Source: Hong Kong Government special administrative region
Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the InnoTech Forum 2024 today (October 18):
Alpha (Director-General of Investment Promotion, Ms Alpha Lau), distinguished guests, ladies and gentlemen,
Good morning. It is my great pleasure to join you all today at the InnoTech Forum 2024 organised by InvestHK. Themed “Pioneering in the Artificial Intelligence (AI) and New Energy Era”, this full-day forum brings together experts from diverse fields to explore how Hong Kong can establish itself as a global leader in innovation and technology (I&T).
Technological empowerment is the cornerstone of achieving high-quality economic development. It accelerates the emergence of new quality productive forces and enables industries to adapt and thrive in the increasingly competitive local, regional and global arenas. As we navigate in this new era, we must harness technology not just for individual success or lucrative business, but for collective growth that benefits our society.
Just two days ago, our Chief Executive unveiled a range of initiatives in his third Policy Address, reinforcing Hong Kong’s commitment to becoming an international I&T centre. This year’s theme, “Reform for Enhancing Development and Building Our Future Together”, emphasises the importance of collective growth. That means your success is our success, and together we can scale new heights and build a brighter future for Hong Kong.
AI, as this year’s forum highlights, remains a key driver of I&T and business development. To support enterprises like yours in leveraging AI technologies, the Government has invested billions of dollars in cultivating an all-round AI ecosystem here in Hong Kong. I would like to take this opportunity to share with you some of the exciting developments that are under way.
Talking about AI development, computation facility is pivotal. Cyberport will soon put into operation its AI Supercomputing Centre (AISC) to support the strong computing demand from universities, research institutes and the industry. With its first-phase facility capable of providing at least 300 petaFLOPS and in a year or so, the computing power will be augmented to a level of 3 000 petaFLOPS; the AISC will offer top-notch, high-performance computing facilities and serve as a collaborative platform to foster AI-driven research and innovation. Apart from Cyberport, the Hong Kong Science and Technology Parks Corporation has officially launched the High-Performance Computing service last month, which is expected to support the growth of around 300 companies working on AI and data technology in Science Park’s ecosystem.
To support the commissioning of the AISC, the Government has allocated $3 billion to launch a three-year AI Subsidy Scheme. This significant sum is aimed at subsidising eligible users of the AISC to leverage the computing power, by offering a subsidy of up to 70 per cent of the list price of the computing power or 90 per cent in exceptional cases. Cyberport has also been tasked to promote the AI ecosystem and enable AI enterprises and talent to land in Hong Kong through the scheme. I encourage you to tap into our latest technology infrastructure at Cyberport, where we hope to see even more scientific breakthroughs.
AI has taken the world by storm, revolutionising not only industries but also the Government. The provision of public services must harness this powerful technology. The Policy Address announced that the Government will pilot the use of a generative AI document processing copilot application, developed on the basis of a locally trained large language model, within the Government to assist staff in writing, translating and summarising documents. This trial run will also lend support to Hong Kong’s exploration in generative AI technologies and enrich the use cases for better, accurate and localised outcomes.
In fact, a number of the hundred digital government and smart city initiatives that the Government presses ahead for rollout this year and next will make use of AI technology. For instance, we have expanded the AI chatbot service for the 1823 enquiry service, making it much more adept at handling the public’s frequently asked questions within its scope of service. This improves user experience and allows our staff to focus on other complex tasks, thereby lifting the overall service quality. The judicious application of AI in the Government will advance our digital government and smart city development, benefitting both the people and businesses of Hong Kong, and bringing them closer to the fruition of I&T development.
Ladies and gentleman, Hong Kong stands on the cusp of making ground-breaking strides by capitalising on the vast potential of AI and other cutting-edge technologies. We are partners in this journey to seize the opportunities that lie ahead. So let’s invest in technology, invest in innovation, and invest in Hong Kong. Together, we can push the boundaries of what is possible to make Hong Kong a truly international I&T centre.
In closing, I would like to thank InvestHK for making this happen, and I hope you would leave this forum with mind-blowing takeaways. Thank you.
MILES AXLE Translation. Region: Russian Federation –
Source: Novosibirsk State University – Novosibirsk State University –
Faculty of Economics, Novosibirsk State University held a “Financial Literacy Day,” during which five representatives of banks and consulting companies shared their experience in combating fraudsters.
This topic is relevant for students not only because today the victims of telephone scammers are very different people. The faculty trains future economists, so it is important that they are also prepared in the field of fraud prevention, since the price of a mistake by a bank employee, broker or expert of a consulting agency can be very high.
— I think the event was a success, the lectures were very diverse and informative. I judge by the fact that I myself heard a lot of new things. I think we will continue to hold such events in the future, — noted Deputy Dean of the NSU Faculty of Economics Naimdzhon Ibragimov.
— The Faculty of Economics, including student clubs, often organize thematic meetings for students. The issue of financial literacy and the topic of fraud are relevant now. Despite the fact that the problem of fraud is not new, the number of deceived people remains significant. And this can be due to different factors, of which I would highlight two: the first is that modern technologies are used not only by honest people, the second is that there are features of the psychology of perception of information that fraudsters know and use. These issues need to be discussed. This can be useful for young people, — said Svetlana Bekareva, head of the Department of Finance and Credit of the Faculty of Economics of NSU.
In their speeches, the experts touched on various aspects of the financial security problem. Sberbank representatives shared advice on how to protect yourself from fraudsters and told in more detail about the principles on which Sber’s ecosystem is built (which has long included not only the banking infrastructure itself).
Yulia Krasnova, head of the Novosibirsk branch of the large audit company DRT, described the methods used by fraudsters to increase the attractiveness of their reporting for investors.
The head of the Siberian regional center Kept Leonid Kozlenko, using specific examples, revealed the mechanisms for combating fraud that modern businesses use.
— I really liked the concept of this event, so we gladly responded to the invitation. We generally really like communicating with students, so our company has many different joint projects with the NSU Faculty of Economics. Their subject matter is much broader than financial security issues, they relate to both training and smooth introduction to the profession of future graduates, — Leonid Kozlenko emphasized.
The speech by the director of the SFM company, PhD in economics Andrey Bekarev was devoted to the psychology of fraud. Using examples from the documentary, she showed how one can manipulate a person’s opinion quite strongly, and this influence remains unnoticed by him. And as a result, he perceives other people’s assessments, views as his own and makes decisions on their basis that are beneficial to the manipulator.
— Modern propaganda and marketing technologies influence us much more than we are used to thinking. And this is often used for nefarious purposes, like the same scammers we have been talking about all day today. I would like to draw attention to this with my lecture. I hope this will help you maintain independent thinking and reduce the risks of becoming a victim of someone else’s manipulation, — Andrey Bekarev addressed his listeners.
Financial Literacy Day attracted the interest of students from various fields of study. Some of the students have been participating in the events of the Faculty of Economics for several years now, and began to get involved in the topic of finances back in school.
— Last year I attended the Financier’s Day, which was held by the Financial Club and the Faculty of Economics. I was not yet a student of the Faculty of Economics at that time and I really liked the interesting and useful lectures and, of course, the competitions. Today’s event is smaller in scale than the Financier’s Day, but the idea is about the same. I was the host of the game part in the question-and-answer format. It is interesting that people from different fields took part in them, for example, historians and journalists, — shared Mikhail Muravyov, a first-year student of the Faculty of Economics, the Jurisprudence field.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
The Housing Bureau today invited tenders for the third operation and management contract of Light Public Housing (LPH), involving a project at Tsing Fuk Lane in Tuen Mun.
The project will provide about 1,900 units, with intake tentatively scheduled in the fourth quarter of 2025.
As with the previous two contracts, the scope of operation and management services for this contract mainly cover occupant management, property management, daily maintenance, as well as the provision of social services, and the management and operation of ancillary facilities.
To encourage participation of different stakeholders in the community, the bureau welcomes tenders from all capable and experienced service providers, including non-government organisations and those with a valid property management company licence, or a collaboration between them.
The bureau will carry out a technical assessment based on factors including the organisations’ management capability, relevant experience and past service performance, as well as the proposed modes of operation and management, social service support to be provided, feasibility of an exit plan and use of innovation and information technology as stated in their proposals.
This is to ensure that the LPH facilities and services can meet the needs of the residents and the local community.
The tender price will then be evaluated to form a consolidated assessment to decide on the most suitable organisation for operating LPH.
The bureau pointed out that LPH could fill the short-term gap of public housing supply and improve the living conditions and quality of life of people living in inadequate housing as soon as practicable, adding that construction of a number of projects has already commenced.
Interested organisations may download the tender documents (tender reference HB2024/OPR-LPH-TFL) via the relevant tender notice on the bureau’s website from the e-Tendering System. They may also contact the bureau’s dedicated team on LPH to obtain the tender documents.
Tenders must be submitted by noon on December 6, either electronically via the e-Tendering System or by deposit in the Government Secretariat Tender Box situated at the lobby of the Public Entrance on Ground Floor, East Wing, Central Government Offices, 2 Tim Mei Avenue, Tamar.
Sampo plc, stock exchange release, 18 October 2024 at 8:30 am EEST
Sampo plc’s share buybacks 17 October 2024
On 17 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:
Sampo plc’s share buybacks
Aggregated daily volume (in number of shares)
Daily weighted average price of the purchased shares*
Market (MIC Code)
4,168
41.68
AQEU
36,033
41.69
CEUX
412
41.69
TQEX
49,202
41.68
XHEL
TOTAL
89,815
41.69
*rounded to two decimals
On 17 June 2024, Sampo announced a share buyback programme of up to a maximum of EUR 400 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. On 16 September 2024, the Board of Directors of Sampo plc resolved to increase the share buyback programme to EUR 475 million. The programme, which started on 18 June 2024, is based on the authorisation granted by Sampo’s Annual General Meeting on 25 April 2024.
After the disclosed transactions, the company owns in total 8,862,408 Sampo A shares representing 1.61 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.
Details of each transaction are included as an appendix of this announcement.
On behalf of Sampo plc, Morgan Stanley
For further information, please contact:
Sami Taipalus Head of Investor Relations tel. +358 10 516 0030
Distribution: Nasdaq Helsinki Nasdaq Stockholm Nasdaq Copenhagen London Stock Exchange The principal media FIN-FSA DEN-FSA http://www.sampo.com
The Supervisory Board of AS Inbank confirmed the appointment of Ivar Kurvits as a new member of the Management Board returning from a sabbatical, who assumed his role on October 17, 2024.
Ivar Kurvits returns to his position as Chief of Staff at Inbank and resumes his responsibilities as a board member after a six-month sabbatical. Ivar Kurvits, who has long-term experience in legal and management, has been a member of the Inbank management board since 2020. Prior to joining Inbank, he held senior positions at Eesti Energia and the law firm Sorainen.
The eight-member Management Board of AS Inbank also includes Chairman of the Board Priit Põldoja, CFO Marko Varik, Head of Baltic Business Margus Kastein, Head of CEE Business Maciej Pieczkowski, Head of Growth and Business Development Piret Paulus, Chief Product and Technology Officer Erik Kaju, and Head of Risk Control Evelin Lindvers.
Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with 6,100 merchants, Inbank has 895,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.
