NewzIntel.com

Category: Asia Pacific

  • MIL-OSI Asia-Pac: Remarks by SCS at media session

    Source: Hong Kong Government special administrative region

         Following are the remarks by the Secretary for the Civil Service, Mrs Ingrid Yeung, at a media session after attending a radio programme to elaborate on initiatives related to the civil service in “The Chief Executive’s 2024 Policy Address” this morning (October 24):

    Reporter: In the Policy Address that was announced last week, the Government will offer three days of childcare leave per year to civil servants with children under three years of age, and they are allowed to leave early for more festivals. Is it actually possible to add more leave for civil servants, and what are the concerns for the Government in increasing the number of leave? As well as the civil servant shortage, the figure stood at around 10 per cent as of June this year. Is the Government worried about this and why this is the case? 

    Secretary for the Civil Service: For childcare leave, we have to balance our operational need with the introduction of more family-friendly measures. I think, as a start, we have to be prudent and so we have decided that we will offer three days per year for each child under three  years of age who needs more care by their parents. We will review how this works out and see if there is room for improvement or whether it really affects our work seriously. We cannot tell at the present moment as it is a new measure but we will review this after it has implemented for some time.

         As for the vacancy rate, we are proceeding with full force our recruitment efforts. But at the same time, I would also say that we will also be very careful with the use of manpower. One of our measures, in fact this year in the Policy Address, is to see if technological solutions can be introduced to make better use of existing manpower, whether processes can be streamlined, whether priorities can be changed to make better use of existing manpower. Making better use of existing manpower, or reducing the need for manpower we involve in labour intensive jobs by applying more technological solutions, are also ways of dealing with the present vacancy rate. 

    Reporter: From the Government observation, what are the possible reasons behind the vacancy rate of around 10 per cent?

    Secretary for the Civil Service: In the past few years, we have seen a high retirement wave. It is simply because of the age of civil servants. And also the number of graduates is not as many as decades ago. So we have to really compete for talents. We have seen that Hong Kong has a very low unemployment rate. The unemployment rate is almost telling us that there is full employment in Hong Kong so we really have to compete fiercely with the private sector, with other employers, for talents. So these are all the reasons contributing to a higher vacancy rate or needing more time to recruit the manpower that we need.

    (Please also refer to the Chinese portion of the remarks.)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Appointments to Arboriculture and Horticulture Industry Development Advisory Committee announced

    Source: Hong Kong Government special administrative region

    Appointments to Arboriculture and Horticulture Industry Development Advisory Committee announced
    Appointments to Arboriculture and Horticulture Industry Development Advisory Committee announced
    ******************************************************************************************

         The Development Bureau (DEVB) announced today (October 24) the appointment of 12 individuals and two institutions as non-official members to the Arboriculture and Horticulture Industry Development Advisory Committee (AHIDAC) for a new term until May 31, 2026.      The new members are Mr Ray Ching Wai, Dr Alvin Tang Ming-chak and Ms Florence Tsui Ho-fun. The reappointed members are Professor Leslie Chen Hung-chi, Mr Kingsley Choi Lim-cho, Mr Daniel Ho Tat-pui, Ms Iris Hoi, Mr Lai Ka-ming, Dr Allen Lim Miaw-shin, Mr Victor Man Kwok-hing, Mr Chiky Wong Cheuk-yuet, Dr Peter Yau as well as the representatives of the Construction Industry Council and the Vocational Training Council.     A spokesman for the DEVB said, “The AHIDAC comprises experienced academics, practitioners and vocational trainers from trade associations, unions and professional groups in the industry as well as higher education and vocational training institutions. The Committee offers multiple perspectives and valuable insights on issues related to the industry’s development.”     Appointed by the Secretary for Development, members of the AHIDAC advise the DEVB on issues related to the Registration Scheme for Tree Management Personnel, the Study Sponsorship Scheme and Trainee Programme under the Urban Forestry Support Fund, as well as the development and manpower supply and demand situation of the arboriculture and horticulture industry.           The membership of the new term of the AHIDAC is set out below:Chairperson————–Deputy Secretary for Development (Works) 1Non-official members (individuals)——————————————-Professor Leslie Chen Hung-chiMr Ray Ching Wai *Mr Kingsley Choi Lim-choMr Daniel Ho Tat-puiMs Iris HoiMr Lai Ka-mingDr Allen Lim Miaw-shinMr Victor Man Kwok-hingDr Alvin Tang Ming-chak *Ms Florence Tsui Ho-fun *Mr Chiky Wong Cheuk-yuetDr Peter YauNon-official members (institutions)——————————————-Construction Industry CouncilVocational Training Council Official members——————-Head of Greening, Landscape, and Tree Management Section, DEVBRepresentative of Education BureauRepresentative of Agriculture, Fisheries and Conservation DepartmentRepresentative of Highways DepartmentRepresentative of Housing DepartmentRepresentative of Leisure and Cultural Services Department* New non-official members

     
    Ends/Thursday, October 24, 2024Issued at HKT 12:00

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Updated IT rules explained

    Source: Hong Kong Information Services

    The latest version of the Government’s IT Security Guidelines aims to strengthen the security barrier of its internal information network system and does not involve a “blanket ban” on the use of relevant communication tools, the Digital Policy Office has said.

    The office made a statement in response to media enquiries concerning the use of personal webmail, public cloud storage and the web versions of instant messaging services.

    In its updated guidelines, issued in April, the office reminded all bureaus and departments that use of such utilities and services on desktop computers connected to the government internal network by their staff will, in the face of increasingly severe cyber threats, bring potential information security risks, and that these must be well managed.

    Accordingly, the office formulated security guidelines for the use of desktop computers connected to the Government’s internal network systems, whereby staff have to obtain the approval of departmental management before using personal webmail, public cloud storage and instant messaging services on desktop computers connected to internal networks.

    Based on operational needs, bureaus and departments were given the chance – during a six-month adaptation period following the promulgation of the guidelines – to implement contingencies such as providing staff with mobile devices or designated computers that are isolated from internal systems, so that they might continue using personal webmail, public cloud storage and instant messaging services, or dedicated application systems developed by the bureaus or departments concerned.

    The statement by the office said the guidelines aimed to strengthen the security of the Government’s internal information network system, and stressed that they do not restrict or affect the use of services such as WhatsApp, WeChat and other commonly used instant messaging apps by staff on mobile phones and devices, or on desktop computers that are independent of the Government’s internal network system.

    Emphasising that there is no “blanket ban” on the use of relevant communication tools, the office said the requirements do not apply to computer systems or communication devices that are not connected to the Government’s internal network, such as on-campus systems in government schools.

    Since the guidelines were promulgated in April, the office has arranged a number of sessions to brief bureaus and departments on the various requirements and technical solutions, and has provided technical advice to facilitate compliance and the formulation of implementation plans within the six-month period.

    The office said it will continue to provide support to bureaus and departments, including through arranging more briefing sessions and sharing technology solutions, and will work with them to safeguard the Government’s information system and network security.

    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: Ombudsman – Banking disputes scheme gets high mark in independent review

    Source: Banking Ombudsman

    25 October 2024 – The Banking Ombudsman Scheme has scored highly in an independent evaluation of its operations, a report by the reviewer released today shows.

    Consultant Deborah Hart, who conducted the five-yearly review, found the dispute resolution scheme met its terms of reference, strategic objectives and legislative requirements, the last of which concern its accessibility, independence, fairness, accountability, efficiency and effectiveness.

    “Overall, this is very positive report card,“ said Banking Ombudsman Nicola Sladden. “It confirms that we are make a valued and credible contribution to a fair banking sector.”

    The review rated the scheme highly for its dispute resolution work and ability to pinpoint the causes of complaints and share insights with banks and others to improve the overall banking experience.

    It also acknowledged the scheme’s rigorous and credible approach to reaching decisions, noting that the scheme had satisfactorily implemented the recommendations of the last review, which Ms Hart also conducted.

    Ms Sladden said the review made 11 recommendations, all of which the scheme agreed with and was either already implementing or considering how to implement.

    She said the scheme was committed to continuously improving how it worked, and the report would help in that effort.

    “We know there are areas where we can improve as we grow in size and face increasingly complex cases, especially those relating to fraud and scams, which continue to make up a large share of our workload.

    “We will continue to work with government agencies, regulators, banks and consumer groups to ensure fair outcomes in a cost-effective and transparent way.”

    A copy of the review is available here: 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Health – New Zealand’s Blood Cancer Medicine Gap

    Source: Leukaemia and Blood Cancer New Zealand

    The Cancer Control Agency’s medicine availability report, released today, has shone a spotlight on the gap in access to critical medicines to treat New Zealanders with blood cancer. The report reveals 12 medicines funded in Australia but not New Zealand that would provide substantial clinical benefit to blood cancer patients here. Six medicines that significantly improve survival and quality of life for patients are either on Pharmac’s funding waiting list or are in the assessment process.
    Impact on Blood Cancer Patients
    Blood cancer patients are unique in that there are no prevention or screening options available to them. Their survival is primarily dependent on access to effective medicines and treatments, such as those detailed in this report. Blood cancer is the third leading cause of cancer-related death in New Zealand, with more than 21,000 New Zealanders living with a blood cancer.
    Ministerial Commitments
    In 2023, Health Minister Shane Reti (in his previous capacity as health spokesperson) reassured blood cancer patients they would not be forgotten when it came to accessing modern medicines. At the time, when questioned on blood cancer patients, he said, ” We understand, we haven’t forgotten you… we just need that piece of work to be done by the Cancer Control Agency.” That ‘piece of work’ has today been released and the onus remains on the Government to act on its findings and ensure that blood cancer patients are not left behind.
    Call to Action
    Tim Edmonds, CEO of Leukaemia & Blood Cancer New Zealand, said: “We call on the Government to deliver on their promises to blood cancer patients, and to act swiftly to fund the six medicines that have been identified by the Cancer Control Agency and sit with Pharmac awaiting funding. If we fail to act, the Government is sending a devastating message that closing gaps in priority cancer medicines access is happening with blood cancer patients excluded.”
    Background
    This gap echoes the findings of a similar 2022 report, which focused on solid tumour cancer and identified medicines that would offer significant clinical benefit to New Zealander if funded. That report triggered the pre-election promise by the National Party to fund 13 cancer medicines. Pharmac subsequently received a $604 million budget uplift to provide certainty of access for solid tumour cancer patients.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Greenpeace – Seabed mining sinks offshore wind industry

    Source: Greenpeace

    Greenpeace says the decision by an offshore wind developer to cancel its plans for wind farms in New Zealand due to conflict with a seabed mining project included in the Fast Track demonstrates just how regressive the new legislation is.
    Spanish offshore wind developer BlueFloat Energy has announced it will no longer pursue its plans for wind farms off the coast of Taranaki and Waikato, citing uncertainties around seabed allocation.
    The South Taranaki Bight is the area where the Australian-owned wannabe seabed miner Trans-Tasman Resources intends to gouge out tens of millions of tonnes of sand every year for 35 years, and the wind energy industry has previously said that would be incompatible with offshore wind farms.
    Greenpeace seabed campaigner Juressa Lee (Te Rarawa, Ngāpuhi, Rarotonga) says: “The offshore wind industry warned the government that seabed mining was fundamentally incompatible with offshore wind farms, but they went ahead anyway, and now we all pay the price.
    “Including Trans-Tasman Resources on the list of projects for Fast Track Approvals highlights the Luxon government’s unhealthy fixation on extractive industries and fossil fuels.
    “At the same time as the Luxon Government is closing the door on a renewable energy industry, they’re talking about opening up new oil and gas exploration and building a fossil gas importation terminal. It’s straight-out climate denial,” says Lee.
    Trans-Tasman Resources has been seeking to mine 50 million tons of sand every year in the South Taranaki Bight for 35 years. For over a decade, it has faced stiff opposition from marine experts, local iwi, community, and environmental groups.
    Since initially getting consent in 2017, TTR has had that consent quashed by three courts, with the Supreme Court finally sending it back to the EPA, requiring the company to prove it will cause no material harm.
    TTR pulled out of that EPA hearing in March this year, soon after the fast-track bill was announced and then confirmed that they had been invited by the coalition government to apply to have their seabed mining project fast-tracked.
    Seabed mining would be a significant threat to marine life, including blue whales, Māui and Hector’s dolphins, little blue penguins, and critical fishing grounds.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: First Responders – Waikato wetland fire update #11

    Source: Fire and Emergency New Zealand

    Drone crews will be in operation at the Whangamarino wetlands fire near Meremere overnight to identify and monitor hotspots.
    The fire has not grown in size throughout Thursday, with aircraft used to extinguish hotspots this afternoon.
    Mapping of the fireground will continue and may result in further refinement of the fire size.
    Incident Controller Mark Tinworth says ground crews and air operations will again be in action on Friday to monitor and extinguish hotspots.
    “Due to the nature of this fire and where it is burning, it will take some time to extinguish it completely.
    “Although the fire is still under control, there may still be some visible fire activity from the fire ground and smoke in the area, don’t be alarmed.
    “At this stage, ash and debris has been confined to the fire ground.”
    Fire investigators are continuing to work to determine the cause of the fire.
    There will be cordons in place tomorrow on Island Block Road and Falls Road between 8am and 6pm for residents’ access only.
    This is the final update for today. The next update will be around 10am tomorrow.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Wine Sector – Appellation Marlborough Wine: Annual Collection 2024

