Category: Asia

  • MIL-OSI China: Global artists craft dreams in ‘porcelain capital’

    Source: China State Council Information Office 3

    Dutch designer Johannes Gille crafts ceramic lamp shades in Jingdezhen, the world-famous “porcelain capital” in east China’s Jiangxi.

    “Historically, the blue and white porcelain from Jingdezhen had influenced the renowned Delftware in my hometown,” Gille said at the city’s Taoxichuan International Studio. “I collaborate with local artisans to bring traditional blue and white patterns to life, and I can’t wait to showcase these pieces at my design studio in Delft.”

    Jingdezhen has long served as a cultural bridge, with its porcelain being a vital commodity on trade routes since the 16th century. Today, the city has evolved into a cultural oasis and attracted a vibrant mix of talent from around the globe.

    At times, as many as 5,000 foreign creators work and live in Jingdezhen. The influx of global artisans, often referred to as “Yangjingpiao,” has turned the city into a melting pot of ideas and cultures.

    Park Ju-hee from the Republic of Korea has made Jingdezhen her home. Before settling in the city, she worked as an architect in cities like Beijing and Hangzhou after graduating from Tsinghua University.

    Her recent ceramic creations are inspired by nature’s changing seasons by adopting the coiling technique.

    “Jingdezhen’s environment is ideal for my work,” she said, emphasizing the rich artistic community that fuels her creativity as well as the city’s friendly environment for start-ups.

    Gille added that in Europe, custom porcelain molds are significantly more expensive and require more complex arrangements compared to the process in Jingdezhen, where things can be organized with just a few calls.

    Spanish ceramic artist Jaume Ribalta has embraced the rural lifestyle on the outskirts of the city.

    He rented a farmhouse in Xianghu Town, where he set up his studio. Jaume blends the black-and-white ceramic patterns from his hometown of Barcelona with Jingdezhen’s exquisite blue-and-white technique.

    After two and a half years in Jingdezhen, he has handcrafted 50 covered bowls, 40 teacups, and 10 teapots, all of which have sold out, helping him navigate the challenging early stages of his business.

    “Contemporary ceramics often see artists working independently, but in Jingdezhen, artisans emphasize collaboration,” Ribalta said.

    He noted that every step of the process, from mold making to hand-painting and firing, is open to newcomers, benefiting from the support of dozens of experienced local craftsmen.

    In Jingdezhen, the spirit of collaboration among artisans fosters a unique creative environment that is hard to find elsewhere, Ribalta added. 

    MIL OSI China News

  • MIL-OSI Economics: Secretary-General of ASEAN shares views with Channel News Asia

    Source: ASEAN

    While in Singapore for the Singapore International Energy Week (SIEW) 2024 Summit, Secretary-General of ASEAN, Dr. Kao Kim Hourn, today shared his views and perspectives with Channel News Asia (CNA), where he highlighted the key outcomes of the recently-held 44th and 45th ASEAN Summits and Related Meetings in Vientiane, Lao PDR, and talked about the importance of promoting ASEAN’s relations with its external partners, among others.

    The post Secretary-General of ASEAN shares views with Channel News Asia appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: Money Market Operations as on October 18, 2024

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 6,170.25 6.31 5.50-6.55
         I. Call Money 970.10 6.11 5.50-6.24
         II. Triparty Repo 4,266.15 6.34 5.81-6.55
         III. Market Repo 6.00 5.90 5.90-5.90
         IV. Repo in Corporate Bond 928.00 6.40 6.39-6.45
    B. Term Segment      
         I. Notice Money** 9,547.65 6.47 5.10-6.60
         II. Term Money@@ 1,233.00 6.85-6.90
         III. Triparty Repo 361,634.75 6.29 6.23-6.60
         IV. Market Repo 150,948.36 6.29 5.00-6.64
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 18/10/2024 13 Thu, 31/10/2024 20,073.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Fri, 18/10/2024 3 Mon, 21/10/2024 54,755.00 6.49
    3. MSF# Fri, 18/10/2024 1 Sat, 19/10/2024 866.00 6.75
      Fri, 18/10/2024 2 Sun, 20/10/2024 0.00 6.75
      Fri, 18/10/2024 3 Mon, 21/10/2024 3,350.00 6.75
    4. SDFΔ# Fri, 18/10/2024 1 Sat, 19/10/2024 144,586.00 6.25
      Fri, 18/10/2024 2 Sun, 20/10/2024 0.00 6.25
      Fri, 18/10/2024 3 Mon, 21/10/2024 4,259.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -219,457.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,222.87  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     10,762.87  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -208,694.13  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 18, 2024 991,699.56  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 1,001,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 18, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 04, 2024 488,495.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1340

    MIL OSI Economics

  • MIL-OSI Asia-Pac: TD to send HKeToll SMS by “#HKeToll” from October 28

    Source: Hong Kong Government special administrative region

    TD to send HKeToll SMS by “#HKeToll” from October 28
    TD to send HKeToll SMS by “#HKeToll” from October 28
    **************************************************************

         The Transport Department (TD) announced today (October 21) that the HKeToll has participated in the SMS Sender Registration Scheme under the Office of the Communications Authority to help the public verify SMS messages issued by the HKeToll. Starting from noon next Monday (October 28), the HKeToll will use “#HKeToll” for issuing messages to local subscribers of mobile services who are HKeToll users, ceasing the use of the sender ID without prefix “#” at the same time.     A spokesman for the TD said that the HKeToll has been progressively implemented at government-tolled tunnels and Tsing Sha Control Area since May 2023. The overall operation has generally been smooth to date, and motorists have been extensively using and adapting to the system. The registered sender ID “#HKeToll” with prefix “#” will enable users to authenticate messages and guard against scams and loss.     The TD reiterated that the HKeToll will not send SMS messages or emails with hyperlinks to vehicle owners for carrying out transactions. Vehicle owners must log in to the HKeToll website (hketoll.gov.hk) or mobile app to pay outstanding tolls online. Members of the public should stay alert when receiving messages without prefix “#” but purportedly issued by the HKeToll or any unidentified messages, and should not reply directly, visit suspicious websites or disclose any personal information to avoid being directed to fraudulent websites to carry out transactions. For enquiries about the HKeToll, please call 3853 7333.

