Category: China

  • MIL-OSI China: Fire in Sichuan leaves over 20 hospitalized

    Source: China State Council Information Office 2

    More than 20 people have been hospitalized following a fire in southwest China’s Chengdu City on Thursday, local authorities said.
    The district fire department said it received the fire alert at 11:02 a.m., and they were able to quickly put out the fire in the city’s Wuhou District at 11:15 a.m., adding that those affected by the incident have been hospitalized but are not in any critical condition.
    Witnesses at the scene said open flames were pouring out from the shop on the ground floor, but a number of fire trucks and ambulances quickly participated in the rescue mission.
    The cause of the fire is under investigation.

    MIL OSI China News

  • MIL-OSI China: WSTDF 2024: Highlighting AI innovation, global governance

    Source: China State Council Information Office 2

    The 2024 World Science and Technology Development Forum (WSTDF) hosted a thematic session in Beijing on Oct. 23 focused on “AI Governance Innovation: Building an International Trust Foundation for Cultivating the Ecology of Science and Technology Governance”. The session brought together global experts and scholars, representatives of international organizations, and industry leaders to explore the innovative breakthroughs of artificial intelligence (AI), its applications across various industries, and the necessary frameworks for managing associated risks. 

    Attendees take part in the “AI Governance Innovation: Building an International Trust Foundation for Cultivating the Ecology of Science and Technology Governance” thematic session at WSTDF 2024, Beijing, Oct. 23, 2024. [Photo courtesy of WSTDF]
    AI as a catalyst for sci-tech advancement
    Wan Gang, chairman of WSTDF 2024 and president of the China Association for Science and Technology, emphasized the critical role of AI in advancing scientific research. “We hope to establish a new paradigm for cutting-edge scientific research that is fundamentally supported by artificial intelligence, accelerating the development of new industries and building new engines for growth,” Wan stated. He further called for joint efforts to promote the alignment and coordination of laws, regulations and standards, and establishing evaluation, education, warning and control mechanisms for AI applications to enhance the credibility, reliability and controllability of AI.
    At the conference, experts and industry leaders engaged in in-depth discussions on AI’s technological breakthroughs and its industrial applications. Qiao Hong, president of the World Robot Cooperation Organization and an academician at the Chinese Academy of Sciences, highlighted that AI has become a driving force of the technological revolution, finding extensive applications in intelligent manufacturing, smart cities, health care and financial services. She presented the “2024 Outlook for the Top 10 Frontier Technology Trends in AI,” covering advancements in general AI technologies, large-scale pre-trained models, embodied intelligence and generative AI, showcasing the boundless potential and possibilities of AI.
    Qiao said, “These cutting-edge technologies hold immense potential. The advancements will not only make daily life more convenient and efficient, but also spur innovation and drive progress across a wide range of industries.”
    As a cutting-edge field within AI, embodied intelligence is transitioning from concept to reality, drawing significant attention at the conference. Chang Lin, founder and CEO of Leju Robotics, noted that embodied intelligence and humanoid robots have shifted from niche concepts to mainstream relevance. “The rapid development of AI, especially large models, has greatly enhanced the adaptability of humanoid robots, significantly improving their general capabilities,” said Chang. “This progress paves the way for robots to take on flexible, intelligent tasks in household settings, potentially transforming everyday life.”
    Han Fengtao, founder and CEO of Spirit AI, emphasized that while embodied intelligence is not a new term, recent technological breakthroughs have brought it into the mainstream. In the robotics industry, for example, “the core advancement has reduced the need for human intervention at every stage,” Han explained. With technologies like text-to-image and text-to-action generation, robots are now capable of performing tasks with greater autonomy, he said. 
    Ethical challenges and the need for responsible AI governance
    As artificial intelligence rapidly advances, ethical concerns and social challenges have emerged.
    Zhang Ping, an academician at the Chinese Academy of Engineering and professor at the Beijing University of Posts and Telecommunications, pointed out that while breakthroughs in generative AI bring convenience, they also pose security and ethical challenges. “Issues like identity fraud through AI-generated content, and inappropriate messaging are rising,” he said. 
    Zhang shared research progress from a Beijing AI safety governance lab, which focuses on building a theoretical framework for general AI to ensure safe, controllable development. The lab is also pioneering super-alignment technologies to better align AI outputs with human values and decisions. Additionally, they are enhancing interpretability and automating assessments to confirm that general AI aligns with societal good.
    Huang Tiejun, a professor at Peking University, echoed these concerns, warning of the risks in commercial AI applications. He urged companies to prioritize human welfare, even when faced with lucrative business opportunities, emphasizing that global regulation is essential to prevent AI-dominant corporations from monopolizing benefits, concentrating wealth and worsening social inequality.
    Chang Lin stressed the importance of adopting a responsible approach to AI, highlighting the need for companies to continuously address and resolve emerging risks. Meanwhile, founder and CEO of Accelerated Evolution, Cheng Hao, added that ensuring AI safety is a complex matter, which involves physical and algorithmic domains. He explained that robot malfunctions or algorithmic errors could harm humans, underscoring the need for safety mechanisms that allow systems to stop in hazardous situations. 
    Global cooperation to shape AI for humanity
    Experts at the session emphasized the critical need for international collaboration and effective global governance to address associated risks and challenges.
    Huang Tiejun, also director of the Beijing Academy of Artificial Intelligence, highlighted that AI’s immense power must be managed on a global scale to prevent its misuse by a few companies. “International cooperation on AI governance is essential,” he stated. “This is a shared challenge for humanity, and we must use technical safeguards to ensure AI’s benefits aren’t abused.”
    Huang said that scientists worldwide share more consensus than division regarding AI’s development. He noted that scientific collaboration is often more open than political cooperation. “Platforms like the WSTDF play a vital role in advancing the AI industry. Despite current global complexities, in-person exchanges ease tensions and increase collaborative opportunities,” he added.
    Framing it within the vision of building a community with a shared future for humanity, Huang emphasized that AI development must advance the common welfare of all. “Guiding AI to benefit humanity is the direction we must follow.”
    Chang Lin noted that, despite geopolitical challenges, grassroots international exchanges remain robust and active. “We must overcome obstacles and keep advancing global partnerships,” Chang said.
    Gong Ke, former president of the World Federation of Engineering Organizations, highlighted the importance of supporting developing regions, noting that many international conflicts stem from unequal development. He stressed the role of advanced technology in helping developing nations achieve sustainable growth. “Enhanced productivity can be a driving force for peace,” Gong said.

    MIL OSI China News

  • MIL-OSI China: WSTDF 2024: Collaboration boosts intelligent manufacturing

    Source: China State Council Information Office 2

    The 2024 World Science and Technology Development Forum (WSTDF) held a thematic session in Beijing on Oct. 24 focused on “Cross-Industry Resource Collaboration and Integration to Provide Innovative Application Scenarios for Enhancing the Intelligent Manufacturing Industry.” Leaders, scholars and business representatives from around the globe took part in the event, with the aim of sharing global insights to promote collaboration across industries and drive innovation in intelligent manufacturing. 
    The session was hosted by the China Association for Science and Technology, organized by the International Coalition of Intelligent Manufacturing, supported by the Beijing International Science and Technology Exchange Center and co-organized by the ASEAN Federation of Smart Industry. 

    Attendees take part in the “Cross-Industry Resource Collaboration and Integration to Provide Innovative Application Scenarios for Enhancing the Intelligent Manufacturing Industry” thematic session at WSTDF 2024, Beijing, Oct. 24, 2024. [Photo courtesy of WSTDF]
    Participants in the event agreed that intelligent manufacturing is crucial to the global technological revolution and industrial transformation. They emphasized the importance of intelligent, green and integrated industrial manufacturing for sustainable global progress.
    Lu Daming, vice president of the Chinese Mechanical Engineering Society (CMES), said: “Efficiently integrating cross-sector resources and innovating in intelligent manufacturing applications are crucial for enhancing manufacturing competitiveness and facilitating a transformation toward smarter, greener and service-oriented operations.” Lu also highlighted the CMES’s ongoing efforts to foster an open, collaborative and mutually beneficial innovation ecosystem to address the challenges within the intelligent manufacturing sector.
    Chee Fai Tan, president of the ASEAN Federation of Smart Industry, stressed the growing importance of cross-sector collaboration in today’s globalized world. China, a global leader in resources, has made substantial strides in intelligent manufacturing, offering valuable insights to ASEAN countries, he said. Tan urged increased cooperation among nations to drive innovation in the intelligent manufacturing industry by exploring new application scenarios.
    Several business leaders shared their experiences on how they are transforming manufacturing to be smarter, greener and more sustainable.
    Zhan Jingtao, vice president of Siemens (China), illustrated the immense potential of intelligent manufacturing in achieving carbon neutrality and sustainable development. “Our CNC factory in Nanjing has significantly boosted production efficiency and product quality by blending virtual design with real-world application, increasing factory efficiency by 20%, flexibility by 30%, and reducing time-to-market by 20%, while cutting CO2 emissions by 3,300 tons annually,” he said.
    Ni Yueyong, director of environmental affairs at Mitsubishi Electric (China) Co. Ltd., shared the company’s successful journey toward efficient carbon neutrality. By integrating production, energy and environmental management systems, Mitsubishi Electric has optimized its operations and reduced its carbon footprint. The company has transformed seven of its Chinese factories into national-level green factories, with one achieving zero carbon emissions in 2021. Ni emphasized the significance of efficient carbon neutrality, which combines environmental sustainability with economic benefits, and encouraged wider adoption of the approach.
    Zhu Shiming, chief engineer at Phoenix Contact Asia-Pacific Nanjing Co. Ltd., discussed how the company is helping businesses, especially small- and medium-sized enterprises, reap the benefits of digital transformation. By improving digital infrastructure and data quality, the company is enabling businesses to overcome obstacles in industrial and factory applications.
    The session also highlighted the critical roles of international cooperation and talent development in advancing the industry. Henry Adamson, an academician of the European Academy of Sciences and chief scientist at the Guangdong Greater Bay Area Institute of Integrated Circuit and System, emphasized the need for greater international collaboration, particularly through talent exchange programs, to propel technological advancements. “China must create more innovation platforms to attract and cultivate top scientific and technical professionals,” he stated.
    “Technological exchange transcends borders,” said Lee Chean Chung, chairman of the Malaysia-China Technology Promotion Association, noting that international forums on technological development are vital for fostering cooperation. 
    He emphasized the importance of establishing mechanisms for mutual benefit and moving beyond zero-sum thinking: “Only by elevating the living standards of all humanity can we truly achieve maximum benefits.”
    Lee said that the Belt and Road Initiative has strategically supported technological collaboration between China and Malaysia. He also noted that China’s three global initiatives — the Global Development Initiative, Global Security Initiative and Global Civilization Initiative — provide an extensive framework for technological cooperation. 
    Goi Bok Min, vice president for internationalisation and academic development at the Universiti Tunku Abdul Rahman, stressed the importance of integrating both hard and soft skills in education to meet the demands of the 21st century. He highlighted the university’s role in designing industry-aligned courses and promoting hands-on learning to enhance student skills, further supported by joint research initiatives with prominent academic institutions to foster innovation.

    Yang Huayong, chairman of the International Coalition of Intelligent Manufacturing, presents the forum’s consensus statement at WSTDF 2024, Beijing, Oct. 24, 2024. [Photo courtesy of WSTDF]
    At the conclusion of the session, Yang Huayong, chairman of the International Coalition of Intelligent Manufacturing, presented the forum’s consensus statement. It stressed the pivotal role of intelligent manufacturing in driving the new global scientific and technological revolution and industrial transformation. “We must expand the application scenarios for intelligent manufacturing, embrace sustainable development principles, and foster cross-sector resource integration to collaboratively enhance the new quality productive forces,” the statement declared.

    MIL OSI China News

  • MIL-OSI China: Report: Beijing leads China’s modernization efforts

    Source: China State Council Information Office 2

    Beijing has led China’s modernization efforts for four consecutive years, according to the “2024 Chinese Modernization Index Report” released Wednesday by the School of Statistics of Renmin University of China. 
    The report evaluates the progress of Chinese modernization across five key areas: economy, politics, culture, society, and ecology. 
    The assessment framework comprises 24 indicators, including innovation, economic security, political participation, government efficiency, law-based governance, cultural engagement, social security, and pollution control. 
    The report highlights steady progress in China’s modernization journey over the past four years, with the most notable improvement seen in ecological conservation, demonstrating China’s commitment to green development. Beijing, Shanghai, and Zhejiang province topped the rankings in this respect, each scoring over 80.
    Beijing is also ranked first in social modernization, driven by expanded coverage in areas like education, eldercare, and healthcare.
    The report recommends further economic development, strengthening government performance, promoting green development principles, and increasing people’s cultural participation.

