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Category: China

  • MIL-OSI USA: Markey, Wyden, Merkley, Kaine, Van Hollen and Booker Warn U.N. Cyber Convention Could Justify Spying and Censorship By China, Russia and Other Authoritarian Regimes

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    U.N. Convention Against Cybercrime Lacks Safeguards Against Abuse; Senators Urge Admin To Seek Better Balance To Protect Journalism and Human Rights
    Washington, D.C. – Senator Edward J. Markey (D-Mass.) joined Senators Ron Wyden (D-Ore.), Jeff Merkley (D-Ore.), Tim Kaine (D-Va.), Chris Van Hollen (D-Md.), and Cory Booker (D-N.J.) in urging the Biden Administration to make clear a United Nations cyber convention should not be used to justify censorship, spying and human rights abuses by authoritarian governments like Russia and China, in a letter sent to Secretary of State Antony Blinken, Attorney General Merrick Garland, Commerce Secretary Gina Raimondo and National Security Advisor Jake Sullivan.
    “We fear the Convention will legitimize efforts by authoritarian countries like Russia and China to censor and surveil internet users, furthering repression and human rights abuses around the world,” the Senators wrote. “While the Executive Branch’s efforts to steer this treaty in a less-harmful direction are commendable, more must be done to keep the Convention from being used to justify such actions.”
    The U.N. Convention Against Cybercrime was originally proposed by Russia in 2017 as an alternative to an existing treaty on cybercrime. The U.N. convention is expected to come up for a vote in the U.N. General Assembly as soon as December. 
    A broad array of advocates for journalism, human rights and national security have warned that the convention could be abused by authoritarian regimes to repress political dissent and censor independent reporting, and have urged changes to the measure.  
    The senators thanked the Biden Administration for seeking changes to improve the convention, but warned that the final document does not go far enough to protect journalists, cybersecurity researchers and human rights advocates against surveillance and censorship by authoritarian regimes. 
    “As the UNGA considers the Convention, the United States must not align itself with repressive regimes by supporting a Convention that undermines human rights and U.S. interests,” the lawmakers wrote. “Instead, the United States should lead the charge at the U.N., with allies and partners, for a more balanced and rights-respecting approach to cybercrime. Upholding the values of freedom and human rights is essential not only for U.S. global standing but also for the protection of vulnerable communities worldwide.”
    Read the full letter to the administration HERE.

    MIL OSI USA News –

  • MIL-OSI: Qorvo® Announces Fiscal 2025 Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GREENSBORO, N.C., Oct. 29, 2024 (GLOBE NEWSWIRE) — Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2025 second quarter ended September 28, 2024.

    On a GAAP basis, revenue for Qorvo’s fiscal 2025 second quarter was $1.047 billion, gross margin was 42.6%, operating income was $9.7 million, and loss per share was $0.18. On a non-GAAP basis, gross margin was 47.0%, operating income was $212.2 million, and diluted earnings per share was $1.88.

    Bob Bruggeworth, president and chief executive officer of Qorvo, said, “In the September quarter, ACG successfully supported our largest customer’s seasonal smartphone ramp. In HPA, we expanded our D&A business while building a broad-based business in power management. In CSG, we maintained our leadership in Wi-Fi applications while investing to grow in diverse businesses including automotive solutions and SoCs for ultra-wideband and Matter. HPA and CSG are on pace to achieve mid-teen year-over-year growth in fiscal 2025.”

    Financial Commentary and Outlook

    Grant Brown, chief financial officer of Qorvo, said, “In the September quarter, we exceeded the midpoint of guidance in revenue, gross margin and EPS. Looking forward, the flagship and premium tiers in the smartphone market are holding up well, however, content and ramp profiles vary by model, and we are experiencing unfavorable mix. We expect this to continue in the second half of fiscal 2025. In addition, in the mid and entry tiers of Android 5G smartphones, mix has shifted toward entry-tier 5G at the expense of mid-tier 5G. In our current view, we don’t expect this mix shift in Android 5G from mid-tier to entry-tier to reverse. As a result, we are taking appropriate actions, including factory consolidation and operating expense reductions as well as focusing on opportunities that align with our long-term profitability objectives. We currently expect full-year fiscal 2025 revenue and gross margin will be slightly down versus fiscal 2024.”

    Qorvo’s current outlook for the December 2024 quarter is:

    • Quarterly revenue of approximately $900 million, plus or minus $25 million
    • Non-GAAP gross margin of approximately 45%
    • Non-GAAP diluted earnings per share between $1.10 and $1.30

    See “Forward-looking non-GAAP financial measures” below. Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.

    Selected Financial Information

    The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.

    SELECTED GAAP RESULTS
    (In millions, except for percentages and EPS)
    (Unaudited)
                           
      Q2 Fiscal 2025   Q1 Fiscal 2025   Q2 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $ 1,046.5     $ 886.7     $ 1,103.5     $ 159.8     $ (57.0 )
    Gross profit $ 445.3     $ 332.3     $ 489.7     $ 113.0     $ (44.4 )
    Gross margin   42.6 %     37.5 %     44.4 %   5.1 ppt   (1.8) ppt
    Operating expenses $ 435.6     $ 327.7     $ 338.3     $ 107.9     $ 97.3  
    Operating income $ 9.7     $ 4.6     $ 151.4     $ 5.1     $ (141.7 )
    Net (loss) income $ (17.4 )   $ 0.4     $ 97.5     $ (17.8 )   $ (114.9 )
    Weighted-average diluted shares   94.9       96.5       98.6       (1.6 )     (3.7 )
    Diluted EPS (loss per share) $ (0.18 )   $ 0.00     $ 0.99     $ (0.18 )   $ (1.17 )
                           
                           
    SELECTED NON-GAAP RESULTS(1)
    (In millions, except for percentages and EPS)
    (Unaudited)
                           
      Q2 Fiscal 2025   Q1 Fiscal 2025   Q2 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $ 1,046.5     $ 886.7     $ 1,103.5     $ 159.8     $ (57.0 )
    Gross profit $ 492.0     $ 362.7     $ 525.2     $ 129.3     $ (33.2 )
    Gross margin   47.0 %     40.9 %     47.6 %     6.1 ppt       (0.6) ppt  
    Operating expenses $ 279.8     $ 264.5     $ 245.8     $ 15.3     $ 34.0  
    Operating income $ 212.2     $ 98.1     $ 279.4     $ 114.1     $ (67.2 )
    Net income $ 179.8     $ 83.5     $ 235.5     $ 96.3     $ (55.7 )
    Weighted-average diluted shares   95.8       96.5       98.6       (0.7 )     (2.8 )
    Diluted EPS $ 1.88     $ 0.87     $ 2.39     $ 1.01     $ (0.51 )

    (1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, gain or loss on assets, other expense or income, gain or loss on investments, and an adjustment of income taxes.

    SELECTED GAAP RESULTS BY OPERATING SEGMENT
    (In millions, except percentages)
    (Unaudited)
      Q2 Fiscal 2025   Q1 Fiscal 2025   Q2 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue                  
    HPA $ 148.3     $ 129.5     $ 149.8       14.5 %     (1.0 )%
    CSG   146.8       114.9       103.6       27.8 %     41.7 %
    ACG   751.4       642.3       850.1       17.0 %     (11.6 )%
    Total revenue $ 1,046.5     $ 886.7     $ 1,103.5       18.0 %     (5.2 )%
    Operating income (loss)                      
    HPA $ 13.1     $ 4.9     $ 25.4       167.3 %     (48.4 )%
    CSG   (9.0 )     (19.5 )     (27.7 )     53.8 %     67.5 %
    ACG   215.1       116.4       284.8       84.8 %     (24.5 )%
    All other(1)   (209.5 )     (97.2 )     (131.1 )     (115.5 )%     (59.8 )%
    Total operating income $ 9.7     $ 4.6     $ 151.4       110.9 %     (93.6 )%
    Operating income (loss) as a % of revenue                          
    HPA   8.8 %     3.8 %     17.0 %     5.0 ppt       (8.2) ppt  
    CSG   (6.1 )     (17.0 )     (26.7 )     10.9 ppt       20.6 ppt  
    ACG   28.6       18.1       33.5       10.5 ppt       (4.9) ppt  
    Total operating income as a % of revenue   0.9 %     0.5 %     13.7 %     0.4 ppt       (12.8) ppt  

    (1) Includes stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, gain or loss on assets, other expense or income, and other miscellaneous corporate overhead expenses.

    Non-GAAP Financial Measures

    In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.

    In managing Qorvo’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo’s underlying performance.

    We believe that these non-GAAP financial measures offer an additional view of Qorvo’s operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo’s results of operations and the factors and trends affecting Qorvo’s business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

    Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo’s operations, are outlined below:

    Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other expense (income). We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies.

    We view amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation.

    We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo’s ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo’s gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo’s ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.

    Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, (gain) loss on assets and certain other expense (income). We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, (gain) loss on assets and certain other expense (income) do not constitute part of Qorvo’s ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, (gain) loss on assets, certain other expense (income), gain or loss on investments, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows.

    EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo’s ongoing operations (including goodwill and other asset impairments, investment activity, acquisition-related costs and restructuring-related costs) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges).

    Non-GAAP ROIC. Return on invested capital (ROIC) is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations’ use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill.

    Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo’s indebtedness by reflecting cash and investments that could be used to repay debt.

    Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period.

    Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking free cash flow, gross margin, income tax rate and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, restructuring-related charges, gain or loss on assets, goodwill and other asset impairments, gain or loss on investments and the provision for income taxes, which could have a potentially significant impact on our future GAAP results.

    Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently.

    Qorvo will conduct a conference call at 5:00 p.m. ET today to discuss today’s press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at the following URL: https://ir.qorvo.com (under “Events & Presentations”). A telephone playback of the conference call will be available approximately two hours after the call’s completion and can be accessed by dialing 1-412-317-0088 and using the passcode 2723791. The playback will be available through the close of business November 5, 2024.

    About Qorvo

    Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

    Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.

    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “forecast”, “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers’ forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; and volatility in the price of our common stock. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 30, 2024, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

    Financial Tables to Follow

    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended   Six Months Ended
      September 28, 2024   September 30, 2023   September 28, 2024   September 30, 2023
    Revenue $ 1,046,509     $ 1,103,493     $ 1,933,180     $ 1,754,657  
                   
    Costs and expenses:              
    Cost of goods sold   601,203       613,803       1,155,570       1,035,897  
    Research and development   201,050       174,947       388,652       338,037  
    Selling, general and administrative   107,760       103,696       222,683       209,119  
    Other operating expense   126,821       59,619       151,994       68,312  
    Total costs and expenses   1,036,834       952,065       1,918,899       1,651,365  
                   
    Operating income   9,675       151,428       14,281       103,292  
    Interest expense   (22,594 )     (17,121 )     (39,688 )     (34,382 )
    Other income, net   15,422       5,211       27,187       18,927  
                   
    Income before income taxes   2,503       139,518       1,780       87,837  
    Income tax expense   (19,938 )     (42,057 )     (18,801 )     (33,956 )
    Net (loss) income $ (17,435 )   $ 97,461     $ (17,021 )   $ 53,881  
                   
    Net (loss) income per share:              
    Basic $ (0.18 )   $ 1.00     $ (0.18 )   $ 0.55  
    Diluted $ (0.18 )   $ 0.99     $ (0.18 )   $ 0.54  
                   
    Weighted-average shares of common stock outstanding:              
    Basic   94,886       97,945       95,116       98,167  
    Diluted   94,886       98,590       95,116       98,892  
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended
      September 28, 2024   June 29, 2024   September 30, 2023
               
    GAAP operating income $ 9,675     $ 4,606     $ 151,428  
    Stock-based compensation expense   38,181       42,366       39,053  
    Amortization of intangible assets   29,482       30,474       29,963  
    Restructuring-related charges   34,396       19,574       8,418  
    Acquisition and integration-related costs   1,211       2,582       852  
    Goodwill impairment   96,458       —       48,000  
    Other expense (income)   2,811       (1,477 )     1,712  
    Non-GAAP operating income $ 212,214     $ 98,125     $ 279,426  
               
    GAAP net (loss) income $ (17,435 )   $ 414     $ 97,461  
    Stock-based compensation expense   38,181       42,366       39,053  
    Amortization of intangible assets   29,482       30,474       29,963  
    Restructuring-related charges   34,396       19,574       8,418  
    Acquisition and integration-related costs   1,211       2,582       852  
    Goodwill impairment   96,458       —       48,000  
    Other expense (income)   379       (3,446 )     2,616  
    Loss on investments   780       2,499       1,574  
    Adjustment of income taxes   (3,611 )     (10,939 )     7,576  
    Non-GAAP net income $ 179,841     $ 83,524     $ 235,513  
               