    Source: Appellation Marlborough Wine

    The 2024 Appellation Marlborough Wine (AMW) Annual Collection has been unveiled, celebrating the pinnacle of Marlborough Sauvignon Blanc. Now in its third year, the Collection provides wine enthusiasts an opportunity to explore a diverse array of styles, each shaped by the unique sub-regions and the winemaking expertise of Marlborough.
    “AMW’s Annual Collection continues to recognise and celebrate world-class Marlborough Sauvignon Blanc,” says Michael Wentworth, CEO of AMW. “The 2024 Collection highlights our member’s dedication to quality, expression of our region’s unparalleled terroir, and to winemaking craft.”
    This year’s collection was judged by an esteemed panel, including Stephen Wong MW, Elaine Chukan Brown (Wine Enthusiast), and Paul Stringer (Moore Wilson), bringing global expertise across education, media, on-trade, and retail sectors. “We are thrilled to have worked with such a distinguished group of judges,” says Mike.
    The panel evaluated over 75 current vintage Sauvignon Blancs, selecting a top 12 that reflects the region’s unique vineyard sites and winemaking styles.
    Chair of the judging panel, Stephen Wong MW, remarked: “2024 was a solar vintage with very expressive but also beautifully balanced fruit. The wines have breezy ease and effortless drinkability, even this early on. When making the selection, the judges found it hard to ignore the charming 2024 expression even if the standard of many 2023 wines in the ‘alternative’ category were impressive. From what we tasted, producers should be proud of how complex and sensitively handled many wines were.”
    THE APPELLATION MARLBOROUGH WINE ANNUAL COLLECTION 2024:
    – Ahi Kā Blackmore Sauvignon Blanc 2024 (Dillons Point, Lower Wairau Valley)
    – Astrolabe Marlborough Sauvignon Blanc 2024 (Marlborough)
    – Auntsfield Natures Path Sauvignon Blanc 2024 (Ben Morven, Southern Valleys)
    – Dog Point Vineyard Sauvignon Blanc 2024 (Southern Valleys, Wairau Valley)
    – Georges Michel Sauvignon Blanc 2024 (Lower Wairau Valley)
    – Huia Sauvignon Blanc 2024 (Wairau Valley)
    – Isabel Single Vineyard Sauvignon Blanc 2024 (Wairau Valley)
    – Nautilus Sauvignon Blanc 2024 (Marlborough)
    – Pretty Paddock Sauvignon Blanc 2024 (Lower Wairau Valley)
    – ROHE Blind River Sauvignon Blanc 2024 by Rapaura Springs (Blind River)
    – Starborough Sauvignon Blanc 2024 (Awatere Valley)
    – Whitehaven ‘Block 11’ Barrel Fermented Sauvignon Blanc 2023 (Rapaura, Central Wairau Valley)
    Wines from the 2024 AMW Annual Collection are all current releases. Wine enthusiasts are encouraged to contact their preferred retailers or the wineries directly for availability.
    ABOUT APPELLATION MARLBOROUGH WINE (AMW):
    Appellation Marlborough Wine (AMW) was founded in 2018 to protect the integrity and reputation of Marlborough wines by ensuring they meet the highest standards of quality, provenance, and sustainability. Only wines that meet AMW’s stringent certification process carry the AMW mark, guaranteeing 100% Marlborough origin, certified sustainable vineyards, and exclusive bottling in New Zealand.
    AMW certification assures consumers of the following:
    – Origin: Wines are made exclusively from grapes grown in Marlborough’s defined viticultural areas.
    – Authenticity: Wines are bottled only in New Zealand, preserving their pure Marlborough expression.
    – Integrity: Wines meet rigorous quality standards and pass independent blind tastings to ensure they reflect Marlborough’s unique terroir and winemaking excellence.
    – Sustainability: All vineyards are certified by recognized sustainable viticulture programs, supporting the long-term health of Marlborough’s environment and communities.
    With over 55 members, including some of Marlborough’s most iconic producers, AMW represents a commitment to protecting and enhancing the region’s global reputation for producing world-class wines. Look for the AMW mark as a guarantee of authenticity and excellence.
    For more information, visit www.appellationmarlboroughwine.co.nz

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Culture – Auckland Museum marks He Rā Maumahara with launch of refreshed New Zealand Wars Gallery

    Source: Auckland Museum

    Open now, ahead of He Rā Maumahara, the National Day of Commemoration for the New Zealand Wars on Monday 28 October, Auckland Museum presents Atarau: Stories of the New Zealand Wars, a refreshed gallery exploring the wars’ lasting impact on Aotearoa.

    In 1996, Auckland Museum introduced a dedicated New Zealand Wars gallery with a historic exhibition that was the first major museum presentation of the Wars from both Māori and Pākehā perspectives. 

    Atarau: Stories of the New Zealand Wars introduces new insights into the events that shaped our nation, incorporating taonga, contemporary artworks, and diverse viewpoints that encourage reflection on the complex legacies of the wars and their lasting influence on society today. It now builds on the Museum’s commitment to multiple perspectives on these pivotal conflicts.

    The exhibition has been curated by Dr Rowan Light and Nigel Borell. It comes as part of a wider research and development programme, responding to both commemorative and curriculum changes addressing the New Zealand Wars in Aotearoa.

    Rowan Light, New Zealand Wars Project Curator says, “Atarau invites visitors to connect with the past while the Museum moves toward a longer-term gallery refresh. It is an important step in creating a space where people can engage with the deep, often difficult history of the New Zealand Wars.”

    “The title Atarau carries many connotations,” says Nigel Borell, Curator Taonga Māori. “‘Ata’ can mean shadow, early dawn, reflection; ‘rau’ can mean many, leaf, or indefinitely. Together, Atarau plays on themes of clarity and shadow – revealing what may have been obscured by time and bringing new perspectives into the light. It is an invitation to look at our shared history with fresh eyes, understanding the many facets of our past.”

    The refreshed gallery includes contemporary artworks by Maureen Lander (Ngāpuhi), Haare Williams (Ngāi Tūhoe and Te Aitanga-a-Mahaki), Kingsley Baird, Richard Lewer, Bryce Brown, Ria Hall (Ngāi Te Rangi, Ngāti Ranginui, Tuwharetoa, Te Whānau-a-Apanui), Ati Teepa (Ngāi Tūhoe, Kāi Tahu), and Ngahina Hohaia (Taranaki iwi, Parihaka – Ngāti Moeahu, Ngāti Haupoto). Their artworks reflect on these conflicts and provide dialogue around the legacy of the Wars on the land and its people.

    The exhibition opens just ahead of He Rā Maumahara the National Day of Commemoration for the New Zealand Wars, which was inaugurated in 2017. Auckland Museum will be illuminated on 27 and 28 October in a pounamu green to mark this commemoration, and to provide a link between the exterior of building the newly-refreshed gallery inside.

    Atarau: Stories of the New Zealand Wars is free with Museum Entry and open now.

    ABOUT AUCKLAND WAR MEMORIAL MUSEUM

    Auckland War Memorial Museum is one of New Zealand’s first museums and is free for Aucklanders. The Museum tells the story of New Zealand, its place in the Pacific and its people. The Museum is a war memorial for the province of Auckland and holds one of New Zealand’s top three heritage libraries.

    It has pre-eminent Māori and Pacific collections, significant natural history resources and major social and military history collections, as well as decorative arts and pictorial collections.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Business – Business Canterbury celebrates 165th Annual General Meeting

    Source: Business Canterbury

    Business Canterbury celebrated its 165th Annual General Meeting today, a key milestone for the organisation which has been the home and voice of Canterbury Business since 1859.
    Business Canterbury Chief Executive, Leeann Watson says “Amongst the backdrop of another year of significant change for Business Canterbury and its members, it was great to celebrate the resilience of our members and business community as they navigated what has seemed like an elastic band economy over the last couple of years.”
    “We also took the time to reflect on the results of Business Canterbury’s transformation, with all members now transitioned into our new dynamic member value framework.
    “Business Canterbury has welcomed many new members and introduced several new products and services over the last year, such as our manufacturing and global trade service memberships, the Bold Company news website, our podcast showcasing positive local business stories, Canterbury Trusted initiative, and a new CRM system that allows us to customise our member experience and tailor member engagement and communications.
    “Businesses have been particularly quick to take up our Canterbury Trusted initiative, which sets the standard for business excellence across the region. With the backing of our brand, this award gives businesses that go through a rigorous assessment of their business practices a competitive advantage, helping them stand out as leaders in their industry – a useful tool in today’s operating environment.
    “As the home and voice of Canterbury business, our advocacy work has been more important than ever this year, hosting 17 ministers and providing members with the ability to engage directly on key topics like the economy, health and safety, tertiary education, immigration and more. We will continue to push for policies that foster an environment that promotes innovation, productivity, and sustainable growth.
    “Hayley Hobson was welcomed to the board, and Andrew Logie was awarded with a life membership in recognition of his dedication to Business Canterbury during his 11-year tenure on the board and his significant role in our organisation’s transformation.
    “A special thank you was given to our strategic partners the University of Canterbury, Orion, Westpac, and 2Degrees, who have come on our transformation journey with us to support our members and business community.”
    In the 2024/2025 financial year, Business Canterbury’s focus will be on embedding the final stages of our transformation and turning to growth. With our new products and services, we will continue to support our members and the wider business community for what we predict will be another year of change.
    About Business Canterbury
    Business Canterbury, formerly Canterbury Employers’ Chamber of Commerce, is the largest business support agency in the South Island and advocates on behalf of its members for an environment more favourable to innovation, productivity and sustainable growth.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: FS continues to promote Hong Kong’s new advantages in New York (with photos/video)

    Source: Hong Kong Government special administrative region

         The Financial Secretary, Mr Paul Chan, continued his visit in New York, the United States (US), yesterday (October 23, New York time) to promote Hong Kong’s advantages and opportunities.
          
         Mr Chan attended a luncheon co-hosted by the Hong Kong Economic and Trade Office in New York and the Hong Kong Association of New York, with around 80 representatives from businesses, institutions, chambers of commerce and think tanks present. During the luncheon, Mr Chan delivered a keynote speech and engaged in a discussion with the President of the National Committee on United States-China Relations, Mr Steve Orlins, addressing topics of interest regarding Hong Kong in US political and business circles.
          
         In his remarks, Mr Chan introduced Hong Kong’s latest economic situation and development strategies, particularly new initiatives in key areas such as finance and innovation and technology, policies and achievements related to attracting businesses and talent, and the increasingly close co-operation and collaborative developments with sister cities in the Guangdong-Hong Kong-Macao Greater Bay Area.
          
         Mr Chan stated that the “one country, two systems” arrangement will remain implemented in Hong Kong for the long term. He emphasised that Hong Kong will continue to play its unique role as a “super connector” and “super value-adder,” linking the capital markets and investors of the Mainland and the global community to create value and opportunities for all. He noted that Hong Kong consistently maintains the common law system, upholds the rule of law, provides an open, free, and simple low-tax business environment and protects investors’ rights. Following the implementation of national security legislation, foreign businesses continue to have confidence in Hong Kong, and various international institutions have affirmed Hong Kong’s excellent business environment and competitiveness. Mr Chan highlighted that Hong Kong values the strengthening of relationships with traditional markets and welcomes continued investments from the US business community. The Hong Kong Special Administrative Region Government will continue to present the real situation of Hong Kong through objective facts and data, and maintain communications and connections with the US’s political and business sectors.
          
         In the morning, Mr Chan had breakfast with local political and business figures, followed by a roundtable meeting where he met with local financial and banking professionals to introduce Hong Kong’s latest status and opportunities, and address their questions.
          
         In the afternoon, Mr Chan met with the Acting Consul General of China in New York, Mr Ma Xiaoxiao, to exchange views on China-US economic and trade relations, and co-operation.
          
         Mr Chan will continue his final day of visit in New York today (October 24, New York time).               

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Speech by SITI at Asia Health Innovation Summit of StartmeupHK Festival 2024 (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Asia Health Innovation Summit of StartmeupHK Festival 2024 today (October 24):
     
    Distinguished guests, ladies and gentlemen,
     
         Good morning. It is my pleasure to speak at the Asia Health Innovation Summit, one of the highlights in the five-day StartmeupHK Festival. First of all, thank you for InvestHK and Brinc for bringing us an unparalleled platform to address the pressing health challenges and to push the boundaries of what is possible in life and health technology.
     
         Hong Kong is pressing ahead to become an international innovation and technology (I&T) centre, as well as a health and medical innovation hub. With the rapid advancement of technology, we have been entering unchartered grounds in the life and health field. With five world top-100 universities, two world top-40 medical schools, eight State Key Laboratories and 16 InnoHK research centres which are life and health-related, Hong Kong has world-class research and development (R&D) capability in life and health technology. Hong Kong is one of the world’s leading fundraising hubs for biotechnology companies, and our vibrant start-up scene was ranked first in Asia among the world’s top-100 emerging ecosystems according to the Global Startup Ecosystem Report 2024.
     
         To enhance the local I&T ecosystem, the Hong Kong Special Administrative Region Government has been actively promoting interactive development of the upstream, midstream and downstream sectors. To further promote upstream basic R&D, we will launch a $6 billion worth of subsidy programme to provide funding subsidies for local universities to set up cross-institutional and multidisciplinary life and health technology research institute(s) in Hong Kong. We have also earmarked $3 billion for the implementation of the Frontier Technology Research Support Scheme to accelerate cross-disciplinary researches in various frontier technology fields such as clinical medicine and health as well as gene and biotechnology spearheaded by the eight local UGC (University Grants Committee)-funded universities and renowned scholars from around the world.
     
         Furthermore, we have launched the $10 billion worth of Research, Academic and Industry Sectors One-plus Scheme (RAISe+) last year, to fund research teams from universities with good potential to become successful start-ups to transform and commercialise their outstanding R&D outcomes. Investors here with us today and around the world are welcome to collaborate with the universities in Hong Kong and invest in their RAISe+ projects.
     
         To promote downstream industry development, further to the $10 billion worth of New Industrialisation Acceleration Scheme launched last month, the Chief Executive has announced in his 2024 Policy Address last week to set up another $10-billion I&T Industry-Oriented Fund to form a fund-of-funds to channel more market capital to invest in specified emerging and future industries of strategic importance, including life and health technology. We will also redeploy $1.5 billion under the Innovation and Technology Venture Fund to set up funds jointly with the market, on a matching basis, investing in start-ups of strategic industries to further enhance Hong Kong’s start-up ecosystem. By pooling together government resources and market investment, we hope to provide greater momentum to our burgeoning life and health technology industry.
     
         By giving Hong Kong’s unique advantages full play, we are confident in pooling together global innovation resources to accelerate the development of life and health technology, constructing a more comprehensive and globally competitive I&T industry chain through concerted efforts. We envision a future where the technology seamlessly integrates with healthcare to improve quality of life for all. I look forward to many more collaborations with our neighbouring Asian cities on this front.
     
         Thank you and have a great day.

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: 229-2024: Australian Fumigation Accreditation Scheme: treatment provider ‘under review’, M/s Bureau Veritas (I) Pvt. Ltd. (AEI: IN0442MB)

    Source: Australia Government Statements – Agriculture

    24 October 2024

    Who does this notice affect?

    Stakeholders in the import and shipping industries—including vessel masters, freight forwarders, offshore treatment providers, Biosecurity Industry Participants, importers, customs brokers, principal agents and master consolidators.

    What has changed?

    Following the identification of biosecurity concerns, the department has listed M/s Bureau Veritas (I) Pvt. Ltd. (AEI: IN0442MB) as under review from the Australian…

    MIL OSI News –

  • MIL-OSI Australia: 230-2024: List of treatment providers: treatment provider suspended – Efes Group Loj.Ikl.Ilc.Gida Ve Hayv.San.Ti.Ltd.Instanbul Subesi (AEI: TR4040SB).

    Source: Australia Government Statements – Agriculture

    24 October 2024

    Who does this notice affect?

    Stakeholders in the import and shipping industries—including vessel masters, freight forwarders, offshore treatment providers, Biosecurity Industry Participants, importers, customs brokers, principal agents and master consolidators.

