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Category: Business

  • MIL-OSI: STOCKHOLDER ALERT: The M&A Class Action Firm Investigates the Merger of Profire Energy, Inc. – PFIE

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 05, 2024 (GLOBE NEWSWIRE) —

    Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Profire Energy, Inc. (NASDAQ: PFIE), relating to a proposed merger with First CECO Environmental Corp. Under the terms of the agreement, a subsidiary of CECO will commence a tender offer to acquire all issued and outstanding shares of Profire common stock at a price of $2.55 per share.

    Click here for more information https://monteverdelaw.com/case/profire-energy-inc-pfie/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI Australia: (WIP) Investing in WA: energy reforms in the Pilbara—unpacking the North-West Interconnected System

    Source: Allens Insights

    Decarbonising the Pilbara region 8 min read

    The North-West Interconnected System (NWIS) has become a central focus of the WA Government’s energy sector reform agenda in recent years. Since the introduction of the Pilbara Regime in July 2021, a series of additional reforms have been set in motion.

    These reforms reflect the WA Government’s recognition that decarbonisation of the Pilbara region is key to its net zero target. In line with this vision, Energy Policy WA (EPWA) has developed the Pilbara Energy Transition Plan (PET Plan), which invites private sector involvement in developing new, common-use transmission infrastructure, known as Priority Projects.

    In this Insight, we explore current and proposed reforms, highlighting opportunities for developers and investors to drive decarbonisation in the Pilbara region.

    Key takeaways

    • The pace of reforms to the NWIS has been rapid, with an ambitious policy agenda going forward.
    • The WA Government is strongly focused on decarbonising the Pilbara region, seeking to leverage significant Federal Government support.
    • The PET Plan, particularly Priority Projects, has the potential to significantly transform the NWIS and transmission infrastructure in the region. This presents opportunities for industrial load and heavy industry to decarbonise their operations and increase renewable energy consumption.
    • The proposed reforms to the NWIS present a key opportunity for development and investment in transmission infrastructure.  

    What is the NWIS?

    The NWIS consists of a series of interconnected electricity transmission, distribution and generation assets in the Pilbara region. It supplies major mining and heavy industrial customers, coastal towns such as Karratha and Port Hedland, and some remote communities. However, it should be noted that many industrial facilities and communities in the region rely on remote generation, such as stand-alone power systems and microgrids, which are not connected to the NWIS.

    The NWIS market does not operate through a central dispatch mechanism; rather, electricity is generated either for self-supply or contracted under bilateral agreements. There are three registered network service providers, APA, Horizon Power and Rio Tinto (NSPs), each operating a vertically integrated business, participating in electricity generation, supply, and in some cases provision of essential system services and retail supply. 

    Pilbara ISOCo Limited (Pilbara ISOCo) oversees NWIS operations as the independent system operator including administering the energy balancing and related settlement process. The role of Pilbara ISOCo reflects an administrative system operator model, designed to align with the ‘light-handed’ regulatory regime that applies to the NWIS. Under this model, Pilbara ISOCo performs a series of core functions, while the registered NSPs retain significant control over other system-related functions and operations, in contrast to other electricity networks in Australia such as the Wholesale Electricity Market and the National Electricity Market. The NSPs are also members of Pilbara ISOCo.

    How did we get here?

    Prior to July 2021, the NWIS operated primarily under informal or bilateral agreements between NSPs. It developed in a somewhat ad hoc manner, as energy companies and industrial facilities invested in generation for self-supply. There was no central planning or coordination framework—each NSP was generally responsible for functions such as system security on an autonomous basis, with no independent system operator in place.

    After a series of consultations on the potential for regulatory reform, the WA Government determined there was a need for a formal framework for the NWIS and subsequently announced the Pilbara Regime. The regime would consist of a suite of reforms aimed at addressing, among other things, access and more centrally coordinated system operations. These substantive reforms took effect on 1 July 2021.

    Pilbara Regime

    Key regulatory instruments

    Part 8A of the Electricity Industry Act 2004 (WA) (EIA) sets out the overarching framework for the Pilbara Regime. Amendments to the EIA were recently passed and, once in effect, the Pilbara electricity objective will expressly acknowledge the need to invest in reducing greenhouse gas emissions for electricity services.

    The Electricity Industry (Pilbara Networks) Regulations 2021 recognised Pilbara ISOCo as the independent system operator and allowed the Minister to establish the initial Pilbara Network Rules (PNR). The PNR, which includes the Harmonised Technical Rules (HTR), governs the operations of the NWIS, connection standards and approval processes, as well as system security and reliability measures. There have been two rule changes amending the PNR to date, and the Pilbara Advisory Committee (PAC)—which consists of industry representatives—advises the EPWA coordinator on rule change proposals.

    The HTR set out technical design and operation requirements for systems and equipment connected to the NWIS. Horizon Power, as a NSP, also has its own set of technical rules which apply to those who connect to its network.

    Pilbara ISOCo also develop procedures in accordance with the PNR which outline specific requirements for the processes set out in the PNR. The procedures are currently being developed on an interim basis and can be accessed here.

    The Pilbara Networks Access Code (PNAC) regulates access and connection to the NWIS by outlining the requirements for ‘covered’ networks, which are subject to rules on ringfencing, tariffs and access disputes. The PNAC was modelled on part of the National Gas Rules, which similarly include access provisions for pipelines. The Minister for Energy may decide a network is covered if a person makes an application or an NSP may opt in to become a covered network. Horizon Power and APA’s networks are covered under the PNAC and are required to publish access information as part of their obligations.

    Pilbara Roundtable

    The Pilbara Industry Roundtable (Roundtable) was formed by the WA Government in August 2022, with a broad membership from industry stakeholders in the NWIS and the Pilbara more generally.

    The Roundtable released a communiqué in July 2023, supporting the development of common-use transmission infrastructure to support the growth of renewable generation and decarbonisation. The Roundtable agreed that any new infrastructure should empower Traditional Owners and expressed their support for regulatory reform to the Pilbara Regime to ensure it remains fit-for-purpose during the energy transition.

    Where are we now?

    The consensus goals contained in the Roundtable communiqué form the basis of the PET Plan. The PET Plan aims to increase the scale of renewable generation in the region and facilitate the decarbonisation of the Pilbara to meet the WA Government’s net zero target. The WA Government has placed a strong emphasis on involving Traditional Owners and their communities in this process, including benefit sharing and minimising disturbance to country as the PET Plan is implemented.

    Priority Projects

    The flagship policy outlined in the PET Plan is the development of new, common-use transmission infrastructure, to be built in priority transmission corridors known as Priority Projects. On 13 September 2024, EPWA opened an expression of interest (EOI) process for developing Priority Projects in two corridors in East Pilbara (Hamersley Range and the Great Sandy Desert), and two corridors in West Pilbara (Burrup (Murujuga) and Chichester Range). Construction within these corridors aims to connect current and potential loads, such as strategic industrial areas, and to provide access to areas that will be favourable for future renewable energy projects connecting to the Priority Project. EPWA envisages that Priority Projects may form part of an expansion of the NWIS. The EOI deadline closed on 25 October 2024, and it is anticipated that the EOIs and ongoing regulatory reviews will help develop the design elements to facilitate the PET Plan, such as how charges for ‘wheeling’ electricity through various transmission assets will apply.

    In August 2023, the Federal Government committed $3 billion from the Rewiring the Nation fund to WA to assist in the investment in new and upgraded transmission infrastructure. Funding from Rewiring the Nation is provided as concessional finance from the Clean Energy Finance Corporation. This may trigger significant reform and investment in both the NWIS and the South-West Interconnected System. The WA Government has made clear it will recommend Priority Projects for obtaining this funding, although this does not guarantee that Priority Projects will be successful in obtaining Rewiring the Nation funding.

    Where are we going?

    In April 2025, the Economic Regulation Authority (ERA) will commence its statutory review of the Pilbara Regime, which is required on the fifth anniversary of the Pilbara Regime coming into force (the Five-yearly Review). The aim of the Five-yearly Review is for the ERA to determine whether the Pilbara Regime is meeting the Pilbara electricity objective, which is being updated. If the ERA finds that the Pilbara electricity objective is not being met, it is to make recommendations for reform in its report, which is due no later than April 2026. The report is then laid before Parliament within six months of receipt by the Minister, who must prepare a response.

    EPWA is currently reviewing the PNR with the support of the Evolution of the Pilbara Networks Rules Working Group established by the PAC. The objective of the Evolution of the Pilbara Networks Rules review project (EPNR Project) is to ensure that the PNR and HTR effectively enable and facilitate the planned rapid decarbonisation of the Pilbara region, as well as the shift from thermal sources to renewable generation (ie solar and wind) and storage in the NWIS. EPWA has acknowledged that the reforms surrounding the regulatory regime create mixed signals for potential investors and, as such, has implemented a staggered approach to reviewing the PNR to support early investment decisions. EPWA and the PAC are proposing to present a final implementation plan in February 2025.

    The EOI for the PET Plan anticipates that changes to the PNAC will be progressed under sections 120H to 120J of the EIA to ensure the PNAC can support Priority Projects. The EOI flags a review of potential changes related to managing vertical integration, the priority regime for constrained versus unconstrained access and access price regulation. It is expected that EPWA will take the lead on this review and any proposed changes will need to be made available by the Minister for public comment.

    As the Pilbara regime contemplates coordination between the NSPs and between the NSPs and Pilbara ISOCo, Pilbara ISOCO sought ACCC authorisation for the parties to engage in this conduct. Currently, the regime is exempt from competition law requirements under the Electricity Industry (Pilbara Networks) Regulations 2021 (WA). This exemption expires in November 2024, and the ACCC authorisation is intended to apply beyond that expiry.

    The ACCC considered the public benefits associated with the Pilbara regime and the coordination between NSPs and Pilbara ISOCo to facilitate system security, outage coordination and technical connection standards functions. Within that consideration, the ACCC is balancing any potential public detriments, such as those arising from NSPs sharing information.

    In a Draft Determination released in September 2024, the ACCC proposed to grant authorisation for a three-year period, subject to conditions to limit the scope of coordination and information sharing and enhance governance controls. The ACCC’s final determination is due by 20 December 2024, following further consultation. The ACCC process has acknowledged the ongoing reform process underway—including the EPNR Project—noting that a three-year authorisation should provide sufficient time for that reform process to take place.

    Key considerations

    • Access, approvals and operational constraints applying to the NWIS remain challenging when developing new projects. However, there is political support for removing these barriers, so developers should stay informed about the latest updates.
    • The infrastructure investment required for achieving the energy transition presents opportunities for developers, Traditional Owners, the local workforce and local contractors.

    MIL OSI News –

  • MIL-Evening Report: How does a jury reach a conclusion? A new SBS show painstakingly recreates details to take us behind the scenes

    Source: The Conversation (Au and NZ) – By Xanthe Mallett, Forensic Criminologist, University of Newcastle

    SBS

    Juries are the bedrock of common law, and have been used for centuries to decide factual issues before the court.

    Jury research has for years attempted to improve our understanding of how jurors reach a conclusion, both individually and as a collective. But we have very little understanding of how each specific case is decided: in Australia, jurors are banned from discussing their deliberations outside of the jury room.

    Predicting the jury’s decision in criminal matters is impossible: the whole system remains totally opaque. This has been evident in a very high-profile case just this year, when a very surprising decision was handed down; I would love to be able to pick that one apart.

    A new show by SBS attempts to demystify the process. The Jury: Death on the Staircase follows the deliberations of 12 jurors as they listen to nine days’ worth of evidence in a real, concluded manslaughter case.

    Observing the trial, and the jury

    The names, dates, locations and images from the original case have been changed to make sure the jurors could not look up the result, and to protect the individuals involved in the real trial. These changes could, of course, alter the jury’s decision-making process.

    Actors are used to re-enact the trial, using transcripts of the original case to simulate the real trial as closely as possible. The jurors are everyday Australians who volunteered to take part in this experiment.

    The case revolves around the death of a man who was found at the bottom of a staircase, in the home he shared with his male partner.

    Other factors the jury attaches relevance to are the 20-year age gap between the deceased and the younger accused man, and the accused is Asian.

    We hear the pre-trial thoughts and motivations of the jurors, and some of the biases and prejudices start to show early on.

    As the trial unfolds, specific aspects of the accused’s personality impress different members of the jury – some finding points of commonality that encourage them to be very sympathetic, others highly sceptical of his innocence. This seems less based on the evidence being heard, and instead reflects directly the personality and life experience of the juror.

    The jurors, like a real jury, come from all walks of life, educational backgrounds, sexualities and ancestral groups. There are some big, dominant voices, as well as others who are much quieter and more circumspect.

    What surprised me while watching was that many of the impressions the jury discuss – and their interpretations of them – aren’t based on the evidence at all. They’re watching the accused, trying to get a read on his guilt or innocence from his body language, where he looks at certain times.

    None of them are body language experts, but they seem to think they can reliably extrapolate how he is feeling from observing him.

    Some of them also speculate wildly as to what could have happened, and why.
    If that’s what real jurors do, that’s worrying.

    I have some questions

    It’s hard to know how closely the producers mirrored the original case: was it a homosexual relationship, was there a large age gap, was the accused Asian?

    These factors are important, because the jury puts weight on them and hypothesises with these in mind.

    Another big question for me was how they chose the members of the jury. Was it random? If it was, they do not reflect the personalities of the original jurors and it is very clear that personality and life experience were heavily influential in each person’s response to the case.

    The question was asked by one of the jurors: what if they reach a different conclusion than the original, genuine jury? What would that mean for the accused?

    My sense was they were wondering if they found him not guilty of manslaughter, would that have any legal implication.

    The answer is no.

    It’s impossible to truly replicate a case. I would even suggest the same jury could reach a different conclusion at a different time, depending on what had happened in their lives recently and other external factors. Regardless of what result this jury reached, it could not hurt or help the real accused person.

    But it is certainly an interesting program, and will give the viewer an insight into what factors most influence jurors.

    It might also scare them slightly. We like to think juries make their decision based on the evidence put before them, but that does not appear to be the case, at least certainly not early on in the trial process.

    The jurors focused on how the accused lived their life, and judged him accordingly – both positively and negatively. The scientist in me feels that it would be great to repeat this experience, to see if the same or a different result was achieved under these, somewhat controlled conditions.

    I’d also love to see more access to real jurors, post decision: that is the only true way to gauge their thoughts and impressions as they work through a case. But as that is unlikely, this series is as close as we’ll get. It is worth a watch if you’re interested in how juries reach their – sometimes apparently inexplicable – decisions.

    The Jury: Death on the Staircase is on SBS and SBS On Demand from today.

    Xanthe Mallett does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. How does a jury reach a conclusion? A new SBS show painstakingly recreates details to take us behind the scenes – https://theconversation.com/how-does-a-jury-reach-a-conclusion-a-new-sbs-show-painstakingly-recreates-details-to-take-us-behind-the-scenes-242114

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Parex Resources Announces Third Quarter Results, Declaration of Q4 2024 Dividend, and Operational Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce its financial and operating results for the three-month period ended September 30, 2024, the declaration of its Q4 2024 regular dividend of C$0.385 per share, as well as an operational update. All amounts herein are in United States Dollars (“USD”) unless otherwise stated.

    “Following lower than expected results, Management is focused on driving production efficiency and optimizing performance from our key assets,” commented Imad Mohsen, President & Chief Executive Officer.

    “As we transition from 2024 to our 2025 planning phase, we are committed to improving results, delivering safe and reliable production, and positioning Parex to outperform.”

    Key Highlights

    • Generated Q3 2024 funds flow provided by operations (“FFO”)(1) of $152 million and FFO per share(2)(3) of $1.50.
    • FY 2024 average production guidance increased from 48,000-50,000 boe/d to 49,000-50,000 boe/d, based on stable operations at key assets as well as successful well results at Capachos and LLA-32.
    • FY 2024 capital expenditure(6) guidance updated from $370-390 million to $350-370 million, based on a conservative capital program focused on improving capital returns.
    • Declared Q4 2024 regular dividend of C$0.385 per share(4) or C$1.54 per share annualized.
    • Repurchased approximately 4.5 million shares YTD 2024 under the Company’s current normal course issuer bid (“NCIB”).
    • October 2024 average production was 47,000 boe/d(5).

    Q3 2024 Results

    • Quarterly average oil & natural gas production was 47,569 boe/d(7).
    • Realized net income of $66 million or $0.65 per share basic(3).
    • Generated quarterly FFO(1) of $152 million and FFO per share(2)(3) of $1.50, a 4% decrease and a 1% increase from Q3 2023, respectively.
    • Current taxes decreased from Q2 2024 by $39 million due to reduced corporate production as well as lower global oil prices; the Company also moved from an estimated 15% surtax to a projected 10% surtax with the depreciation of Brent oil price in the quarter.
    • Produced an operating netback(2) of $39.64/boe and an FFO netback(2) of $34.58/boe from an average Brent price of $78.71/bbl.
    • Incurred $82 million of capital expenditures(6), primarily from activities at LLA-34, Capachos, LLA-32 and LLA-122.
    • Generated $69 million of free funds flow(6) that was used for return of capital initiatives and $20 million of bank debt repayment; working capital surplus(1) was $38 million and cash $147 million at quarter end.
    • Paid a C$0.385 per share(4) regular quarterly dividend and repurchased 1,584,650 shares.