    GAAP weighted-average outstanding diluted shares   94,886       96,510       98,590  
    Dilutive stock-based awards   867       —       —  
    Non-GAAP weighted-average outstanding diluted shares   95,753       96,510       98,590  
               
    Non-GAAP net income per share, diluted $ 1.88     $ 0.87     $ 2.39  
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (Unaudited)
     
      Three Months Ended
    (in thousands, except percentages) September 28, 2024   June 29, 2024   September 30, 2023
    GAAP gross profit/margin $ 445,306       42.6 %   $ 332,304       37.5 %   $ 489,690       44.4 %
    Stock-based compensation expense   6,047       0.6       5,186       0.6       7,481       0.7  
    Amortization of intangible assets   25,523       2.4       25,827       2.9       25,591       2.3  
    Restructuring-related charges   15,414       1.4       —       —       2,482       0.2  
    Acquisition and integration-related costs   636       0.1       1,925       0.2       1       —  
    Other income   (885 )     (0.1 )     (2,586 )     (0.3 )     —       —  
    Non-GAAP gross profit/margin $ 492,041       47.0 %   $ 362,656       40.9 %   $ 525,245       47.6 %
      Three Months Ended
    Non-GAAP Operating Income September 28, 2024
    (as a percentage of revenue)  
       
    GAAP operating income   0.9 %
    Stock-based compensation expense   3.7  
    Amortization of intangible assets   2.8  
    Restructuring-related charges   3.3  
    Acquisition and integration-related costs   0.1  
    Goodwill impairment   9.2  
    Other expense   0.3  
    Non-GAAP operating income   20.3 %
      Three Months Ended
    Free Cash Flow(1) September 28, 2024
    (in millions)  
       
    Net cash provided by operating activities $ 127.8  
    Purchases of property and equipment   (33.0 )
    Free cash flow $ 94.8  

    (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.

    QORVO, INC. AND SUBSIDIARIES
    ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    (In thousands)
    (Unaudited)
     
      Three Months Ended
      September 28, 2024   June 29, 2024   September 30, 2023
    GAAP research and development expense $ 201,050     $ 187,602     $ 174,947  
    Less:          
    Stock-based compensation expense   13,468       12,727       11,519  
    Acquisition and integration-related costs   2       2       2  
    Non-GAAP research and development expense $ 187,580     $ 174,873     $ 163,426  
               
      Three Months Ended
      September 28, 2024   June 29, 2024   September 30, 2023
    GAAP selling, general and administrative expense $ 107,760     $ 114,923     $ 103,696  
    Less:          
    Stock-based compensation expense   18,488       24,322       20,030  
    Amortization of intangible assets   3,959       4,647       4,372  
    Acquisition and integration-related costs   1       —       —  
    Non-GAAP selling, general and administrative expense $ 85,312     $ 85,954     $ 79,294  
               
      Three Months Ended
      September 28, 2024   June 29, 2024   September 30, 2023
    GAAP other operating expense $ 126,821     $ 25,173     $ 59,619  
    Less:          
    Stock-based compensation expense   178       131       23  
    Restructuring-related charges   18,982       19,574       5,936  
    Acquisition and integration-related costs   572       655       849  
    Goodwill impairment   96,458       —       48,000  
    Other expense   3,696       1,109       1,712  
    Non-GAAP other operating expense $ 6,935     $ 3,704     $ 3,099  
               
      Three Months Ended
      September 28, 2024   June 29, 2024   September 30, 2023
    GAAP total operating expense $ 435,631     $ 327,698     $ 338,262  
    Less:          
    Stock-based compensation expense   32,134       37,180       31,572  
    Amortization of intangible assets   3,959       4,647       4,372  
    Restructuring-related charges   18,982       19,574       5,936  
    Acquisition and integration-related costs   575       657       851  
    Goodwill impairment   96,458       —       48,000  
    Other expense   3,696       1,109       1,712  
    Non-GAAP total operating expense $ 279,827     $ 264,531     $ 245,819  
    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      September 28, 2024   March 30, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 1,096,452     $ 1,029,258  
    Accounts receivable, net   580,963       412,960  
    Inventories   694,457       710,555  
    Other current assets   160,587       133,983  
    Assets of disposal group held for sale   —       159,278  
    Total current assets   2,532,459       2,446,034  
           
    Property and equipment, net   846,540       870,982  
    Goodwill   2,437,790       2,534,601  
    Intangible assets, net   445,715       509,383  
    Long-term investments   24,804       23,252  
    Other non-current assets   215,767       170,383  
    Total assets $ 6,503,075     $ 6,554,635  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued liabilities $ 675,581     $ 589,760  
    Current portion of long-term debt   412,179       438,740  
    Other current liabilities   245,977       113,215  
    Liabilities of disposal group held for sale   —       88,372  
    Total current liabilities   1,333,737       1,230,087  
           
    Long-term debt   1,549,244       1,549,272  
    Other long-term liabilities   209,925       218,904  
    Total liabilities   3,092,906       2,998,263  
           
    Stockholders’ equity   3,410,169       3,556,372  
    Total liabilities and stockholders’ equity $ 6,503,075     $ 6,554,635  

    At Qorvo®
    Doug DeLieto
    VP, Investor Relations
    1.336.678.7968

    The MIL Network –

  • MIL-OSI: Enovix and Leading Smartphone OEM Execute Development Agreement for Mass Production in 2025

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today that it executed a development agreement with one of the leading global smartphone OEMs with top 5 market share in China. Under the terms of the agreement and subject to applicable milestones, the companies will develop a 100% active silicon anode battery customized for specific smartphone models targeted for launch in Q4 2025. The company now has agreements with 2 of the leading smartphone OEMs and has further sales momentum building in IoT and EV markets.

    Enovix’s CEO Raj Talluri commented, “We are thrilled to formalize this relationship, and we see it as a proof point of smartphones needing batteries with much higher energy density and capacity to satisfy the needs of AI enabled apps. Upon meeting specified milestones in this new agreement, we will enter the smartphone market in 2025 with high-volume production out of Fab2 in Malaysia.”

    About Enovix

    Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

    Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia. For more information visit www.enovix.com and follow us on LinkedIn.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe”, “will”, “may”, “estimate”, “continue”, “anticipate”, “intend”, “should”, “plan”, “expect”, “predict”, “could”, “potentially”, “target”, “project”, “believe”, “continue” or the negative of these terms or similar expressions. Forward-looking statements in this press release include, but are not limited to, statements regarding the applicable OEM agreement, including, without limitation, with respect to our ability to successfully develop a 100% active silicon anode battery customized for a specific smartphone model, our ability to satisfy applicable contract milestones and other terms, and our ability to achieve high-volume production out of Fab2 in Malaysia in 2025. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties. For additional information on these risks and uncertainties and other potential factors that could affect our business and financial results or cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (the “SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our most recently filed annual periodic reports on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or that we will file, with the SEC. Any forward-looking statements made by us in this press release speak only as of the date on which they are made and subsequent events may cause these expectations to change. We disclaim any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.

    For media and investor inquiries, please contact:
    Enovix Corporation
    Robert Lahey
    Email: ir@enovix.com

    The MIL Network –

  • MIL-OSI USA: Budd & Wicker Visit Fort Liberty, Seymour Johnson Air Force Base

    US Senate News:

    Source: United States Senator Ted Budd (R-North Carolina)

    Washington, D.C. — Senate Armed Services Committee (SASC) member Ted Budd (R-NC) and Ranking Member Roger Wicker (R-MS) have completed visits to Fort Liberty in Fayetteville, North Carolina, and Seymour Johnson Air Force Base in Goldsboro, North Carolina.

    During the visits, they received updates on U.S. Air Force programs, special operations work, and Hurricane Helene response efforts.

    Senator Budd said in a statement:

    “I want to thank Ranking Member Wicker for taking time to visit Fort Liberty and Seymour Johnson Air Force Base this week. During our visit, we thanked troops from the 18th Airborne Corps for their rescue and relief efforts in Western North Carolina following Hurricane Helene, met with leaders from USASOC and JSOC, and dined with servicemembers from North Carolina and Mississippi. At Seymour Johnson, it was my honor to showcase F-15E Strike Eagles and their importance to America’s national security. The Old North State has a proud tradition of supporting our military. That’s why my top priority will always be to make sure the men and women and their families at North Carolina’s military bases have the resources necessary to keep our nation strong and safe.”

    Senator Wicker said:

    “Some of the most important national defense work is happening in North Carolina. It was an honor to meet with some of our country’s best and brightest who are helping their fellow citizens in the wake of Hurricane Helene. During our work on this year’s NDAA, Senator Budd has been a vital legislative contributor by directing the right investments to deter China’s growing aerospace threat. He has used the bill to keep his state’s role central in advancing our country’s fighting force. I am excited to continue collaborating with Senator Budd on our shared goal of restoring America’s military might and defense industrial base.”

    Photo:

    MIL OSI USA News –

  • MIL-OSI Economics: Members address digitalization, capacity building at trade facilitation meeting

    Source: WTO

    Headline: Members address digitalization, capacity building at trade facilitation meeting

    In line with the Committee’s 2024 theme “Use of Digitalization to Facilitate Trade,” five members – China, El Salvador, Georgia, Jamaica, and Japan – shared national experiences with the use of digitalization in the “Single Window for Trade Facilitation” process. Under the TFA, members undertake to establish a single window enabling traders to submit documentation and data related to the importation, exportation, or transit of goods through a single entry point.
    In addition, another six members – Bolivia, Chile, Fiji, the Kyrgyz Republic, Nicaragua, and Uzbekistan – made presentations at the Committee meeting on different topics related to TFA implementation, such as average release times for goods, pre-arrival processing, electronic certification of cross-border shipment of plastics, digitalization of border procedures, and regional trade facilitation strategies.
    The TFA entered into force in 2017 and contains provisions for expediting the movement, release, and clearance of goods, including goods in transit, thereby enhancing efficiency, and promoting greater cooperation in cross-border transactions. It is the first WTO agreement in which developing members and least developed country (LDC) members can determine their own implementation schedules, in accordance with their national priorities and capacities, and seek to acquire implementation capacity through the provision of related assistance and support.
    Technical assistance and capacity building
    The Committee also organized a dedicated session on 24 October focused on technical assistance and capacity building, which allowed beneficiary and donor members as well as international development partners to interact and exchange ideas on the topic. 
    Members received an update on progress in technical assistance and capacity building support for the next two-year period through 2026, including a status report from the Trade Facilitation Agreement Facility, which was set up to help developing and least developed country (LDC) members in the implementation of the TFA. This year, members redesigned the dedicated session to focus on interactive panel discussions. A first discussion took place on enhancing the coordination of technical assistance and capacity building, followed by a round-table discussion where members involved in both the delivery and receipt of technical assistance and capacity building addressed how to mobilize such support for sustained reform.
    The Chair expressed appreciation for the constructive engagement of all members, which enriched the discussion and highlighted the importance of collaboration and the need to address ongoing challenges for sustained support. Additionally, member insights on coordination, monitoring, and tailored assistance will contribute to strengthening implementation efforts and ensuring that trade facilitation benefits all members, including developing and LDC members.
    Separately, the United States presented a communication on technical assistance and capacity building which outlines considerations regarding its process of delivering technical assistance, including how to identify specific national contacts, prepare for engagement with donors, and contact donors. During the course of the meeting, the United Kingdom also circulated a paper outlining some general guidance that countries could follow to help guide them in seeking and successfully utilising collaboration with donors for capacity building support.
    Other Committee work
    The WTO Secretariat provided a status report concerning the ratification and implementation of the TFA. Notifications submitted by developing and LDC members currently show they have committed to implement 79% of their TFA obligations. Developed members were required to implement all provisions of the TFA from its entry into force.
    Other topics covered during the meeting included the United States’ concern over Indonesia’s customs procedures for intangible products. In addition, members continued discussions on a revised version of a Committee paper entitled “Good Practices and Building Blocks of Successful National Trade Facilitation Committees”, which seeks to reflect the experiences shared by members and international organizations in this area.
    The next committee meetings will be held on 12-13 March, 4-5 June and 21-23 October 2025.
    All presentations made are available here.
    If you would like to receive news on trade facilitation, subscribe to the TFA Newsbytes here.

