NewzIntel.com

Category: Asia

  • MIL-OSI Asia-Pac: Proposed extension of Ho Chau Road and road improvement works at junction of Castle Peak Road – Tam Mi and Nam Sang Wai Road in Yuen Long gazetted

    Source: Hong Kong Government special administrative region

         The Government gazetted today (October 25) the proposed extension of Ho Chau Road and road improvement works at the junction of Castle Peak Road – Tam Mi and Nam Sang Wai Road in Yuen Long to cater for the future development at Tung Shing Lei.
          
         Details of the proposal are set out in the Annex. The plans and scheme of the works are available for public inspection at the following government offices during office hours:
     
    Central and Western Home Affairs Enquiry Centre,
    G/F, Harbour Building,
    38 Pier Road, Central, Hong Kong
         
    Yuen Long Home Affairs Enquiry Centre,
    G/F, Yuen Long District Office Building,
    269 Castle Peak Road, Yuen Long, New Territories
     
    District Lands Office, Yuen Long,
    9/F, Yuen Long Government Offices,
    2 Kiu Lok Square, Yuen Long, New Territories
          
         The gazette notice, scheme, plans and location plan are available at www.tlb.gov.hk/eng/publications/transport/gazette/gazette.html.
     
         Any person who wishes to object to the works or the use, or both, is required to address to the Secretary for Transport and Logistics an objection in writing, which can be submitted via the following means:
     

    By post or by hand to the Transport and Logistics Bureau’s Drop-in Box No. 6 located at the entrance on 2/F, East Wing, Central Government Offices, 2 Tim Mei Avenue, Tamar, Hong Kong. The box is available for use between 8am and 7pm from Monday to Friday (except public holidays);
    By fax to 2868 4643; or
    By email to gazettetlb@tlb.gov.hk.

         A notice of objection should describe the objector’s interest and the manner in which he or she alleges that he or she will be affected by the works or the use. Objectors are requested to provide contact details to facilitate communication. A notice of objection should be delivered to the Secretary for Transport and Logistics not later than December 24, 2024.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: RBI to conduct 6-day Variable Rate Repo (VRR) auction under LAF on October 25, 2024

    Source: Reserve Bank of India

    On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on October 25, 2024, Friday, as under:

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor
    (day)    		 Window Timing Date of Reversal
    1 25,000 6 10:00 AM to 10:30 AM October 31, 2024
    (Thursday)

    2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1367

    MIL OSI Economics –

  • MIL-OSI Economics: Joint Media Statement The 11th Meeting of The ASEAN Ministers Responsible for Culture and Arts (AMCA)

    Source: ASEAN

    The Eleventh ASEAN Ministers Responsible for Culture and Arts (AMCA) Meeting and the AMCA Meetings with Dialogue Partners, including the ASEAN Plus Three,China, Japan and the Republic of Korea, were held on 24 October 2024, in Melaka, Malaysia. Timor-Leste was in attendance as observer.The theme of the 11th AMCA was “Bridging Cultures, Building Futures: Unity in Diversity” underlined the pivotal role of culture and the arts in promoting sustainableand inclusive development towards strengthening ASEAN’s solidarity.

    Download the full statement here.

    The post Joint Media Statement The 11th Meeting of The ASEAN Ministers Responsible for Culture and Arts (AMCA) appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Proposed sewerage works for site formation and infrastructure works for public housing developments on Ma On Shan Tsuen Road authorised

    Source: Hong Kong Government special administrative region

    Proposed sewerage works for site formation and infrastructure works for public housing developments on Ma On Shan Tsuen Road authorised
    Proposed sewerage works for site formation and infrastructure works for public housing developments on Ma On Shan Tsuen Road authorised
    ******************************************************************************************

         The Chief Executive in Council has authorised the proposed sewerage works for site formation and infrastructure works for public housing developments on Ma On Shan Tsuen Road. The notice was gazetted today (October 25).     The sewerage works comprise the following:      

    construction of about 1 250 metres of gravity sewers and associated manholes; and
    ancillary works including temporary closure and reinstatement of carriageways, footpaths, central median/refuge islands and pedestrian crossings or parts thereof.

         Details of the sewerage works were published in the Government Gazette on December 22, 2023, and December 29, 2023.

     
    Ends/Friday, October 25, 2024Issued at HKT 12:00

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: ECC to launch Carbon Reduction Action on November 1

    Source: Hong Kong Government special administrative region

    ECC to launch Carbon Reduction Action on November 1
    ECC to launch Carbon Reduction Action on November 1
    ****************************************************

    The following is issued on behalf of the Environmental Campaign Committee:     The Environmental Campaign Committee (ECC) will officially launch the Carbon Reduction Action next Friday (November 1) to encourage members of the public to change their habits and reduce their carbon footprint by practising low-carbon living in terms of clothing, food, living and travel, with an aim to achieve carbon neutrality by 2050.      Funded by the Environment and Conservation Fund (ECF), the Carbon Reduction Action is organised by the Environment and Ecology Bureau and the ECC, and will be rolled out with support from about 150 strategic and collaboration partners, including public and business organisations, industry groups, non-profit organisations and school sponsoring bodies. Since August of this year, the ECC has been sharing low-carbon living tips related to clothing, food, living and travel through posts and mini-games on the its social media platforms. The upcoming Carbon Reduction Action will further motivate the public to implement what they have learned about carbon reduction in their daily lives. From November 1 until 30, members of the public can enter a lucky draw by sharing their carbon reduction actions regarding clothing, food, living and travel on their personal social media platforms and uploading screenshots to the campaign website with their GREEN$ ID number. Each lucky draw winners will receive two tickets to the “Zero-carbon Concert”, which will be held on January 4, 2025. For more information and terms and conditions of the lucky draw, please visit the campaign website of the Carbon Reduction Action (www.ecc.org.hk/en/publicity/cra.html).      Following the Carbon Neutrality Publicity Campaign launched by the ECC in 2022, the ECC has recently conducted a survey with 1 000 members of the public regarding their understanding of carbon neutrality and their willingness to practise low-carbon living. The survey results showed that over 94 per cent of respondents were aware of carbon neutrality to varying extents, and 96 per cent indicated their willingness to practise low-carbon living in the future. To further encourage the public to turn their intentions into actions, the ECC is launching the Carbon Reduction Action to encourage the public to practise low-carbon living, reduce carbon emissions, and work together to achieve carbon neutrality by 2050. 

     
    Ends/Friday, October 25, 2024Issued at HKT 12:00

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    MIL OSI Asia Pacific News –

  • MIL-OSI China: 1st reusable satellite payloads delivered

    Source: China State Council Information Office 2

    Bian Zhigang, deputy head of the China National Space Administration (CNSA), speaks at the payloads handover ceremony held by CNSA in Beijing, capital of China, Oct. 24, 2024. [CNSA/Handout via Xinhua]
    The scientific payloads for space breeding and other sci-tech experiments carried by China’s first reusable and returnable satellite, Shijian-19, were delivered to Chinese and foreign users on Thursday.
    At the payloads handover ceremony held by the China National Space Administration (CNSA) in Beijing on Thursday, the CNSA and the China Aerospace Science and Technology Corporation signed payload delivery certificates with domestic and international users, including those from Thailand and Pakistan.
    Bian Zhigang, deputy head of CNSA, said the Shijian-19 mission fully leverages the advantages of the new generation retrievable space experiment platform, conducting space breeding experiments of about 1,000 species of germplasm resources, providing crucial support for the innovation of germplasm resources in China. The mission has also offered a valuable in-orbit validation opportunity for domestically produced components and raw materials.
    According to Meng Lingjie, director of the Earth Observation System and Data Center under the CNSA, the Shijian-19 mission has made a breakthrough in its recovery module. The satellite platform can be reused more than 10 times, significantly reducing manufacturing costs and improving operational efficiency.
    The satellite serves as a space testing platform that enables convenient transportation of payloads between Earth and space, offering high-quality experimental services, said Meng, adding that it has wide-ranging applications in space sci-tech experiments such as space breeding as well as space pharmaceutical and material manufacturing.

    China successfully retrieved its first reusable and returnable test satellite, Shijian-19, at the Dongfeng landing site in north China’s Inner Mongolia Autonomous Region at 10:39 a.m. (Beijing Time), Oct. 11, 2024, said the China National Space Administration (CNSA). [Photo/Xinhua]
    The satellite carried 500 kg of experiment payloads back to Earth, greatly enhancing the capability for payload recovery, according to Meng. It can also provide a high-quality microgravity environment for experiments.
    When the satellite was in orbit, seven new technology experiments were carried out, including microgravity hydrogen production, low-frequency magnetic communications, inflatable sealed cabin and wireless power transmission.
    The satellite also carried nine space science payloads to conduct research in fields such as carbon nanomaterials and devices, solid catalyst materials, and oral and dental science materials.
    According to Liu Luxiang, executive director general of the Institute of Crop Sciences under the Chinese Academy of Agricultural Sciences, the Shijian-19 mission carried seeds of about 1,800 plant materials and more than 1,000 species of microorganisms, encompassing nearly all major kinds of agricultural products.
    The mission not only provides solid support to China’s space breeding, but also creates a collaboration platform for international counterparts, said Liu, who is also the chief scientist of China’s space breeding project. The satellite carried rice seeds from Thailand, seeds of wheat, rice, corn and beans from Pakistan, as well as crop seeds from other countries.
    “In face of the challenge of global food security, it is necessary to continuously enhance food production, develop new genetic resources that promote nutrition and health, and cultivate new grain varieties that are more resilient to climate change with improved stress tolerance,” Liu said.
    Over the past 30 years, China has developed over 300 crop varieties through its space breeding technologies. These varieties cover an annual cultivation area of about 2 million hectares, with remarkable social and economic benefits, according to Liu.
    The Shijian-19 satellite was sent into orbit from the Jiuquan Satellite Launch Center in northwest China on Sept. 27. It returned to Earth on Oct. 11.

