Raigad exemplifies the greatness and bravery of Chhatrapati Shivaji Maharaj, is synonymous with courage and fearlessness: PM I am glad that this year’s Rashtriya Ekta Diwas programme gave a place of pride to Raigad: PM
Posted On: 31 OCT 2024 10:58AM by PIB Delhi
The Prime Minister Shri Narendra Modi today hailed Raigad as Shivaji Maharaj’s remarkable legacy, strategic genius, and leadership.
Shri Modi said that he is glad that this year’s Rashtriya Ekta Diwas programme gave a pride to Raigad.
The Prime Minister posted on X:
“Raigad exemplifies the greatness and bravery of Chhatrapati Shivaji Maharaj. It is synonymous with courage and fearlessness. I am glad that this year’s Rashtriya Ekta Diwas programme gave a place of pride to Raigad.”
Raksha Mantri virtually inaugurates ‘Desh ka Vallabh’ statue of Sardar Vallabhbhai Patel & Major Ralengnao ‘Bob’ Khathing ‘Museum of Valour’ at Tawang; Describes them as a symbol of unity & strength “Disengagement process in certain areas along LAC almost complete based on consensus achieved between India & China; Our aim will be to take the matter beyond disengagement”
Shri Rajnath Singh reiterates PM Modi-led Govt’s commitment towards development of the North-east region
Posted On: 31 OCT 2024 10:57AM by PIB Delhi
Raksha Mantri Shri Rajnath Singh virtually dedicated to the nation ‘Desh ka Vallabh’ statue of Sardar Vallabhbhai Patel, and Major Ralengnao ‘Bob’ Khathing ‘Museum of Valour’ at Tawang, Arunachal Pradesh on October 31, 2024. Raksha Mantri carried out the inauguration from 4 Corps Headquarters in Tezpur, Assam. He was supposed to visit Tawang, but could not due to bad weather. The unveiling coincided with the festival of lights ‘Deepawali’ as well as ‘Rashtriya Ekta Diwas’ which is celebrated on 31stOctober every year to commemorate the birth anniversary of first Deputy Prime Minister and Home Minister Sardar Vallabhbhai Patel.
Raksha Mantri began his address by referring to the broad consensus achieved by India and China to restore the ground situation in certain areas along the LAC. “India and China have been holding talks at both diplomatic and military levels to resolve the differences in some areas along the LAC. As a result of the talks, a broad consensus was developed on the basis of equal and mutual security. The consensus includes the rights of patrolling and grazing in traditional areas. Based on this consensus, the process of disengagement is almost complete. Our efforts will be to take the matter beyond disengagement; but for that, we will have to wait a little longer,” he said.
Shri Rajnath Singh paid glowing tributes to Sardar Patel, also known as the Iron Man of India, acknowledging his instrumental role in unifying over 560 princely states post-independence, a feat that stands as a testament to his indomitable resolve and commitment to a unified India. “This statue ‘Desh Ka Vallabh’ will inspire people reminding them of the strength in unity and the unwavering spirit required to build a nation as diverse as ours,” he said.
Raksha Mantri also paid homage to Major Bob Khathing, an extraordinary figure who made invaluable contributions to the Northeast region and national security. “Major Khathing not only led the peaceful integration of Tawang into India but also established essential military and security frameworks, including the Sashastra Seema Bal, Nagaland Armed Police, and the Naga Regiment. The ‘Museum of Valour’ now stands as a tribute to his bravery and foresight, inspiring generations to come,” he said.
Shri Rajnath Singh underscored the significance of unity & harmony, and the North-East’s unique role in the nation’s identity. He reiterated Prime Minister Shri Narendra Modi’s vision of ensuring economic & infrastructure development of the entire region. “Holistic development of the nation is possible only when the North East prospers. We will create such a North East which is strong & prosperous not only naturally and culturally but also economically,” he added.
Raksha Mantri highlighted the crucial role of Border Roads Organisation (BRO) in the progress of the region. He made special mention of the Sela Tunnel linking Assam and Tawang, a project which enhances connectivity across Northeast regions. “In the times to come, the Arunachal Frontier Highway project will play a major role in connecting the entire North East region, especially the border areas. This 2,000-km long highway will prove to be an important strategic & economic asset for the region as well as the entire nation,” he added.
Shri Rajnath Singh also commended the Armed Forces’ engagement in the region, from NCC initiatives and local economic support to crucial disaster relief efforts. “Armed Forces not only provide security, but also become a medium for development in that region by cooperating with the people of the border areas. This further strengthens India’s commitment to ensuring development, peace, and security in the Northeast,” he said.
Governor of Arunachal Pradesh Lt Gen KT Parnaik (Retd), Chief Minister of Arunachal Pradesh Shri Pema Khandu; Union Minister of Parliamentary Affairs Shri Kiren Rijiju; Chief Minister of Manipur Shri N Biren Singh; Deputy Chief Minister Of Arunachal Pradesh Shri Chowna Mein and the family of Major Bob Khathing were present at the inauguration site. Chief of the Army Staff General Upendra Dwivedi; General Officer Commanding-in-Chief, Eastern Command Lt Gen RC Tewari; GOC 4 Corps Lt Gen Gambhir Singh and other senior civil & military officials joined the event virtually along with Raksha Mantri.
‘Kendriya Grihmantri Dakshata Padak’ awarded to 463 personnel of various States/UTs/CAPFs/CPOs for the year- 2024 ‘Kendriya Grihmantri Dakshata Padak’ recognizes excellent work, promote high professional standards and boost the morale of the officials/officers in the fields of Special Operation, Investigation, Intelligence and Forensic Science
Initiated under the leadership of Prime Minister Shri Narendra Modi and guidance of Union Home Minister and Minister of Cooperation Shri Amit Shah, ‘Kendriya Grihmantri Dakshata Padak’ will boost the morale of all police personnel
‘Kendriya Grihmantri Dakshata Padak’ was instituted by Ministry of Home Affairs in February, 2024
Medal will be announced on 31st October every year, i.e., on the occasion of Birth Anniversary of Sardar Vallabhbhai Patel
Posted On: 31 OCT 2024 10:17AM by PIB Delhi
The ‘Kendriya Grihmantri Dakshata Padak’ has been awarded to 463 personnel of various States/Union Territories (UTs)/Central Armed Police Forces (CAPFs)/Central Police Organisations (CPOs) for the year 2024.
The medal is given to recognize excellent work, promote high professional standards and boost the morale of the concerned official/officer in the following four fields:
(i) Special Operation.
(ii) Investigation.
(iii) Intelligence.
(iv) Forensic Science.
Initiated under the leadership of Prime Minister Shri Narendra Modi and guidance of Union Home Minister and Minister of Cooperation Shri Amit Shah, ‘Kendriya Grihmantri Dakshata Padak’ will boost the morale of all police personnel
The ‘Kendriya Grihmantri Dakshata Padak’ has been instituted vide Ministry of Home Affairs’ Notification dated 1st February, 2024. It is to be conferred on members of the Police Forces, Security Organization, Intelligence Wing/Branch/Special Branch of State/UTs/CPOs/CAPFs/National Security Guard (NSG)/Assam Rifles; and Forensic Science (Central/State/Union Territories) in consideration for excellence in Operations, outstanding service in Investigation, exceptional performance indomitable & daring intelligence service, meritorious work done by Serving Government Scientists in the field of Forensic Science.
The medal will be announced on 31st of October every year, i.e., on the occasion of Birth Anniversary of Sardar Vallabhbhai Patel.
Question for written answer E-002259/2024 to the Commission Rule 144 Mihai Tudose (S&D)
The Eurostat report of 14 October 2024 shows a serious imbalance between EU imports and exports of green energy products.
The EU imported solar panels to the value of EUR 19.7 billion in 2023, while exporting EUR 0.9 billion worth of that product, with 98 % of the solar panels imported coming from China. At the same time, we purchase – mainly from China, Great Britain and India – almost twice as much liquid biofuel as we export, making this another product in which the EU has a negative trade balance.
On the other hand, sales of wind turbines have recovered strongly over the past two years, with EU exports increasing by 49 % to EUR 2 billion in 2023, while turbines worth EUR 0.3 billion were imported from outside the Union. That is encouraging progress.
As a member of the Committee on International Trade, I would like to know what steps the Commission envisages taking in the very near future to encourage the manufacturing and export of green energy products in the EU?
BRISBANE, Australia, Oct. 31, 2024 (GLOBE NEWSWIRE) — Brisbane’s property market has been red-hot in 2024, and Locate Buyers Agency has been right in the thick of it. The buyers agency, which specialises in helping buyers navigate the complexities of the real estate market, announced today that it has facilitated over $145 million in property purchases this calendar year to date (Jan – Oct 2024).
“This milestone is a testament to the hard work and dedication of our team,” says Shane Hiscock, Director, Locate Buyers Agency. “We’re proud to have helped so many people achieve their dream of homeownership in a challenging market.”
Locate Buyers Agency attributes its success to a combination of factors, including:
In-depth market knowledge: Their team possesses a thorough understanding of Brisbane’s finest suburbs and property trends.
Strong negotiation skills: In a competitive market, securing the best possible price is crucial, and Locate Buyers Agency excels in this area.
Access to off-market properties: The agency often identifies properties before they are publicly listed, giving their clients a significant advantage.
The agency’s success underscores the growing trend of buyers turning to professionals for assistance in navigating today’s complex real estate landscape. With rising interest rates and property values remaining high, expert guidance can be invaluable.
While the $145 million milestone is significant, Locate Buyers Agency remains focused on its core mission: helping buyers find the perfect property and securing it at the best possible price.
As the Buyers Agent Brisbane market continues to evolve, the agency is poised to continue its growth by providing essential services to those looking to enter or move within the property market.
NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Brazilian Rare Earths Ltd. (ASX: BRE; OTCQX: BRETF, BRELY), an Australian exploration and mining company, has qualified to trade on the OTCQX® Best Market. Brazilian Rare Earths Ltd. upgraded to OTCQX from the Pink® market.
Brazilian Rare Earths Ltd. begins trading today on OTCQX under the symbol “BRETF, BRELY.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
Viriathus Capital LLC served as Brazilian Rare Earths Ltd’s advisor.
“We are thrilled to see our shares and ADRs now trading on the OTCQX market. This quotation broadens our investor base and offers U.S. investors enhanced access to participate in our growth story as we advance our world-class rare earth projects. The increased visibility and liquidity on the OTCQX will accelerate our progress towards developing a leading global supplier of critical rare earth elements.”
About Brazilian Rare Earths Ltd. Brazilian Rare Earths is a critical minerals development company that controls the world-class Rocha da Rocha rare earth province in Bahia, Brazil. Brazilian Rare Earths’ flagship project, Monte Alto, contains some of the highest rare earth grades ever reported globally, along with high concentrations of uranium, niobium, tantalum, and scandium.
The Monte Alto project is strategically positioned to be an important future source of critical minerals, with the project containing 18 of the 50 critical minerals identified by the U.S. government as essential to economic and national security. Brazilian Rare Earths aims to become a leading global supplier of these critical materials, supporting industries such as renewable energy, electric vehicles, advanced robotics, and defence technologies.
About OTC Markets Group Inc. OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.
Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.
OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.
To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.
MANCHESTER, N.H., Oct. 31, 2024 (GLOBE NEWSWIRE) — Allegro MicroSystems, Inc. (“Allegro” or the “Company”) (Nasdaq: ALGM), a global leader in power and sensing semiconductor solutions for motion control and energy efficient systems, today announced financial results for its second quarter ended September 27, 2024.
“We delivered results in-line with our commitments. Second quarter sales were $187 million, with sequential growth in both Automotive and Industrial and Other end markets. Non-GAAP EPS was $0.08, at the high end of our outlook,” said Vineet Nargolwala, President and CEO of Allegro. “We are encouraged by the continued demand for our differentiated solutions and the progress made by our customers and partners to rebalance their inventories. We continue to invest for growth to extend our market leadership. The accelerating pace of our new product introductions, as evidenced by our latest product releases, sets the stage for significant growth momentum in the near future.”
