Category: Asia

  • MIL-OSI Asia-Pac: HKSAR Government decides to file complaint with World Trade Organization regarding US imposition of additional duty on products of Hong Kong

    Source: Hong Kong Government special administrative region

    HKSAR Government decides to file complaint with World Trade Organization regarding US imposition of additional duty on products of Hong Kong
    HKSAR Government decides to file complaint with World Trade Organization regarding US imposition of additional duty on products of Hong Kong
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         ​In response to the United States (US)’s announcement to impose an additional 10 per cent duty on products of Hong Kong, a spokesman for the Hong Kong Special Administrative Region (HKSAR) Government today (February 7) said that the Government has decided to file a complaint regarding the matter with the World Trade Organization (WTO).           The spokesman said, “The US’ measures are grossly inconsistent with the relevant WTO rules and ignore our status as a separate customs territory as stipulated in Article 116 of the Basic Law and recognised by the WTO. The HKSAR Government will formally launch procedures in accordance with the WTO Dispute Settlement Mechanism against the US’ unreasonable measures to defend our legitimate rights.”           The spokesman reiterated that Hong Kong is a staunch supporter of the rule-based multilateral trading system. The HKSAR Government strongly opposes the US’ measures and urges the US to take immediate actions to rectify its wrongdoing.

     
    Ends/Friday, February 7, 2025Issued at HKT 16:00

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: INVESTMENT IN PLI SCHEME FOR SPECIALLY STEEL

    Source: Government of India (2)

    Posted On: 07 FEB 2025 1:11PM by PIB Delhi

    Production Linked Incentive (PLI) Scheme for specialty steel was launched with the objective of attracting investment to boost the production of value-added steel in the country. Steel is deregulated sector and decisions such as investment, production are based on techno-commercial considerations of the industry. Participating companies committed to an investment of Rs. 27,106 crore out of which Rs.18,848 crore has been achieved till December, 2024. The production of specialty steel up to December, 2024 is 1,258,000 tonnes.

    This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha today.

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    TPJ/NJ

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: BENEFITS UNDER SECOND ROUND OF PLI SCHEME VIS-A-VIS PLI SCHEME 1.1

    Source: Government of India (2)

    Posted On: 07 FEB 2025 1:11PM by PIB Delhi

    Second round of the Production Linked Incentive (PLI) scheme for specialty steel was launched on January 6, 2025, within the overall budget allocated for the scheme. To ensure wider participation in the second round, irrespective of the company size, following steps have been taken:-

    1. Launch of dedicated web portal for PLI scheme 1.1 and wide publicity through media.

    2. Frequent webinars with companies that expressed interest to participate in the scheme.

    3. Easing of rules of participation in the scheme such as allowing 50% of investment in cases where companies invest in augmentation of existing facilities to participate in the notified sub-categories.

    This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha today.

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    TPJ/NJ

    (Release ID: 2100581) Visitor Counter : 48

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: ENHANCEMENT OF PRODUCTION OF STEEL UNDER PLI SCHEME

    Source: Government of India (2)

    Posted On: 07 FEB 2025 1:10PM by PIB Delhi

    Production Linked Incentive (PLI) Scheme for specialty steel was launched with the objective of attracting investment to boost the production of value-added steel in the country. PLI Scheme for specialty steel covers five broad product categories, namely Coated/Plated Steel Products, High Strength/Wear resistant Steel, Specialty Rails, Alloy Steel Products & Steel wires and Electrical Steel.

    Steel is a de-regulated sector and the government acts as a facilitator by creating a conducive policy environment for the development of steel sector. Government has taken the following measures to create a conducive policy environment for boosting the steel sector in the country:-

    1. Promotion of ‘Made in India’ steel and expanding investments:-

      1. Implementation of Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for promoting ‘Made in India’ steel for Government procurement.

      2. Launch of the Production Linked Incentive (PLI) Scheme for Specialty Steel to promote the manufacturing of ‘Specialty Steel’ within the country and reduce imports by attracting capital investments.

    1. Improve raw material availability and reduce raw material cost:-  

      1. Reduction in the Basic Customs Duty on Ferro Nickel, a raw material from 2.5 percent to zero, making it duty free.

      2. Extension of duty exemption on ferrous scrap upto 31st March 2026, in the Budget 2024.

    2. Import monitoring and quality control:-

      1. Revamping of Steel Import Monitoring System (SIMS) for effective monitoring of imports to provide granular details on imports to the domestic steel industry.

      2. Introduction of steel Quality Control Orders thereby banning sub-standard/ defective steel products in domestic market as well as imports to ensure the availability of quality steel to the industry, users and public at large.

    This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha today.

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    TPJ/NJ

    (Release ID: 2100578) Visitor Counter : 49

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  • MIL-OSI Asia-Pac: 32nd Session of the Indian Art History Congress to be organized from 8th to 10th February 2024 at Indian Institute of Heritage Noida

    Source: Government of India (2)

    Posted On: 07 FEB 2025 12:58PM by PIB Delhi

    The Indian Art History Congress is an all-India body of the study of the Indian Art Heritage, its headquarters being situated in Guwahati. This year, the 32nd Session of the Indian Art History Congress is being hosted by the Indian Institute of Heritage, Noida, deemed to be university, under the Ministry of Culture from 8th to 10th February 2024. The conference is being held on the theme “Rendering of Indian Epics in Art and Culture,” which aims to highlight the diverse forms of artistic expressions based on the epics. A variety of oral, textual and visual mediums became a conduit through which these narratives were transmitted. In this context, the conference aims to be a platform that brings together conversations on the various forms of artistic and performative representations of the epics. It highlights the multiplicity and plurality of the epics in terms of its diverse artistic manifestations tracing their influence as well as their representation from ancient to contemporary times.

    The conference will be inaugurated by the Chief Guest, Shri Gajendra Singh Shekhawat, Union Minister of Culture and Tourism and Chancellor, Indian Institute of Heritage. Dr. Mahesh Sharma, Member of Parliament, Former Minister of State (Independent Charge), Ministry of Culture and Former Chancellor, National Museum Institute will grace the Inaugural Programme as the Guest of Honour.

    The Rāmāyana and the Mahābhārata, two of India’s most ancient epics, continue to shape the cultural ethos of the nation. Over time, different renditions of the epics were produced in different languages that reflected the unique manifestations of different cultures and regions, reforming the epics with local variations. Prof. (Dr.) B. R. Mani, the Vice Chancellor of the Indian Institute of Heritage mentioned that, “the ideals of the epics and its universal themes of Dharma, comprising deliberations on duty, righteousness and justice, became a guiding way of life for a diverse section of people not only in India but finding resonance across cultures even beyond our country.” The contribution and significance of the Indian Art History Congress is elaborated by Prof. (Dr.) Maruti Nandan Prasad Tiwari, Chairman, IAHC and Prof. D. S. Somashekhar, General Secretary, IAHC. They said, “Art is both an inward and outward journey for sensitive beings to attain the Supreme bliss. The experience of Art transcends age. The Indian Art History Congress-Guwahati devoted to promoting interest for Art, its preservation and protection, has involved both veteran and young scholars alike to reach the goal. The great scholars like Prof. K. D. Bajpai, Dr. R. D. Choudhury and others made our organisation a medium through which they tried to orient generations of young scholars for protecting our rich cultural heritage- both tangible and intangible. We are into their shoes carrying their dreams further for posterity.”

