Category: Asia Pacific

  • MIL-OSI Economics: 【Global News】#PanasonicForTheWorld Campaign Creating Awareness Around Environment Social Governance (ESG) Efforts to Encourage a Sustainable Tomorrow

    Source: Panasonic

    Headline: 【Global News】#PanasonicForTheWorld Campaign Creating Awareness Around Environment Social Governance (ESG) Efforts to Encourage a Sustainable Tomorrow

    New Delhi, India – Panasonic Life Solutions India (PLSIND) – Environmental, Social, and Governance (ESG) principles lie at the heart of Panasonic’s mission, shaping the way we do business and leaving a meaningful legacy. The #PanasonicForTheWorld campaign intends to raise awareness about ESG by showcasing the breadth of efforts that Panasonic in India is making, thereby strengthening its commitment further to make a larger impact in this space and encouraging others to drive towards a sustainable future. 
    The campaign was kickstarted on social media channels of Panasonic Life Solutions India (PLSIND) on World Environment Day—it started with a focus on efforts around Environment, followed by Social and Governance. 

    Here are some highlights of the ESG efforts that were showcased as part of the #PanasonicForTheWorld campaign:

    Environmental Commitments: Toward a Net Zero Future

    As part of Panasonic Green Impact, Panasonic has undertaken a goal to reduce over 300 million tons of CO2 emissions by 2050. Initiatives such as the “Push for Change” campaign, powered by Generative AI, illustrated the dire consequences of inaction, encouraging individuals to pledge for sustainability. Each pledge led to tangible actions, such as planting trees. Further, group companies of Panasonic in India are making strides towards a greener tomorrow through campaigns such as Diwali Wali Safai, Tree plantation/eco-restoration projects, Harit Umang (Joy of Green) program, distribution of solar kits/lanterns, to name a few. 

    Social Commitments: Empowering the Next Generation

    With an aim to nurture talent and create opportunities for underprivileged communities, initiatives like the Navjeevan School provide free education to over 110 underprivileged children, the Evening Learning Centre has helped 62 students prepare for 10th-grade exams. The Ratti Chhatr Scholarship has supported 240 students in completing their education at premier institutes like IITs. The campaign also focused on other projects that supported communities with better sanitation and hygiene.

    Leading with Transparency

    Panasonic is committed to high benchmarks in ethical business practices. The campaign focused on the following priorities:
    Transparent, consent-based data collection.
    Enhanced data security measures to prevent breaches.
    Grievance redressal mechanisms to ensure employees and stakeholders have a voice.
    These practices, to name a few, not only enhance trust but also inspire the broader industry to adopt similar standards.

    #PanasonicForTheWorld campaign was well received and organically received over 3 million impressions, 7.3K engagements, and heartfelt positive reaction from more than 4,000 individuals. Further, by collaborating with relevant sustainability influencers, the campaign reached 110,323 people including key influential voices and key opinion leaders, igniting meaningful conversations and positive support for the efforts. Key media publications also covered this campaign.
    Together, let us drive transformative change and shape a greener, more inclusive future for generations to come. 

    MIL OSI Economics

  • MIL-OSI Economics: Enterprise ICT market revenue in Vietnam to witness 16% CAGR over 2023-2028, forecasts GlobalData

    Source: GlobalData

    Enterprise ICT market revenue in Vietnam to witness 16% CAGR over 2023-2028, forecasts GlobalData

    Posted in Technology

    The enterprise ICT revenue opportunity in Vietnam is projected to increase at a compound annual growth rate (CAGR) of 16%, driven by the acceleration in enterprise digital transformation efforts, especially in banking, financial services and insurance (BFSI) segment – the largest end-use market for ICT in the country, according to GlobalData, a leading data and analytics company.

    GlobalData’s Vietnam Enterprise ICT Country Intelligence Report shows that the ICT market size in Vietnam will increase from $15.7 billion in 2023 to $33 billion in 2028, in line with the positive ICT investment sentiment seen among the enterprises.

    This is put to perspective by findings from the GlobalData’s 2024 ICT customer insight survey*, which reveals that 91.2% of respondents, who are the key ICT decision makers in their respective enterprises, have confirmed that there has been an increase in their enterprise ICT budgets in 2024 as compared to previous year.

    Of the three IT infrastructure segments: hardware, software, and services, the services segment is expected to experience the highest cumulative revenue growth over the forecast period. This growth will be largely driven by the widespread enterprise adoption of cloud computing services, revenue for which is projected to increase at a CAGR of 24.8% during the forecast period.

    Samrat Volam, Technology Analyst at GlobalData, says: “The growth of cloud computing services in the country is driven by the enterprises’ push for digital transformation and the growing demand for scalable, cost-effective IT solutions. Additionally, the need for reliable data storage and processing capabilities plays a significant role. The continuing shift towards flexible and remote working solutions further accelerates this growth.”

    BFSI is the largest end-use vertical

    GlobalData forecasts the BFSI sector represents the largest revenue contributor for Vietnam’s ICT market and will remain so through the forecast period, generating an average 10% of the total cumulative revenue for ICT market between 2023 and 2028.

    Volam adds: “The BFSI sector in Vietnam is growing rapidly due to the modernization of financial services and the expansion of digital banking, driven by increased internet and smartphone penetration. Fintech innovations have introduced a variety of financial products, making them more accessible to consumers and businesses. Government initiatives, such as the “National Digital Transformation Program” and the 2021-2025 cashless payment project, are creating a supportive environment for digital transformation in the sector.

    Volam concludes: “The government-owned National Innovation Center (NIC) plays a key role in advancing Vietnam’s ICT market by fostering an open ecosystem, encouraging the adoption of cutting-edge technologies, and driving digital transformation across various industries. By supporting local startups and attracting international investments, the NIC creates a dynamic environment conducive to growth. Additionally, the rapid growth of Vietnam’s IT sector and the rising need for robust cybersecurity measures are accelerating the adoption of advanced security solutions thereby driving the overall ICT market in the country.”

    *GlobalData’s ICT Customer Insight Survey carried out during H1 2024 highlights survey responses related to ICT investment priorities and budget allocations by enterprises in Vietnam.

    MIL OSI Economics

  • MIL-OSI Economics: Singapore PA&H insurance industry to surpass $8 billion by 2029, forecasts GlobalData

    Source: GlobalData

    Singapore PA&H insurance industry to surpass $8 billion by 2029, forecasts GlobalData

    Posted in Insurance

    Personal accident and health (PA&H) insurance in Singapore is expected to grow at a compound annual growth rate (CAGR) of 6.6% from SGD8.5 billion ($6.2 billion) in 2024 to SGD11.7 billion ($8.6 billion) in 2029, in terms of gross written premiums (GWP), forecasts GlobalData, a leading data and analytics company.

    GlobalData’s Insurance Database, reveals that the share of PA&H insurance in the total insurance industry grew from 12.6% in 2020 to an estimated 15.3% in 2024 and is projected to reach 17.3% by 2029. PA&H insurance is estimated to grow by 8.9% in 2024, propeled by high demand for private health insurance, as well as rising premium rates.

    Aarti Sharma, Insurance Analyst at GlobalData, comments: “Singapore’s PA&H insurance has experienced a strong growth in 2024, bolstered by heightened health and financial awareness that spurred demand for health insurance products. Demographic factors including an aging population, premium price adjustments in response to inflation, and resurgence in tourism have also supported the growth of PA&H insurance.”

    High demand for integrated shield plans (IPs) and their accompanying riders offered by private insurers have supported the growth of PA&H insurance. MediShield is the national health insurance program, which includes MediShield Life – a government-managed basic health insurance plan with optional coverage provided by private insurers.

    According to the Life Insurance Association of Singapore, approximately 71,000 people enrolled for new IP during H12024, bringing the total coverage to 2.9 million, which is about 71% of Singapore’s population. As a result, total new business premiums for individual health insurance increased by 7.1% in H1 2024, as compared to the same period in 2023.

    Sharma continues: “The increase in premiums due to rising healthcare costs will also support the growth of PA&H insurance. In October 2024, Singapore’s Ministry of Health announced a 35% increase in MediShield premiums, effective from April 2025. The adjustments recommended by the MediShield Life Council include higher claim limits, expanded coverage for new treatments, and changes to deductibles and co-insurance. The premium hike will be implemented in phases, with a cap of 35% by March 2028.”

    The changing demographic conditions in Singapore such as an aging population and growing affluent population will also support PA&H insurance growth. As per the Government of Singapore, nearly 20% of the total population was aged 65 and above as of June 2024, which is a significant contributor to the growth of PA&H insurance.

    Enhanced tourism is also contributing to the expansion of PA&H insurance in Singapore. According to Statistics Singapore, the number of international tourists arriving in the country increased by 16.7% on a year-on-year basis in October 2024. Travel insurance plans, which cover personal accidents in addition to trip cancellations, baggage loss, and flight delays are aiding in the growth of PA&H insurance.

    Sharma concludes: “The outlook for the PA&H insurance industry in Singapore appears positive, with opportunities for insurers to capitalize on the evolving market dynamics and increasing demand for comprehensive health coverage. Rising premium prices, growing tourism, as well as an aging demographic will support the growth of PA&H insurance in Singapore over the next five years.”