    Share

    MIL OSI Economics –

  • MIL-OSI Canada: Remarks by the Deputy Prime Minister announcing actions to protect and create good-paying jobs for Canadian workers

    Source: Government of Canada News

    We’re launching a $200 million regional AI initiative. The regional development agencies will help support AI start-ups to bring new technology to market. And they will help drive AI adoption by Canadian businesses across the economy. I do want to say to Canadian businesses who are excited about the benefits of AI in their businesses, please think about using a Canadian AI company when you are using AI in your business. This is a great strength we have; take advantage of the great AI companies we have here at home.

    October 22, 2024 – Ottawa, Ontario

    Check against delivery

    Thanks everyone for being here. I want to start by recognizing the work that all the people at Parliamentary Protective Services do to make it possible for all of us to do our jobs. On this anniversary of the death of Corporal Nathan Cirillo, who was shot to death while he was guarding the Tomb of the Unknown Soldier, it’s worth reflecting on how essential they are. They take risks every day. Thank you very much to them.

    I will begin by talking about the Canadian economy, and then I’ll talk about actions we are taking to protect and support Canadian workers, and tariffs, and then new measures on artificial intelligence.

    After that, my colleague, the Honourable Randy Boissonnault (Minister of Employment, Workforce Development and Official Languages), will talk about reforms to the Temporary Foreign Worker Program. After that, my colleague, the Honourable Jean-Yves Duclos (Minister of Public Services and Procurement), will talk more about what we are doing regarding artificial intelligence and promoting its adoption in the whole Canadian economy.  

    Let me start by making a couple of comments about the Canadian economy.

    We have been getting some good news in recent weeks. Last week, we got the September inflation number, which was 1.6 per cent. For nine months now, inflation in Canada has been within the Bank of Canada’s target range. And the September number was a three and a half year low.

    With inflation coming down, we have now seen three interest rate cuts. The Bank of Canada was the first central bank in a G7 country to cut interest rates for the first time. It was the first central bank in a G7 country to cut interest rates for the second time. And it was the first central bank in a G7 country to cut interest rates for the third time.

    Wages have now outpaced inflation for 20 months in a row and in September, we had a good jobs number, with 47,000 jobs created. And the unemployment number actually went down a little bit.

    The International Monetary Fund (IMF) published its World Economic Outlook today. And in that Outlook, the IMF forecasted that Canada will have the strongest economic growth in the G7 in 2025. There is a lot more we need to do, but on the macroeconomic front, we’re seeing some solid progress.

    Now, I want to talk about the tariff measures. The government has imposed a 100 per cent tariff on all electric vehicles manufactured in China and it became effective on October 1st. 

    We also announced that we would put in place a 25 per cent tariff on imports of steel and aluminum products from China. Today is a significant day. Today is the day that our tariffs on Chinese steel and aluminum of 25 per cent enter into force. This is a really important measure. It is to protect these essential Canadian industries, and the Canadians who work there, from unfair Chinese trade practices, and from an intentional policy of Chinese overcapacity in an environment where neither labour nor environmental standards are honoured.

    It’s also really important because it is absolutely essential for the Canadian economy that we can say to our partners in North America that Canada will not be a backdoor for diverted Chinese goods, whether it’s electric vehicles or steel and aluminum.

    We are also announcing today a remissions framework. We know that there are some businesses that are anxious about adjusting to this shift in supply chains. It’s really important for us that these essential measures do not harm Canadian businesses or Canadian workers. So, we are prepared to offer tariff relief in exceptional circumstances and we’re publishing today an email address that Canadian businesses can use to apply for tariff relief and a framework that will guide decisions on remissions.

    A second announcement for today is that we are moving forward on the support for AI and AI adoption, which we announced in the budget in the spring.

    Canada is a global AI superpower. There is no better evidence of this than the fact that Canada’s own, and the University of Toronto’s own, Geoffrey Hinton, was recently awarded a Nobel Prize for his groundbreaking research. That research, that Canadian strength in AI, and the underlying thinking behind it, is a huge advantage for Canada in the economy today.

    Our government knows that helping Canadian businesses adopt AI is a really important part of leveraging the Canadian AI advantage.

    Today we are announcing that we’re going to be investing $300 million of the $2.4 billion for AI that we put forward in the budget in the spring.

    We’re launching a $200 million regional AI initiative. The regional development agencies will help support AI start-ups to bring new technology to market. And they will help drive AI adoption by Canadian businesses across the economy. I do want to say to Canadian businesses who are excited about the benefits of AI in their businesses, please think about using a Canadian AI company when you are using AI in your business. This is a great strength we have; take advantage of the great AI companies we have here at home.

    We have an economic plan, a plan for affordability, to build more housing faster and for economic growth. Our priority is to give a fair chance to every generation. Thank you.

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Pacific Trade Invest – Investment Webinar: EXPANDING the HORIZON for Women in Technology

    Source: Pacific Trade Invest NZ

    Pacific Trade Invest NZ is delighted to invite you to our upcoming hour-long webinar, Expanding the Horizon for Women in Technology.

    Join us on Thursday 7 November 2024 at 2:00 PM New Zealand time as industry experts and thought leaders discuss their involvement in the technology sector; what’s on the horizon and the investment possibilities the sector presents for investors.  

     

    Register here    https://shorturl.at/C34uL

     

    A great line-up of speakers is confirmed:
     
    Julia Arnott-Nene and Eteroa Lafaele, Co-Founders and Directors Fibre Fale
    Julia and Eteroa are an award-winning changemaker team in tech, on a mission for Digital Equity and increased representation of Pacific people in technology. Fibre Fale is an innovative Aotearoa collective creating pathways into technology for Pacific people. Fibre Fale builds future tech leaders and prepares the future of the technology industry in the Blue Pacific.

    Priyanka Brahmbhatt, Executive Director, Bankai Group and CEO Bankai Technology
    Global leader in technology and investments; a member of the Forbes Council. As a UN Youth Delegate she’s advocated for climate action, women in tech, mental health awareness, and socio-economic empowerment of marginalized communities.

    Tenanoia Simona, CEO Tuvalu Telecommunications Corporation
    An innovator and leader in implementing effective technology in the Blue Pacific. Simona has spearheaded initiatives from satellites, xGPON fibre network roll-out, and 4G LTE deployment in remote islands. She firmly believes that diversity and inclusion are vital for driving innovation and achieving meaningful progress in small island nations.

     

    The speakers will discuss topics such as: 

      • Technology as a rewarding career path for women
      • The positive role of government and educational institutions, in contributing to this transformation
      • The Fibre Fale model 
      • How technology has evolved over time.
      • Investing in women in technology

    Register here    https://shorturl.at/C34uL

     

    ABOUT PACIFIC TRADE INVEST NZ

    • Is part of the Pacific Trade Invest Global Network of offices operating in Sydney, Australia; Beijing, People’s Republic of China; Geneva, Switzerland and Auckland, New Zealand.
    • An agency of Pacific Islands Forum Secretariat (PIFS) and is funded by New Zealand’s Ministry of Foreign Affairs and Trade (MFAT).
    • Supports the 16 Forum Island countries and Territories: Cook Islands, Federated States of Micronesia, Fiji, French Polynesia, Kiribati, Republic of the Marshall Islands, Nauru, New Caledonia, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu.

    MIL OSI New Zealand News –

  • MIL-OSI: TMT Acquisition Corp Shareholders Approve Business Combination with eLong Power Holding Limited

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, Oct. 29, 2024 (GLOBE NEWSWIRE) — TMT Acquisition Corp (Nasdaq: TMTCU, TMTC, and TMTCR) (“TMTC”), a publicly traded special purpose acquisition company, announced at its extraordinary general meeting earlier today, October 29, 2024, that its shareholders voted to approve the previously announced business combination with eLong Power Holding Limited (“eLong Power”), a provider of high power battery technologies for commercial and specialty vehicles and energy storage systems.

    The transaction has been unanimously approved by the Board of Directors of TMT and eLong Power. Subject to certain contractual as well as customary closing conditions, the business combination is expected to close in the coming weeks. As part of the consummation of the business combination, the newly combined public company is expected to trade on the Nasdaq Stock Market under the symbol “ELPW”.

    The business combination is expected to provide eLong Power with access to the U.S. public equity markets, thereby accelerating its business expansion and bolstering eLong Power’s position to explore additional growth and value- creating opportunities.

    Advisors

    The Crone Law Group P.C. is acting as U.S. legal advisor to TMTC. Ogier Global is acting as the Cayman Islands legal advisor to TMTC. Graubard Miller is acting as U.S. legal advisor to eLong Power, Harneys is acting as Cayman Islands legal advisor to eLong Power and Han Kun Law Offices is acting as China legal advisor to eLong Power.

    About eLong Power

    eLong Power Holding Limited, a Cayman Islands exempted company, is committed to the research and development, manufacturing, sales and service of high-power lithium-ion batteries for electric vehicles and construction machinery, as well as large-capacity, long-cycle lithium-ion batteries for energy storage systems. eLong Power is led by Ms. Xiaodan Liu, eLong Power’s Chairwoman and CEO.

    eLong Power has a comprehensive product and technology system that includes battery cells, modules, system integration, and battery management system development, based on high-power lithium-ion batteries and battery system products for long-cycle energy storage devices. eLong Power offers advanced energy applications and full life cycle services. Its product portfolio includes products utilizing lithium manganese oxide and lithium iron phosphate, among others, to meet the needs of high-power applications and energy storage applications in various scenarios.

    About TMT Acquisition Corp

    TMT Acquisition Corp is a blank check company, also commonly referred to as a special purpose acquisition company (SPAC), formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. TMTC is led by Dajiang (“DJ”) Guo, Chairman and Chief Executive Officer, and Jichuan Yang, Chief Financial Officer, who are growth-oriented executives with a long track record of value creation across industries.

    Forward-looking Statements

    This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the products offered by eLong Power and the markets in which it operates, and eLong Power’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including, but not limited to: the risk that the transaction may not be completed by TMTC’s business combination deadline; the failure to satisfy one or more of the conditions to the consummation of the transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the effect of the announcement or pendency of the transaction on eLong Power’s business relationships, performance, and business generally; risks that the proposed business combination disrupts current plans or operations of eLong Power; the outcome of any legal proceedings that may be instituted against eLong Power or TMTC related to the business combination agreement or the proposed business combination; the ability of eLong Power to have its securities listed on Nasdaq commencing on the closing of the transaction and maintain such listing thereafter; after the closing of the transaction, the price of eLong Power Inc.’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which eLong Power Inc. will operate, variations in performance across competitors, changes in laws and regulations affecting eLong Power Inc.’s business and changes in its capital structure; the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities provided by the business combination; its need for substantial additional funds; the parties’ dependence on third-party suppliers; risks relating to the results of research and development activities, market and other conditions; its ability to attract, integrate, and retain key personnel; risks related to its growth strategy; patent and intellectual property matters; and the parties’ ability to obtain, perform under and maintain financing and strategic agreements and relationships. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding TMTC’s and eLong Power’s business are described in detail in TMTC’s and eLong Power’s SEC filings which are available on the SEC’s website at www.sec.gov, including in eLong Power’s registration statement on Form F-4 (File No. 333-280512) and TMTC’s registration statement on Form S-1 (File No. 333-259879), filed with the SEC and updated by TMTC’s and eLong Power’s subsequent filings with the SEC. These forward-looking statements speak only as of the date hereof, and TMTC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

    eLong Power Investor Contact:
    Shilin Xun
    Email: xunshilin@elongpower.com

    TMTC Contact:
    Dajiang Guo
    Email: dguo@tmtacquisitioncorp.com
    347-627-0058

    The MIL Network –

  • MIL-OSI: Aimfinity Investment Corp. I Announces Extension of the Deadline for an Initial Business Combination to October 28, 2024

    Source: GlobeNewswire (MIL-OSI)

    Wilmington, Delaware, Oct. 29, 2024 (GLOBE NEWSWIRE) —  Aimfinity Investment Corp. I (the “Company” or “AIMA”) (Nasdaq: AIMAU), a special purpose acquisition company incorporated as a Cayman Islands exempted company, today announced that, in order to extend the date by which the Company mush complete its initial business combination from October 28, 2024 to November 28, 2024, on October 28, 2024, I-Fa Chang, manager of the sponsor of the Company, has deposited into its trust account (the “Trust Account”) an aggregate of $60,000 (the “Monthly Extension Payment”).

