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Category: Asia

  • MIL-OSI Banking: Transition Finance and Results of the Survey on 10 Asian Financial Authorities’ Initiatives: Climate Finance Dialogue Progress Report

    Source: Asia Development Bank

    Kasumigaseki Building 8F, 3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo 100-6008, Japan

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    The Asian Development Bank Institute was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

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    MIL OSI Global Banks –

  • MIL-Evening Report: A giant biotechnology company might be about to go bust. What will happen to the millions of people’s DNA it holds?

    Source: The Conversation (Au and NZ) – By Megan Prictor, Senior Lecturer in Law, The University of Melbourne

    isak55/Shutterstock

    Since it was founded nearly two decades ago, 23andMe has grown into one of the largest biotechnology companies in the world. Millions of people have used its simple genetic testing service, which involves ordering a saliva test, spitting into a tube, and sending it back to the company for a detailed DNA analysis.

    But now the company is on the brink of bankruptcy. This has raised concerns about what will happen to the troves of genetic data it has in its possession.

    The company’s chief executive, Anne Wojcicki, has said she is committed to customer privacy and will “maintain our current privacy policy”.

    But what can customers of 23andMe themselves do to make sure their highly personal genetic data is protected? And should we be concerned about other companies that also collect our DNA?

    What is 23andMe?

    23andMe is one of the largest companies in the crowded marketplace for direct-to-consumer genetic testing. It was founded in 2006 in California, launching its spit test and Personal Genome Service the following year, at an initial cost of US$999. This test won Time magazine’s Invention of the Year in 2008.

    Customers eagerly took up the opportunity to order a saliva collection kit online, spit in the tube and mail it back. In a few weeks when the results were ready they could find out about their health, ancestry, and other things like food preferences, fear of public speaking and cheek dimples.

    The price of testing kits dropped rapidly (it’s now US$79). The company expanded globally and by 2015 had 1 million customers. The firm went public in 2021 and initially the stock price soared. As of 2024, the company claims 14 million people have taken a 23andMe DNA test.

    23andMe is one of the world’s largest biotechnology companies.
    T. Schneider/Shutterstock

    23andMe rode the wave of popular excitement and investor interest in genetics. It wasn’t alone. By 2022 the direct-to-consumer genetic testing market was valued at US$3 billion. The three largest players – 23andMe, AncestryDNA and MyHeritage – together hold the genetic data of almost 50 million people globally.

    There are dozens of smaller players too, with some focusing on emerging markets such as MapMyGenome in India and 23mofang and WeGene in China.

    What happened to 23andMe?

    23andMe has had a rapid downfall after the 2021 high of its public listing.

    Its value has dropped more than 97%. In 2023 it suffered a major data breach affecting almost seven million users, and settled a class action lawsuit for US$30 million.

    Last month its seven independent directors resigned amid news the original founder is planning to take the company private once more. The company has never made a profit and is reportedly on the verge of bankruptcy.

    What this might mean for its vast stores of genetic data is unclear.

    When people sign up for a 23andMe test the company assures them: “your privacy comes first”. It promises it will never share people’s DNA data with employers, insurance companies or public databases without consent. It puts choice in the hands of consumers about whether their spit sample is kept by the company, and whether their de-identified genetic and other data is used in research. Four in five people who bought a 23andMe test have agreed to their data being used in research.

    However, if you dig a bit deeper, it’s clear that 23andMe uses people’s data in many different ways, such as sharing it with service providers. Perhaps most importantly, if the company goes bankrupt or is sold, people’s information might be “accessed, sold or transferred” as well.

    In a statement to The Conversation, a 23andMe spokesperson said Wojcicki is “not open to considering third-party takeover proposals”, and that in the event of any future ownership change, the company’s existing data privacy agreements with customers “would remain in place unless and until customers are presented with, and agree to, new terms and statements – and only after receiving appropriate notice of any new terms, under applicable data protection laws”.

    Tips for people to protect their genetic data

    With 23andMe in the spotlight, people might want to take steps to protect their genetic data (although experts say there’s not really any more risk now than there has always been).

    The simplest thing is to delete your account, which opts you out of any future research and discards your saliva sample. But if your data has already been de-identified and used in research, it can’t be retrieved. And even if you delete your account, 23andMe says it will keep hold of information including your genetic data, date of birth and sex, to comply with its own legal obligations.

    Buying a DNA test online might feel fun and rewarding and it’s certainly been marketed that way. There are plenty of good news stories about how getting those test results has helped people to connect with lost family or understand more about their health risks. People just need to buy tests with their eyes open about what this might mean.

    First, the results might not be all positive. Finding out about health risks without guidance from a health professional can be scary. Learning that the person you thought was your mum or dad actually isn’t, is an outcome for as many as 1 in 20 people who’ve bought a DNA test online.

    Second, every company selling DNA tests does so with lots of legal conditions attached. People click through these without a second thought but researchers have shown it is worth taking a closer look. Consider what the company says about what it will do with your data and your sample, how long they will keep it, who else can access it, and how easy it will be to delete later.

    There are guidelines from organisations like Australian Genomics that can help. And bear in mind that if a company holding your DNA profile is sold, it might be hard to make sure that data is protected.

    So maybe reconsider giving a DNA test as a Christmas gift.

    Megan Prictor is a member of the International Association of Privacy Professionals and the Australasian Association of Bioethics and Health Law.

    – ref. A giant biotechnology company might be about to go bust. What will happen to the millions of people’s DNA it holds? – https://theconversation.com/a-giant-biotechnology-company-might-be-about-to-go-bust-what-will-happen-to-the-millions-of-peoples-dna-it-holds-241557

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Readout of 49th Republic of Korea and United States Military Committee Meeting between Chairman of the Joint Chiefs of Staff Gen. CQ Brown, Jr., and Chairman of the Republic of Korea Joint Chiefs of Staff Adm. Kim Myung-Soo

    Source: US Defense Joint Chiefs of Staff

    October 17, 2024

    WASHINGTON, D.C. — Joint Staff Spokesperson Navy Capt. Jereal Dorsey provided the following readout:

    Chairman of the Joint Chiefs of Staff Gen. CQ Brown, Jr., met with Chairman of the Republic of Korea (ROK) Joint Chiefs of Staff Adm. Kim Myung-Soo virtually today during the 49th Republic of Korea and United States Military Committee Meeting (MCM).

    Adm. Kim and Lt. Gen. Jin Yong-Sung, Chief Director of J5 (acting), ROK Joint Chiefs of Staff, represented the ROK delegation.  Adm. Samuel J. Paparo, Commander of U.S. Indo-Pacific Command, joined Gen. Brown as part of the U.S. delegation.  Gen. Paul LaCamera, Commander, United Nations Command (UNC), Combined Forces Command (CFC), and U.S. Forces Korea (USFK), represented the ROK-U.S. CFC.

    During the discussions, Gen. Brown and Adm. Kim recognized the significance of the U.S.-ROK alliance over the last 71 years.  The alliance underscores the shared sacrifice and ironclad commitment of the U.S. and ROK to maintaining peace and stability on the Korean Peninsula. The leaders recognized the importance of maintaining a robust combined defensive posture to deter additional provocations from the Democratic People’s Republic of Korea (DPRK). 

    The two leaders expressed concerns over key regional and peninsular security challenges, including the DPRK threats across all domains, including increasing missile capabilities, nuclear threats, cyber-attacks. Adm. Kim emphasized the illegitimacy of recent ongoing act of DPRK sending trash balloons into the ROK and the DPRK’s recent declaration naming the ROK as a hostile state. Both leaders underscored that the DPRK’s provocative acts, and the DPRK’s enhance military cooperation with Russia destabilize peace and security on the Peninsula and across the globe. 

    Both leaders discussed the responsibilities of recently activated ROK Strategic Command (ROK STRATCOM), and the importance of closely connecting its capabilities and planning activities to the ROK-U.S. Combined Forces Command per the Washington Declaration of 2023.  Gen. Brown reaffirmed the U.S. commitment to extended deterrence and the defense of the ROK.

    The leaders lauded each country’s contributions in enhancing and improving trilateral cooperation to include a flight of two U.S. B-52 strategic bombers that flew with fighter aircraft from both South Korea and Japan, marking the first trilateral aerial exercise between the nations.  Additionally, both leaders highly commended the inaugural execution of exercise Freedom Edge, a trilateral multi-domain exercise, which further promoted interoperability between the three nations. 

    Further, Gen. Brown and Adm. Kim acknowledged the meaningful progress made across the various fields in the conditions-based operational control transition plan for the ROK-U.S. Future Combined Forces Command (F-CFC).

    Both leaders affirmed, in the strongest words possible, their unwavering commitment to the combined defense posture under the U.S. – ROK Mutual Defense Treaty, emphasizing their dedication to peace and stability on the Korean Peninsula and in the region. 

    The MCM is part of the U.S. – ROK bilateral consultation process, which convenes annually or as required.  The committee provides strategic direction and operational guidance to the CFC in defense of the ROK and addresses Alliance military issues.  The United States and the ROK have alternated hosting this meeting in Washington, D.C. and Seoul since it first convened in 1978.

    The 49th MCM was planned to be held in Washington D.C., however, after mutual coordination, was held virtually in light of the recent grave security developments on the Peninsula.

    For more Joint Staff news, visit: www.jcs.mil.
    Connect with the Joint Staff on social media: 
    Facebook, Twitter, Instagram, YouTube,
    LinkedIn and Flickr.