    What has changed?

    Following identification of critical non-compliance, we have suspended Efes Group Loj.Ikl.Ilc.Gida Ve Hayv.San.Ti.Ltd.Instanbul Subesi (AEI: TR4040SB) on the…

    MIL OSI News –

  • MIL-OSI Economics: Voting Set to Open for Next ADB President

    Source: Asia Development Bank

    News Release | 24 October 2024
    Read time: 1 min

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    MANILA, PHILIPPINES (24 October 2024) — The Asian Development Bank (ADB) has officially closed the nomination period for its next President, with voting by ADB’s Board of Governors set to begin on 28 October 2024.

    ADB Presidents are nominated from among its regional members and elected by the Board of Governors. Nominations for this election were accepted from 24 September to 23 October 2024.

    Mr. Masato Kanda, currently Special Advisor to Japan’s Prime Minister and Minister of Finance, is the sole candidate for the position. Read his vision statement.

    Governors will be invited to cast their votes on Mr. Kanda’s candidacy by 27 November 2024. The outcome will be announced on 28 November 2024.

    Read more about the election process.

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

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    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Over 200 school bands and orchestras to perform at Hong Kong Youth Music Interflows

    Source: Hong Kong Government special administrative region

    Over 200 school bands and orchestras to perform at Hong Kong Youth Music Interflows
    Over 200 school bands and orchestras to perform at Hong Kong Youth Music Interflows
    ***********************************************************************************

         The 2024 Hong Kong Youth Music Interflows organised by the Music Office of the Leisure and Cultural Services Department (LCSD) will be held from November 21 to December 12. More than 200 orchestras and bands (String Orchestra, Symphony Orchestra, Symphonic Band and Chinese Orchestra) from local primary and secondary schools will participate in the interflows, exchanging through observing.      More than 50 orchestras will take part in the four classes of the String Orchestra Interflow at the Auditorium of the Yuen Long Theatre on November 21 and 22.     Over 40 orchestras will perform in the Symphony Orchestra Interflow, with four classes to be held at the Concert Hall of the Hong Kong Cultural Centre on November 25 and 26.     Over 70 bands will take part in the six classes of the Symphonic Band Interflow at the Arena of Queen Elizabeth Stadium from December 3 to 6. The top two Gold Award Winners of each class in the Symphonic Band Interflow (if awarded) will be invited to compete for the Tom Lee Cup in the primary and secondary school categories at the Symphonic Band Extravaganza on December 7. Renowned Hungarian trombone virtuoso Ádám Mester, together with the Hong Kong Youth Symphonic Band, will guest perform at the Symphonic Band Extravaganza.     Over 70 orchestras will participate in the six classes of the Chinese Orchestra Interflow at the Auditorium of Tuen Mun Town Hall from December 10 to 12.      Tickets for the String Orchestra Interflow are now available at URBTIX (www.urbtix.hk). Those for the Symphony Orchestra Interflow, the Symphonic Band Interflow and Extravaganza will be available from October 28 and November 5 onwards respectively, while those for the Chinese Orchestra Interflow will be available from November 12 onwards. Tickets for each performance are priced at $70. For the String Orchestra Interflow (primary school classes), each person can purchase a maximum of two tickets each time. For telephone bookings, please call 3166 1288. For programme enquiries, please call 2158 6467 (String Orchestra Interflow and Symphony Orchestra Interflow), 2596 0898 (Symphonic Band Interflow) or 2796 1003 (Chinese Orchestra Interflow) or visit www.lcsd.gov.hk/en/mo/activities/musicactivities/hkymi/2024hkymi.html.     The Chinese Orchestra Interflow under the 2024 Hong Kong Youth Music Interflows is one of the activities in the Chinese Culture Promotion Series. The LCSD has long been promoting Chinese history and culture through organising an array of programmes and activities to enable the public to learn more about the broad and profound Chinese culture. For more information, please visit www.lcsd.gov.hk/en/ccpo/index.html.

     
    Ends/Thursday, October 24, 2024Issued at HKT 12:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Speech by SITI at Cyberport Venture Capital Forum 2024 (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Cyberport Venture Capital Forum 2024 today (October 24):Simon (Chairman of the Board of Directors of the Hong Kong Cyberport Management Company Limited, Mr Simon Chan), Hendrick (Chairman of the Cyberport Investors Network Steering Group and Chairman of the Committee of the Artificial Intelligence Subsidy Scheme, Mr Hendrick Sin), Duncan (Legislative Council Member, Mr Duncan Chiu), distinguished guests, ladies and gentlemen,     Good morning. It is my great pleasure to join you at this year’s Cyberport Venture Capital Forum (CVCF).       True to its name, CVCF has been “connecting visionaries and cultivating the future”. It gathers the brightest minds from the innovation and technology (I&T) and the venture fund worlds, to brainstorm fresh ideas and approaches on how to support our start-ups in generating more breakthroughs and new solutions.       I&T is the pivotal force to unlock new pathways for economic growth and societal advancement of our country and Hong Kong. At the Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC Central Committee) held in July this year, the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization also placed emphasis on Chinese modernisation by supporting technological innovation and developing new quality productive forces.       This resonates with our theme today, “Innovation Challenger: Building New Venture Visions”, highlighting the indispensable role of venture financing to our I&T development.     Cyberport epitomises the importance of venture capital to start-up development. The Cyberport community has attracted over $41 billion of investment, with startups securing more than $3 billion of funding last year alone. The Cyberport Investors Network, which comprises over 200 investment units including venture capital funds, private equity funds and family offices, has been a booming powerhouse, driving over $2.59 billion investment for start-ups over years.     Our work does not stop there. To inject impetus into our I&T ecosystem, the Chief Executive announced a series of new and exciting I&T initiatives in his Policy Address last week. Let me share with you some of the key highlights.      We will set up a $10 billion I&T Industry-Oriented Fund to channel more market capital to invest in specified emerging and future industries of strategic importance, including but not limited to artificial intelligence, robotics and smart devices. We will also optimise the existing Innovation and Technology Venture Fund by redeploying $1.5 billion to set up funds jointly with the market on a matching basis to invest in Hong Kong’s start-up ecosystem.     Besides, we will also launch the Pilot I&T Accelerator Scheme which aims to attract professional start-up service providers with proven track records from local and outside Hong Kong to set up accelerator bases in Hong Kong, thereby fostering the robust growth of start-ups.       The close collaboration among the Government, industry, academia, research and investment sectors is the cornerstone of our I&T development which is poised to reach new heights. Let us join hands in turning a new chapter in the ever-evolving technology realm.       In closing, may I take this opportunity to express my thanks to each and every one of you who brings so much food for thought to Cyberport and the dynamic technology landscape of Hong Kong. I wish everyone here today a most fulfilling exchange. Thank you very much.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Fighting in a public place case in Yuen Long reclassified as murder

    Source: Hong Kong Government special administrative region

         Police reclassified as murder a fighting in a public place case in Yuen Long on October 17.

         At 5.31pm on October 17, Police received a report that two men were fighting with each other outside a public toilet at Hong King Street.

         Police officers sped to the scene and found a man lying on the ground. Sustaining head injuries, he was rushed to Pok Oi Hospital in a conscious state.

    Initial investigation revealed that the two men disputed over trivial matters and shoved each other. One of the men, aged 68, was allegedly pushed over by another man, aged 73, and fell on the ground. They were both arrested for fighting in a public place, and the 73-year-old man was later released on police bail.

         The 68-year-old man was transferred to Tuen Mun Hospital for medical treatment on the same day. He was subsequently certified dead at 4.51pm on October 18.

    Upon further investigation, Police reclassified the case as murder. A post-mortem examination will be conducted later to ascertain the cause of death.

         Police further arrested the 73-year-old man in Yuen Long for murder yesterday (October 23). He is being detained for enquiries.

         Active investigations by the District Crime Squad of Yuen Long are under way. Anyone who witnessed the case or has any information to offer is urged to contact the investigating officers on 3661 4618.

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Australia’s Indian Ocean Territories: Like nowhere else in Australia

    Source: Australian Ministers 1

    From endemic wildlife to iconic turquoise waters, the Indian Ocean Territories (IOT) are like nowhere else in Australia. Located over 2600km from mainland Australia, the IOT, comprising Christmas Island and the Cocos (Keeling) Islands, are home to some of our most remote communities – with unique challenges and opportunities. 

    UNIQUE SIGNIFICANCE

    In a region that has some of the world’s fastest-growing economies, the location of these external territories is of strategic importance to Australia, and how we continue to build stronger ties with our Indo-Pacific partners.

    The IOT play a key role in supporting India’s international space project, with Cocos (Keeling) to host a critical temporary satellite tracking facility for the Gaganyaan manned spacecraft missions.

    Utilising the islands’ unique position on the missions’ flightpaths represents a new phase in Australian and Indian space cooperation, fostering closer collaboration on space research, exploration and development.

    RESILIENCE, ADAPTABILITY & PREPAREDNESS

    As Minister for Territories, I am focused on building on-island capacity, which starts with utilising the resourcefulness of local communities to respond to local challenges.

    Our recent investment in Innovative Agricultural Trials demonstrated the benefits of growing produce on-island, which would reduce the reliance on importing fresh food.

    Our expansion of the Northern Australia Infrastructure Facility’s remit to cover the IOT will support unlocking more opportunities at our doorstep. 

    With climate change and natural disasters front of mind in the IOT, the Albanese Government is assisting these communities with their resilience, adaptability and preparedness, by rolling out our Disaster Ready Fund. 

    Extending the Government’s Energy Bill Relief Fund to the IOT – the first time non-self-governing territories have been able to access a Commonwealth Government rebate – also demonstrates our commitment to easing cost-of-living pressures and supporting local businesses to grow.

    A TRUE NATIONAL TREASURE

    And, of course, this region is critical to the defence of our nation, which is why the Albanese Government is investing in Australian Defence Force bases across our north, in addition to infrastructure improvements for the Cocos (Keeling) Islands airfield, to better support maritime operations. 

    From strengthening our bilateral relations, supporting multilateral defence activities and offering travellers from around the world a unique experience, the diversity of the IOT cements this region as a true national treasure.

    It is home to some of the world’s most precious environments, deep cultural history, and opportunities that the Albanese Government does not want to pass by. We will continue working with communities in the IOT and key stakeholders to leverage the potential of this region, and to support a sustainable future.

    MIL OSI News –

  • MIL-OSI Australia: RadComms 2024 – Melbourne

    Source: Australian Ministers 1

    Good morning,

    Thank you Chair, Nerida O’Loughlin (PSM) for your introduction and inviting me to speak.
     
    Good morning to all the Authority Members & hardworking staff of the ACMA, and the industry here today.
     
    Some of you may be aware that ACMA Deputy Chair, Creina Chapman, who has expertly held the position since 2018, is retiring and not seeking reappointment.
     
    Creina, over the past six years, you have made an outstanding contribution to the ACMA and Australia’s communications and media landscape.
     
    You have contributed to reforms that have made a real difference to connectivity and consumer safety. And you have always conducted yourself with kindness and compassion.
     
    Thank you for brining your intellect & integrity to this very important role. You have made this regulator stronger.
     
    I am pleased to be here for RadComms 2024, which is exploring the contribution of the digital economy and spectrum to a better-connected Australia.
     
    I acknowledge the Traditional Owners – the Wurundjeri people of the Kulin Nation. I pay respect to elders past and present.
     
    I extend this to First Nations people in attendance, including Associate Professor Lyndon Ormond-Parker, Co-Chair of the First Nations Digital Inclusion Advisory Group, established by the Albanese Government.
     
    Dr Ormond-Parker and Co-Chair, Dot West (OAM), have expertly led the Advisory Group, engaging many First Nations communities – indeed many of you in this room.
     
    The Advisory Group’s initial report to Government is the culmination of this.

    It has been insightful as to how – in partnership with First Nations peoples – we can support digital inclusion.
     
    Our Government is delivering on key recommendations of the report, including  free community Wi-Fi in around 20 remote communities, to provide better opportunities for education and training, employment and jobs, and improved access to essential services and information.
     
    We have also established a digital support hub and network of digital mentors, and improving the national collection of data on First Nations digital inclusion.
     
    It is wonderful to address RadComms for a second time as Communications Minister.
     
    The theme of this year’s event is: Supporting the present, empowering the future.
     
    It is an opportunity to explore how spectrum can deliver the applications and technologies that will shape our future.
     
    Telecommunications, technology, broadcasting and the media is evolving fast.
     
    Our connectedness and economic prosperity as a country hinges on how we best manage this transition.
     
    Managing radiofrequency spectrum, and regulating services in this fast-changing environment presents some challenges.
     
    But by mitigating risks, embracing technological change, and supporting business certainty, we can foster the opportunities.
     
    At RadComms 2022, I spoke about the importance of stability and predictability around radiofrequency spectrum management.
     
    We allocated close to $28 million to support the ACMA’s delivery of a modernised spectrum management system and a new auction capability.
     
    Building on the theme of stability and predictability, today I will discuss how the Albanese Government’s approach is supporting industry and consumers.
     
    Labor’s vision is for Australia to become the most connected continent on earth. And we can’t do this without the efficient use of spectrum.
     
    Spectrum licences across a number of highly important bands are due to expire from 2028 to 2032.  Industry needs sufficient time to plan and deploy communications services using that spectrum.
     
    It is the role of Government to provide clarity to licensees, and potential licensees, through our policy objectives.
     
    This is why I issued a Ministerial Policy Statement on Expiring Spectrum Licences to the ACMA in April.
     
    This aims to provide the ACMA with a strategic direction in reaching its decisions throughout the expiring spectrum licence process, and ensuring outcomes are in the long-term public interest.
     
    The Statement sets out the Albanese Government’s key communications policy objectives, including capacity for sustained investment and innovation.
     
    For improved connectivity and investment in regional, rural and remote areas.
     
    And the key objective of better services in the long-term interests of consumers.
     
    The Albanese Government’s $1.1 billion Better Connectivity Plan for Regional and Rural Australia has made significant inroads into improving mobile coverage across the country. 
     
    More efficient spectrum use is central to the significant upgrades we are delivering across the National Broadband Network: from fibre to fixed-wireless and Sky Muster.
     
    In addition to our $2.4 billion investment in fibre to 1.5 million more premises, we have invested $480 million to deliver better, faster fixed wireless broadband to regional communities.
     
    This, in turn, is improving the customer experience for those on Sky Muster, which is now unmetered thanks to the Albanese Government.
     
    We are delivering the quality communications infrastructure Australians rightly expect and deserve across the technology mix. And we are doing this on time and on budget.
     