    Pursuant to the Company’s third amended & restated memorandum and articles of association (“Current Charter”), effectively April 23, 2024, the Company may extend on a monthly basis from April 28, 2024 until January 28, 2025 or such an earlier date as may be determined by its board to complete a business combination by depositing the Monthly Extension Payment for each month into the Trust Account. This is the seventh of nine monthly extensions sought under the Current Charter of the Company.  

    About Aimfinity Investment Corp. I

    Aimfinity Investment Corp. I is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company has not selected any business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with it. While the Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, it will not complete its initial business combination with a target that is headquartered in China (including Hong Kong and Macau) or conducts a majority of its business in China (including Hong Kong and Macau). 

    Additional Information and Where to Find It

    As previously disclosed, on October 13, 2023, the Company entered into that certain Agreement and Plan of Merger (as may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and between the Company, Docter Inc., a Delaware corporation (the “Company”), Aimfinity Investment Merger Sub I, a Cayman Islands exempted company and wholly-owned subsidiary of Parent (“Purchaser”), and Aimfinity Investment Merger Sub II, Inc., a Delaware corporation and wholly-owned subsidiary of Purchaser (“Merger Sub”), pursuant to which the Company is proposing to enter into a business combination with Docter involving an reincorporation merger and an acquisition merger. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. AIMA’s stockholders and other interested persons are advised to read, when available, the proxy statement/prospectus and the amendments thereto and other documents filed in connection with the proposed business combination, as these materials will contain important information about AIMA, Purchaser or Docter, and the proposed business combination. When available, the proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of AIMA as of a record date to be established for voting on the proposed business combination. Such stockholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the Securities and Exchange Commission (the “SEC”), without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to AIMA’s principal office at 221 W 9th St, PMB 235 Wilmington, Delaware 19801.

    Forward-Looking Statements

    This press release contains certain “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended. Statements that are not historical facts, including statements about the pending transactions described herein, and the parties’ perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the proposed transaction, including the anticipated initial enterprise value and post-closing equity value, the benefits of the proposed transaction, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the transactions. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.

    Such risks and uncertainties include, but are not limited to: (i) risks related to the expected timing and likelihood of completion of the pending business combination, including the risk that the transaction may not close due to one or more closing conditions to the transaction not being satisfied or waived, such as regulatory approvals not being obtained, on a timely basis or otherwise, or that a governmental entity prohibited, delayed or refused to grant approval for the consummation of the transaction or required certain conditions, limitations or restrictions in connection with such approvals; (ii) risks related to the ability of AIMA and Docter to successfully integrate the businesses; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable transaction agreements; (iv) the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of AIMA or Docter; (v) risks related to disruption of management time from ongoing business operations due to the proposed transaction; (vi) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of AIMA’s securities; (vii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Docter to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally; (viii): risks relating to the medical device industry, including but not limited to governmental regulatory and enforcement changes, market competitions, competitive product and pricing activity; and (ix) risks relating to the combined company’s ability to enhance its products and services, execute its business strategy, expand its customer base and maintain stable relationship with its business partners.

    A further list and description of risks and uncertainties can be found in the prospectus filed on April 26, 2022 relating to AIMA’s initial public offering, the annual report of AIMA on Form 10-K for the fiscal year ended on December 31, 2022, filed on April 17, 2023, and in the Registration Statement/proxy statement that will be filed with the SEC by AIMA and/or its affiliates in connection with the proposed transactions, and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and Aimfinity, Docter, and their subsidiaries undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

    No Offer or Solicitation

    This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of any potential transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of AIMA, Purchaser or Docter, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

    Participants in the Solicitation

    AIMA, Docter, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of AIMA’s shareholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of AIMA’s shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus on Form F-4 to be filed with the SEC.

    Contact Information:

    Aimfinity Investment Corp. I
    I-Fa Chang
    Chief Executive Officer
    ceo@aimfinityspac.com
    (425) 365-2933
    221 W 9th St, PMB 235
    Wilmington, Delaware 19801

    The MIL Network –

  • MIL-OSI China: Xi encourages more China-Finland cooperation in emerging industries

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

    Chinese President Xi Jinping holds a welcoming ceremony for Finnish President Alexander Stubb, who is on a state visit to China, in the Northern Hall of the Great Hall of the People prior to their talks in Beijing, capital of China, Oct. 29, 2024. Xi held talks with Stubb in Beijing on Tuesday. [Photo/Xinhua]

    BEIJING, Oct. 29 — China welcomes Finland to actively participate in the Chinese modernization process and expand cooperation in emerging industries, Chinese President Xi Jinping said on Tuesday.

    Xi made the remarks as he held talks with visiting Finnish President Alexander Stubb in Beijing.

    He called on both sides to expand cooperation in green transformation, information technology, digital economy, artificial intelligence and new energy, and build a new pattern of mutually beneficial cooperation in the new era.

    Xi noted that Finland was one of the first Western countries to establish diplomatic ties with the People’s Republic of China and the first Western country to sign an intergovernmental trade agreement with China.

    “As the world is undergoing accelerated changes unseen in a century and the risks and challenges facing humanity are increasing, the future-oriented new-type cooperative partnership between China and Finland holds exceptional value and should be cherished and advanced,” Xi said.

    China-Finland practical cooperation got off to an early start, has yielded fruitful results and demonstrated great potential, he said.

    China is willing to further expand people-to-people exchanges with Finland, and has decided to apply the unilateral visa-free policy to Finland, he added, noting that China welcomes more Finnish friends to visit for business, tourism and study.

    Xi said both China and Finland love peace and advocate multilateralism and free trade, adding that China is willing to strengthen communication and cooperation with Finland on climate change, biodiversity conservation, global sustainable development, artificial intelligence governance and other issues.

    Noting that next year marks the 50th anniversary of the establishment of diplomatic ties between China and the European Union (EU), Xi called on Finland to continue to play an active role in promoting the sound and stable development of China-EU ties.

    Stubb said he is very pleased to visit China shortly after taking office and meet with Xi again after 14 years.

    He noted that the global landscape has changed profoundly since their last meeting and China has made remarkable accomplishments.

    Finland abides by the one-China policy and is willing to have a good celebration with China of their 75th anniversary of diplomatic relations next year, Stubb said.

    He added that Finland will work with China to deepen practical cooperation in areas like economy and trade, green energy, and sustainable development.

    Finland appreciates the major initiatives and concepts proposed by China to address global challenges, and will advance multilateral exchanges and coordination with China, Stubb said.

    The economies of the EU and China are closely interconnected, and “decoupling” or a “new Cold War” is not in the interest of any party, Stubb said, noting that Finland is willing to play an active role in promoting the sound development of EU-China relations.

    The two leaders had an in-depth exchange of views on the Ukraine crisis and the conflict between Palestine and Israel. Xi expressed China’s readiness to work with all concerned parties, including Finland, to continue playing a positive role in promoting a peaceful settlement of the crises.

    After the talks, the two heads of state witnessed the signing of multiple documents on bilateral cooperation in such areas as education, water resources, environmental protection, circular economy and agricultural and food products.

    The two sides issued the Joint Action Plan between China and Finland on Promoting the Future-oriented New-type Cooperative Partnership 2025-2029.

    Chinese President Xi Jinping holds a welcoming ceremony for Finnish President Alexander Stubb, who is on a state visit to China, in the Northern Hall of the Great Hall of the People prior to their talks in Beijing, capital of China, Oct. 29, 2024. Xi held talks with Stubb in Beijing on Tuesday. [Photo/Xinhua]
    Chinese President Xi Jinping holds a welcoming ceremony for Finnish President Alexander Stubb, who is on a state visit to China, in the Northern Hall of the Great Hall of the People prior to their talks in Beijing, capital of China, Oct. 29, 2024. Xi held talks with Stubb in Beijing on Tuesday. [Photo/Xinhua]
    Chinese President Xi Jinping holds a welcoming ceremony for Finnish President Alexander Stubb, who is on a state visit to China, in the Northern Hall of the Great Hall of the People prior to their talks in Beijing, capital of China, Oct. 29, 2024. Xi held talks with Stubb in Beijing on Tuesday. [Photo/Xinhua]
    Chinese President Xi Jinping holds a welcoming ceremony for Finnish President Alexander Stubb, who is on a state visit to China, in the Northern Hall of the Great Hall of the People prior to their talks in Beijing, capital of China, Oct. 29, 2024. Xi held talks with Stubb in Beijing on Tuesday. [Photo/Xinhua]
    Chinese President Xi Jinping and his wife Peng Liyuan pose for a group photo with Finnish President Alexander Stubb and his wife Suzanne Innes-Stubb prior to the talks between Xi and Stubb at the Great Hall of the People in Beijing, capital of China, Oct. 29, 2024. Xi held talks with Stubb, who is on a state visit to China, in Beijing on Tuesday. [Photo/Xinhua]
    Chinese President Xi Jinping shakes hands with Finnish President Alexander Stubb, who is on a state visit to China, at the Great Hall of the People in Beijing, capital of China, Oct. 29, 2024. Xi held talks with Stubb in Beijing on Tuesday. After the talks, the two heads of state witnessed the signing of multiple documents on bilateral cooperation. [Photo/Xinhua]
    Chinese President Xi Jinping holds talks with Finnish President Alexander Stubb, who is on a state visit to China, at the Great Hall of the People in Beijing, capital of China, Oct. 29, 2024. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: Chinese premier meets Finnish president

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

    Chinese Premier Li Qiang meets with Finnish President Alexander Stubb at the Great Hall of the People in Beijing, capital of China, Oct. 29, 2024. [Photo/Xinhua]

    BEIJING, Oct. 29 — Chinese Premier Li Qiang met with Finnish President Alexander Stubb on Tuesday in Beijing.

    Li said that since China and Finland established the future-oriented new-type cooperative partnership, bilateral relations have maintained a sound momentum of development and mutually beneficial cooperation in various fields has been continuously promoted, benefiting the people of both countries.

    China is willing to work with Finland to implement the important consensus reached by the two heads of state, maintain close high-level exchanges, continue to carry forward the traditional friendship, consolidate and enhance political mutual trust, and push bilateral relations and cooperation to a new high, Li said.

    Economic globalization is facing headwinds at present but openness and cooperation remain the general trend, Li noted. China is willing to work with Finland to stick to opening up and cooperation, expand trade, strengthen cooperation in key areas such as circular economy, information and communication, smart energy and agricultural and food products, give full play to economic complementarity, and promote mutual benefit and win-win results at a higher level.

    China will continue to foster a world-class, market-oriented business environment governed by a sound legal framework and welcomes Finnish companies to deepen their presence in the Chinese market, Li said.

    It is hoped that Finland will provide a fair, transparent and non-discriminatory business environment for Chinese enterprises and play a positive role in promoting the healthy development of China-Europe economic and trade relations, he added.

    Li said that China is ready to work with Finland to further facilitate personnel exchanges and expand exchanges and cooperation in the fields of culture, education and sports to consolidate popular support for the friendly cooperation between the two countries.

    Stubb said Finland attaches importance to developing relations with China and is a reliable cooperative partner of China.

    Finland looks forward to strengthening exchanges with China at all levels, deepening mutually beneficial cooperation on economy, trade, agriculture, green energy and sustainable development, and strengthening education and people-to-people exchanges to open a new chapter in bilateral relations, he added.

    Finland appreciates China’s important role in international affairs and is willing to strengthen communication and coordination with China in fields like global security and tackling climate change, Stubb noted.

    Chinese Premier Li Qiang meets with Finnish President Alexander Stubb at the Great Hall of the People in Beijing, capital of China, Oct. 29, 2024. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI Australia: Transcript – Ports Australia conference

    Source: Australian Ministers for Infrastructure and Transport

    **CHECK AGAINST DELIVERY**

    As always, I begin by acknowledging the Muwinina People as the custodians of this land. We acknowledge and pay our respects to all Tasmanian Aboriginal Communities.

    Tasmania is one of the most beautiful places in our nation and a fitting setting for the Ports Australia Conference.

    We recognise the ongoing custodianship that Indigenous Australians have shown towards these lands and I extend this respect to all First Nations people joining us today.

    Thank you as well to Mike for that kind introduction, and to Stewart, your Chair, thank you very much for the invitation and for all the work that you do throughout the course of the year.

    It is wonderful to see so many public and private leaders from around the world come together.

    I would also like to extend a particular welcome to the Minister for Infrastructure for the Kingdom of Tonga.

    Like Australia, your nation relies on shipping. It is wonderful to have you here.

    I also want to recognise Dr Patrick Verhoeven, the Managing Director of the International Association of Ports and Harbours, and Jens Meier, the CEO of Hamburg Port Authority, who have travelled such a long way.