    MIL Security OSI –

  • MIL-OSI China: DPRK top leader calls S. Korea ‘foreign country and apparent hostile country’

    Source: China State Council Information Office 3

    The top leader of the Democratic People’s Republic of Korea (DPRK) called South Korea “a foreign country and an apparent hostile country,” and stressed “useless awareness about fellow countrymen and unreasonable idea of reunification” when he addressed inter-Korean relations, as he called for ramping up the war-fighting capabilities during an inspection trip to the headquarters of the 2nd Corps of the Korean People’s Army on Thursday, the official Korean Central News Agency (KCNA) reported Friday.

    Kim Jong Un, general secretary of the Workers’ Party of Korea and president of the State Affairs of the DPRK, made the remarks as he made the trip to encourage the officers and troops of the large combined unit that “have reliably defended the territory of our state, always maintaining full combat readiness on high alert at the forefront near the border,” the KCNA said.

    Kim learned of the combat readiness of the military units ready for combat operations under the corps after being briefed on the current situation.

    The KCNA said the DPRK leader reminded the armed forces of “the stark fact that the ROK is a foreign country and an apparent hostile country,” referring to South Korea by using the acronym of its official name, the Republic of Korea.

    Recalling that the DPRK has completely blocked the roads and railways to the ROK territory two days ago through detonations, Kim said that the move means “not only the physical closure but also the end of the evil relationship with Seoul” and “the complete removal of the useless awareness about fellow countrymen and unreasonable idea of reunification,” according to the KCNA report.

    “When the DPRK sovereignty is violated by the ROK, a hostile country, its physical forces will be used unhesitatingly, without sticking to (any) conditions any longer,” Kim was quoted by the KCNA as saying.

    Citing serious security circumstances, Kim urged the DPRK military “to continue concentrating all efforts on bolstering up the war-fighting capabilities, and to take more perfect military steps for reliably defending the security of the country through the permanent overwhelming combat readiness,” the KCNA said.

    In the latest sign of the heightened tensions on the Korean Peninsula, the DPRK confirmed on Thursday that the roads and railways connecting South Korea in the eastern and western parts of the DPRK southern border had been completely blocked through explosion operations, a previous KCNA report said.

    MIL OSI China News –

  • MIL-OSI Security: Elements of the 15th MEU Return Home from Deployment Aboard USS Harpers Ferry

    Source: United States INDO PACIFIC COMMAND

    CAMP PENDLETON, Calif.  –  

    More than 300 Marines and Sailors with the 15th Marine Expeditionary Unit, embarked aboard USS Harpers Ferry (LSD 49), returned home to San Diego Oct. 16 after completing a seven-month deployment in the U.S. 7th and 3rd Fleet areas of operation.

    The deployment, which began on March 19, marked a milestone as it included the first operational use of the Marine Corps’ new amphibious combat vehicles. The experience and insights gained by the ACV Platoon and Battalion Landing Team 1/5 during this deployment have laid the groundwork for refining tactics, logistics, and maintenance practices for future expeditionary operations.

    “Our team aboard Harpers Ferry made lasting contributions in the Indo-Pacific, conducting training while integrated with our allies, in both the Philippines and South Korea,” said Col. Sean Dynan, commanding officer of the 15th MEU. “They accomplished so much during these seven months while taking on the unique responsibility of employing ACVs on their first deployment. The lessons they learned and the procedures they developed with their Navy counterparts will inform future operations for years to come.”

    Elements of the 15th MEU aboard Harpers Ferry included Marines and Sailors from the Command Element, BLT 1/5, and Combat Logistics Battalion 15.

    During the deployment, 15th MEU forces aboard Harpers Ferry engaged in three major exercises. In the U.S. 7th Fleet area of operations, Marines and Sailors joined other elements of the 15th MEU assigned to the amphibious transport dock USS Somerset (LPD 25) in the Philippines for Exercise Balikatan 24. This bilateral exercise, conducted with the Armed Forces of the Philippines, focused on securing key maritime terrain, conducting simulated long-range precision strikes, and enhancing missile defense capabilities.

    During Balikatan, the ACV Platoon conducted a live-fire waterborne gunnery exercise in Oyster Bay, marking the first overseas employment of ACVs. Using their automated remote weapons systems, the ACVs engaged simulated targets afloat and on shore.

    After the conclusion of Balikatan, the 15th MEU’s force aboard Harpers Ferry remained in the Philippines to participate in Archipelagic Coastal Defense Continuum (ACDC) from May 13-24. ACDC included bilateral training with the Philippine Marine Corps’ 3rd Marine Brigade (3MBDE) to bolster coastal defense strategies. The 15th MEU and 3MBDE conducted large-scale coastal defense rehearsals and completed the largest military convoy to date on Palawan Island, moving forces rapidly to simulate a coastal defense scenario.

    ACDC also featured numerous subject matter expert exchanges between BLT 1/5 and CLB-15 with their Philippine counterparts on various topics, such as weapons employment, unmanned aircraft systems integration, tactical combat casualty care, and motorized operations. These exchanges strengthened U.S.-Philippine bilateral military proficiency and improved mutual understanding of defense tactics in the Philippines.

    Following ACDC in the Philippines, the 15th MEU embarked aboard Harpers Ferry and traveled to Okinawa, Japan. On June 24, Alpha Company, BLT 1/5, and the ACV Platoon conducted a ship-to-shore movement, with the ACVs splashing into the waters off White Beach Naval Facility after Alpha Company’s Marines practiced troop egress and transfer procedures. This marked the ACVs’ first time ashore in a foreign country.

    In August, the 15th MEU’s forces aboard the USS Harpers Ferry arrived in South Korea to conduct two weeks of unit-level training (ULT) alongside the Republic of Korea Marine Corps’ 7th Brigade. During this period, the Marines demonstrated the off-road mobility and automated crew-served weapons capabilities of the new ACVs in a series of live-fire exercises.

    The highlight of their month-long stay was Exercise Ssang Yong 24, where Alpha Company embarked the ACVs for a large-scale amphibious landing at Hwajin-ri Beach near Pohang. Meaning “twin dragons,” Ssang Yong featured the first overseas amphibious assault conducted with ACVs, as U.S. and Korean forces landed together, strengthening the ROK-U.S. Alliance and the capability to defend the Korean Peninsula.

    “Working with our allies in South Korea one-on-one at the tactical level was extremely rewarding for both our Marines and the ROK Marines,” said Capt. Erik Lindskog, the Alpha Company commander. “Through the combined training, both live fire and information exchanges, we learned a lot from each other. In South Korea and in the Philippines, we arrived as training partners, worked through language barriers, and we left as friends.”

    Throughout the deployment, the ACVs demonstrated their versatility, maneuverability, and firepower in various scenarios, ranging from beach assaults to coordinated live-fire defense operations. The data and lessons learned from these exercises will help shape the future use of ACVs in amphibious operations and ensure the Marine Corps continues to refine the tactics and procedures necessary for employing this new platform.

    “The work our Marines and Sailors aboard Harpers Ferry have completed over the past seven months, both strengthening alliances and advancing new Marine Corps capabilities, has been simply outstanding,” said Lt. Col. Nicholas Freeman, the commanding officer of BLT 1/5. “Our ACV Platoon and the rest of Alpha Company have been literally writing the book on employing this platform, albeit with tremendous support from leaders and experts from across our Service. I’m grateful for all the dedication that got us to this deployment, and I’m proud of how this team has done everything they can to help lead the modernization of the assault amphibian community.”

    The 15th MEU’s Marines and Sailors aboard Harpers Ferry played a critical role in advancing U.S. military capabilities in the Indo-Pacific, enhancing regional security by strengthening relationships with key allies, and shaping future deployments of the amphibious combat vehicle in expeditionary environments.

    MIL Security OSI –

  • MIL-OSI Asia-Pac: HKMA introduces multiple measures to support SMEs’ development, upgrade and transformation

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:
     
         The Hong Kong Monetary Authority (HKMA), together with the banking sector, introduced multiple measures today (October 18) to further support, through financing as well as banking products and services, the continuous development of small and medium-sized enterprises (SMEs) and assist them in expanding new businesses and markets.
          
         Since the launch of the nine SME support measures by the HKMA and the Banking Sector SME Lending Coordination Mechanism (Mechanism) in March this year, a total of around 20 000 SMEs have benefitted from the measures, involving an aggregate credit limit of over HK$44 billion. The HKMA has also been deepening its understanding of the challenges and needs faced by SMEs of different sectors through various channels and platforms, including the Taskforce on SME Lending (Taskforce) which was established in August this year, and engagement sessions with over 50 trade associations and their members from different industry sectors.
          
         While Hong Kong is currently undergoing economic transformation, the HKMA and the banking sector are aware of the needs of SMEs to strive for change and adapt to changes in the market and business operating environment. Taking into account the views of the commercial sector, the HKMA and the banking sector will roll out the following five measures to assist SMEs’ continuous development, upgrade and transformation, and enhance their competitiveness and productivity to cope with new operational challenges:
     
         1. Release of bank capital to facilitate the financing needs of SMEs: The HKMA lowered the countercyclical capital buffer (CCyB) ratio from 1 per cent to 0.5 per cent, and will allow banks to early adopt the preferential treatments for SME exposures under the Basel III capital framework. These policies will release bank capital and thereby enable banks to make use of the additional capital to facilitate the financing needs of SMEs. 

         2. Set aside dedicated funds to support SMEs: The 16 banks that are active in SME lending have set aside a total of over HK$370 billion of dedicated funds for SMEs in their loan portfolio. The funds will allow SME customers to access necessary financing for coping with the evolving business environment. The banks will regularly review and consider scaling up the size of their dedicated funds in response to SMEs’ needs and development. 
         â€‹
         3. Launch more credit products and services to assist SMEs’ transformation: Banks will launch more credit products and services to meet the transformation needs of SMEs. Examples include pre-approved credit limits, unsecured loans, cross-border loans, and loans with flexible repayment periods.
     