    MIL OSI Economics

  • MIL-OSI Asia-Pac: President Lai attends 2024 Presidential Hackathon awards ceremony

    Source: Republic of China Taiwan

    President Lai attends 2024 Presidential Hackathon awards ceremony
    2024-12-22

    On the afternoon of December 22, President Lai Ching-te attended the 2024 Presidential Hackathon awards ceremony. In remarks, President Lai praised the winning teams for proposing innovative solutions in the areas of health promotion and digital and net-zero development. The president also stated that in these challenging and rapidly changing times, the Presidential Hackathon exemplifies collaboration between the government and civil society, breaking through conceptual limitations to implement government innovations that respond to people’s needs and resolve various social problems. If we all work together, he said, the nation can look forward to a better, more advanced, and more prosperous future.
    Upon arrival, President Lai first took in presentations by outstanding domestic and international hackathon teams on their proposals, and then delivered remarks.
    A translation of President Lai’s remarks follows:
    With the support of former President Tsai Ing-wen, the Presidential Hackathon was officially launched in 2018 during my tenure as premier. I am delighted to see that it has become a thriving platform for cross-sector collaboration between the government and civil society. Now in its seventh year, the hackathon has since its inception selected a total of 35 domestic and 12 international outstanding teams. Their achievements are truly remarkable, and I want to thank everyone for their efforts.
    This year, the theme of the domestic track is “Aging Together in Good Health.” With Taiwan becoming a “super-aged society” and our National Health Insurance reaching its 30th anniversary next year, we hope that your collective wisdom will help us jointly achieve the vision of Healthy Taiwan.
    Let me congratulate the five outstanding teams in the domestic track. The first team is Drone for Life. Their aim is to use drones to set up a transportation network that covers remote areas to promote an equitable distribution of medical resources, which is extremely important for rural healthcare. The second team is Quiet Tracker. They want to improve noise management processes and create a noise suitability indicator map database for Taiwan, taking domestic quality of life to the next level. The third team is Greens Plus. Their goal is to develop an AI-enabled agricultural identification platform to alleviate water shortage concerns and improve the quantity and quality of agricultural products for farmers, treating every drop of water as a precious resource.
    The fourth team is CONNECT 10. Their proposal will enhance care services in remote areas to improve the quality of life for recipients, and I am confident that this will make the government’s Long-term Care 3.0 Plan more complete. And the fifth team is Tranquil Aging Master. They want to use a communication platform centered on the elderly to connect care teams, seniors, and their families to create a new model of holistic health care. If this proposal can be implemented, human dignity will be given greater importance, which is good for everyone.
    The theme of this year’s international track is Digital and Green: Next-Generation Public Infrastructure. By integrating digital technology with net-zero, sustainable solutions, we want to promote the digital and net-zero twin transformation, lay a more sustainable foundation for Taiwan’s future generations, and achieve the goal of a smarter, more sustainable new Taiwan.
    I was pleased to see that this year’s international track received a record-breaking 77 team proposals. Here, I would like to congratulate the two winning international outstanding teams. The first team is GreenhopeBCTW. With members from the United States and Taiwan, the group hopes to use personal carbon wallets to turn environmental actions into assets and encourage more people to cut emissions. The second team is MooApps, whose three members are all from Indonesia. They have proposed an innovative digital monitoring system to help livestock farmers improve animal health and reduce herd mortality rates. I am confident that having a constant understanding of physical health conditions – not just for animals but for people as well – can be a powerful aid to individual health.
    Once again, I would like to thank all the outstanding teams for their hard work in proposing innovative solutions in the areas of health promotion and digital and net-zero development. In these challenging and rapidly changing times, the Presidential Hackathon exemplifies collaboration between the government and civil society, breaking through conceptual limitations to implement government innovations that respond to people’s needs and resolve various social problems.
    In closing, congratulations once more to all the outstanding teams. In your contributions, I can see the limitless potential for Taiwan. If we all work together, our nation can look forward to a better, more advanced, and more prosperous future.
    President Lai then presented trophies and certificates to the winning teams in both the domestic and international tracks.
    Also in attendance at the event were American Institute in Taiwan Taipei Office Director Raymond Greene and Indonesian Economic and Trade Office to Taipei Representative Arif Sulistiyo.

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Reports of an Australian citizen detained by Russia

    Source: Australian Government – Minister of Foreign Affairs

    The Australian Government is making representations to the Russian Government.

    We urge the Russian Government to fully adhere to its obligations under international humanitarian law, including with respect to prisoners of war.

    Our immediate priority is understanding where Mr Jenkins is and confirming his wellbeing.

    We are providing consular support to Mr Jenkins’ family.

    I reiterate the Government’s clear advice to all Australians – do not travel to Ukraine.

    MIL OSI News

  • MIL-OSI Asia-Pac: Labour Department investigates fatal work accident in Sheung Shui

    Source: Hong Kong Government special administrative region

    Labour Department investigates fatal work accident in Sheung Shui
    Labour Department investigates fatal work accident in Sheung Shui
    *****************************************************************

         The Labour Department (LD) is investigating a fatal work accident that happened in Sheung Shui this morning (December 23) in which a man died.     The LD immediately deployed staff to the scene upon receiving a report of the accident, and is now conducting an investigation to look into its cause.

     
    Ends/Monday, December 23, 2024Issued at HKT 14:25

    NNNN

    MIL OSI Asia Pacific News

  • MIL-Evening Report: Rabuka reveals details of 1987 coup navy ‘secret weapons mission’

    By Litia Cava, FBC News multimedia journalist

    Fiji Prime Minister Sitiveni Rabuka has revealed how arms and ammunition used to conduct the 1987 military coup were secretly brought into Fiji on board a naval survey ship.

    Speaking at the commissioning of a new research vessel for the Lands and Mineral Resources Ministry on Friday, Rabuka described the strategic measures taken to ensure the weapons reached Fiji undetected.

    He recounted that during preparations for his coup against Dr Timoçi Bavadra’s Labour government of 1987, Fiji lacked sufficient arms and ammunition.

    “I realised that we didn’t have enough weapons and ammunition in Fiji to do what I wanted to do. So I sent a very quick message to the captain who was there to pick up the ship and surprised him by asking that, get that ship commissioned in Singapore before you sail back to Fiji.”

    Rabuka explained the decision, saying the commissioning had allowed the ship to fly a naval flag, ensuring it would avoid inspection at international ports.

    He said the ship’s captain was instructed to load arms and ammunition en route which were successfully brought back to Fiji.

    The Prime Minister said the measures were necessary at the time to achieve what needed to be done.

    Rare glimpse of tactics
    His remarks offered a rare glimpse into the behind-the-scenes tactics of 1987, highlighting the extent of planning and resourcefulness involved.

    Rabuka’s comments were made during the launch of a state-of-the-art research vessel which will serve as a floating laboratory for marine geological studies and coastal surveys.

    The vessel is equipped with advanced tools to map the ocean floor, study tectonic activity and support communities affected by climate change.

    The Prime Minister said the new vessel marked a significant step in understanding Fiji’s marine ecosystem.

    He also spoke about the importance of integrating scientific research with traditional knowledge to address critical issues such as climate change and sustainable resource management.

    The PM said there was a need for informed planning to prevent disasters, referencing the recent earthquake in Vanuatu.

    Rabuka said early geological surveys could have guided city planners and engineers in designing structures that mitigate damage from such events.

    The new vessel is expected to provide critical insights into the ocean’s mysteries while contributing to Fiji’s resilience against climate-related challenges.

    Fiji’s President celebrates birthday with military
    Meanwhile, earlier today members of the Republic of Fiji Military Forces (RFMF) gathered at State House to celebrate the 71st birthday of Fiji’s President and Commander-in-Chief, Ratu Naiqama Lalabalavu.

    The celebration was led by the Commander of the Fiji Navy, Humphrey Tawake, with senior officers. It was marked by a march by officers and the RFMF band. adding a ceremonial and heartfelt touch to the happy occasion.

    On behalf of the commander of the RFMF who is away on official leave, Commander Tawake extended birthday wishes to the Head of State.

    President Lalabalavu praised the dedication of the RFMF in upholding law and order.

    “The strength of our nation lies in our collective efforts, and since assuming office, I have witnessed the vital role you play in ensuring peace and stability,” he said.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: LCSD reminds public to keep venues clean during Christmas

    Source: Hong Kong Government special administrative region

    LCSD reminds public to keep venues clean during Christmas
    LCSD reminds public to keep venues clean during Christmas
    *********************************************************

         The Leisure and Cultural Services Department (LCSD) today (December 23) appealed to members of the public to keep venues clean and mind their safety while celebrating Christmas.      The LCSD will work with other government departments to implement a series of measures over Christmas (December 24 to 26) to maintain cleanliness and safety at LCSD venues, especially at the Hong Kong Cultural Centre (HKCC) Piazza, Salisbury Garden, the Avenue of Stars, Tsim Sha Tsui Promenade, Middle Road Children’s Playground, Tsim Sha Tsui East Waterfront Podium Garden and Urban Council Centenary Garden along the Kowloon waterfront, where large crowds are expected.      An LCSD spokesman said, “In crowded areas, people should remain calm and take care of their own safety.”      The public announcement systems at the HKCC will also broadcast anti-littering and crowd management messages in Cantonese, Putonghua and English on a regular basis during the holidays. Crowd control measures will be implemented at the HKCC Piazza, Salisbury Garden, the Avenue of Stars and the Tsim Sha Tsui Promenade based on actual conditions. Members of the public are advised to pay attention to the announcements, follow the instructions of the duty personnel and mind their safety.

     
    Ends/Monday, December 23, 2024Issued at HKT 15:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: EPD convictions in November

    Source: Hong Kong Government special administrative region

         Thirty-nine convictions were recorded in November 2024 for breaches of legislation enforced by the Environmental Protection Department.
     
         Two of the convictions were under the Air Pollution Control Ordinance, two were under the Environmental Impact Assessment Ordinance, nine were under the Noise Control Ordinance, 12 were under the Public Cleansing and Prevention of Nuisances Regulation, one was under the Product Eco-responsibility Ordinance, and 13 were under the Waste Disposal Ordinance.
     
