Category: Asia Pacific

  • MIL-OSI New Zealand: First Responders – Waikato fire burning through swampland

    Source: Fire and Emergency New Zealand

    A 20 hectare scrub fire is burning in swampland off Island Block Road, Waikato this afternoon.
    Fire and Emergency New Zealand was alerted to the fire around 1.15pm.
    Incident Commander Shane Bromley says four fire trucks, five tankers and two helicopters are responding to the fire, with another helicopter on its way.
    “The fire is semi-contained but not controlled and we’ve put fire trucks in place to protect three houses as a precaution,” Shane Bromley says.
    “We are also working to protect the nearby Whangamarino Wetland and expect to have a crew at the fire ground overnight.”
    There will be another update at 7pm tonight.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Defence News – Two containers successfully removed from reef after HMNZS Manawanui sinking

    Source: New Zealand Defence Force
     
    New Zealand and Samoan teams have today removed a second shipping container from the reef off Samoa’s Upolu, one of three that came off the sunken Royal New Zealand Navy ship HMNZS Manawanui on 6 October.
     
    The first of these 10ft shipping containers was successfully removed on Saturday.
     
    Of the two that have now been removed, the first was empty while the second contained food. The third and final container is empty and damaged, and will be removed next.
     
    “We are planning for the removal tomorrow, if the conditions are right. It’s important that this work is carried out safely and with care,” NZDF Senior National Representative Commodore Andrew Brown says.
     
    The New Zealand Defence Force (NZDF) is working with a local contractor, ARK Marine, to remove these containers from the reef off the south-west coast of Upolu.
     
    The work is being carried out with the approval of the Samoan authorities, and under the direct supervision of Samoan officials.
     
    Commodore Brown says daily monitoring of the vessel and shoreline will continue during CHOGM.
     
    “We will be conducting one dive, one drone flight and one beach patrol daily. The timing will be coordinated so as not to disrupt the event.”

    MIL OSI New Zealand News

  • MIL-OSI Submissions: United Kingdom – Hundreds Gather to Celebrate 100 Years Since Construction of London’s First Ever Mosque

    Source: AHMADIYYA MUSLIM JAMAAT INTERNATIONAL
     
    The capital’s oldest mosque, the Fazl Mosque in Southfields, London, welcomed hundreds of guests on Saturday evening to mark a century since its foundation stone was first laid. 

    Guests including MPs, academics and religious leaders came together to view a special exhibition and hear a keynote address from the worldwide Head and Fifth Caliph of the Ahmadiyya Muslim Community, His Holiness, Hazrat Mirza Masroor Ahmad.
    The evening, themed “Islamic Light in the West: A Century of Spiritual Revival,” honoured the legacy of the journey of the Second Caliph of the Ahmadiyya Muslim Community from India to the UK – a journey that marked the dawn of a new era for Islam in Britain. 
    Speaking about the history of the mosque, His Holiness said:
    “From 1920 onwards, Ahmadi Muslims diligently raised funds through personal sacrifices and contributions.  Their collective efforts culminated in the purchase of the plot of land in Southfields, where you have gathered, for the sum of £2,230. It would serve as the location for the first Mosque in London.”
    “Exactly a century ago, the Second Caliph graced the land in Southfields where you are sitting and laid the foundation stone for the Fazl Mosque, which proved to be a landmark moment in the history of Islam in the UK.”
    The Fazl Mosque was granted heritage status by Historic England in 2018 and has served as the global headquarters of the Ahmadiyya Muslim Community. It remains a focal point for the community’s religious and humanitarian activities.
    His Holiness, Mirza Masroor Ahmad, also highlighted the urgent need to end conflicts taking place around the world.
    “Across the globe, wars are raging, lives are being tragically lost in unimaginable numbers, and we are witnessing a blatant disregard for the rights of Allah the Almighty and the rights of humanity.”
    “It is my heartfelt prayer that may the love of God Almighty and His Creation enter the hearts of all mankind. Certainly, it was to achieve this objective that the Fazl Mosque was constructed, and it is for the sake of reiterating this message and recognising the immense blessings of God Almighty that we have held this event.”

    MIL OSI – Submitted News

  • MIL-OSI Australia: Three arrested at Kilburn

    Source: South Australia Police

    Police recovered a stolen car and seized firearms during an investigation at Kilburn last night.

    About 7.30pm on Sunday 20 October, police located a stolen Holden Commodore station wagon in the car park of a Kilburn licensed premises.

    The alleged occupants of the stolen car were identified by police nearby.

    A 31-year-old Manningham man and a 25-year-old Paralowie woman were arrested and charged with illegal use of a motor vehicle.

    The stolen car was towed away for forensic examination.

    Following these arrests, Western District Police and Serious and Organised Crime Branch detectives searched addresses linked to the arrested people.

    At a Kilburn property, three firearms, firearm parts and ammunition were found.  Some of the firearms are suspected to have been stolen and inquiries are continuing.

    A 39-year-old Kilburn man was arrested and charged with serious firearm offences.

    The arrested men will appear in the Adelaide Magistrates Court today, Monday 21 October.

    The woman was bailed to appear in the Adelaide Magistrates Court on 3 December.

    Anyone with information about illegal or stolen firearms in our community is urged to contact Crime Stoppers on 1800 333 000 or online at http://www.crimestopperssa.com.au

    CO2400042199
    CO2400042169, CO2400042345

    MIL OSI News

  • MIL-OSI Submissions: Visa’s Growth Corporates Working Capital Index Reveals 300% Increase in Working Capital Efficiency

    Source: Visa Inc.
     
    Top performing growth corporates surveyed saved an average of $11 million, with virtual card usage jumping 32%

    SAN FRANCISCO – Visa (NYSE:V), a global leader in digital payments, announced the findings from its second annual global Growth Corporates Working Capital Index. The findings revealed an astounding increase in working capital usage and efficiency, with an 81% adoption rate of at least one working capital solution in 2024. Beyond increased adoption, top-performing companies1 saved an average of $11 million in interest and fees – a YoY efficiency increase of 300%.

    The Index surveyed nearly 1,300 CFOs and Treasurers across 8 industry segments and 23 countries, all representing “Growth Corporates,” organizations that generate between $50 million and $1 billion in annual revenue.

    Beyond the increased adoption of working capital solutions, virtual cards saw a particularly high uptick. These solutions offer flexible, on-demand working capital solutions that provide access to funds as corporate needs require.

    Virtual cards saw a 32% YoY increase in usage and were intrinsically linked to top-performing Index scores. Surveyed Growth Corporates who used virtual card solutions saw higher probability of reduced Days Payable Outstanding (DPO), strategic utilization of working capital, better cash flow predictability, more supplier integration into payment systems and early supplier payment.

    The Index notably highlights that CFOs and Treasurers of Growth Corporate businesses want relationship-based banking and personalized working capital solutions tailored to their specific industry, spending habits and business needs.

    Five out of eight industries represented by survey respondents cited lengthy approval processes and uncertainty about approval outcomes as their most significant obstacles, as respondents expressed the need for bankers with both the lending experience and working knowledge of their industry and region to design working capital solutions that fit their business requirements.

    And the stakes are high: 90% of respondents reported negative consequences when working capital access was denied or took too long.

    “Growth Corporates have unique needs and capabilities that often fall through the cracks between small businesses and enterprises,” said Lauren Hewings, Visa’s Head of Working Capital Solutioning. “This valuable segment, which really represents tomorrow’s enterprises, has historically lacked access to customized, industry-tailored products and solutions from their financial institutions; however, increasingly, they are demanding them from their financial institutions as they seek flexible, on-demand methods for optimizing cash flow to drive strategic growth.”

    Additional key findings include:

    More than half (58%) of top performers surveyed improved their working capital ratios, as evidenced by 51% shorter cash conversion cycles and 28% shorter days payable outstanding.
    Strategic use cases drove 62% of working capital use. CFOs and Treasurers were 35% more likely to use solutions to invest in company assets and 37% more likely to have invested in organic growth and expansion, than last year.
    Developing markets and specific industries experienced remarkable gains: North America’s agriculture sector saw a 17% Index surge, healthcare in Europe and Asia-Pacific (APAC) led with 16% gains, and retail in Central Europe, Middle East and Africa (CEMEA) witnessed a dramatic 26% increase in Index scores.
    Top performers surveyed achieved a 21% increase in their net profit margins and a 14% increase in their working capital ratios.
    Top-performing CFOs and Treasurers are three times more likely to use virtual cards next year than bottom performers. Virtual cards provide access as needed to pay suppliers early, which is often associated with more favorable pricing from key suppliers.

    For more information about the Growth Corporates Working Capital Index, please visit: https://global-corporate.review.visa.com/solutions/commercial-solutions/knowledge-hub/working-capital-index-report.html.

    About Visa Inc.

    Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

    ______________________________
    1 Top performers are characterized by superior predictability in financing needs, which enables them to use financing more strategically than less efficient counterparts. Growth Corporates at the top of the Index are more likely to be in a stable financial position, either with the help of external working capital or without and are therefore the least likely to have needed financing for emergencies.

    MIL OSI – Submitted News

  • MIL-OSI New Zealand: Release: Delay to retirement village review won’t help residents

    Source: New Zealand Labour Party

    “Retirement Village Residents Association members have asked for three priority areas they want action on; maintenance and repairs, disputes settlements and fairer fees, and repayments on exiting a village. Timelines for review set by this Government are unacceptable and will leave residents in the lurch for years,” Labour seniors spokesperson Ingrid Leary said. 

    “Nearly all the background work has been done. Leaving any changes to the Act to the next parliamentary term will see many of the current residents passed on, time is on no one’s side.

    “Delays will only benefit the operators, not the residents.

    “Labour started this review process which now needs to be completed with haste by the Government. More than 20 years since the original Act was implemented.  

    “Recent comments by the Executive Director for Retirement Village Association Michelle Palmer in the media indicate the industry has been encouraging its members to make changes.

    “Clearly the time is right for this Government to act with both residents and operators primed and ready to resolve these long overdue concerns,” Ingrid Leary said.


