Category: Asia Pacific

  • MIL-OSI Asia-Pac: Correctional Services Department Annual Review 2024 (with photos)

    Source: Hong Kong Government special administrative region

    Correctional Services Department Annual Review 2024 (with photos)
    Correctional Services Department Annual Review 2024 (with photos)
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         The following is the translation of the speech given by the Commissioner of Correctional Services, Mr Wong Kwok-hing, at the annual press conference today (February 20): Foreword      The Safeguarding National Security Ordinance officially came into effect upon gazettal in 2024, reflecting the determination of the Hong Kong Special Administrative Region Government to safeguard national security and building momentum for stable social development. Shouldering the missions of safeguarding national security and maintaining social stability, the Correctional Services Department (CSD) was committed to ensuring the effective delivery of its custodial and rehabilitation work in the past year. At the same time, the CSD has been actively extending its reach beyond the prison walls to proactively promote support for offender rehabilitation and conduct crime prevention education in the community through utilising the CSD’s unique resources, with a view to nurturing young people into law-abiding social leaders. (1) Overview of penal population      In 2024, the number of admissions to correctional institutions (including convicted persons, remands and detainees) increased 7 per cent to 18 438 as compared with 2023. In addition, the average daily penal population at correctional institutions also increased significantly to 9 550 persons in 2024 from 8 498 persons in 2023, representing an increase of 12 per cent. The average daily occupancy rate also rose from 75 per cent to 85 per cent.      The year-on-year rate of increase in the average daily number of remands has been over 15 per cent since 2021. The respective number of persons stood high at 3 650 in 2024, representing an increase of 18 per cent as compared with 3 096 persons in 2023, which hit a new record high since 2000.       On the other hand, since 2021, the CSD has assisted to detain adult detainees who are non-Hong Kong residents detained under the Immigration Ordinance. The number of detainees increased by 36 per cent, from 580 in 2023 to 787 in 2024, while the average daily number of detainees substantially increased by 72 per cent from 185 in 2023 to 318 in 2024.       In 2024, the number of admissions to correctional institutions owing to their involvement in offences relating to the black-clad violence (including riots, unlawful assembly) and their contravention of the Hong Kong National Security Law/Safeguarding National Security Ordinance was 410 (64 of them were involved in the contravention of the Hong Kong National Security Law/Safeguarding National Security Ordinance). Compared to 950 in 2023, the number of such admissions dropped by 540, representing a decrease of 57 per cent. As at December 31, 2024, the number of persons in custody involved in offences relating to the black-clad violence and those contravening the Hong Kong National Security Law/Safeguarding National Security Ordinance was 591, representing a decrease of 24 per cent as compared to 776 in 2023.      In response to the ever-changing penal population, especially the increasing population of remands, the CSD has deployed part of the capacity of individual correctional institutions to admit remands in order to alleviate the overcrowding situation of the reception centre. Moreover, the Department has already commenced the in-situ partial redevelopment of Lai Chi Kok Reception Centre, which will increase its capacity for admitting adult male remands in the long run. The Department will continue to closely monitor the changes in penal population and flexibly redeploy resources having regard to the actual operational needs to adjust the capacity for persons on remand in a timely manner. (2) Custodial work      Despite the increasing number of admissions and the growing penal population in the past year, which posed formidable challenges to both the governance and security of correctional institutions, correctional officers continued to stay united and stand fast to their posts. With the continued adoption of the nip-in-the-bud strategy, under which intelligence collection and search operations were stepped up, coupled with the application of technology and the upgrading of facilities and equipment, we strived to combat illicit activities and acts of indiscipline, thereby maintaining the good order and discipline of correctional institutions.      With regard to intercepting the smuggling of dangerous drugs into institutions, under the intensive measures by the Department, there were only six seizure cases of suspected dangerous drugs last year, representing a significant decrease of over 60 per cent as compared with 16 cases in 2023. Five of the cases were found in body-cavity concealment of newly admitted persons in custody; and the remaining one case was found in the mail sent to a person in custody. In addition, the Department continued to take a proactive approach by conducting a total of 12 547 joint search/special search/night raid operations in correctional institutions last year, covering 20 589 locations. Mobile X-ray scanners were also introduced to enhance the efficacy of search operations and strengthen the deterrent effect.          In 2024, as the number of admissions to and the penal population of correctional institutions kept increasing, the number of cases involving acts of indiscipline and violent acts among persons in custody also rose. In 2024, the number of disciplinary charges against persons in custody was 6 393. Counted against the penal population, there were 669 disciplinary cases per 1 000 persons in custody, representing an increase of 7 per cent as compared with 628 cases in 2023. The top three charges were “offending good order and discipline”, “possession of any unauthorised article” and “disobeying the orders of correctional officers”, which accounted for 35 per cent, 28 per cent and 18 per cent of the total number of disciplinary charges respectively. In 2024, a total of 3 412 persons in custody were subject to disciplinary charges, representing an increase of 401 persons or 13 per cent as compared with 3 011 persons in 2023. Among them, 618 committed disciplinary offences three or more times, involving 2 837 disciplinary charges, which accounted for 44 per cent of the total number of disciplinary charges.      In 2024, a total of 382 cases involving violent acts were recorded, representing an increase of 9 per cent as compared with 351 cases in 2023. These cases mainly involved fighting among persons in custody and assaulting others. Among these cases, 26 cases of a more serious nature were referred to the Police for follow-up, representing an increase of 18 per cent as compared to 22 cases in 2023. The number of correctional officers who were injured after being attacked or while stopping violent acts was 20, representing an increase of 33 per cent as compared to 15 in 2023.       In 2024, five cases of concerted acts of indiscipline among persons in custody were recorded, representing an increase of one case over 2023. The number of participants involved in the above incidents was 49 in total.      To maintain the good order and discipline of correctional institutions, apart from combating various kinds of acts of indiscipline through strict law enforcement by institutional staff, the Regional Response Team carried out a total of four operations in 2024 to support the security work of correctional institutions, which involved the handling of incidents like collective actions against the institutional management and group fights among persons in custody.       Apart from combating illicit activities and acts of indiscipline among persons in custody, correctional officers must stay vigilant at all times to detect and prevent any self-harm acts by persons in custody. Under the concerted efforts of correctional officers, a total of 18 self-harm cases were recorded in 2024, representing a significant decrease of 40 per cent as compared with 30 cases in 2023. (3) Rehabilitation      In 2024, the Department enhanced its rehabilitation work on all fronts by fully implementing various measures, including strengthening the determination of persons in custody to rehabilitate, extending the reach of rehabilitation programmes beyond the prison walls, and making an all-out effort to seek participation in and support for rehabilitation work from all sectors of the community, with a view to assisting persons in custody to turn over a new leaf and reintegrate into society.      To address the special rehabilitation needs of persons in custody involved in the black-clad violence and contravening the Hong Kong National Security Law/ Safeguarding National Security Ordinance, the Department continued to launch a number of diversified rehabilitation programmes under the Project PATH to enhance their knowledge of the Chinese traditional culture, foster good character and moral education, and teach them to appreciate and pass down Chinese culture. A flag-raising and foot drill competition was held for the first time with an aim to enhance their sense of national identity.      Furthermore, to enable persons in custody to obtain more opportunities for upward mobility, the CSD launched “Project JET” in October 2022 to provide one-stop training and career development opportunities for persons in custody, encouraging them to make life planning early, make full use of their talents and contribute to society. The project includes life planning, in-centre training, post-release internship, formal employment and a mentoring scheme. “Project JET” was awarded the Community Corrections Award, an excellence award by the International Corrections and Prisons Association last year.      The CSD launched the Rehabilitation Dog Services in early 2024 at Lo Wu Correctional Institution and Phoenix House to provide animal-assisted therapies to persons in custody in need, with a view to improving their depression and anxiety and reducing their violent tendencies. Moreover, the Rehabilitation Dog Services Internship Programme implemented at Phoenix House helps halfway house trainees build self-confidence and develop a sense of responsibility through caring for rehabilitation dogs. Trainees and rehabilitation dogs were arranged to visit elderly service centres to conduct caring visits, thereby giving back to society.      In 2024, the Department also set up two family therapy centres at the Multi-purpose Family and Rehabilitation Service Centres in Tuen Mun and Sheung Shui to organise different kinds of treatment programmes for rehabilitated drug addicts under statutory supervision and rehabilitated persons with violent tendencies or radical thoughts. By extending the in-prison psychological and family counselling services to the community, the Department aims to help them resolve family problems so that they can rebuild family relationships smoothly.      In 2024, the Department set up the Correctional Rehabilitation Research Unit to envision evidence-informed rehabilitation services through promoting research and making reference to the latest international research findings. Last year, the Unit published two issues of “Insight”, a research bulletin, with contents covering “the effect of education programmes on the psychological conditions and rehabilitation motives of persons in custody”, “how rehabilitation dogs enhance psychological health”, and “the application of sports activities on male persons in custody”. Moreover, the Unit has also endeavoured to enhance professional exchanges and its network with overseas, Mainland and local research consultants and practitioners, so that they can consider collaborative research issues on rehabilitation services.      On education, to further enable the inaugural graduates of the Ethics College who have obtained the Diploma of Applied Education to pursue higher qualifications, a two-year full-time Associate of General Studies distance programme was organised in the Ethics College in September 2024 to provide persons in custody with an option for further studies. Meanwhile, the CSD has also extended the Ethics College to Pik Uk Prison to provide a half-day Associate of General Studies programme and half-day vocational training for graduates of the Ethics College who are unable to complete the associate degree programme during the remainder of their sentences. This allows them to receive short-term educational and vocational training and continuously equip themselves in preparation for reintegration into society for academic and career pursuits upon their imminent release.      The overall passing rate of public examinations taken by persons in custody was 88.4 per cent last year (85.3 per cent and 90.6 per cent for adult and young persons in custody respectively), representing an increase of 5.7 percentage points over 2023. One person in custody obtained a total of 25 marks in six papers under the Hong Kong Diploma of Secondary Education Examination. Four additional persons met the general entrance requirements for local universities. Moreover, one person in custody was awarded a doctoral degree, and 11 others were awarded bachelor’s degrees.      On vocational training, the Department provides 13 market-oriented vocational training courses to young persons in custody, and 43 vocational training courses with more than 1 700 training places, an increase of 300 places as compared with 2023, for lawfully residing adult persons in custody who are due for discharge within 24 months and eligible for employment to enrol on a voluntary basis.       Last year, the overall passing rate of vocational training examinations taken by persons in custody was 99.5 per cent (99.3 per cent and 100 per cent for adult and young persons in custody respectively). Their employment rates after six months of employment follow-up period upon release were 87.3 per cent and 78.4 per cent respectively.        Moreover, the Department has endeavoured to establish close partnerships with organisations and individuals from different sectors of the community, with a view to providing comprehensive rehabilitation services. The Department held in June last year the first Rehabilitation Partners Award Scheme Presentation Ceremony to honour 120 non-governmental organisations (NGOs), charitable institutions, commercial organisations, post-secondary institutions, etc, in recognition of their active support for persons in custody and rehabilitated persons over the past two years, as well as to encourage different sectors of the community to become Rehabilitation Partners and support rehabilitation work.       Over the past 20 years and so, based on the year of discharge, Hong Kong’s recidivism rate (the percentage of readmission of local persons in custody to correctional institutions following conviction for a new offence within two years after discharge) has recorded a significant decrease from 39.9 per cent in 2000 to 21.8 per cent in 2022. The hard-earned result reflects the perseverance and hard work of correctional officers, the firm determination of persons in custody and rehabilitated offenders to turn over a new leaf, as well as the support for offender rehabilitation from all sectors of the community. (4) Community education      The CSD’s Rehabilitation Pioneer Project (RPP) provides a series of community education activities to disseminate to young people the four key messages of safeguarding our country and home, leading a law-abiding and drug-free life as well as supporting offender rehabilitation. Last year, the Department strengthened its patriotic education for young people to enhance their sense of national identity and raise their understanding of our country. A total of 45 133 participants joined various RPP activities last year, representing an increase of 2.5 per cent as compared with 44 015 in 2023.      To further promote the coverage of the Rehabilitation Pioneer Leaders (RPL) in the community, the Department continued a school-based programme to provide on-campus training. Currently, a total of six schools have joined the school-based programme, and the total number of RPL trainees has exceeded 600, representing an increase of 49 per cent as compared to that at the end of 2023. The Department also continued to enhance the diverse training programmes for RPL to help them develop their potential, including organising two certificate courses in 2024, namely Foundation Certificate in Correctional Studies and Criminal Legal Studies and Foundation Certificate in Moral and Personal Management, both pitched at Level 2 under the Hong Kong Qualifications Framework for Secondary One to Three RPL trainees to strengthen their awareness of making joint effort to build a society underpinned by the rule of law, foster positive thinking and establish good virtues.      Upholding the principle of sustainable development, the Department launched an initiative called “Captain Gor Union” and its mobile application last December, establishing a membership system for the RPP to recruit primary and secondary students as members. The members will then be arranged to join different activities promoting national security, national education, crime prevention, anti-drug and support for offender rehabilitation messages, as well as cultural exchange activities. The new membership system not only makes youth development work more systematic and sustainable but also helps recruit young people with great potential to join the RPL, with a view to continuously bringing in new blood to the Department’s youth uniformed group.      The Department organised different types of exchange activities under the theme “exploring our country ・ caring the community” last year. RPL trainees were arranged to visit different places on the Mainland, such as Wuhan, Beijing, Tianjin and Urumqi, and participate in volunteer activities. In addition, at the end of last year, the Department implemented a comprehensive co-operation programme with the charitable organisation, Long Caring, and arranged for RPL trainees to be the first uniformed youth group to join a tour to the Hong’an Hope Town in Hubei to enable them to learn about our country’s poverty alleviation work and the road to great rejuvenation of the Chinese nation.      Furthermore, in celebration of the 75th anniversary of the founding of the People’s Republic of China, the Department organised the first 3×3 Basketball Invitation Game for Hong Kong Uniformed Youth Groups in celebration of National Day last October to unite different uniformed youth groups in Hong Kong, aiming to promote patriotism through positive sport games, enhance young people’s sense of national identity and nurture them into a new generation with an affection for our country and Hong Kong and a positive mindset. (5) Human resources      In 2024, a total of 30 Officers and 344 Assistant Officers II were recruited. As at December 31, 2024, there were 674 vacancies for disciplined staff, accounting for 10.3 per cent of the overall establishment of the Department. The Department continued to implement the Post-retirement Service Contract Scheme last year to relieve the manpower strain. As at December 31, 2024, a total of 127 retirees were recruited. About 45 Officers are expected to be recruited this year, and the year-round recruitment for the post of Assistant Officer II will continue to fill the relevant vacancies.      Multipronged recruitment strategies were adopted last year to attract more talents who aspire to serve the community to join the Department, which achieved remarkable overall results. The total number of Assistant Officers II recruited in 2024 saw an increase of 18.6 per cent as compared with 290 in 2023.      In addition, the Department continued to work closely with different support service centres for ethnic minorities and schools last year. A variety of activities were organised to attract non-ethnic Chinese to apply for the vacancies of the CSD. In 2024, an additional 13 non-ethnic Chinese correctional officers were appointed. As at December 31, 2024, a total of 66 non-ethnic Chinese correctional officers were employed by the Department.      On staff training, to enhance patriotism and national security awareness among correctional officers, the Department continued to include training elements of national security, national education and patriotic education in the recruit training and training courses for serving staff, including inviting legal professionals and renowned scholars to host talks and sharing sessions, and arranging for correctional officers to visit the National Security Exhibition Gallery, the Patriotic Education Centre and the Chinese People’s Liberation Army Hong Kong Garrison Exhibition Center at Ngong Shuen Chau Barracks, as well as organising study and exchange visits to the Mainland for correctional staff. In 2024, 130 related activities were organised by the Department with over 2 600 staff members participating in the activities. (6) Application of innovation and technology      Last year, the Department continued to introduce innovation and technology projects to correctional facilities to assist the institutional management in enhancing management and operational efficiency and raising the security level of facilities. For example, the Department introduced the Second Generation Automatic Drone Patrol and Monitoring System to Tong Fuk Correctional Institution and implemented the Artificial Intelligence Coastal Surveillance System on Hei Ling Chau.      In addition, the Department continued its efforts to tie in with the Government’s Smart City Blueprint by digitising its public services. The Approved Hand-in Articles e-Ordering Service was implemented in all correctional institutions last December, enabling relatives and friends of persons in custody to purchase approved hand-in articles for them via an online platform. The articles are directly delivered to the correctional institutions concerned by the supplier. The service not only reduces the time visitors spend sourcing the articles in the market and the inconvenience of carrying them to the correctional institutions, but also shortens the time for correctional officers to conduct security checks and handle the articles, thereby enhancing the operational efficiency of correctional institutions.      Meanwhile, the CSD launched two new technology projects, namely Digital Incarceration Proof and Chatbot Service, at the end of last year to bring convenience to the public. Members of the public may apply for the Digital Incarceration Proof through the “iAM Smart” mobile application, instead of having to visit the CSD Headquarters in person as in the past. Furthermore, the Chatbot Service is provided on the CSD website and its mobile application. Through the use of chatbot “Ching Ching” to handle public enquiries, the efficiency of the public enquiry service can be raised. (7) Deepening collaboration with the Mainland and international partners      The CSD has been fostering professional collaboration with the Mainland and overseas correctional institutions to establish close partnerships and create opportunities for co-operation on issues of mutual concern, making its best endeavours to tell good correctional stories and to tell good stories of Hong Kong.      The Department held the first Greater Bay Area Correctional Services Tactical Skills Competition in January this year, with the participation of seven teams from correctional organisations in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The event effectively facilitated the exchange of experiences in crisis management between the CSD and correctional organisations in the GBA, with a view to enhancing the tactical skills of the response teams and their emergency response capabilities.      Apart from fostering exchanges and connections within the GBA, the Department has also actively integrated into our country’s Belt and Road Initiative. In March last year, the Department and the Hungarian Prison Service (with Hungary being the first European country to sign the Belt and Road co-operation agreement) signed a Memorandum of Understanding. Through formulating and promoting co-operation programmes including experience sharing in correctional services, personnel exchanges and joint research, the development of the two correctional authorities could be enhanced, and long-term co-operation relationship could be established, thereby deepening professional exchanges about international correctional services.      In November last year, the Department further enhanced its role as an international link by hosting the 42nd Asian and Pacific Conference of Correctional Administrators. About 140 correctional chiefs and representatives from 30 Asia-Pacific countries and regions (including 16 Belt and Road countries) attended the Conference, themed “Collaboration for Sustainable and High-quality Development”, to conduct professional exchanges about correctional services and the future development, with a view to strengthening and facilitating regional co-operation and further enabling counterparts from different places to gain a better understanding of the unique advantages and latest developments of Hong Kong’s correctional system. (8) Priorities in the coming year      Concluding its efforts made in 2024, the CSD achieved significant progress in various areas of its work. Looking forward, the Department will build on its success and seek changes while maintaining stability. We will continue to make innovations with professionalism in the three major areas of work, namely custodial work, rehabilitation and community education, with a view to making the CSD an internationally acclaimed correctional services institution.      On custodial work, following the successful organisation of the Greater Bay Area Correctional Services Tactical Skills Competition early this year, the CSD plans to set up the Hong Kong Correctional Services Response Tactics Training Base at Cape Collinson Correctional Institution to provide professional tactical skills training courses for officers of correctional institutions on the Mainland and overseas as well as local law enforcement officers to facilitate in-depth exchanges of response tactics and related skills between correctional institutions and professional law enforcement agencies in different jurisdictions and the CSD’s response teams, thereby enhancing their professionalism and response capabilities to deal with prison emergencies.      The Department will continue to introduce elements of innovation and technology into correctional facilities to raise operational efficiency, enhance institutional security and strengthen the self-management ability of persons in custody. These include the installation of the Persons in Custody Integrated Intelligent Communication System, the Electric Locks Security System, the Movement and Location Monitoring System, the Smart Visitor Management System, etc, in different institutions progressively. Moreover, the Department plans to set up a Penal Lab at Cape Collinson Correctional Institution jointly with the Hong Kong Science and Technology Parks Corporation in the first half of this year, where tailor-made innovative solutions can be tested, so that more smart initiatives tailored for penal settings can be introduced to enhance operational efficacy and service quality of the Department.      Following the launch of the Social Visit e-Booking Service, the Department plans to introduce a new e-booking option for video social visits to enable relatives and friends of persons in custody to make appointments via the Department’s webpage or its mobile application for video visits at the five Multi-purpose Family and Rehabilitation Service Centres located in the urban area. The new service can not only enhance the operational efficiency of the Department but also bring convenience to relatives and friends of persons in custody.      As for rehabilitation work, the Correctional Rehabilitation Research Unit will continue to carry out research studies in collaboration with local universities to promote evidence-informed rehabilitation services. The Unit plans to share its research findings with stakeholders and the public this year, including rehabilitated persons’ desistance from re-offending, and the use of social media of young persons in custody before incarceration and its impact on their mental health, in the hope of providing guidance on the formulation of future strategies for rehabilitation and crime prevention work.      Moreover, to address the rehabilitation needs of persons in custody serving short-term prison sentences, the Department is in discussion with an NGO to provide with them one-stop rehabilitation support services during imprisonment and after release, which include assessments made by professional social workers, participation in personal growth sessions, and the establishment of a positive social network after release. Such services can help rehabilitated persons establish positive values, develop law-abiding awareness, explore personal strengths, build self-confidence and set life goals, thereby reducing their recidivism risk. Under the collaborative project, the Correctional Rehabilitation Research Unit will carry out a three-year research project in collaboration with a local university and an NGO to track the rehabilitation situation of service users after release.      Furthermore, in view of the remarkable results of the Rehabilitation Dog Services Programme launched last year, the Department plans to conduct further studies with local universities and extend the programme to institutions for adult male persons in custody, with a view to benefitting more persons in custody in need.                  As regards community education, the Department will strengthen youth education in terms of its breadth and depth to nurture young people into a new generation with law-abiding awareness and affection for our country and Hong Kong.      With regard to expanding the breadth of youth education, the Department will make greater effort to enhance its connection with schools in various districts to further increase the number of schools joining the school-based RPL programme to recruit more RPL trainees.      The Department will extend its collaboration with other departments to jointly organise more publicity activities to promote crime prevention and anti-drug messages. For example, in view of an escalating trend of taking “space oil drug”, the Department will join hands with the Narcotics Division to organise the Creation and Rehabilitation Programme under the theme of “space oil drug” at Stanley Prison next month to disseminate anti-drug messages to participating students.       With regard to expanding the depth of youth education, to encourage young people to obtain an in-depth understanding of our country’s overall development trend, the Department will provide RPL trainees with job tasting opportunities on the Mainland to enable them to establish Mainland networking and raise their understanding of the Mainland market to assist them in realising their life planning and seizing national development opportunities.      A microfilm premiere on national security will be held this April to deepen the dissemination of messages about national security and the importance of the rule of law among participating secondary students and members of youth uniformed groups.      Lastly, in order to enhance the promotion of correctional work and the dissemination of the message of support for offender rehabilitation to the general public, since January this year, the Correctional Services Department Sports Association (CSDSA) has operated an online gift sales platform for charity named “Made in Prison” (MIP), which aims to foster a caring heart in the community through the sale of handcraft products made by persons in custody to the public. The charity online gift sales platform is operated by the charity fund under the CSDSA. All proceeds from the sale, after deducting necessary costs, will be donated to various local registered charities, thereby promoting the development of the local charity industry as well as providing persons in custody with opportunities to contribute to society.      In its future development, the MIP will introduce more innovative green elements. The Department and the Hong Kong Polytechnic University (PolyU) signed a Memorandum of Understanding in early February this year, under which PolyU’s patented technology for making 3D printing material with spent coffee grounds will be applied to the industrial production work performed by persons in custody. PolyU will also provide vocational training in product design for persons in custody to assist them in designing more environmentally friendly spent coffee grounds products, which will be available for sale on the MIP platform. The development of the platform signifies the CSD’s sheer determination to care for the underprivileged, the environment and the community in an innovative way.

