NewzIntel.com

Category: Asia Pacific

  • MIL-OSI Economics: Secretary-General of ASEAN meets with Timor-Leste’s Minister of Foreign Affairs and Cooperation

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with H.E. Bendito dos Santos Freitas, Minister of Foreign Affairs and Cooperation of Timor-Leste, on the sidelines of the 44th and 45th ASEAN Summits and Related Summits. Both sides discussed, among others, the progress of implementation of the Roadmap for Timor-Leste’s Full Membership in ASEAN.

    The post Secretary-General of ASEAN meets with Timor-Leste’s Minister of Foreign Affairs and Cooperation appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: SFST’s opening remarks at press conference on Hong Kong FinTech Week 2024 (English only)

    Source: Hong Kong Government special administrative region

    SFST’s opening remarks at press conference on Hong Kong FinTech Week 2024 (English only)
    SFST’s opening remarks at press conference on Hong Kong FinTech Week 2024 (English only)
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         Following are the opening remarks by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the press conference on Hong Kong FinTech Week 2024 today (October 8):  Alpha (Director-General of Investment Promotion at Invest Hong Kong, Ms Alpha Lau), distinguished guests, ladies and gentlemen,       Good afternoon and thank you for joining us today. It gives me great pleasure to unveil the official details of this year’s much-anticipated Hong Kong FinTech Week, carrying the theme “Illuminating New Pathways in Fintech”.       This year marks the ninth edition of our flagship event, standing at the vanguard of the global fintech revolution. I have had the good fortune to witness the remarkable growth and evolution of our Hong Kong FinTech Week over the years. The conference this year further encapsulates the global paradigm shift, with emerging technologies driving the spirit of change.      I have made it a tradition to announce a new policy statement and new initiatives during the FinTech Week, sharing with our global audience the Government’s vision and mission in taking forward market development together with the industry. In 2022 we announced the groundbreaking Policy Statement on Development of Virtual Assets in Hong Kong, and last year we shared the plan to develop a new integrated fund platform for our market. This year is no exception, and we are set to announce a policy statement for responsible use of artificial intelligence (AI) in our financial services sector. This will be another important announcement from us elaborating our policy stance on this topic of global importance and interest.       Hong Kong FinTech Week welcomes top technology leaders, policymakers, and investors from around the world for insightful discussions on the fintech landscape. We are set to showcase the individuals, rising stars, and innovations propelling advancements in efficiency, scalability, and sustainability worldwide. During the event, we will explore how entrepreneurs and corporations are leveraging frontier technologies like AI, tokenisation, and Web3 to craft innovative business models and capitalise on Asia’s economic ascension.       Hong Kong always shows resilience and strength during challenging times. Our city has recently been ranked third in the latest Global Financial Centres Index around the globe and first in the Asia Pacific Region. In terms of fintech, Hong Kong rose five places to ninth, putting it among the top 10 fintech hubs globally. This reflects the concerted efforts of the Government, financial regulators, and industry players to promote fintech development in Hong Kong. Over the past few months, we have introduced various initiatives to further cultivate a vibrant ecosystem for fintech innovation, including expanding the cross-boundary e-CNY pilot in Hong Kong, launching the new Generative AI Sandbox, as well as commencing phase 2 of the e-HKD Pilot Programme, just to name a few.       With its strategic location and robust financial infrastructure, Hong Kong emerges as a “super connector” and “super value-adder” for fintech. Hong Kong is primed to lead this transformative journey to uncover the pathways to opportunities. Notably, we’ve witnessed strong interest from the Mainland’s big tech companies showcasing their latest innovations, underscoring how Chinese technology is shaping global finance’s future through cross-border collaborations and cutting-edge technology integration.       The Mainland aside, Southeast Asia’s rising stars will be present to showcase their tailored solutions for the region’s unique markets, sharing success stories of fintech solutions crafted to meet the region’s distinctive market needs. These vibrant discussions will highlight Southeast Asia’s growing influence in the global fintech arena. The Middle East will also bring a wealth of strategic insights to the table, fostering innovation collaborations between Hong Kong and the region.       Hong Kong FinTech Week 2024 promises to be a melting pot of ideas, innovations, and collaborations for global communities. Attendees will have the opportunity to explore how frontiers like AI, tokenisation, blockchain, and green tech are tackling real-world challenges nowadays.       Another standout feature of the week is the Greater Bay Area day visit, an exclusive tour inviting international financial leaders, investors, and tech founders to explore the innovation ecosystems across Guangzhou, Shenzhen, and Hong Kong. This excursion will facilitate collaboration, knowledge sharing, exploration of investment prospects, and meaningful dialogues, fostering a day of productive networking.       Through various initiatives aimed at attracting and retaining strategic companies and talent, we are ready for positive results from the FinTech Week. The event this year will pave the way for connected, efficient, and sustainable global economic growth from fintech offerings. I therefore extend a very warm welcome to all of you to join us. Thank you.  

     
    Ends/Tuesday, October 8, 2024Issued at HKT 16:35

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    MIL OSI Asia Pacific News –

  • MIL-OSI Submissions: Asia Pacific – Poverty is rising and inequality widening in Asia and the Pacific, new UN report reveals – UN ESCAP

    Source: United Nations ESCAP

    More than 260 million people in the Asia-Pacific region could be pushed into poverty in the next decade unless governments step up with robust social protection schemes, according to a new United Nations report released today.

    The findings in Protecting our Future Today: Social Protection in Asia and the Pacific report reveal that poverty, both in monetary and non-monetary forms, is rising while inequalities in income and wealth are widening across the region. The number of people in vulnerable situations in the region is expected to rise, as negative shocks continue to hit amid prevailing inequalities. Access to basic opportunities and services also remains too often a distant goal for many.

    Most concerning, 45 per cent of people in the region have no social protection coverage at all. Millions of people living just above the national poverty line are vulnerable to shocks. Without stronger social protection systems, 266 million people could be pushed into poverty in 2040 under a worst-case scenario.

    The report was released at the eighth session of the Committee on Social Development, which opened today and brings together senior government officials, top experts and key stakeholders to explore building inclusive and comprehensive social protection systems that are future proof in view of key megatrends including demographic trends, climate change and digitalization.

    “Megatrends bring both challenges and opportunities. However, we need policy action to maximize the benefits of these megatrends while minimizing their costs,” said United Nations Under-Secretary-General and Executive Secretary of Economic and Social Commission for Asia and the Pacific (ESCAP) Armida Salsiah Alisjahbana.

    She added, “When done right, social protection and inclusive policies with a gender- and disability lens can enhance people’s resilience, facilitate adaptation and reduce the negative impacts of climate change. Acting today rather than tomorrow is not only more cost-effective but also crucial for intergenerational solidarity and ensuring that no one is left behind.”

    In his keynote address, Jomo Kwame Sundaram, Senior Adviser, Khazanah Research Institute, underscored, “A whole of government and a whole of society approach is needed at the national level to resolve the socio-economic and environmental challenges countries of our region are facing especially given the limited resources available for social spending.”

    The ESCAP report provides a blueprint on how governments can improve social protection systems across the region. Leveraging strategic foresight methodology, the report offers policy recommendations to meet changing conditions and argues that the price of inaction today far exceeds the cost of requisite action.

    “Recent years have shown us how fragile our progress has been in the region. We have heard how poverty is on the rise for the first time in decades. Unless we build the resilience of our people and planet, we cannot achieve sustained peace and prosperity in the region,” said H.E. Maliki Achmad, Deputy Minister of National Development Planning of Indonesia, who was also elected as Chair of the Committee.

    “The recent pledges in the ‘Pact for the Future’ made by our fellow nations, underscore our collective resolve, urgency and responsibility to shape a brighter tomorrow for future generations. This is a critical moment for reflection and action. It is time for us, as a region, to assess our progress and determine how we can come together to create a better future,” said H.E. Anukul Peedkaew, Permanent Secretary, Ministry of Social Development and Human Security of Thailand.

    Over the next three days, the bi-annual Committee will also review social and economic challenges and opportunities associated with slower population growth and related changes in population age structures, as well as strengthening disability-inclusive development.

    Read the full report: https://socialoutlook.unescap.org/

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Energy Tech – 1MW community-owned battery could generate up to $250K/ year revenues in Australia

    Source: GridBeyond

    Energy battery storage are critical for the decarbonisation of the electricity grid and the transition from a centralised generation model to a decentralised one, allowing the integration of more renewables in the energy system. In the Australian Energy Markets, community-owned batteries offer a sustainable and cost-effective solution that not only benefits the community but also the environment.

    According to The Australian Energy Market Operator (AEMO) if consumer batteries are efficiently coordinated, AEMO estimates that they could help reduce costs for all consumers by offsetting the need for an additional $4.1B in grid-scale investments. But in addition a 1MW community owned battery enrolled in an FCAS (Frequency Control Ancillary Services)  programme could generate $250K/year revenues for its community owners, according to the latest GridBeyond White Paper: Community Battery 101 – Australia. Community-scale storage could also achieve significant net value through stacking multiple services, earning the operators a valuable income stream and realising attractive payback and return on investment opportunities.

    Against rising electricity costs, community batteries provide a solution by empowering communities to take control of their energy. Community batteries can reduce energy costs, by storing excess energy when it’s cheap and using it during peak hours. They can make community less reliant on traditional energy providers and they are also more sustainable as they maximise the use of renewable energy sources like solar and wind and can provide a reliable source of energy even during grid outages.

    But for community batteries to be commercially viable, an intelligent energy storage management system (ESMS) platform must be interoperable between a grid operator’s system, grid edge control layer, and energy market interfaces. The ESMS must be able to co-optimise across value streams to deliver benefits across the entire energy stakeholder ecosystem.

    “It’s exciting to see the Australian Government supporting the rolling out community batteries to lower power bills and boost electricity reliability. Community batteries are a great opportunity for everyone as everyone can benefit from those. Energy storage batteries can help the government to reach its decarbonisation goal, they generate savings and can help communities to even benefiting financially through an intelligent energy storage management system” said Scott Berrie, Asset Development Director at GridBeyond.

    About GridBeyond 

    GridBeyond began commercially trading in 2010 and is home to the world’s first hybrid battery and demand network. Now a global player in the energy transition, GridBeyond provides a powerful combination of technological excellence, consultative approach and unrivalled expertise that enables its partners and clients have future-proof access to energy services, while supporting the wider electricity grid integrate more volatile renewables and make the leap to a greener future. All without impacting operations.

    GridBeyond delivers energy services, new revenues, enhanced savings, strengthened operations and sustainability to over 900 I&C sites worldwide, including some of the planet’s best-loved brands.

    MIL OSI – Submitted News –

  • MIL-OSI New Zealand: Holding careless builders accountable

    Source: New Zealand Government

    The Government is looking at strengthening requirements for building professionals, including penalties, to ensure Kiwis have confidence in their biggest asset, Building and Construction Minister Chris Penk says

    “The Government is taking decisive action to make building easier and more affordable. If we want to tackle our chronic undersupply of houses that is slowing the economy down and locking families out of home ownership, we must do things differently. 

