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Category: Asia

  • MIL-OSI Asia-Pac: Speech by SJ at Hong Kong legal services seminar in Paris, France (English only) (with photo)

    Source: Hong Kong Government special administrative region – 4

         Following is the keynote speech by the Secretary for Justice, Mr Paul Lam, SC, at the “Paris Seminar: Hong Kong Legal Services – Gateway to China and Beyond” organised by the Department of Justice in Paris, France on July 9 (Paris time):
     
    His Excellency Mr Deng Li (Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the French Republic), distinguished guests, ladies and gentlemen,
     
    Good afternoon. Firstly, on behalf of the Department of Justice, I would like to welcome all of you joining our seminar this afternoon. I have to express my gratitude to Mr Deng Li for giving the very important opening remarks, and for helping the Department of Justice in organising this very important seminar. Second, I also wish to express my gratitude to all the supporting organisations, which include the legal professional bodies in Hong Kong, the important arbitration institutions, and leading law firms. This is in fact my first official visit to this part of the world, including France, and I think this is also the first occasion that the Department of Justice organised a seminar focusing on the legal services of Hong Kong. I’m very pleased and honoured to be able to invite very eminent speakers from both Hong Kong and France to share their experience with you in a minute. There will be two panel discussions this afternoon. I would also like to take the opportunity to thank all the speakers.
     
    What I intend to do is just to set the scene and give an overview of the theme of today’s seminar. The topic for today is Hong Kong’s legal services. There is only one important message that I wish to convey successfully at the end of today, that is Hong Kong’s common law system serves as a unique gateway to China and beyond.
     
    Why Hong Kong is a unique gateway? The short answer is that under the very important principle of “one country, two systems”, on the one hand, Hong Kong’s common law system has a number of very essential elements which are crucial and important to the business community. But at the same time, precisely because Hong Kong is a part of China, we also have very unique and important connection with the Mainland’s legal system, which is unparalleled. So this is the short answer. But to make good my point, I would like to focus on, in my belief, six very important characteristics of Hong Kong’s common law system.
     
    My first point is that Hong Kong’s common law system is very stable. Hong Kong is the only common law jurisdiction within China and the continuation of the practice of common law system is guaranteed by the Basic Law, which is a constitutional document. So this is something that is not going to change. I also wish to use a very recent example to demonstrate the confidence that both China and the international community has in Hong Kong. On May 30, 2025, the convention concerning the establishment of the International Organization for Mediation was signed in Hong Kong. It was signed by 33 countries around the world including China and many countries in Southeast Asia, Africa, Latin America and even in Europe. I think the population of all these countries added together, cost you about one third of this world’s population.
     
    The Minister of Foreign Affairs, Mr Wang Yi, came to Hong Kong and gave a very important speech. He explained why the party decided to hold the signing ceremony in Hong Kong, and more importantly, to set up the headquarters of the International Organization for Mediation in Hong Kong. The reason is that, because of “one country, two systems”, Hong Kong has the best of both worlds. On the one hand, we have a very strong common law tradition. But on the other hand, the People’s Republic of China is a civil law system. So we are a common law system in the context of a civil law system. That gives us a unique strength which makes it the perfect place to host the headquarters of the International Organization for Mediation. This is my first point – Hong Kong’s common law system is very, very stable.
     
    The second point is that Hong Kong’s common law system is very user-friendly. Hong Kong is in fact the only bilingual common law system in the world, using both English and Chinese. So all our statutes will be written in both languages. And of course, English is the language for the international business community. But apart from language, we have been working very hard to ensure that our legislation and   common law will meet the demand of the changing needs of the international community, or make it even more attractive. I wish to cite one recent example. In mid-May this year, we have just amended our company law to make it easier for companies being operated overseas to re-domicile to Hong Kong, so that these overseas companies can take advantage of the tax policy and regulatory regime in Hong Kong. And I understand that two major insurance companies have indicated that they will re-domicile to Hong Kong in November this year.
     
    My third point is that Hong Kong’s common law system provides a very safe and secure environment. Under the Basic Law, free flow of capital is guaranteed, free movement of properties including money in all forms of property is guaranteed. For as long as your investment, your money, your property, your business in Hong Kong, they are well protected by a very sophisticated regulatory regime administered by bodies such the Securities and Futures Commission, our Independent Commission Against Corruption and so on and so forth. One of the good reputation that Hong Kong enjoys is that corruption or malpractice is almost absent. So there’s no concern of corruption and other sort of malpractice. At the same time, we also make tremendous effort in ensuring that people can explore new opportunities in the safe environment. The recent example is the Stablecoins Ordinance. The Stablecoins Ordinance was enacted and will come into effect on August 1. Under this new ordinance, there will be a licensing regime for people or for traders in stablecoins. So we will allow trading and use of stablecoins subject to a very strict set of regulation to ensure that people will not be exposed to unnecessary risks. So this is my third point – Hong Kong’s common law system provides a very safe and secure environment.
     
    The fourth point is that Hong Kong’s common law system is extremely credible. One of the key reasons is that Hong Kong has a very independent and reputable judiciary. Our courts enjoy the final power of adjudication. And one special feature is that in our Court of Final Appeal, we have invited eminent judges from other common law jurisdictions to sit on a part-time basis. So at the moment, there are six foreign non-permanent judges. Two come from England, they are Lord Hoffmann and Lord Neuberger, three from Australia and one from New Zealand. The most recent appointment was made and confirmed in June, Sir William Young, who used to be a judge of the Supreme Court of New Zealand. Apart from Court of Final Appeal, we also invite judges from other common law jurisdictions to sit in our Court of First Instance.
     
    But litigation is not the only means of resolving disputes. Hong Kong is also very famous for its international arbitration service. In the very recent Queen Mary University of London’s survey, which is the most important international survey on arbitration, Hong Kong ranked second in the world after London, Hong Kong and Singapore both ranked the second. The important thing that’s worth noting is that among the cases handled by the most important institution, the Hong Kong International Arbitration Centre (HKIAC), almost 70 per cent of those cases are international in nature in the sense that either one of the parties would be a party not from Hong Kong. Even more importantly, around 15 per cent of cases handled by the HKIAC, in those cases, neither party came from Asia. So the only reason that they chose Hong Kong is, of course, because they’re confident in our arbitration service. This is my fourth point – Hong Kong’s system is very credible.
     
    My fifth point is that Hong Kong has an abundant supply of high-quality legal professionals with rich experience in handling cross-boundary or transboundary matters. Hong Kong’s legal profession is divided into two branches based on the English system. We have around 1 700 barristers who are specialists in dispute resolution. They will be engaged and instructed to appear in court in litigation and very often in arbitration. There are around 110 Senior Counsel, which will be equivalent to King’s Counsel in England. And on top of that, we adopt a very open policy. So on some cases, we will allow London Silk, a Senior Counsel, a King’s Counsel from London to take part in litigations in Hong Kong.
     
    Turning to another branch of the legal profession, the solicitors, I think there are more than 11 000 solicitors in Hong Kong, more than 900 law firms, and almost 400 of these law firms would either have offices outside Hong Kong or representative offices in Mainland China. And insofar as France is concerned, I think there are around 14 law firms in Hong Kong which have offices in France and there are also five French law firms having office in Hong Kong. So France does have a significant presence in Hong Kong. And also we have offices, lawyers practicing here in Paris. The point that I wish to make is that the legal service provided in Hong Kong is very international, so if you instruct a Hong Kong lawyer, you are not simply receiving Hong Kong legal service, you are receiving global legal service, so this is my fifth point.
     
    The last point is the very special and unique connection between the Hong Kong’s common law system and the Mainland’s civil law system. I wish to use a few examples. Up to the present, Hong Kong and the Mainland have signed nine very important mutual legal assistance arrangements. And the most often used arrangement concerns the recognition and enforcement of arbitration awards. So an arbitration award in Hong Kong can be easily enforced and recognised on the Mainland under the scheme substantially the same as that under the New York Convention. And more importantly, back in 2019, Hong Kong and Mainland China have entered into a very special arrangement, under which for arbitrations administered by specific arbitration institution in Hong Kong, the parties will be at liberty to appear or to apply before the Mainland Court for interim measures. For example, interim injunctions preserving assets or evidence that turn out to be an extremely important practical tool. So ever since the scheme came into effect on October 1, 2019, up to May this year, there were around 146 applications and the amount involved in these interim injunctions will be in the region of about US$5 billion. That’s a piece of evidence demonstrating the practical utility of this measure.
     
    My last example concerns a very recent measure introduced in February this year. It concerns the Greater Bay Area, which consists of Hong Kong, Macau, and also nine important cities in the Guangdong Province. The size of the Greater Bay Area is more like Croatia, and the population is around 86 million. And the GDP of the Greater Bay Area has already exceeded Australia, which would be the top 10 to consider as a single economic entity. So back in February, we introduced a new measure, which allows Hong Kong enterprises in certain cities in the Greater Bay Area to have the option of choosing Hong Kong law as the governing law to regulate their contracts, and also to choose Hong Kong as the seat for arbitration. Because in the past, if a foreign company or even a Hong Kong company set up an establishment on the Mainland, you have to use Mainland law. And for arbitration, you can only do the arbitration on the Mainland, so the options that I’ve just mentioned were not open. The other important point is that, insofar on the definition of Hong Kong enterprise is concerned, it doesn’t matter the percentage of interest owned by the Hong Kong party. For example, it’s very easy for a French company to come to Hong Kong to find a partner, a Hong Kong partner, which may hold a very small interest, say one per cent. So as long as there’s some common interest, it will be qualified as a Hong Kong enterprise, and that will give you the liberty to choose Hong Kong law or to use Hong Kong as a place of arbitration, so this is my sixth point.
     