    On digital transformation, banks will offer e-commerce financing and electronic payment services to enable SMEs in different sectors such as retail, catering and trading to better utilise data and adopt innovative business solutions, so that SMEs can strengthen their marketing and promotion, streamline business processes and save operating costs. 

    On green transformation, banks will actively consider launching relevant advisory services. Through collaboration with green certification agencies, banks can alleviate the costs for SMEs to apply for green certification, thereby supporting their low-carbon transition. Banks will also provide green loans to assist SMEs in purchasing and adopting low-carbon equipment, so as to reduce the SMEs’ own carbon emissions and transform into green suppliers. 

         4. Increase the partial principal repayment options: When an orderly exit from the banking sector’s Pre-approved Principal Payment Holiday Scheme commenced in July 2023, the Mechanism introduced enhanced measures to assist corporates’ gradual return to normal repayment. Since some customers’ partial principal repayment arrangements will expire in early 2025, banks will be accommodative and consider offering more flexible repayment arrangements to help these customers to address challenges encountered during economic transformation. Such arrangements include, for instance, extending the duration of partial principal repayment, offering more options on the proportion and duration of partial principal repayment, or even offering principal moratorium, subject to prudent risk-management principles. The above-mentioned arrangements are also applicable to taxi loans, public light bus loans and commercial vehicle loans taken out by personal customers.

         5. Devote sufficient manpower and resources to implement the enhancements to SME Financing Guarantee Scheme as soon as possible: Banks will allocate adequate resources to process applications and work closely with HKMC Insurance Limited to implement as soon as possible the principal moratorium and other enhanced measures under the SME Financing Guarantee Scheme.

         The HKMA will continue to understand the SME-related business strategies of banks, and maintain close communication with the commercial sectors through the Mechanism and the Taskforce. Seminars and other activities will be organised to promote the SME services, products and schemes offered by the banking sector in the concerted efforts to assist the continuous development, upgrade and transformation of SMEs.
     
    Background
     
    The Banking Sector SME Lending Coordination Mechanism

         The Banking Sector SME Lending Coordination Mechanism was established by the HKMA in October 2019. Participants include 11 banks (Note 1) that are most active in SME lending, the Hong Kong Association of Banks (HKAB) and the HKMC Insurance Limited. During the pandemic, the Mechanism rolled out several rounds of relief measures for corporates, including the Pre-approved Principal Payment Holiday Scheme. In March 2024, the HKMA, together with the Mechanism, launched nine measures to assist SMEs in obtaining bank financing and to support their continuous development.
     
    The Taskforce on SME Lending

         The Taskforce on SME Lending was jointly established by the HKMA and HKAB in August 2024. Participants include representatives of the HKMA, HKAB and 16 banks (Note 2) that are active in SME lending. The Taskforce aims to further strengthen the related work for supporting SMEs in obtaining bank financing at both the individual case and the industry levels. Participating banks of the Taskforce have stated that they would ensure the ongoing effective implementation of the nine SME support measures that were launched previously, and indicated that they had not changed and would not change their risk appetite towards SME financing and related credit approval standards. The participating banks would also strive to treat customers fairly and communicate with customers in an accommodative manner.
     
    Note 1: Bank of China (Hong Kong), Bank of East Asia, China Construction Bank (Asia), Citibank, Dah Sing Bank, DBS Bank (Hong Kong), Hang Seng Bank, The Hongkong and Shanghai Banking Corporation, Industrial and Commercial Bank of China (Asia), OCBC Bank (Hong Kong), and Standard Chartered Bank (Hong Kong).

    Note 2: Including the 11 banks participating in the Mechanism, and Bank of Communications (Hong Kong), China CITIC International, Fusion Bank, Nanyang Commercial Bank and PAO Bank.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Readout of Chairman of the Joint Chiefs of Staff Gen. CQ Brown, Jr.’s Meeting with Singapore’s Chief of Defence Force Vice Adm. Aaron Beng

    Source: US Defense Joint Chiefs of Staff

    Headline: Readout of Chairman of the Joint Chiefs of Staff Gen. CQ Brown, Jr.’s Meeting with Singapore’s Chief of Defence Force Vice Adm. Aaron Beng

    Chairman of the Joint Chiefs of Staff Gen. CQ Brown, Jr., met with Singapore’s Chief of Defence Force Vice Adm. Aaron Beng yesterday at the Pentagon.

    Gen. Brown and Vice Adm. Beng discussed current threats in the Indo-Pacific region and opportunities for interoperability between militaries. As part of his formal counterpart visit, Vice Adm. Beng also participated in an Armed Forces Full Honor Arrival ceremony hosted by Gen. Brown at Joint Base Myer-Henderson Hall.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Monetary Authority announces countercyclical capital buffer ratio for Hong Kong

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:
         
         The Monetary Authority announced today (October 18) that the countercyclical capital buffer (CCyB) ratio for Hong Kong is reduced from 1 per cent to 0.5 per cent with immediate effect.
          
         The Monetary Authority, Mr Eddie Yue, said, “While the local economy has continued to recover, the risk of economic overheating is well contained as suggested by the quantitative indicators. Facing changes in the market landscape, certain sectors in the domestic economy, in particular the SMEs, are nevertheless still seeing challenges in their business operations amid uncertainties in the external and local economic environment. It is therefore appropriate to reduce the CCyB moderately to allow banks to be more supportive to Hong Kong’s economy. Together with the other measures already introduced by the HKMA to support SMEs, we expect banks to make use of the additional leeway provided by the lower CCyB to further facilitate the financing needs of local SMEs. A gradual increase in the CCyB for Hong Kong will only be considered in the future when data suggest that there is more broad-based growth in the domestic economy and when the credit and property market conditions suggest a higher CCyB is warranted.”
          
         Further details of the decision may be found in the Announcement of the CCyB to Authorized Institutions on the HKMA website.
          
    Background

         In setting the CCyB ratio the Monetary Authority considered a series of quantitative indicators and qualitative information including an “indicative buffer guide” (which is a metric providing a guide for CCyB ratio based on the gap between the ratio of credit to GDP and its long term trend, and between the ratio of residential property prices to rentals and its long term trend). The latest indicative buffer guide calculated based on 2024Q2 data and the Positive Neutral CCyB (Note) according to the revised formula, signals a CCyB of 1 per cent. The projection based on all available data suggests that the indicative buffer guide would likely signal a CCyB of 1 per cent when all relevant 2024Q3 data become available.
          
         The indicative buffer guide, as its name suggests, provides only a “guide” for CCyB decisions, and the determination of the jurisdictional CCyB ratio for Hong Kong is not a mechanical exercise. In addition to the indicative buffer guide, the Monetary Authority also reviewed other relevant information. While the local economy has continued to recover, the risk of economic overheating is well contained as suggested by quantitative indicators. Facing changes in the market landscape, certain sectors in the domestic economy, in particular the SMEs, are nevertheless still seeing challenges in their business operations amid uncertainties in the external and local economic environment. Together with the other measures already introduced by the HKMA to support SMEs, a lower CCyB will provide banks with additional leeway to further facilitate the financing needs of local SMEs.
          
         The CCyB is an integral part of the Basel III regulatory capital framework and is being implemented in parallel by Basel Committee member jurisdictions worldwide. The CCyB has been designed by the Basel Committee to increase the resilience of the banking sector against system-wide risks. The banking sector can then act as a “shock absorber” in times of stress, rather than as an amplifier of risk to the broader economy.
          
         The power to implement the CCyB in Hong Kong is provided by the Banking (Capital) Rules, which enable the Monetary Authority to announce a CCyB ratio for Hong Kong. The specific CCyB requirement applicable to a given Authorized Institution (AI) is expressed as a percentage of its CET1 capital to its total risk-weighted assets (RWA). Each AI’s CCyB requirement may vary depending on the geographic mix of its private sector credit exposures and the CCyB applicable in each jurisdiction where it has such exposures.

    Note: Under the Positive Neutral CCyB approach, authorities aim for a positive CCyB when risks are judged to be neither subdued nor elevated. Please refer to http://www.bis.org/publ/bcbs_nl30.htm for more information.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Lufthansa Cargo appoints Elodie Berthonneau as Vice President Asia Pacific

    Source: Lufthansa Group

    As of 1 October 2024, Elodie Berthonneau will take over the position of Vice President Asia-Pacific at Lufthansa Cargo in Singapore. She will head the sales and handling organization in one of the most important markets for Lufthansa Cargo. This includes among others the regions China, Japan, South Korea, Thailand, Vietnam, Singapore, Malaysia, Indonesia, Philippines and Oceania. Berthonneau joins Lufthansa Cargo from Qatar Cargo where she was Vice President Network Planning and Strategic Partnership.

    With more than 25 years of experience in the aviation industry, Berthonneau has held various management positions in sales, pricing, profit management and strategic planning at Qatar Airways and Air France KLM. Her previous roles have included building start-ups, restructuring organizations, network redesign, major strategic partnerships and people management. Having worked in Europe, the Middle East and Asia, she also has broad international experience.

    “We are happy to welcome Elodie Berthonneau as Head of Asia Pacific. The Asian region is one of our most important markets and is expected to become even more relevant in the coming years. Combining her expertise and experience within the industry and the Lufthansa Cargo brand and knowledge, she will set new accents in our Asia Pacific organization and in the dialogue with our customers,” explains Anand Kulkarni, Head of Global Markets at Lufthansa Cargo

    About Lufthansa Cargo

    With revenue of 3.0 billion euros and a transport performance of 7.5 billion freight ton kilometers in 2023, Lufthansa Cargo is one of the world’s leading companies in the transport of airfreight. The company currently employs around 4,150 people worldwide. Lufthansa Cargo’s focus is on the airport-to-airport business. The route network covers around 300 destinations in more than 100 countries, using both freighter aircraft and cargo capacity from passenger aircraft operated by Lufthansa, Austrian Airlines, Brussels Airlines, Discover Airlines and SunExpress, as well as trucks. The majority of the cargo business is handled via Frankfurt Airport. 