Additional information: Merit Arva Inbank AS Head of Brand and Communications merit.arva@inbank.ee +372 553 3550
SUBJECTS: Northcott Dapto Disability Hub; NDIS reform; Housing; Interest rates; University of Canberra
BILL SHORTEN, MINISTER FOR THE NDIS AND GOVERNMENT SERVICES: It’s great to be at Northcott today in Wollongong. The opening of the new multi-use hub is fantastic news for thousands of people with disability. In particular, the hundreds of clients that Northcott looks after every day.
JOURNALIST: You mentioned in your speech downstairs that it’s a village of hope, and if you can expand on that, and that sort of means?
SHORTEN: Buildings reflect a society’s values. If we build a brand new shopping centre, it reflects the value that Australians value shopping. But when a community or a group like Northcott build a marvellous, purpose-built building so that people with disabilities can have more fulfilling lives, I think it reflects very positive values. So this is not just a set of walls and windows, some fabulous rooms and a roof. This is a village of hope where people with disability cannot be invisible, where they can help – have dreams, have hopes, make plans and have social interaction. So the values of this building are based on the finest moral foundations of a fair go for people with disability.
JOURNALIST: Reflecting I guess on your time as the Minister in charge of the NDIS, you’re obviously outgoing at the moment, there were recommendations about how to improve the service that were handed down last year. As you leave your position, what do you think? Do you think those – , yeah, what state do you think you leave the service in?
SHORTEN: You’re right. I’m very outgoing. I love the NDIS, I bleed it, I was fortunate enough to be able to help create it more than 15 years ago. Coming back into Government, I realised that whilst it was changing lives for the better, hundreds of thousands of lives, it was off track. Money was getting spent on the wrong things. There were a minority of service providers who were seeking to enrich themselves rather than look after the people they meant to. Australians are very generous. They, I think, don’t mind spending some taxes on Medicare and on looking after people with profound and severe disability. Participants deserve fulfilling lives. So therefore, what we’ve spent the last nearly three years is get it back on track. Now I want to take it above politics. I want to make it politician proof. Now we’ve got the legal authority to outline what you can spend your money on and what you can’t. Who you can spend your money with, with registered providers. We can now make sure that we’ve got a process for clear eligibility, which we’re working on. And I think also most importantly – so who can be in it, what we can spend the money on and who with. We’re clearing that up. We’re clamping down on the fraud and the cheats and the crooks. They’re not welcome anymore. But also what we’re doing is writing a new chapter of inclusion by building supports outside the NDIS. For people who don’t need the full orchestra of the NDIS, but have special needs, and so that the NDIS is not the only lifeboat in the ocean of services for people with disability.
JOURNALIST: Just on the changes that have been made, I spoke to a provider earlier this morning saying – who’s here in the Illawarra – saying that a lot of clients are I don’t feel like they have enough information about what can and can’t access now, and that’s actually worsening their mental health as well. Are there plans to kind of improve communications in that sense?
SHORTEN: Good providers should be telling their people what’s going on. I mean, a provider can simply access a website. It’s all there. I get any changes can bring anxiety. If you’re a person with a disability or a family who has fought hard to get a personal budget, when you hear the words change, that’s not what you hear, you hear, am I going to lose something? I don’t want to go backwards. All we’re doing is providing clarity. It’s very easy to access on the NDIA or the National Disability Insurance website. Our providers, they’re meant to be professional. They’re paid to provide services. So I can understand participants taking longer to work out what’s in and what’s out. But a provider should be acquainting themselves with the road rules. You’re not allowed to drive a truck without knowing basic road rules, and providers should do the same.
JOURNALIST: You talk about eligibility requirements. We have a local in Kiama who’s the name of Bobby English, who’s been campaigning for years to have her partner, who’s over 65 and developed a disability, have him be included in the Scheme. I guess as you’re leaving the position, do you regret not having this issue resolved? And will this be a priority for your successor, I guess?
SHORTEN: For the person who needs the support, I hope they’re getting support. But for the proposition that the NDIS, to the NDIS should look after people of all ages of disabilities, that would sink the Scheme. The Parliament made it very clear in 2013, when it was legislated, that the NDIS is for people up to 65 and aged care would look after people over 65. When I started campaigning for the NDIS, aged care was in much better shape than disability. What’s happened in the intervening 15 years, 16 years since I first raised it, is aged care had fallen backwards and for all of the problems with the NDIS, it was more generous. I think the answer to the issue of older Australians who acquire a disability after 65 is better support in the aged care system, which is what it’s designed for. And the Labor Government has been making pretty significant reforms in aged care to improve the support which would be available.
JOURNALIST: This is your, most likely your last visit to the Illawarra region is it?
SHORTEN: I don’t know, nice to say, but you know you have –
JOURNALIST: Well I was going to ask –
SHORTEN: I’m going to do more farewell trips than Johnny Farnham, but I’ll be coming back, to the South Coast anyway. I’m actually moving from Melbourne to Canberra, so actually I’ll be closer to the Illawarra than I’ve ever been.
JOURNALIST: Yes, but last in a ministerial – as an announcement, with an announcement sort of thing?
SHORTEN: Yeah.
JOURNALIST: in terms of this region in particular, obviously you’re a Federal Minister, but in this area, what do you hope the legacy of your role will be?
SHORTEN: I’ve been very fortunate to visit the Illawarra in different roles over my working life as a steel union rep with the Australian Workers Union. I’ve been at the north gate BHP. I’ve seen when things have gone bad. So I know this is a an industrial town. People work hard for their money here. Then I had the chance to work in disability here, and I realised it had a very strong culture of support for people with disability in the area, which I think reflects well on the values of the community here. I got to campaign here as Leader of the Opposition for six years. So I’ve seen how this area is reinventing itself and diversifying. And indeed, you know, to the south of the Illawarra has become a very crowded part of Australia. So I’ve seen this community reinvent itself. It works hard and it cares for the people within it. But what I’m pleased is that there’s 5,600 people in the Wollongong region receiving personal budgets of support because of a severe and profound disability, which but for the National Disability Insurance Scheme, they’d be stranded. Families will have kids on non-standard developmental journeys, little precious babies who are two and three. But for the NDIS, they wouldn’t get the sort of support they’re getting now. There’s ageing carers in their 80s who will be drying the dishes at 10:00pm tonight overlooking the, you know, the back window from the kitchen sink. They’ll have that anxiety, who’s gonna look after their adult child when they no longer can? We’re not fully there at fulfilling that promise. But for people in this region, we’re a lot closer to fulfilling a promise that even when you can’t look after the person you love because they have a profound and severe disability, there’ll be someone there.
JOURNALIST: Bill. Negative gearing is back in the spotlight today, with analysis showing more than 750,000 renters could become homeowners under your policy that you introduced in 2019. Is it time for the Federal Government to consider changes to negative gearing and capital gains tax concessions?
SHORTEN: Well, unfortunately, Mr. Morrison won the election, so I didn’t quite introduce my policies but thank you for the compliment. Listen, the Government said that we’re going to focus on supply, that negative gearing is not on the agenda. I think that’s fine. We did take a series of policies to 2019. They were narrowly rejected. I think the Government’s got it right where we’re going to focus on supply. I’d encourage the Liberals and the Greens political party to get out of the way. They’re not – we want to build more houses. They’re delaying that. I mean, I have to say of Mr Dutton’s Opposition. They won’t lead, they won’t follow, and they won’t get out of the way. That’s a problem for renters.
JOURNALIST: Should the Prime Minister have bought an expensive home so close to the election in the middle of a housing crisis?
SHORTEN: Oh, it’s so up to him. It’s his business. Good luck to him and Jodie. Again, what I see is people are focusing on one house. I wish the Opposition and the Greens would focus as hard on the tens of thousands of houses that we want to support, and they are just on the Prime Minister’s house.
JOURNALIST: You did used to call Turnbull, at the time, Mr. Harbourside mansion back in the day, saying he was out of touch. Should Albanese have waited until after the election to buy his own?
SHORTEN: I think the difference between Malcolm Turnbull and Prime Minister Anthony Albanese is chalk and cheese. Mr. Albanese has worked very hard. He comes from or he came from a tough background. I just wish the very best for him and Jodie in their future. But the other thing is I’ve got no doubt that Prime Minister Albanese will lead us to the next election and successfully.
JOURNALIST: But just in terms of cost of living, do you think the Reserve Bank should hold off on cutting interest rates?
SHORTEN: That’s a decision for the Reserve Bank. But I do know that 3 million mortgagees are doing it tough. I do know that the economy in large part is doing it tough. You know, it’s great that Labor’s been able to create a million jobs, and that shows you the focus of the Government. But people are doing it hard. It’ll be up to the Reserve Bank when they cut rates, but that can’t come too soon as far as I’m concerned.
JOURNALIST: Can I ask one more just for our Canberra colleagues? Your new position that you’ll be taking up, will you be launching a review into the governance of UC?
SHORTEN: Uh, I’ll wait until I get there. What I said about my new job is that until I finish my current job, I won’t be talking about my new job. But the day I start there, then I’m open for – the shop is open for interviews. Thanks.
On a review of the current and evolving liquidity conditions, it has been decided to conduct a second Variable Rate Reverse Repo (VRRR) auction on October 18, 2024, Friday, as under:
Do you wash your hands every time you use the toilet? How about before you handle food? Be honest.
Australia’s Food Safety Information Council has released its latest report card on the country’s hand washing habits. It found 19% of Australians don’t wash their hands every time they use the toilet. Close to half (42%) admit they don’t always wash hands before handling food.
So who’s doing well when it comes to hand hygiene, who’s not – and why does it matter?
What did the report find?
The new report surveyed hand washing practices of 1,229 people. Results were consistent with what we’ve learned from similar surveys.
Once again, women do better than men at washing their hands after using the toilet, although only slightly (80% of men say they do every time, versus 83% of women). Just 55% of men wash their hands before touching food, compared to 62% of women.
Age also seemed to make a difference. Under 34 years old, 69% of people washed their hands every time they used the toilet. Over age 65, that jumped to 86%.
Although some of these differences aren’t completely unexpected – such as the gap between men’s and women’s hand washing habits – the reasons remain unclear.
People over 65 were much more likely than younger people to wash their hands after using the toilet. Mélissa Jeanty/Unsplash
Why don’t people wash their hands?
Public health messaging often focuses on how to wash hands well. But there’s less research that follows up on how widely people actually adopt these practices. And to understand why – if they are skipping the soap and water – those messages might not be getting through effectively.
One study that looked at this question in India asked school children about barriers to hand washing. The vast majority (91%) had low “illness threat perception”. In other words, they simply didn’t perceive a risk of getting sick form not washing their hands after going to the toilet.
Interestingly, the inability to see germs with their own eyes was one of the biggest barriers, cited by 46% of the children. But 72% said they would wash their hands if their friends did.
It’s tempting to speculate these reasons may also apply to other age groups, but we simply haven’t done enough research to know. People’s reasons for hand washing, or not, likely vary across their lifetime and with their circumstances.
What are the risks?
Urine and faeces contain millions of germs, especially faeces, which has more than 100 billion germs per gram.
When you use the toilet and touch surfaces in the bathroom, you will pick up germs. People who skip the hand washing step on the way out take those germs with them when they leave, depositing them on each surface they touch afterwards.
You may not get sick yourself, but you’re increasing the spread of bacteria. This can increase the risk of infection and illness for other people, including those with compromised immune systems such as older people and those undergoing common forms of treatment for cancer.