    “Reforming the way we consent homes and removing barriers to overseas building products will strip out delays and drive down costs so we can get more homes built at a more affordable price. However, for this to succeed we must ensure that we have qualified tradespeople doing the work, standing by it and being accountable if things go wrong. 

    “The trade-off for reducing oversight for low-risk work like granny flats is that we have adequate safeguards in place to hold careless or incompetent individuals to account. 

    “The current registration and licensing regimes are not working as well as they could and while the vast majority of tradespeople are competent, highly skilled professionals, a small minority are holding the sector back.  

    “Building consent authorities have told me that the penalties in the Building Act for tradespeople who knowingly cut corners are not enough to deter that behaviour and are not proportionate to the cost of remediating defected work for the consumer who is left out of pocket. 

    “This lack of robust requirements also has an enormous flow on effect which means councils are more likely to be overly risk-averse out of fear that their ratepayers will be liable for paying the bill as the last man standing. 

    “For Kiwis to have confidence in building work we need to ensure the oversight of building professionals is fit for purpose and fair. That’s why the Government is looking at strengthening registration and licensing regimes with a focus on: 

    • Lifting the competence and accountability requirements for building professionals
    • Improving consumer protection measures in the Building Act to provide the right support for consumers
    • Ensuring regulators have the right powers to hold people to account with a focus on licensing, complaints, and disciplinary processes
    • Introducing new penalties to deter bad behaviour. The Government is currently consulting on creating a new offence in the Building Act for deliberately hiding non-compliant building work in the context of remote inspections. 

    “These changes will be critical in supporting the Government’s agenda to make it easier and more affordable to build, and is particularly important when we place more trust in qualified individuals and reduce oversight from third parties as we have done through our NZ First-National commitment to allow granny flats and other small structures up to 60sqm to be built without a building consent.  

    “Lifting the competence of building professionals will also help support the ACT-National commitment to explore allowing builders to opt out of a building consent if they have insurance as this is one of the enablers for insurance companies to have confidence in taking on building work. 

    “This is all part of the Government’s plan to rebuild the economy and go for housing growth so Kiwis can get ahead.”

    Notes to editors 

    • As part of the consultation on increasing the use of remote inspections the Government is consulting on creating a new offence to deter deceptive behaviour during a remote inspection with a penalty of $50,000 for individuals and $150,000 for businesses.
    • This work to strengthen requirements for building professionals complements work currently underway by the Government to combat phoenixing which is a particular problem in the Building Industry. 

    MIL OSI New Zealand News –

  • MIL-OSI United Kingdom: Foreign Secretary’s statement on the Chagos Islands, 7 October 2024

    Source: United Kingdom – Executive Government & Departments 3

    Foreign Secretary David Lammy gave a statement on the conclusion of negotiations on the exercise of sovereignty over the British Indian Ocean Territory.

    Location:
    House of Commons
    Delivered on:

    With permission, Mr Speaker, I will make a statement on the conclusion of negotiations on the exercise of sovereignty over the British Indian Ocean Territory. 

    On Thursday 3 October, my Right Honourable Friend the Prime Minister and Mauritian Prime Minister Jugnauth made a historic announcement. After 2 years of negotiations, and decades of disagreement, the UK and Mauritius have reached a political agreement on the future of the British Indian Ocean Territory.

    Mr Speaker, the treaty is neither signed nor ratified. But I wanted to update the House on the conclusion of formal negotiations at the earliest opportunity.

    Members will appreciate the context. Since its creation, the Territory and the joint UK-US military base on Diego Garcia has had a contested existence. In recent years, the threat has risen significantly.

    Coming into office, the status quo was clearly not sustainable. A binding judgement against the UK seemed inevitable. It was just a matter of time before our only choices would have been abandoning the base altogether. Or breaking international law.

    If you oppose the deal, which of these alternatives do you prefer? Doing this deal – on our terms – was the sole way to maintain the full and effective operations of the base into the future.

    Mr Speaker, this must be why, in November 2022, the then Foreign Secretary, the Right Honourable Member for Braintree, initiated sovereignty negotiations. It’s also why my immediate predecessor, Lord Cameron of Chipping Norton, ultimately continued with those talks.

    Under the previous government there were 11 rounds of negotiations, the last one held just weeks before the General Election was called.

    So, in July, this government inherited unfinished business. Where a threat was real, and inaction was not a strategy. Inaction posed several acute risks to the UK.

    First, it threatened the UK-US base. From countering malign Iranian activity in the Middle East to ensuring a free and open Indo-Pacific, it is critical for our national security. Without surety of tenure, no base can operate effectively – nor truly deter our enemies. Critical investment decisions were already being delayed.

    Second, it impacted on our relationship with the US, who neither wanted nor welcomed the legal uncertainty, and strongly encouraged us to strike a deal. I am a trans-Atlanticist. We had to protect this important relationship.

    And third, it undermined our international standing. We are showing that what we mean is what we say on international law and desire for partnerships with the Global South. This strengthens our arguments when it comes to issues like Ukraine or the South China Sea.

    Mr Speaker, further legal wrangling served nobody’s interests but our adversaries’. In a more volatile world, a deal benefited us all, the UK, US and Mauritius. This government therefore made striking the best possible deal a priority.

    We appointed Jonathan Powell. As the Prime Minister’s Special Envoy for these negotiations, he has worked closely with a brilliant team of civil servants and lawyers. Their goal was a way forward which serves UK national interests, respects the interests of our partners, and upholds the international rule of law.

    This agreement fulfils these objectives. It is strongly supported by partners, with President Biden going so far as to “applaud” our achievement within minutes of the announcement! Secretary Blinken and Secretary Austin have also backed this “successful outcome” which “reaffirms [our] special defence relationship”.

    And the agreement has been welcomed by the Indian government and commended by the UN Secretary-General.

    In return for agreeing to Mauritian sovereignty over the entire islands, including Diego Garcia, the UK-US base has an uncontested long-term future. Base operations will remain under full UK control well into the next century.

    Mauritius will authorise us to exercise their sovereign rights and authorities in respect of Diego Garcia. This is initially for 99 years, but the UK has the right to extend this.

    And we have full Mauritian backing for robust security arrangements including preventing foreign armed forces from accessing or establishing themselves on the outer islands.

    The base’s long-term future is therefore more secure under this agreement than without it. If this were not the case, I doubt the White House, State Department or Pentagon would have praised the deal so effusively.

    This agreement will be underpinned by a financial settlement that is acceptable to both sides. Members will be aware the government does not normally reveal payments for our military bases overseas. And so it would be inappropriate to publicise further details of these arrangements at this stage.

    Mr Speaker, the agreement also recognises the rights and wrongs of the past. The whole House would agree that the manner in which Chagossians were forcibly removed in the 1960s was deeply wrong and regrettable. Mauritius is now free to implement a resettlement programme to islands other than Diego Garcia.

    The UK and Mauritius have also committed to support Chagossians’ welfare, establishing a new Trust Fund capitalised by the UK and providing additional government support to Chagossians in the UK. And the UK will maintain the pathway for Chagossians to obtain British Citizenship.

    Furthermore, Mauritius and the UK will now establish a new programme of visits to the archipelago for Chagossians. 

    This agreement also ushers in a new era in our relations with Mauritius. A Commonwealth nation and Africa’s leading democracy. We have agreed to intensify cooperation on our shared priorities, including security, growth and the environment. 

    The agreement ensures continued protection of these islands’ unique environment, home to over 200 species of coral and over 800 species of fish.

    Finally Mr Speaker, I want to reassure the House, and all members of the UK family worldwide, that this agreement does not signal any change in policy to Britain’s other Overseas Territories.

    British sovereignty of the Falkland Islands, Gibraltar and the Sovereign Base Areas is not up for negotiation. The situations are not comparable.

    This, Mr Speaker, has been acknowledged across our Overseas Territories. Fabian Picardo, Chief Minister of Gibraltar, vocally supported this agreement, stating that there is “no possible read across” to Gibraltar on the issue of sovereignty.

    Similarly, the Governor of the Falklands has confirmed that the historic contexts of the Chagos Archipelago and Falklands are “very different”. The government remains firmly committed to modern partnerships with our Overseas Territories based on mutual consent.

    After Mauritian elections, the government will move towards treaty signature. And it is then our intention to pursue ratification in 2025, by submitting the Treaty and a Bill to this House for scrutiny.

    This is a historic moment, a victory for diplomacy. We have saved the base. We have secured Britain’s national interests for the long-term.

    I commend this statement to the House.

    Updates to this page

    Published 7 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: ATFX Announces Strategic Investment in Spark Systems to Enhance Institutional Offerings

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Oct. 08, 2024 (GLOBE NEWSWIRE) — ATFX is pleased to announce its investment in Spark Systems, a next generation, institutional-grade eFX trading platform based in Singapore serving clients in Asia and globally. ATFX is entering into this partnership with Spark Systems through a Series C investment, with some of Spark Systems’ investors including global banks such as Citibank and HSBC. This partnership is aimed at enhancing ATFX’s institutional services and will explore synergies between both organizations.

    The investment in Spark Systems creates opportunities to leverage ATFX Connect liquidity within the platform, this builds on ATFX group’s commitment to enhance its trading infrastructure. These initiatives have positioned ATFX as a relevant player in the industry, providing clients with cutting-edge trading solutions and improved market access.

    “Investing in Spark Systems aligns with our strategic vision to enhance our institutional offerings and drive innovation in the eFX space,” said Joe Li, Group Chairman at ATFX. “We believe that this will benefit both organisations and provide our clients with improved trading solutions, especially in the Asian region.” Joo Seng Wong, Founder & CEO of Spark Systems stated, “This collaboration with ATFX represents a significant step forward in our mission to deliver exceptional trading solutions. Together, we will empower ATFX clients with enhanced access to liquidity and offer advanced trading capabilities.”

    ATFX is looking forward to exploring this partnership further and is committed to building a mutually beneficial relationship with Spark Systems to enhance its market presence in Asia and beyond.

    About ATFX

    ATFX is a leading global fintech broker with a local presence in 23 locations and licenses from regulatory authorities including the UK’s FCA, Australian ASIC, Cypriot CySEC, UAE’s SCA, Hong Kong SFC and South African FSCA. With a commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX provides valued trading experiences to clients worldwide.

    For further information on ATFX, readers can please visit ATFX website https://www.atfx.com.

    About ATFX Connect

    ATFX Connect is a trading name of AT Global Markets (UK) Limited (authorised and regulated by the FCA), AT Global Markets (Australia) Pty Limited (authorised and regulated by ASIC), and AT Global Financial Services (HK) Limited (authorised and regulated by the SFC). Connect is the Institutional arm of the wider ATFX Group.

    ATFX Connect offers Institutional and Professional traders an extensive range of services for both Agency PB and Margin accounts, provides bespoke aggregated liquidity in Spot FX, NDFs, indices, Commodities and Precious Metals to a wide range of institutional clients from hedge funds, Tier 1 global and regional banks, high net worth investors, asset managers, family offices and other brokers. 

