NewzIntel.com

Category: Asia Pacific

  • MIL-OSI New Zealand: Breast screening age extension begins in Nelson Marlborough

    Source: New Zealand Government

    Free breast screening has been extended for 70 to 74-year-old women living in the Nelson Marlborough district, ahead of a national roll-out late next year, Health Minister Dr Shane Reti announced today.

    “Breast cancer is the most common cancer in New Zealand with about 3,400 women diagnosed with the disease each year,” says Dr Reti. 

    “The aim of breast screening is to find breast cancers early – before there are any noticeable symptoms.  

    “Women who participate in the BreastScreen Aotearoa programme are 34 per cent less likely to die from breast cancer. 

    “That’s why earlier this year I announced that the Government would extend breast cancer screening to women aged 70-74 – a commitment reinforced through Budget 2024, which delivered $31.2 million for this initiative.

    “It’s a real pleasure to be in Nelson, on the last day of Breast Cancer Awareness month, to celebrate a significant milestone in the extension of our free breast screening programme – the start of the roll out here in the Nelson Marlborough district.”

    Over the next five years, women will continue to be eligible, while living in Nelson Marlborough, for screening at sites in district until they turn 75, before a roll out across the country from October 2025. 

    “Extending breast screening to an approximately 60,000 additional eligible women per year takes an immense amount of planning, including investment in workforce and physical infrastructure,” says Dr Reti.  

    “I thank everyone involved for their efforts and look forward to seeing this programme rolled out nationwide. The extension will potentially save 22 lives per year. We will also be looking to improve the outcomes for women like the more than 60 New Zealanders who succumbed in this age group in 2019.

    “The extension of breast screening to 70 to 74-year-olds is only one initiative the Government has introduced to provide New Zealanders with better cancer care. 

    “As a Government, we’ve already made a number of other advancements such as: 

    • Introducing a target for faster cancer treatment
    • Increasing access to PET-CT scanning, which is particularly helpful for diagnosis of prostate cancer
    • Expanding access to life-extending cancer medicines through our transformative investment in Pharmac
    • Building a new cancer radiotherapy machine at Whangārei Hospital, so 520 Northlanders a year will no longer have to travel to Auckland for treatment
    • Boosting the National Travel Assistance scheme by $18 million per year for those that need to travel for treatment. 

    “The Government is committed to improving outcomes for the thousands of Kiwis and their families affected by cancer every year.”

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Upgraded Woden library to reopen 18 November

    Source: Government of Australia Capital Territory

    On 13 September 2024, the ACT Government assumed a caretaker role, with an election to be held 19 October 2024. Information on this website will be published in accordance with the Guidance on Caretaker Conventions until after the election and conclusion of the caretaker period.

    Released 31/10/2024

    Woden library will reopen at 10am on Monday 18 November 2024 following upgrade works.

    The library was temporarily closed in May 2024 due to the significance of the upgrade works. The range of upgrades included:

    • replacing the heating and air conditioning system
    • renovating the ground floor bathroom
    • new LED lighting
    • roof repairs and other improvements.

    We thank the community for their patience as these important works were completed.

    A pop-up library at 26 Corinna Street in Phillip has been open during the closure.

    The reading room, public PCs, children’s room and community rooms at the pop-up library will be closed from 5.30pm on Wednesday 13 November 2024. The pop-up library will remain open on Thursday 14 and Friday 15 November 2024, between 10am and 5.30pm, to allow community members to return items and collect reservations. The pop-up library will permanently close at 5.30pm on Friday 15 November 2024.

    On Saturday 16 and Sunday 17 November 2024 reservations ready for collection will be held and will be available at the Woden library for collection from Monday 18 November 2024. During this time, we encourage you to access the digital resources available with your Libraries ACT membership.

    The return chute at Woden library will be open and you can return items 24/7. You can now also make bookings for community room hire at Woden library, including for the HIVE, from Monday 18 November 2024.

    A range of events and activities are scheduled at the Woden library when it reopens. These include drag story time, giggly wiggly balloon story time with Chloe Lim and an ACT Book of the Year author talk panel. For more information on the reopening and the events planned visit the Libraries ACT website at www.library.act.gov.au.

    – Statement ends –

    ACT Transport Canberra and City Services Directorate | Media Releases

    Media Contacts

    «ACT Government Media Releases | «Directorate Media Releases

    MIL OSI News –

  • MIL-OSI: M&G ENT USA’s Photo Booth “Momentura” Begins Full-Scale Entry into the North American Photo Booth Market

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, CA, Oct. 30, 2024 (GLOBE NEWSWIRE) — M&G ENT USA, the U.S. branch of M&G ENT Co., Ltd., a specialized manufacturer of smart education and ICT equipment for business use, will officially enter the North American market, starting with the 2024 photo booth business presentation to be held at The One event hall in LA on Tuesday, November 5, at 5 PM.

    M&G ENT Co., Ltd. manufactures and supplies projectors and electronic whiteboards to major Korean video equipment companies and educational institutions. To enter the North American market, the company established branches on the East Coast (Boston) and West Coast (LA) of the U.S., a first for the industry, during the second half of last year.

    M&G ENT’s Momentura is a brand that is derived from the Latin word meaning “moment.” the Momentura photo booth is equipped with a high-performance DSLR and a dedicated photo printer, producing high-quality photos in a short time compared to photo booths currently available in the North American market. It has the ability to move the camera vertically to accommodate diverse user audiences, as well as the ability to freely apply filters and stickers to the images taken. The photo booth also is equipped with AR features such as caricatures, as well as regular frame cuts, ID photo features, and the function to print images saved on your phone. Moreover, it incorporates Korean-style designs based on K-culture that resonate with younger generations. Momentura also provides a customizable service for the exterior and frames to fit various installation settings, which has been gaining traction amongst users.

    Notably, at the ISTE Live 2024 International Education Exhibition held in Denver, Colorado, in June, M&G ENT unveiled a modular photo booth, specialized for rental services. The particular model is convenient for transportation and storage and ideal for use at events hosted by schools and public institutions. This received enthusiastic responses from education institution representatives.

    Sungju An, CEO of M&G ENT, announced that through the Los Angeles business presentation, they plan to recruit dealers and agents across the U.S., while showcasing the actual products. They aim to provide differentiated services such as sales, delivery, and after-sales support through local branches and distribution networks. By introducing various products into the market, they hope to create new business opportunities that offer a win-win situation for both partners, and expand the photo booth business to the global market.

    The 2024 photo booth business presentation schedule is as follows:

    • Date: Tuesday, November 5, 2024, 5:00 PM – 8:00 PM
    • Venue: The One Event Hall 5F, 3680 Wilshire Blvd, Los Angeles, CA 90010
    • Inquiries (English): 949) 351-7194
    • Inquiries (Korean): 949) 351-7055
    • Email: contact@momentura.us

    Media Contact

    Brand: M&G ENT USA

    Contact: Somin An

    Email: contact@momentura.us

    Phone: +1 949 351 7194(English) / +1 949 351 7055(Korean)

    Website: https://www.momentura.us

    The MIL Network –

  • MIL-OSI Banking: The 28th ASEAN Labour Ministers’ Meeting convenes in Singapore

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, participated in the 28th ASEAN Labour Ministers’ Meeting (ALMM) held in Singapore. Held under the theme “Strengthening Resilience and Promoting Innovation,” the Meeting exchanged views, reviewed the progress of the ASEAN Labour Ministers’ Work Programme 2021-2025 as well as deliberated on priorities for the post-2025 cooperation on labour. Singapore assumed the ALMM Chairmanship for 2024-2026. The Meeting was attended by ASEAN Member States, with Timor-Leste joined as observer.

    The post The 28th ASEAN Labour Ministers’ Meeting convenes in Singapore appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI USA: October 29th, 2024 Heinrich, Leger Fernández Highlight Over $22 Million to Build a New Terminal at Clovis Regional Airport, Participate in Terminal Groundbreaking Ceremony

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    PHOTOS/VIDEOS

    CLOVIS, N.M. — Today, U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Appropriations Committee, and U.S. Representative Teresa Leger Fernández (D-N.M.) participated in a groundbreaking ceremony to begin construction on a new 21,000 square foot terminal at Clovis Regional Airport (CVN). The new terminal at Clovis Regional Airport is fully funded by a $15.7 million grant and a $3.5 million grant from the Infrastructure Law — legislation passed by Democrats in the N.M. Congressional Delegation — and a Heinrich-led $3.5 million Congressionally Directed Spending award that is advancing in the Fiscal Year 2025 Transportation, Housing and Urban Development, and Related Agencies Appropriations Bill that passed out of the Senate Appropriations Committee in July.

    These three investments, totaling $22,700,000, are making it possible for Clovis to complete the new terminal. 

    The terminal at Clovis Regional Airport will better connect the community, improve travelers’ experiences, create high-quality jobs, and grow local economies across New Mexico.

    U.S. Senator Martin Heinrich (D-N.M.) speaks at a groundbreaking ceremony to begin construction on a new terminal at Clovis Regional Airport (CVN), October 29, 2024.

    “When we invest in New Mexico’s airports, we invest in the people who rely on these facilities to do business in our state, create jobs, and contribute to our economy,” said Heinrich. “I am proud to have secured funding from the Infrastructure Law to fully construct Clovis Regional Airport’s new terminal and I will keep fighting to secure more investments to improve airports all across New Mexico — improving travelers’ experiences, creating high quality jobs New Mexicans can build their families around, and driving our state’s economic growth for the future.”

    “Thanks to our work on the Bipartisan Infrastructure Law, this $22 million investment will create good jobs, connect families across the region, and drive economic vitality for communities across eastern New Mexico,” said Leger Fernández. “Today’s groundbreaking at the Clovis Regional Airport gets us closer to connecting eastern New Mexico to new economic opportunities and supporting the region’s growth. This new terminal isn’t just about creating a strong foundation for the future of Clovis — it’s about creating a strong foundation for the future of eastern New Mexico. I also want to thank Senator Heinrich for his leadership as he champions rural projects like this one in the Senate Appropriations Committee.”

    U.S. Senator Martin Heinrich (D-N.M.) and U.S. Representative Teresa Leger Fernández (D-N.M.) participate in a groundbreaking ceremony to begin construction on a new terminal at Clovis Regional Airport (CVN), October 29, 2024.

    The Infrastructure Law is delivering billions of dollars in historic infrastructure investments to New Mexico.    

    The Infrastructure Law is set to invest $4.3 billion in formula funding alone for at least 337 vital projects in New Mexico. Some of the projects and priorities that have already received federal funding from the Infrastructure Law include:   

    • $1.8 billion for New Mexico’s roads and bridges.   
    • $379 million over five years, based on formula funding, for New Mexico’s public transit. To date, New Mexico has been allocated $147.2 million to improve public transportation options across the state in Fiscal Year 2022.    
    • $710 million for clean drinking water in New Mexico.   
    • $362.3 million for infrastructure resilience, including $23.4 million through the Army Corps of Engineers for flood mitigation in New Mexico.   
    • $160 million, the first installment of funding from the Infrastructure Law, to support the completion of the Eastern New Mexico Rural Water System pipeline in Eastern New Mexico. 
    • $3 billion across Indian Country to help Tribes deploy broadband infrastructure.  
    • $52.4 million for capping orphaned oil and gas wells and reclaiming abandoned mine lands and $20.7 million has been allocated to cleaning up Superfund and Brownfield sites across New Mexico.   
    • $38 million over five years, based on formula funding, to support the expansion of an EV charging network in the state.   
    • $74.9 million for clean energy, energy efficiency, and power in New Mexico.   
    • $50 million for airports across New Mexico.   
    • $33 million for clean and low emission buses in New Mexico.   

    The Infrastructure Law is also helping 173,000 New Mexico households save on broadband. For eligibility on internet programs, visit GetInternet.gov. 

    For more information, click here to see a map of funding and announced projects in New Mexico through the Infrastructure Law.  

    Find a fact sheet of the investments New Mexico has received through the Infrastructure Law here.

    MIL OSI USA News –

  • MIL-OSI Banking: Trial Use of a Generative AI-based Demand Forecasting Application to Drive E-commerce Sales Growth in Southeast Asia

    Source: Panasonic

    Headline: Trial Use of a Generative AI-based Demand Forecasting Application to Drive E-commerce Sales Growth in Southeast Asia

    Aiming to expand the direct-to-consumer (D2C) sales of Panasonic products with a focus on home appliances and consumer electronics in Southeast Asian markets, GDX Co., Ltd. (Head Office: Shinagawa-ku, Tokyo, CEO: Jun Horata, hereafter “GDX”) has developed a new application called AI Commerce Series 1 “Demand Forecast” in collaboration with Panasonic Appliances Marketing Asia Pacific (hereafter “PAPMAP”) based in Malaysia and affiliated with Panasonic Corporation (Head Office: Minato-ku, Tokyo, CEO: Masahiro Shinada, hereafter “Panasonic”), and began its trial use in Thailand.
    AI Commerce Series 1 “Demand Forecast” is an application for demand prediction independently developed by GDX to maximize sales and streamline inventory control. Specifically, generative AI selects the scenario best suited for the situation from the predictions generated by AI based on 36 scenarios and outputs various demand forecast data in the format specified by users. PAPMAP has collaborated with GDX in application development to improve the accuracy of demand forecasting for e-commerce sales in Southeast Asia and to develop a user-friendly generative AI-based tool for its marketing staff without AI-related expertise.
    In October 2024, a Panasonic sales company in Thailand (Panasonic Solutions (Thailand) Co., Ltd.) began the trial use of this new application to improve the accuracy of e-commerce sales forecasts for home appliances and consumer electronics. This will enable PAPMAP to predict future demand effortlessly and simply, without reliance on individual expertise, and to incorporate the forecast into product purchase planning by applying generative AI and machine learning to Panasonic’s sales-related data, thereby reducing the loss of sales opportunities. The company will start by expanding e-commerce sales in Thailand.
    By contributing to Panasonic’s e-commerce sales through the use of advanced generative AI technology, GDX aims to open up new possibilities for D2C sales in Southeast Asian markets. PAPMAP will verify the effectiveness and usability of the application through trial use in Thailand and consider broadening the scope of collaboration in e-commerce sales with a view to expanding its use in the rest of Southeast Asia.
    In order to support the DX promotion of brand companies’ entire value chain, GDX plans to establish a series of AI Commerce products as generative AI-based solutions and release them successively.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Kid Witness News (KWN) Global Summit 2024—Announcement of Award Results

    Source: Panasonic

    Headline: Kid Witness News (KWN) Global Summit 2024—Announcement of Award Results

    Participating countries (11 countries)
    Brazil, Cambodia, China, India, Indonesia, Japan, Malaysia, Philippines, United Arab Emirates, United States, Vietnam
    * Presented in alphabetical order* Participants will be able to view a live stream of the summit on the day of the summit.

    MIL OSI Global Banks –

  • MIL-OSI Australia: The Pacific and Australasian CRM Developers’ and Facilitators’ Forum 2024 (PACDEFF)

    Source: Australian Civil Aviation Safety Authority

    CASA Director of Aviation Safety Pip Spence discusses flight operations with a focus on safety, including upset prevention and recovery training, combating fatigue, clear communication, pilot mental health, and the importance of continuous education in building a strong safety culture.

    MIL OSI News –

  • MIL-OSI Australia: Minister Rishworth interviewed on Radio National Breakfast with Patricia Karvelas

    Source: Ministers for Social Services

    E&OE TRANSCRIPT

    Topics: COVID-19 pandemic; COVID inquiry report; Australian Centre for Disease Control; PLACE announcement; Qantas flight upgrades.

    PATRICIA KARVELAS, HOST: What would you do if Australia faced another global pandemic and you were again asked to make big sacrifices in the name of public health? A major review of Australia’s handling of the COVID-19 pandemic has found many people will be less accommodating of those requests in the future, while warning another pandemic is likely to happen in our lifetimes. Now, the Government says a new disease control centre will help restore public trust. We’re going to be joined now by Amanda Rishworth, who is the Minister for Social Services. She’s going to talk to us about this and another scheme the Government’s announcing today. Welcome to the programme, Minister.

    AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES: Great to be with you.

    PATRICIA KARVELAS: The COVID inquiry found mistakes were made, but overall, Australia was one of the most successful countries in its pandemic response. Do you think history will give the Morrison Government more credit?

    AMANDA RISHWORTH: Well, look, I think really what this review tried to do is identify what can we do better next time and what actually worked. And so the report’s been very useful in that. But what really, I think, came out of the report is we need to be better prepared in the future. I think that was one of the really key findings. How do we get in a position where we are better prepared to respond to something like that in the future? And I think in terms of key learnings of this report, I think that is one of the key learnings, that we need to be prepared for what may come next.

    PATRICIA KARVELAS: You’ve promised to fund an Australian Centre for Disease Control, and you say it will restore public trust, but will that be enough?

    AMANDA RISHWORTH: Well, look, the public trust issue is a very concerning element of this report. If you remember back to that time during COVID you know, people were very compliant. But I think one of the elements is that this Centre for Disease Control will be independent, but I think importantly, it will be much more responsive and transparent with the evidence. I think that is one of the things coming out of this report that really talked about how do we make sure that the health data, the evidence, that what we’re asking people to do is very much embedded in real-time evidence, is really critical. And I hope that as we build up this capability, this transparency, but also the real-time evidence, provides people with the reassurance that what we’re asking them to do actually is something that they should do, because it’s backed up by that real-time evidence.

    PATRICIA KARVELAS: The coalition says this review didn’t look at the states and territories. They are right. And given they were the ones that imposed some of these restrictions, isn’t that a major flaw?

    AMANDA RISHWORTH: This wasn’t wanting to go over the existing reviews that have been done in states and territories. I think from the Commonwealth’s perspective, this report was really about how do we prepare for a future pandemic. What are the lessons learned for the Commonwealth? It’s very important that the Commonwealth is better prepared and that came through clearly both in its economic response and its health response. So, I’m focused on, as is the Government, what can we do better next time? And this report has been really important in identifying what went right, but where we could have adjusted the settings as well.

    PATRICIA KARVELAS: You’re the Minister for Social Services and that involves really many vulnerable communities. It was in fact vulnerable communities, particularly when I think about the NSW lockdowns, that were disproportionately affected. Was that wrong with the benefit of hindsight?

    AMANDA RISHWORTH: Well, look, I don’t want to second guess, but the report did highlight the disproportionate impact [the lockdowns] had on some vulnerable communities. So, I think that is really important. And what the report said is we, obviously, had to have a strong response to understand what we were dealing with, but how do we transition really quickly and weigh up the health benefits and the non-health risks, which were things at both economic but also wellbeing risks. So, this report does talk about how we better transition in different phases, but it did highlight that as a result of perhaps not transitioning from the initial response to the suppression response, that some vulnerable communities were particularly targeted or not targeted – that’s probably not the right word – were particularly impacted as a result. And I think we have to be very much aware of that. The other element that really came out in the report is the impact on mental health and wellbeing. And I think that’s something we need to be very conscious of and work into the future on repairing.

    PATRICIA KARVELAS: I want to move to what you’re launching today. You’re launching a new policy that brings philanthropic donors and the Government together to take on entrenched social issues. How will it work?

    AMANDA RISHWORTH: Today is a really exciting day because we’re announcing a new organisation called PLACE, which will be a not-for-profit, independent national organisation that will work with communities about responding to the issues that they know are in their communities, but in a way that they would like to see responded. Now, this is different, because this isn’t the Government just giving a grant to an organisation to do this work. This is a true partnership where five philanthropic organisations are putting money on the table, with government, to create this organisation in true partnership, and it will work with local communities to get better outcomes and shift in some areas – which have been seeing entrenched disadvantage – to see things move. So, this is really exciting. There is really amazing work being done in communities when it comes to what we call place-based solutions. That’s where communities have a say and help design the solutions. And money isn’t top down, but it really is directed to where communities want. But it’s pretty sporadic, and a lot of communities don’t have the data they need, for example, this organisation will work with communities, so if they want to implement this type of response, they can.

    PATRICIA KARVELAS: It’s not a lot of money. So, how would it work? How do you get the money to actually be meaningful in a community that’s identified as being high needs?