    (1) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory.”
    (3) Per share amounts (with the exception of dividends) are based on weighted-average common shares; dividends paid per share are based on the number of common shares outstanding at each dividend date.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (5) Light & medium crude oil: ~8,956 bbl/d, heavy crude oil: ~37,325 bbl/d, conventional natural gas: ~4,316 mcf/d; rounded for presentation purposes.
    (6) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (7) See “Operational and Financial Highlights” for a breakdown of production by product type.

    Operational and Financial Highlights Three Months Ended Nine Months Ended  
    (unaudited) Sep. 30,   Sep. 30,   Jun. 30,   Sep. 30,  
      2024   2023   2024   2024  
    Operational        
    Average daily production        
    Light Crude Oil and Medium Crude Oil (bbl/d) 9,064   8,837   9,541   8,615  
    Heavy Crude Oil (bbl/d) 37,777   44,779   43,229   42,167  
    Crude Oil (bbl/d) 46,841   53,616   52,770   50,782  
    Conventional Natural Gas (mcf/d) 4,368   5,742   4,788   4,170  
    Oil & Gas (boe/d)(1) 47,569   54,573   53,568   51,477  
             
    Operating netback ($/boe)        
    Reference price – Brent ($/bbl) 78.71   85.92   85.03   81.82  
    Oil & gas sales(4) 68.75   75.83   75.21   71.69  
    Royalties(4) (10.59 ) (13.72 ) (12.54 ) (11.48 )
    Net revenue(4) 58.16   62.11   62.67   60.21  
    Production expense(4) (14.81 ) (9.73 ) (12.95 ) (13.43 )
    Transportation expense(4) (3.71 ) (3.56 ) (3.40 ) (3.50 )
    Operating netback ($/boe)(2) 39.64   48.82   46.32   43.28  
             
    Funds flow provided by operations netback ($/boe)(2) 34.58   31.28   37.34   34.43  
             
    Financial ($000s except per share amounts)        
             
    Net income 65,793   119,736   3,845   129,731  
    Per share – basic(6) 0.65   1.13   0.04   1.27  
             
    Funds flow provided by operations(5) 151,773   157,839   180,952   481,032  
    Per share – basic(2)(6) 1.50   1.49   1.77   4.71  
             
    Capital expenditures(3) 82,367   156,747   97,797   265,585  
             
    Free funds flow(3) 69,406   1,092   83,155   215,447  
             
    EBITDA(3) 167,763   221,271   195,940   555,781  
    Adjusted EBITDA(3) 164,002   225,784   230,547   582,777  
             
    Long-term inventory expenditures (6,318 ) (374 ) 9,817   7,342  
             
    Dividends paid 28,467   29,239   28,528   85,526  
    Per share – Cdn$(4) 0.385   0.375   0.385   1.145  
             
    Shares repurchased 20,723   24,273   21,367   57,381  
    Number of shares repurchased (000s) 1,585   1,240   1,298   3,803  
             
    Outstanding shares (end of period) (000s)        
    Basic 100,031   105,014   101,616   100,031  
    Weighted average basic 100,891   105,621   102,259   102,203  
    Diluted(8) 100,933   105,722   102,528   100,933  
             
    Working capital surplus (deficit)(5) 37,509   (57,511 ) 34,156   37,509  
    Bank debt(7) 30,000   —   50,000   30,000  
    Cash 147,454   34,548   119,468   147,454  

    (1) Reference to crude oil or natural gas in the above table and elsewhere in this press release refer to the light and medium crude oil and heavy crude oil and conventional natural gas, respectively, product types as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
    (3) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (5) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (6) Per share amounts (with the exception of dividends) are based on weighted average common shares. Dividends paid per share are based on the number of common shares outstanding at each dividend record date.
    (7) Syndicated bank credit facility borrowing base of $200.0 million as at September 30, 2024.
    (8) Diluted shares as stated include common shares and stock options outstanding at period end; September 30, 2024 closing price was C$12.00 per share.

    Operational Update

    2024 Corporate Guidance Update

    FY 2024 average production guidance has been updated to 49,000 to 50,000 boe/d (49,500 boe/d midpoint) and concurrently, capital expenditure(5) guidance for the year has been updated to $350 to $370 million ($360 million midpoint).

    At $80/bbl Brent crude oil price, funds flow provided by operations(4) is expected to be $575 to $585 million and generate roughly $220 million of free funds flow(5) at the midpoint of guidance. A key driver of the funds flow provided by operations increase from the prior updated guidance is a lower projected effective tax rate for FY 2024.

    Category 2024 Updated Guidance
    (August 28, 2024)    		 2024 Updated Guidance
    (November 5, 2024)
    Brent Crude Oil Average Price $80/bbl $80/bbl
    Average Production 48,000-50,000 boe/d 49,000-50,000 boe/d
    Funds Flow Provided by Operations Netback(1)(2)(3) $30-32/boe $31-33/boe
    Funds Flow Provided by Operations(4) $545-565 million $575-585 million
    Capital Expenditures(5) $370-390 million $350-370 million
    Free Funds Flow(5) $175 million (midpoint) $220 million (midpoint)

    (1) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
    (2) 2024 updated assumptions: Vasconia differential: ~$4/bbl; production expense: $13-14/bbl; transportation expense: ~$3.50/bbl; G&A expense: ~$4.00/bbl; effective tax rate: 14-17%.
    (3) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (4) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (5) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.

    Cabrestero and LLA-34(1)(2)

    The Cabrestero and LLA-34 blocks had average production of approximately 37,000 bbl/d of heavy crude oil (net) combined in Q3 2024. During the quarter, both blocks experienced higher-than-expected downtime that adversely affected quarterly production.

    Additionally, at both blocks, annual decline rates are broadly in line with Management budgeting where there is a continued focus on ramping up injection rates. At Cabrestero specifically, the Company continues to progress its polymer injection pilot and is moving towards approving a full field expansion based on success to date.

    (1) Cabrestero: 100% W.I.
    (2) LLA-34: 55% W.I.

    LLA-32 – Exploitation Update(1)

    Following the mid-year reallocation of 2024 capital to LLA-32, the Company has now drilled three successful wells on the block. The most recent well, the second follow-up appraisal well, is producing roughly 2,000 bbl/d of light crude oil (gross)(2). Based on success to date, Parex is continuing to invest capital and has spud a horizontal well.

    (1) 87.5% W.I.
    (2) Short-term production rate. See “Oil & Gas Matters Advisory.”

    Northern Llanos – Capachos Update(1)

    The first well of a three-well campaign came online in late Q3 2024. The well is currently producing roughly 4,000 bbl/d of light crude oil with approximately 6,000 mcf/d of natural gas (gross)(2).

    Parex plans to fulfill an exploration commitment and spud the second well of the campaign in the coming weeks.

    (1) 50% W.I.
    (2) Short-term production rate. See “Oil & Gas Matters Advisory.”

    Northern Llanos – Arauca(1)

    The Arauca-81 well is expected to be onstream in Q4 2024, following a successful operational sidetrack.

    (1) Business Collaboration Agreement with Ecopetrol S.A. (Parex 50% Participating Share); Ecopetrol S.A. currently holds 100% of the working interest in the Convenio Arauca while the assignment procedure is pending.

    Big ‘E’ Exploration – Llanos Foothills – LLA-122(1)

    The drilling of the Arantes well in the high-potential Colombian Foothills continues to progress on an extended timeline. In Q3 2024, an operational sidetrack was executed following a stuck pipe event; the sidetrack was successful, and the well is now at roughly 17,750 feet. Parex is progressing toward the setting of the final liner immediately above the zones of interest, prior to drilling and evaluating the prospective zones. Based on the current pace of operations, the Company expects preliminary results by YE 2024.

    (1) 50% W.I.

    Return of Capital Update

    Q4 2024 Dividend

    Parex’s Board of Directors have approved a Q4 2024 regular dividend of C$0.385 per share to shareholders of record on December 9, 2024, to be paid on December 16, 2024. This regular dividend payment to shareholders is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada).

    Current Normal Course Issuer Bid

    As at October 31, 2024, Parex has repurchased approximately 4.5 million shares under its current NCIB, for total consideration of roughly C$85 million.

    2025 Budget & Guidance

    The Company continues to assess its short- and long-term development and exploration opportunities as it progresses through its 2025 budgeting and planning process, with next year’s corporate guidance expected to be released in January 2025.

    Q3 2024 Results – Conference Call & Webcast

    Parex will host a conference call and webcast to discuss its Q3 2024 results on Wednesday, November 6, 2024, beginning at 9:30 am MT (11:30 am ET). To participate in the conference call or webcast, please see the access information below:

    Conference ID:   7102953
    Participant Toll-Free Dial-In Number   1-646-307-1963
    Participant Dial-In Number:   1-647-932-3411
    Webcast:   https://events.q4inc.com/attendee/321063614
         

    About Parex Resources Inc.

    Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

    For more information, please contact:

    Mike Kruchten
    Senior Vice President, Capital Markets & Corporate Planning
    Parex Resources Inc.
    403-517-1733
    investor.relations@parexresources.com

    Steven Eirich
    Investor Relations & Communications Advisor
    Parex Resources Inc.
    587-293-3286
    investor.relations@parexresources.com

    NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

    Non-GAAP and Other Financial Measures Advisory

    This press release uses various “non-GAAP financial measures”, “non-GAAP ratios”, “supplementary financial measures” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below. Such measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measures as indicators of Parex’s performance.

    These measures facilitate management’s comparisons to the Company’s historical operating results in assessing its results and strategic and operational decision-making and may be used by financial analysts and others in the oil and natural gas industry to evaluate the Company’s performance. Further, management believes that such financial measures are useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company’s principal business activities.

    Set forth below is a description of the non-GAAP financial measures, non-GAAP ratios, supplementary financial measures and capital management measures used in this press release.

    Non-GAAP Financial Measures

    Capital expenditures, is a non-GAAP financial measure which the Company uses to describe its capital costs associated with oil and gas expenditures. The measure considers both property, plant and equipment expenditures and exploration and evaluation asset expenditures which are items in the Company’s statement of cash flows for the period and is calculated as follows:

     
      For the three months ended       For the nine months ended  
      Sep. 30,     Sep. 30,   Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Property, plant and equipment expenditures $ 68,406     $ 93,957   $ 49,214     $ 158,451  
    Exploration and evaluation expenditures   13,961       62,790     48,583       107,134  
    Capital expenditures $ 82,367     $ 156,747   $ 97,797     $ 265,585  


    Free funds flow,     is a non-GAAP financial measure that is determined by funds flow provided by operations less capital expenditures. The Company considers free funds flow to be a key measure as it demonstrates Parex’s ability to fund return of capital, such as the NCIB and dividends, without accessing outside funds and is calculated as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,     Sep. 30,     Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Cash provided by operating activities $ 181,874     $ 87,568   $ 222,782     $ 502,068  
    Net change in non-cash working capital   (30,101 )     70,271     (41,830 )     (21,036 )
    Funds flow provided by operations   151,773       157,839     180,952       481,032  
    Capital expenditures   82,367       156,747     97,797       265,585  
    Free funds flow $ 69,406     $ 1,092   $ 83,155     $ 215,447  


    EBITDA    , is a non-GAAP financial measure that is defined as net income adjusted for finance income and expenses, income tax expense (recovery) and depletion, depreciation and amortization.

    Adjusted EBITDA, is a non-GAAP financial measure defined as EBITDA adjusted for non-cash impairment charges, unrealized foreign exchange gains (losses), unrealized gains (losses) on risk management contracts and share-based compensation expense (recovery).

    The Company considers EBITDA and Adjusted EBITDA to be key measures as they demonstrates Parex’s profitability before finance income and expenses, taxes, depletion, depreciation and amortization and other non-cash items. A reconciliation from net income to EBITDA and Adjusted EBITDA is as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,       Sep. 30,       Jun. 30,       Sep. 30,  
    ($000s)   2024       2023       2024       2024  
    Net income $ 65,793     $ 119,736     $ 3,845     $ 129,731  
    Adjustments to reconcile net income to EBITDA:              
    Finance income   (963 )     (2,496 )     (1,097 )     (3,317 )
    Finance expense   7,494       5,219       5,421       18,109  
    Income tax expense   42,767       49,995       130,888       249,472  
    Depletion, depreciation and amortization   52,672       48,817       56,883       161,786  
    EBITDA $ 167,763     $ 221,271     $ 195,940     $ 555,781  
    Non-cash impairment charges   —       2,189       4,661       4,661  
    Share-based compensation expense (recovery)   (7,994 )     4,642       5,770       (4,687 )
    Unrealized foreign exchange loss (gain)   4,233       (2,318 )     24,176       27,022  
    Adjusted EBITDA $ 164,002     $ 225,784     $ 230,547     $ 582,777  


    Non-GAAP Ratios

    Operating netback per boe, is a non-GAAP ratio that the Company considers to be a key measure as it demonstrates Parex’ profitability relative to current commodity prices. Parex calculates operating netback per boe as operating netback (calculated as oil and natural gas sales from production, less royalties, operating, and transportation expense) divided by the total equivalent sales volume including purchased oil volumes for oil and natural gas sales price and transportation expense per boe and by the total equivalent sales volume excluding purchased oil volumes for royalties and operating expense per boe.

    Funds flow provided by operations netback per boe or FFO netback per boe, is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by produced oil and natural gas sales volumes. The Company considers funds flow provided by operations netback per boe to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to current commodity prices.

    Basic funds flow provided by operations per share or FFO per share, is a non-GAAP ratio that is calculated by dividing funds flow provided by operations by the weighted average number of basic shares outstanding. Parex presents basic funds flow provided by operations per share whereby per share amounts are calculated using weighted-average shares outstanding, consistent with the calculation of earnings per share. The Company considers basic funds flow provided by operations per share or FFO per share to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to the weighted average number of basic shares outstanding.

    Capital Management Measures

    Funds flow provided by operations, is a capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. The Company considers funds flow provided by operations to be a key measure as it demonstrates Parex’s profitability after all cash costs. A reconciliation from cash provided by operating activities to funds flow provided by operations is as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,     Sep. 30,     Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Cash provided by operating activities $ 181,874     $ 87,568   $ 222,782     $ 502,068  
    Net change in non-cash working capital   (30,101 )     70,271     (41,830 )     (21,036 )
    Funds flow provided by operations $ 151,773     $ 157,839   $ 180,952     $ 481,032  


    Working capital surplus (deficit),     is a capital management measure which the Company uses to describe its liquidity position and ability to meet its short-term liabilities. Working capital surplus (deficit) defined as current assets less current liabilities.

     
      For the three months ended     For the nine months ended  
      Sep. 30,       Sep. 30,     Jun. 30,     Sep. 30,  
    ($000s)   2024       2023       2024     2024  
    Current assets $ 248,208     $ 240,559     $ 281,846   $ 248,208  
    Current liabilities   210,699       298,070       247,690     210,699  
    Working capital surplus (deficit) $ 37,509     $ (57,511 )   $ 34,156   $ 37,509  


    Supplementary Financial Measures

    “Oil and natural gas sales per boe” is determined by sales revenue excluding risk management contracts, as determined in accordance with IFRS, divided by total equivalent sales volume including purchased oil volumes.

    “Royalties per boe” is comprised of royalties, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Net revenue per boe” is comprised of net revenue, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Production expense per boe” is comprised of production expense, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Transportation expense per boe” is comprised of transportation expense, as determined in accordance with IFRS, divided by the total equivalent sales volumes including purchased oil volumes.

    “Dividends paid per share” is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.

    Oil & Gas Matters Advisory

    The term “Boe” means a barrel of oil equivalent on the basis of 6 Mcf of natural gas to 1 barrel of oil (“bbl”). Boe’s may be misleading, particularly if used in isolation. A boe conversation ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1Bbl, utilizing a conversion ratio at 6 Mcf: 1 Bbl may be misleading as an indication of value.

    This press release contains a number of oil and gas metrics, including, operating netbacks and FFO netbacks. These oil and gas metrics have been prepared by management and do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare the Company’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment or other purposes.

    Any reference in this press release to short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determination of the rates at which such wells will continue production and decline thereafter and readers are cautioned not to place reliance on such rates in calculating the aggregate production of Parex.

    Distribution Advisory

    The Company’s future shareholder distributions, including but not limited to the payment of dividends and the acquisition by the Company of its shares pursuant to an NCIB, if any, and the level thereof is uncertain. Any decision to pay further dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith and any special dividends) or acquire shares of the Company will be subject to the discretion of the Board of Directors of Parex and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. Further, the actual amount, the declaration date, the record date and the payment date of any dividend are subject to the discretion of the Board. There can be no assurance that the Company will pay dividends or repurchase any shares of the Company in the future.

    Advisory on Forward Looking Statements

    Certain information regarding Parex set forth in this document contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, “forecast”, “guidance”, “budget” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. Such statements represent Parex’s internal projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Parex’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex.

    In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to: the Company’s focus, plans, priorities and strategies; average production guidance and capital expenditure guidance; expectations and plans regarding the Cabrestero and LLA-34 blocks, the LLA-32 block, Northern Llanos – Capachos, the Arauca-81 well, and Llanos Foothills – LLA-122; the anticipated terms of the Company’s Q4 2024 regular quarterly dividend, including its expectation that it will be designated as an “eligible dividend”; and the anticipated date and time of Parex’s conference call to discuss Q3 2024 results.

