Category: Business

  • MIL-OSI China: China renews anti-dumping duties on imported ethanolamines

    Source: China State Council Information Office

    China’s Ministry of Commerce (MOC) on Tuesday announced its decision to renew anti-dumping duties on ethanolamines imported from the United States, Saudi Arabia, Malaysia, and Thailand.

    The duties were initially introduced in 2018 for a period of five years as such imports had caused substantial damage to China’s domestic industry.

    Following the end of the term last year, the MOC launched investigations to review the anti-dumping at the request of the domestic industry.

    The MOC said in a ruling that if the duties were terminated, the dumping practice and related damage would likely continue or reoccur.

    The duties will be levied for another five years starting Wednesday.

    MIL OSI China News

  • MIL-OSI China: Detailed fiscal package set to be unveiled

    Source: China State Council Information Office

    Detailed stimulus policies, including proactive fiscal expansion, are likely to be rolled out to address China’s local government debt issue and facilitate a steady economic recovery, as China’s top legislature is set to convene a highly anticipated session next month.

    The Standing Committee of the 14th National People’s Congress will convene its 12th session from Nov 4 to 8 in Beijing, and analysts said the meeting is widely expected to flesh out details of the fiscal package, including a swap program for local government hidden debt, and sales of government bonds to inject capital into banks.

    Vice-Minister of Finance Liao Min said during the World Bank’s 110th Development Committee meeting on Friday in Washington, DC, that China will leverage more fiscal firepower to strengthen its countercyclical adjustments.

    Countercyclical adjustments are macroeconomic tools used to neutralize possible negative effects of economic cycles.

    Liao said that details of China’s fiscal initiatives would be announced after the conclusion of the meeting of the NPC Standing Committee, as fiscal policy in China requires going through legislative procedures.

    Through government spending, China aims to catalyze investment from the private sector and shore up consumer spending, thereby increasing effective demand, Liao said, adding that the country is confident of achieving its annual growth target of around 5 percent.

    In October last year, China’s top legislature approved a plan to increase treasury bond issuance by 1 trillion yuan ($140 billion).

    Moreover, earlier this month, Finance Minister Lan Fo’an said at a news conference that the central government plans to significantly increase the debt ceiling to conduct a one-time swap of local governments’ existing hidden debt.

    This policy is the largest support measure introduced in recent years to aid the debt resolution process, and is pending legislative approval, Lan added.

    Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said, “This means that the local government debt quota, currently at around 46.79 trillion yuan, will be raised substantially this year.”

    The quota increase will pave the way for the issuance of large-scale special local government refinancing bonds in the fourth quarter, which is estimated to reach around 2 to 3 trillion yuan and will be used to swap out the existing hidden local debt. This process is unlikely to be slow, Wang added.

    The government’s debt restructuring program has extended repayment periods and reduced financing costs, enabling local authorities to free up more funds for current economic development and public service provision, said Luo Zhiheng, chief economist at Yuekai Securities.

    Furthermore, the easing of local government debt helps optimize the local business environment, which is a significant boon for foreign companies investing in China, Luo added.

    Meanwhile, analysts said the current round of fiscal initiatives also includes measures to replenish bank capital, which will boost the lending and bond-purchasing abilities of large commercial banks, with the aim of driving these major banks to further enhance support for the real economy.

    The volume of special treasury bonds issued to replenish the core tier 1 capital of State-owned commercial banks could potentially reach around 1 trillion yuan, said Wang of Golden Credit Rating International.

    “As a result, new yuan-denominated loans in the fourth quarter are expected to reverse the previous trend of slowdown and return to a growth trajectory, which is an important focus area for the current economic stabilization efforts,” Wang added.

    While Lan, the finance minister, has hinted at the considerable headroom the central government has to raise debt levels and increase the fiscal deficit, analysts said that increases in the government deficit and treasury bond issuance are likely to be outlined in next year’s Government Work Report.

    Tao Chuan, chief economist at Minsheng Securities Research Institute, said that given the relatively slower pace of issuance of special treasury bonds and local government bonds at the moment, the current fiscal policy thinking is likely tilting more toward effectively utilizing existing policy tools and larger-scale equipment upgrades and consumer goods trade-ins.

    MIL OSI China News

  • MIL-OSI USA: Senators Reverend Warnock, Ossoff Announce Over $48 Million in Federal Funding for Clean Energy Upgrades at Savannah, Brunswick Ports 

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senators Reverend Warnock, Ossoff Announce Over $48 Million in Federal Funding for Clean Energy Upgrades at Savannah, Brunswick Ports 

    Federal funds made possible by the Inflation Reduction Act, championed by Georgia’s U.S. Senators for its investments in Georgia’s clean energy economy
    Georgia Ports Authority to receive over $48 million to install new electric charging infrastructure for ships at the Port of Savannah and the Port of Brunswick
    Senator Reverend Warnock penned a letter of support for GPA’s bid to receive federal funding for clean energy infrastructure upgrades
    In addition to boosting the local economy, this grant will result in less smog from diesel emissions for surrounding port communities, strengthening air quality and the health of dock workers 
    Earlier this year, Georgia’s U.S. Senators announced over $15 million in clean energy and infrastructure investments for the Port of Savannah
    Senator Reverend Warnock: “As a son of coastal Georgia, I know the importance of Georgia’s ports and its workers to our state and national economies. As we continue moving toward a clean energy economy, it is critical Georgia and its workers remain on the frontlines of these federal investments and reap the benefits of our hard work in Washington”
    Senator Ossoff: “Today we are delivering new resources through the EPA’s Clean Ports program to upgrade the Port of Savannah and the Port of Brunswick with vessel shore power systems and install new electric charging infrastructure. This is a win-win for our economy and for local communities”

    Washington, D.C. —  Today, U.S. Senators Reverend Raphael Warnock (D-GA), a member of the Senate Commerce committee charged with overseeing the nation’s transportation policies, and Jon Ossoff (D-GA) announced they secured $48,763,746 to install new electric charging infrastructure for ships at the Port of Savannah and the Port of Brunswick. The funding will go to the Georgia Ports Authority (GPA) to invest in the vessel shore power systems, which will allow ships to ‘plug-in’ to electric grid power and turn off diesel engines while at port. In addition, the project includes the scrappage and replacement of diesel terminal tractors with new electric terminal tractors. GPA plans to engage with communities through their network and conduct classroom and on-the-job training for workers related to shore power, zero-emission vehicles, and charging stations. In addition to boosting the local economy, this grant will result in less smog from diesel emissions for surrounding port communities, helping enhance overall quality of life. The decrease in diesel emissions will also strengthen air quality, and in turn, the health of dock workers spending long hours keeping our ports running. This latest investment reflects both senators’ commitment to bolstering Georgia’s clean energy infrastructure, helping Georgia’s ports maintain their competitive edge in the U.S. economy, and ensuring workers receive the support and training needed in an evolving economy. 

    “As a son of coastal Georgia, I know the importance of Georgia’s ports and its workers to our state and national economies. As we continue moving toward a clean energy economy, it is critical Georgia and its workers remain on the frontlines of these federal investments and reap the benefits of our hard work in Washington, which is why I was proud to champion this award for the Georgia Ports Authority,” said Senator Reverend Warnock. “Senator Ossoff and I will continue delivering investments for Georgia’s ports to keep our state at the forefront of the nation’s clean energy economy.”

    “Senator Warnock and I continue working to upgrade Georgia’s port infrastructure and establish Georgia as the national leader in advanced energy technology. Today we are delivering new resources through the EPA’s Clean Ports program to upgrade the Port of Savannah and the Port of Brunswick with vessel shore power systems and install new electric charging infrastructure. This is a win-win for our economy and for local communities,” said Senator Ossoff.

    The latest announcement is part of a larger set of awards unveiled by the U.S. Environmental Protection Agency that includes 55 applicants across 27 states and territories to receive nearly $3 billion through EPA’s Clean Ports Program. The grants are funded by the Inflation Reduction Act—the largest investment in combating climate change and promoting clean energy in history, and legislation only made possible by Georgia voters electing Senators Warnock and Ossoff to cast the decisive votes—and will advance environmental justice by reducing diesel air pollution in U.S. ports and surrounding communities while promoting good-paying and union jobs that help America’s ports thrive.

    A longtime advocate for strong federal funding for Georgia’s ports, this latest effort follows Senator Warnock’s bipartisan, bicameral push with Georgia’s full congressional delegation urging officials to study expanding the Port of Savannah to ensure it can continue accommodating increasingly large container vessels. Earlier this year, Senators Warnock and Ossoff announced over $15 million in clean energy and infrastructure investments for the Port of Savannah. Also this year, Senator Warnock successfully secured $11.3 million for the Brunswick Harbor through the FY ’24 government funding bill for modifications to improve the efficiency, cost and reliability of ship traffic in the harbor, as well as $44.7 million for the Savannah Harbor to support operations and maintenance. Additionally, in January 2024, Senators Warnock and Ossoff announced a $15 million federal grant to the Port of Brunswick for critical infrastructure upgrades, funded through the Bipartisan Infrastructure Law championed by both Georgia senators.

    In May 2023, Sen. Ossoff and EPA Administrator visited the Port of Savannah to announce the Clean Ports Program and the availability of funding to electrify transportation and logistics to reduce air pollution.

    MIL OSI USA News

  • MIL-OSI China: China deplores US rule on investment restrictions against China

    Source: China State Council Information Office

    China deplores and rejects the latest U.S. rule on investment restrictions aimed at China, Chinese foreign ministry spokesperson Lin Jian said on Tuesday.

    Lin made the remarks at a daily press briefing when asked to respond to reports that the Biden administration has finalized restrictions on investments by U.S. individuals and companies into advanced tech in China, including the semiconductor, quantum computing and AI sectors.

    Lin said China deplores and rejects the United States’ Final Rule to curb investment in China. “China has protested to the United States and will take all measures necessary to firmly defend its lawful rights and interests.”

    MIL OSI China News

  • MIL-OSI China: TV festival attracts global cultural exchange in entertainment

    Source: China State Council Information Office 3

    The China Pavilion appeared at the Palace of Festivals and Conferences for MIPCOM Cannes in France from Oct 21 to 24, marking the 21st time it has participated in the autumn TV festival, which offers a series of events under the theme “Focus on China, Stories Without Limits”.

    Cao Shumin, director of the National Radio and Television Administration, attended the forum and delivered a speech noting that 2024 marks the 60th anniversary of diplomatic relations between China and France. MIPCOM Cannes is the world’s largest market for international studios and distributors of entertainment content. It serves as a window for showcasing audio-video programs and a platform for discussing industry development.

    Cao shared three characteristics of the Chinese audiovisual content market.

    The quality of audio works is continuously improving, with numerous hits emerging, particularly realistic works that reflect common human experiences and emotions that resonate with audiences worldwide.

    Cultural exchanges and cooperation always adhere to inclusiveness and mutual appreciation, using audio/visual works to enhance understanding and communication in promoting the coexistence and development of diverse global cultures.

    The market has enormous potential and unlimited space for cooperation and innovation. Efforts are being made to deeply integrate and develop radio, television and online audiovisual content and dissemination, using technology to empower innovative audiovisual program forms and improve service quality, thus providing broad prospects.

    At the panel session of the forum, Yang Xiaopei, founder of Xixi Pictures from China, discussed the latest trends in international audiovisual content cooperation.

    Works produced by Yang’s team have been broadcast on streaming platforms and TV stations in various countries. By collecting audience comments and feedback, they found audiences in many countries that appreciate Chinese culture and stories, which greatly encourages and motivates her team, she said.

    The China Pavilion covered a total area of 258 square meters, featuring over 30 outstanding Chinese audiovisual content production, distribution and broadcasting organizations, showcasing 179 works.

    The festival gathered over 1,500 leading distribution and production companies from over 100 countries and regions, with more than 320 booths and 31 national and regional pavilions.