Hand washing before cooking and eating is also important. The risk here goes both ways. If you have disease-causing germs on your hands (maybe because you didn’t wash them after the toilet) you may transfer them to the food where they can multiply and even produce toxins. People who eat the food may then get sick, often involving vomiting and diarrhoea.
Washing hands before eating and preparing food can stop germs spreading from the food to hands, and vice versa. CDC/Unsplash
In the other direction, some foods naturally carry germs before cooking – such as salmonella and campylobacter bacteria in raw poultry. If you don’t wash your hands after handling these foods you may transfer them to other surfaces and risk spreading infection.
How should I wash my hands?
Follow these three simple tips for hand washing correctly:
wet your hands and rub them together well to build up a good lather with soap for at least 20 seconds and don’t forget to wash between your fingers and under your nails. You might have to use a nail brush
rinse well under running water to remove the bugs from your hands
dry your hands thoroughly on a clean towel for at least 20 seconds. Touching surfaces with moist hands encourages bugs to spread from the surface to your hands.
What about hand sanitiser?
If no running water is available, use an alcohol-based hand sanitiser. These rapidly inactivate a wide range of germs, rendering them non-infectious. Hand sanitisers are effective against a wide range of bacteria and viruses that can cause many common gastrointesintal and respiratory infections.
However if your hands are soiled with organic matter – such as blood, faeces, meat, sand or soil – they won’t be effective. In that case you should clean your hands with soap and water.
The bottom line
Hand washing is a bit like wearing a seat belt — you do that every time you get in a car, not just on the days you “plan” to be involved in an accident. The bottom line is hand washing is a simple, quick intervention that benefits you and those around you — but only if you do it.
Christine Carson 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.
Amsterdam, 18 October 2024 – Azerion, one of Europe’s largest digital advertising and entertainment media platforms, announces the adjustment of its upcoming Q3 interim unaudited financial reporting date to 19 November 2024, ten days earlier than the previously scheduled 28 November 2024. Over the past year, integration and consolidation efforts have helped Azerion mature as a publicly listed company, resulting in improved reporting efficiencies. These enhancements support Azerion’s growth and commitment to timely reporting while enabling it to capture opportunities faster and expand its market share.
Future reporting dates:
Q3 2024
Q4 and FY 2024
Q1 2025
Q2 2025
Q3 2025
19 November 2024
27 February 2025
28 May 2025
28 August 2025
18 November 2025
About Azerion Founded in 2014, Azerion (EURONEXT: AZRN) is one of Europe’s largest digital advertising and entertainment media platforms. Azerion brings global scaled audiences to advertisers in an easy and cost-effective way, delivered through our proprietary technology, in a safe, engaging, and high quality environment, utilizing our strategic portfolio of owned and operated content with entertainment and other digital publishing partners.
Having its roots in Europe and with its headquarters in Amsterdam, Azerion has commercial teams based in over 22 cities around the world to closely support our clients and partners to find and execute creative ways to make a real impact through advertising.
MIL OSI Translation. Timor-Leste Portuguese to English –
Presidency of the Council of Ministers
Spokesperson for the Government of Timor-Leste
……………………………………………. ……………………………………………. …………………….
Press release
Council of Ministers meeting on 18 October 2024
The Council of Ministers met at the Government Palace in Dili and approved the draft Decree-Law, presented by the Deputy Prime Minister, Coordinating Minister for Social Affairs and Minister for Rural Development and Community Housing, Mariano Assanami Sabino, and by the Executive Director of the Mission Unit to Combat ‘Stunting’, Joel Maria Pereira, for the first amendment to Decree-Law No. 91/2022, of December 22, relating to the Mission Unit to Combat ‘Stunting’.
Decree-Law No. 91/2022 created the Mission Unit to Combat Stunting with the mission of preparing and implementing the National Plan to Combat Stunting and promoting the coordination of government bodies in combating child malnutrition. However, although the National Plan to Combat Stunting has been completed, the planned measures have not yet been fully implemented.
To ensure the continuity of this work, the Government intends to extend the mandate of the Mission Unit until December 31, 2030, allowing the full implementation of the plan and the fight against the high rate of stunting in Timor-Leste. This amendment also aims to adjust the new ministerial framework resulting from the organic structure of the IX Constitutional Government, whereby the Mission Unit for Combating Stunting will be under the supervision of the Vice-Prime Minister and Coordinating Minister for Social Affairs. This draft Decree-Law also aims to ensure effective and efficient coordination between the various government departments and public administration bodies in the execution of the responsibilities related to nutritional security assigned in the Plan.
At the previous meeting of the Council of Ministers, the National Multisectoral Annual Plan to Combat Stunting was also approved for the period 2024 to 2030, with the aim of reducing the rate of stunting and improving nutritional health in Timor-Leste.
*****
The Council of Ministers endorsed the agreement with the Asian Development Bank (ADB) on measures to enhance resilience and livelihoods in the rural sector, presented by the Deputy Prime Minister and Minister of Rural Development and Community Housing, Mariano Assanami Sabino. This agreement aims to increase the resilience of approximately 46,000 people in rural areas of the Manatuto Municipality.
The main aim of this project is to improve access to water, promote the adoption of climate-smart agricultural practices and strengthen the institutional and organizational capacities of rural communities. The initiative, aligned with the priorities of the IX Constitutional Government, includes investments in water infrastructure, the formation of agricultural groups and the development of more diversified and climate-resilient livelihoods. It is also expected that this rural development model to be implemented in Manatuto will be replicated in other municipalities, thus promoting the sustainable development of Timor-Leste.
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Finally, the Council of Ministers approved the draft Decree-Law establishing the Community Revitalization Program, also presented by the Deputy Prime Minister and Minister of Rural Development and Community Housing, Mariano Assanami Sabino.
The program aims to promote the economic and social development of rural communities by supporting productive activities in the agriculture, fisheries, livestock, forestry and horticulture sectors, as well as infrastructure and equipment of collective interest. Aligned with the principles of sustainability, social inclusion and community participation, the program provides for the granting of subsidies for community projects, to strengthen local capacities and promote the resilience of communities throughout the country. END
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.
Source: Hong Kong Government special administrative region
FS to visit Peru and US FS to visit Peru and US ***********************
The Financial Secretary, Mr Paul Chan, will depart for Peru this evening (October 18) to attend the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting and other related events to be held in Lima, after which he will visit New York, the United States, from October 22 to 24. In addition to attending the APEC Finance Ministers’ Meeting during his visit to Lima, Peru, Mr Chan will have bilateral meetings with officials of other economies to exchange views on issues of mutual concern. He will also attend a luncheon hosted by the APEC Business Advisory Council and meet with members of business communities from various regions. With a theme of “Sustainable + Digital + Resilient = APEC”, this year’s Finance Ministers’ Meeting will explore topics including global economic and financial outlook, fostering green and sustainable development, providing financial support to tackle climate change, as well as digitalisation of finance and financial inclusion. During his visit to New York, Mr Chan will attend the Global Regulatory Forum organised by Bloomberg and deliver a keynote speech. He will also join a number of breakfast meetings and luncheons to meet and exchange views with members of the political, business and financial communities in the United States, and promote Hong Kong’s advantages and opportunities. Mr Chan will also visit local enterprises. Mr Chan will leave New York on October 24 local time and arrive in Hong Kong in the early evening of October 25. During his absence, the Deputy Financial Secretary, Mr Michael Wong, will be the Acting Financial Secretary.
Chinese President Xi Jinping has stressed the importance of building a national platform for recycling and reusing resources in a recent instruction on the establishment of a company specialized in resources recycling. Follow China.org.cn on Twitter and Facebook to join the conversation.ChinaNews App Download
SHENZHEN, CHINA, Oct. 18, 2024 (GLOBE NEWSWIRE) — China Medical System Holdings Limited (the “Group” or “CMS”) is pleased to announce that on 18 October, the first batch of prescriptions of ruxolitinib phosphate cream (the “ruxolitinib cream” or the “Product”) for qualified vitiligo patients were issued in the Greater Bay Area, at Zhongshan Chen Xinghai Hospital of Integrated Traditional Chinese and Western Medicine, Foshan Fosun Chancheng Hospital, and Dongguan Songshan Lake Tungwah Hospital. The Product’s new drug application (NDA) was approved by the Pharmaceutical Administration Bureau (ISAF) of Macau on 11 April 2024, and subsequently the Product was approved by the Guangdong Provincial Medical Products Administration on August 19 through the “Hong Kong and Macau Medicine and Equipment Connect” policy, which officially introduced ruxolitinib cream for the treatment of non-segmental vitiligo with facial involvement in adults and adolescents from 12 years of age, providing a novel treatment option for patients with relevant indication into designated medical institutions in the Mainland of Greater Bay Area.
In addition, on 24 September, the NDA for vitiligo indication of ruxolitinib cream has been accepted by the National Medical Products Administration of China (NMPA). In accordance with the relevant regulations of the drug real-world data application pilot program in the Hainan Boao Lecheng International Medical Tourism Pilot Zone (the “Pilot Zone”), CMS has conducted a real-world study on ruxolitinib cream in China. The results have shown positive efficacy, which is consistent with the key outcomes of global pivotal clinical studies. All secondary efficacy endpoints showed a trend of benefit consistent with the primary efficacy endpoint, and the treatment effect for vitiligo continued to improve with longer treatment duration. Meanwhile, through the safety monitoring data of the Pilot Zone, no new safety events have been identified. Adverse events mostly had severity levels of grade 1 or 2. No adverse event (AE) leading to discontinuation or withdrawal, and no serious adverse event (SAE) related to the study drug occurred.
If the Product is successfully approved for marketing in Mainland China, it will be the first prescription drug approved by NMPA for repigmentation in vitiligo, bringing this novel treatment hopes for Chinese vitiligo patients.
Furthermore, on 12 August 2023, the Product was approved by Hainan Medical Products Administration for Urgent Clinical Import, and officially became available to applicable patients in the Pilot Zone on August 18, for the topical treatment of non-segmental vitiligo in adults and adolescents aged 12 and above with facial involvement. Benefiting from the Early and Pilot Implementation Policy granted by the state to Hainan Free Trade Port and the Pilot Zone, patients with vitiligo in China can apply for the Product in Boao Super Hospital first and receive treatment from the expert team. As of 30 June 2024, more than 3,200 patients have been treated with ruxolitinib cream in Boao Super Hospital.
CMS has always been patient-oriented and innovation-driven based on clinical needs, continuously striving to improve drug accessibility. Benefited from the “Hong Kong and Macau Medicine and Equipment Connect” policy, ruxolitinib cream was approved for use in the Greater Bay Area and completed its first batch of prescriptions, shortening the time difference for Chinese vitiligo patients to use innovative drug and benefiting more domestic patients. Looking forward to the future, the Group will continuously strive to meet the unmet needs of Chinese patients, continuously explore novel drugs with international quality, and efficiently promote products’ clinical development and commercialization, so as to bring more quality pharmaceutical products through differentiated innovation-breakthrough, to safeguard the health and life-quality of patients.