    To sum up, Hong Kong’s common law system is stable, it’s very user-friendly, it’s very safe and secure, it’s very credible, and we have an abundant supply of international legal professionals. And lastly, we have very unique connection with the Mainland system. And my dear friends, it’s really the combination, it’s really the sum total of these six elements, which in my view, render Hong Kong a unique gateway. Hong Kong is definitely not the only gateway, but I’m very confident to say that because of the matters that I mentioned, Hong Kong as a gateway is unique. It’s unparalleled. It’s something that you cannot find elsewhere.
     
    President Xi Jinping said that the rule of law provides the best business environment (法治是最好的營商環境). I think Hong Kong offers the best business environment because we have a very strong rule of law based on a common law system, which has all the unique characteristics that I said. I think Hong Kong’s reputation is very recognised internationally. According to a survey done by the IMD, the International Institute for Management Development based in Switzerland very recently, in terms of global competitiveness, Hong Kong ranked the third. Hong Kong actually ranked the second in terms of government efficiency and business efficiency. When it comes to our tax policy and business legislation, Hong Kong actually ranked the first. I think this is a very objective assessment of the reputation enjoyed by Hong Kong.
     
    Ladies and gentlemen, I’m sure that you will be more convinced by what I have just said after hearing from our very eminent speakers who will share their experience in handling legal matters or in relation to China, Hong Kong and also France in the next two hours or so. Now, to conclude, I would like to thank all of you again for joining this legal seminar, and I sincerely hope that you will find today’s seminar constructive and enjoyable. Thank you very much.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Government posts fourth batch of land resumption notices for Second Phase development of Hung Shui Kiu/Ha Tsuen New Development Area

    Source: Hong Kong Government special administrative region – 4

    The Lands Department (LandsD) today (July 10) posted the fourth batch of land resumption notices in accordance with section 4 of the Lands Resumption Ordinance (Chapter 124) for the Second Phase development of Hung Shui Kiu/Ha Tsuen New Development Area (HSK/HT NDA) to resume 37 private lots with a total area of about 27 600 square metres.
     
    The 37 private lots to be resumed this time mainly involve the conclusion of an in-situ land exchange application that requires the acquisition of a small amount of third-party land by the Government for comprehensive development by the land exchange applicant, and the remaining sites without any in-situ land exchange application.
     
    The above 37 private lots will be reverted to the Government upon the expiry of a period of three months from the date of affixing the notices (i.e. October 11, 2025). The Government will release the ex-gratia land compensation to the relevant land owners after land reversion.
     
    The land reversion date is the date of vesting of the ownership of the land in the Government. It is not the departure deadline of the affected households and business undertakings. Three months before the departure deadline of the affected households and business undertakings, the LandsD will post notices in the relevant areas. It is now estimated that the affected households and business undertakings will have to move out in January, 2026 at the earliest. The LandsD is handling the compensation and rehousing matters of the affected persons at full steam, and will endeavour to arrange rehousing for, or release compensation to, eligible persons before the departure deadline. The LandsD and its appointed Community Liaison Service Team will maintain communication with the affected households and business undertakings, and provide them with updated information.
     
    The first three batches of land resumption notices, involving about 196 hectares of land in total for the Second Phase development of HSK/HT NDA, were posted on May 30 and September 19, 2024, and May 8, 2025, respectively. The land under the first two batches of notices had already been reverted to the Government and is gradually being handed over to the Civil Engineering and Development Department for site formation and engineering infrastructure works. The land under the third batch of land resumption notices will be reverted to the Government on August 9, 2025.
     
    Upon full development, the HSK/HT NDA will provide about 66 700 additional housing units capable of accommodating a population of about 184 000, and create about 150 000 job opportunities.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SJ attends DoJ seminar to promote Hong Kong legal services in Paris (with photos)

    Source: Hong Kong Government special administrative region – 4

    The Secretary for Justice, Mr Paul Lam, SC, arrived in Paris, France, on July 8 (Paris time) to continue his European visit. He attended a Hong Kong legal services seminar organised by the Department of Justice (DoJ) and met with representatives of international organisations to introduce Hong Kong’s advantages in legal services and its arbitration system.
     
    In Paris, Mr Lam first met with the President of the Financial Action Task Force (FATF), Ms Elisa de Anda Madrazo. Noting that the FATF leads global action to tackle money laundering and terrorist financing, Mr Lam said that Hong Kong, as an international financial centre, has always supported the FATF’s work in maintaining the stability of the international financial system, and that the DoJ has actively participated in mutual evaluations among FATF member jurisdictions.
     
    Afterwards, Mr Lam visited the Paris Maritime Arbitration Chamber (Chambre arbitrale maritime de Paris) and met with the Secretary General of the Paris Maritime Arbitration Chamber, Mrs Pascale Mesnil, to learn about its operation and the situation in the French arbitration sector, as well as developments in resolving international maritime disputes through arbitration. Mr Lam said that Hong Kong has been committed to optimising its arbitration system through multi-pronged policy measures, enhancing and consolidating its status as an international legal and dispute resolution services centre in the Asia-Pacific region. Mr Lam also expressed hope for deepening exchanges and co-operation with the French arbitration sector.
     
    On the morning of July 9 (Paris time), Mr Lam visited the office of the French National and Olympic Sports Committee (CNOSF) and met with representatives of the Chamber of Arbitration for Sport (Chambre Arbitrale du Sport) and the Conference of Conciliators of the CNOSF to learn about the committee’s services in sports arbitration and conciliation, and he introduced the DoJ’s work in promoting the development of sports dispute resolution in Hong Kong.
     
    At noon, Mr Lam attended a luncheon hosted by the Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the French Republic, Mr Deng Li, and briefed him on Hong Kong’s efforts in safeguarding national security, ensuring the implementation of the principle of “one country, two systems” by rule of law, and leveraging its unique advantages to promote development in various aspects.
     
    In the afternoon, Mr Lam attended the Paris Seminar entitled “Hong Kong Legal Services – Gateway to China and Beyond”, which was organised by the DoJ, sharing with about 130 guests and participants the unique advantages of Hong Kong’s legal services under the principle of “one country, two systems” with guests. In his keynote speech, Mr Lam said that Hong Kong is the only common law jurisdiction in China and the only jurisdiction in the world with a bilingual common law system in both Chinese and English. As an international legal and dispute resolution service centre, Hong Kong’s common law system is rigorous and mature, belonging to the same legal system as the world’s major economies and in line with international trade and business rules. Hong Kong’s legal services industry is professional and comprehensive, providing high-quality legal services to global financial and commercial activities. Two panel sessions were held afterwards to discuss the co-operation between Hong Kong and France in commercial law, as well as the latest developments in the mechanism of arbitration and alternative dispute resolution.
     
    During the Paris Seminar, Mr Lam also witnessed the signing of a Memorandum of Understanding between the eBRAM International Online Dispute Resolution Centre and Jus Mundi, an AI-powered legal research platform based in Paris, to further enhance co-operation in legal and alternative dispute resolution between the two places.
     
    Mr Lam will depart for Rome, Italy, today (July 10, Paris time) to continue his visit programme.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Results of monthly survey on business situation of small and medium-sized enterprises for June 2025

    Source: Hong Kong Government special administrative region – 4

    The Census and Statistics Department (C&SD) released today (July 10) the results of the Monthly Survey on Business Situation of Small and Medium-sized Enterprises (SMEs) for June 2025.
     
    The current diffusion index (DI) on business receipts amongst SMEs decreased from 42.1 in May 2025 in the contractionary zone to 41.6 in June 2025, whereas the one-month’s ahead (i.e. July 2025) outlook DI on business receipts was 45.4. Analysed by sector, the current DIs on business receipts for many surveyed sectors dropped in June 2025 as compared with previous month, particularly for the business services (from 45.2 to 43.5) and retail trade (from 41.3 to 39.8).
      
    The current DI on new orders for the import and export trades increased from 44.0 in May 2025 to 45.0 in June 2025, whereas the outlook DI on new orders in one month’s time (i.e. July 2025) was 47.6.
     
    Commentary

    A Government spokesman said that overall business sentiment among SMEs weakened slightly in June. The overall employment situation also softened somewhat. Nonetheless, expectations on the business situation in one month’s time remained stable.
     
    Looking ahead, the ongoing uncertainty in trade policies in the external environment would continue to affect business sentiment. Nonetheless, the resilient local economy and sustained steady growth in the Mainland economy should provide support. The Government will continue to monitor the situation closely.
     
    Further information
     
    The Monthly Survey on Business Situation of Small and Medium-sized Enterprises aims to provide a quick reference, with minimum time lag, for assessing the short-term business situation faced by SMEs. SMEs covered in this survey refer to establishments with fewer than 50 persons engaged. Respondents were asked to exclude seasonal fluctuations in reporting their views. Based on the views collected from the survey, a set of diffusion indices (including current and outlook diffusion indices) is compiled. A reading above 50 indicates that the business condition is generally favourable, whereas that below 50 indicates otherwise. As for statistics on the business prospects of prominent establishments in Hong Kong, users may refer to the publication entitled “Report on Quarterly Business Tendency Survey” released by the C&SD.
     
    The results of the survey should be interpreted with care. The survey solicits feedback from a panel sample of about 600 SMEs each month and the survey findings are thus subject to sample size constraint. Views collected from the survey refer only to those of respondents on their own establishments rather than those on the respective sectors they are engaged in. Besides, in this type of opinion survey on expected business situation, the views collected in the survey are affected by the events in the community occurring around the time of enumeration, and it is difficult to establish precisely the extent to which respondents’ perception of the business situation accords with the underlying trends. For this survey, main bulk of the data were collected around the last week of the reference month.
     