    A further development that is making a positive impact is the increasing role that tower infrastructure operators are playing in bringing innovations to the market, like spectrum-sharing projects in regional areas.
     
    Investments by industry in the expanding peri-urban areas will help keep pace with ever growing community demand for mobile connectivity.
     
    Our Peri-Urban Mobile Program – PUMP – and reforms to new housing estate deployments, demonstrates how Government and industry can work together to deliver on community connectivity expectations.     
     
    But there are still areas, and communities, that experience poor, inadequate or even no mobile service. We know that mobile connectivity is not widely available in many First Nations communities, for example, or even on the outskirts of major regional towns.
     
    We have received this feedback from the First Nations Digital Inclusion Advisory Group and the Regional Telecommunications Independent Review Committee. I look forward to receiving the Committee’s final report to Government later this year.
     
    When we talk about connectivity, we are also talking about the quality of service.
     
    I am hearing from people living and working in rural and regional areas that while their device may display reception bars, congestion and capacity issues often translate into slow connections and limited capability beyond basic text and voice functionality.
     
    In other words, their smart phones and devices are anything but.
     
    The Ministerial guidance I provided to the ACMA regarding the management of expiring spectrum licences was purposefully broad in scope.
     
    It encourages the ACMA to develop a considered view on the use of alternative licensing conditions in its expiring spectrum licence process. For example: 

    • rollout or deployment commitments;
    • harnessing spectrum and infrastructure-sharing efficiencies; and
    • innovative approaches to connecting the perpetually under-connected – First Nations, regional and remote communities.

    Today’s digital, technological and market environment is starkly different to that of 15 years ago, when expiring licences were first issued.
     
    And it continues to evolve.
     
    The Ministerial Guidance to the ACMA is ambitious, and it forms part of our broader objective to set Australia up to become the most connected continent.
     
    As we work towards this future, we must also consider what lies ahead for television broadcasting.
     
    I am on the record & I reiterate it here – I believe in the broadcasting platform.

    A central goal of our media reform program is to support the important role of free-to-air television broadcasting in Australian society.
     
    This is demonstrated through the prominence framework the Albanese Labor Government legislated and our reforms to the anti-siphoning scheme.
     
    Free-to-air television services are integral to our media ecosystem: 

    • they are the conduits for Australian stories;
    • they are the trusted source of news to millions; and
    • they provide the sporting moments that define our national psyche. 

    But there is significant uncertainty as to what television broadcasting will look like in 10, or 20 years.
     
    What we can be sure of, is that it will not be what it is now.
     
    Audience and technology trends are clear. There is an ongoing shift from linear content consumption to on-demand.
     
    But – that does not mean a ‘lights out’ moment for broadcasting. We know most Australians are hybrid users, utilising on-demand services alongside linear consumption.
     
    And terrestrial and satellite broadcasting networks can do things that are still not possible in the online environment in terms of reliability and service provision.
     
    There is an essential and ongoing role for broadcasters in our media future, but broadcasting must change.
     
    A sustainable future for broadcasting will require changes to the way in which broadcasters operate and the way they reach their audiences.
     
    Choices will need to be made now if we are to realise that future.

    Free-to-air television broadcasting is entering a period of unmanaged transition.
     
    Consumer consumption preferences and falling revenue are – despite deep cost cutting initiatives – putting some broadcasters in a position where they can’t keep the doors open, for certain services.
     
    We saw this with the closure of Mildura Digital Television in July.
     
    If we stay on this unmanaged pathway, these trends will continue: more service closures in remote and regional markets, where the financial pressures are greatest. These pressures may eventually manifest in the larger cities.
     
    Allowing a sector that delivers so much to Australian consumers to grind to a halt, for services to blink out, is not in the interests of local communities.
     
    For consumers, it will mean less diversity and less choice. It will mean some consumers get left behind.
     
    For industry, it will be increasingly difficult to raise the capital needed for much needed business transformation.
     
    For Government, it will mean that the achievement of key public policy outcomes will be diminished: an informed citizenry; a strong and vibrant democracy; and engaged and cohesive local communities.
     
    But an unmanaged transition is not the only way forward.
     
    There is no going back to the golden era of television that existed before the internet, and nor should we want to.
     
    Consumers have never had so much choice.
     
    The reality is that commercial television broadcasting cannot continue in the manner it has done over the past decades.
     
    This is simply not sustainable.
     
    The way the industry uses radiofrequency spectrum needs to be examined.
     
    Industry has been making enhancements. Many broadcasters have made, or are making, the transition to MPEG-4 which improves the efficiency and quality of services.
     
    We have seen certain broadcasters make changes to their spectrum use that would have been unthinkable only a few years ago.
     
    In South Australia, WIN Television has consolidated the services of two networks onto one television multiplex in two regional markets.
     
    WIN has realised cost savings without eroding services available to audiences.
     
    This is a portent for the future.
     
    A sustainable television broadcasting sector will necessitate some form of spectrum and infrastructure consolidation, and changes in the way content is delivered. 
     
    Achieving an efficient consolidation will be challenging, but it is a goal that the Albanese Government is committed to.
     
    We are supporting the sector under the existing regulatory framework.
     
    We have introduced the Regional Broadcasting Continuity Bill 2024 to remove impediments that would otherwise prevent WIN, or any other broadcaster, from consolidating services onto a single multiplex and operating their transmitters more efficiently.
     
    This won’t, of itself, guarantee financial sustainability for broadcasters. But it is an important initiative to enable them to seek out efficiencies where they can.     
     
    Another way we’ve provided stability to the sector is with the passage of legislation in March this year to repeal the 30 June expiry date for community television licences in Melbourne and Adelaide.
     
    This means that these broadcasters will continue to remain on-air and provide valuable services until there is an alternative use for the radiofrequency spectrum.
     
    The Government has also moved to promote stability by ensuring continuity of the Viewer Access Satellite Television (VAST) service over the next seven years. VAST is essential to over 1.5 million Australians who rely on it – either directly or indirectly – to access free-to-air television in remote Australia or those in areas with poor terrestrial reception. 
     
    We have otherwise been undertaking an audit of remote and regional television infrastructure.
     
    We know transmission and reception equipment is at, or beyond, end-of-life in many remote and regional areas, including the VAST services in First Nations communities.
     
    This undermines the ability of people in those communities to access the information they need to make informed choices about their lives.
     
    Television broadcasters have been working very productively with officials from my department to quantify those infrastructure deficiencies and gaps, and I thank them and encourage them to continue to do so
     
    The information stemming from the audit will be a key input to future consideration of the need for capital renewal and maintenance to support the provision of television services in remote and regional areas.  
     
    While the initiatives and processes I have just described will support the sustainability of commercial television services, there is a broader conversation to be had around longer-term reforms.

    The acceleration of declining revenues, and the pressure the sector is facing, makes considerations around the future of television broadcasting pressing.
     
    But this work can’t be done in isolation.
     
    Industry and Government need a shared understanding of what the future of television is to help align our goals and the coordination of public policy.
     
    To that end – the Albanese Government will work closely with industry on a plan to secure the future of free-to-air television, to position it to continue to inform, educate and entertain Australians.
     
    Our Government is seeking to explore the possibility of realising a digital dividend: options for the more efficient use of spectrum and infrastructure for television, which enables potential reallocation of spectrum to other uses.
     
    The first step will be the development of a discussion paper to support engagement with interested parties on this important initiative, to be released for consultation in early 2025.
     
    Spectrum requirements for television will depend on an assessment of the optimal mix of delivery mechanisms in 5, 10, and 20 years. They need to consider the role and capabilities of broadband infrastructure. And they need to be grounded by a view of what television should look like in the medium-term.
     
    The Government will engage right across the ecosystem: with broadcasters, infrastructure providers, mobile network operators, and consumers to ensure a shared understanding of what television in Australia should look like in a decade, and what is needed to get there.
     
    We want commercial television broadcasters to be able to continue to deliver content that is highly valued by Australian’s. But there is work to be done to get us on the right path and to avoid a costly and disruptive contraction of the sector.  
     
    But let me be very clear here, about what I am announcing, and what I am not announcing.
     
    I am announcing that the Government will explore pathways for the future of television, shaped by the possibility of realising a digital dividend.
     
    In doing so, I am putting, front and centre, the important question of what the future of television may be – because the television broadcasting is an essential platform in Australia, and we need a mature and measured discussion to plan its future.
     
    I am not announcing that the Government has identified, or decided to yield, a digital dividend. We have not.
     
    And I am not announcing any details on the issues or options or pathways today.
     
    I am announcing that Government will commence the process of exploring these pathways, in consultation with industry, and that this will commence in earnest, with a discussion paper, early next year.
     
    The process will consider the role and capabilities of broadband infrastructure, acknowledging the significant and growing reliance on telecommunications networks for television and video streaming. And it will consider the role of spectrum pricing as the Government assesses the future spectrum needs of broadcasting.
     
    Taking a long-term view of the future of television broadcasting will provide greater certainty for consumers and industry, ensuring Australians have continued access to valued free-to-air content – with the diversity, choice and social cohesion benefits that it brings.
     
    As I mentioned, the future of television must also consider the role of broadband.
     
    There is already a significant reliance on telecommunications networks for television and video streaming, and this is only going to grow.
     
    All possible television futures will require careful consideration of technological innovation and investment choices to manage the load on networks from television viewing.
     
    Broadband rollout and availability is only part of the picture.
     
    We know that availability doesn’t equate to take-up, and that there will remain a cohort of Australians unable to utilise online infrastructure due to a lack of financial means, skills, or interest.
     
    This is also part of the reason why free-to-air broadcasting remains such a critical delivery platform, with significant impacts for social inclusion and community cohesion. 
     
    For this reason and many others, the Albanese Government is improving connectivity for all Australians.
     
    Our significant investment in the National Broadband Network, for example, is delivering high-speed broadband services to households and businesses across the country, with a significant focus on regional and rural communities.
     
    We are positioning Australia as a test-bed for new and emerging tech, such as using Low Earth Orbit Satellites to support voice services. Trials in this space are underway.
     
    Our Universal Service Reform will deliver a modern, fit-for-purpose universal service framework with sustainable, long-term funding of services in rural and remote areas.
     
    In closing, Labor is a reformist Government; we are not afraid to make big reforms in the long-term public interest, even if they are difficult ones.  
     
    Our future connectedness and prosperity as a country will hinge on how we collectively manage the communications and media transition going forward.
     
    We must work together to ensure that the services people rely on remain relevant, efficient and accessible for consumers.
     
    Everyone in this room has a key role to play in determining this future success.

    Our Government will support you to play that role.
     
    As we work towards our vision for Australia to be the most connected continent.
     
    Thank you.

    MIL OSI News –

  • MIL-OSI New Zealand: Release: Government driving away offshore wind industry

    Source: New Zealand Labour Party

    The Government has created a hostile environment for companies seeking to build offshore wind farms.

    News that offshore wind developer BlueFloat Energy is packing up operations and leaving Taranaki comes weeks after it was announced that a previously declined seabed mining project was on the Government’s fast track development list in the same area.

    The seabed mining project, developed by Trans Tasman Resources, was previously declined as being too destructive to the environment.

    “The Government has once again chosen to go backwards, by backing a destructive project that communities have fought against, over a renewable energy project that would have created jobs, provided 900 MW of electricity and helped New Zealand transition to a clean energy economy,” Labour energy and climate spokesperson Megan Woods said.

    “The Government has also twiddled its thumbs on developing a consenting regime for wind projects.

    “BlueFloat leaving New Zealand is a huge loss for Taranaki and our country and tells other offshore wind developers not to bother coming here.

    “The offshore wind industry was projected to create 12,000 jobs and contribute $50 billion in GDP.

    “It’s not a surprise to me that BlueFloat has made this decision, as we’ve got a government that has dragged its heels and put in the slow lane any work on what is needed to stimulate offshore wind in New Zealand.

    “More than that, its decision to include the Trans Tasman Resources project in its fast-track bill is a clear message to the offshore wind investment community that they are not seen as a priority in this country,” Megan Woods said.

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    MIL OSI New Zealand News –

  • MIL-Evening Report: ‘We will not allow others to determine our fate’: Pacific nations dial up pressure on Australia’s fossil fuel exports

    Source: The Conversation (Au and NZ) – By Liam Moore, Lecturer in International Politics and Policy, James Cook University

    Tuvalu’s Prime Minister Feleti Teo took to a stage in Apia, Samoa, on Thursday morning to say something pointed. Planned fossil fuel expansions in nations such as Australia represented, for his nation, a “death sentence”. The phrase “death sentence”, Teo said, had not been chosen lightly. He followed up with this: “We will not sit quietly and allow others to determine our fate.”

    Teo chose the moment for this broadside well – on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM), attended by both King Charles and Australian Prime Minister Anthony Albanese. The speech came at the launch of a new report on moves by the “big three” Commonwealth states – the United Kingdom, Canada and Australia – to expand fossil fuel exports.

    These three states make up just 6% of the population of the Commonwealth’s 56 nations, but account for over 60% of the carbon emissions generated through extraction since 1990, the Fossil Fuel Non-Proliferation Treaty Initiative report shows.

    Canada and the UK are no climate angels, given their respective exports of highly polluting oil from oil sands and North Sea oil and gas. But Teo and others in the movement to stop proliferation of fossil fuels have reserved special criticism for Australia. That’s because Australia is now second only to Russia based on emissions from its fossil fuel exports and has the largest pipeline of coal export projects in the world – 61% of the world’s total.

    The elephant in the room

    Tuvalu, like many other small Pacific nations, is laser-focused on the threat of climate change. Across the Pacific, rising sea levels and saltwater intrusion are already pushing people to consider migration or retreat.

    Australia has long been influential in the Pacific, even more so as Western states try to outcompete Chinese funds and influence in the region. But fossil fuel exports are a very large elephant in the room.

    As Tuvalu’s leader points out, Australia is:

    morally obliged to ensure that whatever action it does [take] will not compromise the commitment it has provided in terms of climate impact.

    Teo pointed out the “obvious” inconsistency between Australia’s commitment to net zero by 2050 and ramping up fossil fuel exports.

    This year, Australia and Tuvalu’s groundbreaking Falepili Union treaty came into force. The treaty includes some migration rights for Tuvaluans as well as a controversial security agreement. But Teo has now flagged using this as leverage to “put pressure on Australia to align its activities in terms of fossil fuels”.

    Tuvalu’s diplomatic pressure is a small part of broader efforts by island states facing escalating climate damage to be seen not as passive victims but to emphasise, as Teo said, they are also “at the forefront of climate action”.

    Echoing these sentiments was Vanuatu’s climate envoy, Ralph Regenvanu. He called on Commonwealth nations to “not sacrifice the future of vulnerable nations for short-term gains”, and “to stop the expansion of fossil fuels in order to protect what we love and hold dear here in the Pacific”.