    MIL OSI China News –

  • MIL-OSI China: Global financial community gathers for Sibos 2024 in Beijing

    Source: China State Council Information Office

    This photo shows the opening ceremony of the Swift International Banker’s Operation Seminar 2024 (Sibos 2024) in Beijing, capital of China, Oct. 21, 2024. [Photo/Xinhua]

    The Swift International Banker’s Operation Seminar 2024 (Sibos 2024) taking place for the first time in Beijing signifies that China is welcoming global financial institutions to participate in the development of the financial industry to contribute to its economic growth by offering professional services.

    This is according to Nicole Zhou, Senior Partner at McKinsey & Company, who attended the event from Oct. 21-24 at the China National Convention Center in Beijing. Zhou said the scale of China’s banking institutions is already very large and they are seeking in the next step to become global financial institutions as they support Chinese firms’ overseas operations. “This process will require the professionalized development of the entire banking industry and a financial system that promotes globalization and interconnectivity.”

    At around 6 p.m. on Tuesday, the convention center was still crowded, with its exhibition hall and aisles filled with people from the global financial community discussing business.

    This is the first time Sibos has been held in the Chinese mainland since its inception in 1978. A total of 114 foreign-funded institutions and 19 Chinese-funded institutions participated in the event, including global financial institutions such as J.P. Morgan, Citibank, HSBC, Standard Chartered and Deutsche Bank, as well as financial institutions from emerging markets such as India, the United Arab Emirates and Africa.

    “This is the third time that I attended a Sibos conference. In previous years, it was mostly held in North America and Europe, but this time it is held in Beijing, which not only reflects the rise of China and even Asia’s financial industry but also reflects China’s attitude of embracing the world,” said Zou Xiaonan, head of digital assets, UBS Group Treasury, who flew from London to Beijing for the meeting.

    “DBS benefits from China’s financial liberalization and opening up in multiple ways. First, the financial liberalization and opening up had a significant positive effect on Chinese growth and Chinese integration with the rest of ASEAN, where DBS is active. DBS has sought to capitalize on these trends through our participation in the Cross-border Interbank Payment System, capturing more of the cross-border trade and financing opportunities of Chinese corporations,” said Soon Chong Lim, group head of Global Transaction services at Singapore-based DBS Bank.

    According to Lim, his schedule in Beijing has been very busy. On Tuesday alone, he had already met several dozens of clients at the convention center. Because of the huge gathering, Lim said he couldn’t even book a meeting room and had to talk to clients standing.

    A DBS staff member told Xinhua that DBS Bank took Sibos very seriously and started preparing for it six months ago. As part of its arrangements, the bank offered specially brewed Singaporean coffee and tea at the convention.

    Bill Winters, group CEO of Standard Chartered Bank, who has visited China several times this year, said that China is constantly accelerating the pace of opening up in the financial sector. As the first newly established wholly foreign-owned securities company in China, Standard Chartered Securities China Limited officially commenced its business earlier this year, bringing new opportunities to the group’s business in China.

    Alan Ho, Co-Senior Country Officer for China at J.P. Morgan, said that the pace of China’s financial market opening up has accelerated in recent years. For example, foreign ownership restrictions in local securities, funds and futures companies have been lifted and financial markets’ connectivity mechanisms have been maturing more quickly than expected. “Benefiting from China’s opening up policies, J.P. Morgan now fully owns multiple legal entities in the country, including a locally incorporated bank, a securities company, a futures company and an asset management venture.”

    Apart from traditional financial institutions, fintech companies also benefit from China’s continued financial opening up. On Tuesday, Singapore-headquartered cross-border payments company Thunes launched a payment solution during the Sibos 2024 that aimed to facilitate the payment of foreign nationals in China. The solution will enable overseas e-wallets such as Kenya’s M-Pesa and Singapore’s Singtel Dash to make payments within China by scanning QR codes.

    Thunes CEO Floris de Kort told Xinhua that overseas travelers in China can simply make payments with Thunes function embedded in their e-wallets.

    In 2023, Thunes established a wholly-owned subsidiary in Beijing, which marked important progress in the opening up of the city’s financial sector. “With the continued opening up of the Chinese economy, the cross-border payment industry will also usher in greater opportunities with the increase of payment scenarios,” said de Kort.

    Effie Xin, EY Greater China Financial Services Partner, said that the opening up of the financial sector will help Chinese financial institutions better learn from the advanced experience of global financial institutions. Meanwhile, the connectivity of financial markets can also help promote the status and influence of Chinese currency RMB in cross-border payments, trade and investment, and currency reserves.

    Sibos is the annual conference, exhibition and networking event organized by Swift for the financial industry. Starting out as a banking operations seminar in 1978, it has grown into the premier business forum for the global financial community to debate and collaborate in the areas of payments, securities, cash management and trade.

    Over 10,000 participants from more than 150 countries and regions have gathered for Sibos 2024, which covers a wide range of topics, including payments, digital assets, trade financing, artificial intelligence and sustainable finance.

    MIL OSI China News –

  • MIL-OSI China: Green action plan for BREP members

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

    Energy ministers from across the world spoke highly of China’s role in promoting global energy transition and helping developing countries access more affordable clean energies at the Third Belt and Road Energy Ministerial Conference which concluded on Thursday in Qingdao, Shandong province.

    “Creative cooperation with China and initiatives like the Belt and Road Energy Partnership will help us boost our drive toward energy transition across the world,” said Phiona Nyamutoro, minister of state for mineral development in Uganda. “We hope that we get to tap into many opportunities from China, like technological transfer, research and also green financing.”

    BREP was initiated by China’s National Energy Administration and currently has 34 members. It supports countries in formulating more ambitious green energy development plans based on their own energy endowments and development needs, to continuously enhance the reliability and resilience of green energy supplies.

    Iran became a new member this year and in an interview with China Daily, Iranian Minister of Energy Abbas Aliabadi expressed expectations for BREP to have a positive impact on global energy cooperation and promote global development through innovative approaches.

    “Such a collaborative platform to promote cooperation among different countries is beneficial to all parties. I am very pleased with initiatives like those from China, where different countries can raise their issues on this platform and work together to address them,” he said. “China serves as a great example in energy transition, with significant developments in renewable energy that have made substantial contributions to global carbon reduction efforts.”

    Keo Rottanak, Cambodia’s minister of mines and energy, said “Cambodia and China have forged a very strong bilateral relationship, especially through the Belt and Road Initiative which has given benefits to countries around the world, especially developing countries.”

    The Belt and Road Green Energy Cooperation Action Plan (2024-29), released on Wednesday at the conference, advocated that BREP members will carry out no less than five joint research and development projects and no less than five collaborations in areas such as hydrogen energy, new types of energy storage, advanced nuclear power, carbon capture, utilization and storage.

    In the next five years, BREP members will carry out no less than 25 capacity-building projects in the energy sector, and explore the establishment of an international cooperative research platform for clean energy, the action plan noted.

    MIL OSI China News –

  • MIL-OSI China: Coca‑Cola reports rising revenue in Q3

    Source: China State Council Information Office 3

    The Coca-Cola Company reported its third-quarter earnings results Wednesday, with the revenue reaching 11.85 billion U.S. dollars, exceeding the estimate of 11.61 billion U.S. dollars.

    The company’s operating income reached 2.51 billion U.S. dollars, and its net income reached 2.85 billion U.S. dollars. Comparable earnings per share grew 5 percent to 0.77 U.S. dollars, beating estimates.

    “Our business continues to demonstrate resilience in the face of a dynamic external environment,” said James Quincey, chairman and CEO of The Coca-Cola Company.

    In terms of categories, sales of sparkling soft drinks and trademark Coca-Cola were steady. Coca-Cola Zero Sugar grew 11 percent, and tea grew 7 percent, driven by growth in the Asia Pacific, Latin America, Europe, the Middle East and Africa.

    Quincey mentioned the growth potential of the Chinese market, reaffirming the company’s long-term confidence in its prospects. He also stated that the company will continue to invest to seize future growth opportunities.

    In recent years, Coca-Cola China has actively expanded its presence across various regional markets in the Chinese mainland, with a particular focus on deepening its development in the South China market.

    MIL OSI China News –

  • MIL-OSI China: Platform focuses on inclusivity

    Source: China State Council Information Office 3

    Project mBridge — a platform for experimenting with central bank digital currencies (CBDCs) including the e-CNY for cross-border payments — is open to cooperation with traditional payment infrastructure and any US dollar usage, said officials and experts close to the matter.