    More detailed statistics are given in the “Report on Monthly Survey on the Business Situation of Small and Medium-sized Enterprises”. Users can browse and download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080015&scode=300).
     
    Users who have enquiries about the survey results may contact Industrial Production Statistics Section of the C&SD (Tel: 3903 7246; email: sme-survey@censtatd.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Research Grants Council announces funding results of Areas of Excellence Scheme and Theme-based Research Scheme 2025/26

    Source: Hong Kong Government special administrative region – 4

    The following is issued on behalf of the University Grants Committee:
     
         The Research Grants Council (RGC) announced today (July 10) the funding results of the Areas of Excellence (AoE) Scheme 2025/26 (Thirteenth Round) and the Theme-based Research Scheme (TRS) 2025/26 (Fifteenth Round). This round saw a significant increase in the number of applications for the two Schemes. Altogether, nine outstanding projects with academic and strategic importance for Hong Kong have received a total amount of around $464 million in funding support from the RGC.
     
         Three research proposals are awarded RGC funding under the AoE Scheme, of which two meritorious projects are provided with a five-year budget totalling around $134 million. Another potentially groundbreaking project is provided with a one-year exploratory funding of $10 million for yielding preliminary results. As for the TRS, six research proposals are funded at a total of $320 million. The lists of the awarded projects are set out in Annexes I and II.
     
         The Chairman of the RGC, Professor Timothy W. Tong, said, “I am delighted to announce that the 2025/26 exercise of the two schemes was completed with great success. It is encouraging to see the significant increase in the number of AoE Scheme and TRS applications by 107 per cent and 36 per cent respectively this year, bearing testimony to the robustness of the Hong Kong research community. After rigorous peer reviews based on academic and scientific merits, the RGC is pleased to support two outstanding projects in the areas of plant biotechnology and quantum materials, and an exploratory project on early childhood development under the AoE Scheme. I would like to congratulate the three project teams for successfully securing the funding support to develop their cutting-edge research into areas of excellence.
     
         “Under the TRS, the RGC decided to fund six projects which are of strategic importance to Hong Kong’s long-term development. These projects cover a wide range of research areas highly relevant to our daily lives, including Alzheimer’s disease, adolescents’ mental health, eco-friendly disinfectants, chemical weather observations, collaborative generative AI and electronic design automation. I have full confidence that these projects will help bring about lasting societal impacts and make breakthroughs in scientific and technological applications.
     
         “The RGC endeavours to enhance the capacity and vibrancy of our research ecosystem through administering various collaborative research funding schemes. Through the annual AoE Scheme and the TRS, the RGC has been supporting universities in leveraging their strengths to pursue excellent and impactful research, thereby solidifying Hong Kong’s position as a global leader in higher education and innovation.”
     
         Professor Tong expressed his gratitude to the panel experts for their valuable contribution to the assessment process, as well as local researchers for their continued support for the AoE Scheme, the TRS and the RGC’s work.
     
         Details of the approved projects for the 2025/26 exercise are available on the RGC website (AoE Scheme: www.ugc.edu.hk/eng/rgc/funding_opport/aoe/funded_research/aoe13.html and TRS: www.ugc.edu.hk/eng/rgc/funding_opport/trs/funded_research/trs15.html) for reference. A call for proposals for the AoE Scheme and the TRS 2026/27 will be issued later this month.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Digital Policy Office wins Outstanding Gold Award in Privacy-Friendly Awards 2025 (with photo)

    Source: Hong Kong Government special administrative region – 4

         The Digital Policy Office (DPO) has won the Outstanding Gold Award in the Privacy-Friendly Awards 2025 organised by the Office of the Privacy Commissioner for Personal Data, Hong Kong. This prestigious recognition fully affirms the DPO’s outstanding achievements in personal data privacy protection and safeguarding data security.

         Attending the award presentation ceremony today (July 10), the Commissioner for Digital Policy, Mr Tony Wong, said, “While the DPO has always strictly complied with the Personal Data (Privacy) Ordinance, it also actively promotes and optimises data governance policies and measures, ensures personal data privacy and at the same time facilitates data interchanges to deliver more innovative and user-friendly digital government services. This award is a professional recognition of the team’s efforts in balancing digital development and privacy protection.” Mr Wong expressed his gratitude to the Privacy Commissioner for Personal Data and the judging committee of the Awards for their acknowledgement.

         The theme of this year’s Awards was “Safeguarding Data Security: Marching towards a New Digital Era”, which aimed to recognise the efforts and commitment of enterprises, public and private organisations as well as government departments in the protection of personal data privacy. The event also served to encourage organisations to strengthen data governance and enhance their awareness of personal data privacy and data security. Awardees were evaluated against five specified privacy protection measures, which were the key assessment criteria.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HAD’s Emergency Co-ordination Centre in operation (2)

    Source: Hong Kong Government special administrative region – 4

    Attention duty announcers, radio and TV stations:
     
    Please broadcast the following as soon as possible and repeat it at suitable intervals:
     
         As the Red Rainstorm Warning Signal has been issued, the Home Affairs Department’s Emergency Co-ordination Centre is now in operation.
     
         The Home Affairs Department will open temporary shelters for people in need of temporary accommodation.
     
         For details, please contact the centre on 2572 8427.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Care centres and services units remain open (2)

    Source: Hong Kong Government special administrative region – 4

    Attention duty announcers, radio and TV stations:

    Please broadcast the following special announcement immediately, and repeat it at frequent intervals:

         The Social Welfare Department announces that while the Red Rainstorm Warning Signal has been issued, all units providing child care centre services, services under the Neighbourhood Support Child Care Project, and after school care programmes for pre-primary or primary school children, elderly services centres, day pre-school rehabilitation services units and day rehabilitation units including sheltered workshops, integrated vocational rehabilitation services centres, integrated vocational training centres and day activity centres will remain open during their normal operating hours. If necessary, members of the public can contact the centres or services units to make arrangements for the safe return home of their children and family members.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Secretary for Health to depart for Nanjing tomorrow

    Source: Hong Kong Government special administrative region – 4

    The Secretary for Health, Professor Lo Chung-mau, will depart for Nanjing tomorrow (July 11) to meet with health officials of Jiangsu Province and introduce them to the latest developments of various healthcare policies in Hong Kong as well as attend the 13th Nanjing Academic Symposium on Hepatobiliary Surgery and Liver Transplantation, with a view to deepening exchanges and collaboration on healthcare-related areas with the Mainland.

    During his visit to Nanjing, Professor Lo will also visit local pharmaceutical companies and hospitals to introduce the latest progress in enhancing Hong Kong’s drug approval mechanism and registration regime, and share the city’s experiences in strengthening hospital management and services respectively.

    Accompanying Professor Lo on the visit are the Assistant Director of Health (Drug), Mr Frank Chan; the Director (Quality and Safety) of the Hospital Authority (HA), Dr Michael Wong; and the Cluster Chief Executive of Hong Kong West Cluster of the HA, Dr Theresa Li.

    Professor Lo will return to Hong Kong in the afternoon on July 12. During his absence, the Under Secretary for Health, Dr Libby Lee, will be the Acting Secretary for Health.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HAD’s Emergency Co-ordination Centre stood down

    Source: Hong Kong Government special administrative region – 4

    Attention duty announcers, radio and TV stations:

    Please broadcast the following as soon as possible and repeat it at suitable intervals:

         As the Red Rainstorm Warning Signal has been cancelled, the Home Affairs Department’s Emergency Co-ordination Centre and the emergency hotline 2572 8427 have ceased to operate.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: EMSD announces test results of LPG quality in June 2025

    Source: Hong Kong Government special administrative region – 4

    The Electrical and Mechanical Services Department (EMSD) today (July 10) announced that the department collected 10 liquefied petroleum gas (LPG) samples from auto-LPG filling stations and LPG terminals on a random basis in June 2025 for laboratory tests. The results show that the LPG quality of all these samples complied with auto-LPG specifications.
     
    The detailed test results are available on the EMSD’s website (www.emsd.gov.hk/en/gas_safety/lpg_vehicle_scheme/publications/general/results_of_lpg_sample_analysis/index.html). Enquiries can also be made to the EMSD’s hotline on 2333 3762.
     
    In addition, the EMSD has been vetting independent third-party test reports submitted by LPG supply companies for each shipment to ensure that the quality of imported LPG complies with the specified requirements.

    MIL OSI Asia Pacific News –

  • Lord’s Test: Archer, Bumrah return as England opt to bat first against India

    Source: Government of India

    Source: Government of India (4)

    England won the toss and will bat first in the third test against India at Lord’s on Thursday under sunny skies at the home of cricket and conditions that should favour the batsmen.

    India’s crushing 336-run victory in the second test at Edgbaston levelled the series at 1-1 after England won the first match at Headingley by five wickets.

    England recalled fast bowler Jofra Archer for his first test appearance in more than four years in place of Josh Tongue.

    India brought back paceman Jasprit Bumrah, the world’s top-ranked bowler who was rested for the second test as he manages a back injury, to replace Prasidh Krishna.

    England: Zak Crawley, Ben Duckett, Ollie Pope, Joe Root, Harry Brook, Ben Stokes (captain), Jamie Smith (wicketkeeper), Chris Woakes, Brydon Carse, Jofra Archer, Shoaib Bashir

    India: Yashasvi Jaiswal, KL Rahul, Karun Nair, Shubman Gill (captain), Rishabh Pant (wicketkeeper), Nitish Kumar Reddy, Ravindra Jadeja, Washington Sundar, Jasprit Bumrah, Akash Deep, Mohammed Siraj

  • MIL-OSI Russia: Seoul court issues arrest warrant for former South Korean President Yoon Seok-yel

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    SEOUL, July 10 (Xinhua) — The Seoul Central District Court has issued an arrest warrant for former South Korean President Yoon Seok-yeol in connection with the martial law case last December, the Renhap News Agency reported. This is the politician’s second arrest in the investigation.