    MIL OSI China News

  • MIL-OSI Asia-Pac: Speech by FS at SAB Invest Hang Seng Hong Kong ETF Listing Ceremony (English only) (with photos)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at the SAB Invest Hang Seng Hong Kong ETF Listing Ceremony in Riyadh, Saudi Arabia, today (October 31, Riyadh time):
     
    Diana (Executive Director and Chief Executive of Hang Seng Bank, Ms Diana Ferreira Cesar), Rosita (Director and Chief Executive Officer of Hang Seng Investment Management Limited, Ms Rosita Lee), Mr Al-Hussan (Chairman of the Board of Directors of the Saudi Exchange, Mr Khalid Abdullah Al-Hussan), distinguished guests, ladies and gentlemen,
     
         Good morning. It is a great pleasure to join you today in celebrating the fast-growing financial collaboration between Hong Kong and Saudi Arabia.
     
         I am delighted to congratulate SAB, Hang Seng Investment Management and the Saudi Tadawul for this cheering listing.
          
         Following last November’s listing, on the Hong Kong Stock Exchange, of the first Asian ETF (exchange-traded fund) investing in Saudi Arabia, the SAB Invest Hang Seng Hong Kong ETF is just another remarkable product that encourages mutual access of our two markets.
          
         Today’s ETF invests into the Tracker Fund of Hong Kong, which tracks more than 80 of the largest, most liquid stocks on the Hong Kong Stock Exchange. It creates another channel for Saudi investors to participate in Hong Kong’s equity market on a diversified basis, covering such key sectors as finance, technology and property, in Hong Kong and Mainland China.
          
         And the Tracker Fund itself is an eligible ETF for Southbound trading under our Stock Connect Scheme with the Mainland, meaning that it will enjoy the liquidity of the investment from the Mainland, too.
     
         The Hong Kong Stock market is, of course, a global market, boasting capitalisation of more than US$4.5 trillion. That’s 12 times our GDP.
          
         It counts more than 2 600 listed companies, including some 1 460 from the Mainland. And they represent nearly 80 per cent of our market capitalisation. In other words, HK is the global fund raising platform for Mainland companies.
          
         Investing in our market, by extension, is investing in the Mainland economy, which will prove to be a rewarding endeavour as our country, China, is forecast to grow on a relatively faster pace on a sustainable basis for the long term.
     
         But the benefits are much more. Last year, we reached an MOU with the Saudi Tadawul, enhancing co-operation in such areas as cross-listings.  We also encourage Saudi issuers to secondary list on our Stock Exchange.  We believe these will be important steps to drive more mutual flow of capital, and widening the accessibility to both markets and enhancing their liquidity.
     
         Hong Kong is connecting issuers, investors and capital around the world and are forging more two-way capital flows with the Middle East, China, Asia and beyond.
     
         I’m glad that the ETF listed today is helping to deepen our efforts in connecting emerging markets with global capital. It is more than a financial product; it signifies our determination to create innovative ways to co-operate, to realise mutually rewarding opportunities with Saudi Arabia and the Middle East.
     
         I would like to thank all the parties for your hard work.  And for that, I look forward to more mutually beneficial cross-border financial innovation to emerge to benefit our markets and our people.
     
         I wish you all the best of business, and investing, long down this 21st century of opportunity. Thank you.      

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: ASIA/CHINA – The shared spiritual retreat of 15 Chinese bishops, an experience of communion and synodality

    Source: Agenzia Fides – MIL OSI

    xinde.org

    Beijing (Agenzia Fides) – Immersed in the Mystery of the Word of God, to perceive the infinite Love and salvation of the Lord: this is the experience shared by 15 Chinese Catholic bishops who lived together the annual spiritual retreat with the theme ‘Synodality and Encounter with the Lord’.The retreat was held from 15 to 18 October at the National Seminary in Beijing.The retreat was led by priest John Baptist Zhang – founder of the digital and print communication platform Xinde.org, and also responsible for Jinde Charities, the main Catholic charitable work in China.The bishops listened to meditations on the obedience of the Virgin Mary, and how beg that the mercy and healing given by Jesus can animate the pastoral work associated with episcopal ministry.During the evening ‘Spiritual Conversations’, the bishops also openly discussed how to face and overcome the sense of loneliness that sometimes marks their condition, and also how to make an appropriate discernment in the face of the different and sometimes conflicting opinions and requests of the members of the Church community.The annual retreat of the Chinese bishops was strongly supported by the leaders of the body called the College of Chinese Bishops, led by the Bishop of Shanghai Joseph Shen Bin.The initiative manifested concern for the formation of bishops and their spiritual condition. Bishop Shen Bin also took part in the final day of the retreat and presided over the evening Eucharistic Concelebration.During the retreat, the Bishops present were able to put aside hesitations and indecisions, re-embracing with enthusiasm the mission of proclaiming the Gospel in the condition in which they find themselves. (NZ) (Agenzia Fides, 31/10/2024)
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    MIL OSI Europe News

  • MIL-OSI Asia-Pac: SED attends China Annual Conference & Expo for International Education in Beijing (with photo)

    Source: Hong Kong Government special administrative region

    SED attends China Annual Conference & Expo for International Education in Beijing (with photo)
    SED attends China Annual Conference & Expo for International Education in Beijing (with photo)
    ******************************************************************************************

         The Secretary for Education, Dr Choi Yuk-lin, today (October 31) attended the 25th China Annual Conference & Expo for International Education (CACIE) in Beijing to share Hong Kong’s experiences in promoting internationalisation and diversification of higher education, and promote the “Study in Hong Kong” Brand.           CACIE is a high-level and comprehensive platform for global educators to engage in dialogue and practical co-operation. Under the theme “Education for All, the Unknown and the Future”, this year’s Conference aims to forge a consensus on global education development and reform. Thousands of people from different countries and regions attended.           In her keynote speech at the plenary session of CACIE on Hong Kong’s efforts in promoting internationalisation and diversification in the higher education sector, Dr Choi said that Hong Kong has five universities funded by the University Grants Committee which are ranked among the world’s top 100. Coupled with a sound education infrastructure, outstanding research talent and strong research capabilities, Hong Kong’s reputable brand name of quality education is widely recognised and acknowledged both locally and globally.           “The Chief Executive’s 2024 Policy Address” announced the establishment of the Committee on Education, Technology and Talents to take forward the work of invigorating the country through science and education, and accelerate the building of an innovative talent pool. At the same time, the Government launched a number of key initiatives, including supporting capacity expansion and quality enhancement of local institutions; stepping up overseas publicity to attract more non-local students to study in Hong Kong; strengthening collaboration with universities from all over the world to broaden students’ international horizons; promoting synergistic development of higher education in Hong Kong and on the Mainland to complement each other’s strengths; and nurturing cross-disciplinary talent, and pressing ahead with the development of universities of applied sciences to create multiple pathways for young people.           She said that the Government has been actively supporting the establishment of alliances between higher education institutions in Hong Kong and on the Mainland to gather high-quality teaching and research resources, and to achieve mutual benefits through deepening co-operation among member institutions in areas such as scientific innovation and talent exchanges, thereby enhancing the level and standard of regional co-operation, and developments on different fronts.           During the Conference, Dr Choi exchanged views on the latest trends and developments in global education with other guests, including Vice Chairman of the Standing Committee of the 14th National People’s Congress Mr Ding Zhongli; the Governor of Victoria, Australia, Professor Margaret Gardner; Deputy Minister of Higher Education, Science and Innovations of Uzbekistan Mr Otabek Mahkamov; the Chief Executive Officer of the Institute of International Education in the United States, Dr Allan Goodman; and the Ambassador of France to China, Mr Bertrand Lortholary.           In addition, Dr Choi met representatives of Hong Kong post-secondary education institutions participating in the Expo to learn about the promotional efforts of publicly funded and self-financing institutions in expanding their international network and recruiting students from around the world to study in Hong Kong.???           Dr Choi will return to Hong Kong in the afternoon.

     
    Ends/Thursday, October 31, 2024Issued at HKT 17:43

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Russia: Rosneft Day was held at Ufa State Petroleum Technological University

    Translation. Region: Russian Federation –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Rosneft Day was held at the Company’s key partner university in the Republic of Bashkortostan, Ufa State Petroleum Technological University (USPTU). 34 subsidiaries, including 10 enterprises of Bashneft, Rosneft’s largest asset in the region, took part in the job fair and presentations.

    During the Rosneft Day, vacancies for students and graduates of universities and colleges were presented. Today, the most popular vacancies among blue-collar jobs are: oil and gas production operator, chemical analysis laboratory assistant, process unit operator, instrument operator, repairman, process unit repairman, process pump operator, commodity operator, general machine operator, electrician for repair and maintenance of electrical equipment, electric and gas welder.

    Oil refiners from Bashneft-Novoil held a quiz for students on the topic of “Oil refining and more”, the winners won tickets to the cinema. Orenburgneft held a game of “oil monopoly”. Guests of the fair could also attend a lecture on “Hydraulic fracturing – a discipline at the intersection of sciences” from RN-GRP. The master class “Career roasting” and a meeting with foreign students were held by RN-Service employees. All participants of the events received memorable souvenirs.

    Rosneft, as part of the corporate continuous education program “school – college/university – enterprise”, is implementing projects to attract talented youth and form an external personnel reserve. In the Republic of Bashkortostan, the program has been implemented for several years. This year, 49 schoolchildren entered the 10th “Rosneft-classes”. In addition, in Ufa, in pilot mode, 25 9th-grade students were enrolled in the “Rosneft-class”. The Ufa Fuel and Energy College (UTEK) acted as a partner of the pilot.

    There are six Bashneft corporate groups in Ufa State Petroleum Technical University and Ufa Energy Company in various training areas, including: oil and gas geology and geophysics, solid fuel, oil and gas processing technology, design and operation of oil and gas processing equipment, etc. In specialized groups, students combine work in production with training according to an individual schedule. Training in specialized subjects is carried out with the involvement of expert teachers from among Bashneft employees. Students also participate in career guidance and corporate events of the Company.

    In partnership with Bashneft enterprises, the following basic departments were created at USPTU: “Technologies of Petrochemical Processes”, “Welding of Oil and Gas Structures”, “Bashneft Processing”, and “Bashneft – Environmental Engineering”.

    The scientific institute “RN-BashNIPIneft” supervises 7 basic and graduating departments at USPTU. This year, the institute opened two new basic departments at the university: “Lean Technologies and Innovations in the Oil and Gas Complex” and “Oil and Gas Field Equipment for Well Operation and Repair”. Also in 2024, a new master’s program MPE Petroleum Engineering in the direction of “Oil and Gas Engineering” was opened for foreign students at the Department of “Field Pipeline Systems” of USPTU. RN-BashNIPIneft specialists teach master’s students the design, development and production of oil and gas fields on land and offshore, work in Rosneft software products, introduce innovative well drilling technologies, etc. The first students of the program were 10 applicants from Egypt, Nigeria and Cameroon.

    Ufaorgsintez annually holds the Unified Oil Refinery Cup in Oil Refining Olympiad and the Petrochemistry, Chemical Technology and Automation Olympiad for senior students at the University. In addition to certificates and gifts, winners and prize winners receive additional points that are taken into account when applying for a master’s degree at USPTU, and are also invited to interviews at Bashneft enterprises for possible employment.

    Reference:

    Ufa State Petroleum Technological University is one of the leading technical universities in Russia. With the support of the Company, a unique scientific and educational center “NK Rosneft – Ufa State Petroleum Technological University” was created there.

    Since 2001, Rosneft and USPTU have been partners in the field of training qualified personnel, scientific and innovative activities, as well as the implementation of international educational projects of the Company with Tsinghua University (PRC) and Qatar University.

    Department of Information and Advertising of PJSC NK Rosneft October 31, 2024

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News

  • MIL-OSI China: Over 90 pct of foreign companies satisfied with China’s business environment: survey

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

    Over 90 pct of foreign companies satisfied with China’s business environment: survey

    BEIJING, Oct. 31 — More than 90 percent of foreign-funded companies in China are satisfied with the country’s business environment, according to a survey released on Thursday.

    The survey, carried out in the third quarter of this year among over 400 foreign businesses, also revealed that about 50 percent of the respondents said they find the Chinese market more attractive, according to Sun Xiao, spokesperson of the China Council for the Promotion of International Trade.

    Over 60 percent of the surveyed U.S. enterprises said the attraction of the Chinese market for foreign investment becomes stronger, up 15.26 percentage points quarter on quarter, said Sun.

    Sun said that about 20 percent of the surveyed foreign enterprises plan to increase investment in China, up 2.07 percentage points quarter on quarter.

    About 54.76 percent of the surveyed overseas companies choose to increase investment in China by expanding production lines or pursuing digital transformation.