    They said mBridge primarily focuses on small-value transactions under the current account that have been underserved by banks, aiming at improving the efficiency and inclusiveness of global monetary and payment systems while facilitating cross-border trade and investment, especially among Asia’s emerging economies.

    Lu Lei, deputy governor of the People’s Bank of China, the country’s central bank, said that a CBDC system should not only be interoperable with other CBDC systems, but also with traditional payment systems and other financial market infrastructure modalities, and both are achievable by mBridge.

    “We must avoid new cross-border payment frictions while removing existing ones,” Lu said while addressing a Financial Street Forum event on Wednesday, titled Project mBridge: Bridging Global Economies with CBDCs.

    Lu said that mBridge should step up addressing urgent pain points regarding cross-border payments that are undersupplied by banks — in particular payments in cross-border e-commerce and remittances — due to their small values and high costs.

    Project mBridge resulted from collaboration beginning in 2021 between the Bank for International Settlements’ innovation arm, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the PBOC and the Hong Kong Monetary Authority. The project aims to tackle inefficiencies in cross-border payments with new technologies.

    Echoing Lu’s remarks, an expert who requested anonymity told China Daily that mBridge is “compatible and inclusive” and is open to be connected with traditional payment systems, including large-value, small-value and rapid payment systems, as well as existing international payment infrastructures.

    “Project mBridge represents a new technological approach. It is inclusive and does not rule out cooperation with anyone,” the expert said.

    The project reached the minimum viable product (MVP) stage in June, inviting private sector firms to propose new solutions and use cases that help develop the platform. The Saudi Central Bank joined mBridge as a participant of the MVP platform in June.

    Among the mBridge participating economies, China, the United Arab Emirates and Saudi Arabia are also BRICS members.

    Lu said the transaction value of mBridge has been growing steadily over the past few months, a telling sign of market confidence in the platform, without giving specific figures.

    In terms of geographical coverage, Lu said mBridge may deepen collaboration with the Association of Southeast Asian Nations and Belt and Road economies, as these economies have close trade ties and stable geopolitical conditions, while cross-border payments and currency services may be underserved.

    “Project mBridge, as a public good, may have a role to play in strengthening collaboration among them and thus facilitate the sound development of the international monetary and payment system,” Lu said.

    Citing the views that mBridge may impede the reputation and usage of the US dollars, Zhou Xiaochuan, vice-chairman of Boao Forum for Asia and a former governor of the PBOC, said that mBridge is primarily aimed at filling in gaps in the international payment system.

    Project mBridge does not exclude US dollar usage, Zhou said at the same event as Lu, adding that relevant developments would depend on efficiency, cost, security and user choice.

    The greenback and other “hard currencies” have been traditionally used in cross-border payments, which cannot fully satisfy demand in Asia in recent years amid the region’s fast development of interconnections, giving rise to the growth of mBridge and other platforms to facilitate cross-border payments within the region, according to Zhou.

    Zhou said that mBridge should first facilitate the payments and settlements of current account transactions, especially small-amount ones, aligning with the demand of Asian economies in terms of economic, trade and travel development.

    As for some opinions that mBridge might have a substitutional relationship with financial telecommunication infrastructure Swift, Zhou said he deems mBridge more as a cross-border payment system.

    MIL OSI China News –

  • MIL-OSI China: Singaporean firms eye broader cooperation with China

    Source: China State Council Information Office 3

    Workers get the venue ready for the upcoming 7th China International Import Expo (CIIE) at National Exhibition and Convention Center (Shanghai), east China’s Shanghai, Oct. 22, 2024. [Photo/Xinhua]

    A delegation of nearly 400 representatives from 44 Singaporean businesses will attend China’s upcoming landmark import expo in a bid to seek stronger and high-quality partnerships in both traditional and new sectors.

    Among the participating exhibitors for the 7th China International Import Expo (CIIE), 70 percent are repeat exhibitors, according to the Singapore Business Federation (SBF), the delegation’s organizer. This will be the seventh year for the SBF’s delegation to participate in the CIIE.

    The 7th CIIE is scheduled to be held in Shanghai from Nov. 5 to 10, with participants from 152 countries, regions and international organizations.

    CIIE remains a critical platform for Singapore’s businesses in the Chinese market, said SBF CEO Kok Ping Soon.

    With a total exhibition area of close to 912 square meters, the Singapore Pavilion, which spans across the Consumer Goods Hall, Food & Agricultural Products Hall and Trade in Services Hall, will see Singapore companies showcase a wider range of innovative, high-quality, and reliable products and services.

    The Singapore-China Trade and Investment Forum will also be held on the sidelines of the 7th CIIE in Shanghai, according to the SBF.

    China has been Singapore’s largest trading partner for 11 consecutive years. Singapore is the second-largest source of foreign investment for China and the top destination for Chinese overseas investment.

    According to the SBF National Business Survey 2023/2024, China is one of the top three countries that Singapore businesses have a presence in and is among the top three countries in Asia that Singapore businesses are looking to expand into.

    “We are committed to supporting Singapore companies in furthering their businesses in China, while boosting innovation and ensuring sustained growth through stronger bilateral partnerships,” Kok said.

    MIL OSI China News –

  • MIL-OSI China: Cambodia, China-ASEAN Information Harbor sign MoU to boost digital infrastructure, economy

    Source: China State Council Information Office

    Cambodia and the China-ASEAN Information Harbor Co., Ltd. (CAIH) have signed a memorandum of understanding (MoU) to boost technological innovation, digital infrastructure, and digital economy, said a news release on Thursday.

    The deal was inked in Phnom Penh on Wednesday between Cambodia’s Ministry of Industry, Science, Technology & Innovation (MISTI) and the CAIH under the presence of MISTI’s Undersecretary of State Hul Seingheng.

    The MoU marks a significant step for Cambodia towards enhancing technological innovation and connectivity in the Association of Southeast Asian Nations (ASEAN), the news release said.

    “This agreement aims to leverage advanced digital infrastructure and cutting-edge technologies to promote economic development and improve quality of life across the region,” the news release said.

    Seingheng said the partnership builds on years of collaboration, which gained momentum after a MISTI delegation visited the CAIH in June 2024 and that the visit laid the groundwork for this formalized agreement.

    “This agreement is another milestone in our efforts to enhance digital cooperation and strengthen Cambodia’s science, technology, and innovation ecosystem,” he said.

    “It aims to increase digital connectivity and the exchange of expertise that will benefit both Cambodia and the ASEAN region,” he added.

    Leveraging CAIH’s skills in the digital economy, intelligent interconnection, and data interoperability, the MoU highlights key areas of collaboration, including advanced digital infrastructure, digital economy, and knowledge sharing.

    “Both parties will focus on sectors such as healthcare and tourism, utilizing digital technologies to spur economic growth and elevate living standards,” the news release said.

    Kong Mengke, deputy general manager of CAIH International, expressed enthusiasm for the MoU’s potential.

    “To implement these areas of cooperation, we propose to prioritize the development of a digital government. The next step will be to create a smart governance platform,” he said.

    “We strive to be a ‘super-connector’ of industries, resources, and customers, positioning ourselves as enablers of digital transformation and leaders of the Digital Silk Road,” he said.

    According to the news release, the CAIH is a digital tech company approved by China’s State Council in 2016 in line with the Belt and Road Initiative.

    Its mission is to build and operate the Digital Silk Road and Digital Guangxi, promoting closer ties between China and ASEAN and supporting the 21st Century Maritime Silk Road, it said.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Extending the “1+” mechanism to all new drugs on November 1

    Source: Hong Kong Government special administrative region

    Extending the “1+” mechanism to all new drugs on November 1
    Extending the “1+” mechanism to all new drugs on November 1
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         The Department of Health (DH) today (October 25) said that according to measures announced in “The Chief Executive’s 2024 Policy Address”, the “1+” mechanism will extend to all new drugs, including vaccines and advanced therapy products, on November 1, 2024, facilitating good drugs for use in Hong Kong. Extending the “1+” mechanism will attract more new drugs from different parts of the world seeking approval for registration in Hong Kong, giving patients more choices and further strengthening the local capacity for drug evaluation while enhancing the development of relevant software, hardware and expertise with a view to progressing towards “primary evaluation”. The Government will complement technological innovation with institutional innovation, developing Hong Kong into an international health and medical innovation hub.     Under the Pharmacy and Poisons Ordinance (Cap. 138), pharmaceutical products must satisfy the criteria of safety, efficacy and quality and be registered with the Pharmacy and Poisons Board of Hong Kong before they can be sold or supplied in Hong Kong. According to the “1+” mechanism that came into effect on November 1 last year, new drugs used for the treatment of life-threatening or severely debilitating diseases that are supported by local clinical data and whose scope of application is recognised by local relevant experts are required to submit approval from one reference drug regulatory authority (instead of two in the past) for application for registration in Hong Kong. The “1+” mechanism will be extended on November 1, applicable to applications for registration of all new drugs.     The DH has announced on its relevant website the arrangement for extending the “1+” mechanism to all new drugs and issued letters to notify relevant stakeholders (including relevant pharmaceutical associations and holders of certificates of drug registration) about the extension measure and relevant details of the “1+” mechanism. For further details, please refer to the Drug Office’s website. The DH will also introduce consultation service for new drug applications under the “1+” mechanism in the first quarter of 2025 to enhance efficiency in processing relevant applications.     Since the implementation of the “1+” mechanism, the DH has received more than 260 enquiries from over 80 pharmaceutical companies, including those from overseas and the Mainland. A total of five new drugs have been approved under this mechanism. These included two new drugs for treating metastatic colorectal cancer, one for treating paroxysmal nocturnal haemoglobinuria, and two new drugs for treating hypercalcaemia in patients with parathyroid carcinoma and in certain patients with primary hyperparathyroidism, bringing new hope for treatment to patients.     The first two new drugs approved under the “1+” mechanism for treating metastatic colorectal cancer have been listed under the category of “Special Drug” on the Hospital Authority (HA) Drug Formulary. Patients prescribed these two drugs under specified clinical applications are only required to pay standard fees and charges, which are substantially subsidised, greatly alleviating their financial burden. The HA will encourage drug manufacturers or suppliers to apply for local registration of unregistered drugs with ongoing needs and continue to liaise closely with the DH regarding the “1+” mechanism.     The Policy Address also announced other measures to expedite the reform of the approval mechanism of drugs. These include putting forward a timetable for establishing the Hong Kong Centre for Medical Products Regulation and charting a roadmap towards “primary evaluation” in the first half of 2025, as well as formulating strategies and measures to facilitate research and development of medical products.