    Vanuatu and Tuvalu have led the campaign for a fossil fuel non-proliferation treaty, committing signatories to ending expansion of fossil fuels. So far, 12 other nations have joined, including Fiji, Solomon Islands, Tonga, Republic of Marshall Islands, Colombia and the CHOGM host, Samoa.

    Australia all alone?

    It’s not surprising to see Australia facing these calls for action. The meeting is being held in Samoa, the first time a Pacific Island state has hosted Commonwealth leaders.

    Leaders of other large Commonwealth states have skipped the meeting. Notable by their absence were Indian Prime Minister Narendra Modi, South African President Cyril Ramaphosa and Canadian Prime Minister Justin Trudeau.

    Climate action is one of several background issues in Apia. One of the more significant is the call for reparations for slavery from former British colonies – calls UK Prime Minister Keir Starmer is keen to put to the side. But reports on the ground suggest the issues of reparations, monarchy and the future relevance of the Commonwealth are all in the shadow of the main concern – climate change.

    The meeting also serves as a precursor to November’s United Nations climate talks, the COP29 conference in Baku, Azerbaijan. Pacific nations are focused on building consensus on climate finance.

    Australia has its own concerns. The host of the 2026 COP31 conference will be announced in Baku, with a joint Australia-Pacific bid in competition with Türkiye. Observers suggest Australia is in the box seat, but it has faced consistent pressure from Pacific states to reconcile its actions with its climate rhetoric.

    There are domestic implications too. As the next federal election looms, the lure of a potential A$200 million windfall for the COP host city would be more than welcome.

    Securing an Australia-Pacific COP could also boost the government’s environmental credentials as it comes under sustained attack from the Greens over fossil fuels and the Coalition over energy security and nuclear power.

    In Apia, Pacific efforts to convince leaders of the need for greater climate action are reported to include a walk through a mangrove reserve for King Charles, guided by Samoan chief and parliamentarian Lenatai Vicor Tamapua. Tamapua told the ABC he showed leaders how king tides today were “about twice what it was 20, 30 years ago”, which he says is forcing people to “move inwards, inland now”.

    For Australia, difficult questions remain. How will it balance regional demands to phase out coal and gas exports with domestic pressures to maintain jobs, public funds and economic growth? Can it walk the tightrope and be the partner of choice in the Pacific while continuing to explore for, extract and export coal and gas?

    These questions will not be resolved in Apia. They might not even be resolved by the next federal government, or by the time COP31 arrives. But they will not go away.

    The way Australia and other exporters resolve these tensions will, as Teo says, decide whether Tuvalu stays liveable – or goes under.

    Liam Moore does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. ‘We will not allow others to determine our fate’: Pacific nations dial up pressure on Australia’s fossil fuel exports – https://theconversation.com/we-will-not-allow-others-to-determine-our-fate-pacific-nations-dial-up-pressure-on-australias-fossil-fuel-exports-242103

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Dassault Systèmes: European Energy Infrastructure Company Snam Embarks on Strategic Sustainable Project with Dassault Systèmes’ 3DEXPERIENCE Platform

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY, France — October 24, 2024

    European Energy Infrastructure Company Snam Embarks on Strategic Sustainable Project with Dassault Systèmes’ 3DEXPERIENCE Platform

    • Snam deploys Dassault Systèmes’ 3DEXPERIENCE platform to digitally transform the management and optimization of its gas network as part of its innovation and sustainability strategy
    • Snam will rely on Dassault Systèmes’ solutions to create virtual twins of existing and future assets
    • Snam can manage and optimize asset operations collaboratively, improve structural safety, and reduce emissions

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced that Snam, the leading and pan-European gas infrastructure operator, is accelerating its digital transformation with the 3DEXPERIENCE platform at the core of a new asset management project to drive a sustainable energy transition.

    Snam will use the 3DEXPERIENCE platform to create virtual twins of its gas pipelines network, storage sites and liquefied natural gas (LNG) terminals in Italy, as well as the future assets it develops to diversify energy resources. Snam can manage and optimize asset operations, improve structural safety, and reduce emissions.

    Snam’s extensive ecosystem of assets and operators provides a stable supply of energy throughout Italy and internationally. With the ambition to develop energy infrastructure for a sustainable future, the company wanted to implement technology to manage existing and future assets in a more collaborative way, streamline engineering, and enhance the assets’ effectiveness, safety and reliability.

    The 3DEXPERIENCE platform will enable Snam to connect all stakeholders around virtual twins that simulate this complex asset network, and will integrate real-time data and information collected by sensors in the field seamlessly.

    “Operational efficiency and safety are imperatives for delivering affordable and accessible energy services. Our 3DEXPERIENCE platform enables utility companies like Snam to maintain assets throughout their life cycle, adapt them to ensure that energy systems work when they are needed most, and deliver new solutions,” said Remi Dornier, Vice President, Architecture, Engineering and Construction Industry, Dassault Systèmes.  

    ###

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

      

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. We provide business and people with collaborative virtual environments to imagine sustainable innovations. By creating virtual twin experiences of the real world with our 3DEXPERIENCE platform and applications, our customers can redefine the creation, production and life-cycle-management processes of their offer and thus have a meaningful impact to make the world more sustainable. The beauty of the Experience Economy is that it is a human-centered economy for the benefit of all – consumers, patients and citizens. Dassault Systèmes brings value to more than 350,000 customers of all sizes, in all industries, in more than 150 countries. For more information, visit www.3ds.com

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    Dassault Systèmes Press Contacts
    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73
    North America        Natasha LEVANTI        natasha.levanti@3ds.com        +1 (508) 449 8097
    EMEA        Virginie BLINDENBERG        virginie.blindenberg@3ds.com        +33 (0) 1 61 62 84 21
    China        Grace MU        grace.mu@3ds.com        +86 10 6536 2288
    Japan        Reina YAMAGUCHI        reina.yamaguchi@3ds.com        +81 90 9325 2545
    Korea        Jeemin JEONG        jeemin.jeong@3ds.com         +82 2 3271 6653

    Attachment

    The MIL Network –

  • MIL-OSI Australia: Travel times and congestion to be slashed with opening date set for Wilman Wadandi Highway

    Source: Australian Ministers 1

    Bunbury locals and thousands of commuters heading to Western Australia’s South West will get an early Christmas present this year with the Australian and Western Australian Governments today announcing the Wilman Wadandi Highway, previously known as Bunbury Outer Ring Road, will officially open to traffic on Monday, December 16.

    The new road will slash commute times to and from the South West by around 20 minutes depending on traffic conditions, while also diverting an average of around 15,000 vehicles from local Bunbury roads every day.

    Commuters travelling to and from the South West currently have to use a number of local roads in the Bunbury area, which have become significantly constrained in recent years with growing traffic volumes and increased housing development.

    The new road will separate freight and tourist traffic from local traffic, improving road safety, reducing congestion, and providing more efficient travel for motorists.

    The four-lane highway stretches 27 kilometres, connecting Forrest Highway north of Bunbury to Bussell Highway south of Bunbury. It includes five new bridges and four grade-separated interchanges, while commuters heading to and from the South West will now avoid 13 sets of traffic lights.

    The Wilman Wadandi Highway is the biggest road project ever delivered in the South West, becoming a major driver for economic stimulus and job creation in the region.

    More than $530 million in funding flowed to about 370 local businesses, while the project created about 4,500 jobs.

    Around $50 million has also been allocated to Aboriginal suppliers, and almost 200 local Aboriginal people received on-the-job training through the project’s award-winning Yaka Dandjoo program.

    While the main alignment will be open, some minor works will still be underway across a range of areas including on some local roads, landscaping, artwork, and minor tie-in works.

    In the lead up to the opening, Main Roads will host a number of community drop-in sessions across the South West region, where members of the community will be able to go and learn more about the new alignment and the different access routes that will be available upon opening.

    A community event will also be hosted the day before opening, which will provide residents in the region an opportunity to learn more about the new road and how it will change the way locals commute.

    Residents in the metro area that travel to and from the South West are encouraged to head to the Wilman Wadandi Highway project page on the Main Roads website to acquaint themselves with the new route before it opens.

    The Wilman Wadandi Highway has been jointly funded by the Australian and Western Australian Governments, underscoring a commitment to the long-term regional growth of the area.

    The Australian Government has committed $1.1 billion, while the WA Government has contributed $356.7 million to the $1.46 billion project.

    To find out the latest information on the project and upcoming drop-in sessions, please visit the project page on the Main Roads website. 

    Quotes attributed to Federal Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “We’re thrilled that the Wilman Wadandi Highway will soon be open to traffic, marking a significant milestone for this massive $1.46 billion project.

    “Our government is proud to be partnering with the Western Australian Government to deliver a project that not only reduces congestion and travel times but also boosts efficiency and network reliability, benefitting every road user across the region.

    “Beyond the road efficiencies, the highway will enhance connectivity for the region, providing economic opportunity and long-term regional growth for generations to come.”

    Quotes attributed to WA Transport Minister Rita Saffioti:

    “This project has been a game changer in terms of its economic impact for the region, and it will continue to drive incredible outcomes from December when thousands of vehicles will be diverted from local Bunbury roads.

    “Locals and anyone that drives to and from the South West know how congested the roads around Bunbury can get, but that will be a thing of the past when this highway opens.

    “This project represents the biggest change we’ve ever seen for the commute to and from the South West – with drivers looking at time savings of around 20 minutes, while they’ll now avoid 13 sets of traffic lights.

    “It’s a massive win for Bunbury locals, who for many years have had to compete with freight and tourist traffic and will now see thousands of vehicles removed from the local road network.”

    Quotes attributed to Federal Member for Perth Patrick Gorman:

    “The Wilman Wadandi Highway is a welcome investment connecting Perth to the South West. Delivering traffic improvement for motorists and a boost for local businesses, giving both groups a far more efficient transport link around Bunbury.

    “Our government is working closely with the WA Government to deliver meaningful projects like the Wilman Wadandi Highway. Ensuring local values, planning and investment come together to provide the best results for communities well into the future.”

    Quotes attributed to Senator for Western Australia Louise Pratt:

    “The Australian Government is pleased to partner with the Western Australian Government to deliver a highway that takes the pressure off Bunbury’s roads and provides a safer and more efficient transport link.

    “Apart from bringing the obvious improvements to traffic congestion, the Wilman Wadandi Highway will also smooth the way for economic stimulus and job creation in Western Australia’s South West region.”

    Quotes attributed to State Member for Bunbury Don Punch:

    “The Wilman Wadandi Highway is a critical piece of infrastructure that is and will continue to deliver enormous benefits to the local community, including more reliable, efficient and safer travel in the South West.

    “As our region continues to grow, the Wilman Wadandi Highway is essential to support future development, local jobs and business growth.”

    Quotes attributed to State Member for Collie-Preston Jodie Hanns:

    “The Wilman Wadandi Highway will make a real difference to the community in the South West, reducing travel times and improving road safety for everyone who lives and works here.

    “It has been great to see such an emphasis on local employment and Aboriginal engagement through the award-winning Yaka Dandjoo program, ensuring that the benefits of this project are widely felt across the community.”

    Quotes attributed to State Member for Murray-Wellington Robyn Clarke:

    “The Wilman Wadandi Highway will deliver a safer, more efficient transport route for the entire South West region, reducing the burden on our local roads, helping improve our road networks.

    “As someone who lives and travels in the South West, I know how much of a difference the Wilman Wadandi Highway will make in the region, and with road safety being such a critical priority, creating safer travel in the South West is a great outcome for locals.”

    MIL OSI News –

  • MIL-OSI: Dassault Systèmes: Third quarter results in-line – Anticipating top line acceleration in 4Q – Confirming full year EPS objective

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — October 24, 2024

    Dassault Systèmes: Third quarter results in-line

    Anticipating top line acceleration in 4Q

    Confirming full year EPS objective

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the third quarter 2024 and nine months ended September 30, 2024. The Group’s Board of Directors approved these estimated results on October 23, 2024. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

    Summary Highlights1  

    (unaudited, non-IFRS unless otherwise noted,
    all growth rates in constant currencies)

    • 3Q24: total revenue rose 4% to €1.46 billion driven by subscription revenue up 8%;
    • 3Q24: sequential improvement of MEDIDATA revenue;
    • 3Q24: operating margin of 29.6% and EPS at €0.29, in line with guidance;
    • YTD24: IFRS cash flow from operations up 6% as reported;
    • FY24: confirming diluted EPS objectives of €1.27 – €1.30, while updating total revenue growth from 6 – 8% to 5 – 7% to reflect the continued scrutiny and contraction of the automotive market. Anticipating total revenue growth acceleration at 8% mid-point in 4Q24.

    Dassault Systèmes’ Chief Executive Officer Commentary

    Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

    “As we enter the second half of the year, we have seen several end-markets gaining momentum. In Life Sciences, MEDIDATA is back to sequential growth improvement. At the same time, we had excellent performance in Consumer industries driven by CENTRIC PLM. SOLIDWORKS accelerated growth in revenue and seats. Importantly, Aerospace & Defense was resilient and delivered a solid performance this quarter.

    However, since late summer, automotive customers in Europe and the US have been impacted by a contraction in volumes. This accelerates the need for transformative decisions, while elongating decision-making in the short term. Momentum in Asia, and China in particular, remains strong.

    We are well-positioned to continue gaining market share in the industrial sector. We are confident that our data-centric platform will serve as a catalyst for transformation. In the age of AI, virtualizing industrial processes from design to manufacturing will be a prerequisite for OEMs and suppliers to compete successfully in this next decade.”  

      

    Dassault Systèmes’ Chief Financial Officer Commentary

    (revenue, operating margin and diluted EPS growth rates in constant currencies,
    data on a non-IFRS basis)

    Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

    “In the third quarter, our total revenue grew by 4%, while the operating margin remained resilient at 29.6% and EPS stood at €0.29, highlighting the operating efficiency of the company.

    For the full year, we are reconfirming our EPS target range of €1.27 – €1.30 while remaining disciplined to offset the effects of ongoing deal delays and contraction in automotive volumes. Accordingly, we are adjusting our total revenue growth expectations from 6 – 8% to 5 – 7%.

    This updated guidance reflects expected growth acceleration in the fourth quarter, driven by continued improvements at MEDIDATA and a robust 3DEXPERIENCE pipeline.”