    MIL OSI China News

  • MIL-OSI China: Norwegians optimistic about opportunities at CIIE

    Source: China State Council Information Office 3

    A truck loaded with exhibits for the upcoming 7th China International Import Expo (CIIE) is greeted with a water salute during an accession ceremony for exhibits at the National Exhibition and Convention Center (Shanghai), the main venue for the CIIE, in east China’s Shanghai, Oct. 22, 2024. [Photo/Xinhua]

    As the 7th China International Import Expo (CIIE) approaches, Henning Kristoffersen, head of Innovation Norway in China, expressed optimism about growing opportunities for Norwegian businesses to deepen presence in Chinese market in a recent interview with Xinhua.

    Highlighting last year’s participation of Norwegian companies in the CIIE, Kristoffersen, also commercial counselor of the Norwegian Embassy in Beijing, said the event had provided a valuable platform for the businesses, particularly those in nutrition and health sectors, to showcase their products.

    They have realized that the CIIE is “an excellent arena to highlight their innovations,” he said.

    This year, Norway will participate in the Country Exhibition for the first time, hosting a variety of activities aimed at engaging with Chinese consumers and stakeholders.

    “This year marks the 70th anniversary of diplomatic relations between Norway and China … As ocean nations, maritime and marine sectors present substantial opportunities for both countries,” Kristoffersen said, adding, “We also look forward to increased cooperation in research and development.”

    Kristoffersen expressed belief that China will offer significant opportunities for Norwegian businesses in its promotion of green transition and innovation-driven growth.

    Sigmund Bjorgo, Norwegian Seafood Council’s country director to China, emphasized the importance of the CIIE as a major meeting point for Norwegian seafood companies to connect with industry stakeholders and consumers.

    “The CIIE has become an essential event for the Norwegian seafood industry. Being part of the Country Exhibition this year will elevate our profile and help us expand our presence in the Chinese market,” Bjorgo told Xinhua.

    Expressing confidence in the Chinese market, Bjorgo, who had previously served in the same position, said, “The growth of Norwegian seafood exports has been impressive, particularly for salmon, which has grown fivefold since 2018.”

    The 7th CIIE, scheduled to be held in Shanghai from Nov. 5 to 10, has attracted participants from 152 countries, regions and international organizations, and achieved a new record with 297 Fortune Global 500 companies and industry leaders set to attend.

    Since its first edition in 2018, this expo has become an important stage spotlighting China’s new development paradigm, a platform for high-level opening up, and a public good for the whole world.

    The previous six editions saw nearly 2,500 new products, technologies and services make their debuts, with combined intended turnover reaching over 420 billion U.S. dollars.

    MIL OSI China News

  • MIL-OSI Security: Remarks by Deputy Secretary of Defense Kathleen H. Hicks at the 2024 Microelectronics Commons Annual Meeting (As Delivered)

    Source: United States INDO PACIFIC COMMAND

    Good morning, everybody. Thank you, Dr. [Dev] Shenoy, first, for the introduction, and thanks to all of you in the defense research and engineering enterprise, for what you do every day to lead us.

    It’s a privilege to be with all of you for this second annual meeting of the Microelectronics Commons. And it’s remarkable to see how much this community has flourished in just the past year.

    Now, I won’t bother preaching to this choir about why semiconductors matter. Whether you found religion lately or long ago, you’re all here because you get it.

    Yet even people who can fully grasp how chips enable our phones, fridges, cars, and so much of what’s essential to modern life — even scientists and technologists who are steeped in the intricacies of how they’re made — even they may not always consider why chips might be so important to the U.S. Department of Defense.

    But over at the Pentagon, we think about that all the time. Because microelectronics are fundamental to the operation of virtually every military system: ships, planes, tanks, long-range munitions, communication gear, satellites, sensors, and more.

    Every day, from the Indo-Pacific to the North Atlantic to the Middle East and beyond — from the ocean floor to outer space to cyberspace — as American warfighters stand the watch, they depend on chips to help them defend our country, our allies and partners, and our interests.

    Microelectronics are at the heart of practically everything you can imagine U.S. troops using. Radios. Radar. Night-vision goggles. GPS. Battle networks. Avionics that enable dagger-shaped stealth bombers to fly. WiFi.

    America’s vibrant innovation ecosystem made it all possible, through collaboration going back decades across government, academia, and industry, encompassing businesses large and small.

    You are the heirs to that legacy. And as our nation has embarked on a quest to reignite U.S. leadership in not only chip research and design, but also prototyping, manufacturing, and production at scale, you are cementing your own legacy.

    And you’ve already done a lot.

    One year ago, shortly after we announced the first Microelectronics Commons awards, we had more than 360 distinct member organizations located across 35 states, the District of Columbia, and Puerto Rico. And we thought that was pretty impressive.

    But as of today, the Commons boasts over 1,200 member organizations. Meaning this community has more than tripled in size, in just 12 months. Now that’s really impressive. And with that growth, our reach has expanded to even more states, like Arkansas, Maine, Nevada, and Wisconsin.

    One year ago, we’d already awarded nearly $240 million to stand up eight regional innovation hubs, reflecting the talent and ingenuity resident all over the country. And that was just the beginning.

    Because, as of today, we’ve awarded nearly $700 million toward this endeavor’s goal of bridging the microelectronics gap from lab-to-fab — that infamous valley of death between research and development and production.

    Not only does that number include the latest round of nearly three dozen project awards announced just a few weeks ago- it also represents a tripling of our total investment. And there will be more to come.

    The CHIPS and Science Act is a “once-in-a-generation investment in America itself,” as President Biden said when he signed it into law.

    CHIPS was a bipartisan victory for U.S. national security and economic security — a win that will echo through history for years to come.

    It proved that we can still do big things, that our best days are still ahead — sparking programs and initiatives across the Biden-Harris Administration, and across the Department of Defense, where we work closely with the Department of Commerce and many other interagency colleagues on CHIPS implementation.

    The CHIPS Act made clear to America — and the world — that the U.S. government is united in its commitment to ensuring that our industrial and scientific powerhouses can deliver what we need to secure the future.

    And we’re united beyond the U.S. government.

    Take industry: right now we’re living through an era in which a new generation of defense-tech startups and scale-ups is disrupting America’s defense industrial base. That’s welcomed, because competition is good for the taxpayer and good for the warfighter.

    So you might expect to see the newcomers and the mainstays always eying each other warily, contesting whose products are better, and rarely collaborating or finding common cause.

    Yet that’s not the case with our regional innovation hubs in the Northeast, Midwest, and Southwest. They’ve given a home to both traditional primes, such as Lockheed Martin, Northrop Grumman, and RTX, and newer venture-backed companies, like Anduril, Epirus, and Tignis.

    Why? Because chips bring America together.

    Or take academia. Right now, in the midst of college football season, fans might expect the likes of Purdue, Notre Dame, Michigan, and Illinois Urbana-Champaign to be at each other’s throats well into January.

    But at the Silicon Crossroads hub, all four of those universities are benefitting from a trusted environment that’s fostering collaborative innovation — creating a unified research and prototyping capability where they’re accelerating their unique nanofabrication and test facilities for industry to access.

    And you could even say that the Midwest Microelectronics Consortium hub is like the Big Ten Conference, but for semiconductors. (Laughter.) It’s now the largest hub with over 360 members nationwide, hailing from every time zone in the continental United States: Pacific, Mountain, Central, and Eastern. There’s even one hub member in Hawaii. 

    Why? Because chips bring America together.

    Look no further than the Defense-Ready Electronics and Microdevices Superhub, which recently began processing its first outside customer orders. With the nickname “California DREAMS,” it has members from Pasadena, L.A., San Diego, and Santa Barbara — but it also has members from Baltimore, Maryland; Greensboro, North Carolina; and Fort Worth, Texas.

    Like I said, chips bring America together. And this work is expanding opportunity as it does so — broadening the number of people and places that support our growing national semiconductor ecosystems, building the workforce pools and talent pipelines that America needs to stay ahead, and bringing new hotbeds of local innovation into the fold.

    That’s you. You’re doing this.

    At hubs in Massachusetts and New York, you’re helping prepare military veterans for careers in microelectronics.

    And you’re also reaching talent at historically-black colleges and universities, like Morgan State University and North Carolina A&T, advancing areas like electromagnetic warfare, 5G and 6G wireless, and commercial leap-ahead technologies.

    Across the country, this network of hubs now represents a committed community — of innovators, transition owners, academic leaders, defense industry stakeholders, government program managers, and prototyping and manufacturing facilities, that are together accelerating microelectronics development and production — all to meet DoD’s needs, and many with dual-use applications.

    It’s been exciting to see our vision for the Microelectronics Commons become a reality over the last year. And we’re looking forward to the progress that we’ll see in the years to come: as the hubs continue to evolve their operational models, as new projects get awarded and funded, and as our investments deliver for the warfighter at greater speed and scale.

    Together, you exemplify what America can do when we’re faced with a pressing challenge.

    You’re showing the world — and especially our strategic competitors — what we’re capable of.

    And I know you won’t let us down.

    Thank you.

    MIL Security OSI

  • MIL-OSI New Zealand: Guatemala

    Source: New Zealand Ministry of Foreign Affairs and Trade – Safe Travel

    • Reviewed: 30 October 2024, 15:01 NZDT
    • Still current at: 30 October 2024

    Related news features

    If you are planning international travel at this time, please read our COVID-19 related travel advice here, alongside our destination specific travel advice below.

    Avoid non-essential travel to the following areas due to violent crime (level 3 of 4):

    • within 5km of the Mexican border from the Pacific Coast up to and including the Gracias a Dios crossing
    • to the towns of Santa Ana Huista, San Antonio Huista and La Democracia in the department of Huehuetenangodue.

    Exercise increased caution elsewhere in Guatemala due to violent crime and civil unrest (level 2 of 4).

    Guatemala

    Violent Crime
    Guatemala has a high violent crime rate. Criminal acts often involve firearms and may include armed robbery, kidnapping, sexual assault and murder. The majority of this crime is drug and gang-related, however, violence can be indiscriminate and occur in areas frequented by tourists.

    New Zealanders in Guatemala should remain security conscious and exercise a high degree of caution at all times. This includes in Guatemala City and other major cities, public areas and tourist destinations including Tikal, Petén, Antigua, Volcán de Pacaya and Lake Atitlán.

    Sexual assault remains a risk. There have been incidents of drink spiking in tourist areas such as Antigua. We advise New Zealanders to exercise a high degree of caution and avoid travelling alone, especially at night.

    Pickpockets and bag snatchers are prevalent in major cities and tourist sites, especially in central markets. We advise New Zealanders to take steps to safeguard and secure their personal belongings.

    “Express kidnappings” have also been reported in Guatemala, where criminals abduct a victim for a short amount of time and force them to withdraw funds from their bank account. To reduce the risk of this occurring we recommend you use ATMs that are located within bank branches and during daylight hours only. We also recommend you avoid displaying or wearing items that appear valuable, such as mobile devices and jewellery. No resistance should be given if you are the victim of crime as this could lead to an escalation in violence. Victims have been killed and injured attempting to resist perpetrators.

    When travelling to remote areas, including to volcanoes, it may be safer to travel with others or a reputable tour company. The Guatemalan Government PROATUR service offers tourist advice and security escorts for travel around the country.

    Road Travel
    Inter-city travel can be dangerous, particularly after dark. There have been reports of armed robbery and bus/carjackings affecting tourists on a number of travel routes, including along main highways and the road to and from the international airport in Guatemala City. Armed criminals have been known to set up roadblocks and pose as police officers. If travelling by road, you should keep doors locked, valuables out of sight and windows up at all times. Wherever possible travel in a convoy and avoid all travel after dark.