Second Quarter Financial Highlights:
In thousands, except per share data
Three-Month Period Ended
Six-Month Period Ended
September 27, 2024
June 28, 2024
September 29, 2023
September 27, 2024
September 29, 2023
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net Sales
Automotive
$
141,893
$
131,184
$
197,321
$
273,077
$
382,751
Industrial and other
45,498
35,735
78,188
81,233
171,051
Total net sales
$
187,391
$
166,919
$
275,509
$
354,310
$
553,802
GAAP Financial Measures
Gross margin %
45.7
%
44.8
%
57.9
%
45.3
%
57.3
%
Operating margin %
2.2
%
(6.4
)%
26.5
%
(1.9
)%
25.9
%
Diluted EPS
$
(0.18
)
$
(0.09
)
$
0.34
$
(0.27
)
$
0.65
Non-GAAP Financial Measures
Gross margin %
48.8
%
48.8
%
58.3
%
48.8
%
58.1
%
Operating margin %
11.7
%
6.0
%
31.3
%
9.0
%
31.0
%
Diluted EPS
$
0.08
$
0.03
$
0.40
$
0.11
$
0.79
Business Outlook
For the third quarter of fiscal year 2025 ending December 27, 2024, the Company expects net sales to be in the range of $170 million to $180 million. This outlook comprehends continued progress toward vehicle electrification and ongoing inventory rebalancing as reflected in the latest third-party estimates, as well as typical December quarter seasonality. The Company also estimates the following results on a non-GAAP basis:
Gross Margin is expected to be between 49% and 51%,
The Company made a voluntary $25 million payment on its term loan facility on October 31, 2024 and now expects Interest Expense to be approximately $6 million, and
Diluted Earnings per Share are expected to be between $0.04 and $0.08.
Allegro has not provided a reconciliation of its third fiscal quarter outlook for non-GAAP Gross Margin, non-GAAP Interest Expense, and non-GAAP Diluted Earnings per Share because estimates of all of the reconciling items cannot be provided without unreasonable efforts. It is difficult to reasonably provide a forward-looking estimate between such forward-looking non-GAAP measures and the comparable forward-looking U.S. generally accepted accounting principles (“GAAP”) measures. Certain factors that are materially significant to Allegro’s ability to estimate these items are out of its control and/or cannot be reasonably predicted.
Earnings Webcast
A webcast will be held on Thursday, October 31, 2024 at 8:30 a.m., Eastern Time. Vineet Nargolwala, President and Chief Executive Officer, and Derek P. D’Antilio, Executive Vice President and Chief Financial Officer, will discuss Allegro’s business and financial results.
The webcast will be available on the Investor Relations section of the Company’s website at investors.allegromicro.com. A recording of the webcast will be posted in the same location shortly after the call concludes and will be available for at least 90 days.
About Allegro MicroSystems
Allegro MicroSystems is a leading global designer, developer, fabless manufacturer and marketer of sensor integrated circuits (“ICs”) and application-specific analog power ICs enabling emerging technologies in the automotive and industrial markets. Allegro’s diverse product portfolio provides efficient and reliable solutions for the electrification of vehicles, automotive ADAS safety features, automation for Industry 4.0 and power saving technologies for data centers and clean energy applications.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release including statements regarding our future results of operations and financial position, business strategy, prospective products and the plans and objectives of management for future operations, including, among others, statements regarding the liquidity, growth and profitability strategies and factors affecting our business are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Without limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expect,” “exploring,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “would,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance or achievements, and one should avoid placing undue reliance on such statements.
Forward-looking statements are based on our management’s current expectations, beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended March 29, 2024, as any such factors may be updated from time to time in our Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission (the “SEC”). These risks and uncertainties include, but are not limited to: downturns or volatility in general economic conditions; our ability to compete effectively, expand our market share and increase our net sales and profitability; our reliance on a limited number of third-party semiconductor wafer fabrication facilities and suppliers of other materials; any failure to adjust purchase commitments and inventory management based on changing market conditions or customer demand; shifts in our product mix, customer mix or channel mix, which could negatively impact our gross margin; the cyclical nature of the semiconductor industry, including the analog segment in which we compete; any downturn or disruption in the automotive market or industry; our ability to successfully integrate the acquisition of other companies or technologies and products into our business; our ability to compensate for decreases in average selling prices of our products and increases in input costs; our ability to manage any sustained yield problems or other delays at our third-party wafer fabrication facilities or in the final assembly and test of our products; our ability to accurately predict our quarterly net sales and operating results and meet the expectations of investors; our dependence on manufacturing operations in the Philippines; our reliance on distributors to generate sales; events beyond our control impacting us, our key suppliers or our manufacturing partners; our ability to develop new product features or new products in a timely and cost-effective manner; our ability to manage growth; any slowdown in the growth of our end markets; the loss of one or more significant customers; our ability to meet customers’ quality requirements; uncertainties related to the design win process and our ability to recover design and development expenses and to generate timely or sufficient net sales or margins; changes in government trade policies, including the imposition of export restrictions and tariffs; our exposures to warranty claims, product liability claims and product recalls; our dependence on international customers and operations; the availability of rebates, tax credits and other financial incentives on end-user demands for certain products; risks, liabilities, costs and obligations related to governmental regulations and other legal obligations, including export/trade control, privacy, data protection, information security, cybersecurity, consumer protection, environmental and occupational health and safety, antitrust, anti-corruption and anti-bribery, product safety, environmental protection, employment matters and tax; the volatility of currency exchange rates; our ability to raise capital to support our growth strategy; our indebtedness may limit our flexibility to operate our business; our ability to effectively manage our growth and to retain key and highly skilled personnel; our ability to protect our proprietary technology and inventions through patents or trade secrets; our ability to commercialize our products without infringing third-party intellectual property rights; disruptions or breaches of our information technology systems or confidential information or those of our third-party service providers; our principal stockholders has substantial control over us; anti-takeover provisions in our organizational documents and under the General Corporation Law of the State of Delaware; any failure to design, implement or maintain effective internal control over financial reporting; changes in tax rates or the adoption of new tax legislation; the negative impacts of sustained inflation on our business; the physical, transition and litigation risks presented by climate change; and other events beyond our control. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.
You should read this press release and the documents that we reference completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. All forward-looking statements speak only as of the date of this press release, and except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.
This press release includes certain non-GAAP financial measures as defined by the SEC rules. These non-GAAP financial measures are provided in addition to, and not as a substitute for or superior to measures of, financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the presented non-GAAP financial measures as tools for comparison.
This press release may not be reproduced, forwarded to any person or published, in whole or in part.
ALLEGRO MICROSYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (Unaudited)
Three-Month Period Ended
Six-Month Period Ended
September 27, 2024
September 29, 2023
September 27, 2024
September 29, 2023
Net sales
$
187,391
$
275,509
$
354,310
$
553,802
Cost of goods sold
101,729
116,006
193,877
236,349
Gross profit
85,662
159,503
160,433
317,453
Operating expenses:
Research and development
43,510
43,428
88,714
86,403
Selling, general and administrative
38,085
43,160
78,282
87,389
Total operating expenses
81,595
86,588
166,996
173,792
Operating income (loss)
4,067
72,915
(6,563
)
143,661
Interest and other (expense) income
(12,398
)
156
(18,341
)
(2,486
)
Loss on change in fair value of forward repurchase contract
(34,752
)
—
(34,752
)
—
(Loss) income before income taxes
(43,083
)
73,071
(59,656
)
141,175
Income tax (benefit) provision
(9,470
)
7,400
(8,430
)
14,615
Net (loss) income
(33,613
)
65,671
(51,226
)
126,560
Net income attributable to non-controlling interests
62
54
124
93
Net (loss) income attributable to Allegro MicroSystems, Inc.
$
(33,675
)
$
65,617
$
(51,350
)
$
126,467
Net (loss) income per common share attributable to Allegro MicroSystems, Inc.:
Basic
$
(0.18
)
$
0.34
$
(0.27
)
$
0.66
Diluted
$
(0.18
)
$
0.34
$
(0.27
)
$
0.65
Weighted average shares outstanding:
Basic
189,182,850
192,431,094
191,324,281
192,214,210
Diluted
189,182,850
195,100,855
191,324,281
195,055,495
Supplemental Schedule of Total Net Sales
The following table summarizes total net sales by market within the Company’s unaudited condensed consolidated statements of operations:
Three-Month Period Ended
Change
Six-Month Period Ended
Change
September 27, 2024
September 29, 2023
Amount
%
September 27, 2024
September 29, 2023
Amount
%
(Dollars in thousands)
(Dollars in thousands)
Automotive
$
141,893
$
197,321
$
(55,428
)
(28
)%
$
273,077
$
382,751
$
(109,674
)
(29
)%
Industrial and other
45,498
78,188
(32,690
)
(42
)%
81,233
171,051
(89,818
)
(53
)%
Total net sales
$
187,391
$
275,509
$
(88,118
)
(32
)%
$
354,310
$
553,802
$
(199,492
)
(36
)%
ALLEGRO MICROSYSTEMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
September 27, 2024
March 29, 2024
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
188,751
$
212,143
Restricted cash
10,287
10,018
Trade accounts receivable, net
76,985
118,508
Inventories
176,648
162,302
Prepaid income taxes
38,636
31,908
Prepaid expenses and other current assets
32,253
33,584
Current portion of related party notes receivable
—
3,750
Total current assets
523,560
572,213
Property, plant and equipment, net
325,051
321,175
Deferred income tax assets
61,839
54,496
Goodwill
203,151
202,425
Intangible assets, net
266,753
276,854
Related party notes receivable, less current portion
—
4,688
Equity investment in related party
30,186
26,727
Other assets
81,577
72,025
Total assets
$
1,492,117
$
1,530,603
Liabilities, Non-Controlling Interests and Stockholders’ Equity
Current liabilities:
Trade accounts payable
$
50,245
$
35,964
Amounts due to related party
5,546
1,626
Accrued expenses and other current liabilities
62,742
76,389
Current portion of long-term debt
5,475
3,929
Total current liabilities
124,008
117,908
Long-term debt
396,056
249,611
Other long-term liabilities
33,345
31,368
Total liabilities
553,409
398,887
Commitments and contingencies
Stockholders’ Equity:
Preferred stock
—
—
Common stock
1,840
1,932
Additional paid-in capital
993,988
694,332
(Accumulated deficit) retained earnings
(31,931
)
463,012
Accumulated other comprehensive loss
(26,583
)
(28,841
)
Equity attributable to Allegro MicroSystems, Inc.
