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Category: Business

  • MIL-OSI Economics: Challenges and Opportunities for Adopting Alternative Dispute Resolution in Developing Asia

    Source: Asia Development Bank

    Kasumigaseki Building 8F, 3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo 100-6008, Japan

    About ADBI

    The Asian Development Bank Institute was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

    ADBI News

    Subscribe to our newsletter to get the latest news and find out about our upcoming events and job openings.

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI Economics: Secretary-General of ASEAN attends the 9th ASEAN Ministerial Conference on Cybersecurity and related special sessions in Singapore

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this morning participated in the 9th ASEAN Ministerial Conference on Cybersecurity (AMCC) and the accompanying special sessions with Dialogue Partners, held in Singapore.

    The Meeting exchanged views on enhancing regional cooperation to address emerging cyber threats, while also exploring ways to strengthen a rules-based multilateral order in cyberspace. Additionally, the Meeting discussed approaches to advancing ASEAN’s regional cyber cooperation with dialogue partners to collectively address shared cybersecurity challenges.

    The post Secretary-General of ASEAN attends the 9th ASEAN Ministerial Conference on Cybersecurity and related special sessions in Singapore appeared first on ASEAN Main Portal.

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI Banking: RBI to conduct Overnight Variable Rate Reverse Repo (VRRR) auction under LAF on October 16, 2024

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on October 16, 2024, Wednesday, as under:

    Sl. No. Notified Amount
    (₹ crore)
    Tenor
    (day)
    Window Timing Date of Reversal
    1 50,000 1 11:30 AM to 12:00 Noon October 17, 2024
    (Thursday)

    2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1302

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI: UXLINK Celebrates Milestone of 28 Million Global Users, Reinforcing Its Status as the Largest Web3 Social Platform

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 16, 2024 (GLOBE NEWSWIRE) — UXLINK, the world’s largest Web3 social platform and infrastructure provider, proudly announces a significant milestone of reaching over 28 million users globally. As the leading Web3 platform, UXLINK continues to shape the future of decentralized social networking by seamlessly connecting users, developers, and real-world scenarios in sectors such as food, clothing, housing, and transportation.

    With a mission to build a comprehensive Web3 ecosystem, UXLINK offers an innovative social graph that enhances user engagement through its “link-to-earn” model, allowing users to build connections and groups while earning rewards for their participation. The platform’s intuitive features are designed to guide new users into the world of Web3, making it accessible and user-friendly.

    “Our rapid growth is a testament to the value that UXLINK brings to its community. We are committed to further enhancing the platform by introducing new features that not only serve users but also empower developers to create unique applications,” said Sean, CEO at UXLINK. “By integrating blockchain technology, UXLINK is redefining what it means to connect in the digital age.”

    Empowering Developers Through Social Growth Layer

    In addition to serving users, UXLINK is building a robust Social Growth Layer, which provides app developers with modular services for various application scenarios. The Social Growth Layer offers chain abstraction, unified accounts, social protocols, and rich data integration, enabling developers to focus on delivering exceptional product experiences.

    “Developers are the backbone of the Web3 ecosystem. By providing a flexible and scalable infrastructure, we are lowering the barriers for innovation and enabling developers to achieve rapid success,” Sean added.

    With over 200 partners in the UXLINK ecosystem, the platform is rapidly expanding its reach and capabilities. Several applications have already leveraged UXLINK’s infrastructure to accelerate growth and secure token listings on major centralized exchanges (CEXs).

    For more information, visit http://www.uxlink.io.

    About UXLINK:

    UXLINK is the world’s largest Web3 social platform and infrastructure provider, connecting a wide array of ecosystem partners and users through a seamless and interactive digital experience. By leveraging blockchain technology, UXLINK aims to redefine social networking, ensuring a secure, transparent, and rewarding environment for its global community.

    Contact Details:

    UXLINK: https://www.uxlink.io/
    Twitter: https://twitter.com/UXLINKofficial
    Telegram: https://t.me/uxlinkofficial, https://t.me/uxlinkofficial2
    CMC: https://coinmarketcap.com/currencies/uxlink/

    Contact Information:
    UXLINK
    admin@uxlink.io

    Media Contact:
    Rachita Chettri
    MediaX Agency
    contact@mediax.agency

    Disclaimer: This content is provided by “UXLINK”. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c6e40cdd-c017-4e64-ade0-baee64c201a6

    The MIL Network –

    January 23, 2025
  • MIL-Evening Report: Claims that Qantas is greenwashing build a case for carbon assurance: here’s what it is

    Source: The Conversation (Au and NZ) – By Md Safiullah (Safi), Senior Lecturer in Finance, RMIT University

    ChristianChan/Shutterstock

    Qantas is being taken to Australia’s consumer regulator over its claim it is committed to achieving net zero emissions by 2050.

    The Environmental Defenders Office and the advocacy group Climate Integrity say the claim is “not backed up by credible targets or substantiating strategies” making it potentially misleading and in breach of the Australian Consumer Law.

    The Australian Competition and Consumer Commission has yet to decide whether to investigate the complaint, and Qantas has yet to respond.

    The complaint follows a ruling by a Dutch Court earlier this year that the airline KLM had misled consumers by creating the false impression it was sustainable.

    The win has spurred the European Commission to write to 20 airlines identifying potentially misleading claims and inviting them to bring their practices in line.

    Of most concern to the European regulators are claims the carbon emissions caused by flights can be offset by climate projects and the use of sustainable fuels, to which the consumers can contribute by paying additional fees.

    Carbon assurance assesses claims ahead of time

    These kinds of complaints would be much easier for airlines (and other compnies) to deal with if they had submitted themselves to a process known as carbon assurance ahead of time.

    Usually entered into voluntarily, and conducted by an independent assessor in accordance with an international standard, the process verifies the accuracy, transparency, and credibility of an organisation’s carbon emissions claims.

    My own research with Linh Nguyen, just published in Finance Research Letters, finds firms with high carbon assurance scores are more likely to obtain more trade credit from their suppliers.

    Europe and Australia are moving towards making carbon assurance mandatory for large corporations.

    Few firms submit themselves to it

    A survey by KPMG International finds that while nearly all of the world’s 250 largest firms report on the sustainability of their operations, only two-thirds submit themselves to carbon assurance.

    Another survey of 5,183 companies from 42 countries that publish emissions data finds half don’t engage a carbon assuror.

    This could be because they are afraid of what the assuror will find.

    An international survey of 750 companies that sought some level of external assurance found just 14% received a reasonable assurance.

    Many firms aren’t ready

    Assessors are hard to find.
    NattapongPunna/Shutterstock

    Assurors, and the skills within the organisation to handle the process are hard to find. While international standards are in place, there isn’t yet a professional or regulatory body to certify assurors.

    The Australian government intends to make assurance reports for the
    Scope 1 and Scope 2 emissions of large firms mandatory from July 2026.

    Scope 1 and scope 2 emissions are the direct and indirect emissions of the corporation itself.

    The government intends to make Scope 3 emissions (those in other parts of the corporation’s supply and distribution chain) mandatory from July 2030.

    It will be important to get the systems in place.

    While what the firms report will matter a lot, what will matter almost as much is an assurance we can believe what they report.

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

    – ref. Claims that Qantas is greenwashing build a case for carbon assurance: here’s what it is – https://theconversation.com/claims-that-qantas-is-greenwashing-build-a-case-for-carbon-assurance-heres-what-it-is-239592

    MIL OSI Analysis – EveningReport.nz –

    January 23, 2025
  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (8)

    Source: Hong Kong Government special administrative region

    VII. Take Forward the Northern Metropolis as Growth Engine and Deepen GBA Collaboration(A) Take Forward Development of the Northern Metropolis138. The Northern Metropolis is the new engine of Hong Kong’s economic development. We will expedite the implementation of economic and housing‑related projects in the Northern Metropolis, while maintaining a prudent fiscal position.139. The Northern Metropolis will gradually enter the maturity phase. In the next five years, some 60 000 housing units involving about 10 new PRH estates will be completed and ready for intake. The first batch of land at the San Tin Technopole will be put to the market, and the new Huanggang Port building with co‑location of immigration and customs clearance arrangement will be completed. In the second five‑year period, the number of new housing units will increase by about 150 000, with over 10 million square metres of gross floor area available for economic uses. The first joint‑user government building in Kwu Tung North will be put to use, and the expanded North District Hospital will be ready for service. As for transport infrastructure, construction of the Northern Link (NOL) Main Line is scheduled for completion in 2034, and the Northern Metropolis Highway (San Tin Section) is set to open in 2036. These developments will significantly boost our economic growth and bolster our R&D and technology industries, while providing a better living environment which will help attract talents and encourage them to settle in Hong Kong for good. It will also enhance the quality of life of the people of Hong Kong, improving their livelihood and well‑being.140. The Government will seek funding for the first‑stage of San Tin Technopole’s infrastructure and begin construction works this year. The target is to deliver about 20 hectares of new I&T sites in phases, beginning in 2026‑27, for the Hong Kong Science and Technology Parks Corporation’s development and operation. In addition, the second‑phase of the Yuen Long South NDA will begin in mid‑2025. The preliminary development proposal for Ngau Tam Mei will be announced shortly, with land reserved for developing the Northern Metropolis University Town, the third medical school and an integrated teaching hospital. This will be followed by the announcement of the preliminary development proposals for the New Territories North New Town and the Ma Tso Lung area before end this year. The rezoning process for Sandy Ridge in the North District will begin this year, expanding its I&T sites to 10 hectares for use as data centres and related purposes.141. We are exploring the establishment of a pilot industrial park by granting some of the logistics sites in the Hung Shui Kiu/Ha Tsuen NDA to a company established and led by the Government. The company will, in accordance with the Government’s industrial policies, be responsible for formulating the park’s development and operation strategies (including considering whether to accept strategic investment), taking up day‑to‑day management and attracting businesses and investment. We will announce the details in the first quarter of next year. Separately, we will consider flexible disposal approaches for industry land to meet the development needs of individual industries, with a view to driving industry development.142. To expedite development of the Northern Metropolis, the Government will adopt, on a pilot basis, a large‑scale land‑disposal approach, under which sizable land parcels with commercial value and earmarked for provision of community facilities will be selected and granted to successful bidders for collective development. This approach can speed up development of the land parcels, enabling a more co‑ordinated design for the area. We have identified three land parcels, each of 10 to 20 hectares, as pilot sites.(B) Promote Development of the Hong Kong‑Shenzhen I&T Park in the Loop143. The Hetao Shenzhen‑Hong Kong Science and Technology Innovation Co‑operation Zone, located on both sides of the Shenzhen River, consists of the Shenzhen Park and the Hong Kong Park. Capitalising on the strengths of “One Country, Two Systems” with the geographic advantages of “one river, two banks”, the Government will develop the Hong Kong Park in the Loop into a world‑class, industry‑academia‑research platform, an internationally competitive R&D transformation and pilot production base for industries, a hub for pooling global I&T resources, as well as a testing ground for institutional and policy innovation.144. I have established the Steering Committee on the Hong Kong‑Shenzhen I&T Park in the Loop, chaired by myself, to lead the HKSAR Government to formulate the overall strategy, planning and layout for the development of the Hong Kong Park. The Development Outline for the Hong Kong Park of the Hetao Shenzhen‑Hong Kong Science and Technology Innovation Co‑operation Zone will be published later this year, setting out innovative policies to facilitate the flow of personnel, materials, capital and data between the two parks, making the co‑operation zone a crucial source of new quality productive forces for our country.145. The Hong Kong Park will be developed in two phases from west to east. The Government is boosting both the speed and quantity, doubling the first‑phase development’s gross floor area to 1 million square metres. Construction of the first three buildings will be completed in phases, from the end of this year. The first batch of tenants, from life and health technology, AI, data science and other pillar industries, will begin to move in next year. The remaining five buildings will be completed in the coming five years.146. We are also exploring with the Mainland authorities the trial implementation of innovative facilitation measures, including facilitating cross‑boundary travel of designated personnel of the two parks, enabling the cross‑boundary movement of materials by using low‑altitude, unmanned aerial vehicles, and facilitating cross‑boundary fund transfers by Mainland enterprises settling in the Hong Kong Park.(C) Leverage the Strengths of the GBA to Foster Mutual Capacity Development147. The GBA is a strategic fulcrum of the new development pattern of our country, a demonstration zone of high‑quality development, and a pioneer of Chinese modernisation. And Hong Kong is an active participant, facilitator and beneficiary.148. To strengthen top‑level planning and steer, I have established the Steering Group on Integration into National Development to lead the HKSAR Government and all sectors of the community to take a more proactive role in promoting the integrated development of Hong Kong and the Mainland, particularly the Mainland cities of the GBA, deepening collaboration through various co‑operation task forces between the two sides. The Government will continue to promote the GBA development by building a higher level of connectivity, facilitating policy innovations and breakthroughs, pursuing wider harmonisation of rules and mechanisms, and expediting co‑ordinated development of I&T and related industries.Capitalise on the Mainland’s Land Resources and Hong Kong’s Advantages in Cargo Flow to Develop a Logistics Industry Circle149. The HKIA Dongguan Logistics Park is an excellent example for the development of an innovative co‑operation mechanism. The park, built with Hong Kong investment, combines our strengths in aviation and logistics with the Mainland’s advantages in terms of land and manpower resources, leading to a reduction in operating costs and cargo handling time. We will work with the Dongguan Municipal Government to jointly develop the permanent logistics park.Promote Collaboration in the Airport Cluster of the GBA to Expand Business Networks150. We will combine the strengths of the HKIA and the Zhuhai Airport, enhancing the Fly‑Via‑Zhuhai‑Hong Kong direct passenger service and promoting the development of the international air‑cargo business in collaboration with the Zhuhai Municipality, to achieve mutual benefits.Enhance the Mechanism on Recognition of Professional Qualifications151. In collaboration with the Guangdong Province, we have established an evaluation mechanism of post titles for the first batch of Hong Kong engineering professionals. We will continue to do so for other construction professions on a gradual basis.  We are also collaborating with the Guangdong Province and Macao to create GBA Standards on the skill level for skilled workers in the construction sector, and will work with the “One Examination, Multiple Certification” arrangement so that those who pass the examinations adopting the GBA Standards can concurrently obtain vocational skill certificates issued by the three places. This will enhance the training quality of the construction industry in the GBA and nurture talents.Mobilise Capital for Joint Investment in the GBA152. The HKIC is proactively exploring with relevant Mainland organisations co‑operation opportunities for joint investment in GBA projects that present the potential to realise economic and social benefits, taking into account market developments.Promote Data Flow for Public Convenience and Business Facilitation153. The Standard Contract for the Cross‑boundary Flow of Personal Information Within the GBA (Mainland, Hong Kong), piloted in the banking, credit referencing and healthcare sectors since last year, has been operating smoothly, streamlining cross‑boundary data flow in compliance with relevant rules. We will extend the measure to all sectors, promoting more cross‑boundary services to benefit the public and businesses while facilitating data flow throughout the GBA.Scale up Medical Collaboration in the GBA154. We will extend the Elderly Health Care Voucher GBA Pilot Scheme to cover nine Mainland cities in the GBA, and expand the sharing of cross‑boundary medical records via the eHealth platform. We will work to enable the cross‑boundary use of data, samples, drugs and medical devices through the GBA Clinical Trial Collaboration Platform and the Real‑World Study and Application Centre in the Hetao Shenzhen‑Hong Kong Science and Technology Innovation Co‑operation Zone. That will accelerate development of the pharmaceutical industry for medical innovation. We will also foster collaboration with the GBA to promote specialist training that aligns with international standards.Strengthen Legal Co-operation155. We will continue to follow up on the implementation of the enhanced arrangement for cross‑boundary service of judicial documents, and promote the establishment of a GBA legal information platform and a dedicated platform for GBA lawyers to facilitate professional exchange and training.Nurture Talents and Create Opportunities for Youth Development156. We have been encouraging local universities to offer education services in the GBA. To date, four GBA campuses have been set up. In addition, we have set up the GBA Youth Employment Scheme to encourage Hong Kong youths to work in the region. We are exploring the provision of a reciprocal arrangement.(To be continued.)