    The conference has already seen a phenomenal response wherein more than 200 abstract submissions were received for evaluation. This attests to the fact that the Indian epics not only shaped the moral, spiritual, and artistic ethos of our ancient civilization but continue to resonate in the present times with similar fervour. Abstract submissions reflect the diversity of thematic discourses that look into the aspects of mythology, history, aesthetics, statehood, identity, cultural exchanges, diplomacy, international legacies, modernist reinterpretations, and regional influences, among others. Furthermore, the diverse backgrounds of the scholars – from disciplines such as art history, archaeology, ancient Indian history, epigraphy, numismatics, and others – and their varied research interests will bring about unique intersections of thought and interdisciplinary dialogues, fostering new and enriched outlook on the epics. Thus, the conference aims to be a space where these various intersections and interpretations by senior and emerging scholars will come together to create a profoundly engaging scholarly endeavour.

    The Indian Institute of Heritage is pleased to collaborate with the Indian Art History Congress to host this conference on such a timely and profound theme.

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    Sunil Kumar Tiwari

    pibculture[at]gmail[dot]com

    (Release ID: 2100570) Visitor Counter : 67

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: DRDO releases redefined and augmented Research Verticals & Thrust Areas across DIA-CoEs to streamline and enhance research

    Source: Government of India (2)

    Posted On: 07 FEB 2025 12:53PM by PIB Delhi

    Directorate of Futuristic Technology Management (DFTM) at Defence Research and Development Organisation (DRDO) HQs in New Delhi on February 07, 2025 released the redefined and augmented Research Verticals & Thrust Areas across DRDO Industry Academia – Centres of Excellence (DIA-CoEs) to streamline and enhance the focus of Directed Research. The realignment and augmentation of research areas include future technology requirements of DRDO laboratories and deep technology research areas. The existing 65 Research Verticals distributed across 15 DIA-CoEs have been redesigned into 82 Research Verticals. This important development is part of a strategic effort to refine the DIA-CoEs’ research focus and introduce cutting-edge deep technology research areas to strengthen the overall research outcomes.

    Some of the new areas added to the bouquet of research verticals are ‘Compound Semiconductor Technologies’ at IITB, ‘Laser Beam Combining based Communication, Power Transmission & Manufacturing and Extraction & Recycling of Materials’ at IITH, ‘Software Defined Radios’ at IITK, ‘Emerging RF Technologies’ at IITR and ‘Cryptography and Information Security’ at IITKgp and many more.

    The new realignment is expected to encourage stronger interdisciplinary, multi-institutional research collaboration engaging Industry & academia, minimise duplicative efforts, and maximise resource utilisation across the institutions. Additionally, it will also ensure that DIA-CoEs contribute meaningfully to address DRDO’s future technology challenges and shaping the future of defence technology.

    For more information about newly identified Research Verticals and Thrust Areas of DIA-CoEs please visit: https://www.drdo.gov.in/drdo/adv-tech-center

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    SR/KB

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  • MIL-OSI Asia-Pac: NITI Aayog Hosts a Conclave on ‘Towards Viksit Bharat@2047: Strengthening Economy, National Security, Global Partnerships, and Law’

    Source: Government of India

    Posted On: 07 FEB 2025 12:12PM by PIB Delhi

    NITI Aayog organized a conclave titled “Towards Viksit Bharat @ 2047: Strengthening Economy, National Security, Global Partnerships, and Law” on 6th February 2025 at Sushma Swaraj Bhawan, New Delhi. The conclave saw participation of the Vice Chairman of NITI Aayog, Members of NITI Aayog, the CEO of NITI Aayog, and keynote addresses from the Chief Economic Advisor to the Government of India and the Secretary of the Ministry of Defence. The event featured a lineup of panel discussions, keynotes, and deliberations, addressing critical themes essential to India’s development journey over the next two decades.

    A key highlight was the panel discussion on Economic Growth and Global Competitiveness by 2047, where distinguished experts from policy, academia, and industry examined India’s trajectory toward becoming a global economic powerhouse. Discussions emphasized the importance of regulatory reforms, innovation, infrastructure expansion, and India’s strategic role in global trade. Panelists stressed the need for increased private sector investment in research and development, fiscal consolidation, and integration into global supply chains. Sovereign credit ratings, energy security, and access to critical raw materials were identified as essential for long-term economic resilience. Education, skill development, and infrastructure investments were recognized as crucial for leveraging India’s demographic advantage. The consensus was that bold reforms, sustainable energy strategies, and a leadership role in global trade would be key to achieving Viksit Bharat by 2047.

    Another significant session, Strategic Partnerships for Development, focused on India’s diplomatic strategies in securing alliances with both the Global South and North. The discussion highlighted India’s economic resilience and its ability to navigate geopolitical trade disruptions. Experts underscored India’s leadership in renewable energy and stressed the importance of international cooperation in critical mineral resources. Trade liberalization, tariff reductions, and technological collaborations were explored as potential avenues to enhance India’s global trade standing. The session also emphasized the role of digital public infrastructure in fostering multilateral and bilateral partnerships, while legal reforms were acknowledged as pivotal in attracting investment and improving ease of doing business.

    In the session on Supply Chain Resilience and National Defence, panelists addressed practical solutions for mitigating supply chain disruptions and the role of public-private partnerships in national defence. Discussions highlighted the need for a robust logistical supply chain and its impact on both military and civilian operations. A key takeaway was the distinction between the Just in Time model in civil supply chains and the Just in Case model employed in military logistics. Experts deliberated on the role of legal frameworks in ensuring efficient procurement, stocking, and supply chain management. Proposals were made for enhancing procurement procedures, fostering public-private collaborations, and refining organizational structures to streamline defence supply chains. Cybersecurity emerged as a critical factor in safeguarding supply chain integrity and ensuring operational efficiency.

    The conclave provided valuable insights into India’s economic trajectory, strategic partnerships, and national security preparedness. The discussions reinforced the nation’s commitment to sustainable and inclusive growth, paving the way for the vision of the Prime Minister of a “Viksit Bharat” by 2047.

     

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    MJPS/SR

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  • MIL-OSI Asia-Pac: National Commission for Minorities Chairman Iqbal Singh Lalpura Engages with Minority Leaders and District Officials in Sambhal

    Source: Government of India (2)

    Posted On: 07 FEB 2025 11:59AM by PIB Delhi

    The Hon’ble Chairman of the National Commission for Minorities (NCM) Shri Iqbal Singh Lalpura visited Sambhal district of Uttar Pradesh today. In Sambhal he visited Shahi Masjid that attracted attention after the November 24, 2024 incident of communal strife and inquired about the situation from locals.

    He met the people from minority communities and also held a significant meeting with prominent social, educational, and religious leaders of the notified minority communities that included Sikh, Jain, Christian, and Muslim. The discussions with the community leaders focused on key issues concerning religious harmony, minority welfare, education, socio-economic development, and community empowerment. The community leaders highlighted concerns and suggestions aimed at fostering religious harmony, inclusive growth and ensuring equitable opportunities for all sections of society and ensuring religious harmony for national unity and integrity.