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    MIL OSI New Zealand News

  • MIL-OSI Australia: Appointments – Members, Companies Auditors Disciplinary Board

    Source: Australian Treasurer

    The Albanese Government has today appointed Mr Michael Bray, Ms Julie Williams and Mr Matthew Green as part‑time accounting members of the Companies Auditors Disciplinary Board (CADB) for a three‑year period.

    The CADB is an independent disciplinary body established by Part 11 of the Australian Securities and Investments Commission Act 2001 (ASIC Act).

    CADB receives and reviews applications made to it by the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority in respect of registered company auditors under the Corporations Act 2001.

    Mr Bray specialises in financial statement audits in specialist industries with complex accounting and auditing issues. He has extensive experience in a number current and previous roles including as a Professor of Practice at Deakin University, a Director at the Australian Business Reporting Leaders Forum and a Special Adviser to the Chief Connectivity and Integrated Reporting Officer of the International Financial Reporting Standards Foundation.

    Ms Williams has many years experience as a registered liquidator and is well‑versed in the financial regulatory framework, including the Corporations legislation. Her experience includes membership of the board of the Institute of Public Accountants where she chaired the IPA’s disciplinary committee and served as President between 2020 and 2023.

    Mr Green is a partner at Forvis Mazars and a registered company auditor. He has a breadth of experience that includes providing audit and assurance services specialising in corporate reporting, accounting and auditing requirements, corporate law and governance, risk assessment and corporate transactions and valuations.

    The Government has also reappointed Ms Adeline Hiew as a part‑time business member and Mr Tony Brain and Ms Ann‑Maree Robertson as part‑time accounting members of the CADB.

    These appointments will continue the high level of skills and experience available to the CADB, to help ensure that the key sectors of our economy are effectively regulated.

    MIL OSI News

  • MIL-OSI Economics: APEC Reinforces Ethical Standards, Drives Global Impact in Health-Related Sectors Lima, Peru | 21 October 2024 APEC Small and Medium Enterprises Working Group Senior stakeholders from across the Asia-Pacific convened in Lima last month to drive action to enhance ethical practices, reinforcing APEC’s leadership in promoting sustainable growth and fair competition for SMEs.

    Source: APEC – Asia Pacific Economic Cooperation

    Dedicated to advancing ethical standards in health-related sectors, senior stakeholders from across the Asia-Pacific convened in Lima last month to drive action to enhance ethical practices, reinforcing APEC’s leadership in promoting sustainable growth and fair competition for small and medium enterprises (SMEs).

    “Ethical business practices are not just about doing the right thing—they are about creating environments where businesses can thrive, where innovation can flourish and where societies can prosper,” said Diane Farrell, Deputy Under Secretary for International Trade at the US Department of Commerce, upon opening the 2024 APEC Business Ethics for Small and Medium Enterprises Forum.

    Endorsed by APEC Small and Medium Enterprises Ministers in 2011 and recognized by APEC Economic Leaders in 2012, the Business Ethics for APEC SMEs Initiative is the world’s largest public-private partnership promoting ethical business practices in health-related sectors. 

    The APEC Kuala Lumpur Principles for medical technology industry and Mexico City Principles for biopharmaceutical industry guide nearly 20,000 enterprises and set a global benchmark for ethical conduct, supported by industry and governments alike.

    “By prioritizing ethical standards, we not only enhance competitiveness but also ensure that small and medium enterprises are well-positioned to thrive in the future economy,” said Aaron Sydor, Chair of the APEC Small and Medium Enterprises Working Group

    “We are also empowering the region’s SMEs with the tools they need to operate with integrity and transparency in an increasingly complex global market,” Sydor added.

    This year’s forum advanced government strategies to encourage ethical practices with Chile announced a pilot program to promote enterprise integrity through public procurement, and Mexico introduced a new partnership to align SMEs with the Kuala Lumpur and the Mexico City principles. 

    The forum also marked the international launch of the US Consensus Framework, expanding ethical standards across the APEC region, as well as the expansion of the Peru Consensus Framework with new public and private signatories, boosting momentum for ethical collaboration in health systems.

    Consensus frameworks are critical to advancing ethical business conduct to support small businesses within health systems and represent each economy’s commitment to strengthening collaboration. This includes adherence to rules within respective health systems and alignment of ethical principles across diverse stakeholders. 

    “When ethical practices are prioritized, patient outcomes improve. This Initiative is crucial in ensuring that ethical considerations are embedded in every aspect of healthcare, ultimately leading to better care for patients across the region,” said David Reddy, director general of the International Federation of Pharmaceutical Manufacturers and Associations.

    The 2024 forum promoted mentorship for medical technology and biopharmaceutical industry associations to embed these principles in their codes of ethics, and for the first time, addressed the role of women’s leadership in this effort.

    “APEC has a unique opportunity to champion ethical leadership that is inclusive and gender balanced. This means not only supporting women in leadership roles but also ensuring that ethical considerations are integrated into all aspects of economic policymaking,” said Dr Rebecca Sta Maria, executive director of the APEC Secretariat.

    The commitments made at the forum will play a pivotal role in shaping health-related sectors globally. APEC’s strong leadership in promoting ethical business practices is crucial to driving sustainable growth and public health, empowering SMEs to thrive in an increasingly complex global market.

    “Effective government strategies serve as a catalyst for ethical transformation across industries, ensuring that businesses are anchored in integrity,” Chris White, general counsel and chief policy officer at the Advanced Medical Technology Association. 

    “By championing ethical practices, including in the public procurement process, governments not only guide businesses but also reinforce the trust that is vital to the broader health ecosystem,” he concluded.

    For more information about the Business Ethics for APEC SMEs Initiative, visit the initiative’s homepage. Stakeholders interested in learning more or getting involved are encouraged to contact the initiative’s stakeholder liaison team at [email protected].

    For further details or to arrange possible media interviews, please contact:

    APEC Media at [email protected]

    MIL OSI Economics

  • MIL-OSI Economics: Secretary General of ASEAN participates in Singapore International Energy Week 2024

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered a keynote speech at the Singapore International Energy Week (SIEW) 2024 Summit, held in Singapore. In his remarks, Dr. Kao emphasized the need for enhanced cooperation among ASEAN Member States as well as between ASEAN and its external partners in strengthening regional energy security and sustainable development. He also highlighted ASEAN’s efforts under the ASEAN Plan of Action and Energy Cooperation (APAEC) Phase II 2021-2025, in which he urged for greater synergy in advancing regional initiatives such as the ASEAN Power Grid (APG) and fostering innovation in renewable energy to meet future energy demands.

    Download the full speech here.

    The post Secretary General of ASEAN participates in Singapore International Energy Week 2024 appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI New Zealand: Government to Clarify s70 Discharge Consent to Provide Certainty for Councils and Primary Sector

    Source: New Zealand Government

    The Government has announced its intention to provide certainty on discharge rules under section 70 of the Resource Management Act (RMA) for primary producers, and councils – enabling permitted discharge activities to be managed in a practical way, Agriculture Minister Todd McClay confirmed today.

    “The clarification will be introduced via the second Resource Management Amendment Bill. It will safeguard permitted activities and restore certainty for councils and the primary sector around diffuse discharges.

    “The recent High Court decision threatens to require consents for previously permitted discharges into waterways, imposing costs that would hinder the primary sector’s ability to improve freshwater quality over time,” Mr McClay says.

    “The High Court decision will also significantly increase the consenting workload of councils, affecting clearance timeframes and consent backlogs.

    “The work progressed through the second Resource Management Amendment Bill will provide legal clarity to councils and applicants so that they can plan ahead and ensure that key operations in the primary sector can continue without disruption.

    “Our goal is to produce clear rules that unlock the double dividend of higher growth and productivity alongside positive environmental outcomes.

    “The Government is committed to providing the settings regional councils and the primary sector need to support New Zealand’s economic growth while maintaining environmental standards.”

    MIL OSI New Zealand News

  • MIL-OSI Australia: Serious crash at Kapunda

    Source: South Australia Police

    Police and emergency services are at the scene of a serious crash at Kapunda.

    Just after 2.30pm on Monday 21 October, Police responded to a two car crash on the Thiele Highway.

    South bound traffic out of the Kapunda township is closed and northbound traffic is being diverted down East Terrace.

    Please avoid the area.

    MIL OSI News

  • MIL-OSI Asia-Pac: FS attends APEC meeting in Peru

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan began his visit in Lima, Peru, to attend the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting and related activities.

    Yesterday morning, he attended the Finance Ministers’ Retreat, a meeting focused on discussing the fiscal policies of economies and several specific topics, including tax administration, promoting quality infrastructure development, and the digital transformation of financial services.

    Mr Chan introduced the latest developments in Hong Kong regarding these topics and specifically shared Hong Kong’s experience in issuing retail bonds to support infrastructure projects that benefit the economy and people’s lives.

    He highlighted that this arrangement allows residents to participate in advancing infrastructure projects, and providing them with a safe, reliable, and stable investment option, while also raising funds for such projects. This approach, Mr Chan pointed out, achieves the dual goals of supporting inclusive finance and infrastructure development.

    He also shared Hong Kong’s progress in promoting the digitalisation of financial services, including ongoing optimisation of the fintech ecosystem, launching regulatory sandboxes to test and promote innovative projects across various financial sectors, and facilitating data sharing between small and medium-sized enterprises and banks to facilitate business lending.

    In the afternoon, while participating in the High Level Event on Sustainable Finance under Finance Ministers’ Meeting, Mr Chan engaged in in-depth discussions with finance ministers on the strategies for the development of sustainable finance and transition finance, governance frameworks and international co-operation.

    The Financial Secretary outlined the Hong Kong Special Administrative Region Government’s emission reduction targets and action strategies set forth in Hong Kong’s Climate Action Plan 2050.

    Additionally, he shared Hong Kong’s latest developments as a leading green finance centre in Asia, including the issuance of green and sustainable bonds, participation in the formulation of relevant international standards and climate disclosure guidelines, talent training, and promoting transition finance to build a thriving green and sustainable finance ecosystem.

    Moreover, he noted that a steering group comprising all financial regulators has been established to drive related efforts.