     
    Ends/Thursday, February 20, 2025Issued at HKT 15:40

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Service arrangements of yard waste recycling centre Y·PARK announced

    Source: Hong Kong Government special administrative region

    Service arrangements of yard waste recycling centre Y·PARK announced
    Service arrangements of yard waste recycling centre Y·PARK announced
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         ​The Environmental Protection Department (EPD) announced today (February 20) the updated arrangements of receiving yard waste at the yard waste recycling centre, Y·PARK, from February 24 onwards.           An EPD spokesman said that Y·PARK had moved to a new site at Lung Kwu Sheung Tan, Tuen Mun (See Annex for the location map). Starting from February 24, it will receive yard waste at the new site while the temporary yard waste collection point previously set up at EcoPark will cease operation on the same day.           The operation hours of Y·PARK will remain unchanged, i.e. Monday to Saturday, 9am to 6pm (except for public holidays). For more information, please visit the Y·PARK website (www.ypark.hk), or contact the Y·PARK contractor by calling its hotline at 5743 9221, or emailing info@ypark.hk.

     
    Ends/Thursday, February 20, 2025Issued at HKT 15:00

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  • MIL-OSI Asia-Pac: Health Bureau launches new eHealth registration channel and time-limited gift redemption campaign to encourage citizens to establish lifelong electronic health records for their children early

    Source: Hong Kong Government special administrative region

    Health Bureau launches new eHealth registration channel and time-limited gift redemption campaign to encourage citizens to establish lifelong electronic health records for their children early
    Health Bureau launches new eHealth registration channel and time-limited gift redemption campaign to encourage citizens to establish lifelong electronic health records for their children early
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         The Health Bureau (HHB) announced that citizens are able to open eHealth accounts for their children aged under 16 via the one-stop platform on the eHealth mobile application (eHealth App) from today (February 20), making it more convenient to manage health records of their children. The HHB also introduced a time-limited gift redemption campaign on the same day to encourage parents to register eHealth for their children and to promote public participation in the health challenges on the “e+ Life” platform under eHealth and build healthy habits.     Starting today, citizens registered with eHealth can log into the eHealth App to register eHealth for their children aged under 16 and verify their identities through the one-stop “My Family” function. Parents can create eHealth accounts for their children easily and conveniently by just taking a photo of their children’s Hong Kong Birth Certificate, verifying and filling in the relevant information. Upon successful registration, their children can start building a personal lifelong electronic health record from an early age and receive coherent healthcare services as they grow up. Through the “My Family” function, parents can also access and manage their children’s health records, including vaccination, allergy or adverse drug reaction and growth records. For further details of the new registration channel, please visit the eHealth thematic website (app.ehealth.gov.hk/caregiver).     From today until May 31, children aged under 16 will earn health coins on their eHealth App account for gift redemption, after successful eHealth registration by their parents. Moreover, from today until July 31, parents who register their newborns aged under 1 with eHealth will also receive an extra limited edition Newborn Gift Box, which includes a multipurpose baby stroller bag, a mini soft tape measure, an eHealth picture book and other exquisite gifts. Eligible parents will be notified of the Newborn Gift Box redemption via their registered communication means on eHealth. To receive the Gift Box, they simply need to log into the “My Family” function of the eHealth App and select the delivery address in accordance with the instructions. For details of the collection of the Newborn Gift Box, please visit the eHealth thematic website (app.ehealth.gov.hk/gifts-redemption).     The Government has been promoting the use of eHealth to assist citizens in managing health records of their own and their family members, as well as developing a healthier lifestyle. Among other things, the HHB launched the “e+ Life” health challenge platform under eHealth in September 2024 to encourage citizens to participate in different health challenges, including the “e+ Go to the Park” and the concluded “10 000 Steps a Day Walking Challenge 2024”, allowing them to work out while gaming as well as accumulate health coins. From today until May 31, citizens can use the health coins earned from the “e+ Life” health challenges or eHealth registration of their children to redeem rewards. By scanning the redemption QR code on the eHealth App at designated self-service gift redemption machines located at the following locations, they can redeem a variety of gifts, such as eco umbrella pouches, eco portable cutlery sets and portable picnic mats.1. Harbour Road Sports Centre 2. Victoria Park Swimming Pool 3. Kwun Tong Swimming Pool 4. Kowloon Park Sports Centre5. Sham Shui Po Sports Centre6. Tiu Keng Leng Sports Centre 7. Che Kung Temple Sports Centre 8. Tsuen Wan Sports Centre 9. Yuen Long Sports Centre      In addition, the HHB will launch a two-week promotional campaign at Times Square, Causeway Bay, in mid-March to assist members of the public to register for eHealth, download the eHealth App and gain a better understanding of its functions. The campaign will feature various interactive activities and on-site giveaways to enhance public understanding of eHealth. A self-service gift redemption machine will also be set up for citizens to redeem gifts with their health coins.     For more information of the gift redemption and self-service gift redemption machines, as well as updates of the eHealth promotional events, please visit the eHealth thematic website (app.ehealth.gov.hk/elife-redemption) or call the hotline at 3467 6300 for inquiries. The hotline service runs from 9am to 9pm from Mondays to Fridays (except public holidays).

     
    Ends/Thursday, February 20, 2025Issued at HKT 14:55

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  • MIL-OSI Asia-Pac: Residential Care Services Scheme in Guangdong to expand

    Source: Hong Kong Government special administrative region

    Residential Care Services Scheme in Guangdong to expand
    Residential Care Services Scheme in Guangdong to expand
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         The Social Welfare Department (SWD) announced today (February 20) that starting from March 1, four additional residential care homes for the elderly (RCHEs) located in Jiangmen, Foshan and Shenzhen will become Recognised Service Providers under the Residential Care Services Scheme in Guangdong (the Scheme) to provide subsidised care and attention places for participating elderly persons.       The information of the additional RCHEs is as follows: 

    Name of RCHEs
    Location of RCHEs

    Jiangmen

    1.
    Jiangmen Xinhui Elderly Care Center
    68 Nanan Road Lane 3, Huicheng Street, Xinhui District, Jiangmen

    Foshan

    2.
    Foshan Nanhai Taoyuan Welfare Centre Co., Ltd(Operated under the partnership formed by Sing Yan Nursing Home Limited and a Mainland elderly service operator)
    1 Zhuangyuan Road, Luocun Village, Shishan Town, Nanhai District, Foshan

    Shenzhen

    3.
    Shenzhen Foresea Life Insurance Warm Home(Operated under the partnership formed by Beijing Elder Centre Limited and a Mainland elderly service operator)
    1099 Xinan Sixth Road, Haibin Community, Xinan Street, Baoan District, Shenzhen

    4.
    Shenzhen Expressway Shengao Lekang Health Service (Shenzhen) Co., Ltd (Guangming Social Welfare Institute)(Operated under the partnership formed by E.T. Investment Limited and a Mainland elderly service operator)
    101 Guangming Social Welfare Institute, Biming Road, Guangming Street, Guangming District, Shenzhen

         Together with the existing 11 RCHEs, the total number of RCHEs registered under the Scheme will increase to 15, located in six Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) (i.e. Shenzhen, Guangzhou, Foshan, Zhaoqing, Zhongshan and Jiangmen), providing more choices for elderly persons who are interested in retiring in the Mainland cities in the GBA.     Details of the Scheme are available at the SWD website (www.swd.gov.hk/en/pubsvc/elderly/cat_residentcare/subrcheplace/guangdong/index.html).

     
    Ends/Thursday, February 20, 2025Issued at HKT 14:30

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Health Ministry launches Intensified Special NCD Screening Drive to ensure 100% coverage of all individuals aged 30 years and above

    Source: Government of India (2)

    Union Health Ministry launches Intensified Special NCD Screening Drive to ensure 100% coverage of all individuals aged 30 years and above

    Key Highlights of the NCD Screening Campaign include Door-to-Door Comprehensive Outreach, Multi-Agency Collaboration and Real-Time Monitoring for Effective Implementation

    Posted On: 20 FEB 2025 12:01PM by PIB Delhi

    In view of the escalating burden of Non-Communicable Diseases (NCDs) in the country, the Ministry of Health & Family Welfare has launched an Intensified Special NCD Screening Campaign today. Running from 20th February to 31st March 2025, this ambitious initiative aims to achieve 100% screening of all individuals aged 30 years and above for prevalent NCDs, including Diabetes, Hypertension, and three common cancers—Oral, Breast, and Cervical.

    The campaign will be executed across Ayushman Arogya Mandirs (AAMs) and various healthcare facilities nationwide, under the National Programme for Prevention and Control of Non-Communicable Diseases (NP-NCD).

    Key Highlights of the Campaign are as under:

    • Door-to-Door Outreach: Trained ASHAs, ANMs, and frontline workers will conduct community visits to ensure maximum screening coverage, reaching individuals in their homes.
    • Essential Supplies: States and Union Territories (UTs) will guarantee the availability of essential medical supplies, including BP monitors, glucometers, and necessary medications at all healthcare centers.
    • Real-Time Monitoring: Data on screening, treatment, and follow-ups will be uploaded daily on the NP-NCD Portal, ensuring transparency and accountability.
    • Multi-Level Coordination: Nodal officers will be appointed at facility, block, district, and state levels to facilitate seamless execution of the campaign.
    • Daily Progress Review: States and UTs will provide updates to the Ministry by 6 PM daily, allowing for continuous monitoring and technical support.

    The Intensified Screening Campaign aims to achieve the following:

    • 100% Screening Coverage: The campaign aims to ensure early detection and timely intervention for NCDs.
    • Improved Linkage to Care: By establishing structured treatment and follow-up protocols, the campaign seeks to reduce complications associated with NCDs.
    • Better Health Outcomes: The initiative is expected to lower healthcare costs and enhance the overall quality of life for individuals across the nation.

    The Government of India is steadfast in its commitment to strengthening preventive healthcare and ensuring universal access to quality health services under the Ayushman Bharat initiative. This special drive marks a significant step toward a healthier and NCD-free India, empowering citizens to take charge of their health and well-being.

    ****

    MV

    HFW/Launch of NCD Screening Drive/20 February 2025/1

    (Release ID: 2104884) Visitor Counter : 43

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: 6th Edition of the Delhi International Leather Expo begins at IICC,Yashobhoomi

    Source: Government of India (2)

    Posted On: 20 FEB 2025 11:59AM by PIB Delhi

    The Council for Leather Exports (CLE) is organising the 6th Edition of the Delhi International Leather Expo (DILEX) – Reverse Buyer Seller Meet (RBSM) during 20th and 21st February 2025 at the India International Convention & Expo Centre (IICC), Yashobhoomi, Dwarka, New Delhi, with funding support from the Government of India under the Market Access Initiative (MAI) Scheme. This landmark event is poised to strengthen India’s position in the global leather and footwear industry.

    The 6th edition boasts expanded participation with approximately 225 Indian exhibitors showcasing their latest collections across an 8,000-square-meter exhibition area, a significant increase from the previous edition. Its global reach has also grown, with over 200 foreign buyers from nearly 52 countries, including key markets in Europe and the U.S., compared to just 130+ last time. The event will take place in Hall 1B at IICC, offering a world-class venue, while robust domestic engagement is ensured with over 500 representatives from Indian buying houses, retailers, and trade buyers, fostering extensive networking opportunities.