     
    Ends/Monday, October 21, 2024Issued at HKT 12:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI: KnowBe4 Sheds Light on the Alarming Trends of Human Trafficking Through Social Engineering in the UAE

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, UAE, Oct. 21, 2024 (GLOBE NEWSWIRE) — Human trafficking continues to be an issue in the UAE, particularly affecting foreign workers from Africa and South and Southeast Asia. Lured with false promises of high-paying jobs, victims arrive in the UAE only to have their passports confiscated and find themselves in forced labor or even sex trafficking conditions. As the U.S. Department of State’s 2023 report highlights, many foreign workers, making up nearly 90% of the UAE’s population, are vulnerable to exploitation, with common abuses including non-payment of wages, debt-based coercion, and substandard living conditions.

    Traffickers are increasingly using social engineering tactics on social media platforms to target these workers, offering employment opportunities that seem too good to be true. Once victims arrive, they often find themselves in industries ranging from domestic work to cybercrime operations or sex trafficking, trapped by a combination of legal loopholes and physical isolation.

    How to Avoid Falling Victim to Human Trafficking

    Traffickers use highly convincing tactics to deceive job seekers, but there are steps individuals can take to protect themselves:

    • Research the Employer Thoroughly: Verify the legitimacy of any job offer by researching the company’s website, reading employee reviews, and ensuring the company is registered in corporate databases.
    • Avoid Upfront Payments: Legitimate employers do not charge for recruitment fees or visas. Be wary of any employer requesting payment before employment.
    • Beware of Social Media Offers: Many job scams originate on social media platforms like Facebook or WhatsApp. Always verify the recruiter’s identity and check if the company is reputable.
    • Know Your Rights: Be familiar with UAE labor laws, especially the legal processes regarding work visas and employment contracts.
    • Ask for Legal Documentation: Ensure you have an official job offer letter and that the employer provides clear visa sponsorship information before agreeing to travel.

    Taking these steps can help individuals avoid falling victim to human trafficking schemes that are increasingly prevalent in the UAE.

    For more detailed insights, you can read the 2023 Trafficking in Persons Report on the UAE

    By Anna Collard, SVP content strategy and evangelist at KnowBe4 Africa

    The MIL Network

  • MIL-OSI Economics: ADB-Supported Project Boosts Resilience of Land, Maritime Transport Networks in Solomon Islands

    Source: Asia Development Bank

    HONIARA, SOLOMON ISLANDS (21 October 2024) — The Asian Development Bank (ADB) is providing the Government of Solomon Islands with the second tranche of financing for its Land and Maritime Connectivity Project totaling $53 million. The project is strengthening transport infrastructure in Solomon Islands.

    The Land and Maritime Connectivity Project was approved by the ADB Board in June 2021, to be funded by a concessional loan of $74.4 million and a grant of $74.5 million. The grant is sourced from the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries. The Government of Solomon Islands is contributing the remaining $21.8 million of the project’s overall cost of almost $171 million. The project is a 10-year multitranche financing facility, enabling ADB’s long-term support to the country’s transport sector.

    “Developing a sustainable transport network will help drive robust socioeconomic growth in Solomon Islands,” said ADB Senior Transport Specialist Rika Idei. “The project will better connect people in rural and remote areas to markets, health, and education services.”

    Tranche 2 will continue the rehabilitation and climate-proofing of road transport infrastructure from the first tranche. Works on the remaining 26 kilometers (km) of the Henderson–Mberande road section have commenced, while the rehabilitation of the 1.7 km Honiara City Council–Ground section and the upgrading of the 3.1 km Town Ground–White River section are ongoing. Both are critical road links on Guadalcanal Island. Climate resilience features are integrated into the road design to ensure all-year access along the east–west corridor in the island. After the completion of civil work, a 5-year performance-based maintenance will follow to sustain road quality and endurance.

    Maritime transport infrastructure will be improved in the second tranche, with work beginning for the provincial wharves under the project in Kira Kira and work in Ahanga expected to start soon. Marketplaces and passenger buildings will be included as part of the provincial wharves.

    Support for institutional improvement is a key element of the project, particularly in the second tranche. Part of the support is to develop a gender strategy to support women in technical and leadership roles in the Ministry of Infrastructure Development.

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

    MIL OSI Economics

  • MIL-OSI: Nokia and VNPT collaborate on 5G in Vietnam

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Nokia and VNPT collaborate on 5G in Vietnam

    • Nokia and VNPT partner to deploy 5G technology supporting the development of digital infrastructure in Vietnam

    21st October 2024
    Espoo, Finland – Nokia and Vietnam Posts and Telecommunications Group (VNPT), one of Vietnam’s leading telecommunications operators, today announced a new partnership to deploy 5G technology. This significant development marks a new milestone in the long-standing collaboration between the two companies, reinforcing their commitment to providing a strong digital infrastructure in Vietnam. Nokia is also manufacturing its 5G products locally in Vietnam highlighting its commitment to the region.