     
    Ends/Friday, October 25, 2024Issued at HKT 12:15

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    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Joint Media Statement of the 11th Meeting of the ASEAN Ministers Responsible for Culture and Arts (AMCA)

    Source: ASEAN – Association of SouthEast Asian Nations

    The Eleventh ASEAN Ministers Responsible for Culture and Arts (AMCA) Meeting and the AMCA Meetings with Dialogue Partners, including the ASEAN Plus Three, China, Japan and the Republic of Korea, were held on 24 October 2024, in Melaka, Malaysia. Timor-Leste was in attendance as observer.The theme of the 11th AMCA was “Bridging Cultures, Building Futures: Unity in Diversity” underlined the pivotal role of culture and the arts in promoting sustainable and inclusive development towards strengthening ASEAN’s solidarity.

    Download the full statement here.

    The post Joint Media Statement of the 11th Meeting of the ASEAN Ministers Responsible for Culture and Arts (AMCA) appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI New Zealand: Save the Children welcomes announcement of remodelled Ka Ora, Ka Ako Healthy School Lunches Programme

    Source: Save the Children

    Child rights organisation Save the Children has welcomed the announcement of the remodelled Ka Ora, Ka Ako Healthy School Lunches Programme, along with the extended investment to deliver to eligible Early Childhood Centres.
    The new model will continue to provide free healthy school lunches to 242,000 primary and secondary students and an additional 10,000 preschoolers.
    Save the Children Advocacy Director Jacqui Southey, who was part of the Expert Advisory Group for the remodelled programme in her independent capacity, says the extension into ECEs is a welcome addition to the vital programme that improves outcomes for children, as is including children’s views.
    “It is heartening to see in the new programme that hot meals continue to feature and include a favourite, Butter Chicken. It is incredibly positive that though the budget for the programme is much tighter, the new suppliers under the School Lunch Collective have committed to quality, nutritious meals that children will enjoy.”
    In a Save the Children survey conducted earlier this year with more than 3000 children across the country, Kiwi kids unanimously supported providing children with healthy and delicious lunches at school. In the survey, children said the programme was important to them and their friends, with some children stating that they didn’t have a lot of food at home and their lunches at school were really important to them.
    Says Ms Southey: “Children are most impacted by changes to the programme so ensuring their voices were heard as part of the redesign was crucial. Continuing to consult with children on a regular basis is essential to ensure the programme works best for them.”
    Save the Children has long been a supporter of food in school provision, and has seen the success of similar programmes in overseas projects.
    Says Ms Southey: “These insights directly align with the findings of evaluations of the Ka Ora Ka Ako programme here in Aotearoa New Zealand that show that the programme directly improves the wellbeing of children receiving the lunches, and teachers report improved concentration and positive behaviours of their students. A number of principals have credited the programme with improved attendance levels in their schools.
    “Ensuring the best for children has remained at the heart of the redesign of the new model. The Government has committed to funding this programme for the next two years, providing crucial investment toward the wellbeing of children and that supports them and their whānau in this very tough economic climate.
    “We call on New Zealand governments now, and in the future, to get behind this important programme and ensure that it has long term sustainable investment that will see it become permanently embedded as part of a progressive education offering delivered by New Zealand schools.”
    About Save the Children NZ:
    Save the Children works in 120 countries across the world. The organisation responds to emergencies and works with children and their communities to ensure they survive, learn and are protected.
    Save the Children NZ currently supports international programmes in Fiji, Cambodia, Bangladesh, Laos, Nepal, Vanuatu, Solomon Islands and Papua New Guinea. Areas of work include child protection, education and literacy, disaster risk reduction and climate adaptation, and alleviating child poverty.

    MIL OSI New Zealand News –

  • MIL-OSI Economics: South Korea insurance industry to surpass $191 billion by 2029, forecasts GlobalData

    Source: GlobalData

    South Korea insurance industry to surpass $191 billion by 2029, forecasts GlobalData

    Posted in Insurance

    South Korea’s insurance industry is forecast to grow at a compound annual growth rate (CAGR) of 3.4% from KRW 218.3 trillion ($167.1 billion) in 2025 to KRW 249.7 trillion ($191.2 billion) in 2029, in terms of direct written premiums (DWP), according to GlobalData, a leading data and analytics company.

    GlobalData’s Insurance Database reveals that the insurance industry in South Korea is expected to grow by 1.2% in 2024, supported by changing demographics that will lead to an increase in demand for health and retirement pensions products.

    Sneha Verma, Insurance Analyst at GlobalData, comments: “The South Korean insurance industry contracted by 7.5% in 2023 due to slower economic growth which impacted the demand for life insurance products. The growth is expected to bounce back in 2024, supported by a recovery in economy and increase in ageing population.”

    Life insurance and pension is the leading segment in the South Korean insurance industry and is expected to account for an 84% share of the premiums in 2024. After declining by 9.3% in 2023, the life insurance segment is expected to grow by 0.5% in 2024, driven by changing demographic factors, which will drive the demand for health and annuity products. Life insurance and pension is expected to grow at CAGR of 3.1% during 2025-29.

    South Korea is rapidly changing into a super-ageing society. Higher life expectancy and low fertility rates are adding significant pressure on the working age population. As per the Economic and Social Commission for Asia and the Pacific (ESCAP), the share of people aged 65 years and above reached 18.4% in 2023. It is expected to increase sharply and reach 39.4% by 2050, which will support the demand for life insurance.

    Sneha adds: “Increased awareness about health and financial planning will also support life insurance growth in South Korea. The demand for health insurance is increasing due to rising cases of life-threatening diseases. According to the Central Dementia Center of the Ministry of Health and Welfare, the number of dementia cases have increased significantly, and one dementia patient is being identified every 12 minutes.”

    General insurance will account for the remaining 16% share of the DWP in 2024. The segment is expected to grow by 4.9% in 2024 as compared to 4.1% growth in 2023, driven by compulsory lines and increased awareness for liability protection, leading to higher demand for liability insurance products.

    Motor insurance, which is the leading line of business in the general insurance segment, is expected to witness a flat growth in 2024, due to declining vehicle sales. According to Korea Automobile Mobility Industry Association (KAMA), domestic sales decreased by 10.1% to 8,00,000 units in the first half of 2024 compared to 8,90,000 units during the same period in 2023. Weak consumer sentiment driven by economic slowdown and high interest rates have slowed down the sales for new vehicles.

    South Korea is also prone to frequent natural-catastrophic (nat-cat) events, which will support the demand for policies covering fire and natural hazards. As per the National Fire Information System, South Korea has faced 30,316 incidents of fire accidents with a total loss of KRW589.9 billion ($456 million) till October 2024. General insurance is expected to grow at CAGR of 5.1% from 2025-29.

    Sneha concludes: “The South Korean insurance industry is set to experience steady growth over the next five years, with demographic changes driving the demand for life and health insurance. Products catering to the growing needs of a rapidly aging population are expected to be a focus area for insurers over the coming years.”

    MIL OSI Economics –

  • MIL-OSI Economics: Results of Underwriting Auctions Conducted on October 25, 2024

    Source: Reserve Bank of India

    In the underwriting auctions conducted on October 25, 2024, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    (₹ crore)
    Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate
    (paise per ₹100)
    6.79% GS 2034 22,000 11,004 10,996 22,000 0.05
    7.46% GS 2073 10,000 5,019 4,981 10,000 0.09
    Auction for the sale of securities will be held on October 25, 2024.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1368

    MIL OSI Economics –

  • MIL-OSI Economics: TOYOTA GAZOO Racing to Exhibit Immersive Content at Super Taikyu Series 2024 Final Fuji

    Source: Toyota

    Headline: TOYOTA GAZOO Racing to Exhibit Immersive Content at Super Taikyu Series 2024 Final Fuji

    TOYOTA GAZOO Racing (TGR) announced today that it will exhibit Japan’s first outdoor-compatible mobile immersive dome tent in the event square at the ENEOS Super Taikyu Series 2024 Empowered by BRIDGESTONE Round7 (Round 7 Super Taikyu Final Fuji), to be held on Saturday, November 16 and Sunday, November 17, 2024. This initiative aims to communicate the appeal of motorsports and the Super Taikyu Series in a new way while conveying its fun and depth to as many people as possible, including children.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: FS concludes US visit

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan wrapped up his visit in New York yesterday by meeting representatives from several family offices and touring a technology accelerator and venture capital platform.

