Source: Reserve Bank of India
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Category: Asia
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MIL-OSI Economics: Money Market Operations as on September 26, 2024
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MIL-OSI China: US chipmaking drive at risk with Intel’s mounting financial woes
Source: China State Council Information Office 3
Intel, once the biggest chipmaker in the United States by revenue, is facing mounting financial troubles that threaten to derail the U.S. government’s ambitious strategy to revitalize domestic chip manufacturing.
Intel shares have taken a hard hit in recent months after the company reported a staggering net loss of 1.61 billion U.S. dollars in the second quarter and announced cutting about 15,000 jobs to save costs. This is viewed as an especially troubling sign when the company is expected to bolster the U.S. semiconductor workforce.
Intel’s stock has plummeted by about a third since the release of its latest earnings report in August and nearly two-thirds this year.
This fall has pushed Intel’s market value below 100 billion dollars for the first time in three decades, as the company struggled to compete with artificial intelligence (AI) chip designers while missing the growth opportunities from the AI-driven boom.
Intel was reportedly considering a range of options to cut costs, including separating or selling its foundry business or building chips based on designs from other companies.
The U.S. government bet big on Intel to boost domestic chip manufacturing. The company’s foundry business was viewed as crucial to achieving that goal.
In a show of support, the U.S. Commerce Department announced in March that it would award Intel a nearly 20-billion-dollar incentive package, including 8.5 billion dollars in grants and 11 billion dollars in loans. This represents the largest award under the CHIPS and Science Act of 2022.
The CHIPS Act, which allocated 39 billion dollars in grants to incentivize chip companies to build factories in the United States, aimed to reverse the decades-long shift of semiconductor production to Asia.
According to the Commerce Department’s announcement in March, the government’s incentive was designed to support Intel’s efforts to produce cutting-edge semiconductors at large-scale plants in Arizona and Ohio. The money was also reported to help pay for research and development and advanced packaging projects at facilities in Oregon and New Mexico.
Intel is currently constructing four chip factories in the United States, with two facilities each in Ohio and Arizona. The two factories in Licking County, Ohio, are part of a 20-billion-dollar project that could eventually accommodate up to eight factories and are expected to be completed in 2025.
In Arizona, Intel is investing over 32 billion dollars to build two new leading-edge chip factories and modernize an existing facility at its Ocotillo campus, according to the company.
Intel CEO Pat Gelsinger said earlier that building chip factories in the United States is economically uncompetitive compared with Asia, and he expected the government’s incentives to help redress that imbalance.
However, despite these ambitious plans and the promise of government support, Intel has yet to receive any funds from the announced incentive package. Growing questions surround the timeline for Intel to access the nearly 20 billion dollars in CHIPS Act incentives, which are contingent on the company meeting specific milestones and requirements.
According to a Bloomberg report this month, the Department of Commerce declined Intel’s request for funds, instead insisting that the company meet key milestones and conduct significant due diligence before it would consider releasing the money.
The implications of Intel’s financial woes extended beyond U.S. borders. The company paused plans for new chip factories in Germany and Poland and delayed the opening of a new chip packaging plant in Malaysia following its dismal second-quarter financial results.
Media reports suggest that Qualcomm had approached Intel to acquire parts of its business, though both companies declined to comment on the deal. Industry analysts, however, remained skeptical about the potential for such a deal to address the challenges facing U.S. chip manufacturing.
Qualcomm, having never operated a chip factory before, may not be interested in buying Intel’s loss-making chip manufacturing unit, as it would be challenging to turn around or sell the unit, according to a Monday report by Reuters, citing industry analysts.
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MIL-OSI China: SCIO Holds Press Conference on Providing Financial Support for High-quality Economic Development
Source: Peoples Bank of China
At the press conference held by the State Council Information Office (SCIO) at 9 a.m. on Tuesday, September 24, 2024, Pan Gongsheng, Governor of the People’s Bank of China (PBOC), Li Yunze, Minister of the National Financial Regulatory Administration (NFRA), and Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), briefed on the progress of providing financial support for high-quality economic development, and answered questions from the press. The transcript is as follows.
Shou Xiaoli, Director-General of the Press Bureau of the SCIO and SCIO spokesperson: Good morning, ladies and gentlemen. Welcome to the SCIO press conference. Today we are glad to have PBOC Governor Pan Gongsheng, NFRA Minister Li Yunze, and CSRC Chairman Wu Qing at the conference. They will give introductions to their work on providing financial support for high-quality economic development and answer your questions. Now, I’ll give the floor to Mr. Pan Gongsheng.
Pan Gongsheng, Governor of the PBOC: Thank you, Director-General Shou. Good morning, dear friends from the media! Glad to see you again. I want to thank you all for your long-standing attention and support regarding the financial sector reform and development and the work of the PBOC.
Since the beginning of this year, the PBOC has been committed to the fundamental objective of providing financial services for the real economy, adhered to a supportive monetary policy stance and policy orientation, and made major monetary policy adjustments three times respectively in February, May, and July.
In terms of the aggregates of monetary policy, the PBOC has adopted a variety of monetary policy tools, such as cutting the required reserve ratio (RRR) and policy rates, and bringing down the loan prime rate (LPR), to help create a favorable monetary and financial environment.
Concerning the structure of monetary policy, the PBOC, with a focus on key links of high-quality development, has launched the central bank lending for sci-tech innovation and technological transformation in an effort to enhance financial support for sci-tech innovation and equipment upgrading and renovation. In addition, we have lowered the down payment ratio for housing mortgages, the mortgage rates, and the interest rates on personal housing provident fund loans. We have also set up the central bank lending facility for affordable housing to accelerate the destocking of housing inventory in a market-oriented manner.
Regarding the transmission of monetary policy, we have improved the accounting method of the quarterly value-added of the financial sector, which has been adjusted from reckoning based on the growth of deposits and loans to an income-based approach. We have rectified the behavior of luring depositors with manual interest subsidy, reduced and prevented the idle circulation of funds within the financial system, activated existing financial resources that are inefficiently occupied, and enhanced the efficiency of fund use, thus improving the efficiency of monetary policy transmission.
As for exchange rates, we let the market play a decisive role in the formation of exchange rates. We have maintained the flexibility of the exchange rate while strengthening guidance of expectations, and kept the RMB exchange rate basically stable at an adaptive and equilibrium level.
The monetary policies have continuously delivered results. At end-August, the aggregate financing to the real economy (AFRE) registered a year-on-year growth of 8.1 percent, and RMB loans increased by 8.5 percent year on year, about 4 percentage points higher than the nominal GDP growth rate. Besides, financing costs were at historically low levels.
In line with the decisions and arrangements made by the Communist Party of China (CPC) Central Committee and to further support stable economic growth, the PBOC will firmly adhere to a supportive monetary policy stance, intensify monetary policy adjustments, and implement more targeted adjustment measures, thereby fostering a favorable monetary and financial environment for the stable growth and high-quality development of the economy.
At today’s press conference, I would like to announce several polices.
The first is to lower the RRR and policy rates, and thus bring down the benchmark market rates. The second is to cut interest rates on existing home loans and unify the minimum down payment ratio. The third is to launch new monetary policy tools to support stable development of the stock market.
First, we will cut the RRR and policy rates. We will lower the RRR by 0.5 percentage points, injecting approximately RMB1 trillion of long-term liquidity into the market in the days to come. We may further cut the RRR by 0.25 to 0.5 percentage points within the year, depending on liquidity conditions in the market. As for the central bank policy rates, we will lower the 7-day reverse repo rate by 0.2 percentage points from the current 1.7 percent to 1.5 percent. Meanwhile, we will bring down both the LPR and deposit rates, and thus keep net interest margins (NIMs) of commercial banks stable.
Second, we will cut interest rates on existing home loans and unify the minimum down payment ratio for personal housing loans. To achieve that, we will guide commercial banks to lower the interest rate on existing home loans to a level close to that on newly issued loans, with an anticipated average decline of approximately 0.5 percentage points. We will unify the minimum down payment ratio for first- and second-home mortgages, with the nationwide minimum down payment ratio for second homes to be reduced from 25 percent to 15 percent. As for the RMB300 billion of central bank lending facility for affordable housing launched by the PBOC in May, the proportion of its funding support for banks and purchasing entities will be raised from the original 60 percent to 100 percent, so as to enhance market-oriented incentives for them. Together with the NFRA, we will extend the term of policies on commercial property loans and the “16-Point Plan”, which are set to expire by the end of this year, until the end of 2026.
Third, we will launch new monetary policy tools to support stable development of the stock market. One is to establish a swap facility for securities, fund and insurance companies to support eligible institutions in obtaining liquidity from the central bank by pledging their assets. This facility will significantly enhance these institutions’ ability to raise funds and increase stock holdings. The other is to launch a special central bank lending to guide banks to provide loans to listed companies and their major shareholders for buying back shares and increasing stock holdings.
For the above-mentioned policy measures, we will release policy documents or announcements item by item on the PBOC’s official website.
This is my brief introduction. Next, I am glad to answer your questions together with Minister Li Yunze and Chairman Wu Qing. Thank you!
CCTV: We know that so far this year, the PBOC has carried out three major adjustments of monetary policy. As Governor Pan just mentioned, there will be further reductions of the RRRs and the policy rates. People are widely concerned about the policies on aggregates as they will play an important role in stabilizing growth. So would you explain these policies in more detail? Thank you.
Pan Gongsheng: Aggregates in monetary policy have been of great concern both to the public and in the market. As I have said on different occasions, the PBOC will adhere to a supportive monetary policy stance by stepping up monetary policy adjustments and enhancing their precision. We have used a mix of monetary policy tools to support stable growth of the real economy. While working on the adjustments to monetary policy tools, the PBOC has taken account of the following factors in particular. The first is to support the stable growth of the Chinese economy. The second is to push for a mild rebound in prices, an important factor to consider in developing monetary policy tools. The third is to strike a proper balance between providing support for the growth of the real economy and maintaining the soundness of the banking sector. The fourth has to do with the exchange rate, that is, to keep the RMB exchange rate basically stable at an adaptive and equilibrium level. In addition, we have attached importance to the coordination of monetary and fiscal policies so as to support the proactive fiscal policy playing its part more effectively.
Regarding the specific adjustments to macro policies and the policies on monetary aggregates, which I talked about in my opening remarks, here are some more details.
First, let’s look at RRR reductions. Having lowered the RRR by 0.5 percentage points this February, the PBOC is to carry out another RRR reduction of 0.5 percentage points, which will provide approximately RMB1 trillion of long-term liquidity to the financial market. Currently, the weighted average RRR for financial institutions stands at 7 percent. Following the adjustment, it will be lowered from 8.5 percent to 8 percent for large banks and from 6.5 percent to 6 percent for medium-sized banks, with the RRR for rural financial institutions remaining at 5 percent, which has been in place for some years. With the implementation of the RRR reduction policy, China’s average RRR for the banking sector will be around 6.6 percent, still having room compared with the central banks of the other major economies of the world. Since there are three months to go before the end of the year, it is likely we will further lower the RRR by 0.25-0.5 percentage points based on changing circumstances.
Second, turning to policy rate cuts, in July, we lowered the 7-day reverse repo rate for open market operations (OMOs), the PBOC’s main policy rate, from 1.8 percent to 1.7 percent. This time, it will be reduced by 20 basis points from 1.7 percent to 1.5 percent. With the functioning of the market-oriented mechanism for interest rate regulation, the policy rate adjustment will lead to adjustments of benchmark market rates. As a result, the medium-term lending facility (MLF) rate is expected to go down by about 0.3 percentage points, while the LPR and deposit rates will decline by 0.2-0.25 percentage points.
Overall, this interest rate adjustment will have a neutral influence on the NIMs of banks. Although cutting the interest rates on existing home loans will affect the interest revenue of banks, it will reduce the demand of customers for advance repayment of loans. An RRR cut by the central bank is equivalent to direct provision of low-cost, long-term funds for banks. MLF operations and OMOs are the main channels through which the PBOC provides commercial banks with short- and medium-term funds, so that interest rate cuts will also reduce the funding costs for banks. What’s more, as I mentioned just now, the LPR and deposit rates are also expected to see corresponding decreases. The re-pricing effect achieved through our previous efforts on guiding deposit rates downward via the self-regulatory mechanism for interest rates will materialize in a cumulative manner.
In formulating the plan for the policy adjustment, the PBOC team has conducted several rounds of careful, quantitative analysis and assessment, which show this interest rate adjustment will have a neutral influence on bank profits and the NIMs of banks will remain basically stable. Thank you.
Reuters: Despite the implementation of multiple policies aimed at attracting home buyers and alleviating the loan burdens of homeowners, housing prices in China continue to decline. In some cities, overall housing prices have experienced double-digit decreases. To this end, do China’s financial regulators believe that the time has come to introduce new monetary policies? Thank you.
Pan Gongsheng: Thank you for your question. It’s a very good question and a prevalent concern of the society. We provide support in diminishing risks and fostering healthy development for the real estate market mainly from a financial standpoint, pursuant to our responsibilities. In recent years, the PBOC has refined macro-prudential financial policies for the real estate sector. We have adopted an integrated approach to address both the supply and demand. Key measures include reducing the minimum down payment ratio several times for personal housing loans, lowering lending rates, removing the policy floor for mortgage rates, and setting up a central bank lending facility for affordable housing to facilitate the purchase of existing residential properties. To implement the decisions and arrangements made by the CPC Central Committee on promoting the stable and sound development of the real estate market, the PBOC, in collaboration with the NFRA, is about to introduce five new policies regarding the real estate finance.
The first policy is to encourage banks to reduce the interest rates on existing mortgage loans. In August last year, the PBOC urged commercial banks to implement these reductions in an orderly manner, yielding relatively positive results. Previously, mortgage loans were adjusted with reference to the LPR, with a uniform policy floor applied across the country. However, under the new mortgage policy launched on May 17 this year, the floor has been removed. As a result, the interest rates on new mortgage loans have been further reduced relative to the LPR. This significant decline has further widened the interest rate spreads between the new and the existing mortgage loans, particularly in major cities such as Beijing, Shanghai, Shenzhen, and Guangzhou. In this context, the PBOC will guide banks to conduct batch adjustments to the interest rate on existing mortgage loans, lowering it to a level close to the newly issued. We anticipate the average reduction to be approximately 0.5 percentage points. We use the term “average” because loans are issued during various time frames, and the interest rates on existing mortgage loans vary across issuing periods, regions, and banks. This is why I say the rate of decline is an average number.