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI China: Lenovo launches tech summit featuring latest AI innovations

    Source: China State Council Information Office

    Lenovo launched its annual tech summit in Seattle, the U.S. state of Washington, on Tuesday, featuring the latest innovations, devices and solutions in artificial intelligence (AI).

    Lenovo Chairman and CEO Yuanqing Yang introduced the company’s innovations and strategies in pursuit of “Smarter AI for all” at the summit, titled “Lenovo Tech World 24.”

    He showcased the technologies making “hybrid AI” a reality for everyone, and everywhere — at home, at work, and on the move.

    “AI is already improving the quality of life for individuals, delivering higher productivity for enterprises, and protecting a more sustainable planet,” Yang said.

    “This is a time of massive productivity gains on the horizon, a time of fundamental paradigm shifts in our industry, and a time to reimagine the future — for AI to work not only in the cloud, but also at our fingertips, and within our own organizations,” he noted.

    Yang defined that future trend as “hybrid AI,” which features private AI — including personal AI and enterprise AI — coexisting with public AI, complementing each other to deliver enhanced outcome for different customer needs.

    Lenovo unveiled a range of new hardware and software solutions designed to help customers more rapidly achieve outcomes from AI, including AI for Good projects, hybrid AI to empower both individuals and enterprises, and ways to fast-track and deploy generative AI.

    The company also discussed its ongoing investment and collaboration with partners to deliver the most advanced and comprehensive AI-ready, AI-enabled, and AI-optimized AI devices, infrastructure, solutions, and services for customers.

    A new AI-powered communication technology was debuted at the summit by Lenovo and the Scott-Morgan Foundation (SMF), a non-profit pioneering innovative assistive tech.

    The new, scalable tech suite combines predictive AI, hyper-realistic avatars, personalized voices, and eye-gaze tracking to help people with amyotrophic lateral sclerosis (ALS) and other severe disabilities.

    The tech innovation could provide fast, accurate, and personal communication, revealing new possibilities for applying generative AI to accessibility challenges.

    With the technology, people diagnosed with ALS could tell stories and sing songs to others in their own voice, according to a video shown at the tech summit.

    “This is Smarter AI for All: applying transformative technologies to the most pressing human challenges,” said Linda Yao, vice president of AI Solutions and Services at Lenovo.

    Global tech leaders, including Intel CEO Patrick Gelsinger, Facebook CEO Mark Zuckerberg, and CEO of Advanced Micro Devices (AMD) Lisa Su, highlighted their partnerships with Lenovo, and shared how tech giants are leveraging AI to create a more connected, more accessible, and more sustainable world.

    “AI is truly the most important technology that I’ve seen in my career. And the most amazing part about it is we’re still in the very early days, but what we see is the pace of innovation mission moving faster than anything we’ve ever seen,” Su said at the summit.

    “I view this as an opportunity for us to really bring AI to solve the world’s most important and challenges,” she noted.

    Su hailed AMD-Lenovo partnership in end-to-end AI as well as promoting data center ecosystem.

    MIL OSI China News –

    January 23, 2025
  • MIL-OSI Australia: Interview with Steve Martin, Ballarat Breakfast, ABC Radio

    Source: Australian Treasurer

    STEVE MARTIN:

    It’s not often that I get to talk to the federal Treasurer, and it’s almost never that the federal Treasurer is sitting across from me in the studio. Jim Chalmers, good morning.

    JIM CHALMERS:

    Thanks for having me on your show, Steve.

    MARTIN:

    Why are you here?

    CHALMERS:

    I’m here because Catherine King invited me, and I go where Catherine King tells me to go. She’s a wonderful local member and Cabinet colleague. But more seriously, I wanted to be here to engage with some of the business leaders but also to spend some time at Ballarat High, which I’ll be doing later on this morning.

    But what we try and do as Cabinet Ministers is make sure that we govern for the whole place, and that means spending time in the wonderful regions of this country, including this beautiful region of yours in Ballarat and the South West.

    MARTIN:

    All right. What are you doing at Ballarat High School?

    CHALMERS:

    I’m going to speak to some of the students about the economy. This is one of the most enjoyable things I get to do as Treasurer. I’ve done a lot of it lately actually, because I like the sense that there’s a lot of intergenerational interest in what’s happening in the world. The world’s a difficult place right now. We’ve got a lot of important decisions to make about the future of our own country in that context, and I find knocking around with young people and taking some really often difficult, always smart, intelligent, well‑motivated questions is a really good thing to do when you’re in communities like this one.

    MARTIN:

    Okay. I want to stick with students at the moment, Jim Chalmers. What do they ask you? What do young people want to know about the economy, and are they, broadly speaking, engaged in that sort of part of the political debate?

    CHALMERS:

    More than they get credit for as a generation. People are incredibly engaged at that level. The main questions I get is what’s happening in the world – Russia, Ukraine, the Middle East – what’s happening closer to home in our own region – China and the US – so a lot of really top shelf questions about what’s happening in the world and where we fit.

    But from an economic point of view, like a lot of Australians, they want to know how are we going to get on top of these cost‑of‑living challenges that people are confronting right around the country, every generation, and in particular, housing. They are a big motivation for the tens of billions of dollars that we’re investing as a government in building more homes so that they can find it easier to find somewhere to rent or buy when the time comes.

    MARTIN:

    Is it right that you’re also going to be having a look at some of the properties involved in the First Home Guarantee while you’re in Ballarat? Is that part of your visit?

    CHALMERS:

    That was in prospect, but not on this occasion. I’m looking forward to doing that, but not on this occasion.

    MARTIN:

    Okay. Cost of living does come up endlessly at the moment because things are tough. Do you think that you have made a difference?

    CHALMERS:

    Definitely –

    MARTIN:

    – in what way –

    CHALMERS:

    – but in saying that, I don’t pretend that the fight against inflation is over. I know that people are still doing it tough even at the same time as inflation by some measures has more than halved since we came to office. But I do understand that for people who are under the pump, they don’t want to be told necessarily that everything is fine when it’s not.

    People are still doing it tough. That’s why the tax cuts are so important, the energy bill relief, cheaper early childhood education, cheaper medicines, rent assistance, getting wages moving again. Really our highest priority as a government has been to try and provide that cost‑of‑living help in the most substantial and meaningful way that we can, but also in the most responsible way that we can, which means doing that as well as, not instead of, delivering those couple of surpluses that we’ve been able to deliver at the same time.

    MARTIN:

    I wonder, with the surplus, I recall when that was announced, and generally that would be considered to be good news politically, but to quote Twitter –

    CHALMERS:

    That’s a dangerous practice, Steve.

    MARTIN:

    I know. I realise that, but the most common response it seems on Twitter is, ‘You can’t eat a surplus.’ So while people think that’s great at one end things are happening, but at the business end for most of us it’s not filtering through.

    CHALMERS:

    I’m really grateful you raised that, because we don’t see a surplus as an end in itself either. The fact that we’ve been able to deliver back‑to‑back surpluses for the first time in almost 2 decades in this country is not an end in itself, it’s how we make room to provide all of that cost‑of‑living relief that I just ran through. It’s how we make sure we avoid paying too much interest on all that debt we inherited from our predecessors.

    Also in the context where the global economy is really uncertain, we want to get the budget in much better nick as a bit of a buffer against that global economic uncertainty, because if things do turn down then we want to have more room to respond if we need to. So those are the reasons for the surplus.

    I say to those people who raise that issue that you’ve raised from social media, but I get it out and about in communities like this one, if we were choosing between a surplus or cost‑of‑living help, I would understand that. But we’ve found a way, because of our responsible economic management, to deliver surpluses and cost‑of‑living help, and we think that’s a good thing.

    MARTIN:

    All right. On the SMS Bea has sent this through. As I say, ‘Morning, Steve. Would you ask Jim Chalmers, please, how can we justify $360 billion on a few submarines and $600 million on a PNG rugby league team but struggle to find money to increase mental health services to adequately address demand?’

    CHALMERS:

    Thank you, Bea, for the question and for listening. I think in every budget you’ve got to find room for all of those things. There is mental health funding, of course, in the Budget. There is national security and defence funding. We are interested in investing in our region, particularly when you’ve got all of this global uncertainty, conflict around the world and economic uncertainty around the world, including closer to home. Some of those investments I know, Bea, can be contentious but we think we’ve broadly struck the right balance – huge investments in health at the same time as we invest in our national defence and national security.

    MARTIN:

    All right. I want to ask you about an item in the news today, Treasurer, and that is a crackdown on subscription traps and hidden fees. What’s happening there? What’s the plan from the government?

    CHALMERS:

    We want to crack down on dodgy deals so that we can save Australians money if we can and where we can. Most businesses do the right thing and they’ve got nothing to worry about, but there are these traps which we’re seeing more and more of, whether it’s making it hard to cancel a subscription, different fees at different stages of a purchase, when the price goes up while you’re actually making the transaction, requiring consumers to provide more information than is necessary to buy something, when it’s hard for you to contact the person or the business that’s selling you a good or a service.

    There are a bunch of dodgy practices that we are worried about and we want to crack down on them and so we are looking to ban unfair trading practices, and that’s the announcement that we’re making today.

    MARTIN:

    Okay. So that is with Australian Consumer Law?

    CHALMERS:

    Absolutely. We’ll do some consultation, as we always do, but look to bed it down at the beginning or the first half of next year. We get a lot of feedback about this, Steve. I’m sure you do as well on your SMS line and out and about. A lot of people, for good reason they do a lot of shopping online or in other ways, and there’s just been these practices which have sprung up which we think go too far. We don’t want people to be taken for mugs. We don’t want to see these dodgy business practices, and so we’re going to crack down on them.

    MARTIN:

    So that will come into effect next year, after the next federal election effectively?

    CHALMERS:

    We’ve said the first half of 2025, and we’ll do it as soon as we can. But what we’d like to do is we want to make sure there are no unintended consequences and the like, and so we’ll do a little bit of consultation, but we’ve said today that we’re going to ban unfair trading practices, and we’ll spend the next month or 2 consulting on the best way to go about it.

    MARTIN:

    Twelve minutes to the next news at 8. We’re talking with federal Treasurer Jim Chalmers. I did say earlier this morning, I had a text from Jamie Vogels, who’s a Corangamite Shire Councillor, and this is in relation to the transition of dairy country to blue gum timber land and the practices of the Foreign Investment Review Board when they look at this.

    Now, Jamie Vogels’ question to you directly, Treasurer, is: why aren’t we allowed to know the conditions placed by the Foreign Investment Review Board on the $200 million foreign investment by Munich RE into blue gum plantations that’s replacing that dairy country in Simpson and the Heytesbury? It’s causing economic and job losses, from Jamie Vogels. So why can’t a community know what the Foreign Investment Review Board has and does look at, or is that information publicly available? Because that group sounds like they can’t find out why the decision was made to allow this to happen?

    CHALMERS:

    First of all, thanks to Councillor Vogels for raising it. I know this is an issue, and in that very important part of our national economy there’s a lot of economic opportunity. The dairy industry is important to us and the timber industry is important to us as well, and we’ve got to strike the right balance.

    When it comes to the Foreign Investment Review Board process, we try and be as transparent as we can about the process. But often the fine details for – whether it’s commercial in confidence or other kinds of reasons – often those are kept confidential. So I’ll have another look at that case, I’m confident that we would have provided all of the information that we can. I’m not anticipating that we can provide additional information, but if we can after I have another look, then I’ll do that.

    MARTIN:

    The community concern, though, Treasurer, is that you’ve got prime agricultural land, not just for dairy; it could be used for other things. You have farm workers, you have houses, you have all sorts of activity going on. And when the trees come in, as much as they are needed, in this sort of land where smaller holdings are more common, you’re losing a community because the trees go in and there’s not nearly as many people moving around. Is that social effect on an area looked at by the FIRB?

    CHALMERS:

    It looks at the broader national interest and to be up front with you, typically the focus is more on, national security concerns or concerns around concentration or concerns about one company or another dominating a certain market, and so there are a range of considerations, including the ones that you raise. But primarily, typically, the advice that comes to me, including in this case, the Department of Agriculture was consulted and didn’t raise any issues with this particular transaction, we cast a pretty broad net, but typically the advice is more about managing risks in areas like critical minerals, critical infrastructure, critical data.

    MARTIN:

    Just finally on this, the member for Wannon did ask for a moratorium on additional land being purchased for expansion of the timber industry until some of the concerns raised in the petition he tabled are addressed. Will you consider that, or is the government even looking at that for a moment?

    CHALMERS:

    I think the Agriculture Minister, Julie Collins, is a wonderful colleague of ours. She looks at these sorts of issues all of the time. We know that there are contentious issues in farming communities and we know as our economy changes and demand for different goods change over time that often difficult issues like this pop up. So Julie Collins, being the diligent minister that she is, would have these sorts of considerations in front of her from time to time.

    MARTIN:

    All right. Just on other more general things, I notice that a number of banks are factoring in a rate cut for December. What’s your take on that?

    CHALMERS:

    I try not to pre‑empt decisions taken independently by the independent Reserve Bank. Treasurers of both political persuasions don’t get into the guessing game about future movements in rates.