    During the inauguration of the 6th Edition of the Delhi International Leather Expo (DILEX), organized by the Council for Leather Exports (CLE), Shri Vimal Anand, Joint Secretary of the Department of Commerce, remarked that the event marked a significant milestone in India’s global trade journey. He noted that in the post-COVID recovery phase, India’s leather and footwear industry had demonstrated exceptional resilience by expanding exports and positioning the country to achieve its ambitious targets, including a goal of USD 7 billion for FY 2025-26.

    Shri Anand, also shared that with favorable policies, such as import duty exemptions on wet blue leather and enhanced credit guarantees for MSMEs, India is well-positioned to capitalize on emerging global shifts—particularly in light of geopolitical changes and new market access opportunities, including tariff adjustments and the “China Plus One” demand.

    Shri RK Jalan, Chairman, Council for Leather Exports at the inauguration of DILEX 2025 said, “The 6th Edition of the Delhi International Leather Expo (DILEX) 2025 opens doors for the global leather and footwear sector amidst an evolving geopolitical landscape. As the world recovers from the pandemic and contends with disruptions like the Russia-Ukraine conflict, Trump Tariff era and China’s aggressive trade policies, India’s leather industry has shown resilience, achieving consecutive months of growth. With a positive trajectory, we aim to reach the Department of Commerce’s USD 7bn export target and position India among the top 5 global exporters by FY 2025-26.

    As India continues to expand its footprint in the global footwear and leather market, DILEX 2025 provides a critical platform for fostering international trade and collaboration. The event facilitates one-on-one business meetings, allowing manufacturers and exporters to engage directly with international buyers, thereby exploring viable sourcing alternatives. At a time when India is increasingly recognized as a “China Plus One” sourcing option, DILEX 2025 reaffirms the country’s commitment to innovation, sustainable growth, and excellence in the leather and footwear sectors.                                              

    ***

    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2104883) Visitor Counter : 63

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Vice-President to visit Chhatrapati Sambhaji Nagar, Maharashtra on 22nd February, 2025

    Source: Government of India (2)

    Vice-President to visit Chhatrapati Sambhaji Nagar, Maharashtra on 22nd February, 2025

    VP to be Chief Guest at the 65th Convocation of Dr. Babasaheb Ambedkar Marathwada University

    VP to also Inaugurate the Constitution Awareness Year and Amrut Mahotsav at SB College, Sambhaji Nagar

    Posted On: 20 FEB 2025 11:03AM by PIB Delhi

    The Vice-President, Shri Jagdeep Dhankhar, will be on a one-day tour of Chhatrapati Sambhaji Nagar, Maharashtra on 22nd February, 2025.

    During the visit, the Vice-President will preside as Chief Guest at the 65th Convocation of Dr. Babasaheb Ambedkar Marathwada University, Sambhaji Nagar, Maharashtra and will  inaugurate the Constitution Awareness Year and Amrut Mahotsav at SB College at Sambhaji Nagar.

    As part of his visit, Shri Dhankhar will also offer puja and take blessings at Grushneshwar Temple in Ellora and visit the Ellora Caves (Kailash Cave)

    ****

    JK/RC/SM

    (Release ID: 2104871) Visitor Counter : 57

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Government welcomes passage of Road Tunnels (Government) (Amendment) Bill 2024

    Source: Hong Kong Government special administrative region

         The Government welcomed the passage of the Road Tunnels (Government) (Amendment) Bill 2024 by the Legislative Council today (February 20), which lays the foundation for the Government to smoothly take over the Tai Lam Tunnel (TLT) and implement new tolls at a suitably reduced level.

         The Secretary for Transport and Logistics, Ms Mable Chan, said, “The TLT is vital to the well-being of the 1 million residents in Yuen Long and North Districts who travel through the Tunnel, as well as being the lifeblood of transport and logistics trades to the road-based land crossings, airport, cargo terminals, etc. The Bill seeks to make the TLT, which is an important land infrastructure, more accessible and convenient for the public. The new tolls, which are devised based on scientific and traffic data, will enable the flow of people and freight between the Northwest New Territories and the urban area. The new tolls are a comprehensive proposal that takes into account both public opinion and holistic policy considerations.”

         The Government has appropriately reduced the tolls of the TLT to achieve a number of policy objectives: ensure that the TLT remains smooth and its spare capacity is utilised to alleviate the heavy traffic on its alternative routes (i.e. Tuen Mun Road and Tolo Highway); ensure smooth public transport services through the tunnel, thereby enabling the public’s commuting; embody the principle of “efficiency first” to attract commercial vehicles to use the Tunnel in support of the operation and development of the logistics industry; and the adherence to the principles of “user pay” and “cost-recovery”.

         The Government will implement a time-varying toll at the TLT. The tolls for all types of vehicles will be substantially reduced from the current levels, i.e. the toll for private cars is between $18 and $45; the toll for motorcycles (including motor tricycles) is between $7.2 and $18; the toll for taxis is charged at an all-day fixed rate of $28, while other commercial vehicles including goods vehicles and buses are charged an all-day fixed toll of $43. The above tolls will come into force on May 31 this year when the Government takes over the TLT. The HKeToll will also be implemented at the TLT, and the Transport Department will announce the details in due course.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Ombudsman announces results of direct investigation operation into Government’s arrangements for recovery, refurbishment and reallocation of public rental housing flats (with photos)

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Office of The Ombudsman:

         The Ombudsman, Mr Jack Chan, today (February 20) announced the completion of a direct investigation operation into the Government’s arrangements for the recovery, refurbishment and reallocation of public rental housing (PRH) flats, and has made 19 major recommendations for improvements to the Housing Department (HD) and the Hong Kong Housing Society (HKHS).

         The current-term Government has been making every effort to increase the PRH supply, and its efforts are delivering tangible results. In addition, the HD and the HKHS recover a number of PRH flats each year for various reasons such as tenants purchasing private flats in the market or subsidised sale flats, moving into residential care homes, passing away or voluntarily surrendering their flat for other reasons. In the past five years (note), the HD and the HKHS have recovered 15 700 and 1 100 PRH flats respectively on average each year. Efficient recovery and refurbishment of PRH flats is essential to speed up the reallocation of flats, thereby shortening the waiting time for public housing.

         Mr Chan said, “The current-term Government has diligently identified sites and built housing estates to solve the pressing housing problem. It endeavours to enhance quantity, speed, efficiency and quality, and adopts a proactive and positive attitude in enhancing the sense of happiness of the public. In combating abuse of public housing, the Government has spared no effort and implemented enhancement measures. Its efforts are delivering tangible results.

         “Subsequent to the launch of our direct investigation operation, the HD proactively introduced several enhancement measures to expedite the process of refurbishing recovered flats for reallocation to PRH applicants. Starting from November 2024, relevant measures have been put into practice in phases. For instance, the HD has set up a mechanism to provide contractors with information about the housing estates where there will be vacant flats in advance so that the contractors can make prior arrangements for the materials and manpower required for refurbishment works. The Department will also request that contractors give priority to refurbishment of vacant flats accepted by prospective tenants. It has also revised its Vacant Flat Refurbishment Allowance Scheme to extend the coverage to all vacant units regardless of the age of the property so that those who choose to join the scheme can move in as soon as possible. We consider such efforts of the HD laudable. In our view, the HD and the HKHS should take further steps forward to make reforms in recovery, refurbishment and reallocation arrangements to achieve a quicker turnover of PRH flats and ensure optimal utilisation of precious public housing resources.”

         The Office of The Ombudsman (the Office) has made 19 recommendations for improvements to the HD and the HKHS regarding exploring improvement of workflows to speeding up recovery of PRH flats, improving the procedures for handling items left in PRH flats by previous tenants, enhancing arrangements for refurbishment and reallocation of PRH flats, and reviewing relevant measures. The Office is pleased to learn that the HD and the HKHS have generally accepted all the Ombudsman’s recommendations for improvement.

         The Ombudsman’s major recommendations for improvement to the HD are: 

    improve the procedures for recovering the flats of deceased singleton tenants and revise the relevant guidelines;
    strengthen staff training on recovery of flats of deceased singleton tenants to enhance staff’s understanding of the revised workflow;
    explore how the procedures for handling cases involving tenants’ failure to vacate and surrender their flat upon expiry of the deadline prescribed in the Notice-to-Quit can be improved;
    maintain close communication with members of the Appeal Panel (Housing) and give due consideration to various proposals for improvement to facilitate the smooth decision-making process of the Appeal Tribunal;
    explore the setting of targets for reallocation arrangements after recovery of PRH flats where feasible;
    enhance the computer system to add functions of data collection, statistics compilation and analysis to improve the efficiency of refurbishment and reallocation of recovered PRH flats; and
    improve communication with tenants and their emergency contact persons, requesting that tenants provide an email address to facilitate communication.

         The major recommendations for improvement made to the HKHS are:
     

    make reference to the HD’s procedures for recovering the flats of deceased singleton tenants and revise the relevant guidelines; 
    arrange staff training after revising the guidelines on handling the tenancy matters of deceased singleton tenants;
    re-examine the procedures for handling items left in PRH flats by previous tenants;
    to be more proactive and decisive in handling cases of failure to surrender PRH flats;
    explore appropriate revisions of relevant arrangements to shorten the time frame for issuance of refurbishment work orders after recovery of a flat to less than 14 days to enhance efficiency and create a monitoring mechanism;
    re-examine the process of reallocation of recovered flats and explore setting of targets for reallocation arrangements after recovery of PRH flats where feasible; 
    improve the computer system for statistical analysis to effectively collate information on refurbishments and reallocations of recovered PRH flats for better efficiency;
    review the workflow and standards of refurbishment works of vacant PRH flats to speed up work progress and shorten the refurbishment period;
    consider introducing a scheme similar to the HD’s Vacant Flat Refurbishment Allowance Scheme and study the feasibility;
    consider following the HD’s example in issuing a Letter of Assurance to offer PRH accommodation to tenants who surrender their flat due to admission to residential care homes or imprisonment, when they have housing needs in future; 
    re-examine the arrangements for tenants’ surrender of their PRH flats after acquiring other forms of subsidised housing; and
    request that tenants and their emergency contact persons provide an email address to facilitate communication.

         The full investigation report is available on the website of the Office of The Ombudsman at www.ombudsman.hk for public information.

    Note: HD uses a financial year while HKHS uses a calendar year in compilation of statistics.      

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Postal services to Côte d’Ivoire return to normal

    Source: Hong Kong Government special administrative region

    Postal services to Côte d’Ivoire return to normal
    Postal services to Côte d’Ivoire return to normal
    *************************************************

         Hongkong Post announced today (February 20) that, as advised by the postal administration of Côte d’Ivoire, mail delivery services previously impacted by a local strike have returned to normal.

     
    Ends/Thursday, February 20, 2025Issued at HKT 11:32

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Appointments to Steering Committee on Rule of Law Education announced

    Source: Hong Kong Government special administrative region

    Appointments to Steering Committee on Rule of Law Education announced
    Appointments to Steering Committee on Rule of Law Education announced
    *********************************************************************

         The Government announced today (February 20) the reappointment of five incumbent members, as well as the appointment of three new members, to the Steering Committee on Rule of Law Education. The three new members are Dr Henry Ho Kin-chung, Ms Sabrina Ho Shuk-ying and Professor Dicky Tsang King-fung. Their appointments take effect today for a term of two years.      The Secretary for Justice, Mr Paul Lam, SC, welcomed the appointments and reappointments. He said he believes that the newly appointed and reappointed members will provide valuable advice on the promotion of rule-of-law education.      Mr Lam also thanked the outgoing members, Mr Jonathan Chang, SC, and Mr Matthew Cheung for their contributions to the Steering Committee.      The membership of the Steering Committee is set out in the Appendix.

     
    Ends/Thursday, February 20, 2025Issued at HKT 11:00

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Labour Department to hold webinar on abolition of MPF offsetting arrangement

    Source: Hong Kong Government special administrative region

    Labour Department to hold webinar on abolition of MPF offsetting arrangement
    Labour Department to hold webinar on abolition of MPF offsetting arrangement
    ****************************************************************************

         The Labour Department will hold a webinar on the abolition of the Mandatory Provident Fund (MPF) offsetting arrangement on March 27 (Thursday) at 3.30pm. Employers, employees and human resources practitioners are welcome to attend.     The abolition of MPF offsetting arrangement will be implemented on May 1 to improve the retirement protection of employees. The Government will at the same time launch the 25-year Subsidy Scheme for Abolition of MPF Offsetting Arrangement (SSA) to share out the severance payment/long service payment expenses of employers after the abolition. The key features of the abolition of MPF offsetting arrangement, the calculation of severance payment/long service payment after the abolition and the main points of the SSA will be introduced in the briefing.     The online briefing will be conducted in Cantonese via Zoom and admission is free of charge. The quota will be allocated on a first-come, first-served basis and the enrolment deadline is March 14 (Friday). The enrolment form can be downloaded from the thematic website of the abolition of MPF offsetting arrangement (www.op.labour.gov.hk/en/pdf/Enrolment Form_Mar 2025_Eng.pdf). For enquiries, please call 2852 3921.

     
    Ends/Thursday, February 20, 2025Issued at HKT 11:00

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    MIL OSI Asia Pacific News

  • MIL-OSI: Fairfax India Completes Acquisition of an Additional 10% Interest in Bangalore International Airport Limited

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

    (Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted).

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that, through its wholly-owned subsidiary, it has completed the acquisition of an additional 10% equity interest in Bangalore International Airport Limited (“BIAL”) from Siemens Project Ventures GmbH, part of Siemens Financial Services for, in aggregate, $255.0 million (the “Purchase Price”). As previously announced, the Purchase Price is payable in three installments, with the initial installment paid on closing of the transaction and the balance to be paid on August 31, 2025 and July 31, 2026.

    As a result of the closing of the transaction, Fairfax India’s aggregate share ownership in BIAL has increased to 74.0% (30.4% held by its wholly-owned subsidiary and 43.6% held by its indirect subsidiary, Anchorage Infrastructure Investments Holdings Limited) from 64.0% last year. The equity interest in BIAL owned by the Indian state promoters, Airports Authority of India and Karnataka State Industrial and Infrastructure Development Corporation Limited remains unchanged at 13% each.

    BIAL is a private company located in Bengaluru, India. BIAL, under a concession agreement with the Government of India until the year 2068, has the exclusive rights to carry out the development, design, financing, construction, commissioning, maintenance, operation and management of the Kempegowda International Airport Bengaluru (“KIAB”) through a public-private partnership. KIAB is the first greenfield airport in India built through a public-private partnership.

    About Fairfax India

    Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

    For further information, contact: John Varnell, Vice President, Corporate Affairs
    (416) 367-475

    The MIL Network

  • MIL-OSI Economics: Outgoing Permanent Representative of Lao PDR to ASEAN bids farewell to the Secretary-General of ASEAN

    Source: ASEAN

    The outgoing Permanent Representative of Lao PDR to ASEAN, H.E. Ambassador Bovonethat Douangchak, paid a farewell call on the Secretary-General of ASEAN, H.E. Dr. Kao Kim Hourn at the ASEAN Headquarters/ASEAN Secretariat today. SG Dr. Kao expressed his appreciation to Ambassador Bovonethat Douangchak for his vital role in the Committee of Permanent Representatives to ASEAN (CPR), especially for his able stewardship during Lao PDR’s ASEAN Chairmanship in 2024. SG Dr. Kao assured the Ambassador of his support that would be extended to his successor and the Permanent Mission of Lao PDR to ASEAN. SG Dr. Kao also wished the Ambassador every success in his future roles and endeavours.

    The post Outgoing Permanent Representative of Lao PDR to ASEAN bids farewell to the Secretary-General of ASEAN appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: Financial statements of the ECB for 2024

    Source: European Central Bank

    20 February 2025

    • ECB reports loss of €7.9 billion (2023: loss of €1.3 billion)
    • Losses will be offset against future profits

    The European Central Bank’s (ECB’s) financial statements for 2024 show a loss of €7,944 million, which is comparable to the loss of €7,886 million reported in 2023 before the transfer from risk provisions. In 2023 the full release of the provision for financial risks of €6,620 million reduced the loss for that year to €1,266 million, while in 2024 no losses could be covered by this provision as its balance stood at zero. The 2024 loss, like the loss from the previous year, will remain on the ECB’s balance sheet to be offset against future profits. As a result of the loss, there will be no profit distribution to euro area national central banks for 2024.

    The losses come after many years of substantial profits and are the result of policy actions taken by the Eurosystem that were necessary to fulfil its primary mandate of maintaining price stability. These policies required the ECB to expand its balance sheet by purchasing financial assets, mostly with fixed interest rates and long maturities. This was accompanied by a corresponding increase in liabilities, on which the ECB pays interest at variable rates. Thus, increases in the ECB’s key interest rates in 2022 and 2023, which were aimed at combating high inflation in the euro area, resulted in immediate increases in interest expenses on these liabilities, while interest income on the ECB’s assets, in particular on securities purchased under the asset purchase programme (APP) and the pandemic emergency purchase programme (PEPP), did not increase to the same extent.

    The ECB may still incur losses in the coming years. Should this be the case, any such losses are expected to be lower than those incurred in 2023 and 2024. Thereafter, the ECB is expected to return to making profits. In any case, the ECB can operate effectively and fulfil its primary mandate of maintaining price stability regardless of any losses. Its financial strength is further underlined by its capital and its substantial revaluation accounts, which together amounted to €59 billion at the end of 2024, €13 billion higher than at the end of 2023.