    Travel on local public buses (“chicken buses”) should be avoided for safety and security reasons as they are usually overloaded and there have been armed attacks by gangs and incidents of crime against foreigners on buses. Radio-dispatched or hotel taxis are the safest option as there have been robberies and assaults associated with unofficial taxis. Prepaid vouchers can also be purchased from the INGUAT (tourist office) in the arrivals terminal.

    Borders
    Special care should also be taken in border areas with Belize, Mexico, Honduras and El Salvador and at border crossings due to organised crime and drug-related violence. Allow enough time for border formalities so that you can arrive at your destination before dark.

    Seismic Activity
    Guatemala lies in a seismically active zone with four active volcanoes, and the possibility of an eruption always exists. Previously volcanic activity has forced evacuation of nearby visitors. Tremors are common, so familiarise yourself with earthquake safety measures. Travellers should be aware of the possibility for travel disruptions in the event of seismic or volcanic activity. Monitor levels of volcanic activity through the local media, and follow any alerts or instructions from local authorities.

    Civil Unrest
    Protests and demonstrations, including strike action and roadblocks, occur across Guatemala and have the potential to turn violent with little notice. They can cause disruptions to traffic and essential services. We recommend you avoid large gatherings, monitor the local media for updated security information and follow any instructions issued by local authorities, including curfews. Participation in demonstrations by foreigners is illegal and may result in detention and expulsion from the country.

    General Travel Advice
    Carry a photocopy or certified true copy of your passport as a form of personal identification when travelling.

    Penalties for possession, use or trafficking of illegal drugs are severe and can include lengthy imprisonment or fines.

    Do not take photographs of children without permission. Many people in Guatemala fear that children are being kidnapped for adoption or for theft of vital organs, and foreigners have been caught up in violent incidents related to accusations and fears of child kidnapping. Photography of government buildings, airports and military establishments is prohibited, and could result in detention. If in doubt, don’t take a picture.

    Medical facilities are limited outside Guatemala City. New Zealanders in Guatemala should have a comprehensive travel insurance policy in place that includes provisions for adventure activities and medical evacuation by air.

    New Zealanders in Guatemala are encouraged to register their details with the Ministry of Foreign Affairs and Trade.

     

    Travel tips


    The New Zealand Embassy Mexico City, Mexico is accredited to Guatemala

    Street Address Jaime Balmes No 8, 4th Floor, Los Morales, Polanco, Mexico D.F. 11510 Telephone +52 55 5283 9460 Fax +52 55 5283 9480 Email nzmexico@mfat.govt.nz Web Site http://www.mfat.govt.nz/mexico Hours Mon – Fri 0930 – 1400

    New Zealand Honorary Consulate Guatemala City, Guatemala

    Street Address 13 Calle 7-71, Zona 10, Guatemala City 01010, Guatemala Telephone (+502) 2360-8276 Alternate Telephone (+502) 2360-4961 Fax +502 2431 3742 Email kiwiguatemala@gmail.com

    See our regional advice for Central/South America

    MIL OSI New Zealand News

  • MIL-OSI Economics: ADB Approves $500 Million Loan to Support Climate and Disaster Resilience in Pakistan

    Source: Asia Development Bank

    MANILA, PHILIPPINES (29 October 2024) — The Asian Development Bank (ADB) has approved a $500 million policy-based loan to support climate change and disaster risk reduction and resilience in Pakistan.

    The Climate and Disaster Resilience Enhancement Program (CDREP) will strengthen Pakistan’s institutional capacity for planning, preparedness, and response; increase inclusive investment in disaster risk reduction and climate resilience; and support the scale up of disaster risk financing using a risk-layered approach.

    Pakistan is one of the most vulnerable countries to climate change and disasters triggered by natural hazards in Asia and the Pacific. Average losses from disaster events exceed $2 billion per year. Women and other vulnerable groups are disproportionately affected by climate change and disaster events.

    “This program builds on ADB’s longstanding work in Pakistan to understand and reduce climate and disaster risks and support effective disaster response,” said ADB Director General for Central and West Asia Yevgeniy Zhukov. “We are proud to support an integrated and comprehensive approach to climate and disaster risk management, including a portfolio of disaster risk financing instruments for timely and adequate funding for disaster response.”

    The program supports enhanced capacity for disaster risk mapping and modeling for investment and development decisions. It enhances coordination for disaster monitoring and response. It supports enhanced planning and prioritization of gender-sensitive and resilient public investments, including integrated flood risk management and nature-based solutions. 

    The program supports mobilization of climate finance from public and private sources. This includes issuance of a domestic green sukuk (Islamic bond). A key innovation of the program is the use of ADB’s Contingent Disaster Financing option for the first time in the Central and West Asia region. This will provide quick disbursing budget support in the event of a disaster.

    The program will support the establishment of a solidarity fund to facilitate the uptake of risk transfer solutions such as agriculture insurance. The program also supports shock-responsive social protection to deliver cash assistance in the event of a disaster.

    ADB has also approved a technical assistance grant of $1 million to support implementation of the program.

    Pakistan was a founding member of ADB. Since 1966, ADB has committed over $52 billion in public and private sector loans, grants, and other forms of financing to promote inclusive economic growth in Pakistan and improve the country’s infrastructure, energy and food security, transport networks, and social services.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics

  • MIL-OSI Economics: ADB Appoints New Country Director for Bhutan

    Source: Asia Development Bank

    THIMPHU, BHUTAN (29 October 2024) — The Asian Development Bank (ADB) has appointed Sonomi Tanaka as its new Country Director for Bhutan.

    Ms. Tanaka will lead ADB’s operations in Bhutan and policy dialogue with the government, development partners, and other stakeholders. She will implement the newly approved country partnership strategy (CPS) 2024–2028 for Bhutan which aligns closely with the 13th Five-Year Plan of the government that aims to develop Bhutan into a sustainable and prosperous economy.

    “I look forward to working closely with the government and the people of Bhutan to reinforce Bhutan’s development efforts by strengthening public sector management, enabling private sector development, building climate-adaptive and resilient infrastructure, and enhancing human capital development to increase youth employability,” said Ms. Tanaka.

    Ms. Tanaka has over 30 years of professional experience, including 25 years with the ADB. In 2020, she was appointed as Country Director of ADB’s Resident Mission in the Lao People’s Democratic Republic, where she led the formulation of the CPS 2024-2028 and advanced critical policy reforms in collaboration with the World Bank and other partners to address macroeconomic challenges. She previously served as chief of the Gender Equity Thematic Group, responsible for overseeing and advising on ADB-wide operations to promote gender equality and women’s empowerment. Ms. Tanaka has worked extensively on gender and development, poverty reduction, social analysis, social protection, and community participation issues in Asia and the Pacific. Her sectoral expertise spans education, finance, health, infrastructure, natural resources management, public sector management, and urban development. Prior to joining ADB, she held roles in the World Bank’s South Asia Department and in development institutions in Japan.

    Ms. Tanaka is a national of Japan and holds a master of arts in gender and development from the Institute of Development Studies, Sussex University and a post-graduate diploma in development studies from the Institute of Developing Economies Advanced School in Japan. She has a bachelor’s degree in international relations from the University of Tokyo.

    Bhutan became a member of ADB in 1982. ADB has committed around $1.2 billion in loans, grants and technical assistance to the country, including cofinancing. ADB’s priority areas for support in Bhutan include energy, transport, urban infrastructure, water supply and sanitation, education, agriculture and natural resources, and finance. As of October 2024, ADB’s Bhutan portfolio includes 15 projects worth around $363 million.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics

  • MIL-OSI Economics: ADB to Improve Rural Livehoods, Ecosystems and Climate Resilience in Qixia City, Shandong, PRC

    Source: Asia Development Bank

    MANILA, PHILIPPINES (30 October 2024) — The Asian Development Bank (ADB) has approved a $150 million loan to enhance the ecological and climate resilience, as well as rural livelihoods in Qixia City in Shandong Province, the People’s Republic of China (PRC).  

    “The Shandong Qixia Ecological Function Conservation Demonstration Project will provide a model of integrated city ecosystem management,” said ADB Country Director for the PRC Safdar Parvez. “The project will benefit more than 429,000 residents through enhanced natural resources, environmental living conditions, and livelihood opportunities. The practices and experiences in this ecologically sensitive area could be replicated in other parts of the PRC, as well as in other countries.”

    Qixia City serves as the primary water source for coastal Yantai municipality in northeast Shandong Province, a major apple-growing area. However, intensive use of agricultural chemicals and plastic has damaged soil and water quality in the vicinity. Climate change is also increasing the frequency and magnitude of weather-related disasters. The degradation of natural capital in the city is disrupting agriculture and food security.

    To improve sustainability practices for agriculture and rural livelihoods, the project will conduct soil testing and apply organic fertilizers and soil conditioners to improve soil quality, as well as promote ecotourism to provide a sustainable source of income for local communities, while also raising awareness about the importance of conserving the ecosystem.

    The project will pilot a smart orchard system that will have modern and environment-friendly practices, such as sensors, data analytics, automation, optimized fertigation, and pest control. It will also strengthen rural solid waste collection management. All contribute to more sustainable production systems with reduced chemical fertilizer and pesticide use.

    To protect natural capital, the project will rehabilitate degraded river courses through bank protection, flood control, and excavation of river blockages. It will also construct forest fire prevention pathways and implement sustainable forest pest control. Institutional capacity and coordination on integrated ecosystem management will also be strengthened.

    As part of ADB’s Yellow River Ecological Corridor Program, aligned with the PRC’s Yellow River Basin Ecological Protection and High-quality Development Plan, the project aims to adopt a model of integrated ecosystem management and building climate resilience. It has significant regional benefits, as it addresses the complex ecological and environmental challenges in the Yellow River region.

    The total project cost is estimated to be $362 million, with $212 million counterpart financing from the government, which includes $85 million cofinancing from the Agricultural Development Bank of China. More than $99 million of the ADB financing is earmarked for climate adaptation and mitigation. It is expected to be completed in 2030.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics

  • MIL-OSI Economics: Replicating ADB Projects from the People’s Republic of China

    Source: Asia Development Bank

    Transcript

    Projects in the PRC offer rich potential for learning and replication—both domestically and abroad.

    Echoes of Success assembles five case studies in demonstration and replication of ADB-financed projects in the PRC.

    The five projects span diverse sectors—from nature conservation, green finance, water management, and energy efficiency, to road safety.

    Jiangsu Yancheng Biodiversity Protection Project restored nature reserves, and strengthened wetland protection and habitat management.

    The project’s insights in nurturing coexistence of rare species and humans have been applied to other wetlands, and inspired ADB’s Regional Flyway Initiative.

    Shandong Green Development Fund Project is a funding mechanism that mobilizes investment for climate projects and the environment.

    It has stimulated similar green finance initiatives in Southeast Asia, Central, and West Asia.

    Shaanxi Mountain Road Safety Demonstration Project is ADB’s first standalone road safety project.

    It adopts international road safety inspection, impact assessment, and design.

    The road safety program has been replicated in the PRC and Mongolia and won a global award from the International Road Federation.

    Shaanxi Accelerated Energy Efficiency and Environment Improvement Financing Project channeled funding to small and medium-scale clean energy investments in energy efficiency and emission reduction.

    The project’s pollution reduction, renewable energy heating, energy conservation technologies were replicated in two cities in Henan province.

    Wuhan Urban Environmental Improvement Project integrated sludge treatment and disposal systems, rehabilitated lakes, and strengthened water management.

    Lessons from the project design and implementation were applied to ADB projects in Huangshi and Huainan.

    Successful replication of projects requires active knowledge exchange, strong government support, and official recognition.

    ADB and the PRC will continue to promote regional and global development by sharing best practices and lessons in the PRC with other developing countries. 