    The court issued the arrest warrant after a hearing on the request of special prosecutor Cho Eun-seok.

    Yun Seok-yul faces five charges, including violating the rights of cabinet members by preventing most of them from attending a key meeting before martial law was declared on Dec. 3.

    The former president is also accused of fabricating a document after martial law was declared and forcing then-Prime Minister and Defense Minister Han Deok-soo and Kim Yong-hyun to sign it.

    Additional charges include spreading false statements to foreign media, directing aides to obstruct the politician’s arrest in January and ordering the deletion of call records from secure phones.

    Yun Seok-yeol denied all charges during the hearing and was later taken to a detention center in Uiwang, south of the capital.

    The former president was first arrested in January this year but was released in March after the Seoul Central District Court overturned his detention. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: The Central Asian stage of the China International Student Innovation Competition-2025 was held in Almaty

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 10 (Xinhua) — The Central Asian stage of the China International College Students’ Innovation Competition-2025 (CICSIC) was held in Almaty on Sunday and Monday, the Shaanxi Daily (Shaanxi Daily) reported.

    The Central Asian stage of CICSIC is organized by Northwest University of Agriculture and Forestry, Northwestern Polytechnical University, Xi’an Petroleum University and Beijing Language and Culture University.

    Let us recall that CICSIC has a 10-year history, and its Central Asian stage was held for the first time.

    A total of 261 projects entered the Central Asian round of CICSIC, and 860 students from 82 universities in five Central Asian countries participated. As a result, 25 projects from 18 universities reached the final.

    “AI-driven ECG monitoring solution” of S. D. Asfendiyarov Kazakh National Medical University /KazNMU/ and 11 other projects received gold awards, and the remaining 13 projects received silver awards.

    “Holding this event is a special practice aimed at developing the ‘China-Central Asia spirit.’ We will continue to motivate young people to give impetus to the formation of a China-Central Asia community with a common future,” said Wu Putei, rector of the Northwest University of Agriculture and Forestry and Technology. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Economics: ASEAN Post-Ministerial Conference with the ROK reviews progress of cooperation

    Source: ASEAN

    The ASEAN Post-Ministerial Conference with the Republic of Korea (ROK) was held in Kuala Lumpur today. The Meeting reviewed the progress of ASEAN-ROK cooperation and discuss its future direction. The Ministers adopted the new ASEAN-ROK Plan of Action (2026–2030), which aims at further advancing the ASEAN-ROK Comprehensive Strategic Partnership. The Ministers also exchanged views on regional and international issues of mutual interest and concern. The Meeting was attended by the ASEAN Foreign Ministers or their representatives, the 1st Vice Minister of Foreign Affairs of the Republic of Korea, H.E. Park Yoonjoo, and Deputy Secretary-General of ASEAN for ASEAN Political-Security Community, Dato’ Astanah Abdul Aziz. Timor-Leste attended as Observer.
     

    MIL OSI Economics –

  • Rivers in southwest China breach warning levels, with thousands evacuated

    Source: Government of India

    Source: Government of India (4)

    The levels of 25 rivers in southwestern China exceeded safe levels on Thursday, state media said, after more than 10,000 people were evacuated as the remnants of former typhoon Danas converged with East Asian monsoon rains.

    Extreme rainfall and severe flooding, which meteorologists link to climate change, increasingly pose major challenges as they threaten to overwhelm ageing flood defences, displace millions and wreak havoc on a $2.8-trillion agricultural sector.

    Heavy rains also hit the capital, Beijing, with one area in the sprawling Chaoyang district receiving 68.2 mm (2.7 inches) of rain in a single hour on Thursday morning, the state-run Beijing Daily said.

    Ten southwestern rivers, including the Longyan, which flows through the densely populated region of Chongqing, could burst their embankments and levees at any time, broadcaster CCTV warned, citing the water resources ministry.

    The remaining 15 had exceeded levels at which they could burst their banks, but posed less of a risk, it added.

    More than 24 hours of torrential rain took levels in the Chishui River of Guizhou province to their highest since records began in 1953, the broadcaster said, while the Xiaocao River in Sichuan province stood at its highest in 29 years.

    More than 10,000 people were evacuated on Wednesday from cities in the provinces of Sichuan and Yunnan, state media said, as the East Asian monsoon rains pushed north from India.

    One county in Yunnan recorded 227.8 mm (9 inches) of rainfall in 24 hours, for its highest total in a single day since records began in 1958.

    Beijing health authorities warned that the combination of frequent downpours, high temperatures and humidity swells the risk of water and food contamination.

    (Reuters)

  • MIL-OSI China: English-dubbed ‘Ne Zha 2’ featuring Michelle Yeoh to debut in August

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

    A new English-language version of “Ne Zha 2,” already the world’s highest-grossing animated film, is set to open in cinemas in the United States, Canada, Australia and New Zealand from Aug. 22, with Oscar winner Michelle Yeoh joining the English voice cast.

    A still from “Ne Zha 2.” [Image courtesy of CMC Pictures]

    A24 and CMC Pictures will distribute the English-language version, the companies announced Wednesday. The film will be released in IMAX, 3D and other premium large formats.

    “I’m honored to be part of ‘Ne Zha 2,’ a landmark in Chinese animation and a powerful reminder of how universal our stories can be,” Yeoh said in a statement. “Sharing this with audiences in English is such a joy, and I can’t wait for everyone to experience the wonder, heart, spectacular artistry, and magic of this film on the big screen.”

    The announcement did not say which character Yeoh will voice or disclose other members of the English cast.

    Directed by Yang Yu, better known as Jiaozi, the film follows mythological figures Ne Zha and Ao Bing, who are reborn in lotus-formed bodies after a catastrophe and must unite against vengeful dragon kings and a scheming god. 

    The film combines traditional Chinese mythology with action, humor and advanced visual effects. The production took five years, with a crew of 4,000 and the involvement of 138 Chinese animation and special effects companies.

    “Ne Zha 2” has emerged as a box office sensation since its release earlier this year, ending its China run on June 30 with 15.45 billion yuan ($2.13 billion) to become the highest-grossing Chinese film ever.

    Its worldwide total has reached $2.19 billion, making it the top-grossing animated film globally, the highest-grossing non-English-language film and the fifth highest-grossing film of all time, trailing only “Avatar,” “Avengers: Endgame,” “Avatar: The Way of Water” and “Titanic.”

    The film is the highest-rated animated feature of 2025, earning a 96% approval rating from critics and a 99% audience score on Rotten Tomatoes. It also ranks among the top-rated releases on Letterboxd. Critics have called it “animated cinema on a scale rarely seen” and “a technical marvel that demands to be seen on the biggest screen possible.”

    CMC Pictures, the film division of CMC Inc., released a Chinese-dubbed, English-subtitled version of “Ne Zha 2” overseas in February, grossing more than $20 million in North America. The English-dubbed version is expected to further boost the film’s global box office.

    Chinese Malaysian actor Michelle Yeoh at an Olympic event in 2023. [File photo/Xinhua]

    “Children, teenagers and families in international markets rarely watch subtitled foreign-language films, and the language barrier remains a key distribution challenge,” said Catherine Ying, vice president of CMC Inc. and president of CMC Pictures. “The English-dubbed version of ‘Ne Zha 2’ is aimed at reaching mainstream audiences and building long-term franchise potential.”

    CMC Pictures has operated internationally since 2016, handling film development, production, investment and distribution in 100 countries.

    A24, the entertainment company behind Oscar-winning films such as “Moonlight” and “Everything Everywhere All at Once” and the series “Euphoria,” has a catalogue of more than 150 films and 50 television series, with 21 Academy Awards, 18 Golden Globes and 18 Emmys. CMC Pictures said the partnership aims to expand the franchise’s global reach, promote Chinese culture and attract a broader international audience.

    Wang Changtian, chairman of Beijing Enlight Media and producer of “Ne Zha 2,” said at a forum during the 27th Shanghai International Film Festival on June 15 that he expects the film’s final international box office receipts to exceed $100 million.

    MIL OSI China News –

  • MIL-OSI China: China edges Dominican Republic in five-set thriller in women’s VNL

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

    Players of China celebrate during the match between Dominican Republic and China at the Women’s Volleyball Nations League (VNL) 2025 in Arlington, the United States, July 9, 2025. [Photo/Xinhua]

    China came from behind to edge the Dominican Republic in a five-set thriller on Wednesday in a women’s Volleyball Nations League (VNL) match.

    Wu Mengjie scored 25 points and Gong Xiangyu added 18 as China secured a 25-22, 17-25, 22-25, 25-22, 15-13 victory, improving their overall record to 6-3 in the preliminary round.

    Nineteen-year-old middle blocker Chen Houyu sealed the match with a decisive block in the tie-breaker. She finished with 12 points from five kills, four blocks and three aces. Zhuang Yushan was also in double figures with 14 points.

    China’s head coach Zhao Yong credited the win to his team’s fighting spirit.

    “The four matches in Arlington are very important for us [to qualify for the Finals] and this time we fought until the end,” said Zhao. “Under pressure, our young players never gave up.”

    “Their serves were very aggressive, but we were able to make adjustment accordingly quick enough,” Chinese captain Gong added. “We were very determined in our receiving, especially in the fifth set.”