    What’s more, Mr Chan met Vice Minister of Finance Liao Min as well as several representatives from participating economies, including Peru’s Minister of Economy & Finance José Arista Arbildo, Singapore’s Minister for Transport and Second Minister for Finance Chee Hong Tat and Thai Deputy Minister of Finance Paopoom Rojanasakul to discuss deepening bilateral co-operation and exchange views on common concerns.

    During the bilateral meetings, Mr Chan introduced Hong Kong’s latest economic situation and various policy measures set out in the Policy Address that the Chief Executive delivered last week.

    In the evening, he attended a welcome reception for the Finance Ministers’ Meeting.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Students’ Study Room and Computer and Information Centre at Yuen Chau Kok Public Library reopened

    Source: Hong Kong Government special administrative region

    Students’ Study Room and Computer and Information Centre at Yuen Chau Kok Public Library reopened
    Students’ Study Room and Computer and Information Centre at Yuen Chau Kok Public Library reopened
    ******************************************************************************************

         A Leisure and Cultural Services Department spokesman announced today (October 21) that the Students’ Study Room and the Computer and Information Centre of Yuen Chau Kok Public Library, closed earlier on for urgent repair works, have been reopened.      For enquiries, please call 2324 2700.

     
    Ends/Monday, October 21, 2024Issued at HKT 13:15

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Secretary-General of ASEAN shares key priorities in ASEAN energy sector with Asian Power

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today granted an interview to Asian Power, a quarterly publication for the power generation, transmission and distribution industry in the Asia Pacific region. During the interview, Dr. Kao highlighted ASEAN’s various initiatives in promoting regional energy transition such as the development of the ASEAN Power Grid (APG), which aims to connect the region’s electricity networks to improve energy supply and resilience.

    The post Secretary-General of ASEAN shares key priorities in ASEAN energy sector with Asian Power appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: Premiumization trend reshapes consumer beauty preferences in APAC, says GlobalData

    Source: GlobalData

    Premiumization trend reshapes consumer beauty preferences in APAC, says GlobalData

    Posted in Consumer

    Rising consumer disposable income coupled with the increasing consumer inclination towards high quality ingredients in products is creating demand for premium and ultra-premium products in the Asia-Pacific (APAC). Consumers, especially older ones, are seeking luxury goods to get a superior experience. Moreover, the growing consumer preferences for a healthy grooming routine are enabling them to invest more in beauty products with high quality attributes. These factors are reshaping consumer preferences, which is supporting the growth of the premium cosmetics market in the APAC region, says GlobalData, a leading data and analytics company.

    Naveed Khan, Consumer Analyst at GlobalData, comments: “Premiumization is an emerging trend in the APAC region, which is fueled by changing consumer needs and increasing affinity towards superior quality products. Countries such as China, India, and South Korea registered significant growths in gross disposable income per household in 2023+, supporting the trend. Moreover, the high internet penetration in APAC countries such as South Korea (98.6%) and China (78%) made beauty products more accessible to consumers through e-commerce platforms, benefiting the trend. Additionally, consumers are also seeking quality products with unique and uncommon ingredients that are well researched and have stable formulations.”

    GlobalData 2024 Q2 Consumer Survey* corroborates this trend, where 66% of respondents in Asia & Australasia stated that they find “novel/unique” attributes in product purchases as either essential or nice to have. In the same survey, 34% of respondents stated that they prefer “high quality products/ingredients” in beauty and grooming products.

    In response, manufacturers are using novel and uncommon ingredients to align with consumer preferences. For instance, in October 2023, Bio Essence introduced a Gel Cleanser in Malaysia, containing unique and high-quality ingredients such as 24k bio-gold and nano gold peptide, which provide antioxidant protection, reduce signs of anti-aging, and rejuvenate skin.

    Deepak Nautiyal, Consumer and Retail Commercial Director, APAC and ME at GlobalData, adds: “Young consumers, especially Gen-Z, are preferring quality over quantity and are seeking premium cosmetics. Moreover, the ease of availability of both local and international brands through e-commerce platforms and growing consumer focus on their appearance is boosting the premiumization trend in the region. Furthermore, changing global beauty standards and the growing K-beauty and J-beauty trend that focus on traditional methods and unique ingredients are further fueling the premium products market in the region. As a result, in the past few years, various premium beauty brands such as Charlotte Tilbury and Sulwhasoo have established their base in Asian geographies.”

    American beauty company Coty is also looking to leverage the rising premiumization trend in China to improve its market in the region. In 2023, the company introduced Lancaster Ligne Princiere, an ultra-premium cosmetic product range in the country. It also introduced its premium skincare brand Orveda in the year.

    In 2024, Sisley Paris introduced a high-quality anti-aging cream, Sisleÿa L’Intégral Anti-Age Fresh Gel Cream in Hong Kong. It is claimed to contain quality ingredients such as Alchemilla extract, Lindera extract, Persian acacia extract, apple pip extracts, yeast, and soy protein complex.

    Khan concludes: “Growing consumer inclination towards high quality and premium priced products will offer significant growth opportunities to manufacturers in the region. Moreover, manufacturers must concentrate on introducing products with innovative ingredient combinations in attractive and sustainable packaging to offer the premium appeal capable of attracting consumers.”

    *GlobalData 2024 Q2 Consumer Survey – Asia & Australasia, published in July 2024, included 6,506 respondents

    +GlobalData Macroeconomic Data, accessed on October 15, 2024

    MIL OSI Economics

  • MIL-Evening Report: Australia’s fertility rate has reached a record low. What might that mean for the economy?

    Source: The Conversation (Au and NZ) – By Jonathan Boymal, Associate Professor of Economics, RMIT University

    BaLL LunLa/Shutterstock

    Australia’s fertility rate has fallen to a new record low of 1.5 babies per woman. That’s well below the “replacement rate” of 2.1 needed to sustain a country’s population.

    On face value, it might not seem like a big deal. But we can’t afford to ignore this issue. The health of an economy is deeply intertwined with the size and structure of its population.

    Australians simply aren’t having as many babies as they used to, raising some serious questions about how we can maintain our country’s workforce, sustain economic growth and fund important services.

    So what’s going on with fertility rates here and around the world, and what might it mean for the future of our economy? What can we do about it?

    Are lower birth rates always a problem?

    Falling fertility rates can actually have some short-term benefits. Having fewer dependent young people in an economy can increase workforce participation, as well as boost savings and wealth.

    Smaller populations can also benefit from increased investment per person in education and health.

    But the picture gets more complex in the long term, and less rosy. An ageing population can strain pensions, health care and social services. This can hinder economic growth, unless it’s offset by increased productivity.

    Other scholars have warned that a falling population could stifle innovation, with fewer young people meaning fewer breakthrough ideas.

    Students sitting at a school assembly
    In the short term, lower birth rates can mean more is able to be spent per-person on services like education.
    Jandrie Lombard/Shutterstock

    A global phenomenon

    The trend towards women having fewer children is not unique to Australia. The global fertility rate has dropped over the past couple of decades, from 2.7 babies per woman in 2000 to 2.4 in 2023.

    However, the distribution is not evenly spread. In 2021, 29% of the world’s babies were born in sub-Saharan Africa. This is projected to rise to 54% by 2100.

    There’s also a regional-urban divide. Childbearing is often delayed in urban areas and late fertility is more common in cities.

    In Australia, we see higher fertility rates in inner and outer regional areas than in metro areas. This could be because of more affordable housing and a better work-life balance.

    But it raises questions about whether people are moving out of cities to start families, or if something intrinsic about living in the regions promotes higher birth rates.

    Fewer workers, more pressure on services

    Changes to the makeup of a population can be just as important as changes to its size. With fewer babies being born and increased life expectancy, the proportion of older Australians who have left the workforce will keep rising.

    One way of tracking this is with a metric called the old-age dependency ratio – the number of people aged 65 and over per 100 working-age individuals.

    In Australia, this ratio is currently about 27%. But according to the latest Intergenerational Report, it’s expected to rise to 38% by 2063.

    An ageing population means greater demand for medical services and aged care. As the working-age population shrinks, the tax base that funds these services will also decline.

    Aged care worker holding the hand of an aged care resident.
    An ageing population can mean more pressure on tax-payer funded services like healthcare.
    Chinnapong/Shutterstock

    Unless this is offset by technological advances or policy innovations, it can mean higher taxes, longer working lives, or the government providing fewer public services in general.

    What about housing?

    It’s tempting to think a falling birth rate might be good news for Australia’s stubborn housing crisis.

    The issues are linked – rising real estate prices have made it difficult for many young people to afford homes, with a significant number of people in their 20s still living with their parents.

    This can mean delaying starting a family and reducing the number of children they have.

    At the same time, if fertility rates stay low, demand for large family homes may decrease, impacting one of Australia’s most significant economic sectors and sources of household wealth.




    Read more:
    No savings? No plans? No Great Australian Dream. How housing is reshaping young people’s lives


    Can governments turn the tide?

    Governments worldwide, including Australia, have long experimented with policies that encourage families to have more children. Examples include paid parental leave, childcare subsidies and financial incentives, such as Australia’s “baby bonus”.

    Many of these efforts have had only limited success. One reason is the rising average age at which women have their first child. In many developed countries, including Australia, the average age for first-time mothers has surpassed 30.

    As women delay childbirth, they become less likely to have multiple children, further contributing to declining birth rates. Encouraging women to start a family earlier could be one policy lever, but it must be balanced with women’s growing workforce participation and career goals.

    Research has previously highlighted the factors influencing fertility decisions, including levels of paternal involvement and workplace flexibility. Countries that offer part-time work or maternity leave without career penalties have seen a stabilisation or slight increases in fertility rates.

    Mother with small baby working from homeoffice, typing on laptop
    Any solutions to falling fertility rates must balance other important factors such as women’s increased workforce participation.
    Halfpoint/Shutterstock

    The way forward

    Historically, one of the ways Australia has countered its low birth rate is through immigration. Bringing in a lot of people – especially skilled people of working age – can help offset the effects of a low fertility rate.