    MIL OSI Economics

  • MIL-Evening Report: Martha Stewart paved the way for influencers. But not everyone finds her brand empowering

    Source: The Conversation (Au and NZ) – By Di Yang, Doctoral student, School of Economics, Finance, and Marketing, RMIT University

    From showing us how to cook the perfect turkey to mastering the art of folding a fitted sheet, Martha Stewart’s name has long been a byword for doing things well at home – “how very ‘Martha Stewart’ of you”.

    New Netflix documentary, Martha, promises insights into her extraordinary life – from a teenage model to the original influencer and America’s first self-made female billionaire, with a prison stay and friendship with Snoop Dogg along the way.

    Behind the expertly folded linens and immaculately set tables lies something more.

    Martha Stewart created a brand empire that redefined the domestic lifestyle, monetised it and paved the way for others.

    Beginnings and barriers

    Stewart’s connection to the domestic arts began early.

    Raised in New Jersey, she learned essential homemaking skills like cooking and sewing from her mother, while her father introduced her to gardening.

    She studied art and architectural history yet Stewart started her career as a stockbroker. But her passion for the domestic realm led her to entrepreneurship.

    As she once reflected, “the life of the homemaker was more interesting to me than the life of Wall Street”.

    In 1972, she launched a catering business from the suburbs of Connecticut. It soon gained recognition for its elegant food presentations. A publisher client led to her 1982 book, Entertaining. It included notes for how to prepare a clambake for 30, a cocktail party for 200 and ranked presentation as highly as the food itself.

    Book success sealed a partnership with Kmart in 1987 and eventually took her homewares brand into millions of American homes.

    By 1999, she took her company, Martha Stewart Living Omnimedia (which encompassed her television show, magazines, websites and merchandising product lines) public, becoming America’s first self-made female billionaire – albeit momentarily.

    A few years later, Stewart was embroiled in scandal. She received a five-month prison sentence for insider trading and obstruction of justice. Many expected this to mark the end of her career – but Stewart defied the odds.

    Breaking new ground

    After her release from prison, she didn’t shy away from her past. Instead, she continued sharing skills including those she honed during her time at prison camp – whether it was crocheting or experimenting with new recipes. As always, Stewart seized every opportunity to expand her brand.

    Her genius lies in her ability to “sense a void in the culture” and turn a personal touch into commercial success.

    Since selling her namesake brand, Stewart has stayed in the spotlight, sometimes sharing it with rapper Snoop Dogg. The unlikely duo struck up a seemingly genuine friendship that produced a television potluck series, appearances and prison jokes.

    She continues to connect with millions of followers on platforms like Instagram and TikTok, where her long-term influence is perhaps most evident.

    The OG influencer

    Stewart’s living legacy is unmistakable in today’s digital world. Scrolling through social media, you’ll find traces of her in meticulously arranged tablescapes or perfectly organised cabinets.

    Popular “cleanfluencers” like Mrs Hinch and Australia’s Mama Mila have built massive followings by turning domestic tasks into visually captivating content.

    Minimalist tidy maven Marie Kondo took the world by storm, with her philosophy of keeping only what “sparks joy”. Her global brand follows Stewart’s signature collection model. Stewart’s clean and white aesthetic and multichannel branding can be seen in Gwyneth Paltrow’s Goop too.

    When housework is repackaged as life-changing and transformative, it transcends private duty to become a public, respected and potentially profitable business.

    But is this feminism?

    Yet, the rise of domestic lifestyle influencers also raises critical questions in feminist circles.

    As far back as Simone de Beauvoir’s The Second Sex, published in 1949, housework has been seen as part of the trap of domestic femininity.

    Figures like Stewart may represent success stories in economic terms. But their ventures risk reinforcing the stereotype that homemaking is inherently women’s work, often packaged alongside an ever-growing array of consumer products designed to perfect it.

    Stewart’s vision of domestic success – immaculate homes, flawless dinners, and perfect organisation – sets a standard that is unattainable for most. Scholars argue her media empire presents an upper-class fantasy, where the appearance of a wealthy lifestyle is emphasised over the reality of it.

    Focusing on domesticity is not inherently regressive, but what happens when the standards of success are too high to reach?

    The “solution” is often hidden in the consumerism trap, with women endlessly buying goods to chase an idealised lifestyle.

    Stewart’s embrace of perfectionism fuelled her success. In her words, “being a perfectionist can be profitable”. Yet for women and consumers, the pursuit of “Martha Stewartness” often feels out of reach.

    Martha is streaming on Netflix from today.

    Di Yang 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. Martha Stewart paved the way for influencers. But not everyone finds her brand empowering – https://theconversation.com/martha-stewart-paved-the-way-for-influencers-but-not-everyone-finds-her-brand-empowering-241802

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Inflation is sinking ever lower. Now that it’s official what’s the RBA going to do?

    Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

    Lower petrol prices and an electricity rebate have contributed to a further fall in the quarterly measure of inflation, the Consumer Price Index.

    The rate in the September quarter dropped to 2.8%, putting it for the first time within the Reserve Bank’s target range of two-point-something since the March quarter of 2020.

    The fall was broadly in keeping with market expectations, and keeps low the likelihood of an interest rate cut this year. The next Reserve Bank meeting is scheduled for Tuesday.

    The bank pays more attention to the long-running quarterly measure of the CPI than the more volatile monthly version which already dropped into its target range in August.

    The monthly measure dropped further, to 2.1%, in September.



    The quarterly CPI is also more important because it is included in all sorts of workplace and other contracts and indexation formulas.

    The main reason for the fall in inflation was the electricity rebates announced in the federal budget and by some states.

    Also helping were the falls in petrol prices, mainly reflecting declines in global oil prices. Cheaper or free public transport in Brisbane, Canberra, Hobart and Darwin also contributed.



    Preventing a larger fall were the continuing strong growth in insurance costs and rent. The rise in insurance costs reflects a series of extreme weather events such as bushfires and floods. It is a way in which climate change is exacerbating inflation.

    Contrary to what many people think, the increase in rents is not due to landlords passing on higher interest rates. Landlords may want to do this but they are only able if vacancy rates are low, otherwise tenants just move elsewhere.

    History shows it is low vacancy rates that drive up rent regardless of the level of interest rates. The inability of landlords to pass on interest rate increases has been confirmed by a study just published by the Reserve Bank using tax return data.

    It showed that only three cents of every dollar in extra interest costs is passed on.

    The fall in inflation to a rate significantly below the 4% at which wages are increasing means that the cost of living crisis is abating, although not yet over.

    The dramatically lower inflation rate puts Australia in a comparable position to the United States, whose inflation rate is 2.4%, the United Kingdom, whose inflation rate is 1.7% and New Zealand where it is 2.2%.

    The US, UK and New Zealand all have inflation targets (or midpoints) of 2%, so inflation is now only slightly above the target in the US and New Zealand. It is actually below it in the UK. In response all three have cut their key policy interest rates.

    Yet it is unlikely that the Reserve Bank will follow their lead until next year, despite growing pressure.

    One reason is that, even after their cuts, interest rates in our three peers are still higher than in Australia, at around 4.75% to 5%.

    But more importantly, the Bank has stressed recently that it pays more attention to the “underlying” rate of inflation, which looks through temporary measures such as the electricity subsidies. The Bank will only cut interest rates when they are “confident that inflation was moving sustainably towards the target range”.

    The bank’s preferred measure of underlying inflation, the so-called trimmed mean, has also fallen.

    But at 3.5%, it is still above the target. A positive aspect is that it has reached 3.5% ahead of the Bank’s most recent forecast which had 3.5% only being reached by the end of 2024.



    Monetary policy, however, has in Milton Friedman’s famous words “long and variable lags”.

    As the then future governor Glenn Stevens remarked back in 1999,
    “the long lags associated with the full impact of monetary policy changes mean that policy changes today must be made with a view not just to what is happening now, but what is likely to be happening in a year’s time and even beyond then”.

    In other words we want to drive by looking ahead rather than just at the rear view mirror. The Bank is like a footballer who needs to head to where the ball will be rather than where it is now.

    There is therefore a risk that if the Reserve Bank keeps interest rates high until inflation reaches the middle of the target, it will be too late to prevent the economy slowing too much and inflation will undershoot the target. This would likely be associated with unnecessarily high unemployment.

    That is why the Reserve Bank board faces a difficult balancing act in taking its decisions.

    John Hawkins was formerly a senior economist and forecaster in the Reserve Bank and the Australian Treasury.

    ref. Inflation is sinking ever lower. Now that it’s official what’s the RBA going to do? – https://theconversation.com/inflation-is-sinking-ever-lower-now-that-its-official-whats-the-rba-going-to-do-240336

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: SBA Offers Disaster Assistance to Oregon Small Businesses Economically Impacted by the Microwave Tower Fire

    Source: United States Small Business Administration

    “As communities across the Southeast continue to recover and rebuild after Hurricanes Helene and Milton, the SBA remains focused on its mission to provide support to small businesses to help stabilize local economies, even in the face of diminished disaster funding,” said Administrator Isabel Casillas Guzman. “If your business has sustained physical damage, or you’ve lost inventory, equipment or revenues, the SBA will help you navigate the resources available and work with you at our recovery centers or with our customer service specialists in person and online so you can fully submit your disaster loan application and be ready to receive financial relief as soon as funds are replenished.”

    SACRAMENTO, Calif. – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses economically impacted by the Microwave Tower Fire that occurred July 22-Aug. 11, SBA’s Administrator Isabel Casillas Guzman announced today. SBA acted under its own authority to declare a disaster following a request received from Gov. Tina Kotek on Oct. 28.

    The disaster declaration makes SBA assistance available in Clackamas, Gilliam, Hood River, Jefferson, Marion, Sherman, Wasco and Wheeler counties in Oregon; and Klickitat County in Washington.

    “Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration.

    “These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Sánchez continued.

    “When disasters strike, our virtual Business Recovery Centers are key to helping business owners and residents get back on their feet,” Sánchez added. “At these virtual centers, people can connect directly with our specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey.”

    “Beginning Wednesday, Oct. 30, SBA customer service representatives will be available at the following virtual Business Recovery Center to answer questions about SBA’s disaster loan program, explain the application process and help each business owner complete their application,” Sánchez said. The virtual center will be open on the days and times indicated below. No appointment is necessary.

    VIRTUAL BUSINESS RECOVERY CENTER
    Monday – Friday
    8:00 a.m. – 4:30 p.m.
    FOCWAssistance@sba.gov
    (916) 735-1712

    Opens at 8 a.m., Wednesday, Oct. 30

    Closed on Monday, Nov. 11, for Veterans Day

    Closed on Thursday, Nov. 28, for Thanksgiving Holiday

    Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for small businesses and 3.25 percent for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.

    Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

    On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

    Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

    Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to apply for economic injury is July 29, 2025.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI China: Intel unveils additional investment in China

    Source: China State Council Information Office

    Workers set up the exhibition booth of Intel Corporation in preparation for the fifth China International Import Expo (CIIE) in east China’s Shanghai, Nov. 2, 2022. [Photo/Xinhua]

    U.S. chip giant Intel on Monday announced the expansion of its packaging and testing base in southwestern China to boost local supply chain efficiency and better serve Chinese clients.

    With a capital increase of 300 million U.S. dollars, the added capacity at its base in Chengdu, Sichuan Province, will primarily focus on packaging and testing services for server chips to meet Chinese clients’ demand for customized packaging solutions. A new customer solutions center will also be established to enhance the efficiency of the local supply chain and increase support for Chinese customers, the company said in an announcement.

    China’s persistent pursuit of high-quality development and high-level opening-up serves as the foundation and driving force for Intel’s long-term development in the Chinese market. Intel’s strategy of being rooted in China and serving its customers remains unchanged, according to Wang Rui, senior vice president and chairman of Intel China.

    The Chengdu base, put into operation in 2003, is one of Intel’s largest chip packaging and testing centers globally.

    Amidst the challenging global economic recovery, preserving the resilience and stability of global industrial and supply chains is crucial for fostering growth.