    The ECB’s interest income and expenses in 2024 were as follows:

    In 2024, as in 2023, the fact that interest expenses were higher than interest income was mainly driven by the significant interest expense on the ECB’s net TARGET liability. Since this liability was remunerated at the interest rate on the main refinancing operations (MRO rate), the higher average MRO rate of 4.1% in 2024 (2023: 3.8%) resulted in an increase in this expense. The higher average MRO rate also led to increases in the interest income on claims related to the allocation of euro banknotes in circulation and the interest expense payable to the NCBs as remuneration of their claims in respect of foreign reserves transferred to the ECB. The interest income on securities held for monetary policy purposes also increased, mainly on government securities held under the PEPP. The interest income on foreign reserves was higher, largely coming from securities denominated in US dollars.

    Write-downs amounted to €269 million (2023: €38 million) and resulted mainly from the decline in the market value of a number of securities held in the US dollar portfolio and the depreciation of the Japanese yen, which led to a reduction in the value of the related currency holding.

    Total staff costs increased to €844 million (2023: €676 million), mainly owing to the higher costs of post-employment benefits arising from an amendment to the rules governing the ECB’s pension plans in 2024. Other administrative expenses increased to €626 million (2023: €596 million), mainly owing to higher IT spending in relation to the digital transformation, while also reflecting the impact of inflation.

    Supervisory fee income (fees charged to supervised banks to recover expenses incurred by the ECB in the performance of its supervisory tasks) amounted to €681 million (2023: €654 million).

    The total size of the ECB’s balance sheet decreased by €33 billion to €641 billion (2023: €673 billion), mainly reflecting the gradual decline in APP holdings owing to redemptions.

    Consolidated balance sheet of the Eurosystem

    At the end of 2024 the size of the balance sheet of the Eurosystem, which comprises assets and liabilities of the euro area NCBs and the ECB vis-à-vis third parties, stood at €6,428 billion (2023: €6,887 billion). The reduction compared to 2023 was due to the decline in securities held for monetary policy purposes to €4,283 billion (2023: €4,694 billion), mainly owing to redemptions. APP holdings decreased by €353 billion to €2,673 billion, as reinvestment of maturing assets ceased in July 2023, while PEPP holdings decreased by €57 billion to €1,609 billion, with maturing assets being only partially reinvested in the second half of 2024. Furthermore, Eurosystem lending operations decreased to €34 billion (2023: €410 billion), largely as a result of the maturing of the third series of targeted longer-term refinancing operations (TLTRO III). The resulting decline was partially offset by the increase in the euro-equivalent value of the Eurosystem’s holdings of gold to €872 billion (2023: €649 billion) owing to the rise in the market price of gold in euro terms.

    For media queries, please contact William Lelieveldt, tel.: +49 69 1344 7316.

    Notes

    MIL OSI Economics

  • MIL-OSI NGOs: UK: Police forces ‘supercharging racism’ with crime predicting tech – new report

    Source: Amnesty International –

    Amnesty’s new report ‘Automated Racism’ reveals dangerous discrimination in police prediction tools

    Almost three-quarters of police forces attempt to predict crime by racially profiling communities across the UK

    ‘These systems have been built with discriminatory data and serve only to supercharge racism’ – Sacha Deshmukh

    A new 120 – page report from Amnesty International UK ‘Automated Racism – How police data and algorithms code discrimination into policing’ has exposed the grave dangers to society from ‘predictive policing’ systems and technology used across almost three quarters of the UK’s police forces.

    This is the first report to demonstrate how these systems are in flagrant breach of the UK’s national and international human rights obligations

    Amnesty found that at least 33 police forces – including the Met Police, West Midlands, Avon and Somerset, Manchester and Essex police – across the UK have used predictive profiling or risk prediction systems. Of these forces, 32 have used geographic crime prediction, profiling, or risk prediction tools, and 11 forces have used individual prediction, profiling, or risk prediction tools. 

    Sacha Deshmukh, Chief Executive at Amnesty International UK, said:

    “No matter our postcode or the colour of our skin, we all want our families and communities to live safely and thrive. 

    “The use of predictive policing tools violates human rights. The evidence that this technology keeps us safe just isn’t there, the evidence that it violates our fundamental rights is clear as day. We are all much more than computer-generated risk scores.

    “These technologies have consequences. The future they are creating is one where technology decides that our neighbours are criminals, purely based on the colour of their skin or their socio-economic background.

    “These tools to “predict crime” harm us all by treating entire communities as potential criminals, making society more racist and unfair.

    “The UK Government must prohibit the use of these technologies across England and Wales as should the devolved governments in Scotland and Northern Ireland. Right now, they can demand transparency on how these systems are being used.  People and communities subjected to these systems must have the right to know about them and have meaningful routes to challenge policing decisions made using them.

    “These systems have been built with discriminatory data and only serve to supercharge racism.”

     There are two main types of racist predictive policing systems that raise several human rights concerns: 

    Location: make predictions about the likelihood of crimes being committed in geographic locations in the future. The systems in all locations specifically targeted racialised communities. The chair of the National Police Chiefs Council has publicly admitted that policing is ‘institutionally racist’. In the year ending March 2023 there were 24.5 stops and searches for every 1,000 Black people, 9.9 stops and searches for every 1,000 people with mixed ethnicity, 8.5 for every 1,000 Asian people – and 5.9 for every 1,000 white people. Racialised people are over-represented in stop and search compared to both their representation in the population and even their involvement in police records of crime.

    The vast majority of stops and searches in the UK – 69 per cent – lead to no further action

    Profiling: individuals placed in a secret database and profiled as someone at risk of committing certain crimes, in the future. 

    Areas such as London, West Midlands, and Manchester with high populations of Black and racialised people are repeatedly targeted by police and therefore crop up in those same police records. Black people and racialised people are also repeatedly targeted and therefore over-represented in police intelligence, stop-and-search or other police records.  

    Forces using racist and failing systems

    The Metropolitan Police Service’s Violence Harm Assessment profiles people based on intelligence reports and about people who are ‘suspects’ and an individual can be profiled without ever having offended or committed a crime.  

    An initial period of Risk Terrain Monitoring-influenced policing targeted the north of the boroughs of Lambeth and Southwark from September 2020 onwards. Between December 2020 and October 2021 Lambeth had the second highest volume of stop and search of all London boroughs. In the same period, people of ‘black ethnic appearance’ (as defined by the Metropolitan Police Service) had the highest rate of stop and search encounters per 1,000 population of any ethnic group: they were stopped and searched more than four times, than people of white ethnic appearance. 80 per cent of these stops and searches resulted in no further action. In the same period, Lambeth had the second highest volume of police uses of force in all London boroughs, and police used force most against people recorded as ‘black or black British’. 

    In Southwark in the year ending March 2021, Black people were stopped and searched 3.3 times more than white people. Police used force against people in Southwark at least 8,924 times between September 2020 and September 2021, and 45 per cent of those times it was against ‘black or black British’ people.  (p67)

    West Midlands Police has deployed predictive crime mapping tools to predict knife crime and serious violence since 2021 and 2022, respectively. These tools have been funded by the Home Office Grip ‘hotspot’ policing programme and are part of West Midlands Police’s ’Project Guardian’ team, which focuses on youth violence and knife crime. 8 times out of 10  the system got it wrong.

    Influenced by the knife crime and prediction tool, West Midlands Police continues to conduct racial profiling and discriminatory policing. In the force area in 2024 white people were stopped and searched 2.3 times out of every 1,000, while Black or Black British people were stopped and searched 10.3 times out of every 1,000, almost five times as much.  (p44)

    Essex Police’s Knife Crime and Violence Model’s use of data on criminal associates criminalises people by association, without any evidence of criminality. The use of data on people’s mental health and drug use is another way in which health issues are taken to be markers of criminality. In other words, people are being criminalised for health issues. In the Essex Police force area in 2024 Black people were on average almost three times more likely to be stopped than white people, and in some areas of Essex as much as six and seven times more likely.

    There is no conclusive evidence from the Essex Police pilot or subsequent studies of the implementation that the use of so-called hotspot mapping had any impact on crime. There is, however, evidence that the use of the system reinforced and contributed to racial profiling and racist policing. (p38)

    Greater Manchester Police’s gang profiling is based on suspicion or even ‘perception’ without objective evidence of offending, or even any evidence of offending.

    The disproportionate representation of Black and racialised people on the ‘gang profiling’ XCalibre database is discriminatory and evidences the racial profiling that XCalibre conducts. This police tactic is also clear infringement of these young people’s right to freedom of association. It continues the targeting of black cultural and music events, as with the Metropolitan Police’s Form, which required events spaces to provide details to the police about the type of music played and the ethnic background of attendees.

    The Greater Manchester Police tactic of banning people from events in Manchester because they were perceived to be linked with gangs is one element of their so-called gang profiling. The XCalibre Task Force sought to exclude people from a cultural event based on its data-based profiling of their alleged involvement in gangs. (p91)

    Human rights violations exposed

    Racial profiling: The use of these systems by police results in, directly and indirectly, racial profiling, and the disproportionate targeting of Black and racialised people and people from lower socio-economic backgrounds. This in turn leads to their increased criminalisation, punishment, and exposure to violent policing. 

    There’s no right to a fair trial: Predictive systems target people and groups before they have actually offended, which risks infringing on the presumption of innocence and the right to a fair trial.

    Mass surveillance:  This is indiscriminate and can never be proportionate interference with the rights to privacy, freedom of expression, freedom of association and of peaceful assembly.

    Zara Manoehoetoe, Kids of Colour and Northern Police Monitoring Project3, said:

    The way in which these systems work is that you’re guilty until you can prove yourself innocent. Criminalisation is a justification for their existence. There is the presumption that people need to be surveilled and that they need to be policed.” 

    Chilling effect 

    People who live and reside in areas targeted by predictive policing will seek to avoid those areas as a result, leading to a chilling effect. Participants in the Essex discussion group said that if police were targeting certain areas, they would avoid those areas.

    Recommendations

    • A prohibition on predictive policing systems
    • Transparency obligations on data-based and data-driven systems being used by authorities, including a publicly accessible register with details of systems used. 
    • Accountability obligations including a right and a clear forum to challenge a predictive, profiling, or similar decision or consequences leading from such a decision. 

    Secrecy, scare tactics and surveillance – the view from those affected

    Anon contributor to the report said:

    “It’s not fair to over-police areas that have these challenges because of intentional underfunding, and to now [be] adding police to a situation that you’ve created as a part of the state system, is just adding to the problems of the community that you claim you want to protect.”

    John Pegram, Bristol Copwatch, said:

    “It doesn’t matter if you offended 13 or 14 years ago for something, you’re known to us for this, and therefore we’re going to assign a score to you. It’s risk scoring, it’s profiling, often racist profiling.”

    Hope Chilokoa-Mullen from the 4Front Project, said:

    We’ve had members who have been stopped and told: ‘You’ve been stopped because you’re on a database.’ They don’t know what database it is. I suppose that’s the point of it, you’re not really meant to know how it’s used.”

    Anon contributor said:

    “It targets and profiles entire areas. It targets you based on the community you live in. It’s a clear example of how racism structures policing.”

    See full report here

    MIL OSI NGO

  • MIL-OSI NGOs: ‘They said that I should die if I can’t stop being trans’ 

    Source: Amnesty International –

    Manun Wongmasoh, known as “Noon”, is a 26-year-old Muslim Thai transgender woman and an LGBTI activist. Raised in a religious family in Nakhon Nayok province, central Thailand, Noon was inspired to become a human rights activist to address certain interpretations of Islamic principles that she believed had been misused to discriminate against LGBTI individuals in Thailand.  

    Her advocacy and lived experiences, including the significant challenges she faced as a transgender woman in Thailand’s conservative Muslim community, were recently featured in an Amnesty International report highlighting the effects of technology-facilitated gender-based violence (TfGBV) against women and LGBTI activists in Thailand. She has been sharing her story of resilience while actively raising awareness about online harassment. 

    My father was a religious teacher and I was raised in a Muslim family. I used to practise reading the Qur’an and Islam is actually very kind to people in general. I still think it’s good that I have learned Islam and remain a practising Muslim, but I disagree with how it is commonly interpreted. 

    Many people in my religion perceive being transgender as a sin. This is why I decided to stand up for myself, for my identity. I’m transgender, and I’m also a human. God is the only one who is entitled to judge me in the afterlife. This is what I’m fighting for. 

    I started this struggle because of my family. They have hurt me the most. I can take what other people say to me but when my family talks about me behind my back, that is the most painful thing. I was kicked out of the family home when I was in high school. I found a way to support myself, but it still hurts. Because of my gender, they decided not to support me.  

    My family tried conversion therapy for me. At the time, I was still in school. They sent me to a religious school. It was the saddest time of my life. I was bullied. I received a lot of verbal abuse. It was a very tough time for me. Being trans is not like having a flu that can be treated. Religion is not the problem but the people who use it to oppress other people.  

    Since my dad passed away, my mum has started to accept who I am — but not my siblings. My siblings do not accept me. 

    I went to my grandmother’s funeral. I had just finished my breast surgery. My elder brother beat me up and kicked me. My mum couldn’t protect me. It became very difficult for her as well. And I feel deeply scared. I can only see her when no one else is at home. It’s the only time I can spend time with my mum, when other people are not around. 

    I want to create a safe zone for LGBTI people, including in the Muslim society. I’ve been affected a lot because I don’t have a comfort zone or safe space. I used to live in Thailand’s Deep South during my undergraduate studies. It’s a Malay Muslim-majority area and I have seen a lot of gender inequalities in how LGBTI people in this region faced mistreatment and discrimination. 

    When I started speaking out about safe spaces for LGBTI people in Muslim society, someone printed my photo and distributed it to certain police forces. They said they would hurt me and even kill me if they see me in person. “You’ll get to see your death before the time comes”, they told me. I filed a complaint with the police, but they couldn’t do much, they just logged a record. I have been sexually harassed as well because of how I dress. Friends from middle school attacked me through my Facebook account. The comments are so harsh. My friend from the Deep South told me they had seen my photo being posted in Muslim Facebook groups. 

    Most of them are men and super religious. Only a few women attacked me online, but it was mild, I could handle it. But the men — it was unbelievable. It was abusive.  

    Manun Wongmasoh is one of the activists featured in this video highlighting women and LGBTI activists in Thailand who have face technology-facilitated gender-based violence

    There should also be a law to protect people from online harassment. I think it will be useful to protect marginalized people, ethnic groups and LGBTI people who are more vulnerable to online abuse. That’s why I want to see this law.  

    Government agencies have not helped. We have the Gender Equality Act. When I received death threats online, I would have wanted to file a complaint, but the law has a clause that allows for using religion to justify gender-based violence. We have been left with no option to seek any remedies or justice.  

    We must talk about intersectionality and also safe spaces for LGBTI people. Online spaces are very important because it’s the easiest way to reach a lot of people and give them information. The challenge is that you cannot talk about anything online because we could face endless harassment and even death threats like I did.  

    On top of such online abuse, we have the Computer Crimes Act and national security laws that have been used to silence activists and the public for expression and online protest. Criminal defamation, too, so you can’t talk about the people who violate your rights. For example, there is a case about another LGBTI activist, who assisted a survivor of sexual assault committed by a politician. The politician filed a defamation charge against her. 

    These problems are the reasons why I work with human rights organizations. I strongly believe that everyone’s rights must be respected, and I really hope one day that all LGBTI people, including those of us in the Muslim community, can have a safe space — both offline and online.  

    MIL OSI NGO

  • MIL-OSI United Nations: ARISE Japan Public Symposium 2025: breakthroughs via collaboration: how various forms of DRR partnerships address resilience challenges

    Source: UNISDR Disaster Risk Reduction

    Time

    10:00 a.m. – 12:20 p.m. (GMT+9)

    About

    This year marks ten years from the adoption of the Sendai Framework for Disaster Risk Reduction on March 2015. While a certain amount of progress has been made, we chase an elusive and moving high bar that is a disaster resilient society, through pandemics, extreme weather, and a changing climate. With less than five years remaining until 2030, the target year, what more can be done to resolve difficult challenges?

    In this symposium, we will re-focus on “collaboration” as emphasized in “V. Roles of Stakeholders” of the Sendai Framework, and learn and discuss examples of collaboration across sectors, including business, government, and academia, and between businesses in different industries. Through such discussions we aim to accelerate and expand collaboration in the next five years to dramatically strengthen resilience and reach the goal of the Sendai Framework. 

    Tentative programme

    Note: The event will be in Japanese 

    10:00 Welcome Remarks 

    Mr. Masato Takamatsu, ARISE Japan Lead; President, Tourism Resilience Japan

    Ms. Yuki Matsuoka, Head, UNDRR Kobe Office

    10:20 Keynote 

    Importance of collaboration for DRR and resilience |Mr. Nishiguchi, CEO, Japan Innovation Network

    11:00 Panel discussion: the many forms of collaboration for disaster resilience 

    Moderator: Mr. Shigeki Honda, Adviser, Minerva Veritas Co., Ltd. 

    • Collaboration in the Philippines | Engr. Liza B. Silerio, Co-Chair, ARISE Philippines
    • Public-private-academia collaboration towards international standardization and better DRR | Dr. Takahiro Ono, General Manager Business Design, Tokio Marine Holdings, Inc.
    • Private-private collaboration and knowledge-sharing for realistic training materials| Ms. Yoshiko Abe, DRR Working Group, Global Compact Network Japan 
    • Collaboration towards better communication during disasters | Mr. Hirokazu Akiba, CEO, Sonae Co., Ltd. and Mr. Ryuta Taniguchi, CXCC Communication Director, Dentsu Inc.
    • Collaborations in satellite remote sensing | Ms. Yoriko Arai, Manager Business Strategy, Remote Sensing Technology Center of Japan (RESTEC) 

    12:20 Closing remarks

    Ms. Sandra Wu, Former ARISE Board member, Chairperson and CEO, Kokusai Kogyo Co., Ltd. 