    My job is to focus on being helpful in the fight against inflation and we have been. Australia’s made really quite considerable progress when it comes to getting on top of the inflation challenge in our economy, less than half what we inherited on the monthly gauge and that’s a good thing.

    But the Reserve Bank will weigh that up, they’ll weigh up what’s happening in the labour market, what’s happening around the world, and they’ll come to a decision independently in due course.

    MARTIN:

    In Queensland, right. I do wonder, just finally, Treasurer, we’ve been through 30‑odd years of pretty good economic times. It started with Hawke and Keating, continued with Howard and Costello, and then, I guess, governments that have followed haven’t been able or as willing to do as much as those 2 governments did all those years ago. That set us up pretty well. There are older people who say we are back to normal, that the current settings we have are more normal. The long‑term interest rate is 7.4 per cent over – I looked this up yesterday, between ’69 and 2004, that’s the long‑term average interest rate in Australia. So has the community got their expectations too high?

    CHALMERS:

    I wouldn’t say that. I wouldn’t blame the community for that. If you think about that longer sweep of history, yes, Hawke and Keating did a remarkable job setting this place up for 3 decades of economic expansion, absolutely outstanding contribution, history‑making contribution.

    If you think about really since the global financial crisis, we’ve had about 15 years of economic upheaval. The global financial crisis in ’08–09, obviously we had COVID, the war in Ukraine sent supply chains basically haywire around the world, and so we’ve had these 3 shocks in 15 years. And so governments of both persuasions, including this one, have been doing their best to manage the here and now – in our case inflation – at the same time as we invest in the future and that’s why our Future Made in Australia agenda, our housing agenda, energy transformation, skills and human capital are so important.

    But what we need to do and what we are doing is working out what does the next generation of prosperity look like. And it won’t be the same as the one that Bob and Paul set up so skilfully in the 1980s. It’s possible to admire their contribution and recognise ours will be different.

    For us the big thing that we’ll be judged on is nailing this energy transformation. That’s the big economic reform opportunity for our generation. And that’s why we call the 2020s the defining decade in the way that the 1980s were, because the situation calls for a new economy, leveraging all of those traditional strengths that we’ve had and will continue to have into the future, but building new strengths in energy, human capital, technology, services and the like.

    MARTIN:

    All right. I was going to let you go, but since you’ve mentioned the energy transformation, one last quick topic: what do you say to communities in this part of the world that are bearing the brunt of that energy transformation, with transmission lines, with wind farms, with very large‑scale change over a very short period of time to communities that are feeling completely and utterly overwhelmed by circumstances beyond their control?

    CHALMERS:

    We are listening to you. We know that the best version of this energy transformation, which is the opportunity of a lifetime for Australia, including for the regions, requires us to take communities along with us. We understand that.

    MARTIN:

    Well, you’re failing at that, because they’re not coming along with those that are pushing this through.

    CHALMERS:

    We can always do better. And even in the most recent Budget I funded, I think $20 million from memory, for better consultation with local communities because we see this as an opportunity for local communities, including regional communities. We need to make sure that we are listening and bringing people along with us. If we can do a better job of that, we will.

    MARTIN:

    Jim Chalmers, thanks for your time.

    CHALMERS:

    Thanks so much, Steve.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI: Sampo plc’s share buybacks 15 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 16 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 15 October 2024

    On 15 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)
      3,330 41.73 AQEU        
      38,807 41.71 CEUX
      113 41.71 TQEX
      48,183 41.71 XHEL
    TOTAL 90,433 41.71  

    *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 8,681,816 Sampo A shares representing 1.58 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

    Attachment

    • Sampo_share_buyback_15_10_2024

    The MIL Network –

    January 23, 2025
  • MIL-OSI Australia: Allens advises Spark Infrastructure on $1.8 billion refinancing

    Source: Allens Insights

    Allens has advised Spark Infrastructure, owned by a consortium of Ontario Teachers’ Pension Plan Board, Public Sector Pension Investment Board and funds and/or investment vehicles managed and/or advised by Kohlberg Kravis Roberts & Co. L.P. and/or its affiliates, on a $1.8 billion refinancing along with new hedging strategies related to the expanded debt facility.

    The refinancing brings in funds from a large syndicate of investment banks, commercial banks, and private credit funds throughout the Asia-Pacific region.

    ‘We are pleased to have advised the consortium on the initial acquisition of Spark back in 2021 and now on this significant refinancing. It is yet another example of Australia’s growing attractiveness as an investment destination among Asia-Pacific banks and private credit funds,’ said lead partner Tim Stewart.

    This transaction reinforces Allens’ position as a leader in complex financial advisory, with extensive experience in the regulated utilities sector. 

    Allens legal team

    Banking & Finance

    Tim Stewart (Partner), Brian Kirkup (Senior Associate), Sam Guzman (Lawyer), Cora Fabbri (Lawyer)

    Mergers & Acquisitions 

    Charles Ashton (Partner), Alex Knights (Senior Associate)

    Contact for further information

    Communications & Corporate Affairs Manager

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Asia-Pac: Result of tenders of RMB Sovereign Bonds held on October 16, 2024

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

         Result of the tenders of RMB Sovereign Bonds held on October 16, 2024: 
     

    Tender Result

    *********************************************************************

    Tender Date
    :
    October 16, 2024

    Bonds available for Tender
    :
    2-year RMB Bonds

    Issuer
    :
    The Ministry of Finance of the People’s Republic of China

    Issue Number
    :
    BCMKFB24001 (Further Issuance)

    Issue and Settlement Date
    :
    October 18, 2024

    Maturity Date
    :
    March 15, 2026 (or the closest coupon payment date)

    Coupon Rate
    :
    2.20 per cent

    Application Amount
    :
    RMB 7,626 million

    Issue Amount
    :
    RMB 3,000 million

    Average Accepted Price
    :
    100.68

    Lowest Accepted Price
    :
    100.63

    Highest Accepted Price
    :
    100.91

    Allocation Ratio (At Lowest Accepted Price)
    :
    Approximately 36.36 per cent

    Tender Result

    *********************************************************************

    Tender Date
    :
    October 16, 2024

    Bonds available for Tender
    :
    3-year RMB Bonds

    Issuer
    :
    The Ministry of Finance of the People’s Republic of China

    Issue Number
    :
    BCMKFB24002 (Further Issuance)

    Issue and Settlement Date
    :
    October 18, 2024

    Maturity Date
    :
    March 15, 2027 (or the closest coupon payment date)

    Coupon Rate
    :
    2.28 per cent

    Application Amount
    :
    RMB 8,799 million

    Issue Amount
    :
    RMB 3,000 million

    Average Accepted Price
    :
    101.14

    Lowest Accepted Price
    :
    101.01

    Highest Accepted Price
    :
    101.37

    Allocation Ratio (At Lowest Accepted Price)
    :
    Approximately 27.05 per cent

    Tender Result

    *********************************************************************

    Tender Date
    :
    October 16, 2024

    Bonds available for Tender
    :
    5-year RMB Bonds

    Issuer
    :
    The Ministry of Finance of the People’s Republic of China

    Issue Number
    :
    BCMKFB24003 (Further Issuance)

    Issue and Settlement Date
    :
    October 18, 2024

    Maturity Date
    :
    March 15, 2029 (or the closest coupon payment date)

    Coupon Rate
    :
    2.39 per cent

    Application Amount
    :
    RMB 12,456 million

    Issue Amount
    :
    RMB 2,000 million

    Average Accepted Price
    :
    101.86

    Lowest Accepted Price
    :
    101.72

    Highest Accepted Price
    :
    102.49

    Allocation Ratio (At Lowest Accepted Price)
    :
    Approximately 56.00 per cent

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (9)

    Source: Hong Kong Government special administrative region

    VIII. Improve People’s Livelihood in Pursuit of Happiness (A) Housing: Continuously Enhance Speed, Quantity, Quality and EfficiencyIncrease Public Housing Supply157. Housing is an issue of great public concern. Despite the relatively slow pace of creating land for housing development in the past, the problem of back‑loaded public housing supply has started to turn around through the unremitting efforts of the Government. While we have identified land for providing sufficient public housing units to meet the long‑term demand and enhanced the speed as well as efficiency of housing development, land creation and housing construction take time. To bridge the short‑term supply gaps in these few years, I announced in 2022 the introduction of the innovative LPH with the provision of 30 000 units, in order to reduce the Composite Waiting Time for Subsidised Rental Housing (CWT).158. This measure has been bearing fruit. Coupled with LPH, the total public housing supply in the coming five years (2025‑26 to 2029‑30) will reach 189 000 units, which is about 80% higher than that of the first five‑year period since the current‑term Government took office (2022‑23 to 2026‑27). In the past two years, the average waiting time for PRH dropped by half a year, from the peak of 6.1 years to the current 5.5 years. Following the gradual completion of LPH next year, the CWT could be shortened by one and a half years to 4.5 years in 2026‑27.159. I am eager to house PRH applicants as early as possible. The Advance Allocation Scheme I proposed when I took office has so far helped more than 2 000 families move in their flats five to nine months in advance, saving nearly $50 million of rental expenditure on the part of the beneficiaries. By 2027‑28, about 10 000 additional units will be completed, enabling PRH applicants to move in earlier than originally anticipated.160. In addition, the first batch of some 2 100 LPH units, located on Yau Pok Road, Yuen Long, will be completed for intake in the first quarter of next year. We expect to complete a total of about 9 500 units next year, moving towards the target of completing about 30 000 units by 2027‑28.Devise a System on the Renting of Subdivided Units in Residential Buildings to Tackle the Issue161. The Task Force on Tackling the Issue of SDUs has already submitted a report. The Government has decided to put in place, through legislation, a system on the renting of SDUs in residential buildings. SDUs meeting the required standards will be named as Basic Housing Units.162. Current SDUs differ significantly in their conditions regarding fire safety, ventilation, floor area, availability of individual kitchens and toilets and whether they are separated or combined, among others. As such, it is necessary to set minimum standards to eradicate inadequate SDUs. At present, there are some 110 000 households living in SDUs, indicating a genuine demand for these units. As the aggregate rent received from several units subdivided from a single flat is much higher than the rent of one whole flat without subdivision, it gives owners a strong financial incentive to operate rental SDUs. Under appropriate regulation, the market demand for SDUs will be satisfied by Basic Housing Units that meet the required standards.163. Substandard SDUs in residential buildings must be converted into Basic Housing Units that meet the required standards. Upon conversion, these units must be confirmed by professionals their compliance with the required standards and apply for recognition. Otherwise, there would be criminal liability on the part of owners to rent out substandard SDUs, while the tenants concerned will not be held liable. We will allow time for owners of existing SDUs in residential buildings to carry out the necessary works.  A grace period will be prescribed by law, during which enforcement actions will not be taken against the illegal renting of substandard SDUs. To this end, the Government will set up a registration system, enabling registered owners to be entitled to the grace period. The registration system only accepts applications from owners of pre‑existing SDUs in residential buildings under rental. New SDUs entering the market must apply for recognition as up‑to‑standard Basic Housing Units before renting out, hence no grace period is needed for their conversion. Given that only new SDUs recognised as up‑to‑standard Basic Housing Units are allowed to be rented out, and that pre‑existing registered SDUs must be converted into Basic Housing Units in conformity with the required standards or they will face orderly eradication if the owners concerned continue to rent out substandard SDUs illegally after the grace period, the number of substandard SDUs in residential buildings will gradually go down to zero.164. The Government will allow an adequate grace period for pre‑existing SDU owners and households to make necessary arrangements, and handle SDUs in residential buildings by batches in an orderly manner having regard to the market supply of Basic Housing Units and taking into consideration the supply of and policy on public housing. The Secretary for Housing will be empowered by law to decide, upon expiry of the grace period, when to take enforcement actions against substandard SDUs by batches in an orderly manner in light of actual circumstances.165. The Government proposes that the standards of “Basic Housing Units” should include the provision of windows, an individual toilet, a floor area of no less than 8 square metres, etc. The Deputy Financial Secretary and the Secretary for Housing, being the head and deputy head of the Task Force respectively, will announce the details and seek the views of the LegCo and stakeholders for drawing up the legislative proposals and related measures, such as the timetable for registration.Enhance the Housing Ladder166. The HKHA will further enhance the housing ladder in addressing the aspiration of the public for home ownership, including:(i) adjusting the ratio between PRH (including Green Form Subsidised Home Ownership Scheme (GSH) units) and subsidised sale flats (SSF) – The HKHA is reviewing public housing projects to be completed in the middle or near the end of the next decade, with an aim to gradually adjust the ratio between PRH and SSF from the current 7:3 to 6:4;(ii) increasing the chance of applicants who have made repeated attempts to purchase SSF – Starting from the next GSH and HOS sale exercises, an extra ballot number will be allocated to applicants who failed to purchase an SSF in the last two consecutive sale exercises of the same type of SSF; and(iii) expediting the circulation of PRH units – The HKHA will tighten up the Well‑off Tenants Policies by raising the additional rent and lowering the income limits for well‑off tenants, so that public resources are appropriately allocated to applicants in need. Meanwhile, the ratio between Green Form and White Form in respect of HOS flats will be revised from 4:6 to 5:5 to encourage more PRH tenants to buy HOS flats.Combat Public Rental Housing Tenancy Abuse167. In recent years, the HKHA has been strengthening its efforts to combat PRH tenancy abuse. The number of PRH flats recovered by the HKHA due to tenancy abuse and breach of tenancy agreement or housing policies over the last two years adds up to 5 000, equivalent to building a medium‑sized housing estate. The results are prominent. The HKHA will launch the “Cherish Public Housing Resources Award Scheme” in January next year to offer rewards to persons who provide concrete intelligence that leads to identification of substantiated tenancy abuse of PRH.Take Forward Public Rental Housing Redevelopment168. The HKHA is proceeding with 11 redevelopment projects. We will announce the findings and details of the study on the redevelopment of Choi Hung Estate later this year, and release the redevelopment plans for Sai Wan Estate and Ma Tau Wai Estate next year.Stabilise the Supply of Spade-ready Sites for Private Housing169. According to the Long Term Housing Strategy, the supply target for private housing in the coming decade is projected to be 132 000 units. The Government will make available land over the next five years to provide about 80 000 private housing units.Relax the Maximum Loan-to-Value Ratios of Property Mortgage Loans170. Taking into account the latest economic and financial environment and on the basis that the stability of the banking system is maintained, the HKMA will adjust the maximum loan‑to‑value ratio for residential properties to 70%, regardless of the value of the properties, whether the properties are for self‑use or held by companies, and whether the purchasers are first‑time home buyers, while the maximum debt servicing ratio will be adjusted to 50%. For non‑residential properties, the maximum loan‑to‑value ratio and maximum debt servicing ratio will be adjusted to the respective same levels.Further Improve Building Safety and Building Management171. Through the Building Management Professional Advisory Service Scheme, the Home Affairs Department assisted in the formation of about 100 owners’ corporations in the past two years in nine districts with more “three‑nil” buildings. The scheme has been expanded to cover all districts across the city in mid‑2024, with the contract period extended to three years.172. Next year, the Government will implement a pilot scheme on “joint property management” in selected areas, under which the same property management company will be engaged to provide joint management services for aged building clusters in the vicinity, enabling “three‑nil” and aged buildings to have access to basic property management services at affordable fees.173. To enhance deterrence against failure to comply with notices or orders by required time and against the erection of large‑scale unauthorised building works (UBWs), the Government will put forth proposals to amend the Buildings Ordinance and launch a public consultation later this year. Among other things, we will propose increasing the types of exempted works and minor works under the Buildings Ordinance, so as to handle minor illegal structures of lower risks in a pragmatic manner. The relevant legislative amendment proposals will be introduced in 2026.174. To foster an elderly‑friendly building environment, the Government will put forward a series of proposals on elderly‑friendly building design for phased implementation.(B) Create Land to Build More Housing175. The Government remains determined to sustain efforts in land production. We will assess the situation and take forward various projects in a steady and paced manner. According to the latest forecast, the supply of developable land, i.e. spade‑ready sites, from Government‑led projects will reach about 3 000 hectares in the next decade. The Government will take into account the latest market changes when disposing land, ensuring a stable and healthy development of the market.Cut More Red Tapes and Lower Costs176. The Government is making vigorous efforts in streamlining land development procedures. We have promulgated an internal circular, expressly stating that all approving departments are required to take a facilitating role and strive to streamline the relevant procedures when processing applications. The initiative is well‑received by the industry. We will continue to cut red tapes and streamline procedures. Relevant measures include:(i) leveraging industry resources to enhance speed and efficiency – We will outsource drone inspections of external walls of buildings and UBWs as well as associated analyses, to private companies. We will also engage professionals to handle the vetting work of small‑scale or temporary structures through self‑certification;(ii) reducing construction costs – We will strengthen the role of the Project Strategy and Governance Office under the DEVB to complete a strategic study on construction costs by the end of this year and propose improvement measures such as increasing direct procurement of construction materials and products by the Government, reviewing the building design standards, and facilitating local application of cost‑effective construction materials and technologies from the Mainland and overseas; and(iii) expanding project co‑ordination – We will expand the purview of the Development Projects Facilitation Office under the DEVB to facilitate co‑ordination with departments in expediting the approval of land use and related matters for the development of I&T and other industries in the Northern Metropolis, in addition to vetting of large‑scale private residential and commercial developments.Facilitate R&D and Application of Construction Technologies and Align Hong Kong Standards with Guobiao177. The DEVB established the Building Technology Research Institute (BTRi)  this August. Apart from conducting R&D on innovative materials, construction methods and technologies, the BTRi also devises standards, conducts testing and provides accreditation to spearhead innovation in the industry. A Modular Integrated Construction (MiC) Manufacturer Certification Scheme will also be launched in synergy with production bases in the Mainland, so as to leverage the complementarity of the construction industries in Guangdong and Hong Kong.178. We will also review and enhance Hong Kong’s building standards, which have been in place for many years, through the BTRi by making reference to overseas building standards and Guobiao (GB), with a view to promoting local application of high‑quality and cost‑effective construction materials from the Mainland and overseas. Moreover, when high‑quality GB construction materials and technologies are applied locally, it will also be beneficial for GB to explore international markets. We will also closely liaise with our counterparts in the Guangdong Province to take forward the formulation of the GBA Construction Standards.179. The HKHA will make wider use of MiC 2.0, the second generation MiC approach jointly developed with research institutions, and streamline the on‑site installation procedures to safeguard construction safety. Tender documents will also expressly state the works procedures permissible for the use of construction robotics to enhance site safety and construction efficiency.Commence the Environmental Impact Assessment Process for Kau Yi Chau Artificial Islands180. The Government will take forward the Kau Yi Chau Artificial Islands project in a steady and prudent manner. We will commence the statutory environmental impact assessment (EIA) process for the reclamation works under the project by the end of this year. The target is to complete the relevant approval procedures next year. The related detailed engineering design will commence later this year.Expedite Urban Redevelopment181. The Urban Renewal Authority is conducting planning studies for Tsuen Wan and Sham Shui Po, and will submit renewal master plans in the second half of next year. Meanwhile, the DEVB is examining the use of newly developed land to drive large‑scale urban redevelopment projects, including the cross‑district transfer of plot ratios and the construction of more dedicated rehousing estates, etc. The target is to formulate proposals in the first half of next year.182. To continue encouraging redevelopment and conversion of aged industrial buildings, we will extend an array of measures, which are expiring soon under the revitalisation scheme for industrial buildings, to the end of 2027, continuing to allow an increase in plot ratio of up to 20% for industrial building redevelopment projects.(To be continued.)