    Your presence underlines the inherently global nature of this industry, and I hope you enjoy your time here in our beautiful country.

    This is in fact my second time in Tasmania in the last two weeks. 

    Last week I was in the north, this week I’m in the south.

    On both these visits, I have had the pleasure of engaging with Tasmania’s proud maritime industry.

    Last week, I was in Burnie to commission the new shiploader – a project which replaced an essential piece of infrastructure that had been in place for five decades.

    The new shiploader doubles the capacity of the old, and can serve ships up to Panamax size, creating local jobs and growing local industry.

    It is a project that pays tribute to both the maritime past and future of this great state, as well as setting the local economy up for decades of success to come.

    It also speaks to how essential maritime logistics are to our day-to-day lives.

    At the port I could see woodchips going to China, as well as cars and supermarket produce coming into the state.

    It is too easy to miss the magic that defines our modern world, but when you take even a moment to think about it, it is truly extraordinary. 

    That port in Burnie on the north coast of Tasmania is connected to a global network that stretches to every corner of our planet. 

    Everything that we rely on, relies in turn on shipping – which is why it is such a pleasure to be here today with some of the many, many hardworking people who underpin this essential industry.

    Events like these are key to fostering a strong, robust sector – and year after year, Ports Australia does a wonderful job bringing you together and advocating for your industry.

    I stand here today as a minister in a government that knows that ports are a primary driver of our economy and workforce. 

    As well as facilitating international trade and the movement of goods throughout the region, our ports are strategic assets and critical infrastructure.

    They are vital to sustaining our island nation. 

    The most recent report from Ports Australia shows exactly this. 

    Ports move an overwhelming 99 per cent of Australia’s international trade by volume, and importantly, over 694,000 local jobs are facilitated by Australia’s port activities. 

    This works out to a staggering one in every 20 jobs across the nation. 

    Container transport has seen a huge increase.

    As have vehicle imports. 

    The most recent numbers show that cruise ships have soared to 18% higher than pre-pandemic numbers.

    You take our goods to the world, and you bring the world to us.

    Of course, these numbers, while good news, bring pressures of their own. 

    This story of growth underlines the need to ensure that our infrastructure, our investments and our policies are positioned to support a sustainable, reliable and productive supply chain. 

    That’s why our government is making investments like those at the Port of Burnie, and it is also why my department led a review earlier this year into the national freight and supply chain strategy. 

    In total, 71 submissions were received from a variety of stakeholders, including from maritime and associated peak bodies.

    Of course, I acknowledge and thank Ports Australia for their submission and engagement throughout the Review process.  

    The review found that while the foundations of the strategy remain strong, productivity, resilience, decarbonisation and data should be strengthened in the strategy and new National Action Plan.

    We are already doing the work of refreshing the strategy and action plan to address the findings of the review, and I look forward to updating you further in due course.

    But, of course, the findings of the review touch on challenges that are faced across our entire economy and society – none more so than the need to act to mitigate climate change. 

    The Albanese Government is committed to reducing greenhouse gas emissions to 43% below 2005 levels by 2030 and to achieving net zero emissions by 2050. 

    Achieving these ambitious economy-wide targets will require concerted action across all sectors, including this one. 

    Right now, transport contributes 21 percent of Australia’s direct emissions. 

    Adding to that challenge, transport is one of the hardest sectors to abate.

    So, our work here is vital.

    That is why we released the Transport Net Zero Roadmap for consultation earlier this year. 

    While that roadmap covered all modes of transport, it was of particular importance for the maritime sector.

    As we know, decarbonisation will rely on a combination of low carbon liquid fuels (LCLFs), hydrogen, electrification and efficiency improvements.

    Of these, LCLFs offer the clearest pathway for decarbonisation within liquid fuel-reliant sectors that cannot readily electrify in the near-term. 

    This includes maritime, aviation, heavy vehicle and rail, as well as mining, manufacturing and agricultural sectors.

    The bad news is that we need a lot of liquid fuels, but the good news is that Australia is well-placed with comparative advantages in the production of LCLFs: 

    • We have rich renewable energy resources; 
    • We use advanced farming practices that embody low carbon emissions;  
    • We are able to achieve economies of scale;
    • We have significant refining and port infrastructure; 
    • And we have the ability to both enable and encourage domestic fuel consumption, as well as support export capability.

    As part of our Future Made in Australia agenda, the Government is fast-tracking support for an LCLF industry.

    The government announced $18.5 million as part of the recent Budget, to support a domestic LCLF industry through the development of a certification scheme for those fuels.

    And $1.7 billion over the next ten years will go towards a Future Made in Australia Innovation Fund.

    This funding will be used in part to support nascent LCLF production technologies through research and development, to help de-risk developments, and to attract private sector investment.

    And we will continue to work with industry on further steps as needed.

    By successfully building a local LCLF industry we will increase fuel security, strengthen regional economies, diversify income streams for farmers, and meet our decarbonisation objectives – it’s hard to find a bigger win-win than that. 

    To speak even more specifically to the challenges of this sector, we’ve created a Maritime Emission Reduction National Action Plan, the MERNAP for short.

    The MERNAP aims to support Australia’s national emissions reduction targets, contribute to the global decarbonisation of shipping, and future-proof the Australian maritime sector to avoid costly and disruptive transitions later, ensuring an equitable transition, particularly for the maritime workforce, safeguarding jobs and skills for the future.

    The vision is that by 2050, Australia will fully leverage the global maritime decarbonisation transition, benefiting our ports, vessels, and the broader energy sector. 

    This will showcase Australia’s unique comparative advantages while supporting a fair and balanced transition for the industry.

    The MERNAP Consultative Group has played a vital role in shaping this action plan, and I’d like to acknowledge those here today, including: Maritime Industry Australia Limited, the Maritime Union of Australia, and of course, Ports Australia.

    To support the development of MERNAP, we undertook extensive public consultations that revealed to us that the future of the maritime sector will be powered by multiple energy sources, all of which will require new skills, and see us facing new challenges around technology readiness for alternative fuels. 

    Safety, operational efficiencies, and strong partnerships across the value chain will be critical to driving this transition.

    The Albanese Government remains committed to ensuring that Australia’s maritime industry is prepared for the future, ready to contribute to our national emissions targets, and able to thrive in a decarbonised global economy – including through initiatives like Green Shipping Corridors – partnering with nations, such as New Zealand, Singapore and South Korea. 

    I have focused a lot on what fuels our maritime sector, but there is, of course, an even more important element – the people who run it.

    I am proud to say that our plan to establish a Strategic Fleet is underway. 

    This fleet will provide assistance in times of crisis, supply chain disruption, or natural disaster. And it will support industries reliant on shipping, such as heavy manufacturing.

    Tenders to participate in the Strategic Fleet Pilot will close on 29 November. 

    Through this process, three vessels that will be privately owned and commercially operated will be selected for the pilot. 

    This is a major step towards fulfilling our commitment to establish a Strategic Fleet of up to twelve Australian flagged and crewed vessels. 

    This will strengthen our sovereign maritime capabilities while supporting our maritime workforce. 

    The creation of a strategic fleet is a central government policy that will shape our workforce for decades to come. 

    I strongly encourage all interested parties to take part in this process and to consider what role they can play.

    The tender process is being managed by my Department, which is seeking innovative tenders that will deliver the objectives of the Pilot Program. 

    These include providing the Commonwealth with certainty of access to the strategic fleet, to move cargo in times of need, crisis or national emergency. And to support of the needs of Defence —including in training and logistical capacities.

    The Albanese Government is seeking to have pilot vessels on the water as soon as possible.

    While it is not a silver bullet to solve all of the issues of our current and emerging seafarer shortage, the Strategic Fleet and the work being undertaken by Industry Skills Australia through the Maritime Industry Workforce Plan, will support our maritime workforce by increasing the amount of Australian qualified seafarers at a time of a growing global shortage. 

    The independent reviews of the Shipping Registration Act and the Coastal Trading Act being conducted by Ms Lynelle Briggs AO and Emeritus Professor Nicholas Gaskell will also contribute to the modernisation of Australia’s shipping regulatory framework, ensuring the Acts are fit for purpose and support the long-term sustainability of an Australian Maritime Strategic Fleet, and the maritime industry more broadly. 

    Public consultation has commenced and I encourage you all to make your voices heard.

    As you can see, there is a lot to do in your sector and we are a government that is determined to get on with doing it.

    The reforms the Albanese Government is delivering will do our part to support a productive, resilient supply chain, while positioning Australia to thrive in the new net zero economy.

    Thank you for having me, and all the best with the rest of your conference.

    ENDS

    MIL OSI News –

  • MIL-OSI Australia: Interview with Greg Jennett, Afternoon Briefing, ABC News

    Source: Australian Treasurer

    GREG JENNETT:

    In the fight against inflation and ever rising grocery prices, farmers have been caught in the middle of debate on the effect of pricing on customers. The Minister responsible for competition, Andrew Leigh, has been taking a close look at the farming sector. We spoke to him earlier. Andrew Leigh, good to have you back with us. Now, you’ve given a speech today on competition, pointing out that it’s definitely lacking in the agriculture or farming sector. They feel it in lots of ways, according to your presentation, through the harvesters, they buy and maintain seeds and spray that they put in the field and cattle they sell at the yard. So, you’ve highlighted it. What’s the solution?

    ANDREW LEIGH:

    Well, Greg, as you say, farmers are the meat in the market concentration sandwich. You often get a lot of farmers, but just a few suppliers, and just a few people they can sell to. Part of the answer is the Food and Grocery Code of Conduct being made mandatory rather than voluntary as it was under the Liberals and Nationals. That ensures that farmers get a fairer deal when they’re negotiating with supermarkets. Part of it is also about banning unfair contract terms, which we did when we came to office. Those unfair contract terms were hurting small farmers in areas like fertiliser contracts or potato grower retailing, and that ensures that the small guy gets a better deal.

    JENNETT:

    What’s the argument against strong entities with big networks of dealers, typically in small country towns. So, you might buy for instance, a John Deere tractor and sure you are completely tethered then to the local dealer, the local repairer, the software, they own, but around that sits local jobs as well. Why would you want to disrupt those big strong entities with their networks across the land?

    LEIGH:

    Well, the same argument was made with cars where dealers argued that only they should be able to fix their cars. But the decision that the parliament made, which I was pleased to kick off from July 2022, was that there ought to be a right to repair, a sharing of the information. These pieces of farm machinery are now incredibly advanced, John Deere has more software engineers than mechanical engineers on staff. And so we’re looking carefully at whether there ought to be a right to repair, whether it’s possible to in the first instance, strike an arrangement between those independent repairers and the farm suppliers and so anyone can fix their machinery if they have the right qualifications.

    JENNETT:

    Do they exist, these independent repairers, or exist in large enough number to make a difference?

    LEIGH:

    No, you go to exactly the right question, Greg. When you’re talking about independent mechanics, there’s thousands of them across the country. When you talk about independents to fix farm machinery, there’s fewer of them around. But the problem is really acute for farmers because if a harvester can’t operate for a week, that can be the difference of thousands of dollars in the price that the farmer receives. So, with that risk of spoilage, you do need to get a quicker fix and an independent repair sector may be part of the answer.

    JENNETT:

    Might it be necessary when you look at the conglomerates that make seed and sprays for agriculture – most of them are very large multinationals – might it be necessary to consider having a power to break them up?

    LEIGH:

    Look, we haven’t gone for divestment, but we are concerned about the degree of market concentration and that’s why we’ve introduced into parliament the biggest merger shake up in 50 years. Jim Chalmers introduced that in the parliament just in the last sittings. And that’s a really key part of economic reform for us, continuing the competition legacy of the Hawke and Keating governments.

    JENNETT:

    If you push this agenda all the way through in all the areas of agriculture that we’re discussing here, possible to estimate price reductions for consumers, those of us who buy food made by Australian farmers, grown by Australian farmers at Australian supermarkets?

    LEIGH:

    The best estimate we’ve got, Greg, is if we return the economy to the levels of competition that prevailed at the turn of the millennium, is that we’d boost GDP by somewhere between one and 3 per cent. That’s in line with estimates that suggested that the National Competition Policy reforms of the 1990s benefited the typical Australian by about 2.5 per cent. These are massive gains and they’re key in dealing with cost‑of‑living issues. [A lack of] competition drives down prices and drives up wages. It also reduces innovation and productivity if you have a lack of competition in the market. So, we need a more competitive and dynamic economy for our farmers and for people who work in other sectors.