    As part of this agreement, Nokia will deploy equipment from its state-of-the-art 5G AirScale portfolio, powered by its energy-efficient ReefShark System-on-Chip technology. These provide premium connectivity, low latency, enhanced network capacity, and reduced power consumption. Nokia will also deploy its AI-based 5G MantaRay network management solution which will greatly improve VNPT’s network operation efficiency.
      
    Mr. Huynh Quang Liem, VNPT’s CEO, said: “Collaborating with Nokia will enable VNPT to rapidly deploy a world-class 5G network and meet the growing demands of our customers in Vietnam, 5G will serve as the foundation that will drive Vietnam’s economic development and societal progress, thereby accelerating its journey towards becoming a digital economy.”

    Tommi Uitto, Nokia’s President of Mobile Networks, said: “Nokia is proud to be VNPT’s strategic partner in introducing 5G which will deliver future-ready communications solutions that will help accelerate Vietnam’s digital future. Our local 5G production is further enhancing our strong bond with the country.”

    Resources:
    Webpage: Nokia 5G
    Product page: AirScale Radio Access
    Product page: MantaRay Network Management

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale.Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable, and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
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    The MIL Network

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

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

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

    MIL OSI – Submitted News

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

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

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

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

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

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

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

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

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

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

    Additional key findings include:

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

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

    About Visa Inc.

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

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

    MIL OSI – Submitted News

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

    Source: APEC – Asia Pacific Economic Cooperation

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    APEC Media at [email protected]

    MIL OSI Economics

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

    Source: ASEAN

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

    Download the full speech here.

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

    MIL OSI Economics

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

    Source: Hong Kong Information Services

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI Asia Pacific News

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

    Source: Hong Kong Government special administrative region

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

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

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

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    MIL OSI Asia Pacific News

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

    Source: ASEAN

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

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

    MIL OSI Economics

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

    Source: GlobalData

    Premiumization trend reshapes consumer beauty preferences in APAC, says GlobalData

    Posted in Consumer

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

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

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

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

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

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

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

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

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

    +GlobalData Macroeconomic Data, accessed on October 15, 2024

    MIL OSI Economics

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

    Source: GlobalData

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

    Posted in Business Fundamentals

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI Economics

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

    Source: Hong Kong Government special administrative region

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

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

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

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    MIL OSI Asia Pacific News

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

    Source: Hong Kong Government special administrative region

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

    MIL OSI Asia Pacific News

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

    Source: Hong Kong Government special administrative region

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

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

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

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

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

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

    MIL OSI Asia Pacific News

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

    Source: Hong Kong Information Services

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

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

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

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

    For enquiries, call 3853 7333.

    MIL OSI Asia Pacific News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Japan–Africa Dream Scholarship Program: Investing in the Future

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

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

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

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

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

    MIL OSI Africa

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

    Source: China State Council Information Office

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

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

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

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

    Golden value

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

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

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

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

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

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

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

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

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

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

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

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

    Greater BRICS

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

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

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

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

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

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

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

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

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

    Bigger voice

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI China News

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

    Source: Hong Kong Government special administrative region

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

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

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

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Terms of non-permanent CFA judges extended

    Source: Hong Kong Government special administrative region

    Terms of non-permanent CFA judges extended
    Terms of non-permanent CFA judges extended
    ******************************************

    The following is issued on behalf of the Judiciary:      The Chief Executive has accepted the recommendation of the Chief Justice of the Court of Final Appeal to extend the terms of office of the following two non-permanent judges of the Court of Final Appeal for a period of three years:     Non-Permanent Hong Kong Judges     ——————————————-     (commencing October 25, 2024)     The Honourable Mr Justice Syed Kemal Shah Bokhary, GBM     The Honourable Mr Justice Robert Tang Ching, GBM, SBS     The Hong Kong Court of Final Appeal Ordinance provides for a list of non-permanent Hong Kong judges and a list of judges from other common law jurisdictions. The term of appointment of such judges is three years. That term may be extended for one or more periods of three years by the Chief Executive acting in accordance with the recommendation of the Chief Justice.

     
    Ends/Monday, October 21, 2024Issued at HKT 17:00

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    MIL OSI Asia Pacific News

  • MIL-OSI Russia: Students from 22 countries and 24 universities united at the “Golden Autumn”

    MILES AXLE Translation. Region: Russian Federation –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    On October 17, the final of the interethnic student festival “Golden Autumn – 2024” took place. The culture of 22 countries and republics was represented by 24 higher and secondary specialized educational institutions of St. Petersburg. The festival of creativity and diversity of cultures, organized by the Committee on Science and Higher Education of the city government, was hosted by Peter the Great St. Petersburg Polytechnic University.

    27 years ago, “Golden Autumn” was born in the Polytechnic University, the largest university in the city in terms of the number of foreign students. This year, the festival opened its doors to talented children from Russia, China, Angola, Indonesia, Belarus, Latvia, Gabon, Tanzania, Serbia, Slovakia, Vietnam, Zimbabwe, Lebanon, Kazakhstan, Uzbekistan, Kyrgyzstan, Abkhazia, Mongolia, Moldova.