    ATFX Connect’s liquidity pool is constructed from Tier 1 banks and non-bank providers that it has partnered with, trading in both sweepable and full amount forms. 

    Agency PB Clients can connect via direct FIX API, external technology solutions or via the trading platform. For margin clients, ATFX Connect provides market access via the group’s MT4/MT5 platform and provides a bridge solution for those who wish to connect via FIX API. 

    For further information on ATFX, readers can please visit ATFX website https://www.atfxconnect.com.

    About Spark Systems

    Founded in 2016, Spark Systems builds next generation high speed trading platforms. Spark Systems has developed robust eFX trading platforms and the company is uniquely designed to support both buy-side and sell-side clients. The firm has to date received investments from leading global and regional institutions including Citibank, HSBC, Philips Venture, Vickers Venture, Integra Ventures, FengHe, Jubilee CM, Farquhar Venture Capital, 5X Capital, OSK etc. Spark Systems is a grant recipient of Monetary Authority of Singapore FSTI grant. Spark Systems focus is on building state of the art trading technology and infrastructure. The company is connected with all global top 20 FX liquidity providers and eFX non-bank hedge funds as well as major primary markets/ECNs. This aims to position the company for sustainability and growth in the FX market. For further information on Spark Systems, readers can please visit the company’s website http://www.sparksystems.sg

    Contact

    ATFX
    cs.gm@atfx.com

    The MIL Network –

  • MIL-OSI Banking: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Shirpur Merchants’ Co-operative Bank Ltd., Shirpur, Maharashtra – Extension of Period

    Source: Reserve Bank of India

    The Reserve Bank of India had issued Directions to The Shirpur Merchants’ Co-operative Bank Ltd., Shirpur, Maharashtra, under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive No. CO.DOS.SED. No.S175/45.11.001/2024-2025 dated April 05, 2024, for a period of six months up to the close of business on October 08, 2024.

    2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond the close of business on October 08, 2024.

    3. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from the close of business on October 08, 2024 to the close of business on January 08, 2025, subject to review.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1247

    MIL OSI Global Banks –

  • MIL-OSI NGOs: Pakistan: Authorities must immediately revoke ban on Pashtun Tahaffuz Movement

    Source: Amnesty International –

    The Pakistan government’s ban on the Pashtun Tahaffuz Movement (PTM) and the use of anti-terrorism laws to target activists and peaceful protesters from minority groups is an affront on the rights to freedom of association and peaceful assembly in the country, said Amnesty International today.

    The PTM is a grassroots movement peacefully advocating for human rights of Pashtuns who have long been subjected to harassment and violence by the Pakistani authorities. On 6 October 2024, in a new government notification, the PTM was designated as a ‘proscribed organization’ by placing it under the First Schedule for ‘List of Proscribed Organizations’ of the Anti-Terrorism Act, 1997.

    “The listing of the Pashtun Tahaffuz Movement as a proscribed organization, days ahead of their gathering scheduled on 11 October, is part of a systematic and relentless clampdown by the Pakistani authorities on peaceful protests and assemblies by dissenting groups. This latest arbitrary ban under over-broad powers of the terror law is only the tip of the iceberg – for years the Pakistani authorities have suppressed such movements from marginalized regions by resorting to unlawful use of force, enforced disappearances, and media bans on the coverage of protests or rallies,” said Babu Ram Pant, Amnesty International’s Deputy Regional Director for South Asia.

    The Pakistan government must immediately course correct and put an end to the criminalization of peaceful protests and assemblies. It must stop its witch-hunt of dissenting groups on the basis of their ethnicity and reverse their decision designating PTM under the Anti-Terrorism Act

    Babu Ram Pant, Amnesty International’s Deputy Regional Director for South Asia

    MIL OSI NGO –

  • MIL-OSI China: Chinese premier to attend leaders’ meetings on East Asia cooperation and visit Laos, Vietnam

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

    Chinese premier to attend leaders’ meetings on East Asia cooperation and visit Laos, Vietnam

    BEIJING, Oct. 8 — Chinese Premier Li Qiang will attend the 27th China-ASEAN Summit, the 27th ASEAN Plus Three (APT) Summit and the 19th East Asia Summit to be held in Vientiane, Laos from Oct. 9 to 12, and pay an official visit to Laos, foreign ministry spokesperson Mao Ning announced here on Tuesday.

    Li’s visit is at the invitation of Prime Minister Thongloun Sisoulith of the Lao People’s Democratic Republic, the current ASEAN chair, the spokesperson said.

    Li will also pay an official visit to Vietnam from Oct. 12 to 14, at the invitation of Prime Minister Pham Minh Chinh of Vietnam, Mao added.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Hong Kong FinTech Week 2024 “Illuminating New Pathways in Fintech” details released (with photos)

    Source: Hong Kong Government special administrative region

    Hong Kong FinTech Week 2024 “Illuminating New Pathways in Fintech” details released (with photos)
    Hong Kong FinTech Week 2024 “Illuminating New Pathways in Fintech” details released (with photos)
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         Invest Hong Kong (InvestHK) today (October 8) unveiled details of Hong Kong FinTech Week 2024 (HKFW). The ninth edition of HKFW, themed “Illuminating New Pathways in Fintech” will take place from October 28 to November 1. This flagship event stands at the forefront of the global fintech evolvement. Aligned with Hong Kong’s vision, the aim is to steer the future of financial services and beyond. The largest and most influential gathering of international leaders in finance and technology      As the city’s premier fintech gathering, HKFW is organised by the Financial Services and the Treasury Bureau and InvestHK, in collaboration with the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), and the Insurance Authority (IA). The event is expected to draw over 30 000 attendees from more than 100 economies.      With hundreds of distinguished speakers and numerous sponsors and exhibitors, the main conference taking place between October 28 and 29 at Hong Kong AsiaWorld-Expo promises to be a convergence of global expertise and cutting-edge fintech innovations.      HKFW draws votes of confidence from both the Mainland and international companies and markets. The event this year will feature an unprecedented number of Mainland Chinese big tech companies showcasing their latest innovations, as well as notable speakers and delegates from the Association of Southeast Asian Nations (ASEAN) and the Middle East, which solidifies Hong Kong’s multifaceted business connections and landscape.      The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “With its strategic location and robust financial infrastructure, Hong Kong emerges as a ‘super connector’ and ‘super value-adder’ for fintech. Hong Kong is primed to lead the transformative journey to uncover the pathways to opportunities. Our city is ranked third in the latest Global Financial Centres Index and first in the Asia Pacific Region. In terms of fintech, Hong Kong rose five places to ninth, putting it among the top 10 fintech hubs globally. This reflects the concerted efforts of the Government, financial regulators, and industry players to promote fintech development in Hong Kong.”      Mr Hui added that through various initiatives aimed at attracting and retaining strategic companies and talent, Hong Kong is ready for positive results from the FinTech Week, and the event this year will pave the way for connected, efficient, and sustainable global economic growth from fintech offerings. Exploring tomorrow’s solution today      With Hong Kong now ranking among the top three global financial centres and top 10 fintech centres globally, HKFW 2024 is poised to be a vibrant hub of ideas, innovations, and global collaborations, reinforcing Hong Kong’s institutional advantages and abilities for breakthroughs in innovative financial services and leading market innovation.      This year, HKFW places a significant emphasis on cutting-edge technologies such as Artificial Intelligence (AI). Recent surveys reveal that 38 per cent of finance executives in Hong Kong have initiated the incorporation of generative AI, marking the highest rate among all surveyed markets and notably surpassing the global average of 26 per cent.      The main conference will feature eight themed forums on the latest technologies and cross-industry connections. These forums include the Global Forum, AI & Advanced Tech Forum, Blockchain & Digital Assets Forum, Payments & Other FinTech Forum, InsurTech Forum, Green FinTech & Impact Forum, WealthTech & InvestTech Forum, and Hong Kong Connect Forum, offering participants a comprehensive view of the ever-evolving fintech landscape. The stages and zones will also be designed in the Chinese wisdom of “wuxing” and “yinyang”.      A series of engaging community events will take place throughout the week, running from October 28 to November 1 in Hong Kong and Shenzhen. These events will include a tour of the Greater Bay Area, satellite and networking events, lifestyle activities and workshops and the inaugural Web3x3 basketball game.      The Director-General of Investment Promotion of InvestHK, Ms Alpha Lau, said, “As a leading international financial centre, fintech has always been an important pillar of the Hong Kong economy. Last year, Hong Kong climbed to the top 10 in the United Nations’ Global Frontier Technologies Readiness Index. This readiness to embrace technologies like blockchain and AI is essential to ensuring the long-term competitiveness of our financial services industry. We will continue to promote Hong Kong’s strengths in financial services, innovation and technology, and family offices. And our strategic focus will be on enhancing our promotion drive in key markets, including ASEAN and the Middle East. Hong Kong FinTech Week will be an important platform to turn these foci areas into action. It is an engine to drive businesses to Hong Kong, as well as create bridges for our city’s fintech ecosystem to capture global opportunities.”      This year, semi-finalists of the Global Fast Track will be invited to Hong Kong to pitch in person on stage during HKFW, with the grand finale taking place on the second day. This is an unparalleled opportunity for qualified fintech innovators to showcase their profile in front of thousands of audience members, key corporates and investors looking for fintech solutions and investment opportunities. This year, the programme received an overwhelming response, with over 500 applications from 56 economies worldwide. List of esteemed speakers at the main conference Hong Kong Special Administrative Region Government and regulators:

    The Financial Secretary, Mr Paul Chan;
    The Secretary for Financial Services and the Treasury, Mr Christopher Hui;
    The Secretary for Commerce and Economic Development, Mr Algernon Yau;
    The Chief Executive of the HKMA, Mr Eddie Yue;
    The Chief Executive Officer of the IA, Mr Clement Cheung;
    The Executive Director (Intermediaries) of the SFC, Dr Eric Yip;
    The Under Secretary for Financial Services and the Treasury, Mr Joseph Chan;
    The Under Secretary for Innovation, Technology and Industry, Ms Lillian Cheong;
    The Director-General of Investment Promotion of InvestHK, Ms Alpha Lau; and
    The Deputy Director-General of Office for Attracting Strategic Enterprises, Dr Jimmy Chiang.

     Mainland Government and regulators:

    The Director of the Local Financial Management Bureau of Shenzhen Municipality, Mr Shi Weigan; and
    The Director-General of the Guangzhou Municipal Local Finance Administration Bureau, Mr Fu Xiaochu.

     Industry leaders: Highlighted speakers in the tech space:

    The Vice President and Chief Financial Officer of Xiaomi Corporation, Mr Alain Lam;
    The Founder, Chairman and Chief Executive Officer of Linklogis, Mr Charles Song;
    The Chairman and Chief Executive Officer of Ant Group, Mr Eric Jing;
    The Corporate Vice President, Head of Tencent Financial Technology of Tencent, Mr Forest Lin; and
    The Managing Director and General Manager, Sales and Operations of Google Hong Kong, Mr Michael Yue.