    In addition, the Hon’ble Chairman held discussions with the District Magistrate (DM), Superintendent of Police (SP), Additional District Magistrate (ADM), and other concerned officials of Sambhal District. The meeting addressed various governance issues, implementation of welfare schemes, and measures to strengthen minority rights and security in the region. The Chairman emphasized the need for coordinated efforts between the administration and community representatives to ensure inclusive development and social harmony.

    The Hon’ble Chairman reiterated the Commission’s commitment to addressing the challenges faced by minority communities and assured proactive steps in collaboration with the State government authorities. The meeting underscored the importance of dialogue in strengthening social harmony and advancing the welfare of notified minorities. 

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    SS/STK/ISA

    (Release ID: 2100554) Visitor Counter : 46

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  • MIL-OSI Europe: Answer to a written question – Situation of the European ceramics industry – E-002348/2024(ASW)

    Source: European Parliament

    Trade is essential for the EU’s long-term competitiveness. European ceramics, with a positive balance of EUR 5.8 billion, are important to the EU’s trade balance.

    The energy crisis and third countries’ fast growth and, at times, unfair competition, have resulted in market share losses. Supporting the ceramic sector is of great importance for the EU to fight against deindustrialisation and for its resilience and sovereignty.

    The Commission put in place anti-dumping measures on imports of ceramic tableware from China and ceramic tiles from China[1], India and Türkiye[2].

    Improving the functioning of the Single Market also provides an important lever to ensure fair competition for EU companies and support internal trade.

    The Commission has already put in place a number of tools, such as the Single Market Enforcement Taskforce[3], to improve its functioning.

    The Commission will adopt in the coming weeks the 2025 Annual Single Market and Competitiveness Report and will further adopt a horizontal Single Market Strategy. Together, these different documents will help identify and address remaining barriers.

    The recent Ecodesign for Sustainable Products Regulation[4] and Construction Products Regulation[5] are examples of the Commission’s work to help ensure sufficient offtake to create lead markets for resilient and sustainable products.

    Besides, as announced in the Political Guidelines[6], the Commission will propose an Industrial Decarbonisation Accelerator Act to support industries and companies through the transition.

    • [1] Commission Implementing Regulation (EU) 2024/493, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L_202400493&qid=1733935331907
    • [2] Commission Implementing Regulation (EU) 2023/265, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32023R0265
    • [3] https://single-market-economy.ec.europa.eu/single-market/single-market-enforcement-taskforce_en
    • [4]  Regulation (EU) 2024/1781, https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=OJ:L_202401781
    • [5]  Regulation (EU) No 305/2011, https://single-market-economy.ec.europa.eu/sectors/construction/construction-products-regulation-cpr_en
    • [6] https://commission.europa.eu/document/e6cd4328-673c-4e7a-8683-f63ffb2cf648_en
    Last updated: 7 February 2025

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: Choi Chang-sau mourned

    Source: Hong Kong Information Services

    Secretary for Culture, Sports & Tourism Rosanna Law today expressed sorrow over the passing of Choi Chang-sau, a master of the “Arts of the Guqin”, and extended condolences to Mr Choi’s family.

    She explained that inheriting the craftsmanship of guqin making, Mr Choi took up the operation of his family business, the Choi Fook Kee musical instrument shop. He also founded the Choi Chang Sau Qin Making Society in 2011.

    Miss Law said: “Dedicated to the arts for many years, he shared his knowledge generously with local guqin lovers, making remarkable contributions to nurturing talent and passing on precious intangible cultural heritage. We are deeply saddened by the passing of Mr Choi.”

    With a history dating back more than 3,000 years, guqin is one of the oldest plucked musical instruments in China. Guqin making is a traditional art that involves woodwork, lacquering, calligraphy and the actual making of music.

    The “Arts of the Guqin” was inscribed onto the fourth National List of Intangible Cultural Heritage in 2014.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Result of the 56-day Variable Rate Repo (VRR) auction held on February 07, 2025

    Source: Reserve Bank of India

    Tenor 56-day
    Notified Amount (in ₹ crore) 50,000
    Total amount of bids received (in ₹ crore) 1,08,702
    Amount allotted (in ₹ crore) 50,010
    Cut off Rate (%) 6.31
    Weighted Average Rate (%) 6.35
    Partial Allotment Percentage of bids received at cut off rate (%) 89.08

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2102

    MIL OSI Economics

  • MIL-OSI Canada: Leading in financial literacy: Minister Nicolaides | Leader en matière de littératie financière : Ministre Nicolaides

    “The latest PISA results from 2022 show that Alberta is a world leader in education. Alberta students rank first in financial literacy among Canadian provinces, ahead of Ontario and British Columbia, which tied for second place.

    “Alberta students also performed exceptionally well against international competitors in financial literacy. Globally, Alberta students placed first ahead of Denmark, the top-ranked country.

    “Alberta’s students’ achievement in financial literacy builds off the previously released 2022 PISA results. Across Canada, Alberta students rank first in science, reading and creative thinking and second in mathematics. Globally, Alberta students rank second only to Singapore in science, reading and creative thinking.

    “Ensuring Alberta’s youth can build the financial literacy skills they need to make informed decisions about their finances and their future continues to be a focus for our government.

    “That’s why we have invested $5 million to support practical, hands-on financial literacy programming for students from Kindergarten to Grade 12 and our renewed K–6 curriculum that includes a stronger foundation in financial literacy.

    “As we look forward, we will continue to develop new curriculum for grades 7–12 and ensure financial literacy is incorporated throughout all grades where appropriate.”

    Related information

    • Programme for International Student Assessment 2022 results 
    • Financial literacy grants

    Related news

    • International success for Alberta students: Minister Nicolaides (Dec. 5, 2023) 

    Le ministre de l’Éducation, Demetrios Nicolaides, a fait la déclaration suivante sur les derniers résultats du Programme international pour le suivi des acquis des élèves (PISA) de 2022 : 

    « Les derniers résultats du PISA de 2022 montrent que l’Alberta est un leader mondial en matière d’éducation. Les élèves de l’Alberta se classent au premier rang en matière de littératie financière parmi les provinces canadiennes, devant l’Ontario et la Colombie-Britannique, qui se classent au deuxième rang ex æquo.

    Les élèves de l’Alberta ont également obtenu des résultats exceptionnels par rapport à leurs concurrents internationaux en matière de littératie financière. À l’échelle mondiale, les élèves de l’Alberta se classent premiers, devant le Danemark, le pays le mieux classé.

    Les résultats des élèves de l’Alberta en matière de littératie financière s’appuient sur les résultats du PISA de 2022 déjà publiés. Au Canada, les élèves de l’Alberta se classent premiers en sciences, en lecture et en pensée créative et deuxièmes en mathématiques. À l’échelle mondiale, les élèves de l’Alberta se classent au deuxième rang, après Singapour, en sciences, lecture et pensée créative.

    Veiller à ce que les jeunes de l’Alberta puissent acquérir les compétences en littératie financière dont ils ont besoin pour prendre des décisions éclairées concernant leurs finances et leur avenir continue d’être une priorité pour notre gouvernement.

    C’est pour cela que nous avons investi 5 millions de dollars pour soutenir des programmes pratiques de littératie financière pour les élèves de la maternelle à la 12e année, ainsi que notre programme d’études renouvelé de la maternelle à la 6année, avec une base plus solide en littératie financière.