    MIL OSI China News

  • MIL-OSI China: Philippine side should not tie herself to US war chariot: Defense Spokesperson 2024-10-31 “The Philippine government needs to listen to the voices of its people, fully recognize the high sensitivity and grave consequences of this issue, and stop such dangerous behavior which will hurt others as well as herself,” said Senior Colonel Zhang Xiaogang.

    Source: People’s Republic of China – Ministry of National Defense 2

      BEIJING, Oct. 31 — “The Philippine government needs to listen to the voices of its people, fully recognize the high sensitivity and grave consequences of this issue, and stop such dangerous behavior which will hurt others as well as herself,” said Senior Colonel Zhang Xiaogang, spokesperson for China’s Ministry of National Defense, at a regular press conference on Thursday.

      It is reported that the Chairman of the Philippine Senate Foreign Relations Committee openly opposed the US’s deployment of Typhon mid-range missile system in the Philippines during her attendance at a recent media forum. When being asked to comment on such report, the Chinese defense spokesperson made the above remarks.

      He pointed that China has repeatedly expressed firm opposition to the US’s deployment of mid-range missile system in the Philippines. “The US has withdrawn from the Intermediate-Range Nuclear Forces Treaty, developed Typhon mid-range missile system, and used it as a tool to maintain its hegemony,” stressed the spokesperson.

      Furthermore, according to the spokesperson, the US has made willful deployment and stirred up troubles, which increased the risk of war in the region. It has been proven time and again that the US is a real saboteur to peace and a troublemaker.

      The spokesperson also pointed out that in fact, many people in the Philippines oppose the US’s deployment of Typhon mid-range missile system. “The Philippine government should not tie herself to the US war chariot and end up being cannon fodders”, urged the spokesperson.

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    MIL OSI China News

  • MIL-OSI: Bilibili Inc. to Report Third Quarter 2024 Financial Results on Thursday, November 14, 2024

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, Oct. 31, 2024 (GLOBE NEWSWIRE) — Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it will report its third quarter 2024 unaudited financial results on Thursday, November 14, 2024, before the open of U.S. markets.

    The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 14, 2024 (8:00 PM Beijing/Hong Kong Time on November 14, 2024). Details for the conference call are as follows:

    All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.

    Additionally, a live webcast of the conference call will be available on the Company’s investor relations website at http://ir.bilibili.com, and a replay of the webcast will be available following the session.

    About Bilibili Inc.

    Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. Bilibili offers a wide array of video-based content with All the Videos You Like as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bonds among them. Bilibili pioneered the “bullet chatting” feature, a live comment function that has transformed our users’ viewing experience by displaying the thoughts and feelings of audience members viewing the same video. The Company has now become the welcoming home of diverse interests among young generations in China and the frontier for promoting Chinese culture across the world.

    For more information, please visit: http://ir.bilibili.com.

    For investor and media inquiries, please contact:

    In China:

    Bilibili Inc.
    Juliet Yang
    Tel: +86-21-2509-9255 Ext. 8523
    E-mail: ir@bilibili.com

    Piacente Financial Communications
    Helen Wu
    Tel: +86-10-6508-0677
    E-mail: bilibili@tpg-ir.com

    In the United States:

    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    E-mail: bilibili@tpg-ir.com

    The MIL Network

  • MIL-OSI: Radware Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter 2024 Financial Results and Highlights

    • Revenue of $69.5 million, an increase of 13% yearoveryear
    • Cloud ARR of $71.6 million, an increase of 15% year-over-year
    • Non-GAAP diluted EPS of $0.23 vs. $0.07 in Q3 2023; GAAP diluted EPS of $0.07 vs. $(0.16) in Q3 2023
    • Cash flow from operations of $14.7 million and $58.9 million year-to-date

    TEL AVIV, Israel, Oct. 31, 2024 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced its consolidated financial results for the third quarter ended September 30, 2024.

    “We are pleased to report solid third-quarter results, highlighted by 13% year-over-year revenue growth and a significant improvement in profitability and cash flow from operations,” said Roy Zisapel, Radware’s President and CEO. “Our results reflect double-digit growth in subscription revenue, strong sales of software subscriptions, and the ongoing success of DefensePro X, which carries with it more subscription revenue. We are excited about the momentum we’ve built and our future growth prospects.”

    Financial Highlights for the Third Quarter 2024
    Revenue for the third quarter of 2024 totaled $69.5 million:

    • Revenue in the Americas region was $27.7 million for the third quarter of 2024, an increase of 11% from $24.9 million in the third quarter of 2023.
    • Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $25.2 million for the third quarter of 2024, an increase of 30% from $19.3 million in the third quarter of 2023.
    • Revenue in the Asia-Pacific (“APAC”) region was $16.6 million for the third quarter of 2024, a decrease of 5% from $17.4 million in the third quarter of 2023.

    GAAP net income for the third quarter of 2024 was $3.1 million, or $0.07 per diluted share, compared to GAAP net loss of $6.9 million, or $(0.16) per diluted share, for the third quarter of 2023.

    Non-GAAP net income for the third quarter of 2024 was $10.2 million, or $0.23 per diluted share, compared to non-GAAP net income of $2.9 million, or $0.07 per diluted share, for the third quarter of 2023.

    As of September 30, 2024, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $411.7 million. Cash flow from operations was $14.7 million in the third quarter of 2024.

    Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. A reconciliation of each of the Company’s non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release.

    Conference Call
    Radware management will host a call today, October 31, 2024, at 8:30 a.m. EDT to discuss its third quarter 2024 results and fourth quarter 2024 outlook. To participate on the call, please use the following numbers:
    U.S. participants call toll free: 888-510-2008
    International participants call: 1 646-960-0306
    Conference ID: 1864701

    A replay will be available for two days, starting two hours after the end of the call, on telephone number +1-609-800-9099 or (US toll-free) 800-770-2030. Passcode 1864701.

    The call will be webcast live on the Company’s website at: http://www.radware.com/IR/. The webcast will remain available for replay during the next 12 months.

    Use of Non-GAAP Financial Information and Key Performance Indicators
    In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense, selling and marketing expense, general and administrative expense, total operating expenses, operating income, financial income, net, income before taxes on income, taxes on income, net income and diluted earnings per share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and taxrelated adjustments. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present, and future periods. Radware’s management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors.

    Annual recurring revenue (“ARR”) is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses, and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal rates and does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a key performance indicator of the value of the recurring components of our business.

    Safe Harbor Statement

    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors, or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.

    ©2024 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    CONTACTS
    Investor Relations:
    Yisca Erez, +972-72-3917211, ir@radware.com

    Media Contact:
    Gerri Dyrek, gerri.dyrek@radware.com

    Radware Ltd.
    Condensed Consolidated Balance Sheets
    (U.S. Dollars in thousands)
           
      September 30,   December 31,
      2024   2023
      (Unaudited)   (Unaudited)
    Assets      
           
    Current assets      
    Cash and cash equivalents 115,416   70,538
    Marketable securities 94,809   86,372
    Short-term bank deposits 111,998   173,678
    Trade receivables, net 19,963   20,267
    Other receivables and prepaid expenses 9,891   9,529
    Inventories 13,543   15,544
      365,620   375,928
           
    Long-term investments      
    Marketable securities 30,991   33,131
    Long-term bank deposits 58,468  
    Other assets 2,104   2,166
      91,563   35,297
           
           
    Property and equipment, net 16,499   18,221
    Intangible assets, net 12,742   15,718
    Other long-term assets 35,312   37,967
    Operating lease right-of-use assets 18,433   20,777
    Goodwill 68,008   68,008
    Total assets 608,177   571,916
           
    Liabilities and equity      
           
    Current liabilities      
    Trade payables 6,551   4,298
    Deferred revenues 109,924   105,012
    Operating lease liabilities 4,333   4,684
    Other payables and accrued expenses 46,427   41,021
      167,235   155,015
           
    Long-term liabilities      
    Deferred revenues 65,916   60,499
    Operating lease liabilities 13,658   16,020
    Other long-term liabilities 14,173   17,108
      93,747   93,627
           
    Equity      
    Radware Ltd. equity      
    Share capital 749   742
    Additional paid-in capital 548,240   529,209
    Accumulated other comprehensive income 593   77
    Treasury stock, at cost (366,588)   (365,749)
    Retained earnings 123,398   119,812
    Total Radware Ltd. shareholder’s equity 306,392   284,091
           
    Non–controlling interest 40,803   39,183
           
    Total equity 347,195   323,274
           
    Total liabilities and equity 608,177   571,916
           
    Radware Ltd.
    Condensed Consolidated Statements of Income (Loss)

    (U.S Dollars in thousands, except share and per share data) 
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
                     
    Revenues   69,488   61,612   201,849   196,260
    Cost of revenues   13,392   12,838   39,260   38,886
    Gross profit   56,096   48,774   162,589   157,374
                     
    Operating expenses, net:                
    Research and development, net   18,654   20,614   56,251   62,905
    Selling and marketing   30,500   30,532   89,945   94,368
    General and administrative   6,948   7,824   21,271   24,378
    Total operating expenses, net   56,102   58,970   167,467   181,651
                     
    Operating loss   (6)   (10,196)   (4,878)   (24,277)
    Financial income, net   4,957   3,778   12,982   10,688
    Income (loss) before taxes on income   4,951   (6,418)   8,104   (13,589)
    Taxes on income   1,807   433   4,518   2,151
    Net income (loss)   3,144   (6,851)   3,586   (15,740)
                     
    Basic net income (loss) per share attributed to Radware Ltd.’s shareholders   0.07   (0.16)   0.09   (0.36)
                     
    Weighted average number of shares used to compute basic net income (loss) per share   41,956,001   42,261,637   41,854,984   43,232,405
                     
    Diluted net income (loss) per share attributed to Radware Ltd.’s shareholders   0.07   (0.16)   0.08   (0.36)
                     
    Weighted average number of shares used to compute diluted net income (loss) per share   43,573,161   42,261,637   43,199,279   43,232,405
                     
      Radware Ltd.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (U.S Dollars in thousands, except share and per share data)
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    GAAP gross profit 56,096   48,774   162,589   157,374
      Share-based compensation 81   177   240   403
      Amortization of intangible assets 992   992   2,976   2,976
    Non-GAAP gross profit 57,169   49,943   165,805   160,753
                     
    GAAP research and development, net 18,654   20,614   56,251   62,905
      Share-based compensation 1,421   2,064   4,679   6,200
    Non-GAAP Research and development, net 17,233   18,550   51,572   56,705
                     
    GAAP selling and marketing 30,500   30,532   89,945   94,368
      Share-based compensation 2,548   2,134   7,708   9,065
      Restructuring costs   1,273     1,273
    Non-GAAP selling and marketing 27,952   27,125   82,237   84,030
                     
    GAAP general and administrative 6,948   7,824   21,271   24,378
      Share-based compensation 2,008   2,884   6,480   9,483
      Acquisition costs 159   211   571   769
    Non-GAAP general and administrative 4,781   4,729   14,220   14,126
                     
    GAAP total operating expenses, net 56,102   58,970   167,467   181,651
      Share-based compensation 5,977   7,082   18,867   24,748
      Acquisition costs 159   211   571   769
      Restructuring costs   1,273     1,273
    Non-GAAP total operating expenses, net 49,966   50,404   148,029   154,861
                     
    GAAP operating loss (6)   (10,196)   (4,878)   (24,277)
      Share-based compensation 6,058   7,259   19,107   25,151
      Amortization of intangible assets 992   992   2,976   2,976
      Acquisition costs 159   211   571   769
      Restructuring costs   1,273     1,273
    Non-GAAP operating income (loss) 7,203   (461)   17,776   5,892
                     
    GAAP financial income, net 4,957   3,778   12,982   10,688
      Exchange rate differences, net on balance sheet items included in financial income, net (86)   37   (231)   (770)
    Non-GAAP financial income, net 4,871   3,815   12,751   9,918
                     
    GAAP income (loss) before taxes on income 4,951   (6,418)   8,104   (13,589)
      Share-based compensation 6,058   7,259   19,107   25,151
      Amortization of intangible assets 992   992   2,976   2,976
      Acquisition costs 159   211   571   769
      Restructuring costs   1,273     1,273
      Exchange rate differences, net on balance sheet items included in financial income, net (86)   37   (231)   (770)
    Non-GAAP income before taxes on income 12,074   3,354   30,527   15,810
                     
    GAAP taxes on income 1,807   433   4,518   2,151
      Tax related adjustments 62   62   185   185
    Non-GAAP taxes on income 1,869   495   4,703   2,336
                     
    GAAP net income (loss) 3,144   (6,851)   3,586   (15,740)
      Share-based compensation 6,058   7,259   19,107   25,151
      Amortization of intangible assets 992   992   2,976   2,976
      Acquisition costs 159   211   571   769
      Restructuring costs   1,273     1,273
      Exchange rate differences, net on balance sheet items included in financial income, net (86)   37   (231)   (770)
      Tax related adjustments (62)   (62)   (185)   (185)
    Non-GAAP net income 10,205   2,859   25,824   13,474
                     