    These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; prolonged volatility in commodity prices; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced in Canada and Colombia; determinations by OPEC and other countries as to production levels; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities in Canada and Colombia; the risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; failure of counterparties to perform under contracts; the risk that Brent oil prices may be lower than anticipated; the risk that Parex’s evaluation of its existing portfolio of development and exploration opportunities may not be consistent with its expectations; the risk that Parex may not have sufficient financial resources in the future to provide distributions to its shareholders; the risk that the Board may not declare dividends in the future or that Parex’s dividend policy changes; the risk that Parex may not be responsive to changes in commodity prices; the risk that Parex may not meet its production guidance for the year ended December 31, 2024; the risk that Parex’s 2024 capital expenditures may be greater than anticipated; the risk that plans and expectations related to Parex’s drilling program as disclosed herein do not materialize as expected and/or at all; the risk that Parex may not be able to increase production into year end; and other factors, many of which are beyond the control of the Company.

    Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Parex’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca).

    Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Parex has made assumptions regarding, among other things: current and anticipated commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil, including the anticipated Brent oil price; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; royalty rates; future operating costs; uninterrupted access to areas of Parex’s operations and infrastructure; recoverability of reserves and future production rates; the status of litigation; timing of drilling and completion of wells; on-stream timing of production from successful exploration wells; operational performance of non-operated producing fields; pipeline capacity; that Parex will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that Parex’s conduct and results of operations will be consistent with its expectations; that Parex will have the ability to develop its oil and gas properties in the manner currently contemplated; that Parex’s evaluation of its existing portfolio of development and exploration opportunities is consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of Parex’s production and reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that Parex will be able to obtain contract extensions or fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; that Parex will have sufficient financial resources to pay dividends and acquire shares pursuant to its NCIB in the future; that Parex is able to execute its plans with respect to the Company’s drilling program as disclosed herein; and other matters.

    Management has included the above summary of assumptions and risks related to forward-looking information provided in this document in order to provide shareholders with a more complete perspective on Parex’s current and future operations and such information may not be appropriate for other purposes. Parex’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Parex will derive. These forward-looking statements are made as of the date of this document and Parex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

    This press release contains information that may be considered a financial outlook under applicable securities laws about the Company’s potential financial position, including, but not limited to; Parex’s FY 2024 capital expenditure guidance and midpoint capital expenditure guidance; Parex 2024 guidance, including anticipated Brent crude oil average prices, funds flow provided by operations netback; funds flow provided by operations, capital expenditures, free funds flow; and the anticipated terms of the Company’s Q4 2024 regular quarterly dividend including its expectation that it will be designated as an “eligible dividend”, all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Company and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company’s potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.

    The following abbreviations used in this press release have the meanings set forth below:

    bbl   one barrel
    bbls   barrels
    bbl/d   barrels per day
    boe   barrels of oil equivalent of natural gas; one barrel of oil or natural gas liquids for six thousand cubic feet of natural gas
    boe/d   barrels of oil equivalent of natural gas per day
    mcf   thousand cubic feet
    mcf/d   thousand cubic feet per day
    W.I.   working interest
     

    PDF available: http://ml.globenewswire.com/Resource/Download/036d688c-0a1e-4b88-a59e-ea8a6ec811a7

    The MIL Network –

  • MIL-OSI: CEO Hwang Kyu-jin of Ionpolis Co., Ltd. Targets the Southeast Asian Market by Participating in K-Expo

    Source: GlobeNewswire (MIL-OSI)

    SEOUL, KOREA, Nov. 05, 2024 (GLOBE NEWSWIRE) — Ionpolis Co., Ltd., a company specializing in filter showerheads, will participate in the K-Expo held from November 14th to 17th at the Sheraton Grand Gandaria City Hotel in Jakarta, Indonesia. This expo is an important event aimed at promoting excellent Korean products and technologies worldwide and facilitating entry into global markets. It is particularly regarded as an opportunity for Korean companies to solidify their position in the Southeast Asian market.

    Ionpolis, a company specializing in filter showerheads that provide clean water and a healthy shower environment, plans to actively target the Southeast Asian market through this expo. CEO Hwang kyu-jin stated, “Consumers across Southeast Asia, including Indonesia, are showing increased interest in healthy water. Therefore, we expect the demand for filter showerheads to steadily expand.” He emphasized that this expo will be a crucial opportunity to widely promote Ionpolis’s technological prowess to the world and strengthen networks with local partners.

    At this expo, Ionpolis plans to exhibit various filter showerhead products. In particular, they intend to showcase their latest product lineup that reflects diverse consumer needs. Ionpolis’s filter showerheads are gaining significant attention for their ability to effectively remove harmful substances that may be present in tap water during showers. Notably, CEO Hwang kyu-jin emphasized the technological excellence and environmentally friendly design of the products, explaining why Ionpolis can be competitive in the global market.

    Ionpolis has established itself as a trusted brand in the South Korean domestic market with great success. CEO Hwang kyu-jin said, “Based on the technological prowess and customer trust we’ve accumulated domestically, we are expecting a new leap forward in the Southeast Asian market.” He also added, “At this expo, we are focusing on expanding partnerships through meetings with local buyers and developing localization strategies tailored to the Indonesian market.” Through this, Ionpolis plans to go beyond simply selling products and introduce customized products that meet the needs and lifestyle patterns of local consumers.

    CEO Hwang kyu-jin sees this K-Expo as a crucial turning point for Ionpolis’s global market expansion. He particularly expects successful entry into Southeast Asian markets, including Indonesia. He expressed confidence, saying, “The Southeast Asian market is a region with huge growth potential, and I believe Ionpolis’s filter showerheads can be loved by many consumers in this region.”

    The K-Expo is an international trade event where various Korean industries gather to showcase innovative products and technologies. Every year, numerous overseas buyers and visitors participate. Through this expo, Ionpolis plans to introduce its innovative filter showerhead products to the world and lay the groundwork for its leap to becoming a global brand.

    CEO Hwang kyu-jin stated, “This expo is an important opportunity for Ionpolis to take another step forward in the global market,” and expressed his ambition, “We will continue to establish ourselves as a brand that consumers around the world can trust and choose through continuous innovation and quality improvement.” Under Ionpolis’s global strategy and CEO Hwang’s leadership, successful expansion in the filter showerhead market is anticipated.

    Media contact

    Company: Ionpolis Co., Ltd

    Contact: Park Ki Woong

    Email: cs@ionpolis.com

    Website: http://ionpolis.com/

    The MIL Network –

  • MIL-OSI China: HK release soars to top of national box office

    Source: China State Council Information Office 3

    Cesium Fallout, a disaster film starring icons Andy Lau and Bai Yu, overtook Hollywood blockbuster Venom: The Last Dance to become the country’s new box-office champion on Monday.

    As of Nov 4, the feature directed by Anthony Pun has grossed around 90 million yuan ($12.7 million) since its debut on Friday, according to the movie information live tracer, Beacon.

    Set in Hong Kong, it follows two parallel storylines about teams of specialists and firefighters as they try to prevent a doomsday disaster following an accident that leads to the release of Cesium-137, a radioactive isotope.

    During the film’s Beijing premiere last week, executive producer Bill Kong, revealed that his inspiration for the film stemmed from reports about the illegal transshipment of waste from other countries.

    He consulted environmental experts, who disclosed that some foreign companies previously dumped electronic waste overseas to reduce recycling expenses, with a portion being directed to Hong Kong.

    He emphasized the danger posed by electronic waste, highlighting the potential environmental harm if the substances they contain leached into the soil, contaminating water sources, and expressed the hope that the film would increase public awareness of the issue.

    MIL OSI China News –

  • MIL-OSI New Zealand: Health and Employment – Nurses stop work across the country – NZNO

    Source: New Zealand Nurses Organisation

    Members of the New Zealand Nurses Organisation Tōpūtanga Tapuhi Kaitiaki o Aotearoa (NZNO) employed by Te Whatu Ora are attending a series of 62 meetings across the country over urgent pressing issues.
    These hour-long meetings started on Monday and end on Friday. They aim to allow nurses, midwives, and health care assistants to review Te Whatu Ora’s intention to pause calculations for the Care Capacity Demand Management (CCDM) safe staffing programme during collective bargaining late last month.
    The employer restricting bargaining parameters to 1% of total employee costs will also be discussed.
    Meeting schedule for Thursday:
    • Whangārei – Whangārei Hospital 2nd Floor Conference Room – 2.30pm-3.30pm
    • Kaitāia – Kaitāia Hospital level 3/meeting room 1 – 2.30pm-3.30pm
    • Dargaville – Dargaville Hospital, Dargaville ward lounge – 2.30pm-3.30pm
    • Bay of Islands – Community Building Meeting Room – 2.30pm-3.30pm
    • Auckland – Greenlane Hospital, Building 13, Level 7 – 8.30am-9.30am & 10am-11am
    • Auckland – Waitakere Hospital – Muriwai A wing dining room – 2.45pm-3.45pm
    • Auckland – Manukau Health Park – Conference Room 1 – 12pm-1pm
    • Whakatāne – Clinical School Conference Hall, Whakatāne Hospital – 1.30pm-2.30pm
    • Tokoroa – Library Tokoroa Hospital – 11am-12pm
    • Hawkes Bay – Harding Hall Hastings Hospital – 1pm-2pm
    • Whanganui – Whanganui Jockey Club – 1.30pm-2.30pm
    • Wairarapa – Wairarapa Hospital -2.30pm-3.30pm
    • Blenheim – Wesley Centre – 1.30pm-2.30pm
    • Nelson – Finance Meeting Room, Braemar Campus, Nelson Hospital – 1pm-2pm & 2pm-3pm
    • Timaru – Caroline Bay Community Lounge – 1.30pm-2.30pm.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Parliament Hansard Report – Oral Questions — Questions to Ministers – 001442

    Source: New Zealand Parliament – Hansard

    ORAL QUESTIONS

    QUESTIONS TO MINISTERS

    Question No. 1—Finance

    1. RYAN HAMILTON (National—Hamilton East) to the Minister of Finance: What recent reports has she seen on the economy?

    Hon NICOLA WILLIS (Minister of Finance): Today, Statistics New Zealand released its labour market statistics for the September quarter. This release includes information from the household labour force survey, which looks at people’s labour force status, and the quarterly employment survey, which captures earnings, paid hours, and jobs. The household labour force survey showed that the unemployment rate increased from 4.6 to 4.8 percent in the quarter, and the quarterly employment survey showed that average hourly earnings increased 3.9 percent over the previous year.

    Ryan Hamilton: Why is unemployment rising?

    Hon NICOLA WILLIS: Unemployment is rising and has been rising since 2001 because New Zealand has been in a prolonged recession, with monetary tightening used to drive high inflation out of the economy. Sadly, recessions have a human cost. My heart goes out to people who’ve lost their jobs and who are struggling to enter the labour market. Rising unemployment is a reminder of how letting inflation get a grip on the economy is so damaging.

    Ryan Hamilton: Was the increase in the unemployment rate as much as expected?

    Hon NICOLA WILLIS: No. The increase from 4.6 percent to 4.8 percent was lower than forecasters had been predicting. In its August Monetary Policy Statement, the Reserve Bank had forecast 5 percent unemployment and the Treasury had forecast 5.2 percent in the Budget update in May. To give some historical context, I would also point out to members that over the last 15 years, the average unemployment rate in New Zealand has been 5 percent.

    Ryan Hamilton: What is the outlook for unemployment?

    Hon NICOLA WILLIS: Today’s results reflect where we are in the economic cycle. Typically, when the economy starts underperforming, the unemployment rate is slow to rise. Then when the economy starts to pick up, it can be slow to fall. In other words, unemployment is a lagging indicator. Now, there are clear indications that the economy has turned upwards, but even so, I would expect the unemployment rate to rise a bit further before beginning to fall. In the August Monetary Policy Statement, for example, the Reserve Bank was forecasting the unemployment rate to rise to a peak of 5.4 percent early next year, then steadily decline.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Parliament Hansard Report – Wednesday, 6 November 2024 – Volume 779 – 001444

    Source: New Zealand Parliament – Hansard

    ORAL QUESTIONS

    QUESTIONS TO MINISTERS

    Question No. 1—Finance

    1. RYAN HAMILTON (National—Hamilton East) to the Minister of Finance: What recent reports has she seen on the economy?

    Hon NICOLA WILLIS (Minister of Finance): Today, Statistics New Zealand released its labour market statistics for the September quarter. This release includes information from the household labour force survey, which looks at people’s labour force status, and the quarterly employment survey, which captures earnings, paid hours, and jobs. The household labour force survey showed that the unemployment rate increased from 4.6 to 4.8 percent in the quarter, and the quarterly employment survey showed that average hourly earnings increased 3.9 percent over the previous year.

    Ryan Hamilton: Why is unemployment rising?

    Hon NICOLA WILLIS: Unemployment is rising and has been rising since 2001 because New Zealand has been in a prolonged recession, with monetary tightening used to drive high inflation out of the economy. Sadly, recessions have a human cost. My heart goes out to people who’ve lost their jobs and who are struggling to enter the labour market. Rising unemployment is a reminder of how letting inflation get a grip on the economy is so damaging.

    Ryan Hamilton: Was the increase in the unemployment rate as much as expected?

    Hon NICOLA WILLIS: No. The increase from 4.6 percent to 4.8 percent was lower than forecasters had been predicting. In its August Monetary Policy Statement, the Reserve Bank had forecast 5 percent unemployment and the Treasury had forecast 5.2 percent in the Budget update in May. To give some historical context, I would also point out to members that over the last 15 years, the average unemployment rate in New Zealand has been 5 percent.

    Ryan Hamilton: What is the outlook for unemployment?

    Hon NICOLA WILLIS: Today’s results reflect where we are in the economic cycle. Typically, when the economy starts underperforming, the unemployment rate is slow to rise. Then when the economy starts to pick up, it can be slow to fall. In other words, unemployment is a lagging indicator. Now, there are clear indications that the economy has turned upwards, but even so, I would expect the unemployment rate to rise a bit further before beginning to fall. In the August Monetary Policy Statement, for example, the Reserve Bank was forecasting the unemployment rate to rise to a peak of 5.4 percent early next year, then steadily decline.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Australians are traumatised by Middle East horrors. They deserve the facts

    Source: Australian Government – Minister of Foreign Affairs

    Many Australians are understandably traumatised by the past year in the Middle East. Every day, we see more unbearable scenes. The terrorist attack by Hamas on October 7, 2023: the worst loss of Jewish life in a single day since the Holocaust, and almost 100 hostages still held. And in Israel’s response: 42,000 Palestinians killed – including more than 13,000 children. About 2 million facing starvation.

    While this conflict might be far away, it is close to many in Australia. Some have lost family – or have loved ones in danger. Communities connect with different sides in this conflict.

    The Middle East’s contested history helps explain these divergent perspectives. Those who know the imperative of Israel for the Jewish people’s survival. Who feel October 7 as part of the long shadow of antisemitism; the abomination of the Holocaust and millennia of Jewish persecution. And those who know the dispossession of the Palestinian people; the failure of the international community to honour the 1947 promise made for a Palestinian state when Israel was established. Who feel that the loss of Muslim and Arab lives has been too easily dismissed.

    These two experiences seem less reconciled than ever – and they are intensified in a debate often framed by incorrect information.

    For example, people continue to demand Australia call for a ceasefire in Gaza. Yet, it’s nearly 11 months since Australia voted for a ceasefire with 152 other countries at the United Nations General Assembly. While some don’t hear our condemnation of Israel Defence Forces’ attacks on civilians or aid workers, others wrongly claim we enable Hamas by insisting Israel follow the rules of war.

    As the conflict spread to Lebanon, Opposition Leader Peter Dutton said Australia was isolated by calling for a ceasefire there – when we did so with dozens of other countries. And despite that call, I am asked when Australia will stop bombing Lebanon. We never started.

    These examples show what happens when certain politicians and media make false claims in bad faith – and when people shout over each other rather than listen to each other. I understand people want their government to make this war end. But this isn’t Vietnam or Iraq – Australia is not contributing to the war. Nor are we supplying weapons for it.

    There is a big difference between Australia wanting to end this war and being able to do it on our own. Our only hope is in being active in the international community. As long as this war goes on, we will keep partnering to deliver aid, uphold international law and drive towards peace.

    As well as our co-ordinated calls for ceasefire and the release of hostages, we act in concert with other donors to provide lifesaving aid. Australia has committed more than $90 million in humanitarian assistance to support civilians impacted by conflicts in Gaza and Lebanon. We have also doubled our annual funding to the United Nations Relief and Works Agency (UNRWA).

    I’m leading an influential group of countries to create a global Declaration on the Protection of Humanitarian Personnel. We are building a coalition for the safety of aid workers who provide the food, water and medicine that civilians need to survive.

    Australia works with Canada, New Zealand and other supporters of international law, including by backing the independence of the International Court of Justice and the International Criminal Court. International law includes the UN Charter that allows countries to defend themselves – and the Geneva Conventions that protect civilians during wars. Palestinian civilians cannot pay the price of defeating Hamas.

    Australia has joined a large number of countries in condemning and sanctioning Hamas, Hizballah and others for their terrorism. Just as we have partnered in sanctioning Israeli extremist settlers for their violence against Palestinians in the West Bank.