    However, relying on immigration alone is not a long-term solution. The global fertility slump means that the pool of young, educated workers from other countries is shrinking, too. This makes it harder for Australia to attract the talent it needs to sustain economic growth.

    Australia’s record-low fertility rate presents both challenges and opportunities. On one hand, the shrinking number of young people will place a strain on public services, innovation and the labour market.

    On the other hand, advances in technology, particularly in artificial intelligence and robotics, may help ease the challenges of an ageing population.

    That’s the optimistic scenario. AI and other tech-driven productivity gains could reduce the need for large workforces. And robotics could assist in aged care, lessening the impact of this demographic shift.

    The Conversation

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Australia’s fertility rate has reached a record low. What might that mean for the economy? – https://theconversation.com/australias-fertility-rate-has-reached-a-record-low-what-might-that-mean-for-the-economy-241577

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Economics: APAC companies add $550 billion in MCap in Q3 2024, driven by China’s stimulus and strong regional demand, reveals GlobalData

    Source: GlobalData

    APAC companies add $550 billion in MCap in Q3 2024, driven by China’s stimulus and strong regional demand, reveals GlobalData

    Posted in Business Fundamentals

    The Asia-Pacific (APAC) region experienced a significant surge in market capitalization (MCap), with the top 50 companies gaining $550 billion in the third quarter (Q3) of 2024. This growth was fueled by China’s fiscal stimulus, strong domestic demand in India and Southeast Asia, and better-than-expected corporate earnings, underscoring the region’s resilience amid global uncertainties, reveals a study by GlobalData, a leading data and analytics company.

    At the end of Q3 2024, the combined market value of the companies in the technology sector reached $3.3 trillion, while those in the financial services sector totaled $527.4 billion. Among the top 50 companies, 19 companies were from the technology sector. In terms of geographic distribution, 19 were based out of China, 15 from Japan, and seven from India.

    Murthy Grandhi, Business Fundamentals Analyst at GlobalData, comments: “Asian stocks surged in late September following the announcement of a comprehensive stimulus package by the Chinese policymakers. While individual measures such as interest rate cuts and reduced downpayment requirements for home purchases have been introduced over the past year, the coordinated nature of September’s initiative marked the strongest indication, yet Beijing is committed to bolster the Chinese economy and stabilize the stock markets.

    “The Bank of Japan’s July rate hike, coupled with Governor Ueda Kazuo’s signals of further increases, was swiftly followed by weak US labor market data. As the interest rate gap between the US and Japan narrowed, the Japanese yen strengthened significantly, triggering a rapid unwinding of many ‘carry trades’ that had benefited from low Japanese borrowing costs. A more reassuring stance from BoJ officials later helped Japanese stocks recover some of their losses.”

    Companies that witnessed significant gains include Chinese food-delivery giant Meituan, which experienced more than 50% quarter-on-quarter (QoQ) growth in its market capitalization owing to the stronger-than-expected quarterly results and share buyback announcement.

    Alibaba Group’s market valuation soared by 46.2% during the quarter, following the announcement of the completion of a three-year regulatory “rectification” process. This development came after the company was fined for monopolistic practices in 2021 as part of an antitrust investigation.

    The shares of China Life Insurance saw a 46.1% increase in market capitalization, driven by the company’s strong interim financial results.

    Grandhi adds: “The Chinese constituents in the top 50 APAC companies list witnessed a 18% increase in market value, driven by the announcement of China’s fiscal stimulus package. Oil majors CNOOC and PetroChina experienced market capitalization loss of 12.3% and 10.3%, respectively, owing to slump in crude oil prices.”

    Chipmakers SK Hynix and Samsung Electronics experienced significant declines in market value, dropping by 22.2% and 20.1%, respectively. These losses reflect concerns over a potential oversupply in the market, despite the low probability of this occurring.

    Additionally, Samsung is facing challenges in maintaining its lead in high-bandwidth memory (HBM) chips, a crucial component in AI processors, as domestic competitor SK Hynix’s latest HBM products are reportedly undergoing testing for possible integration into processors from leading AI-chip maker Nvidia.

    Grandhi concludes: “Into Q4 2024, APAC companies could be keenly keeping an eye on the monetary policies of their respective countries, with interest rates likely to be cut down, albeit not to extend of the recent US Fed rate cuts. Additionally, the ongoing Middle East crisis could disrupt the market, affecting investor confidence and business strategies. However, APAC’s resilience, driven by innovation and supply chain strengthening, will help them in navigating these uncertainties and in sustaining the growth story.”

    MIL OSI Economics

  • MIL-OSI Australia: General anti-avoidance rules and PSI

    Source: Australian Department of Revenue

    Overview of general anti-avoidance rules

    This information is relevant to you if both of the following apply:

    • you receive personal services income (PSI) as a sole trader or through your company, partnership or trust
    • the PSI rules don’t apply to your income because you are carrying on a personal services business (PSB).

    The PSI rules were introduced to prevent the diverting, alienating or splitting of income with other individuals or entities in an attempt to pay less tax.

    The general anti-avoidance rules (GAAR) may still apply if you are a PSB and the PSI rules don’t apply. For the GAAR to apply to your arrangement, there must be a sole or dominant purpose to obtain a tax benefit.

    When the GAAR may apply

    The GAAR may apply where there are factors indicating that the dominant purpose of the arrangement is to obtain a tax benefit by diverting, alienating or splitting your PSI or retaining profits in your lower-taxed company, partnership or trust (being an interposed entity).

    In deciding whether the PSB has engaged in income splitting to gain a tax benefit, the following considerations may be relevant:

    • Whether the salary or wages paid to you is commensurate with
      • the skills you exercised or services you provided, and
      • the income received by the PSB for your services.
    • Remuneration commensurate to the value of your services will generally be the gross amount received by the PSB for your services, less allowable deductions (other than deductions associated with non PSI income of the PSB or income splitting).
    • Whether the PSB distributes income to associates and does not distribute income to you, the individual who provided the actual services.
    • Whether the salary or wages paid to associates by the sole trader or PSB is not commensurate with
      • the skills exercised and services provided by the associate, and
      • the income received by the sole trader or PSB is for services performed by the individual (which is different to income being generated by assets of an interposed entity).

    Examples include if you:

    • use a company, partnership, or trust to retain profits from your PSI
    • divert, alienate or split your PSI with an associate – which reduces your overall income tax liability, or
    • create an entitlement to deductions which would not be available to an individual providing the same services as an employee.

    Example: when the GAAR may apply

    Jason provides services as a computer analyst through his trust, JB Trust. Jason’s wife and children are also beneficiaries of JB Trust. The contract price for Jason’s services is $120,000.

    Through the income year, Jason is paid a salary of $50,000 by JB Trust to perform his services. JB Trust also incurs $25,000 of deductions. The balance of $45,000 is distributed to Jason’s wife and children, who are in the lowest marginal tax rate.

    The JB Trust self-assesses as a PSB due to passing the results test. The PSI rules don’t apply to the income. The GAAR may apply to the arrangement JB Trust has in place, as Jason may be obtaining a tax benefit by splitting the income with his associates.

    If the GAAR applied, then the tax benefits would be cancelled. This is done by making a determination, and relevant amounts would be deemed to be included in Jason’s assessable income.

    End of example

    The GAAR Panel advises on the application of the GAAR to particular arrangements.

    Draft Practical Compliance Guideline (PCG 2024/D2)

    A draft Practical Compliance Guideline (PCG 2024/D2) is currently being finalised. The draft Guideline outlines the types of alienation arrangements that we consider to be of ‘low’ or ‘higher’ risk of the general anti-avoidance provisions of income tax law (Part IVA) applying and the likelihood of us reviewing those arrangements.

    For more information, visit PCG 2024/D2 Personal services businesses and Part IVA of the Income Tax Assessment Act 1936.

    MIL OSI News

  • MIL-OSI New Zealand: Police appealing for information following sudden death in Dunedin

    Source: New Zealand Police (National News)

    Dunedin Police investigating the sudden death of a cyclist are appealing for information from the public.

    At around 3.30pm on Sunday 20 October, Police were notified of an incident where a cyclist had been found deceased on Portobello Road.

    Police would like to speak to anyone who may have seen the cyclist in the Portobello and Taiaroa Head areas between 2pm and 4pm.

    The cyclist was wearing black and grey bike shorts, a blue t-shirt with a bright yellow ‘EUROBIKE’ logo on the back with a black long sleeve polypropylene underneath.

    The cyclist was also wearing an orange bicycle helmet and was using a silver road bike with blue front forks.

    The death has been referred to the Coroner.

    If you have information that could assist Police in our investigation, please contact us online at 105.police.govt.nz, clicking “Update Report” or call 105.

    Please use the reference number 241021/8589.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: “M” Mark status awarded to Prudential Hong Kong Tennis Open

    Source: Hong Kong Government special administrative region

    “M” Mark status awarded to Prudential Hong Kong Tennis Open
    “M” Mark status awarded to Prudential Hong Kong Tennis Open
    *********************************************************************

    The following is issued on behalf of the Major Sports Events Committee:      The Major Sports Events Committee (MSEC) has awarded “M” Mark status to Prudential Hong Kong Tennis Open, which will be held at the Victoria Park Tennis Court from October 26 to November 3.      The Chairman of the MSEC, Mr Wilfred Ng, said today (October 21), “We are very pleased to award the ‘M’ Mark status to the Prudential Hong Kong Tennis Open. This international event attracts numerous world-class players to compete in Hong Kong each year. It is a grand occasion for the tennis community and provides them with exciting matches and unforgettable experiences. It also serves as a good opportunity to promote tourism and the economy in Hong Kong, enhancing the city’s established professional status in the international sports arena.”      The “M” Mark System aims to encourage and help local “national sports associations” and private or non-government organisations to organise more major international sports events and nurture them into sustainable undertakings. Sports events meeting the assessment criteria will be granted “M” Mark status by the MSEC. Funding support will also be provided to some events.      For details of “M” Mark events, please visit http://www.mevents.org.hk.