    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on October 17, 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) 556,222.72 6.29 0.01-6.50
         I. Call Money 8,226.89 6.43 5.10-6.50
         II. Triparty Repo 406,519.90 6.28 6.16-6.40
         III. Market Repo 140,522.93 6.31 0.01-6.50
         IV. Repo in Corporate Bond 953.00 6.41 6.39-6.50
    B. Term Segment      
         I. Notice Money** 122.10 6.30 6.10-6.45
         II. Term Money@@ 380.00 – 6.75-6.90
         III. Triparty Repo 231.00 6.45 6.35-6.45
         IV. Market Repo 98.04 6.55 6.55-6.55
         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          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Thu, 17/10/2024 1 Fri, 18/10/2024 40,385.00 6.49
    3. MSF# Thu, 17/10/2024 1 Fri, 18/10/2024 5,717.00 6.75
    4. SDFΔ# Thu, 17/10/2024 1 Fri, 18/10/2024 82,925.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -117,593.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Mon, 14/10/2024 4 Fri, 18/10/2024 24,070.00 6.49
    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 (-)]*     -57,582.13  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -175,175.13  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 17, 2024 984,522.44  
         (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 17, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 418,318.00  
    @ 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: 2024-2025/1328

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: SFST’s speech at HKQAA 35th Anniversary Forum (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the HKQAA 35th Anniversary Forum today (October 18):

    Chairman Ho (Chairman of the Hong Kong Quality Assurance Agency, Mr Ho Chi-shing), distinguished guests, ladies and gentlemen,

         Good afternoon. It is my great pleasure to join you today as we celebrate the 35th anniversary of the Hong Kong Quality Assurance Agency (HKQAA). First, let me extend my warmest congratulations to the HKQAA on this remarkable milestone, and my sincere thanks for the invitation to speak at today’s forum.

         Today’s topic – Sustainable Finance, ESG, and Climate Resilience – could not be more timely or critical, as it highlights the directions we must take to secure the future of not just our economy and financial markets, but our society and planet. I would like to focus on Hong Kong’s role and achievements in this area, which I believe can be summed up by a three-A framework: accessibility to capital, availability of opportunity, and accountability to global standards.

    Accessibility to capital

         Sustainable finance is not just a passing trend. It represents a transformative movement, aligning financial systems with the larger goals of sustainable, inclusive growth. Hong Kong has embraced this vision, emerging as a leading international hub for green finance. In 2023 alone, the total issuance of green and sustainable debt in Hong Kong exceeded US$50 billion, including both bonds and loans, with green and sustainable bonds arranged here accounting for 37 per cent of all such bonds issued across Asia.

         This growing accessibility to green capital is not just about numbers. It shows that Hong Kong is well-positioned to channel investments into projects that positively impact the environment and society. We are actively working to expand our green investment product offerings and attract more international issuers to use Hong Kong’s green financing market.

         By June of this year, the Securities and Futures Commission had authorised over 230 ESG (environmental, social and governance) funds, with total assets under management exceeding HK$1.3 trillion. This represents year-on-year growth of 19 per cent in the number of funds and 8 per cent in assets under management. These investments are not only generating financial returns for investors but also contributing to the well-being of our communities, proving that profitability and purpose can indeed go hand in hand.

    Availability of opportunity

         As we look to the future, it is vital that we continue to unlock new investment opportunities and encourage innovation in green and sustainable finance. Collaboration across sectors – between government, businesses, and the community – is essential in driving this progress.

         One recent example of innovation is Core Climate, a marketplace launched by the Hong Kong Exchanges and Clearing Limited (HKEX) in 2022. Core Climate connects capital with climate-related products and opportunities across Hong Kong, Mainland China, Asia, and beyond. In August this year, the HKEX further enhanced this platform by introducing Gold Standard’s Verified Emission Reductions, offering users a seamless, integrated experience.

         Hong Kong has also demonstrated its leadership in combining the bond market, green finance, and fintech. In February this year, we successfully issued HK$6 billion worth of tokenised green bonds, denominated in multiple currencies – Hong Kong dollar, Renminbi, US dollar, and euro. This marks our second tokenised bond issuance, following the first in February 2022, and is the world’s first multi-currency digitally native green bond.

         The success of these initiatives reflects the strength of Hong Kong’s green fintech ecosystem, which continues to evolve. By leveraging new technologies, we can amplify efforts to support sustainable development, not only in our local community but across the entire region.

    Accountability to global standards

         As a global green finance hub, Hong Kong recognises the importance of maintaining accountability and transparency in sustainability efforts. This is why aligning with international standards, notably as the International Sustainability Standards Board (ISSB), is a key priority. We are committed to ensuring that our local sustainability disclosure requirements are aligned with the ISSB Standards, which will significantly enhance Hong Kong’s competitiveness in the global sustainable finance arena.

         By adopting these internationally recognised standards, we will strengthen our position as a trusted green finance hub while also improving the resilience of our local communities. This alignment will not only foster greater investor confidence but also ensure that our financial sector is well-equipped to meet the challenges of an increasingly sustainability-driven world.

    HKQAA’s contributions

         I would also like to take this opportunity to commend the HKQAA for its significant contributions to Hong Kong’s sustainable finance journey. Over the past 35 years, the HKQAA has been a steadfast partner, providing critical quality assurance and helping to uphold rigorous standards for green and sustainable finance. Since the launch of the Government Green Bond Programme in 2019, the HKQAA has played a pivotal role by providing external reviews for each bond issuance, ensuring the credibility and integrity of these instruments.

         In addition, the HKQAA has introduced a number of certification schemes, further enhancing stakeholder confidence in green finance products. Their dedication to upholding high standards has been instrumental in positioning Hong Kong as a global leader in this space. Looking ahead, we will continue to count on the HKQAA’s expertise as we strive to meet the evolving challenges of sustainable development.

    Conclusion

         In closing, I would like to emphasise that the future of finance is sustainable finance. As we work towards building a more resilient and sustainable future for Hong Kong and beyond, we must remain committed to the principles of ESG and climate resilience.

         Thank you for your attention and your unwavering commitment to sustainable development. Together, we can create a brighter, greener future for generations to come.

    MIL OSI Asia Pacific News –

  • MIL-OSI: The Enemy Within: Navigating the Evolving Landscape of Insider Threats

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, UAE, Oct. 18, 2024 (GLOBE NEWSWIRE) — In today’s interconnected digital world, organizations face a multitude of cybersecurity challenges, with insider threats posing a significant risk. These threats, whether malicious or unintentional, pose a significant risk to organizations of all sizes and industries.

    The Evolving Nature of Insider Threats

    Traditionally, insider threats were often disgruntled employees or those motivated by personal gain. However, the landscape has shifted. State-sponsored actors, and sophisticated hacking groups are now actively planting threat actors inside of target organizations. This new breed of insider threat is patient, highly skilled, and often backed by substantial resources.

    Recently, KnowBe4 inadvertently hired a North Korean threat actor who attempted to infiltrate the organization by posing as a software engineer. Thanks to our strong security protocols and the vigilance of the InfoSec team, they were exposed within 25 minutes of showing suspicious activities during onboarding, preventing any unauthorized access to systems.

    Incidents like these underscore a well-known and widespread tactic employed by North Korean threat actors. This was confirmed later when we shared the collected data with the FBI and cybersecurity experts at Mandiant. It’s a reminder that in cybersecurity, information sharing is crucial.

    Other recent incidents across various industries have also highlighted this growing trend. Organizations have found themselves unknowingly hiring individuals with malicious intent. These threat actors often pose as legitimate job seekers, using stolen or fabricated identities, and leveraging advanced technologies like AI to create convincing personas.

    The Modern Insider Threat

    Today’s insider threats are mostly characterized by:

    • Sophisticated Identity Theft: Using stolen identities complete with verifiable background information.
    • Advanced Technology: Employing AI-generated images and deep fake technology to bypass visual verifications.
    • Social Engineering: Expertly navigating interview processes and social interactions within the organization.
    • Technical Skills: Possessing genuine skills to perform job functions while covertly pursuing malicious objectives.
    • Patience and Persistence: Willing to invest significant time to gain trust and access within an organization.

    The Stakes Are Higher Than Ever

    The potential damage from insider threats extends far beyond data breaches or financial losses. These threat actors can:

    • Exfiltrate sensitive data
    • Sabotage critical infrastructure
    • Manipulate financial systems
    • Compromise national security
    • Damage brand reputation and erode customer trust

    Mitigating Insider Threats

    To combat this evolving threat, organizations must adopt a multi-faceted approach:

    • Enhanced Vetting Processes: Implement rigorous background checks, including cross-referencing multiple sources.
    • Continuous Monitoring: Employ advanced behavioral analytics and anomaly detection systems.
    • Zero Trust Mindset: Adopt a “never trust, always verify” approach to access control.
    • Security Awareness Training: Educate all employees about the signs of insider threats and reporting suspicious behavior.
    • Regular Security Audits: Conduct frequent assessments of access privileges and system vulnerabilities.
    • Incident Response Planning: Develop and regularly test plans for quickly containing potential insider threats.
    • Cross-Departmental Collaboration: Foster close cooperation between HR, IT, and security teams to create a unified defense.

