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Category: China

  • MIL-OSI: Rising Dragon Acquisition Corp. Announces Closing of $57.5 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    SHANXI, CHINA, Oct. 15, 2024 (GLOBE NEWSWIRE) — Rising Dragon Acquisition Corp. (NASDAQ: RDAC) (the “Company”) announced today that it closed its initial public offering of 5,750,000 units at $10.00 per unit, including the full exercise of the underwriters’ option to purchase up to an additional 750,000 units to cover over-allotments. Each unit consists of one ordinary share and one right. Each right entitles the holder thereof to receive one-tenth (1/10) of one ordinary share upon the consummation of an initial business combination.

    The units are listed on the NASDAQ Capital Market (“NASDAQ”) and began trading under the ticker symbol “RDACU” on October 11, 2024. Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on NASDAQ under the symbols “RDAC” and “RDACR,” respectively.

    Lucid Capital Markets acted as sole book running manager in the offering. Loeb & Loeb LLP is serving as legal counsel to the Company. Blank Rome LLP is serving as legal counsel to Lucid Capital Markets. Maples & Calder (Hong Kong) LLP is serving as Cayman Islands legal counsel to the Company.

    A registration statement on Form S-1, as amended (File No. 333-280026), relating to these securities was filed with the Securities and Exchange Commission (“SEC”) and became effective on October 10, 2024. A final prospectus relating to the offering was filed with the SEC and is available on the SEC’s website at http://www.sec.gov. The offering was made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this offering may be obtained from Lucid Capital Markets, 570 Lexington Avenue, 40th Floor, New York, NY 10022.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these 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 any such state or jurisdiction.

    About Rising Dragon Acquisition Corp.

    Rising Dragon Acquisition Corp. is a blank check company newly incorporated as a Cayman Islands exempted company with limited liability for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

    Forward-Looking Statements

    This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    Contact:

    Wenyi Shen
    woody.shen@hywincapital.cn
    Rising Dragon Acquisition Corp.
    No. 604, Yixing Road, Wanbolin District, Taiyuan City,
    Shanxi Province, People’s Republic of China

    The MIL Network –

  • MIL-OSI: Silvaco Announces Preliminary Unaudited Revenue for Q3 and Updates Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, today announced preliminary unaudited revenue results for the third quarter 2024 and updated its outlook for the full year 2024. The Company will report its full third quarter 2024 earnings results and hold a conference call with an earnings presentation on November 12, 2024.

    “Similar to trends observed across the semiconductor industry, we saw a decline in orders from Asia during Q3 primarily driven by economic challenges and the ongoing strain in U.S.-China trade relations. Accordingly, we are adjusting our expectations for the remainder of the year,” said Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri continued, “We remain confident in our long-term strategy and continue to believe we will be able to achieve double-digit long-term revenue growth driven by our proprietary platform and solutions, examples of which are described in our recent press release of September 24, 2024, alongside our ability to effectively capitalize on strategic acquisition opportunities.”

    Preliminarily, the Company expects total unaudited revenues for the third quarter 2024 to be approximately $11.0 million, not including a large order of approximately $5.0 million, which was expected in the third quarter of 2024, but was received in the first week of the fourth quarter of 2024. This order is included in our full-year guidance for bookings below and is expected to contribute to the Company’s fourth quarter of 2024 revenue. Preliminary results are unaudited, subject to completion of the Company’s financial reporting process, based on information known by management as of the date of this press release, and do not represent a comprehensive statement of our financial results for the third quarter 2024.

    In addition, based on current business trends and conditions, the Company is updating its expectations regarding the full year 2024, as follows:

      Previous Full Year 2024 Guidance Updated Full Year 2024 Guidance
    Gross bookings $67 million to $71 million $64 million to $67 million
    Revenue $63 million to $66 million $60 million to $63 million
    year-over-year growth 16% to 22% 10% to 16%
    Non-GAAP gross margin 85% to 89% 85% to 87%
    Non-GAAP operating income $8.0 million to $11.0 million $5.0 million to $8.0 million
         

    This updated guidance represents Silvaco’s current estimates of its operations and financial results as of October 15, 2024. The financial information above represents forward-looking financial information and in some instances forward-looking, non-GAAP financial information, including estimates of non-GAAP gross margin and non-GAAP operating income. GAAP gross margin is the most comparable GAAP measure to non-GAAP gross margin, and GAAP operating income is the most comparable GAAP measure to non-GAAP operating income. Non-GAAP operating income differs from GAAP operating income in that it excludes items such as certain transaction-related costs, IPO preparation costs, estimated acquisition-related litigation claims and costs, stock-based compensation, amortization of acquired intangible assets, impairment charges and executive severance costs. Silvaco is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Silvaco has not provided guidance for GAAP gross margin or GAAP operating income or a reconciliation of the forward-looking non-GAAP gross margin or non-GAAP operating income guidance to GAAP gross margin or GAAP operating income, respectively. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

    Q3 2024 Conference Call Details

    A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks on the day of the conference call, after market close. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

    Date: Tuesday, November 12, 2024
    Time: 5:00 p.m. Eastern time
    Webcast: Here (live and replay)

    About Silvaco

    Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

    Safe Harbor Statement

    This press release contains forward-looking statements based on Silvaco’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

    These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position, and guidance, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products, and anticipated results of those products for our customers, our competitive positioning, projected costs, technological capabilities, and plans, and macroeconomic trends.