    Brayelin Elizabeth Martinez tallied a match-high 33 points, but the Dominican Republic slipped to a 4-5 record after being outblocked 15-10 by China.

    “I think if we look at the numbers, maybe the Dominican Republic had a better powerful attack than China, but China was better than us in blocking,” said Cristobal Marte Hoffiz, president of the Dominican Republic Volleyball Federation.

    Also on Wednesday, Germany outlasted Canada 24-26, 25-20, 23-25, 25-23, 15-13, while the United States defeated Thailand 28-26, 21-25, 27-25, 25-15.

    MIL OSI China News –

  • MIL-OSI China: International journalists explore development of China’s Xinjiang

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

    A total of 24 journalists from 23 countries have participated in a media tour of northwest China’s Xinjiang Uygur Autonomous Region, focusing on its role as the core zone of the Silk Road Economic Belt.

    Organized by China’s State Council Information Office, the delegation visited communities, businesses, cultural venues and religious sites in the cities of Urumqi, Turpan and Kashgar from June 30 to July 8, gaining firsthand insight into the harmonious lives of Xinjiang’s residents of various ethnic groups, the region’s economic growth driven by innovation and its vibrant cultural heritage.

    After watching a documentary on counter-terrorism and visiting an exhibition highlighting Xinjiang’s efforts in this field, Zabeirou Souley, president of Times newspaper in Niger, noted that his country faces similar challenges and can learn from China’s experience.

    Citing visits to the Id Kah Mosque in Kashgar and the Xinjiang Islamic Institute, he said that people in Xinjiang fully enjoy freedom of religious belief.

    As a historic hub along the ancient Silk Road, Xinjiang is now experiencing renewed vitality in economic, trade and cultural exchanges under the Belt and Road Initiative.

    During the tour, journalists were impressed by Xinjiang’s advancements in modern agriculture and high-tech industries.

    Toshimichi Kitafuji, a reporter from Japan’s Kyodo News, showed interest in the region’s innovative applications, such as automotive testing under extreme heat, salt-tolerant rice cultivation, drone-assisted cotton farming and AI-driven automated production in cotton processing.

    “As a key hub of the Silk Road Economic Belt, Xinjiang holds immense potential for future growth,” he said.

    Xinjiang’s rich cultural diversity also captivated the foreign visitors.

    Samia Boulahlib, a reporter from Algeria’s El Moudjahid, expressed admiration for the traditional performances in the ancient city of Kashgar, which showcased the city’s deep historical and cultural roots.

    At an exhibition hall in Jiashi County, Abdiqani Abdullahi Ahmed from the Somalia National News Agency learned about local residents’ decades-long struggle for clean drinking water — one of the projects exemplifying China’s historic feat of shaking off absolute poverty.

    “I saw these with my own eyes. Everyone here has something to do and they live happily,” he said. 

    MIL OSI China News –

  • MIL-OSI China: SCIO organizes media trip to exhibition marking 80th anniversary of victory against Japanese aggression, fascism

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

    SCIO organizes media trip to exhibition marking 80th anniversary of victory against Japanese aggression, fascism

    China SCIO | July 10, 2025

    The State Council Information Office (SCIO) organized a media trip on Tuesday to the Museum of the War of Chinese People’s Resistance Against Japanese Aggression in Beijing. The participating journalists included foreign correspondents from the United States, the United Kingdom, Germany, Russia, Japan, South Korea, Singapore, and Iraq. The group visited a themed exhibition in commemoration of the 80th anniversary of the victory of the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War.

    Lai Shengliang, deputy curator of the Museum of the War of Chinese People’s Resistance Against Japanese Aggression, introduces the exhibition to reporters in Beijing, July 8, 2025. [Photo by Liu Jian/China SCIO]

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    MIL OSI China News –

  • MIL-OSI Asia-Pac: Government posts notices of land resumption and acquisition for Development of San Tin Technopole (Phase 1) (First Batch) and Sam Po Shue Wetland Conservation Park (First Phase)

    Source: Hong Kong Government special administrative region

    The Lands Department (LandsD) today (July 10) posted land resumption notices and acquisition notices for the developments of San Tin Technopole (STT) (Phase 1) (First Batch) and Sam Po Shue Wetland Conservation Park (SPS WCP) (First Phase), in accordance with relevant ordinances.

    Section 4 of the Lands Resumption Ordinance (Chapter 124) and section 4 of the Land Acquisition (Possessory Title) Ordinance (Chapter 130) will be invoked.

    For STT (Phase 1) (First Batch), 1 309 private lots with an area of about 62 hectares will be resumed by the Government. Government land occupied by 20 graves and 42 urns, as well as 25 fishponds of about 700 square metres and about 7.5 hectares respectively, will also be acquired. In addition, for the establishment of SPS WCP (First Phase), about 85.2 hectares of government land occupied by 110 fishponds will be acquired by the Government. The land will revert to and vest in the Government upon the expiry of a period of three months from the date of affixing the notices (i.e. October 11, 2025).

    The abovementioned land reversion date and land vesting date are not the departure deadlines for the affected households and business undertakings. The LandsD will post notices in relevant areas about three months before the departure deadlines for the affected parties. According to the project programmes, the affected parties are scheduled to depart in batches. The estimated departure date for STT Phase 1 Stage 1 works will be in batches mainly from the first quarter of 2026 to the second quarter of 2027, whereas the estimated departure date for SPS WCP (First Phase) will be in batches mainly from the fourth quarter of 2026 to 2027. The LandsD and its appointed Community Liaison Service Team will closely liaise with the affected parties to handle compensation and rehousing matters.

    The STT (excluding the Loop), with an area of about 540 hectares, will be developed in two phases, with Phase 1 development of about 365 hectares. The works for Phase 1 development are subdivided into two stages, with an area of about 158 hectares for Stage 1 works and about 207 hectares for Stage 2 works. The Stage 1 works commenced late last year. As previously stated publicly, the Government will not carry out pond filling works before commencing works for SPS WCP in 2026/2027. Upon full development, the STT will provide about 50 000 residential flats, accommodating a new population of more than 150 000. It will also create about 160 000 employment opportunities. The first population intake of about 18 000 under Phase 1 Stage 1 development will start progressively from 2031 onwards.

    SPS WCP, spanning over 300 hectares, will also be developed in two phases. The works of SPS WCP (First Phase) covering an area of about 150 hectares will commence in 2026/2027 (including the abovementioned proposed acquisition of land of about 85.2 hectares) for completion in 2031. The park serves multi-functions to conserve the Deep Bay wetlands, facilitate the modernisation of the aquaculture industry, as well as create environmental capacity and compensate for the impact on ecology and fisheries resources. The entire park is expected to be completed by 2039 to align with the estimated time for full operation of the STT.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Government posts notices of land resumption and acquisition for Development of San Tin Technopole (Phase 1) (First Batch) and Sam Po Shue Wetland Conservation Park (First Phase)

    Source: Hong Kong Government special administrative region

    The Lands Department (LandsD) today (July 10) posted land resumption notices and acquisition notices for the developments of San Tin Technopole (STT) (Phase 1) (First Batch) and Sam Po Shue Wetland Conservation Park (SPS WCP) (First Phase), in accordance with relevant ordinances.

    Section 4 of the Lands Resumption Ordinance (Chapter 124) and section 4 of the Land Acquisition (Possessory Title) Ordinance (Chapter 130) will be invoked.

    For STT (Phase 1) (First Batch), 1 309 private lots with an area of about 62 hectares will be resumed by the Government. Government land occupied by 20 graves and 42 urns, as well as 25 fishponds of about 700 square metres and about 7.5 hectares respectively, will also be acquired. In addition, for the establishment of SPS WCP (First Phase), about 85.2 hectares of government land occupied by 110 fishponds will be acquired by the Government. The land will revert to and vest in the Government upon the expiry of a period of three months from the date of affixing the notices (i.e. October 11, 2025).

    The abovementioned land reversion date and land vesting date are not the departure deadlines for the affected households and business undertakings. The LandsD will post notices in relevant areas about three months before the departure deadlines for the affected parties. According to the project programmes, the affected parties are scheduled to depart in batches. The estimated departure date for STT Phase 1 Stage 1 works will be in batches mainly from the first quarter of 2026 to the second quarter of 2027, whereas the estimated departure date for SPS WCP (First Phase) will be in batches mainly from the fourth quarter of 2026 to 2027. The LandsD and its appointed Community Liaison Service Team will closely liaise with the affected parties to handle compensation and rehousing matters.

    The STT (excluding the Loop), with an area of about 540 hectares, will be developed in two phases, with Phase 1 development of about 365 hectares. The works for Phase 1 development are subdivided into two stages, with an area of about 158 hectares for Stage 1 works and about 207 hectares for Stage 2 works. The Stage 1 works commenced late last year. As previously stated publicly, the Government will not carry out pond filling works before commencing works for SPS WCP in 2026/2027. Upon full development, the STT will provide about 50 000 residential flats, accommodating a new population of more than 150 000. It will also create about 160 000 employment opportunities. The first population intake of about 18 000 under Phase 1 Stage 1 development will start progressively from 2031 onwards.

    SPS WCP, spanning over 300 hectares, will also be developed in two phases. The works of SPS WCP (First Phase) covering an area of about 150 hectares will commence in 2026/2027 (including the abovementioned proposed acquisition of land of about 85.2 hectares) for completion in 2031. The park serves multi-functions to conserve the Deep Bay wetlands, facilitate the modernisation of the aquaculture industry, as well as create environmental capacity and compensate for the impact on ecology and fisheries resources. The entire park is expected to be completed by 2039 to align with the estimated time for full operation of the STT.