    AMANDA RISHWORTH: Well, this money is not about funding the services and support. That money is often there being provided by philanthropy and being provided by Government, but it’s not being directed into the initiatives or into the areas that community want. So, what this organisation will do will work with communities and government and philanthropic organisations to get the money that’s often already in their community, working better in programs that align to what the community wants. So, this isn’t about funding programs, this is about doing the work, working on how to get the data, for example. A lot of communities have a gut feeling something’s working, but they can’t see the data. And where we’ve implemented this place-based response, we can see it really working. One example is the community in Burnie decided they wanted to focus on completion rates, year 12 completion rates and it has gone up since 2011 to 2020 by 86%. And so this organisation is about working with communities to help them build these responses and attract the investment and get the money working for their community.

    PATRICIA KARVELAS: Before I let you go, there’s been a lot of talk about the Prime Minister in the wake of this book on Qantas and upgrades. There is a proposal from Peter Dutton that the Prime Minister should refer himself to the National Anti-Corruption Commission. Will he?

    AMANDA RISHWORTH: Well, look, I think that instead of focusing on the Prime Minister and his family, the Opposition Leader needs to start explaining about his upgrades, about his use of Gina Reinhart’s private jet. I mean, the Prime Minister has been incredibly transparent about this. He has declared on the public record over and over again. But Peter Dutton seems to be absolutely focused on the politics of this and not on the substance.

    PATRICIA KARVELAS: But you didn’t kind of go to my fundamental question, which is, do you think this should be looked at by the National Anti Corruption Commission? If there’s nothing to see, where’s the harm in him referring himself?

    AMANDA RISHWORTH: Well, I think the Prime Minister, as with other members of Parliament, are required to be transparent through their declarations on their register of interest. And, you know, we’ve seen over the last couple of days many, many politicians from all sides having flight upgrades.

    PATRICIA KARVELAS: Have you ever asked for one?

    AMANDA RISHWORTH: To be honest, I’ve got a young family and I don’t travel into very many places, but I haven’t asked for one. But I think that there are many politicians that have had upgrades. And so there’s a register of public interest, so that it’s all transparent. And, you know, if Peter Dutton is saying there’s questions to be answered, he needs to answer the question, explain his use of Gina Rinehart’s private jet.

    PATRICIA KARVELAS: It doesn’t have to be a competition between will you answer questions? Will you answer questions? Shouldn’t, you know, both sides just answer the questions? And there are some additional questions that the Prime Minister has not addressed about if he discussed upgraded flights directly with Alan Joyce when he was Transport Minister.

    AMANDA RISHWORTH: Well, I think that there needs to be a consistent approach. The opposition is making this completely political. It’s a complete pile on the Prime Minister. Peter Dutton can’t explain his use of Gina Rinehart’s private jet. So, quite frankly, I think there’s a lot of politics here and a lot of hypocrisy from the opposition. I mean, we have Paul Fletcher, who’s declared sixty-nine upgrades. So, I think what I’m pointing out here is the hypocrisy of the opposition playing politics with this.

    PATRICIA KARVELAS: Thank you so much for joining us, Minister.

    AMANDA RISHWORTH: Thank you.

    MIL OSI News –

  • MIL-OSI Australia: Minister Shorten doorstop interview at Salvation Army Project 614, Melbourne

    Source: Ministers for Social Services

    E&OE transcript 

    JOURNALIST: Mr. Shorten, how important is this initiative between the Salvos and Diabetes Australia, and what impact do you think it will have?

    BILL SHORTEN, MINISTER FOR THE NDIS AND GOVERNMENT SERVICESHORTEN: Diabetes is a giant problem for Aussies. 1.9 million of our fellow Australians have been diagnosed with diabetes. Someone’s going to get a diagnosis every five minutes in Australia. For diabetes, the burden of it falls particularly on First Nations people, and also people who live in insecure housing or are in fact homeless. So today, for the first time, we’ve partnered up Diabetes Australia with the Salvation Army, Project 614 in Bourke Street in Melbourne. And what we’re going to see is that at long last, people living at the margins of Australian society won’t be forgotten citizens when it comes to getting a diagnosis of diabetes and the treatment that’s required, because this is a preventable illness.

    JOURNALIST: Were you quite shocked with some of the statistics you heard today about just how prevalent, even over the past ten weeks, how much they’ve found of it on the streets of Melbourne?

    SHORTEN: Diabetes is one of the invisible killers of Australians but is preventable. Sometimes in life stuff happens you can’t stop. Diabetes can be treated. Now, at long last, courtesy of the Salvos, Diabetes Australia and a bit of help from a friendly federal government, we are going to see homeless people are get this sort of assistance which some Australians take for granted.

    JOURNALIST: And would you like to see this expanded? Obviously, it’s for the Salvos at the moment, but would you like to see it expanded into other areas as well?

    SHORTEN: There’s a big challenge in Australia and the way we deliver government and health services. Not everyone is a digital warrior who can go online. Not everyone is able to just pop down to the local health office or Services Australia office. Governments and health systems have got to go to where the people are. A lot of our people in Australia are not doing so well and so we have to go to the people. And today, I hope this is an example all over Australia, that where the government and health system goes to the people, we don’t wait for the people to come to us.

    JOURNALIST: Okay. On the Anti-Corruption Commission now looking, reviewing its decision about not investigating Robodebt. Do you welcome that?

    SHORTEN: Labor set up the National Anti-Corruption Commission. It was long overdue to be set up. The organisation is completely independent of government. The Inspector General has made a recommendation that the decision by the National Anti-Corruption Commission not to take proceedings further, be reviewed. So now the decision will be reconsidered, whether or not people referred to the National Anti-Corruption Commission should in fact be investigated again.

    JOURNALIST: Do you welcome that decision? I mean, you campaigned long and hard, didn’t you?

    SHORTEN: The decision of the Anti-Corruption Commission today by the Inspector General to review an earlier decision not to proceed with matters against people involved in the Robodebt scandal that is up to the independent body. For me, it’s all about justice for the victims of Robodebt. We can’t invent a time – we haven’t invented a time machine to take us back before Robodebt happened. That would be the best outcome. The class action, the Royal Commission, internal public sector, that’s all been putting pressure on the authors of Robodebt. I still am very keen to see the sealed section, listing some of the people that the Royal Commission identify released that’s still under consideration.

    JOURNALIST: Okay. Now on the Prime Minister, do you concede, given its cost of living, do you concede it is a bad look what he did?

    SHORTEN: Prime Minister has done everything within the rules that exist. He has diligently for two decades declared any particular benefits which he’s received. He’s adhered to the rules. That’s where I think the matter is at.

    JOURNALIST: But do you concede, though, it’s a bad look given there is a cost-of-living crisis. So many Australians, so many Australians are struggling, and yet you have a transport minister ringing up the CEO of Qantas saying give me the upgrades?

    SHORTEN: Well, first of all, the Prime Minister has explained exactly what’s happened, and these matters go back in some cases up to 20 years ago. Labor is focused on cost of living. If we want to fix cost of living, it’s not whether or not a politician catches a plane. It’s how do we help them with tax cuts? Tick, we’ve done that. How do we help them with their energy bills? Tick, we’re doing that. Cost of living is a major pressure on Australians. We’ve got more to do, and this government and the Prime Minister and everyone else has been focused on tax cuts, energy relief, more Medicare support, more bulk billing. I mean, times are really tough. And that’s where our focus is not on a particular news story.

    JOURNALIST: So, this is a, this is a big distraction though isn’t it, when this is happening?

    SHORTEN: Oh, I’m not distracted. I’m focused on making sure the crooks in the NDIS are caught, making sure that people are getting value for money who are disabled. I certainly am focused on making sure that people at the margins of our society are accessing healthcare. No, I think we’re focused.

    JOURNALIST: Claire O’Neill says it’s all a beat up. Do you agree with her?

    SHORTEN: Well, I’m just focused on my day job and that’s what I know the Government is. Our day job is to make sure, in the example of health services, that people, regardless of how much money they’ve got in the bank, can get to see their doctor or get the medical support they require. I’m focused on making sure that people have, the hard-working people who earn, you know, as cleaners or workers, aged care workers, disability, that they’re getting pay rises along with our nurses. So, my eye is on the ball, the government’s eye is on the ball. It’s about helping people get through this very difficult time of cost, living pressure and high interest rates.

    JOURNALIST: Mr. Dutton says he wants to refer this matter to the Anti-Corruption Commission. What’s your reaction?

    SHORTEN: I wish Mr. Dutton was focused on the cost-of-living issues of everyday Australians. I mean, he’s not shy about catching a plane with billionaire mining magnate Gina Rinehart. I don’t think he’s proposing to refer himself. So, I think that what Australians want is for the politicians to stop bickering amongst themselves and get on with looking after the everyday people. That’s what we’re doing today.

    JOURNALIST: We’ve just got a couple of questions from SBS just back on the NACC. Has the NACC failed at the very first hurdle?

    SHORTEN: Oh, the NACC is independent of Government. The National Anti-Corruption Commission is independent of Government. I think the smartest thing that a parliamentarian can do is not comment adversely about the operations of the National Anti-Corruption Commission. They’ve got to do their job. The very fact that we’ve established one is something which was long overdue. The Liberals never did that. The very fact that in the system that we set up, that there’s an inspector general who can review decisions and then send them back if he didn’t agree, shows the system is actually working.

    JOURNALIST: Should Commissioner Brereton keep his job?

    SHORTEN: Oh, absolutely not the province of a politician to start picking and choosing, you know, saying he should go, he should stay. The NACC is doing its job. The system is actually worked in that the Inspector General has said, hey, you need to go back and redo this decision for various reasons. Have relook at it. That’s actually the system working. For Robodebt victims, it should never have happened. I mean, illegal and immoral scheme. I’ve helped run the class action we helped do the parliamentary or the Royal Commission. We’re making sure that never again can our poor people be welfare shamed and treated as second class citizens by a government. That’s where my focus is. I wish it had never happened. I’m sorry that they were let down by the government, and we’re making sure that just because you’re disadvantaged or down on your luck doesn’t mean you get treated like a second class Australian.

    JOURNALIST: Should the independent statutory review of the NACC be brought forward?

    SHORTEN: That’s a matter for other Ministers. I’m interested in how someone can get an analysis for diabetes and get treated. The review of whatever to do with the NACC. I’ll leave to other people. My eye is on the ball. Thank you.

    MIL OSI News –

  • MIL-OSI: Capgemini Q3 2024 revenues

    Source: GlobeNewswire (MIL-OSI)

    Media relations:
    Victoire Grux
    Tel.: +33 6 04 52 16 55
    victoire.grux@capgemini.com

    Investor relations:
    Vincent Biraud
    Tel.: +33 1 47 54 50 87
    vincent.biraud@capgemini.com

    Capgemini Q3 2024 revenues

    • Q3 2024 revenues of €5,377 million, down -1.6% at constant exchange rates*
    • 9M 2024 revenues of €16,515 million, down -2.3% at constant exchange rates
    • FY 2024 constant currency revenue growth target revised to -2.0% to -2.4% and operating margin target narrowed to 13.3% to 13.4%
    • FY 2024 organic free cash-flow target confirmed at around €1.9 billion

    Paris, October 30, 2024 – The Capgemini Group reported consolidated revenues of €5,377 million in Q3 2024, down -1.9% year-on-year on a reported basis, and down -1.6% at constant exchange rates*.

    Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “Our growth improved marginally in Q3 compared to Q2, despite stronger headwinds than anticipated in some sectors, primarily in Manufacturing. However, we continue to see recovery in Financial Services and gradually lesser headwinds from Telco and Tech.

    In a market that remains soft overall, we expect to deliver a similar growth in Q4 while demonstrating the resilience of our operating margin and organic free cash-flow. Client demand continues to be driven by operational efficiencies and cost reduction and we seize their growing appetite for AI and Gen AI services.

    Our positioning as a business and technology transformation partner, the relevance of our offerings and the quality of our talent are driving our solid book-to-bill ratio and growing pipeline of strategic deals. We are also launching a set of targeted actions to simplify our operations to make the Group more agile with a stronger emphasis on growth.

    Based on Q4 perspectives, we now expect a full-year constant currency growth rate of -2.0% to -2.4% and narrow the operating margin target to 13.3% to 13.4%, while the organic free cash-flow target of around €1.9 billion is confirmed.”

      (in millions of euros)   Change
    Revenues 2023 2024   At current
    exchange rates    		 At constant
    exchange rates*
    Q3 5,480 5,377   -1.9% -1.6%
    9 months 16,906 16,515   -2.3% -2.3%

    After bottoming out in Q1 2024, Capgemini activity trends improved again in Q3, but only marginally. The Group generated revenues of €5,377 million in Q3 2024, down -1.9% year-on-year on a reported basis and -1.6% at constant exchange rates*. On an organic basis (i.e., restated for changes in Group scope and exchange rates), revenues contracted by -2.1%. For the first nine months of the year, growth stands at -2.3%, both on a reported basis and at constant exchange rates.

    Clients remained focused on driving efficiencies through large digital transformation programs, at the expense of discretionary deals. This is fueling strong demand for Capgemini’s Cloud and Data & AI/Gen AI services, as well as for digital core modernization and intelligent supply chain services that are key focus themes in the current environment.

    Bookings totaled €5,222 million in Q3 2024, down -0.8% at constant exchange rates, leading to a book-to-bill ratio of 0.97 for the period. Generative AI bookings amounted to around €600 million over the last 9 months which represent around 3.5% of Group bookings.

    OPERATIONS BY REGION

    In the Group’s largest regions, Q3 growth rates remained similar to Q2. Overall, this reflects the continued recovery in Financial Services across all regions combined with, as anticipated, a slowdown in the Manufacturing sector.

    At constant exchange rates, revenues in the North America region (28% of Group revenues in Q3 2024) decreased by -3.9% year-on-year. Financial Services further improved, yet still posting a year-on-year decline in Q3. Overall, the revenue contraction was driven by the Consumer Goods & Retail, Energy & Utilities, and Public sectors.

    Revenues in the United Kingdom and Ireland region (13% of Group revenues) returned to positive growth at +0.4%. The continued dynamism of the Energy & Utilities sector and a resilient Manufacturing sector outweighed the contraction in the Consumer Goods & Retail sector.

    Revenues in France (19% of Group revenues) decreased by -2.5%. Growth in the Public sector, along with positive momentum in TMT (Telecoms, Media & Technology), were more than offset by the slowdown of the Manufacturing sector.

    Revenues in the Rest of Europe region (31% of Group revenues) increased by +0.6%. Solid growth in Financial Services, as well as continued dynamism in Energy & Utilities and Public sector, made up for the contraction in the Manufacturing and TMT sectors.

    Lastly, revenues in the Asia-Pacific and Latin America region (9% of Group revenues) were down -2.2%. In the Asia-Pacific region, strong momentum in the Public sector and improving Financial Services were more than offset by visible weakness in the Consumer Goods & Retail and Manufacturing sectors. Growth acceleration in Latin America was mostly driven by the Consumer Goods & Retail sector.

    OPERATIONS BY BUSINESS        

    In Q3 2024, at constant exchange rates, the growth in Strategy & Transformation services (9% of the Group’s total revenues* in Q3 2024) further strengthened to +6.5% year-on-year. This reflects continued client demand for strategic consulting on their transition towards a more digital and sustainable model as well as their unwavering interest in the broad AI and Gen AI opportunities.

    In Applications & Technology services (63% of the Group’s total revenues and Capgemini’s core business), growth rates improved by 170 basis points compared to Q2, to -1.2% year-on-year in Q3.

    Lastly, Operations & Engineering total revenues (28% of the Group’s total revenues) decreased by -3.4% primarily driven by the contraction in Infrastructure Services and, to a lesser extent, Engineering services.

    HEADCOUNT

    The Group’s total headcount stands at 338,900 as at September 30, 2024, down -1.1% year-on-year and up +0.6% since the end of June. The offshore workforce stands at 194,400 employees or 57% of the total headcount.

    OUTLOOK

    The Group’s financial targets for 2024 are updated as follows:

    • Revenue growth of -2.0% to -2.4% at constant currency (was -0.5% to -1.5%);
    • Operating margin of 13.3% to 13.4% (was 13.3% to 13.6%);
    • Organic free cash-flow of around €1.9 billion (unchanged).

    The inorganic contribution to growth should be 40 basis points.

    CONFERENCE CALL

    Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, and Olivier Sevillia, Chief Operating Officer, will present this press release during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.

    All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

    PROVISIONAL CALENDAR

    February 18, 2025        FY 2024 results
    April 29, 2025        Q1 2025 revenues
    May 7, 2025        Shareholders’ Meeting
    July 30, 2025        H1 2025 results

    DISCLAIMER

    This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would”, “should” or the negatives of these terms and similar expressions. Although Capgemini’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Capgemini’s Universal Registration Document available on Capgemini’s website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement.

    This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.

    ABOUT CAPGEMINI

    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.

    Get the Future You Want | www.capgemini.com

    * *

    *

    APPENDIX3F1

    BUSINESS CLASSIFICATION

    • Strategy & Transformation includes all strategy, innovation and transformation consulting services.
    • Applications & Technology brings together “Application Services” and related activities and notably local technology services.
    • Operations & Engineering encompasses all other Group businesses. These comprise Business Services (including Business Process Outsourcing and transaction services), all Infrastructure and Cloud services, and R&D and Engineering services.

    DEFINITIONS

    Organic growth or like-for-like growth in revenues is the growth rate calculated at constant Group scope and exchange rates. The Group scope and exchange rates used are those for the reported period. Exchange rates for the reported period are also used to calculate growth at constant exchange rates.

    Reconciliation of growth rates Q1 2024 Q2 2024 Q3 2024 9M 2024
    Organic growth -3.6% -2.3% -2.1% -2.7%
    Changes in Group scope +0.3 pts +0.4 pts +0.5 pts +0.4 pts
    Growth at constant exchange rates -3.3% -1.9% -1.6% -2.3%
    Exchange rate fluctuations -0.2 pts +0.4 pts -0.3 pts -0.0 pts
    Reported growth -3.5% -1.5% -1.9% -2.3%

    When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows.

    Operating margin is one of the Group’s key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before “Other operating income and expense” which include amortization of intangible assets recognized in business combinations, expenses relative to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group’s management, the cost of acquiring and integrating companies acquired by the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans.

    Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in “Other operating income and expense”, net of tax calculated using the effective tax rate. Normalized earnings per share is computed like basic earnings per share, i.e., excluding dilution.

    Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to the net interest cost.

    Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares.

    REVENUES BY REGION

      Revenues
    (in millions of euros)    		   Year-on-year growth
      Q3 2023 Q3 2024   Reported At constant exchange rates
    North America 1,608 1,530   -4.9% -3.9%
    United Kingdom and Ireland 676 690   +2.1% +0.4%
    France 1,045 1,019   -2.5% -2.5%
    Rest of Europe 1,633 1,646   +0.8% +0.6%
    Asia-Pacific and Latin America 518 492   -5.0% -2.2%
    TOTAL 5,480 5,377   -1.9% -1.6%
      Revenues
    (in millions of euros)    		   Year-on-year growth
      9 months
    2023    		 9 months
    2024    		   Reported At constant exchange rates
    North America 4,896 4,638   -5.3% -4.9%
    United Kingdom and Ireland 2,062 2,070   +0.4% -1.8%
    France 3,353 3,264   -2.6% -2.6%
    Rest of Europe 5,105 5,116   +0.2% +0.1%
    Asia-Pacific and Latin America 1,490 1,427   -4.2% -1.9%
    TOTAL 16,906 16,515   -2.3% -2.3%

    REVENUES BY BUSINESS

      Total revenues*
    (% of Group revenues)    		 Year-on-year growth at constant exchange rates in total revenues of the business
      Q3 2024
    Strategy & Transformation 9% +6.5%
    Applications & Technology 63% -1.2%
    Operations & Engineering 28% -3.4%
      Total revenues*
    (% of Group revenues)    		 Year-on-year growth at constant exchange rates in total revenues of the business
      9 months
    2024
    Strategy & Transformation 9% +3.9%
    Applications & Technology 62% -2.7%
    Operations & Engineering 29% -2.3%

    1 Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.