    Financial Summary

    In millions of Euros,
    except per share data and percentages    		   IFRS   IFRS
      Q3 2024 Q3 2023 Change Change in constant currencies   YTD 2024 YTD 2023 Change Change in constant currencies
    Total Revenue   1,463.9 1,424.7 3% 4%   4,459.3 4,308.0 4% 4%
    Software Revenue   1,312.4 1,286.7 2% 3%   4,011.8 3,883.9 3% 4%
    Operating Margin   18.9% 21.2% (2.4)pts     19.6% 20.0% (0.3)pt  
    Diluted EPS   0.18 0.18 0%     0.61 0.54 12%  
    In millions of Euros,
    except per share data and percentages    		   Non-IFRS   Non-IFRS
      Q3 2024 Q3 2023 Change Change in constant currencies   YTD 2024 YTD 2023 Change Change in constant currencies
    Total Revenue   1,463.9 1,424.7 3% 4%   4,459.3 4,308.0 4% 4%
    Software Revenue   1,312.4 1,286.7 2% 3%   4,011.8 3,883.9 3% 4%
    Operating Margin   29.6% 31.0% (1.5)pt     30.2% 31.0% (0.8)pt  
    Diluted EPS   0.29 0.28 3% 4%   0.89 0.84 6% 8%

    Third Quarter 2024 Versus 2023 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue in the third quarter grew by 4% to €1.46 billion, and software revenue increased by 3% to €1.31 billion, both at the low end of the Company’s objectives. Subscription & support revenue rose 5%; recurring revenue represented 83% of software revenue, up 2 percentage points compared to last year. Licenses and other software revenue declined by 7% to €229 million. Services revenue increased by 10% to €151 million, during the quarter.
    • Software Revenue by Geography: Revenue in the Americas increased by 6% to represent 41% of software revenue, led by Home & Lifestyle from an Industry standpoint. Europe (36% of software revenue) declined by 4%, largely impacted by a strong comparison basis after a large transformation deal signed in the third quarter of 2023. In Asia, revenue increased by 9% with continued momentum across countries led by improvement in China, up double digits. Asia represented 23% of software revenue at the end of the third quarter.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue declined by 1% to €685 million, against a high comparison basis. The strong baseline effect combined with a weaker automotive market in Europe and the US weighed on the performance. Industrial Innovation software represented 52% of software revenue, during the period.
      • Life Sciences software revenue was flat, at €280 million, accounting for 21% of software revenue. Sequential growth improvement confirms MEDIDATA progressive recovery.
      • Mainstream Innovation software revenue increased by 15% to €348 million and represented 26% of software revenue. SOLIDWORKS had a good start in the second half of 2024, up mid-single digits in the quarter. CENTRIC PLM delivered another excellent quarter, due to competitive displacements and strong renewals.
    • Software Revenue by Industry: Home & Lifestyle, High-Tech, Aerospace & Defense and Marine & Offshore were among the best performers during the quarter.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue was impacted by a tough comparison base due to the anniversary of a mega deal. Hence, we saw a temporary decline of 10%. However, the performance on a year-to-date basis was in line with objectives and, looking at the subscription growth, the trend was very strong at 41%. 3DEXPERIENCE software revenue represented 37% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue during the period. Excluding MEDIDATA, Cloud software revenue increased by a strong 38%.
    • Operating Income and Margin: IFRS operating income declined by 9% at €276 million, as reported. Non-IFRS operating income declined by 1% in constant currencies at €433 million (2% as reported). The IFRS operating margin stood at 18.9% compared to 21.2% in the third quarter of 2023. The non-IFRS operating margin totaled 29.6% versus 31.0% during the same period last year.
    • Earnings per Share: IFRS diluted EPS was €0.18, flat as reported. Non-IFRS diluted EPS grew to €0.29, up 3% as reported, or 4% in constant currencies.

    Nine months ended 2024 Versus 2023 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue grew by 4% to €4.46 billion. Software revenue increased by 4% to €4.01 billion. Subscription and support revenue rose 5% to €3.29 billion; recurring revenue represented 82% of total software revenue. Licenses and other software revenue declined by 1% to €720 million. Services revenue rose 6% to €448 million.
    • Software Revenue by Geography: The Americas grew 3% and represented 40% of software revenue. Europe rose by 2% and represented 37% of software revenue. Asia increased by 9%, representing 23% of software revenue.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue rose by 4% to €2.12 billion and represented 53% of software revenue. ENOVIA, SIMULIA and DELMIA exhibited the strongest performance.
      • Life Sciences software revenue decreased by 2% to €847 million, representing 21% of software revenue.
      • Mainstream Innovation software revenue increased by 11% to €1.05 billion. Mainstream Innovation represented 26% of software revenue. SOLIDWORKS delivered mid-single digit growth while CENTRIC PLM continued to perform well with strong, double-digit growth.
    • Software Revenue by Industry: Home & Lifestyle, Aerospace and Defense, High-Tech and Consumer Packaged Good & Retail displayed some of the strongest performance.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 10%, representing 37% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue. Excluding MEDIDATA, Cloud software revenue increased by more than 50% versus the same period last year.
    • Operating Income and Margin: IFRS operating income increased by 2%, to €876 million, as reported. Non-IFRS operating income increased by 1% as reported (2% in constant currencies) to €1.35 billion. IFRS operating margin totaled 19.6% compared to 20.0% for the same period in 2023. The non-IFRS operating margin was preserved, standing at 30.2% in the first nine months of 2024 compared to 31.0% in the same period last year, thanks to cost containment measures.
    • Earnings per Share: IFRS diluted EPS was €0.61 increasing 12% as reported. Non-IFRS diluted EPS grew by 6% to €0.89, as reported, up 8% in constant currencies.
    • Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.35 billion, up 6% year over year, thanks to the increase in net income adjusted for non-cash items and positive cash tax effects in 2024.
    • Balance Sheet (IFRS): Dassault Systèmes’ net financial position totaled €1.07 billion as of September 30, 2024, an increase of €0.49 billion, compared to €0.58 billion for the year ending December 31, 2023. Cash and cash equivalents totaled €3.66 billion as of September 30, 2024. The movements of the quarter on cash and cash equivalents include the reimbursement for €700 million of the second Tranche of the Bond issued by the company in 2019.

    Financial Objectives for 2024

    Dassault Systèmes’ fourth quarter and 2024 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2024 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:

               
          Q4 2024 FY 2024  
      Total Revenue (billion) €1.696 – €1.816 €6.155 – €6.275  
      Growth 3 – 10% 3 – 5%  
      Growth ex FX 5 – 12% 5 – 7%  
               
      Software revenue growth * 5 – 13% 5 – 7%  
        Of which licenses and other software revenue growth * 0 – 20% (1) – 6%  
        Of which recurring revenue growth * 7 – 11% 6 – 7%  
     

    Services revenue growth *

    0 – 5%

    		 4 – 6%  
               
      Operating Margin 35.9% – 36.9% 31.8% – 32.2%  
               
      EPS Diluted €0.38 – €0.41 €1.27 – €1.30  
      Growth 4 – 12% 5 – 8%  
      Growth ex FX 5 – 13% 7 – 10%  
               
      US dollar $1.10 per Euro $1.09 per Euro  
      Japanese yen (before hedging) JPY 155.0 per Euro JPY 162.0 per Euro  
      * Growth in Constant Currencies      

    These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

    The 2024 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2024 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €232 million (these estimates do not include any new stock option or share grants issued after September 30, 2024); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €360 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €2 million.

    The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after September 30, 2024.

    Corporate Announcements

    Today’s Webcast and Conference Call Information

    Today, Thursday, October 24, 2024, Dassault Systèmes will host, from London, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

    Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

    Investor Relations Events

    • Fourth Quarter 2024 Earnings Release: February 4, 2025
    • First Quarter 2025 Earnings Release: April 24, 2025
    • Second Quarter 2025 Earnings Release: July 24, 2025

    Forward-looking Information

    Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2023 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2024, available on the Group’s website www.3ds.com.

    In particular, please refer to the risk factor “Uncertain Global Economic Environment” in section 1.9.1.1 of the 2023 Universal Registration Document set out below for ease of reference:

    “In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

    • the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or terminate their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
    • the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and impact Dassault Systèmes’ business, for example, due to stricter export compliance rules or the introduction of new customs tariffs;
    • continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
    • uncertainties regarding the extent and duration of inflation could adversely affect the financial position of Dassault Systèmes; and
    • the sales cycle of Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

    The occurrence of crises – health and political in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively impact Dassault Systèmes’ revenue, financial performance and market position.

    Dassault Systèmes makes every effort to take into consideration this uncertain macroeconomic outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

    In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the fourth quarter 2024. The Group has assumed an average US dollar to euro exchange rate of US$1.09 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY162.0 to €1.00, before hedging for the full year 2024. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.   

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2023 Universal Registration Document filed with the AMF on March 18, 2024.

    In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. We provide business and people with collaborative virtual environments to imagine sustainable innovations. By creating virtual twin experiences of the real world with our 3DEXPERIENCE platform and applications, our customers can redefine the creation, production and life-cycle-management processes of their offer and thus have a meaningful impact to make the world more sustainable. The beauty of the Experience Economy is that it is a human-centered economy for the benefit of all – consumers, patients and citizens. Dassault Systèmes brings value to more than 350,000 customers of all sizes, in all industries, in more than 150 countries. For more information, visit www.3ds.com

    Dassault Systèmes Investor Relations Team                        FTI Consulting

    Beatrix Martinez: +33 1 61 62 40 73                                Arnaud de Cheffontaines: +33 1 47 03 69 48

                                                                    Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        

    arnaud.malherbe@3ds.com        

    +33 (0)1 61 62 87 73

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    APPENDIX TABLE OF CONTENTS

    Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.    

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

    Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

    While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant exchange rates is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

    Information on Growth excluding acquisitions (“organic growth”)

    In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

    Information on Industrial Sectors

    The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

    These three sectors comprise twelve industries:

    • Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
    • Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, med practices, and Medtech;
    • Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

    Information on Product Lines

    The Group’s product lines financial reporting include the following financial information:

    • Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
    • Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
    • Mainstream Innovation software revenue which includes its CENTRIC PLM and 3DVIA brands, as well as its 3DEXPERIENCE WORKS family which includes the SOLIDWORKS brand.

    Starting from 2022, 3DS OUTSCALE became a brand of Dassault Systèmes. As the first sovereign and sustainable operator on the cloud, 3DS OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

    GEO’s

    Eleven GEOs are responsible for driving development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

    These GEOs are structured into three groups:

    • the “Americas” group, made of two GEO’s;
    • the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEO’s;
    • the “Asia” group, comprising Asia and Oceania and made of five GEO’s.  

    3DEXPERIENCE Software Contribution

    To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes uses the following ratio: for software revenue, the Group calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

    Cloud revenue

    Cloud revenues correspond to revenue generated through a catalog of cloud-based solutions, infrastructure as a service, cloud solution development and cloud managed services. They are delivered by Dassault Systèmes via a cloud infrastructure hosted by Dassault Systèmes, or by third party providers of cloud computing infrastructure services. These offerings are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscriptions models or perpetual licenses with support and hosting services.

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

    (unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

    Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

    Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

    In millions of Euros, except per share data, percentages, headcount and exchange rates Non-IFRS reported
    Three months ended Nine months ended
    September 30,

    2024

    		 September 30,

    2023

    		 Change Change in constant currencies September 30,

    2024

    		 September 30,

    2023

    		 Change Change in constant currencies
    Total Revenue € 1,463.9 € 1,424.7 3% 4% € 4,459.3 € 4,308.0 4% 4%
                     
    Revenue breakdown by activity                
    Software revenue 1,312.4 1,286.7 2% 3% 4,011.8 3,883.9 3% 4%
    Of which licenses and other software revenue 229.5 246.0 (7)% (7)% 719.8 735.8 (2)% (1)%
    Of which subscription and support revenue 1,082.9 1,040.8 4% 5% 3,292.0 3,148.1 5% 5%
    Services revenue 151.5 138.0 10% 10% 447.6 424.1 6% 6%
                     
    Software revenue breakdown by product line                
    Industrial Innovation 684.6 698.8 (2)% (1)% 2,117.9 2,070.7 2% 4%
    Life Sciences 280.1 283.6 (1)% (0)% 846.6 863.8 (2)% (2)%
    Mainstream Innovation 347.7 304.2 14% 15% 1,047.4 949.5 10% 11%
                     
    Software Revenue breakdown by geography                
    Americas 540.6 513.6 5% 6% 1,619.7 1,575.2 3% 3%
    Europe 470.3 490.5 (4)% (4)% 1,465.4 1,426.3 3% 2%
    Asia 301.5 282.7 7% 9% 926.6 882.4 5% 9%
                     
    Operating income € 432.6 € 442.0 (2)%   € 1,347.0 € 1,335.7 1%  
    Operating margin 29.6% 31.0%     30.2% 31.0%    
                     
    Net income attributable to shareholders € 380.1 € 371.3 2%   € 1,174.4 € 1,110.7 6%  
    Diluted earnings per share € 0.29 € 0.28 3% 4% € 0.89 € 0.84 6% 8%
                     
    Closing headcount 25,996 25,377 2%   25,996 25,377 2%  
                     
    Average Rate USD per Euro 1.10 1.09 1%   1.09 1.08 0%  
    Average Rate JPY per Euro 163.95 157.25 4%   164.29 149.65 10%  

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

    In millions of Euros Non-IFRS reported o/w growth at constant rate and scope o/w change of scope impact at current year rate o/w FX impact on previous year figures
    September 30,

    2024

    		 September 30,

    2023

    		 Change
    Revenue QTD 1,463.9 1,424.7 39.2 49.8 1.3 (11.8)
    Revenue YTD 4,459.3 4,308.0 151.3 190.2 1.6 (40.4)

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (unaudited; in millions of Euros, except per share data and percentages)

    In millions of Euros, except per share data and percentages IFRS reported
    Three months ended Nine months ended
    September 30, September 30, September 30, September 30,
    2024 2023 2024 2023
    Licenses and other software revenue 229.5 246.0 719.8 735.8
    Subscription and Support revenue 1,082.9 1,040.8 3,292.0 3,148.1
    Software revenue 1,312.4 1,286.7 4,011.8 3,883.9
    Services revenue 151.5 138.0 447.6 424.1
    Total Revenue € 1,463.9 € 1,424.7 € 4,459.3 € 4,308.0
    Cost of software revenue (1) (127.6) (105.2) (364.4) (329.0)
    Cost of services revenue (125.3) (133.1) (385.0) (386.1)
    Research and development expenses (321.0) (299.2) (958.5) (910.8)
    Marketing and sales expenses (403.7) (381.0) (1,247.7) (1,195.2)
    General and administrative expenses (117.5) (103.2) (334.1) (325.9)
    Amortization of acquired intangible assets and of tangible assets revaluation (88.5) (93.4) (274.1) (284.0)
    Other operating income and expense, net (4.2) (7.1) (19.2) (16.7)
    Total Operating Expenses (1,187.7) (1,122.2) (3,583.1) (3,447.7)
    Operating Income € 276.2 € 302.5 € 876.2 € 860.3
    Financial income (loss), net 32.1 (4.3) 95.5 31.1
    Income before income taxes € 308.2 € 298.2 € 971.7 € 891.5
    Income tax expense (68.5) (54.9) (184.4) (171.5)
    Net Income € 239.8 € 243.3 € 787.2 € 719.9
    Non-controlling interest (0.0) 0.1 0.9 1.0
    Net Income attributable to equity holders of the parent € 239.7 € 243.5 € 788.2 € 720.9
    Basic earnings per share 0.18 0.18 0.60 0.55
    Diluted earnings per share € 0.18 € 0.18 € 0.61 € 0.54
    Basic weighted average shares outstanding (in millions) 1,313.3 1,316.1 1,313.4 1,315.2
    Diluted weighted average shares outstanding (in millions) 1,323.1 1,326.1 1,327.0 1,326.8

    (1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.