    A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation, the following: (a) market conditions; (b) anticipated trends, challenges and growth in our business and the markets in which we operate; (c) our ability to appropriately respond to changing technologies on a timely and cost-effective basis; (d) the size and growth potential of the markets for our software solutions, and our ability to serve those markets; (e) our expectations regarding competition in our existing and new markets; (f) the level of demand in our customers’ end markets; (g) regulatory developments in the United States and foreign countries; (h) changes in trade policies, including the imposition of tariffs; (i) proposed new software solutions, services or developments; (j) our ability to attract and retain key management personnel; (k) our customer relationships and our ability to retain and expand our customer relationships; (l) our ability to diversify our customer base and develop relationships in new markets; (m) the strategies, prospects, plans, expectations, and objectives of management for future operations; (n) public health crises, pandemics, and epidemics and their effects on our business and our customers’ businesses; (o) the impact of the current conflicts between Ukraine and Russia and Israel and its adversaries including Hamas and Hezbollah and the ongoing trade disputes among the United States and China on our business, financial condition or prospects, including extreme volatility in the global capital markets making debt or equity financing more difficult to obtain, more costly or more dilutive, delays and disruptions of the global supply chains and the business activities of our suppliers, distributors, customers and other business partners; (p) changes in general economic or business conditions or economic or demographic trends in the United States and foreign countries including changes in interest rates and inflation; (q) our ability to raise additional capital; (r) our ability to accurately forecast demand for our software solutions; (s) our expectations regarding the outcome of any ongoing litigation; (t) our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act and as a smaller reporting company under the Exchange Act; (u) our expectations regarding our ability to obtain, maintain, protect and enforce intellectual property protection for our technology; (v) our status as a controlled company; and (w) our use of the net proceeds from our initial public offering.

    It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Additional information relating to the uncertainty affecting the Silvaco’s business is contained in Silvaco’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Silvaco’s website at http://investors.silvaco.com/. These forward-looking statements represent Silvaco’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Silvaco disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

    Discussion of Non-GAAP Financial Measures

    We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross margin, and non-GAAP operating income (loss). We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons.

    We define non-GAAP gross margin as our GAAP gross margin adjusted to exclude certain costs, including stock-based compensation and amortization of acquired intangible assets. We define non-GAAP operating income (loss) as our GAAP operating income (loss) adjusted to exclude certain costs, including certain transaction-related costs, IPO preparation costs, estimated acquisition-related litigation claims and costs, stock-based compensation, amortization of acquired intangible assets, impairment charges, and executive severance costs. We monitor non-GAAP gross margin and non-GAAP operating income (loss) as non-GAAP financial measures to supplement the financial information we present in accordance with GAAP to provide investors with additional information regarding our financial results.

    Certain of the items excluded from our non-GAAP gross margin and non-GAAP operating income (loss) are non-cash in nature or are not indicative of our core operating performance and render comparisons with prior periods and our competitors less meaningful. We adjust GAAP gross margin and GAAP operating income (loss) for these items to arrive at non-GAAP gross margin and non-GAAP operating income (loss) because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structure and the method by which the assets were acquired. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP gross margin and non-GAAP operating income (loss) provide meaningful supplemental information regarding our performance.

    We believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze our financial performance and the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

    Investor Contact:
    Greg McNiff
    investors@silvaco.com

    Media Contact:
    Tyler Weiland
    press@silvaco.com

    The MIL Network –

  • MIL-OSI Australia: How Do Households Form Inflation and Wage Expectations?

    Source: Reserve Bank of Australia

    Tags

    asset quality, balance sheet, banking, banknotes, bonds, business, business cycle, capital, cash rate, central clearing, China, climate change, commercial property, commodities, consumption, COVID-19, credit, cryptocurrency, currency, digital currency, debt, education, emerging markets, exchange rate, export, fees, finance, financial markets, financial stability, First Nations, fiscal policy, forecasting, funding, global economy, global financial crisis, history, households, housing, income and wealth, inflation, insolvency, insurance, interest rates, international, investment, labour market, lending standards, liquidity, machine learning, macroprudential policy, mining, modelling, monetary policy, money, open economy, payments, productivity, rba survey, regulation, resources sector, retail, risk and uncertainty, saving, securities, services sector, technology, terms of trade, trade, wages

    MIL OSI News –

  • MIL-OSI: Preferred Bank Announces 2024 Third Quarter Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Oct. 15, 2024 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent commercial banks in California, today announced plans to release its financial results for the third quarter ended September 30, 2024 before the open of market on Monday, October 21, 2024. That same day, management will host a conference call at 2:00 p.m. Eastern (11:00 a.m. Pacific). The call will be simultaneously broadcast over the Internet.

    Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at http://www.preferredbank.com.

    Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through November 4, 2024; the passcode is 7955778.

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)). The Bank also operates a branch in Flushing, New York and in the Houston suburb of Sugar Land, Texas in addition to a satellite office in Manhattan, New York and a Loan Production office in Silicon Valley, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    AT THE COMPANY:   AT FINANCIAL PROFILES:
    Edward J. Czajka   Jeffrey Haas
    Executive Vice President   General Information
    Chief Financial Officer   (310) 622-8240
    (213) 891-1188   PFBC@finprofiles.com

    The MIL Network –

  • MIL-OSI China: Xi urges developing system of modern military theory

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

    BEIJING, Oct. 15 — President Xi Jinping has urged efforts to comprehensively strengthen work related to military theory on the new journey in the new era, and develop a system of modern military theory with Chinese characteristics.

    Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, made the remarks in an instruction to a meeting on work related to military theory, which was held in Beijing from Monday to Tuesday.

    MIL OSI China News –

  • MIL-OSI China: NHC vice-minister meets with president of Swedish Karolinska Institutet

    Source: People’s Republic of China Ministry of Health

    Cao Xuetao, vice-minister of China’s National Health Commission (NHC), met with Annika Östman Wernerson, president of the Karolinska Institutet of Sweden, in Beijing on Oct 11. The two sides exchanged views on promoting China-Sweden cooperation in healthcare.

    Cao said he appreciated the exchanges and cooperation between Karolinska Institutet and Chinese universities, research institutes and hospitals. He added that China encourages medical schools and health institutions from both countries to deepen cooperation in medical research and clinical practice, and supports Chinese institutions including the Chinese Academy of Medical Sciences to continue practical cooperation with Karolinska Institutet in prevention and treatment of chronic diseases such as cancer, medical personnel training and academic exchanges.

    He also briefed the Swedish guests about the goals and measures of health reform highlighted at the third plenary session of the 20th Central Committee of the Communist Party of China.

    Wernerson presented the progress made in collaboration between Karolinska Institutet and relevant Chinese institutions. She said her institute attaches great importance to cooperation with the related Chinese institutions, and is ready to further strengthen exchanges with the Chinese side to jointly contribute to global health development.