Banks reducing the interest rates on existing mortgage loans can significantly lower the interest expenses for borrowers. We anticipate that this policy will benefit approximately 50 million households and 150 million individuals, leading to an average annual decrease in interest expenses of around RMB150 billion for households. This reduction is expected to stimulate consumption and investment, while also contributing to the decrease in prepayment. Furthermore, it will help compress the space for illicit refinancing of existing mortgages, thereby safeguarding the legitimate rights and interests of financial consumers and contributing to the stable and healthy development of the real estate market.
This document will be officially released soon. Given numerous borrowers involved, banks need some time to make necessary technical preparations. Moving forward, we are also considering guiding commercial banks to enhance the pricing mechanism for mortgage loans. This will allow both banks and customers to make dynamic adjustments through independent negotiations based on market-oriented principles.
The second policy is that a minimum down payment ratio of 15 percent now applies to both first- and second-home loans. In order to better support the rigid demand for housing and the needs to improve living conditions of urban and rural residents, at the national level, second-home buyers will no longer be discriminated from first-home buyers when applying for residential housing loans, with the minimum down payment ratio of 15 percent applying to both types of buyers. On May 17, the minimum down payment ratio for first-home buyers was lowered to 15 percent, while that for second-home buyers stayed at 25 percent, and from now onwards, the two will share the same ratio of 15 percent. I would like to specifically mention two points. Firstly, the local authorities may adopt city-specific policies, independently choosing to differentiate or not the first- and second-home buyers, thus setting the minimum down payment ratio within their jurisdictions. Since China is a large country, the real estate markets of different cities and regions vary greatly, so local governments may adopt differential policies to determine the minimum down payment ratio within their jurisdictions based on the floor set at the national level. Secondly, commercial banks may negotiate the specific down payment ratio with their clients, according to the risk profile and willingness of the clients. Since 15 percent is the floor for the down payment ratio, commercial banks may ask for a higher down payment after evaluating the risk of the clients. Or the client may be wealthy enough to offer a 30 percent down payment on the house. It depends on the market-based negotiation between commercial banks and individuals.
The third policy is to extend the period of two policy measures on real estate financing. Previously, the PBOC and NFRA launched together the “16-Point Plan” and policies on commercial property loans, which have played positive roles in promoting the stable and healthy development of the real estate market and in defusing risks in the market. Among them, some temporary measures, such as the rollover of outstanding loans of property developers and commercial property loans should expire on December 31, 2024, according to previous policy design. We have made the decision together with the NFRA this time to extend the two policies from December 31, 2024 to December 31, 2026.
The fourth policy is to improve the central bank lending for affordable housing. On May 17, the PBOC launched the central bank lending for affordable housing with a size of RMB300 billion. We guided financial institutions to support local state-owned enterprises to purchase those completed yet unsold housing at a reasonable price based on market principles and the rule of law. The purchased properties shall then be resold or rented as affordable housing. It was an important measure to reduce the housing inventory. To further enhance market-based incentives for banks and the acquiring entities, we have increased the proportion of funds provided by the PBOC from 60 percent to 100 percent for the facility. For example, previously the PBOC was to provide RMB6 billion for a RMB10 billion loan granted by a commercial bank, whereas now the PBOC will provide low-cost funding in full amount, to speed up sales of commodity housing stock.
The fifth policy is to support the purchase of property developers’ land inventory. Apart from spending the proceeds of some local government special bonds on buying the land reserves, we are studying on allowing policy banks and commercial banks to lend to qualified enterprises to acquire the land inventory of property developers based on market principles. It is to activate the inventory of land and ease financial strains of the property developers. When necessary, the PBOC may provide support through central bank lending. We are studying the policy together with the NFRA.
Thank you!
Market News International: Does the Federal Reserve’s 50 bps rate cut this month leave more room for further monetary policy easing in China? How does the PBOC evaluate the impact of the Fed’s rate cut on China’s foreign exchange market? Thank you.
Pan Gongsheng: Thank you for your questions. Recently, major economies have adjusted their monetary policy stance. We can see that the depreciation pressure of RMB has significantly been alleviated, and RMB has turned to appreciation. On September 18, the Federal Reserve cut rates by 50 bps, which was the first cut after its rate hike in the past couple of years. Meanwhile, other central banks also kicked off their easing cycle. For example, the European Central Bank has lowered the rates twice since June this year by 50 bps in total. The Bank of England cut the bank rate by 25 bps in August. The Bank of Canada and the Sveriges Riksbank also turned to rate cut. Except for the Bank of Japan, most major economies have started to cut rates. The momentum of US dollar appreciation has weakened, with the US dollar Index retreated on the whole. Since the beginning of August, the US dollar Index fell by 3 percent, which is now hovering at around 101. With the convergence of domestic and overseas monetary policy cycles, the external pressure for the RMB exchange rate to remain basically stable has largely been reduced. On September 23, the RMB was trading roughly at 7.05 against the US dollar, appreciating 2.4 percent since August.
Since the exchange rate is a relative value of one currency to another, it will be influenced by various factors, such as the economic growth, monetary policy, financial markets, geopolitics, unexpected risk events. All these factors may impact the exchange rate.
From the external point of view, the external environment and the path of US dollar movement are still uncertain because of geopolitical movements like the diverging economic development of different countries and the US presidential election, as well as the volatile global financial market.
Given the domestic developments, we believe there is a solid foundation for the RMB exchange rate to remain stable.
First, from a macro perspective, the momentum of economic recovery will be further consolidated and strengthened. The strong monetary policies launched by the PBOC will help support the real economy, promote consumer spending, and boost market confidence.
Second, the balance of payments remains broadly stable. In the first half of the year, the current account surplus was 1.1 percent of GDP, which remained within a reasonable range.
Third, the PBOC and the State Administration of Foreign Exchange (SAFE) attach great importance to the development of the foreign exchange market. Market participants have become more mature, trading behaviors have been more rational, and market resilience has significantly improved. In the first half of this year, the proportion of import and export companies hedging exchange rate risks reached 27 percent, and the proportion of cross-border trade in goods settled in RMB registered 30 percent. These two figures do not overlap. Therefore, if we add the two figures, we can conclude that around 50 percent of companies are not that vulnerable to exchange rate risks in foreign trade. As the PBOC has communicated to the market on several occasions, in the context of two-way fluctuations in the RMB exchange rate, market participants should treat exchange rate volatility rationally, adopt the philosophy of risk neutrality, and refrain from “betting on exchange rate directions” or “betting on unilateral development”. Enterprises should focus on their main businesses, and financial institutions should continue to serve the real economy well.
The PBOC’s stance on exchange rate policy is clear and transparent. The key points are as follows: first, we adhere to the decisive role of the market in exchange rate formation and maintain the elasticity of exchange rate; second, we need to strengthen expectation management to prevent the formation of a one-sided and self-fulfilling expectation in the foreign exchange market, guard against the risk of exchange rate overshooting, and keep the RMB exchange rate basically stable at an adaptive and equilibrium level.
Thank you!
CNBC Reporter: Analysts believe that the decline in Chinese government bond yields is partly due to market expectations of slower economic growth and an accommodative monetary policy stance. What is the PBOC’s response to this? What measures will be taken? Thank you.
Pan Gongsheng: The discussion on this topic has cooled down recently, though there was a lot of hype earlier. The PBOC has communicated with the market in an appropriate manner for multiple times. The earlier decline in Chinese government bond yields was due to several factors. For instance, the PBOC guided market interest rates to move down through policy rates, and the .government bond issuance was relatively slow in the early period. Besides, small and medium-sized financial institutions lacked risk awareness and swarmed to the market, creating the effect of herd flock and exacerbating the situation. Driven by the market, China’s current long-term government bond yield hovers around 2.1 percent. The PBOC respects the role of the market. Undoubtedly, this has created a favorable monetary environment for China to implement proactive fiscal policy.
However, it should be noted that interest rate risk is an important part of risk management of financial institutions. The case of Silicon Valley Bank in the United States is highly instructive as a risk event. As we are all aware, it reminds us that central banks need to observe and assess market risks from a macro-prudential management perspective and take appropriate measures to mitigate and prevent the accumulation of risks. This is an important mandate of central banks.
Currently, as an important price signal, the government bond yield curve still has flaws such as insufficient long-end pricing and lack of stability. The PBOC has issued risk warnings regarding long-term government bond yields and has strengthened communication with the market to prevent the potential systemic risk of a one-sided decline in long-term government bond yields incurred by the effect of herd flock.
Maintaining trading order in the bond market is also a mandate of central banks. Recently, the PBOC has identified violations in the bond market such as price manipulation, account lending, and tunneling. We will step up efforts to crack down on violations in the interbank bond market and keep the public updated on the developments. The National Association of Financial Market Institutional Investors (NAFMII) have already informed the public of several cases under investigation. Once the investigations are completed, we will make an announcement to the public.
In recent years, as financial markets develop rapidly in China, the bond market have gradually expanded and deepened. The conditions for the central bank to purchase and sell government bonds as a way of injecting base money through the secondary market have been basically satisfied. I elaborated on our corresponding plan at the Lujiazui Forum on June 19. Currently, the PBOC has incorporated the purchasing and selling of government bonds into the monetary policy toolkit and begun to implement the instrument. Our operations are highly transparent, the information of which are available to the public on our official websites. We are also working with the Ministry of Finance to study on improving the issuance pace, maturity structure, and custody system of government bonds. The purchase and sale of government bonds by the PBOC in the secondary market will be progressive.
Thank you!
Financial News reporter: What are the main considerations for launching securities fund insurance swap facility and special central bank lending for listed companies and major shareholders to buy back shares and raise holdings? How will the PBOC conduct these operations? Thank you.
Pan Gongsheng: Thank you for your questions. In order to maintain stability of China’s capital market and boost investor confidence, the PBOC, based on the international experiences and our own practices, has aligned with the CSRC and the NFRA and launched two structural monetary policy tools to support stable development of the capital market. This is also the first time that PBOC has innovated structural monetary policy tools to support the capital market.
The first tool is a swap facility for securities, fund, and insurance companies. This facility supports eligible securities, fund and insurance companies, as determined by the CSRC and NFRA under specific regulations, in swapping their holdings of bonds, stock ETFs, and constituent stocks of the CSI 300 Index as collateral for high-liquidity assets like government bonds and central bank bills from the PBOC. Government bonds and central bank bills differ significantly from other assets held by market institutions in terms of credit rating and liquidity. Many assets held by institutions currently suffer from poor liquidity due to prevailing market conditions. By swapping these assets with the PBOC, market institutions can obtain higher-quality, more liquid assets, which will greatly improve their ability to raise funds and increase stock holdings. We plan to launch this swap facility at an initial scale of RMB500 billion, which may be expanded in the future based on market developments. As I said with Chairman Wu Qing, as long as the initial RMB500 billion works well, a second RMB500 billion could follow, and potentially even a third RMB500 billion. I believe this is possible, and our attitude remains open. The funds obtained under this facility can only be used for investing in the stock market.
The second tool is central bank lending to support buybacks and holdings increase. This tool directs commercial banks to provide loans to listed companies and their major shareholders, specifically for buying back and raising holdings of the shares of the listed companies. In fact, it is a common practice in international capital markets for shareholders and listed companies to buy back shares and increase holdings. The PBOC will provide central bank lending to commercial banks in full amount, at an interest rate of 1.75 percent. The interest rate on loans provided by commercial banks to their customers is around 2.25 percent, which means a 0.5 percentage points increase. Given the current conditions, the 2.25 percent interest rate is also very low. The initial quota is RMB300 billion. If the tool works well, as I have discussed with Chairman Wu Qing, another RMB300 billion or even a third RMB300 billion could be provided. However, we need to assess the market conditions and make evaluations going forward. This tool is applicable to listed companies of different ownership, including state-owned enterprises, private enterprises, and mixed-ownership enterprises. We make no distinction between different ownership. The PBOC will closely cooperate with the CSRC and the NFRA, while cooperation from market institutions is also essential to successfully carry out this work.
Thank you all!
Shou Xiaoli: Thanks to our three speakers, and also thanks to our friends from the media for your participation. This is the end of today’s press conference.
Date of last update Nov. 29 2018
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MIL-OSI Economics: ADB Approves $2 Million Grant to Support Viet Nam’s Typhoon Yagi Disaster Response
Source: Asia Development Bank
HA NOI, VIET NAM (27 September 2024) — The Asian Development Bank (ADB) has approved a $2 million grant to assist the Government of Viet Nam in providing emergency and humanitarian services to residents affected by the super Typhoon Yagi in the northern region of the country.
“We highly commend the extraordinary efforts of the Government and people of Viet Nam in responding to the damage caused by Typhoon Yagi,” said ADB Country Director for Viet Nam Shantanu Chakraborty. “ADB’s grant will support wider government efforts to deliver immediate humanitarian relief. ADB is also committed to working with the government on post-disaster recovery in the affected provinces to build back better and improve resilience, which is critical in the face of accelerating natural hazards.”
The grant is funded by the Asia Pacific Disaster Response Fund, which aims to provide support to ADB’s developing member countries affected by major disasters triggered by natural hazards.
Typhoon Yagi, the strongest typhoon to hit Viet Nam in decades, made landfall on the northern coast of the country on 7 September. As of 24 September, 337 people have been killed or reported missing and another 1,935 people injured, according to the Viet Nam Disaster and Dyke Management Authority.
The typhoon and subsequent flooding and landslides caused widespread damage in 26 provinces, with an estimated 37 million people living in the affected areas. Initial economic loss across northern part of Viet Nam is estimated at around $2.6 billion.
ADB has been working with other development partners to support the government’s response to the disaster, including assessing assistance needs in the affected northern provinces. ADB’s emergency assistance aims to help ensure that people living in disaster areas have access to basic medical and social services and resources to rebuild their lives and livelihoods and will continue to work closely with the government and other development partners to deliver humanitarian assistance in line with United Nations Resident Coordinator Disaster Response Plan.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
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MIL-OSI Economics: Build4Skills: Practice Guide for Procurement Practitioners
Source: Asia Development Bank
Designed to complement the Build4Skills Handbook, it details how to select which projects could potentially incorporate trainee programs and provides templates for projects in the energy, transport, water, urban, and social sectors. Explaining how to calculate traineeship cost estimates to be included in the bill of quantities and manage related disbursements for projects, the guide shows how to monitor trainee programs and collect feedback to ensure infrastructure projects maximize their skills development potential.
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MIL-OSI Asia-Pac: 2023 Annual Report on Justices of Peace Visits
Source: Hong Kong Government special administrative region
2023 Annual Report on Justices of Peace Visits
2023 Annual Report on Justices of Peace Visits
**********************************************The 2023 Annual Report on Justices of Peace (JP) Visits was published today (September 27). The report provides an account of the work of JPs in the year 2023. The primary role of a JP is to visit various institutions, such as prisons, detention centres, hospitals and remand/probation homes under the JP visit programme. The objective of the visits is to ensure that the rights of the inmates in the institutions are safeguarded through a system of regular visits by independent visitors. In 2023, JPs visited 114 institutions under the JP visit programme. They received and handled 71 complaints and 716 requests/enquiries during JP visits. In addition, JPs also made comments and suggestions on ways to improve the management of facilities and quality of services provided by the institutions. The annual report on JP Visits is available on the JPs website (www.info.gov.hk/jp).