    GAAP diluted net income (loss) per share 0.07   (0.16)   0.08   (0.36)
      Share-based compensation 0.14   0.17   0.45   0.57
      Amortization of intangible assets 0.02   0.03   0.07   0.07
      Acquisition costs 0.00   0.00   0.01   0.02
      Restructuring costs 0.00   0.03   0.00   0.03
      Exchange rate differences, net on balance sheet items included in financial income, net (0.00)   0.00   (0.01)   (0.02)
      Tax related adjustments (0.00)   (0.00)   (0.00)   0.00
    Non-GAAP diluted net earnings per share 0.23   0.07   0.60   0.31
                     
                     
    Weighted average number of shares used to compute non-GAAP diluted net earnings per share 43,573,161   43,163,159   43,199,279   44,058,549
                   
    Radware Ltd.
     Condensed Consolidated Statements of Cash Flow
    (U.S. Dollars in thousands)
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    Cash flow from operating activities:                
                     
    Net income (loss)   3,144   (6,851)   3,586   (15,740)
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
    Depreciation and amortization   2,947   3,025   8,918   9,216
    Share-based compensation   6,058   7,259   19,107   25,151
    Amortization of premium, accretion of discounts and accrued interest on marketable securities, net   (234)   161   (227)   1,116
    Loss related to securities, net         244
    Increase (decrease) in accrued interest on bank deposits   (814)   (2,289)   4,645   (3,814)
    Increase (decrease) in accrued severance pay, net   147   (401)   106   (506)
    Decrease in trade receivables, net   5,536   4,448   304   5,380
    Decrease (increase) in other receivables and prepaid expenses and other long-term assets   749   (215)   1,155   (2,541)
    Decrease (increase) in inventories   253   (671)   2,001   (1,566)
    Increase (decrease) in trade payables   2,474   (1,778)   2,253   (395)
    Increase (decrease) in deferred revenues   (6,059)   (12,311)   10,329   (11,095)
    Increase (decrease) in other payables and accrued expenses   259   644   7,052   (10,798)
    Operating lease liabilities, net   248   (804)   (369)   (805)
    Net cash provided by (used in) operating activities   14,708   (9,783)   58,860   (6,153)
                     
    Cash flows from investing activities:                
                     
    Purchase of property and equipment   (1,412)   (1,130)   (4,220)   (4,493)
    Proceeds from other long-term assets, net   46   29   40   77
    Proceeds from (investment in) bank deposits, net   9,731   21,145   (1,433)   51,345
    Investment in, redemption of and purchase of marketable securities, net   5,541   2,228   (4,456)   347
    Net cash provided by (used in) investing activities   13,906   22,272   (10,069)   47,276
                     
    Cash flows from financing activities:                
                     
    Proceeds from exercise of share options       3   308
    Repurchase of shares     (20,648)   (839)   (53,131)
    Payment of contingent consideration related to acquisition     (2,063)   (3,077)   (2,063)
    Net cash used in financing activities     (22,711)   (3,913)   (54,886)
                     
    Increase (decrease) in cash and cash equivalents   28,614   (10,222)   44,878   (13,763)
    Cash and cash equivalents at the beginning of the period   86,802   42,644   70,538   46,185
    Cash and cash equivalents at the end of the period   115,416   32,422   115,416   32,422
                     
      Radware Ltd.
    RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)

    (U.S Dollars in thousands)
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    GAAP net income (loss) 3,144   (6,851)   3,586   (15,740)
      Exclude: Financial income, net (4,957)   (3,778)   (12,982)   (10,688)
      Exclude: Depreciation and amortization expense 2,947   3,025   8,918   9,216
      Exclude: Taxes on income 1,807   433   4,518   2,151
    EBITDA 2,941   (7,171)   4,040   (15,061)
                     
      Share-based compensation 6,058   7,259   19,107   25,151
      Restructuring costs   1,273     1,273
      Acquisition costs 159   211   571   769
    Adjusted EBITDA 9,158   1,572   23,718   12,132
                     
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
      Amortization of intangible assets 992   992   2,976   2,976
      Depreciation 1,955   2,033   5,942   6,240
        2,947   3,025   8,918   9,216
                     

    The MIL Network

  • MIL-OSI: JD.com to Report Third Quarter 2024 Financial Results on November 14, 2024

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, Oct. 31, 2024 (GLOBE NEWSWIRE) — JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), a leading supply chain-based technology and service provider, today announced that it plans to release its unaudited third quarter 2024 financial results on Thursday, November 14, 2024, before the U.S. market opens.

    JD.com’s management will hold a conference call at 7:00 am, Eastern Time on November 14, 2024, (8:00 pm, Beijing/Hong Kong Time on November 14, 2024) to discuss the third quarter 2024 financial results.

    Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers, the Passcode and unique access PIN which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.

    PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10042830-skvylg.html

    CONFERENCE ID: 10042830

    A telephone replay will be available for one week until November 21, 2024. The dial-in details are as follows:

    US: +1-855-883-1031
    International:
    Hong Kong:
    Mainland China:
    Passcode:
    +61-7-3107-6325
    800-930-639
    400-120-9216
    10042830
     

    Additionally, a live and archived webcast of the conference call will also be available on JD.com’s investor relations website at http://ir.jd.com.

    About JD.com, Inc.

    JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

    For investor and media inquiries, please contact:

    Investor Relations
    Sean Zhang
    +86 (10) 8912-6804
    IR@JD.com

    Media Relations
    +86 (10) 8911-6155
    Press@JD.com

    The MIL Network

  • MIL-OSI Asia-Pac: Speech by FS at FII Plenary Session: Where is the New Silk Road? (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at the FII Plenary Session: Where is the New Silk Road? in Riyadh, Saudi Arabia, today (October 31, Riyadh time):
     
    Distinguished guests, ladies and gentlemen,
     
         Good afternoon. It is a pleasure to be here with you today as we explore the future of the New Silk Road – or the Belt and Road Initiative – a vision that extends far beyond trade routes, connecting continents through shared values of sustainability, innovation, and common prosperity.
     
         Since its inception in 2013, the Belt and Road Initiative has reshaped the global trade and investment landscape. It has forged significant investments in infrastructure, boosted trade and strengthened people-to-people bonds.
          
         Hong Kong is an active participant, contributor and beneficiary of the Belt and Road Initiative. Over the past decade, Hong Kong has played a vital role in its growth too. For instance, our external trade with Belt and Road economies has increased by around 60 per cent.
          
         For those who are less familiar with our city, Hong Kong is a Special Administrative Region of China administered under a “one country, two systems” principle. On the one hand, we have convenient and at times priority access to the Mainland market, but on the other, retain all the defining characteristics of an international city: open and diverse, rule of law, free flow of goods, capital, information, people, and business practices that align with the best of the world. This uniqueness enables us to serve as the “super connector” in the region, creating opportunities for all.
          
         As the Belt and Road Initiative moves into the next decade, the focus is clear: sustainability and inclusiveness. Green infrastructure projects are at its heart, from solar plants to low-carbon railway transportation. The common aspiration is to pave a “Green Silk Road” benefitting all along the route.
          
         And Hong Kong’s strategic vision to become an international green tech and green finance centre can contribute to the achievement of this common aspiration in many ways.
          
         First, we can address the funding gap. The funding need for green transition is huge – global annual climate investments are estimated to reach US$9 trillion by 2030 and US$10 trillion by 2050. Hong Kong, as one of the top three international financial centres, along with New York and London, and Asia’s green finance leader, is well positioned to mobilise capital to support the green transition by matching quality projects with funding. For instance, we arranged around US$63 billion on average annually over the past three years in green and sustainable debt through our financial institutions. Green bonds issued in Hong Kong account for over one-third of Asia’s total.
          
         But more than funding, we are committed to innovative financing arrangements that help broaden the investor base of green projects. One example is securitisation of infrastructure loans, packaging mature, brownfield projects for investors, thereby releasing funds for investment into other greenfield projects. Hong Kong has issued two batches of such loans already, amounting to US$800 million in more than 50 projects in the Middle East, Asia Pacific, and Latin America.
          
         Second, we can address the technology gap. There is still a significant disparity in green tech adoption globally, with countries in the Global South lacking the financial resources and infrastructure to adopt cutting-edge green solutions. Investment inclinations will also aggravate this gap, as developed nations typically invest more in R&D (research and development) for green technologies.
          
         Hong Kong is home to many green tech start-ups, all sharing the mission to develop technological solutions that combat climate change, which may well fit in the relevant strategies of economies in the MENA (Middle East and North Africa) region. One of them, for example, develops carbon-capture technologies in 3D-printed reef tiles to help restore coral reefs. It now has a production base in Abu Dhabi. 
          
         Third, we can address the knowledge gap. That means linking up people, projects and knowledge. Hong Kong is a compact city, yet has solid experience in city planning and operations, and managing large-scale infrastructure projects. Our expertise in smart cities and green urban planning complements MENA’s ambitions to build digitally connected, sustainable urban centres. These potential partnerships can set the standard for urban resilience and environmental stewardship in the years ahead.
          
         Ladies and gentlemen, the vision of a Green Silk Road presents a unique opportunity for us to collaborate on fostering sustainable, resilient, and inclusive development for future generations. Hong Kong is proud to be part of that effort, and we are committed to making valuable contributions in finance and innovation, and fostering partnerships to strive for a brighter and greener future for all.

    MIL OSI Asia Pacific News

  • MIL-OSI China: Chinese Navy conducts dual-aircraft-carrier formation exercise for first time

    Source: People’s Republic of China – Ministry of National Defense

      Aircraft carriers Liaoning and Shandong of the Chinese People’s Liberation Army (PLA) Navy carry out a dual-aircraft-carrier formation exercise for the first time in the South China Sea in late October, 2024. (eng.chinamil.com.cn/Photo by Chen Mengxi)

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    MIL OSI China News

  • MIL-OSI China: Xi signs order to promulgate regulations enhancing reservist management

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

    BEIJING, Oct. 31 — Xi Jinping, chairman of the Central Military Commission, has signed a decree to promulgate a set of interim regulations on the management of reserve personnel.

    The regulations aim to facilitate the implementation of China’s law on reservists.

    The regulations focus on establishing a systematic management structure for reserve personnel in the new era, detailing processes for their selection, rank promotion, role assignments, training, assessments, benefits and retirement from reserve service.

    An important outcome of China’s military human resource reform, the promulgation of the regulations marks a key step to improve the legal, standardized and scientific management of reservists and develop a high-caliber, professional reserve force.

    MIL OSI China News

  • MIL-OSI China: Preparation work for CIIE nears completion: ministry

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

    BEIJING, Oct. 31 — Preparations are nearly complete for the seventh China International Import Expo (CIIE), set for November 5-10 in Shanghai, the Ministry of Commerce said on Thursday.

    Ministry spokesperson He Yadong said at a press conference that exhibits from over 2,700 participating companies have entered the exhibition halls, while those from more than 700 companies are still in transit and will arrive by Nov. 2.

    The spokesperson said foreign bank cards will be accepted for catering payments at the CIIE. The expo will feature a 5,000-square-meter catering zone and offer food delivery services to all booths.

    The seventh CIIE has attracted participants from 152 countries, regions and international organizations, and achieved a new record with 297 Fortune Global 500 companies and industry leaders set to attend.

    Since its first edition in 2018, the expo has become an important showcase, spotlighting China’s new development paradigm, a platform for high-standard opening up, and an opportunity for the whole world.

    MIL OSI China News

  • MIL-OSI Asia-Pac: Raksha Mantri virtually inaugurates ‘Desh ka Vallabh’ statue of Sardar Vallabhbhai Patel & Major Ralengnao ‘Bob’ Khathing ‘Museum of Valour’ at Tawang; Describes them as a symbol of unity & strength

    Source: Government of India (2)

    Raksha Mantri virtually inaugurates ‘Desh ka Vallabh’ statue of Sardar Vallabhbhai Patel & Major Ralengnao ‘Bob’ Khathing ‘Museum of Valour’ at Tawang; Describes them as a symbol of unity & strength

    “Disengagement process in certain areas along LAC almost complete based on consensus achieved between India & China; Our aim will be to take the matter beyond disengagement”

    Shri Rajnath Singh reiterates PM Modi-led Govt’s commitment towards development of the North-east region

    Posted On: 31 OCT 2024 10:57AM by PIB Delhi

    Raksha Mantri Shri Rajnath Singh virtually dedicated to the nation ‘Desh ka Vallabh’ statue of Sardar Vallabhbhai Patel, and Major Ralengnao ‘Bob’ Khathing ‘Museum of Valour’ at Tawang, Arunachal Pradesh on October 31, 2024. Raksha Mantri carried out the inauguration from 4 Corps Headquarters in Tezpur, Assam. He was supposed to visit Tawang, but could not due to bad weather. The unveiling coincided with the festival of lights ‘Deepawali’ as well as ‘Rashtriya Ekta Diwas’ which is celebrated on 31stOctober every year to commemorate the birth anniversary of first Deputy Prime Minister and Home Minister Sardar Vallabhbhai Patel.