    In the morning, Mr Chan held a breakfast meeting with representatives from several family offices, introducing Hong Kong’s unique advantages as a global leading hub for asset and wealth management, as well as the latest developments in this field.

    He welcomed them to leverage Hong Kong’s efficient and diverse capital markets, robust family office service network and ecosystem, and global business connections for wealth succession and developing family philanthropies, while exploring more investment opportunities in the Mainland and Asia.

    The Financial Secretary then visited the technology accelerator and venture capital platform Newlab, where apart from touring the startups they nurture and support, he met their staff in charge.

    Noting that the platform is considering expanding its business overseas and establishing more locations, Mr Chan highlighted the Innovation & Technology Accelerator Pilot Scheme in the recently announced Policy Address.

    He said that with over 4,200 startups in Hong Kong, the city has a vibrant and active startup ecosystem, a full-chain fundraising market, and a listing system tailored for specialised tech companies.

    Furthermore, with ongoing deepening co-operation with the Guangdong-Hong Kong-Macao Greater Bay Area cities in innovation and technology, he welcomed the platform to set up a base in Hong Kong and explore collaboration opportunities.

    Mr Chan is expected to arrive back in Hong Kong tonight.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: RBI@90 Art Competition for Fine Art Students

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) conducted an Art Competition, as part of the commemoration of its 90th year, for fine art students in India. 71 undergraduate fine arts students from 71 colleges in the country participated in the competition.

    Eligible artworks focusing on themes associated with the Reserve Bank of India, received during the month of August and September 2024, were displayed and evaluated in an event organised by the Reserve Bank at its New Delhi Regional Office on October 22, 2024. Students and faculty members of participating colleges/ institutes from 25 states of India attended the event. The artworks, inspired by Indian art forms showcased the creative talents of undergraduate students at fine art institutes in the country.

    A panel of judges from the art world evaluated the artworks. 15 artworks out of the submissions received were awarded and felicitated.

    The event also included a panel discussion on evolution of Indian art, influence of social media on art, future of traditional painting forms with advent of digital tools and artificial intelligence, impact of globalisation, art fairs, biennales, etc.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1369

    MIL OSI Economics –

  • MIL-OSI Economics: Result of the 6-day Variable Rate Repo (VRR) auction held on October 25, 2024

    Source: Reserve Bank of India

    Tenor 6-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 48,700
    Amount allotted (in ₹ crore) 25,005
    Cut off Rate (%) 6.55
    Weighted Average Rate (%) 6.57
    Partial Allotment Percentage of bids received at cut off rate (%) 17.12

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1370

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Glass cladding breaks at Citywalk

    Source: Hong Kong Information Services

    The Buildings Department said that it is following up on an incident of broken glass cladding at the external wall of Citywalk in Tsuen Wan tonight and added that no obvious danger to the overall building structure was noted.

    Upon notification of the incident by Police at about 7.30pm, the department immediately deployed staff to carry out a site inspection and found that a piece of glass cladding, measuring about 3m by 2m, at the external wall of the building’s fifth floor facing Wo Tik Street was broken. 

    The affected pavement is temporarily fenced off and the department will continue to follow up on the matter.

    As instructed by the department, the property management company (PMC) of the building has arranged a contractor to remove the remaining loose pieces of glass tonight.

    The PMC is also tasked with arranging to have the other glass cladding inspected and carrying out necessary repairs as soon as possible to ensure public safety.

    The department will issue an investigation order to require the owner to appoint an authorised person to conduct the investigation and submit an investigation report together with a remedial proposal.

    It will also maintain contact with the PMC to monitor the progress of the investigation and repair works.

    The department pointed out that it has specific requirements on the quality and construction of glass cladding. For example, the testing of materials and procedures before installation should comply with the relevant statutory requirements. 

    It emphasised that it is the owners’ responsibility to ensure the safety of their buildings, adding that timely repair and maintenance of private buildings is the owners’ basic responsibility.

    Owners may be liable to criminal prosecution and civil proceedings if the building dilapidation causes damage to property or injury to persons, the department said.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: University direct admissions open

    Source: Hong Kong Information Services

    The Education Bureau today announced that applications will open for the fourth cohort of the School Nominations Direct Admission Scheme to provide an additional pathway to university for students with exceptional talent.

    The bureau noted that the scheme recognises the outstanding talent of students in specific disciplines that may not be fully assessed by the Hong Kong Diploma of Secondary Education (HKDSE) Examination.

    The scheme is open for application by local Secondary 6 students who will be taking the 2025 HKDSE and commencing their undergraduate studies in September 2025.

    Its nomination period will run from October 25 to December 4.

    Each local secondary school can nominate two students with exceptional talent and interests in specific disciplines or areas and each nominee can apply for admission to one of the around 300 designated University Grants Committee (UGC)-funded undergraduate programme participating in the scheme.

    The eight UGC-funded universities have set admission criteria that are not based on HKDSE Examination results for individual programmes.

    Participating universities will arrange interviews for all students nominated and make firm offers to successful students prior to the release of the 2025 HKDSE Examination results.

    Starting from the 2025-26 academic year, the Home & Youth Affairs Bureau will introduce a new scholarship scheme for successful admittees with remarkable achievements in arts, sports or community service.

    Each awardee, who will not be subject to means testing, will be granted a scholarship of $10,000 per year throughout their four-year tuition period.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Quality Assurance Council publishes report on quality audit of City University of Hong Kong

    Source: Hong Kong Government special administrative region

    Quality Assurance Council publishes report on quality audit of City University of Hong Kong
    Quality Assurance Council publishes report on quality audit of City University of Hong Kong
    ******************************************************************************************

    The following is issued on behalf of the University Grants Committee:      The Quality Assurance Council (QAC) under the University Grants Committee (UGC) today (October 25) published the report on the quality audit of City University of Hong Kong (CityU) in the third audit cycle.      CityU was the fifth university audited in the third audit cycle, which places an emphasis on how individual universities review and enhance their framework on academic standards and academic quality, academic programme development, teaching and learning, student learning assessment and support for students, as well as the collection, analysis and usage of data to inform such quality assurance processes.      The audit report presents the findings of the audit panel appointed by the QAC based on the self-evaluation report prepared by CityU and a series of audit meetings with staff, students and external stakeholders (such as employers) of the university held between February and March 2024. The audit report was endorsed by the UGC after being considered by the QAC.      The report identified a number of features of good practice and recommended actions with a view to encouraging CityU and the higher education sector as a whole to strive for continuous enhancement to their quality assurance regimes. The full audit report with the formal response from CityU is available on the QAC website (www.ugc.edu.hk/eng/qac/about/term/publications/report.html) for public access.      The QAC quality audits ascertain whether the arrangements for quality assurance adopted by universities are fit for purpose and comparable with international best practices. The QAC third audit cycle covers all programmes at the levels of sub-degree, first degree and above, however funded, leading to a qualification wholly or partly awarded by the UGC-funded universities.      The QAC expressed gratitude to CityU and all stakeholders for their support for the quality audit.

     
    Ends/Friday, October 25, 2024Issued at HKT 14:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Revocation of Certificate of Authorisation of UAE Exchange Centre LLC

    Source: Reserve Bank of India

    The Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO):

    Sr.
    No.    		 Entity’s Name Registered Office Address CoA No. & Date Payment System Authorised Date of Revocation Reason for Revocation
    1. UAE Exchange Centre LLC (UAEEC) UAE Exchange Centre LLC, P.O No. 13304, Building of Nassar Bin Abdul Latiff Naif Street Deira, Dubai, U A E No. 16/2009 dated
    September 30, 2009    		 Cross border in-bound money transfer operator (customer to customer) as ‘Overseas Principal’ under the Master Direction on Money Transfer Service Scheme (MTSS Master Direction) October 10, 2024 Non – compliance with regulatory requirements

    Following the revocation of CoA, UAEEC cannot transact the business of cross border in-bound money transfer as ‘Overseas Principal’ under Master Direction on Money Transfer Service Scheme.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1371

    MIL OSI Economics –

  • MIL-OSI: Anoto resolves on a SEK 15 million directed issue, a SEK 50 million rights issue and a set-off issue of SEK 21 million to strengthen the company’s financial position and for the implementation of the company’s business plan

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, BELARUS, HONG KONG, JAPAN, CANADA, NEW ZEALAND, RUSSIA, SINGAPORE, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

    Anoto Group AB (“Anoto” or the “Company“) hereby informs that the Board of Directors has resolved to carry out a directed share issue amounting to approximately SEK 15 million, a rights issue amounting to approximately SEK 50 million and a set-off issue amounting to approximately SEK 21 million. The issues are being carried out in order to strengthen the Company’s financial position and to implement the Company’s business plan. The rights issue is covered by subscription and guarantee undertakings amounting to in total 100 percent. The rights issue, the directed share issue and the set-off issue are subject to approval by an Extraordinary General Meeting.