About ruxolitinib cream Ruxolitinib cream (Opzelura), a novel cream formulation of Incyte’s selective JAK1/JAK2 inhibitor ruxolitinib, is approved by the U.S. Food & Drug Administration for the topical treatment of nonsegmental vitiligo in patients 12 years of age and older. As of now, it is the first and only treatment for repigmentation approved for use in the United States[1]. Ruxolitinib cream (Opzelura) is also approved in the U.S. for the topical short-term and non-continuous chronic treatment of mild to moderate atopic dermatitis (AD) in non-immunocompromised patients 12 years of age and older whose disease is not adequately controlled with topical prescription therapies, or when those therapies are not advisable[2]. In Europe, ruxolitinib cream (Opzelura) is approved for the treatment of non-segmental vitiligo with facial involvement in adults and adolescents from 12 years of age[3].
On 2 December 2022, the Group through a subsidiary of the Company, a dermatology medical aesthetic company (“CMS Skinhealth”) entered into a Collaboration and License Agreement (the “License Agreement”) with Incyte for topical formulations of ruxolitinib for the treatment of autoimmune and inflammatory dermatology diseases. In accordance with the License Agreement, the Group through CMS Skinhealth received an exclusive license to develop, register and commercialize the Product in Mainland China, Hong Kong Special Administrative Region, Macau Special Administrative Region, Taiwan Region and eleven Southeast Asian countries (Indonesia, Philippines, Vietnam, Thailand, Myanmar, Malaysia, Cambodia, Laos, Singapore, Timor-Leste and Brunei Darussalam) (the “Territory”) and a non-exclusive license to manufacture the Product in the Territory. The License Agreement commenced on its effective date and has a royalty term of ten years from the date of the commercial sale of the Product in the Territory (the “Royalty Term”). Upon the expiration of the Royalty Term, the License Agreement may be renewed for a period of ten years thereafter (the “Initial Extended Royalty Term”) as per certain conditions defined in the License Agreement. Upon the expiration of the Initial Extended Royalty Term, the License Agreement may be extended for a period otherwise agreed by both sides as per certain conditions defined in the License Agreement.
Incyte has worldwide rights for the development and commercialization of the Product, marketed in the United States and Europe as Opzelura®. Opzelura and the Opzelura logo are registered trademarks of Incyte.
About vitiligo
Vitiligo is a chronic autoimmune disease characterized by depigmentation of the skin, which results from the loss of pigment-producing cells known as melanocytes. It is estimated that there are approximately 14 million vitiligo patients in China[4]. Non-segmental vitiligo patients account for approximately 85% of them. Topical corticosteroids (TCS) and calcineurin inhibitors (CI) are used off-label for non-segmental vitiligo, however, these therapies have clinical deficiencies with long-term adverse reactions of long-term treatment or limited efficacy[5、6].
About CMS CMS is a platform company linking pharmaceutical innovation and commercialization with strong product lifecycle management capability, dedicated to providing competitive products and services to meet unmet medical needs.
CMS focuses on the global first-in-class (FIC) and best-in-class (BIC) innovative products, and efficiently promotes the clinical research, development and commercialization of innovative products, enabling the continuous transformation of scientific research into clinical practices to benefit patients.
CMS deeply engages in several specialty therapeutic fields, and has developed proven commercialization capabilities, extensive networks and expert resources, resulting in leading academic and market positions for its major marketed products. CMS continues to promote the in-depth development of its advantageous specialty fields and expand business boundaries. While strengthening the competitiveness of the cardio-cerebrovascular/gastroenterology business, CMS independently operates its dermatology and medical aesthetics business, and ophthalmology business, aiming to gain leading positions in specialty therapeutic fields, whilst enhancing the scale and efficiency. At the same time, CMS has expanded its business territory to the Southeast Asian market, striving to become a “bridgehead” for global pharmaceutical companies to enter the Southeast Asian market, further escorting the sustainable and healthy development of the Group.
Ezzedine K, Eleftheriadou V, Whitton M, van Geel N. Vitiligo. Lancet. 2015;386(9988):74-84. doi:10.1016/S0140-6736(14)60763-7
Consensus on the diagnosis and treatment of vitiligo (2021 version)
Kubelis-López DE, Zapata-Salazar NA, Said-Fernández SL, Sánchez-Domínguez CN, Salinas-Santander MA, Martínez-Rodríguez HG, Vázquez-Martínez OT, Wollina U, Lotti T, Ocampo-Candiani J. Updates and new medical treatments for vitiligo (Review). Exp Ther Med. 2021 Aug;22(2):797. doi: 10.3892/etm.2021.10229. Epub 2021 May 25. PMID: 34093753; PMCID: PMC8170669.
CMS Disclaimer and Forward-Looking Statements This press release is not intended to promote any products to you and is not for advertising purposes. This press release does not recommend any drugs, medical devices and/or indications. If you want to know more about the diagnosis and treatment of specific diseases, please follow the opinions or guidance of your doctor or other medical and health professionals. Any treatment-related decisions made by healthcare professionals should be based on the patient’s specific circumstances and in accordance with the drug package insert.
This press release which has been prepared by CMS does not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for or be relied on in connection with any contract or binding commitment whatsoever. This press release has been prepared by CMS based on information and data which it considers reliable, but CMS makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this press release. Certain matters discussed in this press release may contain statements regarding the Group’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statements and projections made by third parties included in this press release are not adopted by the Group and the Company is not responsible for such third-party statements and projections.
Planisware brought together European clients for its annual user conference in Paris: Exchange24 EMEA
Paris, France, October 18, 2024 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market has hosted over the last two days in Paris its annual client conference: Exchange24 EMEA. Together with its North American edition held in Philadelphia in April 2024, the Parisian edition is a highly anticipated event that has been held continuously for over 20 years, providing a platform for Planisware to showcase its latest innovations while enabling fruitful exchanges within the large Planisware’s clients community and with PPM1 and SPM2 professionals from diverse industries.
Loïc Sautour, CEO of Planisware, commented: “Exchange24 EMEA has been a powerful testament to the strength of our community. Bringing together the brightest minds in project and portfolio management, we explored our latest innovations and the future of our platform. The event was filled with inspiring insights, real-world success stories, and hands-on experiences that will continue to drive success for our clients. This gathering wasn’t just about showcasing what’s new, but also about pushing the boundaries of what’s possible together with our incredible partners and clients through fruitful exchanges within the large Planisware’s clients community.”
Following Planisware’s successful IPO in April 2024, the conference took on a heightened significance, attracting not only PPM experts but also stakeholders interested in Planisware’s growth trajectory. Exchange24 served as a strategic opportunity to showcase how cutting-edge solutions help clients navigate their complete portfolio of projects and to better align it with their strategic goals.
During these sessions, Planisware introduced its latest innovations, focusing on four key areas:
User Interface & Experience: New chart design, generalization of tiled dashboards, and more generally many improvements across the board based on customer feedback and usage analysis.
Artificial Intelligence: Introduction of Planisware Co-Pilot, Planisware Trusted GenAI, and fuzzy search capabilities.
Capabilities: Several new or enhanced features including sensitivity analysis, task automation, and task date inspector.
Collaboration: Improvements to the mobile app, enhance shared screen options, and more native integration.
AI-Powered innovation in PPM has been one of the focal points of Exchange24. A much-anticipated roundtable discussion delved into how AI-driven tools, integrated into Planisware’s solutions, are improving decision-making, forecasting, and automation across project portfolios.
Clients such as Total Energies, Teva, Schwarz Group, Saint-Gobain, Enedis, Stora Enso, or UCB were prominently featured throughout the conference. They shared their success stories in personalized customer sessions, bringing forward how Planisware’s PPM solutions have transformed their approach, optimized project delivery, better driving business outcomes. These sessions provided practical insights into overcoming challenges and seizing opportunities in today’s volatile market.
About Planisware
Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.
With more than 700 employees across 14 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.
Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”). For more information, visit: https://planisware.com/
Connect with Planisware on: LinkedIn and X (formerly Twitter).
The Monetary Authority (HKMA), together with the banking sector, introduced multiple measures today to further support, through financing as well as banking products and services, the continuous development of small and medium-sized enterprises (SMEs).
The HKMA said around 20,000 SMEs have benefitted from the nine measures that it launched with the Banking Sector SME Lending Co-ordination Mechanism in March this year, involving an aggregate credit limit of over $44 billion.
Taking into account the commercial sector’s views, the HKMA and the banking sector will roll out five measures to assist SMEs’ continuous development, upgrade and transformation, as well as enhancing their competitiveness and productivity to cope with various operational challenges.
Firstly, the HKMA has lowered the countercyclical capital buffer ratio from 1% to 0.5%, and will allow banks to early adopt the preferential treatments for SME exposures under the Basel III capital framework.
Such policies will release bank capital, enabling banks to make use of the additional capital to facilitate SMEs’ financing needs.
Secondly, the 16 banks that are active in SME lending have set aside a total of over $370 billion in dedicated funds for SMEs in their loan portfolio. The funds will allow SME customers to access necessary financing to cope with the evolving business environment.
The banks will regularly review and consider scaling up the size of their dedicated funds in response to SMEs’ needs and development.
Thirdly, the HKMA said banks will launch more credit products and services to meet the needs, such as the combination of digital transformation and green transformation, of SMEs. Examples include pre-approved credit limits, unsecured loans, cross-border loans, and loans with flexible repayment periods.
On partial principal repayment options, the HKMA noted that when an orderly exit from the banking sector’s Pre-approved Principal Payment Holiday Scheme started in July 2023, the mechanism introduced enhanced measures to assist corporates’ gradual return to normal repayment.
As some customers’ partial principal repayment arrangements will expire in early 2025, banks will be accommodative and consider offering more flexible repayment arrangements to these customers.
Subject to prudent risk-management principles, such arrangements may include extending the duration of partial principal repayment, offering more options on the proportion and duration of partial principal repayment, or even offering principal moratorium.
Additionally, banks will allocate adequate resources to process applications and work closely with HKMC Insurance to implement as soon as possible the principal moratorium and other enhanced measures under the SME Financing Guarantee Scheme.
Press Release Nokia Altiplano accelerates autonomous networks by introducing AI for broadband operations
Nokia enhances Altiplano Access Controller with AIOps to drive better network decisions.
AI-powered applications and smart analytics improve network operations and resource utilization.
18 October 2024 – Nokia today announced the integration of AI-driven operations (AIOps) into its Altiplano Access Controller, an automation platform for broadband networks. The new AIOps uses artificial intelligence (AI) from applications in Nokia’s Altiplano Marketplace to analyze network data and drive automation. By combining AI and smart analytics, AIOps allows operators to detect network anomalies faster, anticipate service-affecting issues before they occur, and improve network utilization.
Through the use of big data analytics, digital twins, and trained AI-agents, Nokia helps operators increase efficiency and drive higher levels of automation in network and service operations. By extending the Altiplano core platform with AI applications available in Nokia’s Altiplano Application Marketplace, operators can:
Detect network anomalies: Identifying anomalies with high accuracy before they impact services is essential to maintaining network reliability and customer satisfaction.
Improve network utilization: AI and digital twins help optimize network resources to enhance capacity planning and customer experiences.
Provide human assistance: AI assists human operators by simplifying incident management, speeding up problem resolution and, improving inventory accuracy.
Nokia’s Altiplano Access Controller is the most widely deployed network automation platform on the market, used by over 160 broadband operators globally. Ranked as the #1 network automation platform for fixed network automation by Global Data, Nokia’s Altiplano Access Controller powers the largest and most advanced SDN networks in the world – including those serving over 1 million live subscribers.