937,314
1,130,435
Non-controlling interests
1,394
1,281
Total stockholders’ equity
938,708
1,131,716
Total liabilities, non-controlling interests and stockholders’ equity
$
1,492,117
$
1,530,603
ALLEGRO MICROSYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)
Three-Month Period Ended
Six-Month Period Ended
September 27, 2024
September 29, 2023
September 27, 2024
September 29, 2023
Cash flows from operating activities:
Net (loss) income
$
(33,613
)
$
65,671
$
(51,226
)
$
126,560
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization
15,997
15,080
32,455
29,353
Amortization of deferred financing costs
306
73
1,087
107
Deferred income taxes
(2,796
)
(9,772
)
(7,795
)
(18,134
)
Stock-based compensation
11,545
10,877
21,663
21,919
Loss on change in fair value of forward repurchase contract
34,752
—
34,752
—
Provisions for inventory and expected credit losses
2,111
4,239
4,488
9,422
Change in fair value of marketable securities
—
(72
)
—
3,579
Other non-cash reconciling items
6,563
43
6,577
43
Changes in operating assets and liabilities:
Trade accounts receivable
(13,717
)
2,676
41,417
(7,645
)
Inventories
(2,845
)
(3,274
)
(18,831
)
(31,221
)
Prepaid expenses and other assets
(14,093
)
(6,253
)
(15,808
)
(16,453
)
Trade accounts payable
13,470
(15,736
)
13,670
2,695
Due to and from related parties
695
(3,990
)
4,132
6,112
Accrued expenses and other current and long-term liabilities
(2,828
)
(12,832
)
(16,838
)
(29,944
)
Net cash provided by operating activities
15,547
46,730
49,743
96,393
Cash flows from investing activities:
Purchases of property, plant and equipment
(9,972
)
(31,191
)
(20,949
)
(76,101
)
Sales of marketable securities
—
6,204
—
16,175
Net cash used in investing activities
(9,972
)
(24,987
)
(20,949
)
(59,926
)
Cash flows from financing activities:
Loan made to affiliate
—
(4,000
)
—
(4,000
)
Net proceeds from Refinanced 2023 Term Loan Facility
193,483
—
193,483
—
Payment of borrowings under 2023 Term Loan Facility
—
—
(50,000
)
—
Finance lease payments
(240
)
—
(385
)
—
Receipts on related party notes receivable
937
937
1,875
1,875
Payments for taxes related to net share settlement of equity awards
(1,126
)
(1,669
)
(12,297
)
(14,091
)
Proceeds from issuance of common stock under employee stock purchase plan
1,987
—
1,987
1,899
Repurchases of common stock
(853,805
)
—
(853,805
)
—
Net proceeds from issuance of common stock
665,850
—
665,850
—
Payment of debt issuance costs
—
—
—
(1,450
)
Net cash provided by (used in) financing activities
7,086
(4,732
)
(53,292
)
(15,767
)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
2,200
(901
)
1,375
(974
)
Net increase (decrease) in cash and cash equivalents and restricted cash
14,861
16,110
(23,123
)
19,726
Cash and cash equivalents and restricted cash at beginning of period
184,177
362,321
222,161
358,705
Cash and cash equivalents and restricted cash at end of period:
$
199,038
$
378,431
$
199,038
$
378,431
Non-GAAP Financial Measures
In addition to the measures presented in our condensed consolidated financial statements, we regularly review other measures, defined as non-GAAP Financial Measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts and make strategic decisions. The key measures we consider are non-GAAP Gross Profit, non-GAAP Gross Margin, non-GAAP Operating Expenses, non-GAAP Operating Income, non-GAAP Operating Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP Profit before Tax, non-GAAP Income Tax Provision, non-GAAP Effective Tax Rate, non-GAAP Net Income Attributable to Allegro MicroSystems, Inc, non-GAAP Basic and Diluted Earnings per Share, non-GAAP Free Cash Flow, and non-GAAP Free Cash Flow as percentage of net sales (collectively, the “Non-GAAP Financial Measures”). These Non-GAAP Financial Measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and/or that management considers to be unrelated to our core operations, and in the case of non-GAAP Income Tax Provision, management believes that this non-GAAP measure of income taxes provides it with the ability to evaluate the non-GAAP Income Tax Provision across different reporting periods on a consistent basis, independent of special items and discrete items, which may vary in size and frequency. These Non-GAAP Financial Measures are used by both management and our board of directors, together with the comparable GAAP information, in evaluating our current performance and planning our future business activities.
The Non-GAAP Financial Measures are supplemental measures of our performance that are neither required by, nor presented in accordance with, GAAP. These Non-GAAP Financial Measures should not be considered as substitutes for GAAP Financial Measures, such as gross profit, gross margin, net income or any other performance measures derived in accordance with GAAP. Also, in the future we may incur expenses or charges, such as those being adjusted in the calculation of these Non-GAAP Financial Measures. Our presentation of these Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. These Non-GAAP Financial Measures exclude costs related to acquisition and related integration expenses, amortization of acquired intangible assets, stock-based compensation, restructuring actions, related party activities and other non-operational costs.
Non-GAAP Income Tax Provision
In calculating non-GAAP Income Tax Provision, we have added back the following to GAAP Income Tax Provision:
Tax effect of adjustments to GAAP results—Represents the estimated income tax effect of the adjustments to non-GAAP Profit before Tax described below and elimination of discrete tax adjustments.
Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin
Three-Month Period Ended
Six-Month Period Ended
September 27, 2024
June 28, 2024
September 29, 2023
September 27, 2024
September 29, 2023
(Dollars in thousands)
(Dollars in thousands)
GAAP Gross Profit
$
85,662
$
74,771
$
159,503
$
160,433
$
317,453
GAAP Gross Margin (% of net sales)
45.7
%
44.8
%
57.9
%
45.3
%
57.3
%
Non-GAAP adjustments
Transaction-related costs
10
(1
)
—
9
—
Purchased intangible amortization
4,875
4,875
273
9,750
675
Restructuring costs
16
1,200
—
1,216
—
Stock-based compensation
817
561
946
1,378
3,552
Total Non-GAAP Adjustments
$
5,718
$
6,635
$
1,219
$
12,353
$
4,227
Non-GAAP Gross Profit
$
91,380
$
81,406
$
160,722
$
172,786
$
321,680
Non-GAAP Gross Margin (% of net sales)
48.8
%
48.8
%
58.3
%
48.8
%
58.1
%
Reconciliation of Non-GAAP Operating Expenses
Three-Month Period Ended
Six-Month Period Ended
September 27, 2024
June 28, 2024
September 29, 2023
September 27, 2024
September 29, 2023
(Dollars in thousands)
(Dollars in thousands)
GAAP Operating Expenses
$
81,595
$
85,401
$
86,588
$
166,996
$
173,792
Research and Development Expenses
GAAP Research and Development Expenses
43,510
45,204
43,428
88,714
86,403
Non-GAAP adjustments
Transaction-related costs
206
1,029
2
1,235
9
Restructuring costs
260
169
—
429
—
Stock-based compensation
3,523
3,735
3,602
7,258
6,470
Other costs(1)
3
—
—
3
—
Non-GAAP Research and Development Expenses
39,518
40,271
39,824
79,789
79,924
Selling, General and Administrative Expenses
GAAP Selling, General and Administrative Expenses
38,085
40,197
43,160
78,282
87,389
Non-GAAP adjustments
Transaction-related costs
275
814
1,804
1,089
4,876
Purchased intangible amortization
535
535
357
1,070
715
Restructuring costs
2,046
1,045
—
3,091
—
Stock-based compensation
7,205
5,822
6,329
13,027
11,897
Other costs(1)
(1,820
)
811
100
(1,009
)
100
Non-GAAP Selling, General and Administrative Expenses
29,844
31,170
34,570
61,014
69,801
Total Non-GAAP Adjustments
12,233
13,960
12,194
26,193
24,067
Non-GAAP Operating Expenses
$
69,362
$
71,441
$
74,394
$
140,803
$
149,725
(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions.
Reconciliation of Non-GAAP Operating Income and Non-GAAP Operating Margin
Three-Month Period Ended
Six-Month Period Ended
September 27, 2024
June 28, 2024
September 29, 2023
September 27, 2024
September 29, 2023
(Dollars in thousands)
(Dollars in thousands)
GAAP Operating Income (Loss)
$
4,067
$
(10,630
)
$
72,915
$
(6,563
)
$
143,661
GAAP Operating Margin (% of net sales)
2.2
%
(6.4
)%
26.5
%
(1.9
)%
25.9
%
Transaction-related costs
491
1,842
1,806
2,333
4,885
Purchased intangible amortization
5,410
5,410
630
10,820
1,390
Restructuring costs
2,322
2,414
—
4,736
—
Stock-based compensation
11,545
10,118
10,877
21,663
21,919
Other costs(1)
(1,817
)
811
100
(1,006
)
100
Total Non-GAAP Adjustments
$
17,951
$
20,595
$
13,413
$
38,546
$
28,294
Non-GAAP Operating Income
$
22,018
$
9,965
$
86,328
$
31,983
$
171,955
Non-GAAP Operating Margin (% of net sales)
11.7
%
6.0
%
31.3
%
9.0
%
31.0
%
(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions.
Reconciliation of EBITDA and Adjusted EBITDA
Three-Month Period Ended
Six-Month Period Ended
September 27, 2024
June 28, 2024
September 29, 2023
September 27, 2024
September 29, 2023
(Dollars in thousands)
(Dollars in thousands)
GAAP Net (Loss) Income
$
(33,613
)
$
(17,613
)
$
65,671
$
(51,226
)
$
126,560
GAAP Net (Loss) Income Margin (% of net sales)
(17.9
)%
(10.6
)%
23.8
%
(14.5
)%
22.9
%
Interest expense
10,353
5,377
758
15,730
1,527
Interest income
(420
)
(494
)
(850
)
(914
)
(1,693
)
Income tax (benefit) provision
(9,470
)
1,040
7,400
(8,430
)
14,615
Depreciation & amortization
15,997
16,458
15,145
32,455
29,418
EBITDA
$
(17,153
)
$
4,768
$
88,124
$
(12,385
)
$
170,427
Transaction-related costs
3,295
1,842
1,806
5,137
4,885
Restructuring costs
2,067
2,414
—
4,481
—
Stock-based compensation
11,545
10,118
10,877
21,663
21,919
Loss on change in fair value of forward repurchase contract
34,752
—
—
34,752
—
Other costs(1)
(2,195
)
2,807
1,301
612
5,890
Adjusted EBITDA
$
32,311
$
21,949
$
102,108
$
54,260
$
203,121
Adjusted EBITDA Margin (% of net sales)
17.2
%
13.1
%
37.1
%
15.3
%
36.7
%
(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions and income (loss) in earnings of equity investments.
Reconciliation of Non-GAAP Profit before Tax
Three-Month Period Ended
Six-Month Period Ended
September 27, 2024
June 28, 2024
September 29, 2023
September 27, 2024
September 29, 2023
(Dollars in thousands)
(Dollars in thousands)
GAAP (Loss) Income before Income Taxes
$
(43,083
)
$
(16,573
)
$
73,071
$
(59,656
)
$
141,175
Transaction-related costs
3,295
1,842
1,806
5,137
4,885
Transaction-related interest
141
709
—
850
—
Purchased intangible amortization
5,410
5,410
630
10,820
1,390
Restructuring costs
2,067
2,414
—
4,481
—
Stock-based compensation
11,545
10,118
10,877
21,663
21,919
Loss on change in fair value of forward repurchase contract
34,752
—
—
34,752
—
Other costs(1)
1,428
2,807
1,301
4,235
5,890
Total Non-GAAP Adjustments
$
58,638
$
23,300
$
14,614
$
81,938
$
34,084
Non-GAAP Profit before Tax
$
15,555
$
6,727
$
87,685
$
22,282
$
175,259
(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions and income (loss) in earnings of equity investments.