    Attachments

    The MIL Network –

  • MIL-OSI: Amundi: Third quarter and nine-month 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Amundi: Third quarter and nine-month 2024 results

    Net income1,2up +16% Q3/Q3 and record assets under management at €2.2 trillion

    Strong growth in earnings and revenues   Q3 – adjusted net income1,2 at €337m, fast-growing: +16.1% Q3/Q3

    • Thanks to revenue growth (+10.5%) and positive jaws effect
    • Q3/Q3 cost/income ratio improvement at 52.9%3

    9 months – adjusted net income1,2 at €1,005m, up +10.4% 9M/9M

    Earnings per share2: €1.65 for Q3, €4.91 for 9M
         
    Record AuM
    & dynamic MLT inflows5    		   Record assets under management3: €2,192bn at 30 September 2024, up +11% year-on-year

    Q3 net inflows3 of +€2.9bn, or +€14.5bn excluding the exit from a large, low-income institutional mandate4

    • +€9.1bn in MLT assets4,5,6
    • Solid commercial momentum of Asian JVs: +€5.3bn
         
    Continued strategic progress   ETFs6: +€8bn in Q3 net inflows, now more than €250bn in assets under management
    Third-party distribution: +€7bn Q3 net inflows, with contribution from all regions and asset classes

    Asia: +€7bn in Q3 net inflows, from JVs and direct distribution in Japan, Singapore, Hong Kong, Taiwan and China

    Technology: revenues +42% Q3/Q3

    Victory Capital: approval7 of the partnership with Amundi secured at EGM, transaction expected to close in Q1 2025

    Paris, 30 October 2024

    Amundi’s Board of Directors met on 29 October 2024 under the chairmanship of Philippe Brassac, and reviewed the financial statements for the third quarter and the first 9 months of 2024.

    Valérie Baudson, Chief Executive Officer, said:
    « Amundi’s results in the third quarter of 2024 demonstrate our ongoing strategic progress and continued growth potential. Our Q3 net profit1,2of €337m, increased by +16% compared to the same period in 2023 and exceeded one billion euros over 9 months. Assets under management reached a record level of €2.2 trillion.

    We have been able to support our clients whatever their profile and needs, which has resulted in a high level of net inflows in our strategic development areas, namely Asia, Third-Party Distributors, and ETFs.

    By putting clients at the heart of our strategy and by continuing to develop the areas of expertise that primarily seek to meet their needs, we are ideally positioned to seize growth opportunities in the savings industry. »

    * * * * *

    Further progress in achieving our 2025 Ambitions plan

    Q3 2024 saw key areas of focus under the “2025 Strategic Ambitions” plan contribute to activity and earnings growth.

    • ETFs exceeded €250bn in assets under management at the end of September, up +31% year-on-year, thanks in particular to very dynamic net inflows reaching +€17bn over 9 months, including +€8bn in Q3. This places Amundi in second place in the European market in terms of net inflows this quarter8. these inflows are well diversified across equity and fixed income products, with a high share of products classified as responsible investment9 in net inflows (+€3bn, or 34% market share in flows in this market segment). Amundi has had many commercial successes this quarter: for example, the Amundi ETF Stoxx Europe 600 is the best-selling (+€0.85bn) European equity ETFs in Q3, the Amundi ETF Euro Government Tilted Green Bond, launched last year, saw its assets under management exceed €3bn after gathering +€1.1bn since the beginning of the year, and the Amundi ETF Prime ACWI exceeded €1bn in assets under management 8 months after its launch.
    • Third-Party Distribution reached €377bn in assets under management at the end of September, up +24% year-on-year, with net inflows +€19bn for 9 months 2024, and +€7bn in Q3, thanks to contributions from all regions and asset classes, from ETFs, treasury products and active management;
    • Asia assets under management increased by +17% year-on-year to €458bn; net inflows for 9 months 2024 stood at +€30bn with a significant contribution from Amundi’s Indian JV SBI MF, which now has €278bn in assets, up +19% year-on-year (+€18bn in net inflows); €103bn of total Asian assets under management come from direct distribution excluding JVs (+20% year-on-year), with net inflows for 9 months 2024 standing at +€3bn in Japan, +€2.4bn Singapore, +€1.4bn Hong Kong and also +€1.7bn in China outside the two JVs, mainly with institutional clients;
    • The Technology & Services offering is also experiencing strong growth, with technology revenues of €54m over 9 months, up +28% compared to the same period in 2023, and even +42% Q3/Q3; the Fund Channel fund distribution platform exceeded €490bn in assets at the end of September 2024; during the quarter it signed a distribution agreement with ING Germany and integrated the fintech AirFund into its ecosystem to digitise access to private markets; Fund Channel was also ranked “Best Distribution Platform” for the third consecutive year by the consulting and research firm Platforum;
    • In fixed income expertise, Amundi now manages €1,160bn in assets10 across a wide range of solutions, from treasury products to target maturity funds, offering attractive returns and capital protection; fixed income net inflows stood at +€46bn10 over 9 months and +€14bn10 in Q3 thanks to sustained activity in active bond strategies (+€11bn excluding JV) and ETFs (+€2.5bn);
    • The partnership project with Victory Capital reached an important milestone with shareholder approval of resolutions7 necessary to finalise the transactions, expected in Q1 2025. As a reminder, this partnership aims at creating a larger US investment platform, via the contribution of Amundi US to Victory Capital in return for Amundi taking a 26%-stake of the combined entity as well as 15-year distribution agreements, to serve the clients of both companies; Amundi would thus have a greater number of US and global management expertise to offer its clients. The transaction, which involves no disbursement of cash, is expected to bring a low single-digit accretion for Amundi shareholders, with an increase in the contribution of our US operations to the adjusted net income and EPS.

    Activity

    Market environment

    In the third quarter of 2024, equity markets11 increased by +1.1% in average compared to the previous quarter and by +15.6% compared to Q3 2023. The European bond markets12 also rose, reflecting the shift in monetary policy and the ECB’s decision to cut rates. Year-on-year, our benchmark index12 increased by +6.3% in Q3 2024 compared to Q3 2023 and by +2.1% compared to Q2 2024. The market effect is therefore positive on the evolution of Amundi’s revenues and net income.

    When compared to the 2021 averages used as a reference for the 2025 Ambitions plan, the market effect is only slightly positive.

    The European asset management market continues its gradual recovery. Open-ended fund volumes13, at +€213bn in the third quarter, continued to be driven by treasury products (+€93bn) and passive management (+€75bn). Nevertheless, the third quarter recorded positive flows in medium- to long-term active management for the second quarter in a row (+€45bn), driven by fixed income strategies (+€69bn).

    High level of activity over the quarter in MLT assets5, assets under management at a record level of €2.2tn

    Activity this quarter continues to be marked, like the rest of the European market, by risk aversion among retail clients. However, Amundi performed well, driven in particular by ETFs, bond solutions, third-party distributors and Asia. Excluding the exceptional exit from a low-income insurance mandate4, net inflows were positive in all major medium- to long-term areas of expertise (passive, active, structured products and real assets), in all client segments (Retail, Institutional and JV), and in all major markets (France, Italy, Germany, Asia and the United States).

    Amundi’s assets under management at 30 September 2024 increased by +11.1% year-on-year (compared to the end of September 2023) and by +1.6% quarter-on-quarter (compared to the end of June 2024), to €2,192bn, an all-time high.

    In the third quarter of 2024, the market and currency effect amounted to +€32.5bn (+€175.9bn over a year) and Amundi generated positive net inflows of +€2.9bn. As announced at the time of the second quarter results publication, this amount includes the exit of a low-income multi-asset mandate4 with a European insurer, of €11.6bn.

    Adjusted for this exit4, net inflows for the quarter were +€14.4bn of which +€9.1bn in MLT Assets5. It was positive in active management (+€4.3bn) and ETFs (+€7.8bn), partially offset by outflows from index strategies. Structured products and real and alternative assets also recorded positive net inflows (+€0.8bn), while treasury products were flat (+€0.1bn).

    Finally, the JVs14continued their solid commercial momentum, with net inflows of +€5.3bn, reflecting a positive contribution from India (SBI MF, +€6.0bn) and South Korea (NH-Amundi, +€0.4bn), partially offset this quarter by slight net outflows in China (ABC-CA) despite continued open-ended net inflows.

    By Client Segment, Retail recorded net inflows of +€6.3bn, of which +€1.3bn in MLT assets5, with contrasting developments according to the sub-segments:

    • Third-Party Distributors had another very good quarter in terms of total net inflows (+€6.8bn); all regions contributed to these inflows, which were highly diversified across asset classes, with positive contributions from ETFs, treasury products but also active management (+€1.5bn);
    • Risk aversion has a larger impact on the activity of partner network clients in France (+€1.1bn) and outside France excluding Amundi BOC WM (-€0.9bn), despite the good performance of structured and treasury products as well as bond strategies; Sabadell’s network in Spain continues its sales momentum (+€0.4bn);
    • In China, Amundi BOC WM posted net outflows this quarter (-€0.7bn), as the maturities of fixed-term funds were not offset by open-ended fund subscriptions.

    Excluding the loss of the low-income insurance mandate already mentioned4, the Institutional segment recorded very positive inflows in MLT Assets5(+€7.8bn), in all sub-segments: Institutional & Sovereigns with +€4.4bn, CA & SG insurance mandates with +€2.4bn thanks to the continued recovery of the traditional life insurance Euro contracts this quarter, Corporates and Employee Savings (+€1.0bn) thanks to net inflows in short-term bond products from corporates. Net outflows in Treasury Products (-€4.9bn) are to a large extent seasonal.

    Results

    Sustained growth in net income, +16% Q3/Q3 to €337m, and more than €1bn in the 9 months of 2024

    Adjusted data2

    In the third quarter of 2024, adjusted net income2reached €337m, up +16.1% compared to the third quarter of 2023. Since the second quarter, it includes Alpha Associates, whose acquisition was finalised in early April.

    The growth in net income was mainly due to organic revenue growth, amplified by operating efficiency, which led to a positive jaws effect, and by the very strong momentum of Asian JVs. These results were achieved against the backdrop of continued client risk aversion, and inflation.

    Adjusted net revenues2 reached €862m, up +10.5% compared to the third quarter of 2023.

    • The sustained growth in net management fees, up +9.2% compared to the third quarter of 2023, to €805m, reflects the good level of activity and the increase in average assets under management excluding JVs (+8.6% over the same period);
    • Performance fees (€20m) doubled compared to the third quarter of 2023 (€10m), a low basis of comparison; however, they were down compared to the second quarter of 2024 (€50m) due to the lower level of crystallisation15 in the third quarter than in the second and fourth quarters, as it does every year; however, the performance of Amundi’s management is at a good level, with more than 71% of assets under management ranked in the first or second quartiles according to Morningstar16 over 1, 3 or 5 years and 257 Amundi funds rated 4 or 5 stars by Morningstar as of 30 September;
    • Amundi Technology’s revenues, at €20m, continued to grow steadily (+41.8% compared to the third quarter of 2023; +13.0% compared to the second quarter of 2024), confirming the development of this business;
    • Finally, the Financial and other income2 amounted to €17m, down slightly compared to the third quarter of 2023 and previous quarters.

    The increase in operating expenses2, by +7.4% compared to the third quarter of 2023, to €456m, remains lower than the increase in revenues (+10.5%) over the same period, thus generating a positive jaws effect which reflects the Group’s operational efficiency.

    The increase is mainly due to:

    • the first consolidation of Alpha Associates;
    • the provision for individual variable remuneration in line with the increase in results;
    • and finally the acceleration of investments in development initiatives according to the axes of the 2025 Ambitions Plan, particularly in technology.

    The Cost income ratio improved to 52.9% in adjusted data2 compared to the same quarter last year, and remains in line with the 2025 target and at the best level in the industry.

    The Adjusted gross operating income2(EBIT) amounted to €406m, up +14.2% compared to the third quarter of 2023, reflecting double-digit revenue growth amplified by operational efficiency.

    Income from equity-accounted companies, which reflects Amundi’s share of the net income of minority JVs in India (SBI MF), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), was up +36.5% compared to the third quarter of 2023, to €33m, representing 10% of adjusted net income, reflecting the good level of activity in India and Korea.

    Adjusted earnings per share2in the third quarter of 2024 reached €1.65, up +16.0%.

    Accounting data in the third quarter of 2024

    Accounting Net income Group share amounted to €320m and includes non-cash charges related to acquisitions, in particular the amortisation of intangible assets related to distribution and client contracts (-€24m before tax in the quarter including the corresponding new charges related to Alpha Associates, see details in p. 11), representing a total of -€17m after tax.

    Accounting earnings per share in the third quarter of 2024 reached €1.56.

    In the first 9 months of 2024, adjusted net income2amounted to €1,005m, up +10.4%, reflecting the same trends as in the third quarter:

    • Adjusted net revenues2 grew by +7.3% compared to the first 9 months of 2023, to €2,573m, reflecting as in the quarter the sustained growth in management fees (+6.6%) and the strong increase in Amundi Technology’s revenues (€54m, +28.2%) and financial and other income2 (€67m, +38.2%); performance fees, on the other hand, were down by -2.0% to €88m;
    • Adjusted operating expenses2 are well controlled with an increase of +5.9% compared to the first 9 months of 2023, at €1,356m, resulting in a positive jaws effect;
    • Adjusted cost income ratio2 stands at 52.7%.

    Adjusted gross operating income2 was €1,217m, up +8,9% compared to the first 9 months of 2023, showing a higher growth rate than revenue growth thanks to operating efficiency.

    Income from equity-accounted companies increased by +28.6% compared to the first 9 months of 2023, to €94m.

    Adjusted earnings per share2for the first 9 months of 2024 reached €4.91, up +10.1% compared to the first 9 months of 2023.

    Accounting data for the first 9 months of 2024

    Accounting Net income Group share amounted to €956m and includes non-cash charges related to acquisitions, in particular the amortisation of intangible assets related to distribution and client contracts (-€68m before tax in the 9 months including the corresponding new charges related to Alpha Associates, see details on p. 11), representing a total of -€49m after tax in the first 9 months of 2024.

    Accounting earnings per share for the first 9 months of 2024 reached €4.67.

    To be noted for the fourth quarter and full-year 2024

    Success of the capital increase reserved for employees – The capital increase reserved for employees “We Share Amundi”, announced on 23 September 2024, is expected to be completed tomorrow, 31 October 2024. This operation offered for the seventh consecutive year a subscription of shares at a discount.

    It was once again a great success this year: more than 2,000 employees in 15 countries subscribed to this capital increase, for a total amount of €36.3m. This represents nearly two out of three employees in France and more than two out of five worldwide.        
    This transaction, which is in line with the existing legal authorisations voted by the Shareholders’ Meeting on 12 May 2023, reflects Amundi’s desire to involve its employees not only in the development of the Company but also in the creation of economic value.

    The impact of this transaction on earnings per share will be very limited: the number of shares to be created will be 771,628 (i.e. ~0.4% of the share capital before the transaction).        
    This issue will bring the number of shares making up Amundi’s share capital to 205,419,262 as of 31 October 2024, i.e. a share capital increased to €513,548,155.        
    Employees will now hold around 1.7% of Amundi’s capital, compared to 1.3% before the transaction. In the fourth quarter of 2024, the Amundi Group will record in its consolidated financial statements a charge relating to the subscription discount of €12.3m before tax.

    On the basis of the Finance Bill presented by the French government, an exceptional tax contribution on the profits of large companies would apply to Amundi, whose turnover in France for tax purposes is more than €3bn.

    * * * * *

    APPENDICES

    Adjusted income statement2of the first 9 months of 2024 and 2023

    (€m)   9M 2024 9M 2023 % chg.
    9M/9M
             
    Net revenue – Adjusted   2,573 2,397 +7.3%
    Management fees   2,364 2,217 +6.6%
    Performance fees   88 89 -2.0%
    Technology   54 42 +28.2%
    Net financial & other net income   67 49 +38.2%
    Operating expenses – Adjusted   (1,356) (1,280) +5.9%
    Cost income ratio – Adjusted (%)   52.7% 53.4% -0.7pp
    Gross operating income – Adjusted   1,217, 1,117, +8.9%
    Cost of risk & other   (7) (5) +24.5%
    Equity-accounted companies   94 73 +28.6%
    Income before tax – Adjusted   1,305 1,185 +10.1%
    Corporate tax   (302) (277) +8.8%
    Non-controlling interests   2 3 -25.2%
    Net income, Group share – Adjusted   1,005 910 +10.4%
    Depreciation of intangible assets after tax   (49) (44) +11.6%
    Integration costs net of tax   0 0 NS
    Net income, Group share   956 866 +10.3%
    Earnings per share (€)   4.67 4.25 +10.0%
    Earnings per share – Adjusted (€)   4.91 4.46 +10.1%

    Adjusted income statement2of the third quarter of 2024

    (€m)   Q3 2024 Q3 2023 % chg.
    Q3/Q3    		   Q2 2024 % chg.
    Q3/Q2
                   
    Net revenue – Adjusted   862 780 +10.5%   887 -2.9%
    Management fees   805 737 +9.2%   794 +1.3%
    Performance fees   20 10 +97.3%   50 -58.9%
    Technology   20 14 +41.8%   17 +13.0%
    Net financial & other net income   17 19 -10.6%   26 -34.0%
    Operating expenses – Adjusted   (456) (424) +7.4%   (461) -1.1%
    Cost income ratio – Adjusted (%)   52.9% 54.4% -1.5pp   51.9% +1.0pp
    Gross operating income – Adjusted   406 356 +14.2%   426 -4.8%
    Cost of risk & other   (2) (3) -36.0%   (5) -63.4%
    Equity-accounted companies   33 24 +36.5%   33 -0.1%
    Income before tax – Adjusted   437 377 +15.9%   454 -3.9%
    Corporate tax   (101) (88) +14.9%   (105) -3.8%
    Non-controlling interests   1 1 -23.5%   0 NS
    Net income, Group share – Adjusted   337 290 +16.1%   350 -3.7%
    Depreciation of intangible assets after tax   (17) (15) +17.9%   (17) +1.2%
    Integration costs net of tax   0 0 NS   0 NS
    Net income, Group share   320 276 +16.0%   333 -4.0%
    Earnings per share (€)   1.56 1.35 +15.9%   1.63 -4.0%
    Earnings per share – Adjusted (€)   1.65 1.42 +16.0%   1.71 -3.7%

    Evolution of assets under management from the end of 2020 to the end of September 202417

    (€bn) Assets under management Net

    inflows

    		 Market &

    Forex Effect

    		 Scope effect   Change in AuM
    vs. previous quarter
    As of 31/12/2020 1,729       / +4.0%
    Q1 2021   -12.7 +39.3   /  
    As of 31/03/2021 1,755       / +1.5%
    Q2 2021   +7.2 +31.4   /  
    As of 30/06/2021 1,794       / +2.2%
    Q3 2021   +0.2 +17.0   /  
    As of 30/09/2021 1,811       / +1.0%
    Q4 2021   +65.6 +39.1   +14818  
    As of 31/12/2021 2,064       / +14%
    Q1 2022   +3.2 -46.4   /  
    As of 31/03/2022 2,021       / -2.1%
    Q2 2022   +1.8 -97.75   /  
    As of 30/06/2022 1,925       / -4.8%
    Q3 2022   -12.9 -16.3   /  
    As of 30/09/2022 1,895       / -1.6%
    Q4 2022   +15.0 -6.2   /  
    As of 31/12/2022 1,904       / +0.5%
    Q1 2023   -11.1 +40.9   /  
    As of 31/03/2023 1,934       / +1.6%
    Q2 2023   +3.7 +23.8   /  
    As of 31/06/2023 1,961       / +1.4%
    Q3 2023   +13.7 -1.7   /  
    As of 30/09/2023 1,973       / +0.6%
    Q4 2023   +19.5 +63.8   -20  
    As of 31/12/2023 2,037       / +3.2%
    Q1 2024   +16.6 +63.0   /  
    As of 31/03/2024 2,116       / +3.9%
    Q2 2024   +15.5 +16.6   +8  
    30/06/2024 2,156         +1.9%
    Q3 2024   +2.9 +32.5   /  
    30/09/2024 2,192         +1.6%