     
    Ends/Monday, October 21, 2024Issued at HKT 14:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: (WIP) Government support for security of payment reform in Victoria

    Source: Allens Insights

    Moving towards a streamlined and uniform payment regime for the Victorian construction sector 5 min read

    The Victorian Parliament has expressed its support for many significant reforms to the Building and Construction Industry Security of Payment Act 2002 (Vic) (SOPA).

    On 17 October 2024, the Victorian Government tabled a report containing its response to the Parliamentary Inquiry into the state of payments in the Victorian construction industry (Report). The Report demonstrates broad government support for many of the Inquiry’s key recommendations.

    In this Insight, we consider some of the key reforms that are likely to soon become law.

    Background and context

    In March 2023, the Victorian Legislative Assembly launched an inquiry into the state of payments in the Victorian construction industry.

    A key focus of the Inquiry was the operation of the SOPA. The SOPA provides contractors and subcontractors in the construction industry with a statutory cause of action through which they can claim payment in a timely and efficient manner.

    In January 2024, we published an Insight examining the reforms proposed by the Parliamentary Inquiry. With the Victorian Government having expressed support for many of these reforms, it is clear that significant changes are on the horizon. These proposed reforms point to an intention to streamline the Victorian SOPA regime and align it with other states, while maintaining the ability for contractors and subcontractors to receive timely payment for work.

    Proposed reforms

    Of the 28 recommendations considered in the Report, the following 8 warrant particular attention, given Government support for their reform and their potential impact on participants in the construction industry.

    The government plans to introduce amendments to the SOPA that will repeal sections 10-10B of the Act, which prevent ‘excluded amounts’ from being taken into account when calculating progress payment entitlements. ‘Excluded amounts’ include many types of claims that commonly arise on construction projects, including damages relating to latent conditions, damages for breach of contract, time-related costs and changes in regulatory requirements. Victoria’s excluded amount provisions are inconsistent with SOP legislation in every other Australian jurisdiction. This regime has had several consequences that have undermined achievement of the SOPA’s key objectives, with such shortcomings including:

    • increasing cost and complexity of adjudication proceedings;
    • reducing the overall amount of money that can be recovered through the SOPA’s adjudication process;
    • excluding retention monies from consideration in adjudications; and
    • jeopardising the recovery of any adjudicated amount as a debt where the adjudication includes any excluded amount.

    Like the ‘excluded amount’ regime, the reference date provisions of SOPA are unique to Victoria. The calculation of reference dates can often be difficult and require legal advice to correctly identify them. These provisions can also facilitate unfair and unethical practices by which some builders and head contractors can prevent payment claims from being made by strategically invoking termination clauses prior to a reference date. By removing the concept of reference dates from Victoria’s SOPA, the government aims to bring the regime in line with NSW.

    Noting that the construction industry traditionally shuts down over the Christmas period, the SOP legislation in other states contains a blackout period during which time stops running. Currently, Victoria is the only jurisdiction not to exclude an extended Christmas shutdown period from the definition of ‘business days’. The government has now indicated its full support for an extended blackout period from 22 December-10 January, which should ensure that those who work with SOP claims can have a much-needed break over the holiday period.

    Construction contracts often include time-bar provisions that operate to bar a contractor from receiving a payment entitlement on the basis that a notice claiming the payment was not submitted within the timeframe or in the form specified by the contract. The government has indicated its support for a new provision (modelled on s16 of the WA SOP legislation) which allows for an adjudicator or other decision-maker to declare that a time-bar provision is unfair if compliance with it is onerous or not reasonably possible. This is justified on the basis that giving a decision-maker the power to determine, on a case-by-case basis, whether a notice-based time bar is unreasonable is preferable to trying to legislate any blanket prohibition. However, if a time-bar provision is declared ‘unfair’, that declaration will only affect the particular entitlement under the contract that is subject to the proceedings, but will not be binding on the same time-bar provision in another contract, or even on the same contract concerning another entitlement.

    The government has indicated support for amending the SOPA to enact regulations that expressly prohibit other contractual clauses and so render them of no effect. In enacting these reforms, the government aims to ensure its regulations can keep pace with evolving contractual practices in the construction industry.

    Due to the unequal bargaining power between parties up and down the contractual chain, lengthy payment terms are often imposed on subcontractors. To address this concern, the government has indicated its support to amend s12 of the SOPA to provide that payment under a construction contract becomes due and payable:

    • on the date set by the terms of the contract, subject to the payment term not exceeding 25 business days after the payment claim has been made; or
    • if the contract makes no express provision, 10 business days after the claim is made.

    Adopting provisions from Western Australia’s recently rewritten SOP framework, the Victorian Government is supporting amendments to SOPA that will allow service in relation to payment claims to be made electronically, such as via email.

    Without deciding on a model, the government has indicated in-principle support for processes that safeguard progress payments and retention monies from being wrongly withheld or misapplied by those higher up the contracting chain. While a range of trust models were considered, including those adopted by QLD, NSW and WA, and the Murray model (a cascading deemed statutory trust) which is yet to be adopted by an Australian jurisdiction, it ultimately decided further examination was necessary before it could decide on an appropriate trust model. However, it committed to undertaking further work towards the implementation of a trust model, and that it would need to engage in further consultation with relevant stakeholders before any specific amendments were made.

    Next steps

    The government is yet to publish a timeline for introducing legislation to give effect to these reforms. However, given the strong support for many of the reforms proposed by the Parliamentary Inquiry, we expect to see appropriate legislation enacting these reforms in the short to medium term.

    If you would like to discuss the issues raised in this Insight, please contact us below.

    MIL OSI News

  • MIL-OSI Asia-Pac: Speech by SCED at JUMPSTARTER Ignition Gala by Alibaba Entrepreneurs Fund (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the JUMPSTARTER Ignition Gala by Alibaba Entrepreneurs Fund today (October 21):Distinguished guests, ladies and gentlemen,          Good afternoon.     Welcome to the StartmeupHK Festival 2024. It is my pleasure to join you all this afternoon at this first and foremost opening event of the Festival – JUMPSTARTER Ignition Gala by Alibaba Entrepreneurs Fund. The Gala marks the exciting launch of JUMPSTARTER, a global pitch competition organised by the Alibaba Entrepreneurs Fund, alongside the kick-off of the StartmeupHK Festival 2024.     As you all know, this Festival, which is in its ninth year now, has been receiving overwhelming support from the start-up ecosystem in Hong Kong, and serving as a powerful catalyst over time for Hong Kong’s burgeoning start-up ecosystem. The Festival this year, curated by Invest Hong Kong (InvestHK) with the theme “A Future Unlimited”, will bring together many start-ups, investors, industry leaders and tech enthusiasts from around the world, providing an international platform for knowledge exchange, networking and collaboration across various cutting-edge sectors. I can assure you about an exciting series of events in the coming full week of the StartmeupHK Festival.     As for this opening Gala, it marks the start of this year’s JUMPSTARTER, which is a global competition providing invaluable opportunities for entrepreneurs across the globe to gather in Hong Kong, pitch their ideas and business proposals, learn from mentors and investors, and most importantly, pursue their dreams in Hong Kong. I look forward to the enthusiastic participation by contestants from around the world, and wish the competition a great success.     The JUMPSTARTER is just one of the many opportunities offered in Hong Kong as a launch pad for start-ups to be groomed locally and scale globally. Being the only economy in the world where the global advantage and the China advantage come together, Hong Kong continues to maintain our uniqueness as one of the most liberal and easiest places to do business in the world: Hong Kong is once again ranked by the Fraser Institute this year as the freest economy; and we are ranked the third globally as well as the first in the Asia-Pacific region in the recent Global Financial Centres Index report. In addition, Hong Kong remains as the world’s fourth largest recipient of foreign direct investment in 2023 as revealed in the World Investment Report 2024, and continues to attract businesses and investment from around the world.     These impressive achievements are attributed to our institutional strengths, such as a robust common law legal system, an independent judiciary, a simple and low tax system, world-class professional services, start-up-and-business-friendly environment as well as other advantages guaranteed under “one country, two systems”. All of these continue to be the pillars supporting Hong Kong’s success as hubs for start-ups.     In fact, many start-ups fully recognise Hong Kong’s competitive edges. We are home to over 4 200 start-ups, which is a record high, representing a significant increase by 7 per cent year on year. In the first nine months this year, InvestHK has helped 470 overseas and Mainland enterprises to set foot or expand their business here, and over 10 per cent of them are start-ups and scale-ups from different sectors. The above encouraging results are testaments to Hong Kong’s attractiveness.     In the 2024 Policy Address announced last week, the Government has launched new initiatives to further drive economic development, which will benefit all businesses in Hong Kong, including start-ups. For instance, the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) has recently been updated to provide more flexibility and convenience for Hong Kong enterprises to invest and do business on the Mainland. As CEPA measures are nationality neutral, all companies based in Hong Kong can benefit from the latest enhancements. We would encourage more start-ups from around the world to set up their operations in Hong Kong to enjoy these advantages.     On individuals’ level, non-Chinese Hong Kong permanent residents have become eligible for the Mainland travel permit since July this year. This unprecedented measure facilitates their visits to the Mainland for business, leisure or family trips multiple times within a five-year validity period. I note that it has been well received by expatriates in Hong Kong, and encourage our overseas friends in the start-up community to all apply for the permit, if eligible, and enjoy the convenience brought by this initiative.     To facilitate your understanding of the above initiatives and many others, InvestHK, including its global network of Dedicated Teams for Attracting Businesses and Talents based in overseas Economic and Trade Offices, as well as its consultant offices, will continue to render support to you, with a view to facilitating your start-ups to set up and scale up in our city.     Looking forward, Hong Kong’s economic prospects are promising, and the Government will continue to strive to maintain a favourable business environment for start-ups as we always do. I would like to express my heartfelt gratitude to our start-up friends here today for your tremendous support to the Festival and confidence in Hong Kong. I hope you enjoy the Gala event and all the exciting events ahead, exploring collaboration opportunities and experiencing the innovative spirit that defines Hong Kong as a prime destination for start-ups.     Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: FEHD orders two restaurants in Yau Tsim district to suspend business for 14 and 21 days respectively

    Source: Hong Kong Government special administrative region

         The Director of Food and Environmental Hygiene has ordered two restaurants in Yau Tsim district to suspend business for 14 days and 21 days respectively, as the operators repeatedly breached the Food Business Regulation (FBR) by illegally extending the food business area.