    The Path Forward

    As insider threats evolve, organizations must adopt a holistic strategy combining technology with human vigilance. Building a culture of security awareness is crucial, empowering employees to act as human firewalls. Information sharing within industries and with law enforcement is vital, as collaboration is key to combating these sophisticated threats. 

    Conclusion

    The fight against insider threats is an ongoing process of adaptation, learning, and vigilance. In this new era of cybersecurity, our greatest assets are our people, our processes, and our willingness to evolve. By harnessing these strengths, we can create resilient organizations capable of withstanding the threats that lie within.

    To learn more about how you can protect your organization, read the KnowBe4 whitepaper on the topic here.

    By Dr. Martin J. Kraemer, Cybersecurity Awareness Advocate at KnowBe4

    The MIL Network –

  • MIL-OSI Asia-Pac: Revised Code of Practice for Bamboo Scaffolding Safety to take effect tomorrow

    Source: Hong Kong Government special administrative region

    Revised Code of Practice for Bamboo Scaffolding Safety to take effect tomorrow
    Revised Code of Practice for Bamboo Scaffolding Safety to take effect tomorrow
    ******************************************************************************

         ​The revised Code of Practice for Bamboo Scaffolding Safety (CoP) will officially take effect tomorrow (October 19). The CoP was gazetted on April 19 this year, and a grace period of six months was provided to allow the industry to have sufficient time to understand and prepare for the revised requirements.     During this grace period, the Labour Department (LD) has strengthened its publicity and promotion, as well as education and training through various channels to facilitate the industry’s better understanding of the content of the CoP. These include disseminating relevant information through the LD website, the “OSH 2.0” mobile application and various mass media. In addition, a new “Work Safety Alert” animation specifically targeting truss-out bamboo scaffolds (TOS) has been produced. Relevant content has also been incorporated into the Mandatory Basic Safety Training Course (Construction Work) (commonly known as the “Green Card”) and occupational safety and health (OSH) training courses organised by the LD. The LD has also co-organised with relevant organisations to conduct a series of talks and seminars and launch new television promotional videos to further explain the major revisions of the CoP.     The major revisions of the CoP include enhancing technical requirements for the bracings, putlogs and access and egress of bamboo scaffolds; prohibiting unauthorised alteration of bamboo scaffolding including putlogs; further specifying the requirements of supervising work of competent persons to the bamboo scaffolders who perform erection, addition, alteration or dismantling of bamboo scaffolds and inspection prior to inclement weather; and requiring all workers who perform erection, addition, alteration or dismantling of TOS to hold a valid certificate of “Advanced Level Truss-out Scaffolder Safety Training” or “Intermediate Level Truss-out Scaffolder Safety Training” issued by the Construction Industry Council before performing specified work.     A spokesperson for the LD said, “After the commencement of the revised CoP, the LD will continue to strengthen area patrols in the coming period to combat violations of scaffolding operations in renovation, maintenance, alteration and addition works. The inspection focuses include whether the erection, addition, alteration or dismantling of TOS is conducted under the immediate supervision of a competent person; whether the bamboo scaffolders of TOS hold valid certificates; whether suitable fall protection equipment and systems are provided and properly used by bamboo scaffolders; and the stability of the scaffolding. If any violations of the OSH legislation are detected, stringent enforcement actions will be taken immediately, including issuing suspension notices and improvement notices and initiating prosecutions without prior warning.”     Under the general duty provisions of the Occupational Safety and Health Ordinance, employers are obligated to provide safe working environments, plant and system of work for their employees. Those who contravene the relevant provisions with serious circumstances are subject to a maximum fine of $10 million and imprisonment for two years.     The revised CoP can be downloaded from the LD website http://www.labour.gov.hk/eng/public/content2_8b.htm. Enquiries about the CoP can be made at 2559 2297.

     
    Ends/Friday, October 18, 2024Issued at HKT 12:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Tender for third operation and management contract of Light Public Housing invited

    Source: Hong Kong Government special administrative region

    Tender for third operation and management contract of Light Public Housing invited
    Tender for third operation and management contract of Light Public Housing invited
    **********************************************************************************

         ​The Housing Bureau (HB) today (October 18) invites tenders for the third operation and management contract of Light Public Housing (LPH), and encourages capable and experienced organisations to participate actively.           The project is located at Tsing Fuk Lane, Tuen Mun (i.e. Tuen Mun Area 3A), providing about 1 900 units, with intake tentatively scheduled in the fourth quarter of next year. Same as the previous two contracts, the scope of operation and management services mainly cover occupant management, property management, daily maintenance, as well as the provision of social services, and the management and operation of ancillary facilities, etc. To encourage participation of different stakeholders in the community, the HB welcomes tenders from all capable and experienced service providers, including non-government organisations and those with a valid property management company licence, or a collaboration between them.           To ensure service quality, the HB will carry out a technical assessment based on a series of factors, including management capability, relevant experience and past service performance of the organisations, as well as the proposed modes of operation and management, social service support to be provided, feasibility of an exit plan and use of innovation and information technology as stated in their proposals, etc such that the facilities and services of LPH can meet the needs of the residents and the local community. The tender price will then be evaluated to form a consolidated assessment to decide on the most suitable organisation for operating LPH.           A spokesman for the HB said, “LPH could fill the short-term gap of public housing supply, and improve the living conditions and quality of life of people living in inadequate housing as soon as practicable. Construction of a number of projects has already commenced. The first LPH project located at Yau Pok Road, Yuen Long, which provides about 2 100 units, will be completed with tenant intake in the first quarter of next year. Its operation and management contract has been awarded to the Pioneer Management Limited – Tung Wah Group of Hospitals Joint Venture. The second operation and management contract of LPH, which covers the two LPH projects at Choi Hing Road and Choi Shek Lane, Ngau Tau Kok (i.e. the former St Joseph’s Anglo-Chinese School), which provide about 2 290 and 148 units respectively, is expected to be awarded soon. Their tenant intake is anticipated in the second quarter of next year and the first quarter of 2026 respectively. We hope that experienced and aspirational organisations can continue to actively participate in the tender exercise and join hands with us in this large-scale social project.”           Interested organisations may download the tender documents via the relevant tender notice on the HB’s website (www.hb.gov.hk) or from the e-Tendering System; or contact the Dedicated Team on Light Public Housing under the HB for obtaining the tender documents. The Tender Reference is HB2024/OPR-LPH-TFL.           Tenderers must submit the tenders by noon on December 6, 2024 (Friday), either electronically via the e-Tendering System or by deposit in the Government Secretariat Tender Box situated at Lobby of the Public Entrance on Ground Floor, East Wing, Central Government Offices, 2 Tim Mei Avenue, Tamar. Late tenders will not be accepted.

     
    Ends/Friday, October 18, 2024Issued at HKT 12:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Waste Disposal (Amendment) Bill 2024 gazetted today

    Source: Hong Kong Government special administrative region

    Waste Disposal (Amendment) Bill 2024 gazetted today
    Waste Disposal (Amendment) Bill 2024 gazetted today
    ***************************************************

         The Waste Disposal (Amendment) Bill 2024 (Amendment Bill) was published in the Gazette today (October 18), for implementing the relevant amendments to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal (Basel Convention) on the control of transboundary movements of electrical and electronic waste (EEW) and their proper management in Hong Kong.           A spokesman for the Environment and Ecology Bureau indicated that the Conference of the Parties to the Basel Convention adopted the amendments to the Basel Convention in June 2022. The amendments, which will take effect from January 1, 2025, expand the control scope of the Basel Convention from hazardous EEW to all EEW. From then, the export of all EEW may only be allowed if the state of import and state(s) of transit, if any, have given their prior consent. The objective is to ensure EEW undergoing transboundary movement is properly managed in the state of import, thereby protecting the local environment and public health.           The spokesman said, “The amendments to the Basel Convention will enter into force in our country on January 1, 2025, and apply to Hong Kong. Therefore, we shall amend the Waste Disposal Ordinance (Cap. 354) (WDO) to expand the scope of import and export control to cover all EEW under the permit control system, with a view to aligning with national policy and complying with the requirements under the Basel Convention alongside with our country.”           To facilitate the trade to adapt to the new control, the Environmental Protection Department (EPD) has been actively explaining the implementation details and providing suitable assistance to the trade. Subject to the passage of the Amendment Bill by the Legislative Council (LegCo), a six-month phasing-in period will be put in place once the amendments to the WDO become effective. During the phasing-in period, the EPD will exercise discretion when it handles non-compliance matters. At the same time, the EPD will continue to facilitate trade compliance through further publicity and educational efforts.           The Amendment Bill will be introduced into the LegCo for first and second readings on October 30. The Government will fully complement the work of the LegCo in scrutinising the bill, and hope that the LegCo will support and approve the Amendment Bill. Subject to its passage, the relevant legislative amendments will take effect on January 1, 2025, to align with the effective date of the amendments to the Basel Convention which will be the same date when the country implements the requirement.   