    Total over one year between September 30, 2023 and September 30, 2024: +11.1%

    • Net inflows          +€54.5bn
    • Market & exchange rate effects        +€175.9bn
    • Scope effects        -€12.2bn
      (disposal of Lyxor Inc. in Q4 2023, first consolidation of Alpha Associates in Q2 2024)

    Details of assets under management and net inflows by client segments19

    (€bn) AuM

    30.09.2024

    		 AuM

    30.09.2023

    		 % change /30.09.2023 Net flows

    Q3 2024

    		 Net flows

    Q3 2023

    		 Net flows

    9M 2024

    		 Net flows

    9M 2023
    French networks 138 126 +9.1% +1.1 +0.9 +0.3 +4.6
    International networks 167 156 +7.1% -1.6 -1.0 -4.4 -3.2
    o/w Amundi BOC WM 3 4 -26.9% -0.7 -0.5 -0.5 -3.3
    Third-party distributors 377 305 +23.5% +6.8 +2.1 +19.2 +4.1
    Retail 681 587 +16.1% +6.3 +2.0 +15.1 +5.6
    Institutional & Sovereigns (*) 518 489 +6.0% -9.3 +17.9 +1.4 +14.4
    Corporates 113 97 +16.0% +2.3 -3.8 -5.8 -7.4
    Employee savings plans 92 84 +9.8% -0.5 -0.9 +2.5 +2.6
    CA & SG insurers 428 406 +5.3% -1.2 -3.9 +0.5 -9.6
    Institutional 1,151 1,076 +6.9% -8.7 +9.3 -1.4 +0.0
    JVs 360 310 +16.0% +5.3 +2.4 +21.3 +0.7
    Total 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3

    Details of assets under management and net inflows by asset classes19

    (€bn) AuM

    30.09.2024

    		 AuM

    30.09.2023

    		 % change /30.09.2023 Net flows

    Q3 2024

    		 Net flows

    Q3 2023

    		 Net flows

    9M 2024

    		 Net flows

    9M 2023
    Equity 527 443 +18.9% -0.7 +7.0 +0.0 +2.0
    Multi-assets 274 274 -0.0% -15.4 -5.9 -22.3 -17.0
    Bonds 732 624 +17.3% +12.8 +7.7 +36.8 +10.1
    Real, alternative & structured assets 114 124 -8.3% +0.8 -1.1 +1.5 +2.4
    MLT ASSETS excl. JVs 1,647 1,465 +12.4% -2.5 +7.8 +16.1 -2.4
    Treasury products excl. JVs 185 198 -6.5% +0.1 +3.5 -2.4 +8.0
    Assets excl. JVs 1,832 1,663 +10.1% -2.4 +11.3 +13.6 +5.6
    JVs 360 310 +16.0% +5.3 +2.4 +21.3 +0.7
    TOTAL 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3
    o/w MLT assets 1,973 1,745 +13.1% +3.4 +11.3 +34.9 -0.7
    o/w Treasury products 219 229 -4.2% -0.5 +2.5 +0.1 +7.1

    Details of assets under management and net inflows by management type and asset classes19

    (€bn) AuM

    30.09.2024

    		 AuM

    30.09.2023

    		 % change /30.09.2023 Net flows

    Q3 2024

    		 Net flows

    Q3 2023

    		 Net flows

    9M 2024

    		 Net flows

    9M 2023
    Active management 1,136 1,022 +11.1% -7.1 -1.9 +2.2 -15.6
    Equity 208 187 +11.4% -2.3 -1.6 -5.4 -2.5
    Multi-assets 263 265 -0.9% -15.7 -6.3 -23.4 -18.2
    Bonds 665 570 +16.6% +10.8 +6.1 +31.0 +5.1
    Structured products 43 35 +22.3% +0.8 -0.2 +2.7 +2.9
    Passive management 397 319 +24.5% +3.8 +10.8 +12.4 +10.8
    ETFs & ETC 251 192 +31.1% +7.8 +3.6 +17.3 +8.0
    Index & Smart Beta 146 127 +14.5% -4.0 +7.2 -5.0 +2.8
    Real & alternative assets 71 89 -20.5% +0.0 -0.9 -1.2 -0.5
    Real assets 67 63 +4.8% +0.2 -0.3 -0.1 +0.2
    Alternative assets 4 25 -83.8% -0.2 -0.6 -1.1 -0.7
    MLT ASSETS excl. JVs 1,647 1,465 +12.4% -2.5 +7.8 +16.1 -2.4
    Treasury products excl. JVs 185 198 -6.5% +0.1 +3.5 -2.4 +8.0
    TOTAL ASSETS excl. JVs 1,832 1,663 +10.1% -2.4 +11.3 +13.6 +5.6
    JVs 360 310 +16.0% +5.3 +2.4 +21.3 +0.7
    TOTAL 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3

    Details of assets under management and net inflows by geographical areas19

    (€bn) AuM

    30.09.2024

    		 AuM

    30.09.2023

    		 % change /30.09.2023 Net flows

    Q3 2024

    		 Net flows

    Q3 2023

    		 Net flows

    9M 2024

    		 Net flows

    9M 2023
    France 987 903 +9.3% +2.8 +4.1 +12.8 -1.2
    Italy 202 197 +2.7% -10.8 -1.5 -13.8 -2.2
    Europe excl. France & Italy 421 353 +19.2% +1.9 -0.8 +6.0 +6.0
    Asia 458 392 +17.0% +7.4 +3.4 +29.6 -0.3
    Rest of the world 124 129 -4.3% +1.7 +8.4 +0.4 +4.0
    TOTAL 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3
    TOTAL outside France 1,204 1,070 +12.5% +0.1 +9.6 +22.2 +7.5

    Methodology Appendix

    Accounting & adjusted data

    Accounting data – These include the amortization of intangible assets, recorded as other income, and since Q2 2024, other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are recognized as deductions from net income, in finance costs.

    The aggregate amounts of these items are as follows for the different periods under review:

    • Q1 2023: -€20m before tax and -€15m after tax
    • Q2 2023: -€20m before tax and -€15m after tax
    • Q3 2023: -€20m before tax and -€15m after tax
    • 9M 2023: -€61m before tax and -€44m after tax
    • 2023: -€82m before tax and -€59m after tax
    • Q1 2024: -€20m before tax and -€15m after tax
    • Q2 2024: -€24m before tax and -€17m after tax
    • Q3 2024: -€24m pre-tax and -€17m after tax
    • 9M 2024: -€68m before tax and -€49m after tax

    There were no significant integration costs recorded in the third quarter as a result of the acquisition of Alpha Associates

    Adjusted data – in order to present an income statement closer to economic reality, the following adjustments are made: restatement of the amortization of distribution contracts with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; such depreciation and amortization and non-cash expenses are recorded as a deduction from net revenues.

    Acquisition of Alpha Associates

    In accordance with IFRS 3, recognition of Amundi’s balance sheet as at 01/04/2024:

    • goodwill of €290m;
    • an intangible asset of €50m representing client contracts, depreciable on a straight-line basis until the end of 2030;
    • a liability representing the conditional earn-out not yet paid, for €160m, including an actuarial discount of -€30m, which will be amortized over 6 years.

    In the Group’s income statement, the following is recorded:

    • amortization of intangible assets for a full-year expense of -€7.6m (-€6.1m after tax)
    • other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; These expenses are recorded as deductions from net income, as finance costs.

    In Q3 2024, the amortization of intangible assets was -€1.9m before tax (-€1.5m after tax) and non-cash expenses were -€1.4m before tax (i.e. -€1.1m after tax). Over the first 9 months of 2024, these expenses are respectively -€3.8m and -€2.9m (-€6.6m in total), since they only started in Q2.

    Alternative Performance Measures20

    In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that excludes the depreciation of intangible assets and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates.
    Adjusted, normalized data are reconciled with accounting data as follows:

    = accounting data
    = adjusted data
    (m€)   9M 2024 9M 2023   Q3 2024 Q3 2023   Q2 2024
                     
    Net operating income   2,452 2,307   825 747   844
    Technology   54 42   20 14   17
    Net financial income and other income   (1) (13)   (6) (1)   3
    Adjusted net financial income and other income   67 49   17 19   26
                     
    Net revenues (a)   2,505 2,336   838 760,   864,
    – Depreciation of intangible assets before tax   (65) (61)   (22) (20)   (22)
    – other non-cash charges relating to Alpha Associates   (3) 0   (1) 0   (1)
    Net revenues – Adjusted (b)   2,573 2,397   862, 780,   887
                     
    Operating expenses (c)   (1,356) (1,280)   (456) (424)   (461)
    – Integration costs before tax   0 0   0 0   0
    Operating expenses – Adjusted (d)   (1,356) (1,280)   (456) (424)   (461)
                     
    Gross operating income (e) = (a) + (c)   1,149 1,056   382 335   403
    Gross operating income – Adjusted (f) = (b) + (d)   1,217 1,117   406 356   426
    Cost-income ratio (%) -(c)/(a)   54.1% 54.8%   54.4% 55.9%   53.4%
    Cost-income ratio – Adjusted (%) -(d)/(b)   52.7% 53.4%   52.9% 54.4%   51.9%
    Cost of risk & other (g)   (7) (5)   (2) (3)   (5)
    Equity-accounted companies (h)   94 73   33 24   33
    Income before tax (i) = (e) + (g) + (h)   1,237 1,124   413 356   431
    Income before tax – Adjusted (j) = (f) + (g) + (h)   1,305 1,185   437 377   454
    Income tax (k)   (283) (260)   (94) (82)   (98)
    Income tax – Adjusted (l)   (302) (277)   (101) (88)   (105)
    Non-controlling interests (m)   2 3   1 1   0
    Net income, Group share (o) = (i)+(k)+(m)   956 866   320 276   333
    Net income, Group share – Adjusted (p) = (j)+(l)+(m)   1,005 910   337 290   350
                     
    Earnings per share (€)   4.67 4.25   1.56 1.35   1.63
    Adjusted earnings per share (€)   4.91 4.46   1.65 1.42   1.71

    Shareholding

        30 September 2023   31 December 2023   30 September 2024
    (units)   Number

    of shares

    		 % of share capital   Number

    of shares

    		 % of share capital   Number

    of shares

    		 % of share capital
    Crédit Agricole Group   141,057,399 68.93%   141,057,399 68.93%   141,057,399 68.93%
    Employees   3,042,292 1.49%   2,918,391 1.43%   2,751,891 1.34%
    Treasury shares   1,297,231 0.63%   1,247,998 0.61%   958,031 0.47%
    Free float   59,250,712 28.95%   59,423,846 29.04%   59,880,313 29.26%
                       
    Number of shares at end of period   204,647,634 100.0%   204,647,634 100.0%   204,647,634 100.0%
    Average number of shares year-to-date   204,050,516 –   204,201,023 –   204,647,634 –
    Average number of shares quarter-to-date   204,425,079 –   204,647,634 –   204,647,634 –

    Average number of shares on a pro rata basis.

    • The average number of shares is unchanged between Q2 and Q3 2024, it increased by +0.1% between Q3 2023 and Q3 2024 and by +0.3% between the first 9 months of 2023 and the same period of 2024;
    • A capital increase reserved for employees will be carried out on October 31, 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction), bringing the share of employees to about 1.7% of the capital, compared to 1.34% at September 30, 2024, before the transaction.                                        

    Financial communication calendar

    • Q4 and Full Year 2024 Results: February 4, 2025
    • Q1 2025 earnings release: April 29, 2025
    • Annual General Meeting: May 27, 2025
    • Q2 and H1 2025 earnings release: July 29, 2025
    • Q3 and 9-month 2025 results: October 28, 2025

    About Amundi

    Amundi, the leading European asset manager, ranking among the top 10 global players21, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.2 trillion of assets22.

    With its six international investment hubs23, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

    Amundi clients benefit from the expertise and advice of 5,500 employees in 35 countries.

    Amundi, a trusted partner, working every day in the interest of its clients and society.

    www.amundi.com  

    Press contacts:        
    Natacha Andermahr 
    Tel. +33 1 76 37 86 05
    natacha.andermahr@amundi.com 

    Corentin Henry
    Tel. +33 1 76 36 26 96
    corentin.henry@amundi.com

    Investor contacts:
    Cyril Meilland, CFA
    Tel. +33 1 76 32 62 67
    cyril.meilland@amundi.com 

    Thomas Lapeyre
    Tel. +33 1 76 33 70 54
    thomas.lapeyre@amundi.com 

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com

    WARNING

    This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

    This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

    These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements. [In particular, conditions to completion of the announced transaction between Amundi and Victory Capital, may not be satisfied and such transaction may not be completed on schedule, or at all; risks relating to the expected benefits or impact of the transaction on Victory Capital’s and Amundi’s respective businesses are contained in their respective public filings.]

    Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

    The figures presented were prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. The financial information set out herein do not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

    Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

    The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.

    1        Net income Group share
    2        Adjusted data: excluding amortisation of intangible assets relating to distribution and client contracts as well as other non-cash charges relating to the acquisition of Alpha Associates recorded in net financial income (see note p. 11)
    3        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    4        As announced at the time of the publication of the Q2 results, exit in Q3 from a large low-income mandate (€11.6 billion) with a European insurer, in multi-asset; including this exit, net inflows were positive by +€2.9bn in Q3 and +€35bn over 9 months
    5        Medium-Long Term Assets
    6        Excluding JVs
    7        Extraordinary General Meeting of Shareholders of Victory Capital, held on 11 October 2024
    8        Source: TrackInsight Q3 2024
    9        Classified as article 8 or 9 of the SFDR regulation of the European Union
    10        Including JV: €234bn in assets, +€12bn net inflows over 9 months and +€1bn in Q3
    11        50% MSCI World + 50% Eurostoxx 600 composite index for equity markets, average values over each period considered
    12        Bloomberg Euro Aggregate for bond markets, average values over each reporting period
    13        Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data as of the end of June 2024.
    14        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    15        Anniversary dates of the funds triggering the recognition of these fees
    16        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, September 2024; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1063 at the end of September 2024. © 2024 Morningstar, all rights reserved
    17        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    18        Lyxor, integrated as of 31/12/2021
    19        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV; as of 01/01/2024, reclassification of short-term bond strategies (€30 billion in outstandings) as Bonds previously classified as Treasury until that date; Outstanding amounts up to that date have not been reclassified in these tables
    20        See also the section 4.3 of the 2023 Universal Registration Document filed with the AMF on April 18, 2024
    21Source: IPE “Top 500 Asset Managers” published in June 2024, based on assets under management as at 31/12/2023
    22Amundi data at 30/09/2024
    23Boston, Dublin, London, Milan, Paris and Tokyo

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Result of the Overnight Variable Rate Reverse Repo (VRRR) auction held on October 30, 2024

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of offers received (in ₹ crore) 35,525
    Amount accepted (in ₹ crore) 35,525
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1399

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Auction of traditional vehicle registration marks to be held on November 16

    Source: Hong Kong Government special administrative region

    Auction of traditional vehicle registration marks to be held on November 16
    Auction of traditional vehicle registration marks to be held on November 16
    ***************************************************************************

         The Transport Department (TD) today (October 30) announced that the auction of traditional vehicle registration marks will be held on November 16 (Saturday) in Meeting Room S421, L4, Old Wing, Hong Kong Convention and Exhibition Centre, Wan Chai.     “A total of 350 vehicle registration marks will be put up for public auction. The list of marks has been uploaded to the department’s website, www.td.gov.hk/en/public_services/vehicle_registration_mark/index.html,” a department spokesman said.     Applicants who have paid a deposit of $1,000 to reserve a mark for auction should also participate in the bidding (including the first bid at the reserve price of $1,000). Otherwise, the mark concerned may be sold to another bidder at the reserve price.     People who wish to participate in the bidding at the auction should take note of the following important points:(1) Successful bidders are required to produce the following documents for completion of registration and payment procedures immediately after the successful bidding:(i) the identity document of the successful bidder;(ii) the identity document of the purchaser if it is different from the successful bidder;(iii) a copy of the Certificate of Incorporation if the purchaser is a body corporate; and(iv) a crossed cheque made payable to “The Government of the Hong Kong Special Administrative Region” or “The Government of the HKSAR”. (For an auctioned mark paid for by cheque, the first three working days after the date of auction will be required for cheque clearance confirmation before processing of the application for mark assignment can be completed.) Successful bidders can also pay through the Easy Pay System (EPS). Payment by post-dated cheques, cash or other methods will not be accepted.(2) Purchasers must make payment of the purchase price through EPS or by crossed cheque and complete the Memorandum of Sale of Registration Mark immediately after the bidding. Subsequent alteration of the particulars in the memorandum will not be permitted.(3) A vehicle registration mark can only be assigned to a motor vehicle which is registered in the name of the purchaser. The Certificate of Incorporation must be produced immediately by the purchaser if a vehicle registration mark purchased is to be registered under the name of a body corporate.(4) Special registration marks are non-transferable. Where the ownership of a motor vehicle with a special registration mark is transferred, the allocation of the special registration mark shall be cancelled.(5) The purchaser shall, within 12 months after the date of auction, apply to the Commissioner for Transport for the registration mark to be assigned to a motor vehicle registered in the name of the purchaser. If the purchaser fails to assign the registration mark within 12 months, allocation of the mark will be cancelled and arranged for re-allocation in accordance with the statutory provision without prior notice to the purchaser.     For other auction details, please refer to the Guidance Notes – Auction of Traditional Vehicle Registration Marks, which can be downloaded from the department’s website, www.td.gov.hk/en/public_services/vehicle_registration_mark/tvrm_auction/index.html.