    JENNETT:

    Inevitably, you touch on trade in your speech and there’s some big clouds sitting over global trade at the moment, principally from the United States. There’s an event happening there in a week’s time. If the US erects higher tariff walls, particularly on Chinese goods, with the suggestion from candidate Trump of a 60 per cent tariff. What do you estimate the effect on China’s demand for raw ingredients produced by Australia? How much could that drop off by virtue of a US tariff change?

    LEIGH:

    Australia has been a strong advocate of open markets and the Cairns Group of agricultural free trading nations was spearheaded by Australia in order to get a better deal at the World Trade Organisation. Obviously, the Americans will make their own decision. But I’m a passionate free trader because I believe that’s strongly in the interests of Australian consumers and producers. Our farmers in particular have benefited from freer trade and that old era of ‘protection all round’ meant that farmers paid too much for their machines and got too little for their exports as a result of retaliatory tariffs.

    JENNETT:

    Would there be a balancing out here? Sure. China’s demand under the scenario I’ve described, China’s demand for iron ore and coal might drop off because they’re selling fewer goods manufactured into the United States. But by the same token, goods already made need to go somewhere else. Could Australian consumers benefit by China offloading product that might otherwise have been intended for the United States?

    LEIGH:

    Greg, a medium‑sized economy that is engaged with the world like Australia, benefits when trade barriers are low. As Joan Robinson, the great Cambridge economist put it, it’s always worth taking the rocks out of your own harbours, better yet if your trading partners take the rocks out of theirs. So, our interest is strongly in a rules‑based trading system and in low tariffs around the world. Governments in Australia have consistently argued for that. It’s in the national interest and it boosts wages and means Australians get better prices for the goods they buy.

    JENNETT:

    So, are you nervous about what you’re hearing from political debate emanating from the US?

    LEIGH:

    Well, of course we’re all watching the US election and it’s a fascinating show every 4 years, but that’s a decision for the American people.

    JENNETT:

    All right, we might come back to that when we actually get a result in a week or so time. Andrew, one final one. Can’t let you go without asking because we’re asking almost everyone on travel. Would it be better if a blanket rule were put in place for politicians against airline upgrades pertaining to private or unofficial travel? I don’t mean work related travel, but private travel. Would it be cleaner if such a rule existed?

    LEIGH:

    Look, I’d certainly be relaxed about that, Greg. I’m somebody who flies most of my domestic flights economy rather than business. That’s meant that in the past from time ‑to‑time I’ve received upgrades. Doesn’t happen if you book business. But of course that then means the taxpayer’s paying twice as much.

    JENNETT:

    Ever been upgraded on personal travel unexpectedly?

    LEIGH:

    It’s happened to me before. You don’t ask for it, and it’s not something that’s ever changed my decision. I don’t think there’s anyone who’s been as vociferous a critic of Qantas in the parliament as me. I’ve been very strongly critical of their cancellations of Sydney‑Canberra flights and a strong advocate of more competition in the aviation sector. Indeed, I gave a speech on it recently.

    JENNETT:

    Ok, so just to be clear, any personal upgrade you believe was unconnected to your line of work as a politician? Because that’s the grey line here around the Anthony Albanese episodes, isn’t it?

    LEIGH:

    Yeah. I have no idea on what basis they make those decisions. Certainly, I report as the Prime Minister has done, and it’s never affected my decisions. I’ll continue to be a strong advocate for more competition in the aviation sector.

    JENNETT:

    Understood. You certainly have been that. Andrew Leigh, we thank you, as always.

    MIL OSI News –

  • MIL-OSI China: Surface-to-air missile systems in live-fire training

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

      Surface-to-air missile systems attached to a brigade under the Chinese PLA 74th Group Army fire missiles at simulated air targets during a round-the-clock live-fire training exercise on August 6, 2024. (eng.chinamil.com.cn/Photo by Yu Xiao)

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    MIL OSI China News –

  • MIL-OSI China: China launches Shenzhou-19 crewed spaceship

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

    The Shenzhou-19 crewed spaceship, atop a Long March-2F carrier rocket, is launched from the Jiuquan Satellite Launch Center in northwest China, Oct. 30, 2024. (Photo by Wang Jiangbo/Xinhua)

    JIUQUAN, Oct. 30 (Xinhua) — China launched the Shenzhou-19 crewed spaceship on Wednesday, sending three astronauts — including the country’s first female space engineer — to its orbiting space station for a six-month mission.

    The spaceship, atop a Long March-2F carrier rocket, blasted off from the Jiuquan Satellite Launch Center in northwest China.

    The Shenzhou-19 crewed spaceship, atop a Long March-2F carrier rocket, is launched from the Jiuquan Satellite Launch Center in northwest China, Oct. 30, 2024. (Photo by Wang Jiangbo/Xinhua)

    The Shenzhou-19 crewed spaceship, atop a Long March-2F carrier rocket, is launched from the Jiuquan Satellite Launch Center in northwest China, Oct. 30, 2024. (Photo by Wang Jiangbo/Xinhua)

    The Shenzhou-19 crewed spaceship, atop a Long March-2F carrier rocket, is launched from the Jiuquan Satellite Launch Center in northwest China, Oct. 30, 2024. The launch of the Shenzhou-19 crewed spaceship is a complete success, according to the China Manned Space Agency (CMSA). China on Wednesday launched the Shenzhou-19 crewed spaceship, sending three astronauts — including the country’s first female space engineer — to its orbiting space station for a six-month mission. (Xinhua/Lian Zhen)

    The Shenzhou-19 crewed spaceship, atop a Long March-2F carrier rocket, is launched from the Jiuquan Satellite Launch Center in northwest China, Oct. 30, 2024. The launch of the Shenzhou-19 crewed spaceship is a complete success, according to the China Manned Space Agency (CMSA). China on Wednesday launched the Shenzhou-19 crewed spaceship, sending three astronauts — including the country’s first female space engineer — to its orbiting space station for a six-month mission. (Xinhua/Li Xin)

    The Shenzhou-19 crewed spaceship, atop a Long March-2F carrier rocket, is launched from the Jiuquan Satellite Launch Center in northwest China, Oct. 30, 2024. The launch of the Shenzhou-19 crewed spaceship is a complete success, according to the China Manned Space Agency (CMSA). China on Wednesday launched the Shenzhou-19 crewed spaceship, sending three astronauts — including the country’s first female space engineer — to its orbiting space station for a six-month mission. (Xinhua/Li Xin)

    The Shenzhou-19 crewed spaceship, atop a Long March-2F carrier rocket, is launched from the Jiuquan Satellite Launch Center in northwest China, Oct. 30, 2024. The launch of the Shenzhou-19 crewed spaceship is a complete success, according to the China Manned Space Agency (CMSA). China on Wednesday launched the Shenzhou-19 crewed spaceship, sending three astronauts — including the country’s first female space engineer — to its orbiting space station for a six-month mission. (Photo by Wang Jiangbo/Xinhua)

    The Shenzhou-19 crewed spaceship, atop a Long March-2F carrier rocket, is launched from the Jiuquan Satellite Launch Center in northwest China, Oct. 30, 2024. The launch of the Shenzhou-19 crewed spaceship is a complete success, according to the China Manned Space Agency (CMSA). China on Wednesday launched the Shenzhou-19 crewed spaceship, sending three astronauts — including the country’s first female space engineer — to its orbiting space station for a six-month mission. (Xinhua/Lian Zhen)

    The Shenzhou-19 crewed spaceship, atop a Long March-2F carrier rocket, is launched from the Jiuquan Satellite Launch Center in northwest China, Oct. 30, 2024. The launch of the Shenzhou-19 crewed spaceship is a complete success, according to the China Manned Space Agency (CMSA). China on Wednesday launched the Shenzhou-19 crewed spaceship, sending three astronauts — including the country’s first female space engineer — to its orbiting space station for a six-month mission. (Xinhua/Li Zhipeng)

    This combo photo shows the Shenzhou-19 crewed spaceship, atop a Long March-2F carrier rocket, being launched from the Jiuquan Satellite Launch Center in northwest China, Oct. 30, 2024. The launch of the Shenzhou-19 crewed spaceship is a complete success, according to the China Manned Space Agency (CMSA). China on Wednesday launched the Shenzhou-19 crewed spaceship, sending three astronauts — including the country’s first female space engineer — to its orbiting space station for a six-month mission. (Photo by Wang Jiangbo/Xinhua)

    MIL OSI China News –

  • MIL-OSI China: Xi calls for continuously developing socialist culture with Chinese characteristics for new era

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

    Xi calls for continuously developing socialist culture with Chinese characteristics for new era

    BEIJING, Oct. 29 — On the afternoon of Oct. 28, the Political Bureau of the Communist Party of China (CPC) Central Committee held its 17th group study session. The topic was on developing a strong culture in China. General Secretary of the CPC Central Committee Xi Jinping, while presiding over the session, emphasized the importance of sticking to the strategic goal of developing a strong culture in the country by 2035. He highlighted the significance of upholding Marxism as the fundamental guiding ideology, drawing inspirations from the rich heritage of Chinese civilization, keeping abreast of trends in information technology development and continuously fostering a socialist culture with Chinese characteristics in the new era that offers strong theoretical guidance, spiritual cohesion and value appeal, and has global influence. It is essential to enhance the spiritual strength of the people, thereby laying a robust cultural foundation for building a strong country and realizing the rejuvenation of the Chinese nation, he said.

    Professor Wang Bo, vice president of Peking University, gave a lecture on this issue and put forward suggestions. Members of the Political Bureau of the CPC Central Committee listened carefully to the lecture and held discussions.

    Xi delivered an important speech after listening to the lecture and discussions. He pointed out that since the 18th CPC National Congress, we have persisted in placing cultural development in a prominent position in the governance of the country, made a series of major arrangements, and formed the thought on socialist culture with Chinese characteristics for the new era. We have worked to make historic achievements in cultural development through thoroughly overhauling cultural concepts and cultural theories as well as in upholding fundamental principles and breaking new ground. As a result, we have made great strides in developing a strong socialist culture.

    Xi stressed the need to develop a socialist culture with Chinese characteristics, as well as to uphold the Party’s leadership, enhance governance capacity in cultural sector in the information age, and consolidate the foundation of the Party’s governance and public support for the Party in terms of ideology, ethos and culture. The fundamental system for ensuring the guiding role of Marxism in the ideological domain must be upheld, Xi said, calling for efforts to fully implement the thought on socialist culture with Chinese characteristics for the new era and develop a sound, people-oriented socialist culture for our nation that embraces modernization, the world, and the future. He also highlighted the necessity to adhere to the guidance of core socialist values, continuously bolster the Chinese spirit, Chinese values, and Chinese strength, and develop and strengthen mainstream values, mainstream public opinion, and mainstream culture.

    Xi emphasized the need to stimulate the cultural innovation and creativity of the entire nation. He advocated for a people-centered approach to creation that prioritizes social benefits while integrating social and economic outcomes. He identified the stimulation of innovative and creative vitality as a central element in deepening reform of cultural system and mechanisms, calling for accelerated improvements in cultural management systems as well as production and operational mechanisms. To enhance originality in creating cultural works, he called for efforts to improve the mechanisms for providing services, guidance, and organization work for artistic creation and production, and thus make it possible to nurture a batch of deeply resonant contemporary classics, so as to attain a new zenith of Chinese culture. He noted the need to actively create a favorable cultural environment, promote academic and artistic democracy, and support writers, artists, and experts in getting what they need for creation from life and dedicating themselves to their creations so that they will continuously maintain their vitality for cultural innovation and creativity. Furthermore, he urged the exploration of effective mechanisms for integrating culture and technology, and achieving digital empowerment and information transformation in cultural development, so as to convert advantages in cultural resources into strengths for cultural development.

    Xi stressed the principle that cultural development must be for the people and of the people. To satisfy the people’s diverse, multilevel and multifaceted cultural needs, efforts must be made to advance the capabilities of providing cultural services and products, so as to ensure that the people have a stronger sense of fulfillment and happiness in terms of culture. We should attach importance to the role of culture in fostering will and virtue, so as to foster a higher level of morale throughout the nation. We should also respect the way talent develop, and improve the mechanisms that comply with the characteristics of the cultural sector to select and cultivate talent, put them to proper use and motivate them, so as to make sound policies that will help to recognize, attach importance to and cherish talent. In this way we will be able to build a strong and well-structured team of high-caliber cultural talent that is bold to innovate in creating excellent works.