    Event supported by

    Global Compact Network Japan (GCNJ)

    Association for Resilience Japan (ARJ)

    Japan Bosai Platform (JBP)

    Sponsored by

    Kokusai Kogyo Co., Ltd. 

    MIL OSI United Nations News

  • MIL-OSI Security: Readout of Secretary of Defense Pete Hegseth’s Call With Thailand Deputy Prime Minister and Minister of Defence Phumtham Wechayachai

    Source: United States INDO PACIFIC COMMAND

    Secretary of Defense Pete Hegseth and Thailand Deputy Prime Minister Phumtham Wechayachai held an introductory call this morning to reaffirm our shared commitment to the long-standing U.S.-Thailand alliance and over 192 years of friendship between our nations. The leaders discussed opportunities to strengthen the bilateral defense alliance, including expanding military exercises and deepening cyber and defense industrial base cooperation. The Secretary conveyed his appreciation for Thailand’s support of U.S. presence in the region, and reaffirmed the U.S. commitment to Thailand’s military modernization and professional military education in the United States.

    MIL Security OSI

  • MIL-OSI Asia-Pac: Mable Chan visits GZ

    Source: Hong Kong Information Services

    Secretary for Transport & Logistics Mable Chan today visited Guangzhou, meeting government officials there to discuss issues of mutual concern.

    Ms Chan held separate meetings with Guangdong’s Department of Transport Director  Lin Feiming and Public Security Department Deputy Director Guo Xiangyang.

    She also met representatives from the CPC Guangdong Provincial Committee’s Hong Kong & Macao Work Office and Guangdong’s Development & Reform Commission.

    The representatives and Ms Chan exchanged views on matters including the operation of the Hong Kong-Zhuhai-Macao Bridge, and promoting the flow of people and goods between Hong Kong and Guangdong. Ms Chan also visited local transportation facilities to learn about their operations.

    The transport chief highlighted that Hong Kong maintains close ties with Guangdong, and is striving to pursue innovation in cross-boundary transport policies and to promote a “one-hour living circle” in the Greater Bay Area.

    She mentioned that the Northbound Travel for Hong Kong Vehicles policy launched by the Hong Kong Special Administrative Region Government in 2023 has been well received. Around 80,000 Hong Kong private cars had obtained valid permits for travelling to Guangdong as of mid-February this year, meaning that one in every six eligible private cars has joined the scheme, she said.

    Ms Chan expressed gratitude to various authorities in Guangdong for their ongoing and strong support for the scheme, and said the Hong Kong SAR Government will work with Mainland authorities to explore arrangements allowing Guangdong private cars to travel to Hong Kong. 

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Latest news – Meeting of 3 March 2025 – Delegation for relations with India

    Source: European Parliament

    An ordinary meeting of the Delegation for relations with India (D-IN) will be held in Brussels on Monday 3 March 2025 at 17.15-18.45. The meeting will be dedicated to two exchanges of views:

    3 March 2025, 17.15 – 17.45 In camera

    Exchange of views with Mr Charles Whiteley, Head of Division for South Asia (ASIAPAC.6), following the European Commission visit to India

    3 March 2025, 17.45 – 18.45

    Exchange of views on the state of play and perspectives of the EU-India relations with:

    • Mr Christophe Jaffrelot, Director of Research at CNRS – CERI Sciences Po, Avantha Chair and Professor of Indian Politics and Sociology at the King’s College London, President of the French Association of Political Science; and
    • Ms Stefania Benaglia, EU Foreign Policy expert

    MIL OSI Europe News

  • MIL-OSI Europe: Financial statements of the ECB for 2024

    Source: European Central Bank

    20 February 2025

    • ECB reports loss of €7.9 billion (2023: loss of €1.3 billion)
    • Losses will be offset against future profits

    The European Central Bank’s (ECB’s) financial statements for 2024 show a loss of €7,944 million, which is comparable to the loss of €7,886 million reported in 2023 before the transfer from risk provisions. In 2023 the full release of the provision for financial risks of €6,620 million reduced the loss for that year to €1,266 million, while in 2024 no losses could be covered by this provision as its balance stood at zero. The 2024 loss, like the loss from the previous year, will remain on the ECB’s balance sheet to be offset against future profits. As a result of the loss, there will be no profit distribution to euro area national central banks for 2024.

    The losses come after many years of substantial profits and are the result of policy actions taken by the Eurosystem that were necessary to fulfil its primary mandate of maintaining price stability. These policies required the ECB to expand its balance sheet by purchasing financial assets, mostly with fixed interest rates and long maturities. This was accompanied by a corresponding increase in liabilities, on which the ECB pays interest at variable rates. Thus, increases in the ECB’s key interest rates in 2022 and 2023, which were aimed at combating high inflation in the euro area, resulted in immediate increases in interest expenses on these liabilities, while interest income on the ECB’s assets, in particular on securities purchased under the asset purchase programme (APP) and the pandemic emergency purchase programme (PEPP), did not increase to the same extent.

    The ECB may still incur losses in the coming years. Should this be the case, any such losses are expected to be lower than those incurred in 2023 and 2024. Thereafter, the ECB is expected to return to making profits. In any case, the ECB can operate effectively and fulfil its primary mandate of maintaining price stability regardless of any losses. Its financial strength is further underlined by its capital and its substantial revaluation accounts, which together amounted to €59 billion at the end of 2024, €13 billion higher than at the end of 2023.

    The ECB’s interest income and expenses in 2024 were as follows:

    In 2024, as in 2023, the fact that interest expenses were higher than interest income was mainly driven by the significant interest expense on the ECB’s net TARGET liability. Since this liability was remunerated at the interest rate on the main refinancing operations (MRO rate), the higher average MRO rate of 4.1% in 2024 (2023: 3.8%) resulted in an increase in this expense. The higher average MRO rate also led to increases in the interest income on claims related to the allocation of euro banknotes in circulation and the interest expense payable to the NCBs as remuneration of their claims in respect of foreign reserves transferred to the ECB. The interest income on securities held for monetary policy purposes also increased, mainly on government securities held under the PEPP. The interest income on foreign reserves was higher, largely coming from securities denominated in US dollars.

    Write-downs amounted to €269 million (2023: €38 million) and resulted mainly from the decline in the market value of a number of securities held in the US dollar portfolio and the depreciation of the Japanese yen, which led to a reduction in the value of the related currency holding.

    Total staff costs increased to €844 million (2023: €676 million), mainly owing to the higher costs of post-employment benefits arising from an amendment to the rules governing the ECB’s pension plans in 2024. Other administrative expenses increased to €626 million (2023: €596 million), mainly owing to higher IT spending in relation to the digital transformation, while also reflecting the impact of inflation.

    Supervisory fee income (fees charged to supervised banks to recover expenses incurred by the ECB in the performance of its supervisory tasks) amounted to €681 million (2023: €654 million).

    The total size of the ECB’s balance sheet decreased by €33 billion to €641 billion (2023: €673 billion), mainly reflecting the gradual decline in APP holdings owing to redemptions.

    Consolidated balance sheet of the Eurosystem

    At the end of 2024 the size of the balance sheet of the Eurosystem, which comprises assets and liabilities of the euro area NCBs and the ECB vis-à-vis third parties, stood at €6,428 billion (2023: €6,887 billion). The reduction compared to 2023 was due to the decline in securities held for monetary policy purposes to €4,283 billion (2023: €4,694 billion), mainly owing to redemptions. APP holdings decreased by €353 billion to €2,673 billion, as reinvestment of maturing assets ceased in July 2023, while PEPP holdings decreased by €57 billion to €1,609 billion, with maturing assets being only partially reinvested in the second half of 2024. Furthermore, Eurosystem lending operations decreased to €34 billion (2023: €410 billion), largely as a result of the maturing of the third series of targeted longer-term refinancing operations (TLTRO III). The resulting decline was partially offset by the increase in the euro-equivalent value of the Eurosystem’s holdings of gold to €872 billion (2023: €649 billion) owing to the rise in the market price of gold in euro terms.

    For media queries, please contact William Lelieveldt, tel.: +49 69 1344 7316.

    Notes

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Marketing authorisation for an RNA-based vaccine with self-strengthening mRNA – P-000048/2025(ASW)

    Source: European Parliament

    The Commission shall adopt its decision on Kostaive based on the scientific evaluation of the quality, safety, and efficacy of the vaccine by the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA).

    On 12 December 2024 the CHMP concluded that the benefits of the vaccine outweigh any potential risks and recommended granting marketing authorisation for the prevention of COVID-19 in adults[1].

    The EMA was aware of concerns expressed by some academics in Japan during its assessment. Research into self-amplifying mRNA vaccines has been ongoing for over two decades. Notably, the self-amplifying mRNA technology, like other mRNA vaccines, does not interfere with a person’s genetic code.

    The CHMP identified no major safety concerns, and data indicate that Kostaive’s safety profile is comparable to that of existing mRNA vaccines.

    The most common side effects observed in clinical trials were mild, including pain and tenderness at the injection site, tiredness, headache, muscle and joint pain, chills, dizziness, and fever. Patients involved in the studies with Kostaive have been followed for at least one year.

    Kostaive’s safety will be closely monitored by EMA and national authorities in the EU to ensure any possible risks are detected and mitigated as early as possible[2]. The assessment report as well as the risk management plan for the vaccine, will be published on EMA’s website.

    In the framework of marketing authorisation of medicines, the Commission relies on the scientific advice provided by the EMA’s scientific committees.

    Concerns and developments from other jurisdictions in relation to medicines are noted but do not alter the EU’s commitment to upholding its rigorous safety, efficacy, and quality standards.

    • [1] https://www.ema.europa.eu/en/medicines/human/EPAR/kostaive
    • [2] https://www.ema.europa.eu/en/human-regulatory-overview/public-health-threats/coronavirus-disease-covid-19/covid-19-medicines/safety-covid-19-vaccines

    MIL OSI Europe News

  • MIL-OSI Europe: Briefing – Japan’s Parliament and other political institutions – 20-02-2025

    Source: European Parliament

    Japan is a constitutional monarchy, with a parliamentary system of government based on the separation of powers. The Emperor is the symbol of the state and does not hold political functions, only performing ceremonial duties. Nevertheless, he can play an important diplomatic role. With Emperor Naruhito’s enthronement in 2019, following his father’s abdication, Japan has entered the Reiwa (beautiful harmony) era. The 2001 administrative reform strengthened the Prime Minister’s leadership in the cabinet. The Chief Cabinet Secretary also plays an important relevant role. Ishiba Shigeru, leader of the Liberal Democratic Party, has been the country’s Prime Minister since September 2024. The Supreme Court is at the top of the judicial system. It is not a constitutional court, despite handling appeals arising from actual disputes. The appointment of its Justices is reviewed by the people at the first general election of the Lower House following their appointment. Japan is a unitary state divided into 47 prefectures. A Metropolitan Government administers the capital, Tokyo. Japan’s 1947 Constitution recognises ‘local self-government.’ Local governments carry out many of the national policies and programmes. They have limited autonomy, also because of their dependence on financial resources from the central government. Japan has a bicameral parliament − the Diet. Although the two chambers share legislative powers, the Lower House (House of Representatives) prevails in the legislative process and is empowered to adopt the final decision on the budget and on the approval of international treaties. Changes in the regional geopolitical environment and in the country’s demographic structure have prompted debates on issues such as the revision of the ‘pacifist’ Article 9 of the Constitution and the distribution of seats among electoral constituencies. This is an update of a briefing published in December 2020.

    MIL OSI Europe News

  • MIL-OSI: Lantronix PoE++ Switches Help Power the World’s Largest DC-Powered Warehouse

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., Feb. 20, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for IoT solutions enabling AI Edge intelligence, today announced its case study on Mouser Electronics’ new 413,000-square-foot, three-story Global Distribution Center, the world’s largest new Class 4 DC-powered installation. The Lantronix PoE++ switches (SM24TBT2DPB and SM24TBT2DPB-DE) are a vital part of the PoE lighting installation for which Mouser won an IBCon 2024 Digie Award for the Most Intelligent DC-Powered Building.

    “Using Lantronix PoE++ switches, we distributed power and controls throughout the Mouser warehouse by using low-voltage DC, which is the best way to create a sustainable building that reduces energy costs while providing a lower carbon footprint and a more comfortable work environment,” said Hannah Walker, chief operating officer of Sinclair Digital, the Authorized Lantronix Valued-Added Reseller that provided the DC digital solution.

    Mouser’s dedication to environmental responsibility and adoption of innovative technologies played a role in its decision to incorporate PoE technology, which delivers DC power to devices over copper Ethernet cabling without the need for separate power supplies or outlets, and
    fault managed power, a DC power infrastructure that eliminates losses associated with AC-to-DC conversion.

    Within enclosures at the ceiling of the new facility, power distribution modules transfer the fault managed power to high voltage DC power for the Lantronix SM24TBT2DPB-DE switches, in turn delivering up to 90W of PoE++ power per port to lighting fixtures, occupancy sensors and other PoE-enabled endpoints. The SM24TBT2DPB switches are also used in racks within the facility to connect more lighting, cameras and wireless access points.

    The PoE lighting system was designed by Baird, Hampton & Brown, a leading electrical engineering firm using Sinclair Digital’s DC digital solution package. Installed by TriCO Electric and Polarity Networks, the PoE lighting fixtures were provided by HE Williams using PoE lighting drivers from MHT Technologies with fault managed power from VoltServer. This DC power infrastructure reduces Mouser’s carbon footprint while improving lighting control and operational costs.

    Benefits of Mouser’s all DC-powered PoE lighting solution include:

    • Reduced energy consumption and related cost savings
    • Minimized environmental impact
    • Enhanced flexibility by improving lighting control
    • Reduced operational costs with fewer maintenance requirements
    • Improved lighting environment for warehouse employees
    • Ability to move and change lighting as warehouse needs change

    “Our Dallas-Fort Worth distribution center now operates on the world’s largest Class 4 power system, providing state-of-the-art lighting for our employees while helping us reduce our energy usage over the long term. Moreover, it provides scalability and flexibility to move or add devices as our needs change, further reducing our long-term costs,” said Pete Shopp, senior vice president of Business Operations at Mouser Electronics.

    Visit the complete Mouser case study here.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to Lantronix products or leadership team. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report, as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

    ©2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

    Lantronix Media Contact:        
    Gail Kathryn Miller
    Corporate Marketing &
    Communications Manager
    media@lantronix.com

    Lantronix Analyst and Investor Contact:        
    investors@lantronix.com

    The MIL Network

  • MIL-OSI Europe: Chipping in with €1 billion

    Source: European Investment Bank

    With a background in physics and fluid mechanics, Dirkzwager spent almost a decade in central engineering at Philips in the Netherlands, before moving to Hong Kong, where he was inspired by the city’s entrepreneurial energy and eagerness to grow.

    “The approach was all about trial and error,” he says. “Trying things quickly, seeing what worked and moving on to the next idea.” NXP Semiconductors was born with this mindset, as a spinoff from Philips’s semiconductor division in 2006. “That’s when we shifted our focus to customers beyond Philips, serving the global market,” says Dirkzwager. “It was an exciting, hectic time.”

    According to a McKinsey study, the global market for semiconductors could reach more than $1 trillion by 2030, up from $600 billion in 2021.

    Today, more than half of NXP’s chip design, manufacturing and distribution serves the automotive market. About 25% goes to industrial and Internet of Things customers, and 17% to the mobile sector, including smartphones and tablets.

    NXP’s research and development in chips for the automotive sector will be ready to be used in the market in about five years, and the work on post-quantum encryption will be ready for the market in 10 to 20 years. The semiconductor industry’s focus on the future ties in well with the long-term investment preference of the European Investment Bank, making the loan a good fit for both parties.

    “The Bank was fast, efficient and competitive,” Dirkzwager says. “It’s a good feeling.”

    MIL OSI Europe News

  • MIL-OSI: TransAlta Reports Strong 2024 Results, Announces Dividend Increase and 2025 Annual Guidance

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 20, 2025 (GLOBE NEWSWIRE) — TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported its financial results for the fourth quarter and year ended Dec. 31, 2024.

    “Our business delivered solid results within the upper range of our guidance, driven by high availability across our generation portfolio, along with the enduring performance of our optimization and hedging strategies. During the year, we added 2.2 GW of generation to our fleet, with three contracted wind facilities achieving commercial operation in addition to the acquisition of Heartland Generation. We also returned $214 million, or $0.71 per share, of value to shareholders through dividends and share repurchases at an average price of $10.59 per share,” said John Kousinioris, President and Chief Executive Officer of TransAlta.

    “Given our confidence in the future, we are pleased to announce that our Board of Directors has approved an eight per cent increase to our common share dividend, now equivalent to $0.26 per share on an annualized basis. This represents our sixth consecutive annual dividend increase, affirming our Company’s commitment to returning value to shareholders,” added Mr. Kousinioris.

    “Our portfolio of generating facilities continues to perform well. In 2025, we expect to generate between $450 and $550 million of free cash flow. We maintain a balanced, prudent and disciplined approach to capital allocation and balance sheet strength. We remain focused on advancing development opportunities at our legacy thermal energy campuses, along with pursuing longer term growth options with a commitment to maximizing shareholder value. Looking to 2025 and beyond, I am optimistic about our Company’s momentum and opportunities.”