         The restaurant, located on the ground floor of 210 Temple Street, was ordered to suspend business from today (October 21) to November 3, while the restaurant, Spicy Crabs, located on the ground floor of 105 Woosung Street, was ordered to suspend business from today to November 10.

         “Two convictions for the above-mentioned breach were recorded against the restaurant on Temple Street in February and August of this year. A total fine of $7,500 was levied by the court and 30 demerit points were registered against the licensee under the department’s demerit points system. The contraventions resulted in the 14-day licence suspension. Meanwhile, from July of last year to June of this year, four convictions for the above-mentioned breach were recorded against the restaurant on Woosung Street. A total fine of $7,700 was levied by the court and 60 demerit points were registered against this licensee under the department’s demerit points system. The contraventions resulted in seven-day and 14-day licence suspensions running consecutively,” a spokesman for the Food and Environmental Hygiene Department (FEHD) said.

         The licensee of the restaurant on Temple Street had a record of two convictions for the same offence in July and September of last year. A total fine of $6,400 was levied and 30 demerit points were also registered, leading to a seven-day licence suspension last December.

         The spokesman reminded licensees of food premises to comply with the FBR and other relevant regulations, or their licences could be suspended or cancelled.

         Licensed food premises are required to exhibit their licence and a sign at a conspicuous place of the premises, indicating that the premises have been licensed. A list of licensed food premises is available on the FEHD website (www.fehd.gov.hk/english/licensing/licence-foodPremises-search.html).

    MIL OSI Asia Pacific News

  • MIL-Evening Report: With reports of students abusing peers in primary schools, how can parents help keep their kids safe?

    Source: The Conversation (Au and NZ) – By Daryl Higgins, Professor & Director, Institute of Child Protection Studies, Australian Catholic University

    An ABC report on Monday revealed a concerning rise in peer-on-peer sexual abuse within Australian primary schools.

    Data on Victorian schools shows hundreds of such incidents were reported in 2022 and 2023, with many involving children under the age of ten.

    The Australian Child Maltreatment Study also showed rates of sexual abuse inflicted by peers has been increasing. Overall, 18.2% of participants aged 16 to 24 reported being sexually abused by a peer during their childhood, compared to 12.1% of those aged 45 years and over.

    Parents may be wondering how they can protect their children at school.

    One of the most effective tools parents have is open, regular and age-appropriate conversations with their kids.




    Read more:
    There are reports some students are making sexual moaning noises at school. Here’s how parents and teachers can respond


    Talk about boundaries and consent early

    What should you be talking about?

    It is crucial for parents to talk with their children about boundaries and consent from an early age. For younger children, this can be as simple as teaching them their body belongs to them and no one else has the right to touch them without permission. Asking if its OK for a hug, and respecting when children say “no” is a great start.

    When discussing consent, it is important to highlight consent is not just about saying “no”, but also recognising and respecting others’ boundaries.

    Peer relationships and trusted adults play a crucial role in a child’s life. Helping children identify adults they can trust if they need to talk about something is also very important. Peers are often the first to hear of concerns or are often the recipients of disclosures, so fostering healthy friendships and teaching children to report to trusted adults is crucial.

    Addressing peer pressure and secrecy

    Children may feel pressured by peers or may be told to keep certain behaviours secret.

    It is essential for parents to emphasise no matter who asks them to keep a secret, they should always share concerns or things they are unsure about with a trusted adult.

    Parents can reinforce the message that if someone tells them not to tell, it is a “red flag”.

    Children can often feel unsure or scared of whether what has happened is wrong. This is why encouraging openness and creating a nonjudgmental space for children to share is important.

    Discussing online safety

    Research shows exposure to harmful material, like pornography, is a contributing factor to inappropriate sexual behaviour among peers.

    Being aware of your child’s internet use and educating them on how to keep themselves safe online is crucial.

    What else can parents do?

    While conversations with your children are vital, parents can also take practical steps to ensure their child’s safety at school. These include:

    • familiarising yourself with school policies: understand the school’s procedures for reporting bullying, harassment and sexual abuse. Parents should ask about how teachers manage supervision during breaks or other occasions where children may be less well unsupervised

    • advocating for comprehensive sex education at your school: when parents are involved in sex education it leads to better outcomes for children. Check what your school covers in the curriculum. Ask about what supports are available to parents, and how you can be involved

    • getting involved in your child’s social world: knowing who your child’s friends are and staying connected with teachers can offer insight into troubling dynamics. Create opportunities for your child to talk about their friendships and school experiences regularly. And as they start navigating the digital world, it’s even more important to know who they are engaging with

    • teach assertiveness and confidence: find ways to empower your child to speak up for themselves when they are unsure, or something feels wrong. Don’t leave this up to a class teacher to deal with in respectful relationship education. At home, you can encourage assertiveness in expressing their preferences and boundaries. You can also model how to stand up to peer pressure. Children can learn and be encouraged to say simple phrases such as, “stop, I don’t like it” or “no, I don’t want to”.

    If there is a problem

    If you do come across an issue or problem, try and work with your school. Despite your distress, try not to be adversarial – rather pitch your conversation to the teacher or principal as “How can I help us work through this together?”

    Parental involvement in education, can reduce the risk of child sexual abuse. If parents and schools can work together, they are more likely to be effective in keeping children safe.

    Prevention requires vigilance, communication and support from both parents and schools. Parents play a crucial role in shaping their child’s understanding of what’s OK, what’s harmful, as well as boundaries, safety and consent.

    By having ongoing conversations, staying informed, and working with schools, parents are the first step to creating safety for children – and supporting them if something goes wrong.

    Daryl Higgins receives funding from the Australian Research Council, the National Health and Medical Research Council and a range of government departments, agencies, and service providers, including Bravehearts. He was a Chief Investigator on the Australian Child Maltreatment Study.

    Gabrielle works with the Australian Child Maltreatment Study (ACMS) team as part of her PhD Candidature. She has also previously worked for Bravehearts in various roles, including for the Turning Corners program, which provides support to young people who have displayed harmful sexual behaviours.

    ref. With reports of students abusing peers in primary schools, how can parents help keep their kids safe? – https://theconversation.com/with-reports-of-students-abusing-peers-in-primary-schools-how-can-parents-help-keep-their-kids-safe-241786

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Draft guidelines for ‘forever chemicals’ have been released. Here’s what it means for drinking water safety in Australia

    Source: The Conversation (Au and NZ) – By Ian Musgrave, Senior lecturer in Pharmacology, University of Adelaide

    Alexander_Safonov/Shutterstock

    The Australian National Health and Medical research Council (NHMRC) has today released draft guidelines for acceptable levels of per- and polyfluoroalkyl substances, or PFAS, in drinking water.

    PFAS chemicals are also known as “forever chemicals”, because they don’t break down easily and can persist in the environment, including drinking water supplies.

    The new guidelines – which are not mandatory but will inform state and territory policy – are expected to be finalised in April 2025. They propose a reduction in the maximum levels previously considered safe for four key PFAS chemicals: PFOS, PFOA, PFHxS and PFBS.

    Continually scrutinising and updating our PFAS regulations is important to ensure Australians’ safety. However, these updated guidelines are unlikely to have a significant impact on Australia’s drinking water. The majority of potable water supplies in Australia either have no detectable PFAS, or have levels already below the new limits.

    What are PFAS chemicals?

    PFAS are highly fat-soluble compounds that are very slow to break down. They are basically long chains of carbon atoms studded with fluorine molecules.

    PFAS chemicals are inert, water-repellent and heat-resistant. These properties make them ideal for industrial usage and they have been used in firefighting foams and fire-retardant material. They have also been used in common household items such as nonstick pans and stain-resistant fabrics.

    PFAS chemicals are very slow to break down.
    Gorodenkoff/Shutterstock

    Unfortunately, their useful industrial stability means they persist in the environment and can accumulate in the human body. It can take five years for half an ingested dose of PFAS to be removed.

    Given PFAS chemicals have the potential to mimic the body’s own fats, there has been concern they could harm our health if sufficient amounts accumulated in the body.

    What sorts of health effects are they linked to?

    The buildup of a chemical that’s hard to remove from our bodies is always of concern. Despite this, the potential health risks appear to be low. In 2018 the Australian Expert Health Panel for PFAS looked in detail at the evidence.

    One of the largest concerns was PFAS chemicals’ ability to increase levels of cholesterol in the blood, potentially increasing heart disease risk. However, studies of people who have been chronically exposed to significant levels of PFOA have not shown statistically significant increases in heart disease.

    In 2018, the report from Australia’s expert health panel stated:

    Evidence to date does not establish whether PFAS at exposure levels seen in Australia might increase risks of cardiovascular disease… Established risk factors … are likely to be of a much greater magnitude than those potentially caused by PFAS.

    Cancer has also been a concern. However the expert panel found no consistent evidence that PFAS chemicals are associated with cancer. One study even found exposure to PFOA decreased the incidence of bowel cancer.

    However, the impact of PFAS on human health is continuously reviewed as new evidence comes to light.

    Why has Australia revised its drinking water guidelines?

    Australia began to phase out PFAS chemicals in the early 2000s. Since then, the levels of PFAS detected in the Australian population have steadily dropped.

    Now that industrial use is being phased out, the main way we are exposed to PFAS is through things like persistent environmental contamination. While drinking water is not a major source of PFAS, water can be contaminated from environmental sources, for example, if contaminated dust or ground water makes its way into reservoirs.

    Most drinking water levels in Australia either have no detectable PFAS or are already below the new levels.
    Juergen_Wallstabe/Shutterstock

    The Australian Drinking Water Guidelines provide limits for how much PFAS is allowed to be in our drinking water.

    The NHMRC periodically reviews the health evidence around PFAS used to develop these guidelines, which were last updated in 2018. The latest review looks at additional evidence available since then.