         A company was fined $15,000, which was the heaviest fine in November, for failing to comply with an air pollution abatement notice.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: RBI to conduct 4-day Variable Rate Repo (VRR) auction under LAF on December 23, 2024

    Source: Reserve Bank of India

    On a review of current and evolving liquidity conditions, it has been decided to conduct a second Variable Rate Repo (VRR) auction on December 23, 2024, Monday, as under:

    Sl. No. Notified Amount
    (₹ crore)
    Tenor
    (day)
    Window Timing Date of Reversal
    1 75,000 4 12:45 PM to 1:15 PM December 27, 2024
    (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.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1759

    MIL OSI Economics

  • MIL-OSI New Zealand: Napier homicide investigation: Third arrest made

    Source: New Zealand Police (National News)

    Police have arrested a third man, aged 19,  in relation to the death of Boy Taylor. 

    He will be appearing in the Hastings District Court on Tuesday 24 March charged with wounding with intent to cause grievous bodily harm.

    The investigation is ongoing, and Police cannot rule out further arrests and charges.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News

  • MIL-OSI Australia: EDUCATION RD/ARMATA RD , ONKAPARINGA HILLS (Grass Fire)

    Source: Country Fire Service – South Australia

    Issued on
    23 Dec 2024 17:31

    Issued for
    Onkaparinga Hills  near Woodcroft in the southern Mount Lofty Ranges.

    Warning level
    Watch and Act – Leave Now

    Action
    Leave now. This bushfire may threaten your safety. Check that the path is clear and go to a safer place. Do not enter this area as conditions are dangerous.

    The ONKAPARINGA HILLS bushfire is uncontrolled. This scrub fire is burning in a North easterly  direction towards Education Road, Armata Road, Humber Court, Rudge Close, Forest Drive, Vaucluse Drive, Evandale Circuit and Mcharg Road, Chandlers Hill . Conditions are continually changing.

    For updates, check the CFS website at cfs.sa.gov.au or phone the Information Hotline on 1800 362 361.

    MIL OSI News

  • MIL-OSI: Falcon Oil & Gas Ltd. – Drilling completed on the second well in the Shenandoah South Pilot Project, Shenandoah S2-4H

    Source: GlobeNewswire (MIL-OSI)

    Falcon Oil & Gas Ltd.
    (“Falcon” or “Company”)

    Drilling completed on the second well in the Shenandoah South Pilot Project, Shenandoah S2-4H

    23 December 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that the Shenandoah S2-4H (“SS4H”) horizontal well was successfully drilled, cased and cemented to a measured depth of 6,452 metres (21,169 feet) in exploration permit 98 in the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner, Tamboran (B2) Pty Limited (“Tamboran B2”).

    Data from the SS4H well has indicated strong gas shows and a continuation of the high-quality shale and rock properties observed in the Shenandoah South 1H and Shenandoah South 2H (“SS2H ST1”) locations with no faulting observed along the entire 3,048-metre (10,000 foot) lateral section.

    The Liberty Energy (NYSE: LBRT) stimulation equipment and sand has been mobilized to location ahead of the stimulation campaign, which is planned to commence in early 1Q 2025, with IP30 flow test from both SS2H ST1 and SS4H expected to be released in 1Q 2025.

    Philip O’Quigley, CEO of Falcon commented:
    The completion of the SS4H well is another milestone in the development of the Beetaloo Sub-basin and we will look forward to the upcoming stimulation campaign and updating the market as operations progress.”

                                                    Ends.

    CONTACT DETAILS:

    Falcon Oil & Gas Ltd.          +353 1 676 8702
    Philip O’Quigley, CEO +353 87 814 7042
    Anne Flynn, CFO +353 1 676 9162
     
    Cavendish Capital Markets Limited (NOMAD & Broker)
    Neil McDonald / Adam Rae +44 131 220 9771
       

    This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Technical Advisor. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

    About Falcon Oil & Gas Ltd.

    Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.

    Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

    For further information on Falcon Oil & Gas Ltd. Please visit www.falconoilandgas.com

    About Beetaloo Joint Venture (EP 76, 98 and 117)

    Company Interest
    Falcon Oil & Gas Australia Limited (Falcon Australia) 22.5%
    Tamboran (B2) Pty Limited 77.5%
    Total 100.0%

    Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres1

    Company Interest
    Falcon Oil & Gas Australia Limited (Falcon Australia) 5.0%
    Tamboran (B2) Pty Limited 95.0%
    Total 100.0%

    1Subject to the completion of the SS2H ST1 and SS4H wells on the Shenandoah South pad 2.

    About Tamboran (B2) Pty Limited
    Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran (B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Corporation and Daly Waters Energy, LP.

    Tamboran Resources Corporation, is a natural gas company listed on the NYSE (TBN) and ASX (TBN). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercialising unconventional shale in North America.

    Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company.

    Advisory regarding forward-looking statements
    Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes. In particular, forward-looking information in this press release includes, but is not limited to, information relating to the drilling the SS4H well to a total measured depth of 6,452 metres, the indication of strong gas shows and a continuation of the high-quality shale and rock properties observed in the Shenandoah South 1H and SS2H ST1 locations, stimulation planned to commence in early 1Q 2025 with IP30 flow test from both SS2H ST1 and SS4H expected to be released in 1Q 2025.

    This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

    Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.com, including under “Risk Factors” in the Annual Information Form.

    Any references in this news release to initial production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Falcon. Such rates are based on field estimates and may be based on limited data available at this time.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network

  • MIL-OSI: Financing facility update

    Source: GlobeNewswire (MIL-OSI)

    23 December 2024

    ICG Enterprise Trust announces increased credit facility

    ICG Enterprise Trust plc (‘ICGT’) has increased the size of its revolving credit facility (‘RCF’) from €240m to €300m to accommodate portfolio growth. This change was effective from 20 December 2024.

    There are no other changes to the terms previously disclosed on 1 June 2023 and 5 June 2024.

    At 13 December 2024, ICGT had total available liquidity of £84m (31 July 2024: £126m). This comprised £8m cash and £76m (€92m) undrawn RCF. Pro forma for the increase announced today, ICGT would have had total available liquidity of £134m.

    Enquiries

    Analyst / Investor enquiries                                                                                                
    Chris Hunt, Head of Corporate Development and Shareholder Relations
    +44 (0) 20 3545 2000

    Media                                                                                                                    
    Clare Glynn, Corporate Communications, ICG                                                    
    +44 (0) 20 3545 1395

    Website                                                                                 
    www.icg-enterprise.co.uk

    About ICG Enterprise Trust

    ICG Enterprise Trust is a leading listed private equity investor focused on creating long-term growth by delivering consistently strong returns through selectively investing in profitable, cash-generative private companies, primarily in Europe and the US, while offering the added benefit to shareholders of daily liquidity.

    We invest in companies directly as well as through funds managed by Intermediate Capital Group plc (‘ICG’) and other leading private equity managers who focus on creating long-term value and building sustainable growth through active management and strategic change.

    Disclaimer

    The information contained herein does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on ICG Enterprise Trust PLC (the “Company”) or its affiliates or agents. Equity securities in the Company have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in the Company referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person (“U.S. Person”) as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or to any national, resident or citizen of an Excluded Jurisdiction.

    The information on the pages herein may contain forward looking statements. Any statement other than a statement of historical fact is a forward looking statement. Actual results may differ materially from those expressed or implied by any forward looking statement. The Company does not undertake any obligation to update or revise any forward looking statements. You should not place undue reliance on any forward looking statement, which speaks only as of the date of its issuance.

    The MIL Network

  • MIL-OSI: Falcon Oil & Gas Ltd. – Change of Auditors

    Source: GlobeNewswire (MIL-OSI)

    FALCON OIL & GAS LTD.

    (“Falcon)

    Change of Auditors

    23 December 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that BDO Canada LLP has been appointed as Falcon’s new auditor, replacing BDO LLP in the UK.

    Ends.

    CONTACT DETAILS:

    Falcon Oil & Gas Ltd.          +353 1 676 8702
    Philip O’Quigley, CEO +353 87 814 7042
    Anne Flynn, CFO +353 1 676 9162
     
    Cavendish Capital Markets Limited (NOMAD & Broker)
    Neil McDonald / Adam Rae +44 131 220 9771

    About Falcon Oil & Gas Ltd.

    Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.

    For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

    Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.ca

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network

  • MIL-OSI Global: From pop songs to baby names: How Simeulue Island’s ‘smong’ narrative evolves post-tsunami

    Source: The Conversation – Indonesia – By Alfi Rahman, Lecturer at Faculty of Social and Political Sciences, Universitas Syiah Kuala, Director of Research Center for Social and Cultural Studies (PRISB) Universitas Syiah Kuala, and Researcher at Tsunami and Disaster Mitigation Research Center (TDMRC), Universitas Syiah Kuala

    Simelulue men gather to perform ‘nandong,’ a traditional local song. (Jihad fii Sabilillah/Youtube), CC BY

    20 years have passed since the Aceh tsunami, leaving deep scars on Indonesia, especially for those directly affected. Aceh was also recovering from a three-decade armed conflict between the Free Aceh Movement and the national government

    Throughout December 2024, The Conversation Indonesia, in collaboration with academics, is publishing a special edition honouring the 20 years of efforts to rebuild Aceh. We hope this series of articles preserves our collective memory while inspiring reflection on the journey of recovery and peace in the land of ‘Serambi Makkah.’


    Off the southern coast of Aceh lies Simeulue, a small island with a powerful story of survival. When the devastating Indian Ocean tsunami killed hundreds of thousands across the region in 2004, only five people died on Simeulue — some say just three.

    This remarkable survival was credited to a local wisdom called smong — their term for tsunamis in the Simeulue language — that taught them to read nature’s warning signs and escape to safety.

    Passed down through generations since a previous tsunami struck in 1907, smong describes the signs of an upcoming ghostly wave: a strong earthquake and the receding of seawater. This knowledge becomes a survival guide that directs them to move away from the coast immediately or head to higher ground.

    Two decades after the 2004 disaster, our research shows that this life-saving knowledge is transforming, reflecting broader social shifts and information and communication technology development. It is no longer told only through nafi-nafi (oral storytelling) but adapting to new channels, from traditional songs to pop music and even into children’s names.