    À l’avenir, nous continuerons d’élaborer de nouveaux programmes pour la 7à la 12année et nous veillerons à ce que la littératie financière soit intégrée à tous les niveaux, le cas échéant. »

    Renseignements connexes

    • Résultats du Programme international pour le suivi des acquis des élèves de 2022 
    • Subventions pour la littératie financière

    Nouvelles connexes

    • Réussite internationale pour les élèves de l’Alberta : Ministre Nicolaides (5 décembre 2023)

    Translations

    • Arabic
    • Simplified Chinese
    • Traditional Chinese
    • Punjabi
    • Spanish
    • Ukrainian

    MIL OSI Canada News

  • MIL-OSI United Kingdom: New event brings communities together to learn more about apprenticeships

    Source: City of Derby

    Derby City Council is delighted to announce the Community Apprenticeship Event. This free event will be taking place on Wednesday 26 February from 4:30pm to 7:00pm at the Indian Community Centre, Derby.

    Young individuals aged 15 to 24 and their families are invited to connect with education providers and employers to gain comprehensive insights into apprenticeship pathways. This event aims to showcase the diverse opportunities that Apprenticeships has to offer as alternatives to traditional academic routes.

    Attendees can expect an engaging presentation from the Apprenticeship Support and Knowledge (ASK) Programme, including real-life testimonials from apprentices and a Q&A session. This will be followed by a networking opportunity with a range of employers and apprenticeship providers such as Derby City Council, Derby Homes, EON, and Birds Bakery. Complimentary refreshments and halal and vegetarian food will also be provided.

    To be eligible to attend, you must be aged 15 to 24 or attending with someone that is aged 15 to 24 and in your care. By attending together, families can collectively explore and understand the benefits of apprenticeships. You must also be residents of Abbey, Arboretum, Normanton, or Sinfin wards.

    Councillor Paul Hezelgrave, Cabinet Member for Children, Young People and Skills, said:

    The Community Apprenticeship Event is a fantastic opportunity to bring our diverse communities together and empower families to play an active role in shaping young people’s futures. By connecting young individuals with local employers and apprenticeship providers, we are fostering a collaborative environment where families can explore exciting career pathways together.

    This event highlights the importance of supporting our youth in achieving their aspirations while strengthening the bonds within our community”

    Free parking is available next to the Indian Community Centre on Rawdon Street.

    This event is organized by Derby City Council’s Employment and Skills Hub and funded by the East Midlands Combined County Authority (EMCCA) Careers Hub.

    You can learn more and book your free ticket on the Eventbrite page.

    MIL OSI United Kingdom

  • MIL-OSI Economics: Asian Development Blog: Preparing the Nation for Integration: Timor-Leste’s Path to ASEAN

    Source: Asia Development Bank

    Timor-Leste has taken major steps toward joining the Association of Southeast Asian Nations, but challenges remain. Strengthening governance, promoting investments, expanding trade, and enhancing human capital are still needed

    Timor-Leste is a young democracy facing significant development challenges. The poverty rate remains high at 41.8% and economic growth has been volatile, affected by both external and domestic shocks.

    The economy relies heavily on public spending and petroleum revenues. Long-standing structural challenges such as a weak private sector, inadequate infrastructure, a lack of skilled labor, and a challenging business environment, present daunting obstacles to economic diversification and long-term growth.

    Recognizing the role that regional cooperation and integration can play in addressing these challenges, Timor-Leste has long pursued membership in the Association of Southeast Asian Nations (ASEAN). This has been a strategic priority and a cornerstone of its economic development and foreign policy.

    ASEAN membership is expected to drive domestic policy and institutional reforms while expanding markets and reduce costs. It should also diversify the economy, attract trade and investments, and improve access to technology and skills.  

    Since applying for ASEAN membership in 2011, Timor-Leste has undertaken significant reforms, investments, and policy alignments—establishing a Directorate-General for ASEAN Affairs, modernizing customs, and engaging the private sector—to meet the requirements for full membership.

    Supported by partners like the Asian Development Bank, the country has accelerated capacity-building initiatives and advanced infrastructure, trade, renewable energy, and agriculture to foster broader economic opportunities.

    But more needs to be done for Timor-Leste to reap the full benefits of ASEAN.

    Timor-Leste requires comprehensive capacity-building initiatives to enhance the technical knowledge and skills of government officials and stakeholders. Developing and implementing targeted training workshops and seminars in key areas, especially those focused on specialized areas and sectoral drivers of growth, such as tourism or agriculture, will be crucial. Establishing mentorship programs that pair ASEAN expertise with Timor-Leste sectoral counterparts will provide knowledge transfer.

    Timor-Leste has made significant progress toward ASEAN accession, but continued collaboration, investment in human capital, and infrastructure improvements remain crucial for fully integrating into the region and maximizing economic opportunities.

    To ensure harmonization with ASEAN standards, expert guidance will be needed to assist in the review and improvement of government legislation, rules, and procedures. Facilitating peer-to-peer learning opportunities and best practices exchanges with other ASEAN member states that have successfully implemented core provisions will be beneficial. Providing resources and tools to assist in drafting and updating legislation to ensure compliance with core provisions is essential.

    Upgrading transport infrastructure is also crucial, requiring a strategic approach involving the development of comprehensive transport plans, substantial financial investments, and the engagement of specialized transport engineering expertise.

    Key areas of support include sustainable financing for road maintenance, capacity building, and technical assistance to strengthen planning, monitoring, and project supervision. Enhancing border protection and monitoring, improving equipment and resource allocation, and incorporating environmentally sustainable practices are also key elements.

    By aligning with international standards and focusing on regional integration, Timor-Leste can foster connectivity, streamline trade processes, and contribute significantly to overall economic growth and regional integration. Furthermore, developing ICT infrastructure is vital. Assisting in the design and implementation of automation and digitization projects for public services and trade facilitation measures will enhance efficiency.

    Timor-Leste requires comprehensive support to address its human capital challenges and improve labor force participation and food security. Key initiatives from ASEAN member states and other partners include promoting higher education through international education fairs, prioritizing Timorese students for university admissions, and establishing student and labor exchange programs.

    For basic education, creating teacher training centers and improving English language proficiency is a key priority. Online learning platforms will ensure continuous skill development and retention. The government has renewed focus on early childhood development, supported by the 2024 general state budget.

    Additional initiatives like the Inter-Ministerial Taskforce and the National Health Sector Nutrition Strategic Plan (2022-2026) target stunting and malnutrition, with the goal to reduce stunting from 47% to 25% by 2030. Promoting sustainable agricultural practices and strengthening healthcare infrastructure are also crucial.

    Timor-Leste is committed to modernizing its financial systems, developing e-payment solutions, and enhancing financial literacy and inclusion. Strengthening the business sector will create more opportunities for trade and investment.

    Supporting local businesses through capacity-building training focused on ASEAN trade, marketing, financial access policies, connectivity, and digital skills will ease integration barriers. Improving infrastructure and internet access through financial assistance will help businesses overcome critical barriers. Connecting with the ASEAN Business Advisory Council and other ASEAN members will boost trade and investment linkages.

    Timor-Leste aims to establish strong connections with ASEAN officials, stakeholders, and bodies, such as central banks and national statistics institutes. Government agencies represent Timor-Leste’s interests at ASEAN meetings and working groups. On the private sector side, Timor Leste’s Chamber of Commerce and Industry has participated in meetings with the ASEAN Business Advisory Council as an observer.