Ends/Friday, September 27, 2024Issued at HKT 11:00NNNN
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MIL-OSI Security: AUKUS Collaboration Advancing Capabilities in Indo-Pacific Region, Austin Says
Source: United States INDO PACIFIC COMMAND
The trilateral security partnership among the U.S., United Kingdom and Australia, also known as AUKUS, offers a unique opportunity for these nations to enhance their military capabilities, deepen interoperability and strengthen deterrence in the Indo-Pacific, said Secretary of Defense Lloyd J. Austin III.
Austin met in London today with his AUKUS counterparts: British Defense Secretary John Healey and Australian Defense Minister Richard Marles, who also serves as his country’s deputy prime minister.
Progress has been made toward providing Australia with a conventionally armed, nuclear-powered submarine, Austin said, noting that over the past year, the number of Australian sailors attending U.S. and U.K. nuclear reactor schools has increased and a U.S. nuclear-powered submarine visited an Australian port.
“This was just the first step toward ensuring that Australia has a sovereign nuclear-powered submarine capability. We’re also making progress toward having a rotational presence of U.S. submarines by as early as 2027,” Austin said.
The United States also remains committed to supporting Australia’s efforts to recruit and train the skilled workforce needed to build, maintain, sustain and operate a nuclear-powered submarine, Austin said.
The AUKUS partnership has two pillars. The first is to enable Australia’s acquisition of conventionally armed, nuclear-powered submarine capability as rapidly as possible, most likely in the early 2030s, the senior defense official said.
The second pillar is to accelerate emerging capabilities, the official said.
Areas of focus within the Pillar II include uncrewed maritime systems, artificial intelligence, autonomy, electronic warfare, quantum, cyber and hypersonics, the official said.
Japan will be working on the maritime autonomy aspect. Conversations with Canada, South Korea and New Zealand are underway on how each can contribute to Pillar II, the official said.
Also, as part of Pillar II, Australia, the United Kingdom and the United States have committed to reducing export control restrictions to facilitate secure trade among AUKUS partners, including the sale of U.S. Virginia-class submarines to Australia, the official said.
Congress amended the International Traffic in Arms Regulations as part of the 2024 National Defense Authorization Act and implemented an export licensing exemption for Australia and the United Kingdom, the official said.
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MIL-OSI Asia-Pac: Government announces appointments to Hong Kong Council on Smoking and Health
Source: Hong Kong Government special administrative region
Government announces appointments to Hong Kong Council on Smoking and Health
Government announces appointments to Hong Kong Council on Smoking and Health
****************************************************************************The Government announced today (September 27) the reappointment of Mr Henry Tong Sau-chai and Dr Johnnie Casire Chan Chi-kau as the Chairman and the Vice-Chairman of the Hong Kong Council on Smoking and Health (COSH) respectively, and the reappointment of five incumbent members as well as the appointment of seven new members. All appointments will take effect from October 1 this year for a two-year tenure. The five reappointed incumbent members are Mr Langton Cheung Yung-pong, Mr Clement Fung Cheuk-nang, Mr Terence Lau Chun-kai, Dr Haston Liu Wai-ming, and Professor Phoenix Mo Kit-han. The seven newly appointed members are Dr Celine Ho Ming-wai, Ms Lee Yi-ying, Professor Vitus Leung Wing-hang, Dr Chris Ng Chun-kong, Professor Or Ka-hang, Mr Simon Wong Hin-wing and Mr Tang Fei. COSH is a statutory body established in 1987 to advise the Government on matters related to smoking and health. It is also tasked to advance public education concerning the effects of smoking on the community and individuals as well as to engage in smoking-related research. The full membership of the Council with effect from October 1, 2024, is as follows: Mr Henry Tong Sau-chai (Chairman)Dr Johnnie Casire Chan Chi-kau (Vice-Chairman)Mr Langton Cheung Yung-pongMr Clement Fung Cheuk-nangMiss Ho Alice Chiu-yanDr Celine Ho Ming-waiMr Terence Lau Chun-kaiMs Lee Yi-yingDr Will Leung Lok-hangProfessor Vitus Leung Wing-hangDr Haston Liu Wai-mingProfessor Phoenix Mo Kit-hanDr Chris Ng Chun-kongProfessor Or Ka-hangMr Simon Wong Hin-wingMr Tang FeiController, Regulatory Affairs, Department of Health
Ends/Friday, September 27, 2024Issued at HKT 11:00NNNN
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MIL-OSI USA: Deputy Pentagon Press Secretary Sabrina Singh Holds a News Briefing
Source: United States Department of Defense
SABRINA SINGH: All right. Good afternoon, everyone. Okay. Just a few things at the top and then happy to take your questions. This morning, Secretary Austin departed for London to attend the AUKUS defense ministerial meeting. The AUKUS DMM is the third of its kind, marking three years of enhanced security partnership and provides an opportunity for Secretary Austin to meet with his UK and Australian counterparts to review progress and outline steps for continued work under pillar one and pillar two of AUKUS.
We’ll have more to share in the coming days, but under pillar one, you can expect the secretary to reaffirm the United States’ commitment to supporting Australia’s acquisition of a conventionally armed nuclear powered submarine capability. Under pillar two, Secretary Austin and his counterparts will discuss plans to further enhance collaboration and harmonize acquisition processes over the next two years to accelerate the delivery of advanced capabilities to our defense forces.
AUKUS presents a unique opportunity for our nations to collectively enhance our military capabilities, improve interoperability and advance a shared vision for a free and open Indo-Pacific. The department looks forward to continuing to work with our UK and Australian partners to implement this important work. Earlier this week, the navy announced that USS Harry S. Truman carrier strike group departed naval station Norfolk, Virginia for a regularly scheduled deployment to the US naval forces Europe Africa US six fleet area of operations, demonstrating the commitment and power projection capability of the navy’s globally deployed force.
The strike group will operate in the US European command area of responsibility in support of our maritime partners and NATO allies. Switching gears, the department continues to monitor tropical storm Helene, as it is forecasted to intensify into a hurricane as it approaches the northeastern Gulf coast on Thursday. Florida and Georgia have both declared states of emergency and the governor of Florida has activated more than 3,300 national guardsmen and 12 rotary wing aviation assets in state active duty status.
These guardsmen are prepositioned around the state to provide responsive sustained support including high wheeled vehicle rescues, aerial support, route clearance and commodities distribution. Additionally, in the next 24 to 48 hours, the States of Georgia, Alabama and North Carolina are expected to activate the National Guard as well. For more information, I would encourage you to reach out to National Guard Bureau of Public Affairs.
And to close, last night, the Senate confirmed more than 6000 of our highly qualified military nominees in the Air Force, Army Marine Corps, Navy and Space Force. These confirmations include Lieutenant General Nordhaus to be Chief of the National Guard Bureau, Vice Admiral Halsey to be Commander of US Southern Command. Lieutenant General Reed to be Commander of US Transportation Command and Lieutenant General Brunson to be Commander of US Forces Korea. We’re very glad that the Senate has confirmed these officers for critical positions during this time and for our national security and with that, I’d be happy to take your questions.
Tara?
Q: Thanks, Sabrina. So later this week, we’re possibly expecting an agreement on the withdrawal or transition of US troops in Iraq. What still needs to be done in that agreement? It seems from the Iraqi perspective that this decision has been made and the details are set.
SABRINA SINGH: So thanks Tara, I appreciate the question. I think as you alluded to, we’ll probably have more details to share later this week. What we’ve said from the beginning is that we know that the global coalition and that international coalition is going to transition into a bilateral security relationship with the Iraqis. And this has been worked through the US Iraq Higher Military Commission working groups.
So again, we should have more to share later this week, but at this time, I don’t want to get ahead of that process.
Q: Is it safe to assume that this means a reduction in the forces that are there from the 2,500?
SABRINA SINGH: I think we’ll have more to share this week.
Q: OK. Secondly, the status of the refueler that’s been damaged, and do you know anything else about what caused it to either run aground or run into something?
SABRINA SINGH: Sorry, I was just trying to find some more for you on that. The ship that you’re referring to was damaged when it was, I believe, in the fifth fleet AOR. Currently under investigation to what exactly caused that damage, but that oil tanker refueler has been towed to a port and there was no leakage from the ship. But in terms of impacts to operations, no impacts there. But for more information, I’d have to refer you to the navy.
Q: And so you don’t know what caused the damaged?
SABRINA SINGH: That’s right, we’re investigating the incident. Great. OK. Idrees and welcome back.
Q: Israel’s military chief, I think earlier today said that strikes in Lebanon would continue in order to not only destroy Hezbollah’s infrastructure but also prepare for a possible ground invasion. Just a general comment and do you see a ground invasion as likely or even imminent?
SABRINA SINGH: So in terms of a ground incursion or a ground invasion, that’s really for the Israelis to speak to. We certainly don’t want to see any action taken that could lead to further escalation in the region. We still believe that there is time and space for diplomacy. We want to see a diplomatic resolution and a solution to prevent an all-out war. But in terms of the Israeli operations, I’d have to refer to them to speak to that.
Q: And just to follow up, last week, I think the secretary had near daily calls with his Israeli counterpart, he hasn’t spoken with them since the 22nd. Is there any reason for that? And should we expect any conversations between the two of them in the coming days?
SABRINA SINGH: I think you can expect them to continue to engage. Just because they haven’t spoken every day, doesn’t mean that our teams haven’t been in communication. Again, he engages with Minister Gallant on a pretty regular basis and when we have more to share on when the next call happens, we’ll certainly read it out. But just because he hasn’t had one every single day this week doesn’t mean that we’re not engaging with the Israelis.
You’ve seen, maybe not from this building, but other agencies part of this administration engaging their Israeli counterparts, so we’re continuing that dialogue. Fadi?
Q: Thank you, Sabrina. Is there any support that the Pentagon is providing to the Israeli military in the current situation in Lebanon?
SABRINA SINGH: In terms of any like ground support or air support?
Q: Any support, even in terms of intelligence?
SABRINA SINGH: No, no support.
Q: Not even intelligence sharing?
SABRINA SINGH: No.
Q: So up until, I guess unless there’s some changes, you’ve been describing what’s happening as defensive operations. I believe in the first day, almost 500 civilians were killed, including women and Children in Lebanon. Civilian infrastructure has been damaged severely, almost 1,300 airstrikes. Today, up until 3:00 pm Beirut time, more than 50,000 villages have been hit by Israelis.
International organizations are describing what happened the first day as the highest death toll in Lebanon since the end of the Civil War. So I’m just curious, what criteria are you using to describe what’s happening as defensive operations?
SABRINA SINGH:
Well, Fadi, I think I’d have to point you back to October 8th when Lebanese Hezbollah attacked Israel following the brutal attack that Hamas launched on October 7th. So these are still defensive operations. We understand the threat that Israel faces.
We are not supporting their operations when it comes to Lebanon. The support that you’re seeing or what you’re seeing when it comes to US forces in the region is for our own force protection. And should we need to come to the defense of Israel like saw from that large scale attack from Iran, we’ve positioned forces to do that. But when it comes to Lebanon, the US military has no involvement in Israel’s operation. So I just want to lay that flat.
In terms of some of what you just referenced, this is exactly why we’re pushing for a diplomatic solution. We don’t want to see innocent civilians lose their lives. We want to see a deescalating happen. And you’re seeing engagement from all parts of this administration, including at UNGA right now. We’re calling for a deescalated and we believe that a diplomatic off ramp is the best way to resolve what’s happening on that northern border.
Q: And last question, did any official in the Pentagon communicate any concerns about the high death toll among Lebanese civilians? I mean, I know, and we know in Gaza that was a constant conversation. Has anyone raised that issue in relation to Lebanon?
SABRINA SINGH: Without getting into more details of the secretary’s calls with Minister Gallant, we are of course always concerned of civilian casualties. We’re seeing some of these strikes take place in areas where there are civilians. We’re also seeing Israel notify populations to clear those areas. Our focus, and you’re seeing a full court press here from the United States government and this administration, we want to see a diplomatic solution and we want to see it urgently.
And that’s why you’re seeing engagement, whether it be at UNGA, or in calls that the secretary is doing with Minister Gallant, and not just at his level, but at other levels as well, we don’t want to see any action taken on either side that would lead to further escalation. We want to see this deescalate and the best off ramp for that to prevent an all-out war is through diplomatic means.
Q: Thank you.
SABRINA SINGH: Tom?
Q: Thanks, Sabrina.
SABRINA SINGH: Yeah.
Q: How confident are you that you can achieve a diplomatic offramp, especially given the past nearly 12 months where the US has been unable to broker any kind of sustained ceasefire in Gaza. So, for the situation with Hezbollah and Israel, how confident are you that we’re not going to see a full scale conflict?
SABRINA SINGH: Well, I’d, you know, push back on that respectfully. You know, we have seen periods where there has been a ceasefire put in place, and we have seen, you know, the ability to get — we were talking, you know, months earlier about humanitarian aid being able to get in. That was something that this administration brokered to make sure that we could get humanitarian aid and supplies in.
So, look, you’re — and not to reiterate just what I said to Fadi, but you’re seeing a full court press from this administration at all levels for a diplomatic solution. Nothing is off the table. We don’t assess that either side wants a larger scale, wider regional conflict, but we’re doing everything that we can to prevent that from happening. And that’s why you’re seeing the engagements that the president is doing, from the secretary, and then on down in the building.
Q: And while I appreciate that you don’t want to speak for Israel, are you able to share anything in terms of what you’ve seen along the Lebanon-Israel border in terms of movement either side of it? Does it look like there’s a ramp up towards some kind of a incursion?
SABRINA SINGH: Right now it doesn’t. You know, well, you know, without characterizing Israeli operations and letting them speak to them for themselves, you know, it doesn’t look like anything is imminent. What we’re seeing on that northern border is an increase in, you know, the tit for tat, going back and forth strikes between Israel and Lebanese Hezbollah, and that is our concern.
We — you know, we are concerned about a miscalculation. We don’t want to see a wider regional conflict. And that’s why, in every conversation that we have, in the conversations that are happening in New York, we’re — we are continuing to press for a diplomatic resolve.
Jesse?
Q: Thank you so much.
SABRINA SINGH: Yeah.