    We work with others because going it alone gets us nowhere in the Middle East. But you wouldn’t think that listening to somepoliticians. Peter Dutton demands I do what no other country has done: say the rules don’t apply to Israel. And the Greens demand I apply sanctions to Israel that no other country has applied. When Australia applies sanctions, we co-ordinate with partners. That’s what makes them effective.

    These two ends of the political spectrum repeat absolutist positions we see overseas in order to recklessly reproduce the conflict in our diverse society and exploit distressed Australians. All-or-nothing demands do nothing to end the Middle East cycle of violence.

    That can only happen when the promise of two states is fulfilled. Frustratingly, this seems a distant prospect. It is bitterly opposed by Hamas, which seeks to end the Jewish state. It is also not supported by many in the Netanyahu government. But Israel’s own long-term security requires it, and Palestinians have a right to self-determination.

    Australia was one of 143 countries to vote in support of Palestinian aspirations for full membership of the UN – where we have also called for a timeline for the international declaration of Palestinian statehood.

    On our own, we have little leverage to move the dial in the Middle East. That’s why our approach centres on building international support with other countries that want to end this war.

    Originally published in The Sydney Morning Herald and The Age on Wednesday, 6 November 2024. 

    MIL OSI News –

  • MIL-OSI: AvePoint Launches AI Lab in Singapore to Drive Industry-Focused Innovation

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Nov. 06, 2024 (GLOBE NEWSWIRE) — AvePoint (Nasdaq: AVPT), the global leader in data management and data governance, today announced the launch of its AI Lab, supported by the Singapore Economic Development Board (EDB), to advance AI-driven research and innovation in the cutting-edge domains of artificial intelligence (AI) and machine learning. The AI Lab is set to address global industry challenges by fostering new research and embedding AI across the AvePoint Confidence Platform.

    The AI Lab will serve as a central hub for high-impact research in AI, focusing on spurring industry-relevant R&D while having a global reach. Researchers, drawn from both local and international talent pools, will have the opportunity to work with AvePoint’s global teams on use cases from different countries, ensuring an international exchange of knowledge and insights.

    The lab will hire over 25 AI researchers and program specialists in the next three years to support these initiatives, driving AI innovation not only in Singapore but also across the globe. It will enable local PhD-qualified researchers to work with top foreign researchers via a global rotational program to AvePoint’s HQ. Additionally, the lab will provide collaboration with a network of universities, and with AvePoint’s global product teams.

    “We are excited to launch the AvePoint AI Lab, which will be instrumental in advancing AI-driven research and addressing industry needs,” said Wei Chen, Head of R&D, AvePoint. “With this lab, we aim to develop impactful solutions that benefit industries globally while enhancing our SaaS products.”

    Global Focus on AI Innovation

    With its international exchange element, the AvePoint AI Lab will develop AI-driven solutions for key sectors including:

    • Education: AI technologies will be harnessed to transform learning and assessments, offering personalized, AI-driven academic advisors tailored to students’ levels of study.
    • FinTech: AI will streamline banking processes through advanced data aggregation and fraud detection, as well as automating Know Your Customer (KYC) services for improved financial product recommendations.

    The AI Lab will also develop solutions that cut across various sectors, such as enhancing collaboration and knowledge management through AI, and creating innovative recommendation systems for career development and lifelong learning, applicable to a global audience.

    Philbert Gomez, Executive Director & Head, Digital Industry Singapore (DISG) said, “EDB is committed to fostering AI innovation that addresses real-world industry challenges. We are pleased to support AvePoint’s AI Lab in Singapore, which will not only advance cutting-edge AI research but also translate these innovations into practical solutions for global markets. This initiative aligns with our goal of positioning Singapore as a hub for AI talent and innovation, creating high-value job opportunities and driving the development of AI applications that can enhance productivity and competitiveness across various sectors worldwide.”

    Commercialization and Global Business Impact

    The AI Lab’s primary goal is to commercialize its research into AvePoint’s SaaS products, creating new business opportunities while enhancing existing product offerings to address evolving global market needs.

    “As we explore new areas of AI applications, our focus remains on translating these breakthroughs into practical applications for our customers worldwide,” added Wei Chen. “This lab enables us to collaborate on a global scale, ensuring that the innovations we develop here in Singapore can impact industries around the world.”

    About AvePoint

    Securing the Future. AvePoint is the global leader in data management and data governance, and over 21,000 customers worldwide rely on our solutions to secure the digital workplace across Microsoft, Google, Salesforce and other cloud environments. AvePoint’s global partner program includes over 3,500 managed service providers, value-added resellers, and systems integrators, with our solutions available in more than 100 cloud marketplaces.

    Disclosure Information

    AvePoint uses the https://ir.avepoint.com/ website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and its registration statement on Form S-3 and related prospectus and prospectus supplements filed with the SEC. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations.

    Investor Contact
    AvePoint
    Jamie Arestia
    ir@avepoint.com
    (551) 220-5654

    Media Contact
    AvePoint
    Nicole Caci
    pr@avepoint.com
    (201) 201-8143

    The MIL Network –

  • MIL-Evening Report: 5 Indian films from the 2024 Adelaide Film Festival that blew me away

    Source: The Conversation (Au and NZ) – By Yanyan Hong, PhD Candidate in Communication and Media Studies, University of Adelaide

    In The Belly of a Tiger/IMDB

    This year’s Adelaide Film Festival (AFF2024) had something truly exciting laying in wait: a spotlight on Indian cinema.

    While many people are familiar with Bollywood, most don’t know about the vast film industry that exists beyond it. And this is no small market; India is currently the most populated country in the world.

    This year’s festival delivered a variety of Indian films from regions and directors that remain underrepresented. From award-winning tales, to a poetic nature documentary, to a sweet coming-of-age story from the North East, the program promises to challenge and expand our understanding of what Indian cinema can offer.

    Of all the films I saw, these five spoke to me the most.

    All We Imagine As Light

    Payal Kapadia’s Cannes Grand Prix winner, All We Imagine as Light, was the film that I’d most looked forward to – and it turned out to be as dreamlike as its title promised.

    It’s an ode to the city of Mumbai, also known as India’s “dream-making factory” (and where Bollywood is based). Mumbai is where Indians from all states and of all languages come to fulfil their dreams.

    The story follows three female nurses, Prabha (Kani Kusruti), Anu (Divya Prabha) and Parvaty (Chhaya Kadam), who come to Mumbai looking for a better life. Yet they find themselves struggling to belong in a city that refuses to embrace them.

    As Kapadia explains: “The film is about not being able to see a way out when one is surrounded by darkness […] that hope doesn’t exist if you have never seen it.”

    Kapadia’s storytelling brings a kind of realism rarely seen in popular Indian cinema – not through larger-than-life spectacle or the resplendent city skyline, but through the quiet intimacy of shared apartments, poetry booklets, dinner dates, and small joys and defeats. It is simply soulful.

    The film blends themes of female solidarity and friendship with heavier topics such as religious differences, migrant struggles, language barriers and class divides – yet it feels as gentle as rain on skin.

    While some have critiqued the film for being too slow (and I admittedly felt this at times), this is exactly how Kapadia managed to turn a city with more than 21 million people into a place that feels completely lonely.

    Second Chance

    Unlike the vibrant image of India we’re so used to – full of colour, song and lively dances – Subhadra Mahajan’s black-and-white film Second Chance is nothing short of breathtaking.

    Set in the snowy peaks of Himachal Pradesh, the film follows 25-year-old Nia (Dheera Johnson) as she retreats to her family’s Himalayan holiday home after a painful breakup and the emotional toll of taking abortion pills. Mahajan captures the stark, quiet beauty of the Himalayan landscape, where time slows down and silence seems to heal.

    The film is shot among the snow-covered Himalayan mountains.
    Adelaide Film Festival

    There, she finds unexpected companions through Bhemi and Sunny. Bhemi, the gentle 70-year-old mother-in-law of the home’s caretaker, is played with a captivating authenticity by Thakra Devi, a local resident and non-professional actress. Sunny (Kanav Thakur) is Bhemi’s playful and curious 8-year-old grandson.

    At the top of the world, Second Chance crafts a beautiful and intimate space where we are invited to see that there’s always another chance to find oneself – a chance as infinite and expansive as the snow-capped peaks themselves.

    Nocturnes

    It’s rare to see films such as Second Chance, which are made in the Himalayas. But it’s even rarer to see an Indian nature documentary such as Nocturnes. The film follows a scientist named Mansi and her indigenous assistants as they chase down thousands of Himalayan moths (particularly Hawk moths).

    Directed by Anirban Dutta and Anupama Srinivasan, Nocturnes captures the hypnotic rhythms of field study (something that particularly resonates with me as a researcher).

    Fluttering wings and insect trills create a serene soundscape. The close-ups of the moths – their textures, patterns and slight vibrating movements – are fascinating to observe – as the the wider shots of the scientists’ glowing setup in the darkened forest, which drew me in like a moth to light.

    Nocturnes is a thoughtful, meditative film that reminds us of how our destruction of the climate can impact these ancient residents of Earth. As the voiceover reminds is, “we most likely cannot survive what the moths have been through.”

    Boong

    Right from the opening scene, Boong pulled me in with unexpected laughs. The titular character Boong (Gugun Kipgen) is a schoolboy who, along with his best friend Raju (Angom Sanamatum), embarks on a risky journey along India’s militarised eastern border to bring Boong’s absent father back home.

    In one scene, the playful prankster, Boong, aims his slingshot at his school’s entryway sign.
    IMDB

    As they make their way, we’re treated to views from Manipur, India’s North East state near Myanmar, which we rarely see in mainstream Indian cinema. Boong itself tips its hat to Bollywood a few times, such as when Raju shows his excitement upon hearing the song Lungi Dance from the Bollywood blockbuster Chennai Express (2013), or when the the chief villager’s secret home cinema is adorned with Hindi film posters.

    Director Lakshmipriya Devi does a fantastic job showcasing the region’s vibrant yet complex culture. All the while, she highlights some surprising lesser-known facts, such as how Hindi films were banned in Manipur for years in the name of protecting local culture, language and the regional film industry.

    While Manipur’s cinematic potential is still largely untapped, Boong is a brilliant step.

    In the Belly of a Tiger

    Of the 23 films I saw at AFF2024, In the Belly of a Tiger was a precious gem that stayed with me.

    This multinational production (which just won the festival’s Feature Fiction Award) tells a heart-wrenching story of an elderly and desperately poor couple faced with an impossible choice: which one of them will go into the forest to be eaten by a tiger so the other can receive government compensation?

    It’s a deeply spiritual and painfully pragmatic exploration of power, sacrifice, love and hope.

    The symbolism of the film’s poster hints at its larger themes. Just as Hindu mythology posits the universe emerged from Lord Vishnu’s navel, unfolding like the petals of a lotus, we see how fate, too, blossoms unevenly.

    The film’s poster signposts some of its larger themes.
    IMDB

    In the film, a poor family in a remote village longs for a better life in the next world, holding tightly to memories of young, innocent love.

    Shooting in Hindi, and featuring mostly non-professional actors, In the Belly of a Tiger is both authentic and ambitious. Indian director and cinematographer Jatla Siddhartha collaborated with some of the biggest names in cinema to bring the story to life, including multiple Oscar-winning sound designer Resul Pookutty (who also worked on Slumdog Millionaire).

    The music is composed by Japan’s Umebayashi Shigeru, known for his work on Wong Kar-wai’s In the Mood for Love (2000) and The Grandmaster (2013). Shigeru’s melodies bring an emotional and magical tone to what is, at its heart, a truly Indian story.

    More dreams to share

    The films I’ve highlighted here represent some of the most exciting and thought-provoking works coming out of India today.

    While the Mumbai-based Bollywood industry is undeniably a huge part of Indian culture, it’s only one piece of the puzzle. These films paint a far richer and more diverse portrait of India, its people, its struggles and its beauty.

    They also showcase a glorious future for Indian cinema – one which promises to carry the dreams of a nation eager to share its stories with the world.

    Yanyan Hong does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. 5 Indian films from the 2024 Adelaide Film Festival that blew me away – https://theconversation.com/5-indian-films-from-the-2024-adelaide-film-festival-that-blew-me-away-242118

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: US stocks advance on upbeat investors’ sentiment over US election

    Source: China State Council Information Office

    U.S. stocks surged on Tuesday as voters headed to the polls on Election Day, reflecting market optimism and hopes for a positive outcome in the election amid strong trading activity.

    The Dow Jones Industrial Average rose 427.28 points, or 1.02 percent, to 42,221.88. The S&P 500 added 70.07 points, or 1.23 percent, to 5,782.76. The Nasdaq Composite Index increased 259.19 points, or 1.43 percent, to 18,439.17.

    All of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and industrials leading the gainers by adding 1.83 percent and 1.67 percent, respectively. Materials posted the weakest growth, up by 0.20 percent.

    The presidential race between U.S. Vice President Kamala Harris and former President Donald Trump has great implications for U.S. stock markets in the coming years.

    Still, market players have different interpretations of the rally on Tuesday in regard to the 2024 general election.

    “I think it’s been betting on a Trump victory. I think that’s why you’ve seen today is such a strong move,” said Timothy Anderson, managing director with MND Partners, division of TJM Investments, LLC.

    Market participants have also been following betting markets and Trump’s chance of winning the presidential election topped 60 percent on the betting market, Anderson told Xinhua on the trading floor of the New York Stock Exchange.

    “My feel is clearly projecting the strong likelihood of a Trump win,” said Anderson.

    The cause of Tuesday’s rally could be “that they are feeling that today the poll is showing that Kamala is going to win. I think that’s where the rally comes from, but what we won’t know till tomorrow,” said Peter Tuchman, senior equity floor broker with TradeMas Inc.

    Tuchman told Xinhua that the market rally in the last four years is a function of the current administration though some Trump followers believe the rally in last month is a function of the atmosphere of a Trump win.

    As Americans head to the polls in a closely contested presidential race between Harris and Trump, investors are preparing for potential market volatility, especially given the possibility of delays or disputes in determining the final outcome.

    “There’s been a lot of hedging against potential uncertainty, potential drama out of Washington. We’ve seen that. And now as we’re at Election Day, we kind of are optimistic that maybe some of that can unwind,” said Ryan Detrick, chief market strategist at Carson Group.

    If Trump prevails in the presidential election, that could cause a dislocation in the market as he is seen as a wild card, said Tuchman.

    Tuchman noted that there’s plenty of uncertainty around the election and it’s not reflected in the market.

    The market is above this sentiment around politics and it’s never been a big factor, added Tuchman.

    “If it becomes a very, very contested election that gets dragged out in the legal system for a couple of weeks. I think the market would not like that… that would be one downside risk,” said Anderson.

    Anderson added if Harris wins the election, a lot of this anticipation trade would have to get unwound and “you might have a 4 percent to 8 percent correction.”

    Beyond the election, the Federal Reserve’s November policy decision is fast approaching, with Election Day adding another layer of significance. Fed Chair Jerome Powell is widely anticipated to announce a 25 basis point rate cut at the conclusion of the two-day meeting on Thursday.

    MIL OSI China News –

  • MIL-OSI China: Moves seen helping boost consumption

    Source: China State Council Information Office

    China’s recent introduction of a potent stimulus policy package, including dedicated efforts to shore up consumer spending, will provide massive opportunities for global businesses keen to tap into its super-sized market and facilitate the transition toward a consumption-led growth model, global executives said on Tuesday.

    In particular, the China International Import Expo, running from Tuesday to Sunday in Shanghai, will play a key role in scaling up imports of quality goods and services and boosting the country’s consumption upgrading, they said during the ongoing trade event.

    Noting the great confidence in China’s consumption landscape, Jean-Paul Agon, L’Oreal Group chairman, said that the optimism is rooted in China’s vision for modernization, especially driven by recent government initiatives.

    Both national and local authorities have rolled out policy measures to bolster consumer confidence and unlock the full potential of domestic demand, he said.

    Governmental stimulus is key to elevating consumer sentiment, and this significant support will be instrumental in upgrading consumption and driving high-quality development, he added.

    China has solidified its position as the world’s second-largest consumer market for several consecutive years, and the trend continues to hold strong this year, said Li Gang, director-general of the department of market operation and consumption promotion of the Ministry of Commerce.

    Consumption has remained the primary driving force for China’s economic development as the growth in consumption contributed 49.9 percent to GDP growth in the first three quarters, said the Bureau of National Statistics.

    “The future of consumption in China is full of potential. That is why we at L’Oreal firmly believe that the next China is China, and that investing in China is investing in our future,” Agon said.

    Notably, the CIIE has emerged as a critical channel for expanding imports of high-quality goods and services to cater to the growing demand of the Chinese people and create more development opportunities for enterprises from all over the world.

    This year’s expo has set new benchmarks, drawing the participation of 3,496 exhibitors from 152 countries and regions — the highest number represented in the event’s history.

    As China’s consumption-driven economic transformation continues to gain momentum, the CIIE has emerged as an indispensable gateway for international enterprises to showcase their latest innovations.

    Healthcare company Abbott has utilized the expo as a significant platform to showcase hundreds of its latest products over the years, with many of them successfully transitioning from exhibition items to commercially available goods.

    This year, the company is again leveraging the CIIE stage to debut dozens of new-to-market products, said Fanny Chen, vice-president of Abbott Core Diagnostics, adding that this will allow the company to better understand the evolving needs of Chinese consumers and tailor its products accordingly.