     Highlighted speakers in the AI and advanced technologies space:

    The Founder and Chief Executive Officer of 4Paradigm, Mr Dai Wenyuan;
    The Founder of 3Cap Investment, Ms Esther Wong;
    The Chief Executive Officer of Fosun Capital, Mr Mike Xu;
    The Co-founder of SenseTime, Mr Xu Bing; and
    The Chief Executive Officer of Du Xiaoman Technology, Mr Zhu Guang.

     Highlighted speakers in the blockchain space:

    The Co-founder and Chief Executive Officer of R3, Mr David E. Rutter;
    The Co-Founder, Chief Executive Officer, and Chairman of Circle, Mr Jeremy Allaire;
    The President of Solana Foundation, Ms Lily Liu;
    The Chief Executive Officer of Bullish, Mr Tom Farley; and
    The Co-founder of Chainlink; Mr Sergey Nazarov.

     Highlighted speakers in the insurtech space:

    The Chief Executive Officer of AIA Hong Kong and Macau, Mr Alger Fung;
    The Chief Executive Officer of Sun Life Hong Kong , Mr Clement Lam;
    The Chief Executive Officer of Zurich Insurance (Hong Kong), Mr Eric Hui;
    The Chief Executive Officer of AXA, Greater China, Ms Sally Wan; and
    The Founder, Chairman of the Board of Directors and Chief Executive Officer of Waterdrop Inc, Mr Shen Peng.

     Highlighted speakers in the payment space:

    The Founder and Chief Executive Officer of Aspire, Mr Andrea Baronchelli;
    The Chief Executive Officer of PayMe, HSBC, Mr Brad Jones;
    The President and Chief Executive Officer of GCash/Mynt, Ms Martha Sazon;
    The Global Head of Coin Systems and Liink by JP Morgan, JP Morgan Chase Bank, Mr Naveen Mallela; and
    The Chief Executive Officer of GX Bank, Ms Pei Si Lai.

     Highlighted speakers in the financial space:

    The General Manager, Personal Digital Banking Product Department of Bank of China (Hong Kong), Mr Arnold Chow;
    The International President of Standard Chartered, Mr Benjamin Hung;
    The Executive Vice President and Chief Information Officer of WeBank, Mr Henry Ma;
    The Chief Executive Officer, Hong Kong, of HSBC, Ms Luanne Lim; and
    The Head of Services of Citi, Mr Shahmir Khaliq.

     Highlighted speakers in the Venture Capital & Investing space:

    The Managing Partner of GCCVest Advisors Limited, Mr Ben Jelloun;
    The Managing Principal, Global Head of Capital Markets, Co-Chair of Alternative Investments of Gaw Capital Partners, Ms Christina Gaw;
    Partner of 5Y Capital, Mr Elwin Yuan;
    The Co-founder and Managing Partner of DST Global, Mr John Lindfors; and
    The Co-founder and Chairman of Gobi Partners, Mr Thomas G. Tsao.

          Finoverse is the appointed event organiser of HKFW 2024. For more information and the latest updates on speakers and livestream details, please visit http://www.fintechweek.hk/, or follow via official social media accounts:LinkedIn: Hong Kong Fintech Week; andYouTube: http://www.youtube.com/c/HongKongFinTechWeek.

     
    Ends/Tuesday, October 8, 2024Issued at HKT 17:50

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    MIL OSI Asia Pacific News –

  • MIL-OSI Security: IAEA Experts Find Evidence of Microplastic Pollution in Antarctica from NUTEC Plastics Research Mission

    Source: International Atomic Energy Agency – IAEA

    The NUclear TEChnology for Controlling Plastic Pollution (NUTEC Plastics) initiative uses nuclear-derived tools and technology to fight global plastic pollution on two fronts: at point of source, by introducing new technologies to improve plastic upcycling; and to monitor plastic pollution in the ocean, where the bulk of plastic waste ends up. IAEA NUTEC experts work for and with countries to address this growing threat and ensure that they have the knowledge and capacity they need to assess, monitor and mitigate plastic pollution.

    Sharing preliminary findings at a side event of the 68th IAEA General Conference last week, NUTEC Plastics experts informed the delegates about the process of developing protocols and analysing these microplastic particles.

    “While microplastics have been studied for a few years now, we are now addressing the presence of microplastics even smaller than what previous research has been able to analyse. As the techniques and protocols have never been harmonized for microplastics of this size, it can take significant time to test or develop these methods and ultimately apply them”, said IAEA Research Scientist Marc Metian. “Preparation and analysis can take up to twenty days for just one sample.”

    Preliminary results show that every sample analysed to date, contained microplastics, namely Teflon, polyvinyl chloride (PVC), polypropylene (PP) and polyethylene terephthalate (PET). Once the analysis of all samples collected will have been completed, the results will be published and shared with the Scientific Committee for Antarctic Research, an interdisciplinary body of the International Science Council which provides scientific advisory to the Antarctic Treaty.

    Speaking at the side event, Argentine Foreign Minister Diana Mondino said: “Our country’s commitment to the Antarctic environment, as well as to international and scientific cooperation, is clearly demonstrated. We believe that the NUTEC Portal will be a valuable and effective tool to support the IAEA’s efforts to address shared challenges through the peaceful applications of nuclear energy”.

    (From right) Deputy Director General Najat Mokhtar, IAEA Director General Rafael Mariano Grossi, Argentine Minister of Foreign Affairs H Diana Mondina and Director Luis Longoria Gandara attend the side event “NUTEC Plastics Outlook and the Antarctic Mission” at the 68th General Conference of the IAEA in Vienna, Austria, 16 September 2024.  (Photo: D. Calma/IAEA)

    Representatives of Australia, Malaysia, Peru and the United States of America also made speeches. IAEA experts shared progress made in both aspects of NUTEC, including an updated roadmap for upscaling regional and national capacity to use irradiation technology for recycling and a revamped NUTEC portal for Member States to access up-to-date information.

    The Antarctic mission is part of the IAEA’s ongoing action to build capacity in laboratories worldwide to generate information on plastic pollution levels and sources of plastic pollution through marine microplastic monitoring, and is a key step in advancing an overarching goal of developing a global marine monitoring network.

    MIL Security OSI –

  • MIL-OSI Asia-Pac: Flamenco star to perform in Dec

    Source: Hong Kong Information Services

    The Leisure & Cultural Services Department has invited world-renowned Spanish flamenco diva Sara Baras to Hong Kong for the Asian premiere of her company’s latest production Vuela in December, marking her first return to the city since 2015.

    Vuela was created to celebrate the 25th anniversary of Ms Baras’ dance company and pays tribute to the Spanish guitar virtuoso and composer Paco de Lucía. It is also one of the celebratory programmes of the Cultural Centre’s 35th anniversary.

    The programme will be held at 7.45pm on December 6 and 7 at the Cultural Centre. Tickets can be booked through URBTIX or by calling 3166 1288.

    A number of extension activities will be organised for the programme, including a flamenco guitar recital to be held at 2.15pm on December 7 at Sheung Wan Civic Centre.

    The programme will also feature two flamenco dance workshops, which will be conducted in Spanish with English interpretation, at the Cultural Centre at 11am on December 7 and 8 for beginners and advanced dancers.

    Discount schemes are available for the programme, including a group booking discount as well as package discounts for performance and guitar recital or dance workshops. An early-bird discount will be offered from now until November 7 for purchasing the tickets through any of the discount schemes.

    Click here for details.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Acting SCST congratulates Anson Kong on winning Asia Contents Awards & Global OTT Awards at Busan International Film Festival

    Source: Hong Kong Government special administrative region

    Acting SCST congratulates Anson Kong on winning Asia Contents Awards & Global OTT Awards at Busan International Film Festival
    Acting SCST congratulates Anson Kong on winning Asia Contents Awards & Global OTT Awards at Busan International Film Festival
    ******************************************************************************************

         ​The Acting Secretary for Culture, Sports and Tourism, Mr Raistlin Lau, today (October 8) extended his congratulations to Hong Kong actor Anson Kong for winning the Rising Star of the Year award at the 6th Asia Contents Awards & Global OTT (Over-The-Top) Awards during the 29th Busan International Film Festival. The Asia Contents Awards & Global OTT Awards recognise outstanding television, over-the-top and online content across Asia.      Mr Lau said, “Anson Kong has gained worldwide recognition among his peers in the industry for his acting skills. This is a thrilling accomplishment that showcases the talent of Hong Kong actors.”

     
    Ends/Tuesday, October 8, 2024Issued at HKT 18:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: President Lai meets Senate President Alvina Reynolds and Speaker Claudius J. Francis of Saint Lucia

    Source: Republic of China Taiwan

    President Lai meets Senate President Alvina Reynolds and Speaker Claudius J. Francis of Saint Lucia
    President Lai meets Senate President Alvina Reynolds and Speaker Claudius J. Francis of Saint Lucia
    2024-10-08