    Raksha Mantri began his address by referring to the broad consensus achieved by India and China to restore the ground situation in certain areas along the LAC. “India and China have been holding talks at both diplomatic and military levels to resolve the differences in some areas along the LAC. As a result of the talks, a broad consensus was developed on the basis of equal and mutual security. The consensus includes the rights of patrolling and grazing in traditional areas. Based on this consensus, the process of disengagement is almost complete. Our efforts will be to take the matter beyond disengagement; but for that, we will have to wait a little longer,” he said.

    Shri Rajnath Singh paid glowing tributes to Sardar Patel, also known as the Iron Man of India, acknowledging his instrumental role in unifying over 560 princely states post-independence, a feat that stands as a testament to his indomitable resolve and commitment to a unified India. “This statue ‘Desh Ka Vallabh’ will inspire people reminding them of the strength in unity and the unwavering spirit required to build a nation as diverse as ours,” he said.

    Raksha Mantri also paid homage to Major Bob Khathing, an extraordinary figure who made invaluable contributions to the Northeast region and national security. “Major Khathing not only led the peaceful integration of Tawang into India but also established essential military and security frameworks, including the Sashastra Seema Bal, Nagaland Armed Police, and the Naga Regiment. The ‘Museum of Valour’ now stands as a tribute to his bravery and foresight, inspiring generations to come,” he said.

    Shri Rajnath Singh underscored the significance of unity & harmony, and the North-East’s unique role in the nation’s identity. He reiterated Prime Minister Shri Narendra Modi’s vision of ensuring economic & infrastructure development of the entire region. “Holistic development of the nation is possible only when the North East prospers. We will create such a North East which is strong & prosperous not only naturally and culturally but also economically,” he added. 

    Raksha Mantri highlighted the crucial role of Border Roads Organisation (BRO) in the progress of the region. He made special mention of the Sela Tunnel linking Assam and Tawang, a project which enhances connectivity across Northeast regions. “In the times to come, the Arunachal Frontier Highway project will play a major role in connecting the entire North East region, especially the border areas. This 2,000-km long highway will prove to be an important strategic & economic asset for the region as well as the entire nation,” he added.

    Shri Rajnath Singh also commended the Armed Forces’ engagement in the region, from NCC initiatives and local economic support to crucial disaster relief efforts. “Armed Forces not only provide security, but also become a medium for development in that region by cooperating with the people of the border areas. This further strengthens India’s commitment to ensuring development, peace, and security in the Northeast,” he said.

    Governor of Arunachal Pradesh Lt Gen KT Parnaik (Retd), Chief Minister of Arunachal Pradesh Shri Pema Khandu; Union Minister of Parliamentary Affairs Shri Kiren Rijiju; Chief Minister of Manipur Shri N Biren Singh; Deputy Chief Minister Of Arunachal Pradesh Shri Chowna Mein and the family of Major Bob Khathing were present at the inauguration site. Chief of the Army Staff General Upendra Dwivedi; General Officer Commanding-in-Chief, Eastern Command Lt Gen RC Tewari; GOC 4 Corps Lt Gen Gambhir Singh and other senior civil & military officials joined the event virtually along with Raksha Mantri.

    ******

    SR/Savvy/KB

    (Release ID: 2069789) Visitor Counter : 69

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Written question – EU manufacturing and exportation of green energy products – E-002259/2024

    Source: European Parliament

    24.10.2024

    Question for written answer  E-002259/2024
    to the Commission
    Rule 144
    Mihai Tudose (S&D)

    The Eurostat report of 14 October 2024 shows a serious imbalance between EU imports and exports of green energy products.

    The EU imported solar panels to the value of EUR 19.7 billion in 2023, while exporting EUR 0.9 billion worth of that product, with 98 % of the solar panels imported coming from China. At the same time, we purchase – mainly from China, Great Britain and India – almost twice as much liquid biofuel as we export, making this another product in which the EU has a negative trade balance.

    On the other hand, sales of wind turbines have recovered strongly over the past two years, with EU exports increasing by 49 % to EUR 2 billion in 2023, while turbines worth EUR 0.3 billion were imported from outside the Union. That is encouraging progress.

    As a member of the Committee on International Trade, I would like to know what steps the Commission envisages taking in the very near future to encourage the manufacturing and export of green energy products in the EU?

    Submitted: 24.10.2024

    Last updated: 31 October 2024

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: HK education promoted in Beijing

    Source: Hong Kong Information Services

    Secretary for Education Choi Yuk-lin today attended the 25th China Annual Conference & Expo for International Education in Beijing to share Hong Kong’s experiences in promoting internationalisation and diversification of higher education, and promote the “Study in Hong Kong” brand.

    A high-level and comprehensive platform for global educators to engage in dialogue and co-operation, this year’s conference, under the theme “Education for All, the Unknown & the Future”, attracted thousands of people from around the world.

    In her keynote speech, Ms Choi said that Hong Kong has five University Grants Committee-funded universities which rank among the world’s top 100.

    Coupled with its sound education infrastructure, outstanding research talent and strong research capabilities, Hong Kong’s reputable brand name of quality education is widely recognised and acknowledged both locally and globally, she highlighted.

    Ms Choi further noted that the 2024 Policy Address announced the establishment of the Committee on Education, Technology & Talents to take forward the work of invigorating the country through science and education, and accelerate the building of an innovative talent pool.

    The Hong Kong Special Administrative Region Government launched a number of key initiatives to create multiple pathways for young people, she added.

    The education chief also pointed out that the Hong Kong SAR Government has been actively supporting the establishment of alliances between higher education institutions in Hong Kong and on the Mainland to gather high-quality teaching and research resources, and to achieve mutual benefits through deepening co-operation, thereby enhancing regional co-operation as well as developments on different fronts.

    During the conference, Ms Choi exchanged views on the latest trends and developments in global education with other guests. She also met representatives of Hong Kong post-secondary education institutions participating in the expo.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Christine Lagarde: Interview with Le Monde

    Source: European Central Bank

    Interview with Christine Lagarde, President of the ECB, conducted by Eric Albert, Philippe Escande and Béatrice Madeline on 28 October 2024

    31 October 2024

    In September, former ECB President Mario Draghi published an alarming report on how the European economy is falling behind. Do you agree with this assessment?

    Europe is falling behind. It’s true. And so is France. Mario Draghi’s report highlights the productivity gap, which is largely due to the tech sector. Tech players in Europe and the United States believe that the gap first emerged during the digital revolution that began in the mid-1990s.

    The question now is whether the boost that the United States got from the mid-1990s will continue with artificial intelligence, the accumulation of data centres and the exploitation of these data. This is the key issue. In Europe we need to roll up our sleeves and make an effort to keep those companies that start out here and then develop themselves elsewhere. We need to try to make them stay.

    So what is the solution? Do you think the gap will remain?

    We need to look at why Europe is falling behind. The energy component is key, especially as regards data centres. Labour is also important, with mobility being much greater in the United States. And regulation is a crucial issue, too. In overly simple terms, the United States is developing AI very quickly, and already has a number of major players. In the meantime, not only is Europe lacking such big players, but it has also become a pioneer in AI regulation. This causes players in this sector to say “OK, let’s do this elsewhere. It’ll be easier and we’ll have fewer obstacles and fewer restrictions”.

    What about the public funding provided to businesses in the United States?

    The fourth factor that is contributing to Europe falling behind is the “light” industrial policy pursued by the United States. It’s not light in terms of money because the Inflation Reduction Act of August 2022 is very large, but there are relatively few criteria to qualify for funding to start a company on US soil. When I ask manufacturers, they pretty much all agree that in Europe, the process is complicated and unwieldy. And on top of the multi-layered European system, you then have those of the Member States.

    The final factor is private funding. In the United States there are pension fund plans and other financial instruments that make it possible to channel savings and get savers (employees or retirees) interested in the future of the economy or the evolution of the stock market. In many European countries, these plans are still a long way off of those mechanisms, especially share participation and company profit sharing. Hence the need to develop a capital markets union.

    But we have been talking about this project for the past 15 years. And when Mario Draghi’s report was published, Germany immediately opposed common borrowing. Is Europe really capable of reacting?

    You’re right. We have been talking about a capital markets union since the time of Jean-Claude Juncker (President of the European Commission from 2014 to 2019), and little progress has been made. The Letta and Draghi reports are a wake-up call for Europeans, a warning. The assessment is severe but fair and provides specific recommendations. It suggests that all Europeans should gear up and be ready to give up a bit of sovereignty to ‘combine the best,’ to paraphrase what Paul Valéry once said. But what gives me hope is the engagement of all European institutions on the capital markets union. The ECB’s Governing Council is firmly engaged as well. We must use this momentum.

    In 2020, the plan for a collective European loan of €750 billion was a major step forward. Four years later, less than half of the loan has been allocated. Should we see this as another example of European slowness?

    We had exactly the same problem during the Greek crisis. The administrations of the different countries are not always able to quickly manage the incoming funds. The finance ministers of countries receiving a lot of funds tell you that they have of course identified what bridge or railway line should be constructed, but that they need to obtain local authorisations as well as permissions to expropriate property, and that environmental organisations are taking court actions. All of this takes a lot of time.

    In this context, what consequences could the US elections on Tuesday 5 November have for Europe?

    I do not want to give an opinion on any particular candidate. But US international trade policy will of course have an impact on economic activity in the rest of the world, and primarily on China. Whoever wins, if trade fragmentation worsens, the effect on global GDP will be negative, with losses reaching 9% in a severe scenario of full decoupling according to ECB simulations. But remember: when Joe Biden was elected, everyone thought that he would remove the customs barriers erected by his predecessor (Donald Trump). Nothing came of that.

    Between China, which is withdrawing towards Asia, and the United States, which is closing up again, isn’t Europe, as a partner to both powers, the big loser?

    That’s why we need to act and roll up our sleeves. Will Europe need to undergo another crisis for it to bring about reforms? It’s always in times of crisis that we are able to make things happen. That may be why Mario Draghi speaks of “agony”, it’s a way of saying “the crisis is here, now, do something!”.

    There is talk of a European decoupling. But isn’t there a French decoupling within Europe?

    If you compare today’s GDP figures with those of 2019, the United States has grown by 10.7%, the European average by 4.8% and France by 3.7%. France is lagging behind the European average.

    What is your view of the surge in the French deficit?

    The prospect of returning in line with European standards by applying European fiscal rules should serve as a binding guideline.

    And are the French promises to restore public finances credible?

    As I said, applying European fiscal rules should serve as a binding guideline.

    Will we be heading towards a recession in Europe in 2025?

    Based on the information now available and our current assessment, we don’t see a recession in 2024, nor in 2025, nor in 2026.

    What will drive this growth, given the weakness in demand?

    The two levers are exports and domestic demand, which is set to pick up. Today, with wages rising and inflation falling, disposable income is increasing. For the moment, this benefits savings more than consumption. But we are convinced, and economic history shows us, that this additional disposable income will ultimately flow towards consumption.

    How do you explain the fact that it is proving so difficult for consumption to recover?

    We can indeed ask why households are choosing to save their money instead of spending it. It could be that people are reluctant to make major purchases owing to geopolitical uncertainty. A second explanation could be related to the return on their savings, which is still fairly high in the euro area. A third could be that people are deciding it’s better to save rather than spend when they expect their taxes or other contributions to go up.

    Euro area inflation was at 1.7% in September, below your 2% target. Is it now under control?

    The target is in sight but I’m not going to tell you that inflation is defeated yet. Inflation stood at 1.7% in September. Excluding energy and food, it was still at 2.7%. We are pleased about the 1.7% figure, but we also know that inflation is going to rise again in the coming months simply because of base effects. In September energy prices were 6.1% lower than a year earlier, bringing down the cost of the consumption basket. Besides, inflation in the services sector – which is highly dependent on wages – is still at 3.9%. So, prudence is warranted.

    How do you respond to those who say the ECB was too late in reacting to the rise in inflation?

    I tell them we should look at the facts. Don’t forget that inflation was at 10.6% two years ago. It has fallen back to 1.7%. Perhaps we could have started a few months earlier. But we raised rates at the fastest pace ever and we managed to bring down inflation considerably in a short period of time. I now want to see inflation reach the 2% target on a sustained and durable basis. Unless there is a major shock, this will happen during the course of 2025.

    And what do you say to those who now accuse you of cutting rates too late and not quickly enough?

    The pace at which interest rates are cut will be determined by the economic data we receive in the coming weeks and months – based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. And to revitalise growth, urgent action is needed in the area of structural reforms.