    Timor-Leste has made significant progress toward ASEAN accession, implementing key reforms and strengthening its economic and institutional frameworks. However, continued collaboration with ASEAN member states and development partners is crucial to overcoming remaining challenges.

    By sustaining momentum in governance, trade, and infrastructure improvements, Timor-Leste can fully integrate into the region and unlock new opportunities for growth. Stakeholders must remain engaged in supporting this journey, ensuring that the country maximizes the benefits of ASEAN membership for its people and economy.

    Bold Sandagdorj, country economist at ADB’s Timor-Leste Resident Mission, contributed to this blog post.
     

    MIL OSI Economics

  • MIL-OSI: BYDFi Lists Berachain Token (BERA), Supporting BERA/USDT Spot and Perpetual Contracts Trading

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 07, 2025 (GLOBE NEWSWIRE) — BYDFi officially listed the BERA/USDT spot trading pair and launched BERA/USDT perpetual contracts with up to 75x leverage. Users can now participate in the 8,100 USDT reward campaign – for more details, please visit the BYDFi website or refer to the official announcements.

    Berachain: The Innovative Blockchain Powering $BERA

    As the native token of the Berachain blockchain, $BERA derives its value not only from market demand but also from the strong foundational support of the Berachain ecosystem. Berachain is an EVM-compatible Layer 1 blockchain built on the Cosmos SDK. It utilizes an innovative Proof-of-Liquidity (PoL) consensus mechanism, which differs from traditional Proof-of-Stake (PoS) systems. By linking validator rewards to application demand and liquidity contributions, PoL creates a dynamic incentive structure that prevents token devaluation and liquidity depletion. This groundbreaking economic model fosters mutual value creation between the blockchain and applications built on it, ensuring sustainable growth.

    On April 20, 2023, Berachain successfully raised $42 million in a Series A funding round led by Polychain Capital. Furthermore, ahead of its mainnet launch, Berachain’s liquidity pre-deposit application, Boyco, attracted over $3 billion within one week, demonstrating strong market interest and adoption.

    $BERA: The Key Asset of Berachain

    $BERA, as the native token of Berachain, is primarily used to pay network transaction fees (gas) and can be staked to cover validator activation costs

    Market Performance:

    • Within just 24 hours of launch, $BERA’s market capitalization surged past $1.5 billion
    • As of the time of writing, $BERA is priced at $7.9191
    • 24-hour trading volume reached $2.187 billion, marking a 2,291.00% increase from the previous day

    With the continuous expansion of the Berachain ecosystem, the demand for $BERA is expected to grow, driving its market value even higher.

    How to Trade $BERA on BYDFi

    One-Click Buy & Sell
    Users can purchase BERA easily through BYDFi’s “Convert” feature, using credit/debit cards, Google Pay, Apple Pay, or wallet balances.

    Leverage Trading

    • Supports BERA/USDT cross-margin and isolated-margin trading
    • Leverage options: 1x to 75x
    • VIP trading fee discounts—for more details, visit the BYDFi official website

    About BYDFi

    Founded in 2020, BYDFi is recognized by Forbes as a top 10 global crypto exchange, serving over 1,000,000 users. The platform holds MSB licenses in multiple regions and is a member of South Korea’s CODE VASP Alliance. Laying great stress on compliance and development, BYDFi has always guarded the legal rights of all its global users. To protect user assets, BYDFi stores all funds in offline multi-signature wallets with at least a 1:1 reserve ratio and publishes regular proof-of-reserves (PoR) reports for transparency. BYDFi offers 24/7 live customer support, providing efficient and professional assistance in every step of a trader’s journey. BUIDL Your Dream Finance.

    • Website: https://www.bydfi.com
    • Support Email: CS@bydfi.com
    • Business Partnerships: BD@bydfi.com
    • Media Inquiries: media@bydfi.com

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    The MIL Network

  • MIL-OSI Economics: ASEAN Aims to Conclude the Negotiation of the ASEAN Trade in Goods Agreement (ATIGA) Upgrade in 2025

    Source: ASEAN

    The Virtual Ministerial Meeting of the ATIGA Upgrade Negotiations was conducted on 7 February 2025 to discuss and provide guidance on key outstanding issues for the ATIGA Upgrade Trade Negotiating Committee (ATIGA Upgrade TNC) to conclude the negotiation in 2025.

    The Meeting reaffirmed its commitment to ensuring that the upgraded ATIGA would be a modern, comprehensive, forward-looking agreement, covering traditional and emerging elements relevant to business communities and more responsive to regional and global developments.

    Image credit: ASEAN Secretariat
    The post ASEAN Aims to Conclude the Negotiation of the ASEAN Trade in Goods Agreement (ATIGA) Upgrade in 2025 appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: Re-election in sight for Chair of ICC World Chambers Federation

    Source: International Chamber of Commerce

    Headline: Re-election in sight for Chair of ICC World Chambers Federation

    Mr Hisarcıklıoğlu’s three-year mandate will begin on 1 July 2025, following formal ratification by the ICC World Council in June. This will be Mr Hisarcıklıoğlu’s second and final mandate, following his initial election in 2023. As ICC WCF Chair, he will continue to strengthen the chamber community worldwide and increase the impact of the ICC World Chambers Federation, ICC’s unique forum connecting chambers across borders.

    Responding to the election results, Mr Hisarcıklıoğlu said:

    “I am honoured by the trust of my fellow chamber colleagues in re-electing me for a new term. We are committed to working even harder to strengthen and expand our unique global network of chambers, ensuring it becomes even more diverse and representative. We will also reaffirm the ICC World Chambers Federation as a trusted business partner to all chambers in our network, equipping them with ICC tools and resources to enhance their operations, drive growth, and create a better business environment.”

    ICC Secretary General John W. H. Denton AO said:

    “I congratulate Rifat on his re-election – a testament to the trust our chamber community places in him and a well-deserved recognition of his leadership.”

    About Rifat Hisarcıklıoğlu

    Mr Hisarcıklıoğlu is the President of the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), the country’s largest business organisation, representing 366 chambers and commodity exchanges and over 2 million members. He also serves as Chair of ICC Türkiye. 

    With an extensive background in international business and chamber leadership, he currently holds key positions in several global organisations, including Vice-President of EUROCHAMBRES, Vice-President of the Confederation of Asia-Pacific Chambers of Commerce, Vice-President of the Islamic Chamber of Commerce, Industry and Agriculture, Chair of B20 Türkiye, and member of the ICC Executive Board.  

    In addition to his institutional leadership, he is a prominent business figure in Türkiye and the surrounding region, serving as Chairman of Eskihisar Group, which operates in construction, real estate, the food industry and the automotive sector. 

    About the election process

    In accordance with the ICC WCF Articles, Mr Hisarcıklıoğlu’s re-election is subject to formal ratification by the ICC World Council in June 2025 upon recommendation by the ICC Executive Board.

    MIL OSI Economics

  • MIL-OSI Asia-Pac: Govt to file complaint with WTO

    Source: Hong Kong Information Services

    In response to the recent announcement by the US to impose an additional 10% duty on Hong Kong products, the Hong Kong Special Administrative Region Government has decided to file a complaint with the World Trade Organization (WTO).
      
    In regard to the matter, the Hong Kong SAR Government noted that the US’ measures are grossly inconsistent with the relevant WTO rules and ignore Hong Kong’s status as a separate customs territory as stipulated in Article 116 of the Basic Law and recognised by the WTO.
     