Reconciliation of Non-GAAP Income Tax Provision and Non-GAAP Effective Tax Rate
Three-Month Period Ended
Six-Month Period Ended
September 27, 2024
June 28, 2024
September 29, 2023
September 27, 2024
September 29, 2023
(Dollars in thousands)
(Dollars in thousands)
GAAP Income Tax (Benefit) Provision
$
(9,470
)
$
1,040
$
7,400
$
(8,430
)
$
14,615
GAAP effective tax rate
22.0
%
(6.3
)%
10.1
%
14.1
%
10.4
%
Tax effect of adjustments to GAAP results
10,071
(395
)
2,554
9,676
6,380
Non-GAAP Income Tax Provision
$
601
$
645
$
9,954
$
1,246
$
20,995
Non-GAAP effective tax rate
3.9
%
9.6
%
11.4
%
5.6
%
12.0
%
Reconciliation of Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc. and Non-GAAP Earnings per Share
Three-Month Period Ended
Six-Month Period Ended
September 27, 2024
June 28, 2024
September 29, 2023
September 27, 2024
September 29, 2023
(Dollars in thousands)
(Dollars in thousands)
GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc.(1)
$
(33,675
)
$
(17,675
)
$
65,617
$
(51,350
)
$
126,467
GAAP Basic weighted average common shares
189,182,850
193,465,708
192,431,094
191,324,281
192,214,210
GAAP Diluted weighted average common shares
189,182,850
193,465,708
195,100,855
191,324,281
195,055,495
GAAP Basic (Loss) Earnings per Share
$
(0.18
)
$
(0.09
)
$
0.34
$
(0.27
)
$
0.66
GAAP Diluted (Loss) Earnings per Share
$
(0.18
)
$
(0.09
)
$
0.34
$
(0.27
)
$
0.65
Transaction-related costs
3,295
1,842
1,806
5,137
4,885
Transaction-related interest
141
709
—
850
—
Purchased intangible amortization
5,410
5,410
630
10,820
1,390
Restructuring costs
2,067
2,414
—
4,481
—
Stock-based compensation
11,545
10,118
10,877
21,663
21,919
Loss on change in fair value of forward repurchase contract
34,752
—
—
34,752
—
Other costs(2)
1,428
2,807
1,301
4,235
5,890
Total Non-GAAP Adjustments
58,638
23,300
14,614
81,938
34,084
Tax effect of adjustments to GAAP results(3)
(10,071
)
395
(2,554
)
(9,676
)
(6,380
)
Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc.
$
14,892
$
6,020
$
77,677
$
20,912
$
154,171
Basic weighted average common shares
189,182,850
193,465,708
192,431,094
191,324,281
192,214,210
Diluted weighted average common shares
189,710,595
194,705,716
195,100,855
192,154,185
195,055,495
Non-GAAP Basic Earnings per Share
$
0.08
$
0.03
$
0.40
$
0.11
$
0.80
Non-GAAP Diluted Earnings per Share
$
0.08
$
0.03
$
0.40
$
0.11
$
0.79
(1) GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc. represents GAAP Net (Loss) Income adjusted for Net Income Attributable to non-controlling interests.
(2) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consists of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions, income (loss) in earnings of equity investments, and unrealized losses (gains) on investments.
(3) To calculate the tax effect of adjustments to GAAP results, the Company considers each Non-GAAP adjustment by tax jurisdiction and reverses all discrete items to calculate an annual Non-GAAP effective tax rate (“NG ETR”). This NG ETR is then applied to Non-GAAP Profit Before Tax to arrive at the tax effect of adjustments to GAAP results.
Reconciliation of Non-GAAP Free Cash Flow and Non-GAAP Free Cash Flow as Percentage of Net Sales
Follow Captain Vanessa Von Viràg from Switzerland as she carries out daily activities serving with the United Nations Military Observer Group in India and Pakistan (UNMOGIP).
Secretary for Education Choi Yuk-lin today attended the 25th China Annual Conference & Expo for International Education in Beijing to share Hong Kong’s experiences in promoting internationalisation and diversification of higher education, and promote the “Study in Hong Kong” brand.
A high-level and comprehensive platform for global educators to engage in dialogue and co-operation, this year’s conference, under the theme “Education for All, the Unknown & the Future”, attracted thousands of people from around the world.
In her keynote speech, Ms Choi said that Hong Kong has five University Grants Committee-funded universities which rank among the world’s top 100.
Coupled with its sound education infrastructure, outstanding research talent and strong research capabilities, Hong Kong’s reputable brand name of quality education is widely recognised and acknowledged both locally and globally, she highlighted.
Ms Choi further noted that the 2024 Policy Address announced the establishment of the Committee on Education, Technology & Talents to take forward the work of invigorating the country through science and education, and accelerate the building of an innovative talent pool.
The Hong Kong Special Administrative Region Government launched a number of key initiatives to create multiple pathways for young people, she added.
The education chief also pointed out that the Hong Kong SAR Government has been actively supporting the establishment of alliances between higher education institutions in Hong Kong and on the Mainland to gather high-quality teaching and research resources, and to achieve mutual benefits through deepening co-operation, thereby enhancing regional co-operation as well as developments on different fronts.
During the conference, Ms Choi exchanged views on the latest trends and developments in global education with other guests. She also met representatives of Hong Kong post-secondary education institutions participating in the expo.
Source: Hong Kong Government special administrative region
The Tobacco and Alcohol Control Office (TACO) of the Department of Health (DH) conducted an enforcement operation codenamed “Laserflame” between October 29 and today (October 31) against illegal smoking in statutory no-smoking areas of public transport facilities and bus interchanges across the territory. Officers also publicised the relevant smoking ban regulations to members of the public.
During the operation, officers conducted 307 inspections and issued fixed penalty notices to 106 persons caught smoking illegally. Officers also publicised the relevant smoking ban regulations to members of the public.
There are currently 260 public transportation facilities and 14 bus interchanges designated as no-smoking areas in Hong Kong. The no-smoking areas are clearly marked with visible no-smoking signage. The boundaries of the no-smoking areas are also delineated in a clear manner based on the actual physical environment to remind the public to comply with the smoking prohibition. The plans depicting the boundaries of the no-smoking areas have been uploaded to the TACO website for public reference.
From January 2021 to September 2024, TACO has conducted over 18 300 inspections at public transportation facilities and bus interchanges regarding smoking offences, and issued more than 8 000 fixed penalty notices/summons.
“To protect public health, it is the established policy of the Government to discourage smoking, contain the proliferation of tobacco use and protect the public from second-hand smoke. Strengthening inspections and enforcement in public transportation facilities aims to further protect the public from the harm of second-hand smoke,” a spokesman for the DH said.
Any person who does a smoking act in no-smoking areas or in public transport carriers will be liable to a fixed penalty of $1,500. Tobacco and Alcohol Control Inspectors will prosecute smoking offenders without prior warning.
“We appeal to smokers to quit smoking as early as possible for their own health and that of others. They are encouraged to call the DH’s Integrated Smoking Cessation Hotline on 1833 183. The hotline is operated by registered nurses, providing professional counselling services on smoking cessation,” the spokesman said.
The Expert Advisory Group on Legal & Dispute Resolution Services (EAG), established by the Department of Justice earlier this month, held its first meeting today.
During the meeting, the EAG considered and endorsed its terms of reference and discussed future work and issues for follow-up.
The EAG is chaired by Secretary for Justice Paul Lam and vice-chaired by Deputy Secretary for Justice Cheung Kwok-kwan.
It comprises experts from the legal and dispute resolution services sector who are tasked with advising the department in respect of the promotion and development of the legal and dispute resolution services of Hong Kong for a term of three years.
Its terms of reference include considering, formulating and advising on the overall strategies and initiatives for the promotion and development of Hong Kong’s legal and dispute resolution services in and outside Hong Kong.
The EAG also advises on the wider use of out-of-court dispute resolution services in Hong Kong, and serves as a forum for raising and discussing such issues as may be of concern to the legal and dispute resolution sector to enhance Hong Kong as a centre for international legal and dispute resolution services in the Asia-Pacific region.
Additionally, it considers and deals with such other matters as may be incidental to any of the matters stated above.
Meanwhile, the Working Group on Mediation Regulatory System, chaired by Mr Lam and vice-chaired by Mr Cheung, has also been established this month for a term of two years.
Its members will advise the department on the mediation regulation regime in Hong Kong, including reviewing and making recommendations to reform or improve the current regime in relation to situations such as accreditation and disciplinary matters.
Source: Hong Kong Government special administrative region
AFCD and Shenzhen Customs sign co-operation arrangements to strengthen quarantine and clearance for horse racing (with photos) AFCD and Shenzhen Customs sign co-operation arrangements to strengthen quarantine and clearance for horse racing (with photos) ******************************************************************************************
To further strengthen co-operation between the Mainland and Hong Kong in quarantine and customs clearance arrangements of horses, forage feed and biological products, the Director of Agriculture, Fisheries and Conservation, Mr Mickey Lai, today (October 31) signed the Co-operation Arrangement on Strengthening Quarantine Clearance for Horse Racing with the Director General in Shenzhen Customs District, Mr Zheng Jugang. The Acting Permanent Secretary for Environment and Ecology (Food), Ms Ivy Law, also attended the signing ceremony. Horses currently can travel between Hong Kong and the Equine Disease Free Zone in Conghua in Guangzhou through the Shenzhen Bay Port. The Co-operation Arrangement established the Liantang/Heung Yuen Wai Port as a backup port for cross-border horse transport, further enhancing horse transport arrangements between the two places. Mr Lai said, “The Agriculture, Fisheries and Conservation Department expresses gratitude to Shenzhen Customs for supporting the establishment of the Liantang/Heung Yuen Wai Port as a backup port for cross-border horse transport. This will further improve cross-border horse transport and ensure that horses can travel between Guangdong and Hong Kong safely and conveniently.” Under the Co-operation Arrangement, both parties will regularly inform each other through a liaison mechanism of the quarantine and regulatory status of horses, forage feed, biological products, vehicles, etc; use a one-stop inspection platform to carry out port inspections; and jointly organise academic exchanges, technical exchanges, work seminars, and business training, with a view to promoting the development of the equine industry in the Guangdong-Hong Kong-Macao Greater Bay Area.
Ends/Thursday, October 31, 2024Issued at HKT 19:38
What you need to know: The nation’s leading passenger and cargo airlines agreed to accelerate the use of sustainable aviation fuels and cut pollution – a goal of 200 million gallons by 2035, which would meet about 40% of California travel demand.
SAN FRANCISCO AIRPORT – A new agreement between Airlines 4 America (A4A) and the California Air Resources Board (CARB) will significantly reduce carbon emissions by accelerating the use of sustainable aviation fuels for flights within the state.
The agreement sets a goal of increasing the availability of sustainable aviation fuel for use within California to 200 million gallons by 2035, an amount that would meet about 40% of intrastate travel demand – a more than tenfold increase from current levels.
“California and the aviation industry are joining forces to tackle emissions head-on. We’ve put the tools in place to incentivize cleaner fuels and spur innovation, creating opportunities like this to radically change how Californians can travel cleaner. This is a major step forward in our work to cut pollution, protect our communities, and build a future of cleaner air and innovative climate solutions.”
Governor Gavin Newsom
This achievement was made possible by the development and innovation of alternative fuels spurred by the state’s Low Carbon Fuel Standard program.
“California is once again demonstrating that smart climate action is good for the environment and good for business,”said CARB Chair Liane Randolph.“This partnership with the nation’s leading airlines brings the aviation industry onboard to advance a clean air future and will help accelerate development of sustainable fuel options and promote cleaner air travel within the state.”
A4A’s members include Alaska Airlines, American Airlines, Atlas Air Worldwide, Delta Air Lines, FedEx, Hawaiian Airlines, jetBlue Airways, Southwest Airlines, United Airlines, UPS, and associate member Air Canada.
“A4A is pleased to launch a partnership with CARB focused on protecting the environment, reducing emissions, and increasing the use of SAF in California and across the country,”said Kevin Welsh, Vice President of Environmental Affairs and Chief Sustainability Officer at Airlines for America.“This partnership reflects the type of collaboration between government and the private sector that is necessary to achieve ambitious climate goals, and the agreement announced today reflects the strength of our commitment to a cleaner, more sustainable future for air travel. We’re excited to work with CARB and other SAF stakeholders to further our industry’s efforts to achieve net-zero carbon emissions by 2050.”
Key goals of this agreement
CARB and A4A will work together with sustainable aviation fuel producers, aviation stakeholders and the federal government to ensure that at least 200 million gallons of cost-competitive options are available for use by airlines within California by 2035.
To achieve these goals, CARB and A4A will work together to identify, evaluate, and prioritize new policies and actions, including incentives for investment and timely permitting to help accelerate the availability and use of sustainable aviation fuels within California.