    Xi urged continued efforts to carry on China’s cultural tradition through creative transformation and innovative development. Stressing the need to leverage the cultural subjectivity of the Chinese nation, he underlined the necessity to conserve, promote, and develop the treasures of Chinese culture that have survived the historical vicissitudes. It is a must to further explore and explain the values of traditional Chinese culture, as well as activate their excellent elements with Marxism and update their connotations, in order to develop a socialist culture with Chinese characteristics for the new era. Urging respect for history and passion for culture, Xi called for efforts to promote systematic conservation and unified regulation of cultural heritage, upholding the principles of conservation first, reasonable utilization and minimum intervention. Xi also emphasized continued efforts to build sound institutions and mechanism for cultural heritage conservation and inheritance, and fast-track the drive to improve the system of regulations and institutions in this regard.

    Xi highlighted the need to continuously enhance China’s cultural soft power and Chinese culture’s influence. It is imperative to promote the restructuring of the international communication framework, innovate the approach to conduct online international publicity, and create a multi-channel and full-dimensional framework for international communication. It is a must to more proactively promote China’s stand, spread Chinese culture, and showcase China’s image. It is imperative to carry out extensive and diverse international cultural exchanges and cooperation. It is essential to learn from all the outstanding achievements of human civilization, so as to achieve cultural outcomes that integrate the past and present, and connect China with the rest of the world.

    Xi finally stressed that building China into a country with a strong culture is the common task of the whole Party and the whole society. It is necessary to strengthen the centralized and unified leadership of the CPC Central Committee over public communication and cultural work, and optimize the leadership and management system and mechanism for cultural development. Party committees and governments at all levels should effectively strengthen organization and leadership, do a good job in assignment of officials, cultivation of talent, and investment of resources, and stimulate the enthusiasm, initiative, and creativity of all sectors to form a powerful synergy for building up China’s cultural strength.

    MIL OSI China News –

  • MIL-OSI China: China vows to deepen counterterrorism, law enforcement cooperation with Egypt

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

    BEIJING, Oct. 29 — China is willing to work with the Egyptian side to deepen cooperation on counterterrorism and law enforcement, Chinese State Councilor and Minister of Public Security Wang Xiaohong said Tuesday.

    Wang made the remarks when co-chairing the second ministerial meeting between China’s Ministry of Public Security and Egypt’s Ministry of Interior with Mahmoud Tawfik, Egypt’s interior minister.

    Wang expressed the hope that the two sides will strengthen personnel exchanges, deepen cooperation on counterterrorism, improve the law enforcement capacity, crack down on transnational crimes, actively protect the safety of each other’s citizens and major projects in their countries, strengthen coordination and cooperation on multilateral occasions, and firmly support and safeguard each other’s core interests.

    Tawfik said Egypt highly appreciates the Global Security Initiative and is willing to strengthen practical cooperation with China to safeguard the common interests of the two countries.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Speech by FS at Cathay Pacific Airways Cocktail Reception in Riyadh, Saudi Arabia (English only) (with photo/video)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at the Cathay Pacific Airways Cocktail Reception in Riyadh, Saudi Arabia today (October 29, Riyadh time):Lavinia (Chief Customer and Commercial Officer of Cathay Pacific, Ms Lavinia Lau), ladies and gentlemen,     Good evening. I am delighted to be here, with you, tonight, just one day after the exhilarating inaugural flight of Cathay Pacific’s relaunched Hong Kong to Riyadh service.     For that, for reconnecting Hong Kong and Saudi Arabia through this vital new route, and the huge potential it brings, I am grateful to Cathay Pacific. Your dedication to excellence in service is internationally recognised. And this flight resumption is a clear testament to Cathay’s commitment to Hong Kong and our strategic development.     I can tell you that the high-powered delegation I’ve brought with me to Riyadh is equally exciting. They count more than 100 Hong Kong financial, business and entrepreneurial leaders, eager to connect with Saudi business. With you.     During our three-day stay here in Riyadh, we’re meeting with business, finance and technology companies, with investors and government leaders, too. Our goal is clear: to expand ties with Saudi Arabia, building friendship and exploring the many mutually beneficial collaboration opportunities this renewed connection will surely create.     The new service, in short, marks a new chapter for the ever-growing ties between our two cities, our two regions.     It helps, and enormously, that Hong Kong is the global gateway to China. We are also part of China’s “Air Silk Road” initiative, seeking to enhance connectivity, economic and trade cooperation, as well as cultural exchange with countries and regions along the Belt and Road.     Saudi Arabia sits at the crossroad between three continents. The resumption of flights underlines the strategic importance of the country’s location, and will boost economic, cultural, business and people-to-people ties between Saudi Arabia and China, Hong Kong included; and all the more so, between the East and West.     With this reinstated service, I know the people of Hong Kong would be eager to dive into all sorts of adventures around different Saudi cities, your timeless culture, deserts, World Heritage sites and so much more. And, yes, Hong Kong also looks forward to welcoming you to Asia’s world city, the East meets West centre of international cultural exchange. And good times, too.     Ladies and gentlemen, please join me now in a toast: to Cathay Pacific, to the continuing growth of Hong Kong-Saudi ties and to the promising future that awaits our two economies and peoples.     I know you will enjoy this very special evening.     Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China’s anti-graft chief stresses promoting high-quality disciplinary inspection

    Source: China State Council Information Office 2

    Li Xi, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and head of the central leading group on disciplinary inspection, addresses a meeting on national disciplinary inspection work. The meeting also marked the initiation of the fourth round of disciplinary inspection missions of the 20th CPC Central Committee. [Photo/Xinhua]
    China’s top anti-graft official Li Xi on Tuesday urged efforts to promote high-quality disciplinary inspection, thus providing a strong guarantee for further comprehensively deepening reform and advancing Chinese modernization.
    Li, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and head of the central leading group on disciplinary inspection, made the remarks at a meeting on national disciplinary inspection work. The meeting also marked the initiation of the fourth round of disciplinary inspection missions of the 20th CPC Central Committee.
    The meeting made arrangements for inspections of departments related to communication, ideology, culture and united front work.
    In his speech, Li urged efforts to step up oversight and inspection of the implementation of major reforms, promote the implementation of various reform measures and conduct targeted and effective political oversight.
    He demanded efforts to identify and promote the resolution of prominent issues in order to better contribute to the overall interests of the Party and the country.
    On the same day, a list of 34 targets of the fourth round of inspection was announced, including the Publicity Department of the CPC Central Committee, the United Front Work Department of the CPC Central Committee, the All-China Women’s Federation and the Ministry of Culture and Tourism. 

    MIL OSI China News –

  • MIL-OSI China: School suspended due to rainstorms in Chinese island province

    Source: China State Council Information Office 2

    Classes have been suspended and roads waterlogged in some cities and counties in south China’s island province of Hainan due to heavy rainfall starting Monday, which was induced by a combination of the remnants of Typhoon Trami and cold air, local authorities said.
    In the city of Sanya, many roads in the urban area were waterlogged, while some sections experienced a power outage. Primary and secondary schools as well as kindergartens in Sanya suspended classes at noon on Monday, and continued to suspend classes on Tuesday morning. Classes were resumed on Tuesday afternoon as the rainfall weakens. The city of Qionghai and the Tunchang and Chengmai counties also issued class suspension notices on Tuesday.
    The provincial disaster prevention, reduction and relief commission has upgraded its emergency response for flood control and typhoon prevention from Level III to Level II on Tuesday.
    At 9 a.m. on Tuesday, the provincial government issued a Level-II rainstorm warning, saying heavy rain in excess of 250 mm is expected to fall in the cities of Wanning and Danzhou and the Qiongzhong Li and Miao Autonomous County during the next 24 hours.
    The province on Tuesday morning also issued a meteorological risk warning for geological disasters.
    From Saturday to Monday, Typhoon Trami rotated over the waters off the southern coast of Hainan and the Xisha Islands.
    China has a four-tier emergency response system, with Level I being the most severe response, and a four-tier color-coded weather warning system, with red representing the most severe level, followed by orange, yellow and blue. 

    MIL OSI China News –

  • MIL-OSI China: Shenzhou-19 astronauts start journey to China’s space station for new endeavors

    Source: China State Council Information Office 2

    Chinese astronauts Cai Xuzhe (C), Song Lingdong (R) and Wang Haoze attend a see-off ceremony at the Jiuquan Satellite Launch Center in northwest China on Oct. 30, 2024. A see-off ceremony for three Chinese astronauts of the Shenzhou-19 crewed space mission was held early Wednesday morning at the Jiuquan Satellite Launch Center in northwest China. [Photo/Xinhua]
    China launched the Shenzhou-19 crewed spaceship on Wednesday, sending three astronauts — including the country’s first female space engineer — to its orbiting space station for a six-month mission.
    The spaceship, atop a Long March-2F carrier rocket, blasted off at 4:27 a.m. (Beijing Time) from the Jiuquan Satellite Launch Center in northwest China, said the China Manned Space Agency (CMSA).
    About 10 minutes after the launch, the Shenzhou-19 spaceship separated from the rocket and entered its designated orbit. The crew members are in good shape and the launch is a complete success, the CMSA announced.
    The spaceship will then perform a fast, automated rendezvous and docking with the front port of the space station core module Tianhe in about 6.5 hours, forming a combination of three modules and three spacecraft.
    The Shenzhou-19 crew consists of mission commander Cai Xuzhe, and astronauts Song Lingdong and Wang Haoze.
    Cai is a seasoned astronaut who previously journeyed into orbit on the Shenzhou-14 mission in 2022. With this ongoing mission, he set a new record for the shortest interval between two spaceflights for Chinese astronauts.
    Song and Wang, part of the third batch of Chinese astronauts, are newcomers to space, both born in the 1990s.
    Wang is currently China’s only female space engineer and the third Chinese woman participating in a crewed spaceflight mission, the agency noted.
    Diverse sci-tech tasks
    The new crew has numerous tasks ahead, including conducting space science and application tests, performing extravehicular activities, installing protective devices against space debris, and managing the installation and recycling of extravehicular payloads and equipment. They will also engage in science education, public interest activities, and other payload tests, Lin Xiqiang, CMSA spokesperson told a press conference on Tuesday.
    They will carry out 86 space science research and technology experiments, covering various fields including space life science, microgravity fundamental physics, space material science, space medicine and new space technologies, Lin added.
    The CMSA revealed in April that China had undertaken over 130 scientific research and application projects in its space station, while 300 scientific experiment samples had been brought back from space by manned missions in five batches.
    In addition, more than 500 scientific research institutes worldwide had participated in these projects, achieving significant results in space life science, space medicine, space material science and microgravity fluid physics, with over 280 papers published in top international journals, the CMSA said.
    The Shenzhou-19 astronauts will complete in-orbit rotation with the Shenzhou-18 trio and stay at the space station for approximately six months.
    Cai Xuzhe told the press that he and the other two crew members have been training as a team for more than a year.
    Multiple extravehicular activities are scheduled during the Shenzhou-19 mission. “We have conducted comprehensive ground training, considering all possible scenarios, learning from previous extravehicular activities and thoroughly preparing for every potential plan and contingency,” Cai said.
    Wang Haoze explained that she will be mainly responsible for space experimental projects, cargo management, and space station operation management.
    Upgraded transport capability
    Researchers with the China Aerospace Science and Technology Corporation (CASC) have optimized the equipment and adjusted the layout within the orbital module of the spaceship to increase its loading capacity for the Shenzhou-19 space mission.
    “Compared with Shenzhou-18, the payload space of Shenzhou-19 has been increased by 20 percent, making it possible to transport more time-sensitive and essential supplies for astronauts and related systems,” said Chen Tongxiang, an expert with the CASC.
    This not only allows for the transport of more scientific research equipment and supplies into space but also ensures more efficient and stable in-orbit support for the long-term operation of China’s space station, she said.
    China is also exploring ways to reduce the cargo transportation costs for its space station.
    In 2023, a notice was issued to solicit overall schemes for the low-cost cargo transportation system. After two rounds of selection, schemes respectively from the Innovation Academy for Microsatellites of the Chinese Academy of Sciences and from the Chengdu Aircraft Design and Research Institute under the Aviation Industry Corporation of China finally won the contracts for the flight verification phase, Lin said.
    The selection process has engaged scientific research institutes and commercial space companies in developing spacecraft, rockets and other flight products for China’s manned space program, which will help reduce operating costs for the space station and foster the rapid, orderly and healthy development of the commercial space industry, he added.
    Excellent cooperation platform
    China’s space station boasts a wealth of scientific application resources and comprehensive support capabilities, and the Shenzhou manned system and Tianzhou cargo system can ensure reliable and stable round-trip transportation for personnel and supplies between Earth and the space.
    “China’s space station is an excellent platform for international collaboration,” Lin said, noting that it serves not only as a national asset but also as a platform for advancing space technology and bringing benefits to all of humanity.
    China has carried out international collaborations with major space-faring nations and developing countries across various areas, including astronaut selection and training, space science applications, in-orbit facilities, space debris protection and ground support, with abundant outcomes, Lin said.
    Currently, the first batch of payloads selected through cooperation between China and the United Nations Office for Outer Space Affairs are undergoing experiments in orbit, Lin said, adding that more international collaborative research initiatives are in the pipeline.
    China is also engaging in discussions to select and train astronauts from partner nations, inviting international counterparts to join its space station flight missions, Lin noted.
    “No matter which country participates, it is humanity’s collective quest to unravel the mysteries of the cosmos,” said Lin. 