    From tradition to transformation

    Our study – spanning from 2016 to 2023 and involving interviews with 18 participants – captures how smong evolves over time. Smong, for instance, finds its way to nandong, Simeulue’s traditional songs that now incorporate lyrics about the life-saving local wisdom. A local artist said:

    After the 2004 tsunami, we adapted the smong story into nandong. This became a new way to convey the ‘smong’ message, ensuring it remains relevant and easy to remember.

    One popular nandong lyric goes:

    Linon uwak-uwakmo (The earthquake rocks you like a cradle)

    Elaik kedang-kedangmo (Thunder beats like a drum)

    Kilek suluh-suluhmo (Lightning flashes like your lamp)

    Smong dumek-dumekmo (The tsunami is your bathing water).

    Video containing song or ‘nandong’ about ‘smong’

    But even as Simeulue’s younger generation embraced modern influences, smong kept up. Local artists began creating pop songs in Devayan, one of the island’s local languages. The catchy tunes brought smong into classrooms, as a 23-year-old local testified:

    I first heard a ‘smong’ song at school. The lyrics were simple but clear. They told me exactly what to do if a tsunami came.

    A children’s tale telling a stort about ‘smong’

    Smong as a symbol of resilience

    Today, smong is more than a safety warning; it symbolises the island’s strength and identity. In some families, smong even lives on in names.

    One grandmother named her grandson “Putra Smong” (smong’s son) as a tribute, saying

    His name reminds us of the wisdom that saved our lives.

    The challenge of preservation

    Despite its transformation, preserving the smong narrative faces challenges that risk eroding this customary knowledge.

    The biggest challenge is the shift in lifestyle and culture among Simeulue’s youth. Today’s younger generation is more familiar with digital technology than oral traditions. A mother said:

    In the past, our elders would tell ‘smong’ stories every evening after Maghrib (dusk) prayers. Now, children are too busy with their gadgets.

    Globalisation also brings external cultural influences, diverting the attention of Simeulue’s youth from the local heritage. Many young people grow up with limited knowledge of traditions like nafi-nafi.

    Another major challenge is the declining use of local languages such as Devayan, Sigulai, and Lekon in daily conversations. Since smong originates from these languages, preserving it relies on their continued use.

    Our observation concludes that the transmission of smong narratives remains sporadic. Its spread often depends on individual or small group initiatives and sometimes awaits external interventions.

    Without concrete efforts, the smong narrative risks fading and being forgotten by future generations. A local activist stated:

    I once proposed building a ‘smong’ monument to remind the younger generation, but the idea has yet to be realised.

    Hope for continuity: Bridging tradition and modernity

    The elders of Simeulue firmly believe that smong is a heritage that must be safeguarded. An 80-year-old community elder expressed his hope for future generations to keep smong alive.

    As long as the ‘smong’ story exists, we will remain safe. But if this story is lost, we will lose our most precious wisdom and treasure.

    To keep smong alive, educators and community leaders are looking to the future. Some propose integrating smong into school curriculum, ensuring every child knows its lessons. A teacher said.

    ‘Smong’ isn’t just a story. It’s a life-saving guide that must be passed on to every generation.

    Technology can also be an important means of preserving the native understa. Digital videos, disaster simulations, and interactive storytelling could bring smong to a tech-savvy audience, making it relevant today.

    As we hope these approaches will bridge the old tradition with modern needs, smong transformation highlights that it is not just a relic from the past. Its narrative must evolve to adapt to the times, ensuring its treasured knowledge remains alive amid social changes.

    In the face of ongoing disaster threats, particularly in Indonesia’s Ring of Fire, smong offers a valuable lesson on how preserving local wisdom can form the foundation for disaster preparedness.

    Alfi Rahman receives funding from the Ministry of Education, Culture, Research and Technology of Indonesia for this research (grant number 0168/E5/PG.02.00.PL/2023 and 094/E5/PG.02.00.PL/2024).

    Muzayin Nazaruddin tidak bekerja, menjadi konsultan, memiliki saham, atau menerima dana dari perusahaan atau organisasi mana pun yang akan mengambil untung dari artikel ini, dan telah mengungkapkan bahwa ia tidak memiliki afiliasi selain yang telah disebut di atas.

    ref. From pop songs to baby names: How Simeulue Island’s ‘smong’ narrative evolves post-tsunami – https://theconversation.com/from-pop-songs-to-baby-names-how-simeulue-islands-smong-narrative-evolves-post-tsunami-246153

    MIL OSI – Global Reports

  • MIL-OSI New Zealand: Correction – Napier homicide investigation: Third arrest made

    Source: New Zealand Police (District News)

    An earlier release stated the third man arrested in relation to the death of Boy Taylor will appear in Hastings District Court in March.

    The correct date is tomorrow, 24 December.

    We apologise for any confusion caused.

    ENDS 

    Issued by Police Media Centre 

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: Female director of chain education centre convicted of engaging in wrongly accepting payment

    Source: Hong Kong Government special administrative region

    Female director of chain education centre convicted of engaging in wrongly accepting payment
    Female director of chain education centre convicted of engaging in wrongly accepting payment
    ******************************************************************************************

         A female director of a chain education centre was sentenced to 240 hours of community service order today (December 23) at the Eastern Magistrates’ Courts for engaging in wrongly accepting payment when selling tutorial programmes, in contravention of the Trade Descriptions Ordinance (TDO). The female director was also ordered by the court to make a compensation of about $70,000 to the victims of the case.     Hong Kong Customs in July 2023 received numerous complaints alleging that a chain education centre suddenly announced business closures of five branches, failing to provide prepaid tutorial programmes purchased by and arrange refunds to customers.     After an investigation, Customs found that the some branches of the education centre were in arrears with rent and salaries. However, they still accepted payments for prepaid programmes even anticipating that they would be unable to continue operating.     Customs reminds traders to comply with the requirements of the TDO. Traders should not accept advance payments from consumers if they are uncertain whether the pertinent services can be delivered to consumers within a specific or reasonable time. Consumers are also reminded to procure services at reputable shops and think prudently before making decisions regarding consumption by prepayment. After purchasing services, consumers should keep the transaction receipts and related records, which can become basic information in case a complaint is lodged in the future.           Under the TDO, any trader commits an offence if at the time of acceptance of payment, the trader intends not to supply the product or there are no reasonable grounds for believing that the trader will be able to supply the product within a specified or reasonable period. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.     Members of the public may report any suspected violations of the TDO to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

     
    Ends/Monday, December 23, 2024Issued at HKT 15:27

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Muse Fest HK 2024 concludes attracting more than 630,000 participants (with photos)

    Source: Hong Kong Government special administrative region

    Muse Fest HK 2024 concludes attracting more than 630,000 participants (with photos)
    Muse Fest HK 2024 concludes attracting more than 630,000 participants (with photos)
    ***********************************************************************************

         Muse Fest HK 2024, launched by the Leisure and Cultural Services Department (LCSD) in November, has successfully concluded, attracting more than 630,000 people to participate in more than 70 delightful programmes organised by the LCSD museums and art spaces, representing a 20 per cent increase in participants as compared to last year. This year marked the 10th edition of Muse Fest under the same theme “Hong Kong H.A.S. (History. Art. Science.) Museums”, introducing Hong Kong’s rich and distinctive cultural heritage and artistic diversity. Notably, the two-day inaugural event of Muse Fest 2024, Fun@Museum Carnival, received an overwhelming response, having attracted the participation of more than 25,000 members of the public and tourists, which was three times the number compared to last year.      The Fun@Museum Carnival, focusing on Chinese culture, was a collaborative curation by the LCSD cultural sections, which featured a total of 24 diverse performances and interactive workshops on the development and inheritance of Chinese culture and history at the Hong Kong Cultural Centre Piazza, Hong Kong Museum of Art, Hong Kong Space Museum (HKSpM) and Salisbury Garden in Tsim Sha Tsui on November 2 and 3. Highlights included performances of Intangible Cultural Heritage (ICH) items such as the lion dance, fire dragon dance and puppetry. Apart from taking photos, visitors could try to dance the lion and unicorn, and join workshops to make flower buttons, lion head crafts and postcards. The Waxing in Conservation booth of the LCSD Conservation Office invited visitors to experience using wax materials to protect various types of artifacts and make magnets as souvenirs. The Gear Up – Nano World Outreach Programme booth presented by the Science Promotion Unit of the Hong Kong Science Museum, the Library-on-Wheels outreach truck and the Cosmic Voyage Treasure Hunt Activity organised by the HKSpM also attracted families to share the fun.      The November weekends saw fun days at various museums, including the Sheung Yiu Folk Museum, the Hong Kong Railway Museum, the Fireboat Alexander Grantham Exhibition Gallery, the Hong Kong Museum of the War of Resistance and Coastal Defence, the Hong Kong Heritage Museum, the ICH Centre at the Sam Tung Uk Museum as well as the Oil Street Art Space (Oi!). The Flagstaff House Museum of Tea Ware, in celebration of its 40th anniversary, held special events on two evenings, staging an outdoor immersive light show “Gentle Smoke of Tea” on the museum’s façade, and a concert, interactive display and exhibitions in the museum. Furthermore, the exclusive events, Meet the Curator – Hong Kong Museum of the War of Resistance and Coastal Defence and The Fireboat Then and Now Guided Tour – A Fireman Leads the Way, organised for LCSD Museum Pass holders were well received.??????     In addition, 12 Guangdong and Macao museums from the Guangdong-Hong Kong-Macao Greater Bay Area Museum Alliance also joined this year’s Muse Fest. Specifically, the Shenzhen Museum introduced the Shenzhen Branch of Hong Kong Museum Festival 2024 – The Beauty of Ingenuity series of research activities, which received an enthusiastic response. Programmes such as wood carving and gilding, a woodworking activity with mortise and tenon joinery, seal engraving, printmaking and a drama education class were highly popular. The relevant online social media platforms received a total of over 75,000 hits. The events were widely covered by the media in the Mainland.      To extend the museum experience journey and deepen the public’s knowledge of the history of museums, art, culture, science and films, Muse Fest’s Selected Museum Publications and Souvenirs Mega Sale will continue until March 31, 2025, offering discounts of up to 50 per cent for selected museum publications and souvenirs. Members of the public are welcome to visit the LCSD museums to make their purchases.