    “Every year new and varied competitions appear, they are born and disappear, and the festival “Golden Autumn” with its 27-year history already has a quality mark! Our task, as a university of the wonderful city of St. Petersburg, is to preserve traditions and continuity through such competitions,” said Maxim Pasholikov, Vice-Rector for Youth Policy and Communication Technologies at SPbPU, at the opening. “”Golden Autumn” is a vivid confirmation of the fact that culture and creativity will always unite people, helping them find a common language and build harmonious relationships.”

    Children from all over the world presented their talents on the stage of the White Hall of SPbPU, gave the audience the opportunity to immerse themselves in the world of traditions and customs of different nations, introduced them to the amazing beauty and diversity of the cultural heritage of their countries. The jury members were representatives of national public organizations of St. Petersburg and higher educational institutions. They assessed the performances from the point of view of bright national color, originality of performance and artistry.

    A song in the language of the African Shona people was performed by ITMO student from Zimbabwe Sauramba Yvonne Pamela, the national anthem of Angola was performed by Jose Santo Antonio Manuel, a student of the N. G. Kuznetsov Naval Academy. The fiery lezginka of the North Caucasus region was presented by the Drive ensemble from the St. Petersburg University of the Ministry of Foreign Affairs, and a male group of students from the Russian Customs Academy performed a Kyrgyz folk dance. Performers on the piano, clarinet, and accordion presented the musical culture of their countries in the Instrumental Music nomination. The jury highly appreciated the performance of the participant from Moldova, a student of the N. A. Rimsky-Korsakov St. Petersburg State Conservatory Lev Solomonovich.

    “Thank you to the jury for the high rating! I received a sea of pleasure and emotions on the stage of the White Hall of the Polytechnic, performing the native music of my beloved Moldova,” Lev shared.

    The best in the “Dance nomination” was recognized as the “Backshotcrew” team from the St. Petersburg State University of Architecture and Civil Engineering. The guys presented modern choreography with folk and ethnic motifs. First place in the vocal nomination, which has the largest number of participants, was taken by Artem Stoyanov, a student of the P. F. Lesgaft National State University of Physical Education, Sports and Health. His baritone and the song “How Young We Were” captivated the jury.

    “I have the most sincere words of gratitude to the organizers of “Golden Autumn” for the wonderful creative atmosphere. I am amazed by the level and scale of the festival, I am grateful for the opportunity to take part in the event, and thank you to the jury for the high rating,” said Artem.

    The Polytechnic was represented by vocalist Ilham Maulana from Indonesia, as well as a group of students from Vietnam, who received the audience award for their dance. The multinational rock group “Secret Scarlet” opened the non-competitive program of the festival.

    The winners and prize-winners of the “Golden Autumn” were presented with memorable gifts from the Committee on Science and Higher Education of the Government of St. Petersburg. These were statuettes in the form of gold, silver and bronze maple leaves and certificates for visiting cultural events. The festival finale ended with a joint performance of the song “Closing the Circle”. All participants once again proved that music is a universal language that transcends borders and national barriers, making the world brighter and kinder.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://www.spbstu.ru/media/nevs/culture/students-22-countries-from-24-universities-united-golden-autumn/

    MIL OSI Russia News

  • MIL-OSI China: Towering rice in southwest China unlocks agricultural potentials

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

    CHONGQING, Oct. 21 — Autumn is in full swing across China, and with it comes the bustling season of harvest. Wang Disheng, standing at some 170 centimeters tall, steps into a rice paddy only to find himself nearly “drowned” by the towering rice stalks.

    “These rice plants are essentially twice as tall as the regular ones, earning them the nickname ‘giant rice.’ Some of these giants can even surpass 220 centimeters in height,” said Wang, deputy head of Shiwan Township in Dazu District, southwest China’s Chongqing Municipality.

    Shiwan began cultivating this giant rice in 2021, following the establishment of a research center by the China National Hybrid Rice R&D Center in the area. The Chongqing branch has gathered a multitude of experts focusing on space mutation breeding, hybrid rice breeding and new variety testing, among other research areas.

    “We are currently experimenting with over five new hybrid rice varieties, including those with low heavy metal accumulation, saline-alkali tolerance, and selenium-rich rice,” said Luo Zhiqiang, office director of the Chongqing branch.

    China, recognized as the primary cradle of rice worldwide, saw a monumental achievement in 1973 when the late scientist Yuan Longping, affectionately known as the “father of hybrid rice,” and his team successfully developed the world’s first high-yielding hybrid rice strain, alleviating hunger for human beings.

    “Our work continues to unlock the potential of hybrid rice, enabling it to thrive in diverse environments, as part of our efforts to benefit an even broader range of people,” Luo said, noting that the hybrid rice technologies have been introduced to many countries in need.

    According to Luo, Sri Lanka, one of the Belt and Road partner countries in South Asia, is seeking cooperation with the Chongqing branch.

    “Due to local soil conditions, Sri Lanka is in dire need of saline-tolerant rice, which aligns perfectly with our research focus,” Luo said, adding that experts from both sides frequently meet to discuss further collaboration. They plan to introduce new hybrid rice varieties and innovative technologies to Sri Lanka, and conduct technician training, aiming to increase rice production and farmers’ income.

    Statistics released by the China International Development Cooperation Agency earlier this month show that hybrid rice has been introduced to nearly 70 countries across five continents, significantly boosting rice yields in many African countries from an average of 2 tonnes to 7.5 tonnes per hectare.

    In Shiwan, after the recent rice harvest, crayfish are bred in the paddies. The crayfish consume pests and their waste serves as a natural fertilizer for the rice.