    MIL OSI Asia Pacific News –

  • MIL-OSI Banking: Andrew Bailey: The meaning of reserve currency

    Source: Bank for International Settlements

    It is a great pleasure to have the opportunity to make some remarks this afternoon. This is not just to be able to follow a fascinating and timely lecture, but also because I worked for Andrew Crockett at the Bank of England nearly 40 years ago. Andrew was inspiring to work for, one of the deepest thinkers about international economic policy and central banking. He also had a quite incautious side too. He was a practitioner of one of his favourite phrases – “if you have never missed a plane, you obviously arrive at airports too early”. Andrew was also the creator of the Financial Stability Forum, and its first chair.

    I want to spend my time developing a theme that has run though Maury’s lecture, namely what has been the meaning of the term reserve currency, and what does it mean today. My conclusion is that it is best to think of the term as one that has evolved with the times, and continues to do so. Thinking of it as a constant term does not help to understand its meaning.

    I will start with the nineteenth century meaning of the term. The monetary regime was the classical gold standard, and convertibility of domestic currency into gold at a fixed price was the nominal anchor of the system. The term reserve therefore referred to the gold reserves that were held to enable convertibility and the promise thereof.

    The nineteenth century Bank of England spent time managing that reserve balance to create confidence in the promise of convertibility. Today, our banknotes still carry the words “I promise to pay the bearer on demand, the sum of”. Nowadays, it means that someone can have another banknote, but under the gold standard it meant much more. This system did not put as much emphasis on financial stability, with the consequence that when crises occurred (as they did in that time), they were managed with a certain degree of adhocery. Hence, Walter Bagehot wrote his famous critique of the Bank.

    There was rather more to the concept of reserve currency in this period. Sterling was the premier currency of international trade, built on trade with the British Empire, but extending further over time to the countries of the so-called Sterling Area. It is one of the questions in central bank Trivial Pursuit to name countries in the Sterling Area.

    The collapse of this system between the wars led to the Bretton Woods system coming into existence and its heyday once full convertibility was restored. This system had the joint dollar-gold anchor in the form of a fixed dollar-gold rate and pegging of the major currencies. The consequence was a substantial growth of official dollar reserves, and the further emergence thus of the dollar as the reserve currency.

    The system therefore had a joint anchor. Because Bretton Woods solved the so-called Trilemma by restricting capital flows, the threat of countries exhausting reserves was limited, but not sufficiently so to prevent difficult devaluations at times. Moreover, I tend to think of the Triffin Dilemma as posing the question – what if the bluff of the dollar-gold tie had been called, and what would be the consequence?

    From the early 1970s that system broke down. Countries moved to free float, with periodic attempts at management, and a lifting of restrictions on capital controls. Alongside this was the emergence of the domestic anchor of monetary policy, usually an inflation target. The dollar had become the predominant currency of international trade and payments.

    The role and nature of reserves had changed. No longer were they a nineteenth century description of the central bank’s balance sheet and its liquidity under the classical gold standard. Rather, they became a description of so-called official reserves typically, but not always, held by governments, though often managed by central banks. Their role was different, reflecting the changes to the solution of the Trilemma. As foreign exchange intervention to influence exchange rates came to an end, the role of reserves in many countries was to act as a bulwark against pressures from capital flows, as seen in the Asian crisis of the late 1990s.

    A few numbers help here. The stock of FX reserves relative to global GDP increased from 3% to 11% between 1976 and last year.

    During that period, foreign currency reserves as a proportion of global reserve assets including gold increased from 50% to 90%, while the dollar’s share of foreign currency reserves declined from 80% to 57%. I take four points from these figures: the total stock of FX reserves has increased; the share of gold fell; the dollar’s share fell as it moved from being the anchor currency to the largest currency; and the evidence further supports the view that the meaning of the term reserve currency has changed over time.

    Today, with domestic monetary anchors, financial stability has become the focus of international co-ordination, the opposite of the gold standard arrangements. The meaning of reserve currency has changed again as a consequence. I would point to two important features of today’s system.

    First, the concept of reserve currency has a lot more to do with the supply and denomination of safe assets which act as security in the financial system, and are increasingly at the heart of it. This version of the concept of reserve currency has as much to do with the role of US Treasuries as a safe asset, that is present not just in official reserves but also to provide security and collateral in financial markets.

    Second, these arrangements are backed up by the provision of contingent liquidity insurance in the form of central bank swaps and a repo facility. These arrangements underpin the role and primacy of the reserve currency.

    I will end with two points which strike me as unfinished or emerging. First, at least for the large economies, it could be asked today, what is the point of official reserves? My view is that today their use is more to do with preserving financial stability in the event of stress. They may be needed to support financial system liquidity in situations of extreme stress.

    My second point, as BIS colleagues have emphasised, is that we need to watch carefully the evolution of payments forms and whether innovation here introduces fragility into what I would call the “money system”.

    If, for instance, stablecoins emerge as a new form of money, we have to decide how to ensure the singleness of money and therefore trust in money in this world, and what role the notion of reserve currency should play here.

    To finish, thank you Maury for such a stimulating lecture. You pushed me to think further about the meaning of reserve currency. The conclusion I draw was that we need to emphasise more its adaptable nature, but thereby be very clear what it means in the world of today and tomorrow.

    Thank you.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Eddie Yue: Unlocking value through China’s resilience

    Source: Bank for International Settlements

    Ladies and Gentlemen, good morning. It is an honour to join you today as we celebrate the 8th anniversary of the Bond Connect. The theme today, “Unlocking Value through China’s Resilience,” could not be more timely. The global capital markets are undergoing profound transformation, driven by a host of factors including increasing trade tensions, geopolitical and economic shifts, and changing investment appetite and patterns. These changes are reshaping the way capital flows across the world, creating both new opportunities and challenges for market participants. Now, let me first share some observations about the macro trends.

    Macro trends:

    The first trend is global diversification. Global capital markets have been on a roller-coaster driven by shifting policies and economic uncertainties. In light of these unpredictable swings, diversification stands out as the most essential investment strategy. Indeed we are now in a world of unprecedented choice and many more institutional investors are looking to further diversifying their portfolios. The strong investor response to the Hong Kong Government’s recent issuance of HK$27 billion in green and infrastructure bonds is telling of the diversifying trend. This multi-currency issuance attracted participation from a wide spectrum of investors from more than 30 markets across Asia, Europe, Middle East, and the Americas, with total order at about 9 times of the issuance size. In particular, the 30-year HKD government bond was offered for the first time, further extending the HKD yield curve. The 20-year and 30-year RMB government bonds, which were first introduced last year, also received overwhelming support, doubling in issuance size from last year. 

    Against this backdrop of global trend for diversification, China’s bond assets have emerged as a particularly compelling choice.

    • First, China’s bond market is the second largest in the world. Chinese bonds have the market depth and liquidity to become an increasingly important asset class among global investors.
    • Secondly, China has a relatively low debt level, with the general government debt-to-GDP ratio at around 84%, which is much lower than some major advanced economies.1
    • Thirdly, the low correlation between China’s onshore market and major global markets, at just 0.1 over the past 10 years, makes China bonds a very good diversifier.2
    • Fourthly, the risk-adjusted return of China bonds is relatively attractive. Onshore RMB bonds had an annualised volatility of around 1.3% over the past year, significantly lower than the volatility in other advanced markets during the same period.3

    This combination of features of China’s bond market as an attractive asset class for global investors seeking high-quality investments. In fact, according to a recent survey on central banks, over 30% of the respondents expect to increase their RMB holdings in the next five years.

    The second trend is Mainland China’s rapid wealth accumulation, particularly in institutional capital, which is creating new opportunities for their outbound investment. For example, China’s national pension reserve fund grew to around USD 400 billion by the end of 2023.4 Recent policy discussion also reaffirms that China encourages the national pension fund to cooperate with high-quality overseas investment managers to optimise its investment approach.5 The new private pension scheme has already attracted over 60 million participants since its inception in 2022, with this rapidly growing pool of capital projected to reach nearly USD 1 trillion by 2030.6 As Mainland institutional investors increasingly seek to diversify their portfolios and expand overseas asset allocation, there is significant potential for future growth in the Southbound Bond Connect, through Hong Kong’s platform to invest overseas.

    These two-way trends — global investors’ growing interest in RMB-denominated bonds and Mainland investors’ expanding overseas allocations — underscore the critical role of the Bond Connect as a gateway to facilitate cross-border capital flows between the Mainland and global financial markets. In a rapidly changing global financial landscape, the ability to adapt and innovate is key. Bond Connect exemplifies the power of collaboration and innovation in addressing the changing needs of investors, as it continues to evolve over the years.

    Policy work:

    In the past year, we have been working closely with relevant Mainland authorities, especially with the People’s Bank of China, to step up efforts to enhance the Bond Connect and its ecosystem. I wish to take the opportunity to make the following three announcements:

    • First, under the Northbound channel, investors can already use Bond Connect bonds as collateral for the Hong Kong Monetary Authority (HKMA)’s RMB Liquidity Facility, margin collateral for OTC Clearing Hong Kong Limited (OTCC) derivative transactions, and for conducting offshore RMB bond repurchase (repo) transactions. We are expanding the offshore RMB repo business to also support re-hypothecation and cross-currency repo, and the CMU OmniClear will enhance the operational arrangements accordingly. These enhancements will be implemented in late August 2025. 
    • Secondly, the Southbound Bond Connect investor scope is expanded to include securities firms, fund companies, insurance companies and wealth management companies, formally effective from today. This will open up more channels to meet the growing demand from Mainland investors, addressing their needs for diversified asset allocation. It will also bolster the development of Hong Kong’s bond market by widening the investor base and enhancing market liquidity, hence increasing Hong Kong’s attractiveness to bond issuers and global investors.
    • Thirdly, further to the announcement in May 2025, 30-year interest rate swaps (IRS) contracts have already gone live early last week (on 30 June) under the Swap Connect, and IRS contracts using the Loan Prime Rate (LPR) as reference rate will be launched in the coming months.    