Q: We all know that Secretary Austin is always in contact with his Israeli counterpart. Does the secretary have any objections to the way Israel is conducting its operations inside Lebanon?
SABRINA SINGH:
In terms of?
Q: In terms of, as you may know, targeting civilians, maybe carpet bombing to the villages along the border.
SABRINA SINGH: Well, I mean, something that we’ve raised is we don’t want to see this escalate. And any time that there is a — actions taken that could further escalate the war that’s — or, like, a broader conflict, that we want to avoid a regional war. The secretary, in all of his conversations, urges restraint and urges, you know, the Israelis to consider civilian casualties. And that’s something that we’ve said from the very beginning.
Look, I’m not going to get into more details on their private conversations. But of course, it’s something that the secretary discusses with his counterpart and will continue to raise.
Q: I mean, could you confirm if the secretary told Gallant that they need to avoid the infrastructure in Lebanon?
SABRINA SINGH: I think what I can tell you is what I was — what I reiterated earlier, is that of course we are always concerned where there are strikes in areas where there are — is a — is a concentrated civilian population. That’s something that the secretary raises on his calls with Minister Gallant. It’s something that, you know, at different levels in this building we also raise with our Israeli counterparts. But I’m just not going to be able to go beyond that.
Liz?
SABRINA SINGH: Thanks, Sabrina. On China’s ICBM test launch, a US defense official said earlier today that China gave the US warning it was going to do this launch. Was that through military channels or diplomatic channels?
I don’t have more specifics to provide on the channels. But we were given some advance notice, but I’m just not going to get into more specifics of that. I will say that that is a good thing and that is moving in the right direction in terms of, you know, getting that advanced notification, and that further reduces the risks of any misperception and miscalculation. So, we certainly welcome that.
Q: Were any US citizens, like, at harm by this test in any way, during it or following it?
SABRINA SINGH: Not to my knowledge.
Yeah, Oren?
Q: Just a quick question. Israeli officials have said their strategy with Lebanon is escalate to deescalate. Does the Pentagon think that’s a viable strategy for how to conduct operations with Lebanon?
SABRINA SINGH: So, I’m not going to, you know, characterize the Israelis’ operations. What I can tell you is only, you know, our view. And our perception is that any type of escalation that — that could lead to a miscalculation we don’t want to see We want to see steps that lead to de-escalation and, frankly, steps that lead to a diplomatic offramp, which we believe is the best solution here.
That’s what we’re pushing for. That’s what you’re seeing happen at UNGA. That’s also what you’re seeing the secretary, you know continue to emphasize in his calls with Minister Gallant. And when he has the next call, you know, that will be something that, you know, I’m sure he would reiterate as well.
Ok.
Q: Just more clarity [Off mic].
SABRINA SINGH: Uh-huh. Sure.
Q: In response to Tom’s question, you said it doesn’t look like anything is imminent. Was that in reference to a Israeli incursion into Lebanon?
SABRINA SINGH: I believe the context was in terms of a ground incursion. So, I was saying, in that context, it doesn’t look like something is imminent. But again, I’d refer you to the Israelis to speak to their own operations.
Q: Thank you. I have a follow up question on Chinese ICBM launch.
SABRINA SINGH: Of course.
Q: So, what’s your assessment of this unusual ICBM launch into the Pacific Ocean? And do you think this is a provocative action? And especially, do you think they want to send a message to the US?
SABRINA SINGH: In terms of, you know, the whys, I’d refer you to the PRC to speak to that. You know, we monitored the ICBM test, to Liz’s question. You know, again, we did receive some advance notification of this ICBM test, and we believe that that was a good thing. That was a step in the right direction. And it does lead, you know, to preventing any misperception or miscalculation.
What we can do here from the department is continue to press for a more regularized notification arrangement when it comes to ballistic missile and space launches. And this is something that we’ve proposed with the PRC. And it represents, you know, a common sense confidence building measure. So, we want to see these types of notifications continue.
Yes?
Q: A question about presidential drawdown authority with regard to Ukraine Could you tell us what the department’s plan is to keep using that after September 30th? We’ve seen reports that there is, like, a workaround that the department can notify Congress and then that is legal. Could you tell us what that workaround is? But also, could you tell us why that workaround is needed? You got some criticism today from Senator Wicker, saying that the department should have spent this money already — or used this authority, I should say, since April.
SABRINA SINGH: Sure. So, on your — on your first question on how we’re going to use the authority, I don’t have anything to announce right now. But what I can tell you is that we’re committed to making sure Ukraine gets the resources Congress approved by the end of the president’s term.
Again, I don’t have more to announce right now, but we’re committed to making sure that Ukraine gets what it — what it has been allotted by Congress. And we are working with the interagency to do just that. So, you know, bear with us and we’ll have more to share soon.
Q: And —
SABRINA SINGH: —In terms of your follow on question on the criticism, look, I’d have to point you back to the fact that for six months we didn’t have a supplemental so we weren’t able to refill our own shelves. So, therefore, when you’re not able to backfill and refill our own stocks, we’re not able to send out PDA’s.
So, you have to remember during that time we still had some existing authority, but we weren’t able to send equipment, capability, systems out to Ukraine because we didn’t have it on our stocks. During that time, during that six months lag, because we weren’t able to do that, that also impacts packages going down the road.
So, we’re going to find — we’re going to make sure Ukraine gets what it needs, you know, in the future. But to push back on that criticism, I would say that, when you don’t have what you need on your shelves, it makes it hard to send out that equipment, you know, in the timetable that Congress gave us when it — when it was authorized.
Q: So, is the plan now to move at a more — at a faster rate than you’ve been moving so you can get it done before President Biden ends his term?
SABRINA SINGH: I think we’ll have more to share in the coming days. I just don’t have more for you right now.
Noah?
Q: Just to ask a follow up on that —
SABRINA SINGH: Sure.
Q: Because of the issues in getting the supplemental approved and certainly the issues in replenishing stocks because of that, all of that was known when the supplemental was passed in April. Is there a reason that the funding or the authority wasn’t extended beyond the fiscal year?
SABRINA SINGH: Well, I think also, Noah, you have to remember that we’re talking about also working with the defense industrial base that has to backfill our own shelves. So, there — you know, there’s a lot of coordination and timing here. We did ask Congress for that authority to extend, and, you know, that did not happen so now we are in a different place.
So, I can’t, you know, go back and answer questions of, like, what if this happened and when. All I can tell you is that we’re committed to making sure Ukraine has what it needs, and we’re going to do it. And that’s a commitment that this president has made. And when we have more to share, we will.
Jared?
Q: Sabrina, how comfortable is the department with the — with the department’s understanding of what the Israeli military’s intentions and near, midterm plans are in Lebanon operationally? Has — have the Israelis briefed you on what they intend to do?
SABRINA SINGH: So, I’m not going to go into more details of the conversations between the secretary and Minister Gallant, but it’s something that the — that, you know, has — and discussed and it’s something that the Secretary continues to, you know, in all of his conversations, I think you’ve seen the readouts, it’s something that he asked about and that they discussed, but I’m just not going to go beyond the readout. Yeah, in the back.
Q: It’s been reported that 60 additional US troops are being deployed to Cyprus to help with potential mass evacuations of US citizens from Lebanon. Can you confirm that?
SABRINA SINGH: I cannot confirm the number, but what I can tell you is that we are sending a small number of additional US military personnel forward to augment forces that are already in the region. I’m just not going to be able to provide you more specifics. I know I’ve seen the reporting. I know it’s frustrating, but I’m just not going to be able to confirm more.
Q: And just to follow up on a story from last week, is it the Pentagon’s view that it is an acceptable — it’s acceptable under the laws of war to booby trap civilian objects and place them amongst civilian populations? Is that — is that acceptable for any nation to do?
SABRINA SINGH: That’s something that — well, one without commenting on an operation that the US military had no involvement in, it’s hard for me to get into the hypotheticals. I’m not a lawyer. I’m not going to try and go down and explain, you know, legalese from here, so. I just can’t comment further on that operation for us. Yeah.
Q: [inaudible] US, the affecting supply chains or intercepting supply chains in order to place explosive items within normal consumer objects, right?
SABRINA SINGH: Yeah, I’m not going to comment on a hypothetical or an operation that we had no part of. Yeah?
Q: Thank you, Sabrina. Secretary Austin on Sunday told his Israeli counterpart to give time for diplomacy to work. And on Monday, we saw that Israel started to bomb Lebanon. And today, the Israel Defense Force has announced that they call up and deployment of two reserve brigades to the border with Lebanon. So where is the time that that Secretary Austin asked Israel for diplomacy? And do you still believe that Israel listening to you? Thank you.
SABRINA SINGH: We do believe that we have — that Israel is listening. I mean, just the fact that they’re listening by the amount of calls that the secretary has had with Minister Galant. I think that shows their willingness to hear our views, our concerns and our — you know, to hear from the secretary. So I think that’s important to note.
In terms of, you know, I think your question was getting to — are we writing off, you know, diplomatic measures, and we’re not. Diplomacy is still the best path forward. There’s always a way for diplomacy. There’s always a way for both sides to, you know, to come to the table and — to have this resolved in diplomatic measures.
From the very beginning, I mean since October 7th and then, you know, October 8th when we’ve moved additional assets to the region, the whole focus of this administration has been to not only deescalate, but you know to send a message of deterrence. I think we have been successful in that.
You know, this — we know tensions are high, but we also don’t — we also see that there is a path forward for diplomacy. And that’s why you’re seeing this administration push so hard to get this done. And you’re going to continue to. We’re not going to give up on that. So we’re going to continue to engage.
Q: There is some media reports out saying that the US is now working with the France about a ceasefire, maybe a deal or a plan for Lebanon. Does anyone from the DOD have evolved or involved in this negotiation that — that’s happening right now in the United Nations during the UN Summit in New York.
SABRINA SINGH: I don’t have anything on those reports. I mean, I’ve been pretty public in telling you that we’re pushing for, you know, diplomatic measures to resolve what’s happening on that northern border. But I just don’t have more to add on that report. I’m sorry I haven’t seen it. Louis?
Q: Hi, Sabrina. Is the shipment of 2,000 pound bombs for Israel, is that still on hold?
SABRINA SINGH: Still paused.
Q: So, the rationale behind that from what I understand was when Israel was preparing to go into Rafah, you know, to protect civilian lives, limited operations. Are there any concerns given the current ongoing air operations that Israel has been conducting striking in civilian neighborhoods?
And you know, I know that we’re seeing secondary effects, so it appears that there are — they are striking the targets they’re hitting, but are there concerns that the use of these bombs again presumably American bombs could be putting civilians at risk?
SABRINA SINGH: So, you first asked about the 2,000 pound bomb shipment, so that is still paused. So I don’t — you know, I don’t know what they’re using in their operations, so I’d refer you to them to speak to that. There is always a concern about civilian casualties and that is something that the secretary has addressed, you know, really from the beginning whether it be in Gaza or elsewhere.
That’s a conversation that we continue to have. I think, you know, in that same vein we’re also concerned about escalation. And that’s why we don’t want to see any action taken by, you know, either side that could lead to further escalation. And that’s what the secretary continues to emphasize along with always talking about the need to protect civilians.
And you are seeing, I mean, you know, I’m citing public sourcing here, but you know, the Israelis, notifying communities and towns on that northern border to clear that area because they will be conducting operations. You know, we have to protect civilians in the battle space. That’s something the secretary has said. I know you’ve heard him say that before as well.
Our focus, of course, is that. But the best way to protect civilians is, of course, through diplomatic means and for this to be resolved through diplomacy. And that’s why we continue to push for that.
Q: Is the secretary in the future planning to meet or travel to Israel in the future?
SABRINA SINGH: Yeah, you know, I’m not — I don’t have any announcements to make in terms of travel, but when we do, I’m — you’ll be the first to know. Yes, in the back.
Q: Thanks, Sabrina. You emphasized that the?
SABRINA SINGH: I just — I’m sorry. I just committed to giving Louis an exclusive on the secretary’s travel. So yeah, yeah, sorry. And you know, we’ll discuss — we’ll discuss later — sorry, go ahead.
Q: Thanks. You emphasized that the administration’s position is that you don’t want to see further escalation and you don’t want to see an all-out war. Where do you draw the line, you know, especially with regards to a possible ground operation that may be imminent?
SABRINA SINGH: Well, like I said, I mean, I don’t know that it is imminent. And what we continue to push for and I’m not trying to use a tired talking point here. It’s actually just, you know, the fact is that we do continue to push for a diplomatic resolution here. From the secretary to, you know, the interagency, that’s something that we continue to engage on.
And you know, in terms of the conflict itself, we still believe — like right now, the conflict has been contained to Gaza. There’s no question that there are higher tensions in the region. There’s no question that there’s been an increase in border clashes on that northern border.
But we believe that in order to avert an all-out regional war, it’s through diplomatic means. And so, we’re going to continue to push for that. And you’re seeing that happen in New York and you’re seeing that happen here as well. Last one.
Q: Just to follow though, how has the conflict been contained to Gaza? You have civilians being killed in Lebanon.
SABRINA SINGH: Sure. But what I would tell you is that it’s not how we would characterize, you know, an all-out full scale regional war. What you’re seeing is a trade of fires back and forth on that northern border. I’d point you to October 8th when Hezbollah started launching those. We’re not seeing this widen out to a regional conflict. And that’s what we are concerned about.
And that’s why, you know, the secretary from the beginning, whether it be the Ford, the IHC, you know, the 26 MEU that was in the region. And now you have the Lincoln there. You know, we continue to position assets in the region to send a message of deterrence because we don’t want it to scale out. Yes, we acknowledge that, you know, there have been, you know, innocent people that have been killed and we don’t want to see that happen. And that’s why we continue to press for diplomatic means.
Q: Can you take one more?
SABRINA SINGH: Sure, one more and then I’ve got one in the back and then we’ll —
Q: I know this is a planning organization, that’s not the answer I’m looking for.
SABRINA SINGH: That’s the answer you’re getting.
Q: Yeah. In — in regards to Lebanon, did the Pentagon put together any NIO plans in case there’s the need for it?
SABRINA SINGH: You’re so going to hate my answer, but we are a planning organization. We plan for a wide range of contingencies. I will point you back though to, you know, early on last year — or sorry, late last year, but early on after October 7th when I think I was up here, General Ryder was up here getting a lot of questions about NIO. I will say we are always a planning organization prepared for any contingency and we never had to use those plans.
We will always have plans on the shelves that we can dust off at any time. And that is the amazing thing of our military is we are able to search capabilities to the region. And the secretary did just that. And we have, you know, incredible firepower in the region right now. So again, I’m not going to get ahead of anything. That’s also a State Department decision to make. But Fadi, to answer your own question, we are planning organization. All right, Mike, and then I’ll wrap up.