    “This is one of the reasons we are experimenting with giant rice. The deep waters of the giant rice paddies provide an ideal habitat for crayfish,” Wang said.

    “Previously, we could only earn about 2,000 yuan (about 281 U.S. dollars) per mu (about 667 square meters) of rice land. Now, with the rice and crayfish rotation model, we can earn 6,000 to 10,000 yuan per mu,” Liu Bo, a local farmer, said.

    The giant rice and the variety of other rice types have also attracted many visitors. In response, Shiwan has transformed some of its paddies into picturesque scenic spots. Annually, the township now welcomes tens of thousands of visitors and around 30,000 students on educational tours, according to local authorities.

    China continues to prioritize food security, as it feeds over 1.4 billion people with just 9 percent of the world’s arable land. An array of measures have been implemented across the country to improve grain output over recent years, including the construction of more high-standard farmland and the promotion of agricultural technologies.

    MIL OSI China News

  • MIL-OSI Asia-Pac: Speech by SJ at Law, Peace and Harmonious Development Roundtable III (English only)

    Source: Hong Kong Government special administrative region

         Following are the opening remarks by the Secretary for Justice, Mr Paul Lam, SC, at the Law, Peace and Harmonious Development Roundtable III today (October 21):
     
    Distinguished guests, ladies and gentlemen,
     
         Good afternoon. On behalf of the Department of Justice, I would like to extend our warmest welcome to everyone here, who may have travelled far to attend this meaningful event.
     
         The topic of today’s event is a well-chosen one. One special feature of international arbitration is that it brings together individuals from diverse cultures and backgrounds to resolve cross-border disputes. With different cultural backgrounds, it is not difficult to imagine that parties and practitioners may have different approaches or practices in resolving disputes. Given the challenges that these cultural differences may at times pose, it is crucial for dispute resolution practitioners to not just master the necessary legal knowledge and skills, but also to understand different cultures of the participants towards “harmony” and how they may impact on the dispute resolution process. I believe today’s discussions on exploring the culture of harmony across users would bring us new perspectives and greatly facilitate our work.
     
         Today, the roundtable focuses on collaborative dispute resolution practices. The concept of collaborative arbitration is a novel one, not least because arbitration has traditionally been recognised and practised as an adversarial dispute resolution process.  Nevertheless, in recent years, with the increasing calls for greater efficiency and reduced cost in the arbitral process, it is extremely timely and worthwhile for us to explore this topic and examine the benefits collaborative dispute resolution practices may bring to arbitration users and practitioners in a more co-operative working relationship. I am sure our distinguished speakers today will give us new insights on how to overcome the time and cost challenges inherent in arbitration.
     
         Over the years, the Department of Justice is committed to promoting peaceful dispute resolution and access to justice as well as building inclusive institutions at all levels, which align with the objectives set out in United Nations Sustainable Development Goal No. 16 – Peace, Justice and Strong Institutions (SDG 16). 
     
         SDG 16 is about promoting peaceful and inclusive societies, providing access to justice for all and building effective, accountable and inclusive institutions at all levels. In terms of peaceful dispute resolution, Hong Kong enacted the Apology Ordinance in 2017 to encourage the making of apologies, and we are the first jurisdiction in Asia to enact such a piece of legislation. It provides that in most civil proceedings, an apology does not constitute an express or implied admission of fault or liability and must not be taken into account in determining fault, liability or any other issue to the prejudice of the apology maker. In particular, an apology is generally not admissible as evidence for determining fault, liability or any other issue. Without such a legislation, the alleged wrongdoer would be reluctant to say sorry, fearing that it might be used against him or her in legal proceedings. The refusal to say sorry at all would give the alleged victim the impression that the other side has no sincerity to resolve the dispute, which may escalate to the dispute and widen the gap for reaching settlements.
     
         Since 2009, we have also launched the Mediate First Pledge campaign to encourage the use of mediation as the first step to resolve disputes. The Mediate First Pledge is a non-legally binding commitment by pledgees to first explore the use of mediation to resolve disputes before resorting to other means of dispute resolution, such as court litigation. As of today, over 890 companies, organisations and individuals have signed the Pledge and the number is still growing. Apart from holding this event locally, we also hope to spread the awareness of peaceful dispute resolution in our surrounding jurisdictions. In March last year, the Department of Justice collaborated with the Thailand Arbitration Center to promote the Mediate First Pledge in Thailand for the first time during our Resolve2Win promotional campaign. The event was well-received and 35 legal and business organisations, enterprises and individuals in Bangkok agreed to sign the Pledge to support first exploring the use of mediation to resolve disputes.
     
         Further, as stated in the Chief Executive’s 2023 Policy Address, one of the major policy initiatives of the Department of Justice is to deepen mediation culture in various sectors of community. This coincides closely with the objective of today’s roundtable session, which is to promote a culture of peace and harmony as the philosophical foundation for peaceful dispute resolution. It is our vision that mediation can be used to effectively resolve conflicts in various sectors of the community, and can help to build a harmonious and stable society and foster a culture that embraces mutual support, respect, harmony and inclusiveness. To this end, we are working to incorporate a mediation clause in all government contracts so as to promote the use of mediation as a means to resolve disputes amicably. By incorporating such a mediation clause, we hope that the government departments could, as far as practicable and to the extent appropriate, first consider using mediation to resolve disputes. To take a step further, we will also encourage private parties to include similar mediation clause(s) in their contracts, which will help promote the Mediate First culture.
     
