong Tat and Thai Deputy Minister of Finance Paopoom Rojanasakul to discuss deepening bilateral co-operation and exchange views on common concerns.

    During the bilateral meetings, Mr Chan introduced Hong Kong’s latest economic situation and various policy measures set out in the Policy Address that the Chief Executive delivered last week.

    In the evening, he attended a welcome reception for the Finance Ministers’ Meeting.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Students’ Study Room and Computer and Information Centre at Yuen Chau Kok Public Library reopened

    Source: Hong Kong Government special administrative region

    Students’ Study Room and Computer and Information Centre at Yuen Chau Kok Public Library reopened
    Students’ Study Room and Computer and Information Centre at Yuen Chau Kok Public Library reopened
    ******************************************************************************************

         A Leisure and Cultural Services Department spokesman announced today (October 21) that the Students’ Study Room and the Computer and Information Centre of Yuen Chau Kok Public Library, closed earlier on for urgent repair works, have been reopened.      For enquiries, please call 2324 2700.

     
    Ends/Monday, October 21, 2024Issued at HKT 13:15

    NNNN

    MIL OSI Asia Pacific News

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    The MIL Network

  • MIL-OSI: LHV Pank completed the acquisition of part of TBB pank’s credit portfolio

    Source: GlobeNewswire (MIL-OSI)

    AS LHV Pank and AS TBB Pank completed the transaction whereby the LHV Group’s subsidiary acquired a part of TBB Pank’s loan portfolio.

    By today, the transfer of the acquired loan portfolio has been completed, the volume of the acquired portfolio was 19,2 million euros, which may increase by up to 4,3 million euros within the next three months. The transaction concerned a total of 72 clients and the final discount amount was approximately 4 million euros.

    The completed transaction did not significantly impact LHV Pank’s capitalization or liquidity. The transaction can not be considered as a transaction between related parties.

    LHV Group is the largest domestic financial group and capital provider in Estonia. The LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,100 people. As at the end of August, LHV’s banking services are used by 441,000 clients, the pension funds managed by LHV have 118,000 active clients, and LHV Kindlustus protects a total of 168,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

    The MIL Network

  • MIL-OSI Economics: Secretary-General of ASEAN shares key priorities in ASEAN energy sector with Asian Power

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today granted an interview to Asian Power, a quarterly publication for the power generation, transmission and distribution industry in the Asia Pacific region. During the interview, Dr. Kao highlighted ASEAN’s various initiatives in promoting regional energy transition such as the development of the ASEAN Power Grid (APG), which aims to connect the region’s electricity networks to improve energy supply and resilience.

    The post Secretary-General of ASEAN shares key priorities in ASEAN energy sector with Asian Power appeared first on ASEAN Main Portal.

    MIL OSI Economics

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

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

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

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

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

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

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

    ANCIENT CITY WITH RENEWED IMAGE

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

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

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

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

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

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

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

    GLOBAL HIGH-TECH HUB AMBITION

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

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

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

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

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

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

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

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

    OPTIMIZED PUBLIC SERVICES FOR THE PEOPLE

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

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

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

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

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

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

    MIL OSI China News

  • MIL-OSI: Sampo plc’s share buybacks 18 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 21 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 18 October 2024

    On 18 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)
      3,612 41.79 AQEU        
      35,351 41.81 CEUX
      1,257 41.80 TQEX
      49,617 41.81 XHEL
    TOTAL 89,837 41.81  

    *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 8,952,245 Sampo A shares representing 1.63 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
    http://www.sampo.com

    Attachment

    The MIL Network

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

    Source: GlobalData

    Premiumization trend reshapes consumer beauty preferences in APAC, says GlobalData

    Posted in Consumer

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

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

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

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

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

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

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

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

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

    +GlobalData Macroeconomic Data, accessed on October 15, 2024

    MIL OSI Economics