Q: Yeah, you — the Pentagon always talk or often talks about deterrence and giving Israel enough to defend themselves. Does this administration, would they like Israel to actually win their battle, win their war against Hamas, win their war against Hezbollah? Is it — do you have a position on that one way or the other?
SABRINA SINGH: Well, I think we’ve said time and again that we support Israel’s right to self-defense. You know, what a — what a win looks like is really for Israel to define, but we are supporting them and their right to self-defense. And of course, you know, we understand and, you know, know the threats that they’re facing from these terrorist organizations and that’s why we are supporting them in their fight against, you know, what, you know the threats that they face on their borders. But beyond that I just don’t have more to add. OK, thanks, everyone.
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MIL-OSI: GGI, co-founded by MixMarvel and Yeeha! Games, forges Strategic Partnership with ArkForge to Revolutionize Web3 Gaming
Source: GlobeNewswire (MIL-OSI)
SINGAPORE, Sept. 26, 2024 (GLOBE NEWSWIRE) — Galaxy Girl Interactive (GGI), a web3 group co-founded by MixMarvel and Yeeha! Games, is thrilled to announce its strategic partnership with ArkForge, a groudbreaking move that signifies the fusion of traditional gaming with the cutting-edge world of Web3 games. This exciting collaboration marks a pivotal moment in the gaming industry, where the best of Web2 and Web3 come together to create a truly immersive and engaging experience for players worldwide.
GGI is a leading Web3 gaming group based in Singapore. Born from MixMarvel and Yeeha Games’ collaboration, it is all about fun and possibility, like exploring a galaxy. Our motto ‘Play Together Create Together’ perfectly matches the idea of forming communities, or ‘Galaxies’, where players share experiences and benefits. As we expand, this community will become a powerful force, shaping the Web3 gaming world and beyond. GGI serves as the definitive gateway to gaming for builders and mass players with cutting-edge infrastructure, platform and top-tier investment, incubation, and publishing services.
ArkForge, renowned for its expertise in Web 2.0 gaming and full-suite marketing and publishing services, has been a dominant force in the Web2 space since its founding in 2017. With a strong presence in markets across Southeast Asia, Japan, Korea, Europe, and the U.S., ArkForge has established itself as a leading player in the industry. Moreover, ArkForge’s unwavering commitment to Esports and its vibrant global community of passionate gamers, has demonstrated remarkable engagement and growth over the past years. Beyond Esports, ArkForge’s platform has connected gamers from diverse regions, fostering a community of dreamers known as Raiders. Through captivating exhibitions and community events, ArkForge has rapidly expanded its reach across the globe, solidifying its position as a key player in the gaming industry.
Meanwhile, GGI has been empowering growth in Web3 gaming, leading the movement in pioneering innovation and excellence within the decentralized web. As the leading Web3 group serving as the definitive gateway to gaming for builders and players, GGI has a proven track record of delivering high-quality titles celebrated by communities worldwide. MetaCene, the highly anticipated MMORPG incubated and published by GGI, has garnered over 100,000 players at its ongoing Gold Rush playtest on Mantle. GGI’s upcoming publishing lineup includes 7 Telegram mini-games, 5 large-scale midcore games, and 10 indie studios, showcasing its expertise in selecting and optimizing diverse, high-potential projects across genres. GGI collaborates closely with seasoned APAC game developers and content creators, providing modular infrastructure and tailored go-to-market support, co-creating IPs that transcend ecosystems and attract mass audiences. By combining forces with ArkForge, GGI aims to create a more inclusive and dynamic gaming ecosystem that spans both Web2 and Web3.
This partnership holds great promise for GGI. It is positioned to drive innovation and enhance the gaming experience for players by combining the strengths of both Web2 brought by ArkForge and Web3 technologies and insights from GGI. This will be achieved by utilizing ArkForge’s extensive experience in Esports, Influencer Marketing, Exhibitions, and Community Events, along with GGI’s expertise in Content Incubation, Gaming Distribution and Publishing, and Web3 Infrastructure.
“We believe that this partnership represents a significant step forward in the evolution of gaming,” said Nancy, CEO of Yeeha! Games, the co-founder of GGI. “By harnessing the strengths of both Web2 and Web3, we aim to create a more vibrant and inclusive gaming ecosystem that benefits players, developers, and the industry as a whole.”
While recognizing the challenges ahead, GGI and ArkForge are resolute in their commitment to progress, understanding that the fusion of traditional gaming and Web3 technology will yield remarkable outcomes for all stakeholders. Together, they eagerly anticipate the ongoing evolution of the gaming industry on Web3 and extend a warm invitation to gaming enthusiasts to join them in this exhilarating new chapter.
About GGI
GGI, the leading Web3 group co-founded by MixMarvel and Yeeha! Games, serving as the definitive gateway to gaming for builders and mass players with cutting-edge infrastructure, platform and top-tier investment, incubation, and publishing services.Affiliated Brands:
•️ MixMarvel
•️ ️Yeeha
️•️ Rangers ProtocolGGI Pillar Services:
•️ Investment
•️ Content Incubation
•️ Game Publishing & Distribution Platform
•️ InfrastructureContact Details:
Connie Wu
Marketing Manager
connie.w@yeehagames.comFay Ying, Co-Founder
fay@arkforge.ggDisclaimer: This content is provided by Yeehagames. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4d0cd4af-4e03-459a-9dd7-fb16cf1ce046
https://www.globenewswire.com/NewsRoom/AttachmentNg/31188fb3-c040-4e79-8b07-504abb2663c3
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MIL-OSI Africa: SA’s G20 Presidency to focus more on Global South and African issues, says Lamola
Source: South Africa News Agency
South Africa’s G20 Presidency will be centred more on the interests of the Global South agenda, especially Africa, says International Relations and Cooperation Minister, Ronald Lamola.
Preparations are underway for South Africa’s G20 Presidency and hosting the G20 Summit in 2025. South Africa is expected to take over Chair of the G20 from December 1 this year, from Brazil.
Lamola announced that South Africa’s theme will focus on solidarity, equality and sustainable development.
“This theme speaks to the developmental priorities of the Global South, particularly, the African continent, which is now fully represented with the admission of the African Union (AU) in the G20,” he told delegates during the Troika high-level address at the United Nations (UN).
The G20 (or the Group 20) comprises 19 States, plus the European Union and the AU as of this year – bringing together the world’s major and systemically important economies.
The G20 operates a Troika system of hosting, where the Troika consists of the past, present, and next Presidencies.
Brazil’s Presidency is also in a Global South Troika – India-Brazil-South Africa.
Lamola stressed that South Africa will ensure that the G20 provides strategic direction towards establishing a “more equitable, representative and fit-for-purpose international order”.
According to the Minister, the theme will also confirm South Africa’s intention to build on the efforts and successes of the G20 Presidencies of Indonesia, India and Brazil.
He believes this will ensure that the needs, interests and aspirations of the developing economies of the Global South, and Africa especially, drive the overall G20 agenda going forward.
According to the Minister, South Africa’s overarching theme will also zoom in on the country’s priorities. These include accelerating efforts to achieve Sustainable Development Goals (SDGs) and the objectives of Agenda 2063 of the AU and addressing the critical issue of debt vulnerability of many countries of the global South.
The country will also focus on creating consensus around reform of the International Financial Architecture (IFA) and the Multilateral Development Banks (MDBs).
“This is critical to ensure that they become fit for purpose to adequately address sustainable development and transboundary challenges,” Lamola explained.
In addition, the emphasis will also be on combating climate change, which has devastating consequences for food security in developing countries.
South Africa also hopes to address issues of predatory mining by some countries and corporations, in the quest for Africa’s raw materials and critical minerals.
“South Africa will take forward the outcomes of the report of the UN Secretary’s Panel on Critical Energy Transition Minerals,” Lamola said, adding that strengthening the Multilateral Trading System was also key.
The other key issues the nation will advance include industrialisation, employment and inequality, food security, the blue economy and artificial intelligence.
Lamola took the time to commend Brazil President Luiz Inácio Lula da Silva’s call, as the G20 President, for the reinvigoration of multilateralism, and the reform of global governance institutions to make it more representative and inclusive.
“We further thank Brazil for its innovative leadership in calling for this G20 meeting and inviting all UN Members.
“This meeting today and its call to action further demonstrates the collective global solidarity in addressing current and future global challenges. South Africa will carry forward the momentum laid by Brazil on the reform of the multilateral institutions,” Lamola said.
Meanwhile, he said that South Africa’s G20 Presidency will mark the end of the first cycle of G20 Presidencies.
“We intend to undertake a review of the first cycle of G20 Presidencies. This is critical to ensure implementation. Brazil can count on us to maintain the momentum they’ve started I thank you for your attention,” he added.
President Cyril Ramaphosa expressed his appreciation to Brazil as the current President of the G20 for convening this meeting.
The President also commended the excellent way Brazil has been steering the work of the G20 during its Presidency. – SAnews.gov.za
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MIL-OSI Translation: The Government of Canada recognizes the national historic significance of the Amos Indian Residential School, commemorated as part of the Indian Residential School System National Historic Event
MIL OSI Translation. Canadian French to English –
Source: Government of Canada – in French 1
The Government of Canada recognizes the national historic significance of the Amos Indian Residential School, commemorated as part of the Indian Residential School System National Historic Event
September 26, 2024 Saint-Marc-de-Figuery (Quebec) Parks Canada
Parks Canada and the Historic Sites and Monuments Board of Canada will participate in the unveiling ceremony of two commemorative plaques highlighting the national historic significance of the Amos Indian Residential School, which is commemorated as part of the Indian Residential School System National Historic Event.
Open from 1955 to 1973, the Amos Indian Residential School was part of the system of residential schools for Aboriginal children officially established by the federal government during the 19th and 20th centuries.
Please note that this notice is subject to change without notice.
Here are the details:
Date: Monday, September 30, 2024
Time: The ceremony begins at 10 a.m. (EDT) Media are asked to arrive by 9:45 a.m. (EDT)
Location: Saint-Marc-de-Figuery (Quebec)
The venue for the press conference will be confirmed only to accredited media representatives. Media representatives wishing to participate in the press briefing must register with pc.media@pc.gc.ca.
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Information and RSVP: Media RelationsParks Canada Agency855-862-1812pc.media@pc.gc.ca
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.
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MIL-OSI Economics: China to Host 10th AIIB Annual Meeting in 2025
Source: Asia Infrastructure Investment Bank
The Board of Governors of the Asian Infrastructure Investment Bank (AIIB) announced that the Bank’s 10th Annual Meeting will be held in Beijing in June 2025.
A ceremony took place in Samarkand, Uzbekistan to mark the end of the 2024 AIIB Annual Meeting and the handover to the host country of the 2025 AIIB Annual Meeting.
Lan Foan, AIIB Governor for China, Chair of the AIIB Board of Governors for 2025 and host of the 2025 AIIB Annual Meeting, received the gavel in a ceremonial transfer from Laziz Kudratov, AIIB Governor for Uzbekistan and Chair of the AIIB Board of Governors for 2024 and host of the 2024 AIIB Annual Meeting.
“We are grateful for the continued support from both the Governments of China and Uzbekistan,” said Jin Liqun, AIIB President and Chair of the Board of Directors. “The AIIB Annual Meetings are an important opportunity to seek invaluable insights and guidance from our shareholders on our Bank’s strategic direction and initiatives. Active engagement with our shareholders has been essential for promoting transparency and cooperation, which underpins AIIB’s growth and impact.”
“Since its establishment, with the joint support of all Members and the joint efforts of the Management and staff led by President Jin Liqun, AIIB has achieved remarkable results in its business operations and has been fully recognized by the international community,” said Minister Lan Foan. “AIIB has become a new and important member of the multilateral development bank family and has made positive contributions to promoting global economic governance reform and achieving common global development. 2025 marks the 10th anniversary of AIIB, and we look forward to reflecting on the Bank’s achievements over the past decade and collaborating to shape the development blueprint of the Bank for the next 10 years.”
The dignitaries also expressed their appreciation to the people and government of Uzbekistan for hosting the 2024 AIIB Annual Meeting.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond—infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved Members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
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MIL-OSI Economics: RBI imposes monetary penalty on The Bihar Awami Co-operative Bank Limited, Patna
Source: Reserve Bank of India
The Reserve Bank of India (RBI) has, by an order dated September 20, 2024, imposed a monetary penalty of ₹1.50 lakh (Rupees One Lakh Fifty thousand only) on The Bihar Awami Co-operative Bank Ltd., Patna (the bank) for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act) and for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of BR Act.
The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of contravention of statutory provisions and non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.
After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia, that the following charges against the Bank were sustained, warranting imposition of monetary penalty.
The bank had:
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failed to transfer eligible amounts to the Depositor Education and Awareness Fund within the prescribed period; and
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failed to review risk categorisation of its customers as per the prescribed periodicity.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.
(Puneet Pancholy)
Chief General ManagerPress Release: 2024-2025/1163
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MIL-OSI Asia-Pac: Taiwan’s Trade Remedy Commission determines to Continue the Antidumping Investigations on Portland Cement and its Clinker from Vietnam
Source: Republic Of China Taiwan 2
On September 26, 2024 the Trade Remedy Commission of the Ministry of Economic Affairs (MOEA) made an affirmative preliminary determination in its injury investigation involving the antidumping duty case concerning Portland Cement and its Clinker from Vietnam.
According to the affirmative preliminary determination, the Trade Remedy Commission found that there is a reasonable indication that an industry in Taiwan(ROC) is threatened with materially injured by reason of imports of Portland Cement and its Clinker from Vietnam that are alleged to be sold in Taiwan(ROC) at less than normal value.
Under the jurisdiction set forth in the Regulations Governing the Implementation of the Imposition of Countervailing and Antidumping Duties, the MOEA shall make an investigation, conducted by the International Trade Administration, as to whether there is any injury to a Taiwan(ROC) industry. As a result of the MOEA’s affirmative preliminary determination, the Ministry of Finance will continue to conduct a dumping investigation of imports of Portland Cement and its Clinker from Vietnam, and its preliminary determination will be made within 70 days (if not extended) after the next day of receipt of a notice of the foregoing determination.
A public version of the injury investigation report in Chinese will be available after October 26, 2024 from the International Trade Administration’s website (https://www.trade.gov.tw/).
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MIL-OSI Canada: The Government of Canada recognizes the national historic significance of the Amos Indian Residential School, commemorated under the Residential School System National Historic Event
Source: Government of Canada News
The Government of Canada recognizes the national historic significance of the Amos Indian Residential School, commemorated under the Residential School System National Historic Event
September 26, 2024 Saint-Marc-de-Figuery, Quebec Parks Canada
Parks Canada and the Historic Sites and Monuments Board of Canada will participate in the unveiling ceremony of two commemorative plaques highlighting the national historic significance of the Amos Indian Residential School, which is commemorated under the Residential School System National Historic Event.