    The Hong Kong SAR Government added that it will formally launch procedures in accordance with the WTO Dispute Settlement Mechanism against the US’ unreasonable measures to defend its legitimate rights.
          
    In addition to reiterating that Hong Kong is a staunch supporter of the rule-based multilateral trading system, the Hong Kong SAR Government said it strongly opposes the US’ measures and urges it to take immediate actions to rectify its wrongdoing.

    MIL OSI Asia Pacific News

  • MIL-OSI China: Xi says Harbin to deliver great sports gala for world

    Source: China State Council Information Office

    Chinese President Xi Jinping said Friday that China’s northeastern city of Harbin, host city of the 9th Asian Winter Games, will deliver a spectacular sports gala for the world.

    At a banquet held by Xi and his wife, Peng Liyuan, ahead of the opening ceremony of the Games, the Chinese leader extended a warm welcome to international dignitaries who are here to attend the ceremony.

    Among the guests were Sultan of Brunei Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, Kyrgyz President Sadyr Japarov, Pakistani President Asif Ali Zardari, Prime Minister of Thailand Paetongtarn Shinawatra, National Assembly Speaker of the Republic of Korea Woo Won-shik, International Olympic Committee President Thomas Bach, and Olympic Council of Asia Vice President Timothy Fok Tsun-ting.

    China’s ice-and-snow passion ignited by major sports events has invigorated global winter sports, Xi told the guests while addressing the banquet.

    The 9th Asian Winter Games attracted a record number of participating countries and regions, as well as registered athletes, Xi said.

    According to the organizers, over 1,200 athletes from 34 countries and regions across Asia will compete in the Games.

    Harbin will deliver for the world a sports gala that is distinctly Chinese, uniquely Asian and spectacular, Xi noted.

    The theme of the Games — “Dream of Winter, Love among Asia” — embodies Asian people’s shared aspiration and desire for peace, development and friendship, Xi noted.

    He called on Asia to uphold the common dream of peace and harmony, jointly respond to all sorts of security challenges, and contribute to building an equal and orderly multipolar world.

    He also stressed the shared pursuit of prosperity and development, calling on Asian people to work together to promote progress and development, and provide sustained momentum for a universally beneficial and inclusive economic globalization.

    To realize the common wish of friendship and affinity, Xi called for promoting inclusiveness, coexistence and mutual learning among diverse civilizations.

    Harbin, dubbed China’s “ice city,” is the birthplace of the country’s modern winter sports. The city also hosted the third edition of the Games in 1996.

    The ice-and-snow culture and economy are becoming a new driving force for the high-quality development of Harbin and a new bond linking the city and the world, Xi noted.

    As the Chinese people are celebrating the Spring Festival, which ushered in the Year of the Snake, Xi wished all athletes “excellent performance with the agility of the snake.”

    “Among the 12 animals in the Chinese zodiac, the snake represents wisdom and agility. The Year of the Snake will surely brim with vigor and vitality,” he said.

    Senior Chinese leaders including Cai Qi attended the event.

    MIL OSI China News

  • MIL-OSI China: Xi Jinping’s vision drives China’s winter sports boom

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

    BEIJING, Feb. 6 — As winter settles across China, excitement for winter sports is in full swing, with skiers carving down slopes and ice skaters gliding across rinks from north to south. Enthusiasm is especially high as the 9th Asian Winter Games opens Friday in Harbin, marking another milestone for China’s winter sports development.

    At the heart of this movement is Chinese President Xi Jinping, whose lifelong passion for sports has fueled the rapid expansion of winter activities nationwide.

    The foundation for this boom was laid more than a decade ago when Xi, attending the Sochi Winter Olympics, met with International Olympic Committee (IOC) President Thomas Bach. During their meeting, Xi set an ambitious goal: to engage 300 million people in winter sports. That vision has since become a reality.

    By April 2024, following the Beijing 2022 Winter Olympics, around 313 million people – over 22% of China’s population – had actively participated in ice and snow activities.

    FROM CHILDHOOD PASSION TO NATIONAL LEGACY

    Xi’s love for winter sports dates back to his childhood. In the 1950s and 1960s, skating on Beijing’s Shichahai Lake was a popular winter pastime. Young Xi often rushed home from school to skate on the frozen lake.

    That early connection to winter sports evolved into a national mission. Historically, winter sports in China were largely confined to the colder northern regions and were practiced in harsh conditions. Xi sought to change that.

    From the successful bid for the 2022 Beijing Winter Olympics to the Games’ execution, Xi played a leading role. Between 2015 and 2022, he visited Olympic venues in Beijing and Zhangjiakou five times, overseeing venue construction, management, and volunteer operations. During a 2021 inspection visit, he emphasized using the Winter Olympics as a catalyst to elevate the nation’s ice and snow sports culture.

    Beijing’s hosting of the Winter Games proved transformative. Today, seniors and children alike are skating and skiing in places where snow was once rare. Increased investment in facilities has made winter sports more accessible and affordable.

    By the end of 2023, the number of winter sports venues in China had reached 2,847, a 16.1% year-over-year increase, with new facilities even emerging in southern regions.

    Xi’s vision for China’s winter sports development has reshaped the landscape. From his childhood struggles to afford skates to today’s youth training in state-of-the-art facilities, the progress is evident.

    “You now have excellent training facilities and a wonderful environment to strengthen your bodies and foster teamwork and bravery,” Xi told young ice hockey players in 2017. “The future of China’s ice and snow sports depends on your generation.”

    RISE OF ICE AND SNOW ECONOMY

    The 9th Asian Winter Games, running from February 7 to 14 in Harbin, highlights China’s growing influence in global winter sports.

    Xi has described the ice and snow industry as a “mountain of gold and silver,” emphasizing the need to leverage natural winter resources. His vision includes a comprehensive winter sports economy encompassing equipment manufacturing, tourism, and cultural industries.

    China’s ice and snow economy is projected to exceed 1 trillion yuan (about 138 billion U.S. dollars) in 2025, with estimates reaching 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030.

    Last winter, China recorded more than 385 million winter leisure visits, a 38% year-over-year increase, with related revenue rising 50%.

    Harbin, one of China’s top winter tourism destinations, welcomed 87 million visitors – up 300% year-over-year – generating 124.8 billion yuan in tourism revenue, a 500% increase.

    China’s winter sports equipment industry is also expanding, bolstered by advancements in 5G, artificial intelligence, and virtual reality. The country now produces a full range of 15 ice and snow equipment categories, with innovations such as smart ski insoles, heated snow boots, and VR skiing simulators.

    In 2023, Xi visited a village in Mohe, China’s northernmost city, and emphasized the importance of utilizing snow and ice resources for economic growth. Today, the village has become a top destination for southern tourists, reflecting a broader trend across the country.

    Chongli, Hebei province, is a prime example of this transformation. Once a poverty-stricken area, it has become a world-renowned ski resort, with one in four locals now employed in winter sports-related jobs.

    “The ultimate goal of building a sporting powerhouse and a healthy China is to strengthen people’s fitness,” Xi said. “This is also an essential part of China’s effort to build a modern socialist country in all respects.”

    STRONGER GLOBAL TIES THROUGH WINTER SPORTS

    Xi’s leadership in winter sports has not only transformed China’s ice and snow culture but has also fostered international cooperation. Through strategic policies and personal commitment, he has positioned sports as a bridge for global friendship and mutual understanding.