    Besides, we have been working on strengthening Hong Kong’s financial infrastructure to support greater efficiency in the Hong Kong and Mainland Chinese bond markets. For example, the recent signing of a MoU between CMU OmniClear and LCH could facilitate the wider use of CNH bonds as collateral in the international market. This highlights the unparalleled role of Hong Kong’s infrastructure in supporting investment in CNH-denominated debt securities by investors from all over the world. 

    Looking ahead:

    As investors navigate geopolitical changes and search for greater diversification, the Bond Connect will continue to serve as a key platform connecting China’s bond market with the world. The HKMA will work closely with stakeholders to ensure that the platform will meet these changing needs — by enhancing market liquidity (such as cross-border repo in the pipeline), strengthening risk management (with offshore CMOF bond futures under preparation), and further broadening the investment channels. The continuous development of Bond Connect will not only deepen market integration but also reinforce Hong Kong’s unique role as a gateway between China and the international financial market. Thank you!

    MIL OSI Global Banks –

  • MIL-OSI Asia-Pac: Govt prepares for adverse weather

    Source: Hong Kong Information Services

    With adverse weather conditions forecast for Hong Kong, Chief Secretary Chan Kwok-ki today chaired a meeting of the steering committee for the handling of extreme weather.

     

    The meeting was convened to review and steer cross-departmental preparations and response plans with respect to typhoons, rainstorms and thunderstorms.

     

    Tropical Cyclone Danas, now over Fujian, is forecast to enter Guangdong tomorrow and weaken gradually. An active southwest monsoon to its south will generally affect the vicinity of the Pearl River Estuary tomorrow and Friday, and there will be torrential rain and squally thunderstorms over Hong Kong, with the weather possibly becoming relatively severe by then.

     

    Members of the public are advised to pay attention to the latest weather forecasts and warnings from the Observatory.

     

    At the meeting, the Drainage Services Department reported that it had made special arrangements to inspect and carry out clearance at about 240 locations which are prone to flooding due to blockages. 

     

    The “just-in-time” arrangement will continue, with 180 emergency response teams conducting inspection and clearance of drainage channels in different districts across the city.

     

    The Highways Department will inspect flood warning systems installed at road tunnels and pedestrian subways with a higher risk of flooding. Locations include the Kwun Tong Road Underpass and pedestrian subways along the Shing Mun River in Sha Tin, the Lam Tsuen River in Tai Po and the Tai Po River. 

     

    Meanwhile, District Offices have also initiated relevant response measures, including co-ordinating with other departments and organisations to enhance preparedness. They will mobilise District Council members, members of “the three committees” and Care Team members to disseminate the latest weather information to residents in flood-prone areas, reminding them to make necessary preparations.

     

    The Security Bureau’s Emergency Monitoring & Support Centre (EMSC) will be fully activated from 5pm tomorrow to monitor the situation in the city.

     

    Utilising the Common Operational Picture, the EMSC will conduct real-time citywide monitoring, and integrate updates from various departments to swiftly assess risks and formulate response plans and measures.

     

    Various emergency response teams – including the Fire Services Department, the Police Force, the Civil Aid Service and the Auxiliary Medical Service – have completed all necessary preparatory work and are on standby in order to handle possible emergencies during heavy rainstorms and high winds, and to provide assistance to those in need.

     

    Moreover, the Transport Department’s Emergency Transport Co-ordination Centre will operate round-the-clock to closely monitor traffic and transport conditions in co-operation with public transport agencies. It will disseminate emergency traffic information and public transport service arrangements to the public in a timely manner.

     

    The Education Bureau will also closely monitor the weather conditions and announce arrangements for schools and for Primary Six students’ registrations with their allocated secondary schools in a timely manner to allow parents and students to make early preparations.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HK outstanding in maritime audit

    Source: Hong Kong Information Services

    Hong Kong, China has achieved outstanding results in the International Maritime Organization (IMO) Member State Audit Scheme, the Transport & Logistics Bureau announced today.

     

    The audit was conducted to examine the relevant obligations Hong Kong fulfilled in relation to the mandatory IMO instruments.

     

    The audit was carried out from November 4 to 13, 2023, and the results, which were recently published, showed the outstanding performance by Hong Kong in multiple audit areas, especially its shipping registry.

     

    The bureau said that the audit result testifies to Hong Kong’s commitment to go above and beyond in fulfilling international obligations.

     

    It added that Hong Kong, as an IMO associate member, will continue to maintain its outstanding performance and consolidate its position as a leading international maritime centre.

     

    The bureau also noted that the Hong Kong Shipping Registry ranks fourth in the world in terms of gross tonnage, and the fleet of Hong Kong-registered ships is renowned globally for its good quality.

     

    It highlighted that the consistently low detention rate of Hong Kong-registered ships under worldwide Port State Control inspections at 0.69% is significantly lower than the global average of 3.30%, reflecting Hong Kong’s constant effort in maintaining and enhancing the safety, reliability and credibility of its fleet.

     

    The audit scrutinised Hong Kong in fulfilling its flag, coastal and port obligations.

     

    The audit team appreciated that Hong Kong had well-documented procedures on fulfilling its obligations related to the mandatory IMO instruments, and implemented the relevant requirements through local legislation and guidance dissemination in a timely manner.

     

    The Marine Department (MD) also carried out periodic management reviews as well as internal and external audits for effective implementation of those instruments.

     

    The audit further revealed several areas of positive development and good practices of Hong Kong, which demonstrated a drive to promote safety awareness and a pollution prevention culture among stakeholders in the maritime sector.

     

    One of the good practices is to ensure the compliance of ships flying the Hong Kong flag with the mandatory IMO instruments by requiring their regular and appropriate completion of pre-arrival checklists.

     

    The MD also disseminated useful information through such means as holding regular meetings and seminars with stakeholders, and issuing circulars and Merchant Shipping Information Notes to notify stakeholders of the latest mandatory IMO requirements in a timely manner.

     

    Meanwhile, the audit identified two findings and one observation on areas where Hong Kong could improve, including the need to more comprehensively monitor the communication of mandatory information to the IMO and track the attendance of government surveyors at trainings.

     

    Soon after the audit, the Hong Kong Special Administrative Region Government proposed and took actions, which were accepted by the IMO, to address the findings and observation.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Schools suspended on Jul 11

    Source: Hong Kong Information Services

    The Education Bureau announced today that classes of all day schools will be suspended tomorrow as the weather conditions are expected to remain severe due to the impact of the torrential rain and squally thunderstorms brought by the remnants of Tropical Cyclone Danas.

    The steering committee on handling extreme weather, led by the Chief Secretary, announced the decision in response to the development of weather conditions.

    The move was made to ensure the safety of students, and considering that schools across the city may have already started their summer break, the actual impact of a class suspension on students’ learning and teaching is relatively small.

    The Secondary One registration procedures were originally scheduled for today and tomorrow at the allocated secondary schools. Considering that some parents may have already made arrangements to register at the schools today, the original whole-day registration arrangements for today will remain unchanged.

    If parents choose to register their child at the allocated secondary school today, they should pay attention to the weather conditions and ensure safety. For safety reasons, parents should not bring their children to the school for registration.

    The registration originally scheduled for tomorrow will be rescheduled to July 14. If parents are unable to register in person or through an authorised representative on the above dates, they should contact the allocated secondary school or the Education Bureau’s School Places Allocation Section at 2832 7700 or 2832 7740 to make appropriate registration arrangements.

    Additionally, units under the Social Welfare Department providing child care centre services, services under the Neighbourhood Support Child Care Project, and after school care programmes for pre-primary or primary school children will not be open to the public tomorrow.

    Citizens in need may contact the centres or services units concerned for assistance.

    The Home Affairs Department is ready to activate the Emergency Co-ordination Centre as soon as necessary and open temporary shelters for people in need of temporary accommodation.

    The Drainage Services Department (DSD) has made special arrangements to inspect and carry out necessary clearance at about 240 locations prone to flooding due to blockages. 

    Members of the public are advised to report any street flooding to the DSD by calling the 24-hour drainage hotline at 2300 1110.

    The committee urges people to remain alert, stay away from dangerous places such as rivers and slopes in adverse weather conditions, refrain from water sports, and to pay attention to the latest news released by the Government.

    MIL OSI Asia Pacific News –

  • MIL-OSI: LET Mining: The application of cryptocurrency will make your travel more convenient, let cloud mining pay for you

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, July 10, 2025 (GLOBE NEWSWIRE) — Now, this future is within reach, because this week Emirates has partnered with leading digital asset platform Crypto.com to explore accepting cryptocurrency payments in all its services. Not only that, there are currently more than tens of thousands of companies around the world accepting cryptocurrency payments, and it has become easier than ever to use Bitcoin or Ethereum to book flights, hotel accommodations, and even a cup of coffee. In the future, you can even complete the entire journey with only cryptocurrency.

    LET Mining: Let your crypto assets pay for your travel
    Now cryptocurrency is no longer just a speculative asset. It is becoming a popular means of payment. And the LET Mining cloud mining platform can make your digital assets gain additional value every day. With just a few simple steps, the platform deploys computing power for you and settles the income daily. The income can be freely withdrawn for investment, savings, or even directly for living expenses or travel expenses.