    On the morning of October 8, President Lai Ching-te met with a delegation led by Senate President Alvina Reynolds and Speaker Claudius J. Francis of Saint Lucia. In remarks, President Lai thanked the delegation for joining us to mark our National Day celebration, demonstrating the friendly relations between the governments and parliaments of our two countries. The president noted that Saint Lucia is one of Taiwan’s key allies in the Caribbean, and that over the years, our diplomatic alliance has continued to deepen as our bilateral cooperation in several areas has yielded fruitful results. He stated that going forward, Taiwan will continue to promote values-based diplomacy and economic diplomacy, and he expressed his hope that we will continue to enhance the well-being of our peoples and contribute more to global peace and prosperity.
    A translation of President Lai’s remarks follows:
    I extend a warm welcome to Senate President Reynolds and Speaker Francis as they visit Taiwan once again. It is a pleasure to have you and your delegation join us to mark our National Day Celebration. Your presence demonstrates the friendly relations between the governments and parliaments of our two countries.
    Saint Lucia is one of Taiwan’s key allies in the Caribbean. It has continued to voice support and call for Taiwan’s international participation at numerous international venues, including the Central American Parliament and the General Debate during this year’s United Nations General Assembly. I would like to take this opportunity to express my sincere thanks to the government and parliament of Saint Lucia.
    Taiwan and Saint Lucia share such universal values as freedom, democracy, and the rule of law. Over the years, our diplomatic alliance has continued to deepen. At the same time, bilateral cooperation in such areas as the economy, agriculture, and education has yielded fruitful results. In working toward post-pandemic economic recovery, Taiwan and Saint Lucia have cooperated on promoting vocational training and empowerment projects for women and the youth. This has helped enhance industrial processing technology, boosted the competitiveness of goods, and created even more job opportunities.
    Furthermore, with regard to the cultivation of talent, Taiwan’s youth ambassadors visited Saint Lucia last year and shared their experiences with local students. I thank Senate President Reynolds and Speaker Francis for their warm reception of our students. And I believe that the ongoing promotion of bilateral projects designed to nurture talent will facilitate even more cooperation and exchanges.
    In closing, I want to thank you all for your longstanding support for our diplomatic relations. Going forward, Taiwan will continue to promote values-based diplomacy, strengthening ties with Saint Lucia. We will also engage in economic diplomacy, spurring further industrial development together with our democratic partners and Saint Lucia for the benefit of our peoples. Let us move forward together as we continue to enhance the well-being of our peoples and contribute more to global peace and prosperity.
    Senate President Reynolds then delivered remarks, first extending greetings to President Lai from the government, people, and members of parliament of Saint Lucia. She extended sincere congratulations to President Lai on his election success, expressing her confidence that he will lead this great country into realizing greater success. 
    Senate President Reynolds remarked that it is her distinct honor to be back in our beautiful country once again, this time to join with us as we celebrate our 113th anniversary of National Day. She noted that they celebrate our great advancements in education, technology, trade and manufacturing, community development, health and wellness, arts and culture, climate, smart agriculture, sustainable development, and our values in diplomacy. 
    Senate President Reynolds pointed out that their visit is more than a symbol of the warm and friendly relations that Taiwan and Saint Lucia have enjoyed for many years; it is also a celebration and a reaffirmation of the deep diplomatic bonds that have existed between our peoples. Over the years, this partnership has significantly impacted the lives of Saint Lucians, especially the women, children, and persons with disabilities who are the most vulnerable among them.
    On behalf of Prime Minister Philip J. Pierre and the government and people of Saint Lucia, Senate President Reynolds offered their profound gratitude for Taiwan’s kind generosity over the years. She added that as Taiwan prospers and shares selflessly with the rest of the world, Saint Lucia has also benefited. Taiwan’s kind gestures, she noted, contribute to improving the lives and livelihoods of so many Saint Lucians. 
    As a former minister for health and member of parliament in Saint Lucia, Senate President Reynolds said that she was able to see firsthand the significant contributions that Taiwan has made and continues to make to Saint Lucia’s health sector. This includes, she said, the scholarships Taiwan offers to many young Saint Lucians to pursue studies in the field of medicine. She added that Taiwan has also offered opportunities for biomedical, health promotion, and health technology training, and that it has given professional assistance for the prevention and control of non-communicable diseases.
    In closing, Senate President Reynolds once again expressed gratitude to the people of Taiwan. Stating that she looks forward to us continuing to work together for the further growth and development of the peoples of Saint Lucia and Taiwan, she wished Taiwan a happy National Day.
    Speaker Francis then delivered remarks, saying that he is honored to extend heartfelt congratulations to President Lai on his election as president. He said he is confident that in assuming this role of leadership, President Lai will guide our nation toward prosperity, peace, and progress. The speaker noted that Taiwan has long been a beacon of democracy, innovation, and resilience, and that it is a shining example to nations across the globe. He added that our strides in areas such as technology, healthcare, and sustainable development have not only elevated Taiwan’s standing but have also inspired admiration and respect worldwide.
    Speaker Francis expressed gratitude on behalf of the government and people of Saint Lucia for the unwavering support that Taiwan has extended to their nation. Through partnerships in healthcare, education, agriculture, and infrastructure, Taiwan has stood by them, he said, fostering growth and enriching the lives of all Saint Lucians. He emphasized that Taiwan’s generosity and friendship have made a tangible difference in Saint Lucia, enabling them to achieve significant milestones and overcome challenges together. That spirit of collaboration between our two nations, he noted, serves as a testament to the enduring bonds of solidarity and shared values that unite us.
    Speaker Francis stated that the resilience and determination demonstrated by Taiwan in the face of global challenges exemplify the spirit of leadership and compassion that defines a true partner on the world stage. The speaker expressed his hope that we will reaffirm our commitment to working hand in hand towards a brighter, more inclusive future for both of our countries, and that together we can forge paths of progress, equity, and sustainability that leave a lasting impact on generations to come. He then expressed his wish for our partnership to continue to flourish, nurturing a legacy of friendship for both Taiwan and Saint Lucia.
    Also in attendance at the meeting was Saint Lucia Senator Embert Charles. The delegation was accompanied to the Presidential Office by Saint Lucia Ambassador Robert Kennedy Lewis.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Secretary-General of ASEAN delivers Opening Remarks at the 2024 ASEAN Business & Investment Summit in Vientiane, Lao PDR

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this afternoon delivered opening remarks at the ASEAN Business & Investment Summit (ABIS) under this year’s theme, “ASEAN: Enhancing Connectivity and Resilience” in Vientiane, Lao PDR. Dr. Kao emphasised the importance of the business community in supporting innovation, competitiveness and creativity. Dr. Kao also highlighted the potential of exploring new untapped business opportunities, strengthening ASEAN’s connectivity and building resilience for a more inter-connected prosperous future.

    Download the full remarks here.

    The post Secretary-General of ASEAN delivers Opening Remarks at the 2024 ASEAN Business & Investment Summit in Vientiane, Lao PDR appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI: YieldMax™ Launches Option Income Strategy ETF on Palantir Technologies (PLTR)

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, MILWAUKEE and NEW YORK, Oct. 08, 2024 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following ETF:

    YieldMax™ PLTR Option Income Strategy ETF (NYSE Arca: PLTY)

    PLTY seeks to generate current income by pursuing options-based strategies on Palantir Technologies Inc. (“PLTR”). PLTY is actively managed by ZEGA Financial. PLTY does not invest directly in PLTR.

    PLTY is the newest member of the YieldMax™ ETF family and like all YieldMax™ ETFs, aims to deliver current income to investors. With respect to distributions, PLTY will be a Group B ETF and its first distribution is expected to be announced on November 6, 2024. Please see table below for distribution and yield information for all outstanding YieldMax™ ETFs.

    ETF
    Ticker    1    		 ETF Name Reference
    Asset    		 Distribution
    Rate    2,4,5    		 30-Day
    SEC Yield    3
    TSLY YieldMax™ TSLA Option Income Strategy ETF TSLA 115.53% 3.09%
    OARK YieldMax™ Innovation Option Income Strategy ETF ARKK 53.47% 3.37%
    APLY YieldMax™ AAPL Option Income Strategy ETF AAPL 31.19% 3.17%
    NVDY YieldMax™ NVDA Option Income Strategy ETF NVDA 65.43% 3.24%
    AMZY YieldMax™ AMZN Option Income Strategy ETF AMZN 41.70% 3.27%
    FBY YieldMax™ META Option Income Strategy ETF META 31.65% 3.22%
    GOOY YieldMax™ GOOGL Option Income Strategy ETF GOOGL 22.22% 3.28%
    NFLY YieldMax™ NFLX Option Income Strategy ETF NFLX 36.06% 3.45%
    CONY YieldMax™ COIN Option Income Strategy ETF COIN 97.94% 3.70%
    MSFO YieldMax™ MSFT Option Income Strategy ETF MSFT 27.17% 3.33%
    DISO YieldMax™ DIS Option Income Strategy ETF DIS 35.17% 3.41%
    XOMO YieldMax™ XOM Option Income Strategy ETF XOM 18.73% 3.32%
    JPMO YieldMax™ JPM Option Income Strategy ETF JPM 34.76% 3.60%
    AMDY YieldMax™ AMD Option Income Strategy ETF AMD 73.41% 3.24%
    PYPY YieldMax™ PYPL Option Income Strategy ETF PYPL 102.97% 2.94%
    SQY YieldMax™ SQ Option Income Strategy ETF SQ 86.71% 3.44%
    MRNY YieldMax™ MRNA Option Income Strategy ETF MRNA 71.92% 3.91%
    AIYY YieldMax™ AI Option Income Strategy ETF AI 47.26% 3.76%
    MSTY YieldMax™ MSTR Option Income Strategy ETF MSTR 81.35% 0.00%
    YBIT YieldMax™ Bitcoin Option Income Strategy ETF Bitcoin ETP 87.09% 4.07%
    CRSH YieldMax™ Short TSLA Option Income Strategy ETF TSLA 101.44% 3.61%
    GDXY YieldMax™ Gold Miners Option Income Strategy ETF GDX® 40.15% 3.27%
    SNOY YieldMax™ SNOW Option Income Strategy ETF SNOW 40.64% 3.44%
    ABNY YieldMax™ ABNB Option Income Strategy ETF ABNB 33.60% 2.84%
    FIAT YieldMax™ Short COIN Option Income Strategy ETF COIN 110.90% 3.22%
    DIPS YieldMax™ Short NVDA Option Income Strategy ETF NVDA 87.48% 3.69%
    BABO YieldMax™ BABA Option Income Strategy ETF BABA 33.24% 2.62%
    YQQQ YieldMax™ Short N100 Option Income Strategy ETF NDX® 26.88% 3.63%
    TSMY YieldMax™ TSM Option Income Strategy ETF TSM 23.98% 3.48%
    SMCY* YieldMax™ SMCI Option Income Strategy ETF SMCI — —
    YMAX YieldMax™ Universe Fund of Option Income ETFs Multiple 61.63% 62.93%
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Multiple 45.17% 50.85%
    ULTY YieldMax™ Ultra Option Income Strategy ETF Multiple 113.94% 0.00%


    The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

    Note: CRSH, FIAT, DIPS and YQQQ are hereinafter referred to as the “Short ETFs” and “ADR” stands for American Depositary Receipt.

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from month to month and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    * The inception date for SMCY is September 11, 2024.

    1. All YieldMax™ ETFs shown in the table above (except YMAX, YMAG and ULTY) have a gross expense ratio of 0.99%. YMAX and YMAG have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio of 1.24% but the investment adviser has agreed to a 0.10% fee waiver through at least February 28, 2025.
    2. The Distribution Rate shown is as of close on October 7, 2024. The Distribution Rate is the annual distribution rate an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by multiplying such distribution by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.
    3. The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended September 30, 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period. As of such date, the ULTY subsidized and unsubsidized 30-Day SEC Yields were 0.00% and 0.00%, respectively. The subsidized yield reflects fee waivers in effect while the unsubsidized yield does not adjust for any fee waivers in effect.
    4. Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
    5. As of the date hereof, distributions for the following ETFs have included return of investor capital: TSLY, OARK, APLY, AMZY, NVDY, GOOY, JPMO, XOMO, PYPY, CONY, DISO, FBY, MSFO, NFLY, SQY, AMDY, MRNY, AIYY, MSTY, ULTY, YMAX, YMAG, YBIT, SNOY, CRSH and GDXY. For additional information, please visit http://www.YieldMaxETFs.com/TaxInfo.

    Standardized Performance

    For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For YMAX, click here. For YMAG, click here. For ULTY, click here.

    Prospectuses

    Click here.

    Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are in the prospectus. Please read the prospectuses carefully before you invest.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

    Contact Gavin Filmore at gfilmore@tidalfg.com for more information.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs and ZEGA Financial is their sub-adviser.

    THE FUND, TRUST, AND SUB-ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERNCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX and YMAG generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer time periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer time periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given time period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    Holdings

    As of October 7, 2024, the YieldMax™ PLTR Option Income Strategy ETF did not hold any shares of Palantir Technologies Inc. (“PLTR”). As of such date, the holdings of PLTR in such fund were 0.00%.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs or ZEGA Financial.