    Background and Rationale

    Anoto is a global Swedish technology company in digital writing and drawing. The Company develops and manufactures smart pens and related software using its proprietary technology. Anoto bridges the analogue and digital worlds with its solution, pattern recognition, optics and image processing. Anoto’s business idea is to offer an intuitive digital pen that works easily, connecting the art and experience of writing on paper with instant usability on digital devices. The Company has two main business areas: B2C (Livescribe) and B2B (Enterprise Forms). Enterprise Solutions offers digital pens for professional and legal purposes, such as signatures, forms and documents while Livescribe is aimed at consumers who want to use digital pens for note-taking, meetings, messaging and creative applications. Anoto’s sales of hardware and software generate two different types of revenue streams; one-off revenue per digital pen sold from Livescribe and subscription fees from Enterprise Forms.

    Over the last year the Company has recruited a new management team with experience from building and scaling companies on an international scale as well as with a long track-record of successful product launches within the consumer sector. The new management team has, together with the Board of Directors, developed a new consumer centric strategy that is focused on growth and profitability and that includes new product launches including improved supporting software. As a first step, Anoto will launch its new product LivePen in November of 2024. The LivePen is an affordable digital pen that comes along with the accompanying LivePen app. The app allows users to instantly transfer their handwritten notes into digital form, creating a seamless integration between traditional writing and digital platforms. A key part of Anoto’s new strategy is to use a data-driven approach to understand user experiences and feedback. By analysing how users interact with the LivePen and the app, Anoto can continuously improve its products and services. This approach will inform future developments in both the pen and software segments, ensuring that products meet user needs and expectations.

    The demand for digital pens is expected to be strong and grow over the coming years, and Anoto sees a high potential for the LivePen as well as for the next-generation of digital pens and supporting software where, inter alia, Artificial intelligence (AI) powered handwriting and orientation recognition will be central. In order to capture these growth opportunities, the Company will need to build inventory and invest in marketing for LivePen with the accompanying LivePen app as well as invest in research and development for the next generation of digital pens. In order to facilitate growth, the Company also has a need to strengthen its financial position by reducing debt and improving its working capital.

    In view of the above, the Board of Directors has resolved to carry out a directed share issue of approximately SEK 15 million (the “Directed Issue”), a right issue of approximately SEK 50 million, which is covered by subscription and guarantee undertakings amounting to in total 100 percent (the “Rights Issue”), and a set-of issue of approximately SEK 21 million (the “Set-off Issue”) (and together with the Directed Issue and the Rights Issue the “Issues”).

    The proceeds from the Issues amounts to approximately SEK 86 million before transaction related costs. Of the issue proceeds, approximately SEK 40.0 million relates to set-off of loans in the Issues. The Company intends to use the net proceeds expected to be received in connection with the New Share Issues for the following purposes and in the order of priority set out below.

    The Directed Issue

    • Manufacturing                                                    approximately 47 per cent
    • Selling, general and administrative expenses        approximately 35 per cent
    • Marketing                                                          approximately 7 per cent

    Rights issue

    • Manufacturing                                                    approximately 62 per cent
    • Selling, general and administrative expenses        approximately 27 per cent
    • Marketing                                                          approximately 7 per cent
    • General corporate purpose                                  approximately 4 per cent

    Directed Issue

    The Board of Directors of Anoto has, with deviation from the shareholders’ preferential rights, resolved on the issue of no more than 125,043,750 new ordinary shares at a subscription price of SEK 0.12 per share. Payment for the subscribed shares shall be made through payment in cash or through set-off of claim. The Directed Issue provides the Company with proceeds of a total of approximately SEK 15 million before transaction related. The Directed Issue is subject to the approval by an Extraordinary General Meeting, which is scheduled to be held on 26 November 2024 (the “EGM”). The new shares have been subscribed for by institutional and other qualified investors. Payment for the subscribed shares shall be made no later than on 27 November 2024.

    The reason for the deviation from the shareholders’ preferential rights is that the Company is in great need of capital and the Board of Directors believes that the expected issue proceeds in a timely and cost-effective manner will enable the Company to (i) ensure continued operations until a rights issue has been completed, and (ii) diversify and strengthen the Company’s shareholder base with institutional investors, which justifies the issue’s deviation from the shareholders’ preferential rights. The Directed Issue will, unlike the Rights Issue, broaden the shareholder base and provide the Company with new reputable owners, which the Board of Directors believes will strengthen the liquidity of the share and be favorable for the Company. In light of the above, the Board of Directors has made the assessment that the Directed Issue with deviation from the shareholders’ preferential rights is favorable for the Company and in the best interest of the Company’s shareholders.

    The subscription price has been determined through arm’s length negotiations with the subscribers in the Directed Issue. The Board of Directors has also taken into account that the Rights Issue (as described below) is carried out with a subscription price of SEK 0.12 per ordinary share and has therefore deemed it reasonable that the Directed Issue is carried out on equivalent terms.

    The new shares in the Directed Issue corresponds to approximately 11.3 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Rights Issue and the Set-off Issue and assuming that the Rights Issue is fully subscribed.

    Rights Issue

    The Board of Directors of Anoto has resolved on the issue of no more than 414,823,830 new ordinary shares with preferential rights for the shareholders, raising proceeds of approximately SEK 50 million before transaction related costs. The Rights Issue is subject to the approval by the EGM, which is scheduled to be held on 26 November 2024.

    In the Rights Issue, Anoto’s current shareholders will have a preferential right to subscribe for new shares in proportion to the number of shares held on the record date on 28 November 2024. The last day of trading in Anoto’s share including the right to participate in the Rights Issue will be 26 November 2024. The subscription period is expected to run from 2 December 2024 to 16 December 2024.

    One (1) share held on the record date entitles to one (1) subscription right, according to the proposed terms and conditions. Four (4) subscription rights entitle the holder to subscribe for five (5) new shares. The subscription price has been set to SEK 0.12 per share.

    Shares which are subscribed for without preferential rights will be offered to current shareholders and other investors who have applied to subscribe for new shares without preferential rights. The new shares in the Rights Issue corresponds to approximately 37.6 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Directed Issue and the Set-off Issue and assuming that the Rights Issue is fully subscribed.

    Set-off Issue

    As previously communicated through a press release, on 27 June 2024, the Company entered into a convertible investment agreement with Mark Stolkin and DDM Debt AB, two major shareholders in Anoto, providing Anoto with a total of USD 1.5 million in the form of convertible loans (the “Investment Agreement“). The Investment Agreement has since been increased by a total of USD 0.5 million with the following investors having adhered the Investment Agreement: Gary Butcher, BLS Futures Limited, Rocco Homes Ltd, Machroes Holdings Ltd and Adrian Weller.

    Under the terms of the Investment Agreement, upon the request of a lender, the outstanding loan amount, in full or in part, plus accrued interest, shall be converted into newly issued ordinary shares of the Company at a conversion price of SEK 0.42, which corresponds to the current quota value of the shares, and at a fixed exchange rate of 10.51 SEK/USD. However, in the event of a Qualified Financing Round (see further details in the press release published by the Company on 27 June 2024) the outstanding loan amounts shall automatically be converted into newly issued ordinary shares in Anoto at a conversion price corresponding to 75 percent of the subscription price in the Qualified Financing Round.

    Due to the Rights Issue constituting a Qualified Financing Round, the Board of Directors has resolved on a directed issue of a total of 230,636,111 ordinary shares with payment by way of set-off to the lenders Mark Stolkin, DDM Debt AB, Gary Butcher, BLS Futures Limited, Rocco Homes Ltd., Machroes Holdings Ltd and Adrian Weller. The subscription price per ordinary share is SEK 0.09, which corresponds to 75 percent of the subscription price in the Rights Issue. The subscription price in the Set-off Issue has been determined in accordance with the Investment Agreement between Anoto and the lenders. Payment shall be made through set-off of claims in connection with subscription. The Set-off Issue is subject to the approval by the EGM, which is scheduled to be held on 26 November 2024.

    The new shares in the Set-Off Issue correspond to approximately 20.9 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Directed Issue and the Rights Issue and assuming that the Rights Issue is fully subscribed.

    Subscription undertakings and guarantee commitments

    Anoto has received subscription undertakings amounting to approximately 30.2 percent of the Rights Issue from existing shareholders.

    Furthermore, the Company has entered into underwriting agreements consisting of a so-called bottom guarantee of approximately SEK 21.2 million, corresponding to approximately 42.6 percent of the Rights Issue, and a so-called top guarantee of approximately SEK 13.6 million, corresponding to approximately 27.3 percent of the Rights Issue. The bottom guarantee ensures, provided that subscription takes place at least corresponding to the subscription undertakings, that approximately 72.7 percent of the Rights Issue is subscribed and paid. The top guarantee ensures that 100 percent of the Rights Issue is subscribed for and paid for, provided that subscriptions are at least equivalent to the subscription undertakings and the bottom guarantee.