    MIL OSI China News –

  • MIL-OSI China: Launch of Shenzhou-19 crewed spaceship a complete success: CMSA

    Source: China State Council Information Office 2

    The launch of the Shenzhou-19 crewed spaceship is a complete success, according to the China Manned Space Agency (CMSA).
    China on Wednesday launched the Shenzhou-19 crewed spaceship，sending three astronauts — including the country’s first female space engineer — to its orbiting space station for a six-month mission.
    The spaceship, atop a Long March-2F carrier rocket, blasted off at 4:27 a.m. (Beijing Time) from the Jiuquan Satellite Launch Center in northwest China, said the CMSA.
    About 10 minutes after the launch, the Shenzhou-19 spaceship separated from the rocket and entered its designated orbit, the CMSA said.
    The spaceship will then perform a fast, automated rendezvous and docking with the front port of the space station core module Tianhe in about 6.5 hours, forming a combination of three modules and three spacecraft.
    Shenzhou-19 is the 33rd flight mission of China’s manned space program and the fourth manned mission during the application and development stage of China’s space station. 

    MIL OSI China News –

  • MIL-OSI China: ByteDance’s Zhang Yiming tops the list of Chinese billionaires

    Source: China State Council Information Office

    ByteDance’s founder Zhang Yiming’s wealth value has topped 350 billion yuan ($49.15 billion) this year, increasing by 105 billion yuan from 2023, and nominated as China’s richest person of 2024, according to the Hurun Research Institute on Tuesday.

    This is his first time being nominated as China’s richest person, the first one to make the list who was born after the 1980s and an entrepreneur that started from scratch, the report said.

    ByteDance’s global revenue surpassed 850 billion yuan in 2023, up 30 percent year-on-year, according to the report.

    The Hurun Rich List report for 2024 based wealth calculations as a snapshot of Aug 30, 2024. It identified the threshold for top 10 at 165 billion yuan.

    A total of 1,094 entrepreneurs with a personal wealth of more than 5 billion yuan made the list this year, the institute said.

    Nongfu Spring’s Zhong Shanshan and Tencent’s Ma Huateng grabbed the second and third spots on the list, with wealth values of 340 billion yuan and 315 billion yuan, respectively.

    Moreover, the top five sectors of wealth for listed entrepreneurs are industrial products, consumer goods, general health, real estate as well as food and beverage.

    The top three cities with the highest concentration of entrepreneurs on the list are Beijing, Shanghai and Shenzhen.

    MIL OSI China News –

  • MIL-OSI China: China’s logistics sector reports steady growth

    Source: China State Council Information Office

    Staff members work at a Jingdong logistics center in Zhengzhou, central China’s Henan Province, Feb. 7, 2024. [Photo/Xinhua]

    China’s logistics sector maintained steady growth in the first three quarters of the year, according to the China Federation of Logistics and Purchasing on Tuesday.

    During the period, social logistics rose 5.6 percent year on year to 258.2 trillion yuan (about 36.22 trillion U.S. dollars), said the federation.

    Specifically, logistics for industrial products increased by 5.6 percent year on year, while that for renewable resources climbed by 10.1 percent, said the federation.

    During the period, social logistics costs rose 2.3 percent year on year to 13.4 trillion yuan, according to the federation.

    The ratio of social logistics costs to GDP was 14.1 percent during the period, down 0.2 percentage points from the same period last year.

    In the first three quarters, the total revenue of the logistics industry stood at 10 trillion yuan, an increase of 3.7 percent year on year.

    MIL OSI China News –

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

    Source: China State Council Information Office

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

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

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

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

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

    MIL OSI China News –

  • MIL-OSI China: ARJ21 jetliner completes its longest commercial route flight

    Source: China State Council Information Office

    An ARJ21 jetliner is pictured at Wuhan Tianhe International Airport in Wuhan, central China’s Hubei Province, Oct. 25, 2024. [Photo/Xinhua]

    China’s homegrown regional jetliner, the ARJ21, successfully completed its longest commercial route flight Tuesday, landing in the southern Chinese city of Guangzhou from Manado, Indonesia.

    According to the Commercial Aircraft Corporation of China, Ltd. (COMAC), this is also the first China-bound international flight operated by an overseas airline using the Chinese aircraft.

    Starting from the end of November, there will be a daily round trip between the two cities, up from three round trips per week in the initial stage, all operated by TransNusa of Indonesia using the ARJ21 aircraft.

    TransNusa has received three ARJ21 aircraft from COMAC since December 2022 and opened eight routes with ARJ21.

    MIL OSI China News –

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

    Source: China State Council Information Office

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI China News –

  • MIL-OSI China: Hezbollah appoints Naim Qassem as new chief

    Source: China State Council Information Office

    Hezbollah announced on Tuesday the election of Naim Qassem as party secretary-general, succeeding Sayyed Hassan Nasrallah, who was killed in an Israeli raid on the party’s headquarters in Beirut’s southern suburb on Sept. 27.

    “Hezbollah’s Shura Council agreed to elect His Eminence Sheikh Naim Qassem as Hezbollah’s secretary-general,” said Hezbollah in a statement.

    The statement pledged “to work together to achieve Hezbollah’s principles and goals and to keep the flame of resistance shining and its banner raised until victory is achieved.”

    Qassem has been Hezbollah’s deputy secretary-general since 1991 and is considered one of the party’s prominent theorists.

    Qassem, 71, was born in 1953 and is from the village of Kafr Fila in the Iqlim al-Tuffah region of southern Lebanon. He is married and has six children.

    He studied under senior Shiite scholars in Lebanon while pursuing a master’s and bachelor’s degree in chemistry from Lebanese University and worked as a chemistry teacher for several years in secondary schools.

    Qassem began his political career in the 1970s as he joined the Amal movement, a Lebanese political party and former militia affiliated with the Shia community of Lebanon. He was one of the secretaries of the movement’s leadership council and resigned from it after the Iranian Islamic Revolution in 1979.

    He participated in the founding meetings that led to the formation of Hezbollah in 1982 and served on the group’s Shura Council for three terms, where he was responsible for the educational and scouting programs within the group in Beirut.

    Qassem was appointed as the Deputy Secretary-General of Hezbollah when Sayyed Abbas al-Moussawi assumed the position of General Secretary in 1991 and remained in the position after Israel assassinated al-Moussawi, who was succeeded by Nasrallah in 1992.

    Qassem has been the general coordinator of Hezbollah’s parliamentary election campaigns since the group first participated in 1992.

    He has authored many books, the most prominent of which was in 2005 the book “Hezbollah,” which presents the party’s goals, history, and political vision in various matters.

    MIL OSI China News –

  • MIL-OSI China: China, Myanmar mark 10 years of biodiversity conservation partnership

    Source: China State Council Information Office

    China and Myanmar celebrated a decade of collaboration in biodiversity conservation and sustainable development at a ceremony held in Nay Pyi Taw on Tuesday.

    The event highlighted a decade of commitment, collaboration and collective actions of China and Myanmar towards biodiversity conservation and sustainable development.

    Deputy Minister for Myanmar’s Ministry of Natural Resources and Environmental Conservation U Min Thu expressed gratitude to the Chinese Academy of Sciences for its financial and technical support to Myanmar for biodiversity conservation and cooperation research.

    He noted that the decade of Myanmar-China cooperation has provided valuable opportunities and experiences for mutual learning in biodiversity conservation.

    Minister Counselor of the Chinese Embassy in Myanmar Zheng Zhihong said that over the past 10 years, China-Myanmar cooperation on biodiversity conservation and sustainable development has achieved fruitful results. China and Myanmar have established the Southeast Asia Biodiversity Research Institute, carried out nine large-scale joint scientific expeditions, collected and recorded tens of thousands of species, and published more than 100 papers.

    Relying on the Southeast Asia Biodiversity Research Institute, the two sides have helped Myanmar cultivate scientific research talent, and contributed to Myanmar’s economic development and people’s livelihood, he added.

    By building on the solid foundation of the past decade, the two countries will further strengthen cooperation in biodiversity conservation and sustainable development, making greater contributions to the sustainable development of the two countries, especially Myanmar, the minister counselor said.

    Gong Haihua, director of the Division of Asian and African Affairs, the International Cooperation Bureau of the Chinese Academy of Sciences, said that in the past years, the two sides witnessed successful cooperation in many areas, and she expressed hope that more fruitful cooperation will be carried out in the future.

    About 100 participants, including officials and researchers from the two countries, attended the event. 

    MIL OSI China News –

  • MIL-OSI China: China and Zambia celebrate 60 years of diplomatic relations

    Source: China State Council Information Office

    China and Zambia on Tuesday held a ceremony to mark 60 years since the establishment of diplomatic relations between the two countries.

    The ceremony was held at the TAZARA Memorial Park in Chongwe District, about 39 km east of Lusaka, the capital of Zambia. A wreath laying was conducted in honor of the Chinese nationals who died during the construction of the Tanzania-Zambia Railway (TAZARA) line.

    The event, held under the theme “Pass on the TAZARA spirit to the next generation and jointly build a shared future,” was attended by Chinese Ambassador to Zambia Han Jing and Zambian President Hakainde Hichilema as well as officials from both the Chinese Embassy and the Zambian government.

    In his remarks, the Chinese ambassador paid gratitude to the founding leaders of the two countries for establishing the long-standing relationship which has stood the test of time and has been seen as a fine example of China-Africa relations and South-South cooperation.

    He said the unwavering spirit of perseverance, hard work, and selfless dedication exhibited by both Chinese and local people during the construction of the TAZARA line serves as an inspiration and a driving force for China-Zambia and China-Africa cooperation.

    According to him, the revitalization of the railway line following a memorandum of understanding signed recently will not only enhance Zambia’s trade and export, in particular but will also help the country become a regional industrial hub.

    “I look forward to an even closer partnership between the Zambian government and the Chinese contractor to support the revitalization of TAZARA (line), for it is not just an enduring monument of our time-honored friendship, but also a pilot on how an aid project could sustain itself by market operations,” he said.

    The Chinese ambassador also underscored the importance of sensitizing the younger generation of the joint heritage as they were going to be future torchbearers of the China-Zambia friendship. He said the stories of the TAZARA line construction were the best illustration of the two countries’ fight against oppression for freedom, adding that the TAZARA heroes and the spirit they embodied deserve to be properly documented and remembered by the young people through textbooks and stories of freedom fighters.

    On his part, the Zambian president said the theme was appropriate as it emphasizes the need to pass on the spirit of the partnership between the two countries to the next generation with a shared future. He said the spirit of a shared partnership was evident in the way the two countries have related to each other in various areas over the years.

    The Zambian president said the two countries were celebrating 60 years of partnership with renewed vigor and more focus on what the partnership means to the two governments. He, however, said there was a need to water and nurture the partnership so that it continues growing, adding that it was the duty of all stakeholders to nurture the partnership.

    He also paid glowing tribute to the Chinese nationals who died during the construction of the TAZARA line, with the youngest being 22 years old, saying they sacrificed their lives and paid the utmost price.

    The Zambian president and the Chinese ambassador also unveiled the commemorative envelope for the 60th anniversary of the establishment of diplomatic relations between China and Zambia during the ceremony.

    And some students from universities, who attended the commemoration, said they were ready to contribute to further strengthening of the relationship between China and Zambia.

    Lillian Mumbi, a student from the Zambia Institute for Tourism and Hospitality Studies, said in an interview that she would share information about the relationship between the two countries with other young people. She said the students will use various platforms to share information on the bilateral relations between the two countries.

    Kenneth Kasulo, a student from the University of Zambia, said the theme was appropriate as it was important for young people to understand the importance of the development of the country.

    MIL OSI China News –