    IFRS reported

     

    		 Three months ended September 30, 2024 Nine months ended September 30, 2024
    Change (2) Change in constant currencies Change (2) Change in constant currencies
    Total Revenue 3% 4% 4% 4%
    Revenue by activity        
    Software revenue 2% 3% 3% 4%
    Services revenue 10% 10% 6% 6%
    Software Revenue by product line        
    Industrial Innovation (2)% (1)% 2% 4%
    Life Sciences (1)% (0)% (2)% (2)%
    Mainstream Innovation 14% 15% 10% 11%
    Software Revenue by geography        
    Americas 5% 6% 3% 3%
    Europe (4)% (4)% 3% 2%
    Asia 7% 9% 5% 9%

    (2) Variation compared to the same period in the prior year.

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    September 30, December 31,
    2024 2023
    ASSETS    
    Cash and cash equivalents 3,657.7 3,568.3
    Trade accounts receivable, net 1,359.8 1,707.9
    Contract assets 45.1 26.8
    Other current assets 495.1 477.1
    Total current assets 5,557.7 5,780.1
    Property and equipment, net 946.2 882.8
    Goodwill and Intangible assets, net 7,301.4 7,647.0
    Other non-current assets 253.2 312.5
    Total non-current assets 8,500.7 8,842.3
    Total Assets € 14,058.4 € 14,622.5
    LIABILITIES    
    Trade accounts payable 181.2 230.5
    Contract liabilities 1,376.7 1,479.3
    Borrowings, current 548.8 950.1
    Other current liabilities 768.6 901.0
    Total current liabilities 2,875.4 3,561.0
    Borrowings, non-current 2,042.8 2,040.6
    Other non-current liabilities 1,137.7 1,174.8
    Total non-current liabilities 3,180.5 3,215.4
    Non-controlling interests 13.8 11.9
    Parent shareholders’ equity 7,988.7 7,834.1
    Total Liabilities € 14,058.4 € 14,622.5

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    Three months ended Nine months ended
    September 30, September 30, Change September 30, September 30, Change
    2024 2023 2024 2023
    Net income attributable to equity holders of the parent 239.7 243.5 (3.7) 788.2 720.9 67.3
    Non-controlling interest 0.0 (0.1) 0.1 (0.9) (1.0) 0.0
    Net income 239.8 243.3 (3.6) 787.2 719.9 67.3
    Depreciation of property and equipment 49.4 47.3 2.1 142.1 138.4 3.7
    Amortization of intangible assets 90.3 95.2 (5.0) 279.7 290.3 (10.6)
    Adjustments for other non-cash items 39.3 65.4 (26.1) 113.6 123.5 (10.0)
    Changes in working capital (201.1) (205.3) 4.2 25.2 (0.4) 25.6
    Net Cash From Operating Activities € 217.6 € 246.0 € (28.4) € 1,347.8 € 1,271.7 € 76.0
                 
    Additions to property, equipment and intangibles assets (36.5) (35.1) (1.4) (144.3) (102.8) (41.5)
    Payment for acquisition of businesses, net of cash acquired (2.6) (14.8) 12.2 (18.3) (15.6) (2.6)
    Other 0.7 4.5 (3.8) 23.9 (0.4) 24.2
    Net Cash Provided by (Used in) Investing Activities € (38.3) € (45.3) €7.0 € (138.7) € (118.8) € (19.9)
                 
    Proceeds from exercise of stock options 8.8 11.6 (2.7) 44.0 38.5 5.5
    Cash dividends paid – (0.0) 0.0 (302.7) (276.3) (26.4)
    Repurchase and sale of treasury stock (65.8) (218.6) 152.8 (373.5) (386.0) 12.5
    Capital increase (0.0) 0.0 (0.0) – 146.1 (146.1)
    Acquisition of non-controlling interests (0.7) 0.0 (0.7) (3.3) (0.8) (2.5)
    Proceeds from borrowings 300.0 (0.3) 300.3 300.0 20.3 279.7
    Repayment of borrowings (700.5) (0.9) (699.6) (700.7) (28.2) (672.5)
    Repayment of lease liabilities (18.7) (21.1) 2.4 (61.0) (63.0) 2.1
    Net Cash Provided by (Used in) Financing Activities € (476.9) € (229.4) € (247.5) € (1,097.1) € (549.4) €( 547.7)
                 
    Effect of exchange rate changes on cash and cash equivalents (76.2) 51.7 (127.9) (22.6) (4.4) (18.2)
                 
    Increase (decrease) in cash and cash equivalents € (373.8) €22.7 € (396.5) € 89.4 € 599.2 € (509.8)
                 
    Cash and cash equivalents at beginning of period € 4,031.5 € 3,345.4   € 3,568.3 € 2,769.0  
    Cash and cash equivalents at end of period € 3,657.7 € 3,368.1   € 3,657.7 € 3,368.1  

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Three months ended September 30, Change
    2024 Adjustment(1) 2024 2023 Adjustment(1) 2023 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 1,463.9 – € 1,463.9 € 1,424.7 – € 1,424.7 3% 3%
    Revenue breakdown by activity                
    Software revenue 1,312.4 – 1,312.4 1,286.7 – 1,286.7 2% 2%
    Licenses and other software revenue 229.5 – 229.5 246.0 – 246.0 (7)% (7)%
    Subscription and Support revenue 1,082.9 – 1,082.9 1,040.8 – 1,040.8 4% 4%
    Recurring portion of Software revenue 83%   83% 81%   81%    
    Services revenue 151.5 – 151.5 138.0 – 138.0 10% 10%
    Software Revenue breakdown by product line                
    Industrial Innovation 684.6 – 684.6 698.8 – 698.8 (2)% (2)%
    Life Sciences 280.1 – 280.1 283.6 – 283.6 (1)% (1)%
    Mainstream Innovation 347.7 – 347.7 304.2 – 304.2 14% 14%
    Software Revenue breakdown by geography                
    Americas 540.6 – 540.6 513.6 – 513.6 5% 5%
    Europe 470.3 – 470.3 490.5 – 490.5 (4)% (4)%
    Asia 301.5 – 301.5 282.7 – 282.7 7% 7%
    Total Operating Expenses € (1,187.7) € 156.5 € (1,031.2) € (1,122.2) € 139.5 € (982.7) 6% 5%
    Share-based compensation expense and related social charges (63.4) 63.4 – (38.4) 38.4 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (88.5) 88.5 – (93.4) 93.4 –    
    Lease incentives of acquired companies (0.4) 0.4 – (0.7) 0.7 –    
    Other operating income and expense, net (4.2) 4.2 – (7.1) 7.1 –    
    Operating Income € 276.2 € 156.5 € 432.6 € 302.5 € 139.5 € 442.0 (9)% (2)%
    Operating Margin 18.9%   29.6% 21.2%   31.0%    
    Financial income (loss), net 32.1 0.6 32.6 (4.3) 26.8 22.5 N/A 45%
    Income tax expense (68.5) (15.8) (84.3) (54.9) (38.1) (93.0) 25% (9)%
    Non-controlling interest (0.0) (0.9) (0.9) 0.1 (0.4) (0.3) (117)% 229%
    Net Income attributable to shareholders € 239.7 € 140.3 € 380.1 € 243.5 € 127.8 € 371.3 (2)% 2%
    Diluted Earnings Per Share (3) € 0.18 € 0.10 € 0.29 € 0.18 € 0.10 € 0.28 0% 3%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Three months ended September 30, Change
    2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 2023

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2023

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (252.9) 3.3 0.1 (249.5) (238.2) 2.1 0.2 (236.0) 6% 6%
    Research and development expenses (321.0) 20.4 0.2 (300.4) (299.2) 14.9 0.3 (284.1) 7% 6%
    Marketing and sales expenses (403.7) 18.9 0.0 (384.8) (381.0) 11.1 0.1 (369.8) 6% 4%
    General and administrative expenses (117.5) 20.8 0.0 (96.6) (103.2) 10.3 0.0 (92.9) 14% 4%
    Total   € 63.4 € 0.4     € 38.4 € 0.7      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,323.1 million diluted shares for Q3 2024 and 1,326.1 million diluted shares for Q3 2023, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 243.2 million for Q3 2024 (€ 243.5 million for Q3 2023). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Nine months ended September 30, Change
    2024 Adjustment(1) 2024 2023 Adjustment(1) 2023 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 4,459.3   € 4,459.3 € 4,308.0 – € 4,308.0 4% 4%
    Revenue breakdown by activity                
    Software revenue 4,011.8   4,011.8 3,883.9 – 3,883.9 3% 3%
    Licenses and other software revenue 719.8 – 719.8 735.8 – 735.8 (2)% (2)%
    Subscription and Support revenue 3,292.0   3,292.0 3,148.1 – 3,148.1 5% 5%
    Recurring portion of Software revenue 82%   82% 81%   81%    
    Services revenue 447.6 – 447.6 424.1 – 424.1 6% 6%
    Software Revenue breakdown by product line                
    Industrial Innovation 2,117.9 – 2,117.9 2,070.7 – 2,070.7 2% 2%
    Life Sciences 846.6 – 846.6 863.8 – 863.8 (2)% (2)%
    Mainstream Innovation 1,047.4 – 1,047.4 949.5 – 949.5 10% 10%
    Software Revenue breakdown by geography                
    Americas 1,619.7   1,619.7 1,575.2 – 1,575.2 3% 3%
    Europe 1,465.4 – 1,465.4 1,426.3 – 1,426.3 3% 3%
    Asia 926.6 – 926.6 882.4 – 882.4 5% 5%
    Total Operating Expenses € (3,583.1) € 470.8 € (3,112.4) € (3,447.7) € 475.4 € (2,972.3) 4% 5%
    Share-based compensation expense and related social charges (175.9) 175.9 – (172.6) 172.6 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (274.1) 274.1 – (284.0) 284.0 –    
    Lease incentives of acquired companies (1.5) 1.5 – (2.1) 2.1 –    
    Other operating income and expense, net (19.2) 19.2 – (16.7) 16.7 –    
    Operating Income € 876.2 € 470.8 € 1,347.0 € 860.3 € 475.4 € 1,335.7 2% 1%
    Operating Margin 19.6%   30.2% 20.0%   31.0%    
    Financial income (loss), net 95.5 2.1 97.6 31.1 28.3 59.4 207% 64%
    Income tax expense (184.4) (83.8) (268.2) (171.5) (112.8) (284.3) 8% (6)%
    Non-controlling interest 0.9 (2.8) (1.9) 1.0 (1.2) (0.2) (3)% N/A
    Net Income attributable to shareholders € 788.2 € 386.2 € 1,174.4 € 720.9 € 389.7 € 1,110.7 9% 6%
    Diluted Earnings Per Share (3) € 0.61 € 0.28 € 0.89 € 0.54 € 0.29 € 0.84 12% 6%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Nine months ended September 30, Change
    2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 2023

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2023

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (749.4) 11.2 0.4 (737.8) (715.1) 12.1 0.6 (702.3) 5% 5%
    Research and development expenses (958.5) 58.7 0.7 (899.1) (910.8) 65.9 0.9 (844.0) 5% 7%
    Marketing and sales expenses (1,247.7) 55.7 0.2 (1,191.8) (1,195.2) 52.7 0.4 (1,142.2) 4% 4%
    General and administrative expenses (334.1) 50.3 0.1 (283.7) (325.9) 42.0 0.1 (283.8) 3% (0)%
    Total   € 175.9 € 1.5     € 172.6 € 2.1      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,327.0 million diluted shares for YTD 2024 and 1,326.8 million diluted shares for YTD 2023, and, for IFRS only, a diluted net income attributable to the shareholders of € 805.5 million for YTD 2024 (€ 720.9 million for YTD 2023). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    1 IFRS figures for 3Q24: total revenue at €1.46 billion, operating margin of 18.9% and diluted EPS at €0.18; IFRS figures for YTD24: total revenue at €4.46 billion, operating margin of 19.6% and diluted EPS at €0.61.  

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Public Policies in Focus as APEC Pushes for Sustainable Finance Solutions Lima, Peru | 23 October 2024 APEC Finance Ministers’ Process

    Source: APEC – Asia Pacific Economic Cooperation

    The growing urgency to address climate change and environmental challenges has propelled sustainable finance into the spotlight as governments, businesses and investors increasingly prioritize sustainability considerations. This shift is transforming the financial landscape and driving capital toward projects that promote sustainability from renewable energy infrastructure to social impact initiatives.

    Against this backdrop, APEC Finance Ministers from across the APEC region convened in Lima on Sunday to discuss strategies for promoting low-carbon, climate-resilient economies. Representatives from international organizations, business leaders, and experts also offered their views on transition to a sustainable economy and the potential for investment it may bring.

    Opening the High-Level Event on Sustainable Finance: Public Policies in Action for Sustainable Development, José Arista Arbildo, Peru’s Minister of Economy and Finance, emphasized the importance of recognizing the interconnection between economic growth, environmental sustainability and social well-being.

    “We are facing unprecedented global environmental challenges such as climate change, biodiversity loss and natural resource scarcity,” Minister Arista said. “These challenges not only pose a threat to the environment, but also have significant implications for economic stability and the well-being of the populations of our economies.”

    Sustainable finance, a broad term that refers to investments aimed at generating both financial returns and positive environmental or social outcomes, has seen unprecedented growth. With the global economy increasingly focused on mitigating climate risks and achieving long-term sustainable development, financial institutions are responding by integrating sustainability criteria into their portfolios.

    “The strengthening of economic and financial systems is necessary to ensure their efficient adaptation to new paradigms that will make it possible to promote environmental, social and economic sustainability,” he added. “In this context, public policies are a transformative tool for integrating sustainability into the financial framework of our economies.”

    To successfully embed sustainability into the financial system, economies must embrace a strategic vision that shapes public policies promoting environmentally responsible practices.