    Between January and September, the total number of new consumer products launched nationwide came in at 15.18 million, representing a 13.1 percent year-on-year growth, according to data from the State Administration for Market Regulation.

    The sheer size and growth potential of the Chinese market make it a highly attractive and strategic destination for any businesses looking to expand their global footprint, Chen said.

    Moreover, the expo will significantly enrich China’s supply-side and bring new development frontiers for the country’s enterprises, said Wang Wei, senior research fellow at the Institute of Market Economy, which is part of the Development Research Center of the State Council.

    The trade event brings together a vast array of premium global brands and service providers that will introduce a wide range of cutting-edge products, technologies and services from around the world, Wang said.

    MIL OSI China News –

  • MIL-OSI China: China import expo attractive to global exhibitors

    Source: China State Council Information Office

    Chinese Premier Li Qiang pledged to open the country’s huge market further to share more growth opportunities with the rest of the world on Tuesday as the seventh edition of the China International Import Expo (CIIE) opened in Shanghai.

    Chinese Premier Li Qiang delivers a keynote speech at the opening ceremony of the seventh China International Import Expo and the Hongqiao International Economic Forum in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    The business exhibition of the world’s first national-level exposition dedicated to imports has attracted about 3,500 exhibitors from 129 countries and regions this year. Notably, a record high of 297 Fortune 500 companies and industry leaders are attending the six-day expo. And more than 400 new products, new technologies and new services are unveiled.

    Experts believe the large scale of the expo highlighted the global companies’ confidence in the Chinese market and their commitment to further development in China despite the sluggish global economic recovery.

    Enormous market

    China is willing to open up its enormous market further and will continue to expand market access to sectors including telecommunications, the internet, education, culture and healthcare in an orderly fashion, Premier Li said in a keynote speech at the opening ceremony of the 7th CIIE.

    The sound fundamentals of the Chinese economy remain unchanged, according to Li, adding that the country’s new growth drivers are fast-growing, with double-digit investment growth in high-tech industries and development booms in emerging industries including artificial intelligence, advanced manufacturing and the green economy.

    During a meeting on Monday with select exhibitors and buyers attending the expo, Li said that China is able to sustain steady economic recovery, improve the quality and capacity of its market, and provide more extensive growth space for global businesses in terms of trade, investment and innovation. He added that the Chinese market is still one of the best choices for companies worldwide.

    The keen interest from global participants has shown the growing influence of the CIIE and the charm of the Chinese market and also highlighted China’s determination to push forward the building of an open world economy, said Zhao Fujun, a researcher with the Development Research Center of the State Council.

    In 2018, China inaugurated the CIIE to build an open platform for international trade cooperation and to support free trade and economic globalization, making it a “golden gateway” to the world’s second-largest consumer market.

    This photo taken on Nov. 5, 2024 shows the Tanzania Pavilion during the seventh China International Import Expo (CIIE) in east China’s Shanghai. [Photo/Xinhua]

    More than 420 billion U.S. dollars worth of tentative deals were signed at the CIIE’s earlier six editions since 2018. Beyond the event, global companies can reach a larger customer base and make further investments in the country.

    Toshinobu Umetsu, president and CEO of Shiseido China, said he is very inspired and encouraged by Premier Li’s emphasis on China’s commitment to continuing high-level opening-up and to sharing development opportunities with the rest of the world.

    The Japanese cosmetics giant will continue to strengthen its long-term investment in China. It has never wavered in its confidence and determination to invest in China, as the incredible vitality and resilience of the Chinese market make it a very important international market, Umetsu said.

    German healthcare and agribusiness giant Bayer AG is among more than 180 companies and institutions that have attended all seven editions of the CIIE since 2018.

    Bayer’s participation at the expo demonstrates its unwavering commitment to this important market, said Bill Anderson, chairman of Bayer AG Management Board.

    “International cooperation and economic globalization are important factors in the world’s development. That’s why Bayer is glad to be part of the expo for the seventh consecutive year,” said Anderson.

    New opportunities

    The CIIE unlocks new opportunities for the world, Bayer said, adding that it will actively leverage this vital platform to continuously unleash its innovative potential while looking forward to forging partnerships with global collaborators.

    A visitor learns about a bronchoscope robot at the exhibition area of Intuitive Fosun during the seventh China International Import Expo (CIIE) in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    Penne Kehl, Asia Pacific Group president of Cargill Agriculture and Trading, expects a very busy schedule at the import expo, including meeting with customers and partners and signing a few important deals and partnerships. U.S. food giant Cargill has participated in CIIE for seven consecutive years.

    As its influence grows, the expo is attracting new foreign enterprises over the years. Canadian sportswear giant Lululemon is among the first-time participants.

    The Chinese mainland is Lululemon’s largest market outside of North America and is also one of the most dynamic and exciting ones, which is key to driving the company’s international business, said Calvin McDonald, CEO of Lululemon.

    “It’s an exciting opportunity to showcase the brand, drive awareness to our growth story and what we have planned for the future,” said McDonald. He added that Lululemon will continue to open more stores in the country, adding to its current 137 stores in 41 cities.

    China offers free booths and other support measures to 37 least-developed countries to help them showcase their products at the import expo. It also expanded the exhibition area for African agricultural products.

    China has been opening up its market to Africa, enabling transformation on the African continent, said Peter Kagwanja, founder and president of the Africa Policy Institute.

    MIL OSI China News –

  • MIL-OSI China: World leaders hail CIIE’s role in promoting trade, development

    Source: China State Council Information Office

    Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala delivers a video speech during the opening ceremony of the seventh China International Import Expo (CIIE) and the Hongqiao International Economic Forum at the National Exhibition and Convention Center (Shanghai) in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    Leaders from various countries and global organizations speak highly of the China International Import Expo’s (CIIE) role in promoting multilateral trade and common development.

    The seventh CIIE, running from Tuesday to Sunday in Shanghai, hosts 3,496 exhibitors from 129 countries and regions, as a world business gala.

    World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala noted that since joining the WTO in 2001, China has been a strong supporter of the organization and played a key role in building capacity for least-developed countries.

    “As geopolitical tensions intensify and signs of fracturing and fragmentation emerge in global trade and investment, it is crucial for political and business leaders around the world to collaborate on preserving and reforming the multilateral trading system to reflect the changing economic landscape,” she said.

    Rebeca Grynspan Mayufis, secretary-general of the United Nations Conference on Trade and Development, said China’s export and import activities have dramatic effects “even very far from its shores.”

    The expo sent a message of openness that businesses worldwide can connect, forge partnerships, and contribute to a more prosperous and interconnected global economy, she said.

    The CIIE offers companies worldwide, regardless of their sizes, a platform to showcase their capabilities and attract new investments, said Malaysian Prime Minister Anwar Ibrahim.

    Multinational cooperation for free trade and sustainability should serve as a tool to actively advance global progress, rather than as a means to suppress competition, promote unfair advantages, or create conflict, he said.

    Calling the CIIE a platform to support international trade development, cooperation, and new types of global partnerships, Denisa Sakova, deputy prime minister and minister of economy of the Slovak Republic, said her country has benefited greatly from participating in the expo, a place to showcase best and latest products and innovations to Chinese consumers.

    The CIIE has become an important platform for strengthening international economic integration, said Kazakh Prime Minister Olzhas Bektenov. For Kazakhstan, the expo helps to expand international cooperation with foreign partners and offers new opportunities for distributing Kazakh goods in international markets.

    Uzbekistan is taking advantage of opportunities such as the CIIE and striving to promote its position in the rapidly growing and attractive Chinese market, which will definitely deepen cooperation and development in trade, economy, investment, and other areas, said Uzbek Prime Minister Abdulla Aripov.

    Serbian Prime Minister Milos Vucevic said that as a platform for enterprises, people, and cultures to come together from around the world, the CIIE fosters not only business and commerce but also friendship and mutual understanding.

    MIL OSI China News –

  • MIL-OSI China: China-Laos Railway sees passengers up 44% in 10 months

    Source: China State Council Information Office

    An international passenger train from Kunming of China to Vientiane of Laos arrives at Mohan port in southwest China’s Yunnan Province, April 9, 2024. [Photo/Xinhua]

    The China-Laos Railway’s Lao section has transported a total of 3 million passenger trips in 10 months of 2024, an increase of 44.4 percent from the same period last year.

    From Jan. 1 to Nov. 4, the railway carried 3 million passengers from 101 countries, according to a report issued on Tuesday by the Laos-China Railway Co., Ltd. (LCRC).

    More than 2,800,000 passengers traveled within the Southeast Asian country, while over 108,000 passengers were transported by cross-border passenger trains.

    The significant increase in the number of passengers on the Lao section of the China-Laos Railway is due to Laos’ role as chair of the Association of Southeast Asian Nations (ASEAN), the Visit Laos Year 2024 tourism promotion campaign, and the implementation of a visa-free policy for Chinese visitors.

    Since the beginning of this year, the LCRC has predicted passenger flow in advance, adjusted train operation plans promptly, and responded to passenger flow peaks by adding trains. The company also constantly optimizes ticket sale services and provides a variety of convenience services.

    Since its operation on Dec. 3, 2021, the China-Laos Railway has become a preferred mode of transport for travelers due to its affordability, convenience, and comfort.

    MIL OSI China News –

  • MIL-OSI New Zealand: Release: Government continues to fail small business

    Source: New Zealand Labour Party

    The Government is leaving small businesses high and dry in difficult economic times, by letting big business get away with not paying their bills.

    Data from Xero shows there has been an 81 percent increase in the cost of late payments to Kiwi small businesses, now costing firms more than $827 million a year.

    “That’s a huge jump from $456 million in 2021, and shows this Government is failing our small businesses. This is effectively theft and bullying by big businesses,” Labour’s small business and manufacturing spokesperson Helen White said.

    “Andrew Bayly repealed Labour’s Business Payment Practices Act, which required large businesses to report how long they took to pay invoices.

    “The Minister is simply out of touch if he thinks by telling Government departments to pay their bills on time that this large problem will go away.

    “Removing the requirement to report now means big multinational companies can do what they want and take as long as they want to pay without any consequences.

    “It’s unfair. Big businesses are forcing the little guy to carry their debt, hindering their ability to pay their own bills and wages.

    “Small business represents almost 30 percent of employment and contributes more than a quarter of New Zealand’s gross domestic product. It is critical the Government supports them to thrive and grow New Zealand’s economy.

    “Liquidations are at an all-time high. With the first eight months of 2024 seeing liquidations 40 percent higher than last year, the Minister should be taking urgent action to support small businesses,” Helen White said.

    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X.

    MIL OSI New Zealand News –

  • MIL-OSI Economics: [User Guide] Balancing Work and Leisure With Galaxy Book5 Pro 360

    Source: Samsung

    A new era of AI-powered PCs has arrived, blending the efficiency of a laptop with the versatility of a tablet. In September,1 Samsung Electronics introduced the Galaxy Book5 Pro 360 — featuring a 360-degree rotating display that adapts to any task.
     
    What does life look like with an AI PC powered by the advanced Intel® Core Ultra processors (Series 2)? Samsung Newsroom spent a day using the Galaxy Book5 Pro 360 to find out.
     
     
    Getting Ready for Work: A Lightweight Tablet and a Large Display

    ▲ Galaxy Book5 Pro 360
     
    The morning begins with browsing the news — and the Galaxy Book5 Pro 360 adds a new dimension to this daily habit. Rotating the screen 360 degrees and turning on tablet mode makes viewing content easy on this large display. The keyboard and touchpad automatically lock to prevent any accidental input.
     

    ▲ Vertical mode
     
    When lifting the 16-inch screen vertically, the display automatically rotates to match the orientation. The 120 Hz adaptive refresh rate offers an effortless scrolling experience — almost like flipping through a digital newspaper.
     
    ▲ The Galaxy Book5 Pro 360 is built for portability.
     
    The Galaxy Book5 Pro 360’s slim 12.8 mm thickness and lightweight 1.69 kg design makes the device easy to carry to work. Supporting up to 25 hours of video playback,2 the laptop can be used uninterrupted even if users left their charger at home.

     

    Business Hours: Maximum Efficiency With AI
    ▲ Laptop mode
     
    Upon arriving at the office, the Galaxy Book5 Pro 360 can be switched to laptop mode — in which the powerful AI performance of the Copilot+ PC3 and the Intel® Core Ultra processors (Series 2) truly shine.
     
    ▲ Microsoft Copilot key
     
    There’s no need to worry when the workload piles up. A quick press on the keyboard’s Copilot key instantly activates Microsoft’s AI service, Microsoft Copilot. This AI assistant serves as an invaluable work partner, handling everything from searching and summarizing information to generating images.
     
    With Microsoft’s Phone Link,4 Galaxy AI features supported on Galaxy smartphones can be accessed on the large PC screen. Furthermore, Samsung Knox provides robust protection for sensitive information.

     
     
    Lunch Break: A Burst of Inspiration
    ▲ The S Pen is included with the Galaxy Book5 Pro 360.
     
    Lunchtime is the perfect moment to switch back to tablet mode and jot down some ideas or sketches in the office break room. The Galaxy Book5 Pro 360 instantly transitions from a work partner to a digital canvas, offering an enjoyable sketching and writing experience with the remarkably precise S Pen.
     
    ▲ Dynamic AMOLED 2X display
     
    After sketching, it’s time to relax by watching a video. Even when seated by a sunny window, the 3K high-resolution display with Vision Booster adjusts brightness for sharp and vivid clarity. The anti-reflective cover glass further enhances the experience by ensuring distraction-free viewing from any angle.
     
     
    Effective Collaboration With Adjustable Screen Rotation
    ▲ The Galaxy Book5 Pro 360 opens to 180 degrees for easy screen sharing during meetings.
     
    In the meeting room, teamwork is enhanced with the Galaxy Book5 Pro 360. The 360-degree rotating screen allows for flexible adjustments to 180 degrees, 210 degrees and more — so sharing materials and engaging with colleagues is a breeze.
     
    ▲ Quick Share
     
    After the meeting, sending meeting minutes from a smartphone to the Galaxy Book5 Pro 360 is fast and easy. The Quick Share feature significantly saves time when transferring large files, photos and even videos without the need for additional software.
     
     
    Dinner Time: A Moment To Reflect and Relax

    ▲ Multi Control
     
    After work, the Galaxy Book5 Pro 360 can be transitioned back to tablet mode when journaling at the end of the day. The laptop’s keyboard and mouse can be used on a smartphone with Multi Control for effortless switching between devices. Photos from the smartphone’s gallery can be dragged and dropped onto the PC screen and inserted into the journal using the touchpad — much like adding stickers to a digital diary filled with memories.
     

     
    ▲ The Galaxy Book5 Pro 360 delivers a cinematic viewing experience.
     
    At the end of the day, unwinding means curling up in bed to finally watch that long-awaited movie. The bedroom transforms into a personal theater with the Galaxy Book5 Pro 360’s sharp 3K resolution display, Quad speakers featuring Dolby Atmos® technology and larger woofer5 for deeper, richer sound.
     
    The Galaxy Book5 Pro 360 is more than just a work tool. The device serves as a professional AI partner in the office, a personalized entertainment hub at home and a creative digital canvas for the moments in the middle. This powerful AI-powered PC sets new standards for personal computing, adapting to different lifestyles and blurring the boundary between work and leisure.
     