Open from 1955 to 1973, the Amos Indian Residential School was part of the residential school system for Aboriginal children that was formally established by the federal government during the 19th and 20th centuries.
Please note that this advisory is subject to change without notice.
The details are as follows:
Date: Monday, September 30, 2024
Time: Ceremony begins at 10 a.m. (EDT)
Media are requested to arrive by 9:45 a.m. (EDT)Location: Saint-Marc-de-Figuery, Quebec
The exact location of the press conference will be given to accredited media only. Media representatives wishing to participate in the media availability should register with pc.media@pc.gc.ca.
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Information and RSVP:
Media Relations
Parks Canada Agency
855-862-1812
pc.media@pc.gc.ca -
MIL-OSI Asia-Pac: Speech by CE at Kick-off Ceremony of 40th Anniversary Celebration of Hong Kong Academy for Performing Arts (English only) (with video)
Source: Hong Kong Government special administrative region
Speech by CE at Kick-off Ceremony of 40th Anniversary Celebration of Hong Kong Academy for Performing Arts (English only) (with video)
Speech by CE at Kick-off Ceremony of 40th Anniversary Celebration of Hong Kong Academy for Performing Arts (English only) (with video)
******************************************************************************************Following is the video speech by the Chief Executive, Mr John Lee, at the Kick-off Ceremony of the 40th Anniversary Celebration of the Hong Kong Academy for Performing Arts (HKAPA) today (September 26): Mr Charles Yang (Council Chairman of the Hong Kong Academy for Performing Arts), Professor Gillian Choa (Director of the Hong Kong Academy for Performing Arts), staff and students of the HKAPA, distinguished guests, ladies and gentlemen, It gives me great pleasure to speak to you all, as we celebrate the 40th anniversary of the Hong Kong Academy for Performing Arts. First of all, I would like to extend my warmest congratulations to the Academy on its ruby jubilee, a key milestone in the institution’s development. Since its establishment in 1984, the Academy has remained committed to nurturing new generations of performing arts professionals in a diverse, cross-disciplinary learning environment. The Academy has gone from strength to strength in the past four decades, becoming Asia’s top performing arts institution. The Academy’s international reputation is testament to its holistic approach to performing arts education. This year heralds the beginning of a new chapter for the Academy, with the launch of its visionary 10-year strategic plan from 2024 to 2033. From talent development and technology-enabled arts practices, to campus development and cultural influence, the exciting plans and new projects will further consolidate the strengths of the Academy. The Government supports the Academy’s efforts in nurturing cultural talent for Hong Kong and the country. We believe that the Academy’s potential establishment of a new campus in the Northern Metropolis could provide much-needed space for programme development. Meanwhile, we also support the Academy in bringing in a higher proportion of non-local students to its programmes. These developments, I am certain, could enrich Hong Kong’s talent pool in performing arts in light of the industry’s evolving needs. As an international metropolis boasting a fine blend of cultures, Hong Kong enjoys unparalleled connectivity with the Mainland and the rest of the world. I am confident that the Academy will continue to thrive as a performing arts educational hub, nurturing artists and arts practitioners that shape Hong Kong’s future as a dynamic East-meets-West centre for international cultural exchange. I take the opportunity to acknowledge the extraordinary efforts and dedication of the Academy’s Council, teaching staff, students and alumni. Your passion and hard work are key to the Academy’s success. My appreciation also goes to donors, industry partners and everyone who has supported the Academy all along. The Government looks forward to continuing joining hands with you in advancing Hong Kong’s cultural development. On that note, I wish the Academy a wonderful celebratory year ahead and every success in the future. Thank you.
Ends/Thursday, September 26, 2024Issued at HKT 20:00NNNN
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MIL-OSI Global: David Olusoga’s new book joins the struggle to make Black history mainstream
Source: The Conversation – UK – By Jenny Woodley, Senior Lecturer in Modern American History, Nottingham Trent University
For decades, Black history in the UK has been siloed from the mainstream, as if incidental to the nation’s history. Black History Month in October is dedicated to celebrating Black heritage, but the rest of the year, it feels largely neglected and ignored. Public historian and broadcaster David Olusoga, is at the forefront of efforts to integrate Black history into our national story.
His latest book, Black History for Every Day of the Year, co-created with two of his siblings, Yinka and Kemi, is another contribution to that work. This attractive and substantial book has an entry for each calendar day detailing an event, person, place, or theme associated with black history.
There are biographies of artists, musicians, activists, politicians, filmmakers, writers, and scientists. We learn about legal cases, such as Brown v Board of Education, when racial segregation in US schools was ruled unconstitutional, and the Mansfield Judgment, a 1772 British ruling which decided the fate of enslaved African James Somerset, and was used by abolitionists in their campaign to end slavery.
We get to see important objects, like the Benin Bronzes, a collection of sculptures created by skilled artisans in the Kingdom of Benin – now part of Nigeria – which were looted by British forces in 1897. They were then given to institutions like the British Museum, where some are still on display.
The book narrates histories of violence and injustice, from centuries of enslavement and brutal colonial rule, to South Africa’s Sharpeville massacre when, in March 1960, 69 people protesting apartheid laws were killed by the police.
The tragedy of the 1981 New Cross fire in south London, where 14 young Black people were killed in a suspected arson attack on a house party, is recounted as is the racist murder of teenager Stephen Lawrence, also in south London in 1993.
It tells stories of resistance and resilience, such as the uprising of enslaved people in Jamaica in 1760, known as Tacky’s revolt, and the 1961 Freedom Rides, when Black and white students challenged racial segregation on American buses and were met with violence.
In Britain it examines the Bristol bus boycott of 1963, a four-month-long protest against the bus company’s refusal to hire Black or Asian drivers. Many of the events and names will be familiar to some readers but there is likely to be plenty that is new and novel.
It is not a book which invites intensive reading, but rather the joy is to dip in and out, finding connections between entries, dates and themes. The popularity of social media “On This Day” posts suggests many readers will enjoy connecting past with present.
At the end of the volume, as well as a glossary of terms, are 12 timelines which place some of the entries into a more cohesive – though potentially more limiting – narrative.
For example, they outline Black resistance to slavery, abolitionist movements, and histories of imperialism and colonialism. Both here and throughout the book readers are pointed to connections between the entries. The text is enhanced by beautiful illustrations at the beginning of each month, which explore objects, places and themes associated with the entries, and the timelines are likewise creatively illustrated.
Black History for Every Day is educational and informative, but it is written with a deft touch and its format, along with the illustrations and inclusion of photographs, mean it is also engaging and accessible.
The scope of the histories included is global and many are transnational, showing the connections between the struggles and stories of people of African descent across the world. However, the majority of entries are associated with British and US history. This is not surprising given the authors’ research interests and the likely market for the book.
While it is apparent that an attempt has been made to be geographically and chronologically diverse, around a third of the 366 entries deal with US history, suggesting that our understanding of Black history is still often dominated by its American iterations.
The book is not attempting to break new ground. The timeline of the US civil rights movement, for example, begins with the Supreme Court ruling to desegregate education in 1954 and includes the acts of nonviolent direct action which have dominated the widely accepted “master narrative” of the era.
However, the book does at least go slightly beyond the usual cut-off point to include the Black Panther Party’s breakfast program, which addressed poverty and hunger in the Black community between 1969 and 1980, and the murder of Black Panther deputy chairman Fred Hampton, who was killed in 1969 at the age of 21.
The entry for Martin Luther King Jr. claims he organised the Montgomery bus boycott, ignoring the contributions of black women who were the driving force behind the movement. This is somewhat modified by the entry for activist Rosa Parks, which acknowledges the work of the Women’s Political Council in Montgomery.
The book’s purpose is not to be comprehensive; it cannot be, given its breadth. Rather, each entry is intended to serve as an introduction. The authors explain they hope people will be inspired to find out more after reading it.
Taken together, the daily entries narrate centuries of discrimination, violence and injustice against people of African descent. But they also tell stories of Black resilience, innovation, talent and achievement. The Olusogas’ book is published in time for Black History month in the UK, but it makes the case for engaging with black history beyond a single month every year.
Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.
Jenny Woodley has received funding from the British Academy and the Leverhulme Trust.
– ref. David Olusoga’s new book joins the struggle to make Black history mainstream – https://theconversation.com/david-olusogas-new-book-joins-the-struggle-to-make-black-history-mainstream-238825
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MIL-OSI: Bitdeer Completes Testing of its Latest SEAL02 Bitcoin Mining Chip
Source: GlobeNewswire (MIL-OSI)
SINGAPORE, Sept. 26, 2024 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced the successful testing of its latest Bitcoin mining chip, SEAL02, following tape-out.
SEAL02 uses one of the most advanced process nodes in partnership with TSMC, a world-leading semiconductor foundry. An exceptional power efficiency ratio of 13.5 J/TH – while running at low voltage, ultra power-saving mode – was indicated in SEAL02 chip’s verification and prototype tests, achieving the power efficiency milestone outlined in the SEALMINER technology roadmap announced in June 2024.
Linghui Kong, Chief Business Officer of Bitdeer, commented, “We are thrilled about achieving SEALMINER’s power efficiency target as reflected in our roadmap. Our ongoing commitment to R&D is making possible innovative and superior solutions that will set new benchmarks for efficiency and transparency to benefit the wider mining ecosystem.”
SEAL02 will be integrated into the Company’s upcoming SEALMINER A2 mining machines, with mass production scheduled to commence in November 2024.
Additionally, R&D work on the Company’s upcoming chip, SEAL03, is ongoing and the Company’s product release milestone is on track.
Bitdeer has a full-fledged team of professional engineers dedicated to R&D across key domains, including ASIC design, algorithm development, platform architecture, software and hardware. The Company will continue to work alongside its customers in contributing to the security of the Bitcoin decentralized network.
About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, visit https://www.bitdeer.com/ or follow Bitdeer on X @ BitdeerOfficial and LinkedIn @ Bitdeer Group.
Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.
Contact:
Public Relations
Wachsman
Bee Shin
bitdeer@wachsman.com -
MIL-OSI: Fairfax India Announces Intention to Make a Normal Course Issuer Bid
Source: GlobeNewswire (MIL-OSI)
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, Sept. 26, 2024 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (“Fairfax India”) (TSX: FIH.U) announces that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by Fairfax India of its intention to commence a Normal Course Issuer Bid for its Subordinate Voting Shares through the facilities of the TSX (or other alternative Canadian trading systems) effective September 30, 2024. Purchases will be made in accordance with the rules and policies of the TSX and the Subordinate Voting Shares purchased by Fairfax India will be cancelled and/or reserved for share based payment awards.
The notice provides that Fairfax India’s board of directors has approved the purchase on the TSX, during the period commencing September 30, 2024 and ending September 29, 2025, of up to 5,585,509 Subordinate Voting Shares, representing approximately 10% of Fairfax India’s public float of 55,855,093 Subordinate Voting Shares as at September 16, 2024. As at September 16, 2024, Fairfax India had outstanding 105,152,447 Subordinate Voting Shares. Under the bid, Fairfax India may purchase up to 7,286 Subordinate Voting Shares on the TSX (or other alternative Canadian trading systems) during any trading day, which represents 25% of the average daily trading volume on the TSX for the prior six months (being 29,147 Subordinate Voting Shares), all as calculated in accordance with the rules of the TSX. This limitation does not apply to purchases made pursuant to block purchase exemptions.
Fairfax India is making this Normal Course Issuer Bid because it believes that in appropriate circumstances its Subordinate Voting Shares represent an attractive investment opportunity and that purchases under the bid will enhance the value of the Subordinate Voting Shares held by the remaining shareholders.
Pursuant to its existing Normal Course Issuer Bid, Fairfax India sought and received approval from the TSX to purchase up to 5,646,788 Subordinate Voting Shares, and has purchased to date 552,848 Subordinate Voting Shares during the last twelve months through open market purchases on the TSX and other alternative Canadian trading systems at a volume weighted average price per share of US$13.80.
Fairfax India also announces that it has entered into an automatic share purchase plan (the “ASPP”) with a designated broker to allow for the purchase of its Subordinate Voting Shares under its Normal Course Issuer Bid at times when Fairfax India normally would not be active in the market due to applicable regulatory restrictions or internal trading black-out periods. Before the commencement of any particular internal trading black-out period, Fairfax India may, but is not required to, instruct its designated broker to make purchases of Subordinate Voting Shares under the Normal Course Issuer Bid during the ensuing black-out period in accordance with the terms of the ASPP. Such purchases will be determined by the broker in its sole discretion based on parameters established by Fairfax India prior to commencement of the applicable black-out period in accordance with the terms of the ASPP and applicable TSX rules. Outside of these black-out periods, Subordinate Voting Shares will be purchasable by Fairfax India at its discretion under its Normal Course Issuer Bid.
The ASPP is effective as of September 30, 2024 and will terminate on the earliest of the date on which: (a) the maximum annual purchase limit under the Normal Course Issuer Bid has been reached; (b) the Normal Course Issuer Bid expires; or (c) Fairfax India terminates the ASPP in accordance with its terms. The ASPP constitutes an “automatic securities purchase plan” under applicable Canadian securities laws.
About Fairfax India
Fairfax India is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.
For further information, contact: John Varnell, Vice President, Corporate Affairs (416) 367-4755 -
MIL-OSI: Bitget Hosts the Inaugural Blockchain4Her Awards at SheFi Summit
Source: GlobeNewswire (MIL-OSI)
VICTORIA, Seychelles, Sept. 26, 2024 (GLOBE NEWSWIRE) — Bitget, the leading crypto exchange and web3 company, hosted its inaugural Blockchain4Her Awards at the SheFi Summit in Singapore on September 17, 2024, with five winners announced across two categories. The event saw over 1,000 participants from around the world, with 100+ nominations received for the Awards. The event was supported by 12 major partners, including tier-1 media BeInCrypto, Crypto.News, The Coin Republic, Input Communications, Genzio, as well as leading community bodies like the Women in Web3 Switzerland.
The Blockchain4Her Awards is an initiative that celebrates and promotes women in the blockchain industry. Launched as part of Bitget’s broader Blockchain4Her program, it addresses the gender disparity in the blockchain space, where female-led startups receive only a small fraction of total funding. The awards feature two main categories – the Rising Female in Blockchain Award and the Innovative Web3 Female Entrepreneur Award.
Gracy Chen, CEO at Bitget, delivered a keynote at the SheFi summit where she exclaimed Bitget’s commitment to supporting women in blockchain. With the $10 million Blockchain4Her initiative, Bitget is taking steps towards empowerment by providing “role models, mentorship, networking, and targeted support, we’re ensuring that more women can step into leadership roles in the blockchain space,” said Chen.