    Officials from relevant NHC departments and the Chinese Academy of Medical Sciences and Peking Union Medical College attended the meeting.

    MIL OSI China News –

  • MIL-OSI China: NHC vice-minister attends 14th Meeting of BRICS Health Ministers

    Source: People’s Republic of China Ministry of Health

    Liu Jinfeng, vice-minister of China’s National Health Commission (NHC), led a delegation to the 14th Meeting of BRICS Health Ministers, which was held in Moscow, capital of Russia, from Oct 10 to 11.

    In his speech at the meeting, Liu gave an overview of the guiding principles of the third plenary session of the 20th Central Committee of the Communist Party of China, the actions taken as part of the Healthy China Initiative, as well as the measures and progress of deepening medical reform.

    He called for unity and cooperation among BRICS countries, deepening collaboration and exchanges through policy dialogues and sharing experience and results in the development of the health sector, so as to contribute “BRICS strength” to the building of a global community of health for all.

    Heads of health departments of BRICS countries discussed topics including early warning network for infectious diseases, BRICS Medical Association, BRICS medical journal, research network of tuberculosis prevention and control, vaccine research and development center, nuclear medicine, antimicrobial resistance, public health cooperation and pharmaceutical regulatory systems. They also expressed a willingness to enhance experience sharing and strengthen exchanges.

    The meeting, which was attended by more than 60 people including health ministers of BRICS countries and representatives from the World Health Organization, adopted a declaration.

    During his stay in Russia, Liu visited the Russian National Telemedicine Center and the Russian Cancer Research Center, and delivered a speech at the Sechenov First Moscow State Medical University.

    MIL OSI China News –

  • MIL-OSI China: Report on Aggregate Financing to the Real Economy (Flow) (Q1-Q3 2024)

    Source: Peoples Bank of China

    According to preliminary statistics, the aggregate financing to the real economy (AFRE) (flow) was RMB25.66 trillion in Q1-Q3 2024, down RMB3.68 trillion from the same period of 2023. Specifically, RMB loans to the real economy registered an increase of RMB15.39 trillion, RMB4.13 trillion smaller than the increase in the same period of 2023; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB206.3 billion, RMB69.8 billion larger than the decrease in the same period of 2023; entrusted loans registered a decrease of RMB15.5 billion, RMB121.2 billion larger than the decrease in the same period of 2023; trust loans recorded an increase of RMB356.2 billion, RMB292.3 billion larger than the increase in the same period of 2023; undiscounted bankers’ acceptances recorded a decrease of RMB147.6 billion, RMB389.3 billion larger than the decrease in the same period of 2023; net financing of corporate bonds was RMB1.59 trillion, down RMB54.5 billion year on year (y-o-y); net financing of government bonds was RMB7.18 trillion, up RMB1.22 trillion y-o-y; domestic equity financing by non-financial enterprises was RMB170.5 billion, down RMB503.9 billion y-o-y.

    Note 1: AFRE (flow) refers to the volume of financing provided by the financial system to the real economy within a certain period. In the calculations of AFRE (flow), data are from the PBOC, NFRA, CSRC, CCDC, NAFMII, etc.

    Note 2: Starting from January 2023, the PBOC added three types of non-depository banking financial institutions, namely consumer finance companies, wealth management companies, and financial asset investment companies, into financial statistics, hence adjustments to “RMB loans to the real economy” and “loan write-offs” in AFRE. At end-January 2023, the balance of RMB loans issued to the real economy by the above-mentioned institutions registered RMB841.0 billion, up RMB5.7 billion month on month; the balance of loan write-offs registered RMB170.6 billion, up RMB3.0 billion month on month. The statistics in this report are on a comparable basis.

    Date of last update Nov. 29 2018

    2024年10月14日

    MIL OSI China News –

  • MIL-OSI China: Report on Aggregate Financing to the Real Economy (Stock) (September 2024)

    Source: Peoples Bank of China

    According to preliminary statistics, outstanding aggregate financing to the real economy (AFRE) reached RMB402.19 trillion at end-September 2024, increasing 8.0 percent year on year. Specifically, outstanding RMB loans to the real economy posted RMB250.87 trillion, increasing 7.8 percent year on year; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) recorded RMB1.43 trillion, decreasing 18.6 percent year on year; outstanding entrusted loans registered RMB11.25 trillion, decreasing 0.9 percent year on year; outstanding trust loans registered RMB4.26 trillion, increasing 11.8 percent year on year; outstanding undiscounted bankers’ acceptances recorded RMB2.34 trillion, declining 19.6 percent year on year; outstanding corporate bonds registered RMB32.07 trillion, increasing 2.2 percent year on year; outstanding government bonds reached RMB76.97 trillion, increasing 16.4 percent year on year; and outstanding domestic equity of non-financial firms amounted to RMB11.6 trillion, increasing 2.6 percent year on year.

    By structure, outstanding RMB loans to the real economy accounted for 62.4 percent of the total AFRE at end-September, decreasing 0.1 percentage points year on year; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) accounted for 0.4 percent, decreasing 0.1 percentage points year on year; outstanding entrusted loans accounted for 2.8 percent, decreasing 0.2 percentage points year on year; outstanding trust loans accounted for 1.1 percent, increasing 0.1 percentage points year on year; outstanding undiscounted bankers’ acceptances accounted for 0.6 percent, decreasing 0.2 percentage points year on year; outstanding corporate bonds accounted for 8 percent, decreasing 0.4 percentage points year on year; outstanding government bonds accounted for 19.1 percent, increasing 1.3 percentage points year on year; and outstanding domestic equity of non-financial firms constituted 2.9 percent, decreasing 0.1 percentage points year on year.

    Note 1: AFRE (Stock) refers to the outstanding financing provided by the financial system to the real economy at the end of a period (end of a month, end of a quarter or end of a year). In the calculation of AFRE, data are from PBOC, NFRA, CSRC, CCDC, NAFMII, etc.