     
    Ends/Wednesday, October 30, 2024Issued at HKT 14:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ15: Dental care professionals

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Lam Chun-sing and a written reply by the Secretary for Health, Professor Lo Chung-mau, in the Legislative Council today (October 30):Question:     Regarding dental care professionals (DenCPs), will the Government inform this Council:(1) of the following information on the Department of Health (DH)’s recruitment exercise for dental hygienists, dental therapists, dental technicians and dental surgery assistants in each of the past five years: the (i) target number of recruits, (ii) number of applicants, (iii) number of persons invited to attend interviews/trade tests, (iv) number of persons who passed the interviews/trade tests, (v) number of appointment letters issued and (vi) number of persons who reported for duty;(2) as the Working Group on Oral Health and Dental Care under the Health Bureau has pointed out in the Interim Report submitted to the Panel on Health Services of this Council in March this year that merely relying on the dentist workforce to meet the needs for enhancing dental care services is insufficient, and suggested that DenCPs play a more significant role in dental care services, whether the authorities have plans to expand the staff establishments of dental hygienists and dental therapists so as to enhance public services; if so, of the details and timetable; if not, the reasons for that;(3) as DH currently provides annual tuition fee sponsorship of $70,000 to students pursuing studies as dental hygienists and dental therapists on the condition that they work in dental clinics under DH or specified non-governmental organisations for one year after graduation, how the authorities plan to attract those graduates to stay and serve in the public healthcare system upon the expiry of the one-year period;(4) as there are views pointing out that the introduction of a statutory registration system for DenCPs (including dental hygienists and dental therapists) with their scope of practice defined under the Dentists Registration (Amendment) Bill 2024 (the Bill) has fundamentally altered the work nature, duties and work complexity of the dental hygienist and dental therapist grades in the Government, whether the authorities will commence a grade structure review for the aforesaid grades to comprehensively examine their entry requirements, qualification requirements for various ranks and remuneration packages; if so, of the timetable and roadmap; if not, the reasons for that;(5) as the authorities indicated during the Second Reading debate on the Bill that they expected the Dental Council of Hong Kong (DCHK) to set up a registration system for DenCPs within three years upon the passage of the Bill, of the timetable and roadmap for the relevant work (including compiling a DenCPs register and drawing up a code of practice); whether they have plans to include dental technicians and dental surgery assistants in the registration system in phases, so as to enhance the protection for users of dental services; if so, of the details; if not, the reasons for that;(6) whether the authorities will consider discussing with DCHK to further relax the scope of practice of dental hygienists to allow them to administer anaesthetic injections for periodontal disease and root canal treatments, as well as other non-invasive treatments, and to include relevant contents such as the procedure for administering anaesthetic injections in the training curriculum of dental hygienists; if so, of the details; if not, the reasons for that;(7) whether the authorities have plans to further expand the participation of DenCPs in the primary healthcare system, including allowing them in the provision of oral healthcare at District Health Centre Expresses and District Health Centres, as well as dental health education and disease prevention services; if so, of the details; if not, whether the authorities will formulate the relevant plans expeditiously; and(8) whether it has considered including DenCPs as healthcare service providers under the Elderly Healthcare Voucher Scheme to encourage the elderly to receive dental care services on a regular basis; if so, of the details; if not, the reasons for that?Reply:President,     The Hong Kong Special Administrative Region (HKSAR) Government established the Working Group on Oral Health and Dental Care (Working Group) in December 2022 to review the policy objectives, implementation strategies, service scopes and delivery models, etc, of oral health and dental care, with a view to safeguarding the oral health of members of the public. The Working Group mentioned in its interim report released in December 2023 that the Government should work in line with the strategies set out in the Primary Healthcare Blueprint and aim at preventing oral diseases and enhancing the oral health of the community on the premise of improving oral health of all citizens. The report also mentioned that it is insufficient to merely rely on the dentist workforce to meet the needs for enhancing dental care services, and that ancillary dental workers, including dental hygienists and dental therapists, could play a more significant role in dental care services.     The HKSAR Government has completed the amendment of the Dentists Registration Ordinance (Chapter 156) (DRO) to modernise the regulatory framework for dentists and ancillary dental workers (including dental hygienists and dental therapists), and increase the manpower resources for dental care profession by gradually increasing training places for dental hygienists and dental therapists. The measures above will contribute to the implementation of the recommendations of the Working Group, allowing ancillary dental workers to play a more significant role in providing more preventive primary dental care services to complement the direction of the Primary Healthcare Blueprint which attaches importance to prevention, early identification and timely intervention.     The consolidated reply in response to the questions raised by the Hon Lam Chun-sing is as follows:Registration system and scope of work of dental care professionals     The amended DRO introduced a statutory registration system for two classes of ancillary dental workers (including dental hygienists and dental therapists) and retitled ancillary dental workers as dental care professionals (DenCPs), so as to ensure their service quality through a more formalised regulatory regime and establish their professional status.     At present, dental hygienists can work in public or private sectors, and may perform preventive dental care (e.g. education, consultation, risk assessment, oral examination, fluoride application and scaling) in accordance with the directions of a dentist who is available in the premises at all times when such work is being carried out. Dental therapists work exclusively under the Department of Health (DH) to provide the School Dental Care Service. Dental therapists may perform preventive dental care and basic curative dental care (e.g. filling, extraction) in accordance with the directions of a dentist who is available in the premises at all times when such work is being carried out.     The amended DRO suitably adjusted the scope of practice of dental hygienists and dental therapists based on a risk-based approach, taking into account the consultation outcome with the sectors and relevant stakeholders. It would enable them, upon training, to perform some lower-risk preventive dental care (e.g. oral examination, education, teeth cleaning and polishing, fluoride application) without the presence of a dentist, and perform scaling in accordance with the directions of a dentist who is present in the same premises. Dental therapists may also perform basic curative dental care (e.g. filling, extraction) in accordance with the directions of a dentist who is present in the same premises.     The statutory registration system for DenCPs would be put in place within three years, and by then the revised scope of work of DenCPs will come into effect. All DenCPs (including dental therapists) will be allowed to provide services outside the DH (including institutions in the public or private sector). During the transitional period, the Dental Council of Hong Kong (DCHK) will develop clear guidelines on the collaborative relationship between dentists and DenCPs and establish the Continuing Professional Development arrangements for DenCPs. At the current stage, the DCHK is focusing on the preparatory work for establishing the registration system as soon as possible and will liaise with the sectors to explore the feasibility of implementing DenCP registration earlier in 2026. When the new registration system is in place, the DCHK will monitor both its implementation and the adaptation of DenCPs to the expanded scope of work to ensure the safety of patients. As things currently stand, the Government has no plan to further expand the scope of work of dental hygienists to perform higher-risk procedures such as injection of local anaesthetics. The Government will maintain dialogue with the dental professions and revisit the scope of practice of DenCPs from time to time, with a view to meeting local dental care service needs.     In view of the actual needs in the community, the Government will examine the necessity for including other classes of DenCPs under the registration system on a risk-based approach. The Government will maintain communication with the dental professions to canvass their views.The role of DenCPs in primary healthcare system     Taking reference to the suggestion of the Working Group, the Government would promote primary dental services appropriate for different age groups and make use of the existing primary healthcare service system. For example, when the manpower supply for dental hygienists has increased, they can provide preventive primary dental services suitable for different age groups at District Health Centres or District Health Centre Expresses, including risk assessment, offering advice on oral care and personal lifestyle, and assisting the citizens in managing their own oral health, so as to put prevention, early identification and timely intervention of dental diseases into action.     Furthermore, the Elderly Health Care Voucher Scheme (EHVS) currently allows eligible elderly persons to choose from private primary healthcare services provided by 14 categories of healthcare professions, including dentists. Following the upcoming establishment of registration system for DenCPs, the preventive primary dental service would be strengthened. Eligible elderly persons can use Elderly Health Care Vouchers to pay for the relevant service charges through dental clinics in future. The Government will review the relevant operational details of the EHVS in a timely manner.Manpower of DenCPs      As at September 2024, there are a total of 614 registered dental hygienists, whereas 226 dental therapists are employed by the DH. To increase the manpower resources for dental care profession, the Government has gradually increased training places for dental hygienists and dental therapists to nearly double from 95 in the 2023/24 academic year to 185 in the 2024/25 academic year.     When the statutory registration system is in place, dental therapists will be allowed to work in private institutions which will broaden their employment opportunities. Establishing a career ladder for DenCPs will, in the long run, attract more individuals to join the industry. To attract more young people to join the industry, the DH has been offering full tuition fee sponsorship since 2023/24 academic year to students studying the programmes for dental hygienists and dental therapists. Dental hygienists and dental therapists who have received the sponsorship are required to work in dental clinics of the DH or other specified non-governmental organisations (NGOs) for at least one year after graduation. The above measures could help provide sufficient manpower in support of dental care services provided by the Government, private institutions and NGOs in future.     Regarding the establishment issue of DenCP grades in the DH, according to the prevailing policy guidelines, the Government may consider conducting a Grade Structure Review (GSR) as necessary in case of fundamental changes in the job nature, level of responsibilities and job complexity of a particular grade, or if there are proven and persistent recruitment and retention difficulties in the grade. For Dental Hygienist grade in the DH, when the relevant provisions of the amended DRO come into effect, given the minimum academic qualification requirement for registration as dental hygienist with the DCHK, the job entry requirements of the Dental Hygienist grade including the Qualification Group of the academic qualification will be changed. The DH is gathering relevant data and information of the Dental Hygienist grade (including their job nature, duties and responsibilities, and recruitment situation) for consideration of conducting a GSR for the grade. The Government will also assess the need for GSR for Dental Therapist grade in accordance with the relevant policy guidelines in due course.      In the past five years, the information of recruitment of dental ancillary grades of the DH is at Annex.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: NSW Parliament passed a bipartisan motion supporting Taiwan’s international participation

    Source: Republic Of China Taiwan 2

    The Ministry of Foreign Affairs （Taiwan) expresses gratitude to the NSW Parliament for passing a bipartisan motion supporting Taiwan’s international participation.
    On October 23, the New South Wales Legislative Council unanimously passed PMB No. 1414 motion, stating that UN General Assembly Resolution 2758 does not assert the People’s Republic of China’s sovereignty over Taiwan, nor does it determine Taiwan’s future status or restrict Taiwan’s rights to participate in UN agencies or other international organizations. The Ministry highly appreciates and sincerely thanks the NSW Parliament for its firm support of Taiwan’s international participation
    In June 2024, the NSW Parliament was the first to pass a motion in the Legislative Council condemning China for bullying elected Australian officials, affirming Taiwan’s democracy, and rejecting any foreign government interference in Australian politics. Subsequently, in August, the Australian Senate passed an urgent motion based on the IPAC model resolution regarding UNGA Resolution 2758, making Australia the first country to adopt such a model. NSW then became the first state parliament in Australia to pass this motion.
    The Ministry of Foreign Affairs thanks the NSW Parliament for raising a voice of justice for Taiwan and calls on the international community to jointly counter China’s misinterpretation of UNGA Resolution 2758 and its attempts to falsely link it with the so-called “One China Principle.” Taiwan will continue to collaborate with Australia and other like-minded partners to defend the rules-based international order and promote regional democracy, peace, and prosperity.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Harbin hits ‘home stretch’ for Games

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

    With venues ready, volunteers recruited and testing events underway, Harbin is nearly ready to take up its hosting duties for the 9th Asian Winter Games, with preparatory work almost done entering the 100-day countdown.

    As a traditional hot spot for ice and snow sports activities in Northeast China, Harbin, capital of Heilongjiang province, is pushing ahead with preparations for the 2025 edition of the Games, with full confidence that the continental gala event will be a resounding success in promoting sports and culture exchanges in the region.

    With 100 days to go before the Feb 7 opening ceremony, all 13 existing competition venues for the Games — five for ice sports in downtown Harbin and another eight for snow events in Yabuli, a ski resort cluster 200 kilometers from Harbin — have been renovated and have updated equipment to meet international standards, with workers trained and ready to be deployed to each site, according to the organizing committee.

    The national men’s and under-18 women’s ice hockey championships, which were held during the National Day holiday, were the first of 14 test events to be held in Harbin through January to optimize various venue operations, including capacity, facility function and spectator services.

    Over 6,000 volunteers, mostly local college students, have been recruited from over 10,000 applicants, with a quarter of them having experience serving at international events such as the 2022 Beijing Winter Olympics and last year’s Hangzhou Asian Games, according to organizers.

    The 2025 Harbin Asian Winter Games will mark the biggest representation of Asian countries and regions, with 34 National Olympic Committees — the most in the event’s history — having confirmed their entries, including first-timers Cambodia and Saudi Arabia. Over 1,500 athletes are expected to participate.

    A total of 64 medal events across six sports will be held from Feb 7 to 14. Among them, mixed doubles curling, ski mountaineering and synchronized aerials of freestyle skiing will make their debut at the Games.

    Meanwhile, many Southeast Asian countries and regions, including Thailand, Malaysia and Singapore, have signed up for the alpine skiing competition, which will have more participants than any other event in Harbin’s program, underlining winter sports’ expanding landscape on the continent.

    It will be Harbin’s second time staging the continental gala since it hosted in 1996, and the third edition to be held in China after the 2007 edition in Changchun, Jilin province.

    Boasting ready-made facilities and abundant experience in winter sports promotion, Harbin is confident it can deliver a memorable edition of the Games with strong Chinese characteristics and Asian style, organizers said.

    “With full support from the government, the public and all shareholders, we’ve moved into the home stretch of preparations,” Han Shengjian, vice-governor of Heilongjiang and vice-president of the Harbin organizing committee, said during a news conference on Tuesday. “We are committed to hosting a world-class event representing Asian spirit and Chinese style to promote winter sports across Asia, as well as the unique charm of Harbin as a generous host.”

    Already a popular winter holiday destination in the country, Harbin is keen on taking advantage of the Games to make the city more appealing to winter sports fans and foreign tourists, according to Wang Hesheng, mayor of Harbin and secretary-general of the organizing committee.

    To help boost tourism in the city, a new metro line will be launched at the end of this month in Harbin, and a newly built second runway at the city’s airport will open in January. In addition, more frequent high-speed railway services connecting mountain resorts in Yabuli with downtown Harbin and other major cities are coming in the near future.

    “Hopefully after hosting the Games, Harbin will make its name as a winter wonderland more prominent, not just in our country, but also across Asia,” Wang said.

    MIL OSI China News –

  • MIL-OSI China: ​Foreign secondary school students compete in 17th ‘Chinese Bridge’ contest

    Source: China State Council Information Office 3

    On the evening of Oct. 28, the global finals and awarding ceremony for the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students and the 4th Chinese Bridge—Chinese Show for Foreign Primary School Students took place in Tianjin. The event was attended by officials from the Tianjin Municipal Government, the Center for Language Education and Cooperation of the Ministry of Education (MOE), and the Department of International Cooperation and Exchange of the MOE, along with the Kenyan Ambassador to China and representatives from the UAE’s Chinese Language Teaching “100 Schools Project.”

    The global finals of the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students. [Photo courtesy of Chinese Bridge]

    The finals opened with a visually stunning show titled “Jin·Cai Hua Zhang,” featuring outstanding primary and secondary school students from around the world, who gathered to communicate in Chinese and share their understanding of Chinese culture. After a series of rigorous selections during the overseas preliminary rounds, Chitpasong Souvanhxay from Laos, Irina Mei Li from Madagascar, Kuchinskaia Anastasiia from Russia, Rothschild Shiraz Palestrant from the U.S. and Blaom Oliver Garion from New Zealand emerged as continental champions to advance to the global finals. 

    Chitpasong Souvanhxay from Laos wins the global champion of the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students. [Photo courtesy of Chinese Bridge]

    During the finals, the five contestants competed in five rounds: “History of the Spring and Autumn Period,” “Books of the Qin and Han Dynasties,” “The Lasting Appeal of the Tang and Song Dynasties,” “Window to Modernity,” and “The Final Showdown.” Chitpasong Souvanhxay from Laos showcased exceptional skills and won the global championship. Guests at the event presented awards to the participants who received individual awards in the 4th Chinese Bridge–Chinese Show for Foreign Primary School Students, as well as to those who won individual awards and the first, second, and third prizes in the 17th Chinese Bridge–Chinese Proficiency Competition for Foreign Secondary School Students, along with the continental champions and the global champion.

    In the finals, contestants including Kiri Meier Werner from the U.S., Solo Uniacke from the U.K., Frida Quetzalli Garcia Lins from Mexico, Tessa Mir from Georgia and her mother shared personal stories about their experiences with the Chinese Bridge competition and the growth and benefits they gained from participating in the competition.

    This year, 181 primary and secondary school contestants from 102 countries gathered in Beijing and Tianjin for a grand celebration of Chinese language learning and cultural exchange. Over a period of 15 days filled with competitions and cultural activities, contestants explored iconic landmarks in China, including the Great Wall, the Summer Palace, the Forbidden City, and Tiananmen Square. They also experienced intangible cultural heritage such as Clay Figurine Zhang, Yangliuqing New Year paintings, shadow puppetry and traditional opera, allowing them to appreciate the development and heritage of Chinese culture and history. Additionally, contestants toured Tianjin, visiting attractions like the Tianjin Eye Ferris wheel, Haihe River, the historic Wudadao area (Five Great Avenues), Jingwu Town, the National Maritime Museum, and Tianjin Port, witnessing the city’s inclusiveness and application of intelligent technologies.

    At the award ceremony, primary and secondary school contestants from around the world, together with previous champions, sang the “Chinese Bridge” theme song. Through the medium of Chinese, they connected cultures, fostered lasting friendships, and strengthened global understanding of China.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Auction for Che Kung Festival Fair stalls to be held November 13

    Source: Hong Kong Government special administrative region

    Auction for Che Kung Festival Fair stalls to be held November 13
    Auction for Che Kung Festival Fair stalls to be held November 13
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         ​The Food and Environmental Hygiene Department (FEHD) announced today (October 30) that stalls at the 2025 Che Kung Festival (CKF) Fair will be put up for open auction on November 13 (Wednesday).           A spokesman for the FEHD said the annual CKF Fair will be held for 18 consecutive days from January 26 to February 12, 2025, at Chui Tin Street Soccer Pitch in Sha Tin. A total of 48 dry goods stalls will be put up for auction, with an upset price of $2,770.           The auction will be held at the Assembly Hall, 2/F, Lai Chi Kok Government Offices, 19 Lai Wan Road, Lai Chi Kok, Kowloon on November 13 (Wednesday), from 9.30am until completion of the auction.           Bidders for CKF Fair stalls must be at least 18 years old and ordinarily reside in Hong Kong. Anyone can bid for more than one stall. A bidder must pay the bid price and register in person with his or her own name as the licensee of the stall immediately after successfully bidding for a stall. The bidder is also required to sign at once a licence agreement with the FEHD, or he/she will forfeit the right to operate the stall.           The CKF Fair site will be made available to the licensees two days in advance of the fair (January 24 and 25, 2025) for the setting up of stalls. In the event of any unforeseeable incident that will cause a shortening of the whole licence period (including the duration for setting up stalls and the business period of the fair), the Government has the right to postpone the commencement date and shorten the duration of the period. The bidding price (licence fee) paid will be refunded to the successful bidder on a pro-rata basis without interest.           The FEHD reminded licensees that the stalls are solely for the purpose of selling and promoting the sale of the permitted commodities, and no other activities are allowed in the licensed area. If the FEHD considers that any activity conducted by the licensee to publicise, promote, display, show, sell or gift any permitted commodities in the venue is unlawful, contrary to the interest of national security, immoral or incompatible with the object of the CKF Fair, the FEHD is entitled to direct the licensee to stop conducting such activities, and the licensee must immediately comply with the direction.           Stall licensees should not destroy, damage or abandon any unsold commodities at or in the vicinity of the stall. They must completely remove the stall structure and all paraphernalia, together with all refuse, debris and unsold commodities (whether damaged or otherwise) from the licensed area before 10pm on February 12, 2025.           According to the licence agreement, licensees shall not keep, store or use any compressed helium cylinders in the licenced area. Sales of floating LED glowing balloons and aquarium fish by stall licensees are prohibited at the CKF Fair.           In addition, as stated in the licence agreement, the height of dry goods stalls must not exceed 3 metres from ground level.           Successful bidders shall comply with all the stipulations and provisions as set out in the licence agreement. Otherwise, the FEHD is entitled to terminate the agreement and the licensee shall immediately vacate the stall.           Details of the 2025 CKF Fair such as the public notice, the location and layout of the fair venue, commodities allowed for sale at the fair stalls, open auction arrangements and related rules as well as a sample of the licence agreement, are available on the FEHD website (www.fehd.gov.hk). For enquiries, please call the FEHD’s Sha Tin District Environmental Hygiene Office at 2634 0134.

     
    Ends/Wednesday, October 30, 2024Issued at HKT 14:31

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ5: Enhancing Express Rail Link services

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Yiu Pak-leung and a reply by the Secretary for Transport and Logistics, Mr Lam Sai-hung, in the Legislative Council today (October 30):

    Question:

         Some members of the tourism industry are of the view that further increasing the number of destinations in the Mainland served by the Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL) connecting to the Hong Kong West Kowloon Station (WKS), as well as building up the XRL’s long-haul sleeper service network in an orderly manner, are conducive to promoting the development of the tourism industry and facilitating Hong Kong’s integration into the country’s overall development. In this connection, will the Government inform this Council:

    (1) of the respective monthly patronage of the XRL service plying between WKS and Guangzhoudong Station and Guangzhounan Station, as well as those plying between WKS and each of the intermediate stations along the routes between WKS and these two stations, since the resumption of XRL service last year; as it has been reported that at present, it takes at least about 90 minutes to travel from WKS to Guangzhoudong Station, which fails to demonstrate the advantages of XRL, whether the authorities have studied with the Mainland authorities the feasibility of raising the speed of the relevant route; if so, of the details; if not, the reasons for that;

    (2) as it is learnt that Xintang Station, commissioned last year with its location at the core of the new development area in the eastern part of Guangzhou, is not only a necessary stop but also an important hub for travelling to the eastern part of Guangzhou, yet the relevant XRL routes only pass the station currently without stopping on it, whether the authorities will expedite negotiation with the Mainland authorities to make Xintang Station an intermediate station of XRL, so as to achieve better linkage between the XRL Hong Kong Section and the Mainland’s railway network; and

    (3) as some members of the industry have relayed that XRL sleeper trains plying between Hong Kong and Beijing/Shanghai are well-received by travellers, whether the authorities have studied the provision of long-haul sleeper train service to more destinations, such as Xi’an and Chengdu in western China, so as to open up the long-‍haul rail passenger market in the western part of the country, thereby facilitating “two-way travel” by travellers?