    Intel has been under considerable revenue pressure in the global market in recent years. Bai Ming, a researcher with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, said Intel aspires to leverage the growth of the Chinese market to overcome business challenges and enhance its overall performance.

    Intel has been in China for nearly four decades, establishing its first representative office in Beijing in 1985. China has become the regional market where Intel has the largest investment and the most comprehensive organization outside the United States. Nearly a quarter of Intel’s global revenue of over 50 billion U.S. dollars comes from the Chinese market.

    The fresh move once again demonstrates the importance of the Chinese market to global chip players. Last year, executives of several chip giants visited China, seeking closer collaboration with the world’s largest semiconductor market. Intel CEO Pat Gelsinger, when visiting China in April 2023, said China plays an incredibly important role in Intel’s business strategy.

    While Washington in recent years has continuously imposed semiconductor trade restrictions on China and even attempted to cut off U.S. capital flow to the Chinese high-tech sectors, U.S. chipmakers have found it both impossible and unbearable to “decouple” from the world’s second largest economy. A 2021 report by the U.S. Semiconductor Industry Association clearly stated that “access to this massive (Chinese) market is essential to the success of any globally competitive chip firm today and in the future.”

    “China’s steady economic fundamentals, coupled with the continuous improvement of its business environment, have helped bolster the confidence of foreign enterprises, including Intel, in their pursuit of growth in the country,” said Bai.

    A total of 42,108 new foreign-invested firms were established in China in the first nine months of 2024, up 11.4 percent year on year, according to the Ministry of Commerce.

    MIL OSI China News

  • MIL-OSI China: Alphabet reports 15% growth in Q3 revenue

    Source: China State Council Information Office

    Alphabet Inc., Google’s parent company, on Tuesday reported its third-quarter revenue at 88.3 billion U.S. dollars, up 15 percent from a year ago.

    Announcing its financial results for the quarter ending Sept. 30, the company said its net income was 26.3 billion dollars, compared with 19.69 billion dollars a year earlier. Its diluted earnings per share were 2.12 dollars, up 37 percent year on year.

    Of the entire quarterly revenue, 76.51 billion dollars came from Google Services total including YouTube advertising, the company’s financial report showed.

    Google Cloud sales grew to 11.35 billion dollars from 8.41 billion dollars a year ago.

    “Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefiting from our AI tools,” said Sundar Pichai, chief executive of Alphabet and Google.

    YouTube’s total ads and subscription revenues have surpassed 50 billion dollars over the past four quarters for the first time, Pichai added.

    MIL OSI China News

  • MIL-OSI China: China expresses disapproval for EU’s tariff ruling over Chinese EVs

    Source: China State Council Information Office

    China-made new energy vehicles await shipment to Europe in Xiamen, Fujian province. [Photo/Xinhua]

    China does not approve of or accept the European Commission’s decision to impose extra tariffs on China-made electric vehicles, a spokesperson with the Ministry of Commerce said on Wednesday.

    MIL OSI China News

  • MIL-OSI Asia-Pac: LCQ9: Promoting digital nomadism

    Source: Hong Kong Government special administrative region

    LCQ9: Promoting digital nomadism
    LCQ9: Promoting digital nomadism
    ********************************

         Following is a question by Dr the Hon Johnny Ng and a written reply by the Secretary for Labour and Welfare, Mr Chris Sun, in the Legislative Council today (October 30): Question:      It has been reported that digital nomadism (i.e. working remotely online while living abroad) has become a lifestyle with growing popularity in recent years. Some studies have estimated that the population of digital nomads worldwide would increase to 1 billion by 2035. There are views that hiring digital nomads is conducive to business operation by reducing employers’ costs and expenses, while the presence of digital nomads in the host communities will also contribute to local economic growth. In this connection, will the Government inform this Council: (1) whether the Government will or has estimate(d) and assess(ed) the economic benefits that can be brought to Hong Kong by implementing digital nomad policies to attract talents to work and live in Hong Kong; (2) as there are views pointing out that digital nomads can help expand the talent pool to a worldwide scale, and it is learnt that at present, about 60 countries and places across the globe have already introduced digital nomad visas (e.g. the digital nomad visa launched by Thailand this year has a validity of five years, permitting a stay of up to 180 days per visit, while the digital nomad visa introduced by Japan this year allows holders to bring along with them their family members), whether the Government will, by drawing reference from the relevant practices, issue digital nomad visas to overseas and Mainland talents, or even roll out related preferential policies (including temporary resident visas, accommodation allowance, family-friendly measures and tax incentives, etc) in order to attract specific types of digital nomads (e.g. talents related to Web 3.0, quantum computation and artificial intelligence), thereby attracting more talents to come to Hong Kong; if so, of the details of the plan and the timetable; if not, the reasons for that; and (3) whether the Government will, in the long run, consider launching an e-Residency programme to offer digital citizenship to foreigners, so as to attract more talents and enterprises from abroad to settle in Hong Kong? Reply: President,      In consultation with the Financial Secretary’s Office (including the Office of the Government Economist and the Office for Attracting Strategic Enterprises), the Commerce and Economic Development Bureau and the Innovation, Technology and Industry Bureau, I give the reply on behalf of the Government as follows:           “Digital nomads” are essentially similar to visitors, who can live in one place but at the same time work remotely under an employment outside such place. “Digital nomads” will return to their places of origin or move to other places after a certain period of time.      In the case of Hong Kong, the Government has implemented a series of enhanced talent admission measures since the end of 2022 to entice global talents of diverse backgrounds and professions to settle and pursue development in Hong Kong. Talents will alleviate the post-pandemic manpower shortage in Hong Kong, fill local job vacancies and enrich the local talent pool for promoting economic development. As the objective of the Government’s talents policy is to alleviate manpower shortage, we hope that admitted talents can make Hong Kong their home, inject impetus and contribute to the development of Hong Kong. “Digital nomads” are mobile. Although they will spend on various aspects in daily living during their stay in Hong Kong, they are no different from ordinary visitors. They do not fit well under the Government’s talent attraction policy. The Government has no plan to introduce “digital nomad” visa arrangement under the talent admission regime.      At present, “digital nomad” visa arrangement is implemented in a small number of regions only. With limited statistics on relevant economic activities available, the Government is not able to estimate the potential economic benefits brought by adopting similar practice in Hong Kong. The “e-Residency programme” allows freelance workers to obtain some of the rights or facilitation granted to the citizens of the issuing place, or they may live and work in the issuing place. Such an arrangement involves complex issues such as taxation, civil rights and obligations, etc. It is currently implemented in a small number of regions only. The Government has difficulty in assessing its benefit and has no plan to implement such arrangement neither at present.

     
    Ends/Wednesday, October 30, 2024Issued at HKT 11:05

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Development Asia: How Cities Can Combat Extreme Heat Using Nature-Based Solutions

    Source: Asia Development Bank

    Despite their broad potential, nature-based solutions are often overlooked in city cooling strategies. Key barriers include a lack of supportive policies, financial constraints, and limited institutional capacity.

    Addressing these challenges requires a multi-pronged approach that maximizes NbS benefits and integrates them into broader heat action plans. This must involve reducing waste heat (e.g., from transport and buildings), addressing cooling needs efficiently, and ensuring equitable access to thermal comfort. Key considerations for incorporating NbS into urban cooling strategies include:

    • Integrated planning: A systems approach ensures NbS are complemented by other solutions to maximize their benefits.
    • Equity: Cooling solutions must be distributed fairly, with heat equity embedded in planning to prevent future injustices.
    • Community participation: Involve women and vulnerable groups in designing and implementing cooling programs that deliver real benefits.
    • Local solutions: NbS should be tailored to local climates, needs, and traditional approaches (e.g., architecture).

    Studies suggest that 30% of cities should be dedicated to green or blue spaces. Achieving this requires enabling strategies like raising awareness, building institutional capacity, and securing financing. It also involves assessing current natural assets and identifying vulnerable communities. Partnerships with the private sector can help provide technical expertise and funding. In developing countries, protecting existing green spaces from development is the most effective way to maintain cooling.

    Creating a cooling-friendly urban form requires time and sustained effort. In the near term, practical, no-regret actions to build resilience to heat stress through NbS include:

    • Establishing champions and authorities to protect and enhance green and blue spaces
    • Conducting baseline assessments of green and blue spaces and identifying vulnerable communities
    • Investing in green and blue infrastructure, especially in public areas

    Tree planting is perhaps the simplest and most effective action to reduce urban heat—provided the right trees are planted in the right places as part of a coordinated city-wide greening effort. Steps taken today will help future generations benefit from NbS for cooling.

    MIL OSI Economics

  • MIL-OSI Asia-Pac: SFST’s speech at Green Tech Summit 2024 (English only) (with photo)

    Source: Hong Kong Government special administrative region

    SFST’s speech at Green Tech Summit 2024 (English only) (with photo)
    SFST’s speech at Green Tech Summit 2024 (English only) (with photo)
    *******************************************************************