         As announced by the Chief Executive in his 2024 Policy Address last week, the Department of Justice will further promote mediation culture in the coming year. We plan to co-operate with the Civil Service College to provide more mediation training to civil servants. Meanwhile, we will also launch a two-year community mediation pilot scheme to deepen the mediation culture in the community through the training of community workers so as to help them gain a better understanding towards mediation and empower them with mediation skillsets in resolving the daily disputes.
     
         To further strengthen our role as an international mediation centre, we will also enhance the system on local accreditation and disciplinary matters of the mediation profession. We hope that by doing so, we would be able to reinforce the professionalism of mediators and instil confidence among individuals and businesses in the use of Hong Kong’s mediation services. In this regard, the Department of Justice has already set up a working group for reviewing the current system and making recommendations.
     
         Apart from the above, the Government is also supportive of using mediation to resolve family disputes. The Home and Youth Affairs Bureau recently launched the Maintenance Mediation Pilot Scheme through the Community Care Fund to subsidise a non-governmental organisation in providing mediation services on maintenance to people who are eligible for the Pilot Scheme, including maintenance payers and payees. Parties involved in maintenance payment disputes are eligible to apply for the Pilot Scheme free of charge, provided that one of the parties is a Hong Kong resident and meets the income eligibility limit. The Pilot Scheme is run for three years and is expected to process a total of 1 200 cases, benefitting 2 400 separating or divorcing persons.
     
         One related development I should mention is the establishment of the headquarter of the International Organization for Mediation (IOMed) in Hong Kong, which will certainly contribute to peaceful dispute resolution across the world. The IOMed will be the world’s first intergovernmental organisation dedicated to settling international disputes by mediation. It will be a valuable complement to the existing dispute resolution mechanisms, offering new options for the peaceful settlement of international disputes. I am pleased to inform you that the last round of negotiations of the international convention relating to the establishment of the IOMed were successfully concluded last week. The signing ceremony of the relevant international treaty will be held in Hong Kong next year. The Department of Justice will continue to do its utmost to provide support so that the IOMed will commence operation soon.
     
         Another significant development I must mention is that the Hong Kong International Legal Talents Training Academy will be officially launched this year. To make good use of Hong Kong’s bilingual common law system and international legal status, the Training Academy will regularly organise practical training courses, seminars, international exchange programmes and more to promote exchanges among talents in regions along the Belt and Road region. It will also provide training for talents in the practice of foreign-related legal affairs for the country, and nurture legal talents who are familiar with international law, common law, civil law, so on and so forth. The dedicated office and expert committee established under the Department of Justice are pressing ahead with the related work. In future, we may use this capacity building platform to enable practitioners from different jurisdictions to exchange ideas on how to promote the culture of harmony.  
     
         Last but not least, I would like to thank the organisers and supporting organisations for their relentless contributions and efforts in holding this event and promoting peaceful dispute resolution processes. I am hopeful that today’s discussions will spark more useful ideas on peaceful dispute resolution. We also hope to take this opportunity to encourage all of you to join our annual flagship event, the Hong Kong Legal Week, which will take place two weeks later, from November 4 to 8. For those coming from overseas, I wish you all a pleasant stay in Hong Kong. I wish to close by wishing you all fruitful exchanges and discussions in the sessions to come. Thank you very much.

    MIL OSI Asia Pacific News

  • MIL-OSI Global: Turkey attempts to broker power between east and west as it bids to join Brics

    Source: The Conversation – UK – By Bulent Gökay, Professor of International Relations, Keele University

    In a significant diplomatic manoeuvre that may have far-reaching implications for the international system of alliances, Turkey has submitted a formal request to join Brics, the group of emerging-market economies, signalling its intent to diversify its partnerships beyond the west.

    The Brics grouping, named after Brazil, Russia, India, China, and South Africa, comprises some of the world’s largest economies. Earlier this year, it welcomed four new members: Iran, the United Arab Emirates, Ethiopia and Egypt. Although Saudi Arabia has been invited to join, the official process is yet to take place. Often viewed as an alternative to western-led organisations such as the EU, G7 and Nato, Brics signifies a significant shift in global power dynamics.

    Ankara’s decision could be a strategy to strengthen relations with non-western powers as the global economy’s centre continues to shift away from the west, but is also about chasing more trade with Brics members.

    Announced ahead of the Brics summit starting on October 22, Turkey’s application has raised questions about the broader implications for its role within Nato. If accepted, Turkey would be the first Nato member of Brics. However, this is not to say that Turkey is entirely turning away from the west. Turkey’s institutional ties with the western world run deep. At most, this move signals Turkey’s president Recep Tayyip Erdoğan’s intention to increase the government’s flexibility in its foreign relations.

    Erdoğan said on September 1 that this move shows Ankara’s aims to cultivate ties with all sides simultaneously to “become a strong, prosperous, prestigious and effective country if it improves its relations with the east and the west simultaneously”.

    Turkey’s acceptance into the group could be discussed during the upcoming 16th Brics summit, in Kazan, Russia. Malaysia, Thailand and Azerbaijan are among other countries expecting to join.

    Between east and west

    Turkey’s balancing act between east and west is not a recent phenomenon but a continuation of its policies since the end of the cold war, and is in line with its geographical position at the edge of Europe and Asia.

    This strategy has been central to Turkey’s intricate, at times conflicting, approach to international relations and remains pertinent in an increasingly complex world. The shift from a unipolar world – the idea that the world is dominated by one super power – to one with more global powers has led all governments to reassess their foreign policies, and Ankara is no different.