    Reply:

    President,

         The Hong Kong Section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL) was commissioned on September 23, 2018, connecting with the over 46 000 kilometres long national high-speed rail network. It is a key component of the highly accessible transport network and economic circle of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and consolidates Hong Kong’s position as a regional transport hub. The MTR Corporation Limited (MTRCL) is responsible for operating the XRL Hong Kong Section, and has been in active liaison and collaboration with the Hong Kong Special Administrative Region (HKSAR) Government and the Mainland railway authorities to continuously enhance the various operational arrangements of the XRL Hong Kong Section, with a view to fully realising its socio-economic benefits and the advantages of interconnectivity in the national high-speed rail network for the promotion of better integration of Hong Kong into the national development. Serving 80 directly connected destinations at present, the Hong Kong Section of the XRL is a crucial link between Hong Kong and the Mainland, and a testament to the increasingly frequent exchanges between the two places for business, leisure and other purposes.

         In consultation with the MTRCL, my reply to the question raised by the Hon Yiu Pak-leung is as follows:

    (1) and (2) With the resumption of normal travel between Hong Kong and the Mainland after the pandemic, the XRL Hong Kong Section has progressively resumed train services since January 15, 2023. New short-haul and long-haul destinations have been introduced progressively, including the short-haul destinations of Dongguannan, Dongguan, Guangzhoudong and Changping, making it a more comprehensive network. In view of the increasingly frequent flow of people between the two places, upon discussion between the MTRCL and the Mainland railway authorities, the frequency of short-haul train trips of the XRL Hong Kong Section have been increased continuously. The number of trains running to and from Guangzhounan Station has increased from 16 trips per day in early 2023 to the present 38 trips per day. Passengers may also take long-haul trains that call at Guangzhounan Station, which are operating at 20 train trips per day; whilst the number of trains running to and from Guangzhoudong Station has increased from 12 trips per day in early 2023 to the present 26 trips per day. 

         The services of the XRL Hong Kong Section have been popular among passengers. In the first nine months of 2024, the XRL Hong Kong Section recorded an average daily patronage of about 70 000 passenger trips, with the total number of passenger trips approaching the annual total of approximately 20 million passenger trips in 2023. According to the ticket sales provided by the MTRCL, for short-haul destinations, more than 60 per cent of short-haul passengers are destined for stations in Shenzhen (i.e. Futian and Shenzhenbei), and nearly 30 per cent are destined for Guangzhoudong and Guangzhounan. Less than 10 per cent travel to the remaining short-haul destinations (i.e. Guangmingcheng, Humen, Qingsheng, Dongguannan, Changping and Dongguan).

         To meet the travel needs of passengers, the MTRCL and the Mainland railway authorities review the operation schedule of train trips from time to time and enhance services in a timely manner. For instance, train trips running between Hong Kong West Kowloon Station (WKS) and Futian Station or Shenzhenbei Station have been enhanced during weekends since early April this year. The MTRCL will also operate additional short-haul train trips for popular destinations during festive holidays in response to passengers’ travel needs. As for the travelling time of trains between WKS and Guangzhoudong Station, a balance has been struck between the journey time of trains and the number of intermediate stops needed for passenger convenience. The MTRCL will continue to liaise with the Mainland railway authorities with a view to providing better cross-boundary rail service.

         As for new stations, the number of directly connected destinations on the XRL Hong Kong Section has increased from 44 at the beginning of its operation to 80 currently. In addition to the aforementioned short-haul destinations, the XRL Hong Kong Section has been connected to the Chengdudong Line in southwest part of the country, including Chengdudong and Leshan, as well as the Zhanjiangxi Line, including Jiangmen, Kaipingnan, Yangjiang, Maoming and Zhanjiangxi. A long-haul route to Hunan Province was introduced in mid-2024, which directly connects to popular tourist destinations such as Zhangjiajie and Fenghuanggucheng. As for the proposal of introducing Xintang Station as a directly connected destination to the XRL Hong Kong Section, the MTRCL and the Mainland railway authorities are actively looking into the matter with a view to offering passengers a more convenient and comfortable travelling experience, while facilitating the flow of people between the two places.

    (3) Thanks to the Central Government’s care for Hong Kong and the strong support from various Mainland authorities, sleeper train service between WKS and Beijingxi Station/Shanghai Hongqiao Station was introduced on the XRL Hong Kong Section on June 15, 2024, with trains departing in the evenings and arriving the following mornings. This arrangement was an upgrade of the original ordinary-speed train service between the Hong Kong Hung Hom Station and Beijing/Shanghai, and reduced the journey time by almost a half. The trains also call at Shijiazhuang in Hebei and Hangzhou in Zhejiang as intermediate stations. In October 2024, the sleeper train service to Beijing and Shanghai was further upgraded. Fuxing high-speed sleeper trains have been deployed to serve passengers, along with adjustments to routes and departure times. The journey time between WKS and Beijing/Shanghai takes about 11.5 hours and 11 hours respectively. The service upgrade provides passengers with more caring, comfortable and comprehensive service, further leveraging the benefits of “evening departures and morning arrivals”.

         The HKSAR Government and the MTRCL have been actively observing the development of the high-speed rail network in the Mainland, and striving to further introduce destinations directly connected to the XRL Hong Kong Section, so as to provide passengers with more diversified options and services. Regarding the western region of the Mainland, direct train services are currently available at WKS, serving stations such as Chengdudong, Chongqing and Kunming. As for the introduction of direct sleeper trains to those destinations, various considerations and arrangement of different railway authorities are involved. The HKSAR Government and the MTRCL will maintain liaison and co-ordination with the Mainland railway authorities and relevant departments to explore feasible options for further enhancing the service of the XRL Hong Kong Section.

         Thank you, President.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ16: Recovery for reuse and upcycling of wood waste

    Source: Hong Kong Government special administrative region

    LCQ16: Recovery for reuse and upcycling of wood waste
    LCQ16: Recovery for reuse and upcycling of wood waste
    *****************************************************

         Following is a question by the Hon Shiu Ka-fai and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (October 30): Question:      Some members of the local timber industry have relayed that Hong Kong generates a large amount of wood waste from areas such as home decoration (including replacement of furniture and floor boards) and construction works every year. However, due to the lack of effective arrangements for recovery for reuse and upcycling, most of these wood materials are disposed of at landfills. They are of the view that this not only depletes the space resources of the landfills, but also runs contrary to environmental protection principles as the waste is not converted into resources. They aspire that the Government will provide adequate support to enable the recovery for reuse and upcycling of used wood materials. In this connection, will the Government inform this Council: (1) of the amount of wood waste (excluding yard waste) generated in Hong Kong in each of the past five years, and set out in tables a breakdown of the amount and percentage by source (e.g. used furniture, floor boards and construction materials) and way of handling (e.g. disposed of at landfills and recovered for reuse); (2) of the respective ways by which wood waste (excluding yard waste) is recovered for reuse and upcycled in Hong Kong currently, and the use of the products so produced; whether it has assessed the effectiveness of the relevant work; if so, of the details; if not, the reasons for that; (3) whether it has studied the practices adopted in other places for the recovery for reuse and upcycling of wood waste and the effectiveness of the relevant work; if so, of the details; if not, the reasons for that; (4) considering the factors required for the recovery for reuse and upcycling of wood waste, such as land and manpower, whether the authorities have plans to study the handling of wood waste jointly with Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area or other neighbouring cities; if so, of the details; if not, the reasons for that; and (5) whether it will plan to work with chambers of commerce and relevant stakeholders of the local timber industry through negotiation and co-operation to improve the ways in which wood waste is recovered for reuse and upcycled and the effectiveness of the relevant work; if so, of the details; if not, the reasons for that? Reply: President,     The Government’s support to the recycling industry is primarily based on the principles of market economy and fair competition. Meanwhile, consideration is also given to the feasibility of converting different types of waste into energy or resources for various types of recyclables, in order to enhance the cost effectiveness of recycling. One of the most important support measures is the provision of land resources specifically for recycling purposes, such as the EcoPark, at affordable rents for the recycling industry (including the waste wood recycling industry), to nurture and promote the development of local recycling industry, with a view to establishing a circular economy in the long run. At present, a waste wood recycler which mainly handles waste wooden pallets and tree trunks has been operating in the EcoPark since August 2017.      The reply to the question raised by the Hon Shiu Ka-fai is as follows:(1) The disposal quantity of waste wood, its share in the total municipal solid waste (MSW), recovery quantity and recovery rate in the past five years are set out below:

    Year
    Waste Wood (Note)

    Disposal quantity(tonnes per day)
     Share in MSW
    Recovery quantity(tonnes per day)
    Recovery rate

    2018
    427
    3.7%
    16
    3.6%

    2019
    348
    3.1%
    20
    5.3%

    2020
    345
    3.2%
    11
    3.2%

    2021
    262
    2.3%
    29
    10.0%

    2022
    207
    1.9%
    32
    13.5%

    Note: Under the compilation framework of statistics regarding MSW adopted by the Environmental Protection Department (EPD), “waste wood” only includes waste made of wood such as timber, rattan, wooden pallets, wooden articles, wooden chopsticks. The EPD does not collect data and statistics on wooden furniture and waste wood generated from home renovation or construction works. The compilation of relevant statistics for 2023 is underway.(2) At present, waste wood in Hong Kong after being processed by recyclers will be manufactured into products such as cat litter, wood chips, wood granules, furniture and outdoor paving materials. For instance, the foregoing recycler in the EcoPark has commenced operation since August 2017, treating an average of about 1 200 tonnes of waste wood per year in the past five years. The Government will continue to closely monitor the operational needs of the waste wood recycling industry and provide appropriate assistance as far as possible.(3) and (4) In the course of formulating relevant policies with regard to the handling of different recyclables, the Government will make reference and pay heed to the development and relevant work in other places, as well as taking into account the actual circumstances in Hong Kong in the process of implementation. As for regional co-operation, the “Guangdong-Hong Kong-Macao Greater Bay Area Ecological Environmental Protection Plan” promulgated by the Ministry of Ecology and Environment vigorously promotes the development of a “Zero Waste” Bay Area. With this opportunity, Guangdong and Hong Kong have established a close co-operation and exchange mechanism on environmental issues to jointly explore the capacity and modes for developing a circular economy in the region, leveraging the competitive advantages of the two places, complementing each other’s strengths, and mutually developing green industries, green energy and related facilities.(5) The EPD has been maintaining communication with stakeholders of the waste wood recycling industry, and supporting the waste wood recycling industry through the Recycling Fund. Since 2015, the Recycling Fund has approved six projects related to waste wood, involving a total funding of about $7.8 million. These approved projects include support for environmental protection technology and furniture companies to collect and recycle waste wood, upcycling it into furniture and outdoor paving materials.

     
    Ends/Wednesday, October 30, 2024Issued at HKT 14:45

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Opening address by Permanent Secretary for Financial Services and the Treasury (Financial Services) at ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following is the opening address by the Permanent Secretary for Financial Services and the Treasury (Financial Services), Ms Salina Yan, at the ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia today (October 30):
     
    Peter (Chief Executive Officer of the Asia Securities Industry & Financial Markets Association (ASIFMA), Mr Peter Stein), Boris (Managing Director, Head of Institutional Banking Group of DBS Bank (Hong Kong) Limited, Mr Boris Chan), distinguished guests, ladies and gentlemen,
     
         Good morning. It is my great pleasure to join you today at the 5th Annual Sustainable Finance Conference organised by ASIFMA. ASIFMA’s events always draw an inquisitive and enthusiastic crowd with a lot of brain power. Today is no exception, but perhaps with somewhat more seriousness than usual as we are addressing the serious topic of enabling transition finance in the sustainability pathway towards net zero carbon emissions.  
     
         The seriousness is compounded when one reads the Asian Development Bank’s thematic report on “Asia in the Global Transition to Net Zero” published last year. According to the report, developing Asia accounted for 44 per cent of global greenhouse gas (GHG) emissions in 2019, and growth in the region still tends to rely substantially on emission-intensive activities. Obviously, there is a huge need for transition finance to assist heavy-emitting industries and economic activities to go down the path of net zero while managing economic development implications. Market estimates put the funding gap at over US$3 to 4 trillion in annual investment over the next three decades in the region. Policy trade-offs will certainly be involved in finding the right solutions.
     
         For this, I note a keyword in the topic of the Conference today and that is “enabling”. Hong Kong, being an international financial centre as well as a premier sustainable finance hub, is well-positioned to play important enabling roles in expediting Asia’s transition to net zero in an enabling or conducive environment. 
     
         With well-functioning capital markets offering a wide range of investment products and an international pool of financial services professionals, Hong Kong can contribute to mobilising international capital to finance transition initiatives in the region.  We are already doing so and enriching our ecosystem. For example, the number of ESG funds authorised by the Securities and Futures Commission (SFC) has increased significantly in recent years, with assets under management reaching close to US$170 billion as of June this year.
     
         The bond market also helps issuers raise sustainable financing in support of low-carbon transition efforts. The volume of green and sustainable bonds arranged in Hong Kong increased by about five times from around US$6 billion in 2019 to almost US$30 billion last year, topping the Asian market from 2021 to 2023. Among these, the Government Green Bond Programme has issued bonds of various tenors denominated in different currencies including RMB, euro and USD. The programme has recently been expanded to cover sustainable projects. The bonds issuances have been well received by institutional and retail investors alike, and have taken tokenisation form for two recent tranches. 
     
         Two points specifically on transition finance:
     
    (a) First, we published the first edition of the Hong Kong Taxonomy for Sustainable Finance in May this year to provide a clear set of definitions or classification of green activities for application by the industry in their green transition journey. It aligns with the two mainstream taxonomies of the Mainland and the European Union, and currently encompasses 12 economic activities under four sectors of power generation, transportation, construction, and water and waste management. The Taxonomy is now under the next phase development, where the scope of sectors and economic activities will be expanded to cover transition activities as well. The Hong Kong Monetary Authority (HKMA) plans to conduct a public consultation on the updated taxonomy prototype in the first half of 2025.
     
    (b) Second, to cater for the increasingly significant need for transition finance in the region, we have expanded the scope of the Green and Sustainable Finance Grant Scheme to cover transition bonds and loans, helping to incentivise relevant industries in the region to make use of Hong Kong’s transition financing platform towards the decarbonisation mission. Since its inception in 2021 to mid-October this year, we have granted around $280 million to 470 green and sustainable debt instruments under the Scheme.
     
            Moving into another subject which is important to today’s topic, data clarity and transparency is often cited as one of the primary challenges hindering the development of transition finance. Hong Kong operates a highly open and internationalised market aligning with international standards and best practices. We stand ready to promote the adoption of data transparency in the market to facilitate and encourage more transition financing activities. 
     
         Earlier this month, for example, the Hong Kong Code of Conduct for ESG Ratings and Data Products Providers was published by an industry working group sponsored by the SFC. Its aim is to establish and promote a globally consistent, interoperable, and proportionate voluntary code for providers offering ESG ratings and data products and services in Hong Kong. The Code was modelled on international best practices recommended by the International Organization of Securities Commissions (IOSCO). It is intended to enhance transparency of methodologies for ESG ratings and data products and improve standards generally across the market with a view to combating greenwashing and instilling integrity in the growing green and sustainable finance ecosystem.
     
         Another important measure on standards is our commitment to launch a roadmap on the full adoption of the ISSB Standards on sustainability disclosure within this year, leading Hong Kong to be among the first jurisdictions in the world to align its local requirements with ISSB Standards. The Hong Kong Institute of Certified Public Accountants has already issued the exposure drafts for consultation. I am sure they will come up with final Hong Kong standards aligning with the ISSB Standards soon. I know that the afternoon session of this Conference has scheduled a dedicated panel to dive deep into this subject. I will spare the detail here.

         Blended finance is an evolving concept and is quickly developing. An OECD (Organisation for Economic Co-operation and Development) report defines it as a combination of official development finance, private philanthropic funds and commercial finance where the principal purpose is commercial rather than development. I look forward to the Panel’s discussion on this. I would note here that as Asia’s primary asset and wealth management hub for international investors, Hong Kong is well placed to harness the finance power of the public and private sectors. 
     
         On the home front, the HKMA launched last week the Sustainable Finance Action Agenda, setting out its goals and actions to be taken to further support green and sustainable financing needs in Asia and globally. Under the Agenda, one of the action areas is investment in a sustainable future, under which the HKMA aims to achieve net-zero emissions for the investment portfolio of the Exchange Fund by 2050 through continuing to actively expand the scope and variety of its sustainable investments, particularly those supporting the theme of climate transition across the public and private markets. The Exchange Fund will also deepen its focus on transition opportunities and mobilise stakeholders to actively support this effort through stewardship and engagement.
     
         Another emerging source of funds to support sustainable initiatives comes from philanthropy and impact investing of family offices. In Hong Kong, the philanthropic landscape is underscored by the existence of more than 10 000 charities that have been established in Hong Kong, reflecting a diverse and robust ecosystem of giving. Meanwhile, the global impact investing market, valued at about US$1.6 trillion, attaches growing recognition of the need to address critical challenges such as climate change. We have seen growing interest from family offices in impact investing as they do not just allocate funds for charitable purposes but also seek financial returns and measurable social outcomes. To this end, we will soon consult the industry on proposals to enhance the tax arrangements for funds and single family offices, including expanding the definition of “fund” to cover pension fund and endowment fund, and include emission derivatives and emission allowance as eligible exemption items.
     
         Added to this, Hong Kong is exceptionally well placed to serve the sustainable initiatives and transition needs of entities on the Mainland. Various Mainland local governments including Shenzhen, Hainan Province and Guangdong Province have issued offshore RMB local government bonds including green, blue, sustainability and social bonds in Hong Kong over the past few years. And Core Climate, our carbon credit marketplace, is exploring co-operation initiatives with its Mainland counterparts. We will certainly contribute our best to the country’s drive to achieve the goal of peaking carbon emissions by 2030 and reaching net zero by 2060. 
     
         Ladies and gentlemen, all these being said, a lot remains to be done. Hong Kong takes our 2050 net zero commitment very seriously and has set up a high-level steering committee comprising policy bureaux with both environmental protection and financial services policy responsibilities, and all financial regulators to co-ordinate and take forward relevant initiatives. Our Financial Secretary is also chairing the Green Technology and Finance Development Committee. We look forward to having your advice and participation in the journey. On this note, I wish you all a rewarding day at the Conference today. Thank you.   

    MIL OSI Asia Pacific News –

  • MIL-OSI: Falcon Oil & Gas Ltd. – Results of Special Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    FALCON OIL & GAS LTD.

    (“Falcon”)

    Results of Special Meeting of Shareholders

    30 October 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) held its special meeting of shareholders in Dublin, Ireland yesterday.

    All resolutions considered and voted upon by the shareholders were approved. The full text of each resolution was included in the Management Information Circular communicated in advance of the meeting to shareholders.

    Ends.

    CONTACT DETAILS:

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

    About Falcon Oil & Gas Ltd.

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

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

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

    The MIL Network –

  • MIL-OSI: RIBER: Solid Business Growth at End-September 2024

    Source: GlobeNewswire (MIL-OSI)

    SOLID BUSINESS GROWTH AT END-SEPTEMBER 2024

    • Revenues up +14% to €18.5m
    • Order book strengthened to €38.3m (+14%)

    Bezons, October 30, 2024 – 8:00am – RIBER, the global leader for molecular beam epitaxy (MBE) equipment serving the semiconductor industry, is reporting its revenues for the year to end-September 2024.

    Change in revenues

    €m 2024 2023 Change
    First quarter 4.5 3.7 +20 %
    Second quarter 9.3 8.5 +10 %
    Third quarter 4.7 4.0 +19 %
    Total 9-month revenues 18.5 16.2 +14 %
    At end-September (€m) 2024 2023 Change
    Systems 12.3 9.6 +28 %
    Services and accessories 6.2 6.6 -6 %
    Total 9-month revenues 18.5 16.2 +14 %

    At September 30, 2024, RIBER revenues amounted to €18.5m, up +14% compared with the same period in 2023, reflecting the company’s strengthened position in the MBE market for both research and industrial production.

    Systems revenues came to €12.3 m, up +28% with the delivery of 4 machines, compared with 5 machines in the first nine months of 2023.

    Revenues for services and accessories totaled €6.2 m, down 6% compared with the previous year.

    The geographical breakdown of revenues at end-September 2024 was as follows: Asia 68%, Europe 25% and North America 6%.