     
    1 Availability may vary by region.2 Actual battery life may vary depending on model, network environment, usage patterns and other factors.3 Future updates will support Microsoft Copilot+ PC AI capabilities.4 Requires a Galaxy device from the Galaxy S22 Series, Flip4 or Fold4 (running One UI 6.1 or later) to connect with a Windows PC through Microsoft Phone Link. Follow the setup prompts, ensuring both devices are signed into the same Microsoft account. Microsoft Phone Link is preloaded on select Samsung Galaxy devices. The PC (Microsoft Phone Link app) requires Windows 10 or later. For optimal performance, it’s recommended that both the Samsung Galaxy device and the PC are on the same Wi-Fi network. Some mobile apps may limit content sharing on other screens. Feature availability may vary by model.5 Galaxy Book5 Pro 360 features a 38 mm woofer, while the Galaxy Book4 Pro 360 features an 18 mm woofer.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Speech by SJ at Hong Kong Legal Week 2024: Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong (English only)

    Source: Hong Kong Government special administrative region

    Speech by SJ at Hong Kong Legal Week 2024: Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong (English only)
    Speech by SJ at Hong Kong Legal Week 2024: Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong (English only)
    ******************************************************************************************

         Following are the opening remarks by the Secretary for Justice, Mr Paul Lam, SC, at Hong Kong Legal Week 2024: Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong today (November 6): Distinguished guests, ladies and gentlemen,      It is a great pleasure to see you all again on day three of Hong Kong Legal Week 2024. After two days of fruitful discussions on issues relating to international law, today we will put our focus back on Hong Kong, in particular, our alternative dispute resolution (ADR) services. Today’s theme is “Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong”.           Hong Kong takes pride in our world-class ADR services and legal talents. It is immensely encouraging that in the latest World Competitiveness Yearbook 2024, Hong Kong ranks fifth globally as the most competitive economy, and, most importantly, ranks first in the sub-topics of “Business Legislation” and “International Trade”. In the recent “Business Ready 2024 Report” published by the World Bank Group, Hong Kong ranks eighth in the topic of “Dispute Resolution” among the 50 economies covered.           In recent years, the Government has formulated a comprehensive set of policy initiatives, which aim at deepening the mediation culture in Hong Kong. At present, mediation clauses are not mandatory in government contracts but various forms of such clauses can be found in some of them. Resolving disputes through mediation can save public funds, achieve early resolution of disputes and lessen the burden on our courts. There have been a multitude of successful instances of mediation involving the Government, from personal injuries cases, construction works disputes, adverse possession claims to medical negligence cases. Against such a background, it was first mentioned in the Chief Executive’s 2023 Policy Address and repeated in “The Chief Executive’s 2024 Policy Address” that the Government will take the lead, and incorporate mediation clauses in government contracts, while encouraging private organisations to incorporate similar clauses in their contracts. The key effect of including such clauses is that, if any dispute arises, the parties are obliged to try to resolve it by mediation first, and will resort to arbitration or litigation if, but only if, mediation fails.           Taking the opportunity of today’s event with a strong emphasis on mediation, I am very pleased to announce that today, the Government will formally issue a policy statement on the incorporation of mediation clauses in all government contracts. The policy statement is a confirmation of the Government’s commitment to use mediation to resolve contractual disputes. Upon the taking effect of the policy, the Government will incorporate mediation clauses in all future government contracts; and departure from that policy will need to be justified by exceptional circumstances, for example, the existence of an inconsistent statutory provision. Supporting and monitoring mechanisms to be provided by the Department of Justice to other policy bureaux and departments will be put in place to ensure the smooth implementation of this policy. Through this policy, we do not only aim at ensuring that contractual disputes involving the Government may be resolved in a flexible, economical and time-saving manner. We also hope that, with the Government taking the lead, the policy will also encourage the private sectors to follow suit, contributing to the cultivation of a mediation culture in Hong Kong and bringing more harmony and peace to society.            With this policy initiative in mind, I would like to introduce our three panels and distinguished speakers for today’s event. The first panel discussion this morning, entitled “Mediation in Action: Harmony and Peace for All”, will cover how mediation can be used effectively in various sectors of the community, for instance, in areas of family disputes, civil claims, improving relations between citizens and government departments, and not simply for resolving the disputes but, more importantly, to foster a culture that embraces mutual respect, harmony and inclusiveness.           The Government has always been a staunch supporter of mediation for the community. Since 2009, we have launched the Mediate First Pledge campaign to encourage the use of mediation as the first step to resolve disputes. The Mediate First Pledge is a non-legally binding commitment by pledgees to first explore the use of mediation to resolve disputes before resorting to other means of dispute resolution. At present, over 900 companies, organisations and individuals coming from different sectors have signed the pledge. The biennial Mediation Week and Mediation Conference, coupled with the Mediate First Pledge Event, are our flagship events to explore and promote wider use of mediation to resolve disputes in Hong Kong. The last one was just held a few months ago in May this year.           A very significant event about mediation with global significance took place in Hong Kong on October 17, less than a month ago. On that day, the four-day Fifth Session of the Elaboration of the Convention on the Establishment of The International Organization for Mediation (IOMed) was concluded. Representatives from various countries completed negotiations on the Convention at that session and decided that the signing ceremony for the Convention will be held in Hong Kong in 2025. The IOMed is the first intergovernmental international legal body dedicated to settling international disputes by mediation. With the support of our motherland China and the agreement of other state parties, it was agreed that the headquarters of the International Organization for Mediation will be established in Hong Kong in 2025. This represents a strong vote of confidence in Hong Kong and a clear acknowledgement from the international community of Hong Kong’s status as an international dispute resolution centre. I am delighted that Dr Sun Jin, Director-General of the International Organization for Mediation Preparatory Office, will deliver a keynote speech before lunch today.           Later this afternoon, we will discuss ADR in the context of artificial intelligence (AI). While there is no doubt that the use of AI may enhance the efficiency in resolving disputes, it is vital to ensure that the integrity of the dispute resolution process will not be compromised by the misuse of AI, whether intentionally, negligently or even inadvertently. Our distinguished speakers will consider the opportunities and risks associated with the use of artificial intelligence in ADR. They will also discuss the adoption of lawtech by Hong Kong practitioners, the benefits of lawtech in improving legal services and enhancing access to justice.           Our last panel of today’s event is on sports disputes. As stated in “The Chief Executive’s 2024 Policy Address”, with our thriving development of sports activities and the industry, sports disputes have become increasing complicated. Hence, Hong Kong will explore establishing a sports dispute resolution system and promoting sports arbitration. In this session, our speakers will share their experiences and insights regarding the demand, application, effectiveness and challenges of sports ADR.           To round up today’s events, we will have the 2024 Hong Kong Mediation Lecture at the office of Herbert Smith Freehills this evening. Professor Shahla Ali, through her perspective as a mediator with the World Bank and the Energy Community Panel, would explore the unique challenges and opportunities involved in the use of mediation in deals relating to natural resources, particularly in the Belt and Road Initiative, and how mediation can contribute to ensure that energy and natural resources agreements are environmentally sustainable and foster collaborative approaches.           While today’s programmes are focused on mediation, we must not forget that Hong Kong has always been promoting and expanding our arbitration services proactively not just in Hong Kong but also the Mainland and other countries. Two examples would suffice. First, the Hong Kong Arbitration Week was just been held between October 21 and 25. Second, the Hong Kong International Arbitration Centre has recently announced its imminent opening of a Beijing office, being its second office in the Mainland since the opening of its Shanghai office back in 2015.           As I mentioned on different occasions previously, Hong Kong is an international legal dispute resolution centre in which numerous options, all of top quality, are made available to the parties to disputes. On this note, let me conclude by wishing you very fruitful exchanges and discussions in today’s sessions to come. Thank you very much.

     
    Ends/Wednesday, November 6, 2024Issued at HKT 11:15

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI China: World Travel Market London opens

    Source: China State Council Information Office

    A visitor tastes Chinese tea at the China pavilion of the World Travel Market (WTM) London 2023 in London, Britain, Nov. 6, 2023. [Photo/Xinhua]

    The World Travel Market (WTM) London 2024 opened on Tuesday, with the China pavilion drawing attention for its abundant tourism resources and cultural appeal.

    The pavilion is set to feature a range of destination promotions, business networking sessions, and showcases of intangible cultural heritage. Attendees can also enjoy interactive experiences, including Chinese “baijiu” liquor tastings, Tai Chi workshops, and samples of Chinese cuisine.

    This year’s Chinese delegation consists of representatives from nine provinces and cities, including Beijing, Shanghai, Chongqing, Xinjiang and Shaanxi, alongside dozens of airlines and tourism companies.

    After browsing brochures and speaking with representatives at the China pavilion, Gary King, head of trade sales at London-based Wendy Wu Tours, told Xinhua that his top two destinations for future trips to China are Zhangjiajie in the central Hunan Province and Guilin in the southern Guangxi Zhuang Autonomous Region, both renowned for their “spectacular scenery.”

    The Old House Area (Laowuchang) of the Wulingyuan scenic area in Zhangjiajie, central China’s Hunan province. [Photo by Zhang Junmian/China.org.cn]

    King said he traveled to China for the first time last year and was “absolutely captivated,” highlighting the local cuisine, welcoming people, extensive high-speed railway network, and the diversity between cities as the aspects he loved most about the country and his experience.

    Since last year, China has been expanding its visa-free entry policies to boost the recovery of inbound tourism, making it increasingly easier and more appealing for foreign tourists to explore the country.

    This year’s China pavilion at WTM London, themed “high-quality tourism development in China,” emphasized green and sustainable tourism, showcasing the harmonious coexistence of humanity and nature.

    “Tourism businesses and boards have a responsibility to help businesses become greener and more regenerative, while also helping consumers make sustainable choices,” Patricia Yates, CEO of VisitBritain/VisitEngland, the UK’s national tourism agency, told Xinhua.

    She noted that international tourism not only generates economic value but also enriches people “personally and mentally” by providing opportunities to “speak with different people, understand different cultures, and learn about diverse lives and experiences.” High-quality tourism, she added, encourages travelers to stay longer and explore more deeply in their destinations.

    Foreign tourists pose for a photo in front of the Hall of Prayer for Good Harvests, or Qiniandian, at the Tiantan (Temple of Heaven) Park in Beijing, capital of China, July 9, 2024. [Photo/Xinhua]

    Over the decades, China has made remarkable strides in facilitating travel, enhancing various aspects like tourism infrastructure, cultural heritage site accessibility, mobile payment services, and transportation convenience — including a rail network that spans the entire country.

    At the event, Shi Zeyi, an official from China’s Ministry of Culture and Tourism, said that China is dedicated to fostering practical, mutually beneficial partnerships with worldwide tourism professionals and contributing to the growth and prosperity of the global tourism industry.

    Established in 1980, WTM London connects global travel buyers with leading destinations and brands annually, making it one of the world’s most influential events in the travel and tourism industry.

    The 44th edition of WTM London, themed “travel powers the world,” opened on Tuesday and will continue until Thursday. It is expected to attract over 40,000 attendees and nearly 4,000 exhibitors from around 180 countries and regions, with more than 70 conference sessions scheduled.

    MIL OSI China News –

  • MIL-OSI China: Global companies debut cutting-edge technologies

    Source: China State Council Information Office

    This photo taken on Nov. 4, 2024 shows the automobile exhibition area of the 7th China International Import Expo (CIIE) at the National Exhibition and Convention Center (Shanghai) in Shanghai, east China. [Photo/Xinhua]

    With the seventh China International Import Expo (CIIE) in full swing in Shanghai, global companies are unveiling their latest technological innovations, capitalizing on the opportunities arising from China’s commitment to further opening up both its market and manufacturing industry.

    GE Healthcare, a regular exhibitor at the CIIE, has brought an unprecedented lineup to Shanghai this year. The U.S. medical technology company is showcasing multiple products either making their global or Chinese debut.

    Eyeing China’s growing demand for advanced medical technology, GE Healthcare is exhibiting its largest collection of new products ever at this year’s expo, where it has been participating since 2018, said Zhong Luyin, the company’s China communications executive.

    “Our goal extends beyond mere participation in the expo. More importantly, we look forward to engaging in China,” Zhong said.

    A stage for all

    At the ongoing CIIE, over 400 new products, technologies and services from around the world are being showcased, spanning sectors such as artificial intelligence, new materials, autonomous systems and energy transition technologies.

    During a meeting on Monday with select exhibitors and buyers attending the expo, Chinese Premier Li Qiang said that China is able to sustain steady economic recovery, improve the quality and capacity of its market, and provide more extensive growth space for global businesses in terms of trade, investment and innovation. He added that the Chinese market is still one of the best choices for companies worldwide.

    Just days ago, China removed all market access restrictions for foreign investors in the manufacturing sector, with the country’s new edition of its national negative list for foreign investment having taken effect on Nov. 1. This significant move marked the latest effort of the world’s second-largest economy to open its doors even wider.

    “Benefiting from the ‘spillover effect’ of the expo, many of our showcased products are now in use across Chinese hospitals,” said Lu Yi, MRI marketing manager of Siemens Healthineers. At this year’s CIIE, the German medical technology company is unveiling the MAGNETOM Terra.X, its latest generation of magnetic resonance imaging (MRI) equipment — the first time this new equipment is being displayed in Asia.

    Lu revealed that Siemens Healthineers is advancing its localization strategy for cutting-edge product manufacturing. Notably, the MAGNETOM Terra.X is slated for future production at the company’s base in Shenzhen, south China’s Guangdong Province.

    Apart from traditional technological sectors, the ongoing expo showcases an array of futuristic exhibits that seem straight out of the world of science fiction, including tires designed for lunar exploration vehicles, electric vertical takeoff and landing (eVTOL) aircraft, and innovative motor-powered shoes.

    French tire maker Michelin, which is attending the expo for a fourth year, is exhibiting a futuristic prototype wheel for lunar exploration vehicles, among other products including car tires containing 71 percent sustainable materials and a new generation aircraft tire.

    Serge Godefroid, research and development director of Michelin China, said Michelin has been innovating for the future of mobility and is even thinking about mobility beyond the Earth for future lunar or Mars exploration projects.

    Michelin is already extensively testing tires in very rough conditions and with exposure to the range of temperatures that exist on the moon, Godefroid said. “You don’t have somebody to help you inflate a tire on the moon, so you need to find a wheel that can sustain very difficult conditions.”

    Rising innovation landscape

    A number of eVTOL aircraft are proving eye-catching at this year’s CIIE. Vertaxi, an eVTOL startup which is attending the expo jointly with Ampaire, a global leader in hybrid electric aircraft systems, has brought three autonomous eVTOL drones to the 2024 expo.

    Yue Tingting, vice president of Vertaxi, said the company’s smaller eVTOL aircraft have been well received by the market and are being widely used for police, emergency and fire-fighting patrols, public and oil infrastructure inspections, and island logistics.

    Yue admitted that it will take longer for the company’s eVTOL aircraft to obtain the airworthiness certification needed for passenger transport. She, however, is very bullish about China’s low-altitude economy and even envisions a future where people will be able to board eVTOL aircraft for daily commuting, much like taking a taxi or bus.

    Shift Robotics, attending the expo for the first time, is exhibiting its new generation of motor-powered shoes, called Moonwalkers Aero, that allow people to walk at speeds of up to 11 km per hour.

    Moonwalkers deliver smooth power when people who wear them speed up, while they offer very little assistance if the person wearing them walks very slowly. These motor-powered shoes can be used in virtually any environment, even on the subway, in a lift or on stairs, and people can move around in these Moonwalkers without taking off their normal shoes, according to Zhang Xunjie, CEO of Shift Robotics.

    From industry giants to rising startups, the dedication shown to China by global tech companies is well-timed, as the country’s prominence in the global innovation landscape continues to increase. According to the Global Innovation Index 2024 released by the World Intellectual Property Organization, China has moved up one spot to 11th place in the latest rankings of the world’s most innovative economies — becoming one of the fastest risers over the past decade.

    “China’s growth pattern has shifted from quantity-oriented to quality-oriented,” said Tetsuro Homma, executive vice president of Panasonic Holdings Corporation. “To keep pace with this change, we are setting up more research and development teams in China to quickly adapt to the evolving Chinese market.”

    Over the past four years, this Japanese manufacturing company has steadily expanded its investment in China. Home to over 60 Panasonic subsidiaries, China now accounts for nearly a quarter of the company’s business worldwide. “We are innovating for China, and we aspire to innovate in China for the whole world,” Homma said.

    MIL OSI China News –

  • MIL-OSI China: China releases ecosystem restoration guides to boost coastal disaster resilience

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

    Four handbooks on ecosystem restoration for coastal hazard mitigation, focusing on salt marshes, seagrass beds, oyster reefs, and sandy coasts, were released in both Chinese and English, officials said on Tuesday. The guides aim to provide a “Chinese solution” to global coastal ecological challenges by showcasing examples of disaster reduction and restoration practices.

    Jointly issued by the Ministry of Natural Resources and the International Union for Conservation of Nature at the 2024 China-Island Countries Ocean Cooperation Forum, the handbooks compile research findings and restoration strategies for coastal ecosystems, including insights from both domestic and international sources, according to Li Lin, director of the marine warning and monitoring department of the Ministry of Natural Resources.

    The handbooks explain each step in the technical process, including baseline ecological surveys, diagnostics, restoration goals and measures, as well as monitoring, effectiveness evaluation, and adaptive management, Li said.

    Since 2020, the Ministry of Natural Resources, along with the Ministry of Water Resources, the National Development and Reform Commission, the Ministry of Finance, and other agencies, has promoted coastal protection and restoration projects. These efforts have strengthened ecosystems’ capacity to mitigate marine disasters like typhoons and storm surges. The release of the handbooks is intended to guide these practices, Li added.

    MIL OSI China News –

  • MIL-OSI China: Singapore firms take long-term view towards Chinese market

    Source: China State Council Information Office 3

    Singapore firms take a long-term view towards China, a market with huge potential and growing sophistication, and regard investing in the country as a long game, according to the Singapore Business Federation (SBF) CEO.

    “The number that I have been told many times is that China is home to over 400 million middle-income population. Market growth might not always be in a rocketing state. However, the world’s second-largest consumer market will still grow,” SBF CEO Kok Ping Soon told Xinhua during the 7th China International Import Expo (CIIE).

    Led by the SBF, a delegation of nearly 400 representatives from 44 Singaporean businesses are attending the CIIE held from Nov. 5 to Nov. 10 this year, which marks the seventh year for the SBF’s delegation to participate in the world’s first national-level expo on import.

    “Some of the previous delegation participants have ‘graduated’ from the delegation by outgrowing the Singapore Pavilion and setting up their own booths at other exhibition areas of CIIE,” Kok said.

    With a total exhibition area of close to 912 square meters, the Singapore Pavilion spans the Consumer Goods Hall, Food & Agricultural Products Hall, and Trade in Services Hall.

    “We are very encouraged to see some of those companies are no longer just in the food and beverage sector. We are starting to see companies responding to China’s call for more high-quality investment in fields like biotech,” he noted.

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

    Kok said there are broad areas of collaboration between the two countries, such as green transformation, AI security and governance, and smart city development.

    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.