    Turkey’s longstanding commitment to Nato makes it highly unlikely that its willingness to join the Brics group signifies a move away from its western allies. Since 2016, Turkey has strengthened its economic, political, and military ties with Russia and China, and its recent application to the Brics group reflects this trend. According to some experts in Turkish foreign policy, while this development may raise concerns in western capitals, there is no pressing reason for the west to be alarmed about Turkey making concessions to Russia or acting independently of Nato.

    Map of the Black Sea region.
    Shutterstock

    There are two incentives driving Turkey’s application. According to Sinan Ülgen, director of the Istanbul-based Centre for Economic and Foreign Policy Studies: “The first is Turkey’s aspiration to enhance its strategic autonomy in foreign policy which essentially involves improving ties with non-western powers like Russia and China in a way to balance the relationship with the west. The second is the accumulated frustrations over the relationship with the west. For example, the EU has not even been able to decide on the start of negotiations on the updating of the customs union, its trade deal with Turkey that dates back to 1996.”




    Read more:
    Bottled up in the Black Sea: Russia is having a dreadful naval war, hindering its great power ambitions


    Control of the Black Sea

    Turkey has been keen on joining the Brics group since 2018. Putin, during a meeting with Turkish foreign minister Hakan Fidan in Moscow in June this year, welcomed Ankara’s interest and promised that Moscow “will support this desire to be together with the countries of this alliance [Brics], to be together, closer, to solve common problems”.

    Since the war in Ukraine, Russia has been making extra efforts to gain the support of more countries. Turkey holds a particular significance in this effort due to its strategic location, and its control of the Black Sea straits, an essential trade route for both Ukraine and Russia. The Black Sea has played an important part in the Ukraine war, and Turkey has been part of an alliance that has stymied Russia’s attempts to fully control the waters, and allowed Ukraine to continue to use the waters.

    The Montreux Convention regulates maritime traffic through the Turkish Straits. The convention distinguishes between Black Sea and non-Black Sea powers, acknowledging specific advantages for the former, which includes Ukraine and Russia.

    In March 2022, Erdoğan indicated that the convention allows Turkey to restrict the passage of naval vessels belonging to warring parties. Putin may be hoping that with Turkey on board as a Brics ally he may be able to persuade Ankara to give him more leeway. Currently Russia’s inability to control the Black Sea and cargo ships within it are seriously weakening its ability to constrain Ukraine’s economy.

    Turkey anticipates that Brics membership will enhance its geopolitical standing and expand its economic influence, especially in non-western markets. Most importantly, leveraging its geopolitical position to influence global affairs and pursuing a more balanced and diversified foreign policy.

    It is evident that Turkey aims to maintain its connections with the west while also desiring the flexibility to engage with other regions. It is highly improbable that this would lead to a significant overhaul of Turkey’s ties with western countries. It may, however, cause concern among fellow Nato members about how much they can rely on Turkey in the future.

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

    ref. Turkey attempts to broker power between east and west as it bids to join Brics – https://theconversation.com/turkey-attempts-to-broker-power-between-east-and-west-as-it-bids-to-join-brics-238383

    MIL OSI – Global Reports

  • MIL-OSI Asia-Pac: President Lai names Taiwania Capital Chairman Lin Hsin-i as 2024 APEC envoy 

    Source: Republic of China Taiwan

    President Lai names Taiwania Capital Chairman Lin Hsin-i as 2024 APEC envoy 
    2024-10-21

    On October 21 Presidential Office Spokesperson Karen Kuo (郭雅慧) announced that President Lai Ching-te has invited Lin Hsin-i (林信義), chairman of Taiwania Capital Management Corporation, to act as his representative to attend the 2024 APEC Economic Leaders’ Meeting (AELM) to be held in Lima, Peru from November 15 to 16.
    Spokesperson Kuo said that Chairman Lin, currently a senior advisor to the president and advisor on the Executive Yuan’s Economic Development Commission, possesses experience in both the public and private sectors. Beginning as a corporate manager, Chairman Lin has served as vice chairperson of China Motor Corporation and chairman of Tokio Marine Newa Insurance Corp. Ltd., she said. Using his corporate management experience to transition into major government roles, the spokesperson noted, he has served as minister of economic affairs, vice premier, minister of the Council for Economic Planning and Development (now National Development Council) of the Executive Yuan, and chairman of the Industrial Technology Research Institute. The spokesperson emphasized that Chairman Lin possesses a deep understanding of national economic and trade policy formulation and implementation.
    Spokesperson Kuo stated that Chairman Lin has attended APEC meetings three times and is thus well acquainted with the forum’s operation and issues. She explained that he represented Taiwan at the APEC Ministerial Meeting at both the 2000 meeting in Brunei and the 2001 meeting in Shanghai, and that he was appointed by former President Chen Shui-bian as leader’s representative in 2005, when he led a delegation to attend the AELM in Busan, Korea. She noted that he successfully completed his mission in each of these meetings.
    The theme for this year’s APEC in Peru is Empower, Include, Grow, Spokesperson Kuo noted, with three major policy priorities: trade and investment for inclusive and interconnected growth, innovation and digitalization to promote transition to the formal and global economy, and sustainable growth for resilient development. She said that all of these priorities share similarities with the important policies that Taiwan’s government is actively promoting. APEC has also attached a high level of importance to cooperation between the public and private sectors in recent years, the spokesperson said, and President Lai thus invited Chairman Lin to attend the meeting as our leader’s representative. She said the president expressed hope that with his professional expertise and abundant experience, Chairman Lin will present a clear picture of Taiwan’s government policy for APEC and enhance Taiwan’s global visibility and importance.
    Taiwan has been an active APEC participant since joining in 1991, and will not only conduct exchanges on issues at this meeting, but also continue to create opportunities for cooperation in a variety of fields in the future, Spokesperson Kuo said. Alongside other APEC members, she said, Taiwan will promote cooperation in such areas as green and digital transformation, digital innovation, digital health, small and medium-sized enterprise growth, women’s economic empowerment, inclusive growth, and food security. The spokesperson said that together, we will help bring about sustainable and mutual prosperity, and that we will show through action that Taiwan is willing and able to contribute even more to the world.