The partnership will establish a Sustainable Aviation Fuel Working Group of government and industry stakeholders that will meet annually to report progress and address barriers to meeting these goals.
CARB staff plans to create a public website that will display the latest information on the availability and use of conventional jet fuel and sustainable aviation fuel in California, as well as details on relevant state and federal incentives and policies.
Read the agreement here.
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Source: United States of America – Federal Government Departments (video statements)
The U.S. Department of Energy Office of Indian Energy visited Blackfeet Community College in Browning, Montana, Sept. 26, 2024, and announced over $9 million in new funding and prizes to advance clean energy planning at Tribal Colleges and Universities (TCUs).
Learn more at: https://www.energy.gov/indianenergy/articles/us-department-energy-announces-over-9-million-funding-and-prizes-tribal
Source: United States of America – Federal Government Departments (video statements)
The U.S. Department of Energy Office of Indian Energy conducted an informational webinar on Oct. 24, 2024, to provide information on the Tribal Clean Energy Planning and Development – 2025 (DE-FOA-0003401) funding opportunity announcement (FOA) to potential applicants.
In addition to describing the FOA, information is provided on who is eligible to apply, what an application needs to include, how to ask questions, and how applications will be selected for funding.
Source: Hong Kong Government special administrative region
Hong Kong and Guangdong strengthen co-operation in cleaner production to improve regional environmental quality (with photos) Hong Kong and Guangdong strengthen co-operation in cleaner production to improve regional environmental quality (with photos) ******************************************************************************************
The Environment and Ecology Bureau (EEB) of the Government of the Hong Kong Special Administrative Region (HKSAR) and the Department of Industry and Information Technology of Guangdong Province (GDDIIT) today (October 31) convened the 11th meeting of the Hong Kong-Guangdong Joint Working Group on Cleaner Production (JWGCP) in Hong Kong. An award presentation ceremony for the Hong Kong-Guangdong Cleaner Production Partners Recognition Scheme was also held to commend the efforts of over 210 enterprises in pursuing cleaner production. The 11th meeting of the JWGCP was co-chaired by the Secretary for Environment and Ecology of the HKSAR Government, Mr Tse Chin-wan, and the Director-General of the GDDIIT, Mr Tu Gaokun. The meeting reviewed the work progress in 2024 and approved the 2025 work plan. Governments of both Hong Kong and Guangdong will continuously promote the adoption of cleaner production technologies in energy-intensive industries for saving energy and the development of energy-saving equipment; support water-intensive industries to apply water-saving technological upgrades to reduce and control wastewater discharge; promote enterprises to adopt relevant technologies to reduce solid waste and emissions, including controlling and reducing volatile organic compounds emissions at source; encourage polluting industries to undertake cleaner production audits; and support enterprises to pursue green transformation. Both sides will also continue to implement various publicity activities to promote the effectiveness of cleaner production to the industry. The meeting was attended by representatives of the EEB, the Environmental Protection Department (EPD), the Trade and Industry Department, the Innovation and Technology Commission and the Hong Kong Economic and Trade Office in Guangdong of the HKSAR Government. On the Guangdong side, representatives of the GDDIIT and the Department of Ecology and Environment of Guangdong Province attended the meeting. After the meeting, the 2024 award presentation ceremony for the Scheme was held to commend enterprises that have diligently pursued cleaner production. This year, a total of 215 enterprises were commended as Hong Kong-Guangdong Cleaner Production Partners. Of these, 42 Hong Kong-owned manufacturing enterprises were commended as “Excellent Partners” of the Scheme while 149 were commended as “Partners”. Other commended enterprises included three sourcing enterprises and 21 environmental technology service providers. The EPD of the HKSAR Government, in collaboration with the GDDIIT, launched the Cleaner Production Partnership Programme (the Programme) in 2008. To date, the Programme has provided funding support for more than 4 200 applications, aiming to promote the adoption of cleaner production technologies and practices by Hong Kong-owned factories in the region. To commend the dedicated efforts taken by the enterprises in pursing cleaner production, Guangdong and Hong Kong jointly launched the Scheme in 2009 to recognise enterprises adopting cleaner production as Hong Kong-Guangdong Cleaner Production Partners. Cleaner production has brought remarkable benefits in improving the environmental quality, and the Chief Executive announced in his 2024 Policy Address that $100 million would be injected to launch a new round of the Programme for the application period from April 2025 to June 2027. The new round of the Programme will strengthen support and encourage Hong Kong-owned factories in Hong Kong and Guangdong Province to adopt cleaner production technologies and practices, transform and upgrade traditional industries with the adoption of green technologies to achieve energy saving, emission reduction, consumption and carbon emission reduction, thereby improving the regional environment and helping achieve the carbon neutrality targets of the country and Hong Kong. Details of the Programme and the Scheme are available on the dedicated website of cleaner production: www.cleanerproduction.hk.
Ends/Thursday, October 31, 2024Issued at HKT 19:50
Interview with Christine Lagarde, President of the ECB, conducted by Eric Albert, Philippe Escande and Béatrice Madeline on 28 October 2024
31 October 2024
In September, former ECB President Mario Draghi published an alarming report on how the European economy is falling behind. Do you agree with this assessment?
Europe is falling behind. It’s true. And so is France. Mario Draghi’s report highlights the productivity gap, which is largely due to the tech sector. Tech players in Europe and the United States believe that the gap first emerged during the digital revolution that began in the mid-1990s.
The question now is whether the boost that the United States got from the mid-1990s will continue with artificial intelligence, the accumulation of data centres and the exploitation of these data. This is the key issue. In Europe we need to roll up our sleeves and make an effort to keep those companies that start out here and then develop themselves elsewhere. We need to try to make them stay.
So what is the solution? Do you think the gap will remain?
We need to look at why Europe is falling behind. The energy component is key, especially as regards data centres. Labour is also important, with mobility being much greater in the United States. And regulation is a crucial issue, too. In overly simple terms, the United States is developing AI very quickly, and already has a number of major players. In the meantime, not only is Europe lacking such big players, but it has also become a pioneer in AI regulation. This causes players in this sector to say “OK, let’s do this elsewhere. It’ll be easier and we’ll have fewer obstacles and fewer restrictions”.
What about the public funding provided to businesses in the United States?
The fourth factor that is contributing to Europe falling behind is the “light” industrial policy pursued by the United States. It’s not light in terms of money because the Inflation Reduction Act of August 2022 is very large, but there are relatively few criteria to qualify for funding to start a company on US soil. When I ask manufacturers, they pretty much all agree that in Europe, the process is complicated and unwieldy. And on top of the multi-layered European system, you then have those of the Member States.
The final factor is private funding. In the United States there are pension fund plans and other financial instruments that make it possible to channel savings and get savers (employees or retirees) interested in the future of the economy or the evolution of the stock market. In many European countries, these plans are still a long way off of those mechanisms, especially share participation and company profit sharing. Hence the need to develop a capital markets union.
But we have been talking about this project for the past 15 years. And when Mario Draghi’s report was published, Germany immediately opposed common borrowing. Is Europe really capable of reacting?
You’re right. We have been talking about a capital markets union since the time of Jean-Claude Juncker (President of the European Commission from 2014 to 2019), and little progress has been made. The Letta and Draghi reports are a wake-up call for Europeans, a warning. The assessment is severe but fair and provides specific recommendations. It suggests that all Europeans should gear up and be ready to give up a bit of sovereignty to ‘combine the best,’ to paraphrase what Paul Valéry once said. But what gives me hope is the engagement of all European institutions on the capital markets union. The ECB’s Governing Council is firmly engaged as well. We must use this momentum.
In 2020, the plan for a collective European loan of €750 billion was a major step forward. Four years later, less than half of the loan has been allocated. Should we see this as another example of European slowness?
We had exactly the same problem during the Greek crisis. The administrations of the different countries are not always able to quickly manage the incoming funds. The finance ministers of countries receiving a lot of funds tell you that they have of course identified what bridge or railway line should be constructed, but that they need to obtain local authorisations as well as permissions to expropriate property, and that environmental organisations are taking court actions. All of this takes a lot of time.
In this context, what consequences could the US elections on Tuesday 5 November have for Europe?
I do not want to give an opinion on any particular candidate. But US international trade policy will of course have an impact on economic activity in the rest of the world, and primarily on China. Whoever wins, if trade fragmentation worsens, the effect on global GDP will be negative, with losses reaching 9% in a severe scenario of full decoupling according to ECB simulations. But remember: when Joe Biden was elected, everyone thought that he would remove the customs barriers erected by his predecessor (Donald Trump). Nothing came of that.
Between China, which is withdrawing towards Asia, and the United States, which is closing up again, isn’t Europe, as a partner to both powers, the big loser?
That’s why we need to act and roll up our sleeves. Will Europe need to undergo another crisis for it to bring about reforms? It’s always in times of crisis that we are able to make things happen. That may be why Mario Draghi speaks of “agony”, it’s a way of saying “the crisis is here, now, do something!”.
There is talk of a European decoupling. But isn’t there a French decoupling within Europe?
If you compare today’s GDP figures with those of 2019, the United States has grown by 10.7%, the European average by 4.8% and France by 3.7%. France is lagging behind the European average.
What is your view of the surge in the French deficit?
The prospect of returning in line with European standards by applying European fiscal rules should serve as a binding guideline.
And are the French promises to restore public finances credible?
As I said, applying European fiscal rules should serve as a binding guideline.
Will we be heading towards a recession in Europe in 2025?
Based on the information now available and our current assessment, we don’t see a recession in 2024, nor in 2025, nor in 2026.
What will drive this growth, given the weakness in demand?
The two levers are exports and domestic demand, which is set to pick up. Today, with wages rising and inflation falling, disposable income is increasing. For the moment, this benefits savings more than consumption. But we are convinced, and economic history shows us, that this additional disposable income will ultimately flow towards consumption.
How do you explain the fact that it is proving so difficult for consumption to recover?
We can indeed ask why households are choosing to save their money instead of spending it. It could be that people are reluctant to make major purchases owing to geopolitical uncertainty. A second explanation could be related to the return on their savings, which is still fairly high in the euro area. A third could be that people are deciding it’s better to save rather than spend when they expect their taxes or other contributions to go up.
Euro area inflation was at 1.7% in September, below your 2% target. Is it now under control?
The target is in sight but I’m not going to tell you that inflation is defeated yet. Inflation stood at 1.7% in September. Excluding energy and food, it was still at 2.7%. We are pleased about the 1.7% figure, but we also know that inflation is going to rise again in the coming months simply because of base effects. In September energy prices were 6.1% lower than a year earlier, bringing down the cost of the consumption basket. Besides, inflation in the services sector – which is highly dependent on wages – is still at 3.9%. So, prudence is warranted.
How do you respond to those who say the ECB was too late in reacting to the rise in inflation?
I tell them we should look at the facts. Don’t forget that inflation was at 10.6% two years ago. It has fallen back to 1.7%. Perhaps we could have started a few months earlier. But we raised rates at the fastest pace ever and we managed to bring down inflation considerably in a short period of time. I now want to see inflation reach the 2% target on a sustained and durable basis. Unless there is a major shock, this will happen during the course of 2025.
And what do you say to those who now accuse you of cutting rates too late and not quickly enough?
The pace at which interest rates are cut will be determined by the economic data we receive in the coming weeks and months – based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. And to revitalise growth, urgent action is needed in the area of structural reforms.
The spread between France and Germany has increased from 0.5% to 0.8% since the French National Assembly was dissolved. The ECB has an instrument that it can use to intervene and calm the markets. Are you ready to use it?
We have clearly outlined the conditions under which we will use this instrument. And that is not an issue today.
A number of emerging countries brought together by the BRICS (Brazil, Russia, India, China and South Africa) are thinking about a payments system to circumvent the dollar. Is dedollarisation happening?