Bitget announced three winners for the ‘Rising Female in Blockchain Award’ category – Alexandra Nicorici, Gesa Schneider, and Rebecca Matsumura.
Alexandra Nicorici is the founder and host of the OOO podcast, a popular Web3 marketing podcast that connects marketing professionals to leading founders who are building transformative communities and products in the industry.
“Two years ago, if someone had told me I would receive a Rising Woman in Web3 Award, I wouldn’t have believed them. I was struggling a lot, in an industry that is not only a boys club, but not very mature yet,“ said Alexandra. “Today, I am more proud of myself and all the amazing women in Web3 who are rising, being present and contributing to this amazing industry.” Through her influence, Alexandra has helped several Web3 and crypto startups grow and drive valuable partnerships over the years.
Gesa Schneider is a renowned Devcon Scholar at the Ethereum Foundation and an active advocate at The Female Factor – one of the largest global communities for female leaders. “To be recognized as a Rising Female in Blockchain is such a great honor,” said Gesa during the Blockchain4Her Awards. “It validates my work to pioneer Web3 innovations for a sustainable future.”
The third winner is Rebecca Matsumura, an Associate Attorney at Fenwick & West. For almost a decade, Rebecca has provided legal guidance to blockchain and fintech firms, helping them manage compliance in the complex regulatory landscape. She is pioneering a new generation of women in law who want to step into the dynamic legal space of Web3 and crypto. Through this award, Bitget celebrates her transformative contribution to increasing inclusivity and openness in this niche sector.
The award for Innovative Web3 Female Entrepreneur went to Maika Isogawa, the co-founder and CEO of Webacy – one of the fastest-growing blockchain security suites. Tech and security have been historically quite underrepresented sectors for women, and the gap is more concerning in the Web3 industry. However, leaders like Maika have been actively inspiring change in this sector. Maika was also listed among the Forbes 30 under 30.
The winners were decided by a panel of four judges, including the CEO of Bitget Gracy Chen, the co-founder of Hacken Yevheniia Broshevan, leading venture capitalist Tess Hau, and the founder of SheFi Maggie Love Wu.
The awards are supported by a $10 million commitment from Bitget to promote diversity and inclusivity in the sector. The support loop for Blockchain4Her focuses on Elevating, Empowering, Educating, and Embracing women in blockchain. Bitget aims to ensure that women in Web3 have the appropriate resources, opportunities, and representation needed to succeed in their role.
The Blockchain4Her campaign provided scholarships for educational programs like SheFi’s 8-week blockchain course, mentorship opportunities, and participation in major industry events. The overall aim is to build a gender-diverse ecosystem where women play a significant role in driving technological advancements and leadership in blockchain. As a part of the campaign, Bitget is also establishing an alumni group, where female entrepreneurs and leaders can exchange ideas and build networks to grow their careers.
After the success of the campaign at SheFi, Bitget is set to host various Blockchain4Her events in different regions.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading, AI bot and other trading solutions. Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including being the Official Crypto Partner of the World’s Top Professional Football League, LALIGA, in EASTERN, SEA and LATAM, as well as a global partner of Olympic Athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, please contact: media@bitget.com
Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice. For more information, see our Terms of Use.
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MIL-OSI NGOs: Hong Kong: Stand News journalists ‘jailed for doing their job’
Source: Amnesty International –
Responding to the jail sentences for “sedition” handed to two former editors at the defunct Hong Kong media outlet Stand News, Amnesty International’s China Director Sarah Brooks said:
“The jailing of two journalists simply for doing their job makes this another bleak day for press freedom in Hong Kong.
“The fact they are the first journalists to be sentenced to jail on colonial-era ‘sedition’ charges since before the Hong Kong handover of 1997 indicates that there has rarely been a more dangerous time to work in media in the city.
“Just like the numerous other ‘sedition’ and national security convictions of activists, teachers and lawyers that we have seen in Hong Kong in recent years, today’s sentencing looks designed to reinforce a ‘chilling effect’ that dissuades others in the city – and beyond – from criticizing the authorities. It is rule by fear.
“Once again, we urge the Hong Kong authorities to stop using ‘sedition’ and other national security-related laws as a pretext to crack down on press freedom and other human rights. The two journalists sentenced today have committed no internationally recognized crime and their convictions should be quashed.”
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MIL-OSI: BNB Chain and UXUY Telegram Wallet Join Forces to Integrate 1,000 DApps into Social Scenarios
Source: GlobeNewswire (MIL-OSI)
Singapore, Sept. 26, 2024 (GLOBE NEWSWIRE) — BNB Chain, home to the world’s most active on-chain ecosystem, and UXUY, the first decentralized multi-chain wallet on Telegram, have announced a partnership. This collaboration will integrate BNB Chain with Telegram through UXUY Wallet, leveraging its excellent compatibility and scalability, marking a critical step towards the mass adoption of Web3.
The focus of this partnership is to make Web3 more accessible, ensuring users can seamlessly manage BNB through UXUY Wallet and enabling the integration of 1,000 DApps into social scenarios. As of September 26, popular DApps like PancakeSwap and Four.Meme have already been integrated, significantly enhancing BNB Chain’s accessibility and influence.
Kevin, founder of UXUY, stated, “As a product incubated and invested in by Binance Labs, UXUY is excited to collaborate with BNB Chain and contribute to the integration of BNB Chain with Telegram. This positions UXUY as a vital gateway linking Web3 with social scenarios. Future collaborations will expand across areas such as social trading, Meme ecosystems, DApp integration incentives, and the organization of Hackathons.”
About BNB Chain
BNB Chain is a leading blockchain ecosystem designed to support the growing demands of the decentralized web (Web3). Offering a unique combination of speed, scalability, and affordability, BNB Chain has become a popular choice for developers building decentralized applications (DApps) and for users seeking to participate in the world of decentralized finance (DeFi).
About UXUY
UXUY is a next-generation multichain infrastructure incubated and invested in by Binance Labs. UXUY creates the first decentralized multi-chain wallet and DApp application center based on Telegram. Bringing 900 million users into the multi-chain crypto ecosystem.
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MIL-OSI Translation: ASIA/BANGLADESH – The trials of Bangladeshi Christians and the support for the Rohingya (with the help of the Pope): interview with the Apostolic Nuncio
MIL OSI Translation. Region: Italy –
Source: The Holy See in Italian
Thursday, September 26, 2024
by Fabio BerettaDacca (Agenzia Fides) – “The situation in Bangladesh”, where Christians represent just 0.30% of the population, “is very delicate. In general, Christians live peacefully, but there have been cases in which they have suffered abuse and bullying from their neighbors.” This was told by Archbishop Kevin Randall, Apostolic Nuncio in Bangladesh since 2023, who, when asked by Fides about the recent meeting he had with the Chief Advisor of the transitional government, outlines a cross-section of society and the commitment and support of the local Church and the Pope Francis in support of the Rohingya. After the protests and social tensions, what is the situation in Bangladesh? The situation in Bangladesh is very delicate. With an interim government some are wondering when there will be elections. Others want to rewrite the Constitution. Others say an interim government has no authority to rewrite the Constitution. In the meantime, mob violence dominates the country and the rule of law is reduced. How are Christian communities experiencing this historical moment? In general, Christians live peacefully, but there have been cases in which they have suffered abuse and bullying by of their neighbors. The police are helpless. After Sheik Hasina left the country, many officers became afraid and went into hiding. They left their uniforms to wear civilian clothes and no longer went to work. Do the Christian communities have specific expectations or feelings compared to the rest of the population? Yes, the Christian community hopes that the provisional government will protect the minorities in this transition period. Christian villages are under threat because there are those who aim to take over their land, even if they come from the same ethnic group as them. Many citizens, whether Christian, Buddhist or Hindu, are treated as unwelcome people, “as if they were foreigners”, when they are not. The Constitution declares that Bangladesh is a secular state with an official religion: Islam. But there are those who confuse the expression “official religion of the State” with the idea that “minorities do not belong to this land” and that this is “an Islamic State”. During the meeting with Muhammad Yunus, Chief Advisor to leadership of the provisional government, the need to “protect” minorities emerged. Where does this concern come from? According to the 2022 census, Christians in Bangladesh represent 0.30% (about 500,000 believers) of the national population. There have been cases of threats against villages, homes and especially schools. In many Catholic schools there have been intimidations leading to several teachers being fired. Some Muslims told school leaders that their children would dress in a certain way, especially if they were girls. But wearing the burqa is against our uniform regulations. With Dr. Yunus I discussed issues that concern Christians, as well as Buddhists and Hindus. It must be remembered that the Hindu minority is around 8%. They had many temples destroyed, their shops were burned. Dr. Yunus agreed that all minorities need protection and is trying to establish a law that would bring order. Recently, the creation of an interreligious dialogue body between the Holy See and scholars of Islam in Bangladesh has been suggested. How was this idea received? The idea of having an interreligious dialogue is not mine. The Dicastery for Interreligious Dialogue, through a letter, asked for it but already years ago, when Cardinal Jean Louis Tauran was head of the then Pontifical Council for Interreligious Dialogue. Tauran himself, during his trip here to Bangladesh, spoke about it with former prime minister Sheik Hasina. I raised this idea with Sheik Hasina and, more recently, asked Dr. Yunus and his team to think concretely about this possibility. The concept was well received, but I think they have other concerns. With respect to this project, are there already concrete steps for its realization? No, but they can be proposed. We can’t force it. Unlike the United Arab Emirates, where Pope Francis signed the document on fraternity, or Indonesia, where the same Pontiff signed a new document on tolerance praising the “friendship tunnel” that connects the cathedral to the mosque in Jakarta, In Bangladesh, interreligious dialogue does not find much support, even when it is practiced at the level of academic discussions. On humanitarian assistance to Rohingya refugees, the Chief Councilor asked for the support of the Vatican. How can this request be taken into consideration? The Chief Councilor did not ask me for help from the Holy See, as reported by various media. He has asked for the Holy See’s support in the reforms he and his team are carrying out but not in terms of financial help, including with regards to the Rohingya. It was I who asked the Chief Adviser, on behalf of the Pope, to continue to help and protect the Rohingya. I explained that the Catholic Church’s Caritas organization has been helping displaced people continuously since 2017, but that funding is dwindling. Before my departure for Bangladesh, Pope Francis asked me not to forget the Rohingya. These migrants were experiencing violence in their own country and came here for help. But unfortunately, the Rohingya are perceived by the Burmese as an ethnic and religious group that belongs to “this country”, Bangladesh. Cardinal Patrick D’Rozario and I paid an official visit. The living conditions are very difficult. Children and young people are not given any education. Additionally, by law, 25% of our assistance must go back to the local community. I am happy to announce that the Pope is sending further financial aid. This gesture of his will help many. (Agenzia Fides 26/9/2024)Share:
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.
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MIL-OSI Economics: Status of Digital Financial Literacy in Lakshadweep Islands: Bottlenecks and Way Forward
Source: Reserve Bank of India
Today the Reserve Bank of India placed on its website a research study titled “Status of Digital Financial Literacy in Lakshadweep Islands: Bottlenecks and Way Forward” under the Project Research Study1. The study is based on the primary data collected from all the ten inhabited islands in Lakshadweep – Agatti, Amini, Andrott, Bitra, Chetlat, Kadmat, Kalpeni, Kavaratti, Kiltan and Minicoy – to analyse the present status of digital financial literacy and digital financial inclusion. While households were the primary unit of enumeration of the survey, SHG members, bank employees, school authorities, students and business-persons in the islands were also interviewed.
The major findings of the study are the following:
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All individual respondents in the surveyed islands reported access to bank deposit accounts. Not just access but the usage of deposit accounts was higher with about 90 per cent of the respondents reporting an operation of their accounts for the purposes of savings.
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Though there was no gender gap in the access to bank deposit accounts, there was a considerable difference between men and women with regard to banking habits in general, usage of deposit accounts in particular. While about 91 per cent of the men operated their accounts by themselves, the corresponding figure among women was 71 per cent.
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Not just basic literacy but also digital literacy, assessed in terms of possession as well as competency to use mobile phones and computers, was found to be high among the survey respondents.
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Automated Teller Machines (ATMs) were the most popularly used means of digital banking in the islands. About 90 per cent of the respondents in the islands had ATM cards, while 80 per cent reported an actual usage of these cards. Internet banking was not widely prevalent in the islands and only about 38 per cent of the respondents used mobile banking.
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Despite a high degree of financial inclusion and digital literacy, a major barrier towards digital financial inclusion in the islands was the poor Internet connectivity; respondents reported apprehensions about digital transaction failures, which often discouraged them from using Internet and mobile banking.
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Only about 30 per cent of the survey respondents were familiar with digital hygiene habits assessed in terms of usage of public Internet connections, which can be risky; closing of digital payment apps after transactions; and usage of secure passwords.
In sum, despite being secluded geographically and with limited economic activity primarily surrounding fisheries and tourism, the financial sector in the Lakshadweep islands is well-entrenched primarily on account of banks. Banks have played an important role in the financial inclusion of the islands. Going forward, strengthening of Internet and mobile network connectivity can be a key to expanding digital financial inclusion in the islands.
(Puneet Pancholy)
Chief General ManagerPress Release: 2024-2025/1162
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MIL-OSI Africa: Moody’s Affirms Africa Finance Corporation’s (AFC) A3 Rating with a Change from Negative to Stable Outlook
Source: Africa Press Organisation – English (2) – Report:
LAGOS, Nigeria, September 26, 2024/APO Group/ —
Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, today announced that it has received an uplift to its credit ratings outlook from Moody’s Investors Service, with the assignment of a “stable” outlook. This decision further solidifies AFC’s position as one of the highest investment-grade African institutions, with Moody’s affirming the Corporation’s long-term issuer and senior unsecured ratings at A3, as well as AFC’s short-term issuer rating at P-2.
“Notwithstanding increased country risk in several of AFC’s countries of operation over the past year, asset performance has proven resilient amid effective credit protections,” Moody’s analysts stated in its latest report. “The stable outlook also reflects management’s governance track record and early intervention capacity to mitigate materializing risks at an early stage.”
Moody’s A3 rating affirmation reflects AFC’s adherence to its prudential guidelines to safeguard the Corporation’s intrinsic financial strength based on solid capital adequacy and high-quality liquidity buffers. In FY2023, the Corporation recorded outstanding financial performance with Capital Adequacy Ratio increased to 34.5% from 34.3% in 2022 and Cost-to-Income Ratio improved to 19.6%, from 22.7% in 2022. Additionally, the Corporation recorded Liquidity Coverage Ratios (LCR) of 161% and 143% under normal circumstances and a stress scenario respectively, significantly higher than the Corporation’s LCR requirement of greater than 100% in both scenarios.