    For the guarantee undertakings a fee of 14 percent of the guaranteed amount is paid in cash compensation or in the form of new shares. The guarantee undertakings is subject to customary conditions. The guarantee undertaking is not secured through a bank guarantee, blocked funds, or pledge of collateral or similar arrangement.  

    New Board Member

    Adrian Weller, one of the investors in the Directed Issue and the Set-off Issue, will be proposed as a new member of the Board of Directors at the EGM scheduled to be held on 26 November 2024.

    Extraordinary General Meeting

    The Rights Issue is subject to approval by the EGM scheduled to be held on 26 November 2024. Notice to the EGM will be published in a separate press release later today and will be available on www.anoto.com.

    Prospectus

    Complete terms and conditions for the Rights Issue, as well as other information regarding the Company, will be provided in the prospectus that is planned to be published on or about 29 November 2024. The Prospectus which will be published on the Company’s website (www.anoto.com).

    Advisers

    Setterwalls Advokatbyrå is acting as legal advisor and Bergs Securities AB (“Bergs Securities”) is acting as Sole Global Coordinator and Bookrunner to the Company in connection with the Issues.

    This information constitutes inside information as Anoto Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation 596/2014. The information was provided by the contact person below for publication 25 October 2024 at 08:15 CEST.

    For further information, please contact:

    Kevin Adeson, Chairman of the board of Anoto Group AB (publ)

    For more information about Anoto, please visit www.anoto.com or email ir@anoto.com

    Anoto Group AB (publ), Reg.No. 556532-3929, Flaggan 1165, SE-116 74 Stockholm

    About Anoto Group

    Anoto is a publicly held Swedish technology company known globally for innovation in the area of information-rich patterns and the optical recognition of those patterns. It is a lead-er in digital writing and drawing solutions, having historically used its proprietary technology to develop smartpens and related software. These smartpens enrich the daily lives of millions of people around the world. Anoto currently has three main business lines: Livescribe retail, Enterprise Forms and OEM. Anoto also holds a stake in Knowledge AI, a leading AI based education solution company. Anoto is traded on the Small Cap list of Nasdaq Stockholm under ANOT.

    IMPORTANT INFORMATION

    The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction where such offer would be considered illegal. This press release does not constitute an offer to sell or an offer to buy or subscribe for shares issued by the Company in any jurisdiction where such offer or invitation would be illegal. In a member state within the European Economic Area (“EEA”), shares referred to in the press release may only be offered in accordance with applicable exemptions under the Prospectus Regulation.

    This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States, Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore, South Africa, or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

    In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, “qualified investors” who are (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

    A prospectus will be prepared in connection with the offering and admission to trading of shares in Anoto. The prospectus will be scrutinized and approved by the Swedish Financial Supervisory Authority. The Swedish Financial Supervisory Authority’s approval of the prospectus should not be understood as an endorsement of the securities being offered and admitted to trading. The prospectus will contain a description of the risks and rewards associated with an investment in Anoto and potential investors are recommended to read the prospectus in its entirety before making an investment decision.

    The prospectus will be published by the Company on or around 29 November 2024 and available on the Company’s website, www.anoto.com. This release is however not a prospectus in accordance to the definition in the Prospectus Regulation. In accordance with article 2 k of the Prospectus Regulation this press release constitutes an advertisement. Complete information regarding the Rights Issue can only be obtained through the Prospectus. Anoto has not authorized any offer to the public of shares or rights in any other member state of the EEA. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation. This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision in connection with the Rights Issue must be made on the basis of all publicly available information relating to the Company and the Company’s shares. Such information has not been independently verified by Bergs Securities. Bergs Securities is acting for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.

    Information to distributors

    Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in Anoto have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the “Target Market Assessment”). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in Anoto may decline and investors could lose all or part of their investment; the shares in Anoto offer no guaranteed income and no capital protection; and an investment in the shares in Anoto is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Rights Issue.

    For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in Anoto.

    Each distributor is responsible for undertaking its own target market assessment in respect of the shares in Anoto and determining appropriate distribution channels.

    Attachment

    The MIL Network –

  • MIL-OSI China: Art Basel CEO depicts Chinese art as ‘fundamentally popular’

    Source: China State Council Information Office 3

    An art work by Colombian artist Fernando Botero is on show during the second Art Basel in Hong Kong, south China, May 16, 2014. (Xinhua/Li Peng)

    Noah Horowitz, CEO of Art Basel, said that he sees continued spending on art and antiques by high-net-worth individuals (HNWIs) despite a challenging market, bolstered by a strong appetite from Chinese buyers and an increased expenditure on emerging and female artists.

    “Chinese art remains fundamentally popular,” said the CEO of the world’s leading art fair in a virtual interview with Xinhua, discussing “The Art Basel and UBS Survey of Global Collecting 2024,” a report published on Thursday.

    “It’s such a large market with so much happening, in Beijing, Shanghai, Guangzhou and elsewhere that I think that there’s continued interest. We see that most visibly in our Hong Kong fair and we can expect that to continue,” said Horowitz.

    The report was authored by cultural economist Dr. Clare McAndrew of Arts Economics and conducted in collaboration with Swiss banking giant UBS.

    The survey examines the spending, event attendance, motivations for collecting of HNWIs and their interactions with artists, galleries and institutions. It reveals insights into the behaviors of HNWIs across 14 markets worldwide in 2023 and the first half of 2024.

    Horowitz described the 2024 survey as the largest of its kind to date, which gathered responses from over 3,660 HNWIs in Brazil, France, Germany, Hong Kong, Indonesia, Italy, Japan, the Chinese mainland, Mexico, Singapore, Switzerland, Taiwan, Britain and the United States.

    Visitors look at exhibits during Art Basel Hong Kong 2018 at Hong Kong Convention and Exhibition Centre in south China’s Hong Kong, March 27, 2018. (Xinhua/Li Peng)

    “China is a large, diversified economy with many active artists and galleries, and it contributes a huge amount to the global art trade,” he said.

    “The broader Asian story is really compelling. We’re seeing a lot of clients from throughout the Asian region, attending our shows, leaning in and remaining very active. It’s a super important market for us, and we can expect to see that vibrancy continue,” he added.

    HNWIs from the Chinese mainland had the highest expenditure on art and antiques in 2023, as well as in the first half of 2024 with a median of 97,000 U.S. dollars, more than double that of any other region surveyed, the report showed, indicating that the strong return to spending has been sustained despite worries of a slowdown in the market, Horowitz said.

    Horowitz also underscored a significant appetite to buy living artists’ work and increased expenditure on emerging as well as female artists.

    “I think it’s a reminder that at the highest level of the wealth spectrum, there’s still considerable spending on art and luxury goods,” he told Xinhua.

    Founded in 1970 by gallerists from Basel, Switzerland, Art Basel today stages the world’s premier art shows for modern and contemporary art. It has four locations: Basel, Miami Beach, Hong Kong and Paris.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Bazaar carnival opens in Sha Tin

    Source: Hong Kong Information Services

    Chief Secretary Chan Kwok-ki today officiated at the opening ceremony of the Bazaar Carnival in Celebration of the 75th Anniversary of the Founding of the People’s Republic of China at Sha Tin Park.

    The Bazaar Carnival, which is being held from today until October 29, features 75 market stalls that offer specialty foods and hometown products from across the country. Citizens and tourists can also enjoy diverse cultural performances.

    Speaking at the ceremony, Mr Chan said the event is jointly organised by the Home Affairs Department and 28 provincial-level clansmen associations, showcasing each province’s unique food, culture and customs.

    Additionally, he noted that the clansmen associations have been playing an important role in Hong Kong’s development, facilitating exchanges and co-operation between Hong Kong and the motherland in various areas and deepening the friendship between the people of both places.

    Mr Chan said he hopes that the clansmen associations will continue to make good use of their extensive connections to promote exchanges and collaboration between Hong Kong and Mainland provinces.