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: I&T will drive city’s development: CE

    Source: Hong Kong Information Services

    Delivering his 2024 Policy Address, Chief Executive John Lee said today that Hong Kong must harness new quality productive forces and technological innovation as it seeks to achieve high-quality economic development.

    Mr Lee outlined that in its efforts to become an international centre for innovation and technology (I&T), the city is upgrading and transforming traditional industries, while actively nurturing emerging ones. He vowed that no effort will be spared in developing new quality productive forces tailored to local conditions. 

    Measures announced in Mr Lee’s speech include the drawing up of a development plan for new industrialisation, the setting up of a third InnoHK research cluster, a new round of $1.5 billion in funding under the Research Matching Grant Scheme, a revamping of the Government’s approach to I&T investment, and the launch of an I&T Accelerator Pilot Scheme.

    Besides drawing up a medium to long‑term development plan for new industrialisation, Mr Lee said the Government will also press ahead with the establishment of the Hong Kong New Industrialisation Development Alliance. He explained that this will promote closer collaboration among the Government, industry, academia, and the research and investment sectors, expand financing opportunities, and foster I&T co‑operation between newly‑listed companies and local universities.

    In terms of research and development (R&D), Mr Lee highlighted that preparatory work is underway to establish a third InnoHK research cluster. He mentioned that the existing two such clusters are now home to about 2,500 R&D personnel from Hong Kong and around the world, and iterated that the new cluster will focus on advanced manufacturing, materials, energy and sustainable development. 

    In addition to the new round of funding under the Research Matching Grant Scheme, which encourages organisations to support research endeavours by institutions, Mr Lee pledged that the Government will increase its own investment in I&T industries and guide more market capital to invest in the sector. This will include setting up a $10 billion I&T Industry‑Oriented Fund, a “fund of funds” that will channel market capital to invest in emerging industries of strategic importance, including life and health technology, AI and robotics, semi‑conductors and smart devices, advanced materials, and new energy.

    The Chief Executive added that $1.5 billion from the Innovation and Technology Venture Fund will be redeployed to set up funds that will invest – jointly with the market, on a matching basis – in start‑ups operating in strategic industries. Meanwhile, the Hong Kong Investment Corporation will continue to channel and leverage market capital to attract I&T enterprises to establish operations in Hong Kong.

    Announcing plans to allocate $180 million to establish an I&T Accelerator Pilot Scheme, Mr Lee said it will offer institutions government funding on a one-to-two matching basis, with a subsidy ceiling of $30 million. He explained that the scheme will attract professional start‑up service providers to set up accelerator bases in Hong Kong, thereby fostering the robust growth of start‑ups.

    Mr Lee also outlined plans to unlock the potential of Hong Kong’s low-altitude airspace economy. A working group led by the Deputy Financial Secretary will be established to formulate development strategies and action plans for this issue, and will collaborate with Mainland authorities in exploring the joint establishment of low‑altitude cross‑boundary air routes, as well as immigration and customs clearance arrangements. It will also carry out studies and make plans for the establishment of effective systems, networks and infrastructure for managing low-altitude activities.

    With regard to Low Earth Orbit satellites, Mr Lee announced that the Government will conduct a study aimed at streamlining vetting procedures in relation to licence applications for their operation. He also revealed that the Government will set up a research centre to participate in the Chang’E‑8 lunar mission.

    In relation to new energy development, around $750 million under the New Energy Transport Fund will be earmarked to subsidise the taxi trade and franchised bus companies to purchase electric vehicles, and to launch the Subsidy Scheme for Trials of Hydrogen Fuel Cell Electric Heavy Vehicles.

    Mr Lee added that the Government will speed up the reduction of carbon emissions by setting a target for sustainable aviation fuel (SAF) consumption, and formulate a long-term plan for the development of SAF and green maritime fuel supply chains. Furthermore, it will support industry in establishing a solar-to-hydrogen demonstration facility, and introduce a bill next year to ensure the safe use of hydrogen fuel. 

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-Evening Report: Charles III will be the first king of Australia to visit our shores. He could also be the last

    Source: The Conversation (Au and NZ) – By Jess Carniel, Associate professor in Humanities, University of Southern Queensland

    King Charles III and Queen Camilla’s upcoming visit to Australia is significant for several reasons. It is Charles’ first visit since ascending to the throne – as well as the first time a British male head of state has visited Australia.

    Some observers are also wondering whether it might be one of the last royal tours, as debates about Australia potentially becoming a republic are reignited.

    As the monarchy tries to “modernise” alongside growing support for republicanism, this visit will be one to watch.

    The curse of the Antipodes?

    As Prince of Wales, Charles had a long and successful track record of royal tours to Australia, having visited 16 times. The visits included a term attending Geelong Grammar School in 1966, as well as the 1983 tour with Princess Diana that saw Australians caught up in Di-mania – and Charles reportedly gripped by jealousy.

    But Charles’ royal predecessors weren’t as lucky in their trips down under. His own grandfather, King George VI, planned to visit Australia in the late 1940s with Queen Elizabeth and Princess Margaret, but the tour was postponed due to his poor health. While he had previously visited as the Duke of York, George VI never made it here as king.

    King George VI was born in 1895 and reigned from 1936 until his death in 1952.
    Wikimedia

    The very first royal visit to Australia – Prince Alfred’s 1867 tour – had all appearance of being cursed. One of his crew members drowned during the first stop in South Australia. Several more people died in a major fire accident and a Catholic-Protestant skirmish in Melbourne.

    Most memorably – certainly for Alfred – was an assassination attempt on the prince in Sydney. This, interestingly, is an experience King Charles has also had.




    Read more:
    Royal visits to Australia can be disaster magnets. In the first one, the prince barely made it out alive


    During Charles’ 1994 visit, student protester David Kang fired blanks from a starter pistol in protest of Australia’s treatment of Cambodian refugees. The then Prince of Wales wasn’t harmed and Kang went on to become a barrister.

    For non-British royals, however, Sydney has been a lucky location. King Frederick X’s decidedly modern romance with Tasmania-born Queen Mary famously began when they met at a bar during the Sydney Olympics in 2000.

    Prince or king – does it matter?

    This will be Charles’ seventeenth visit to Australia, but his first as reigning monarch. This means he is visiting not on behalf of the head of state, but as the head of state.

    The royal couple’s planned Australian engagements are as strategic as they are symbolic. They reflect carefully curated and ostensibly “non-political” issues such as environmental sustainability, cancer research and family violence.

    The visit also includes a meeting with Indigenous representatives. Notably, it is the first royal tour to not use the term “walkabout” to describe public meet-and-greets, as this term had been criticised as cultural appropriation.

    It seems Charles’ modernised monarchy is seeking to distance itself from overtly colonial language – as much as a foreign monarchy can, anyway. The king has yet to respond to Indigenous leaders calling for an apology for British colonisers’ genocides of First Nations peoples.




    Read more:
    Should King Charles apologise for the genocide of First Nations people when he visits Australia?


    Although the Australian media has focused on the stops in Canberra and Sydney, the main purpose of the tour is for the king to attend the Commonwealth Heads of Government Meeting in Samoa between October 21 and 26.

    It is the first time the meeting will be hosted by a Pacific Island state. The talks are an important opportunity for the king to highlight issues such as climate change, to which small island states in the Pacific are particularly vulnerable.

    Are people happy about the visit?

    All six state premiers have declined their invitations to meet the king at his welcome reception in Canberra, citing other commitments. Their excuses might be genuine in some cases. For example, Queensland Premier Steven Miles is in the last few weeks of an election campaign.

    However, critics from the monarchist camp have viewed the move as a political response to debates over whether Australia should remain a constitutional monarchy with the king as its head of state.

    A YouGov Australia poll published on the first anniversary of Charles’s ascension showed Australians are divided on republicanism. While 32% want to become a republic “as soon as possible”, 35% preferred to remain a constitutional monarchy and 12% wanted to become a republic after the king’s death. The remaining respondents didn’t know.

    Notably, the poll found republican sentiment had increased since Queen Elizabeth II’s death in September 2022.

    The Albanese government established an assistant minister for the republic upon entering office in 2022 (although the portfolio was abolished with this year’s reshuffle). Upon taking the role, assistant minister Matt Thistlethwaite suggested the “twilight of [Queen Elizabeth’s] reign” presented “a good opportunity for a serious discussion about what comes next for Australia”.

    Charles doesn’t seem to be taking all this too personally. In a letter responding to the Australian Republican Movement in March this year, his private secretary said the king viewed this as “a matter for the Australian public to decide”.

    The royal tour and the meeting in Samoa will be important opportunities for the monarchy to connect with Australia and other Commonwealth nations.

    By presenting itself as a modern institution engaged with contemporary issues such as climate change, the monarchy will also have to engage with the possibility of new political identities for its former colonies.

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

    – ref. Charles III will be the first king of Australia to visit our shores. He could also be the last – https://theconversation.com/charles-iii-will-be-the-first-king-of-australia-to-visit-our-shores-he-could-also-be-the-last-241345

    MIL OSI Analysis – EveningReport.nz –

    January 23, 2025
  • MIL-OSI United Kingdom: Ministers bring together industry experts and consumer champions to tackle spiralling costs for drivers

    Source: United Kingdom – Executive Government & Departments

    New taskforce is a major step forward in getting a fair deal for UK drivers by rooting out factors that increase costs for car insurance industry.