    Order book developments

    At end-September (€m) 2024 2023 Change
    Systems 31,9 27,6 +16%
    Services and accessories 6,4 6,1 +6%
    Total order book 38,3 33,6 +14%

    The systems order book came to €31.9m, up +16%, with a total of 13 systems, including 8 production machines. This figure does not include the order for a production system announced on October 21, 2024.

    The services and accessories order book reached €6.4m, up +6% from the previous year.

    As a result, at September 30, 2024, the total order book came to €38.3m, up +14% compared with the same period in 2023.

    Outlook

    Based on the fourth-quarter delivery schedule, RIBER expects to exceed €40m in full-year revenues, along with further improvements in earnings.

    Against a favorable backdrop of growth in the compound semiconductor market, new orders should continue to be booked before the end of the year.

    Next date: 2024 full-year revenues will be released on Wednesday January 29, 2025 (before start of trading).

    About RIBER

    Founded in 1964, RIBER is the global market leader for MBE – molecular beam epitaxy – equipment. It designs and produces equipment for the semiconductor industry, and provides scientific and technical support for its clients (hardware and software), maintaining their equipment and optimizing their performance and output levels.
    Accelerating the performance of electronics, RIBER’s equipment performs an essential role in the development of advanced semiconductor systems that are used in numerous applications, from information technologies to photonics (lasers, sensors, etc.), 5G telecommunications networks and research, including quantum computing.

    RIBER is a BPI France-approved innovative company and is listed on the Euronext Growth Paris market (ISIN: FR0000075954).
    www.riber.com

    Contacts

    RIBER : Annie Geoffroy| tel: +33 (0)1 39 96 65 00 | invest@riber.com

    CALYPTUS : Cyril Combe | tel: +33 (0)1 53 65 68 68 | cyril.combe@calyptus.net

    Attachment

    The MIL Network –

  • MIL-OSI Asia-Pac: LCQ2: Development of private museums

    Source: Hong Kong Government special administrative region

    LCQ2: Development of private museums
    LCQ2: Development of private museums
    ************************************

         ​Following is a question by the Hon Ma Fung-kwok and a reply by the Acting Secretary for Culture, Sports and Tourism, Mr Raistlin Lau, in the Legislative Council today (October 30): Question:      In the National 14th Five-Year Plan, the country has expressed unequivocal support for developing Hong Kong into an East-meets-West centre for international cultural exchange. It is learnt that while private museums are recognised as facilitating the preservation of arts and culture and are booming in many places across the globe, the development of private museums in Hong Kong has all along been constrained by the lack of suitable venues, high maintenance costs, as well as the lack of government support, accreditation, promotion and publicity, etc, some private museums have even ceased operations as a result. In this connection, will the Government inform this Council: (1) whether it knows the number of private museums and their operating conditions in the past three years, including the ratio of fee-charging to free admission, attendances, the ratio of those on the promotion list of the Government or the relevant organisations, as well as the number of private museums facing operating difficulties; whether any applications to operate a private museum have been rejected; (2) among the existing private museums, of the number of those which have received support (including one-off or regular funding) from the Government or the relevant organisations; whether any requests for support by a museum have been rejected by the Government, and of the purpose for which support was requested; and (3) whether it has plans to introduce an accreditation scheme for private museums or extend the scope of application of the Museums Regulation to cover private museums and to centralise the promotion of local museums, so as to enrich the contents of Hong Kong’s tourism in arts and culture, and facilitate the development of Hong Kong into an East-meets-West centre for international cultural exchange? Reply: President,      Museums are an important part of cultural inheritance and dissemination. The Government has been committed to supporting the development of cultural software in Hong Kong through public museums. Currently, 15 museums and two art spaces are managed by the Leisure and Cultural Services Department (LCSD) in accordance with the Public Health and Municipal Services Ordinance (Chapter 132), each with different focuses and themes, covering the three major areas of art, history and science, bringing different cultural experiences to citizens and tourists. The LCSD continues to invest a lot of resources in improving the facilities and enriching the content of its museums. The renovation of the Hong Kong Museum of Art in recent years is an important example.           The current-term Government is committed to fostering cultural development with a view to developing Hong Kong into an East-meets-West centre for international cultural exchange, and has announced that the number of museums under the LCSD will be further increased to continue to enrich Hong Kong’s cultural landscape and bring new impetus to cultural development to meet the general public’s demand for museums. From the cultural policy perspective, in addition to operating and developing public museums, the Government also welcomes the establishment of private museums by individuals or organisations to complement with public museums, which is conducive to the diversified development of the cultural ecology of Hong Kong. The LCSD museums have detailed plans from planning, construction to operation to achieve the Government’s public policy mission, while private museums have higher development autonomy, fewer restrictions, and can also be operated in a more commercial manner. Therefore, when the Government considers supporting private museums and formulating related policies, it must take into account the overall resource allocation and evaluate relative priorities of projects to avoid unnecessary pressure on public funds. Having regard to the uniqueness on the history, theme, scale, operating mode, and financial situation of individual museums, the Government currently does not have plans to formulate a set of standard mechanisms to support the operation of private museums, however, if resources permit, we will consider providing different forms of support to the operation of individual private museums, based on the Government’s policy objectives, expectations of society, and the actual situation of individual museums.      In consultation with relevant bureaux/departments, my reply to the question raised by the Hon Ma Fung-kwok is as follows: (1) and (2) The Government does not maintain data on the number and operating conditions of private museums. As far as we know, there are dozens of private museums in Hong Kong, covering different themes such as culture, arts, history, folklore and education. Currently, the Hong Kong Maritime Museum (HKMM) is the only private museum subvented by the Government. It rents Central Pier No. 8 at nominal rent and receives Government subvention to support its operation. The HKMM recorded approximately 66 100, 52 800 and 106 200 visitors respectively in the last three financial years (i.e. April 1, 2021 to March 31, 2024), among which free visitors account for about 30 per cent, mainly school tour groups.      In addition to subvention, the Government welcomes organisations interested in operating museums to apply for subsidy for cultural, arts projects or activities, such as the Springboard Grants and the Project Grants under the Arts Capacity Development Funding Scheme managed by the Culture, Sports and Tourism Bureau (CSTB), the Project Grant and Matching Fund Scheme from Hong Kong Arts Development Council (HKADC) and the Lord Wilson Heritage Trust, to support the museum’s operations or to organise events. For example, the HKADC provided funding to a private museum’s training programme in 2023.           Non-government organisations and social enterprises, if interested in operating a private museum on vacant government land, can submit an application for “Use of Vacant Government Land for Community, Institutional or Non-Profit Making Purposes on Short Term Basis”. The Government will consider whether to grant the short term tenancy at nominal rent in accordance with policy objectives and established assessment criteria. In 2024, the CSTB provided policy support at nominal rent for two short-term tenancy applications for the use of private museums. These two applications are currently being considered together with other applications by relevant departments.           Private museums may also consider participating in the global network of the International Council of Museums (ICOM) by referring to and adhering to the professional and ethical standards established by the ICOM, thereby improving the quality of their museums to attract more visitors and gain more chances of mutual support and collaboration with other museums. The ICOM, established in 1946, is an international organisation of museums and museum professionals committed to the conservation, continuation and communication to society of the world’s natural and cultural heritage. The major museums under the LCSD are members of the ICOM. Non-governmental cultural and museum organisations including the West Kowloon Cultural District Authority, the HKMM, the Art Museum of the Chinese University of Hong Kong, the University Museum and Art Gallery of the University of Hong Kong and MILL6 Foundation are also members of the Council. (3) As mentioned above, the Government encourages the diversified development of Hong Kong’s cultural ecology and currently has no plans to launch a private museum certification system or regulate the operation of private museums through legislation. Nonetheless, the LCSD museums have been collaborating with other local museums from time to time, and promoting these museums through different platforms and channels. One of the most obvious examples is the Muse Fest HK organised by the LCSD every year since 2015, inviting different local museums and cultural institutions to become partners, allowing citizens and tourists to visit different museums in the city and experience Hong Kong’s rich and unique culture, history and artistic diversity. In addition, the LCSD museums and private museums also from time to time lend collections to each other or collaborate in organising various activities, including exhibitions, lectures and seminars.      In addition, the Hong Kong Tourism Board (HKTB) has been promoting unique museums, including public and private museums and related activities to tourists through its website (discoverhongkong.com), social platforms and tourist information centres, etc, such as M+, Hong Kong Palace Museum, Hong Kong Museum of Medical Sciences and Hong Kong News-Expo. The HKTB also introduces Hong Kong’s museums through social media. For example, it has collaborated with the Mainland social media Xiaohongshu to launch the Hong Kong Citywalk Guide, which introduces five unique Citywalk routes for roaming around Hong Kong, including the Museum Walk route.

     
    Ends/Wednesday, October 30, 2024Issued at HKT 15:11

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Speech by SITI at Green Tech Summit 2024 (English only) (with photo)

    Source: Hong Kong Government special administrative region

    Speech by SITI at Green Tech Summit 2024 (English only) (with photo)
    Speech by SITI at Green Tech Summit 2024 (English only) (with photo)
    ********************************************************************

         Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Hong Kong Green Tech Summit 2024 today (October 30): Alice Chow (President of Stanford GSB Hong Kong Alumni Club), Jason Tu (Founder and CEO of MioTech), and participants of the Hong Kong Green Tech Summit 2024,      I am delighted to join you today at this important occasion, the first ever Hong Kong Green Tech Summit 2024 – The Tech Afternoon, where leading experts, policymakers, and innovators gather to discuss and explore the latest advancements in innovation and technology (I&T), with a focus on green technology and sustainable practices.        In the face of intensifying climate change challenges, promoting green transformation to achieve sustainable development is a crucial issue for countries worldwide. Hong Kong has pooled together numerous green tech enterprises and talent, giving it a significant advantage in fostering the development of green tech. There are more than 250 green-technology companies now in the two I&T flagships in Hong Kong, i.e. the Hong Kong Science Park and Cyberport, with some equipped with globally competitive technologies and having successfully tapped into Mainland and overseas markets. This also enables Hong Kong to contribute its strengths to addressing global climate issues. Green tech plays a vital role in supporting the reduction of carbon emissions and environmental protection, serving as a key engine for accelerating green transformation. Promoting the development of green tech is a long-term and challenging task. Throughout this process, stakeholders from various fields collaborate across sectors to identify pain points and needs in the low-carbon transition of different industries. They jointly develop and refine solutions, and support and promote applications, aiming to balance environmental protection and societal needs while driving economic development.      Under the National 14th Five-Year Plan, Hong Kong is positioned to be an international I&T centre. The Hong Kong SAR Government has been attaching much importance to enhancing the I&T ecosystem in Hong Kong by rolling out various initiatives in recent years, and I am pleased to share with you that Hong Kong ranked first in Asia and third globally among the world’s top 100 emerging ecosystems in the Global Startup Ecosystem Report 2024. We also ranked second worldwide in the “Technology” Factor and 10th overall in the World Digital Competitiveness Ranking 2023 published by the International Institute for Management Development.       In fact, Hong Kong has robust capability in basic research and development (R&D). Our city is the only one in Asia with five of the world’s top 100 universities. In addition, the level of internationalisation among our I&T talent is world-leading, with four of our universities ranked among the world’s top 10 most international universities. These, coupled with our robust intellectual property protection regime, could help pool global innovation resources to Hong Kong.      To support the development of various I&T industries, including green tech, the Government has been proactively enhancing Hong Kong’s I&T ecosystem, which hinges on the comprehensive development of and positive interaction among the upstream, midstream and downstream sectors. To this end, the Government has been actively promoting interactive development of the upstream, midstream and downstream sectors.      To further promote upstream basic R&D, we endeavour to consolidate Hong Kong’s R&D strengths and strengthen universities’ capacity for breakthrough researches. The Government has been implementing different initiatives to fund R&D projects, including those on green technologies. For example, the Green Tech Fund provides focused funding support to R&D projects that can help Hong Kong decarbonise and enhance environmental protection. In addition, the I&T Fund provides funding to R&D projects in various technology areas, including green tech.      The R&D Centres established by the Government have been carrying out R&D work in different areas, including green tech. For example, one of the centres developed a new generation of materials incorporating plant stems into biodegradable plastics, which could aid the production of eco-friendly products at a competitive cost.      To support the transformation and realisation of the R&D outcomes in the midstream, we launched the $10 billion Research, Academic and Industry Sectors One-plus Scheme (RAISe+) last year, to fund, on a matching basis, research teams from universities with good potential to become successful start-ups to transform and commercialise their R&D outcomes. We welcome investors around the world to explore collaboration opportunities with the universities in Hong Kong and invest in their RAISe+ projects.      As for the promotion of downstream development of new industrialisation, we have launched the $10 billion New Industrialisation Acceleration Scheme this year to provide funding support for enterprises in industries of strategic importance to set up new smart production facilities in Hong Kong. Such industries include life and health technology, along with AI and data science, advanced manufacturing and new energy technology industries, etc. To further support our tech enterprises, the Government introduced enhancement measures to the New Industrialisation Funding Scheme to encourage local manufacturers to switch to smart manufacturing. The scheme benefits enterprises to, among others, upgrade and transform by adopting green technology.      In addition, to give further impetus to the promotion of new industrialisation, the Chief Executive has announced in his 2024 Policy Address (PA) that a $10 billion I&T Industry-Oriented Fund will be set up to form a fund-of-funds to channel more market capital to invest in specified emerging and future industries of strategic importance.      Hong Kong’s two I&T flagships, the Hong Kong Science and Technology Parks Corporation and Cyberport, have been providing technology start-ups with incubation programmes and one-stop support services. These I&T parks have nurtured a group of passionate and high-quality green tech companies. The 2024 PA also announced the launch of the I&T Accelerator Pilot Scheme with a funding allocation of $180 million at a one-to-two matching ratio between the Government and the institution, up to a subsidy ceiling of $30 million, with an aim to attract professional start-up service providers with proven track records in and beyond Hong Kong to set up accelerator bases in Hong Kong.      Ladies and gentlemen, Hong Kong is fully committed to positioning as an international I&T centre. I would like to express my sincere appreciation to the Stanford GSB Hong Kong Alumni Club and MioTech for hosting this meaningful event. I encourage all participants to engage in meaningful discussions, share best practices, and forge collaborations that will drive real change. Together, let us embrace the opportunities before us and solidify Hong Kong’s position as a global leader in green tech.      Thank you.

     
    Ends/Wednesday, October 30, 2024Issued at HKT 15:15

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    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Q&A: Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP)

    Source: Asia Development Bank

    • Workers walking by a solar power plant in Kazakhstan

    Article | 30 October 2024
    Read time: 6 mins

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    •  IF-CAP is the first leveraged guarantee mechanism for climate finance to ever be adopted by a multilateral development bank.
    •  Various simulations have shown that for every $1 that is guaranteed, up to $4.5 of new climate finance will be generated under IF-CAP’s mechanism.
    •  IF-CAP will strengthen ADB’s developing member countries’ capacity to develop their low-carbon and climate-resilient strategies and build a larger pipeline of potential investments.

    What is IF-CAP?

      The Innovative Finance Facility for Climate in Asia and the Pacific, or IF-CAP, is a multi-donor financing partnership facility with the goal of scaling-up finance for accelerated action against climate change in Asia and the Pacific. IF-CAP partners will provide guarantees for parts of ADB’s sovereign loan portfolios to enable ADB to free up capital to increase lending for climate investments. Supplementary grants will facilitate project preparation, capacity building, and knowledge solutions.

    Why is IF-CAP being formed?

    The battle against climate change will be won or lost in Asia and the Pacific. And our region is uniquely vulnerable to the impacts. More than 40% of climate-related disasters occurred in Asia and the Pacific since the start of the century, affecting nearly 3.6 billion people. ADB estimates that $1.7 trillion per year will need to be invested in infrastructure in developing Asia between 2016-2030 to meet both climate and development goals. The Intergovernmental Panel for Climate Change (IPCC) says the year 2030 is a significant crossroad after which it will become considerably harder to meet climate targets.

    As Asia and the Pacific’s climate bank, the Asian Development Bank is spearheading significant climate change financing and expertise across the region.   IF-CAP is the first leveraged guarantee mechanism for climate finance to ever be adopted by a multilateral development bank. It is inspired by the International Finance Facility for Education (IFFEd), which aims to use innovative financing to unlock new education funding in low-and middle-income countries.

    What will IF-CAP do?

    IF-CAP will allow ADB to significantly increase climate finance for investments that are aligned with the Paris Agreement and other key ADB policies, including the forthcoming Climate Change Action Plan.

      With a model of “$1 in, $4.5 out”, IF-CAP’s current guarantee size of $2.5 billion will create over $11 billion in climate finance for much-needed climate projects across Asia and the Pacific. Alongside lending facilitated by IF-CAP, ADB will provide up to $1 billion in concessional ordinary capital resources lending (COL) from its own resources, in support of projects enabled by IF-CAP’s guarantee structure. In total, resources aligned with IF-CAP amount to over $12 billion.

    IF-CAP enabled projects will address both climate change mitigation, which focuses on reducing greenhouse gas emissions, and climate change adaptation, which focuses on building resilience to the worsening effects of climate change. These investments could cover a wide range of sectors, such as transportation, energy, urban, and agriculture and natural resources, as well as social sectors such as health and education, for projects with high climate impacts.

    What will IF-CAP not do?

    IF-CAP will not support new or existing fossil fuel-based electricity generation facilities or dedicated transmission, or any new or existing natural gas-related projects. Climate finance enabled by IF-CAP will not be used towards early retirement or repurposing of fossil fuel fired power plants.

    • Developing Asia’s share of global greenhouse gas emissions nearly doubled, from 22% in 1990 to 44% in 2019 and is expected to remain at this level until mid-century under current policies.

    • Asia and the Pacific can only realize its climate goals if it pursues a transition away from coal-based energy in the near term.

    How does the leverage mechanism work?

    The program is based on the use of financial guarantees from our partners. By guaranteeing a portfolio of ADB sovereign loans on a first-loss basis, they will help shoulder some of the loss in case of a default by one of our borrowers included in our portfolio.

    This is a groundbreaking arrangement because IF-CAP’s portfolio guarantee enables ADB to optimize the usage of our balance sheet, supported by the strength of our triple-A credit ratings and preferred creditor status. This allows ADB to reduce the capital held for credit risk and release more capital for climate loans. Every dollar of guarantee into IF-CAP will result in the capacity to provide more climate finance for eligible projects. Simulations show that for every $1 that is guaranteed, $4.5 of climate finance could be generated. That is a fundamental shift from the traditional “one dollar in, one dollar out” facilities at MDBs, because of IF-CAP’s leverage effect.

    Who are the partners supporting IF-CAP?

    IF-CAP’s founding partners are Denmark, Japan, Norway, Republic of Korea, Sweden, the United Kingdom, and the United States. In 2023, the Global Energy Alliance for People and Planet established a trust fund under the IF-CAP Financing Partnership Facility.

    What sovereign portfolios will their guarantees cover?

    IF-CAP will cover a dynamic and diversified reference portfolio consisting of ADB’s exposures to a board spectrum of developing member countries, which have been identified to achieve the desired leverage based on the risk appetite of the partners.

    Which countries are eligible for IF-CAP financing?

    All ADB’s developing member countries (DMCs) are eligible. Individual financing partners may exercise discretion for certain projects based on their policies and priorities.

    Will IF-CAP differ from ADB’s regular climate financing?

    Functionally, there will be no difference. IF-CAP’s role will be to enable ADB to approve climate financing more quickly and at a higher volume.

    What are the benefits of IF-CAP?

    For DMCs, IF-CAP can help them advance operations with high climate ambition that are currently not in their pipeline, increase climate finance components of existing pipeline projects, and enable greater visibility and demonstration effects for projects including those with innovative components or high climate impact.

    For IF-CAP partners, it can enable them to make a greater impact through a leveraged guarantee mechanism not offered by other financing partnership facilities, providing them with an effective and efficient way to fight climate change in support of their national commitments.

    For ADB, IF-CAP is an innovative method to optimize our balance sheet, unlock capital resources, and increase our lending capacity by over $11 billion so we can make more resources available for critical climate projects in Asia and the Pacific.