     
    Ends/Friday, October 18, 2024Issued at HKT 12:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: “Environment Matters, Your Action Matters More” promoting environmental protection and sustainable development to launch on RTHK TV 31

    Source: Hong Kong Government special administrative region

    “Environment Matters, Your Action Matters More” promoting environmental protection and sustainable development to launch on RTHK TV 31
    “Environment Matters, Your Action Matters More” promoting environmental protection and sustainable development to launch on RTHK TV 31
    ******************************************************************************************

         “Environment Matters, Your Action Matters More”, a television programme produced by the Environmental Protection Department (EPD) and Radio Television Hong Kong (RTHK), will premiere on RTHK TV 31 on October 23. The programme will bring audiences to explore the new face of a green future by understanding more about environmental expertise in different areas and global trends in environmental protection.           In line with the Youth Development Blueprint, the programme covers a range of environmental protection topics, including global environmental issues and sustainable development, environmental impact assessments and planning, climate change, air quality, waste management, water quality and noise control. It introduces various environmental protection facilities and technologies in a light-hearted and humorous manner, aiming to raise awareness among youth about environmental protection and to encourage them to explore potential career paths in this field.           Consisting of 15 episodes, each lasting five minutes, the programme features two characters, an eco-friendly supporter and a young girl aspiring to pursue a career in environmental protection technology. Using everyday scenarios as an introduction, the episodes include interviews with various experts from the Environment and Ecology Bureau, the EPD, academia, and the environmental sector, showcasing how innovative technology can address environmental issues.           “Environment Matters, Your Action Matters More” will air from October 23 this year to January 29 next year, every Wednesday at 8.25pm on RTHK TV 31 for 15 consecutive weeks (see Annex for themes of each episode).

     
    Ends/Friday, October 18, 2024Issued at HKT 12:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: EDB announces subsidy amounts for Mainland University Study Subsidy Scheme in 2024/25 academic year

    Source: Hong Kong Government special administrative region

    EDB announces subsidy amounts for Mainland University Study Subsidy Scheme in 2024/25 academic year
    EDB announces subsidy amounts for Mainland University Study Subsidy Scheme in 2024/25 academic year
    ******************************************************************************************

         The Education Bureau (EDB) announced today (October 18) the subsidy amounts of the means-tested subsidy and the non-means-tested subsidy for the Mainland University Study Subsidy Scheme (MUSSS).     The subsidy will be disbursed based on the distance between the locations of the institutions and Hong Kong, which will be grouped into three categories. Details of the subsidy rates under the different categories, which are identical to that of last year, are set out in the Annex.     A spokesman for the EDB said that the MUSSS will benefit Hong Kong students pursuing undergraduate studies in 197 designated Mainland institutions, including the 138 institutions participating in the Scheme for Admission of Hong Kong Students to Mainland Higher Education Institutions for the 2024/25 academic year.     The application period for the MUSSS 2024/25 has closed. The EDB is currently processing the applications with a view to notifying individual applicants of the application results by the first quarter of 2025.                The MUSSS aims to provide appropriate support for Hong Kong students who pursue undergraduate studies on the Mainland and ensure that no students will be deprived of post-secondary education due to financial reasons. The MUSSS comprises means-tested subsidy and non-means-tested subsidy. The subsidy is granted on a yearly basis, and the subsidised period is the normal duration of the undergraduate programme pursued by the student concerned in the designated Mainland institution. Eligible applicants may only receive either a means-tested subsidy or a non-means-tested subsidy in the same academic year.

     
    Ends/Friday, October 18, 2024Issued at HKT 12:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: 400 Students of Samsung Innovation Campus Certified in Future-Tech Skills at Gautam Buddha University

    Source: Samsung

     
    Samsung India’s flagship CSR programme, Samsung Innovation Campus, concluded the Artificial Intelligence (AI) course for 400 students of Gautam Buddha University in Greater Noida, Uttar Pradesh, reiterating the brand’s commitment to being a strong partner of the country and working alongside the Government in its mission of skilling the country’s youth and powering #DigitalIndia.
     
    The students were certified at a felicitation ceremony attended by Prof. R.K. Sinha, Vice Chancellor, Gautam Buddha University, alongside officials from Samsung and the Electronics Sector Skills Council of India (ESSCI).
     
    At the conclusion of the entire programme for the year, the toppers from each domain will be awarded a cash prize of INR 1 lakh and will get a chance to visit Samsung’s facilities in Delhi/NCR. During these visits, they will have the opportunity to engage with Samsung’s leadership team. Not just that, the national course toppers will receive exciting Samsung products.
     
    “Educating the nation’s youth in future-tech skills such as AI, IoT, Big Data and Coding is part of a larger plan at Samsung to contribute to the nation’s growth story and drive the Digital India initiative. The second season of Samsung Innovation Campus, Samsung’s flagship CSR programme, has taken a step further in that direction by imparting valuable knowledge and training to youngsters across the country to boost their employability,” said SP Chun, Corporate Vice President, Samsung Southwest Asia.        
     
    Samsung Innovation Campus offers in-depth training across four key technology areas—AI, IoT, Big Data, and Coding & Programming. Students gain hands-on experience through capstone projects and soft skills training aimed at boosting their employability. The AI course participants undergo 270 hours of theory training followed by 80 hours of project work, while those enrolled in IoT and Big Data courses receive 160 hours of theory training and complete 80 hours of project work. Participants in the Coding & Programming course complete 80 hours of training and take part in a hackathon. Samsung will train 3,500 students across India as part of this programme.
     
    The programme covers eight educational institutions across four states. In the northern region, training centres are established in Lucknow and Gorakhpur, besides two in Delhi NCR. In the southern region, which includes Tamil Nadu and Karnataka, training centres are located in Chennai and Sriperumbudur, in addition to two in Bengaluru.
     
    During the programme, participants will continue to receive instructor-led blended classroom and online training through approved training and education partners of ESSCI across the country. Youth enrolled for the programme will undergo classroom and online training and complete their hands-on capstone project work in their selected technology areas in AI, IoT, Big Data and Coding & Programming.
     
    They will also be imparted soft skills training to enhance their employability. The participants are being mobilized through ESSCI’s training and education partners across India. The approach includes a combination of offline and online learning, immersive hackathons and capstone projects, as well as expert mentorship provided by Samsung employees.
     
    In 2023, Samsung Innovation Campus successfully trained 3000 students in future-tech courses. Samsung’s involvement in this initiative underscores its commitment to nation building through Corporate Social Responsibility (CSR) activities in India. It complements Samsung’s other CSR endeavours, including Samsung Solve for Tomorrow. Through these initiatives, Samsung aims to empower future leaders of India by providing them with the necessary education and skills to drive meaningful change.
     

    MIL OSI Economics –

  • MIL-OSI Economics: APAC deal volume drops 6.8% during Q1-Q3 2024, as India, Japan, and Australia defy global trend, reveals GlobalData

    Source: GlobalData

    APAC deal volume drops 6.8% during Q1-Q3 2024, as India, Japan, and Australia defy global trend, reveals GlobalData

    Posted in Business Fundamentals

    Deal activity in the Asia-Pacific (APAC) region saw a 6.8% year-on-year (YoY) decline during January to September (Q1-Q3) 2024, with mergers & acquisitions, private equity, and venture financing facing headwinds from economic uncertainties and geopolitical tensions. However, APAC demonstrated resilience compared to global markets, with countries like India, Japan, and Australia bucking the trend and showing growth in deal volume, according to GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that a total of 10,551 deals were announced in APAC during Q1-Q3 2024 compared to the 11,317 deals announced during the same period in previous year,

    The number of M&A, private equity, and venture financing deals registered a YoY decline of 3.1%, 20.7%, and 10.2%, respectively, during the review period.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “In line with the global trend, APAC also witnessed decline in deal activity amid the economic uncertainties, ongoing wars and geopolitical tensions. However, it is noteworthy that APAC showcased relative resilience compared to other regions and even though there was a decline, it was the least among all the regions.”

    For instance, North America, Europe, Middle East and Africa, and South and Central American regions experienced respective deal volume fall by 16%, 13.6%, 7.6%, and 22.3% YoY during Q1-Q3 2024.

    Bose adds: “While deal activity across the APAC region presented a varied picture, the bulk of the decline was concentrated in China. In contrast, key markets like India, Japan, and Australia showed positive momentum, highlighting their resilience amid broader economic challenges.”

    China experienced a 22.8% YoY decrease in the number of deals announced during Q1-Q3 2024 compared to Q1-Q3 2023. Other markets such as South Korea, Singapore, Malaysia, Hong Kong, Indonesia, and New Zealand experienced decline in deal volume by 1.2%, 19.1%, 14.4%, 16%, 34.2%, and 4.7%, respectively. Meanwhile, India, Japan and Australia saw their respective deal volume grow by 9.6%, 16.2% and 2.2%.

    Bose concludes: “The growth seen in India, Japan, and Australia reflects a strategic shift in investor focus on markets with strong fundamentals and growth prospects. These markets continue to offer compelling opportunities, and their ability to buck the global trend reinforces the importance of a diversified approach in venture capital and private equity investments within the region.”

    MIL OSI Economics –

  • MIL-OSI Economics: Consumer preference for clean label products spurs innovation in APAC, says GlobalData

    Source: GlobalData

    Consumer preference for clean label products spurs innovation in APAC, says GlobalData

    Posted in Consumer

    The rising demand for clean label products is spurring advancements and innovations in the Asia-Pacific (APAC) region, as companies recognize the need to adapt to changing consumer preferences. This demand is not just limited to food and beverages; it extends to personal care and household products as well. A survey corroborates this trend, where 49% of respondents in Asia & Australasia stated that their product purchasing decisions for household cleaning products are either always or often influenced by how ethical/environmentally friendly/socially responsible the product/service is*, says GlobalData, a leading data and analytics company.

    Mani Bhushan Shukla, Consumer Analyst at GlobalData, comments: “Clean label products often use simple, natural ingredients, are free from additives and artificial chemicals, and also commonly feature sustainable and ethical credentials. The expected characteristics of clean label products can vary between industries. Healthy attributes such as “low-sugar” and “low-fat” are prioritized more in food and beverages, while “natural” and “free-from” attributes are prioritized more in personal care. Clean label household care products tend to include natural ingredients instead of synthetic ingredients or “harsh” chemicals, as well as exhibiting sustainability credentials like recyclable packaging.”