    The spread between France and Germany has increased from 0.5% to 0.8% since the French National Assembly was dissolved. The ECB has an instrument that it can use to intervene and calm the markets. Are you ready to use it?

    We have clearly outlined the conditions under which we will use this instrument. And that is not an issue today.

    A number of emerging countries brought together by the BRICS (Brazil, Russia, India, China and South Africa) are thinking about a payments system to circumvent the dollar. Is dedollarisation happening?

    That would require another country to be able to take on the role of reserve currency. China is preparing for that, but it isn’t ready yet. I won’t see the renminbi take the place of the dollar in my lifetime.

    MIL OSI Economics

  • MIL-OSI China: Announcement on Open Market Operations No.215 [2024]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.215 [2024]

    (Open Market Operations Office, October 31, 2024)

    In order to keep liquidity adequate at a reasonable level in the banking system at month-end, the People’s Bank of China conducted reverse repo operations in the amount of RMB327.6 billion through quantity bidding at a fixed interest rate on October 31, 2024.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB327.6 billion

    1.50%

    Date of last update Nov. 29 2018

    2024年10月31日

    MIL OSI China News

  • MIL-OSI Asia-Pac: Cross-boundary forgery syndicate smashed by Immigration Department and Mainland authorities (with photos)

    Source: Hong Kong Government special administrative region

         The Immigration Department (ImmD) mounted a cross-boundary joint operation with Guangxi Public Security Department, Guangdong Provincial Public Security Department and Shenzhen Frontier Inspection Station in July and August under the co-ordination of the Exit and Entry Administration of the People’s Republic of China. The operation successfully neutralised a cross-boundary forgery syndicate, resulting in the arrest of a total of 201 persons and the seizure of a large amount of forgery equipment and forged documents.

         In May this year, Mainland authorities unearthed crucial intelligence related to a syndicate arranging Mainlanders to take up illegal employment in Hong Kong. The ImmD immediately collaborated with the Mainland authorities to conduct in-depth investigations and successfully identified a cross-boundary forgery syndicate specialised in recruiting Mainlanders to take up illegal employment in Hong Kong and providing them with accommodation and forged Hong Kong identity cards to seek illegal employments. The forgery syndicate had set up workshops on the Mainland for producing forged documents, and they would dispatch the forged Hong Kong identity cards by express delivery to Hong Kong syndicate members, who would then distribute the forged Hong Kong identity cards to the illegal workers.

         The ImmD swiftly launched an operation codenamed “Vanguard” to eradicate the syndicate in Hong Kong. During the operation, ImmD investigators retrieved a batch of suspicious parcels sent out from Mainland forgery workshops and disguised as couriers to deliver the suspicious parcels. As a result, several Hong Kong syndicate members were apprehended, and a number of forged Hong Kong identity cards were seized. Moreover, the ImmD raided a total of 69 premises, including 37 residential premises and 32 working places, and arrested a total of 97 persons, including a syndicate mastermind, nine syndicate members, 67 suspected illegal workers and 20 suspected employers, aged 18 to 64. Ten syndicate members, including the mastermind, comprise five men and five women, consisting of three Hong Kong residents and seven Mainlanders, aged 18 to 61. The 67 arrested suspected illegal workers comprise 34 men and 33 women, including 65 Mainlanders, one Indonesian and one Vietnamese Recognizance Form holder issued by the ImmD, aged 22 to 64. ImmD investigators also seized 21 forged Hong Kong identity cards, 18 copies of forged Hong Kong identity cards and two forged documents related to construction workers. Through this large-scale cross-boundary joint operation, the cross-boundary forgery syndicate has been neutralised. The investigation is still ongoing, and more persons involved in the case may be arrested.

         On the Mainland side, three forgery workshops were smashed and a total of 104 offenders were arrested, including 18 syndicate masterminds and ring members, and 12 pieces of forgery equipment were seized.

         An ImmD spokesman said, “Under the laws of Hong Kong, anyone who uses or possesses a forged identity card commits an offence. Offenders are liable to prosecution and, upon conviction, a maximum penalty of a fine of $100,000 and 10 years’ imprisonment. Any person who without lawful authority or reasonable excuse transfers to another person a Hong Kong identity card commits an offence. Offenders are liable to prosecution and, upon conviction, a maximum penalty of a fine of $100,000 and 10 years’ imprisonment.”

         The spokesman warned, “Any person who contravenes a condition of stay in force in respect of him or her shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years’ imprisonment. Aiders and abettors are also liable to prosecution and penalties. As stipulated in section 38AA of the Immigration Ordinance, an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land is prohibited from taking any employment, whether paid or unpaid, or establishing or joining in any business. Offenders are liable upon conviction to a maximum fine of $50,000 and up to three years’ imprisonment.”

         The spokesman reiterated that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years’ imprisonment to a fine of $500,000 and 10 years’ imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.

         According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee’s identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker’s valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.

         Under the existing mechanism, the ImmD will, as a standard procedure, conduct an initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) victims. When any TIP indicator is revealed in the initial screening, the ImmD officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP elements, such as threats and coercion in the recruitment phase and the nature of exploitation. Identified TIP victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter or temporary accommodation and other supporting services. The ImmD calls on TIP victims to report crimes to the relevant departments immediately.      

    MIL OSI Asia Pacific News

  • MIL-OSI China: 3rd phase of 136th Canton Fair opens in S China

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

    MIL OSI China News

  • MIL-OSI China: First World Conference on classics to be held in Beijing

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

    BEIJING, Oct. 31 — The inaugural World Conference on Classics, slated for Nov. 6-8 in Beijing, will welcome participants from across the globe to engage in in-depth discussions on topics related to classical civilizations.

    Themed “Classical Civilizations and the Modern World,” the event is co-organized by the Chinese Academy of Social Sciences, the Ministry of Education of China, the Ministry of Culture and Tourism of China, the Ministry of Culture of Greece, and the Academy of Athens, according to the secretariat of the conference.

    The event seeks to provide a platform for classical civilization researchers and specialists to trace the origins of human thought, distill wisdom from human history, and explore the traditions of human civilization from the perspective of classical studies.

    It aims to lay a solid academic foundation for promoting exchange and mutual learning among civilizations, offer insight into addressing modern global issues, and provide new ideas that will drive human progress, thereby better practicing the Global Civilization Initiative and promoting the building of a human community with a shared future.

    Representatives from various countries and international organizations, renowned experts and scholars, cultural figures, media professionals, think-tank experts and youth representatives around the world have been invited to the event.

    During the conference, the participants will attend two high-level dialogues and multiple parallel forums.

    Prior to the conference, foreign participants will tour the provinces of Shandong, Henan and Sichuan to explore the openness and inclusiveness of Chinese civilization.

    Other activities revolving around the conference will include special exhibitions on themes such as archaeology and the origins of Chinese civilization, and on classical studies achievements, as well as classical-studies-themed activities held at colleges and universities.

    MIL OSI China News

  • MIL-OSI China: New ultra-high voltage project begins operation in north China

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

    HOHHOT, Oct. 31 — A 1,000-kilovolt ultra-high voltage (UHV) alternating current (AC) project was officially put into operation on Thursday, connecting clean energy resources in the north of China with economically dynamic regions such as the Beijing-Tianjin-Hebei region.

    The Zhangbei-Shengli 1,000-kilovolt UHV AC project is expected to transmit over 70 billion kilowatt-hours of electricity — an amount sufficient to power 19 million households for a year — annually from Xilin Gol League in north China’s Inner Mongolia Autonomous Region and Zhangjiakou in Hebei Province to the Beijing-Tianjin-Hebei region, Shandong and Jiangsu provinces, and other regions.

    The project applies the UHV technology for the first time to connect a clean energy base in the north of Hebei with wind farms in Xilin Gol League, increasing the proportion of new energy in UHV transmission channels and boosting the consumption of green electricity on the receiving end of the grid, thereby promoting the transition to clean and low-carbon energy.

    It also addresses the rising demand for electricity in the receiving regions more effectively.

    China is at the technological forefront in new energy power generation, UHV power transmission, flexible direct current transmission and digitization of electricity systems, according to a report issued earlier this year by the Global Energy Interconnection Development and Cooperation Organization, a non-profit international organization headquartered in Beijing.

    MIL OSI China News

  • MIL-OSI China: Beijing activates alert for air pollution

    Source: China State Council Information Office 2

    Beijing is set for a period of air pollution from Thursday to Saturday, with the city issuing an alert on Thursday for heavy pollution.
    According to the municipal ecology and environment bureau, the polluted weather is due to adverse meteorological conditions, regional transmission and pollution accumulation.
    It is expected that on Sunday, the air quality in Beijing will improve due to the strong cold air.
    Citizens are advised to stay indoors, wear masks, and promptly clean their face and exposed skin. 

    MIL OSI China News

  • MIL-OSI USA: Myanmar fighters battle to hold prized city – AFP

    Source: United States Institute of Peace

    Red flags flutter over bullet-scarred buildings in the strategic Myanmar city of Lashio, which an ethnic minority armed group linked to China seized from the military in its biggest defeat for decades.

    Lashio is the largest urban centre to fall to any of Myanmar’s myriad ethnic minority armed groups — who have been fighting the central authorities on and off for decades — since the military first seized power in 1962. 

    But analysts say the Myanmar National Democratic Alliance Army (MNDAA) will struggle to govern Lashio, which straddles a key trade route to China and normally has a population of 150,000.

    Most fled the weeks of fighting that culminated in the city’s capture last month, and those who remain fear a return to the bloody violence.

    Residents and rescue groups say dozens of civilians were killed or wounded as the military pounded the town with air strikes and both sides launched rockets and shells at each other.

    While the fighting has eased since August, junta planes are still flying sorties and conducting air strikes, including on Monday and Tuesday night. 

    “We cannot say Lashio is back to normal but everyone is trying to act like it’s normal,” real estate agent Soe Soe, 30, told AFP.

    She fled in July but returned after the MNDAA took over and said she will stay, even as smaller clashes continue in the vicinity. 

    “The situation is uncertain right now,” she added. “Everyone is afraid.”

    – ‘No experience’ –

    The MNDAA was part of a trio of ethnic armed groups that launched a coordinated offensive against the junta — which ousted Aung San Suu Kyi’s civilian government in 2021 — a year ago, taking it by surprise and seizing swathes of Shan state.

    Junta jets are still pounding the city and targets have included hospitals and administrative buildings, according to the US Institute of Peace’s Myanmar programme chief Jason Tower.

    They “seem to be focused on preventing the MNDAA from advancing post-conflict reconstruction and returning the city to normal under its governance”, he said.

    Running Lashio will stretch the MNDAA’s manpower and capacity, he told AFP.

    “It is now trying to govern a much larger territory and faces a wide range of challenges it has no experience dealing with.”

    – ‘Everyone is afraid’ –

    Lucrative lead, silver and zinc mines lie near Lashio, while hundreds of millions of dollars’ worth of trade passes along the highway that snakes northeast to China through the jungle-clad Shan hills each year, according to the junta’s commerce ministry.

    Reaching the city is difficult due to fighting along the road.

    Within it, rifle-toting MNDAA policemen in black uniforms patrol the streets as the group — which analysts say maintains close ties with Beijing — works to convince former residents and businesses to return.

    Vendors marked out new plots at a market damaged during the fighting, but schools were shuttered and traffic was thin on the usually busy highway.

    As the group tries to restore normality, MNDAA-affiliated media have released regular updates about new administrative measures, from reorganising the main market to distributing rice and supplies to needly families.

    But many who fled the fighting are yet to return. 

    “Everyone is afraid because the fighting only just finished,” said Mae Gyi, 28, a vendor.

    Junta air strikes have killed and wounded several civilians, according to the MNDAA.

    And the ethnically Chinese MNDAA are an unknown quantity for Lashio’s diverse population of Bamar, Shan, and other groups.

    In areas controlled by the group in its Kokang homeland along the border with China’s Yunnan province, the language of administration, the currency and internet providers are all Chinese.

    It has other echoes with the People’s Republic: in April the MNDAA executed three of its members in the border city of Laukkai for murder and selling stolen weapons, following a public trial in which each of the accused wore a placard detailing their crimes in Chinese. 

    – Nowhere to go –

    The approach has alarmed some Lashio residents, with one former inhabitant — speaking on condition of anonymity — telling AFP they would not return until the MNDAA left.

    “Only our parents went back to Lashio,” the former resident said.

    But others have welcomed the tough approach.

    “The MNDAA has cleaned the town, and they have been helping the people… They helped to prevent prices from becoming too high,” said another former resident, whose family have returned.

    AFP has contacted the group on its plans for administering Lashio but received no response.

    Only “around 20-30 percent” of the town’s population had returned, said Soe Soe, but she was determined not to flee again despite the continuing low-level fighting.