     
    Ends/Monday, December 23, 2024Issued at HKT 15:30

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI China: China provides emergency assistance to quake-hit Vanuatu

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

    BEIJING, Dec. 23 — The Chinese government has provided 1 million U.S. dollars in emergency assistance to the quake-hit Vanuatu to support the country’s response to the disaster and reconstruction efforts, said Li Ming, spokesperson for the China International Development Cooperation Agency on Monday.

    At the request of Vanuatu, the Chinese side has coordinated experts from Chinese enterprises based in the country to conduct a preliminary disaster assessment, and the Chinese medical team in Vanuatu has actively participated in the treatment, rescue and operation of injured individuals, said Li.

    The Red Cross Society of China has also provided 100,000 U.S. dollars in emergency cash assistance to Vanuatu, Li added.

    The spokesperson said that China is willing to continue to provide follow-up assistance according to the needs of Vanuatu and help the country overcome difficulties and rebuild homes as soon as possible.

    MIL OSI China News

  • MIL-OSI Economics: ADB, Vastu Housing Finance to Enhance Access to Affordable and Sustainable Housing in India

    Source: Asia Development Bank

    NEW DELHI, INDIA (23 December 2024) – The Asian Development Bank (ADB) and Vastu Housing Finance Corporation Limited (Vastu) have entered into a senior secured loan agreement of up to $70 million to enhance access to affordable and sustainable housing loans in India’s underserved states. This financing will be utilized to provide loans to economically weaker sections and low-income groups, with an emphasis on female borrowers. At least 15% of the funds will be allocated to first-time borrowers.

    “ADB aims to address the critical housing shortage in India while promoting environmentally friendly housing that enhances climate resilience for homeowners by focusing on lower-income households and sustainable housing,” said PSOD Director General Suzanne Gaboury. “This partnership with Vastu illustrates ADB’s commitment to supporting financial inclusion and sustainable development in India, in alignment with the country’s national financial inclusion strategy.”

    According to the Reserve Bank of India, shortfalls of 45 million houses for economically weaker communities and 50 million for low-income groups account for 95% of India’s overall housing deficit. These groups often struggle to access credit due to high mortgage costs and limited credit history. This highlights the necessity for affordable housing finance companies that provide loans to new borrowers and self-employed individuals in rural and semi-urban areas.

    Sandeep Menon, Founder, MD & CEO, Vastu, said, “Vastu is poised to expand our reach and deepen our impact in extending affordable housing finance to the credit-underserved segments, with a focus on women borrowers. We are glad to partner with ADB to further this vision. Together, we aim to bridge the credit gap for India’s emerging middle-class and lower-income households.”

    Vastu is a technology-driven affordable housing finance company that focuses on self-employed customers in growing peri-urban and rural cities and towns. With a strong presence in semi-urban and rural areas, Vastu offers affordable housing loans and loans against property, emphasizing sustainability and financial inclusion.

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

    MIL OSI Economics

  • MIL-OSI Economics: Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 – Colour Merchants Co-operative Bank Ltd., Ahmedabad – Extension of period

    Source: Reserve Bank of India

    The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Colour Merchants Co-operative Bank Ltd., Ahmedabad vide Directive AMD.DOS.SSM.No.S1053/11-03-039/2023-2024 dated September 25, 2023, the validity of which was extended up to close of business on December 25, 2024 vide Directive DOR.MON.D-55/12.21.039/2024-25 dated September 24, 2024.

    2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond close of business on December 25, 2024. Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from close of business on December 25, 2024 to close of business on March 25, 2025, subject to review.

    3. All other terms and conditions of the Directive under reference shall remain unchanged.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1761

    MIL OSI Economics

  • MIL-OSI Asia-Pac: “Hong Kong Innovation Activities Statistics” shows continued increase in Hong Kong’s gross expenditure on research and development in 2023

    Source: Hong Kong Government special administrative region

    “Hong Kong Innovation Activities Statistics” shows continued increase in Hong Kong’s gross expenditure on research and development in 2023
    “Hong Kong Innovation Activities Statistics” shows continued increase in Hong Kong’s gross expenditure on research and development in 2023
    ******************************************************************************************

         According to the report “Hong Kong Innovation Activities Statistics 2023” released today (December 23) by the Census and Statistics Department, the gross domestic expenditure on research and development (GERD) in Hong Kong has been on the rise and reached $33,006 million in 2023, representing an increase of about 10 per cent compared with the corresponding figure in 2022 ($30,138 million). The GERD as a ratio to the Gross Domestic Product (GDP) has also further increased to 1.11 per cent in 2023. In addition, the number of research and development (R&D) personnel showed a steady increase over the years and reached 43,403 in 2023 (compared with 39,710 in 2022).     A government spokesman said, “The country indicates clear support in the National 14th Five-Year Plan for Hong Kong to develop into an international innovation and technology (I&T) centre. Promoting I&T development has always been one of the key policy areas of the current-term Government. In recent years, the Government has been focusing on encouraging innovation activities, developing I&T infrastructure, strengthening basic research and promoting commercialisation of R&D outcomes, attracting and nurturing talent, supporting start-ups, etc. Moreover, since taking office, the current-term Government has been actively enhancing the local I&T ecosystem by consolidating our strengths in upstream basic research, accelerating the midstream transformation and realisation of scientific research outcomes, and supporting industry development in the downstream. Various initiatives have achieved good progress. It is encouraging to see that the GERD and the GERD as a ratio of the GDP have recorded satisfactory growth in 2023. We will continue to promote I&T development in Hong Kong at full steam following the development directions and major strategies as set out in the Hong Kong I&T Development Blueprint.”     The spokesman also stated that a series of measures have been announced in the 2024 Policy Address, including promoting the development of new industrialisation, preparing for the establishment of the third InnoHK research cluster, launching the Pilot I&T Accelerator Scheme, setting up a $10 billion I&T Industry-Oriented Fund, etc., to achieve high-quality economic development through technological empowerment. In addition, the Government promulgated the Development Outline for the Hong Kong Park (the Park) of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone in November this year to foster the development of the Park.     “The Government will continue to take forward various policy measures to create favourable conditions for Hong Kong’s I&T development, with a view to further promoting the development of I&T and new quality productive forces in Hong Kong, and realising the vision of developing Hong Kong into an international I&T centre,” the spokesman added.

     
    Ends/Monday, December 23, 2024Issued at HKT 16:35

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: DH reminds public that online registration system for dental general public session launches next week

    Source: Hong Kong Government special administrative region

    DH reminds public that online registration system for dental general public session launches next week
    DH reminds public that online registration system for dental general public session launches next week
    ******************************************************************************************

         The Department of Health (DH) today (December 23) reminded the public that an online registration system for dental general public session (ORDGP) will come into operation next Monday (December 30) and that the existing preliminary registration arrangements for dental general public sessions will cease from the same day. Members of the public will no longer need to queue in person at the relevant dental clinic to obtain a disc quota.      “The ORDGP will come into operation on December 30. The starting time for the online registration for balloting will be advanced from the originally proposed 9.30am to 6am, while the closing time will remain unchanged, i.e. 11.30am, to make it easier for members of the public in need of emergency public dental services to register for public dental services at designated dental clinics on the next working day,” said a spokesman for the DH.      He added that the DH has long been providing free emergency dental treatments to the public, through designated sessions in 11 government dental clinics on a quota basis, to deal with prescriptions for pain relief, tooth extraction or other emergencies such as an oral abscess.      Following the launch of the ORDGP, members of the public in need of emergency public dental services can access the ORDGP via the eHealth mobile application or the DH’s Dental Public Session website to register under their real name for public dental services at designated dental clinics on the next working day. Each person can only register once per day during the above-mentioned registration period. Quotas will be allocated by computer ballot. If the following day is a Saturday or a public holiday, ORDGP will not accept registrations.      The system will conduct balloting immediately after the online registration is closed. People who are successfully allocated a quota will receive a confirmation notification via SMS with the ID “#DH-DENT GP”. They can also log into the ORDGP to check the ballot result after 12.30pm on the same day, or call the hotline on 2892 2111 to check from 9am to 5pm during office hours.      “To cater for the needs of the elderly, half of the quotas will be allocated on a priority basis to elderly people aged 65 or above. Elderly people, who are not allocated a priority quota in the first round, will join other registered persons for the allocation of the remaining quotas by ballot,” the spokesman said.      To allow members of the public to understand more about the online registration process, the DH has uploaded the relevant introduction and demonstration videos to the Dental Public Session website today for public viewing.      Anyone who needs assistance registering may visit any dental clinics with dental general public session between 8.30am and 11.30am to register with the assistance of on-site staff, without using their own personal mobile phone or computer.      Members of the public who are allocated a quota must bring the originals of their identity documents used for registration to the designated dental clinics on the specified date and time to receive dental services. Citizens registered with eHealth and their family members/carers can also view their relevant attendance records on the eHealth app.      If any quota remains unallocated after balloting, the ORDGP will provide the public with a list of relevant dental clinics. Members of the public can make appointments on a first-come, first-served basis by calling the remaining quota registration hotline (tel: 2892 2577) between 2pm and 5pm on the same day, or between 7.45am and 9.15am on the service day of the general public session for the remaining quotas (if available).      The DH has established an extensive district network to assist those in need, including District Health Centres, District Health Centre Expresses, Neighbourhood Elderly Centres and the District Elderly Community Centres under the Social Welfare Department, District Councillors’ offices, Community Care Teams and dental clinics run by 15 social welfare institutions or non-governmental organisations. The DH has completed a number of online briefing sessions this month to introduce and demonstrate the relevant registration steps and process to the staff members of the above district networks.      During the initial period of commissioning the ORDGP, apart from operating an enquiry hotline (tel: 2892 2111) from 9am to 5pm on weekdays during office hours, the DH will also provide additional enquiry hotline service hours from 9am to 1pm on five public holidays (including January 1, 5, 12, 19 and 26, 2025) for answering enquiries from members of the public.      The spokesman emphasised that the public dental services are dedicated for those in need of emergency dental treatments only. Given the limited quotas, it is hoped that the service will not be abused. The DH will closely monitor the operation and the effectiveness of the ORDGP.      Separately, the service hours of general public session for Mona Fong Dental Clinic will be changed from Thursday afternoons to Thursday mornings with effect from January 2, 2025, which will be the same as the other 10 clinics with general public sessions. Please visit the website for addresses and service hours of the 11 dental clinics under the DH with general public sessions. 