That would require another country to be able to take on the role of reserve currency. China is preparing for that, but it isn’t ready yet. I won’t see the renminbi take the place of the dollar in my lifetime.
Property values in New Zealand fell -0.5% in October according to CoreLogic’s hedonic Home Value Index (HVI) – the eighth drop in a row – taking the total decline in values since February to -5.1%.
Values across Aotearoa New Zealand now stand at $805,984, which is around 18% below the post-COVID cyclical peak but still about 16% higher than the pre-COVID level from March 2020.
Around the main centres, Te Whanganui-a-Tara Wellington dropped by -1.2% in October, with both Kirikiriroa Hamilton and Tāmaki Makaurau Auckland down by -0.7%. Ōtepoti Dunedin’s fall was slightly smaller (-0.4%), while Tauranga was flat in October, and Ōtautahi Christchurch edged up by 0.2%.
Although the property market remained relatively sluggish in October, the pace of decline has roughly halved in the past couple of months after an average fall of around -0.9% from May to August.
CoreLogic NZ Chief Property Economist, Kelvin Davidson said that could be a sign of an approaching floor for property values.
““The latest fall in national home values suggests that even though mortgage rates have already dropped quite sharply, the influence of job losses and the wider feelings of reduced job security are playing the more important role at present. This was echoed in the latest ANZ consumer confidence survey. That said, it’s not all one-way traffic for property values, with Ōtautahi Christchurch continuing to show relative resilience amongst the main centres, alongside Tauranga in October.”
“It’s hard to prove categorically, but there’s certainly a ‘vibe’ out there that The Garden City is still considered an attractive place for people outside the area to relocate to, driven by both lifestyle and affordability.”
“There has also been a change in the on-the-ground mood around Aotearoa NZ’s wider property market in the past few weeks. That shift has been seen across a range of segments, from property valuers to individual investors, to developers and construction industry consultants.”
“Rising sentiment may take some time to hit the ‘hard data’, but there’s a sense that the end could be in sight for the recent downturn.”
“For property investors in particular the falls in mortgage rates are key, flowing directly through to better cashflow on a typical rental purchase – or in other words reduced losses – and smaller top-ups from other income. Increased interest deductibility supports that effect too.”
Tāmaki Makaurau Auckland
Each of Tamaki Makaurau Auckland’s sub-markets saw property values decline in October, although the falls in Papakura and Franklin were marginal (-0.1%). Elsewhere, the falls ranged from -0.4% in Rodney, up to -0.8% in Auckland City and -0.9% in Manukau.
Generally speaking, values across Tamaki Makaurau Auckland are still around 21-24% lower than the post-COVID peak (apart from a drop of closer to 26% in Waitakere), while the falls since the more recent ‘mini peak’ at the start of this year have typically been between -7% and -9%.
Mr Davidson added: “Auckland’s property market continues to be weighed down by abundant supply, both in terms of existing properties listed for sale as well as the continued pipeline of new-builds being completed. However, there are signs in a market such as Papakura that values have started to flatten out to some degree, so it’ll be interesting to see if the falls also lessen or stop altogether in other parts of the super-city in the next few months too.”
Te Whanganui-a-Tara Wellington
The wider Te Whanganui-a-Tara Wellington area underperformed in October, with Porirua down by -0.5%, and then the falls increasing to -0.7% to -0.8% in the Hutt Valley, and to more than 1% in both Kapiti Coast and Wellington City itself. Porirua has been slightly more resilient than elsewhere over a wider three-month horizon – while across the rest of Wellington, values are down by close to 3% or more since July.
“Wellington looks to be a good example of where job insecurity is outweighing the benefits to sentiment and households’ finances of lower mortgage rates. This could also make it an interesting test case for property values, in terms of the strength of any recovery in 2025 amidst the backdrop of labour market weakness.”
Regional results
Reflecting the counteracting influences of lower mortgage rates and job losses, property value trends across many of the provincial markets remained patchy in October. Nelson, Whanganui, Rotorua, and Gisborne all edged higher, while Queenstown was stable. But value falls of -0.7% or more were seen in Invercargill, Whangarei, and Napier.
“Putting aside the normal monthly variability that you see in any part of the cycle, it’s interesting to note the recent divergences over the year as a whole,” Mr Davidson noted, pointing to areas such as Napier and Whangarei which were down by -7% to -9% since the latest mini-peak, compared to Whanganui and Invercargill, which were down by -1 to -2%.
“Lower house prices in the latter two areas may have given their markets some insulation. Of course, the affordability argument certainly doesn’t apply in somewhere like Queenstown, where the market has only fallen slightly in 2024 despite a median value of $1.5m.”
Source: Hong Kong Government special administrative region
The Immigration Department (ImmD) mounted a cross-boundary joint operation with Guangxi Public Security Department, Guangdong Provincial Public Security Department and Shenzhen Frontier Inspection Station in July and August under the co-ordination of the Exit and Entry Administration of the People’s Republic of China. The operation successfully neutralised a cross-boundary forgery syndicate, resulting in the arrest of a total of 201 persons and the seizure of a large amount of forgery equipment and forged documents.
In May this year, Mainland authorities unearthed crucial intelligence related to a syndicate arranging Mainlanders to take up illegal employment in Hong Kong. The ImmD immediately collaborated with the Mainland authorities to conduct in-depth investigations and successfully identified a cross-boundary forgery syndicate specialised in recruiting Mainlanders to take up illegal employment in Hong Kong and providing them with accommodation and forged Hong Kong identity cards to seek illegal employments. The forgery syndicate had set up workshops on the Mainland for producing forged documents, and they would dispatch the forged Hong Kong identity cards by express delivery to Hong Kong syndicate members, who would then distribute the forged Hong Kong identity cards to the illegal workers.
The ImmD swiftly launched an operation codenamed “Vanguard” to eradicate the syndicate in Hong Kong. During the operation, ImmD investigators retrieved a batch of suspicious parcels sent out from Mainland forgery workshops and disguised as couriers to deliver the suspicious parcels. As a result, several Hong Kong syndicate members were apprehended, and a number of forged Hong Kong identity cards were seized. Moreover, the ImmD raided a total of 69 premises, including 37 residential premises and 32 working places, and arrested a total of 97 persons, including a syndicate mastermind, nine syndicate members, 67 suspected illegal workers and 20 suspected employers, aged 18 to 64. Ten syndicate members, including the mastermind, comprise five men and five women, consisting of three Hong Kong residents and seven Mainlanders, aged 18 to 61. The 67 arrested suspected illegal workers comprise 34 men and 33 women, including 65 Mainlanders, one Indonesian and one Vietnamese Recognizance Form holder issued by the ImmD, aged 22 to 64. ImmD investigators also seized 21 forged Hong Kong identity cards, 18 copies of forged Hong Kong identity cards and two forged documents related to construction workers. Through this large-scale cross-boundary joint operation, the cross-boundary forgery syndicate has been neutralised. The investigation is still ongoing, and more persons involved in the case may be arrested.
On the Mainland side, three forgery workshops were smashed and a total of 104 offenders were arrested, including 18 syndicate masterminds and ring members, and 12 pieces of forgery equipment were seized.
An ImmD spokesman said, “Under the laws of Hong Kong, anyone who uses or possesses a forged identity card commits an offence. Offenders are liable to prosecution and, upon conviction, a maximum penalty of a fine of $100,000 and 10 years’ imprisonment. Any person who without lawful authority or reasonable excuse transfers to another person a Hong Kong identity card commits an offence. Offenders are liable to prosecution and, upon conviction, a maximum penalty of a fine of $100,000 and 10 years’ imprisonment.”
The spokesman warned, “Any person who contravenes a condition of stay in force in respect of him or her shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years’ imprisonment. Aiders and abettors are also liable to prosecution and penalties. As stipulated in section 38AA of the Immigration Ordinance, an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land is prohibited from taking any employment, whether paid or unpaid, or establishing or joining in any business. Offenders are liable upon conviction to a maximum fine of $50,000 and up to three years’ imprisonment.”
The spokesman reiterated that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years’ imprisonment to a fine of $500,000 and 10 years’ imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.
According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee’s identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker’s valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.
Under the existing mechanism, the ImmD will, as a standard procedure, conduct an initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) victims. When any TIP indicator is revealed in the initial screening, the ImmD officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP elements, such as threats and coercion in the recruitment phase and the nature of exploitation. Identified TIP victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter or temporary accommodation and other supporting services. The ImmD calls on TIP victims to report crimes to the relevant departments immediately.
Headline: Five Western N.C. State Parks to Reopen Nov. 1, Eight Parks to Remain Closed
Five Western N.C. State Parks to Reopen Nov. 1, Eight Parks to Remain Closed jejohnson6
Crowders Mountain, Gorges, Grandfather Mountain and Lake Norman state parks, as well as Rendezvous Mountain, will reopen at least partially on Nov. 1, the Division of Parks and Recreation announced. These parks were temporarily closed through October after impacts from Hurricane Helene.
The following areas are open at each park:
• Crowders Mountain — trails and day-use will reopen, all camping will remain closed through November
• Gorges — Grassy Ridge Access (visitor center, trails to Rainbow and Upper Bearwallow Falls, RV/trailer/tent camping and cabins) will reopen; the backcountry area (Frozen Creek Access, including Auger Hole and Canebrake trails and backcountry campsites) will remain closed
• Grandfather Mountain — most trails and campsites will reopen; Profile Trail, Profile Connector Trail, and Profile Campsite will remain closed
• Lake Norman — day-use and tent/trailer/RV and group campsites will reopen; some sections of mountain bike trail may be closed; cabins remain closed to new reservations; existing reservations are being honored
• Rendezvous Mountain — all areas
The following parks remain closed entirely: Chimney Rock, Elk Knob, Lake James, Mount Mitchell, New River, South Mountains, and Stone Mountain state parks, as well as Mount Jefferson State Natural Area.
“We are very excited to be able to reopen these parks, and we hope to open additional facilities in November,” said State Parks Director Brian Strong. “We know our visitors have been missing our closed parks, and we hope these reopenings will help our neighbors, local towns, and communities.”
The division continues to assist with emergency and rescue efforts in western North Carolina. To date, over 150 division staff have been deployed with the North Carolina Emergency Operations Center as well as to assist with Incident Management Teams and with cleanup projects at western state parks.
“Our priority first and foremost is visitor and staff safety,” Strong said. “There are areas that will be marked closed due to hazardous trees and branches with a high likelihood of falling as well as unsteady bridges and washed-out trails. We ask that visitors follow signage and do not attempt to access areas that have been closed off.”
Some of the remaining closed parks may reopen partially in November, depending on progress with cleanup and hazard mitigation. Chimney Rock, Mount Mitchell, and South Mountains will be undergoing extended closure. Reservations for campsites anticipated to be closed have been refunded in full.
About North Carolina State Parks North Carolina State Parks manages more than 262,000 acres of iconic landscape within North Carolina’s state parks, state recreation areas and state natural areas. It administers the N.C. Parks and Recreation Trust Fund, including its local grants program, as well as a state trails program, North Carolina Natural and Scenic Rivers and more, all with a mission dedicated to conservation, recreation and education. The state parks system welcomes more than 19 million visitors annually.
About the North Carolina Department of Natural and Cultural Resources The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.
The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
For 10 weeks this summer, Gianna Socci worked hard for a sole purpose.
As if her gift was the plunder of information from the stacks of libraries in southwestern Connecticut, piece by piece she stitched together thoughts, contentions, and beliefs, her own cheeks pale with study, as she infused life into the inanimate body that’s become her very own creation.
“I’d never taken on a beast this size before,” Socci ’25 (CLAS) says. “I would get very stressed out that I wasn’t going to be able to finish this. I wasn’t going to be able to write something that made sense. I wasn’t going to be able to bring this all together and I feared I bit off more than I could chew.”