    He also expressed that he looks forward to the associations advancing their work with the Hong Kong Special Administrative Region Government to build Hong Kong into a place for top talent, enabling the city to play its unique role as a super connector and super value-adder, as well as creating opportunities for the country’s opening up to the world and realising high-quality development.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Auctions for Lunar New Year fair stalls in New Territories to start next Friday

    Source: Hong Kong Government special administrative region

         The Food and Environmental Hygiene Department (FEHD) today (October 25) reminded interested parties to join auctions that will start next Friday (November 1) for stalls at the 2025 Lunar New Year (LNY) fairs in the New Territories.     The nine fairs, with a total of 521 wet goods stalls, 230 dry goods stalls and seven fast food stalls, will be held at Sha Tsui Road Playground in Tsuen Wan, Tin Hau Temple Fung Shui Square in Tai Po, Tung Tau Industrial Area Playground in Yuen Long, Tin Hau Temple Plaza in Tuen Mun, Man Yee Playground in Sai Kung, Po Hong Park in Tseung Kwan O, Shek Wu Hui Playground in North District, Kwai Chung Sports Ground in Kwai Tsing and Yuen Wo Playground in Sha Tin.     The auctions for stalls of the LNY fairs in Tsuen Wan, Yuen Long and Kwai Tsing will be held at the Assembly Hall, 2/F, Lai Chi Kok Government Offices, 19 Lai Wan Road, Lai Chi Kok, Kowloon, on November 1, 5 and 11. The auction sessions are scheduled from 9am to 12.30pm (AM session) and 2pm until completion of the auction (PM session).     The auctions for stalls of the LNY fairs in Tai Po, Sai Kung and Tseung Kwan O, North District, and Sha Tin will be held at the above-mentioned venue on November 4, 7, 8 and 12. The auction session is scheduled from 9am or 9.30am until completion of the auction.     The auction for stalls of Tin Hau Temple Plaza LNY fair in Tuen Mun will be held at Tseng Choi Street Community Hall, 27 Tseng Choi Street, Tuen Mun, on November 6. The auction session is scheduled from 9.30am until completion of the auction.     Details of the auctions are as follows:Sha Tsui Road Playground (Tsuen Wan)——————————————–Auction date: November 1 (Friday)Number of stalls: 126AM session: Wet goods (Stall Nos. 1 to 64)PM session: Wet goods (Stall Nos. 65 to 96) and dry goodsOpening prices:Wet goods: $1,770Dry goods (regular size): $8,480Dry goods (large size): $12,720Tin Hau Temple Fung Shui Square (Tai Po)——————————————–Auction date: November 4 (Monday)Number of stalls: 61Stall types: Dry goods, wet goods and fast foodOpening prices:Dry goods: $1,450Wet goods: $2,270Fast food: $5,480Tung Tau Industrial Area Playground (Yuen Long)——————————————–Auction date: November 5 (Tuesday)Number of stalls: 158AM session: Dry goods and wet goods (Stall Nos. 57 to 72)PM session: Wet goods (Stall Nos. 77 to 156) and fast foodOpening prices:Dry goods (regular size): $1,350Dry goods (large size): $2,030Wet goods: $700Fast food: $5,480Tin Hau Temple Plaza (Tuen Mun)——————————————–Auction date: November 6 (Wednesday)Number of stalls: 57Stall types: Wet goods, dry goods and fast foodOpening prices:Wet goods: $1,490Dry goods: $2,140Fast food: $2,740Man Yee Playground (Sai Kung)——————————————–Auction date: November 7 (Thursday)Number of stalls: 20Stall types: Dry goods and wet goodsOpening prices:Dry goods: $450Wet goods: $380Po Hong Park (Tseung Kwan O)——————————————–Auction date: November 7 (Thursday)Number of stalls: 90Stall types: Dry goods, wet goods and fast foodOpening prices:Dry goods (regular size): $1,540Dry goods (large size): $2,310Wet goods: $830Fast food: $4,570Shek Wu Hui Playground (North District)——————————————–Auction date: November 8 (Friday)Number of stalls: 73Stall types: Wet goods and dry goodsOpening prices:Wet goods: $710Dry goods (regular size): $1,540Dry goods (large size): $2,310Kwai Chung Sports Ground (Kwai Tsing)——————————————–Auction date: November 11 (Monday)Number of stalls: 98AM session: Wet goods (Stall Nos. 1 to 56)PM session: Wet goods (Stall Nos. 57 to 76) and dry goodsOpening prices:Wet goods: $490Dry goods (regular size): $2,250Dry goods (large size): $3,380Yuen Wo Playground (Sha Tin)——————————————–Auction date: November 12 (Tuesday)Number of stalls: 75Stall types: Dry goods and wet goodsOpening prices:Dry goods (regular size): $4,570Dry goods (large size): $6,860Wet goods: $3,580     Bidders for LNY fair stalls must be at least 18 years old and ordinarily reside in Hong Kong.     Anyone can bid for more than one stall. A bidder must pay the bid price and register in person with his or her own name as the licensee of the stall immediately after successfully bidding for a stall. The bidder is also required to sign at once a licence agreement with the FEHD, or he/she will forfeit the rights to operate the stall.     All fair sites will be made available to the licensees three days in advance of the fairs (from January 20 to 22, 2025) for the setting up of stalls. In the event of any unforeseeable incident that will cause reduction of the whole licence period (including the duration for setting up stalls and the business period of the fair), the Government has the right to postpone the commencement date and shorten the duration of the period. The bidding price (licence fee) paid will be refunded to the successful bidder on a pro-rata basis without interest.     Stall licensees must completely remove the stall structure and all paraphernalia, together with all refuse, debris and unsold commodities (whether damaged or otherwise), from the licensed area before 7am on January 29, 2025.     The FEHD reminded licensees that the stalls are solely for the purpose of selling and promoting the sale of the permitted commodities, and no other activities are allowed in the licensed area. If the FEHD considers that any activity conducted by the licensee to publicise, promote, display, show or sell any permitted commodities in the venue is unlawful, contrary to the interest of national security, immoral or incompatible with the object of the LNY fair, the FEHD is entitled to direct the licensee to stop conducting such activities, and the licensee must immediately comply with the direction.     Stall licensees should not destroy, damage or abandon any unsold commodities at or in the vicinity of the stall. They may surrender unsold flowers and plants left behind at the stall to the FEHD at no charge, cost or compensation whatsoever, before 7am on January 29, 2025.     According to the licence agreement, except inside designated stalls, licensees must not keep, store or use any compressed helium cylinder in the licensed area. Whereas licensees of the designated stalls may keep, store or use helium cylinders in the licensed area, the quantity of helium should be such that a licence is not required pursuant to the Dangerous Goods (Application and Exemption) Regulation 2012 (Cap. 295E), i.e. equivalent to 150 litres of helium. Sales of floating LED glowing balloons and aquarium fish by stall licensees are prohibited at the LNY fairs.     In addition, as stated in the licence agreement, the height of dry goods stalls must not exceed 3 metres from ground level. The height of wet goods stalls and fast food stalls must not exceed 4.5m from ground level. For wet goods stalls and fast food stalls with a height of more than 3m from ground level, the licensee must, at his own costs, provide the FEHD with the original certificate issued by an authorised person, a registered structural engineer, or a competent person under the Construction Sites (Safety) Regulations (Cap. 59I) to certify the structural safety of the structure in the licensed area before the fair is opened to the public. The licensee must also affix a copy of the aforesaid certificate on the structure of the stall.     Successful bidders shall comply with all the stipulations and provisions as set out in the licence agreement. Otherwise, the department is entitled to terminate the agreement and the licensee shall immediately vacate the stall.     Details of the 2025 LNY fairs, such as the public notice, the locations and layouts of the fair venues, commodities allowed for sale at the fair stalls, open auction arrangements and related rules, and a sample of the licence agreement, are available on the FEHD website (www.fehd.gov.hk). For enquiries, please call the FEHD hotline 2868 0000.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 10 nominations for Labour Advisory Board Election of Employee Representatives

    Source: Hong Kong Government special administrative region

         The election of five employee representatives to the Labour Advisory Board (LAB) for the next two-year term commencing on January 1, 2025, will be held on November 16 (Saturday) at the Mei Foo Community Hall, 1/F, Mei Foo Government Complex, 33 Mei Lai Road, Sham Shui Po. The Labour Department (LD) received 10 valid nominations of candidates from employee unions registered under the Trade Unions Ordinance during the nomination period from September 23 to October 15, 2024.

         The candidates, listed in the order of receipt of nomination forms by the LD, are:

    * Ms Julie Lai
    Chairman,
    Rights Association of Hawker Control Officers

    * Mr Chong Yuk-shing
    Chairman,
    Hong Kong Security Guards Alliance

    * Ms Lai Na
    President,
    Hong Kong Social Welfare Employees Association

    * Mr Kenneth Lee
    Chairman,
    Civil Servants Union of Housing Department

    * Mr Li Siu-bun
    Vice President,
    Hong Kong Clerical and Professional Employees General Union

    * Ms Tam Kam-lin
    Vice Chairman,
    The Federation of Hong Kong & Kowloon Labour Unions

    * Mr Lam Wai-kong
    President,
    Motor Transport Workers General Union

    * Mr Frenky Koon
    Chairman,
    Hong Kong Airport Baggage Handlers Union

    * Mr Yeung Wai-leung
    Chairman,
    Union of Government School Teachers

    * Mr Fung Chuen-chung
    Chairman,
    Hong Kong Civil Servants General Union
     
            A total of 867 employee unions registered as electors have appointed authorised representatives to vote in this election. The electors will soon be informed in writing of the candidate list and detailed proceedings of the election day. Authorised representatives may cast votes at the polling station at Mei Foo Community Hall, 1/F, Mei Foo Government Complex, from 9am to 5pm on the election day of November 16.

            Candidates will be present on the election day to supervise the counting of votes. The Assistant Commissioner for Labour (Development) will act as the Returning Officer.

            The respective lists of candidates and electors with authorised representatives appointed, as well as the election rules and procedures, are available on the homepage of the LD (www.labour.gov.hk/eng/news/LAB_Election2024.htm). Enquiries on matters relating to this election can be made at 2852 4024.

            The LAB is a tripartite consultative body comprising representatives of employees and employers to advise the Commissioner for Labour on labour matters.

    MIL OSI Asia Pacific News –