    China has intensified its opening up in the medical sector to meet the growing healthcare demands of the population. The country announced in September that it would give the green light to establishing wholly foreign-owned hospitals in some cities like Beijing and Shanghai.

    “The opening up of the healthcare sector in China presents tremendous opportunity for us,” Kok said, citing the case of Mirxes, a CIIE participant seeking local partnerships such as promoting its solution to screen early-stage stomach cancer, drawn by China’s huge market potential and enhanced intellectual property protection.

    RMA Contracts, a Singapore business process outsourcing company, will be using the CIIE platform to tap into the China-Singapore Tianjin Eco-City, a representative cooperation project between the two countries, according to Kok.

    Another interesting thing Kok observed is that Singapore companies are looking beyond penetrating the Chinese market via the CIIE, citing examples of participating companies seeking cooperation with non-Chinese firms.

    Kok said CIIE is an important platform for reaching the global market. “You don’t just come in thinking to connect with China. If you broaden your mind, you can look for partners in your home country or even outside of China, which is the charm of a platform like CIIE.”

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Speech by SITI at Seminar on Life Science and Global Health “Innovation ·Inclusion · Impact” (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Seminar on Life Science and Global Health “Innovation ·Inclusion · Impact” on November 5 (Ottawa time):
     
    Ms Wu (Board Director of Hong Kong Canada Business Association, Ottawa, and Department Chair of Algonquin College School of Business and Hospitality, Ms Sandra Wu), Mr Eng (President of Hong Kong Canada Business Association, Ottawa, Mr Frank Eng), Senator Woo (Senator of Canada, Mr Woo Yuen-pau), Mr McLean (Member of the House of Commons of Canada, Mr Greg McLean), Mr Arya (Member of the House of Commons of Canada, Mr Chandra Arya), distinguished guests, ladies and gentlemen,     
     
          Good evening. It is my great pleasure to join you all here today in Ottawa and in such a historic building for the Seminar of Life Science and Global Health, to explore the vital intersection of life science and global health, through the lenses of innovation, inclusion, and impact.
     
          Over the years, Hong Kong has established close ties with Canada in many façades, say economically, culturally and people-to-people bond. We share many similarities and a wide range of common interests. While Canada has long been recognised as a powerhouse in the field of life and health science, Hong Kong is emerging as an international innovation and technology (I&T) centre, as well as a health and medical innovation hub in the Asia-Pacific region. Taking this opportunity, I would like to give you a brief update on Hong Kong’s I&T landscape and the opportunities that lie ahead in the field of life and health technology.
     
          Promoting I&T development is of top priority on the policy agenda of the Hong Kong Special Administrative Region (SAR) Government. Back in December 2022, we promulgated the Hong Kong I&T Development Blueprint, which clearly indicated our development direction to perfect the I&T ecosystem by promoting positive interaction between upstream for basic research, midstream for technology transfer, and downstream for all industries development. We greatly support the development of technology industries with an edge and of strategic importance.
     
          Life and health technology is one of our focuses.
     
          Hong Kong possesses professional medical services and a well-established healthcare system. Supported by five top 100 universities and two top 40 medical schools in the world, together with a multitude of world-class experts in the life and health disciplines, Hong Kong enjoys significant advantages in developing life and health technology. 
     
          To capitalise on our strength in basic research and foster global I&T collaboration, Hong Kong’s flagship R&D (research and development) initiative, namely InnoHK, has built collaboration with more than 30 world-renowned universities and research institutes from 12 economies, including Canada of course, and set up a total of 29 InnoHK research laboratories. Of these, 16 of them focus on healthcare-related technologies and have brought notable scientific achievements and benefits to society. For example, the Centre for Eye and Vision Research, which was jointly established by the University of Waterloo and Hong Kong Polytechnic University, is one of them.
     
          Furthermore, we will launch a HK$6 billion subsidy programme, roughly $1.1 billion Canadian dollars, to support setting up cross-institutional and multidisciplinary life and health technology research institutes in Hong Kong. We have also earmarked HK$3 billion, that is approximately $540 million Canadian dollars, for the Frontier Technology Research Support Scheme to accelerate cross-disciplinary researches in various frontier technology fields, including clinical medicine and health, gene and biotechnology, spearheaded by the local funded universities and renowned scholars from around the world. These initiatives will empower us to create a vibrant research atmosphere with the participation of global talent, thereby strengthening Hong Kong’s capability for forward-looking and disruptive scientific researches.
     
          A few weeks ago, the Chief Executive of the Hong Kong SAR Government announced his 2024 Policy Address, in which a series of new initiatives are introduced to accelerate the pace of the development of Hong Kong into an international I&T centre.  Among them, we will launch a new HK$10 billion I&T Industry-Oriented Fund, which is equivalent to around $1.8 billion Canadian dollars, to form a fund-of-funds to channel more market capital to invest in specified emerging and future industries of strategic importance, including life and health technology. Indeed, we launched a HK$10 billion Research, Academic and Industry Sectors One-plus Scheme last year to accelerate the transformation and commercialisation of outstanding research outcomes from universities, and another HK$10 billion New Industrialisation Acceleration Scheme this year to encourage industries of strategic importance, including life and health technology, to set up new smart production facilities in Hong Kong. Just these three funding schemes alone, totalling HK$30 billion, almost $5.4 billion Canadian dollars in financial commitment, demonstrates our strong commitment to promoting industry development and placing a strong emphasis on investment in the I&T sector.
     
          Adequate sites and sophisticated infrastructure are equally important for the long-term I&T development. Located in the border area between Hong Kong and Shenzhen, the Hetao Hong Kong Park, or the Loop in short, will serve as an I&T hub of strategic value connecting Mainland China and the international community. We will set up the InnoLife Healthtech Hub in the Loop to attract top-notch research teams and talent from around the world. We will allocate another HK$2 billion to support the InnoHK research clusters to establish presence in the Loop, and HK$200 million to support start-ups in the Loop engaging in life and health technology in the form of incubation and acceleration programmes. 
     
          Besides, new I&T land will be available in San Tin Technopole in the northern part of Hong Kong to support I&T industry development, creating synergy with the nearby Shenzhen I&T Zone. With the new I&T platform in the Loop and new I&T land in San Tin Technopole, coupling with the gigantic market of the Guangdong-Hong Kong-Macao Greater Bay Area, there are indeed many I&T opportunities and possibilities lying ahead in Hong Kong.
     
          While the global economic and political situation is becoming more complicated, Asia will still play a pivotal role in the technological revolution. Under the principle of “one country, two systems” and with a strategic geographical location on the doorstep of Mainland China, Hong Kong is the best platform to connect I&T talent and companies from Mainland China and around the world. Whether you are looking for job opportunities, capital or investment, there is always a place for you in Hong Kong. I strongly believe that apart from life and health technology, there is a lot of room for bilateral collaboration between Hong Kong and Canada, say, in green technology, renewable energy, environmental protection and sustainability, where Canada has an edge.    
     
          Ladies and gentlemen, the challenges we face in global health are complex and multifaceted. By fostering global I&T collaboration, we amplify the impact brought by innovation and inclusion, from zero to one, from one to many, to unlock new possibilities and drive the next wave of technological advancement for the betterment of the mankind. Hong Kong stands ready to play the promising role as a “super-connector” and a “super value-adder” to create value and impact to the world.
     
          In closing, I would like to express my gratitude to Hong Kong – Canada Business Association (Ottawa) and Invest Hong Kong for organising today’s seminar. I look forward to the fruitful collaborations that will arise from this seminar. Thank you very much.   

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DoJ issues Policy Statement on the Incorporation of Mediation Clauses in Government Contracts

    Source: Hong Kong Government special administrative region

         The Department of Justice (DoJ) issued a Policy Statement on the Incorporation of Mediation Clauses in Government Contracts today (November 6) to set out the Government’s policy stance and approach on promoting the use of mediation to resolve conflicts in an amicable way, and to implement the policy initiative under the 2023 Policy Address on deepening mediation culture, consolidating the strategic positioning of Hong Kong as a centre for international legal and dispute resolution services in the Asia-Pacific region under the national policies.

         The Government has been committed to promoting the development of mediation in Hong Kong, encouraging a wider use of mediation by all sectors as a flexible and constructive approach in resolving disputes outside the courts to produce mutually acceptable settlements while keeping the risks, costs and time in control. It can help build a harmonious and stable society and foster a culture that embraces mutual support, respect, harmony and inclusiveness.

         To further promote mediation culture, the Mediation Clause Policy requires all government departments to incorporate mediation clauses in future government contracts, so as to further promote the use of mediation to resolve disputes first before resorting to arbitration or litigation.

         The Secretary for Justice, Mr Paul Lam, SC, said, “By taking the lead to incorporate mediation clauses in government contracts, the Government hopes to encourage private companies to include similar mediation clauses in their contracts, further promoting a ‘mediate first’ culture.

         “In conjunction with the establishment of the International Organization for Mediation’s headquarters in Hong Kong, the DoJ will continue to implement policy measures of deepening the mediation culture to build Hong Kong as the capital for international mediation.”

         The full policy statement can be found in the Annex to this press release.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Money Market Operations as on November 05, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 539,697.48 6.12 5.00-6.60
         I. Call Money 9,966.71 6.31 5.10-6.40
         II. Triparty Repo 388,609.10 6.10 5.95-6.30
         III. Market Repo 139,673.67 6.17 5.00-6.60
         IV. Repo in Corporate Bond 1,448.00 6.37 6.30-6.50
    B. Term Segment      
         I. Notice Money** 64.10 6.28 6.20-6.30
         II. Term Money@@ 1,130.00 – 6.60-6.90
         III. Triparty Repo 775.00 6.18 6.15-6.30
         IV. Market Repo 1,877.57 6.49 6.40-6.65
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Tue, 05/11/2024 2 Thu, 07/11/2024 70,825.00 6.49
    3. MSF# Tue, 05/11/2024 1 Wed, 06/11/2024 1,651.00 6.75
    4. SDFΔ# Tue, 05/11/2024 1 Wed, 06/11/2024 126,097.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -195,271.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Thu, 31/10/2024 14 Thu, 14/11/2024 24,697.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Mon, 04/11/2024 3 Thu, 07/11/2024 74,000.00 6.49
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       6,567.17  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -88,589.83  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -283,860.83  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on November 05, 2024 1,022,177.08  
         (ii) Average daily cash reserve requirement for the fortnight ending November 15, 2024 1,011,562.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ November 05, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 18, 2024 402,348.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1434

    MIL OSI Economics –

  • MIL-OSI Australia: $678 million boost for Australian exports to UAE

    Source: Minister for Trade

    Today Australia and the United Arab Emirates (UAE) finalised the much-awaited elevation of our trade relationship with the signing of our Comprehensive Economic Partnership Agreement.

    To mark this important event, I was joined by the Minister for Foreign Trade, His Excellency Dr. Thani bin Ahmed Al Zeyoudi in Canberra, to officially sign our new trade agreement. 

    Alongside the Comprehensive Economic Partnership Agreement, we also signed an Investment Agreement and five Investment Memoranda of Understanding. 

    Our deal delivers for Australian farmers, producers, manufacturers, services providers, exporters and Australian workers, giving them unprecedented access and preferential treatment when they do business with the UAE.   

    The UAE is already Australia’s largest trade and investment partner in the Middle East with over $9.9 billion in two-way trade and $20.7 billion in two-way investment in 2023. This new trade and investment package will strengthen these relationships and provide a platform for growth in critical sectors of our economy.

    The trade agreement will eliminate tariffs on over 99 per cent of Australia’s exports to the UAE, making this the most liberalising trade agreement the UAE has signed to date. 

    Independent modelling estimates a potential annual increase in Australian goods exports to the UAE of around $678 million. 

    The agreement will create greater certainty for Australian services providers in over 120 sectors such as professional services, financial services and education wanting to do business in the UAE, who will benefit from clearer transparency in the way the industry is regulated.

    This agreement will also strengthen cooperation for Australia and the UAE to address shared environmental challenges, including commitments to work together on transitioning to net zero, addressing climate change, promoting the circular economy, reducing pollution, improving air quality, and preventing overfishing and illegal wildlife trade. 

    Investment provisions will provide a framework to support an increase in two-way investment. Importantly, the Australian Government’s right to regulate is protected, which means an Investor-State Dispute Settlement (ISDS) mechanism is not included in the package of outcomes.

    Additional commitments for anti-corruption and transparency, digital trade and skilled labour mobility, as well as outcomes on intellectual property will mean Australian enterprises of all sizes can confidently do business with the UAE. The package also includes cooperation and exchange of information to advance women’s economic empowerment in trade and investment. 

    Importantly, for the first time in our history, this agreement also includes a standalone chapter covering First Nations trade. The chapter will give First Nations businesses seeking to export their goods to the UAE preferential market access which will result in meaningful new commercial opportunities for First Nations businesses. 

    Details on the full package and independent modelling as well as key benefits to Australia are published on the DFAT website.

    MIL OSI News –

  • MIL-OSI: Orezone Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    All dollar amounts are in USD unless otherwise stated and abbreviation “M” means million.

    VANCOUVER, British Columbia, Nov. 05, 2024 (GLOBE NEWSWIRE) —  Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) reported its operational and financial results for the three and nine months ended September 30, 2024. The Company will host a conference call and webcast on November 6, 2024 commencing at 8:00am PT to discuss its quarterly and year-to-date performance, and outlook for the remainder of the year, including commentary on the progress of its Phase II hard rock expansion and early success on its multi-year, discovery-focus drilling campaign. Call access and webcast details are provided at the end of this press release.

    Patrick Downey, President and CEO, commented, “The third quarter provided a number of positive developments for our Bomboré Mine. Operationally, mining access was opened up in the Siga pits and grid power returned to normalized levels, both of which will ensure ongoing improved gold production and costs in Q4-2024. We generated solid free cash flow during the quarter and continued to pay down debt and advance the Phase II hard rock expansion which will set the path for Bomboré to increase annual gold production by 50% within the next 12 months. We also commenced our multi-year exploration program with the first two diamond drill holes from the current campaign returning robust results, with broad and above-average grade mineralization to 240 metres below the current pit limit, validating our belief that with further targeted drilling, Bomboré can grow into a 7 to 10 million ounce orebody.

    With unhedged gold sales at record prices continuing into the fourth quarter, we forecast generation of continued strong operating cashflow that will help support the Phase II expansion construction. The $58M Phase II term loan previously announced with Coris Bank is advancing and is expected to close in the coming weeks.”

    2024 THIRD QUARTER HIGHLIGHTS AND SIGNIFICANT SUBSEQUENT EVENTS

    (All mine site figures on a 100% basis)   Q3-2024 Q3-2023 9M-2024 9M-2023
    Operating Performance          
    Gold production oz 26,581 30,726   82,244   107,509
    Gold sales oz 27,698 29,167   83,864   105,914
    Average realized gold price $/oz 2,473 1,910   2,280   1,922
    Cash costs per gold ounce sold1 $/oz 1,410 1,152   1,297   936
    All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 1,655 1,306   1,519   1,088
    Financial Performance          
    Revenue $000s 68,652 55,803   191,680   203,911
    Earnings from mine operations $000s 22,340 13,882   72,389   81,042
    Net income attributable to shareholders of Orezone1 $000s 4,984 5,194   25,620   39,134
    Net income per common share attributable to shareholders of Orezone1
    Basic
    Diluted

    $
    $

    0.01
    0.01

    0.01
    0.01

    		  

    0.07
    0.06

    		  

    0.11
    0.11
    Adjusted EBITDA1 $000s 25,756 19,163   72,175   93,334
    Adjusted earnings attributable to shareholders of Orezone1 $000s 7,365 3,588   18,427   39,398
    Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.02 0.01   0.05   0.11
    Cash and Cash Flow Data          
    Operating cash flow before changes in working capital $000s 18,888 16,474   53,876   82,839
    Operating cash flow $000s 24,043 6,978   29,677   66,059
    Free cash flow1 $000s 14,120 (4,024 ) (818 ) 35,490
    Cash, end of period $000s 66,900 27,711   66,900   27,711

    1 Cash costs, AISC, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information.

    • Safety: Continued strong safety performance with 1.31M and 3.68M hours worked without a lost-time injury for Q3-2024 and 9M-2024, respectively.
    • Liquidity: Free cashflow generation of $14.1M in Q3-2024 despite the continued build-up of VAT receivables and Phase II Expansion capital expenditures in the quarter. Cash stood at $66.9M at September 30, 2024, increases of $55.5M from June 30, 2024 and $47.4M from December 31, 2023, respectively.    
    • Gold Production and Costs:   Gold production of 26,581 ounces at an AISC of $1,655/oz as a result of an above-average strip ratio due to mine sequencing, and drawdown of lower-grade stockpiles due to heavy rainfall events restricting pit access during the quarter combined with higher-than-budgeted government royalties from a better realized gold price.
    • Siga Pits Mining Extension: Mining at Siga East ramped up in Q3-2024 after the relocation of households to the new MV3 resettlement site in June 2024 while mining at Siga South commenced in August 2024. The Q4-2024 mine plan calls for greater mill delivery of higher-grade ore tonnes from the Siga pits as mining productivity and material movement are forecasted to improve with the end of the rainy season and the recent expansion of the contractor mining fleet. Two new heavy-duty excavators and twenty new haul trucks were mobilized to site at the end of October and were placed into service at the start of November. As a result, quarterly gold production is expected to be the highest in Q4-2024 as demonstrated by the production of 12,096 gold ounces in October.
    • Phase II Hard Rock Expansion (“Phase II Expansion”) Approval: The Company announced on July 10, 2024 that its Board of Directors had approved the Phase II Expansion after securing over $105M in new debt and equity for the construction. On August 8, 2024, the Company completed the issuance of 92,743,855 common shares at a share price of C$0.70 for net proceeds of C$64.8M ($47.3M). Concurrently, the Company is working on closing its XOF 35.0 billion ($58M) senior secured loan (“Phase II Term Loan”) with Coris Bank International (“Coris Bank”) in November 2024. The draft loan agreement with Coris Bank is in final form and the Company is now arranging for intercreditor consents from the convertible debenture holders for this additional senior debt.      
    • Phase II Expansion Early Achievements: Expansion activities are advancing ahead of schedule while committed costs are tracking on budget. The Company has placed over 50% of all packages, including CIL tank platework and 95% of all process equipment, including the purchase of a new, pre-owned 9MW 26’ diameter SAG mill. For site activities, all bulk earthwork is complete, and the laydown area is ready to receive deliveries. Rapid progress on major site contracts such as concrete will see these contracts awarded early, thereby adding further float to the schedule for first gold. For the 9M-2024, the Company has expended $9.8M on both early works and the on-going Phase II Expansion, and expects to expend a further $9M – $12M in Q4-2024 as the Company rapidly advances the expansion towards first gold in Q4-2025.
    • Multi-year Exploration Campaign Commencement: The Company initiated a 30,000 m, multi-year discovery focused drill program designed to test the broader size and scale of the Bomboré mineralized system with the goal of increasing the Bomboré global resource to 7M to 10M gold ounces. Results from the first two drill holes at the North Zone intercepted mineralization 240 m below the current reserve pit limit, including 1.67 g/t gold over 46.00 m, demonstrating the continuity of the mineralized system at depth, both in terms of grade and overall width (see the Company’s October 10, 2024 news release). Additional drill results from the next round of drilling are set for release before the end of 2024.
    • Better Grid Power Availability: Availability of grid power normalized in Q3-2024 with the national grid supplying 92% of Bomboré mine’s power needs, up significantly from Q2-2024 when grid power provided only 34% of power consumption.  
    • Debt Reduction: Scheduled principal repayments of XOF 3.0 billion ($5.0M) were made in Q3-2024 on the Company’s Phase I senior loan with Coris Bank.