    • Transport Secretary and Economic Secretary to the Treasury to bring together industry experts, consumer champions and regulators to crack down on spiralling costs of car insurance
    • comes as figures show an average 21% rise in premiums in 2 years as new taskforce launched to deliver a fairer deal for drivers
    • taskforce to focus on how hardest hit by rising costs, including ethnic minorities, those on lower incomes and elderly and young drivers

    Transport Secretary, Louise Haigh, and Economic Secretary to the Treasury, Tulip Siddiq, will bring together industry groups and consumer champions such as the Association of British Insurers, Citizens Advice, Which? and Compare the Market, as well as insurance regulators, to tackle spiralling costs of car insurance today (16 October 2024).

    It comes as motor insurance premiums have grown by an average of 21% since June 2022, according to Financial Conduct Authority (FCA) analysis – far higher than in comparable economies such as Germany, France, Spain and Italy – with the government reaffirming its manifesto commitment to act on increasing consumer costs, which stunt the economy and prevent growth.

    A new cross-government motor insurance taskforce, supported by industry experts, will also be launched by the Transport Secretary and Economic Secretary to the Treasury today to help drive down the high costs of car insurance.

    The taskforce will identify the factors behind rapidly rising premiums and will agree solutions to keep costs under control. Factors driving up the cost of insurance include inflation, rising car thefts and the country’s pothole-ridden roads, which the government has pledged to fix with its pledge of filling up to 1 million more potholes every year.

    This taskforce is part of the government’s manifesto commitment to act on the high cost of insurance for drivers – particularly those who are disproportionately affected by high prices such as young and older people and those from ethnic minority backgrounds or on lower incomes.

    Transport Secretary, Louise Haigh, said:

    Car insurance is an essential, not a luxury. It is vital to accessing economic opportunities and this government is committed to getting costs under control. That’s why we’re taking direct action to bring insurance companies and regulators round the table to discuss how we can crack down on spiralling costs.

    The rising cost of cover affects all drivers but some groups have been hit harder than others. No matter your background or circumstance, this government is determined to ensure drivers get a fair deal.

    Our new expert taskforce is a major step forward in delivering a fair deal for drivers. It will give this issue the attention it deserves – rooting out the factors driving up costs for industry and ensuring drivers are able to hit the road.

    The taskforce will bring together expertise from regulators, motoring groups, insurers and consumer groups to find solutions for the high cost of insurance, addressing contributing factors to high costs generally and those that may be disproportionate depending on age or ethnicity.

    The taskforce will help support the government’s missions to grow the economy and break down the barriers to opportunity, by acting on the cost pressures facing industry and supporting drivers to hit the road.

    The expert group will identify the causes of rising costs, assess whether consumers are receiving fair value for money and look at the impact on the groups hit the hardest, using advice from the regulators the FCA and Competition and Markets Authority (CMA).

    Roads media enquiries

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    Published 16 October 2024

    MIL OSI United Kingdom –

    January 23, 2025
  • MIL-Evening Report: Politics with Michelle Grattan: ‘It’s going to be a bad result for Labor’ – Antony Green and Michael McKenna on the Qld election

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Queenslanders vote on October 26 when, according to the polls, the almost decade-long Labor government is expected to be defeated.

    Last year, in a bid to improve its chances, Labor dumped long-time premier Annastacia Palaszczuk in favour of Steven Miles.

    Miles has handed out or promised extensive and expensive cost-of-living support, including $1000 rebates on electricity bills, 50-cent fares, and now promising free school lunches.

    But even all this seems to have failed to drastically change the mood in the electorate.

    To discuss what’s happening on the ground, the potential outcome and what that could mean for the federal Labor government, we’re joined by the ABC’s election specialist, Antony Green and The Australian’s Queensland editor, Michael McKenna.

    Green says:

    The swing has shifted from being catastrophic to just being very bad.[…] the odds are the government’s going to lose.

    All the government’s marginal seats are in the regions, in the regional cities in the north of the state. If it’s a 5 or 6% swing uniform, then all those regional city seats will be knocked out. And once they’ve lost a couple of seats in Brisbane’s belt as well, they’re out of government. So they’re in a very difficult position.

    On what a poor result for the Labor party could mean federally, Green says:

    Labor won the last federal election without doing well in Queensland – [there] was always a view that they couldn’t win an election without doing well in Queensland. They did well in WA instead. Can Labor do worse in Queensland at the next federal election? Well that’s a tough ask, it’s hard to see how. You would have to be back to the level of the defeat of the Whitlam government or the Keating government to do worse in Queensland, and I’m not sure that it’s that level of disaster for the Labor Party. I think there will be a lot of comment on that. But I mean this is a Queensland election and it’s fought on and very much based around sort of Queensland issues.

    Michael McKenna says of the general mood:

    I think for the first time in a few years, I’m seeing a real mood for change in government. Labor is seeking a fourth term on the trot. You can see it in the published polling, which for about the last two years has shown that Labor’s support is sliding and the Liberal National Party has the momentum. I think there’s a real ‘it’s time’ factor.

    What we’ve seen is that Labor’s brand is still seemingly on the nose, particularly in the regions. And Steven Miles, […] he’s given a red hot go, but so far, I’m not seeing much evidence that he’s going to pull out a miracle win.

    McKenna highlights Opposition Leader David Crisafulli’s strategy:

    There’s no doubt that he has adopted a small target strategy to, in one way, focus people’s attention on the failings of a government which has a record of ten years, and there’s always going to be failings and things that are going to make people angry. But I would say that this is arguably the smallest of small target strategies that we’ve ever seen.

    David Crisafulli really only wants to talk […] about the issues that he wants to talk about, and those are crime, particularly youth crime, cost of living, housing and health. But he doesn’t like to be pushed onto any other issues, and he’s done a good job in one sense in that he’s probably the most disciplined conservative party leader I’ve seen in decades in Queensland.

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

    – ref. Politics with Michelle Grattan: ‘It’s going to be a bad result for Labor’ – Antony Green and Michael McKenna on the Qld election – https://theconversation.com/politics-with-michelle-grattan-its-going-to-be-a-bad-result-for-labor-antony-green-and-michael-mckenna-on-the-qld-election-241478

    MIL OSI Analysis – EveningReport.nz –

    January 23, 2025
  • MIL-OSI Australia: Man arrested as part of Operation Eclipse

    Source: South Australia Police

    Detectives from SAPOL’s Serious and Organised Crime Branch and other specialist areas this morning conducted a series of searches on a private residence, several businesses and a storage facility as part of Operation Eclipse.

    This morning’s planned activity followed several weeks of intensive proactive investigations to identify the criminal networks involved in the trade of illicit tobacco and those believed responsible for the spate of arson attacks in recent months.

    Just after 8am detectives attended an address at Blair Athol and arrested a 34-year-old man. Police will allege the man is a key figure in the current illegal activity in South Australia.

    The man has been charged with four counts of money laundering. He has been refused bail and will appear in Port Adelaide Magistrates Court on Thursday 17 October.

    Police will allege the charges relate to alleged activity associated with illicit tobacco sales in SA.

    Each charge carries a maximum penalty of 20 years imprisonment.

    Following this arrest detectives attended three business premises at Hendon, Queenstown and Rosewater associated with the Blair Athol man. A storage facility at Salisbury Downs was also searched. They were searched in conjunction with officers from Consumer and Business Services.

    Items seized by CBS officers at the three premises included significant quantities of loose tobacco, packaged cigarettes and vapes. The value of the seized goods was $358,955.

    Operation Eclipse detectives seized documents, electronic devices, CCTV and a hard drive during the searches.

    Intelligence from CBS and members of the public has now assisted in the identification of more than 200 stores that are known or suspected to be involved in the sale of illicit tobacco products.

    Members of the public who are purchasing illicit tobacco products are directly supporting the organised crime syndicates who are driving the current Operation Eclipse related crime series.

    Police believe there are three major organised crime syndicates involved in the current conflict over the illicit tobacco trade, with two groups linked to interstate syndicates, who are attempting to expand into South Australia.

    Anyone who has any information in relation to any suspicious activity around business premises, specifically in the hours of darkness, is asked to contact Crime Stoppers on 1800 33 000 or online at http://www.crimestopeprssa.com.au

    Operation Eclipse search footage:

    https://www.youtube.com/embed/wZCCtBX92sg

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Banking: Secretary-General of ASEAN meets with the Minister of Digital of Malaysia

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with H.E. Gobind Singh Deo, Minister of Digital of Malaysia, on the sidelines of the 9th ASEAN Ministerial Conference on Cybersecurity. During their bilateral meeting, they discussed key digital priorities agenda during Malaysia’s upcoming Chairmanship of ASEAN in 2025.

    The post Secretary-General of ASEAN meets with the Minister of Digital of Malaysia appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI USA: Renters in South Carolina Can Apply for FEMA Assistance After Hurricane Helene

    Source: US Federal Emergency Management Agency

    Headline: Renters in South Carolina Can Apply for FEMA Assistance After Hurricane Helene

    Renters in South Carolina Can Apply for FEMA Assistance After Hurricane Helene

    FEMA assistance is available to renters, including students, with uninsured losses from Hurricane Helene in Abbeville, Aiken, Allendale, Anderson, Bamberg, Barnwell, Beaufort, Cherokee, Chester, Edgefield, Fairfield, Greenville, Greenwood, Hampton, Jasper, Kershaw, Laurens, Lexington, McCormick, Newberry, Oconee, Orangeburg, Pickens, Richland, Saluda, Spartanburg, Union and York counties and the Catawba Indian Nation.

    FEMA may be able to help renters as well as homeowners with serious needs, displacement, temporary lodging, basic home repair costs, personal property loss or other disaster-caused needs. 

    The quickest way to apply is to go online to DisasterAssistance.gov. You can also apply in person at a Disaster Recovery Center where you can meet with representatives of FEMA, the state of South Carolina and the U.S. Small Business Administration. No appointment is needed. To find center locations, go to fema.gov/drc or text “DRC” and a Zip Code to 43362. 

    You can also apply using the FEMA App for mobile devices or by calling toll-free 800-621-3362. The telephone line is open every day and help is available in many languages. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service. For a video with American Sign Language, voiceover and open captions about how to apply for FEMA assistance, select this link.

    FEMA programs are accessible to survivors with disabilities and others with access and functional needs. 

    kwei.nwaogu
    Wed, 10/16/2024 – 04:42

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI Asia-Pac: Enhancement measures on New Capital Investment Entrant Scheme

    Source: Hong Kong Government special administrative region

         â€‹As announced in the 2024 Policy Address, with effect from October 16, 2024, an applicant under the New Capital Investment Entrant Scheme (New CIES) is allowed to invest in residential properties, provided that the transaction price of a single property must be HK$50 million or above. The total investment amount in real estate (the aggregate of all residential and non-residential properties) that counts toward fulfilling the minimum investment threshold is subject to an aggregate cap of HK$10 million.

         Invest Hong Kong has updated the Rules for the New CIES and relevant application documents. Details can be found on the New CIES website (www.newcies.gov.hk/en/resources/scheme-rules-and-documents).

         With regard to the details of allowing investment made through an eligible private company wholly owned by the applicant to be counted toward the value of permissible investment with effect from March 1, 2025, Invest Hong Kong will make a further announcement later.

         For more information of the eligibility criteria and relevant details, please visit the New CIES website (www.newcies.gov.hk/en). For enquiries, please call the enquiry hotline at 3904 3001 or email to newcies@investhk.gov.hk.

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: Govt intensifies super hub strategy

    Source: Hong Kong Information Services

    While delivering the 2024 Policy Address, Chief Executive John Lee announced today that the Government has made meticulous plans to strengthen Hong Kong’s position as an international hub for trade, aviation and legal services.

    He called attention to the reason behind why his administration is building a high value-added supply chain services centre to serve the Mainland and overseas enterprises, and facilitate their establishment of an offshore trading headquarters in Hong Kong.

    “Hong Kong is home to a deep pool of talent and extensive networks in offshore trading and supply chain management, including production chain management, export credit risk management, trade financing, marketing, testing and certification, accounting and other professional services.”

    He explained that Invest Hong Kong and the Trade Development Council will set up a mechanism and enhance the interface for attracting Mainland enterprises to establish international or regional headquarters in Hong Kong, providing one-stop, diversified professional advisory services for enterprises in Hong Kong looking to go global.

    In an effort to provide greater export protection for enterprises, Mr Lee stated that the Government plans to raise the statutory maximum indemnity percentage of the Hong Kong Export Credit Insurance Corporation to 95%. It also encourages the China Export & Credit Insurance Corporation to establish a presence in Hong Kong.

    Another goal includes actively promoting the development of a headquarters economy to bring strategic enterprises from outside Hong Kong and extending the validity period of multiple-entry visas to the Mainland for foreign staff of companies registered in Hong Kong to up to five years.

    Additionally, Mr Lee described the Government’s aim of promoting electronic trade financing.

    “The Hong Kong Monetary Authority (HKMA) is experimenting with tokenised electronic bills of lading through its Project Ensemble Sandbox. The goal is to lower fraud risks through the better use of technology and to facilitate the provision of trade financing by financial institutions.

    “The HKMA will work with other jurisdictions on a pilot basis to develop mechanisms for trade information transmission, promoting cross-boundary data transfers and the digitalisation of international trade.

    “It will also allow potential stablecoin issuers to test blockchain use cases, including solutions for cross-boundary payments through the stablecoin issuer sandbox.”

    He added that to enhance financial services with data, the HKMA expects to connect its Commercial Data Interchange with the system of the Land Registry next year to facilitate enhancement of banking services through the better use of data.

    In addition to developing the European and American markets, the Chief Executive stressed that the Government will continue to expand Hong Kong’s economic and trade networks, especially with Belt & Road (B&R) countries.

    It will do so by further opening up trade in services with the Mainland so as to attract more Hong Kong start-ups, overseas enterprises, and talent from around the world to establish their presence in Hong Kong to tap the Mainland market.

    Mr Lee noted that another goal calls for reinforcing the interface of trade mechanisms.

    “We will continue to seek early accession to the Regional Comprehensive Economic Partnership. We are also in investment agreement negotiations with Bangladesh and Saudi Arabia, and plan to begin negotiations with Egypt and Peru.”

    To promote liquor trade and boost the development of high value-added industries including logistics and storage, tourism as well as high end food and beverage consumption, the Government will, starting today, reduce the duty rate for liquor with an import price of over $200 from 100% to 10% for the portion above $200, while the duty rate for the portion of $200 and below, as well as liquor with an import price of $200 or below will remain unchanged.

    With the Three-Runway System set to be completed this year, Mr Lee highlighted that Hong Kong’s status as an international aviation hub will be further accentuated.

    He made it clear that Hong Kong will fully utilise the capacity of the Three-Runway System.

    “The Government will step up efforts in expanding our aviation network by supporting Hong Kong International Airport (HKIA) to explore new destinations and flights, particularly enhancing co-operation with civil aviation counterparts from B&R countries.