Geert Heyninck,Vice President of Broadband Networks for Nokia Fixed Networks, said: “With AI and advanced network analytics, operators can gain deeper insights and make smarter decisions to ensure smooth operations. By detecting issues faster and optimizing resources, we’re moving closer to fully autonomous networks. This shift empowers operators to enhance customer experiences while letting AI handle complex network management.”
About Nokia At Nokia, we create technology that helps the world act together.
As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research led by the award-winning Nokia Bell Labs.
With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.
Financial Secretary Paul Chan will depart for Peru this evening to attend the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting and other related events in the country’s capital Lima, before heading to New York City in the US.
Under the banner “Sustainable + Digital + Resilient = APEC”, this year’s finance ministers’ meeting will explore the global economic and financial outlook, how to foster green and sustainable development, the provision of financial support to tackle climate change, digitalisation in finance, and financial inclusion. In addition to attending the APEC event, Mr Chan will hold bilateral meetings with officials from other economies to exchange views on issues of mutual concern. He will also attend a lunch hosted by the APEC Business Advisory Council.
During his visit to New York, the Financial Secretary will deliver a keynote speech at the Global Regulatory Forum, organised by Bloomberg.
In addition, Mr Chan will attend a number of breakfast meetings and lunches to promote Hong Kong’s advantages and opportunities. He will also visit local enterprises.
Mr Chan will arrive back in Hong Kong on October 25. During his absence, Deputy Financial Secretary Michael Wong will be Acting Secretary.
Source: People’s Republic of China – State Council News
BEIJING, Oct. 18 — China’s central bank on Friday launched the Securities, Funds and Insurance companies Swap Facility (SFISF), with the first batch of application quota exceeding 200 billion yuan (about 28.1 billion U.S. dollars).
The People’s Bank of China announced the decision to set up the SFISF in a statement last week, as part of efforts to support the healthy and stable development of the capital market.
The tool will allow eligible securities, funds and insurance companies to use their assets including bonds, stock ETFs and holdings in constituents of the CSI 300 Index as collateral in exchange for highly liquid assets such as treasury bonds and central bank bills, according to the central bank.
So far, a total of 20 securities and funds companies have been approved to participate in the SFISF operation.
The central bank on Friday also launched a special re-lending facility to guide banks to provide loans to listed companies and their major shareholders for buybacks and increasing shareholdings.
The initial re-lending scale is 300 billion yuan at an interest rate of 1.75 percent. The facility can be applied to various types of companies regardless of their ownership, according to the central bank.
Stronger guarantees, AI rules and ban on unfair trading10 min read
The Federal Government has signalled its commitment to advancing major consumer law reforms with three key announcements this week that included proposals to strengthen consumer guarantees, ban unfair trading practices and introduce artificial intelligence (AI) specific protections—all of which could significantly alter the landscape for both suppliers and manufacturers.
With Government seeking feedback on these reforms, companies should stay informed and actively engage in consultation processes to ensure any changes are fit for purpose and take into consideration relevant business concerns. In addition, companies should consider how these proposals could impact their businesses and take steps to ensure compliance and mitigate risks.
In this Insight, we provide an update on the proposals so far and their potential implications for business.
Key takeaways
Treasury is seeking feedback on updates to the consumer guarantees regime, including civil prohibitions and penalties for suppliers or manufacturers that fail to provide remedies for consumer guarantees, and for manufacturers who fail to indemnify suppliers as required by the Australian Consumer Law (ACL).
The Prime Minister’s office has announced plans for a ban on unfair trading practices, though details on the specific legislation are still pending. The ban is expected to include a general prohibition on unfair trading practices, along with specific prohibitions against issues like drip pricing, subscription traps and misleading online practices that create a false sense of urgency.
Treasury is seeking feedback on whether it should expand the ACL to cover AI-specific consumer law issues, including mandatory guardrails with specific requirements for AI-related consumer products and services and reforming remedies to better suit defective AI-enabled goods and services.
Moves to strengthen the consumer guarantees regime
On 16 October 2024, the Government announced plans to introduce new civil prohibitions and penalties for breaches of the consumer guarantees and supplier indemnification (CGSI) provisions of the ACL. The announcement was accompanied by a Consultation Paper seeking stakeholder feedback on how the proposed prohibitions and penalties should be designed.
This announcement builds on a consultation undertaken in 2021 on ways to improve CGSI provisions of the ACL and incorporates findings from the 2023 Australian Consumer Survey, including that consumers find it difficult to obtain remedies for consumer guarantees failures. The Consultation Paper notes that:
for low-cost goods, consumers are less likely to enforce their statutory rights when it is cheaper and easier to ‘just buy another one’ or to pay for a repair; and
for high-value goods, consumers may struggle to understand the process involved in making a complaint and/or find it prohibitively time-consuming, costly or difficult to pursue one.
The proposed reforms seek to respond to a range of concerns with the status quo, including that:
the difficulties outlined above mean costs can be transferred from a non-compliant supplier or manufacturer to a consumer and lead to poorer outcomes for consumers and the economy;
suppliers and manufacturers lack incentives to comply with the consumer guarantees; and
some suppliers may also face difficulties obtaining indemnification from manufacturers and/or face retaliatory behaviours if they seek to be indemnified.
The Government is seeking to respond to the concerns outlined above by introducing reforms that would:
prohibit suppliers from refusing to provide remedies to consumers where there has been a major failure under the consumer guarantees (remedy failure prohibition);
prohibit manufacturers from failing to indemnify suppliers;
make it unlawful for a manufacturer to retaliate against a supplier for seeking indemnification following a consumer guarantees failure; and
introduce civil penalties for contraventions of the prohibitions above, as well as an ability for regulators to issue infringement notices or pursue litigation where they have reasonable grounds to believe a contravention has occurred.
The Consultation Paper notes that the introduction of these prohibitions would enable ACL regulators to enforce the CGSI provisions in circumstances where rights are currently only enforceable by affected consumers and businesses. The Paper also acknowledges a submission made by the ACCC that, if regulators were able to take direct enforcement action, this would likely lead to greater judicial consideration of the consumer guarantees and result in greater clarity in the law.
Key issues the Government is seeking feedback on include:
whether any aspects of the consumer guarantees need to be clarified prior to the introduction of prohibitions and penalties, noting concerns have previously been raised regarding whether penalties are appropriate in circumstances where concepts such as ‘reasonable consumer’ and ‘major failure’ are difficult to apply in practice;
whether the remedy failure prohibition should apply to all goods and services or whether a value threshold should be applied and/or only be applied to new motor vehicles;
at what amount an infringement notice or maximum civil penalty should be set; and
if it is appropriate to factor in depreciation when determining an appropriate refund amount, noting that, at present, where there has been a major failure, a consumer is entitled to a replacement or full refund even where they have had the benefit of the use of a product for an extended period of time.
Treasury will engage with targeted stakeholders on the proposed design of the civil prohibitions and penalties and is seeking public feedback by Thursday 14 November 2024.
Anticipated ban on unfair trading practices takes shape
On Wednesday 16 October 2024, the Prime Minister’s office announced it will legislate a ban on unfair trading practices. The announcement is long awaited and follows the Federal Treasury’s consultation on the introduction of such a prohibition, which took place between August and November 2023 (the 2023 Consultation). The ACCC has previously recommended that an unfair trading practices prohibition be introduced into the ACL in a number of contexts, including the final report of the 2019 Digital Platforms Inquiry.
The Government’s media release states that the reforms are about ‘easing the cost of living and getting a fair go for consumers and suppliers’. It non-exhaustively identifies the following practices that the reforms will address:
subscription traps: arduous and confusing steps that make cancelling a subscription difficult;
drip pricing: practices where fees are hidden or added throughout the stages of a purchase;
deceptive or manipulative online practices: practices that aim to confuse or overwhelm consumers, omit or hide material information, or create a false sense of urgency (such as warnings that a customer only has limited time to purchase a product);
dynamic pricing: changing the price of a product during the transaction process;
accounts and information provisions: requiring consumers to set up an account and provide unnecessary information to make an online purchase; and
reporting of issues: making it difficult for a consumer to contact a business when they have a problem with a product or service.
The Government is yet to release any specific legislative drafting or design for consultation and has foreshadowed a final reform proposal in the first half of 2025.
Enhancing Australian consumer law to address AI
On 15 October 2024, Treasury released a Discussion Paper which examines whether the ACL remains fit for purpose to protect consumers from the potential harms of the use of AI. The ACL currently contains a combination of both general and specific consumer protections which are technology-neutral, and Treasury is consulting on whether any changes to the ACL targeted specifically towards AI-enabled goods and services are necessary.
Treasury has indicated that new and targeted consumer protections may be introduced:
Specific prohibitions on false and misleading representations in relation to AI and emerging technologies. Treasury raised concerns in relation to the opacity of AI systems and difficulty in predicting AI system behaviour, such as erroneous output and unwanted bias, which may increase the risk of false or misleading representations about AI-enabled goods and services, and misleading and deceptive conduct in general. In light of this, Treasury is considering whether specific prohibitions in relation to false and misleading representations, targeted towards AI-enabled goods and services, are necessary to ensure the ACL is fit for purpose in the future. Recently, the Federal Trade Commission (FTC) took law enforcement action in the United States against the alleged use of AI technology in a deceptive and unfair manner.
Specific consumer guarantees provisions targeted towards AI and emerging technologies. Treasury has considered views that the unique characteristics of AI may require new consumer guarantees, eg guarantees relating to cybersecurity, interoperability and the provision of software updates for a reasonable period. Treasury acknowledged that some cybersecurity risks of certain AI-enabled goods will be captured by the Government’s ongoing 2023-2030 Australian Cyber Security Strategy, but it is still considering the need for bespoke consumer protections for digital products overall, such as those adopted in the United Kingdom under the Consumer Rights Act 2015 (UK).
New product safety standards targeted towards AI and emerging technologies. There are currently no mandatory AI-specific safety standards for consumer goods or product-related services, and Treasury is assessing whether current safety standards (which include the current Voluntary AI Safety Standard) effectively guarantee the safe and responsible use of AI-enabled goods and services. Treasury is considering options for mandatory guardrails in this consultation. See our Insight on preparing for voluntary AI standards and mandatory legislation for more information.
Prescriptions under the unfair contract terms (UCT) regime. Treasury has noted stakeholder concerns about the possible risks to consumers arising from terms that exclude supplier and manufacturer liability in relation to AI-enabled goods and services, and is currently considering whether such terms (and similar) should be deemed as UCTs.
Treasury has flagged that there is a need for greater clarity in the ACL in relation to AI and emerging technologies, due to the technology-neutral nature of the current language of the ACL. In principle, the existing general ACL framework should be able to address AI-related concerns, but there is uncertainty over the following issues:
The definition of AI-enabled goods and services, and whether this fits within the current definitions under the ACL. Whether something is a ‘good’ or a ‘service’ affects the remedies available under consumer guarantees, particularly considering the specific liability imposed on manufacturers of goods with safety defects. AI-enabled goods and services are generally a ‘mixed supply’ of goods and services, but consumers cannot claim for both a faulty good and service arising from a single transaction. Treasury is seeking to clarify this distinction for consumers in the context of AI-enabled goods and services.