    The core advantages include:
    √ Daily income, automatic arrival: truly realize passive income, and the income is clearly visible.
    √ Environmentally friendly and sustainable: driven by hydropower and wind energy, supporting the concept of green travel.
    √ 0 technical threshold: no need to install mining machines or understand the principles of mining, everyone can participate.
    √ Flexible withdrawal: supports the withdrawal of multiple crypto assets, which can be used for travel payments or exchange for legal currency.

    Start using LET Mining and start your crypto travel journey
    Step 1: Open the official website: https://letmining.com/, click to register, fill in the registration information, and you will receive a $12 reward after successful registration

    Step 2: The platform provides a variety of high-yield and flexible cloud computing contracts, and users can choose to purchase them freely. The following are some cloud computing contracts ]

    ◆Experience Contract: investment amount: $100, contract period: 2 days, daily income of $4, maturity income: $100 + $8
    ◆BTC Classic Hash Power: investment amount: $500, contract period: 5 days, daily income of $6, maturity income: $500 + $30
    ◆DOGE Classic Hash Power: investment amount: $3,500, contract period: 24 days, daily income of $50.4, maturity income: $3,500 + $1,209.6
    ◆BTC Advanced Hash Power: investment amount: $8,200, contract period: 35 days, daily income of $130.38, maturity income: $8,200 + $4,563.3
    ◆BTC Advanced Hash Power: investment amount: $10,000, contract period: 45 days, daily income of $173, maturity income: $10,000 + $7,785
    ◆DOGE Super Hash Power: Investment amount: $30,000, contract period: 48 days, daily income of $555, maturity income: $30,000 + $26,640
    (Click here to view more high-yield contract details)

    Step 3: The system will send the daily income of the cloud computing contract you purchased to your account, and you can withdraw it to your wallet address at any time

    By participating in the purchase of LET Mining’s cloud computing power contract, you can get a fixed income every day, which provides additional income guarantee for a free lifestyle, so that you no longer rely on traditional salary income, and you don’t need to worry about international financial barriers such as exchange rates and transfers, and avoid expensive currency exchange fees.

    With the popularity of cryptocurrency applications, innovative models like LET Mining are redefining crypto assets. By intelligently utilizing crypto assets, it can become a self-sustaining lifestyle, making travel no longer just an expense. Let the digital world provide financial support for your real travel and open up a new way of traveling.

    Want to work in an island town in Southeast Asia? Want to write code in a small cafe in a European town? As long as your digital wallet is growing, the world will open its doors to you.

    Official website: https://letmining.com/
    Contact email: info@letmining.com

    Attachment

    The MIL Network –

  • Global stocks climb on AI and rate cut optimism, unfazed by Trump’s tariff moves

    Source: Government of India

    Source: Government of India (4)

    Global stocks advanced on Thursday, underpinned by optimism around artificial intelligence and the prospect of upcoming interest rate cuts, while investors kept a cautious eye on U.S. President Donald Trump’s ongoing assault on international trade.

    U.S. copper futures widened their premium to the London benchmark overnight after Trump announced plans to impose a 50% tariff on copper imports. He said the levies would come into effect on August 1.

    Trump also threatened a punitive 50% tariff on Brazil’s exports to the U.S. on Wednesday and issued tariff notices to seven minor trading partners.

    The latest tariff moves did little to rattle markets as European stocks gained, with Germany’s DAX up 0.1% and UK’s FTSE 100 rising 1% to their respective all-time highs.

    MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.5%. U.S. stock futures took a breather, with Nasdaq futures down 0.1% after the tech-heavy index closed at a record high on Wednesday.

    The market reaction to Trump’s tariff developments this week was less severe than in April, and Jeff Ng, SMBC’s head of Asia macroeconomic strategy, said investors had grown somewhat “numb” to the ever-changing situation.

    “They know that there is still room for negotiation. A lot of these announcements, they start off with eye-catching numbers, but they are not totally final, and they are still subject to changes. Even if they are implemented, they could also be reversed in the coming few months to year,” he said.

    Meanwhile, investors digested upbeat quarterly results from TSMC that reflected strong demand for the world’s largest contract chipmaker’s products, kept alive by surging interest in artificial intelligence applications.

    TSMC’s report came a day after AI chip giant Nvidia became the world’s first public company to hit a $4 trillion market value. Other tech-related stocks in Korea and Japan further got a boost.

    Also keeping stocks supported were expectations of at least two interest rate cuts by the Federal Reserve this year.

    Minutes released on Wednesday showed “most participants” at the Fed’s meeting last month anticipated rate cuts would be appropriate later this year, with any price shock from tariffs expected to be “temporary or modest.”

    “Our view remains that in the balance of risks between employment and inflation, Fed would be more sensitive to employment than to inflation. Hence, if our view holds, and we get some weakness in the employment numbers over summer, Fed will respond by cutting rates in September,” said Mohit Kumar, an economist at Jefferies.

    DOLLAR EASES

    The dollar was on the back foot on Thursday against the euro, but holding its own against the yen JPY=EBS at 146.35, after a sharp rise earlier this week when Trump slapped Japan with 25% tariffs.

    The euro was up 0.17% to $1.1734 and sterling gained 0.15% to $1.36110.

    An exception was the Brazilian real, which languished near a one-month low at 5.5826 per dollar owing to Trump’s tariff threat on Latin America’s largest economy.

    The real’s volatility gauges spiked to the highest since late April when markets were still trying to get to grips with Trump’s “Liberation Day” tariff threats.

    “Without a clear path yet to de-escalation, the real is likely to continue to trade on a softer footing in the near-term. The initial real sell-off was exacerbated by the unwind of popular carry trades,” Lee Hardman, a senior currency economist at MUFG said.

    “The risk is that carry trades continue to be unwound on the back of heightened trade risks and higher financial market volatility triggering a further reversal of real gains.”

    In cryptocurrencies, bitcoin was pinned near a record high and was last at $111,207, while ether was up 1.8% to $2,790.9.

    Elsewhere, crude prices were steady with Brent futures hovering at $70.2 per barrel, while U.S. crude was flat at $68.33 a barrel.

    Spot gold rose 0.22% to $3,320.59 an ounce.

    (Reuters)

  • OpenAI to release web browser in challenge to Google Chrome

    Source: Government of India

    Source: Government of India (4)

    OpenAI is close to releasing an AI-powered web browser that will challenge Alphabet’s market-dominating Google Chrome.

    The browser is slated to launch in the coming weeks, three of the people said, and aims to use artificial intelligence to fundamentally change how consumers browse the web. It will give OpenAI more direct access to a cornerstone of Google’s success: user data.

    If adopted by the 500 million weekly active users of ChatGPT, OpenAI’s browser could put pressure on a key component of rival Google’s ad-money spigot. Chrome is an important pillar of Alphabet’s ad business, which makes up nearly three-quarters of its revenue, as Chrome provides user information to help Alphabet target ads more effectively and profitably, and also gives Google a way to route search traffic to its own engine by default.

    OpenAI’s browser is designed to keep some user interactions within a ChatGPT-like native chat interface instead of clicking through to websites, two of the sources said.

    The browser is part of a broader strategy by OpenAI to weave its services across the personal and work lives of consumers, one of the sources said.

    OpenAI declined to comment.

    The sources declined to be identified because they are not authorized to speak publicly on the matter.

    Led by entrepreneur Sam Altman, OpenAI upended the tech industry with the launch of its AI chatbot ChatGPT in late 2022. After its initial success, OpenAI has faced stiff competition from rivals including Google and startup Anthropic, and is looking for new areas of growth.

    In May, OpenAI said it would enter the hardware domain, paying $6.5 billion to buy io, an AI devices startup from Apple’s AAPL.O former design chief, Jony Ive.

    A web browser would allow OpenAI to directly integrate its AI agent products such as Operator into the browsing experience, enabling the browser to carry out tasks on behalf of the user, the people said.

    The browser’s access to a user’s web activity would make it the ideal platform for AI “agents” that can take actions on their behalf, like booking reservations or filling out forms, directly within the websites they use.

    TOUGH COMPETITION

    OpenAI has its work cut out – Google Chrome, which is used by more than 3 billion people, currently holds more than two-thirds of the worldwide browser market, according to web analytics firm StatCounter. Apple’s AAPL.O second-place Safari lags far behind with a 16% share. Last month, OpenAI said it had 3 million paying business users for ChatGPT.

    Perplexity, which has a popular AI search engine, launched an AI browser, Comet, on Wednesday, capable of performing actions on a user’s behalf. Two other AI startups, The Browser Company and Brave, have released AI-powered browsers capable of browsing and summarizing the internet.

    Chrome’s role in providing user information to help Alphabet target ads more effectively and profitably has proven so successful that the Department of Justice has demanded its divestiture after a U.S. judge last year ruled that the Google parent holds an unlawful monopoly in online search.

    OpenAI’s browser is built atop Chromium, Google’s own open-source browser code, two of the sources said. Chromium is the source code for Google Chrome, as well as many competing browsers including Microsoft’s Edge and Opera.

    Last year, OpenAI hired two longtime Google vice presidents who were part of the original team that developed Google Chrome. The Information was first to report their hires and that OpenAI previously considered building a browser.

    An OpenAI executive testified in April that the company would be interested in buying Chrome if antitrust enforcers succeeded in forcing the sale.

    Google has not offered Chrome for sale. The company has said it plans to appeal the ruling that it holds a monopoly.

    OpenAI decided to build its own browser, rather than simply a “plug-in” on top of another company’s browser, in order to have more control over the data it can collect, one source said.

    (Reuters)