    “Strategic planning for this integration is not only an ethical imperative, but also an economic necessity,” Minister Arista explained. “Providing a predictable framework for sustainable finance is one such policy.”

    During the panel discussion, experts called for holistic strategies that harmonize economic and financial activities to foster competitiveness and productivity. They stressed the importance of setting clear, long-term sustainability goals including the importance of governance frameworks and spaces for coordination; and fostering collaboration among stakeholders.

    The conversation also tackled the practical challenges member economies face in implementing sustainable financial practices. It further underscored the critical role of public-private partnerships in overcoming obstacles such as limited funding and regulatory barriers.

    APEC Business Advisory Council Chair, Julia Torreblanca, echoed the sentiment, highlighting the importance of business and public sector collaboration in driving sustainable development.

    “Sustainable finance is a joint endeavor where the private sector plays a critical role,” Torreblanca said. “However, it needs a policy environment that fosters innovation, facilitates sustainable investments and nurtures public-private collaboration.”

    According to experts, the transition to a sustainable economy presents significant investment opportunities despite the challenges. From renewable energy projects to sustainable agriculture, sectors aimed at reducing carbon emissions and promoting social equity are poised for growth. Experts also explored the potential for innovative economic instruments to support sustainability initiatives.

    One key takeaway from the event was the importance of fostering partnerships between governments, businesses and financial institutions. Such collaborations are seen as essential for creating innovative financial instruments and policies that will enhance the implementation of sustainable finance initiatives across the APEC region.

    “Being appropriately prepared to address emerging challenges and seize opportunities along the path to sustainable finance is essential,” Minister Arista concluded. “Public policies are thus a powerful tool that can guide us. If designed and implemented correctly, they can transform our economies and societies.”

    For further details, please contact:

    APEC Media at [email protected]

    MIL OSI Economics –

  • MIL-OSI Economics: Expanding automotive cyber security innovations with VERZEUSE(TM) series

    Source: Panasonic

    Headline: Expanding automotive cyber security innovations with VERZEUSE(TM) series

    Yokohama, Japan, October 24, 2024 – Panasonic Automotive Systems Co., Ltd. has further expanded its series of VERZEUSE , automotive cyber security innovations, to accommodate the security needs in each phase (design, implementation, evaluation, production, and operation) of the entire vehicle lifecycle, from the development to operation (after vehicle shipment).
    This expansion offers efficiency and high quality standardization for security measures throughout the entire vehicle lifecycle by introducing tools to automate cyber security work which has been often performed manually, and to link input and output information in each phase.VERZEUSE for Virtualization Extensions Type-3, a containerized virtualization security innovation to combat cyber attacks on in-vehicle software, has been evaluated highly by car manufacturers as a unique innovation, and has been newly adopted for in-vehicle deployment.
    This newly announced system in the VERZEUSE series will be exhibited at EdgeTech+ 2024*1 to be held from November 20 to 22, 2024.

    ＜Development background＞

    In recent years, the risk of security threats, including cyber attacks targeting cars, has constantly been on the rise alongside the evolution of software-defined vehicles (SDVs) whose functions are enhanced with software and the increase in the number of vehicles connected to networks, known as connected cars. In January 2021, UN Regulation UN-R155 has come into effect, and it has been applied to new vehicles*2 in Japan and Europe since July 2022. In order to comply with UN-R155, there is an urgent need to establish a cyber security system in accordance with ISO/SAE 21434.
    In this environment, the company foresees future demand for implementation of even more comprehensive security measures in each phase of vehicle lifecycle from development to shipment (design, implementation, evaluation, production, and operation) and streamlining of the enormous amount of work needed for vulnerability countermeasures.

    ＜VERZEUSE series features＞

    1. Provides solutions for each phase of the vehicle lifecycle from development to shipment (design, implementation, evaluation, production, and operation).Supports further streamlining and high quality standardization for security measures by linking input/output information in each phase.

    2. VERZEUSE for TARA(Threat Analysis and Risk Assessment): ISO/SAE 21434 compliant threat analysis innovations contributing to substantial reduction of workload by automating threat analysis in the development and design phase.

    3. VERZEUSE for Virtualization Extensions Type-3: Attack detection and protection solution adapting to container technology for in-vehicle software, adopted by car manufactures.

    ＜VERZEUSE series features in detail＞

    1. Provides solutions for each phase of the vehicle lifecycle from development to shipment (design, implementation, evaluation, production, and operation).Supports further streamlining and high quality standardization for security measures by linking input/output information in each phase.

    The VERZEUSE series provides innovative systems for each phase of the entire vehicle lifecycle (design, implementation, evaluation, production, and operation) from development to shipment. The input and output information of each phase can be linked through the Panasonic Group’s database of Threat Intelligence which collects threat information from various industries such as factory automation, home appliances, and IoT devices.
    For example, the analysis result information output from the design phase (1) VERZEUSE for TARA is referenced as input information in the evaluation phase (4) VERZEUSE for Threat Evaluation and Security Test Assistance toolkit and the post-shipment phase (6) VERZEUSE for SIRT. Likewise, the vulnerability assessment results output from the evaluation phase (4) VERZEUSE for Threat Evaluation and Security Test Assistance toolkit is referenced as input information in the post-shipment phase (5) VERZEUSE for SIRT.
    This linkage between phases not only further streamlines security measures, but also helps to consistently manage security information throughout the entire vehicle lifecycle and to maintain security risk management to a high standard.

    2. VERZEUSE for TARA: ISO/SAE 21434 compliant threat analysis innovations contributing to substantial reduction of workload by automating threat analysis in the development and design phase.

    During the early stages of vehicle development, even developers who are not security experts can simply answer a few questionnaires to determine countermeasure requirements based on the characteristics of in-vehicle devices from Panasonic Automotive Systems’ Threat Intelligence, which collates threats, vulnerabilities, and security controls.
    This innovative system has been applied to more than 80 of the company’s in-vehicle products. For example, compared to the conventional manual process of threat analysis, this system has been proven to reduce workload by up to 90%*3 for large-scale products such as navigation systems. Car manufacturers that have used the system have highly evaluated its usefulness, and we have been commissioned to provide multiple consulting projects for risk assessment. For details, please refer to the press release*4.

    3. VERZEUSE for Virtualization Extensions Type-3: Attack detection and protection solution adapting to container technology for in-vehicle software, adopted by car manufactures.

    This in-vehicle software innovation meets the security requirements*5 of next-generation cockpit systems that utilize a virtualization environment and monitors the communication between the software area which has a high risk of being targeted by attackers via the external network connection (e.g. externally connected virtual machine) and the software area which implements essential functions of the vehicle controls and software update functions (e.g., cluster containers). The monitoring function placed in an isolated container can check communications from the secure area to block abnormal communications, protecting critical functions of the vehicle from attacks and improving vehicle safety.
    It is also possible to import optional monitoring function as a plug-in via the security interface. The plug-in management function enables to select the appropriate monitoring function according to the characteristics of the communication. Since there is no need to change the application side when importing, this in-vehicle software can be introduced at low cost, and car manufacturers have decided to adopt it for in-vehicle deployment.

    Supplementary explanation

    VERZEUSE for Threat Evaluation and Security Test Assistance toolkit: Enabling high-quality, efficient security evaluation by users without security expertise.

    This innovative toolkit allows users to efficiently carry out high-quality threat evaluation and security testing, which previously has been often performed manually during the evaluation phase, even without security expertise.The procedures and standards for conducting various security evaluations, such as fuzz testing*10, vulnerability testing, and penetration testing*11, can be comprehensively defined with this toolkit. The defined procedures and standards can be flexibly customized according to evaluation items required for in-vehicle ECU development. In addition, its automated evaluation tool allows for efficient vulnerability assessment.

    *1 EdgeTech+ 2024 https://www.jasa.or.jp/expo/english/*2 In Japan, it applies only to vehicles supporting OTA (Over The Air: a process of updating and changing the software of devices such as smartphones and cars using wireless communication such as data communication).*3 When the company analyzed its navigation system (220 resources, 1250 threat scenarios, and 3230 countermeasure requirements), it reduced the workload from 30 to 3 person-months*4 October 24, 2024, Development of ISO/SAE 21434 compliant threat analysis innovations: VERZEUSE for TARA. https://news.panasonic.com/global/press/en241024-4*5 ST-CSP-18: Requirements Definitions Document for In-vehicle Security Functions Using Software Isolation Technology Ver.1.01 (JASPAR(Japan Automotive Software Platform and Architecture), 2023).*6 January 16, 2023, Virtualization Security Solution Developing VERZEUSE for Virtualization Extensions: Contributing to the Cybersecurity of Next-generation Cockpit Systems https://news.panasonic.com/global/press/en230116-2*7 December 11, 2023, Cyber Security Robustness Innovations, Developed VERZEUSE for Runtime Integrity Checker, Strengthen In-Vehicle Cyber Security Measures https://news.panasonic.com/global/press/en231211-2*8 March 23, 2021, Panasonic and McAfee agree to jointly start building Vehicle SOC for commercialization of Vehicle Security Monitoring Services https://news.panasonic.com/global/press/en210323-2*9 September 9, 2024, Development of Vulnerability Analysis Innovations, VERZEUSE for SIRT https://news.panasonic.com/global/press/en240909-4*10 Fuzzing test: A software testing technique that injects invalid, unexpected, or random data called fuzz into a target product or system to intentionally cause exceptions and detect potential bugs and vulnerabilities.*11 Penetration test: A testing technique that checks for vulnerabilities of computer system connected to a network with hacking attempts using known technologies. It is also called pentest or intrusion testing.

    About VERZEUSE
    Panasonic Automotive Systems Co., Ltd. markets VERZEUSE (https://automotive.panasonic.com/en/technology/cyber-security)*12 cybersecurity technology and services globally. Engineers at Panasonic Automotive Systems who worked together in the development of security technologies in various Panasonic Group products, including TVs, recorders, mobile phones, smartphones, payment terminals, and semiconductors, have turned their expertise toward developing cyber security technologies since 2014, drawing on their individual strengths to apply these technologies to automotive products. Panasonic Automotive Systems helps to ensure the safety and security of automated driving functions and network services to benefit society with technologies underpinned by a wealth of knowledge and experience.

    *12 VERZEUSE was coined by combining the Spanish word “ver” meaning “look” and the god Zeus. The name is meant to inspire the feeling of a protective god of the sky watching over the safety of society.

    Media Contact:

    Corporate Communications Office, Corporate Planning Center, Panasonic Automotive Systems Co., Ltd.e-mail: press-pas@ml.jp.panasonic.com

    MIL OSI Economics –

  • MIL-OSI Economics: Development of ISO/SAE 21434 compliant threat analysis innovations: VERZEUSE(TM) for TARA

    Source: Panasonic

    Headline: Development of ISO/SAE 21434 compliant threat analysis innovations: VERZEUSE(TM) for TARA

    Yokohama, Japan, October 24, 2024 – Panasonic Automotive Systems Co., Ltd. (“Panasonic Automotive Systems”) has developed VERZEUSE for TARA (Threat Analysis and Risk Assessment), an innovative ISO/SAE 21434-compliant threat analysis system that supports rapid development by automating the threat analysis necessary to protect vehicles from cyber-attacks during the early stages of vehicle development.It will be showcased at EdgeTech+ 2024*1 which will take place from November 20 to 22, 2024.
    VERZEUSE for TARA provides comprehensive analysis of cyber security risks for vehicles and in-vehicle devices in the early stages of development and efficiently derives ISO/SAE 21434 compliant threat analysis results. Even developers who are not security experts can simply answer a few questionnaires to determine countermeasure requirements based on the characteristics of in-vehicle devices from Panasonic Automotive Systems’ Threat Intelligence database, which collates threats, vulnerabilities, and security controls.
    This innovative system helps streamline the threat analysis process and has been applied to more than 80 of our company’s in-vehicle products. Compared to the conventional manual process of threat analysis, this system has been proven to reduce workload by up to 90%*2 for large-scale products such as navigation systems. Car manufacturers that have used the system have highly evaluated its usefulness, and we have been commissioned to provide multiple consulting projects for risk assessment.

    *1 EdgeTech+ 2024 https://www.jasa.or.jp/expo/english/*2 When our company analyzed the navigation system (220 assets, 1250 threat scenarios, and 3230 countermeasure requirements), the workload was reduced from 30 to 3 person-months by using this system.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN attends the Opening Ceremony of the 11th AMCA and Related Meetings

    Source: ASEAN

    Secretary-General of ASEAN Dr. Kao Kim Hourn today attended the Opening Ceremony of the 11th AMCA and Related Meetings, where Melaka was announced as the new ASEAN City of Culture for 2024-2026.

    The post Secretary-General of ASEAN attends the Opening Ceremony of the 11th AMCA and Related Meetings appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: FS promotes HK’s advantages in US

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan delivered a speech and held discussions with President of the National Committee on United States-China Relations Steve Orlins as he continued a visit to New York, the US.

    Mr Chan gave his speech at a lunch co-hosted by the Hong Kong Economic & Trade Office in New York and the Hong Kong Association of New York and attended by around 80 representatives from the business sector and from various institutions, chambers of commerce and think tanks.

    At the lunch, he also discussed topics of interest relating to Hong Kong in US political and business circles with Mr Orlins.

    In his address, Mr Chan spoke about Hong Kong’s economic situation and development strategies. He focused in particular on new initiatives in areas such as finance and innovation and technology, policies and achievements related to attracting businesses and talent, and Hong Kong’s increasingly close co-operation and collaborations with sister cities in the Greater Bay Area.

    Mr Chan stated that the “one country, two systems” arrangement will in place in Hong Kong for the long term. He emphasised that the city will continue to play a unique role as a super-connector and super value-adder, linking the Mainland’s capital markets and investors with those of the global community to create value and opportunities for all.

    He highlighted that Hong Kong maintains its common law system, upholds the rule of law, provides an open, free, and simple low-tax business environment, and protects investors’ rights. Following the implementation of national security legislation, he added, foreign businesses continue to have confidence in Hong Kong, and various international institutions have affirmed the city’s excellent business environment and competitiveness.

    The Financial Secretary highlighted that Hong Kong values the strengthening of relationships with traditional markets and welcomes continued investments from the US business community. He said that the Hong Kong Special Administrative Region Government will continue to present the real situation in Hong Kong through objective facts and data, and will maintain communication and connections with political and business sectors in the US.

    Earlier, Mr Chan had breakfast with local political and business figures, followed by a roundtable meeting with local financial and banking professionals in which he briefed them on Hong Kong’s latest situation and opportunities, and took questions.

    Mr Chan met Acting Consul General of China in New York Ma Xiaoxiao in the afternoon to discuss China-US economic and trade relations.

    MIL OSI Asia Pacific News –