    Note 2: Starting from January 2023, the PBOC added three types of non-depository banking financial institutions into financial statistics, namely consumer finance companies, wealth management companies, and financial asset investment companies, hence adjustments to “RMB loans to the real economy” and “loan written-offs” in AFRE. At end-January 2023, outstanding RMB loans to the real economy issued by the above-mentioned three institutions posted RMB841 billion, increasing RMB5.7 billion month on month; the outstanding loan written-offs posted RMB170.6 billion, increasing RMB3 billion month on month. The statistics in this report are on a comparable basis.

    Date of last update Nov. 29 2018

    MIL OSI China News –

  • MIL-OSI China: Announcement on Open Market Operations No.203 [2024]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.203 [2024]

    (Open Market Operations Office, October 15, 2024)

    In order to keep liquidity adequate at a reasonable level in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB68.3 billion through quantity bidding at a fixed interest rate on October 15, 2024.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB68.3 billion

    1.50%

    Date of last update Nov. 29 2018

    2024年10月15日

    MIL OSI China News –

  • MIL-OSI China: Financial Statistics Report (Q1-Q3 2024)

    Source: Peoples Bank of China

    1. Broad money rose by 6.8 percent

    At end-September, broad money supply (M2) stood at RMB309.48 trillion, increasing by 6.8 percent year on year. Narrow money supply (M1), at RMB62.82 trillion, decreased by 7.4 percent year on year. The amount of currency in circulation (M0) was RMB12.18 trillion, an increase of 11.5 percent year on year. The first three quarters of the year saw a net money injection of RMB838.6 billion.

    2. RMB loans grew by RMB16.02 trillion in the first three quarters

    At end-September, outstanding RMB and foreign currency loans totaled RMB257.71 trillion, up 7.6 percent year on year. Outstanding RMB loans stood at RMB253.61 trillion, registering a year-on-year growth of 8.1 percent.

    In the first three quarters, new RMB loans amounted to RMB16.02 trillion. By sector, household loans increased by RMB1.94 trillion, with short-term loans and medium and long-term (MLT) loans rising by RMB402.4 billion and RMB1.54 trillion, respectively; loans to enterprises and public institutions grew by RMB13.46 trillion, with short-term loans, MLT loans and bill financing rising by RMB2.83 trillion, RMB9.66 trillion and RMB828.3 billion, respectively; and loans to non-banking financial institutions grew by RMB188.7 billion.

    At end-September, outstanding foreign currency loans stood at USD585.5 billion, down 14.6 percent year on year. In the first three quarters, foreign currency loans dropped by USD70.9 billion.

    3. RMB deposits increased by RMB16.62 trillion in the first three quarters

    At end-September, the outstanding amount of RMB and foreign currency deposits was RMB306.83 trillion, up 7.1 percent year on year. RMB deposits recorded an outstanding amount of RMB300.88 trillion, rising by 7.1 percent year on year.

    In the first three quarters, RMB deposits increased by RMB16.62 trillion. Specifically, household deposits, fiscal deposits and deposits of non-banking financial institutions rose by RMB11.85 trillion, RMB724.8 billion and RMB4.5 trillion, respectively, while deposits of non-financial enterprises fell by RMB2.11 trillion.

    At end-September, the outstanding amount of foreign currency deposits was USD849.1 billion, up 9 percent year on year. In the first three quarters, foreign currency deposits rose by USD51.2 billion.

    4. The monthly weighted average interest rates for interbank RMB lending and bond pledged repos in September stood at 1.78 percent and 1.83 percent respectively

    Lending, cash bond and repo transactions in the interbank RMB market totaled RMB1583.16 trillion for the first three quarters, with the daily average declining by 2.8 percent year on year to RMB8.38 trillion. Specifically, the average daily turnovers of interbank lending and pledged repo trading fell by 31.4 percent and 5.6 percent year on year, respectively, while that of cash bond trading increased by 25.7 percent year on year.

    The monthly weighted average interest rate for interbank lending in September stood at 1.78 percent, up 0.01 percentage points month on month but down 0.09 percentage points year on year. The monthly weighted average interest rate for pledged repos was 1.83 percent, up 0.04 percentage points month on month but down 0.13 percentage points year on year.

    5. Official foreign exchange reserves stood at USD3.32 trillion

    At end-September, China’s foreign exchange reserves stood at USD3.32 trillion, and the USD/CNY exchange rate was 7.0074.

    6. RMB cross-border settlement under the current account reached RMB11.76 trillion and RMB cross-border settlement of direct investment posted RMB6.04 trillion for the first three quarters

    RMB cross-border settlement under the current account reached RMB11.76 trillion for the first three quarters, including RMB8.88 trillion in settlement of trade in goods and RMB2.88 trillion in settlement of trade in services and other current account items. RMB cross-border settlement of direct investment amounted to RMB6.04 trillion, of which ODI and FDI posted RMB2.11 trillion and RMB3.93 trillion, respectively.

    Notes:

    1. Data for the current period are preliminary.

    2. Starting from 2015, deposits of non-banking financial institutions have been included in RMB deposits, foreign currency deposits and deposits in RMB and foreign currencies, while lending to non-banking financial institutions has been included in RMB loans, foreign currency loans and loans in RMB and foreign currencies.

    3. “Loans to enterprises and public institutions” in this report refers to loans to non-financial enterprises, government agencies and organizations.

    4. Starting from December 2022, e-CNY in circulation has been included in the amount of currency in circulation (M0). At end-December, e-CNY in circulation stood at RMB13.61 billion. The revision has not caused notable changes to month-end M1 or M2 growth rates of 2022. Shown below are the revised M0 growth rates.

    Jan. 2022

    Feb. 2022

    Mar. 2022

    Apr. 2022

    May 2022

    Jun. 2022

    Currency in circulation (M0)

    18.5%

    5.8%

    10.0%

    11.5%

    13.5%

    13.9%

    Jul. 2022

    Aug. 2022

    Sept. 2022

    Oct. 2022

    Nov. 2022

    Dec. 2022

    Currency in circulation (M0)

    13.9%

    14.3%

    13.6%

    14.4%

    14.1%

    15.3%

    5. Starting from January 2023, the People’s Bank of China has incorporated into the coverage of financial statistics three types of non-depository banking financial institutions, i.e., consumer finance companies, wealth management companies and financial asset investment companies. At end-January 2023, loans issued by the three types of institutions recorded an outstanding balance of RMB841 billion, posting an increase of RMB5.7 billion for the month, while their deposits registered an outstanding amount of RMB22.2 billion, rising by RMB2.7 billion over the month. All the statistics in this report are provided on a comparable basis.