     
    Ends/Monday, December 23, 2024Issued at HKT 16:45

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Hong Kong Monetary Authority tenders of Exchange Fund Bills to be held on December 31

    Source: Hong Kong Government special administrative region

    Hong Kong Monetary Authority tenders of Exchange Fund Bills to be held on December 31
    Hong Kong Monetary Authority tenders of Exchange Fund Bills to be held on December 31
    *************************************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     Tenders to be held in the week beginning December 30, 2024: 

    Tender date
    :
    December 31, 2024

    Paper on offer
    :
    EF Bills

    Issue number
    :
    Q2501

    Issue date
    :
    January 2, 2025

    Maturity date
    :
    April 2, 2025

    Tenor
    :
    90 Days

    Amount on offer
    :
    HK$66,467 MN

    ****************************

    Tender date
    :
    December 31, 2024

    Paper on offer
    :
    EF Bills

    Issue number
    :
    H2530

    Issue date
    :
    January 2, 2025

    Maturity date
    :
    July 2, 2025

    Tenor
    :
    181 Days

    Amount on offer
    :
    HK$20,400 MN

     
    Ends/Monday, December 23, 2024Issued at HKT 16:47

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Appointments of Hong Kong, China’s representatives to ABAC announced

    Source: Hong Kong Government special administrative region

         The Government today (December 23) announced that the Chief Executive (CE) has reappointed Ms Mary Huen as Hong Kong, China (HKC)’s representative and Mr Spencer Fung as alternate representative to the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC). At the same time, the CE has appointed Mr Geoffrey Kao as HKC’s alternate representative to ABAC. All appointments are for a term of two years from January 1, 2025.
     
         “I am very grateful to Ms Huen and Mr Fung for continuing to serve on ABAC, and to Mr Kao for agreeing to represent HKC in ABAC. I am confident that their extensive experience in the business sector and valuable insights will further enhance the work of ABAC, bringing concrete benefits to the Asia-Pacific region,” the Secretary for Commerce and Economic Development, Mr Algernon Yau, said.
     
         Ms Huen is the Chief Executive Officer (Hong Kong and Greater China & North Asia) of Standard Chartered Bank (Hong Kong) Limited. Mr Fung is the Group Executive Chairman of Li & Fung. Mr Kao is the Executive Director of Wah Ming Hong Limited.
     
         ABAC was established in 1996 as a permanent business advisory body to provide advice to APEC on business sector priorities. HKC has appointed three representatives and three alternate representatives to ABAC. Currently, the Chairman of Esquel Group, Ms Marjorie Yang, and the Managing Partner of Qiming Venture Partners, Ms Nisa Leung, are the other two HKC’s representatives. The Chairman of Lai Yuen Company Limited, Mr Duncan Chiu, is another HKC’s alternate representative.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: TD’s E-Auction enables public to bid for Ordinary Vehicle Registration Marks online

    Source: Hong Kong Government special administrative region

         The Transport Department (TD) today (December 23) launched E-Auction (e-auction.td.gov.hk), an online auction platform for Ordinary Vehicle Registration Marks (VRMs). Interested bidders registered as users are no longer required to attend a physical auction and can bid for VRMs through a computer or mobile device anywhere.

    E-Auction arrangements and implementation timetable

         The first online auction is scheduled for February 2025. Fewer VRMs, some 50, will be put up for auction in the initial phase and details will be announced in late January 2025. Two online auctions are planned to be held each month, with each auction lasting for five days, starting from noon on the first day and ending at noon on the fifth. The TD will gradually increase the number of VRMs in the online auction after reviewing its operations to ensure the smooth running of the E-Auction platform.

         Registered users can bid for their desired Ordinary VRMs via E-Auction within the specified time slots of each online auction session, and they may choose to set auto bids prior to the auction. Successful bidders can complete the follow-up procedures at the one-stop platform, including arranging electronic payment and receiving the relevant documents to assign the secured VRMs to the vehicles under the purchaser’s name provided in the Memorandum of Sale of VRM. Registered users can also receive auction information regularly through the platform. Non-registered users can browse the E-Auction website to learn about registration and auction procedures, the auction schedule, VRMs pending auction, real-time auction price, etc.

    User registration arrangements

         Members of the public should register as an E-Auction user by “iAM Smart+” equipped with the digital signing function; or by using a valid digital certificate and an email address upon completion of identity verification. Registered “iAM Smart” users should provide their Hong Kong identity card number, while non-Hong Kong residents who are not “iAM Smart” users should provide the number of their passport or other identification documents.

         A spokesman for the TD reminded bidders that applicants who have submitted a $1,000 deposit to reserve a VRM for auction should register as an E-Auction user in advance and participate in the online auction. Otherwise, their reserved VRMs may be sold to other bidders. In addition, cheque or cash payment is not accepted in the E-Auction.

    Category of VRMs put up for E-Auction

         The E-Auction will only be applicable to Ordinary VRMs. The TD will announce details of the online auction sessions in advance through the E-Auction website and prevailing channels including press releases and newspaper advertisements; and each registered user will receive such information by email. Auctions for VRMs with “HK” or “XX” as a prefix, special VRMs and personalised VRMs will continue to be carried out through physical auctions by bidding paddles and their announcement arrangements remain unchanged.

         The TD will inform all applicants who have submitted a deposit to reserve Ordinary VRMs for auction of the E-Auction arrangements in detail by post. Members of the public are welcome to visit the E-Auction website and watch the tutorial videos for more information. Please call the E-Auction hotline (3583 3980) or email (e-auction-enquiry@td.gov.hk) for enquiries.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Import of poultry meat and products from areas in US and UK suspended

    Source: Hong Kong Government special administrative region

    Import of poultry meat and products from areas in US and UK suspended
    Import of poultry meat and products from areas in US and UK suspended
    *********************************************************************

         The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (December 23) that in view of notifications from the World Organisation for Animal Health (WOAH) about outbreaks of highly pathogenic H5N1 avian influenza in areas in the United States (US) and the United Kingdom (UK), the CFS has instructed the trade to suspend the import of poultry meat and products (including poultry eggs) from the relevant areas with immediate effect to protect public health in Hong Kong.     The relevant areas are as follows:UK—-Norfolk County(1) King’s Lynn & West Norfolk DistrictUS—-State of California(2) Marin County(3) San Joaquin CountyState of South Dakota(4) Beadle County(5) Charles Mix County(6) Faulk County(7) Hutchinson County(8) McPherson County(9) Moody County(10) Spink CountyState of Iowa(11) Sioux County(12) Palo Alto CountyState of North Dakota(13) Bottineau County(14) McHenry County(15) Ransom CountyState of Tennessee(16) Gibson CountyState of Utah(17) Piute County(18) Sanpete County     A CFS spokesman said that according to the Census and Statistics Department, Hong Kong imported about 63 470 tonnes of chilled and frozen poultry meat, and about 17.2 million poultry eggs from the US, and about 900 tonnes of chilled and frozen poultry meat and about 990 000 poultry eggs from the UK in the first nine months of this year.     “The CFS has contacted the American and British authorities over the issues and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreaks. Appropriate action will be taken in response to the development of the situation,” the spokesman said.

     
    Ends/Monday, December 23, 2024Issued at HKT 17:47

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Government completes review of investigation findings submitted by Airport Authority Hong Kong on incident regarding Automated People Mover system at Hong Kong International Airport

    Source: Hong Kong Government special administrative region

    Government completes review of investigation findings submitted by Airport Authority Hong Kong on incident regarding Automated People Mover system at Hong Kong International Airport
    Government completes review of investigation findings submitted by Airport Authority Hong Kong on incident regarding Automated People Mover system at Hong Kong International Airport
    ******************************************************************************************