    “We don’t have anywhere else to go,” she said. “So I came back to Lashio and am trying my best to stay here.”

    MIL OSI USA News

  • MIL-OSI USA: Two Members of Transnational Money Laundering Organization Plead Guilty to Laundering Millions of Dollars in Drug Proceeds

    Source: US State of California

    A Georgia man pleaded guilty today to his involvement in a conspiracy to launder tens of millions of dollars in drug proceeds on behalf of foreign drug trafficking organizations, including the Sinaloa Cartel and Cartel de Jalisco Nueva Generación (the Jalisco Cartel). Earlier this year, on Aug. 5, a foreign national residing in Illinois pleaded guilty for his role in the same money laundering scheme.

    According to court documents, Li Pei Tan, 46, of Buford, and Chaojie Chen, 41, a Chinese national residing in Chicago, worked for an organization that laundered millions of dollars in proceeds related to the importation of illegal drugs into the United States, primarily through Mexico, and the unlawful distribution of these drugs. Tan, Chen, and their co-conspirators traveled throughout the United States to collect proceeds derived from trafficking in fentanyl, cocaine, and other drugs. They communicated and coordinated with co-conspirators in China and other foreign countries to arrange for the laundering of these proceeds through financial transactions that were designed to conceal the illicit source of the drug proceeds, including through a sophisticated trade-based money laundering scheme involving the purchasing of bulk electronics in the United States and the shipping of these electronics to co-conspirators in China.

    On multiple occasions prior to Chen’s May arrest, law enforcement seized hundreds of thousands of dollars in bulk cash drug proceeds from Chen at locations across the United States. Additionally, Tan was intercepted by law enforcement in South Carolina while attempting to transport over $197,000 in drug proceeds.

    According to the Drug Enforcement Administration (DEA)’s National Drug Threat Assessment, the Sinaloa and Jalisco cartels are at the heart of the fentanyl crisis in the United States.

    Tan and Chen pleaded guilty to conspiracy to commit money laundering. As part of their pleas, Tan and Chen agreed to forfeit numerous assets to the government, including a residence, a firearm, body armor, and more than $270,000 in seized currency. Additionally, they agreed to the imposition of money judgments totaling over $23 million. Chen is scheduled to be sentenced on Nov. 14 and Tan is scheduled to be sentenced on Feb. 7, 2025. Chen and Tan each face a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division; U.S. Attorney Jessica D. Aber for the Eastern District of Virginia; and DEA Administrator Anne Milgram made the announcement.

    The DEA’s Special Operations Division, Bilateral Investigations Unit is investigating the case, with assistance from the DEA’s Office of Special Intelligence, Document and Media Exploitation Unit; DEA offices in Chicago, Atlanta, Charlotte, North Carolina, and Charleston, South Carolina; and the Anderson County, South Carolina, Sheriff’s Office.

    Trial Attorney Mary K. Daly of the Criminal Division’s Money Laundering and Asset Recovery Section and Assistant U.S. Attorney Edgardo J. Rodriguez for the Eastern District of Virginia are prosecuting the case.

    MIL OSI USA News

  • MIL-OSI USA: Remarks by President Trump at Executive Order Signing

    US Senate News:

    Source: The White House
    For Immediate Release                            January 24, 2025
    REMARKS BY PRESIDENT TRUMP
    AT EXECUTIVE ORDER SIGNING
    Oval Office
    (January 23, 2025)
    3:10 P.M. EST
         THE PRESIDENT:  Hello, everybody.
         Q    Hello, sir.
         THE PRESIDENT:  You all set?  Okay.  Very good.
         I’m going to sign some executive orders.  They were very important in just about every case.  And we’ll go through the first one, please. 
         MR. SCHARF:  Sure.  Do you want to —
         MR. SACKS:  Yeah.  Mr. President, this is an executive order on crypto.  We’re going to be —
         MR. SCHARF:  That’s AI.  Sorry.
         MR. SACKS:  Oh, sorry.  We’re doing AI first.  Sorry.
         MR. SCHARF:  Yeah, AI.
         MR. SACKS:  Sir, this is an executive order on AI.  We’re forming — we’re — we’re basically announcing the administration’s policy to make America the — the world capital in artificial intelligence and to dominate and to lead the world in AI. 
         THE PRESIDENT:  Do you want to say your name — your full name and serial number?
         MR. SACKS:  Yeah, David Sacks, AI and crypto czar.
         THE PRESIDENT:  David is one of the greatest in the world at AI — most respected, probably, there is. 
         (The executive order is signed.)
         So, that should take us to the forefront, right?
         MR. SACKS:  Absolutely.  We got to win. 
         THE PRESIDENT:  Okay. 
         Thank you. 
         MR. SCHARF:  Thank you, sir.
         THE PRESIDENT:  And this, David, is?
         MR. SCHARF:  Crypto.
         MR. SACKS:  Yeah, this is the crypto EO.  We’re going to be forming a internal working group to make crypto — to make America the world capital on crypto under your leadership.
         THE PRESIDENT:  Which is really going up, right? 
         MR. SACKS:  Absolutely.
         (The executive order is signed.)
         THE PRESIDENT:  All right, David.  That’s for you.  (The president gives Mr. Sacks the signing pen.)  Thanks.
         MR. SACKS:  Thank you, sir.
         THE PRESIDENT:  You find them exciting?  They might not be exciting, but we’re going to make a lot of money for the country.  Okay?
         MR. SACKS:  Thank you, sir.
         THE PRESIDENT:  And so is David.  You have to check him out.  There is nobody like this guy.  They said, “How did you get David Sacks?  How did you do that?”  And he’s — he’s doing it for the country more than anything else.  So, we appreciate it, David.  Thank you very much.
         MR. SACKS:  Thank you, sir.
         MR. SCHARF:  This is an executive order establishing a presidential commission — an advisory commission on science and technology.
         THE PRESIDENT:  Good.
         (The executive order is signed.)
         Do you want to explain that a little bit?
         MR. SCHARF:  The basic idea is to get together top people from government to private-sector technology industry, as well as educational institutions, to make sure that America maintains its leadership position with respect to science and technology development in the years ahead.
         THE PRESIDENT:  Good.  That’s great.
         MR. SCHARF:  Next, sir, we have a presidential memorandum encouraging departments and agencies in your government, including the Department of the Interior, to promote federal recognition of the Lumbee Tribe of —
         THE PRESIDENT:  Ohh.
         MR. SCHARF:  — North Carolina.
         THE PRESIDENT:  I love the Lumbee Tribe.  So, this is their first big step, right?
         MR. SCHARF:  This would be a huge step for them, sir.
         THE PRESIDENT:  Yeah.  They were with me all the way.  They were great — North Carolina Lumbee Tribe.
         (The presidential memorandum is signed.)
         And we’ll send — you’ll send them a copy of that?
         MR. SCHARF:  Yes, sir.
         THE PRESIDENT:  They were great. 
         Okay?
         MR. SCHARF:  And, if you’d like, I could get them that pen, sir, as well.
         THE PRESIDENT:  Yeah, let’s do that.  (The president gives Mr. Scharf the signing pen.)
         MR. SCHARF:  Next, we have a set of pardons for peaceful pro-life protestors who were prosecuted by the Biden administration for exercising their First Amendment rights.
         THE PRESIDENT:  Do you know how many?
         MR. SCHARF:  I believe it’s 23, sir.
         THE PRESIDENT:  Twenty-three people that were prosecuted.  They should not have been prosecuted.  Man- of — many of them are — are elderly people.  They should not have been prosecuted.  This is a great honor to sign this.
         (The proclamation is signed.)
         They’ll be very happy.
         MR. SCHARF:  Thank you, sir.
         THE PRESIDENT:  So, they’re all in prison now?
         MR. SCHARF:  Some are.  Some are — are out of custody. 
         THE PRESIDENT:  It’s ridiculous.
         Okay?
         MR. SCHARF:  Lastly, sir, we have an executive order ordering the declassification of files relating to the assassinations of President John F. Kennedy, Senator Robert F. Kennedy, and the Reverend Dr. Martin Luther King, Jr.
         THE PRESIDENT:  That’s a big one, huh?  A lot of people are waiting for this for a long — for years — 
         MR. SCHARF:  Yes, sir.
         THE PRESIDENT:  — for decades.  And everything will be revealed.
         (The executive order is signed.)
         Okay.  Give that to RFK, Jr.  (The president gives Mr. Scharf the signing pen.)
         MR. SCHARF:  Yes, sir.
         THE PRESIDENT:  Okay. 
         Okay.  Thank you very much.
         (Cross-talk.)
         Q    Mr. President — Mr. President, a U.S. judge temporarily blocked the birthright citizenship order.  Do you have any reaction to —
    THE PRESIDENT:  No.  Obviously, we’ll appeal it.  They put it before a certain judge — in Seattle, I guess, right?  And
    there’s no surprises with that judge. 
    Q    Mr. President, Senators Collins and Murkowski have now said they will vote against Pete Hegseth.  Are you worried about his confirmation, and your reaction?
    THE PRESIDENT:  No.  And no surprises there.  It’s too bad.  You know, it’s the way — the way it is.  Too bad. 
    Q    And when would you adjourn Congress to make recess appointments, Mr. President?
    THE PRESIDENT:  Well, I’d take a look at that.  I’d listen to John Thune.  He’s doing a fantastic job.  We’re moving along.  The Democrats are trying to delay government, as they always do.  They can’t help themselves.  Even John Ratcliffe, who’s very, very strong, very popular and liked by the Democrats — I guess, he gets a lot of Democrat votes — that’s taking a long time, and it shouldn’t be taking a long time. 
    They — they’re maxing everything out so they can delay everything as much as possible.
    Q    Does Senator Thune support an effort to use recess appointments if you choose to do that?
    THE PRESIDENT:  I’d be willing to use recess appointments.  It’s up to John.  We’ll see.  John Thune is a great guy, great senator, knows his stuff inside out and backwards.  But I would use recess appointments if he wants to do that.  Absolutely.
         (Cross-talk.)
    The Democrats are just delaying.  They always delay.
    Q    Mr. President, you spoke with the Saudi crown prince yesterday.
    THE PRESIDENT:  Who?
    Q    The Saudi crown prince.
    THE PRESIDENT:  Yes.
    Q    How was the — the call?
    THE PRESIDENT:  Great.  It was great.
    Q    And they said $600 million — billion dollar they can invest?
    THE PRESIDENT:  Six hundred.  I’ll ask them for a trillion. 
    Q    You said you’re going to ask them for a trillion.  Will Saudi Arabia be the first foreign country you will visit, since they’re investing that much money?
    THE PRESIDENT:  Well, if they do that, I would, yeah.
    Q    You would?
    THE PRESIDENT:  I would be glad to do that.  I did it, as you know, four years ago.  We did $450 billion — meaning the money all goes to American companies — and they purchased jets and they purchased computers and everything else.  And we did $450 billion, and I guess we’re at $600, $650.
    (Cross-talk.)
    And I’ll see if I can talk them into a trillion.
    Q    And on the Middle East again.  You showed great confidence in Steve Witkoff.  Why you said that you doubt that the ceasefire in Gaza will — will hold since you appraised his efforts?
    THE PRESIDENT:  Well, no, I think he’s great.  But it’s a very tricky place.  It’s very tricky.  And we’ll see.  And if it — if something does happen, they will not be happy. 
    Q    Sir, follow-up on that one.  In terms of Steve Witkoff, are you going to put him in charge of — of Iran strategy?  And do you want him talking directly with the Iranians?
    THE PRESIDENT:  No, but he — he certainly is somebody I would use.  He’s done a fantastic job.  He’s a great negotiator.  He’s a very good person, great — a very popular person.  Gets along with people.  I have great negotiators.  They — they have no personality whatsoever, and then I have some that do. 
    Steve has a wonderful way about him and people like him.  And even in this case, both sides like him, and he was able to make a deal.  That deal would have never been made without Steve. 
    The Biden people couldn’t make the deal.  They were working on it for a year and a half.  They couldn’t make a deal.  We got it done prior to the inauguration.  We said it has to be before the inauguration. 
    I mean, the deal should hold, but if it doesn’t hold, there’ll be a lot of problems.
    (Cross-talk.)
    Q    Related to your AI EO.  Just hours after you made that big Stargate announcement, Elon Musk tweeted that they don’t actually have the money.  Is that true?
    THE PRESIDENT:  I don’t know if they do, but, you know, they’re putting up the money.  The government is not putting up anything.  They’re putting up money.  They’re very rich people, so I hope they do. 
    And, I mean, Elon doesn’t like one of those people.  So, (inaudible).
    (Cross-talk.)
    Q    Are you worried that AI is going to replace many American jobs? 
    THE PRESIDENT:  No.
    Q    Does that worry you?
    THE PRESIDENT:  No, no.  It’s going to create tremendous numbers of jobs.  It’s going to also create a lot of benefits, medically, for cancer research and other things.  It’s going to have a huge positive impact.
    And, you know, we want to be ahead of China.  We’re, right now, way ahead of China.
    David Sacks is one of the all-time experts.  You know, that — people are amazed that he — you just met him.  I don’t know if he’s still here.
    MR. SACKS:  (Inaudible.)
    THE PRESIDENT:  There he is.
    But — but one of the most respected people in that world.  It’s a world.  That’s a whole different world. 
    And we’re ahead of China now because of what I’m doing, and I think it’s going to be very successful. 
    (Cross-talk.)
    Q    On NATO spending, please.  You just asked the Davos forum again that NATO countries should spend 5 percent of GDP on defense.
    THE PRESIDENT:  Yeah.
    Q    The United States don’t spend 5 percent.
    THE PRESIDENT:  Well, I — I don’t think so, no.
    Q    Do you think it should also apply to the United States?
    THE PRESIDENT:  We’re protecting them, you know?  They’re not protecting us.  We’re protecting them.  So, I don’t think we should be spending — I’m not sure we should be spending anything, but we should certainly be helping them.  But they should — they should up their 2 percent to 5 percent, yeah.
    Q    Mr. President — Mr. President, you said earlier during your speech at Davos that you would like to see interest rates come down.
    THE PRESIDENT:  Yeah.
    Q    How much would you like to see them come down?
    THE PRESIDENT:  A lot.
    Q    And will you talk with Powell?
    THE PRESIDENT:  I’d like to see them come down a lot, and oil prices will come down.  And when oil prices come down, everything is going to be cheaper for the American people — and actually for the world — but for the American people.  So, I’d like to see oil prices come down.
    And when the energy comes down, that’s going to knock out a lot of the inflation.  That’s going to automatically bring the interest rates down. 
    Q    Are you worried that it’s too much going on at once if you’re —
    Q    Mr. President, you said that you would demand —
    Q    Are you worried that there’s too much going on at once if you’re trying to bring interest rates down and —
    THE PRESIDENT:  No, no.
    Q    — get the economy back going?
    THE PRESIDENT:  No.  It just works that way.  I mean, it just economically works that way.  When the oil comes down, it’ll bring down prices, then you won’t have inflation, and then the interest rates will come down.  (Inaudible.)
    (Cross-talk.)
    Q    You said that you would demand that the interest rates come down. 
    THE PRESIDENT:  Well, I would put in —
    Q    Do you expect —
    THE PRESIDENT:  I would put in a strong statement.
    Q    Do you expect the Fed to listen to you?
    THE PRESIDENT:  Yeah. 
    Q    Are you going to talk to Powell about this and — bringing the rates down?
    THE PRESIDENT:  At — at the right time, I would.
    Q    Sir, do you plan to meet with any of the people you pardoned that were — participated in the January 6th, 2021, attack — do you plan to meet with any of them or meet with them at the White House?
    THE PRESIDENT:  I don’t know.  I’m sure that they probably would like to.  I did — I did them something important.  But what they did is they were protesting a crooked election.  And, you know, I mean, people understand that also.  And they were treated very badly.  Nobody’s been treated like that. 
    So, I’d be open to it, certainly.  I — I don’t know of anything like that, but I think they — they’re going to — meeting some of the congresspeople — congressmen, -women —
    Q    Have you spoken to them?
    THE PRESIDENT:  — who want to — want to meet.  But I’d certainly be open to it. 
    Q    Have you spoken to them since you issued the pardons?
    THE PRESIDENT:  I haven’t spoken to any of them yet, but I know they’re very happy. 
    (Cross-talk.)
    I gave them — I gave them their life back.  Their life was taken away from them unnecessarily and unfairly.  I gave them their life back.  So, I can imagine they probably would like to.
    Q    What did you mean when you said that Biden took bad advice in not pardoning himself yesterday? 
    THE PRESIDENT:  Well, he did.  I think he did, because he — he pardoned all these people that are crooked as hell.  Look, the congressmen, they’re crooked.  What they did is they destroyed evidence.  When you destroy evidence, especially criminally like that — they did it criminally. 
    And the reason they destroyed the evidence is because it proved that I was right.  They didn’t destroy evidence for no reason.  They destroyed it because they found many documents saying that I offered 10,000 soldiers.  If they had 500 soldiers or National Guard, there would have been no problem.  If they had 200, that would have been — I offered 10,000, if they needed them — there would have been no problem. 
    That’s been now totally disproven.  And it’s also been disproven by Nancy Pelosi’s daughter, who has her on tape saying it was her fault, that she has full responsibility for this. 
    But — and they have all that stuff.  They destroyed everything, and they go through a year and a half, two years of nonsense, they come up with tremendous evidence, and they destroyed evidence.
    And Schiff knew about it.  That’s why he’s on there.  He knew all about the destruction of evidence.  A lot of people said he’s the one that got them to do it.  And he’s a crooked guy — you know? — totally crooked politician.  And so, he’s pardoned, and some other people are pardoned. 
    And these are crooked politicians, every one of them.  Bennie Johnson [Thompson], what he did is incredible.  I mean, he was the leader of the committee, and he did it.  Cheney, Crying Adam Kinzinger, all of them — they destroyed evidence and deleted everything. 
    There’s nothing with — there’s no evidence now.  They’re crooked politicians, and they should be punished.  You know, that’s — even in a civil trial, you go to jail for a thing like that.  They destroyed every document, from what I understand — every document — because it proved that I was totally innocent. 
    Q    Do you plan to send up to 10,000 troops to the southern border, sir?
    THE PRESIDENT:  Yeah.  Oh, southern border?
    Q    Yes, the border. 
    THE PRESIDENT:  When you say “southern border” — when I said “10,000 troops,” I was referring to the Capitol. 
    Q    Oh, I see.  A- — and when does that —
    THE PRESIDENT:  No, no, you got it wrong.  I was referring — 
    Q    When do you plan —
    THE PRESIDENT:  — to the Cap- — 
    Q    When do you plan to do that?
    THE PRESIDENT:  I offered 10,000 troops to the Capitol before January 6th.
    Q    And as for the 1,500 at the southern border, sir, to clarify, what exactly do you want them to be doing right now?
    THE PRESIDENT:  Making sure that the border is safe and secure and that criminals don’t come into our country.
    Q    Mr. President, do you think that sanctions on Russia will force President Putin to negotiate?
    THE PRESIDENT:  I don’t know, but I think he should make a deal. 
    Q    Mr. President, does it bother you that Elon Musk criticized a deal that you made publicly, that he said — that he tweeted that?
    THE PRESIDENT:  No, it doesn’t.  He hates one of the people in the deal.  So — 
    Q    Have you spoken to him since then?
    THE PRESIDENT:  No, no.  I’ve — well, I’ve spoken Elon but —
    Q    Not about that? 
    THE PRESIDENT:  I’ve spoken to all of them, actually.
    No, no.  The people in the deal are very, very smart people.  But Elon, one of the people he happens to hate.  But I have certain hatreds of people too —
    Q    Sir —
    THE PRESIDENT:  — you know?
    Q    Sir, on China.  What do you think Xi Jinping can do on the Ukraine-Russia war? 
    THE PRESIDENT:  Which one?
    Q    Ukraine-Rus- — -Russia war.  What can Xi Jinping do about that?
    THE PRESIDENT:  China?
    Q    Yeah.
    THE PRESIDENT:  They have a lot of power over Russia.  They supply energy to Russia, and Russia supplies energy to them.  They supply other things to — you know, it — it’s really a very big trade.  It’s a very big trading partner.  But Russia supplies a lot of energy to China, China pays them a lot of money for that, and I think they have a lot of power over Russia.  So, I think Russia should want to make a deal. 
    Maybe they want to make a deal.  I think, from what I hear, Putin would like to see me, and we’ll meet as soon as we can.  I’d — I’d meet immediately.  Every day we don’t meet, soldiers are being killed in a battlefield, and that battl- — battlefield is like no battlefield since World War II.  That’s a —
    Q    You said that U- — Ukraine wants to —
    THE PRESIDENT:  And I have — I have pictures that you don’t want to see.  Soldiers are being killed on a daily basis at numbers that we haven’t seen in decades.  And it would be nice to end that war.  It’s a ridiculous war. 
    Q    You said that Ukraine is ready to make a deal.  Did President Zelenskyy tell you that at — personally?
    THE PRESIDENT:  Yeah, sure.  He’s ready to negotiate a deal.  He’d like to stop.  He’s a — he’s somebody that lost a lot of soldiers, and so did Russia — lost a lot.  I mean, Russia lost more soldiers.  They lost 800,000 soldiers.  Would you say that’s a lot?  I’d say it’s a lot.
    (Cross-talk.)
    Q    Mr. President, you said that you wanted to make Dr. King’s dream a reality.  What’s your response to his children and civil rights leaders who say that your DEI orders are a contradiction of his dream and could further drive racial disparities?
    THE PRESIDENT:  Well, I haven’t heard that. 
    Q    Mr. President, you put the Houthis back on the terror list.  How do you see the war in Yemen end now?
    THE PRESIDENT:  Well, we’ll see what happens, but they can’t shoot down our ships — the Houthis.
    Q    Yes.
    THE PRESIDENT:  And that — you can’t shoot down our ships or any ships, and that’s what they’ve been doing.  So, they’re on the terror list, and —
    Q    Mr. President —
    THE PRESIDENT:  — that’s not good for them.
    Q    Mr. President —
    Q    Sir, why did you revoke security protections for former Secretary of State Mi- — Mike Pompeo and — and Brian Hook?
    THE PRESIDENT:  Well, the same reason I do — when you, you know, have protection, you can’t have it for the rest of your life.  Do you want to have a large detail of people guarding people for the rest of their lives?  I mean, there’s risks to everything. 
    Q    Do you think a former presidents should (inaudible) —
    Q    Sir, would you support striking Iran’s nuclear facilities?
    THE PRESIDENT:  Say it? 
    Q    Would you support Israel, for example, striking Iran’s nuclear facilities?  Or do you — 
    THE PRESIDENT:  Well, I’m not going to answer that.
    Q    — believe in diplomacy?
    THE PRESIDENT:  Obviously, I’m not going to answer that question.  We’ll have to see.  I — I’m going to be meeting with various people over the next couple of days, and we’ll see.  But hopefully that can be worked out without having to worry about it.  It would be nice — it would really be nice if that could be worked out without having to go that further step. 
    Q    And who are you going to meet with, if I — if I may ask?
    THE PRESIDENT:  Well, I’d rather not say that, but very high-level people.  But hopefully that could be worked out. 
    You know, look, Iran, hopefully, will be — make a deal.  And if they don’t make a deal, I guess that’s okay too.
    Q    And, Mr. President, just to follow up, you said you think the Fed should listen to you.  Can you elaborate on why you think it should?
    THE PRESIDENT:  With regard to interest rates?
    Q    Correct, yes.
    THE PRESIDENT:  Because I think I know interest rates much better than they do, and I think I know it certainly much better than the one who’s primarily in charge of making that decision. 
    But, no, I’m guided by them very much, but if I disagree, I will let it be known.
    Q    Mr. President —
    Q    Sir, your tariffs planned for China and Mexico are much tougher — or the ones for Canada and Mexico are much tougher than the one for China.  Why is it softer for China?
    THE PRESIDENT:  Well, China is already paying a lot of tariffs because of me, and when you add them up, I would say, you know, they’re paying a lot.  They paid hundreds of billions of dollars.  They never paid 10 cents until I came along.  When I came along, they pay hundreds of — they’ve paid hundreds of billions of dollars.  Never paid anything.  And so, they’ve already started at a higher base.
    Q    Is February 1st —
    Q    Sir, about the border —
    Q    — the date for Chinese tariffs as well, sir?  February 1?  Or was that just Mexico and Canada?
    THE PRESIDENT:  It’s Mexico and Canada.  But we’ll — we’re talking about China too.  Look, China is sending us tremendous amounts of bad drugs: fentanyl — really bad stuff.  Most of it comes through Mexico.  And we’re losing, I s- — I think, 300,000 lives a year because of that.  People say 150, 100, 120.  I think 300,000 lives a year.  Those are old numbers.  The other — the lower number is a low number.  And we can’t have that.  They’ve got to stop sending it. 
    I had a deal with President Xi, but it was a deal that wasn’t followed up by Biden, of course, where they were going to issue the death penalty to people that make fentanyl, and that would have stopped it.  But we’ll have to stop it with tariffs. 
    Okay?  Thank you very much, everybody. 
    Q    So, is China (inaudible) —
    (Cross-talk.) 
    THE PRESIDENT:  Thank you.  Thank you.  Thank you very much.  Appreciate it. 
    Q    Thank you, Mr. President.
    THE PRESIDENT:  Thank you. 
                             END                    3:30 P.M. EST

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