    In August 2023, Xi wrote to the U.S.-China Youth and Student Exchange Association and friendly personages in the U.S. state of Washington, stating, “Sport is a bond that promotes friendship among peoples.” This principle has guided China’s efforts to use winter sports as a tool for diplomacy.

    During a 2017 visit to Finland, Xi and then-Finnish President Sauli Niinisto met with Chinese and Finnish winter athletes, highlighting the role of sports in strengthening bilateral relations. Similarly, in 2018, Xi and Russian President Vladimir Putin watched a youth ice hockey match in Tianjin, reinforcing China-Russia ties.

    Beyond individual partnerships, China has collaborated with multiple Asian nations to promote winter sports by sharing expertise, resources, and experiences. The upcoming Asian Winter Games exemplifies this spirit of unity and cooperation, with Cambodia and Saudi Arabia making their debut at the Games.

    At the 2022 Beijing Winter Olympics, Xi underscored how the Games fostered global unity during challenging times. “It has also brought confidence and hope to a world overshadowed by instability,” he said, reinforcing the Games’ motto: “Together for a Shared Future.”

    Xi’s contributions have long been recognized by the international sports community. IOC Vice President Juan Antonio Samaranch Jr. praised his leadership, saying, “It’s great to have such an important partner for sports and international Olympic matters.”

    Bach also commended Xi as a “true champion” with a clear vision for the role of sports in society.

    MIL OSI China News

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 07, 2025

    Source: Reserve Bank of India

    Tenor 3-day
    Notified Amount (in ₹ crore) 1,50,000
    Total amount of bids received (in ₹ crore) 1,33,013
    Amount allotted (in ₹ crore) 1,33,013
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.27
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2099

    MIL OSI Economics

  • MIL-OSI China: Foreigners enjoy China’s improved mobile payment

    Source: China State Council Information Office 3

    Tourists from France enjoy a soup dumpling at Yuyuan Garden Mall in Shanghai, east China, Jan. 21, 2025. [Photo/Xinhua]

    Foreign visitors in China experienced a smoother, more convenient travel environment during this year’s Spring Festival, thanks to improvements to the country’s mobile payment systems.

    The latest data from the People’s Bank of China shows that the volume of transactions made by international tourists during the Chinese New Year holiday, which ran from Jan. 28 to Feb. 4 this year, surged significantly from last year. The total number of cross-border transactions processed by China UnionPay and NetsUnion Clearing Corporation increased 124.54 percent, and the total transaction value grew 90.49 percent.

    This jump in payment activity reflects not only the growing appeal of China as a travel destination but also the seamless integration of mobile payment systems for foreign visitors.

    In cities like Shanghai, foreign tourists can now use international credit cards or mobile payment apps such as Alipay for shopping, dining and sightseeing, which allowed tourists to enjoy the cultural experiences on offer fully during the Chinese New Year.

    German tourist Carla Uhrmacher, who visited the famous Yuyuan Garden in the eastern Chinese metropolis of Shanghai, was impressed by the ease with which she could use her mobile payment app to buy traditional Chinese crafts and souvenirs. “Whether using Visa or Mastercard, or mobile payment systems, it’s all very seamless,” she noted, highlighting how accessible these payment methods are for international visitors.

    This Spring Festival saw an increase in payment transactions and a significant rise in the number of foreign visitors to China. Inbound arrivals during this year’s Spring Festival hit a record high, with a 150 percent year-on-year leap reported, Lin Jian, a spokesperson for China’s foreign ministry, told a press conference on Wednesday, citing data from third-party platforms.

    While popular destinations such as Beijing, Shanghai and Guangzhou continued to attract large numbers of foreign travelers during the holiday, cities like Suzhou, Xi’an, Chengdu and Xiamen emerged as new favorites for international tourists using mobile payment services, Alipay data shows.

    This surge in international visitors can be largely attributed to China’s ongoing efforts to enhance its payment services for foreigners. The country has made it easier for international travelers to use their foreign credit cards by allowing them to link these cards directly to popular Chinese mobile payment platforms like Alipay and WeChat Pay.

    An increasing number of international e-wallets are now also supported for use in China. Alipay, for example, now allows users to link 13 different overseas e-wallets from countries like the Philippines, Thailand and Singapore.

    Though cashless payment services have improved significantly, foreign tourists can also take advantage of a network of nearly 70,000 bank branches, 320,000 ATMs, and currency exchange facilities across the country.

    This year’s Spring Festival also saw a notable increase in foreigner spending, particularly in cities like Beijing, where tourists from various countries flocked to shopping areas such as Qianmen Street to purchase souvenirs, local teas and trendy clothing.

    This spending boom is backed by figures, with the number of transactions made by foreign visitors on WeChat increasing 134 percent compared to last year’s Spring Festival, and with the total spent via Alipay rising 150 percent during the first five days of the holiday. These figures reflect not only the convenience of mobile payments but also the growing enthusiasm of foreign tourists to purchase Chinese goods and immerse themselves in local culture.

    An increasingly open China is becoming an even more attractive destination for international tourists as Chinese New Year is celebrated globally, and as payment services continue to improve, analysts in China have noted. And these improved payment experiences will make China travel even smoother and more enjoyable for international visitors.

    MIL OSI China News

  • MIL-OSI Economics: Standing Liquidity Facility for Primary Dealers

    Source: Reserve Bank of India

    RBI/2024-25/110
    REF.No.MPD.BC.398/07.01.279/2024-25

    February 07, 2025

    All Primary Dealers,

    Standing Liquidity Facility for Primary Dealers

    As announced in the bi-monthly Monetary Policy Statement, 2024-25, today, it has been decided by the Monetary Policy Committee (MPC) to reduce the policy repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 6.50 per cent to 6.25 per cent with immediate effect.

    2. Accordingly, the Standing Liquidity Facility provided to Primary Dealers (PDs) (collateralised liquidity support) from the Reserve Bank would be available at the revised repo rate of 6.25 per cent with immediate effect.

    Yours faithfully,

    (Praggya Das)
    Adviser-in-Charge

    MIL OSI Economics

  • MIL-OSI China: Xi says Winter Games carries Asia’s common aspirations for peace, prosperity, friendship

    Source: China State Council Information Office

    The 9th Asian Winter Games embodies Asian people’s shared aspirations for peace, prosperity and friendship, Chinese President Xi Jinping said Friday, urging common commitment to realizing these goals.

    Xi made the remarks at a welcome banquet ahead of the opening ceremony of the Games in Harbin, capital city of northeast China’s Heilongjiang Province.

    He called on Asia to hold fast to the common dream of peace and amity, jointly respond to all sorts of security challenges, and contribute to building an equal and orderly multipolar world.

    Xi also stressed the shared pursuit of prosperity and development, calling on Asian people to seek common progress and inject impetus into economic globalization.

    To realize the common wish of integration and affinity, Xi called for promoting inclusive coexistence, exchanges and mutual learning among different civilizations in Asia.

    MIL OSI China News

  • MIL-OSI China: Xi hosts welcome banquet for VIPs attending opening ceremony of Asian Winter Games

    Source: China State Council Information Office

    Chinese President Xi Jinping and his wife, Peng Liyuan, on Friday hosted a welcome banquet in China’s northeastern city of Harbin for international dignitaries who are here to attend the opening ceremony of the 9th Asian Winter Games.