    2024 Guidance for Bomboré Mine

    Operating Guidance (100% basis) Unit Original
    2024 Guidance    		 Revised
    2024 Guidance    		 9M-2024
    Actuals
    Gold production Au oz 110,000 – 125,000 Unchanged   82,244
    All-In Sustaining Costs123 $/oz Au sold $1,300 – $1,375 $1,400 – $1,475 $1,519
    Sustaining capital2 $M $14 – $15 Unchanged $11.7
    Growth capital – non Phase II Expansion2 $M $16 – $17 Unchanged $13.2
    Growth capital – Phase II Expansion early works2 $M No guidance provided $3.6 $3.6
    Growth capital – Phase II Expansion2 $M No guidance provided $15.0 – $18.0 $6.2
    1. AISC is a non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.30.
    3. Government royalties of $160/oz included in original AISC guidance based on an assumed gold price of $2,000 per oz. Government royalties of $200/oz is now estimated in the revised AISC guidance from a better gold price realized.

    2024 gold production is expected to be at or above the mid-point of guidance with AISC now guided to fall within $1,400/oz to $1,475/oz, a minor increase to the original guidance, mainly due to the impact of higher power costs from the lack of grid availability in H1-2024 (~$60/oz) and from higher government royalties (~$40/oz) on better realized gold prices.

    Sustaining capital for 2024 is expected to reach the low-end of the $14M – $15M guidance range as spending in Q4-2024 will be limited mainly to the ongoing tailings storage facility (“TSF”) expansion (stage 4 lift) and completion of the new on-site explosives magazine.

    Growth capital consists of two carryover projects from 2023:

          (i)      Power connection to Burkina Faso’s national grid (9M-2024 actuals: $1.4M)

    The powerline was energized in January 2024, and system commissioning of the new line and substations were completed in March 2024. Remaining equipment and software upgrades to shorten the transfer between the grid and back-up gensets, and to reduce the quantity of reactive power are expected to be implemented by year-end.

          (ii)      Resettlement Action Plan (“RAP”) – Phases II and III (9M-2024 actuals: $11.8M)

    RAP Phases II and III commenced in 2023 and will see the construction of over 2,200 private and public structures in three new resettlement communities (MV3, MV2, and BV2) to help relocate communities occupying areas in the southern half of the Bomboré mining permit.

    The Company successfully relocated families to the new MV3 resettlement site in June 2024 and is currently constructing the new MV2 resettlement site with construction progress reaching 85% at the end of Q3-2024. Relocation of households to MV2 and the start of construction works at BV2 are scheduled for in Q4-2024.

    RAP spending, including costs for compensation, consultants, relocation allowances, and livelihood restoration programs, is forecasted to remain unchanged at between $15M to $16M for 2024.

    BOMBORÉ GOLD MINE (100% BASIS) – OPERATING HIGHLIGHTS

        Q3-2024 Q3-2023 9M-2024 9M-2023
    Safety          
    Lost-time injuries frequency rate per 1M hrs 0.00 0.00   0.00 0.00  
    Personnel-hours worked 000s hours 1,308 1,128   3,680 3,093  
    Mining Physicals          
    Ore tonnes mined tonnes 1,457,631 2,231,360   5,826,711 6,364,169  
    Waste tonnes mined tonnes 2,690,759 2,654,010   9,265,615 8,188,409  
    Total tonnes mined tonnes 4,148,390 4,885,370   15,092,326 14,552,578  
    Strip ratio waste:ore 1.85 1.19   1.59 1.29  
    Processing Physicals          
    Ore tonnes milled tonnes 1,491,740 1,453,541   4,275,755 4,299,394  
    Head grade milled Au g/t 0.64 0.74   0.68 0.86  
    Recovery rate % 87.4 88.8   87.8 90.9  
    Gold produced Au oz 26,581 30,726   82,244 107,509  
    Unit Cash Cost          
    Mining cost per tonne $/tonne 3.76 3.19   3.49 2.99  
    Mining cost per ore tonne processed $/tonne 9.58 7.79   8.85 6.93  
    Processing cost $/tonne 7.94 9.80   8.77 9.90  
    Site general and admin (“G&A”) cost $/tonne 3.77 3.98   3.84 3.64  
    Cash cost per ore tonne processed $/tonne 21.29 21.57   21.46 20.47  
    Cash Costs and AISC Details          
    Mining cost (net of stockpile movements) $000s 14,295 11,319   37,834 29,786  
    Processing cost $000s 11,846 14,238   37,486 42,566  
    Site G&A cost $000s 5,617 5,787   16,405 15,671  
    Refining and transport cost $000s 51 66   304 378  
    Government royalty cost $000s 5,500 3,503   15,227 12,345  
    Gold inventory movements $000s 1,748 (1,303 ) 1,539 (1,584 )
    Cash costs1on a sales basis $000s 39,057 33,610   108,795 99,162  
    Sustaining capital $000s 4,453 2,606   11,752 10,444  
    Sustaining leases $000s 73 41   219 228  
    Corporate G&A cost $000s 2,255 1,837   6,643 5,451  
    All-In Sustaining Costs1on a sales basis $000s 45,838 38,094   127,409 115,285  
    Gold sold Au oz 27,698 29,167   83,864 105,914  
    Cash costs per gold ounce sold1 $/oz 1,410 1,152   1,297 936  
    All-In Sustaining Costs per gold ounce sold1 $/oz 1,655 1,306   1,519 1,088  

    1 Non-IFRS measure. See “Non-IFRS Measures” section for additional details.

    Bomboré Production Results

    Q3-2024 vs Q3-2023

    Gold production in Q3-2024 was 26,581 ounces, a decline of 13% from the 30,726 ounces produced in Q3-2023. The lower gold production is attributable to a 14% decrease in head grades and a 2% decrease in plant recoveries, partially offset by a 3% increase in plant throughput. The better head grades in Q3-2023 were from the sequencing of higher-grade pits in earlier periods of the mine plan, and greater ore release from more tonnes mined allowing for the stockpiling of lower-grade ore. Less tonnes were mined in Q3-2024 due to lower contractor equipment availability and heavier-than-average rainfall events combined with mining rates in Q3-2023 benefiting from the deployment of a second mining contractor. Pre-stripping activities at the Siga pits increased the strip ratio (1.85 vs 1.19) in Q3-2024, leading to the temporary drawdown of lower grade stockpiles to maintain mill throughput in August 2024. Plant recoveries for Q3-2024 were marginally lower from the greater blend of transition ore in the mill feed as mining deepens in certain pits. The presence of transition ore results in slightly lower metallurgical recoveries and additional plant maintenance due to the harder nature of the ore. Plant throughput increased in Q3-2024 as the Company successfully improved hourly plant throughput by increasing mill power draw and reducing residence time in the CIL circuit without a noticeable effect of recovery rates. Plant throughput was further impacted in Q3-2024 by a ball mill reline performed at the end the quarter (no comparable mill reline in Q3-2023). This mill reline was brought forward from Q4-2024 to ensure maximum mill availability during Q4-2024 when higher-grade ore from the SIGA pits is mined.

    Plant throughput, head grades, and recoveries in Q4-2024 are expected to improve quarter-over-quarter as mining ramps up at Siga East and Siga South for the full quarter, with more contribution of higher-grade, softer ore to the mill feed, and from the completion of all scheduled major plant maintenance in earlier periods of the year.

    9M-2024 vs 9M-2023

    Gold production in 9M-2024 was 82,244 ounces, a decline of 24% from the 107,509 ounces produced in 9M-2023. The lower gold production is attributable to a 20% decrease in head grades, a 3% decrease in plant recoveries, and a 1% decrease in plant throughput. Head grades were higher in 9M-2023 as a result of processing high-grade stockpiles accumulated during the Phase I construction, which were fully depleted by June 2023, and from the sequencing of higher-grade pits in earlier periods of the mine plan. Plant recoveries were lower in 9M-2024 mainly from a greater blend of transition ore. Plant throughput was marginally lower in 9M-2024 due to plant downtime in Q2-2024 caused by frequent grid blackouts and power dips, and time lost to switch to back-up gensets. Grid availability returned to normal levels beginning in July 2024 and with steady grid power, plant throughput is expected to reach a quarterly record in Q4-2024.

    Bomboré Operating Costs

    Q3-2024 vs Q3-2023

    AISC per gold ounce sold in Q3-2024 was $1,655, a 27% increase from $1,306 per ounce sold in Q3-2023. The higher AISC is primarily the result of: (a) a 14% decline in Q3-2024 gold production as explained above; (b) greater per ounce royalty costs from new royalty rates that took effect in October 2023, coupled with a 29% higher realized selling price ($2,473/oz vs $1,910/oz); and (c) increased unit mining costs with deeper pits, drill-and-blast associated with harder transition ore mined, and higher strip ratio, partially offset by a reduction in power costs from the utilization of lower-cost grid energy.

    Cash cost per ore tonne processed in Q3-2024 was $21.29 per tonne, a decrease of 1% from $21.57 per tonne in Q3-2023 mainly from the use of lower-cost grid power in Processing ($7.94/tonne vs $9.80/tonne) and lower site G&A costs ($3.77/tonne vs $3.98/tonne) from tight spending control, partially offset by a 23% increase ($9.58/tonne versus $7.79/tonne) in mining costs per ore tonne processed.

    Mining costs have increased as lower benches are mined resulting in longer hauls and more transition material that requires some drill-and-blast prior to excavation and greater rehandle prior to feeding into the dump pocket on the ROM pad. In addition, unit costs have increased from a higher strip ratio from the pre-stripping of the Siga pits and the waste pushback to the H1 pit that experienced a minor wall failure in 2023.

    Processing costs per ore tonne have benefitted from the introduction of grid power to the Bomboré mine in February 2024 with power cost per tonne dropping to $2.80/tonne in Q3-2024 from $4.94/tonne in Q3-2023, a decrease of $2.14/tonne. Further savings in power costs were offset by a greater blend of transition ore requiring higher per tonne consumption of power and from the rental and use of back-up diesel gensets to supply power when the grid was unavailable. Grid utilization dramatically improved in Q3-2024 at 92% versus 34% in Q2-2024 when issues with the supply system in Ghana and Côte D’Ivoire temporarily reduced the export of power into Burkina Faso. Processing costs in Q3-2024 was also impacted by higher maintenance costs from the ball mill reline.

    9M-2024 vs 9M-2023

    AISC per gold ounce sold in 9M-2024 was $1,519, a 40% increase from $1,088 per ounce sold in 9M-2023. The higher AISC were due namely for the same reasons as explained in the above section.

    NON-IFRS MEASURES

    The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 which is incorporated by reference herein.

    CONFERENCE CALL AND WEBCAST

    The condensed consolidated interim financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio webcast to discuss 2024 third quarter results on November 6, 2024 at 8:00am PT (11:00am ET).

    Webcast
    Date:    Wednesday, November 6, 2024
    Time:    8:00 am Pacific time (11:00 am Eastern time)
    Please register for the webcast here:  Orezone Q3-2024 Conference Call and Webcast

    Conference Call

    Toll-free in U.S. and Canada: 1-800-715-9871
    International callers: +646-307-1963
    Event ID: 9776163

    QUALIFIED PERSONS
    The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects.

    About Orezone Gold Corporation

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its Phase I oxide operations on December 1, 2022, and is now proceeding with its staged Phase II hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A.   

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Vanessa Pickering
    Manager, Investor Relations

    Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that constitutes “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur, and include, amongst other statements, the Phase II hard rock expansion setting the path for Bomboré to increase annual gold production by 50% within the next 12 months and that Bomboré can grow into a 7 to 10 million ounce orebody.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management’s discussion and analysis filed on SEDAR+ on www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements.

    Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network –

  • MIL-OSI Banking: Coca-Cola ad campaigns during Q3 2024 celebrate culture, togetherness and refreshment, reveals GlobalData

    Source: GlobalData

    Coca-Cola ad campaigns during Q3 2024 celebrate culture, togetherness and refreshment, reveals GlobalData

    Posted in Business Fundamentals

    Coca-Cola’s advertising campaigns during the third quarter (Q3) (01 July to 30 September) of 2024 showcases a diverse range of strategies tailored to specific cultural contexts and demographics. This targeted approach reflects the beverage giant’s understanding of the diverse needs and preferences of its global consumer base, according to the Global Ads Platform of GlobalData, a leading data and analytics company.

    Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “From leveraging the excitement of cultural festivals to partnering with other iconic brands, Coca-Cola demonstrated its commitment to connecting with consumers on a deeper level. The company utilized limited-edition products, culturally relevant symbolism, and strategic partnerships to enhance brand engagement and drive sales across different markets.”

    The campaigns effectively tap into cultural moments and values, ranging from the excitement of K-pop to the traditions surrounding Chinese New Year and the Nepalese festival of Dashain.  The strategic partnerships with McDonald’s and Oreo further amplify Coca-Cola’s reach, offering compelling flavor combinations and enhancing the consumer experience.

    Below are the key focus areas of Coca-Cola’s advertisements, revealed by GlobalData’s Global Ads Platform:

    Limited-edition products and collaborations: Coca-Cola’s Q3 advertising showcased several limited-edition products, creating a sense of urgency and exclusivity. The “Coca-Cola K-Wave” targeted K-pop fans with a unique flavor and design, while the Oreo collaboration introduced a novel flavor combination and emphasized shared moments of indulgence. These limited-time offerings generate excitement and encourage consumer engagement through the fear of missing out.

    Emphasis on festive celebrations and cultural traditions: Several ads tapped into the spirit of cultural celebrations. The “Dashain Dhamaka” campaign connected Coca-Cola with the Nepalese festival of Dashain, emphasizing togetherness and shared experiences. Similarly, the Chinese New Year campaign associated Coca-Cola with good fortune and family traditions, reinforcing the brand’s relevance in specific cultural contexts.

    Strategic partnerships and combo meals: Coca-Cola strategically partnered with McDonald’s to promote the pairing of a Double Beef Burger with Coca-Cola Zero Sugar. This collaboration broadened reach and presented Coca-Cola as the ideal complement to a satisfying meal. The emphasis on a zero-sugar option also catered to health-conscious consumers, expanding the brand’s appeal.

    Visual storytelling and appealing aesthetics: Across all campaigns, Coca-Cola utilized vibrant visuals, dynamic animation, and appetizing close-ups to enhance the perceived refreshment and desirability of its products. The use of culturally relevant colors and imagery further amplified the emotional connection with target audiences.

    Promotional offers and price discounts: Several ads highlighted promotional offers and price discounts, creating an immediate incentive for purchase. The Dashain Dhamaka campaign offered a discounted price on 2-liter bottles, while the Chinese New Year campaign offered bonus gifts with purchase. These promotions drive sales and reward consumer loyalty.

    Majumder concludes: “By combining limited-edition products, targeted promotions, and culturally relevant messaging, Coca-Cola reinforces its position as a globally recognized and beloved brand.”

    MIL OSI Global Banks –