    Deepak Nautiyal, Consumer and Retail Commercial Director, Asia-Pacific and Middle East, GlobalData, adds: “Manufacturers are exploring innovative sourcing methods, sustainable packaging solutions, and alternative ingredients that align with the clean label ethos. As brands strive to meet consumer expectations, they are also exploring new marketing strategies that highlight their commitment to transparency and sustainability, ultimately leading to a broader range of clean label options for consumers.

    “Aligning with this trend, Unilever introduced the Sunlight BioCare Nature dishwashing liquid in Vietnam, Indonesia, and Thailand, featuring RhamnoClean Technology for superior grease removal. This product is integrated into the company’s Clean Future sustainability initiative, which employs circular economy principles in both its formulation and packaging to minimize CO2 emissions and plastic waste.”

    Shukla notes: “Heightened health and wellbeing concerns are seeing consumers seek ways to safeguard health and wellness and boost immunity, while increased awareness of sustainability issues amid a rising frequency of extreme weather events has resulted in proactive efforts to reduce carbon footprints. Many consumers are switching to clean label products that feature simple and natural ingredient lists to address such concerns, as well as eco-friendly or ethically sound products. For instance, Garnier, part of the L’Oréal’s family, renewed its commitment to providing sustainable products for consumers in Asia. By utilizing green science, the brand seeks to reduce the environmental footprint of its products, aligning with the increasing consumer interest in eco-friendly beauty solutions.”

    Nautiyal continues: “The integration of sustainable packaging and a clean label will significantly influence consumer purchasing decisions and foster brand loyalty, as evidenced in a GlobalData consumer survey, wherein 78% of APAC consumers consider it essential/nice to have recyclable packaging*. This dual approach not only attracts eco-conscious consumers but also fosters a deeper emotional connection with the brand, leading to increased customer retention and loyalty.”

    Shukla concludes: “As environmental concerns rise in Asia, companies emphasizing eco-friendly ingredients and sustainable supply chains will find new growth opportunities. The demand for safe, environmentally beneficial products will drive innovation in the clean label market. By investing in innovative sourcing and transparent supply chains, these companies can enhance their clean label offerings, attract eco-conscious consumers, and build brand loyalty for long-term success.”

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

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Marine Safety (Alcohol and Drugs) Ordinance to take effect on January 1 next year

    Source: Hong Kong Government special administrative region

    Marine Safety (Alcohol and Drugs) Ordinance to take effect on January 1 next year
    Marine Safety (Alcohol and Drugs) Ordinance to take effect on January 1 next year
    *********************************************************************************

         The Government today (October 18) gazetted the Marine Safety (Alcohol and Drugs) Ordinance (Commencement) Notice to appoint January 1, 2025, as the day on which the Marine Safety (Alcohol and Drugs) Ordinance shall come into effect.     The Marine Safety (Alcohol and Drugs) (Approved Instrument Types and Specified Tests) Notice and the Marine Safety (Alcohol and Drugs) (Notice to Appear before Magistrate) Notice were also made to designate the types of instruments for the testing of drink and drug boating, specify the preliminary tests to be carried out to assess whether a person’s ability to properly operate a vessel or perform a designated duty on board a vessel is impaired by the consumption or use of drugs; and prescribe the form for a notice requiring a suspect to appear before a magistrate in respect of offences under the Ordinance.       The abovementioned notices will be tabled at the Legislative Council on October 23 for negative vetting.     The Ordinance was enacted by the Legislative Council earlier on to regulate drink and drug boating in Hong Kong waters, so as to enhance marine safety and protect the safety of persons on board a vessel.

     
    Ends/Friday, October 18, 2024Issued at HKT 12:45

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Rural voters final register released

    Source: Hong Kong Information Services

    The final register for the 2024 Rural Representative Election (RRE), which includes the particulars of registered electors, was released today.

    Registered electors may visit the RRE Voter Registration Information Enquiry System, or call the election hotline at 2152 1521 during business hours to check their registration particulars. 

    A full copy of the final register is available at the office of the Electoral Registration Officer, which is located at the Home Affairs Department, 30/F Southorn Centre, 130 Hennessy Road, Wan Chai.

    Copies of the final register relating to specific rural committees are placed at Assistant Electoral Registration Officers’ offices at the corresponding New Territories district offices.

    Validly nominated candidates may inspect the final register of electors for purposes relating to the election.

    The final register is also open for inspection by those who have subscribed to the Government News & Media Information System maintained by Director of Information Services, bodies and organisations meeting the specified requirements under the abovementioned regulation, the Heung Yee Kuk, rural committees for the relevant rural areas, indigenous inhabitants of indigenous villages and composite indigenous villages, and residents of “existing villages” or market towns.

    Statistical information about the final register is available on the election website.

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: NSU is the leader in the BRICS ranking among Russian universities located in the regions

    MILES AXLE Translation. Region: Russian Federation –

    Source: Novosibirsk State University – Novosibirsk State University –

    The Association of Rating Compilers (ACR) has published Pilot ranking of universities in the BRICS countries. The final list included 600 educational institutions from ten Commonwealth countries: Brazil, Egypt, India, Iran, China, the United Arab Emirates, Russia, Saudi Arabia, Ethiopia and South Africa. Russia became the second country in the ranking by the number of participants – 161 universities. Novosibirsk State is in 19th place in the overall ranking, occupying the highest positions among Russian universities located in the regions.

    In general, the BRICS rating methodology repeats the methodology of the “Three University Missions” rating, but takes into account the national characteristics of the countries that are part of the association. The university’s activities are also characterized in three areas: education, science, and relations with society. The difference is that the weights of some indicators have been changed and one new indicator has been added: “the number of joint scientific publications with BRICS partners.”

    — NSU’s high positions in the BRICS university rankings are explained by several factors. First of all, this is the quality of education and scientific activity. A positive impact was exerted by the increase in the significance of such an indicator as “the number of victories of university students in international student Olympiads” (data on Olympiads were taken into account from 2019 to 2023). And also the addition of such a criterion as the number of scientific works in partnership with colleagues from BRICS countries to the new ranking. NSU is traditionally strong in international scientific ties, especially with the states that are part of this association. We currently have 126 partner universities in 24 countries of the world, more than 300 publications with foreign co-authors are published annually, — noted NSU Rector, Academician of the Russian Academy of Sciences Mikhail Fedoruk.

    A total of 24 Russian universities made it into the top hundred of the ranking. The highest positions were taken by Moscow State University (2nd place), St. Petersburg State University (5th place), Moscow Institute of Physics and Technology (6th place), HSE (10th place) and MEPhI (15th place). Next come universities located in the regions, among which the leader is Novosibirsk State University (19th place), followed by Tomsk State University (36th place) and Ural Federal University (38th place).

    The strongest point of Russian universities is the quality of education; 39 educational institutions in Russia were included in the top 100 universities according to this group of criteria, with 10 of them being in the top twenty.

    Rating information:

    The idea of the ranking was proposed in 2023 by representatives of South Africa, and in the same year it was enshrined in the declaration following the meeting of the BRICS education ministers. The BRICS principles on which the ranking was formed werevoicedat the congress of the Russian Union of Rectors in July 2024, and then they were discussed and supported by the working groups of the Russian Academy of Sciences, the Russian Academy of Education and the Ministry of Education and Science. Principlespublishedon the website of the rating “Three University Missions”.

    Full list of universities, included in the rating.

    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://vvv.nsu.ru/n/media/nevs/education/ngu-leader-in-brix-rating-among-russian-universities-located-in-regions-/

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Government gazettes amendment regulations to implement electronic vehicle licence initiative and tackle prolonged non-licensed vehicles

    Source: Hong Kong Government special administrative region

    Government gazettes amendment regulations to implement electronic vehicle licence initiative and tackle prolonged non-licensed vehicles
    Government gazettes amendment regulations to implement electronic vehicle licence initiative and tackle prolonged non-licensed vehicles
    ******************************************************************************************

         The Road Traffic (Registration and Licensing of Vehicles) (Amendment) Regulation 2024 (RLV Amendment Regulation), Road Traffic (Registration and Licensing of Vehicles) (Amendment) (No. 2) Regulation 2024 (RLV (No. 2) Amendment Regulation) and Motor Vehicles Insurance (Third Party Risks) (Amendment) Regulation 2024 (TPR Amendment Regulation) were gazetted today (October 18).     The Amendment Regulations seek to implement an electronic vehicle licence (eVL) of the Transport Department (TD) by obviating the need of vehicle owners to replace their paper-form vehicle licences on each renewal, to simplify the supporting documents required for vehicle licence (VL) applications; as well as to tighten the vehicle registration and licensing regime by introducing a penalty for taking no action on vehicles unlicensed for two years or more.     A spokesman for the Transport and Logistics Bureau said, “The eVL initiative will streamline the process for vehicle licence applications and bring greater convenience to vehicle owners. The TD will issue a notice to the vehicle owners containing the new licensed period in lieu of a paper-form VL, so that the vehicle owners will not need to replace the paper-form VL with a new one on each renewal after its first issuance bearing no expiry date. The amendments to the law will also simplify the documents accompanying a VL application by repealing the requirement of presenting the Vehicle Registration Document; whereas online VL applicants will have the option not to present the scanned copy of policy of insurance or security, but providing information (such as name of the vehicle owner, identity document number of the vehicle owner, vehicle registration mark, etc) to be specified by the Commissioner for Transport.       “Moreover, to address at source the issue of improper abandonment of unlicensed vehicles in a public area, amendments will be made to hold vehicle owners responsible for their vehicles on a continuous basis. The registered owners of vehicles unlicensed for two years or more must, within three months of the date of a notice to be issued by the TD, either have the vehicle relicensed, or cancel the registration of the unlicensed vehicle in accordance with the requirement, failing which will constitute an offence,” the spokesman added.     The Legislative Council (LegCo) Panel on Transport and the Transport Advisory Committee were briefed on the above, and members generally supported and welcomed the proposed arrangements. The Amendment Regulations will be tabled at the LegCo on October 23 for negative vetting. Subject to scrutiny by the LegCo, the RLV Amendment Regulation and TPR Amendment Regulation will be effective from December 30 this year. To allow sufficient time for vehicle owners to take appropriate actions on their unlicensed vehicles, the RLV (No. 2) Amendment Regulation will come into operation on a date to be fixed by notice in the Gazette, tentatively in the fourth quarter of 2025.