    © 2024 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI Europe: Written question – Allegations of ‘greenwashing’ concerning JBS – E-001854/2024

    Source: European Parliament

    Question for written answer  E-001854/2024
    to the Commission
    Rule 144
    Miriam Lexmann (PPE), Christine Singer (Renew), Pina Picierno (S&D), Engin Eroglu (Renew)

    Earlier this year, the New York Attorney General filed a lawsuit against the American subsidiary of JBS, the world’s largest producer of beef products, for misleading the public about its environmental impact. JBS has claimed that it will achieve net zero greenhouse gas emissions by 2040, despite plans to increase production and thereby increase its carbon footprint.

    JBS has a well-documented history of environmental degradation, deforestation and unsustainable agricultural practices in the Amazon rainforest and other sensitive ecosystems. JBS has by far the highest emissions of any company in agriculture, and the company’s methane emissions exceed the combined total methane emissions of France, Germany, Canada and New Zealand.

    On top of this, there have been a litany of abuses, price manipulation practices and what has been dubbed ‘the largest corruption inquiry in history’ linked with the Batista brothers, who de facto control JBS through a holding company.

    Even while interinstitutional negotiations on the ‘green claims’ directive are still ongoing:

    • 1.Can the Commission confirm whether it is aware of ‘greenwashing’ allegations against JBS, and the potential impact of this on EU consumers?
    • 2.What concrete steps will the Commission take to protect EU consumers?

    Submitted: 27.9.2024

    Last updated: 8 October 2024

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: LegCo Subcommittee on Matters Relating to the Development of Smart City visits EMSD (with photos)

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Legislative Council Secretariat:

         The Legislative Council Subcommittee on Matters Relating to the Development of Smart City visited the Electrical and Mechanical Services Department (EMSD) Headquarters in Kowloon Bay today (October 8) to learn more about its innovation and technology (I&T) initiatives to help government departments and public organisations improve their services, as well as the latest progress in promoting smart government.

         Members first received a briefing by the Director of Electrical and Mechanical Services, Mr Poon Kwok-ying, on the EMSD’s work to promote innovation in electrical and mechanical (E&M) engineering and support government departments and public organisations in the use of I&T to enhance the quality of their services. Members also gained insights into the current situation of, and challenges the EMSD faced in providing E&M engineering services.

         Members then went to the E&M InnoZone to observe the collection of exhibits showcasing applications of technologies including Internet of Things, artificial intelligence and energy efficiency technologies, which are developed by the EMSD in collaboration with local universities, start-ups and research institutions.

         Members also toured the Regional Digital Control Centre and received a briefing by its representatives on how the Centre remotely monitors the operating status of electrical and mechanical equipment at government premises and conducts incident examination and diagnosis through digital technology, thereby enhancing the efficiency of repair and maintenance work. During the visit, Members exchanged views with the EMSD representatives on how to utilise technologies and data analytics to strengthen the energy efficiency and safety of electrical and mechanical equipment with a view to promoting smart city.

         Members who participated in the visit were the Chairman of the Subcommittee, Ms Elizabeth Quat, Deputy Chairman, Mr Duncan Chiu, Subcommittee members Mr Chan Chun-ying, Mr Chan Siu-hung, Ms Carmen Kan; as well as non-Subcommittee members Mr Tony Tse, Mr Edward Leung and Mr Gary Zhang.            

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Labor’s reforms to boost financial market competition pave way for new provider

    Source: Australian Treasurer

    A new provider of clearing and settlement services has emerged following the passage of the Albanese Government’s new legislation to improve competition in financial markets, with news ASIC has approved a licence for a new player, FinClear.

    Labor’s reforms are making our economy and our financial system more competitive.

    Clearing and settlement services are critical to the functioning and stability of financial markets and our changes made it possible for more providers to emerge.

    The legislation which passed late last year created a framework for fair, transparent and non‑discriminatory access to market infrastructure for competitors, allowing them to offer their own clearing and settlement services, and that’s what’s happening.

    The licence provided by ASIC recently will underpin the operations of FinClear’s subsidiary FCX.

    By making our markets more modern, we will make our economy more productive, competitive and dynamic.

    Our reforms are all about ensuring we have a competitive financial system that works for consumers, businesses and investors – and that delivers for the Australian economy and the Australian people.

    Whether it’s our reforms to boost competition, our efforts to renew and renovate our economic institutions or our policies to modernise our financial system, the Albanese Government has a big and broad reform agenda designed to make our economy more prosperous and productive.

    The emergence of a new provider of clearing and settlement services is evidence that our economic plan is helping to make our economy more competitive and our financial system stronger.

    MIL OSI News –

  • MIL-OSI Europe: ASIA/INDIA – Through Mary to Jesus: the “matriarchal” Church in the State of Meghalaya

    Source: Agenzia Fides – MIL OSI

    Diocese of Nongstoin

    Nongstoin (Agenzia Fides) – “In our territory, where women are at the center of family and social life, the Church also has a feminine face. And devotion to the Virgin Mary is strong and deep-rooted,” says to Fides Wilbert Marwein, Bishop of Nongstoin, a diocese in the Indian state of Meghalaya, one of the seven states in north-east India. It is one of the three states (Meghalaya, Mizoram and Nagaland, all located in the same territory) where the Christian population is the majority in the Indian Federation. In the state of Meghalaya there are almost a million Catholic believers (out of a population of 3.3 million), but Christians of various denominations (with Baptists, Presbyterians, Anglicans) make up a total of 75% of the population.”We received the faith from the Italian and Spanish Salesian missionaries and we are grateful for that,” says the Bishop. “Our diocese extends over a mountainous area where it is very difficult to reach the remote villages, inhabited mainly by communities of the three main tribal groups: Khasi, Garo and Jaintia. Despite the geographical difficulties, the mission of the Church is progressing very well and the love of Christ continues to attract new believers. In 2006, when the diocese was carved out of the Shillong territory, we counted 120,000 Catholics; today there are 175,000.””Every year,” continues the bishop, “we have the gift of many new baptisms of children and adults, and we register conversions of animist locals. This happens above all thanks to the testimony of priests, nuns and catechists who build friendly relations with the people and help those in need. Often, those who ask for baptism say that they are impressed by the Eucharist, by Jesus who became bread for us, or by the intense prayer in community.”In Meghalaya, the culture of all three major ethnic groups has a particularity: it is a matriarchal society in which the woman carries the family forward and is the main point of reference. Children take their mother’s surname and “there is a great celebration in the family when a girl is born,” says the bishop. “Moreover, it is the last daughter who – according to the ancient social and cultural tradition – inherits the entire family assets,” he reports.In this cultural context, women also play a special role in the ecclesial community: “There are many catechists, women who lead remote communities, who are present in the pastoral councils and organize pastoral life in the parishes. Our Church definitely has a female face and there is no ‘competition’ with the work and commitment of priests.”The presence and importance of women is also demonstrated by the number and work of women’s religious orders, “in which thousands of consecrated women carry out an apostolic service to the poorest population with great devotion, often in the schools attached to the parishes, and which are very appreciated by the population,” continued Bishop Marwein.And it is precisely because of these cultural realities that “the spiritual relationship with the figure of the Virgin Mary is something very precious and easily accessible for the local population, even for the simple and uneducated.” “We experience a deep Marian devotion. The figure of Mary is very loved, there are processions with deep devotion, she is the mediator who leads the faith of her children to Christ, as we see in so many who are converted ‘through Mary’: Ad Jesum per Mariam (Through Mary to Jesus), as Saint Louis Grignion de Monfort used to say. Now in October, the special month of the Rosary, the Rosary is prayed at home in every Catholic family in the diocese. Mary is truly our Mother, the faithful feel like her children, loved and protected by her,” affirms the bishop.The Bishop of Nongstoin often travels to remote villages where he feels the faith of the people: “I enjoy visiting villages and am really edified by it. There are simple and humble people there. They want to talk and wait for the Sacraments. When I come to a village, I often spend more than three hours administering the sacrament of confession. A single parish (we have 22 in the diocese, 16 of which are outside the town of Nongstoin, scattered in the inaccessible area) often includes more than 30-40 villages, with small groups of Catholic families who are moved when a catechist, priest or bishop arrives. This is my mission, and often on this path I meet people who do not know the Lord Jesus: this is how we try to spread the love of God to proclaim and testify to the Gospel that can touch the heart of every man and woman.” (PA) (Agenzia Fides, 8/10/2024)
    Diocese of Nongstoin

    Diocese of Nongstoin

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    MIL OSI Europe News –

  • MIL-OSI USA: California deploys Urban Search and Rescue Task Force teams ahead of Hurricane Milton

    Source: US State of California 2

    Oct 7, 2024

    In total, California has deployed 284 highly specialized personnel to support hurricane response efforts in recent weeks

    SACRAMENTO – With Hurricane Milton expected to make landfall in Florida this week as a Category 5 hurricane, Governor Gavin Newsom today announced the deployment of 144 firefighters and ground support personnel from three California Urban Search and Rescue Task Force teams to assist with incident management, emergency operations and search and rescue efforts.

    This incoming aid is in addition to California Urban Search and Rescue resources recently deployed to support the response to Hurricane Helene, including 140 firefighters and support personnel from California/FEMA US&R Task Forces 5 and 6 from the Orange County Fire Authority and Riverside Fire Department, and California Swiftwater Task Force 1 from the Los Angeles Fire Department.

    In close coordination with FEMA, the California Governor’s Office of Emergency Services (Cal OES) is now deploying Task Force members from the Los Angeles City Fire Department, Los Angeles County Fire Department and Menlo Park Fire Protection District to support the Hurricane Milton response. These highly specialized personnel are trained in structural collapse and swift water/flood environments and are expected to arrive in Georgia in the coming days to stage before being dispatched.

    The deployment has no impact on California’s emergency response and firefighting capabilities.

    “California stands with all those who have lost loved ones, homes and livelihoods in the devastating aftermath of Hurricane Helene. As Hurricane Milton approaches landfall, California is sending additional specialized resources to support critical emergency response and recovery efforts.”

    Governor Gavin Newsom

    “Cal OES is proud to deploy highly-skilled teams to be ready to help those in need as Hurricane Milton heads toward the U.S.,” said Cal OES Director Nancy Ward. “These search and rescue professionals have the training needed to navigate extreme environments and assist in the effort to preserve life and property.”

    Last month, Governor Newsom deployed California support to Florida to bolster the response to Hurricane Helene. California also sent aid to Texas in July and Georgia in August in response to tropical storms. In the past two years, California has also deployed firefighters to New Mexico, Hawaii, Oregon and Montana. 