    “In parallel, we will combine the strengths of our airport and Zhuhai Airport to improve the Fly-Via-Zhuhai-Hong Kong direct passenger service and jointly develop international air cargo business for greater synergy.”

    Mr Lee lauded the endeavour of expanding the scale of the Airport City to build a world-leading new landmark.

    “The Government will plan with Airport Authority Hong Kong (AAHK) for expanding the scale of the Airport City by more than double, building a new, world-leading landmark in the Greater Bay Area among the Airport Island, the Hong Kong Port Island of the Hong Kong-Zhuhai-Macao Bridge and Tung Chung East New Town.

    “New projects will be developed to promote high-end commercial, tourist and leisure activities. These include creating an ecosystem for the arts industry, building the AsiaWorld‑Expo Phase 2, developing a yacht bay with ancillary facilities, opening a food market for imported fresh food and providing more public spaces.”

    One more important objective of the Government is to expand cargo capacity through the bay area and enhance advantages of the air cargo industry, Mr Lee stated.

    “AAHK is pressing ahead in full steam with the innovative development of a sea-air intermodal cargo‑transhipment mode in collaboration with Dongguan. The initial stage of first-phase construction for the permanent logistics park in Dongguan, the HKIA Dongguan Logistics Park, will be completed by the end of next year, and the cargo-handling capacity will progressively reach one million tonnes per annum.

    “Advance planning will be made to commence the second-phase development, introducing more high value-added logistics, cross-boundary e-commerce and courier service facilities.”

    While expounding on the Government’s consistent work to promote Hong Kong as a regional centre for international legal and dispute resolution services, the Chief Executive specified that training for international legal talent will commence and promotion of mediation services will be stepped up.

    “The International Organization for Mediation will have its headquarters set up in Hong Kong upon adoption and entry into force of the relevant international convention. The Government will enhance the system on local accreditation and disciplinary matters of the mediation profession to further strengthen our role as an international mediation centre.”

    Apart from incorporating mediation clauses in government contracts and encouraging private organisations to make reference to and adopt such clauses, Mr Lee stated that the Pilot Scheme on Community Mediation will also be launched to offer more training opportunities for promoting a mediation culture.

    As an added bonus, he revealed that the Government is thinking about developing a sports dispute resolution system.

    “With the development of sports activities and industry, sports disputes have become increasingly complicated. We will explore establishing a sports dispute resolution system and promote sports arbitration, leveraging the institutional advantages of Hong Kong in dispute resolution.”

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: HK to be hub for health innovation

    Source: Hong Kong Information Services

    Chief Executive John Lee today identified innovation in the health sector, digitalisation across key industries, and an expansion of the city’s Intellectual Property (IP) trading ecosystem as key drivers of new quality productive forces in Hong Kong.

    Delivering his 2024 Policy Address, Mr Lee said the Government will combine technological and institutional innovation to develop Hong Kong into an international health and medical innovation hub, accelerate the development of the digital economy and its integration with the real economy, and take steps to strengthen the city’s position as a regional IP trading centre.

    On the first of these ambitions, the Chief Executive pledged to expedite reforms to the approval mechanism for drugs and medical devices, enhance Hong Kong’s clinical trial capabilities on all fronts, and facilitate the translation of innovative biomedical research into clinical applications.

    With regard to the approval of drugs, the “1+” mechanism will be extended to all new items, including vaccines and advanced therapy products, and refined to speed up the registration process. Meanwhile, preparatory work will be undertaken for the statutory regulation of medical devices, and timetables will be drawn up for establishing a Hong Kong Centre for Medical Products Regulation, the adoption of “primary evaluation”, and measures to facilitate research and development (R&D).

    In terms of clinical trial capabilities, Hong Kong will join hands with Shenzhen to establish the Greater Bay Area (GBA) Clinical Trial Collaboration Platform. A Real-World Study and Application Centre will also be established to open up local health and medical databases and promote co-operation between Hong Kong and Shenzhen on the integration of data generated from the “special measure of using Hong Kong-registered drugs and medical devices used in Hong Kong public hospital in the GBA.”

    In addition, Mr Lee set forth a number of policies designed to accelerate the digital transformation of industries and promote integration of the digital economy with the real economy.

    He outlined that the Government will push forward reforms relating to the digitalisation of enterprises and trade. The Commerce & Economic Bureau is developing a Trade Single Window, a one-stop electronic platform that will allow enterprises to lodge import and export trade documents more conveniently and efficiently.

    In the area of fintech, Mr Lee said that the Financial Services & the Treasury Bureau (FTSB) is due to issue a policy statement setting out its position on the application of AI (Artificial Intelligence) in the financial market. The FTSB will also complete the second round of a public consultation on regulatory proposals for over-the-counter trading of virtual assets.

    In addition, the Monetary Authority (HKMA) is looking into add-on technology solutions and use cases related to cross-boundary trade settlement on the mBridge platform. It is also exploring the application of real-world asset tokenisation and the use of digital money for interbank settlements, and will work with the FTSB to introduce a bill on the regulation of fiat-referenced stablecoin issuers later this year.

    Mr Lee also mentioned efforts by the Hong Kong Housing Authority (HKHA) to promote smart construction and management of public rental housing estates. The HKHA has selected 10 such estates as pilot sites for smart estate management, and plans to introduce digital technologies in daily estate management work.

    Meanwhile, the Department of Justice will set up an Advisory Group on Promoting the Development of Lawtech to formulate policies and measures on the application of lawtech.

    With regard to expansion of Hong Kong’s IP trading ecosystem, Mr Lee highlighted that IP-intensive industries account for about 30% of Hong Kong’s Gross Domestic Product and total employment. He vowed to strengthen the city’s position as a regional IP trading centre in relation to innovation and technology, as well as the creative industries.

    Specifically, he said a proposal will be put forward next year to enhance the Copyright Ordinance with regard to AI technology development. A consultation will be launched, also in 2025, on the registered designs regime, and legislative amendments to streamline IP litigation processes will be proposed.

    Moreover, the Trade Marks Registry, under the Intellectual Property Department, will next year launch a new AI-assisted image search service for public use.

    Mr Lee added that the Government will continue discussions with patent agents and other stakeholders about introducing regulatory arrangements for local patent agency services, with the aim of nurturing professional talent and enhancing service quality.

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Banking: Result of the Overnight Variable Rate Reverse Repo (VRRR) auction held on October 16, 2024

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 50,000
    Total amount of offers received (in ₹ crore) 38,133
    Amount accepted (in ₹ crore) 38,133
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1303

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Banking: Panasonic in Numbers: World Food Day 2024 Donation

    Source: Panasonic

    Headline: Panasonic in Numbers: World Food Day 2024 Donation

    Panasonic wants to create a “Caring World” by enabling people to enjoy and share food and cooking. Motivated by a desire to eliminate hunger and deliver health and the joy of cooking to people worldwide, Panasonic has been cooperating with the global TABLE FOR TWO (TFT)* initiative for more than a decade.To commemorate World Food Day 2024, Panasonic in Europe has announced two initiatives. First, the company will donate 100,000 school meals** to TABLE FOR TWO. Second, it will introduce a new program under which 5 school meals will be donated for every kitchen appliance purchased through the Panasonic online shop***.
    * TABLE FOR TWO (TFT) is a global initiative to eliminate food imbalance through a unique program of sharing meals between developed countries and children in developing countries.** 100,000 school meals based on a donation of €20,000 for World Food Day 2024.*** For each kitchen appliance purchased through the Panasonic online shop, Panasonic will donate €1, covering the cost of five school meals.

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-Evening Report: View from The Hill: Albanese would be better off if the story wasn’t ‘all about him’

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Unless the government pulls up its political socks, Anthony Albanese could find himself spending a good deal of time in his  spectacular new home, with its uninterrupted ocean views, sooner than he wishes.

    This week’s Newspoll has the Coalition moving in front on a two-party basis for the first time, with Labor’s primary vote at 31%.

    Albanese would hope for another full term as prime minister. But if Labor fell into minority government at next year’s election, there would likely be pressure before too long to replace him. He would not be seen as a good bet for the 2028 election.

    If Peter Dutton pulled off a miracle win in a few months, Albanese could be regularly whale watching this time next year.

    Since the PM’s purchase of the $4.3 million house at the wonderfully-named Copacabana, was revealed on Tuesday,  two narratives have contended.

    Critics denounce Albanese as “tone deaf” in his timing during a housing affordability crisis.

    It was more than awkward that just hours after the news broke, Albanese was appearing with minister Clare O’Neil in Queensland to make an announcement about  housing.


    from Realestate.com, CC BY

    The Copacabana house is a story made for that renter-in-perpetuity, Greens spokesman Max Chandler-Mather.

    Dutton, who has bought and sold a few properties in his time, is careful with his words, knowing others will stir the outrage.

    The alternative narrative is that Albanese, marrying for a second time next year, is entitled to a private life. This involves reordering his property arrangements ahead of a wedding.

    Moreover, some observe, the criticism of him is the “politics of envy” or the “tall poppy syndrome”.

    But there’s another narrative. Suddenly, Albanese’s story has become “all about him” again, as it regularly does when he reverts to talking about his humble origins.

    Stressed voters could be forgiven for being impatient, or cynical about Albanese’s protestations this week that although he now has a good income, “I also know what it’s like to struggle”.

    My mum lived in the one public housing that she was born in for all of her 65 years. And I know what it’s like, which is why I want to help all Australians into a home, whether it be public homes or private rentals or home ownership.

    Unfairly or not, the house story will be read by some as a prime minister spending time on his own affairs.

    Buying a house is a major and reasonably time-consuming process, unless it was outsourced it to partner, Jodie Haydon. The Central Coast was chosen because her family lives there.

    The narrative can also be cast to look like Albanese is preparing for his post-political life while he is still the most important individual in politics.

    Whether this is accurate becomes beside the point, in this era when perceptions can be paramount.


    from Realestate.com, CC BY

    Unsurprisingly, he was asked whether he planned to retire at the house. “I’m planning to be in my current job for a very long period of time,” he said.

    In mid-1991 Bob Hawke purchased a property overlooking Sydney Harbour with a jetty and “stunning views”, and a price tag of $1.23 million.

    Hawke’s leadership was already on the decline – by year’s end he was replaced by Paul Keating.

    Apart from the bad publicity for Albanese, the house affair has taken a good deal of attention from what the government wanted to talk about, notably, what it’s doing to protect consumers and the like.

    It has meant his ministerial colleagues are forced to defend him when they are confronted with awkward questions.

    Energy Minister Chris Bowen tried to make the best fist of it that he could, when quizzed during an interview.

    “Every Australian is entitled to buy and sell property. Now Anthony cops it when he sells the property. He cops it when he provides a rent holiday to his tenants. He cops it when he buys a property,” he said.

    “I think most average Australians say, fair enough. You know, this is what aspiration is about, most average Australians say, well, you know, we all buy and sell properties.”

    When you are in the public eye it is not, however, such an ordinary story.

    By the way, when Albanese goes to the G20 in Rio de Janeiro next month, he can get to see the real Copacabana.

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

    – ref. View from The Hill: Albanese would be better off if the story wasn’t ‘all about him’ – https://theconversation.com/view-from-the-hill-albanese-would-be-better-off-if-the-story-wasnt-all-about-him-241479

    MIL OSI Analysis – EveningReport.nz –

    January 23, 2025
  • MIL-OSI Australia: Doorstop – Social Media Summit, Adelaide

    Source: Australian Executive Government Ministers

    PETER MALINAUSKAS, PREMIER OF SOUTH AUSTRALIA: G’day and welcome to the Adelaide Convention Centre for the second day of the Social Media Summit that is being hosted between the New South Wales Government and the South Australian Government.

    I want to take this opportunity to thank Chris Minns for his leadership. Chris suggested the Social Media Summit, and certainly after a successful day yesterday, we now roll it to the second day of the agenda and look forward to hearing from a range of experts throughout the course of the day. One of them is Professor Simon Wilksch, who will be here a bit later on, who has been a keen advocate for change in this area, and has done an extraordinary amount of research through the Flinders University. I want to thank the professor for his presence here at this press conference. Really looking forward to hearing from Mike Burgess, who, of course, is responsible for ASIO here in Australia to hear about the implications of disinformation and social media and the impact on young people in the context of the future of our democracy here within Australia. I look forward to hearing Mike, along with a range of experts this afternoon.

    But I am very, very grateful that we have representation of the Federal Government here who, of course, has displayed great initiative and leadership to pursue reform that will be applied throughout the country. To that end, I express my particular gratitude to Minister Rowland, who is here from Sydney in Adelaide today, and also Minister Aly, who is the Minister for Youth of course.

    Michelle has been a keen advocate to making sure that the Commonwealth is getting ahead of the curve, to make sure we deal with this global challenge emerging, and whether it be through the age verification trial, the work of the eSafety Commissioner, but most recently a commitment to introduce legislation into the Federal Parliament that will put in place an age restriction for young people’s access to social media.

    It is significant work and I want to thank the Albanese Government, but particularly Minister Rowland for leading this charge. I’m very grateful that she’s able to be with us today on the second day of the Summit.

    We have taken this opportunity, though, as a State Government, to make sure that we’re not just focusing on the institution of an age limit for access to social media, but also doing the work around educating young people around what safe online behaviour looks like. Social media represents only one part of a young person’s access to the internet. There, of course, remains other unregulated areas where we know there is work to be done when it comes to educating children on how best to deal with the challenges that they simply will confront.

    No one is suggesting for a moment that we should keep kids off the internet. Yes, we want to put an age limit in place in terms of their access to social media, but if we’re serious about their safety, we’ve got to make sure that they’ve got the skills and the capability to be able to deal with cyber bullying; to be able to understand what healthy messages are around body images; to understand what is illicit content, and really, is it safe for them, to give them the preparedness to know what to do and who to speak to, and if an online predator comes after them, we want to make sure that in South Australia, we’re leading the way in that regard.

    That’s why today we are announcing that there will be a school based program that applies to all schools throughout the state of South Australia, within the curriculum, that gives access to children, to the knowledge and the tools about how to confront the challenges they’ll experience online. We want to make sure that in the South Australian education system, we’re not just keeping kids off their phones while they’re at school. We want to give them the tools about what they can do to protect themselves from the harms of the internet when they get home from school, and otherwise might get access to it. This is a consequence of evidence-based work. The Department of Education, through Minister Blair Boyer, who is with us as well, has been doing this work now for some months and we are now in a position to commit to this roll out starting next year. So from the school year 2025, children in South Australian schools will start learning, with the resources and tools that are required, what they need to do to be able to go online and do it safely. Without it being at the expense of their mental health, and then in turn their futures. I want to thank the Department, and particularly Blair for his hard work in this regard.