    Date of last update Nov. 29 2018

    MIL OSI China News –

  • MIL-OSI Security: IAEA Initiates First Practical Steps of Additional Measures at Sea Near Fukushima Daiichi Nuclear Power Station

    Source: International Atomic Energy Agency – IAEA

    International experts participated in the marine sampling, which included hands-on activities to take samples for subsequent analysis in their own laboratories. (Photo: IAEA)

    The International Atomic Energy Agency (IAEA) initiated today the first practical steps of additional measures at sea near the Fukushima Daiichi Nuclear Power Station (FDNPS). The IAEA carried out marine sampling as an initial step, leveraging the presence of experts from various countries who were in Japan for a mission to collect samples for the latest IAEA interlaboratory comparison (ILC) related to the ALPS treated water discharge.

    This follows last month’s announcements by China and Japan that indicated their mutual agreement to implement additional measures, which will facilitate wider participation of other stakeholders under the framework of the IAEA. The Agency confirms that this agreement is built on its existing sampling and monitoring activities in compliance with the IAEA statutory functions.

    International experts from China’s Third Institute of Oceanography, the Korea Institute of Nuclear Safety and Switzerland’s Spiez Laboratory — members of the IAEA’s Analytical Laboratories for the Measurement of Environmental Radioactivity (ALMERA) network — participated in the marine sampling near FDNPS, which included hands-on activities to take samples for subsequent analysis in their own laboratories.

    Experts from China, the Republic of Korea and Switzerland participated in the marine sampling near Fukushima Daiichi Nuclear Power Station. (Photo: IAEA)

    “The Agency will continue to coordinate with Japan and other stakeholders, including China, to ensure that the additional measures are implemented appropriately under the framework of the IAEA, maintaining the integrity of the process with full transparency to ensure that water discharge levels are, and will continue to be, in strict compliance and consistent with international safety standards,” said IAEA Director General Rafael Mariano Grossi. 

    The IAEA views this mission as a timely opportunity to initiate the first practical steps towards full implementation of the additional measures. The Agency will continue its impartial, independent and objective safety review during the discharge phase, by having a continuous onsite presence, corroborating monitoring data through ILCs and providing live online monitoring. The IAEA will continue liaising at the technical level to ensure smooth implementation of the additional measures.

    MIL Security OSI –

  • MIL-OSI USA: Global refinery margins fall to multiyear seasonal lows in September

    Source: US Energy Information Administration

    In-brief analysis

    October 15, 2024

    Data source: Bloomberg L.P.
    Note: The 3:2:1 crack spread is an indicator of refining margins, the short-term profit margin for oil refineries, which generally produce about 2 barrels of gasoline for every 1 barrel of distillate fuel oil. To estimate the refinery crack spreads, regional crude oil benchmarks were used (Brent for New York, Los Angeles, and ARA; Light Louisiana Sweet for the U.S. Gulf Coast; West Texas Intermediate for Chicago; and Dubai for Singapore). ARA=Amsterdam-Rotterdam-Antwerp

    Refinery margins for petroleum refiners across the world are shrinking, indicating reduced profitability from refining crude oil and selling petroleum products. Declining margins are the result of relatively weak demand for petroleum products even as global refining capacity increases.

    Global refinery margins, measured by the 3:2:1 crack spread, have been less than their five-year (2019–23) averages since the spring and dropped even more in the late summer and early fall. The 3:2:1 crack spread is calculated by subtracting the price of 3 barrels of crude oil from the price of 2 barrels of gasoline and 1 barrel of distillate. This year, the September monthly average refinery margin fell to its lowest for the month since 2020, when there was significantly less transportation fuel demand because of pandemic-related reductions in travel.

    The recent drop in refinery margins is a departure from the past two years. Following the lows in 2020, decreases in U.S. refinery capacity and recovering petroleum product demand supported stronger U.S. refinery margins. This trend was particularly true on the West Coast, where several refineries closed or converted operations to renewable diesel in response to its increasing use in the region.

    Refinery margins have fallen in part because of relatively weak demand for petroleum products, particularly distillate fuel oil. In 2024, U.S. product supplied of distillate fuel oil (the proxy we use for consumption) averaged 6% less than in 2023 and 8% than in 2019 from June through September, mostly due to declining manufacturing activity and the increasing use of biofuels in place of conventional, petroleum-based diesel fuels on the West Coast. Gasoline and jet fuel consumption were slightly below 2023 levels for the same months, and they both remain 6% below 2019 levels.

    Outside of the United States, petroleum product demand has been weak due to slowing economic activity in China and Europe. In addition, increasing adoption of electric vehicles, biofuels, and liquefied natural gas use in trucking is steadily reducing petroleum fuel consumption across much of Asia and Europe. Refinery margins have also been under pressure due to new refining capacity abroad. Kuwait’s 615,000-barrel-per-day (b/d) Al-Zour refinery reached full refining capacity early in 2024, Oman’s 230,000-b/d Duqm refinery has begun operations, and Nigeria’s 650,000-b/d Dangote refinery has been ramping up refining activity. In response to low refinery margins, some global refiners have reduced refinery runs, and some in Europe have announced plans to close or reduce capacity. Although planned before the recent decline in refinery margins, LyondellBasell plans to close its 264,000-b/d refinery in Houston, Texas, by the first quarter of 2025.