    Recent news

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    News What you need to know: Governor Newsom’s Advisory Council and Million Coaches Challenge are joining forces to train 25,000 youth coaches in California by 2025, setting a new standard for positive youth development and equity in sports. Sacramento, California –…

    Oct 7, 2024

    News SACRAMENTO – Governor Gavin Newsom today issued the following statement marking one year since the October 7, 2023 attack by Hamas on Israel:“Today marks the somber anniversary of the horrific massacre of more than 1,200 innocent people — men, women, and children…

    Oct 4, 2024

    News Lo que necesita saber: El Estado lanzó una versión renovada de CA.gov, el portal insignia de California que conecta a las personas con cientos de servicios y programas estatales, como por ejemplo CalFresh, certificados de nacimiento, licencias comerciales,…

    MIL OSI USA News –

  • MIL-OSI USA: Office of the Governor – News Release – Gov. Green Appoints Todd Apo to HTA Board

    Source: US State of Hawaii

    JOSH GREEN, M.D.

    GOVERNOR
    KE KIAʻĀINA

    GOVERNOR GREEN APPOINTS TODD APO TO HAWAIʻI TOURISM AUTHORITY BOARD OF DIRECTORS

    FOR IMMEDIATE RELEASE
    October 7, 2024

    HONOLULU — Governor Josh Green, M.D., today announced the appointment of Todd Apo to the Hawai‘i Tourism Authority (HTA) board of directors. Apo will serve in the position on an interim basis, pending confirmation by the state Senate. Apo’s term for the seat vacated by Sig Zane extends through June 30, 2028.

    “Todd is an accomplished leader with extensive experience in community development, public affairs and legal practice, making him ideal for the HTA board,” said Governor Green. “His diverse skill set and deep understanding of Hawai‘i’s unique cultural landscape will contribute significantly to advancing HTA’s goals.”

    Currently CEO of ‘Iole, a nonprofit focused on sustainability and resilience, Apo has previously served in senior roles at the Hawaiʻi Community Foundation and Howard Hughes Holdings Inc. (formerly the Howard Hughes Corp.), where he integrated cultural values into community initiatives. During his tenure as Honolulu City Council Chair, he oversaw significant legislative initiatives and budget management, strengthening community relationships and enhancing local governance.

    Apo earned a Juris Doctorate from the William S. Richardson School of Law and dual A.B. degrees in Computer Science and Economics from Brown University, and combines a strong academic background with a commitment to public service. He serves on numerous boards, including the Hawai‘i Special Olympics and Bishop Museum.

    A courtesy photo of Todd Apo can be found here.

    # # #

    Media Contacts:   
    Erika Engle
    Press Secretary
    Office of the Governor, State of Hawai‘i
    Phone: 808-586-0120
    Email: [email protected]

    Makana McClellan
    Director of Communications
    Office of the Governor, State of Hawaiʻi
    Cell: 808-265-0083
    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: DH conducts interdepartmental enforcement operation “Thunder” against distribution of smoking product advertisements in public housing estates (with photos)

    Source: Hong Kong Government special administrative region

         â€‹To step up enforcement actions against distribution of illicit cigarette leaflets in public housing estates, the Tobacco and Alcohol Control Office (TACO) of the Department of Health (DH) and the Hong Kong Customs and Excise Department (C&ED) launched a joint operation codenamed “Thunder” in various districts across Hong Kong between September 19 and October 6. TACO is following up on the investigation of three cases of distributing smoking product leaflets in Mun Tung Estate in Tung Chung, Long Shin Estate in Yuen Long and Upper Ngau Tau Kok Estate in Kwun Tong respectively, where over 1 700 pieces of illicit cigarette leaflets were seized. The three persons concerned were aged 23, 48 and 57. In accordance with the Smoking (Public Health) Ordinance (Cap. 371) (the Ordinance), no person shall distribute any smoking product advertisement (including any promotion leaflets). Any person who contravenes the regulation is liable to a maximum fine of $50,000.  
          
         TACO, together with the C&ED, have carried out 18 joint operations under this round of “Thunder” until today, during which a total of 31 public housing estates in various districts across Hong Kong have been inspected. In addition, TACO, the Police and the Housing Department have established a co-operation mechanism targeting the distribution of smoking product leaflets in public housing estates. When any smoking product leaflet distribution is detected at public housing estates, the housing estate staff will contact the Police for assistance and subsequently refer the case to TACO for further investigation. TACO will continue to carry out relevant interdepartmental operations, and follow up and investigate every complaint regarding the distribution of smoking product advertisements, as well as to refer any suspected cases of illicit cigarettes that involve violations of the Dutiable Commodities Ordinance (Cap. 109) to the relevant department for further investigation.
          
         A spokesman for the DH stressed that the department has long been closely monitoring and taking stringent enforcement actions against violations of the Ordinance (including the distribution of smoking product advertisements). The spokesman reiterated that all tobacco products, regardless of whether they are duty paid or not, pose significant health risks. Smokers should quit smoking as early as possible for their own health and that of others. Information on smoking cessation can also be obtained from http://www.livetobaccofree.hk.      

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DAE Inaugurates MACE, Asia’s Largest and World’s Highest Imaging Cherenkov Observatory, at Hanle, Ladakh

    Source: Government of India

    DAE Inaugurates MACE, Asia’s Largest and World’s Highest Imaging Cherenkov Observatory, at Hanle, Ladakh

    MACE project plays a significant role not only in advancing scientific research but also in supporting the socio-economic development of Ladakh: DAE Secretary and Chairman, Atomic Energy Commission Dr. A.K. Mohanty

    Posted On: 08 OCT 2024 3:32PM by PIB Mumbai

    : Mumbai, October 8, 2024

     

    The Major Atmospheric Cherenkov Experiment (MACE) Observatory has been inaugurated by Dr. Ajit Kumar Mohanty, Secretary DAE & Chairman of the Atomic Energy Commission, at Hanle, Ladakh, on 4th October 2024. MACE is the largest imaging Cherenkov telescope in Asia. Located at an altitude of ~4,300 m, it is also the highest of its kind in the world. The telescope is indigenously built by BARC with support from ECIL and other Indian industry partners. The inaugural of MACE Observatory was a part of the Platinum Jubilee year celebrations of the DAE. The event commenced with the unveiling of commemorative plaques by Dr. Mohanty at the MACE site at Hanle, Ladakh, thereby officially inaugurating the MACE Observatory.

    In his inaugural address, DAE Secretary Dr. Mohanty applauded the collective effort that brought the MACE telescope to fruition. He stated that the MACE Observatory is a monumental achievement for India, and it places our nation at the forefront of cosmic-ray research globally. He further added that this telescope will allow us to study high-energy gamma rays, paving the way for deeper understanding of the universe’s most energetic events. Dr. Mohanty emphasised the significant role that MACE project plays not only in advancing scientific research but also in supporting the socio-economic development of Ladakh. Students were encouraged to explore careers in astronomy and astrophysics, with Dr. Mohanty expressing hope that the MACE project would inspire future generations of Indian astronomers, scientists, and engineers. Dr. Mohanty also paid tribute to India’s pioneering contributions to the field, including the work of Dr. Homi J. Bhabha, whose legacy continues to inspire India’s cosmic-ray research.

    Secretary DAE & Chairman AEC inaugurates the MACE observatory at Hanle, Ladakh on 4th Oct 2024

     

    Secretary DAE & Chairman AEC unveils the Bhabha Plaque at the MACE site on 4th Oct 2024

     

    Inaugural Address of Dr. Ajit Kumar Mohanty, Secretary, DAE & Chairman, AEC

     

    Shri Ajay Ramesh Sule, Additional Secretary, DAE, stressed the importance of balancing tourism and scientific activities within the Hanle Dark Sky Reserve (HDSR) and encouraged students to pursue careers in science and technology.

    Speaking on the occasion, Dr. Annapurni Subramaniam, Director, Indian Institute of Astrophysics (IIA), highlighted the fruitful collaborative efforts between several constituent Units of DAE and the IIA.

    Shri Sajjad Hussain Mufti, Chief Conservator of Forests, UT Ladakh, outlined the key features of the Hanle Dark Sky Reserve and the focus on community engagement. He reaffirmed the UT administration’s unwavering commitment to supporting DAE’s scientific activities.

    Dr. S. M. Yusuf, Director, Physics Group, BARC, in his welcome address, emphasized the importance of the MACE telescope in advancing India’s space and cosmic-ray research capabilities. The vote of thanks was delivered by Dr. K. K. Yadav, Head of Astrophysical Sciences Division of BARC, followed by a visit to the state-of-the-art MACE Control Room. The dignitaries present on the occasion interacted with the team of astronomers and technicians.

    Dignitaries on the dais during the inauguration of the MACE observatory 4th Oct 2024

    (Left to Right: Shri A. R. Sule, Additional Secretary, DAE; Dr. A. K. Mohanty, Secretary, DAE & Chairman, AEC; Shri Hussain Mufti, Chief Conservator of Forests, UT of Ladakh; Prof. Annapurni Subramaniam, Director, IIA; Dr. S. M. Yusuf, Director, Physics Group, BARC)

     

    A pictorial compilation documenting the journey of the MACE project was also released on the occasion. Dr. Mohanty felicitated the representatives of the Nambardars (village leaders), the school headmaster, and the venerable Lama of the Handle Gompa.

    Release of Special Pictorial Compilation during the event

    A special film on the MACE telescope was screened, showcasing the scientific and technological advancements made during the project. The day concluded with a guided tour of the MACE Observatory, giving attendees an exclusive look at the world-class observatory that establishes India on the global advanced astronomy map.

    The inauguration of the MACE telescope marks a significant step forward for Indian astrophysics and cosmic-ray research. Situated at an altitude of ~4,300 m, the MACE telescope will observe high-energy gamma rays, contributing to global efforts to understand the most energetic phenomena in the universe, such as supernovae, black holes, and gamma-ray bursts. This facility will also complement global observatories, strengthening India’s position in the field of multi messenger astronomy.

    Looking ahead, the MACE project aims to foster international collaborations, advancing India’s contributions to space research and bolstering India’s position in the global scientific community. The observatory will also serve as a beacon of inspiration for future generations of Indian scientists, encouraging them to explore new frontiers in astrophysics.

    Felicitation of the Community Representatives during the event

     

    Visit of the Dignitaries to the MACE Control Room

    Night time observations using the MACE Telescope

    Secretary DAE & Chairman AEC with the Team of Physics Group, BARC at the MACEE site on 5th Oct 2024

     

    SC/PM Source: BARC

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  • MIL-OSI Asia-Pac: Working together to safeguard schools from “space oil” (with photo)

    Source: Hong Kong Government special administrative region

         To safeguard schools from a new type of drug dubbed “space oil”, the Narcotics Division (ND) of the Security Bureau, the Hong Kong Poison Control Centre (HKPCC) of the Hospital Authority, and the Counselling Service Centre Division of the Hong Kong Lutheran Social Service (HKLSS) jointly organised a seminar today (October 8) on “space oil” abuse. Over 300 teaching staff from primary and secondary schools as well as social workers attended. Attendees were briefed about the situation of the risks of “space oil” among young people and the harmful effects of the drug at the seminar, with a view to raising the awareness and vigilance of school personnel and social workers regarding “space oil”.
     