     
    Ends/Friday, October 18, 2024Issued at HKT 12:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Results of Underwriting Auctions Conducted on October 18, 2024

    Source: Reserve Bank of India

    In the underwriting auctions conducted on October 18, 2024, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    (₹ crore)
    Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate
    (paise per ₹100)
    7.02% GS 2031 10,000 5,019 4,981 10,000 0.06
    7.23% GS 2039 13,000 6,510 6,490 13,000 0.08
    7.09% GS 2054 10,000 5,019 4,981 10,000 0.11
    Auction for the sale of securities will be held on October 18, 2024.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1329

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Three amendment regulations and notices in relation to seafarers of merchant ships to take effect on December 23

    Source: Hong Kong Government special administrative region

         The Government today (October 18) gazetted the Merchant Shipping (Seafarers) (Health and Safety: General Duties) (Amendment) Regulation 2024 (Commencement) Notice; the Merchant Shipping (Seafarers) (Working and Living Conditions) (Amendment) Regulation 2024 (Commencement) Notice; and the Merchant Shipping (Seafarers) (Returns of Births, Deaths and Missing Persons) Regulation (Amendment of Schedules) Notice 2024 (Commencement) Notice, to specify the amendment regulations and notices in relation to seafarers of merchant ships to come into effect on December 23 this year.

         The Merchant Shipping (Seafarers) (Health and Safety: General Duties) (Amendment) Regulation 2024; the Merchant Shipping (Seafarers) (Working and Living Conditions) (Amendment) Regulation 2024; and the Merchant Shipping (Seafarers) (Returns of Births, Deaths and Missing Persons) Regulation (Amendment of Schedules) Notice 2024, which were enacted by the Legislative Council earlier on, seek to incorporate into local legislation the latest relevant requirements of certain amendments to the Maritime Labour Convention, 2006, approved by the International Labour Organization (the 2022 Amendments). The latest requirements cover seafarer recruitment and placement agents, provision of drinking water supplies and balanced meals, repatriation of the bodies or ashes of deceased seafarers, reporting of deaths of seafarers, as well as provision of appropriately sized personal protective equipment. The aforesaid regulations and notice will come into operation on December 23, in line with the date on which the 2022 Amendments will enter into force globally.

         â€‹The commencement notices will be tabled to the Legislative Council on October 23 for negative vetting.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Speech by SITI at InnoTech Forum 2024 (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the InnoTech Forum 2024 today (October 18):
     
    Alpha (Director-General of Investment Promotion, Ms Alpha Lau), distinguished guests, ladies and gentlemen,
     
         Good morning. It is my great pleasure to join you all today at the InnoTech Forum 2024 organised by InvestHK. Themed “Pioneering in the Artificial Intelligence (AI) and New Energy Era”, this full-day forum brings together experts from diverse fields to explore how Hong Kong can establish itself as a global leader in innovation and technology (I&T).
     
         Technological empowerment is the cornerstone of achieving high-quality economic development. It accelerates the emergence of new quality productive forces and enables industries to adapt and thrive in the increasingly competitive local, regional and global arenas. As we navigate in this new era, we must harness technology not just for individual success or lucrative business, but for collective growth that benefits our society. 
     
         Just two days ago, our Chief Executive unveiled a range of initiatives in his third Policy Address, reinforcing Hong Kong’s commitment to becoming an international I&T centre. This year’s theme, “Reform for Enhancing Development and Building Our Future Together”, emphasises the importance of collective growth. That means your success is our success, and together we can scale new heights and build a brighter future for Hong Kong.
     
         AI, as this year’s forum highlights, remains a key driver of I&T and business development. To support enterprises like yours in leveraging AI technologies, the Government has invested billions of dollars in cultivating an all-round AI ecosystem here in Hong Kong. I would like to take this opportunity to share with you some of the exciting developments that are under way.
     
         Talking about AI development, computation facility is pivotal. Cyberport will soon put into operation its AI Supercomputing Centre (AISC) to support the strong computing demand from universities, research institutes and the industry. With its first-phase facility capable of providing at least 300 petaFLOPS and in a year or so, the computing power will be augmented to a level of 3 000 petaFLOPS; the AISC will offer top-notch, high-performance computing facilities and serve as a collaborative platform to foster AI-driven research and innovation. Apart from Cyberport, the Hong Kong Science and Technology Parks Corporation has officially launched the High-Performance Computing service last month, which is expected to support the growth of around 300 companies working on AI and data technology in Science Park’s ecosystem.
     
         To support the commissioning of the AISC, the Government has allocated $3 billion to launch a three-year AI Subsidy Scheme. This significant sum is aimed at subsidising eligible users of the AISC to leverage the computing power, by offering a subsidy of up to 70 per cent of the list price of the computing power or 90 per cent in exceptional cases. Cyberport has also been tasked to promote the AI ecosystem and enable AI enterprises and talent to land in Hong Kong through the scheme. I encourage you to tap into our latest technology infrastructure at Cyberport, where we hope to see even more scientific breakthroughs.
     
         AI has taken the world by storm, revolutionising not only industries but also the Government. The provision of public services must harness this powerful technology. The Policy Address announced that the Government will pilot the use of a generative AI document processing copilot application, developed on the basis of a locally trained large language model, within the Government to assist staff in writing, translating and summarising documents. This trial run will also lend support to Hong Kong’s exploration in generative AI technologies and enrich the use cases for better, accurate and localised outcomes.
     
         In fact, a number of the hundred digital government and smart city initiatives that the Government presses ahead for rollout this year and next will make use of AI technology. For instance, we have expanded the AI chatbot service for the 1823 enquiry service, making it much more adept at handling the public’s frequently asked questions within its scope of service. This improves user experience and allows our staff to focus on other complex tasks, thereby lifting the overall service quality. The judicious application of AI in the Government will advance our digital government and smart city development, benefitting both the people and businesses of Hong Kong, and bringing them closer to the fruition of I&T development. 
     
         Ladies and gentleman, Hong Kong stands on the cusp of making ground-breaking strides by capitalising on the vast potential of AI and other cutting-edge technologies. We are partners in this journey to seize the opportunities that lie ahead. So let’s invest in technology, invest in innovation, and invest in Hong Kong. Together, we can push the boundaries of what is possible to make Hong Kong a truly international I&T centre. 
     
         In closing, I would like to thank InvestHK for making this happen, and I hope you would leave this forum with mind-blowing takeaways. Thank you.   

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Result of the 13-day Variable Rate Reverse Repo (VRRR) auction held on October 18, 2024

    Source: Reserve Bank of India

    Tenor 13-day
    Notified Amount (in ₹ crore) 1,00,000
    Total amount of offers received (in ₹ crore) 20,073
    Amount accepted (in ₹ crore) 20,073
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1330

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: 3rd light public housing tender opens

    Source: Hong Kong Information Services

    The Housing Bureau today invited tenders for the third operation and management contract of Light Public Housing (LPH), involving a project at Tsing Fuk Lane in Tuen Mun.

    The project will provide about 1,900 units, with intake tentatively scheduled in the fourth quarter of 2025.

    As with the previous two contracts, the scope of operation and management services for this contract mainly cover occupant management, property management, daily maintenance, as well as the provision of social services, and the management and operation of ancillary facilities.

    To encourage participation of different stakeholders in the community, the bureau welcomes tenders from all capable and experienced service providers, including non-government organisations and those with a valid property management company licence, or a collaboration between them.

    The bureau will carry out a technical assessment based on factors including the organisations’ management capability, relevant experience and past service performance, as well as the proposed modes of operation and management, social service support to be provided, feasibility of an exit plan and use of innovation and information technology as stated in their proposals.

    This is to ensure that the LPH facilities and services can meet the needs of the residents and the local community.

    The tender price will then be evaluated to form a consolidated assessment to decide on the most suitable organisation for operating LPH.

    The bureau pointed out that LPH could fill the short-term gap of public housing supply and improve the living conditions and quality of life of people living in inadequate housing as soon as practicable, adding that construction of a number of projects has already commenced.

    Interested organisations may download the tender documents (tender reference HB2024/OPR-LPH-TFL) via the relevant tender notice on the bureau’s website from the e-Tendering System. They may also contact the bureau’s dedicated team on LPH to obtain the tender documents.

    Tenders must be submitted by noon on December 6, either electronically via the e-Tendering System or by deposit in the Government Secretariat Tender Box situated at the lobby of the Public Entrance on Ground Floor, East Wing, Central Government Offices, 2 Tim Mei Avenue, Tamar.

    Late tenders will not be accepted.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: RBI to conduct 3-day Variable Rate Reverse Repo (VRRR) auction under LAF on October 18, 2024

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a second Variable Rate Reverse Repo (VRRR) auction on October 18, 2024, Friday, as under:

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor
    (day)    		 Window Timing Date of Reversal
    1 1,25,000 3 12:00 Noon to 12:30 PM October 21, 2024
    (Monday)

    2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1331

    MIL OSI Economics –