    Chris put on a great show in Sydney yesterday. It was a thoroughly worthwhile exercise, and I just want to thank him for his partnership and his leadership to this end, and invite him to say a few words before we hear from Minister Rowland.

    CHRIS MINNS, PREMIER OF NEW SOUTH WALES: Well, thanks a lot, Peter. It’s a real privilege to be here in Adelaide this morning with you, and Anne, and of course, Michelle as well. This is an important breakthrough when it comes to confronting an issue that’s facing parents, not just across Australia, but right around the world – and that is how do you deal with this creeping use of technology, particularly social media, that’s ubiquitous, that’s comprehensive, that every family has to deal with. When you look at the eSafety Commissioner’s report out earlier this week indicating that most young people are on social media, and the evidence that presented at the Social Media Summit yesterday indicated that 16-year-olds are spending three hours a day on social media. How do we as a community, not just a Government, but how do we as a community come together to protect our children, to protect the next generation? I think it’s been our view for a while now that this is a global, unregulated experiment on young people. This is the first generation that’s gone through this kind of access to social media, and as a result of that access to social media, exposure to what is often harmful content, what is often hurtful content, or bullying behaviour within social groups.

    We need to be able to do something about it, and the two-day Summit has given us an opportunity, with South Australia, to get the issues on the table, to talk directly with parents, to arm people with both the latest facts as well as tips and strategies to get the best out of your kids and ensure that they’ve got the best start in life. I think most crucially, to progress legislative change so that we can deal with rapidly changing technology.

    I want to give full credit to the Commonwealth Government for stepping up here and introducing what will be a globally leading change to regulation in the world. We think it will make a difference and spark or ignite a fire when it comes to a recognition amongst communities that social media is doing harm to young people that could sweep right across the world. It’s been resisted at every gate, at every step by Silicon Valley and the billionaires that own these companies. But that’s not a good enough reason to do nothing. At the end of the day, our obligation is to do no harm for young people, and if we get this right, technology can work for us rather than running and dominating all of our community and family life.

    MICHELLE ROWLAND, MINISTER FOR COMMUNICATIONS: Thank you so much, Premiers. The safety of our young people is paramount. Not only their wellbeing, but also their mental health. To that end, the Commonwealth sees the safety of children, especially in the online space, as a collective responsibility. 

    The Premiers will know that their frontline services are being impacted by the harmful implications that can arise from social media. Whilst it can be a positive tool in many respects, there are harms that come with it. The Premiers will also tell you that the mobile phone ban in schools, for example, has seen a definite change in behaviours. At the same time, the consequences of the harms of social media are impacting on their education as well as health systems and mental health systems in particular. It’s for this reason that the Commonwealth takes a collective approach, not only right across the Albanese Government, but also with the states and territories as well. All Australians should know that we are working as one towards the safety of our most vulnerable.

    To that end, the Commonwealth has committed that we will introduce legislation this year to mandate a minimum age for access to social media. This is a commitment from the Prime Minister, and I am pleased that today we are announcing the legislative design principles that will underpin this approach. For example, we see the onus as being on the platforms, not on users or their parents when it comes to safety online. It’s important to incentivise the platforms to create less at risk platforms, less at risk apps, less at risk services. To that end, we look forward to working with industry to help achieve this goal. We know through recent developments that the platforms can, and they should, be doing more in this space. We will also be working with eSafety, who will be overseeing this legislative change. Importantly, we will continue to pursue efforts to make sure that the platforms are held to account, and do more. To that end, there won’t be penalties that will be imposed, as I said, on those children or their parents as users. But we will ensure, through our review of the Online Safety Act, that the penalties regime is fit for purpose. It’s important to note here, as I said, that this is a collective responsibility across Government. As I will outline today, this is one step in many that the Albanese Government is taking to keep young Australians safer online. The normative value of this is immense. So many parents are being overwhelmed by the amount of time their children are spending online, and what they can do as parents to help more effectively manage that – the normative value of this will be immense for those parents. So again, I thank the Premiers for convening this. It’s so important that the Australian people know that as one we have their back when it comes to keeping their children safer online.

    PROFESSOR SIMON WILKSCH: Hi, everybody. I’m absolutely delighted to see the collaboration between the Federal and State governments, the respective leaders and the premiers on this issue. We heard this week that 84 per cent of eight to 12-year-olds are on a social media site in Australia. That is entirely unacceptable. I’m a clinical psychologist working with patients with eating disorders – if we wanted to try to create a way of causing eating disorders, it would be to use these kinds of platforms with children that age. We’ve seen a 200 per cent spike in 10 to 14-year-olds experiencing an eating disorder over the last 12 years. As someone who works in the clinics helping these families through this problem, I see the devastation this causes young people; the families, the toll it takes – and these are just in the area of eating disorders. We know across the board with mental health and other areas there is suffering going on caused by these platforms, so I completely support minimum age. I would like to see it get up to 16.

    I also really welcome the announcement of funding towards school-based programs that will prevent these problems and really assist young people to be equipped to handle their online presence and be safe. I have a particular program, named Media Smart, for schools which has a very strong evidence-base. 

    It’s an eight lesson program designed to help young people be informed about those messages they see; to question how social is their experience on social media; just take steps towards taking care of themselves and others. So I’m really hopeful that that type of program can be made available widely, and thank you.

    JOURNALIST: You talked about the onus not being on the users or the parents, but putting it back on the platforms. We’ve seen platforms be reluctant to make that change to ownership of platforms rather than the user itself. How is the Government going to enforce this? Is there going to be big fines? Or what’s the timeline here for platforms to adopt this change?

    ROWLAND: Well, we are looking at a one-year implementation timeframe. But I think it’s important to note that even as we have seen recently with Meta’s announcement of a new Instagram teen product, that the platforms can do more in this space to create less at-risk services. So we want to encourage that. We want to incentivise those better, less risky services that they can actually produce. But the point is very valid when it comes to penalties for the platforms. Currently in the Online Safety Act, the maximum penalties for offences are less than $1 million, and these are actually not reflective of the sometimes litigious nature of these platforms, but also the amount of revenue that’s generated. So this is one of the specific areas that the independent review of the Online Safety Act is looking at, and I expect to have their findings in the upcoming weeks. But we are very mindful of that. We want to incentivise as well as provide that backstop through penalties, appropriate levels of penalties that make the platforms do better.

    JOURNALIST: Are you expecting resistance from these platforms?

    ROWLAND: Well, so two things there. The first is that the Online Safety Act has been in operation now for some years, and the industry is now accustomed to it. By and large, the social media platforms have a high rate of compliance with it. However, there are always instances where there is non-compliance or it is contested, and the fact that is contested again demonstrates that the Government considers that no company, despite its wealth, despite its multinational status, is beyond our laws. We will always assert Australia’s sovereignty in that regard.

    The second point too goes to the fact that we want those platforms to be accountable, by having not only incentives but proper penalties in place, that ensures that transparency and accountability. We do not wish to punish parents or users in this process. That is something that needs to be made very clear. This is about the platforms doing better. We have an Online Safety Act that was basically designed as a complaint-based system about individuals, not the onus being on the platforms. That’s something that we are looking at changing through our review, but it’s something that we are also committed to in the design principles of this legislative change.

    JOURNALIST: Minister Rowland, as part of this legislation, are you going to be advocating for better psychological support for young people who have suffered as a result of these tech platforms? Because hearing from the young people in there, that’s hand in hand with this legislation.

    ROWLAND: Now, that is certainly valid. The other side of that, of course, too, is that a lot of young people do access support services now through social media. So it’s going to be very important for Governments and departments to work together to ensure that young people can still access those services, even if they are below that minimum mandated age. So those two points are very valid.

    JOURNALIST: We’ve seen recent changes to Instagram. Do you think our Government’s push has led to that?

    ROWLAND: It is pleasing to see that these Instagram changes occurred after our Prime Minister made that commitment. Now, whether or not there is causation in there remains to be seen. But we do know that incentivisation does work in this area, and I can give that example from when Minister Amanda Rishworth and I convened the first roundtable to regulate dating apps services, because the level of tech facilitated abuse and death was simply too high as a result of this occurring. 

    Amazingly, these multinational dating app platforms suddenly discovered new safety features that they were able to roll out. So we welcome any safety features that the platforms may be rolling out, but that does not mitigate the need to legislate in this space.

    JOURNALIST: Premier Minns – the announcement today from the South Australian Government in curriculum and an adjustment there – could we see something similar to New South Wales and maybe even the mobile phone bans, etcetera.?

    MINNS: Yeah, we’ve got a proud history of stealing good ideas from Peter, so why should today be any different? It seems like a good initiative to us. We flat out nicked the mobile phone ban from South Australia which was resisted when we were in Opposition. But I saw it in implementation over here, Peter came over to Sydney to talk to us about the positive benefits, and I have to say it’s a reasonably early stage in our Government’s tenure, but I think it’s the best decision that we’ve made. 

    Interestingly, if you speak to kids and parents and teachers, they’ll tell you that the big difference has happened during recess and lunchtime. Where kids put down their phones, they can actually speak with one another, play games, and interact at a human level rather than online. So it’s great initiative. I think this is a good way for federations to work – see something in operation somewhere else, steal it and put it in your own jurisdiction.

    JOURNALIST: So the current plan to adopt more online safety into the curriculum from next year – is that something that New South Wales might be looking at as well?

    MINNS: Yeah. Look, I don’t have an announcement today, but give us a bit of time. I think part of the process for a summit like this is you get the ideas out on the table, you can learn from them, steal them and implement them and ultimately get the facts on the table. These two- this summit, the two days that we’ve had in both Sydney and Adelaide has been, I think, a breakthrough in both policy change, but also getting the facts out on the table and invaluable. So I’d like to see more of it actually.

    JOURNALIST: Is there the opportunity to take this then to National Cabinet as a joint collective then, if you seem interested in the idea to pursue it further, to maybe make it a bit more of a wider national problem, given that social media can happen anyway?

    MINNS: Look, potentially. We’ve got a lot on our plate when it comes to the National Cabinet agenda, and states have to work and operate independently. Public education, the curriculum is a state based responsibility. We take that very seriously. Obviously, that’s our responsibility, but if we can spot a good initiative that’s working somewhere else, I’m not afraid to steal it.

    JOURNALIST:  I’ve got a question for Premier Malinauskas – what kind of fines would you like to see the federal legislation do for this?

    MALINAUSKAS: Look, the Chief Justice French report, I think, lays it out pretty clearly that whatever the fine regime is needs to have a sufficient economic deterrence to make sure we change the behaviour of these social media companies. Now, economic deterrence is an established legal principle, and basically what it means is that capacity to pay should inform the size of the fine. 

    Now, when it comes to these social media companies, my word, they’ve got the capacity to pay. These companies are making an extraordinary amount of money out of the Australian market, which means if they break the law, the Australian jurisdiction, the fine should reflect that. In other words, it’s got to be billions of dollars. We certainly welcome the Federal Government’s not just interest but for the work that is already underway through the Online Safety Act.

    JOURNALIST: Premier, you’re a father of young kids. How do you see this sort of legislation playing out in real time? Won’t kids find a way to get on social media regardless?

    MINNS: It’s a really important question and it’s one that reflects, I think, a public sentiment. It continuously gets raised. Won’t kids find a way around the social media ban? Probably, but that doesn’t mean that we shouldn’t be establishing the principle in a law that sets the community standard, that arms the parents with the ability to say to their children, no, you can’t do that because it is against the law. No different to drinking underage or smoking before you’re 18. I mean, we say to kids you shouldn’t drink if you’re under the age of 18 – that’s consistent across the country. Do kids drink underage? Of course they do. Do they sneak behind the shed and have a cigarette? Probably. But what we know is that a lot less kids do that as a result of us having a clear standard and a law that can apply throughout the land. Social media is no different. With even the mobile phone ban at schools, we were the first state to do a proper phone ban in schools, bell to bell, not having them at recess and lunch. Are there examples of kids sneaking mobile phones into school post the mobile phone ban? Yeah, of course there are, but they are the exception to the rule because now the rule is clear. No phones in schools. So we establish rules and principles and standards that- in the full knowledge that someone will break them but that doesn’t mean they’re not worthwhile because the majority of people tend to comply.

    JOURNALIST: Premier, will you be taking this idea to National Cabinet? You’ve been very vocal in youth law and social media spaces

    MALINAUSKAS: Look, I think and Blake and [indistinct]… necessary of it. In that education ministers’ forum, there is a constant sharing of ideas between states and also with the Federal Government around various initiatives that are being undertaken. This will be shared in that context. Chris is right. I mean, I think when it comes to National Cabinet, my view is we’ve got to be a little bit careful that we don’t load up a National Cabinet agenda, so we don’t end up focusing on the main structural challenges that we have within our federation. So I don’t think this will be one that goes through National Cabinet, but it’s certainly an idea that’s clearly going to be shared through the appropriate channels and hopefully gets taken up.

    JOURNALIST: Would you like to see it adopted maybe through the Federal Government then maybe not through National Cabinet at all?

    MALINAUSKAS: As Chris said, what we teach our kids in the schools is the responsibility of states. We’ve got a range of discussions on [indistinct] with the Cabinet at the moment around funding school regimes and the like. This is an initiative that we’re applying here in South Australia, but if it’s relevant and appropriate in other jurisdictions, that would be great.

    JOURNALIST: Premier, what age will this new curriculum be rolled out to? Is it high school students and is it being done elsewhere?

    MALINAUSKAS: Well, it starts next year. I might invite Blair to go into a bit of detail on that.

    BOYER: Thank you, Premier. So it starts next year. It will be delivered at different ages or different year levels in high school, and each one will be adapted in a way to make sure that it’s actually age appropriate as you go up from year seven, year eight, year nine. I think Simon spoke really well about the kind of content that’s in there. Simon’s program is one of the ones already that is on the approved list here in South Australia. So the funding that we are announcing today to provide to schools so they can secure the services of Simon and other programs like that and come in and actually sit down with kids and talk through all these issues that we know come about because of the use of social media. So the important thing to do here, I think, though, is that what is taught and the kind of curriculum and detail in there needs to be different as it goes up from year seven all the way into the senior years, because as kids get older, they are dealing with different issues and the nature of their engagement with social media changes as well.