    Fourth Quarter 2024 Financial Highlights

    • Adjusted EBITDA(1) of $285 million, compared to $289 million for the same period in 2023
    • Free Cash Flow (FCF)(1) of $48 million, or $0.16 per share, compared to $121 million, or $0.39 per share, for the same period in 2023
    • Cash flow from operating activities of $215 million, compared to $310 million from the same period in 2023
    • Net loss attributable to common shareholders of $65 million, or $0.22 per share, compared to $84 million, or $0.27 per share, for the same period in 2023

    Full Year 2024 Financial Highlights

    • Achieved the upper range of both 2024 adjusted EBITDA and FCF guidance
    • Returned $143 million of capital to common shareholders through the buyback of 13.5 million common shares at an average price of $10.59 per share
    • Adjusted EBITDA of $1,253 million, compared to $1,632 million from the same period in 2023
    • FCF of $569 million, or $1.88 per share, compared to $890 million, or $3.22 per share, from the same period in 2023
    • Net earnings attributable to common shareholders of $177 million, or $0.59 per share, compared to $644 million, or $2.33 per share, from the same period in 2023
    • Exited 2024 with a strong financial position, with adjusted net debt to adjusted EBITDA of 3.6 times and available liquidity of $1.6 billion

    Other Business Highlights and Updates

    • Announced an annual dividend increase of eight per cent, now equivalent to $0.26 per share on an annualized basis, which represents the sixth year of consecutive dividend growth
    • Provided 2025 guidance including adjusted EBITDA of $1.15 to $1.25 billion and FCF of $450 to $550 million, or $1.51 to $1.85 per share
    • Completed the acquisition of Heartland Generation at a purchase price of $542 million in December 2024, which added 1.7 GW to gross installed capacity
    • Achieved strong operational availability of 91.2 per cent in 2024, compared to 88.8 per cent in 2023
    • 2024 Total Recordable Injury Frequency of 0.56 compared to 0.30 in 2023
    • Reduced scope 1 and 2 GHG emissions intensity in 2024 to 0.35 tCO2e/MWh from 2023 levels of 0.41 tCO2e/MWh
    • Achieved commercial operation at the White Rock West and East wind facilities in January and April 2024, respectively
    • Achieved commercial operation at the Horizon Hill facility in May 2024
    • Completed the Mount Keith 132kV expansion project during the first quarter of 2024

    Key Business Developments

    Declared Increase in Common Share Dividend
    The Company’s Board of Directors has approved a $0.02 annualized increase to the common share dividend, or 8 per cent increase, and declared a dividend of $0.065 per common share to be payable on July 1, 2025 to shareholders of record at the close of business on June 1, 2025. The quarterly dividend of $0.065 per common share represents an annualized dividend of $0.26 per common share.

    TransAlta Acquired Heartland Generation from Energy Capital Partners

    On Dec. 4, 2024, the Company closed the acquisition of Heartland Generation Ltd. and certain affiliates (collectively, Heartland) for a purchase price of $542 million from an affiliate of Energy Capital Partners (ECP), the parent of Heartland (the Transaction). To meet the requirements of the federal Competition Bureau, the Company entered into a consent agreement with the Commissioner of Competition pursuant to which TransAlta agreed to divest Heartland’s Poplar Hill and Rainbow Lake assets (the Planned Divestitures) following closing of the Transaction. In consideration of the Planned Divestitures, TransAlta and ECP agreed to a reduction of $80 million from the original purchase price for the Transaction. ECP will be entitled to receive the proceeds from the sale of Poplar Hill and Rainbow Lake, net of certain adjustments following completion of the Planned Divestitures. TransAlta also received a further $95 million at closing of the Transaction to reflect the economic benefit of the Heartland business arising from Oct. 31, 2023 to the closing date of the Transaction, pursuant to the terms of the share purchase agreement. The net cash payment for the Transaction, before working capital adjustments, totalled $215 million, and was funded through a combination of cash on hand and draws on TransAlta’s credit facilities.

    Excluding the Planned Divestitures, the Transaction adds 1.7 GW (net interest) of complementary capacity from nine facilities, including contracted cogeneration and peaking generation, legacy gas-fired thermal generation, and transmission capacity, all of which will be critical to support reliability in the Alberta electricity market.

    Mothballing of Sundance Unit 6

    On Nov. 4, 2024, the Company provided notice to the Alberta Electric System Operator (AESO) that Sundance Unit 6 will be mothballed on April 1, 2025, for a period of up to two years depending on market conditions. TransAlta maintains the flexibility to return the mothballed unit to service when market fundamentals improve or opportunities to contract are secured. The unit remains available and fully operational for the first quarter of 2025.

    Production Tax Credit (PTC) Sale Agreements

    On Feb. 22, 2024, the Company entered into 10-year transfer agreements with an AA- rated customer for the sale of approximately 80 per cent of the expected PTCs to be generated from the White Rock and the Horizon Hill wind facilities.

    On June 21, 2024, the Company entered into an additional 10-year transfer agreement with an A+ rated customer for the sale of the remaining 20 per cent of the expected PTCs.

    The expected average annual EBITDA(1) from the two agreements is approximately $78 million (US$57 million).

    Normal Course Issuer Bid (NCIB)

    TransAlta remains committed to enhancing shareholder returns through appropriate capital allocation such as share buybacks and its quarterly dividend. In the first quarter of 2024, the Company announced an enhanced common share repurchase program for 2024, allocating up to $150 million, and targeting up to 42 per cent of 2024 FCF guidance, to be returned to shareholders in the form of share repurchases and dividends.

    On May 27, 2024, the Company announced that it had received approval from the Toronto Stock Exchange to purchase up to 14 million common shares pursuant to an NCIB during the 12-month period that commenced May 31, 2024, and terminates May 31, 2025. Any common shares purchased under the NCIB will be cancelled.

    For the year ended Dec. 31, 2024, the Company purchased and cancelled a total of 13,467,400 common shares at an average price of $10.59 per common share, for a total cost of $143 million, including taxes.

    Horizon Hill Wind Facility Achieves Commercial Operation

    On May 21, 2024, the 202 MW Horizon Hill wind facility achieved commercial operation. The facility is located in Logan County, Oklahoma and is fully contracted to Meta Platforms Inc. for the offtake of 100 per cent of the generation.

    White Rock Wind Facilities Achieve Commercial Operation

    On Jan. 1, 2024, the 100 MW White Rock West wind facility achieved commercial operation. On April 22, 2024, the 202 MW White Rock East wind facility also completed commissioning. The facilities are located in Caddo County, Oklahoma and are contracted under two long-term power purchase agreements (PPAs) with Amazon Energy LLC for the offtake of 100 per cent of the generation.

    Mount Keith 132kV Expansion Complete

    The Mount Keith 132kV expansion project, located in Western Australia, was completed during the first quarter of 2024. The expansion was developed under the existing PPA with BHP Nickel West (BHP), which extends until Dec. 31, 2038. The expansion will facilitate the connection of additional generating capacity to the transmission network which supports BHP’s operations.

    Year Ended and Fourth Quarter 2024 Highlights

    $ millions, unless otherwise stated Year Ended Three Months Ended
    Dec. 31, 2024 Dec. 31, 2023 Dec. 31, 2024   Dec. 31, 2023  
    Operational information        
    Availability (%) 91.2 88.8 87.8   86.9  
    Production (GWh) 22,811 22,029 6,199   5,783  
    Select financial information        
    Revenues 2,845 3,355 678   624  
    Adjusted EBITDA(1) 1,253 1,632 285   289  
    Earnings (loss) before income taxes 319 880 (51 ) (35 )
    Net earnings (loss) attributable to common shareholders 177 644 (65 ) (84 )
    Cash flows        
    Cash flow from operating activities 796 1,464 215   310  
    Funds from operations(1) 810 1,351 137   229  
    Free cash flow(1) 569 890 48   121  
    Per share        
    Net earnings (loss) per share attributable to common shareholders, basic and diluted 0.59 2.33 (0.22 ) (0.27 )
    Funds from operations per share(1),(2) 2.68 4.89 0.46   0.74  
    FCF per share(1),(2) 1.88 3.22 0.16   0.39  
    Dividends declared per common share 0.24 0.22 0.12   0.12  
    Weighted average number of common shares outstanding 302 276 298   308  


    Segmented Financial Performance

    $ millions

    Year Ended Three Months Ended
    Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Hydro 316   459   57   56  
    Wind and Solar 316   257   95   82  
    Gas 535   801   116   141  
    Energy Transition 91   122   28   26  
    Energy Marketing 131   109   27   14  
    Corporate (136 ) (116 ) (38 ) (30 )
    Adjusted EBITDA 1,253   1,632   285   289  
    Earnings (loss) before
    income taxes
    319   880   (51 ) (35 )


    Full Year 2024 Financial Results Summary

    For the year ended Dec. 31, 2024, the Company demonstrated strong financial and operational performance. The results were within the upper range of management’s expectations due to active management of the Company’s merchant portfolio and hedging strategies. During 2024, the Company settled a higher volume of hedges at prices that were significantly above the spot market in Alberta and achieved commercial operation at the White Rock and Horizon Hill wind facilities. On Dec. 4, 2024, the Company completed the acquisition of Heartland Generation, which added 1.7 GW to gross installed capacity. Refer to the Significant and Subsequent Events section of our MD&A dated Dec. 31, 2024, for details on the Heartland acquisition and the Planned Divestitures.

    Availability for the year ended Dec. 31, 2024, was 91.2 per cent, compared to 88.8 per cent in 2023, an increase of 2.4 percentage points, primarily due to:

    • The addition of the White Rock and Horizon Hill wind facilities; and
    • The return to service of the Kent Hills wind facilities.

    Total production for the year ended Dec. 31, 2024, was 22,811 GWh, compared to 22,029 GWh for the same period in 2023, an increase of 782 GWh, or four per cent, primarily due to:

    • Production from new facilities, including the White Rock West and East wind facilities commissioned in January and April 2024, respectively, the Horizon Hill wind facility commissioned in May 2024, and the Northern Goldfields solar facilities commissioned in November 2023;
    • Production from the facilities acquired with Heartland;
    • Favourable market conditions in the Ontario wholesale power market that enabled higher dispatch at the Sarnia facility in the Gas segment that resulted in higher merchant production to the Ontario grid;
    • The return to service of the Kent Hills wind facilities in the first quarter of 2024; and
    • Full-year production from the Garden Plain wind facility; partially offset by
    • Increased economic dispatch at the Centralia facility due to lower market prices compared to the prior year in the Energy Transition segment; and
    • Higher dispatch optimization in Alberta.

    Adjusted EBITDA for the year ended Dec. 31, 2024, was $1,253 million, compared to $1,632 million in 2023, a decrease of $379 million, or 23.2 per cent. The major factors impacting adjusted EBITDA include:

    • Gas adjusted EBITDA decreased by $266 million, or 33 per cent, compared to 2023, primarily due to lower power prices in the Alberta market and resulting increase in economic dispatch, an increase in the price of carbon, higher carbon costs and fuel usage related to production and lower capacity payments, partially offset by a higher volume of favourable hedging positions settled, the utilization of emission credits to settle a portion of our 2023 GHG obligation and lower natural gas prices;
    • Hydro adjusted EBITDA decreased by $143 million, or 31 per cent, compared to 2023, primarily due to lower spot power prices and ancillary services prices in the Alberta market, partially offset by realized premiums above the spot power prices, higher environmental and tax attributes revenues due to higher sales of emission credits to third parties and intercompany sales to the Gas segment and higher ancillary service volumes due to increased demand by the AESO;
    • Energy Transition adjusted EBITDA decreased by $31 million, or 25 per cent, compared to 2023, primarily due to increased economic dispatch driven by lower market prices which negatively impacted merchant production, partially offset by lower fuel and purchased power costs; and
    • Corporate adjusted EBITDA decreased by $20 million, or 17 per cent, compared to 2023, primarily due to higher spending to support strategic and growth initiatives; partially offset by
    • Wind and Solar adjusted EBITDA increasing by $59 million, or 23 per cent, compared to 2023, primarily due to new sales of production tax credits, the return to service of the Kent Hills wind facilities, the commercial operation of the White Rock and Horizon Hill wind facilities, partially offset by lower realized power pricing in the Alberta market and higher OM&A due to the addition of new wind facilities; and
    • Energy Marketing adjusted EBITDA increasing by $22 million, or 20 per cent, compared to 2023, primarily due to favourable market volatility and timing of realized settled trades during the current year in comparison to the prior year and lower OM&A.

    Cash flow from operating activities totalled $796 million for the year ended Dec. 31, 2024, compared to $1,464 million in the same period in 2023, a decrease of $668 million, or 46 per cent, primarily due to:

    • Lower gross margin due to lower revenues, excluding the effect of unrealized losses from risk management activities, partially offset by lower fuel and purchased power;
    • Higher OM&A due to increased spending on planning and design of an ERP system upgrade, higher spending on strategic and growth initiatives, penalties assessed by the Alberta Market Surveillance Administrator for self-reported contraventions and Heartland acquisition-related transaction and restructuring costs;
    • Higher current income tax expense due to the full utilization of Canadian non-capital loss carryforwards in 2023, which was partially offset by lower earnings before income tax in 2024;
    • Unfavourable change in non-cash operating working capital balances due to lower accounts payables and accrued liabilities, partially offset by lower collateral provided as a result of market price volatility;
    • Higher interest expense on debt primarily due to lower capitalized interest resulting from lower construction activity in 2024 compared to 2023; and
    • Lower interest income due to lower cash balances and lower interest rates.

    FCF totalled $569 million for the year ended Dec. 31, 2024, compared to $890 million for the same period in 2023, a decrease of $321 million, or 36 per cent, primarily driven by:

    • The adjusted EBITDA items noted above;
    • Higher current income tax expense due to the full utilization of Canadian non-capital loss carryforwards in 2023, partially offset by lower earnings before income taxes in 2024; and
    • Higher net interest expense due to lower capitalized interest resulting from lower construction activity in 2024 compared to 2023, and lower interest income due to lower cash balances and interest rates in 2024 compared to prior year; partially offset by
    • Lower distributions paid to subsidiaries’ non-controlling interests relating to lower TA Cogen net earnings resulting from lower merchant pricing in the Alberta market and the cessation of distributions to TransAlta Renewables non-controlling interest;
    • Lower sustaining capital expenditures due to the receipt of a lease incentive related to the Company’s head office and lower planned major maintenance at our Alberta and Western Australian gas facilities, partially offset by higher major maintenance at our Alberta Hydro assets; and
    • Higher provisions accrued in the current year compared to the prior year resulting in higher FCF.

    Earnings before income taxes totalled $319 million for the year ended Dec. 31, 2024, compared to $880 million in the same period in 2023, a decrease of $561 million, or 64 per cent.

    Net earnings attributable to common shareholders totalled $177 million for the year ended Dec. 31, 2024, compared to $644 million in the same period in 2023, a decrease of $467 million, or 73 per cent, primarily due to:

    • The adjusted EBITDA items discussed above;
    • Higher asset impairment charges due to an increase in decommissioning and restoration provisions on retired assets, driven by a decrease in discount rates and revisions in estimated decommissioning costs and higher impairment charges related to development projects that are no longer proceeding;
    • Lower unrealized mark-to-market gains and lower realized gains on closed exchange positions in the Energy Marketing segment mainly driven by market volatility across North American power and natural gas markets;
    • Higher unrealized mark-to-market losses recorded in the Wind and Solar segment primarily related to the long-term wind energy sales at the Oklahoma facilities;
    • Higher interest expense due to lower capitalized interest during 2024 resulting from lower construction activity in 2024 compared to 2023;
    • Lower capacity payments in 2024 for Southern Cross Energy in Western Australia due to the scheduled conclusion on Dec. 31, 2023 of the demand capacity charge under the customer contract, partially offset by the commencement in March 2024 of capacity payments for the Mount Keith 132kV expansion;
    • Heartland acquisition-related transaction and restructuring costs;
    • Lower interest income due to lower cash balances and lower interest rates during 2024;
    • Higher spending in connection with planning and design work on a planned upgrade to the ERP system;
    • Lower income tax expense due to lower earnings; and
    • Penalties assessed by the Alberta Market Surveillance Administrator for self-reported contraventions pertaining to Hydro ancillary services provided during 2021 and 2022; partially offset by
    • Lower depreciation and amortization compared to 2023 related to revisions of useful lives of certain facilities in prior and current periods, partially offset by the commercial operation of new facilities during the year and the return to service of the Kent Hills wind facilities;
    • Higher unrealized mark-to-market gains recorded in the Energy Transition segment primarily related to favourable changes in forward prices;
    • A recovery related to the reversal of previously derecognized Canadian deferred tax assets; and
    • Higher net other operating income mainly due to Sundance A decommissioning cost reimbursement.

    Fourth Quarter Financial Results Summary

    Fourth quarter 2024 results were in-line with management’s expectations due to active management of the Company’s merchant portfolio and hedging strategies, despite lower power prices in the Alberta and mid-Columbia markets. The Company settled a higher volume of hedges that were significantly above average spot prices during the period. The acquisition of Heartland on Dec. 4, 2024 positively contributed to production in the Gas segment and further diversifies TransAlta’s competitive portfolio in the highly dynamic and shifting electricity landscape in Alberta by adding 1.7 GW to gross installed capacity.

    Availability for the three months ended Dec. 31, 2024, was 87.8 per cent, compared to 86.9 per cent for the same period in 2023, an increase of 0.9 percentage points, primarily due to:

    • The addition of the White Rock and Horizon Hill wind facilities which operated with high availability;
    • The return to service of the Kent Hills wind facilities;
    • Higher availability in the Hydro segment due to lower planned outages;
    • Higher availability in the Energy Transition segment due to lower unplanned outages; and
    • Positive contribution from the addition of the gas facilities acquired with Heartland; partially offset by
    • Lower availability for the Gas segment due to planned outages at Sarnia, Sheerness and Keephills.