    Principal contributor: Jimmy Troderman

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Speech by FS at welcome dinner for Standard Chartered Private Bank Global Family Network 2024

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at the welcome dinner for the Standard Chartered Private Bank Global Family Network 2024 today (October 15):Bill (Group Chief Executive, Standard Chartered, Mr Bill Winters), Ben (President, International, Standard Chartered, Mr Benjamin Hung), Mary (Chief Executive Officer, Hong Kong and Greater China & North Asia, Standard Chartered, Ms Mary Huen), distinguished guests, ladies and gentlemen,     Good evening. I am very pleased to join you all at this welcome dinner for Standard Chartered’s inaugural flagship Global Family Network Forum, bringing together influential families from across Asia, the Middle East and Europe.     First of all, I wish to extend our warmest welcome to you all to Hong Kong. You’ve chosen a wonderful time to visit, with the perfect autumn weather gracing our city. International asset and wealth management hub     Hong Kong is Asia’s leading international financial centre and asset and wealth management hub. Just now, Mary has already given you a good idea of the scale of assets under management and the number of family offices in this city. Let me supplement that many asset and wealth management firms are expanding their presence in Hong Kong. They include, of course, Standard Chartered. And no less optimistic are other prominent firms like UBS. Its Chief Executive commented in June this year that Hong Kong might well become the world’s first in the asset management business by 2027.      A world of ultra-high-net-worth families and individuals have gathered in Hong Kong for a good reason. For you can place your wealth, here for good. Unique strengths under “one country, two systems”      Hong Kong, after all, has very strong fundamentals. Our unique strength is the “one country, two systems” arrangement. While being part of China, we preserve all the defining characteristics that make this city unique: practising common law with a judiciary exercising powers independently; maintaining free flow of capital, goods, people and information; a low and simple tax system, and a currency pegged to the US dollar.     As President Xi Jinping made clear on various occasions, this arrangement is here to stay for the long term.Staunch support from the country      Indeed, Hong Kong always enjoys staunch support from the Central Government. Over the years, the central authorities have rolled out highly favourable policies that benefit the city’s progress and advancement. This is well illustrated in our financial market development. In April this year, for instance, the CSRC (China Securities Regulatory Commission) announced a series of measures to boost Hong Kong’s capital market. That included injecting more liquidity into the Southbound Connect with Hong Kong, and supporting leading Mainland enterprises to list on our stock exchange. Now, over 100 such companies are in the queue for listing in Hong Kong. Diverse investment offerings and opportunities      Above all, the prime value proposition of Hong Kong for family offices is the diverse array of investment offerings and opportunities we offer.      Speaking of our stock market, it is home to over 2 600 companies with a capitalisation of over US$4.6 trillion. Over the years, we have engaged in listing reforms, facilitating such companies from the new economy, biotech and hard-tech sectors to list on our stock exchange, and thus enlarging our pool of quality issuers.      No less vibrant is the bond market. Hong Kong ranked first in the world for 16 years in terms of international bond issuance arranged by Asian institutions. Last year, around US$90 billion of such bonds were issued, accounting for about a quarter of the market. We are also the hub for Renminbi bonds, including sovereign bonds issued by the central authorities as well as those by provincial and municipal governments.     Hong Kong offers a wide range of financial products that suit impact investors. For example, as Asia’s leading green finance hub, we have on average issued over US$63 billion in green bonds and debt annually over the past three years, accounting for more than one-third of Asia’s total. Over 230 ESG (environmental, social and governance) funds have been authorised by our Securities and Futures Commission, managing approximately US$170 billion in assets.      A rich array of investment products and professional services are underpinning a burgeoning ecosystem for families and their offices here in Hong Kong. The Government has rolled out a package of policies, including tax concessions to family-owned investment holding vehicles managed by single family offices in the city. This year, we have also established a Network of Family Office Service Providers comprising private banks, accounting and legal firms, trusts and other professional service firms, forming a strong nexus that cater to your needs. Recent rally in our stock market     Speaking of investment, you may have noticed the recent rally in our stock market since the central authorities announced a stimulus package to inject liquidity to the banking sector and to provide more support to the real estate sector. Over this period, we have seen strong net buys from American and European investors, and they constituted some 85 per cent of the buy side by value. In terms of the background of those investors, 90 per cent of them are long-term fund managers and investment banks.     In January this year, when I visited Davos to attend the World Economic Forum, I met some investors and fund managers. The message I got from them then was clear – despite geo-economic fragmentation, the world of international investors remained interested in the opportunities of the Mainland market. They have long been waiting for the right time to invest here. Now, they are seeing the opportunity.      And beyond investors from the US and Europe, there is growing interest from our Middle East friends. For example, later this month, two ETFs (exchange-traded funds) will be listed on the Saudi Exchange for investing in our stock market. Making a lasting impact with Hong Kong      Ladies and gentlemen, most if not all, family offices aim for more than just financial returns. They care about the collective good of our society and the planet.      To promote and support philanthropy endeavours, the annual Wealth for Good Summit held in Hong Kong since last year successfully brought together influential family office owners and decision-makers to explore strategies for effective philanthropy and wealth legacy. We will soon launch an “Impact Link” platform to foster the connection between family offices and high-potential, high-social impact philanthropy programmes.     There is also one important dimension of impact investing that I should not miss: innovation and technology. We are home to a vibrant, energetic and promising innovation circle, with many innovators from around the world who gather in Hong Kong, acting to change the world for the better, in AI (artificial intelligence), biotech, green tech, and many more areas. Many of these start-ups are based in our two innovation flagships, the Science Park and Cyberport. They have a global vision, and present valuable opportunities for investment. For instance, one start-up from Science Park has developed geospatial and sensory technologies for precision farming, helping farmers around the world to increase crop yield. Another start-up has developed 3D-printed reef tiles to help restore coral reefs and thus increase regional carbon sequestration capacity. The firm has now expanded to the Middle East.Closing remarks     Ladies and gentlemen, in a nutshell, Hong Kong is where you can conserve and grow your wealth across generations. I believe the speakers at the forum tomorrow will further enlighten us with their valuable insights.      For now, please enjoy this good evening, and I wish you all a rewarding event tomorrow and an enjoyable experience in Hong Kong. Thank you very much. 