    MIL OSI Asia Pacific News

  • MIL-OSI Global: Donald Trump is planning more trade barriers if he becomes president – but they didn’t work last time

    Source: The Conversation – UK – By Mark Johnson, Professor of Operations Management, Warwick Business School, University of Warwick

    Trump campaigning in Pennsylvania in October 2024. Connor Brady Photography/Shutterstock

    Donald Trump loves tariffs. Making things more expensive if they come from foreign countries is at the heart of his bid for a second term in the White House.

    “Tariffs are the greatest thing ever invented,” he said in September 2024 at a town hall event in Michigan. And he has promised that if he becomes US president again, he will impose an across-the-board tariff of up to 20% on imports – and even 200% on cars from Mexico – in a bid to encourage American manufacturing.

    This is familiar ground for Trump, who showed he was fond of tariffs during his 2017-2021 presidency. Back then, he claimed his policy would address the trade imbalance with China, bring manufacturing jobs back to the US and raise revenues.

    Tariffs were then imposed on a wide range of goods, from imported steel and aluminium, to solar panels and washing machines.

    But did they work? Our research suggests not.

    In fact, we found that imposing tariffs actually made the US even more reliant on foreign suppliers – and failed to stimulate the domestic job market. They also raised costs for US consumers and provoked retaliatory tariffs from trading partners including China, the EU, Canada, Mexico, India and Turkey.

    China for example, responded by trebling tariffs on American cars. The EU filed a dispute with the World Trade Organisation and substantially raised tariffs on US exports including Harley Davidson motorcycles, jeans and bourbon whiskey.

    And Trump’s tariffs did not lead to a boost for US manufacturing either. After tariffs were imposed, our research shows US manufacturing supply chains evolved to have fewer suppliers – but it was often US firms that got forced out of those supply chains, not their competitors from overseas.

    We found that US manufacturers appeared to reduce their global reach, while actually increasing their dependence on a select few foreign companies – further evidence that Trump’s tariffs failed to produce the intended outcome.

    Our research also suggests that “reshoring” – bringing production and manufacturing back to a company’s home country – is not feasible without an established ecosystem of suppliers, intermediaries and customers. So introducing trade barriers without adequate support for the development of regional supply chains is unlikely to result in stronger local economies or more jobs.

    Essentially, for reshoring to work, the domestic economy needs to have the capacity to match demand. But the US (like the UK) has lost manufacturing capability in many areas, and rebuilding it is not going to happen overnight.

    Establishing a new industry requires buildings, skilled staff and supply chains – and a very specific approach is required for each industry. Getting the right skills and labour is often the trickiest part and may require immigration.

    However, even this may not work in the most complex industries. In the case of computer chips, for example, there are generous incentives in the US under the Biden administration to encourage chip manufacturing. Yet Taiwan still massively dominates the market, raising questions over whether the US could ever really compete.

    Bourbon whiskey exports, on the rocks?
    Smit/Shutterstock

    Other industries that can use automation and robotics in manufacturing (such as chemicals and transportation equipment) might be easier to reboot, but they may not generate the expected number and range of jobs. And often reshoring strategies involve higher investment in automation, machinery and robotics, rather than jobs. Trump’s focus may have been bringing back manufacturing jobs back to the US, but the truth is that many of these jobs may be gone forever.

    Trading places

    Overall then, imposing tariffs without adequate domestic support mechanisms in place has led to US manufacturers increasing their dependence on foreign suppliers and reducing their dependence on local ones.

    Yet tariffs are not exclusively favoured by Trump – or even right-wing politics. And there seems to be a fairly common view among politicians in the west that some tariffs can be an effective economic tool.

    Trade barriers against China for instance, have continued under Joe Biden’s administration (although he has somewhat relaxed tariffs for imports from the EU, Canada and Mexico). And recently, Canada imposed 100% tariffs on Chinese cars and 25% on Chinese steel and aluminium, while the EU has also imposed tariffs on Chinese goods.

    One of the few voices speaking out against tariffs belongs to former US vice-president Mike Pence. He recently proposed scrapping tariffs, saying they just made products more expensive for consumers – and failed to improve prosperity.

    His old boss clearly disagrees. And if Trump does win a second term in office, it seems certain that imposing international tariffs will be high up on his “to do” list. But if their impact is anything like the last time, they will be of little benefit to the US economy or the voters who depend upon it.

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

    ref. Donald Trump is planning more trade barriers if he becomes president – but they didn’t work last time – https://theconversation.com/donald-trump-is-planning-more-trade-barriers-if-he-becomes-president-but-they-didnt-work-last-time-240964

    MIL OSI – Global Reports