    Production for the three months ended Dec. 31, 2024, was 6,199 GWh, compared to 5,783 GWh for the same period in 2023. The increase of 416 GWh, or seven per cent, was primarily due to:

    • Higher production in the Wind and Solar segment due to the addition of the Horizon Hill and White Rock West and East wind facilities during 2024;
    • Higher production in the Hydro segment compared to the same period in 2023 due to water conservation in the fourth quarter of 2023 that resulted in lower production volumes compared to the current period; partially offset by
    • Lower production in the Energy Transition segment due to higher dispatch optimization, which negatively affected merchant production; and
    • Lower production in the Gas segment driven by lower availability at the Sarnia facility due to planned outages, higher economic dispatch in Alberta and lower production from Western Australia due to lower demand, partially offset by positive contribution from the Heartland gas facilities.

    Adjusted EBITDA for the three months ended Dec. 31, 2024, was $285 million, compared to $289 million in the same period of 2023, a decrease of $4 million, or one per cent. The major factors impacting adjusted EBITDA are summarized below:

    • Gas adjusted EBITDA decreased by $25 million, or 18 per cent, due to lower realized power prices in Alberta, an increase in the carbon price in Canada and higher OM&A driven by higher maintenance costs at the South Hedland facility, partially offset by a higher volume of favourable hedging positions settled, positive contribution from the Heartland gas facilities and lower capacity payments;
    • Corporate adjusted EBITDA decreased by $8 million, or 27 per cent, due to higher spending to support strategic and growth initiatives; partially offset by
    • Wind and Solar adjusted EBITDA increasing by $13 million, or 16 per cent, due to environmental and tax attributes revenues from the sale of PTCs from the White Rock and Horizon Hill wind facilities to taxable US counterparties, higher revenues driven by increased production from the addition of the White Rock and Horizon Hill wind facilities and the return to service of the Kent Hills wind facilities, partially offset by unfavourable merchant power prices in Alberta;
    • Energy Marketing adjusted EBITDA increasing by $13 million, or 93 per cent, due to favourable market volatility and the timing of realized settled trades during 2024 in comparison to the same period in 2023;
    • Energy Transition adjusted EBITDA increasing by $2 million, or eight per cent, compared to 2023, primarily due to lower fuel and purchased power costs, partially offset by increased economic dispatch due to lower market prices; and
    • Hydro adjusted EBITDA increasing by $1 million, or two per cent, due to higher merchant revenues driven by higher volumes, partially offset by lower spot power prices and lower environmental and tax attributes revenues.

    FCF totalled $48 million for the three months ended Dec. 31, 2024, compared to $121 million in the same period in 2023, a decrease of $73 million, or 60 per cent, primarily due to:

    • The adjusted EBITDA items noted above;
    • Higher realized foreign exchange losses compared to realized foreign exchange gains in the comparative period;
    • Higher current income tax expense due to the full utilization of Canadian non-capital loss carryforwards in 2023, partially offset by a higher loss before income taxes in the current period compared to the same period in 2023;
    • Higher net interest expense due to lower capitalized interest as a result of capital projects being completed in the first half of 2024 and lower interest income due to lower cash balances in 2024; and
    • Higher dividends paid on preferred shares; partially offset by
    • Lower distributions paid to subsidiaries’ non-controlling interests due to lower TA Cogen net earnings;
    • Lower sustaining capital due to lower planned maintenance at the Alberta gas facilities, partially offset by higher planned maintenance at the Sarnia cogeneration facility and Alberta hydro facilities; and
    • Higher provisions accrued in the current year compared to the prior year resulting in higher FCF.

    Net loss attributable to common shareholders for the three months ended Dec. 31, 2024, was $65 million, compared to a net loss of $84 million in the same period of 2023, an improvement of $19 million, or 23 per cent, primarily due to:

    • The adjusted EBITDA items discussed above;
    • Higher interest expense due to lower capitalized interest in the fourth quarter of 2024 resulting from lower capital activity compared to the same period in 2023;
    • Heartland acquisition-related transaction and restructuring costs in the fourth quarter of 2024;
    • Higher ERP upgrade costs related to planning and design work;
    • Penalties assessed by the Alberta Market Surveillance Administrator for self-reported contraventions pertaining to Hydro ancillary services provided during 2021 and 2022;
    • Higher depreciation and amortization due to the commercial operation of the White Rock and Horizon Hill wind facilities during 2024; and
    • Higher taxes other than income taxes, mainly consisting of property taxes due to the addition of new wind facilities during 2024; partially offset by
    • Higher realized and unrealized foreign exchange gains;
    • Lower realized gains on closed exchange positions in 2024 compared to the same period in 2023;
    • An income tax recovery relative to the prior period expense as a result of a higher loss before income taxes due to the above noted items; in addition to lower non-deductible expenses;
    • Lower net earnings attributable to non-controlling interest compared to the same period in 2023 due to lower merchant pricing in the Alberta market;
    • Higher net other operating income mainly due to Sundance A decommissioning cost reimbursement; and
    • Lower asset impairment charges related to the decommissioning and restoration provisions on retired assets driven by lower discount rates in the current period compared to the same period in 2023, partially offset by impairment charges related to development projects that are no longer proceeding.

    Alberta Electricity Portfolio

    For the three months and year ended Dec. 31, 2024, the Alberta electricity portfolio generated 3,150 GWh and 11,809 GWh, respectively, compared to 2,989 GWh and 11,759 GWh, respectively, in the same periods in 2023. The annual production increase of 50 GWh, or 0.4 per cent, was primarily due to:

    • Higher production in the Gas segment due to the addition of gas facilities from the acquisition of Heartland; and
    • A full-year of production from the addition of the Garden Plain wind facility, which was commissioned in August 2023; partially offset by
    • Higher dispatch optimization in the Gas segment; and
    • Lower production from the Alberta hydro facilities due to lower water resources compared to the prior year.

    The fourth quarter production increase of 161 GWh, or five per cent, benefited from:

    • Higher production from the Gas segment due to the Heartland acquisition; and
    • Higher production from the Alberta hydro facilities due to significant water conservation during the fourth quarter of 2023; partially offset by
    • Higher economic dispatch for the Alberta gas facilities; and
    • Lower production in the Wind and Solar segment due to lower wind resource.

    Gross margin for the Alberta portfolio for the three months and year ended Dec. 31, 2024, was $191 million and $856 million, respectively, a decrease of $24 million and $392 million, respectively, compared to the same periods in 2023. The annual decrease was primarily due to:

    • The impact of lower Alberta spot power prices and lower hydro ancillary services prices;
    • Increased dispatch optimization in the Gas segment driven by lower power prices; and
    • An increase in the carbon price per tonne from $65 in 2023 to $80 in 2024; partially offset by
    • Higher gains realized on financial hedges settled in the period;
    • Higher environmental and tax attributes revenues due to the increased sales of emission credits to third parties and intercompany sales from the Hydro segment to the Gas segment;
    • The utilization of emission credits in the Gas segment in 2024 to settle a portion of our 2023 GHG obligation;
    • Higher hydro ancillary services volumes due to increased demand by the AESO; and
    • Lower natural gas prices.

    Gross margin for the three months ended Dec. 31, 2024 was impacted by:

    • Lower Alberta spot power prices;
    • Higher carbon compliance costs due to increase in the carbon price from $65 per tonne in 2023 to $80 per tonne in 2024; and
    • Higher purchased power due to the contractual requirement to fulfill physical power trades; partially offset by
    • Higher gains realized on financial hedges settled in the period.

    Alberta power prices for 2024 were lower compared to 2023. The average spot power price per MWh for the three months and year ended Dec. 31, 2024, was $52 and $63, respectively, compared to $82 and $134, respectively, in the same periods in 2023. This was primarily due to:

    • Higher generation from the addition of increased supply of new renewables and combined-cycle gas facilities into the market compared to the prior period; and
    • Lower natural gas prices.

    Hedged volumes for the three months and year ended Dec. 31, 2024, were 2,637 GWh and 9,080 GWh at an average price of $80 per MWh and $84 per MWh, respectively, compared to 1,824 GWh and 7,550 GWh at an average price of $90 per MWh and $110 per MWh, respectively, in 2023.

    Liquidity and Financial Position

    We maintain adequate available liquidity under our committed credit facilities. As at Dec. 31, 2024, we had access to $1.6 billion in liquidity, including $336 million in cash, which exceeds the funds required for committed growth, sustaining capital and productivity projects.

    2025 Outlook and Financial Guidance

    For 2025, management expects adjusted EBITDA to be in the range of $1.15 to $1.25 billion and FCF to be in the range of $450 to $550 million, based on the following, relative to 2024:

    • Higher contribution from the wind and solar portfolio due to a full-year impact of new asset additions of the White Rock and Horizon Hill wind facilities;
    • Contribution from assets acquired with Heartland;
    • Lower contributions from the legacy merchant hydro, wind and gas assets in Alberta which are expected to step down due to lower expected average power prices in Alberta given baseload gas and renewables supply additions in late 2024 and 2025;
    • Lower current income tax expense in 2025 compared to 2024 actual; and
    • Increased net interest expense in 2025 as a result of the Heartland acquisition and lower interest income earned on lower cash deposits and lower capitalized interest on growth projects.

    The following table outlines our expectations regarding key financial targets and related assumptions for 2025 and should be read in conjunction with the narrative discussion that follows and the Governance and Risk Management section of the MD&A for additional information:

    Measure 2025 Target 2024 Target 2024 Actual
    Adjusted EBITDA $1,150 to $1,250 million $1,150 to $1,300 million $1,253 million
    FCF $450 to $550 million $450 to $600 million $569 million
    FCF per share $1.51 to $1.85 $1.47 to $1.96 $1.88
    Annual dividend per share $0.26 annualized $0.24 annualized $0.24 annualized

    The Company’s outlook for 2025 may be impacted by a number of factors as detailed further below.

    Market 2025 Assumptions 2024 Assumptions 2024 Actual
    Alberta spot ($/MWh) $40 to $60 $75 to $95 $63
    Mid-Columbia spot (US$/MWh) US$50 to US$70 US$85 to US$95 US$76
    AECO gas price ($/GJ) $1.60 to $2.10 $2.50 to $3.00 $1.29

    Alberta spot price sensitivity: a +/- $1 per MWh change in spot price is expected to have a +/-$3 million impact on adjusted EBITDA for 2025.

    Other assumptions relevant to the 2025 outlook

      2025 Assumptions 2024 Assumptions 2024 Actual
    Energy Marketing gross margin $110 to $130 million $110 to $130 million $167 million
    Sustaining capital $145 to $165 million $130 to $150 million $142 million
    Current income tax expense $95 to $130 million $95 to $130 million $143 million
    Net interest expense $255 to $275 million $240 to $260 million $231 million
    Hedging assumptions Q1 2025 Q2 2025 Q3 2025 Q4 2025  2026
    Hedged production (GWh)  2,117  1,758  1,942  1,845  4,713
    Hedge price ($/MWh) $72 $70 $70 $70 $75
    Hedged gas volumes (GJ) 14 million 6 million 6 million 6 million 18 million
    Hedge gas prices ($/GJ) $2.98 $3.63 $3.77 $3.65 $3.67


    Conference call

    TransAlta will host a conference call and webcast at 9:00 a.m. MST (11:00 a.m. EST) today, Feb. 20, 2025, to discuss our fourth quarter and year end 2024 results. The call will begin with comments from John Kousinioris, President and Chief Executive Officer, and Joel Hunter, EVP Finance and Chief Financial Officer, followed by a question-and-answer period.

    Fourth Quarter and Full Year 2024 Conference Call

    Webcast link: https://edge.media-server.com/mmc/p/zd49obg6 

    To access the conference call via telephone, please register ahead of time using the call link here: https://register.vevent.com/register/BI5c12d9a2da0e4e06892f413e217f0350. Once registered, participants will have the option of 1) dialing into the call from their phone (via a personalized PIN); or 2) clicking the “Call Me” option to receive an automated call directly to their phone.

    Related materials will be available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/presentations-and-events/. If you are unable to participate in the call, the replay will be accessible at https://edge.media-server.com/mmc/p/zd49obg6. A transcript of the broadcast will be posted on TransAlta’s website once it becomes available.

    Notes

    (1)These items (adjusted EBITDA, FCF and annual average EBITDA) are not defined and have no standardized meaning under IFRS. Presenting these items from period to period provides management and investors with the ability to evaluate earnings (loss) trends more readily in comparison with prior periods’ results. Please refer to the Non-IFRS Measures section of this earnings release for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.
    (2)Funds from operations (FFO) per share and free cash flow (FCF) per share are calculated using the weighted average number of common shares outstanding during the period. Refer to the Additional IFRS Measures and Non-IFRS Measures section of the MD&A for the purpose of these non-‍IFRS ratios.

    Non-IFRS financial measures and other specified financial measures

    We use a number of financial measures to evaluate our performance and the performance of our business segments, including measures and ratios that are presented on a non-IFRS basis, as described below. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our consolidated financial statements prepared in accordance with IFRS. We believe that these non-IFRS amounts, measures and ratios, read together with our IFRS amounts, provide readers with a better understanding of how management assesses results.

    Non-IFRS amounts, measures and ratios do not have standardized meanings under IFRS. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, as an alternative to, or more meaningful than, our IFRS results.

    Adjusted EBITDA

    Each business segment assumes responsibility for its operating results measured by adjusted EBITDA. Adjusted EBITDA is an important metric for management that represents our core operational results. Interest, taxes, depreciation and amortization are not included, as differences in accounting treatments may distort our core business results. In addition, certain reclassifications and adjustments are made to better assess results, excluding those items that may not be reflective of ongoing business performance. This presentation may facilitate the readers’ analysis of trends.

    Average Annual EBITDA

    Average annual EBITDA is a forward-looking non-IFRS financial measure that is used to show the average annual EBITDA that the project is expected to generate.

    Funds From Operations (FFO)

    FFO is an important metric as it provides a proxy for cash generated from operating activities before changes in working capital and provides the ability to evaluate cash flow trends in comparison with results from prior periods. FFO is a non-IFRS measure. The most directly comparable IFRS measure is Cash Flow from Operations.

    Free Cash Flow (FCF)

    FCF is an important metric as it represents the amount of cash that is available to invest in growth initiatives, make scheduled principal repayments on debt, repay maturing debt, pay common share dividends or repurchase common shares. Changes in working capital are excluded so FFO and FCF are not distorted by changes that we consider temporary in nature, reflecting, among other things, the impact of seasonal factors and timing of receipts and payments. FCF is a non-IFRS measure. The most directly comparable IFRS measure is Cash Flow from Operations.

    Non-IFRS Ratios

    FFO per share, FCF per share and adjusted net debt to adjusted EBITDA are non-IFRS ratios that are presented in the MD&A. Refer to the Reconciliation of Cash Flow from Operations to FFO and FCF and Key Non-IFRS Financial Ratios sections of the MD&A for additional information.

    FFO per share and FCF per share

    FFO per share and FCF per share are calculated using the weighted average number of common shares outstanding during the period. FFO per share and FCF per share are non-IFRS ratios.

    Reconciliation of these non-IFRS financial measures to the most comparable IFRS measure are provided below.

    Reconciliation of Non-IFRS Measures on a Consolidated Basis

    The following table reflects adjusted EBITDA by segment and provides reconciliation to earnings before income taxes for the three months ended Dec. 31, 2024:

    Three months ended Dec. 31, 2024
    $ millions
    Hydro   Wind & Solar(1)   Gas   Energy Transition   Energy
    Marketing
    Corporate   Total   Equity accounted investments(1)   Reclass adjustments   IFRS financials  
    Revenues 93   104   319   155   14   685   (7 )   678  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market (gain) loss 4   23   26   (8 ) 19   64     (64 )  
    Realized gains (losses) on closed exchange positions     (1 ) 2   1   2     (2 )  
    Decrease in finance lease receivable   1   5       6     (6 )  
    Finance lease income   2   3       5     (5 )  
    Revenues from Planned Divestitures     (1 )     (1 )   1    
    Brazeau penalties (20 )         (20 )   20    
    Unrealized foreign exchange gain on commodity     (1 )     (1 )   1    
    Adjusted revenues 77   130   350   149   34   740   (7 ) (55 ) 678  
    Fuel and purchased power 3   8   136   102     249       249  
    Reclassifications and adjustments:                  
    Fuel and purchased power related to Planned Divestitures     (1 )     (1 )   1    
    Australian interest income     (1 )     (1 )   1    
    Adjusted fuel and purchased power 3   8   134   102     247     2   249  
    Carbon compliance     39       39       39  
    Gross margin 74   122   177   47   34   454   (7 ) (57 ) 390  
    OM&A 47   27   67   19   7 68   235   (1 )   234  
    Reclassifications and adjustments:                    
    Brazeau penalties (31 )         (31 )   31    
    ERP integration costs         (14 ) (14 )   14    
    Acquisition-related transaction and restructuring costs         (16 ) (16 )   16    
    Adjusted OM&A 16   27   67   19   7 38   174   (1 ) 61   234  
    Taxes, other than income taxes 1   3   4       8   1     9  
    Net other operating income   (3 ) (10 ) (9 )   (22 )     (22 )
    Reclassifications and adjustments:                    
    Sundance A decommissioning cost reimbursement       9     9     (9 )  
    Adjusted net other operating income   (3 ) (10 )     (13 )   (9 ) (22 )
    Adjusted EBITDA(2) 57   95   116   28   27 (38 ) 285        
    Equity income                   2  
    Finance lease income                   5  
    Depreciation and amortization                   (143 )
    Asset impairment charges                   (20 )
    Interest income                   11  
    Interest expense                   (92 )
    Foreign exchange gain                   17  
    Loss before income taxes                   (51 )

    (1)  The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    (2)  Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.