         With regard to an incident on November 21 last year in which a young passenger was suspected to have stepped into a gap between a platform and the train of the Automated People Mover (APM) system at Hong Kong International Airport, the Government is highly concerned about the incident and has completed the review of the investigation report and relevant supplementary information submitted by the Airport Authority Hong Kong (AAHK) as requested by the Government.     On system safety, the AAHK’s investigation did not find any systematic safety issues with the APM system. Infrared devices are installed at the platform screen doors (PSDs) and train doors such that when it detects that a passenger or obstacle has been trapped between the PSD and the train door, the system will instruct the PSDs and the train doors to remain open. Meanwhile, when the PSDs or train doors cannot close properly due to an obstruction, the system will instruct the train not to depart and an alert will be issued to the controllers in the Integrated Airport Centre simultaneously. Furthermore, the AAHK commenced a project to narrow the gap between the platform and the train in mid-2023 and completed it in June this year, which will serve to prevent passengers from stepping into the platform gap. The Electrical and Mechanical Services Department (EMSD) has confirmed that the APM system is safe in its design and operation.     On notification of incidents, according to the Airport Authority (Automated People Mover) (Safety) Regulation (Cap. 483C), the AAHK shall give notice to the Government of every accident and occurrence on the APM of a type described in the Schedule to Cap. 483C, which includes an incident in which a person falls between a train and a platform.     The AAHK conducted a thorough and in-depth investigation into the incident and found no evidence of a cover-up of the incident by any staff. It admitted that the scope of the first investigation, conducted by the AAHK’s relevant department early this year, was not thorough enough to identify the incident early. According to the investigation of the AAHK, after the young passenger stepped into the gap between the platform and the train, other passengers immediately pulled her out of the gap. Since train doors were closed as scheduled, the system alert was not triggered. The AAHK did not receive any complaint or injury report filed by the passenger concerned or her family at that time. That said, the AAHK admitted that there was lack of clarity in the APM Operation and Emergency Procedure Manual, and a lack of alertness in reporting and communication among the frontline staff concerned, resulting in the incident not being properly recorded at that time. Therefore, the relevant staff of the AAHK failed to identify the incident in time and report it to the Government.     The Government notes that the AAHK has already taken disciplinary actions against the relevant staff, and has seriously requested the AAHK to implement the following improvement measures to prevent a recurrence of similar incidents:(i) Strengthening of the incident notification mechanism: updating the APM Operation and Emergency Procedure Manual and arranging relevant training for frontline staff to enhance staff awareness in handling and recording incidents, which will enable the relevant departments of the AAHK to notify the Government according to the records;(ii) Enhancement of the incident investigation mechanism: arranging a dedicated department to co-ordinate investigations and follow-up actions in relation to incidents or potential incidents related to APM passenger safety in order to ensure all future incidents or potential incidents would be investigated in a thorough and comprehensive manner; and(iii) Enhancement of the CCTV system at the platform: adjusting and enhancing the CCTV set-up at the platform to cover more viewing angles, with a view to facilitating the detection and investigation of APM incidents by staff.      ???The Government notes that the AAHK enhanced the incident investigation mechanism immediately and has been actively implementing the other two improvement measures, which include finishing the updating of the APM Operation and Emergency Procedure Manual and arranging relevant training next month to strengthen the incident notification mechanism, and completing the enhancement of the CCTV system at the platform by March next year. The Government will closely monitor the AAHK’s progress of implementation. The EMSD has also confirmed that the APM system is safe in its design and operation, and that the aforementioned narrowing of the platform gap and enhancement of the CCTV system will help prevent the recurrence of similar incidents.

     
    Ends/Monday, December 23, 2024Issued at HKT 17:53

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Cloud Atlas seen using a new tool in its attacks

    Source: Securelist – Kaspersky

    Headline: Cloud Atlas seen using a new tool in its attacks

    Introduction

    Known since 2014, Cloud Atlas targets Eastern Europe and Central Asia. We’re shedding light on a previously undocumented toolset, which the group used heavily in 2024. Victims get infected via phishing emails containing a malicious document that exploits a vulnerability in the formula editor (CVE-2018-0802) to download and execute malware code. See below for the infection pattern.

    Typical Cloud Atlas infection pattern

    When opened, the document downloads a malicious template formatted as an RTF file from a remote server controlled by the attackers. It contains a formula editor exploit that downloads and runs an HTML Application (HTA) file hosted on the same C2 server. The RTF and HTA downloads are restricted to certain time slots and victim IP addresses: requests are only allowed from target regions.

    The malicious HTA file extracts and writes several files to disk that are parts of the VBShower backdoor. VBShower then downloads and installs another backdoor: PowerShower. This infection scheme was originally described back in 2019 and has changed only slightly from year to year.

    Previously, Cloud Atlas employed PowerShower to download and run an executable file: a DLL library. This DLL would then fetch additional executable modules (plug-ins) from the C2 server and execute these in memory. Among these plug-ins was one specifically designed to exfiltrate files with extensions of interest to the attackers: DOC, DOCX, XLS, XLSX, PDF, RTF, JPG and JPEG. The plugins were downloaded and their output was uploaded via the WebDAV protocol over public cloud services. Interestingly, after a plug-in was successfully downloaded, the DLL would delete the file from the cloud.

    The VBCloud backdoor now replicates the executable file’s original capabilities, such as downloading and executing malicious plug-ins, communicating with a cloud server, and performing other tasks. We first detected attacks using this implant in August of last year. Since then, we’ve observed numerous variations of the backdoor which have helped it to stay under the radar. This new campaign loads VBCloud via VBShower, which also downloads the PowerShower module. PowerShower probes the local network and facilitates further infiltration, while VBCloud collects information about the system and steals files. Below, we use a sample seen in September 2024 as a case study to examine each stage of a Cloud Atlas attack that employs the new toolkit.

    Technical details

    HTA

    The exploit downloads the HTA file via the RTF template and runs it. It leverages the alternate data streams (NTFS ADS) feature to extract and create several files at %APPDATA%RoamingMicrosoftWindows. These files make up the VBShower backdoor.

    Sample HTA content

    Below are the VBShower components loaded by the HTA dropper.

    File name Description
    AppCache028732611605321388.log:AppCache02873261160532138892.vbs VBShower Launcher (copy)
    AppCache028732611605321388.log:AppCache028732611605321388.vbs VBShower Launcher
    AppCache028732611605321388.log:AppCache028732611605321388.dat Encrypted VBShower backdoor
    AppCache028732611605321388.log:AppCache0287326116053213889292.vbs VBShower Cleaner

    After the download is complete, the malware adds a registry key to auto-run the VBShower Launcher script.

    The backdoor also launches further scripts: VBShower Launcher (copy) and VBShower Cleaner.

    The attackers create custom HTA files for each victim, so the names of the scripts and registry keys are mostly unique. For example, we have seen intertwine used as a name template, while the file names themselves looked as follows.

    • “intertwine.ini:intertwineing.vbs”;
    • “intertwine.ini:intertwineinit.vbs”;
    • “intertwine.ini:intertwine.vbs”;
    • “intertwine.ini:intertwine.con”.

    VBShower

    VBShower::Launcher

    This script acts as a loader, responsible for reading and decrypting the contents of AppCache028732611605321388.log:AppCache028732611605321388.dat, before using the Execute() function to pass control to that file.

    Sample VBShower Launcher content

    VBShower::Cleaner

    This script is designed to clear the contents of all files inside the LocalMicrosoftWindowsTemporary Internet FilesContent.Word folder by opening each in write mode. While the files persist, their contents are erased. This is how the Trojan covers its tracks, removing malicious documents and templates it downloaded from the web during the attack.

    The script uses the same method to erase both its own contents and the contents of the VBShower Launcher copy, which is used solely for the malware’s first run.

    Sample VBShower Cleaner content

    VBShower::Backdoor

    The backdoor’s payload is contained encrypted within a DAT file.

    Encrypted VBShower backdoor

    VBShower::Launcher goes through several stages to decrypt the backdoor.

    First decrypted layer of VBShower Backdoor

    Fully decrypted and deobfuscated VBShower Backdoor content

    The VBShower backdoor then runs in memory, subsequently performing several operations in a loop.

    • Check for the autorun registry key and restore it if missing.
    • Attempt to download additional encrypted VB scripts from the C2 server and run these. If the downloaded data is larger than 1 MB, the module saves the script to disk inside alternate data streams (NTFS ADS) and runs it with the help of the “wscript” utility. Otherwise, it runs the script in the current context.
    • If an alternate data stream contains a TMP file, the backdoor sends it to the C2 server with a POST request. The additional scripts downloaded from the C2 use the TMP file to store their output.

    VBShower::Payload

    We were able to detect and analyze a number of scripts downloaded and executed by the VBShower backdoor.

    VBShower::Payload (1)

    The first script we found does the following.

    • Gets the domain, username and computer.
    • Gets the names and values of the registry keys in the SOFTWAREMicrosoftWindowsCurrentVersionRun branch.
    • Gets information about the file names and sizes in the following folders:
      • %AppData%;
      • %AllUsersProfile%;
      • %AllUsersProfile%Canon;
      • %AllUsersProfile%Intel;
      • %AllUsersProfile%Control;
      • %AllUsersProfile%libs;
      • %AllUsersProfile%Adobe;
      • %AllUsersProfile%Yandex;
      • %AllUsersProfile%Firefox;
      • %AllUsersProfile%Edge;
      • %AllUsersProfile%Chrome;
      • %AllUsersProfile%avp.
    • Gets the names of running processes, their start dates and the commands that started them.
    • Gets a list of scheduler tasks by running cmd.exe /c schtasks /query /v /fo LIST.

    All data collected this way is saved in a TMP alternate data stream and forwarded to the C2 server by the VBShower::Backdoor component.

    The paths listed above (%AllUsersProfile%) are used for installing the VBCloud backdoor. The steps performed by the script are most likely needed to check if the backdoor is present and installed correctly.

    Decrypted and deobfuscated contents of script 1

    VBShower::Payload (2)

    The second script reboots the system.

    Decrypted and deobfuscated contents of script 2

    VBShower::Payload (3)

    A further script downloads a ZIP archive, extracts it into the %TMP% directory, and collects the names and sizes of downloaded files to then send an extraction report to the C2. This is done to verify that the files were received and unpacked.

    Decrypted and deobfuscated contents of script 3

    VBShower::Payload (4) and (5)

    VBShower downloads two similar scripts that are designed for installing the VBCloud and PowerShower backdoors. These scripts first download an archive from a hardcoded link and then unpack it into the %ALLUSERSPROFILE% folder. In the case of VBCloud, the script changes the extension of the unpacked file from TXT to VBS and creates a scheduler task to run VBCloud. In the case of PowerShower, the extension of the unpacked file is changed from TXT to PS1, whereupon the script adds the file to the Run registry branch.

    Unlike VBShower’s own scripts, downloadable scripts with a payload are present on disk as files, rather than hidden inside alternate data streams.