    A few developments were of particular interest in this review: studies about the influence of PFAS on thyroid function. Altering thyroid function can be problematic because thyroid hormones regulate our metabolism, growth and development.

    The International Agency for Cancer Research’s (IARC) recent ruling on PFAS and cancer also needed to be investigated. The IARC has classified PFOS – one of the four key chemicals Australia is regulating – as “possibly carcinogenic to humans”. However the IARC noted there was “inadequate” evidence PFOS directly causes any type of cancer in people.

    This agency can rule on the probability that a chemical can cause cancer under any possible exposure, no matter how extreme. But it doesn’t evaluate the risk of cancer from ordinary exposure.

    This means the NHMRC needed to reevaluate the evidence that the levels present in drinking water would constitute a risk.

    What are the new PFAS limits?

    The NHRMC considered evidence about PFAS exposure in animal studies, and by looking at human epidemiology.

    In studies involving animals, the NHMRC review paid particular attention to what concentration of PFAS exposure had no effect on their health. This threshold is used to determine limits for humans, by adding a safety buffer usually a hundred times lower than the level that was safe for animals.

    The limits are set are carefully considering the evidence about impact on human health, as well as evaluating how much PFAS exposure is likely from sources beyond drinking water, such as food and inhaled dust.

    The proposed limits are:

    Note: PFOS and PFHxS are now regulated separately.
    NHMRC

    These guidelines are unlikely to have a significant impact on health. As the NHMRC report shows, majority of potable water supplies in Australia have no detectable PFAS, or levels are already below these new limits.

    For example, drinking water sampling for WaterNSW found PFOS levels were between 1.2ng/L and undectable. Similar results were found for PFHxS (between 1.4 and 0.1ng/L) and PFOA (basically undetectable).

    While the concentration of PFAS in bores near contamination sites are higher, these are typically not used as sources of drinking water.

    The Australian guidelines differ from some international guidelines. The draft guidelines note that different jurisdictions place different weighting on animal and human evidence, and this will affect these regulatory levels.

    The draft guidelines are now open to public consultation, with submissions closing on November 22 2024. Final guidelines are expected to be released in April 2025.

    Ian Musgrave has received funding from the National Health and Medical Research Council to study adverse reactions to herbal medicines and has previously been funded by the Australian Research Council to study potential natural product treatments for Alzheimer’s disease. He has collaborated with SA Water on studies of cyanobacterial toxins and their implication for drinking water quality.

    ref. Draft guidelines for ‘forever chemicals’ have been released. Here’s what it means for drinking water safety in Australia – https://theconversation.com/draft-guidelines-for-forever-chemicals-have-been-released-heres-what-it-means-for-drinking-water-safety-in-australia-241773

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: HKeToll to send SMS by #HKeToll

    Source: Hong Kong Information Services

    From noon on October 28, the HKeToll will use “#HKeToll” for issuing messages to local users, ceasing the use of the sender ID without the prefix “#”, the Transport Department announced today.

    The move came after the HKeToll began participating in the Office of the Communications Authority’s SMS Sender Registration Scheme to help the public verify SMS messages issued by the free-flow tolling service, the department explained, adding that the registered sender ID “#HKeToll” with the prefix “#” will enable users to verify messages and guard against scams and loss.

    Apart from advising the public to stay alert when receiving messages without the prefix “#” but purportedly issued by the HKeToll, it elucidated that people should not reply directly, visit suspicious websites or disclose any personal information to avoid being directed to fraudulent websites.

    The department reiterated that the HKeToll will not send SMS messages or emails with hyperlinks to vehicle owners for carrying out transactions. Users must log in to hketoll.gov.hk or the HKeToll mobile app to pay tolls online.

    For enquiries, call 3853 7333.

    MIL OSI Asia Pacific News

  • MIL-OSI Africa: Japan: African Development Bank Celebrates Three Decades of Japan-Backed Trust Fund

    Source: Africa Press Organisation – English (2) – Report:

    TOKYO, Japan, October 21, 2024/APO Group/ —

    The African Development Bank Group (www.AfDB.org) has celebrated the 30th anniversary of  the Policy and Human Resource Development Grant (PHRDG), a bilateral trust fund created by Japan  in 1994.The initiative has contributed significantly to the development of Africa’s human capital, supporting over 100 transformational projects across various sectors.

    Presenting a commemorative publication on the trust fund at the Ministry of Finance in Tokyo on Wednesday, 16 October, Dr Akinwumi Adesina Adesina, African Development Bank Group President said the publication highlights three decades of successful collaboration and the impactful projects funded by the Policy and Human Resource Development Grant, as well as the critical role the grant has played in Africa’s socioeconomic development.

    Over the past three decades, Japan has contributed JPY 5.3 billion ($ 37.4 million) to the PHRDG, supporting 107 projects, with 96 completed and 11 ongoing as of September 2024. In recent years, the trust fund has seen a notable increase in contributions, underscoring Japan’s renewed commitment to fostering a climate-smart, resilient, inclusive, and integrated Africa.

    Japan’s Vice Minister of Finance for International Affairs, Atsushi Mimura, said he was pleased the country’s partnership with the African Development Bank Group was going well. He pledged continued support, particularly for the African Development Fund, the private sector, and Japanese and African start-ups

    “We look forward to deepening Japan’s relationship with the African Development Bank,” he said.

    Mimura described the African Development Bank Group’s partnership with the World Bank’s plan to bring electricity to 300 million Africans (Mission 300) as a powerful narrative that draws attention to the continent’s energy needs.

    Adesina commended Japan for its strong support of the African Dev?

    elopment Fund, noting that the Fund has delivered impressive results. He sought the country’s support on a wide range of issues, including the 17th general replenishment of the African Development Fund, Mission 300 (http://apo-opa.co/3YcTfy2), Special Drawing Rights, the private sector, and start-ups, among others.

     “We thank the people of Japan for standing in solidarity with the people of Africa,” Adesina said.

    Since its establishment, the PHRDG has been a vehicle for Japan to share its expertise and experience in human resource development, empowering Africans to lead the transformation of their societies and economies. The grant has supported a wide range of projects aligned with Japan and the African Development Bank Group’s shared objective of human capital development. Officials said the projects have laid the groundwork for accelerated economic growth in Africa.

    In a foreword to the Policy and Human Resource Development Grant at 30 publication, Deputy Vice Minister of Finance for International Affairs Daiho Fujii, expressed Japan’s pride in celebrating the 30th anniversary of the PHRDG.

    “Japan is leading the international community’s efforts to overcome global challenges, particularly those affecting vulnerable populations. Through the PHRDG, we provide technical cooperation to develop the human resources that will drive Africa’s socioeconomic transformation. Our partnership with the African Development Bank Group is key to realizing a more resilient and prosperous Africa.”

    As the Policy and Human Resource Development Grant enters its fourth decade, the African Development Bank Group and Japan have expressed eagerness to expand their partnership. With six new projects in the 2024–2025 pipeline, including initiatives in higher education, debt management, and climate-smart agriculture, the trust fund remains a critical tool for delivering impact across Africa, officials said.

    Both parties pledged to continue to work hand in hand to unlock the potential of Africa’s human capital, fostering innovation and economic development for generations to come.

    Japan–Africa Dream Scholarship Program: Investing in the Future

    Among the most impactful PHRDG-funded initiatives is the Japan-Africa Dream Scholarship Program (JADS), launched in 2017. This program aims to develop Africa’s human capital by offering scholarships to high-achieving African students for master’s studies in fields such as agriculture, development economics, energy, and public health. To date, the program has awarded scholarships to 23 students from 10 African countries, two-thirds of whom are women.

    Graduates of the JADS program have gone on to make significant contributions to their home countries.  Alumni include Mary Yeboah Asantewaa from Ghana, who now works at SORA Technology in Accra, leveraging drone technology to control infectious diseases, and Glory Sibale from Malawi, who joined Tokyo’s Taiyo-Yuka recycling company, focusing on sustainable agricultural project management.

    As part of his mission to Japan, Adesina also met with Nobumitsu Hayashi, the Governor of the Japan Bank for International Cooperation, to expand collaboration in key areas, including agriculture, healthcare, energy access, support for youth entrepreneurs, critical minerals, and regional corridors.

    Later Wednesday, Adesina met with the leadership of the Association of African Economic and Development Japan, where both parties discussed potential collaborations for impactful projects. He continued with meetings with Kanetsugu Mike, Chairman of Mitsubishi UFJ Financial Group, and Ken Shibuya, Co-Chairman of the Global South Africa Committee of Keizai Doyukai (Japan Association of Corporate Executives).

    The African Development Bank president invited  business leaders to the 2024 Africa Investment Forum to be held in Rabat in December. Adesina also hosted representatives of the African diplomatic corps, development partners, and the private and public sectors, where they discussed leveraging co-creative relationships with Japanese companies and institutions.

    MIL OSI Africa

  • MIL-OSI Australia: Update: Serious crash at Kapunda

    Source: South Australia Police

    Three people are being treated in hospital following a serious crash at Kapunda this afternoon.

    Just after 2.30pm on Monday 21 October, Police responded to a two-car crash on Thiele Highway.

    The driver of a Honda SUV, a 54-year-old local woman, was taken to hospital where she is being treated for serious injuries.  The passenger, a 56-year-old woman from Kapunda, was flown to hospital where she is being treated for serious injuries.

    The driver of a Toyota Kluger, a 38-year-old local woman, and single occupant of the car suffered minor injuries and was taken to hospital.

    Both cars were towed from the scene and police are investigating the incident.

    The highway was closed for a few hours but has since reopened.

    MIL OSI News

  • MIL-OSI China: Brick by Brick, Xi Jinping drives BRICS cooperation

    Source: China State Council Information Office

    As Chinese President Xi Jinping and a host of other leaders gather in Kazan, Russia, for the 16th BRICS summit, the world is once again turning its limelight on the burgeoning international mechanism for how it will push forward self-development and respond to global woes.

    A steadfast champion of BRICS cooperation, Xi once compared its five members back then to the five fingers of one hand: They are short and long if extended, but form a powerful fist if clenched together. Now that hand has grown bigger and stronger, as its membership expanded last year, yet the essence of Xi’s metaphor is just becoming more relevant.