    The following table reflects adjusted EBITDA by segment and provides reconciliation to loss before income taxes for the three months ended Dec. 31, 2023:

    Three months ended Dec. 31, 2023
    $ millions
    Hydro   Wind &
    Solar
    (1)
      Gas   Energy
    Transition
    Energy
    Marketing
      Corporate   Total   Equity
    accounted
    investments
    (1)
      Reclass
    adjustments
      IFRS
    financials
     
    Revenues 77   94   246   175 39     631   (7 )   624  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market (gain) loss (2 ) 20   53   7 (19 )   59     (59 )  
    Realized gain on closed exchange positions     23   4     27     (27 )  
    Decrease in finance lease receivable     15       15     (15 )  
    Finance lease income     2       2     (2 )  
    Unrealized foreign exchange gain on commodity     1       1     (1 )  
    Adjusted revenues 75   114   340   182 24     735   (7 ) (104 ) 624  
    Fuel and purchased power 5   8   127   138     278       278  
    Reclassifications and adjustments:                  
    Australian interest income     (1 )     (1 )   1    
    Adjusted fuel and purchased power 5   8   126   138     277     1   278  
    Carbon compliance     27       27       27  
    Gross margin 70   106   187   44 24     431   (7 ) (105 ) 319  
    OM&A 13   25   56   18 10   29   151   (1 )   150  
    Taxes, other than income taxes 1   1       1   3       3  
    Net other operating income   (3 ) (10 )     (13 )     (13 )
    Adjusted net other operating income   (2 ) (10 )     (12 )   (1 ) (13 )
    Adjusted EBITDA(2) 56   82   141   26 14   (30 ) 289        
    Equity income                   3  
    Finance lease income                   2  
    Depreciation and amortization                   (132 )
    Asset impairment charges                   (26 )
    Interest income                   12  
    Interest expense                   (66 )
    Foreign exchange loss                   (7 )
    Loss before income taxes                   (35 )

    (1)  The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    (2)  Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.

    The following table reflects adjusted EBITDA by segment and provides reconciliation to earnings before income taxes for the year ended Dec. 31, 2024:

    Year ended Dec. 31, 2024
    $ millions
    Hydro Wind &
    Solar
    (1)
      Gas   Energy
    Transition
      Energy
    Marketing
      Corporate   Total   Equity
    accounted
    investments
    (1)
      Reclass
    adjustments
      IFRS
    financials
     
    Revenues 409   357   1,350   616   168   (34 ) 2,866   (21 )   2,845  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market (gain) loss 1   84   (60 ) (36 ) 14     3     (3 )  
    Realized gain (loss) on closed exchange positions     7   2   (15 )   (6 )   6    
    Decrease in finance lease receivable   2   19         21     (21 )  
    Finance lease income   6   8         14     (14 )  
    Revenues from Planned Divestitures     (1 )       (1 )   1    
    Brazeau penalty (20 )           (20 )   20    
    Unrealized foreign exchange loss on commodity     (2 )       (2 )   2    
    Adjusted revenues 390   449   1,321   582   167   (34 ) 2,875   (21 ) (9 ) 2,845  
    Fuel and purchased power 16   30   475   418       939       939  
    Reclassifications and adjustments:                  
    Fuel and purchased power related to Planned Divestitures     (1 )       (1 )   1    
    Australian interest income     (4 )       (4 )   4    
    Adjusted fuel and purchased power 16   30   470   418       934     5   939  
    Carbon compliance     145   1     (34 ) 112       112  
    Gross margin 374   419   706   163   167     1,829   (21 ) (14 ) 1,794  
    OM&A 86   97   198   69   36   173   659   (4 )   655  
    Reclassifications and adjustments:                    
    Brazeau penalty (31 )           (31 )   31    
    ERP implementation costs           (14 ) (14 )   14    
    Acquisition-related transaction and restructuring costs           (24 ) (24 )   24    
    Adjusted OM&A 55   97   198   69   36   135   590   (4 ) 69   655  
    Taxes, other than income taxes 3   16   13   3     1   36       36  
    Net other operating income   (10 ) (40 ) (9 )     (59 )     (59 )
    Reclassifications and adjustments:                    
    Sundance A decommissioning cost reimbursement       9       9     (9 )  
    Adjusted net other operating income   (10 ) (40 )       (50 )   (9 ) (59 )
    Adjusted EBITDA(2) 316   316   535   91   131   (136 ) 1,253        
    Equity income                   5  
    Finance lease income                   14  
    Depreciation and amortization                   (531 )
    Asset impairment charges                   (46 )
    Interest income                   30  
    Interest expense                   (324 )
    Foreign exchange gain                   5  
    Gain on sale of assets and other                   4  
    Earnings before income taxes                   319  

    (1)  The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    (2)  Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.

    The following table reflects adjusted EBITDA by segment and provides reconciliation to earnings before income taxes for the year ended Dec. 31, 2023:

    Year ended Dec. 31, 2023
    $ millions
    Hydro   Wind &
    Solar
    (1)
      Gas   Energy
    Transition
      Energy
    Marketing
      Corporate   Total   Equity
    accounted
    investments
    (1)
      Reclass
    adjustments
      IFRS
    financials
     
    Revenues 533   357   1,514   751   220   1   3,376   (21 )   3,355  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market loss (4 ) 16   (67 ) (5 ) 23     (37 )   37    
    Realized gain (loss) on closed exchange positions     10     (91 )   (81 )   81    
    Decrease in finance lease receivable     55         55     (55 )  
    Finance lease income     12         12     (12 )  
    Unrealized foreign exchange gain on commodity     1         1     (1 )  
    Adjusted revenues 529   373   1,525   746   152   1   3,326   (21 ) 50   3,355  
    Fuel and purchased power 19   30   453   557     1   1,060       1,060  
    Reclassifications and adjustments:                  
    Australian interest income     (4 )       (4 )   4    
    Adjusted fuel and purchased power 19   30   449   557     1   1,056     4   1,060  
    Carbon compliance     112         112       112  
    Gross margin 510   343   964   189   152     2,158   (21 ) 46   2,183  
    OM&A 48   80   192   64   43   115   542   (3 )   539  
    Taxes, other than income taxes 3   12   11   3     1   30   (1 )   29  
    Net other operating income   (7 ) (40 )       (47 )     (47 )
    Reclassifications and adjustments:                  
    Insurance recovery   1           1     (1 )  
    Adjusted net other operating income   (6 ) (40 )       (46 )   (1 ) (47 )
    Adjusted EBITDA(2) 459   257   801   122   109   (116 ) 1,632        
    Equity income                   4  
    Finance lease income                   12  
    Depreciation and amortization                   (621 )
    Asset impairment reversals                   48  
    Interest income                   59  
    Interest expense                   (281 )
    Foreign exchange gain                   (7 )
    Gain on sale of assets and other                   4  
    Earnings before income taxes                   880  

    (1)  The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    (2)  Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.


    Reconciliation of cash flow from operations to FFO and FCF

    The table below reconciles our cash flow from operating activities to our FFO and FCF:

      Three Months Ended Year Ended
    $ millions, unless otherwise stated Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Cash flow from operating activities(1) 215   310   796   1,464  
    Change in non-cash operating working capital balances (97 ) (135 ) (38 ) (124 )
    Cash flow from operations before changes in working capital 118   175   758   1,340  
    Adjustments        
    Share of adjusted FFO from joint venture(1) 4   3   8   8  
    Decrease in finance lease receivable 6   15   21   55  
    Clean energy transition provisions and adjustments(2)   4     11  
    Sundance A decommissioning cost reimbursement (9 )   (9 )  
    Realized gain (loss) on closed exchanged positions 2   27   (6 ) (81 )
    Acquisition-related transaction and restructuring costs 11     19    
    Other(3) 5   5   19   18  
    FFO(4) 137   229   810   1,351  
    Deduct:        
    Sustaining capital(1) (67 ) (74 ) (142 ) (174 )
    Productivity capital (1 ) (1 ) (1 ) (3 )
    Dividends paid on preferred shares (13 ) (12 ) (52 ) (51 )
    Distributions paid to subsidiaries’ non-controlling interests (6 ) (19 ) (40 ) (223 )
    Principal payments on lease liabilities (3 ) (2 ) (6 ) (10 )
    Other 1        
    FCF(4) 48   121   569   890  
    Weighted average number of common shares outstanding in the period 298   308   302   276  
    FFO per share(4) 0.46   0.74   2.68   4.89  
    FCF per share(4) 0.16   0.39   1.88   3.22  

    (1)  Includes our share of amounts for the Skookumchuck wind facility, an equity-accounted joint venture.
    (2)  2023 includes amounts related to onerous contracts recognized in 2021 and a voluntary contribution to the US Defined Benefit Pension Plan for the Centralia thermal facility.
    (3)  Other consists of production tax credits, which is a reduction to tax equity debt, less distributions from an equity-accounted joint venture.
    (4)  These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Non-IFRS Measures section in this earnings release .

    The table below provides a reconciliation of our adjusted EBITDA to our FFO and FCF:

      Three Months Ended Year Ended
    $ millions, unless otherwise stated Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Adjusted EBITDA(1)(4) 285   289   1,253   1,632  
    Provisions 2   (1 ) 10   (1 )
    Net interest expense(2) (64 ) (41 ) (231 ) (164 )
    Current income tax recovery (expense) (20 ) 5   (143 ) (50 )
    Realized foreign exchange gain (loss) (20 ) 9   (27 ) (4 )
    Decommissioning and restoration costs settled (12 ) (15 ) (41 ) (37 )
    Other non-cash items (34 ) (17 ) (11 ) (25 )
    FFO(3)(4) 137   229   810   1,351  
    Deduct:        
    Sustaining capital(4) (67 ) (74 ) (142 ) (174 )
    Productivity capital (1 ) (1 ) (1 ) (3 )
    Dividends paid on preferred shares (13 ) (12 ) (52 ) (51 )
    Distributions paid to subsidiaries’ non-controlling interests (6 ) (19 ) (40 ) (223 )
    Principal payments on lease liabilities (3 ) (2 ) (6 ) (10 )
    Other 1        
    FCF(4) 48   121   569   890  

    (1)  Adjusted EBITDA is defined in the Additional IFRS Measures and Non-IFRS Measures of this earnings release and reconciled to earnings (loss) before income taxes above.
    (2) Net interest expense includes interest expense less interest income and excludes non-cash items like financing amortization and accretion.
    (3)  These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. FFO and FCF are defined in the Non-IFRS financial measures and other specified financial measures section of in this earnings release and reconciled to cash flow from operating activities above.
    (4)  Includes our share of amounts for Skookumchuck wind facility, an equity-accounted joint venture.

    TransAlta is in the process of filing its Annual Information Form, Audited Consolidated Financial Statements and accompanying notes, as well as the associated Management’s Discussion & Analysis (MD&A). These documents will be available today on the Investors section of TransAlta’s website at www.transalta.com or through SEDAR at www.sedarplus.ca.

    TransAlta will also be filing its Form 40-F with the US Securities and Exchange Commission. The form will be available through their website at www.sec.gov. Paper copies of all documents are available to shareholders free of charge upon request.

    About TransAlta Corporation:

    TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Western Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with clean, affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 112 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.

    For more information about TransAlta, visit our web site at transalta.com.

    Cautionary Statement Regarding Forward-Looking Information

    This news release includes “forward-looking information,” within the meaning of applicable Canadian securities laws, and “forward-looking statements,” within the meaning of applicable United States securities laws, including the Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements”). Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “can”, “could”, “would”, “shall”, “believe”, “expect”, “estimate”, “anticipate”, “intend”, “plan”, “forecast”, “foresee”, “potential”, “enable”, “continue” or other comparable terminology. These statements are not guarantees of our future performance, events or results and are subject to risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from those set out in or implied by the forward-looking statements. In particular, this news release contains forward-looking statements about the following, among other things: the strategic objectives of the Company and that the execution of the Company’s strategy will realize value for shareholders; our capital allocation and financing strategy; our sustainability goals and targets, including those in our 2024 Sustainability Report; our 2025 Outlook; our financial and operational performance, including our hedge position; optimizing and diversifying our existing assets; the increasingly contracted nature of our fleet; expectations about strategies for growth and expansion, including opportunities for Centralia redevelopment, and data centre opportunities; expected costs and schedules for planned projects; expected regulatory processes and outcomes, including in relation to the Alberta restructured energy market; the power generation industry and the supply and demand of electricity; the cyclicality of our business; expected outcomes with respect to legal proceedings; the expected impact of future tax and accounting changes; and expected industry, market and economic conditions.

    The forward-looking statements contained in this news release are based on many assumptions including, but not limited to, the following: no significant changes to applicable laws and regulations; no unexpected delays in obtaining required regulatory approvals; no material adverse impacts to investment and credit markets; no significant changes to power price and hedging assumptions; no significant changes to gas commodity price assumptions and transport costs; no significant changes to interest rates; no significant changes to the demand and growth of renewables generation; no significant changes to the integrity and reliability of our facilities; no significant changes to the Company’s debt and credit ratings; no unforeseen changes to economic and market conditions; and no significant event occurring outside the ordinary course of business.

    These assumptions are based on information currently available to TransAlta, including information obtained from third-party sources. Actual results may differ materially from those predicted. Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this news release include, but are not limited to: fluctuations in power prices; changes in supply and demand for electricity; our ability to contract our electricity generation for prices that will provide expected returns; our ability to replace contracts as they expire; risks associated with development projects and acquisitions; any difficulty raising needed capital in the future on reasonable terms or at all; our ability to achieve our targets relating to ESG; long-term commitments on gas transportation capacity that may not be fully utilized over time; changes to the legislative, regulatory and political environments; environmental requirements and changes in, or liabilities under, these requirements; operational risks involving our facilities, including unplanned outages and equipment failure; disruptions in the transmission and distribution of electricity; reductions in production; impairments and/or writedowns of assets; adverse impacts on our information technology systems and our internal control systems, including increased cybersecurity threats; commodity risk management and energy trading risks; reduced labour availability and ability to continue to staff our operations and facilities; disruptions to our supply chains; climate-change related risks; reductions to our generating units’ relative efficiency or capacity factors; general economic risks, including deterioration of equity and debt markets, increasing interest rates or rising inflation; general domestic and international economic and political developments, including potential trade tariffs; industry risk and competition; counterparty credit risk; inadequacy or unavailability of insurance coverage; increases in the Company’s income taxes and any risk of reassessments; legal, regulatory and contractual disputes and proceedings involving the Company; reliance on key personnel; and labour relations matters.

    The foregoing risk factors, among others, are described in further detail under the heading “Governance and Risk Management” in the MD&A, which section is incorporated by reference herein.

    Readers are urged to consider these factors carefully when evaluating the forward-looking statements and are cautioned not to place undue reliance on them. The forward-looking statements included in this news release are made only as of the date hereof and we do not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws. The purpose of the financial outlooks contained herein is to give the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes.

    Note: All financial figures are in Canadian dollars unless otherwise indicated.

    For more information:

    Investor Inquiries: Media Inquiries:
    Phone: 1-800-387-3598 in Canada and US Phone: 1-855-255-9184
    Email: investor_relations@transalta.com Email: ta_media_relations@transalta.com

    The MIL Network

  • MIL-OSI Asia-Pac: Sports park opening tickets to be sold

    Source: Hong Kong Information Services

    The Government has arranged for 8,500 tickets to the Kai Tak Sports Park Grand Opening Ceremony to go on sale online from 10am tomorrow.

    The ceremony will be held at Kai Tak Stadium at 6.30pm on March 1.

    Tickets will be sold on a first-come, first-served basis on URBTIX from 10am tomorrow. Each ticket will incur a nominal fee of $10, and a maximum of two tickets can be purchased at a time.

    All ticket proceeds, including the handling charge, will be donated to the Community Chest for charity purposes.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: CE, Xinhua head meet

    Source: Hong Kong Information Services

    Chief Executive John Lee met Xinhua News Agency President Fu Hua at Government House today to discuss enhancing co-operation between the Hong Kong Special Administrative Region Government and the news agency.

    Also attending the meeting were Director of the Chief Executive’s Office Carol Yip and Director of Information Services Apollonia Liu.

    Welcoming Mr Fu and his delegation to Hong Kong, Mr Lee said that the Xinhua News Agency, the country’s national news agency, is an influential world-class media organisation with a global network for news and information collection.

    The Chief Executive expressed gratitude to the news agency for its comprehensive coverage of Hong Kong news over the years, including major policies and measures of the Hong Kong SAR Government, and for disseminating the latest and most accurate information about Hong Kong to the world promptly and professionally.

    This enabled overseas companies, investors, talent and tourists to understand the actual developments in Hong Kong and accurately recognise the city’s real and positive image, he added.

    Noting that a series of major events will be held in Hong Kong this year, Mr Lee said the Hong Kong SAR Government will continue to leverage the city’s unique advantages under the “one country, two systems” principle, reinforce its connectivity with both the Mainland and the world, and actively explore new points for economic growth.

    He also said the Hong Kong SAR Government will work with the news agency to tell the good stories of both China and Hong Kong and enhance co-operation in publicity.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: RBI to conduct 14-day Variable Rate Repo (VRR) auction under LAF on February 21, 2025

    Source: Reserve Bank of India

    On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on February 21, 2025, Friday, as under:

    Sl. No. Notified Amount
    (₹ crore)
    Tenor
    (day)
    Window Timing Date of Reversal
    1 75,000 14 11:00 AM to 11:30 AM March 07, 2025
    (Friday)

    2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.

    Ajit Prasad           
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2207

    MIL OSI Economics