Potential limitations of principles-based consumer guarantees. The current consumer guarantees regime contains a range of principles-based provisions that include concepts such as ‘fitness for purpose’, ‘acceptable quality’ and ‘due care and skill’. Treasury has received concerns that it is unclear how these principles-based standards may apply in the context of AI-enabled goods and services. An example is the concept of ‘durability’, which is currently set out under the ACL as a factor for assessing the acceptable quality of a product.
Treasury has identified particular difficulties that consumers may face when accessing remedies related to AI and emerging technologies. It noted the following concerns regarding the applicability of a manufacturer’s liability for goods with safety defects (as under the ACL) in relation to AI-enabled goods and services:
The evidentiary burden of establishing a causal link between the safety defect and consumer loss and damage. The specific characteristics of AI systems, such as opacity, autonomous behaviour and complexity, may make it more difficult for consumers to meet this burden of proof. Treasury is considering approaches from other jurisdictions, such as that in the EU under the proposed AI Liability Directive, which includes a ‘presumption of causality’ where a number of conditions are met, shifting the onus to manufacturers to demonstrate that no causal link to consumer loss or damage exists.
Defences available to manufacturers. There is a concern that the current defences listed under the ACL available to manufacturers may not be appropriate for AI-enabled goods and services. For example, the defence that the safety defect did not exist at the time that a good was supplied reflects a traditional position that manufacturers retain little or no ongoing control over the goods that they supply, which is not always applicable to AI-enabled goods and services.
The deadline for stakeholder feedback and written submissions on Treasury’s review of AI and the ACL is Tuesday, 12 November 2024.
18 October – Fleet utilisation for Q3 2024 was 57 percent.
In Q3 2024, Safe Concordia, Safe Notos and Safe Eurus all achieved 100% utilisation. Safe Zephyrus reached 99% utilisation.
Safe Caledonia is laid up at Scapa Flow, UK, and is scheduled for deployment to the Captain Field, UK, starting Q2 2025.
Safe Boreas is laid up in Norway pending relocation in Q2 2025 for a contract in Australia commencing earliest October 2025.
Safe Scandinavia is laid up in Norway.
Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to https://www.prosafe.com
For further information, please contact:
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PAU, France, Oct. 18, 2024 (GLOBE NEWSWIRE) — TSplus is excited to announce that the adventure has officially begun! Teams participating in the Trophée Roses des Sables 2024 have gathered in Pau, France on October 15 and 16 for their final technical and administrative checks at the “Village Départ.” This final stage allows participants to meet, complete verifications, and make last-minute preparations before heading south on their incredible journey through the Moroccan desert.
The Starting Point: Pau, Gateway to the Pyrenees
Pau, a city rich in history and nestled at the foot of the Pyrenees, provides an ideal backdrop for the event’s launch. Over these two days, participants from across the globe are meeting to connect, share their experiences, and prepare for the journey ahead.
On October 16, the teams will set off, driving through southern Europe and crossing into Morocco, where the real challenges await. TSplus will be following every stage with excitement.
7 Stages Through the Moroccan Desert
From October 18 to 25, the rally will take the participants across seven stages, navigating a range of diverse and challenging Moroccan terrains, from rocky trails to vast desert dunes, and everything in between.
Key dates include:
October 16: Departure from Pau, France for Casablanca, Morocco
October 17: Transfer to the Boulaajoul region by bus
October 18: Technical and administrative checks at the bivouac in Errachidia, followed by vehicle handovers
October 18 – 25: Seven stages through the Moroccan desert, passing through iconic locations such as Errachidia, Merzouga, and Tiguerna
October 26: Rally concludes in Marrakech with a grand prize ceremony
Crew 21: A Personal Challenge for a Noble Cause
Among the many teams participating this year is Crew 21, comprised of Alexandra, the pilot, and Pauline, her co-pilot. Both women are driven by a personal mission to support their association, Colibris des Sables, which raises awareness for autoimmune diseases.
Reflecting on their first impressions, Alexandra shared: “It’s incredible to be here with all these amazing women. The excitement and anticipation are at their peak as we prepare for this life-changing experience.”
Pauline added: “We’ve been preparing for months, and now the moment has come. We’re ready to face the challenges of the desert, united in our cause and supported by an amazing community.”
TSplus is proud to be one of the main sponsors of Crew 21, standing 100% behind them in this incredible journey.
Follow the Rally Live with TSplus!
Stay up to date with the race as it unfolds. Follow all the live updates on the official rally platform: course-en-direct.trophee-roses-des-sables.fr and don’t miss the updates from Colibris des Sables on Instagram @Colibris_des_sables. TSplus will also regularly share updates on this official social media pages:
Source: United Kingdom – Executive Government & Departments 3
Private finance experts met the Chancellor at No11 Downing Street today to boost investment in infrastructure and drive growth nationwide.
Rachel Reeves convened the inaugural meeting of the British Infrastructure Taskforce as part of a new approach that involves government working with business to design policy that will unlock private investment, including by building business confidence in UK infrastructure investments.
The Taskforce will explore different options to support the Government’s infrastructure goals to drive growth for the whole of the nation, and some of the UK’s biggest financial companies including LLoyds, HSBC, and M&G will be in attendance.
This Government has committed to turbocharge infrastructure investment across the width and breadth of the UK. Invitees have been selected to ensure a wide range of experience and expertise in UK infrastructure. This marks a significant shift in approach, with key businesses and stakeholders invited to work with the government to support the delivery of its infrastructure agenda.
It follows the announcement to launch a newly formed National Infrastructure and Service Transformation Authority (NISTA) which will bring oversight of strategy and delivery under one roof.
The NISTA will support the development and implementation of the ten-year infrastructure strategy in conjunction with industry which was outlined for the first time last week by the Chief Secretary Darren Jones.
The Chancellor of the Exchequer Rachel Reeves MP said:
Increasing investment in infrastructure is a vital part of delivering on our number one mission to grow the economy and create jobs.
Just days after our International Investment Summit, we are delivering on our promise to work with business to drive growth across the country, and the expertise of this Taskforce will be invaluable in the weeks and months ahead.
Chief Secretary to the Treasury Darren Jones MP said:
We are serious about ending the cycle of underinvestment that has plagued our infrastructure systems for over a decade. The best way to do that is to design the solution with business in the room. That’s what this taskforce is all about.
The Taskforce will meet regularly, offering insights that deliver long-lasting solutions for job creation, growth, and environmental goals.
This builds on the success of the International Investment Summit, which saw hundreds of top international investors attend the event, £63 billion of confirmed investment into Britain, along with the launch of the £27.8 billion turbocharged National Wealth Fund.
Tracy Blackwell, CEO, PIC said:
We have a huge amount to invest and we want to invest more in Britain. There is no shortage of capital that can support the British economy’s capacity to grow. The right combination of policies and ideas will unlock that capital and boost growth. From planning reform and better use of public sector pension funds to a streamlining of institutions and regulations, there is a lot that Government can do to crowd in more private investment and deliver social value. It’s great to be in an ongoing conversation with the Chancellor about taking that agenda forward.
Andrea Rossi, CEO, M&G plc said:
M&G has been an active investor in the UK for 175 years. Of the £100 billion M&G invests in the UK, infrastructure remains a core part of delivering sustainable returns for our savers, clients and shareholders. The UK’s clear focus on infrastructure presents a significant opportunity to deliver economic and social progress and we are delighted to contribute our expertise.”
Deepa Bharadwaj, Head of Infrastructure Europe, IFM Investors said:
IFM is a major global infrastructure investor, a major investor in the UK, and is owned by pension funds.
We look forward to solutions-based discussions that can unlock new investment across UK infrastructure sectors and themes”.
Stephen Cohen, Chief Product Officer, Blackrock said:
There’s a rapidly growing pool of capital to invest in infrastructure, but deploying it requires pragmatism in policy. We’re pleased to be working with the government in identifying policies that will support private investment.
Charlie Nunn, CEO, Lloyds Banking Group said:
At Lloyds Banking Group, we are committed to helping the UK deliver the infrastructure the country needs, supporting jobs and growth. We welcome the British Infrastructure Taskforce’s focus on increasing investment in UK infrastructure and addressing some of the fundamental barriers that have existed to date. As the UK’s leading bank for project finance, we will work closely with the government in the development of this taskforce, ensuring the work supports communities, businesses, and industries across the regions and nations of the UK.
Anne Richards, Vice Chair, Fidelity International said:
We have a shared ambition to drive growth in the UK by unlocking investment in infrastructure for the benefit of savers. Our best opportunity to achieve that is through collaboration with government and the industry.
Andy Briggs, CEO, Phoenix Group said:
Over the last three decades there has been an underinvestment in the UK economy compared to other developed nations. I am delighted there is a growing consensus that in order to grow we need to work together to invest.
The British Infrastructure Taskforce provides the opportunity for business and government to work on shared priorities, help finance the social and economic infrastructure the country needs for the future, and give potential for better returns for pension savers.
The following attendees of the first Taskforce meeting discussed investment opportunities, financial mechanisms, and strategies to maximise economic value:
Source: Africa Press Organisation – English (2) – Report:
DUBAI, United Arab Emirates, October 18, 2024/APO Group/ —
5G emerged as a focal point at GITEX GLOBAL 2024 (www.GITEX.com), the world largest tech and startup event, with visitors getting a glimpse of the possibilities of the wireless technology with AI and its role to powering a hyperconnected future through groundbreaking innovations and insightful discussions.
The ‘Intelligent Connectivity’ event saw a combination of thought-provoking conversations and exhibitors displaying their powerful products and services that will revolutionise the world in the coming years. It comes at a time where GSMA projects a seismic shift in connectivity with 1.4 billion devices set to be linked with 5G by 2025, further fueling a USD $1.1 trillion IoT market within a USD $3.9 trillion mobile economy.
The expertly curated programme brought together some of the most influential voices from global enterprises and organisations including Khalid Murshed, Chief Technology & Information Officer at e&, Wang Hui, President, NCE Data Communication Domain at Huawei China and Thomas Lamanauskas, Deputy Secretary General at ITU Switzerland. They were also joined by Roque Lozano, SVP, Network Infrastructure MEA at Nokia, Kazuhiro Gomi, President and CEO of NTT Research and SG Chung, Chief AI Global Officer at SK Telecom.
Away from the stage, the showcase featured a diverse range of impressive technologies from leading exhibitors, Huawei, e&, Nokia, China Telecom, Ericsson, Cisco, and Beyon among them. These industry giants presented cutting-edge solutions, highlighting next-generation 5G applications with their participation underscoring GITEX GLOBAL’s role as a key platform for exploring the future of connectivity and digital transformation.
A glimpse into a 5G-advanced powered AI future
With 5G and AI on a verge to catalyse a paradigm shift in the telecommunications landscape, Khalid Murshed Chief Technology & Information Officer of e&, one of the largest telecommunications operators in the Middle East and North Africa region, explained the transformative impact of network capabilities.
He said: “5G and 5G advanced serve as a platform for everyone to come in to innovate with applications that can drive demand for the network to be enhanced further and further.”
“We have to build a network with the capabilities and then fit in the AI applications and this is what we’re doing hand-in-hand. We’re not just building a network for the sake of technology leadership. It’s a bilateral game by all means and we are building them to enable new cases while today we have live networks and private 5G.”