    Will IF-CAP contribute to ADB’s ambition of $100 billion climate financing for 2019-2030?

    IF-CAP will be one of the flagship instruments to enable ADB to reach its climate finance target beyond $100 billion and support our target for climate finance to reach 50% of the total committed financing volume by 2030.

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    Subjects
    • ADB funds and products
    • Climate change
    • Climate finance

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: LCQ11: Supply of hostel places of post-secondary institutions

    Source: Hong Kong Government special administrative region

         â€‹Following is a question by the Hon Benson Luk and a written reply by the Secretary for Education, Dr Choi Yuk-lin, in the Legislative Council today (October 30):
     
    Question:
     
         The Third Plenary Session of the 20th Central Committee of the Communist Party of China (the CPC Central Committee) adopted the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization, in which support for Hong Kong’s position to become an international hub for high-calibre talents was stated. Moreover, last year’s Policy Address proposed to build Hong Kong into an international hub for post-secondary education by increasing the admission quota of non-local students to Government-funded post-secondary institutions. According to a recent report published by an organisation, it was envisaged that by 2028, the shortfall in hostel places for students of local post-secondary institutions would further increase to some 120 000. In this connection, will the Government inform this Council:
     
    (1) whether it has projected and compiled statistics on the respective (i) numbers, (ii) proportions and (iii) hostel application proportions of local and non-local students in post-secondary institutions in the coming five years; given that the Government has, starting from the current academic year, increased the admission quota of non-local students to Government-funded post-secondary institutions to 40 per cent, of the current nationality distribution of the non-local students;
     
    (2) whether it knows (i) the respective proportions of local and non-local students in post-secondary institutions who were successfully allocated with hostel places upon application and (ii) their terms of hostel residence in the past 10 years; whether various post-secondary institutions have set a limit on the term of hostel residence; if a limit has been set, of the details (set out in a table), and whether the Government has plans to extend the term of hostel residence for students;
     
    (3) given that the Government established in 2018 the Hostel Development Fund with some $10.3 billion to provide six University Grants Committee-funded universities with an additional 13 473 hostel places, whether it has compiled statistics on the current number of hostel places provided by universities across the territory; of the Government’s projected growth in the supply of university hostel places in the coming five years, and the shortfall in hostel places when set against students’ demand for accommodation; whether it will consider injecting funds into the Fund again in the future; if so, of the details; if not, the reasons for that;
     
    (4) whether it will study allocating idle lands in the vicinity to the post-secondary institutions concerned for the construction of academic buildings or hostels, or consider relaxing the plot ratio of land adjacent to universities in rural areas to allow for greater flexibility in university expansion; if so, of the details; if not, the reasons for that; and
     
    (5) given that as indicated in the paper submitted by the Government to the Subcommittee on Matters Relating to the Development of the Northern Metropolis of this Council in April this year, 19 post-secondary institutions had participated in the engagement activity of the Northern Metropolis University Town (NMUT) and submitted proposals, whether the Government has estimated the number of post-secondary institutions that can be accommodated by the NMUT, and whether sites have been reserved for hostel purposes; if so, of the expected number of hostel places to be provided; if not, the reasons for that?
     
    Reply:
     
    President,
     
         The 2023 Policy Address stated building Hong Kong into an international post-secondary education hub and a cradle of future talents. The 2024 Policy Address also announced further measures to nurture future talents and to create the “Study in Hong Kong” brand. At the same time, the Government will set up the Committee on Education, Technology and Talents to be chaired by the Chief Secretary for Administration. The Committee will co-ordinate and promote the integrated development of education, science and technology and talent, so as to enhance convergence and coherence and formulate policies to promote the synergistic development of nurturing talents, gathering talents and science and technology, as well as to facilitating international high-calibre talents to stay in Hong Kong. Developing Hong Kong into an international post-secondary education hub is also one of the three major strategies. My reply to the various parts of the Hon Benson Luk’s question is as follows:
     
    (1) The enrolment ceiling of non-local students in University Grants Committee (UGC)-funded taught programmes has been doubled from a level equivalent to 20 per cent of local student places in the 2023/24 academic year (AY) to 40 per cent with effect from the 2024/25 AY. There are no restrictions on research postgraduate programmes. It is important to note that all non-local students pursuing UGC-funded taught programmes do not receive public funding, and the number of such non-local students is accounted for separately from local student places. This ensures that the study opportunities for local students will not be affected.
     
         In the 2023/24 AY, the total number of local students pursuing full-time locally-accredited publicly-funded and self-financing programmes was about 158 300, whereas there were about 64 200 non-local students. As far as UGC-funded taught programmes (i.e. undergraduate, sub-degree and taught post-graduate programmes) are concerned, the actual number of non-local students was about 14 900 while that of local students was about 76 400; the proportion of non-local students was about 19 per cent. The non-local students come from over 100 places of origin. In the 2023/24 AY, the numbers of students by study levels and by places of origin are tabulated below:
     

    Programme types
    Numbers of students

    Places of origin
    Grand total

    Local
    Non-local

    Mainland China
    Other non-local
    Total

    UGC-funded taught programmes
    76 359
    10 450
    4 419
    14 869
    91 228

    UGC-funded research post-graduate programmes
    1 373
    7 372
    813
    8 185
    9 558

    Non-UGC-funded taught programmes
    79 870
    34 410
    822
    35 232
    115 102

    Non-UGC-funded research postgraduate programmes
    654
    5 561
    397
    5 958
    6 612

    Grand Total
    158 256
    57 793
    6 451
    64 244
    222 500

    Note: If research postgraduate students are financed by the UGC-funded universities using both UGC and external funds, they will be counted towards different sources on a pro-rata basis. Figures may not add up to the corresponding totals due to rounding.
     
         As for student hostels, the relative proportion of applications from local students and non-local students of the UGC-funded universities at the beginning of the 2023/24 AY is 55 per cent and 45 per cent respectively. Looking ahead, we envisage that universities will continue to take into account their capacity in promoting the advantages of our higher education sector around the world using the “Study in Hong Kong” brand, with a view to gradually admitting more non-local students to study in Hong Kong. Self-financing programmes will also flourish. As our post-secondary education sector in Hong Kong continues to enhance quality and expand capacity, the corresponding demand for student hostels will increase. We are delighted to explore flexible and innovative ways with the institutions and different stakeholders to increase the supply of student hostels.
     
    (2) Based on the data provided by the UGC-funded universities, the success rate of local students and non-local students in hostel applications in the past ten AYs (2014/15 to 2023/24 AY) is at Annex. We do not maintain information on the terms of residence of local students and non-local students.
     
         The specific arrangements for hostel allocation are formulated by the UGC-funded universities and there is generally no upper limit set for the terms of residence. The universities are encouraged to reflect the priorities of different groups of students for hostel accommodation in the allocation mechanism, having regard to the practical needs and educational benefits, while maintaining suitable flexibility to ensure that resources of student hostels are utilised properly.
     
    (3) and (4) Under the Hostel Development Fund (HDF), the UGC-funded universities are provided with a capital grant covering up to 75 per cent of the construction costs for 15 student hostel projects to provide a total of about 13 500 additional hostel places, with a target for gradual completion by 2027. Based on the data provided by the UGC-funded universities, the total number of hostel places (including publicly-funded, privately-funded and temporary hostel places) available for allocation in September 2023 was around 37 600. Taking into account the future supply from the projects under HDF, the number of hostel places will gradually increase to around 50 000 in the coming few years, to cater for the needs of students, including those arising from the additional intake.
     
         Under the prevailing mechanism, the universities may apply to the Government for granting additional sites for campus expansion if they have strong justifications and specific proposals, which will then be considered by the bureaux and departments concerned from relevant perspectives such as policy, resources, practical circumstances, planning and land administration, etc. The universities could also as necessary apply for a relaxation of development parameters for the proposed sites, including building height restrictions and plot ratios, etc, which will be processed in accordance with the statutory procedures and established arrangements by the Town Planning Board and relevant departments.
     
         To improve hostel facilities, the Chief Executive announced in the 2024 Policy Address that the Government would launch a pilot scheme to streamline the processing of applications in relation to planning, lands and building plans, so as to encourage the market to convert hotels and other commercial buildings into student hostels on a self-financing and privately-funded basis, increasing the supply of student hostels. The Government will also make available suitable sites for the private sector to build new hostels, having regard to market demand. The Development Projects Facilitation Office under the Development Bureau will provide one-stop advisory and facilitation services for these projects.
     
    (5) The Government has earmarked over 80 hectares of land in the Northern Metropolis for the Northern Metropolis University Town (NMUT), and will encourage local post-secondary institutions to introduce more branded programmes, research collaboration and exchange projects with renowned Mainland and overseas institutions in a flexible and innovative manner. We will retain flexibility in the planning process to facilitate the development of student hostels.
     
         Relevant Government departments are still discussing the site planning of the NMUT at this stage. We plan to publish the Northern Metropolis University Town Development Conceptual Framework in the first half of 2026.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ10: Electronic Tax Reserve Certificates Scheme

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Chan Yuet-ming and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (October 30):
     
    Question:
     
         The Inland Revenue Department has implemented the Tax Reserve Certificates system for many years to help taxpayers save up and earn interest for tax payment, and introduced the Electronic Tax Reserve Certificates Scheme (the Scheme) in 1999. In this connection, will the Government inform this Council:
     
    (1) of the effectiveness of the Scheme at present, and set out in a table (i) the total amount of sales, (ii) the number of purchasers, (iii) the amount of sales per capita, (iv) the distribution of sales by age groups, and (v) the amount of redemptions under the Scheme in each of the past five years;
     
    (2) as there are views that, under the influence of external factors, the time deposit rates of banks in Hong Kong are still at a high level, whether the Government has assessed if such a situation will affect the sale of the Scheme; and
     
    (3) as the latest per annum interest rate announced in the Tax Reserve Certificates (Rate of Interest) (Consolidation) Notice has been changed from the previous rate of 0.8833 per cent to 0.8 per cent, and the Scheme will earn interest for a period of 36 months only, its return is much lower than that of the time deposit schemes of banks in Hong Kong in recent years as well as that of other medium and low-risk wealth management products, whether the Government will conduct a review of the contents of the Scheme or step up the publicity work, so as to enhance the effectiveness of the Scheme?
     
    Reply:
     
    President,
     
         At present, the Inland Revenue Department (IRD) issues two types of Tax Reserve Certificate (TRCs), namely ordinary TRCs that are purchased by taxpayers who wish to prepare for tax payment in future, and TRCs for “Conditional Standover Order” (“conditional TRCs”) that the Commissioner of Inland Revenue requires taxpayers who have objected to their tax assessments to purchase in order to cover the total amount or part of the tax in dispute. An ordinary TRC will bear the interest rate prevailing at the date of purchase and will earn interest only when the holder pays for the tax. For a conditional TRC, interest is payable from the date of its issue to the date of final determination of the objection or appeal. The interest rate is calculated based on the rates in force from time to time over the tenure of the TRC. Upon final determination of the objection to or appeal against the tax assessment, IRD will pay the interest on the part of the capital sum eventually repaid to the taxpayer.
     
         The interest rate on TRCs is reviewed every month based on the average of the prevailing interest rate for the twelve-month time deposits for $100,000 to $499,999 offered by the three note-issuing banks. With effect from October 7, 2024, the interest rate on TRCs is 0.8 per cent per annum and applies to all ordinary TRCs issued on or after the above date until further notice.
     
         IRD has launched the Electronic TRCs Scheme since 1999 to replace paper version of ordinary TRCs and provide TRC users with a full range of electronic services, including a variety of electronic channels for purchasing TRCs (monthly bank autopay, telephone, internet and ATM), auto tax payment service, etc. The objective of the Electronic TRCs Scheme is to facilitate the purchase of TRCs by taxpayers and increase the flexibility by allowing them to choose the time, method of buying TRCs, etc. Users of the Electronic TRCs Scheme may also enjoy auto tax payment service to ensure that tax payments are always made on time and avoid any late payment penalty.
     
         My reply to Hon Chan Yuet-ming’s question is as follows:
     
    (1) Since a taxpayer may purchase more than one TRC in each financial year, IRD does not maintain record on the number of purchasers of TRCs, average amount of each purchaser and the age profile of purchasers. The total sales amount, number of certificates sold, average amount per certificate and the total redemption amount of ordinary TRCs for the last five financial years are tabulated below:
     
    Table 1

    Year
    Total sales amount
    ($’000)
    No. of certificates sold
    Average amount per certificate
    ($)
    Total redemption amount
    ($’000)

    2019-20
    467,041
    86 766
    5,383
    461,016

    2020-21
    452,352
    89 944
    5,029
    443,812

    2021-22
    430,415
    84 122
    5,117
    466,587

    2022-23
    423,404
    80 951
    5,230
    448,218

    2023-24
    409,765
    79 672
    5,143
    416,804

     
         The total sales amount, number of certificates sold, average amount per certificate and the total redemption amount of conditional TRCs for the last five financial years are tabulated below:
     
    Table 2

    Year
    Total sales amount
    ($’000)
    No. of certificates sold
    Average amount per certificate
    ($)
    Total redemption amount
    ($’000)

    2019-20
    2,514,175
    1 196
    2,102,153
    2,401,318

    2020-21
    2,896,920
    1 344
    2,155,446
    2,781,430

    2021-22
    3,133,413
    1 092
    2,869,426
    3,486,200

    2022-23
    2,413,492
    946
    2,551,260
    3,028,070

    2023-24
    3,008,748
    1 058
    2,843,807
    3,093,966

     
    (2) Since the rate hike cycle in 2022, the total sales amount of ordinary TRCs slightly fell from $430 million in 2021-22 to $409 million in 2023-24, representing a decrease of 4.8 per cent. The number of certificates sold slightly fell from 84 122 in 2021-22 to 79 672 in 2023-24, representing a decrease of 5.3 per cent. It can therefore be seen that the overall sales of TRCs have not changed significantly due to external factors or interest rates.
     
         As for conditional TRCs, they are purchased by taxpayers at the request of the Commissioner of Inland Revenue and therefore their sales are not related to changes in interest rates.
     
    (3) The existing mechanism for determining the TRC rate has already ensured that changes in interest rate of time deposits offered by the note-issuing banks are timely reflected in TRCs. Since the two types of TRCs have their stated purpose and are not intended as a tool to provide investment returns, we do not consider it appropriate to adjust the interest rate on TRCs by making reference to the interest rates of wealth management products. The Government has no intention of setting a target for the sale of TRCs. We respect the choice of taxpayers to purchase ordinary TRCs.
     
         On publicity, an application form for Electronic TRCs Scheme is available on the IRD’s website for members of the public to download. The Brief Guide to Taxes of IRD and the websites of GovHK and Cross-boundary Public Services also include information on the Electronic TRCs Scheme. IRD will add a new link on the Electronic TRCs Scheme at a prominent position on its website to facilitate members of the public to search for relevant information.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Speech by SEE at opening ceremony of 19th Eco Expo Asia

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Environment and Ecology, Mr Tse Chin-wan, at 19th Eco Expo Asia today (October 30):
     
    Secretary Sun (Secretary of the Leading Party Members Group of the Ministry of Ecology and Environment of the People’s Republic of China, Mr Sun Jinlong), Margaret (Executive Director of the Hong Kong Trade Development Council, Ms Margaret Fong), distinguished guests, ladies and gentlemen,
     
         Good morning.

         My heartfelt welcome to all of you joining us at the opening of the 19th Eco Expo Asia. This is a golden opportunity for us to discuss and advance our shared commitments to a sustainable future. This year, we are honoured to have about 190 officials from about 40 official delegations from various provinces and cities in Mainland China, ASEAN (Association of Southeast Asian Nations) and Belt and Road countries joining this signature annual environmental trade event in Asia.

         When people are talking about Hong Kong, what comes into our minds usually is high-rise buildings and very congested streets and roads. But actually we have a lot of well-protected countrysides in Hong Kong. And if you don’t know, I tell you that we are very rich in biodiversity. The number of coral species in our sea is more than the entire Caribbean Sea. Well, surprised? Therefore, we have produced two documentaries, “Beautiful Hong Kong” and also “Enchanting China” so as to bring the very beautiful scenes of our motherland and natural Hong Kong to the world. What you have just seen is just an extract only, and I encourage all of you to enjoy the full version that would be screened at our booth at this Expo which would tell you more about our efforts and achievements in pollution prevention, ecological protection, and nature conservation.

         This year, the theme of Eco Expo Asia is “Fostering Green Innovations for Carbon Neutrality”. Our country places a lot of importance on climate change and therefore sets targets to achieve peak carbon emissions before 2030 and also strives to achieve carbon neutrality before 2060. As to Hong Kong, our carbon emissions peaked in 2014, and compared to the peak, our carbon emissions today have been reduced by about a quarter already. Actually our carbon emissions per capita is only about one quarter of the United States, and about 60 per cent of the European Union. And therefore we have set an interim target, to cut our carbon emissions by half before 2035 and achieve carbon neutrality before 2050.

         We have been striving to achieve these targets through implementing our Climate Action Plan 2050 in Hong Kong, which covers four major decarbonisation strategies, namely aiming to achieve net-zero electricity generation, promote green buildings and also energy efficiency, promote green transport, as well as manage our waste reduction. In terms of green transport, I can tell you that now out of 10 newly registered vehicles in Hong Kong, seven are electric. And therefore I think we are moving at a reasonable speed.

         Looking ahead, we will continue to harness the transformative power of innovation and technology to accelerate the growth of green and low-carbon transformation through supporting the development of green industry, promoting development of new energy and more importantly, facilitating green research and development projects with application potentials to transform into commercially valuable products through various measures. 

         On green tech, we are supporting relevant research and development through various initiatives and funding schemes, including the Innovation and Technology Fund, Green Tech Fund, New Energy Transport Fund, etc. Over HK$800 million has been approved from these funds for a few hundred research and development and pilot projects in net-zero electricity generation, energy saving, green buildings, green transport, and more.

         Turning to new energy, our Chief Executive has announced in his Policy Address earlier this month, the Hong Kong Special Administrative Region (SAR) Government is committed to further promote the development of new energy including setting a target for sustainable aviation fuel (SAF) consumption, developing SAF and green maritime fuel supply chains, and promoting green and low-carbon energy such as hydrogen. 

         Hydrogen is regarded as a low-carbon energy with development potential in the course of energy transition. To prepare for possible wider application of hydrogen energy, the Hong Kong SAR Government published the Strategy of Hydrogen Development in Hong Kong in June this year. The Strategy sets out the four major strategies of improving legislations, establishing standards, aligning with the market, and advancing with prudency to create an environment conducive to the development of hydrogen energy in Hong Kong in a prudent and orderly manner, so that we would be able to capitalise on the environmental and economic opportunities brought about by the recent developments of hydrogen energy in different parts of the world. 

         While the scarcity of land resources has made it difficult for the development of a major manufacturing base for green energy as well as green technologies in Hong Kong, we are determined to leverage our position as a “super connector” and a “super value-adder” to serve as the platform for green and low-carbon technologies to facilitate their application in other parts of the world. For instance, we have supported the development of Hong Kong’s first green hydrogen production demonstration project at a landfill which is scheduled for commencement next year, and we are also facilitating the industry to establish a solar-to-hydrogen facility in Hong Kong very soon. 

         Ladies and gentlemen, decarbonisation cannot wait. Different regions around the world have suffered the devastating consequences of extreme weather events. Heatwaves, severe droughts, extreme rainfall, and extreme storms have attacked every corner of our planet. This year, Hong Kong experienced the hottest ever mid-autumn festival. These events remind us that climate change is indeed a current-day reality. The world must take urgent actions to combat climate change together. 

         Decarbonisation implies transformational change. Green innovation solutions are of paramount importance in our decarbonisation journey. During Eco Expo Asia, we will see the latest innovation and technologies and products around the world in new energy, climate adaptation and other areas. 

         Last but not least, I thank you again for coming today. Together, we can drive global sustainability. I hope you will find the Expo and the three-day Eco Asia Conference inspiring. For friends who come from abroad and across the boundary, I wish you all an enjoyable stay in Hong Kong, and spend more money. Thank you.
     
    (Please also refer to the Chinese portion of the speech.)

    MIL OSI Asia Pacific News –