Clinging to the hope the next day or the next would bring success, Socci labored to coax to life the 62 pages that have become her greatest academic triumph to date: “Monstrosity on Trial: Claiming Legal Personhood for Frankenstein’s Monster.”
This is a project Socci conceived nearly two years ago, when as a sophomore she sought to convert her Introduction to Literary Studies course into an honors credit, which requires a larger research project, namely a more in-depth look at one of the books read that semester.
“I had worked hard for nearly two years, for the sole purpose of infusing life into an inanimate body. For this I had deprived myself of rest and health.” – Victor Frankenstein in describing his work in Mary Shelley’s novel “Frankenstein”
As an English and political science double major who expects one day to take up the study of law, Socci heeded the advice of associate professor Dwight Codr and looked at Mary Shelley’s 1818 novel “Frankenstein” through a legal lens.
What started as an honors conversion paper became a much larger Summer Undergraduate Research Fund (SURF) grant proposal, replete with a reading plan of an admittedly ambitious 37 works, including dense legal case studies, she says. The funding allowed her the space in June, July, and August to focus on her work, without worrying about money.
“Research in the humanities is very rare to begin with,” she says, “and I don’t think a lot of people understand what it entails. When you’re a STEM major, you can lay out lab steps, you can show people graphs, diagrams, and lab methods. It’s very quantitative, whereas humanities research is reading, taking notes, thinking, and writing.”
It’s nonetheless important, she argues.
Not the Frankenstein you might imagine
One of the first things Socci says she was shocked to learn when reading “Frankenstein” the first time two years ago was that the character of Frankenstein, contrary to popular belief, is not the monster depicted in the story.
Gianna Socci ’25 (CLAS) (Contributed photo)
Victor Frankenstein is the young doctor who brings to life an 8-foot-tall monster – born of inanimate body parts he stole from graves and mortuaries. Most contemporary depictions of Frankenstein wrongly show him as the flat-headed, green, almost zombie-like monster with bolts in his neck.
That is, in fact, Frankenstein’s “creature,” who in Shelley’s book is never given a name, referred to only by such descriptors as “devil,” “thing,” and “ogre.”
“The other thing that struck me – and this might just be my poli-sci brain at work – was that she included three legal proceedings in the novel, three specific examples of courtroom trials, and that’s not something that’s talked about. You typically think of ‘Frankenstein’ as a very science-fiction text,” Socci says.
Those trials, in which the defendants aren’t in fact guilty of the crimes they’re accused, got Socci thinking about how the law weaves itself through the novel and found herself wondering: What if Frankenstein’s monster was granted legal personhood and able to stand trial for his wrongdoings?
Before she could answer, she needed to tackle the idea of what it means to be a legal person and how that idea has been used over time. She turned to legal theory, philosophy, history, and Shelley’s text for answers.
“Legal personhood is a status, which means someone has rights and privileges but can also be held responsible for their actions,” she explains. “It’s twofold and it’s been expanded and contracted over time to include and exclude so many different things and people.
“Slaves had a very limited form of personhood. Women had a very limited form of personhood. Animals at one time were granted legal personhood and could be put on trial, which is completely absurd,” she continues. “The law is flexible and almost subject to the politics of the time. That reminded me, as a citizen, as a woman in contemporary times, the importance of paying attention to that.”
“My cheek had grown pale with study, and my person had become emaciated with confinement. Sometimes, on the very brink of certainty, I failed; yet still I clung to the hope which the next day or the next hour might realise.” – Victor Frankenstein in describing his work in Mary Shelley’s novel “Frankenstein”
Things like cognition and competency are used in helping distinguish personhood, even intent and mental capacity. And when Socci looked to the novel for these characteristics as they relate to the monster, her conclusion was clear.
“He is a completely cognizant being who acted with intent,” she says. “He was very aware of what he was doing. He could express himself. He was extremely human in every way but his physical appearance. Violence is never the answer, and his reasoning for violence is flawed, but it’s reasoning, nonetheless. He’s angry, and he’s acting in a very methodical way. He is totally eligible to stand trial.”
‘Abstractions rule our lives’
Socci says that at the outset of her research, when telling people how she was spending her summer, she started to wonder why she was even bothering. Arguing about whether Frankenstein’s monster could be held criminally liable for his actions is an exercise in the abstract.
Except it is relevant, she was reminded.
In an interview with an Australian professor who’d written about personhood, she asked why any of this mattered.
“He said abstractions rule our lives. These legal definitions, these philosophical foundations are what govern our whole being,” she says. “We don’t really think of ourselves in legal terms that often, so it can seem unimportant. But it’s how we have the right to vote. It’s how we have the right to express ourselves. It’s how we’re seen by the government.”
Suddenly, what once was hypothetical was much more concrete.
The European Union this year adopted the AI Act, Socci notes, which, in part, rates various artificial intelligence technologies on their risk level – high-risk AI is more autonomous and can operate with minimal human intervention, for example. The AI Act seeks to regulate high-risk artificial intelligence.
Consider Hollywood movies like “Avengers: Age of Ultron,” in which the artificial life form, Ultron, seeks to destroy. Technology advances rapidly and might not be that far off from the movies.
“If an AI is a sentient being and it decides to act out on its own will and is harming someone, we’re going to have to start thinking about liability,” Socci says. “My theory holds the monster accountable and therefore would hold the AI accountable. Then, if you can hold the AI accountable, shouldn’t they also have rights and be able to vote if we’re talking about the dual edge of legal personhood.”
Illustration from Frankenstein (Adobe stock)
Socci surmises that humans will be unlikely to put robots and technology on the same level as themselves, but that conversation may very well need to be had, which means the hypothetical turns real.
In the U.S. Supreme Court’s 2010 Citizens United decision that gave corporations the right to make political donations, the reasoning, Socci says, is that businesses have a right to free speech, in this case through their dollar, and that can’t be infringed upon.
“Legal personhood is not the reason for that decision, but if you go through the legal text, the chief justice uses very personifying language when talking about corporations, saying they can bring a good perspective into the democratic dialogue. And suddenly, corporations can talk like people. This tendency to personify the inanimate is where we see legal personhood bleeding into our contemporary scheme,” she says.
A story about injustice
In a planned career as a lawyer, Socci says she’ll take many of the things she’s learned from this project and apply them to work with abused and neglected children, who oftentimes need an advocate to protect their rights.
And in a way, children are a little like the monster – seeking to belong, looking to be molded, hungry for learning. Victor Frankenstein’s rejection of the monster, in the same way a parent might reject a child, results in lifelong ramifications.
“You might feel sad for the monster because all he really wants is to be part of the human community,” Socci says. “There’s a whole segment of the book in which he is watching the DeLacey family from far away in his hovel. He realizes they’re poor, so he starts leaving food on their steps. He shovels their driveway. He helps them out despite the fact he’s been rejected by his creator.”
Socci says that while there are dozens of ways one could analyze the story, for her, “Frankenstein” boils down to a tale of injustice.
“We hear the word ‘monster,’ and we think ‘beast.’ We’re scared. Something’s uncivilized. Something is rowdy. Something is dangerous. But the monster, in the beginning, is anything but that,” she says. “He’s a very rational individual who just wants to be close to someone. I think Shelley is asking us to think about the definitions we’ve applied to others.”
And that interpretation may become part three of “Monstrosity on Trial” – the honors conversion project turned SURF grant award, yet-to-become English honors thesis.
“I don’t think there’s going to be another time in my life, unless I become an author, when I’ll have dedicated hours for researching and writing, not worrying about the income I’m missing out on,” Socci says of the SURF grant. “It was honestly a privilege to have this experience.”
The value of exports and imports of services during September 2024 is given in the following table.
International Trade in Services
(US$ million)
Month
Receipts (Exports)
Payments (Imports)
July – 2024
30,580 (16.6)
15,903 (15.7)
August – 2024
30,340 (5.7)
16,423 (8.8)
September – 2024
32,579 (14.6)
16,507 (13.2)
Notes: (i) Data are provisional; and (ii) Figures in parentheses are growth rates over the corresponding month of the previous year which have been revised on the basis of balance of payments statistics.
Ajit Prasad Deputy General Manager (Communications)
The Reserve Bank today released data on India’s invisibles as per the IMF’s Balance of Payments and International Investment Position Manual (BPM6) format for April – June of 2024-25.
Ajit Prasad Deputy General Manager (Communications)
Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) received during the month of October 2024 are set out in Tables 1 to 7.
Highlights:
Lending Rates:
The weighted average lending rate (WALR) on fresh rupee loans of SCBs stood at 9.37 per cent in September 2024 (9.41 per cent in August 2024).
The WALR on outstanding rupee loans of SCBs was placed at 9.90 per cent in September 2024 (9.91 per cent in August 2024).1
1-Year median Marginal Cost of fund-based Lending Rate (MCLR) of SCBs remained unchanged at 8.95 per cent in October 2024 from that of September 2024.
Deposit Rates:
The weighted average domestic term deposit rate (WADTDR) on fresh rupee term deposits of SCBs stood at 6.54 per cent in September 2024 as compared to 6.46 per cent in August 2024.
The weighted average domestic term deposit rate (WADTDR) on outstanding rupee term deposits of SCBs was placed at 6.95 per cent in September 2024 (6.93 per cent in August 2024).1
Ajit Prasad Deputy General Manager (Communications)
The title of this panel is “The Future of Finance”. I know this is an issue you have thought a lot about and one that has been a key focus area for the BIS throughout your tenure as General Manager. Why is the topic so important? How should the financial system change?
Financial innovation is important because finance is important – it is the bloodstream of the real economy.
Today’s financial system falls short in many dimensions: many financial transactions are too slow; many are too costly; for these reasons, useful transactions don’t take place. And in too many countries, too few people are able to access financial services. Improving the functioning of the financial system could make everyone better off.
It is appropriate for the private sector to take the lead in financial innovation. But the public sector has a role as a catalyst for innovation, for instance, by providing the pipes and rails on which finance runs.
Many public institutions – including central banks – are not natural innovators. They may lack experience, expertise and budgets.
Moreover, many countries face similar challenges.
For this reason, there can be great value in working together.
That is why we at the Bank for International Settlements (BIS) established the BIS Innovation Hub as a mechanism for collaboration among central banks to develop technological public goods.
When we first came up with this concept, the idea was to have a small unit of four staff members, based in Basel. It quickly became apparent that the appetite among our member central banks to work together and innovate went far beyond that.
Today we have more than 100 staff working in our seven Innovation Hub centres in eight locations throughout North America, Europe and Asia, as well as a strategic partnership with the Innovation Centre of the New York Federal Reserve.
The Innovation Hub undertakes projects across six broad themes: (i) suptech and regtech, (ii) next generation financial market infrastructures, (iii) open finance, (iv) cyber security, (v) green finance and (vi) central bank digital currency, or CBDC. Our CBDC work accounts for a large part of the Innovation Hub’s project portfolio and certainly accounts for much of the public attention. But we have made important contributions in each theme.
Since establishing the Innovation Hub, we have completed 28 projects, with another 27 currently under way. Central banks, of course, are doing their own innovations, and there are many other initiatives under way by both the public sector and the private sector.
While all of the technological innovation has been important, it would be fair to say that it has had modest real-world impact to date. If you compare the degree of progress in the application of digital technologies in, say, the communications industry to that in the financial industry, I am sure you will agree.
The issue is not the technology itself. As I mentioned, there have been great advances there.
What has been lacking is a vision of how the various initiatives should fit together, and of what the financial system of the future should look like and how it should function.
Together with Nandan Nilekani – Chairman of Infosys and the driving force behind India’s digital public infrastructure initiatives – I wrote a paper earlier this year that laid out such a vision. We call it the “Finternet”. The aim of the Finternet is to use technology to make the financial system much more user-centric and to eliminate many of the frictions that add cost and complexity to today’s financial system. It does not advocate for a specific technology, but instead aims to add some guidance about what we want to achieve.