    MIL OSI China News

  • MIL-OSI Asia-Pac: Criminal procedure bill gazetted

    Source: Hong Kong Information Services

    The Criminal Procedure (Amendment) Ordinance 2023 (Commencement) Notice was published in the Government Gazette today. 

    The new “no case to answer” appeal mechanism under the Criminal Procedure (Amendment) Ordinance 2023 will come into operation on April 14.
     
    The Criminal Procedure (Amendment) Bill 2023 was passed by the Legislative Council on July 12, 2023.
     
    The amendment ordinance provides for a “no case to answer” appeal mechanism, which allows the prosecution to appeal against rulings of no case to answer made by the Court of First Instance of the High Court in criminal trials with a jury. The new appeal mechanism has since awaited enactment of the Criminal Procedure (Appeal against Ruling of No Case to Answer) Rules before it commences.
     
    The rules, which set out the procedural matters for the new appeal mechanism to facilitate its smooth operation in practice, were made by the Criminal Procedure Rules Committee under the Criminal Procedure Ordinance on November 14, 2024. The rules were approved by LegCo on January 8, 2025.
     
    With a view to bringing the new appeal mechanism into operation as soon as practicable, the Secretary for Justice, under the amendment ordinance, has appointed April 14, 2025, as the day on which the relevant provisions come into operation. The rules will come into operation on the same day.
     
    The Department of Justice explained that the new “no case to answer” appeal mechanism addresses the lacuna in the criminal appeal system due to the prosecution’s inability to appeal against erroneous rulings of no case to answer made by judges of the Court of First Instance in jury trials and prevents possible miscarriage of justice.
     
    The commencement notice will be tabled at LegCo on February 12 for negative vetting.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Result of Underwriting Auction conducted on February 07, 2025

    Source: Reserve Bank of India

    In the underwriting auction conducted on February 07, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    Nomenclature of the Security Notified Amount
    (₹ crore)
    Minimum Underwriting Commitment (MUC) Amount
    (₹ crore)
    Additional Competitive Underwriting Amount Accepted
    (₹ crore)
    Total Amount underwritten
    (₹ crore)
    ACU Commission Cut-off rate
    (paise per ₹100)
    6.92% GS 2039 12,000 6,006 5,994 12,000 0.22
    7.09% GS 2054 10,000 5,019 4,981 10,000 0.18
    Auction for the sale of securities will be held on February 07, 2025.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2098

    MIL OSI Economics

  • MIL-OSI Economics: Robust corporate governance a strategic imperative for business resilience and growth, says GlobalData

    Source: GlobalData

    Robust corporate governance a strategic imperative for business resilience and growth, says GlobalData

    Posted in Strategic Intelligence

    Effective corporate governance is essential for sustainable business growth. As regulatory scrutiny intensifies, companies must strengthen governance frameworks, including risk management and anti-corruption measures, to ensure compliance and long-term resilience. Weak governance can undermine trust, while a well-structured approach enhances competitiveness, drives value creation, and positions businesses for sustained success, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest Strategic Intelligence report, “ESG – Governance Factors,” reveals that poor governance practices are at the root of many corporate scandals. In 2024, the US regulators criticized Boeing’s board for failing to hold management accountable for a deterioration of controls around safety standards. The company’s challenges predate the COVID-19 pandemic and labor strikes, with the 737 MAX crashes exposing serious lapses in production quality, oversight, and regulatory compliance.

    Pinky Hiranandani, Senior Strategic Intelligence Analyst at GlobalData, comments: “Governance failures have led to the demise of several companies. In 2024, Sam Bankman-Fried, founder and CEO of cryptocurrency exchange FTX, was sentenced to 25 years in prison for defrauding investors. The collapse of FTX underscores the critical importance of robust corporate governance and highlights the need for investors to prioritize governance risks in their due diligence processes.”

    Indian edtech startup Byju’s saw its valuation collapse from $22 billion in 2022 to just $1 billion in 2024. Aggressive acquisitions, coinciding with a post-pandemic slowdown in edtech demand, exacerbated its challenges. Governance concerns, including a lack of transparency in management, further eroded investor confidence, underscoring the critical role of sound governance in sustaining business stability.

    Hiranandani concludes: “Companies with poor corporate structure and risk management, weak internal controls, and unethical practices can quickly become the target of consumer and shareholder ire, which can jeopardize their future viability. As regulatory expectations rise, businesses must view governance not as a compliance burden but as a strategic advantage that fosters innovation, enhances reputation, and drives sustainable growth.”

    MIL OSI Economics

  • MIL-OSI Economics: APAC VC funding: Deals volume falls across most of funding sizes in 2024, reveals GlobalData

    Source: GlobalData

    APAC VC funding: Deals volume falls across most of funding sizes in 2024, reveals GlobalData

    Posted in Business Fundamentals

    A total of 3,724 venture capital (VC) funding deals with disclosed funding value were announced in the Asia-Pacific (APAC) region during 2024. This represents a year-on-year (YoY) decline of 6.9% compared to the previous year, with a fall in deals volume in most of the VC funding size ranges, according to GlobalData, a leading data and analytics company.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Be it low-value deals* or high-value deals**, the decline in deals volume was witnessed across most of the funding size ranges in the region during the year. In fact, there was a double-digit decline in high-value VC deals volume. Meanwhile, VC deals valued over $500 million saw some marginal improvement in volume.”

    An analysis of GlobalData’s Deals Database reveals that the number of high-value VC deals declined by 24.1% from 112 in 2023 to 85 deals in 2024, whereas the volume of low-value VC deals fell by 2% from 2,604 in 2023 to 2,553 in 2024. Meanwhile, mid-size VC funding deals (valued >$10 million and ≤$100 million) volume declined by 15.3% from 1,282 deals in 2023 to 1,086 deals in 2024.

    Low-value deals continued to dominate and account for the largest chunk of deals volume in 2024. These deals accounted for a 68.5% share of the total number of VC deals with disclosed funding value announced in the APAC region last year.

    High-value VC deals accounted for a 2.3% share of the total number of VC deals with disclosed funding value announced in the region, while the share of mid-size VC funding deals stood at 29.2%.

    *Investment value less than or equal to $10 million

    **Investment value more than $100 million

    MIL OSI Economics

  • MIL-OSI Asia-Pac: 2 sports events get ‘M’ Mark

    Source: Hong Kong Information Services

    The Major Sports Events Committee announced today that it has awarded “M” Mark status to the Standard Chartered Hong Kong Marathon 2025, due to take place this Sunday, and to the Longines Hong Kong International Horse Show, scheduled to be held on February 14 and 16.

    Major Sports Events Committee Chairman Wilfred Ng said these events will stimulate the local economy and enhance Hong Kong’s international image, thereby strengthening the city’s status as an events capital.

    “The Hong Kong Marathon is the largest annual long-distance running event in Hong Kong. It has been well-received by the public over the years, attracting up to 74,000 participants this year, including internationally renowned elite runners.”

    For the Longines Hong Kong International Horse Show, a 5-star international jumping competition recognised by the Federation Equestrian Internationale, Mr Ng added: “It will be held in Hong Kong for the first time and will feature a world-class horse show, entertainment and a performance.”

    MIL OSI Asia Pacific News