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Green Tech Summit 2024 today (October 30): Dr Hua Jindong (Vice-chairperson of the International Sustainability Standards Board), distinguished guests, ladies and gentlemen,      It is a profound honour to join you at the Green Tech Summit 2024. I extend my sincere gratitude to the Hong Kong University of Science and Technology and GoImpact for hosting this important event. Today, we gather to explore how green finance, technology, and innovation converge to create a sustainable future. A call to action for our planet      Our planet is currently facing unprecedented challenges due to climate change. These challenges encompass environmental, economic, and social dimensions, demanding our immediate attention. The statistics deserve attention: Global climate finance flows reached approximately US$1.3 trillion in 2021 and 2022. However, to meet our climate goals, we must significantly increase annual investments to around US$9 trillion by 2030 and US$10 trillion by 2050. This gap signals an immense demand for green finance and innovation – one that we must address with urgency and creativity.      At this Summit, we aim to showcase Hong Kong’s leadership in the green transition through five key strategies, and they altogether will significantly promote green transformation: the growth of green capital, recognition of sustainability standards, empowerment in carbon trading, encouragement of green financing, and nurturing green technology. Each of these strategies plays a critical role in shaping a sustainable future for our city and beyond. Growth of green capital      Hong Kong is uniquely positioned to lead the green transition. As Asia’s premier international financial centre, we have the infrastructure, expertise, and regulatory framework to channel international capital toward sustainable initiatives. As of June, over 230 ESG (environmental, social and governance) funds have been authorised by the Securities and Futures Commission, with assets under management exceeding HK$1.3 trillion. This represents a year-on-year increase of 19 per cent in the number of ESG funds and an 8 per cent increase in assets under management.      The Hong Kong SAR Government has been proactive in issuing government green bonds totalling HK$220 billion since 2019. These bonds have funded numerous local green projects and set benchmarks for potential issuers. In 2023 alone, the total green and sustainable debt issued in Hong Kong surpassed US$50 billion, with approximately US$30 billion being green and sustainable bonds – 37 per cent of the total market. This year, we expanded our Government Green Bond Programme to include sustainable projects and hence the programme is, renamed Government Sustainable Bond Programme, reinforcing our commitment to a greener future. Recognition of sustainability standards      Sustainability reporting is vital to our green finance ecosystem. In March, we published a vision statement outlining our approach to developing a comprehensive ecosystem for sustainability disclosure in Hong Kong. In the Chief Executive’s Policy Address, it was announced that our roadmap for adopting the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) will be published within this year. Our aim is to position Hong Kong among the first jurisdictions to adopt the global standard, enhancing our credibility as a green finance hub.      To support our green transition, the Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance in May. This taxonomy raises awareness about green finance and promotes a common understanding of green activities. It aligns with the taxonomies of the Mainland and the European Union, currently encompassing 12 economic activities across four sectors. The HKMA is advancing to the next phase of developing the Hong Kong Taxonomy, which will broaden its scope to include more sectors and activities crucial for our sustainable future. Empowerment in carbon trading      We advocate for innovative approaches to enable decarbonisation and allocate green funding. A noteworthy initiative is the Core Climate platform, launched by the Hong Kong Exchanges and Clearing Limited in October 2022. This international carbon marketplace facilitates effective and transparent trading of carbon credits and supports transition towards net zero.      Core Climate is currently the only carbon marketplace that offers settlement in both Hong Kong dollar and Renminbi for international voluntary carbon credits. This platform enables participants to source, hold, trade, and retire voluntary carbon credits, ensuring robust and credible quality verified against international standards. Since its launch, the number of registered participants has tripled, reaching approximately 80 by the end of last year. Encouragement to green financing      To encourage even more green financing activities, we launched the Green and Sustainable Finance Grant Scheme back in 2021. This initiative provides funding support for eligible bond issuers and loan borrowers, covering expenses related to bond issuance and external review services. We have extended this scheme by three years, running until 2027, and expanded its scope to include transition bonds and loans.      As of early October, we have granted approximately HK$280 million to support 470 green and sustainable debt instruments issued in Hong Kong, involving a total underlying debt issuance of over HK$1 trillion. This financial backing is crucial in incentivising industries to utilise Hong Kong’s transition financing platform for decarbonisation. Nurturing green technology      A key focus of our green transition is our commitment to promoting green fintech. Integrating fintech with green finance is essential for accelerating our transformation. We are actively working to expand the green fintech ecosystem in Hong Kong, positioning our city as a green fintech hub.      In June, we launched the Green and Sustainable Fintech Proof-of-Concept Funding Support Scheme. This initiative provides early-stage funding to technology companies and research institutes engaged in green fintech activities. Collaborating with local enterprises allows these innovators to co-develop projects that address challenges for the industry.      This scheme is not solely about financial support. It facilitates the completion of commercialisation and the proof-of-concept stages, paving the way for wider adoption of green and sustainable fintech solutions. Innovative fintech solutions will enhance our ability to mobilise capital for green projects and increase transparency in fund flows.      Against the backdrop of digitisation and global warming, fintech plays a crucial role in driving innovation in the financial industry and catalysing the low-carbon transformation of economic activities. The application of new technology can also help mitigate climate risk by forecasting environmental changes, improving supply chain efficiency, and identifying opportunities for innovation in low-carbon solutions.      This year, we launched the Prototype Hong Kong Green Fintech Map. Developed with various stakeholders, this tool provides a comprehensive overview of green fintech companies in Hong Kong and the services they offer. This map symbolises the integration of green finance and fintech, fostering the development of a robust green fintech ecosystem and accelerating the transition toward a green economy.      Finally, I want to emphasise the importance of nurturing talent for sustainable development. The future of green finance relies on the skills and knowledge of our workforce. To support the development of a green finance talent pool, we launched a three-year Pilot Green and Sustainable Finance Capacity Building Support Scheme. This initiative encourages practitioners, professionals, and students to participate in relevant training programmes.      As of mid-September, we have approved over 4 100 reimbursement applications, amounting to approximately HK$23.3 million. This investment in human capital is essential for equipping our workforce with the skills needed to navigate and thrive in the evolving landscape of green finance. Closing remarks      In conclusion, the path to a sustainable future is not just a challenge; it is an opportunity for innovation and growth. Green fintech will play a pivotal role in this transition, enabling us to mobilise capital, enhance transparency, and support the development of sustainable solutions.      As we approach COP29 (29th Conference of the Parties to the United Nations Framework Convention on Climate Change) next month, let us intensify our efforts to forge a new chapter in sustainability. By collaborating across sectors and embracing innovative solutions, we can pave the way for impactful changes that resonate with green finance and technology. Together, we can turn our commitments into actionable strategies, ensuring a resilient and sustainable world for generations to come.      Thank you for your attention, and I look forward to seeing you in the next Summit here. 

     
    Ends/Wednesday, October 30, 2024Issued at HKT 11:29

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Money Market Operations as on October 29, 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) 5,38,684.91 6.28 5.00-6.70
         I. Call Money 9,985.73 6.44 5.10-6.50
         II. Triparty Repo 3,89,946.80 6.26 6.16-6.40
         III. Market Repo 1,37,976.88 6.33 5.00-6.60
         IV. Repo in Corporate Bond 775.50 6.52 6.50-6.70
    B. Term Segment      
         I. Notice Money** 135.35 6.39 6.20-6.50
         II. Term Money@@ 651.50 6.65-6.95
         III. Triparty Repo 2,785.00 6.42 6.30-6.45
         IV. Market Repo 3,811.36 6.49 6.35-6.69
         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          
    3. MSF# Tue, 29/10/2024 1 Wed, 30/10/2024 4,514.00 6.75
    4. SDFΔ# Tue, 29/10/2024 1 Wed, 30/10/2024 1,21,659.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,17,145.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 18/10/2024 13 Thu, 31/10/2024 20,073.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo Fri, 25/10/2024 6 Thu, 31/10/2024 25,005.00 6.55
         (b) Reverse Repo          
    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$       7,469.91  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     15,941.91  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,01,203.09  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 29, 2024 10,19,787.20  
         (ii) Average daily cash reserve requirement for the fortnight ending November 01, 2024 10,16,726.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 29, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 04, 2024 4,88,495.00  
    @ 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: 2024-2025/1397

    MIL OSI Economics

  • MIL-OSI China: China extends duties on imported ethanolamines

    Source: China State Council Information Office 3

    China’s Ministry of Commerce (MOC) on Tuesday announced its decision to renew anti-dumping duties on ethanolamines imported from the United States, Saudi Arabia, Malaysia, and Thailand.

    The duties were initially introduced in 2018 for a period of five years as such imports had caused substantial damage to China’s domestic industry.

    Following the end of the term last year, the MOC launched investigations to review the anti-dumping at the request of the domestic industry.

    The MOC said in a ruling that if the duties were terminated, the dumping practice and related damage would likely continue or reoccur.

    The duties will be levied for another five years starting Wednesday.

    MIL OSI China News

  • MIL-OSI China: China expresses disapproval for EU’s tariff ruling

    Source: China State Council Information Office 3

    China-made new energy vehicles await shipment to Europe in Xiamen, Fujian province. [Photo/Xinhua]

    China does not approve of or accept the European Commission’s decision to impose extra tariffs on China-made electric vehicles, a spokesperson with the Ministry of Commerce said on Wednesday.

    MIL OSI China News

  • MIL-OSI USA: Background Press Call on U.S. Efforts to Address U.S. Investments in Certain National Security Technologies and Products in Countries of  Concern

    US Senate News:

    Source: The White House
    Via Teleconference
    2:38 P.M. EDT
    MODERATOR:  Good afternoon, everyone.  Thanks so much for joining today’s call.  As a reminder, this call will be on background, attributable to senior administration officials, and it is embargoed until 5:00 p.m. Eastern today.
    For your awareness, not for your reporting, on the call today we have [senior administration official], [senior administration official], [senior administration official], and [senior administration official]. 
    We’ll follow up shortly after the call with embargoed materials as well, but I will turn it over to [senior administration officials] who will have a few words at the top, and then we’ll take your questions. 
    Over to you.
    SENIOR ADMINISTRATION OFFICIAL:  Thanks, Eduardo, and thanks to everybody for joining us today.
    Since the earliest days of the administration, President Biden has said we are at an inflection point with respect to advanced technologies.  And as he’s often said, we will see more technological change in the next 10 years than we saw in the last 50.
    And that has motivated historic investments, mobilizing hundreds of billions of dollars in private investment to rebuild American manufacturing and innovation. 
    The flipside of that, of course, of promoting critical technologies is, of course, protecting them.  And recognizing how transformative certain technologies can be, the President directed his national security team to ensure that where we have significant advantages, our world-leading technologies and know-how are not used against us to undermine our national security.  That’s been the guiding principle for the Biden-Harris administration’s export control policies, as well as the Outbound Investment Program that we’re glad to announce is being finalized today. 
    As many of you know, we’ve been working on this approach to address certain outbound investments in sensitive technologies and critical sectors that could undermine American national security for some time.  And, in particular, we’ve been focused on the exploitation of certain intangible benefits that often accompany U.S. outbound investments and that help companies succeed through, for example, enhancing their standing and prominence, providing certain types of assistance, introducing investment and talent networks, opening up market access, and enhancing access to additional financing. 
    The People’s Republic of China has a stated goal, as you know: to develop key sensitive technologies that will directly support the PRC’s military modernization and related activities, including weapons development, and it has exploited U.S. investments to develop domestic, military, and intelligence capabilities. 
    So, today, the Treasury Department will issue a Final Rule to implement President Biden’s Executive Order 14105, from August of 2023, which is entitled “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern.” 
    The Final Rule provides the operative regulations and a detailed, explanatory discussion regarding its intent and application.  And as directed in the President’s executive order, the Final Rule does prohibit U.S. persons from engaging in certain transactions involving a defined set of technologies and products that pose a particularly acute national security risk to the United States. 
    The Final Rule also requires U.S. persons to notify the Treasury Department of certain other transactions involving a defined set of technologies and products that may contribute to a threat to the national security of the United States. 
    Covered technologies fall into three categories: semiconductors and microelectronics, quantum information technologies, and artificial intelligence.  This set of technologies, we believe, is core for the next generation of military, cybersecurity, surveillance, and intelligence applications, providing what we believe are force multiplier capabilities. 
    The United States already prohibits and restricts the export to countries of concern of many of the technologies and products covered by the Final Rule.  This program complements the United States’ existing export control and inbound screening tools by preventing U.S. investment from advancing the development of these technologies and products in countries of concern. 
    The Treasury Department, as [senior administration official] will lay out, has used feedback through the notice and comment process to help design a carefully tailored approach.  And we also want to commend Senators Casey and Cornyn, Representatives DeLauro, Fitzpatrick, and Pascrell, as well as Representatives Meeks and McCaul in particular, for their leadership on this issue. 
    The overwhelmingly bipartisan vote on Senators Casey and Cornyn’s Outbound Investment Transparency Act as an amendment to the Senate NDAA demonstrates the shared will of Congress and the administration to meaningfully regulate outbound investments. 
    So, with that, I’ll turn it over to [senior administration official] to provide more detail on the content of the Final Rule. 
    Over to you.
    SENIOR ADMINISTRATION OFFICIAL:  Thanks very much.  As mentioned today, Treasury is issuing, at the direction of the President, a targeted and narrowly scoped regulation that implements a new program to address this threat to U.S. national security.  The Final Rule has clear thresholds and definitions to implement the executive order, and provides detailed, explanatory discussion regarding its intent and application to assist investors and other stakeholders to help them navigate this new program. 
    The Final Rule does two things at its core, as previewed: First, it prohibits U.S. persons from engaging in certain transactions involving semiconductors, quantum, and artificial intelligence.  And second, it requires U.S. persons to notify Treasury of certain other transactions involving semiconductors and artificial intelligence. 
    The rule explains in detail the scope of the program, definitions, processes, requirements, and penalties for non-compliance, among other things.  Importantly, this rule has benefited from the input of a variety of stakeholders, industry experts, and allies and partners. 
    We had two rounds of formal comments on the rulemaking to implement the executive order, first with the August 2023 ANPRM that was issued alongside the ENO and on which we got 60 comments from stakeholders.  Those comments were integral in developing the Notice of Proposed Rulemaking that we issued in June of this year and on which we received more than 40 additional comments, which further informed the development of the Final Rule.
    Over two-plus years, Treasury, along with the Departments of State and Commerce, have led extensive engagements with stakeholders across the globe.  These engagements and our deliberate decision to offer two rounds of public comment have helped us receive insightful feedback that has helped inform the Final Rule to ensure to choose our national security objectives while taking into account the need to be focused, targeted, and clear. 
    Now, I’ll briefly discuss a few key aspects of the rule. 
    First, as [senior administration official] suggested, the rule imposes requirements on U.S. persons.  This includes prohibiting U.S. persons from engaging in certain transactions with what the rule identifies as covered foreign persons, and requires the U.S. persons to notify the Treasury Department about other transactions that involve covered foreign persons. 
    Second, the Final Rule focuses on specific categories of investment transactions where the target of the investment has a nexus to the PRC and activities involving sensitive technologies and products. 
    In terms of what transactions are covered, the Final Rule applies to, among other things, a U.S. person’s acquisition of an equity interest or contingent equity interest, certain debt financing, certain greenfield investments, or investments that could result in corporate expansion and joint ventures.  This would include, for example, a U.S. investment firm taking an equity stake in an advanced semiconductor manufacturer in the PRC.  It would also cover a U.S. company’s purchase of land in the PRC to develop a quantum computing research facility. 
    There are exceptions for certain types of transactions that are less likely to contribute to the national security threat we’re worried about. 
    For example, the Final Rule excepts or carves out certain investments by a U.S. person to publicly trade securities and certain investments made by a limited partner in a pooled investment fund, among others.
    In light of our ongoing conversations with allies and partners on the importance of multilateral efforts in this area, the Final Rule also includes an exception for certain transactions involving a person of a country or territory outside the United States where the Secretary of the Treasury has determined that the country or territory is addressing national security concerns posed by outbound investment. 
    And third, in terms of the technologies and products in scope for the program, the Final Rule provides technical details on the subsets of semiconductors, quantum, and artificial intelligence that are relevant to the program. 
    For example, a U.S. person is prohibited from acquiring equity in a PRC entity that manufactures advanced semiconductors or that is developing an AI system designed exclusively or intended for a military end use.  A U.S. person would be required to notify Treasury if they are acquiring equity in a PRC company that manufactures legacy semiconductors. 
    Other examples include direct equity investments by a company or private equity fund into any PRC company that is repurposing an AI model for penetration testing or automated vulnerability detection and exploitation, which would be covered under the rule as either notifiable or prohibited, depending on the design end use and computing power used to train an AI system. 
    In addition to direct investments, indirect investments through a parent of a PRC company that is using AI models to improve targeting, intelligence, reconnaissance, and surveillance, or autonomous weapons systems for military use would be prohibited, as would such indirect investments in a PRC company developing or scaling quantum computers or networks to undermine encryption systems.  These technologies can be used for advanced code breaking, the development of next-generation military applications, or offensive cyber operations. 
    Additionally, in general, the rule is based on a U.S. person’s knowledge of the relevant facts, rendering a transaction to be covered under the rule.  Enforcement and penalties are consistent with the International Emergency Economic Powers Act, or IEEPA, the authority by which the President issued the executive order. 
    The Final Rule takes effect on January 2nd, giving stakeholders time to organize internal infrastructure and processes to ensure compliance with the rule. 
    The lengthy preamble to the rule summarizes the response to the comments received, as well as provides an explanation of the changes since the proposed rule issued over the summer. 
    And let me make two additional and final points before concluding. 
    First, this program is calibrated to help ensure our actions can be supported multilaterally, which is a critical component to maximize its effectiveness and reduce backfill from other investors.  The administration has been engaged in extensive conversations with allies and partners on the issue, and we are encouraged to see some allies and partners, including the European Commission and the United Kingdom, exploring the issue of outbound investment security in their own jurisdictions.
    Second, cross-border investment flows have long contributed to U.S. economic vitality.  This targeted action is focused on national security and scope to address specific risks posed by certain U.S. outbound investment, and it maintains our longstanding commitment to open investment. 
    Thanks.  And back to you, Eduardo, for questions.
    MODERATOR:  Thank you.  We now have time for a few questions.  If you’d like to ask a question, please use the “Raise Your Hand” feature on Zoom, and we’ll come to you. 
    First up, we’ll go to Michael Martina.
    Q    Hi there.  Appreciate you doing this.  So, what you described sounds quite similar to the notice for proposed rulemaking earlier in the year.  I’m wondering if you can detail any specific or key changes that you made to the original notice you said it was used to inform this Final Rule.  So, are any changes from earlier?
    And just an effort at clarification.  You know, given the exemptions for publicly traded securities, is it the White House’s contention that China has not significantly exploited publicly traded security purchases by U.S. investors to enhance their military or intelligence capabilities?  My understanding is that this is perfectly fine — you could trade public securities for Chinese defense companies under this; that’s totally within the rules.  Is that correct?  Thanks. 
    SENIOR ADMINISTRATION OFFICIAL:  So, maybe I’ll take the first question, Eduardo.  And then, [senior administration official], if you want to chime in on the second from a White House perspective.
    So, I think while largely consistent with the NPRM in scope and structure, the Final Rule does contain some changes, including with respect to clarity of the rule and thinking forward to compliance. 
    So, for example, we’ve selected clear technical thresholds for notifiable and prohibited transactions involving AI systems based on the amount of compute power to train an AI system that is open in the NPRM; refine how the rule applies to U.S. persons with investment banking authority and non-U.S. entity, such that it clearly applies only to those who actually exercise authority, for example; and clarifying with respect to compliance and enforcement with the rule. 
    And so, there are a number of areas where we have honed and focused and sharpened the rule since then, and those are some examples.
    SENIOR ADMINISTRATION OFFICIAL:  Thanks for the question, Michael.  So, I will say we do have existing authorities to address the threat you were discussing.  So, for example, Treasury has authorities — the Chinese military industrial complex sanctions regulations that are intended to address U.S. persons from purchasing or selling publicly traded securities and companies that are involved in this sector, and there are others as well. 
    MODERATOR:  Next up, we’ll go to the line of Anita Powell.
    Q    Thank you so much.  As you guys are surely aware, Elon Musk is developing a data center in China to train the algorithm to work on self-driving cars.  That’s a lot simpler than I think it really is.  But anyway, is this the type of investment that might be restricted under this new rule?  Can you just kind of flesh that out for us?
    SENIOR ADMINISTRATION OFFICIAL:  Sure.  Happy to start. 
    Look, I don’t think we’re going to get into hypothetical scenarios, but just reiterate some of the points that I’ve said. 
    What the rule is really targeted on is capital and the intangibles that can flow from such American capital to go into the development of PRC-based — not just based, but PRC-based entities that are developing these advanced technologies.  And so, that’s sort of the scope of the rule. 
    And one thing I will mention is that Treasury will provide some guidance and other documents during this interim period before the rule goes online.  That’s certainly our intent to help flesh this out.  But I think going back to the core tenets of the rule is the best way to answer that.
    MODERATOR:  Next up, we’ll go to the line of (inaudible).
    Q    Yeah, hi.  Thanks for doing this and for taking my question.  Could you talk a little bit more about the engagement with allies and partners in the process of finalizing this rule, specifically which allies specifically you engaged with and whether there are any allies who are going to create similar rules of their own?  Thank you.
    SENIOR ADMINISTRATION OFFICIAL:  [Senior administration official], maybe you could start with engagements with allies that you’ve had, but then maybe, [senior administration official], if we could go to you, you could talk a little bit about the G7 as well.  That might be helpful.
    SENIOR ADMINISTRATION OFFICIAL:   Yeah, sure.  Thanks. 
    So, in terms of — just to sort of put a topper before going to [senior administration official], we’ve had a number of engagements with partners and allies, which have resulted in not only sort of technical exchanges about what we are doing and why we’re doing it, but also various statements.  And [senior administration official] will allude to one of them with regard to the G7, but obviously the European Commission and the United Kingdom have made statements in support of these goals.  And so, it’s an ongoing process and one that will continue.
    SENIOR ADMINISTRATION OFFICIAL:  Yeah, and just to add on to what [senior administration official] said, this is something that, you know, even from the White House level we engage with our closest allies and partners on.  And [senior administration official] referenced, you know, a line in the G7 leaders’ statement from Apulia early this year that refers to, you know, recognizing that appropriate measures designed to address risk from outbound investments are important to complement our existing toolkit. 
    So, it’s a conversation that we’re frequently having with our key partners and allies.
    MODERATOR:  And we have time for one more.  We’ll go to the line of Patrick Tucker.
    Q    Hey.  Thanks.  Patrick Tucker from Defense One.
    So, when you say the rule prohibits people from acquiring equity in a PRC entity that manufactures semiconductors that might be used in autonomous weapons systems or that might be repurposed for AI penetration testing, is that based on an observation that there are U.S. firms that currently have investments in those areas of autonomous weaponry and penetration testing for China?  Or are you making the rule now in anticipation that firms might begin to invest in that sort of thing?  I’m trying to get a sense of the degree to which U.S. firms have exposure and have willingly made investments in these areas of the Chinese military.
    SENIOR ADMINISTRATION OFFICIAL:  So let me start, [senior administration official], and then perhaps, [senior administration official], pass it to you. 
    I think what we are worried about, which I would focus on, is the kinds of scenarios that we have outlined, which is supported by data.  And one statistic that comes to mind — and I won’t get it exactly right, so I’d refer you to the Georgetown Center for — I think it’s Technology — that had a statistic that said something to the effect of: For a five-year period, I think between 2016 and 2020 or 2021, 17 percent of investment in Chinese artificial intelligence companies included U.S. participation, and of that, 91 percent was at the venture capital stage. 
    I think if you think about those sets of facts and scenarios, that’s the kind of situation that when it comes to certain artificial intelligence capable of impacting our national security, from military intelligence, cyber, other related perspectives, that’s what we’re concerned about. 
    SENIOR ADMINISTRATION OFFICIAL:  Yeah, I would just add to that that part of the motivation, as we were looking at some case studies to inform the development of this executive order and the regulation, actually was focused on cybersecurity, where we had a number — we saw a number of VC investments directly into firms working on cybersecurity that ended up on the entity list for working with Chinese military or intelligence services.
    MODERATOR:  Thanks, everyone, for joining.  That’s all the time we have for today.  As a reminder, this call was on background, attributable to senior administration officials, and the contents of the call are embargoed until 5:00 p.m. Eastern. 
    We’ll follow up shortly with embargoed materials as well. but do reach out to us, to the NSC or Treasury, with any questions in the meantime.  Thanks so much.
    3:00 P.M. EDT  

    MIL OSI USA News

  • MIL-OSI China: China deplores US rule on investment restrictions

    Source: China State Council Information Office 3

    China deplores and rejects the latest U.S. rule on investment restrictions aimed at China, Chinese foreign ministry spokesperson Lin Jian said on Tuesday.

    Lin made the remarks at a daily press briefing when asked to respond to reports that the Biden administration has finalized restrictions on investments by U.S. individuals and companies into advanced tech in China, including the semiconductor, quantum computing and AI sectors.

    Lin said China deplores and rejects the United States’ Final Rule to curb investment in China. “China has protested to the United States and will take all measures necessary to firmly defend its lawful rights and interests.”

    MIL OSI China News

  • MIL-OSI Asia-Pac: LCQ1: Promoting digital corporate identity

    Source: Hong Kong Government special administrative region

         â€‹Following is a question by the Hon Shang Hailong and a reply by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, in the Legislative Council today (October 30):
     
    Question:
     
         The Financial Secretary has indicated in the 2024-2025 Budget that the Government will set up a “Digital Corporate Identity” (CorpID) Platform to enable authentication of identity of enterprises using electronic government services or conducting online business transactions in a secure, convenient and efficient manner. The Government’s goal is to roll out the Platform progressively from end‑2026 onwards. However, there are views pointing out that notwithstanding the pressing demand of enterprises for CorpID, the Government’s progress in the relevant work appears to be slightly slow. In this connection, will the Government inform this Council:
     
    (1) given that the Digital Policy Office has been established since July this year, whether the Office can give priority to the work on setting up the CorpID Platform, so that the target launch date of the Platform will be advanced to 2025;
     
    (2) as there are views that the current utilisation rate of personal digital certificate is on the low side, and small and medium enterprises (SMEs) may also be less inclined to adopt CorpID in the future, of the Government’s plan in place to publicise CorpID’s functions, and whether it will consider providing incentives to promote more extensive use of CorpID by SMEs, thereby facilitating smart city development; and
     
    (3) whether it will consider introducing new eligibility criteria for future funding schemes of enterprises, such as accepting applications only from SMEs using CorpID, so as to enhance their participation in CorpID?