Let me delve more deeply into the Finternet. What does it involve, concretely?
The Finternet rests on three broad pillars. The first is a robust economic and financial architecture. The second is the application of advanced technology. The third is a sound legal and regulatory basis. Let me address each in turn.
The basic economic and financial architecture would resemble that of today’s financial system. As is the case today, there would be a two-tier banking system. Central bank money would be at the core, with commercial bank money accounting for the bulk of the money used day to day. This money, however, would have a more advanced digital representation. We would have tokenised central bank money, which could exist in wholesale form – the digital equivalent of central bank reserves – or retail form – the equivalent of digital banknotes. And we would have tokenised commercial bank deposits.
But tokenising money is just the first step. To get the real benefits of tokenisation you need to combine money with other financial assets, ideally residing on the same ledger.
Government bonds strike me as a natural starting point. These are incredibly important assets in today’s financial system. They serve as the basis for pricing all other financial assets.
Once you have money and government bonds residing on the same platform, you essentially have the basis of the current financial system. Adding other assets to the platform would naturally follow.
Tokenising financial assets would bring many benefits. In particular, if the assets were on a common ledger, there would be much less need for complex messaging and clearing, which are the source of so much cost and delays in today’s financial system. Tokenised assets can settle atomically, helping to further reduce the time needed for financial transactions. And tokenised assets can be programmed. This could open up a huge array of financial transactions that are not possible today.
Of course, not all assets will be tokenised and not all tokenised assets will reside on the same ledger. So we need some way of moving assets across ledgers and from the tokenised to the non-tokenised world. Technology can also help achieve this.
Other technologies can also help to turn the Finternet into reality. For example, compliance with anti-money laundering and countering the financing of terrorism regulations – which I would emphasise is hugely important – can also be extremely costly. Technology should allow us to automate such checks, allowing for greater reliability, lower costs and faster processing speeds. Data governance and privacy would draw on the latest privacy-preserving technology. There are many related topics we explore through our projects. One good example is Project Mandala, which has shown how to embed regulatory compliance in cross-border transaction protocols. Beyond economics and technology, the Finternet will also rest on a sound legal and regulatory basis. At a minimum, this should respect all existing laws and governance measures. Privacy, cyber security and related concerns will also need to be addressed. However, technology should also allow us to achieve greater security in the financial system.
This all sounds very promising in principle. But can it be delivered? How could one turn the Finternet vision into a reality?
Absolutely. Indeed, we are already taking active steps to turn it into reality, including through our Innovation Hub projects.
Let me give you a concrete example of one such project, called Project Agorá.
This is probably our largest Innovation Hub Project to date. We have teamed up with six central banks and more than 40 private sector institutions, coordinated by the Institute for International Finance. I should mention that Santander is one of the participants.
The specific aim of Project Agorá is to look at whether, using tokenised deposits integrated with tokenised wholesale central bank money, we can streamline cross-border payments.
This is an area ripe with inefficiencies, and where services in some jurisdictions have actually worsened in recent years due to the shrinkage of the correspondent banking system. One important reason is that the system, by and large, rests on legacy systems. This implies long sequences of messages being sent back and forth, across national borders, using systems that do not necessary communicate with each other very well. The various regulatory compliance measures – which are particularly important in cross-border transactions – often require manual processes, which add delays and lead to errors.
In principle, using tokenised assets residing on unified ledgers could ease many of these burdens. Transactions using tokenised assets can settle atomically – that is immediately – with all parts of the transaction settling at once. Compliance with regulatory norms can be embedded programmatically inside the tokens. So they will be adhered to with certainty and without the need for manual intervention.
So this is a big project, with big potential gains.
But even more than the specific application, what really excites me about Project Agorá is that it has central banks and commercial banks working together to craft a structure that could form the basis for a future financial system.
I mentioned before the useful catalytic role for central banks in initiating technological innovation. But central banks cannot do it alone. The two-tier banking system lies at the heart of today’s financial system. The system needs money. But very little money comes from the central bank. Commercial bank money provides the bulk of it.
The two-tier banking system helps deliver two foundational principles. The first is the singleness of money. This ensures that a euro is a euro, whether it is the banknote in my pocket or in my deposit at Santander or any other bank. The second is settlement finality, which comes about through the final settlement of all transactions on the balance sheet of the central bank.
We do not know what the financial system of the future will look like. But it is hard for me to imagine that it will not require a two-tier banking system. This means that as well as tokenised central bank money – particularly in wholesale form – it will require banks to provide their customers with tokenised deposits. Project Agorá provides a powerful use case, and I hope that it will spur further innovation.
At the same time, cross-border payments can be a controversial topic. For example, I have noted media speculation recently that one of your projects – Project mBridge – could provide the basis for a BRICS initiative to circumvent sanctions. Is that plausible? Can you comment on this?
In the Innovation Hub we try to be a catalyst for innovation. The way it works is that we talk with the community of central banks, identify their needs and then develop projects. And we do them in partnership with central banks.
MBridge has been a project we have been involved with for four years. We have several central bank partners and many, many observers. I think the project has been a big success. It’s a payment system where through wholesale CBDCs you could facilitate tremendously cross-border transactions.
I would say that the project has been so successful that we can declare that we have graduated out. The BIS is leaving that project, not because it was a failure and not because of political considerations but instead because we have been involved for four years and it is at a level where the partners can carry it on by themselves. That has happened already with other projects.
At the same time, I have to say that mBridge is not mature enough to start operating; it is many years away from that.
With respect to political aspects, the noise out there, mBridge is not the “BRICs bridge” – I have to say that categorically. mBridge was not created to cater to the needs of the BRICs. It was put together to satisfy broad central bank necessities.
We at the BIS – I think this is an opportunity to set record straight – we always try to be good global citizen. And the BIS does not operate with any countries, nor can its products be used by any countries that are subject to sanctions. This will continue to be the case. And all central bank members are in this mindset that we need to be observant of sanctions and whatever products we put together should not be a conduit to violate sanctions.
Source: United States of America – Department of State (video statements)
Secretary of State Antony J. Blinken holds a joint press availability with Secretary of Defense Lloyd J. Austin III, Republic of Korea Minister of Foreign Affairs Cho Tae-yul, and Republic of Korea Minister of Defense Kim Yong-hyun at the Department of State, on October 31, 2024.
———-
Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.
The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.
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The time has come: in a few days, Lufthansa Allegris First Class, the flagship of the new cabin on long-haul routes, will take off on a scheduled flight for the first time. The first destinations will be Bangalore on November 9 and Mumbai (both in India) a little later, on November 15, which will then be served alternately with the new First Class. Two individual suites and the globally unique Suite Plus in the A350-900 will then take off on a scheduled flight for the first time. After a technical introduction phase, Lufthansa will initially present the new, innovative product to its most loyal guests by invitation. As soon as more aircraft with the new First Class are part of the fleet, targeted upgrades by passengers and later targeted bookings will be possible step by step.
The furnishings in the First Class Suite set new standards: guests can heat or cool their almost one-meter-wide seats in the suite according to their personal needs. The separate suites with ceiling-high walls and lockable door, large table and wide seat, a huge screen and wireless over-ear headphones, set new standards in comfort and individuality in the highest class. A personal wardrobe in the suite provides ample storage space so that travelers can change comfortably and have all their personal items to hand. Individual lamps allow travelers to create their very own feel-good atmosphere. The Suite Plus also combines maximum comfort for individual guests with the unique option of traveling together with a travel partner in a suite.
Lufthansa receives APEX Innovation Award for research into VR headsets in in-flight entertainment
Lufthansa has received the award for the world’s best in-flight entertainment innovation 2024 from the Airline Passenger Experience Association (APEX). In collaboration with Meta and MSM.Digital, the airline has launched a ground-breaking in-flight entertainment initiative and is currently testing mixed reality technologies for guests. On all flights equipped with Allegris, guests in the Business Class Suite now have the opportunity to use the headsets and give feedback on what they particularly enjoyed. With the latest generation of state-of-the-art VR headsets, Lufthansa is the only airline in the world to exclusively offer content such as captivating cinema-style movies, engaging VR 360-degree travel podcasts, interactive games and soothing relaxation exercises.
Source: United States of America – Department of State (video statements)
Secretary of State Antony J. Blinken meets with Republic of Korea Minister of Foreign Affairs Cho Tae-yul at the Department of State, on October 31, 2024.
———-
Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.
The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.
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Source: Hong Kong Government special administrative region
PIF and Hong Kong Monetary Authority sign memorandum of understanding for investment fund at FII8 (with photo) PIF and Hong Kong Monetary Authority sign memorandum of understanding for investment fund at FII8 (with photo) ******************************************************************************************
The following is issued on behalf of the Hong Kong Monetary Authority:
Discussions to anchor a joint US$1 billion fund to invest in companies with Hong Kong nexus expanding to Saudi Arabia to drive localisation of key industries, including manufacturing, renewables, fintech and healthcare Collaboration marks significant milestone aligning with Saudi Vision 2030 and with Hong Kong’s position as one of the world’s leading financial hubs
PIF and the Hong Kong Monetary Authority (HKMA) today (October 31) signed a memorandum of understanding (MoU) to work towards jointly anchoring a new investment fund, with a target size of US$1 billion. The MoU was signed at the 8th edition of the Future Investment Initiative (FII) in Riyadh. Under the MoU, the fund would explore investment in manufacturing, renewables, fintech and healthcare, supporting the localisation in Saudi Arabia of companies connected to Hong Kong and the Greater Bay Area. It would enable the creation of highly skilled local jobs and drive economic growth through fostering regional champions in the target sectors. It would reinforce Hong Kong’s position as one of the world’s leading financial hubs, leveraging its diverse talent pool, efficient financial infrastructure and deep liquidity. The signing of this MoU is a new milestone and underlines the economic ties between two leading institutions – PIF and HKMA. The proposed new fund aligns with PIF’s strategy of economic diversification and sustainability. This partnership has the potential to drive shared prosperity by investing in industries that will shape future economies, combining HKMA’s long-term investment expertise with PIF’s strategy for the target sectors. The new fund would promote foreign direct investments via Hong Kong, providing a platform for companies to internationalise their businesses and have access to attractive investment opportunities in Saudi Arabia.
Ends/Thursday, October 31, 2024Issued at HKT 20:45
The Hong Kong-Guangdong Joint Working Group on Cleaner Production held its 11th meeting in Hong Kong today to review the work progress in 2024 and approve the 2025 work plan.
The meeting was co-chaired by Secretary for Environment & Ecology Tse Chin-wan and Guangdong Province Department of Industry & Information Technology Director-General Tu Gaokun.
Governments of both Hong Kong and Guangdong will continuously promote the adoption of cleaner production technologies in energy-intensive industries for saving energy and the development of energy-saving equipment.
They will also support water-intensive industries to apply water-saving technological upgrades to reduce and control wastewater discharge, as well as promote enterprises to adopt relevant technologies to reduce solid waste and emissions, including controlling and reducing volatile organic compounds emissions at source.
In addition, both sides will encourage polluting industries to undertake cleaner production audits and support enterprises to pursue green transformation.
They will also continue to implement various publicity activities to promote the effectiveness of cleaner production to the industry.
An award presentation ceremony for the Hong Kong-Guangdong Cleaner Production Partners Recognition Scheme was held after the meeting to commend the efforts of 215 enterprises in pursuing cleaner production.
Of the enterprises, 42 Hong Kong-owned manufacturing enterprises were commended as Excellent Partners while 149 were commended as Partners.
Other commended enterprises included three sourcing enterprises and 21 environmental technology service providers.
The Environment & Ecology Bureau said cleaner production has brought remarkable benefits in improving environmental quality, adding that the 2024 Policy Address announced that $100 million would be injected to launch a new round of the Cleaner Production Partnership Programme for the application period from April 2025 to June 2027.