The decision by Moody’s is crucial for AFC to continue leveraging its top-tier credit ratings to achieve among the lowest borrowing costs of any institution in Africa, for transformational infrastructure projects in power, natural resources, transport, and technology that drive rapid industrialisation and job creation on the continent. Landmark initiatives include Djibouti’s first wind farm, with AFC as lead developer advancing plans to become the first African country wholly reliant on renewable sources for energy, and the Lobito Corridor rail project, with AFC again as lead developer working alongside the US, European Union and governments of Angola, DRC and Zambia to mobilise industry and connect the Atlantic and Indian oceans.
“Amidst the current challenging global macroeconomic and financial conditions, we are pleased to receive such strong endorsement from Moody’s, a key lever in our access to global capital markets,” Samaila Zubairu, President and CEO of AFC, said “It reinforces our position as the resilient and reliable partner for a more prosperous African future and an indispensable ally in mobilising urgently needed capital to build the infrastructure that integrates Africa and enables its industrialisation.”
“The change in outlook to stable from negative is driven by our expectation that AFC will be able to maintain a stable, if not improving leverage ratio and that the asset performance track record will be preserved.” Moody’s analysts said, commending AFC. “The improved leverage outlook reflects the Corporation’s continued equity raising strategy. The Corporation exceeded its $1 billion target in 2019-23 and aims to raise a similar amount during 2024-28. Moreover, the corporation lowered its dividend payout ratio starting 2023 which will help retain a higher share of earnings and grow the capital base organically in the future,” they reported.
In the face of uncertainty in the global financial landscape, AFC successfully maintains access to the global capital markets, a testament to the confidence that investors place in the Corporation’s robust credit risk profile and it’s growing global appeal. This year, AFC has completed several pivotal funding transactions including its largest ever debt facility, a US$1.16 billion syndicated loan, attracting new lenders from the Middle East, Europe, and Asia.
For the full statement from Moody’s, please click here (https://apo-opa.co/3XGd2FV).
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MIL-OSI United Kingdom: Joint Statement on the situation between Lebanon and Israel
Source: United Kingdom – Executive Government & Departments
Joint Statement by the United States, Australia, Canada, the European Union, France, Germany, Italy, Japan, Saudi Arabia, United Arab Emirates, the United Kingdom, and Qatar.
The situation between Lebanon and Israel since October 8th, 2023 is intolerable and presents an unacceptable risk of a broader regional escalation. This is in nobody’s interest, neither of the people of Israel nor of the people of Lebanon.
It is time to conclude a diplomatic settlement that enables civilians on both sides of the border to return to their homes in safety.
Diplomacy however cannot succeed amid an escalation of this conflict.
Thus we call for an immediate 21 day ceasefire across the Lebanon-Israel border to provide space for diplomacy towards the conclusion of a diplomatic settlement consistent with UNSCR 1701, and the implementation of UNSCR 2735 regarding a ceasefire in Gaza
We call on all parties, including the Governments of Israel and Lebanon, to endorse the temporary ceasefire immediately consistent with UNSCR 1701 during this period, and to give a real chance to a diplomatic settlement.
We are then prepared to fully support all diplomatic efforts to conclude an agreement between Lebanon and Israel within this period, building on efforts over the last months, that ends this crisis altogether.
Updates to this page
Published 26 September 2024 -
MIL-OSI: Key Carbon & Marex Group Announce Carbon Financing and Investment
Source: GlobeNewswire (MIL-OSI)
VANCOUVER, British Columbia and LONDON, Sept. 26, 2024 (GLOBE NEWSWIRE) — Key Carbon and Marex Group Plc (“Marex”) today announce a partnership whereby Marex will take a minority stake in Key Carbon and provide financing for carefully-sourced offset projects.
Key Carbon sources and finances carbon credit projects and provides ongoing governance, monitoring and operational support to ensure its projects are held to the highest quality and integrity standards. The funding from Marex will predominantly be used to help finance the production and distribution of low-emission, affordable cookstoves within Africa through the project developer Global Cookstoves, Key Carbon’s joint venture with BURN Manufacturing (“BURN”). To date, Key Carbon has provided US$45 million in funding to Global Cookstoves to expand the roll out of critical projects across eight African countries.
This partnership will allow Marex to gain access to a wider carbon client base as well as streams of carbon credits, as it seeks to grow its environmental business and support clients as they transition to a low carbon economy.
Inclusive of this latest funding from Marex, Key Carbon will have funded over 1.5 million biomass-fuelled cookstoves across 8 countries in Africa, improving the lives of an estimated 7.5 million people. These highly efficient cookstoves, along with other projects funded by Key Carbon, are expected to avoid or remove more than 46 million tonnes of carbon dioxide (“CO2”) or CO2 equivalent.
Luke Leslie, Co-Founder and CEO of Key Carbon, said: “This latest partnership is a powerful endorsement of our approach to investing in the VCM and demonstrates our ongoing ability to attract meaningful funding in a challenging market through our robust approach to sourcing and governance. Partnerships like this will be critical to accelerating climate action and delivering tangible benefits to vulnerable communities.”
Bastien Declercq, Head of Environmental at Marex, said: “This partnership will allow us to further diversify our emissions offering and give us access to a new range of market participants that we can service through our comprehensive platform. Reliable access to trustworthy sources of carbon credits has held the market back in the last few years. By moving up the value chain we can play a more relevant role for our clients in helping them to transition to a greener future.”
About Key Carbon
Founded in 2021, Key Carbon is a permanent capital vehicle, building a large, diversified portfolio of high-integrity carbon credit streams and royalties for corporates and other organisations on their journey to Net Zero. Since incorporation, the Company has financed several critical projects including the planting of 3.75 million trees and the distribution of clean cookstoves to an estimated 7.5 million people across Africa. The company’s mission is to help combat climate change, improve local biodiversity, soil health and water quality, and benefit some of the world’s most vulnerable communities. For further information, please visit our website at http://www.key-carbon.com.
About Marex
Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. The Group provides comprehensive breadth and depth of coverage across four core services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, executing around 129 million trades and clearing 856 million contracts in 2023. The Group provides access to the world’s major commodity markets, covering a broad range of clients that include some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. Headquartered in London with more than 35 offices worldwide, the Group has over 2,000 employees across Europe, Asia and the Americas. For more information visit http://www.marex.com. -
MIL-OSI Asia-Pac: MHI participated in ‘Swachhta Hi Seva 2024’ Campaign and Tree plantation campaign under #एक_पेड़_माँ_के_नाम and #Plant4Mother
Source: Government of India
MHI participated in ‘Swachhta Hi Seva 2024’ Campaign and Tree plantation campaign under #एक_पेड़_माँ_के_नाम and #Plant4Mother
More than 100 sites have been selected as Cleanliness Target Units (CTUs) with an objective to transform these into clean and healthy spaces.A Tree plantation drive was led by Union Minister of Heavy Industries & Steel at Cement Corporation of India Ltd
Posted On: 26 SEP 2024 1:40PM by PIB Delhi
The Ministry of Heavy Industries (MHI) alongwith its Central Public Sector Enterprises (CPSEs) / Autonomous Bodies (ABs) is actively participating in ‘Swachhta Hi Seva 2024’ with the support of Ministry of Housing and Urban Affairs and Ministry of Jal Shakti for the cleanliness and sanitation. The campaign aims to facilitate large-scale advocacy and citizen participation for swachhata, mega cleanliness drives with focus on clearing of dirty and difficult garbage spots (black spots), recognize the contribution of sanitation workers, celebrate the achievements over the past decade, and also reaffirm nation’s commitment to ‘Sampoorna Swachhata’.
Keeping in view the theme of the Campaign ‘Swabhav Swachchata, Sanskar Swachchata’, more than 200 activities have been identified during the initial stage of the campaign setting the groundwork for this nationwide effort and more than 100 sites have been selected as Cleanliness Target Units (CTUs) with an objective to transform these neglected / challenging locations, often referred to as black spots, into clean and healthy spaces.
Cleanliness drive by Bridge & Roof Co. (I) Ltd. at Santragachi Railway Station, West Bengal (Identified as CTU)
Cleanliness drive by Bridge & Roof Co. (I) Ltd at Rudraprayag Project Site, Uttarakhand
(Identified as CTU)
The Tree plantation campaign #एक_पेड़_माँ_के_नाम and #Plant4Mother was launched by Prime Minister, Shri Narendra Modi, on 5thJune, 2024, on the occasion of World Environment Day. The campaign aims to halt and reverse land degradation, build drought resistance, and prevent desertification. The goal is to plant 80 crore trees by September 2024 and 140 crore trees by March 2025 by engaging all stakeholders across society.
In a stride towards achieving this goal under the visionary leadership of Prime Minister, a tree plantation drive was led by Minister (HI & Steel), Shri H. D. Kumaraswamy, at Cement Corporation of India Ltd. Residential Township, Bokajan, Assam on 21st September, 2024.
Tree plantation drive by Hon’ble Minister (HI & Steel), Shri H. D. Kumaraswamy
Furthermore, the tree plantation drive is in full swing in the CPSEs and ABs under MHI resulting in plantation of more than Ninety-Two Thousand trees so far.
Tree Plantation drive by CISF at Bhopal Unit, BHEL Tree Plantation drive by Engineering Projects (India) Limited at Delhi
Tree plantation by CCI at Rajban, Himachal Pradesh Tree plantation by NATRAX at Dhar, Madhya Pradesh
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MIL-OSI Asia-Pac: Secretary for Health commences visit to Beijing (with photos)
Source: Hong Kong Government special administrative region
Secretary for Health commences visit to Beijing (with photos)
Secretary for Health commences visit to Beijing (with photos)
*************************************************************The Secretary for Health, Professor Lo Chung-mau, led a delegation to begin their visit to Beijing today (September 26) and called on the National Health Commission (NHC), the National Administration of Traditional Chinese Medicine (NATCM) and the General Administration of Customs of the People’s Republic of China (GACC) to introduce to the Mainland officials the latest developments of various healthcare reforms in Hong Kong to keep deepening synergistic collaboration on healthcare-related areas with the Mainland. During the meeting with Vice-minister of the NHC Mr Yu Xuejun, Professor Lo engaged in an in-depth discussion on how to further deepen cross-boundary collaboration on health and medical innovation between the Mainland and the Hong Kong Special Administrative Region (HKSAR). Professor Lo also actively put forward to the NHC multiple proposals on measures for promoting cross-boundary flow of innovation elements (including entry and exit of human genetic resources) in the Development Plan for Shenzhen Park of Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone (Development Plan for Shenzhen Park) promulgated by the State Council, with a view to supporting and encouraging innovative application of advanced biomedicine technologies with full effort. Professor Lo said that the Development Plan for Shenzhen Park emphasises co-ordinated development of Shenzhen and Hong Kong through the establishment of an internationally competitive base for industrial pilot-scale testing and transformation in Hetao to support the innovative application of advanced biomedicine technologies. “The Chief Executive’s 2023 Policy Address” also proposed the development of Hong Kong into an international health and medical innovation hub. To this end, the Health Bureau (HHB) strives to push forward with multiple key initiatives as follows: (1) To reform Hong Kong’s evaluation, approval and registration mechanism for drugs and medical devices and prepare for the establishment of the Hong Kong Centre for Medical Products Regulation, with a view to progressing towards the “primary evaluation” approach; (2) To join forces with the Shenzhen Municipal Government to set up in the Hetao Area an international clinical trial collaboration platform for the Guangdong-Hong Kong-Macao Greater Bay Area under the “one zone, two parks” model in expectation of simultaneous commencement of operation in the fourth quarter of this year;(3) To promote cross-boundary real-world data research; and(4) To introduce world-leading enterprises of advanced therapeutic products as well as innovative drugs and medical devices. He continued, “The development of innovative drugs and medical devices not only enhances healthcare standards but also transforms the industry, thus realising the vision of introducing good drugs for use in Hong Kong, bringing benefits to citizens with research and development, fostering transformation of innovation and technology, and driving the development of the industry. The healthcare system of Hong Kong must keep abreast of times and pursue transformation with innovation. With the staunch support of national policies in various areas, the HHB will certainly make greater efforts to motivate the local healthcare and medical sector to actively integrate into the overall national development by fully utilising the unique advantages of the HKSAR and playing an active role in the country’s comprehensive deepening of reforms, thereby serving the nation’s needs with the strengths of Hong Kong.” Professor Lo and the delegation today also met with the Commissioner of the NATCM, Professor Yu Yanhong, and discussed issues related to the promotion of the development of Chinese medicine (CM). He said, “The HKSAR Government expresses sincere gratitude to the NATCM for its robust support for the development of CM in Hong Kong, particularly with regard to the establishment of the first Chinese Medicine Hospital of Hong Kong and the Government Chinese Medicines Testing Institute as well as collaboration on rolling out the Hong Kong Chinese Medicine Talent Training Programme, etc. The HKSAR Government will continue to press ahead with the high-quality development of CM in Hong Kong on all fronts by giving full play to the characteristics of CM in Hong Kong and the city’s strengths in areas such as service delivery, standard-setting, international connectivity and clinical research in a bid to foster the better integration of Hong Kong into the construction of CM highlands in the Guangdong-Hong Kong-Macao Greater Bay Area as well as the overall development of the country, thereby assisting our nation to propel CM to go global.” Separately, at the meeting with the Head of the Department of Political Affairs of the GACC, Ms Lyu Weihong, Professor Lo said that, since the signing of the Co-operation Arrangement for Entry-exit Health Inspection and Quarantine between the GACC and the Health Bureau of the Hong Kong Special Administrative Region Government by the HHB and the GACC in November last year, the HKSAR Government has been maintaining close co-operation with the entry-exit health inspection and quarantine authorities of the Mainland as well as strengthening the joint efforts in disease prevention and control in terms of entry-exit health inspection and quarantine between the Mainland and Hong Kong, with a view to safeguarding the wellbeing and safety of residents and travellers of the two places. The two parties also exchanged views on the promotion of cross-boundary flow of innovation elements as mentioned in the Development Plan for Shenzhen Park. Members of the delegation include the Director of Health, Dr Ronald Lam; Deputy Secretary for Health Mr Sam Hui; the Chairman of the Hospital Authority (HA), Mr Henry Fan; and the Chief Executive of the HA, Dr Tony Ko. The delegation will call on the Hong Kong and Macao Affairs Office of the State Council and the National Medical Products Administration tomorrow (September 27) before departing for Hong Kong in the evening.
Ends/Thursday, September 26, 2024Issued at HKT 19:12NNNN