    Reply:
     
    President,
     
         Promoting the development of smart city and digital economy in Hong Kong is one of the development directions of the Hong Kong Innovation and Technology Development Blueprint. The Digital Policy Office (DPO) is expediting the development of relevant digital infrastructure, including the development of the “Digital Corporate Identity” (CorpID) Platform, to support digital and intelligent transformation.
     
         My reply to the questions raised by the Hon Shang is as follows:

    (1) The CorpID Platform provides various functions, including corporate identity authentication, digital signing, pre-filling of forms and storage of digital licences and permits, etc, which facilitate corporations to undergo corporate identity authentication and corporate signature verification in a secure, convenient and efficient manner when using e-government services or conducting online transactions, hence alleviating the current paper-based and complicated procedures.

         The CorpID Platform is a brand new and complex large-scale digital infrastructure. The DPO must make adequate preparation and conduct comprehensive testing, including security risk assessment and audit, third party independent testing, as well as cybersecurity testing, etc, to ensure the security and reliability of the Platform. Since the Legislative Council approved of its funding in June this year, we have been pressing ahead with the project at full speed, including the collection of business requirements from stakeholders to ensure that the system design and functionalities meet the needs of different public and commercial application scenarios.

         The DPO strives to invite tender within this year and award the contract for design and development of the system in the middle of next year, with a view to launching the CorpID Platform progressively from end-2026. On the premise of ensuring system security and stability, the DPO will explore the feasibility of compressing the timeline.

    (2) and (3) The CorpID will offer users a corporate-based digital certificate. The Government has been driving the application of digital certificates. At present, digital certificates are being used in many domain areas including “iAM Smart”, “Government-to-Business” services (such as the Government Electronic Trading Services) and “Business-to-Business” services (such as financial services, secure email transmission), etc. With the growing number of citizens using “iAM Smart” and the launch of the CorpID Platform, the adoption of digital certificates will be further promoted.

         The DPO plans to implement the following measures to attract and encourage corporations and government departments to use the CorpID:
     

    in collaboration with the government departments that have business dealings with corporations, roll out several functions through connecting with the CorpID Platform. The DPO will also require all corporate-related e-government services to support the use of the CorpID within 18 months after its launch;
     
    through a Sandbox Programme, the service providers interested in supporting the CorpID can conduct proof-of-concept testing and develop their applications to design application scenarios and solutions that better meet the market demands;
     
    consider integrating the CorpID Platform with other corporate identity standards widely adopted in the industries for interoperability; 
     
    facilitate registration by enabling applicants to submit online applications through the CorpID Platform and create their CorpID once verified successfully, so that they can complete the application process while staying indoors; and
     
    publicise and promote the convenience and main functions of the CorpID to the industry through diversified channels, including websites, social media and communications platforms, promotional videos, industry organisation activities, etc. 

         The above work will help government departments and corporations better understand the functions, advantages and applicability of the CorpID Platform. Various departments can also utilise the CorpID as a technical solution for identity authentication and digital signing in accordance with their own policies, individual project objectives, development needs and technical requirements, etc, to facilitate the implementation of various policy measures in order to enhance efficiency and benefit the public and businesses.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: World Osteoporosis Day highlights need for comprehensive care strategies, says GlobalData

    Source: GlobalData

    World Osteoporosis Day highlights need for comprehensive care strategies, says GlobalData

    Posted in Pharma

    Marking World Osteoporosis Day on 20 October, the International Osteoporosis Foundation (IOF) brought worldwide attention to a crucial issue: the urgent need for robust osteoporosis screening and sustained care strategies to prevent fragility fractures. Under the theme “Say No to Fragile Bones,” it highlighted the gaps in diagnosis and treatment, stressing the importance of proactive approaches and structured care to mitigate rising fracture risks as global populations age, according to GlobalData, a leading data and analytics company.

    Osteoporosis, often termed a “silent disease,” progresses without symptoms until a fracture occurs, making it the primary cause of fragility fractures worldwide. With millions affected globally, osteoporosis results in weakened bone structure and increases fracture risk, particularly in the spine and hip.

    Such fractures lead to extended recovery times, significantly impacting patients’ quality of life and placing strain on healthcare systems. As the global population ages, untreated osteoporosis will exert an even greater burden on health services, underscoring the need for preventive strategies and consistent patient management.

    Sulayman Patel, MSci, Pharma Analyst at GlobalData, comments: “World Osteoporosis Day 2024 pushes both the public and healthcare professionals to prioritize preventive measures. The IOF’s ‘5 Steps to Bone Health’ campaign emphasizes specific actions, including weight-bearing exercises, a nutrient-rich diet, and lifestyle adjustments. However, these guidelines must be coupled with systems that ensure early identification and consistent management of at-risk individuals to be effective.”

    Research from GlobalData and expert interviews reveal significant under-treatment in osteoporosis care. A European key opinion leader (KOL) stated, “We are currently doing very bad, with few patients having osteoporosis that receive treatment. There is a tremendous gap between what should be done and what is currently done.”

    This shortfall is especially pronounced in post-fracture care, where many patients are neither diagnosed nor treated for underlying osteoporosis. These gaps highlight the need for structured follow-up care and comprehensive treatment pathways.

    Patel continues: “This gap presents an opportunity for pharmaceutical and healthcare companies to drive advancements in diagnostic tools. Companies like Siemens Healthineers and ImageBiopsy Lab are already using machine learning technologies to enhance early detection. Wider adoption of these tools could lead to earlier diagnoses, minimizing healthcare costs associated with untreated osteoporosis.

    Amid persistent unmet needs, Amgen’s Evenity addresses a critical gap by simultaneously promoting bone formation and reducing bone resorption, offering a comprehensive approach to fracture prevention.

    Patel concludes: “Moreover, structured programs like Fracture Liaison Services (FLS) are essential for effective osteoporosis management. FLS provides post-fracture patients with critical assessments, medication, and lifestyle support to prevent future fractures. Yet FLS programs remain underutilized, particularly in regions with fragmented healthcare systems. World Osteoporosis Day highlights the need for a coordinated approach to osteoporosis care, spanning diagnosis and ongoing management, to ensure comprehensive support for all patients.”

    MIL OSI Economics

  • MIL-OSI Economics: Bladder cancer diagnosed incident cases across 8MM to reach 0.34 million in 2033, forecasts GlobalData

    Source: GlobalData

    Bladder cancer diagnosed incident cases across 8MM to reach 0.34 million in 2033, forecasts GlobalData

    Posted in Pharma

    The diagnosed incident cases of bladder cancer in the eight major markets (8MM*) are set to register an annual growth rate (AGR) of 2.24% from 0.28 million in 2023 to 0.34 million in 2033, forecasts GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Bladder Cancer – Epidemiology Forecast to 2033,” reveals that the US will have the highest number of diagnosed incident cases of bladder cancer among the 8MM at 0.10 million cases, whereas France will have the lowest number at 0.02 million cases in 2033.

    Antara Bhattacharya, Associate Project Manager, Epidemiology team at GlobalData, comments: “In 2023, men are more affected than women with approximately 78% men and 22% women.”

    Older adults in ages 60 years and above accounted for almost 87% of the diagnosed incident cases of bladder cancer in the 8MM in 2023, while younger adults in ages 18–59 years accounted for approximately 13% of the cases.

    GlobalData estimates that in 2023, approximately 45% of the incident cases of bladder cancer were diagnosed in the early stages by AJCC TNM staging, whereas only 6% of cases had a delayed diagnosis. Additionally, approximately 79% of the incident cases by tumor “T” stage at diagnosis were diagnosed in earlier stages, whereas only 4% cases were in severe stages.

    The high rate of diagnosis at earlier stages can be attributed to the success of increasing rates of cystoscopy, which is an invasive and expensive procedure. Approximately 74% of diagnosed prevalent cases of NMIBC relapse or recurred to MIBC.

    Bhattacharya concludes: “Bladder cancer is the ninth most common cancer type, and timely detection of the disease is both challenging and expensive. Diagnosis relies mainly on cystoscopy, which is an invasive procedure and difficult in low-resource settings. Even after being diagnosed in early stages when the disease is highly treatable, the relapse and recurrence rates are high.

    “Hence, adequate research and medical interventions are needed to facilitate different medical approaches for the timely detection and treatment. Epidemiological studies focusing on bladder cancer stages with relapse or recurrence can improve treatment outcomes. Additionally, bladder cancer treatment requires a multifaceted approach that integrates medical and surgical interventions, lifestyle modifications, ongoing support, along with immunotherapy, targeted therapy, clinical trials, and follow-up care.”

    *8MM: The US, 5EU (France, Germany, Italy, Spain, the UK), Japan, and urban China.

    MIL OSI Economics

  • MIL-OSI Economics: Egypt marks major achievement with malaria-free certification, but need for global R&D remains significant, says GlobalData

    Source: GlobalData

    Egypt marks major achievement with malaria-free certification, but need for global R&D remains significant, says GlobalData

    Posted in Pharma

    The World Health Organization (WHO) has certified Egypt as being malaria-free, following a near 100-year endeavour by the Egyptian government. Egypt is the third country to be declared malaria-free in the WHO Eastern Mediterranean Region, and the 44th country globally. However, hundreds of millions of cases of malaria are still reported worldwide each year. These staggering numbers reinforce a global need for research and development, particularly for malaria vaccines, says GlobalData, a leading data and analytics company.

    Stephanie Kurdach, Infectious Disease Analyst at GlobalData, comments: “Egypt’s malaria-free certification is a significant achievement, as this is a country which once recorded millions of cases. Unfortunately, the global burden of malaria remains high.”

    The WHO reported nearly 250 million cases of malaria and over 600,000 malaria-related deaths worldwide in 2022.

    In order to be certified malaria-free by the WHO, a country must prove that there has been no local transmission of any human malaria parasites for at least the past three consecutive years. Additionally, a country must maintain a fully functional surveillance and response system to prevent the re-establishment of indigenous transmission.

    Egypt’s efforts to reduce mosquito-borne diseases began in the 1920s, when the country prohibited agricultural crops near homes. Other efforts over the past 100 years have included opening a malaria control station, recruiting thousands of healthcare workers, launching a public health surveillance project, and public education.

    Kurdach continues: “To address the global burden of malaria and work towards global eradication, research and development is critical. Just as Egypt remains obligated to maintain surveillance, diagnosis, and treatment efforts throughout the nation, other nations plagued by malaria are in dire need of robust surveillance systems, diagnostic tools, affordable health care, and malaria vaccines.”

    There are currently only two malaria vaccines which are WHO prequalified* and recommended for use in children: GSK’s Mosquirix and Serum Institute of India’s R21/Matrix-M.

    According to GlobalData, there are 12 other malaria vaccines currently in Phase II development, including vaccines from BioNTech, GSK, the National Institute of Allergy and Infectious Diseases (NIAID), and the University of Oxford. No new malaria vaccines are in Phase III development or pre-registration.

    Kurdach concludes: “There is a serious global unmet need for malaria vaccines, which is evidenced by the late-stage development pipeline. Egypt’s malaria-free certification serves as a reminder and call to action that malaria elimination is possible with increased research and development.”

    *The recommendations of Mosquirix and R21/Matrix-M by the WHO are relatively recent and occurred in 2021 and 2023, respectively.

    MIL OSI Economics