    We need to make sure it’s evidence based, which Simon’s is, and make sure it’s regularly updated because the other thing I think here that is the real challenge that I’ve observed is that we’re on a burning platform here. I mean as we sit here having this press conference, there’s people outside here who seek to take advantage of young people through social media, whether it’s a scam or harassment or predators, they are constantly thinking of ways to get around the protocols and security features that we put in. Every day they are spending their time trying to get around the things that Governments do to keep our kids safe. So that’s why it’s really important that we use programs like Simon’s to make sure the information we’re giving kids is up to date. It also speaks to why we’re upgrading and updating the Keeping Safe: Child Protection Curriculum here in South Australia to make sure that it now includes things like AI, deepfakes and coercive control. We’ve actually done that work with the AFP, with the Australian Centre for Countering Violent Extremism and the eSafety Commissioner to make sure that what’s in our child protection curriculum is fit for the year 2024 and not still based on something that was an issue back in the 1980s.

    JOURNALIST: You mentioned the extra funding to allocate this to bring programs in like Simon, what’s that going to cost? 

    BOYER: I don’t know a specific figure yet because we’ve- we’re going to roll it right out across all schools. That will depend exactly how many sessions that we actually provide. We’ll work with some of the providers like Simon to see that. But we’ll make sure that what we provide is not just age appropriate, but can reach all South Australian students, which I think is important as well. It’s also going to be some work to do there in the future to do that constant updating, because, as I said, those people who are seeking to, you know, get around the things that we are doing to keep kids safe are doing that every, waking minute. So we need to make sure that things that we do are constantly updated. And you know, brought into the year 2024.

    JOURNALIST: So what will it look like in classrooms? Will it be a number of sessions with people and programs like what Simon has? 

    BOYER: So exactly right. So we have an approved provider list for the Department for Education. So there’s a number of providers who offer services like the ones that Simon does and schools are able to choose from that list of those providers and we will be funding them to do that and bring those providers in and sit down with students of all those year levels all the way up to year seven and offer the classes essentially. It’s all one on one basis, talking through all these issues and effective things they can do to protect their own mental health and wellbeing and have all those kind of deeper conversations, which as what we heard from the student panel today is needed, I think. It can’t be kind of a cursory tick and flick kind of part of the curriculum, because what these students are grappling with here is, incredibly complex, really complex stuff and changing all the time. So we need to make sure that the resource materials and support that our schools and teachers get is up to date. What we’re announcing today is making sure they have the financial resources to do exactly that.

    JOURNALIST: What are the indicators here to know that this is starting to get traction and working?

    BOYER: In terms of?

    JOURNALIST: In terms of the application.

    BOYER: Of the program?

    JOURNALIST: Yeah, the program through the school?

    BOYER: Yeah. Yeah. Good question. I mean, I always say that in my job as Education Minister, there’s nothing more powerful than hearing from students and premiers- Premier Malinauskas spoke with you well before I think around why the mobile phone ban was really important, even though it was going to be a very hard thing to do. Although now we’re talking about its success, I remember at the time there were plenty of who thought it was going to be very challenging to put in place. Are there still students who try to get around it? Absolutely they are, but the reason that is starting to drop in terms of the numbers of students we see who are trying to get a way around it, is because as those students this morning said, what they are finding is that when their classroom or the playground is free of mobile phones, they actually like the place more. The most powerful bit of advice I got or feedback I got from- was from a principal out in my way in the north eastern suburbs who said the playground feels like it did in the 1990s. As Kirsty said this morning, it’s kicking the football, playing sport, talking to each other and seeking more activities to do. So I think it’s that kind of feedback that speaks to how the kind of programs that we are funding today actually work and actually succeed and actually make the school and the classroom a place that kids want to be in, a place that kids enjoy.

    JOURNALIST: I suppose just further to Josh’s question, who’s been consulted on these new reforms? Have the kids been part of the discussion?

    BOYER: We’ve done a massive amount of consultation as part of the new Australian curriculum in South Australia, including the adapted South Australian part. I think 12,000 views people have taken into account. It’s the biggest consultation that the education system in South Australia has ever done. Students, classroom teachers, principals, industry groups, the employers, associations like Kirsty is the head of the Principals’ Association about what they want to see. I was fortunate enough to be part of some of the consultation groups that we held here.

    JOURNALIST: Minister Rowland. The flights from Lebanon, how much did they cost? 

    ROWLAND: That’s best directed to the Foreign Affairs Minister. But I will say this, the Australian Government has been saying for some time that Australian citizens need to return to Australia. It is becoming increasingly difficult; the situation is becoming unstable. The Government has made provisions to ensure that Australian citizens are safe but as we have been saying for some time, it’s time to get out.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Video: Global Future Councils: 15 years of impact

    Source: World Economic Forum (video statements)

    The challenges we face are interconnected, and so are their solutions. Meet the Global Future Councils. This network of over 600 experts explores the issues, finds potential solutions, and makes recommendations to leaders and policymakers.

    The councils will convene in Dubai from October 15th to 17th, and their critical dialogues have substantial impact: from improving workplace conditions to giving hundreds of millions of people access to quality education, promoting best practices in manufacturing and within governments, as well as safeguarding our air and fighting corruption.

    Discover some of their innovative thinking and groundbreaking initiatives, contributing to a more resilient, inclusive and sustainable future.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/ 
    Twitter ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #WorldEconomicForum

    https://www.youtube.com/watch?v=zNt6cG2o6pw

    MIL OSI Video –

    January 23, 2025
  • MIL-OSI: Virtune announces its collaboration with Polkadot, aimed at achieving extensive visibility and awareness of its Virtune Staked Polkadot ETP in the Nordics

    Source: GlobeNewswire (MIL-OSI)

    Stockholm, October 16th, 2024 – Virtune, a Swedish regulated digital asset manager and issuer of crypto exchange-traded products (ETPs), is announcing a collaboration with the Polkadot Network, funded through the Polkadot OpenGov Decentralized Treasury. Through this partnership, Virtune aims to promote and raise awareness of its Virtune Staked Polkadot ETP throughout the Nordics. Since its inception, Virtune has rapidly grown in the Nordic market, earning recognition for its educational initiatives, regulated status, and transparency.

    The company has also swiftly expanded its product portfolio. One of these products, Virtune Staked Polkadot ETP, was listed on Nasdaq Stockholm on January 10, 2024. The product is 100% physically backed by DOT and offers investors exposure to Polkadot through a regulated structure, along with the benefits of staking, providing an additional 4% annual yield before fees on top of Polkadot’s own performance. It is accessible for both institutional and retail investors in Sweden, Finland, Norway and Denmark through banks and brokers, including Avanza and Nordnet, among others.

    About Polkadot
    Explore the transformative potential of Polkadot, the next-generation blockchain platform designed to power a fully interconnected digital future. Polkadot stands out by enabling seamless interoperability across various blockchains, allowing for secure message and value transfers without relying on third parties.

    About Virtune Staked Polkadot
    Virtune Staked Polkadot ETP provides exposure to Polkadot with enhanced returns through staking. This product includes secure and efficient staking directly from cold-storage with Virtune’s custodian Coinbase, with staking rewards providing 4% annual yield continuously being added to the ETP which is reflected in the daily price of the ETP.

    • 1:1 exposure: Easy and secure 1:1 exposure to Polkadot
    • Passive Income: Earn staking rewards from the included staking without any efforts required
    • Security: Non-custodial staking from cold-storage, the DOT tokens are never sent to any third party
    • Liquidity: The product can be traded freely without lock-up periods
    • Physical backing: Fully backed by DOT stored securely with Virtune’s custodian Coinbase
    • Regulated and accessible: Traded on a regulated market in the form of Nasdaq Stockholm as straightforwardly as trading a stock and can be held in ISK or capital insurance accounts for tax benefits

    About staking
    Staking is the process of actively participating in transaction validation on a blockchain that uses a proof-of-stake (PoS) consensus mechanism. Participants lock up a certain amount of crypto assets to support the network’s security and operations. In return, they earn rewards in the form of additional crypto assets.

    Polkadot OpenGov
    Polkadot OpenGov is a fully decentralized governance system designed to serve the Polkadot Network and all holders of the DOT token, Polkadot’s native crypto asset. Within OpenGov, any DOT holder can submit a referenda (proposal) requesting funds from the Polkadot Treasury to aid the ecosystem’s evolution and growth. The fate of each proposal is determined by a vote from all DOT token holders. OpenGov allocates its Treasury Funds, which are accumulated through worldwide network usage, to proposals that are successfully submitted and approved by the Polkadot community.

    Christopher Kock, CEO of Virtune:
    “Following a long and collaborative process with Polkadot Opengov, we are both pleased and humbled to have earned the trust of the Polkadot community to lead Polkadot adoption in the Nordic financial market. We recognize a significant knowledge gap in this region regarding Polkadot’s great capabilities, and we are committed to bridging this gap through a comprehensive campaign. This campaign will include educational content, as well as outdoor and digital advertising, and events aimed at educating about Polkadot’s fundamentals and the opportunities it presents, particularly how investments can be made into Polkadot’s native token DOT combined with staking rewards via a regulated exchange-traded product. We launched our Virtune Staked Polkadot earlier in 2024, and we are encouraged by the growing interest from investors across the Nordics.”

    The purpose of the campaign
    The goal of this campaign is to enhance awareness of Polkadot’s technology, its potential, and its suitability as an investment when integrated into traditional portfolios. Through the campaign and Virtune’s regulated exchange-traded product, Virtune Staked Polkadot ETP, both institutional and private investors will be informed and enlightened about Polkadot and its vibrant ecosystem, which includes all the projects building on-chain. The campaign aims to attract a significant number of new investors to Polkadot across the Nordics, while also providing educational content about Polkadot to the financial industry.

    The content of the campaign
    The campaign will introduce a new scale of marketing efforts, combining outdoor advertising in high-visibility areas such as Stockholm’s financial district, subway stations, and the Arlanda Express, among other prominent locations. This approach is designed to significantly boost the visibility of Polkadot and Virtune’s Staked Polkadot ETP. In addition, digital advertising will feature Polkadot across various digital channels. Furthermore, the campaign will include large-scale events focused on educating attendees about Polkadot both as a blockchain technology and as an investment opportunity.

    The campaign aims to showcase a range of dynamic technologies that demonstrate Polkadot’s valuable role in the evolution of web3, where it has made significant strides. Polkadot is exhibiting substantial progress in various sectors, including gaming, with companies like Mythical Games migrating their platforms to the Polkadot blockchain. Furthermore, Polkadot supports fast and cost-effective transactions with stablecoins and is continuing to show its strengths in other emerging areas within decentralized finance, real-world assets, data storage, and artificial intelligence (AI).

    Press contact

    Christopher Kock, CEO Virtune AB (Publ)
    Christopher@virtune.com
    +46 70 073 45 64

    Virtune with its headquarters in Stockholm is a fully regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

    Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, terms at http://www.virtune.com.

    The MIL Network –

    January 23, 2025
  • MIL-OSI Economics: Build Back Better Sector Guides—Volume 3: Water, Sanitation, and Hygiene (WASH)

    Source: Asia Development Bank

    The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.

    Headquarters

    6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI United Kingdom: University unveils strategy to boost innovation and drive new business creation A new approach to fostering an enhanced spin-out culture at the University of Aberdeen will now see the institution reduce its equity stake, in favour of increasing innovation and accelerating the commercialisation of intellectual property.

    Source: University of Aberdeen

    The move seeks to make staff, students and investors excited about the ideas and opportunities coming out of the UniversityA new approach to fostering an enhanced spin-out culture at the University of Aberdeen will now see the institution reduce its equity stake, in favour of increasing innovation and accelerating the commercialisation of intellectual property.

    Spin-outs are crucial to improving economic growth and they play a pivotal role in helping to solve some of the most pressing challenges facing society.” Dr Heather Morgan, Dean for Enterprise & Innovation

    The move makes Aberdeen one of the first universities in Scotland and the UK to introduce key recommendations that emerged from a recent independent review of university spin-outs that was commissioned by HM Treasury. 

    Under the new policy, the University’s equity share in new businesses could be as low as 5%, compared to the previous 21% minimum rate. Future equity arrangements will also take a sector-specific approach that considers the level of University investment in the underpinning research and nature or extent of the intellectual property. 

    “An independent review commissioned by the UK Treasury looked at the most successful university spin-out ecosystems across the world and within the UK, to identify best practice and opportunities to support spin-outs to attract greater investment and grow faster,” said Professor Peter Edwards, the University’s Vice-Principal for Regional Engagement. 

    “The independent review reported criticism from spin-out founders that universities have been taking too great a share, with some taking 40% or even 50% equity, well above levels that investors would see as encouraging the level of investment needed to support the company and founders would consider fair. As a result, they have effectively been stifling these businesses’ ability to grow. 

    “The University of Aberdeen has an excellent track record and reputation for life sciences spin-outs with firms such as Elasmogen, TauRx and NCIMB in our portfolio. We want to replicate this success across other sectors from green energy to digital technology and, in producing a more nuanced approach, we will be able to provide clarity for founders and improved opportunities for investors which we believe will stimulate future growth and development.” 

    The new policy is just one element within a much broader set of measures being implemented by the University to support new company creation and economic growth. 

    These range from changes to academic promotion criteria to recognise commercialisation of academic research, to involvement in initiatives like the recent ICURe Discover North East programme in which the University partnered with Innovate UK, Opportunity North East and The Helix Way. The programme saw 10 teams of university entrepreneurs complete an eight-week journey to equip them with invaluable market understanding and customer discovery skills.  

    “It’s been particularly pleasing to see these teams continue on their commercialisation journey after ICURe Discover, working with the team in Research & Innovation to take the next steps towards spinning out,” said Dr Ann Lewendon, Commercialisation Manager. 

    “Spin-outs are crucial to improving economic growth and they play a pivotal role in helping to solve some of the most pressing challenges facing society,” added Dr Heather Morgan, Dean for Enterprise & Innovation.  

    “They aren’t created overnight however and another of the areas we’ve been working hard to cultivate as part of this strategic review is our pre-spin-out pipeline. Understanding market interest and commercial potential is critical to transforming research and innovation into successful start-up businesses capable of maximising their impact and delivering tangible results. 

    “We want to encourage staff and students to feel supported and empowered to take the next step and investors to feel excited about the ideas and opportunities coming out of the University.” 

    Professor Ross Tuffee, co-author of the Scottish Government’s ‘Entrepreneurial Campus Blueprint’, commented: “The University of Aberdeen is taking a clear position in creating the conditions for more spin outs to be established, to grow and succeed. Taking a transparent and open approach including equity stakes that are practical and workable outside of the institution is a huge step forward. 

    “This directly aligns with our recommendations. I believe it will encourage more academics to consider translating their research to achieve even greater impact via the spin-out process and will facilitate follow-on investment from external investors, ensuring that the founder’s shareholding remains a motivation for them to continue to grow their company.” 

    MIL OSI United Kingdom –

    January 23, 2025
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