         At the seminar, the Chairman of the Hong Kong Council on Smoking and Health, Mr Henry Tong; the Head of Toxicology Reference Laboratory of the HKPCC, Dr Calvin Chong; Chief Inspector of the Narcotics Bureau of the Hong Kong Police Force and representatives from the HKLSS Evergreen Lutheran Centre and the Kwun Tong District Youth Outreaching Social Work Team of the Boys’ & Girls’ Clubs Association of Hong Kong each shared with participating teaching staff and social workers on preventive education against electronic cigarettes (e-cigarettes) in schools. They also shared information on pharmacology and the harm of abusing “space oil”, enforcement actions and relevant publicity and education programmes of the Police, as well as frontline service experiences and observations. The ND also explained the relevant statutory control.
     
         The Commissioner for Narcotics, Mr Kesson Lee, said at the seminar that taking “space oil” is equivalent to taking drugs. The Government will take actions to crack down on “space oil” and strengthen the statutory control of the relevant substance. He urged teaching staff and school social workers to remain vigilant and observant, not to underestimate the vaping of e-cigarettes among students, and refer students at risk to suitable counselling and treatment programmes as appropriate. The ND delivers various anti-drug promotion and educational initiatives in schools in collaboration with the education sector. A multi-modality approach is also adopted in Hong Kong to render drug treatment and rehabilitation services that can help young drug abusers. He stated, “No school, regardless of its reputation or academic performance, can get away from the problem of drug abuse. Therefore, preventive education and publicity has always been an imperative duty of the Narcotics Division.”
     
         Although there is no standard formula for “space oil”, it usually contains an anaesthetic called etomidate, which can only be prescribed by a doctor according to the law. Etomidate is regulated as Part 1 poison under the Pharmacy and Poisons Regulations (Cap. 138A). In addition to etomidate, “space oil” may also be mixed with other drugs, impurities, and harmful chemicals such as nicotine. Dr Chong pointed out that long-term use of etomidate could disrupt the hormonal balance of its abusers, and the harm resembles that of hereditary diseases.  
     
         “Space oil” is often inhaled through electronic smoking products (such as e-cigarettes) or heated tobacco products, concealed in oil/liquid form within capsules and heated to produce aerosol for inhalation. Regarding the use of e-cigarettes, Mr Tong said, “The aerosol and secondhand smoke from e-cigarettes contain toxic and carcinogenic substances. The chemical solutions release various and unknown harmful substances when heated at high temperatures, some of which may be present in higher concentrations than traditional tobacco, and some are unique to e-cigarettes, posing serious health hazards.”
     
         The ND’s website (www.nd.gov.hk) contains information about “space oil”, and the ND also launched a “space oil” themed animated video in August (www.youtube.com/watch?v=zHQVLgU3wAA). Members of the public are welcome to browse the website. In addition, the Hong Kong Jockey Club Drug InfoCentre, located on the roof floor of the Low Block of the Queensway Government Offices, provides various anti-drug knowledge and is open to the public.   

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  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi pays homage to Shri Ram Vilas Paswan on his Punya Tithi

    Source: Government of India (2)

    Posted On: 08 OCT 2024 2:09PM by PIB Delhi

    The Prime Minister, Shri Narendra Modi has paid homage to Shri Ram Vilas Paswan Ji on his Punya Tithi. Shri Modi remarked that Shri Ram Vilas ji was an outstanding leader, fully devoted to empowering the poor and dedicated to building a strong and developed India. 

    The Prime Minister posted on X:

    “I pay homage to my very dear friend and one of India’s tallest leaders, Shri Ram Vilas Paswan Ji on his Punya Tithi. He was an outstanding leader, fully devoted to empowering the poor and dedicated to building a strong and developed India. I am fortunate to have worked with him so closely over the years. I greatly miss his insights on several issues.”

     

     

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  • MIL-OSI Asia-Pac: Special Campaign 4.0 of Department of Defence Production is in full Swing

    Source: Government of India

    Special Campaign 4.0 of Department of Defence Production is in full Swing

    8 Lakh Sq. Feet space is likely to be freed after disposal of scrap and other redundant material

    Posted On: 08 OCT 2024 4:36PM by PIB Delhi

    Department of Defence Production (DDP) has been conducting the Special Campaign 4.0 on Swacchata within the Department and across its Defence Public Sector Undertakings (DPSUs) and Attached offices located in various parts of the country aggressively with saturation approach. It started with a preparatory phase from 15th September 2024 to 30th September, 2024 to identify targets to be taken up for cleaning during the campaign period.

    The main campaign started from 2ndOctober, 2024 and will last upto 31stOctober, 2024. In the preparatory phase of the Special Campaign, DDP along with its DPSUs and Attached Offices identified 800 (approx.) cleanliness sites across the country and so far, 605 sites have been accomplished. The meeting was convened by Secretary (DP) along with CMDs of DPSUs and DG Level officers of Attached Offices to implement the Special Campaign 4.0 in a befitting manner. The daily progress is being monitored at Joint Secretary level officer and a dedicated team of officials upload the achievements on SCDPM portal hosted by Department of Administrative Reforms & Public Grievances (DARPG). All the DPSUs and Attached Offices are enthusiastically participating in the campaign.

    Significant progress has been reported in the successful identification of the targets so far and work is in full swing in all the DPSUs and attached offices to achieve these targets. This year remarkable 8 Lakh Sq. Feet space is anticipated to be freed after disposal of scrap and other redundant material and so far, space of 109,903 Sq. Ft. has been freed after disposal of scrap & other waste material. So far, 6769 physical files have been identified for review/disposal. More than 30000 MT unserviceable stores/scrap have been disposed of under the campaign, thereby extracting revenue to the tune of 3.6 Crores. More than 147 tweets have been posted on X (Formerly known as Twitter) by the DPSUs and DDP tagging to #SpecialCampaign 4.0 to create awareness of the campaign. 8,602 persons have participated so far in Swacchata Activities from the DPSUs in DDP. The campaign is in full swing to achieve the target set by DDP.

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  • MIL-Evening Report: From mass deportations to huge tariff hikes, here’s what Trump’s economic program would do the US and to Australia

    Source: The Conversation (Au and NZ) – By Peter Martin, Visiting Fellow, Crawford School of Public Policy, Australian National University

    Prashantrajsingh/Shutterstock

    It’s time to take Donald Trump seriously. Betting markets say it’s as likely as not he will be elected US president four weeks from today.

    And unlike in 2016 when his program wasn’t clearly defined, he has set out plainly what he intends to do. Which means it’s possible to model the consequences.

    The three Trump promises with the greatest economic impact are

    • the deportation of millions of US residents

    • steep restrictions on imports, especially from China

    • presidential influence over interest rates.

    The best way to model the consequences is with an established model of the kind used by the International Monetary Fund and central banks around the world rather than one set up for the purpose that could be seen as designed to favour or not favour Trump.

    The Washington-based Peterson Institute for International Economics has just done that, noting that during Trump’s first term as president he “by and large” did what he said he would do.

    It finds

    ironically, despite his ‘make the foreigners pay rhetoric’, Trump’s package of policies does more damage to the US economy than to any other in the world.

    No other country in the world would be hurt by Trump’s program as much as the US – not even China – although several US allies would suffer, including Australia, which would be the fourth-worst hit by the most extreme version of what Trump is proposing.

    Peterson Institute for International Economics.

    Mass deportations

    Trump has repeatedly promised the “largest domestic deportation operation in American history,” targeting up to 20 million unauthorised immigrants, including about 8.3 million thought to be in the workforce.

    He says his model is Operation Wetback – a 1956 Eisenhower administration program that used military-style tactics to deport 1.3 million Mexicans.

    The institute says Eisenhower’s success makes it easy to believe Trump could remove 1.3 million immigrant workers. It has modelled two scenarios: removing 1.3 million and 8.3 million, both over two years in 2025 and 2026.

    Both slash employment, including the employment of non-immigrants, both push up inflation, which eventually is brought under control, and both make the US a less attractive place to invest, which benefits much of the rest of the world.

    The institute says the low and high scenarios differ “only by the degree of damage inflicted on people, households, firms, and the overall economy”.

    Huge tariff hikes

    Trump wants to increase every tariff on goods imported to the US by 10 percentage points, including where there is at present no tariff. And he wants at least a 60% tariff on imports from China. The institute has modelled both, with and without retaliatory tariffs from China and the rest of the world.

    It finds, unsurprisingly, that extra tariffs push up the price of US imports and the prices of US-produced goods that compete with imports. Many are used as inputs in manufacturing, which means US manufacturing suffers (which is probably not what Trump had in mind).

    Fewer imports mean less demand for foreign exchange within the US, which means a higher US dollar which makes US exports less competitive. The US economy is weaker as a result, although China’s is weaker still and Australia’s is weakened as much as the US given its role in providing resources to China.

    Nobbling the Fed

    Trump has raised the prospect of more presidential influence over interest rates, saying he thinks he has “a better instinct than, in many cases” the board of US Federal Reserve. This could be achieved by requiring the president to be consulted on rate decisions or by appointing a compliant chair.

    However it’s done, the institute’s “conservative” assumption based on what happens in developing countries with less central bank independence is that it will push inflation two percentage points higher.

    The modelled result is capital flight. While the US economy is initially stronger than it would have been because of the Fed’s willingness to tolerate higher inflation, after a few years it is weaker and every other economy is stronger.

    When all the measures are combined, under the extreme scenarios the US economy is 6.7% weaker than it would have been by 2035 and Australia’s is 0.2% weaker. Under the more modest scenarios, the US economy is 1.6% weaker and Australia’s is 0.06% weaker.

    Why not examine Harris?

    Despite a history of non-partisanship, the Peterson Institute is prepared for criticism. It points out that the economic model it used is regarded as the best in the world for scenario planning and is Australian, built by Warwick McKibbin of the Australian National University.

    And it says it has modelled the Trump policies rather than the Harris policies because only Trump’s represent a departure from business as usual.

    As the Institute’s president Adam Posen put it in Washington last month, the Harris campaign has said it will not impose across-the-board tariffs, will not engage in mass deportations and will not interfere with the independence of the US Federal Reserve.

    The Trump campaign has indicated it will do all three.

    It’s entirely possible that in office Trump wouldn’t do everything he proposed while campaigning, and it’s entirely possible that he would change course if what was doing damaged the US in the way the modelling suggests.

    But there’s something to be said for taking people at their word, at least to get an idea of what we could be in store for after a knife-edge election.

    Peter Martin is Economics Editor of The Conversation.

    – ref. From mass deportations to huge tariff hikes, here’s what Trump’s economic program would do the US and to Australia – https://theconversation.com/from-mass-deportations-to-huge-tariff-hikes-heres-what-trumps-economic-program-would-do-the-us-and-to-australia-240650

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  • MIL-OSI Asia-Pac: Prime Minister greets on occasion of Air Force Day

    Source: Government of India (2)

    Posted On: 08 OCT 2024 9:09AM by PIB Delhi

    The Prime Minister, Shri Narendra Modi has conveyed his greetings to India’s brave air warriors on occasion of Air Force Day. 

    The Prime Minister posted on X:

    “Air Force Day greetings to our brave air warriors. Our Air Force is admired for their courage and professionalism. Their role in protecting our nation is extremely commendable.”

     

     

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