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: Farms to fame: How China’s rural influencers are redefining country life

    Source: The Conversation – USA – By Mitchell Gallagher, Ph.D Candidate in Political Science, Wayne State University

    In the quiet backwaters of Yunnan, Dong Meihua – though her followers know her by the public alias Dianxi Xiaoge – has done something remarkable: She’s taken the pastoral simplicity of rural China and made it irresistible to millions. In her hands, a village kitchen becomes a stage, and the rhythms of farm life become a story as compelling as any novel. She is one of many rural influencers returning to their roots.

    In a digital revolution turning established narratives on their head, China’s countryside is emerging as an unlikely epicenter of viral content. Xiaoge is one of thousands of influencers redefining through social media how the countryside is perceived.

    Upending preconceptions of rural China as a hinterland of poverty and stagnation, this new breed of social media mavens is serving up a feast of bucolic bliss to millions of urbanites. It is a narrative shift encouraged by authorities; the Chinese government has given its blessing to influencers promoting picturesque rural images. Doing so helps downplay urban-rural chasms and stoke national pride. It also fits nicely with Beijing’s rural revitalization strategy.

    Hardship to revival

    To fully appreciate any phenomenon, it’s necessary to first consider the historical context. For decades, China’s countryside was synonymous with hardship and backwardness. The Great Leap Forward of the late 1950s and early 1960s – Communist China’s revered founder Mao Zedong’s disastrous attempt to industrialize a largely agrarian country – devastated rural communities and led to widespread famine that saw tens of millions die.

    The subsequent Cultural Revolution, in which Mao strengthened his grip on power through a broad purge of the nation’s intelligentsia, further disrupted customary rural life as educated youth were sent to the countryside for “reeducation.” These traumatic events inflicted deep scars on the rural psyche and economy.

    Meanwhile, the “hukou” system, which since the late 1950s has tied social benefits to a person’s birthplace and divided citizens into “agricultural ” and “nonagricultural” residency status, has created a stark divide between urban and rural citizens.

    The reform era of Mao’s successor, Deng Xiaoping, beginning in 1978, brought new challenges. As China’s cities boomed, the countryside lagged behind.

    Millions of rural Chinese have migrated to cities for better opportunities, abandoning aging populations and hollowed-out communities. In 1980, 19% of China’s population lived in urban areas. By 2023, that figure had risen to 66%.

    Government policies have since developed extensively toward rural areas. The abolition of agricultural taxes in 2006 heralded a major milestone, demonstrating a renewed commitment to rural prosperity. Most recently, President Xi Jinping’s “rural revitalization” has put countryside development at the forefront of national policy. The launch of the Internet Plus Agriculture initiative and investment in rural e-commerce platforms such as Taobao Villages allow isolated farming communities to connect to urban markets.

    Notwithstanding these efforts, China’s urban-rural income gap remains substantial, with the average annual per capita disposable income of rural households standing at 21,691 yuan (about US$3,100), approximately 40% of the amount for urban households.

    Enter the ‘new farmer’

    Digital-savvy farmers and countryside dwellers have used nostalgia and authenticity to win over Chinese social media. Stars such as Li Ziqi and Dianxi Xiaoge have racked up huge numbers of followers as they paint rural China as both an idyllic escape and a thriving cultural hub.

    The Chinese term for this social media phenomenon is “new farmer.” This encapsulates the rise of rural celebrities who use platforms such as Douyin and Weibo to document and commercialize their way of life. Take Sister Yu: With over 23 million followers, she showcases the rustic charm of northeast China as she pickles vegetables and cooks hearty meals. Or Peng Chuanming: a farmer in Fujian whose videos on crafting traditional teas and restoring his home have captivated millions.

    Since 2016, these platforms have turned rural life into digital gold. What began as simple documentation has evolved into a phenomenon commanding enormous audiences, fueled not just by nostalgia but also economic necessity. China’s post-COVID-19 economic downturn, marked by soaring youth unemployment and diminishing urban opportunities, has driven some to seek livelihoods in the countryside.

    In China’s megacities, where the air is thick with pollution and opportunity, there’s clearly a hunger for something real – something that doesn’t come shrink-wrapped or with a QR code. And rural influencers serve slices of a life many thought lost to China’s breakneck development.

    Compared with their urban counterparts, rural influencers carve out a unique niche in China’s vast social media landscape. Although fashion bloggers, gaming streamers and lifestyle gurus dominate platforms such as Weibo and Douyin, the Chinese TikTok, rural content creators tap into a different cultural romanticism and a yearning for connection to nature. In addition, their content capitalizes on the rising popularity of short video platforms such as Kuaishou and Pinduoduo, augmenting their reach across a wide demographic, from nostalgic retirees to eco-conscious millennials.

    But this is not simply digital escapism for the masses. Tourism is booming in once-forgotten villages. Traditional crafts are finding new markets. In 2020 alone, Taobao Villages reported a staggering 1.2 trillion yuan (around $169.36 billion) in sales.

    The Chinese government, never one to miss a PR opportunity, has spotted potential. Rural revitalization is now the buzzword among government officials. It’s a win-win: Villagers net economic opportunities, and the state polishes its reputation as a champion of traditional values. Government officials have leveraged platforms such as X to showcase China’s rural revitalization efforts to international audiences.

    Authenticity or illusion?

    As with all algorithms, there’s a catch to the new farmer movement. The more popular rural influencers become, the more pressure they face to perform “authenticity.” Or put another way: The more real it looks, the less real it might actually be.

    It raises another question: Who truly benefits? Are we witnessing rural empowerment or a commodification of rural life for urban consumption? With corporate sponsors and government initiatives piling in, the line between genuine representation and curated fantasy blurs.

    Local governments, recognizing the economic potential, have begun offering subsidies to rural content creators, causing skepticism about whether this content is truly grassroots or part of a bigger, state-led campaign to sanitize the countryside’s image.

    Yet, for all the conceivable pitfalls, the new farmer trend is an opportunity to challenge the urban-centric narrative that has dominated China’s development story for decades and rethink whether progress always means high-rises and highways, or if there’s value in preserving ways of life that have sustained communities for centuries.

    More importantly, it’s narrowing the cultural disconnect that has long separated China’s rural and urban populations. In a country where your hukou can determine your destiny, these viral videos foster understanding in ways that no government program ever could.