Another leading global provider of information and communications technology (ICT) infrastructure and smart devices, Huawei identifies several key technologies as the backbone of its solutions towards facilitating an intelligent future. 5G-Advanced (5G-A) remains vital to supporting rapid and low-latency communication – critical for building advanced applications, in addition to big, unified data, AI, and cloud computing.
AI and 5G fuelling the future of autonomous vehicles
The future of mobility and how autonomous vehicles can benefit from 5G was another highlight. Speaking in a panel, Siyuan Liu, Head of IoT Partnership & Strategy, Greater China, at China Unicom Global, said the company is accelerating its efforts into the AI and vehicle connectivity industries with 5G playing a central role.
She highlighted that 5G is vital for the growth of autonomous vehicles, reshaping society and helping make accurate decisions – all of which can enhance the efficiency of transportation and safety.
Large Language Models (LLMs) are disrupting industries all over the world and the telecommunications sector is no different. Wang Hui, President of Huawei NCE Data Communication Domain, highlighted that AI applications are being leveraged extensively in China’s autonomous vehicles and in AI health services.
Unleashing powerful innovations – superpower agent and all-electric supercar
Thousands of visitors were introduced to the most disruptive products and services powered by 5G in the most anticipated exhibition which attracted the leading tech enterprises and solution providers in telecoms, networks, and infrastructure. Attendees were not short of innovation options with game-changing partnerships and launches unveiled during the event.
e& announced a collaboration with Vodafone Business IoT to use the company’s Global SIM+ eSIM solution to provide in-vehicle connectivity and enhanced digital services for Mercedes-Benz AG drivers in the UAE. The service will be commercially available in the first half of 2025.
The company also displayed the Nissan Hyper-Force, an all-electric high-performance supercar, connected through e& UAE 5G SIM cards delivering the ultimate in-driving experience, and launched their new human-digital advisors, combining hologram technology and AI to cater to the diverse cultural nuances of Telecom customers in the UAE.
At Avaya’s stand, visitors saw how the company is creating superpower agents, powered by AI, showcasing new capabilities which can assist individuals to make scalable decisions that help businesses grow.
GITEX GLOBAL is seamlessly connecting the world’s largest network of tech events with GITEX EUROPE Berlin, GITEX ASIA Singapore, GITEX AFRICA Morocco, and GITEX Nigeria, all part of its portfolio. These events are fostering collaboration and driving innovation to shape the tech landscape of tomorrow.
Current account recorded €31 billion surplus in August 2024, down from €41 billion in previous month
Current account surplus amounted to €408 billion (2.8% of euro area GDP) in the 12 months to August 2024, up from €138 billion (1.0%) one year earlier
In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €510 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €718 billion in the 12 months to August 2024
Chart 1
Euro area current account balance
(EUR billions unless otherwise indicated; working day and seasonally adjusted data)
Source: ECB.
The current account of the euro area recorded a surplus of €31 billion in August 2024, a decrease of €10 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€32 billion) and services (€19 billion). Deficits were recorded for secondary income (€15 billion) and primary income (€ 4 billion).
Table 1
Current account of the euro area
(EUR billions unless otherwise indicated; transactions; working day and seasonally adjusted data)
Source: ECB.
Note: Discrepancies between totals and their components may be due to rounding.
In the 12 months to August 2024, the current account surplus widened to €408 billion (2.8% of euro area GDP), up from €138 billion (1.0% of euro area GDP) one year earlier. This increase was mainly driven by a larger surplus for goods (up from €147 billion to €379 billion), and, to a lesser extent, by larger surpluses for services (up from €129 billion to €162 billion) and primary income (up from €29 billion to €33 billion). The secondary income deficit remained broadly stable (slightly down from €166 billion to €165 billion).
Chart 2
Selected items of the euro area financial account
(EUR billions; 12-month cumulated data)
Source: ECB.
Notes: For assets, a positive (negative) number indicates net purchases (sales) of non-euro area instruments by euro area investors. For liabilities, a positive (negative) number indicates net sales (purchases) of euro area instruments by non-euro area investors.
In direct investment, euro area residents made net disinvestments of €196 billion in non-euro area assets in the 12 months to August 2024, declining from net disinvestments of €324 billion one year earlier (Chart 2 and Table 2). Non-residents disinvested €358 billion in net terms from euro area assets in the 12 months to August 2024, decreasing from net disinvestments of €471 billion one year earlier.
In portfolio investment, euro area residents’ net purchases of non-euro area equity increased to €105 billion in the 12 months to August 2024, up from €56 billion one year earlier. Over the same period, net purchases of non-euro area debt securities by euro-area residents rose to €406 billion, up from €361 billion one year earlier. Non-residents’ net purchases of euro area equity increased to €324 billion in the 12 months to August 2024, up from €208 billion one year earlier. Over the same period, non-residents’ net purchases of euro area debt securities widened to €395 billion, up from €370 billion one year earlier.
Table 2
Financial account of the euro area
(EUR billions unless otherwise indicated; transactions; non-working day and non-seasonally adjusted data)
Source: ECB.
Notes: Decreases in assets and liabilities are shown with a minus sign. Net financial derivatives are reported under assets. “MFIs” stands for monetary financial institutions. Discrepancies between totals and their components may be due to rounding.
In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €204 billion in the 12 months to August 2024 (following net disposals of €73 billion one year earlier), while they recorded net disposals of liabilities of €248 billion (down from €280 billion one year earlier).
Chart 3
Monetary presentation of the balance of payments
(EUR billions; 12-month cumulated data)
Source: ECB.
Notes: “MFI net external assets (enhanced)” incorporates an adjustment to the MFI net external assets (as reported in the consolidated MFI balance sheet items statistics) based on information on MFI long-term liabilities held by non-residents, available in b.o.p. statistics. B.o.p. transactions refer only to transactions of non-MFI residents of the euro area. Financial transactions are shown as liabilities net of assets. “Other” includes financial derivatives and statistical discrepancies.
The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €541 billion in the 12 months to August 2024. This increase was mainly driven by the current and capital accounts surplus and, to a lesser extent, by euro area non-MFIs’ net inflows in portfolio investment debt, portfolio investment equity and other investment. These developments were partly offset by euro area non-MFIs’ net outflows in direct investment and other flows.
In August 2024 the Eurosystem’s stock of reserve assets increased to €1,288.4 billion up from €1,282.8 billion in the previous month (Table 3). This increase was mainly driven by positive price changes (€15.4 billion), mostly due to an increase in the price of gold. This development was partly offset by negative exchange rate changes (€6.8 billion) and net sales of assets (€3.0 billion).
Table 3
Reserve assets of the euro area
(EUR billions; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted data)
Source: ECB.
Notes: “Other reserve assets” comprises currency and deposits, securities, financial derivatives (net) and other claims. Discrepancies between totals and their components may be due to rounding.
Inflation expectations at 2.4% for 2024 and 1.9% for 2025 and 2026; unchanged except for 0.1 percentage point downward revision for 2025; longer-term inflation expectations (for 2029) remain at 2.0%
Real GDP growth expectations broadly unchanged; small downward revision for 2025 largely reflects a carry-over from weaker than previously expected growth in the second half of 2024
Unemployment rate expectations unchanged; expected to average 6.5% in 2024 and 2025 but to decline to 6.4% in 2026 and in the longer term
Respondents’ expectations for headline inflation, as measured in terms of the Harmonised Index of Consumer Prices (HICP), were 2.4% for 2024 and 1.9% for both 2025 and 2026. These were unchanged except for a 0.1 percentage point downward revision for 2025, mainly reflecting expectations for lower oil prices. Expectations for core HICP inflation, which excludes energy and food, were revised upwards slightly for 2024, reflecting data outturns and more persistent than expected services inflation, but were unchanged thereafter. Longer-term expectations for both headline and core HICP inflation were unchanged at 2.0%.
Respondents expected real GDP growth of 0.7% in 2024, 1.2% in 2025 and 1.4% in 2026. Compared with the previous survey, the expectations for 2025 were revised down by 0.1 percentage points. The downward revision for 2025 largely reflects a carry-over from weaker than previously expected growth in the second half of 2024, with the expected quarterly growth profile thereafter largely unchanged. Longer-term growth expectations remained unchanged at 1.3%.
The expected profile of the unemployment rate was unchanged. Respondents continued to expect the unemployment rate to average 6.5% in 2024 and 2025, but to decline to 6.4% in 2026, and then to remain at 6.4% in the longer term.
MILES AXLE Translation. Region: Russian Federation –
Source: State University of Management – Official website of the State –
On October 15, 2024, a career-oriented event was held in the Public Chamber of the Russian Federation for 30 students of the State University of Management with the participation of Associate Professor of the Department of Public and Municipal Administration Mikhail Polyakov and Assistant Professor of the Department Anna Khaustova.
An educational tour of the Chamber building was organized for young managers, during which the youth learned about the history of the organization and the events currently taking place on its premises. Students had the opportunity to take part in a round table discussion of issues of interest to them.
The following spoke at the meeting: Chairman of the Commission on Security and Interaction with the Public Monitoring Commission Mikhail Anichkin, Secretary of the Commission on Public Control and Work with Citizens’ Appeals Fyodor Nikitochkin, Deputy Chairman of the Corps “For Clean Elections” Alexey Peskov.
Representatives of the Public Chamber spoke about the principles and features of the organization’s work, as well as about the history, internal structure and mechanisms of interaction with government agencies. Fyodor Nitochkin focused on the issues of forming the membership corps of the Public Chamber of the Russian Federation and the features of the organization’s structure. Alexey Peskov told students about the organization of the election process and monitoring of their conduct, about electoral practice.
“You live in an academic atmosphere where everyone is equal. Everything depends on you from now on. I wish you stable knowledge, a strong character and clarity of goals!”, Mikhail Anichkin wished in conclusion.
A quiz was organized for the guests, after which the students were presented with unique samples of the Russian Constitution.
In the near future, the State University of Management and the Chamber of Commerce and Industry of the Russian Federation are planning to conclude an agreement that will allow university students to undergo practical training at the main institute of civil society in our country.
An internship at the Public Chamber will allow you to become familiar with work in your specialty, acquire professional knowledge, including experience in preparing public events, working with documents, and experience in search and research work for the high-quality preparation of your thesis.
At the end of the meeting, students from the State University of Management were invited to join the Chamber’s volunteer corps to help do good deeds together and promote the development of civil society in our country.
The event was held within the framework of the work plan of the project initiative support club “School of the Young Manager” of the Department of State and Municipal Equation of the State University of Management.
Subscribe to the TG channel “Our GUU” Date of publication: 10/18/2024
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
The removal of Kenya’s deputy president Rigathi Gachagua is part of a long history, dating back to independence, of fallouts between the president and his deputy. The difference this time around is the process.
Historically, presidents have fired their deputies. But the adoption of a new constitution in 2010, saw the introduction of a process for impeachment – for both the president and the deputy – that’s run by the legislature. This is the first time it’s been used.
On 8 October 2024, members of Kenya’s national assembly voted to impeach Gachagua on grounds that included corruption, insubordination and ethnically divisive politics. The case moved to the senate, which also voted to impeach Gachagua on 17 October.
Gachagua has made history as Kenya’s first deputy leader to be impeached. While President William Ruto stayed silent on the matter, the process would not have proceeded without his blessing.