    Besides installing backdoors, these scripts build a report that consists of the names of running processes, their start dates and the commands that started them, registry keys and values in the Run branch, and a list of files and directories at the path where the archive was unpacked. This report is then sent to the C2 server.

    Decrypted and deobfuscated contents of the scripts for downloading and installing VBCloud and PowerShower

    PowerShower

    PowerShower is nearly identical to VBShower in terms of functionality.

    Sample PowerShower script installed with VBShower

    PowerShower downloads additional PowerShell scripts from the C2 and executes these. If the downloaded data begins with the character “P”, PowerShower interprets the data as a ZIP archive, rather than a PowerShell script, and saves the archive to disk as “%TMP%Firefox.zip”. PowerShower does not unpack the archive, serving as a downloader only.

    Decoded PowerShower script

    The downloaded PowerShell scripts run in memory, without being saved to disk. Most of the scripts save their output to sapp.xtx, which PowerShower then sends as a report to the C2.

    The PowerShower scripts use the same C2 domains as VBShower.

    PowerShower::Payload (1)

    The script gets a list of local groups and their members on remote computers via Active Directory Service Interfaces (ADSI). The script is most often used on domain controllers.

    Sample script to get a local groups and members list, downloaded and executed by PowerShower

    PowerShower::Payload (2)

    Script for dictionary attacks on user accounts.

    Sample password bruteforcing script, downloaded and executed by PowerShower

    PowerShower::Payload (3)

    The script unpacks the Firefox.zip archive previously downloaded by the PowerShower backdoor, and executes the keb.ps1 script contained in the archive as a separate PowerShell process with a hidden window. The keb.ps1 script belongs to the popular PowerSploit framework for penetration testing and kicks off a Kerberoasting attack.

    Sample script that launches a Kerberoasting attack, downloaded and executed by PowerShower

    PowerShower::Payload (4)

    This script gets a list of administrator groups.

    Sample script to get a list of administrator groups, downloaded and executed by PowerShower

    PowerShower::Payload (5)

    This script gets a list of domain controllers.

    Sample script to get a list of domain controllers, downloaded and executed by PowerShower

    PowerShower::Payload (6)

    This script gets information about files inside the ProgramData directory.

    Sample script to get information about files inside the ProgramData directory, downloaded and executed by PowerShower

    PowerShower::Payload (7)

    This script gets the account policy and password policy settings on the local computer.

    Sample script to get policy settings, downloaded and executed by PowerShower

    PowerShower::Payload:: Inveigh

    We also observed the use of PowerShell Inveigh, a machine-in-the-middle attack utility used in penetration testing. Inveigh is used for data packet spoofing attacks, and collecting hashes and credentials both by intercepting packets and by using protocol-specific sockets.

    The Inveigh script is extracted from the ZIP archive downloaded by PowerShower and runs as described under PowerShower::Payload (3).

    Sample Inveigh script, downloaded and executed by PowerShower

    VBCloud

    As described above, VBCloud is installed via VBShower. We found the following module installation paths.

    Sample VBCloud main module paths

    The core functionality of the VBCloud module duplicates that of VBShower: both download and run PowerShell scripts with a payload, and then send the output to the C2. Unlike VBShower, however, VBCloud uses public cloud storage as the C2.

    Sample VBCloud script

    The VBCloud script does not contain any loops, and it is designed to execute only once. However, it gets triggered by a scheduled task every time the user logs into the system, which means it will run frequently. We’ve also seen variants of the backdoor that executed their core functionality in a loop with a thirty-minute delay between repetitions. These variants ran the script once via the Run registry branch when the system booted up for the first time after being infected.

    Decrypted and deobfuscated VBCloud script

    VBCloud does the following:

    • Check the availability of the kim.nl.tab.digital WebDav server by sending an HTTP MKCOL request to create the directories named “kmsobuqjquut” and “rwqdmpaohxns” with the credentials hardcoded in the script. If the server is unavailable, the script switches to the backup address “webdav.mydrive.ch”.
    • If the WebDav server is available, create a file in the “kmsobuqjquut” directory on that server via an HTTP PUT The file name follows the pattern ddmmyy_HHMMSS, and the extension is randomly selected from among TXT, RTF, DOC, PPT, MDS, PNG and JPEG. We have seen files named “070824_001919.txt” and “250724_002919.doc”. Files like these contain the username and MAC addresses of network adapters, effectively confirming that the script is active on the infected system.
    • The Trojan then attempts to download one of three files from the “rwqdmpaohxns” directory: “criclyqnduv.txt”, “jhflenoqelp.txt” or “avnwiabihik.txt”. If VBCloud successfully downloads the file, it immediately deletes it from the cloud with an HTTP DELETE request, and then executes it in the current process via the Execute() function after decrypting the contents. As in the case of PowerShower, the payload can be made up of various scripts.

    VBCloud::Payload (1)

    This script is designed to send information about disks to the C2.

    VBCloud::Payload (2)

    This script is designed to exfiltrate files and documents. It iterates through local drives and removable media in search of files with the extensions DOC, DOCX, XLS, XLSX, PDF, TXT, RTF and RAR. The script checks the size of any files it finds to match this condition and collects those between 1000 and 3,000,000 bytes to exfiltrate. The files must have been modified no more than 72 hours before the current date. The script then copies matching files to a ZIP archive it creates, named “mapping.zip”. It also adds a file with metadata such as the created time, modified time, last opened time, and full path to the file. Upon exceeding 4,000,000 bytes, an archive is uploaded to cloud storage and deleted from the system. It is replaced with a new one, and the file harvesting process continues. The archive is uploaded in RC4-encrypted form, with a name that follows the template “%d_13134” and one of the following extensions chosen at random: MP3, AAC, MP2, FLAC, WAV, ALAC, MQA, OGG, DSD, WMA, and MP4.

    Part of the file exfiltration script

    VBCloud::Payload (3)

    This script gets various system information such as the OS version, RAM size, manufacturer, computer name, username and domain name.

    VBCloud::Payload (4)

    Script to exfiltrate Telegram files:

    • The file D877F783D5D3EF8Cs contains the user ID and encryption key used for interaction between the desktop client and Telegram servers.
    • The file key_datas contains local encryption keys.

    Part of the file exfiltration script

    Geography of attacked users

    Several dozen users were attacked in 2024, 82% of these in Russia. Isolated attacks were recorded in Belarus, Canada, Moldova, Israel, Kyrgyzstan, Vietnam and Turkey.

    Conclusion

    We continue to monitor activity linked to Cloud Atlas. In a new campaign that began in August 2023, the attackers made changes to their familiar toolkit. This time, instead of an executable library to load malware modules, the group relied on the VBShower backdoor as the loader. Besides, they are now using a new module in their attacks: VBCloud. This collects and uploads system information and other data. These actions employ a variety of PowerShell scripts that enable the attackers to perform a range of tasks on the victim’s system. VBCloud uses public cloud storage as a C2 server.

    The infection chain consists of several stages and ultimately aims to steal data from victims’ devices. We’ve observed that, similar to past Cloud Atlas campaigns, phishing emails continue to be the initial access point. This underscores the still-pressing need for organizations to strengthen their infrastructure defenses and improve employee awareness to ward off these kinds of attacks.

    Indicators of compromise

    HTA file download domains
    content-protect[.]net
    control-issue[.]net
    office-confirm[.]com
    onesoftware[.]info
    serverop-parametrs[.]com
    web-privacy[.]net
    net-plugin[.]org
    triger-working[.]com

    VBShower C2
    yandesks[.]net
    yandisk[.]info
    mirconnect[.]info
    sber-cloud[.]info
    gosportal[.]net
    riamir[.]net
    web-wathapp[.]com

    PowerShower C2
    yandisk[.]info
    yandesktop[.]com
    web-wathapp[.]com

    Cloud repositories used ​by VBCloud
    webdav.opendrive.com
    webdav.mydrive.ch
    webdav.yandex.ru
    kim.nl.tab.digital

    HTA MD5
    9D3557CC5C444FE5D73E4C7FE1872414
    CBA05E11CB9D1D71F0FA70ECD1AF2480
    CBFB691E95EE34A324F94ED1FF91BC23
    2D24044C0A5B9EBE4E01DED2BFC2B3A4
    88BE01F8C4A9F335D33FA7C384CA4666
    A30319545FDA9E2DA0532746C09130EB

    PowerShower MD5
    15FD46AC775A30B1963281A037A771B1
    31B01387CA60A1771349653A3C6AD8CA
    389BC3B9417D893F3324221141EDEA00

    VBShower::Launcher MD5
    AA8DA99D5623FAFED356A14E59ACBB90
    016B6A035B44C1AD10D070ABCDFE2F66
    160A65E830EB97AAE6E1305019213558
    184CF8660AF7538CD1CD2559A10B6622
    1AF1F9434E4623B7046CF6360E0A520E
    1BFB9CBA8AA23A401925D356B2F6E7ED
    21585D5881CC11ED1F615FDB2D7ACC11
    242E86E658FE6AB6E4C81B68162B3001
    2FE7E75BC599B1C68B87CF2A3E7AA51F
    36DD0FBD19899F0B23ADE5A1DE3C2FEC
    389F6E6FD9DCC84C6E944DC387087A56
    3A54ACD967DD104522BA7D66F4D86544
    3F12BF4A8D82654861B5B5993C012BFA
    49F8ED13A8A13799A34CC999B195BF16
    4B96DC735B622A94D3C74C0BE9858853
    F45008BF1889A8655D32A0EB93B8ACDD

    VBCloud MD5
    0139F32A523D453BC338A67CA45C224D
    01DB58A1D0EC85ADC13290A6290AD9D6
    0F37E1298E4C82098DC9318C7E65F9D2
    6FCEE9878216019C8DFA887075C5E68E
    D445D443ACE329FB244EDC3E5146313B
    F3F28018FB5108B516D802A038F90BDE

    MIL OSI Economics