    With the world trudging on in a new period of turbulence and transformation, the leader of the largest developing country is poised to help guide BRICS, the leading echelon of the Global South, to play a bigger role in building a better shared future for humanity.

    Chinese President Xi Jinping poses for a group photo with other leaders attending the BRICS-Africa Outreach and BRICS Plus Dialogue in Johannesburg, South Africa, Aug. 24, 2023. [Photo/Xinhua]

    Golden value

    BRICS, an acronym for Brazil, Russia, India, China, and South Africa, is literally called “gold bricks” in Chinese, indicating optimism for its great potential and shining future.

    The sanguine view features prominently in Xi’s engagement with the group. He has consistently placed BRICS high on China’s foreign policy agenda. His first appearance on the multilateral stage as China’s head of state was at the 2013 BRICS summit in Durban, South Africa, and he visited all other four BRICS countries during the first two years of his presidency.

    “China led by President Xi Jinping has contributed significantly to the success of BRICS,” noted Bunn Nagara, a senior China researcher in Malaysia.

    Thanks to the joint efforts of its members, the golden value of BRICS has kept rising. World Bank data show that the share of BRICS in global GDP grew from 18 percent in 2010 to about 26 percent in 2021, with increases in all years during the period.

    Among the drivers of its remarkable growth is a strong orientation toward real results. “BRICS is not a talking shop, but a task force that gets things done,” Xi once stressed.

    Following this spirit, practical cooperation has always been the foundation of the BRICS mechanism, a good example of which is the launch of the New Development Bank (NDB). Headquartered in Shanghai, the multilateral institution had approved 105 projects in all member countries for approximately 35 billion U.S. dollars by the end of 2023.

    In view of BRICS’ evolving development needs, Xi, at the 2017 summit in China’s coastal city of Xiamen, joined other member leaders in formally incorporating cultural and people-to-people exchanges into the engines of BRICS cooperation, in order to further enhance the bond between these nations and reinforce the foundation of BRICS interaction.

    Powered by the three engines, namely political and security, economic and financial, as well as cultural and people-to-people exchanges, the BRICS cooperation has witnessed even more substantial progress and growing popular support.

    The unique value of the BRICS cooperation goes beyond economic terms, and the mechanism is an innovation of international cooperation, which is in marked contrast to some protectionist, exclusive political, military or economic alliances in the West, said Wang Lei, director of the BRICS Cooperation Research Center at Beijing Normal University.

    In Xi’s words, the BRICS cooperation transcends the old formula of political and military alliances, the old mindset of drawing lines on the basis of ideology as well as the obsolete notion of “you-win-I-lose” and “winner-takes-all.”

    The golden track record, as many observers have pointed out, has not only amply busted various gloom-and-doom claims such as that BRICS is nothing but “a motley crew,” but also significantly increased its appeal to the rest of the world.

    This aerial photo taken on Sept. 28, 2021 shows the headquarters building of New Development Bank (NDB) in east China’s Shanghai. [Photo/Xinhua]

    Greater BRICS

    On Aug. 24 morning last year, the Sandton Convention Center in Johannesburg erupted with applause upon the announcement of BRICS’ historic expansion. That, Xi said at the press conference, demonstrates “the determination of BRICS countries and developing nations to unite.”

    Since the inception of the BRICS mechanism, openness and inclusiveness have remained its members’ abiding commitment. Xi has repeatedly emphasized that BRICS countries gather not in a closed club or an exclusive circle. “A tree cannot make a forest,” he said as early as at his BRICS summit debut in Durban in 2013. A year later at the Fortaleza summit in Brazil, he proposed the “BRICS spirit” of openness, inclusiveness, and win-win cooperation.

    With such an open mind, the group developed a tradition of inviting leaders of other countries to its summits. Then at the 2017 gathering in Xiamen, an ancient port city that has evolved into a dynamic hub in China’s opening-up and reform, Xi built on that outreach practice and put forward the “BRICS Plus” program, encouraging more participation of other emerging markets and developing nations.

    In fact, this southern Chinese city of Xiamen happened to be where Xi came to work as deputy mayor in 1985 at 32. Now, under Xi’s initiative, an innovation base for the BRICS partnership on the new industrial revolution has taken root there.

    Over the years, with profound changes reshaping the world at a degree rarely seen in history, the Chinese president has unwaveringly championed openness and cooperation. “Under the new circumstances, it is all the more important for BRICS countries to pursue development with open doors and boost cooperation with open arms,” Xi said at the 14th BRICS summit in 2022.

    A year later, more than 60 countries gathered in Johannesburg for the BRICS summit. The gathering “is not an exercise of asking countries to take sides, nor an exercise of creating bloc confrontation,” Xi said. “Rather, it is an endeavor to expand the architecture of peace and development.”

    Other than the countries that became new full members on Jan. 1, 2024, more than 30 nations have also formally applied to join BRICS, while many other developing countries are seeking deeper cooperation with the group.

    “There is a reason why these countries choose to join BRICS,” said Mekhri Aliev, a board director of the BRICS innovation base in Xiamen. “Because they see future, they see potentials and opportunities within the BRICS.”

    A visitor views a model of Xiamen Metro train at the exhibition of BRICS New Industrial Revolution 2024 in Xiamen, southeast China’s Fujian Province, Sept. 10, 2024. [Photo/Xinhua]

    Bigger voice

    Three months after its expansion decision, BRICS convened an extraordinary joint summit on the Gaza situation with leaders of invited members, as well as UN Secretary-General Antonio Guterres. That was a first-of-its-kind meeting for the group. The meeting, as Xi said, marks “a good start” for greater BRICS cooperation following its enlargement.

    Commenting on this summit, Al Jazeera said that leading countries of the Global South are looking for “a greater say in a global order dominated by the West.” Steven Gruzd, an analyst at the South African Institute of International Affairs, said: “It does reflect on the growing assertiveness and confidence of the BRICS grouping, not waiting for the West.”

    BRICS is an important force in shaping the international landscape. Advancing a more just and equitable international order has been a consistent theme in Xi’s remarks on BRICS cooperation.

    Effective coordination between BRICS members and other Global South countries is “adding more bricks to the global governance architecture,” said Wang Lei, the Chinese expert with Beijing Normal University.

    The New Development Bank (NDB) exemplifies this effort. “The establishment of the bank serves as a beneficial supplement and improvement to the existing financial system,” Xi said, “which can encourage deeper reflection and more active reforms in the global financial system.”

    During a meeting with Dilma Rousseff, former Brazilian President and incumbent NDB chief, in Beijing in 2023, Xi called on the NDB to help with the modernization of more developing countries. Rousseff shares Xi’s vision. “It is a vision that we don’t want BRICS to speak just for a few countries. What we want is for most countries to be part of BRICS,” she told Xinhua.

    As Xi has observed, strengthening global governance is the right choice if the international community intends to share development opportunities and tackle global challenges.

    “Economically, non-Western nations — with BRICS at the vanguard — are pushing the globe into a new reality: An emerging economic, social, and monetary status quo that is upending what the world has accepted as normal for nearly eight decades,” Jeff D. Opdyke, a global investment expert, has observed.

    To Guan Zhaoyu, a research fellow with the Eurasian Studies Institute at Renmin University of China, BRICS cooperation “is neither anti-Western nor aimed at overthrowing the existing global order, but rather constructively reforming its unfair aspects to give more opportunities to the developing world.”

    Xi maintains that development is an inalienable right of all countries, not a privilege of a few countries. Under his grand vision to build a community with a shared future for mankind, China has been joining hands with other developing countries in advancing their respective modernization.

    China will always be a member of the Global South and the developing world, Xi has said on various occasions.

    “President Xi has sent out a very clear message: China will unite with other emerging markets and developing countries in the process of global modernization and make sure no one is left behind,” said Guan.

    MIL OSI China News

  • MIL-OSI Asia-Pac: Government announces subscription and allocation results of Silver Bond

    Source: Hong Kong Government special administrative region

    Government announces subscription and allocation results of Silver Bond
    Government announces subscription and allocation results of Silver Bond
    ***********************************************************************

         The Government announced today (October 21) the subscription and allocation results of the new batch of Silver Bond.      According to the subscription information submitted by the Placing Banks and the Designated Securities Brokers, as at the close of the subscription period at 2pm on October 14, 2024, a total of 300,413 valid applications were received for a total of HK$69,981,970,000 in principal amount of bonds.      The final issuance amount of the Silver Bond will be HK$55 billion, higher than the target issuance amount of HK$50 billion. Allocation is conducted in accordance with the mechanism set out in the Issue Circular dated September 30, 2024. The valid applications received have been allocated bonds up to a maximum of 24 units (with each unit being HK$10,000). For the 166,177 applications seeking 23 or fewer units, they will be allocated the full amounts applied for. The remaining 134,236 applications (i.e. those applying for more than 23 units) will be allocated 23 units each and then entered into a ballot. Of these applications, 23,737 will be allocated one additional unit.      The Silver Bond will be issued on October 23, 2024, under the retail part of the Infrastructure Bond Programme. Notifications on individual allocation results, applicable subscription moneys and refund of application moneys in excess of the allocated portion will be sent to applicants in accordance with the schedule set out in the Issue Circular.      The Financial Secretary, Mr Paul Chan, said, “This is the first batch of Silver Bond issued under the Government’s Infrastructure Bond Programme, which will support infrastructure projects for the good of the economy and people’s livelihood, and provide our citizens with a ‘sense of participation’ and a ‘sense of gain’ in support of Hong Kong’s long-term development projects. The positive response in subscription shows that Silver Bond continues to be well-received by senior residents. Silver Bond can provide a safe, reliable and low-risk investment option with steady returns for senior residents, rendering financial services means to better serve the needs of the public and the community. We will keep the effectiveness of the scheme and future arrangements under review, taking account of investor response, market conditions and other relevant considerations.”

     
    Ends/Monday, October 21, 2024Issued at HKT 16:30

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    MIL OSI Asia Pacific News