Amid the novelty of the impeachment process, it’s easy to forget that it is the norm for Kenyan presidents to fall out with their deputies. As a political scientist interested in Kenya’s ethnic politics and democratisation, I argue that this is because of how deputies are selected in the first place.
Deputies are initially selected largely on pragmatic grounds as people who bring something useful to a political alliance. This could be resources, a support base or a reputation for being a good technocrat or administrator.
They’re not usually people with whom the president has a strong and continuous personal relationship or someone with whom they share a clear political ideology. Neither are they usually someone who has made their way up through a political party.
This has brought about a long history of tensions and fallout between Kenya’s presidents and their deputies.
History of fallouts
Independent Kenya’s first vice president, Oginga Odinga, saw his ministerial portfolio gradually reduced by President Jomo Kenyatta. Kenyatta then replaced Odinga as vice president of the ruling Kenya African National Union (Kanu) in 1966 further undermining his powers. Soon after, Odinga joined the opposition Kenya’s People’s Union.
His successor, Joseph Murumbi, resigned within months. The official reason given was ill health, but it is widely believed that Murumbi was troubled by corruption and authoritarianism within the Kenyatta regime.
Kenya’s second president, Daniel arap Moi, elected Mwai Kibaki as his first deputy. Kibaki was dropped after a decade. He went on to form an opposition party as soon as Kenya shifted to multi-party politics in 1992.
Moi’s second vice president, Josephat Karanja, resigned after a year to avoid a vote of no confidence for allegedly plotting to overthrow the government.
Moi’s third deputy, George Saitoti was sidelined to pave way for Uhuru Kenyatta’s nomination as the party flagbearer in 2002. Moi’s final deputy, Musalia Mudavadi, fell with the rest of the Kanu government in the 2002 elections.
As Kenya’s third president, Kibaki similarly oversaw a regular change of guard. His first deputy, Michael Wamalwa, died after a few months in office. His second, Moody Awori, lost his seat in the 2007 election.
Kibaki’s third deputy, Kalonzo Musyoka, joined the president during Kenya’s post-election violence of 2007-08. He left at the end of his term in 2013 to run with Raila Odinga in the 2013, 2017 and 2022 presidential elections.
Kenya’s fourth president, Uhuru Kenyatta, was the only leader to have the same deputy, William Ruto, for his full term as president – from 2013 to 2022. However, relations between Kenyatta and Ruto were hardly rosy. The two fell out after the 2017 elections as Kenyatta teamed up with long-standing opposition leader, Raila Odinga. Ruto beat Odinga, Kenyatta’s favoured candidate in the 2022 elections.
Lessons to learn
Because deputies are selected for their practical value, the person who made a good deputy at one point in time can come to be seen as a liability or threat as the political context changes.
For example, at independence, Oginga Odinga made an excellent ally for Jomo Kenyatta. He had some resources and was a proven mobiliser. He brought a support base. However, within a few years, Odinga became a problem for the president as a more radical faction within the ruling party coalesced around him.
Similarly, Ruto made an excellent ally for Uhuru Kenyatta when they both faced charges for crimes against humanity at the International Criminal Court. The two fell out once Kenyatta had won his second and final term, and Kenyatta turned to his succession.
Gachagua was useful to Ruto in 2022. He had personal wealth, was an effective mobiliser and hailed from central Kenya where the election looked to be won or lost. However, once elected, Gachagua’s populist statements and reputation for ethnic bias became more of a liability.
Second, as contexts change, someone else can soon come to be seen as more useful as second in command.
For Jomo Kenyatta, Moi had shown his utility and loyalty during the “little general elections” of 1966, which effectively sidelined the Kenya People’s Union and Oginga Odinga.
Ruto nominated Kithure Kindiki, Kenya’s interior cabinet secretary, to replace Gachagua. He is seen as better able to negotiate with the international community, especially during a critical economic period for Kenya as it seeks new International Monetary Fund loans.
Third, being the country’s vice or deputy president comes with a lot of opportunities to network. These interactions have often led individuals to be seen as a growing threat, or as actively plotting against the president. They may also be seen as a future challenger.
History has shown that there is no ideal way of dealing with such a potential challenger, leading subsequent presidents to try different approaches.
Current context
Ruto and Gachagua have clearly fallen out. Their differences became apparent soon after the 2022 elections. However, they came into sharp relief in the face of anti-tax protests in June 2024. There were subsequent allegations that Gachagua and some of his allies had helped to finance the protests.
The question, therefore, isn’t why they have fallen out but why Gachagua is being impeached now.
Ultimately the answer to this can only be known by a few individuals. But perhaps an indication of the answer lies in the emotions the fallout has stirred: a desire to distract the public and show that the government is taking action to deal with Kenya’s ongoing economic crisis. There may also be a desire to undercut Gachagua before he can build national networks.
Ruto had the numbers in the senate to see the impeachment process through. But this is a dangerous game. Those sidelined have a habit of coming back to haunt their former allies.
At the moment, most Kenyans are supportive of the impeachment process, but many also feel that Gachagua is being unfairly targeted especially in central Kenya, where a majority oppose the process.
While a successful impeachment might see Gachagua barred from holding public office, this wouldn’t necessarily mean an end to his career as an effective political mobiliser.
The next few months – and the narratives that emerge about why Ruto and Gachagua fell out – will be critical in determining both their futures.
This article has been updated to reflect the 17 October 2024 senate decision to impeach Rigathi Gachagua.*
Gabrielle Lynch 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.
MILES AXLE Translation. Region: Russian Federation –
Source: State University Higher School of Economics – State University Higher School of Economics –
A first-year student of the ICEF International Bachelor’s Program in Economics and Finance, Georgy Khvatkin, won gold at the World Youth Championship in Combat Sambo. The competition was held in Larnaca, Republic of Cyprus, and was attended by 575 athletes from 33 countries. Georgy won in the 98 kg weight category. In an express interview with the champion, Master of Sports Georgy Khvatkin, we talk about how the important decision to enter ICEF was made, how long and how many days a week Georgy has been training, what Jackie Chan has to do with it, and how great it is to have a beloved twin sister.
From the personal archive of Georgy Khvatkin
– Georgy, congratulations on your gold, we are proud of such a student! How and why did you decide to enter ICEF? What were your guidelines?
– Entering ICEF was a conscious decision. My parents found out about ICEF first. They both graduated from the Philology Department of Moscow State University, and then my dad got a law degree, and my mom got an economics degree. My mom is very knowledgeable about economics and helped us choose a profession. We studied the information together and considered all the possibilities. An important factor was studying in English and getting a second diploma. We decided that this opened up great prospects. We did not consider other universities. My sister Katya and I (we are twins) prepared for the Unified State Exam and admission over the course of four school years.
My sister and I graduated from the Moscow Russian-British school “Algorithm”, where we transferred in the seventh grade, with gold medals. And now we both study in the same bachelor’s degree group at the International Institute of Economics and Finance. Katya is my best friend. By the way, she is also successful in sports, she is a candidate for master of sports in synchronized swimming.
– The school year has started intensively. Which subjects are coming to the forefront in terms of interest?
– All subjects are interesting to me, all of them “caught” my attention. Largely thanks to the teaching staff. It feels like the teachers are professionals in their field, I value them all very much. I would like to separately mention Yaroslav Aleksandrovich Lyulko, who teaches “Probability Theory and Statistics”. It seems to me that this subject opens up the greatest opportunities for me as a student.
The first few days were, of course, a bit difficult, considering how much sport there is in my life. It was also difficult because I was faced with topics that were completely new to me, but with the help of teachers and friends I figured it out and found solutions.
I have the best group (I guess everyone says so?!): cool guys with whom I have many common interests. I already felt that ICEF is one big family, where teachers, classmates, senior students help each other.
Studying in English turned out to be easier than I thought. I have been studying the language intensively since early childhood, and the introductory intensive course in English at the beginning of September also helped me a lot.
– Now about your sports career. Why did you start doing sambo and how do your trainings go?
Initially, I was involved in swimming. My dad played water polo all his life, my sister did synchronized swimming, a pool was always present in our life. And when I got interested in action movies with Jackie Chan at the age of 6-7, I became interested in martial arts. But for some reason I formulated that I wanted to do wrestling, and my dad sent me to the sambo section.
In everyday life, when there are no competitions, I train 4-5 times a week on weekdays. During the preparation period for competitions, I start to increase the pace two months in advance. Specifically, before the Youth World Combat Sambo Championship in Larnaca, I trained two to three times a day for a month, including independent training in the form of jogging.
– You train at the famous Sambo-70 club, and where else?
I train in different clubs. This allows me to quickly acquire different techniques, improve in different directions. My main coach is Honored Coach of Russia Nikolay Anatolyevich Elesin, an absolute authority in the world of MMA and combat sambo. I also train at the “Boxing Progress Center” with Ali Piduriyev, and sometimes I go to wrestling days at the “Club of Professor E.L. Gloriozov”, where I work with coach Denis Igorevich Davydov.
– Were there moments when you wanted to quit sambo?
Yes, it happened several times. At some point, a lot of studying piled up, and in sports there were offensive and annoying defeats. I want to note the enormous support of the whole family, which did not let me do this, for which I am incredibly grateful to them all.
– Do you have any idols in sports?
I don’t really like the word “idol”. As I understand it, this word means to elevate someone to the level of a deity. There are people I look up to and who I like in sports. First of all, this is the legend of Russian sports Fedor Emelianenko, a four-time world champion in combat sambo. I really like the style of work on the mat of the famous sambo wrestler Denis Goltsov. I follow all his performances, try to adopt some of his techniques.
– Out of the one and a half months of your student life, you trained two or three times a day, five days a week. How much time was left for studying? How do you manage to combine such different intensive loads?
Of course, it is very difficult to combine sports and studies. I have to integrate training into my study schedule, so my schedule is always flexible – sometimes I will work out in the morning, sometimes more in the evening. Before tests and quizzes I reduce the number of trainings, and when it comes to studying I sometimes resort to the help of my parents, sister and friends.
The life of a student and an athlete are similar in many ways, because it is a huge amount of independent work that you have to do. To do this, you simply need to master time management: you need to distribute your time literally by the hour in advance, so that you can do everything, and save energy somewhere, and have time to recover.
Every week I create a schedule for the entire week to help me productively combine both studying and training.
Now the loads in sports will decrease. But periods of high intensive load in my life are inevitable. I have to sacrifice my personal life – I manage to meet with friends once a month. This year, due to preparation for the World Championship, I unfortunately missed all the selections for student organizations that I would like to join. I hope I will have time next year.
And for the sake of sporting honor, the IIEF is always ready to participate in competitions.
– Have you ever found yourself in situations where circumstances pushed you to use your athletic skills in life?
There are situations in life when you are provoked or you see that other people are provoked. I am sure that a truly strong person is not the one who knows how to fight and use physical force, but the one who knows how to resolve any issue in a conversation, in a dialogue. I believe that an athlete at such a level has no right to use his professional skills in life.
– The student champion will hardly be able to rest on his laurels. What are your immediate plans?
In sports, it is the Moscow Championship, selection for the Russian Championship, if we manage to win, we will go to the World Championship again. I still have 2 years to compete in juniors. It is very serious preparation before competitions in the senior age group, where I will have to compete with seasoned athletes. In terms of studies, it is midterms, exams. I would like to pass everything well and continue studying.
– Georgy, thank you and further victories in everything!
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.