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

    – ref. Farms to fame: How China’s rural influencers are redefining country life – https://theconversation.com/farms-to-fame-how-chinas-rural-influencers-are-redefining-country-life-239540

    MIL OSI – Global Reports –

  • MIL-OSI China: Seminar held to study Xi Jinping Thought on Culture

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

    BEIJING, Oct. 15 — A seminar was held on Tuesday in Beijing to promote the study and implementation of Xi Jinping Thought on Culture.

    Li Shulei, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and head of the Publicity Department of the CPC Central Committee, attended the seminar and delivered remarks.

    It is imperative to thoroughly study and implement the thought, strive for the prosperity of the culture and art sector, and achieve new heights, according to attendees of the event.

    They called for efforts to fully tap into the contemporary value of fine traditional Chinese culture and draw on inspirations from fine cultures of other countries.

    The Party’s leadership over the culture and art work must be upheld, and the Party’s principles and policies concerning the work must be implemented faithfully, they said.

    Tie Ning, vice chairperson of the National People’s Congress Standing Committee, presided over the seminar.

    MIL OSI China News –

  • MIL-OSI China: China to work with Tajikistan to tap cooperation potential

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

    ISLAMABAD, Oct. 15 — Chinese Premier Li Qiang said here on Tuesday that China is ready to work with Tajikistan, focusing on the high-quality Belt and Road cooperation, to tap the potential of cooperation in various fields and expand cooperation in emerging industries in a bid to inject more impetus into common development.

    Li made the remarks during his meeting with Tajik Prime Minister Kokhir Rasulzoda on the sidelines of the 23rd Meeting of the Council of Heads of Government of Member States of the Shanghai Cooperation Organization.

    MIL OSI China News –

  • MIL-OSI China: China’s first cross-border tourism cooperation zone operational

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

    NANNING, Oct. 15 — The China-Vietnam Detian-Ban Gioc Waterfall cross-border tourism cooperation zone, with the Chinese part in Chongzuo, a border city in south China’s Guangxi Zhuang Autonomous Region, went into operation on Tuesday.

    As China’s first cross-border tourism cooperation zone, the Chinese part of the zone spans approximately 2 square kilometers. The zone began trial operations in September 2023.

    The Detian-Ban Gioc Waterfall is the biggest cross-border waterfall in Asia. Within the cooperation zone, tourists enjoy facilitated customs clearance services, according to local border inspection authorities in Guangxi.

    The official launch of the cross-border tourism cooperation zone is expected to yield valuable insights for the high-level opening up and collaboration between the two countries, said Hu Fan, vice chairman of Guangxi.

    MIL OSI China News –

  • MIL-OSI China: China ready to work with Kyrgyzstan to consolidate mutual support — Premier Li

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

    ISLAMABAD, Oct. 15 — Chinese Premier Li Qiang said here on Tuesday that China is ready to work with Kyrgyzstan to consolidate mutual support, remain reliable and dependable partners in each other’s development and revitalization, and further advance high-quality Belt and Road cooperation.

    Li made the remarks during his meeting with Kyrgyz Prime Minister Akylbek Zhaparov on the sidelines of the 23rd Meeting of the Council of Heads of Government of Member States of the Shanghai Cooperation Organization.

    MIL OSI China News –

  • MIL-OSI China: China ready to join Pakistan to support each other on issues concerning core interests — Premier Li

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

    China ready to join Pakistan to support each other on issues concerning core interests — Premier Li

    ISLAMABAD, Oct. 15 — Chinese Premier Li Qiang said here Tuesday that China is ready to work with Pakistan to maintain close high-level exchanges and firmly support each other on issues concerning their respective core interests.

    Li made the remarks during his talks with Pakistani President Asif Ali Zardari.

    China and Pakistan are good neighbors, good friends, good partners and good brothers with a long tradition of friendship, as their ironclad friendship has grown stronger and fresher as time goes on, Li said.

    Under the strategic guidance of Chinese President Xi Jinping and Pakistani leaders, the China-Pakistan all-weather strategic cooperative partnership has been deepened, the high-quality Belt and Road cooperation has been fruitful, and the popular support for friendship has been ever solid, he said.

    The Chinese premier noted that China has always viewed its relations with Pakistan from a strategic and long-term perspective and always placed Pakistan as a priority in China’s neighborhood diplomacy, adding that China is willing to work with Pakistan to push the China-Pakistan friendship and cooperation to new levels and bring more benefits to the two peoples.

    The Chinese side, Li said, is also ready to work with Pakistan to strengthen exchanges on governance experience, step up the alignment of development strategies, expand economic and trade cooperation, deepen people-to-people and cultural exchanges, and make further efforts to turn the China-Pakistan Economic Corridor (CPEC) into a landmark project of the high-quality Belt and Road cooperation for better mutual benefit and win-win results.

    China is willing to strengthen cooperation with Pakistan in the field of security, Li said, adding that the Chinese side believes that Pakistan will continue to make every effort to ensure the safety and security of Chinese personnel, institutions and projects in Pakistan.

    For his part, Zardari said the Pakistan-China friendship enjoys a long history and is deeply rooted in the hearts of people, adding that despite constant changes in the international situation, bilateral ties have always made steady progress and always been moving to a new high.

    Noting that the Pakistani side firmly abides by the one-China principle, he said Taiwan is an inalienable part of China’s territory, and Pakistan will, as always, join China in firmly supporting each other on issues regarding core interests.

    He also said that Pakistan is ready to work with China to maintain high-level exchanges, promote the construction of the CPEC, and strengthen cooperation in trade and investment, infrastructure and people-to-people exchanges to better benefit the two peoples.

    Pakistan, he added, will do its utmost to ensure the safety and security of Chinese citizens, institutions and projects in his country.

    MIL OSI China News –

  • MIL-OSI Banking: Escalating cyber threats demand stronger global defense and cooperation

    Source: Microsoft

    Headline: Escalating cyber threats demand stronger global defense and cooperation

    Microsoft customers face more than 600 million cybercriminal and nation-state attacks every day, ranging from ransomware to phishing to identity attacks. Once again, nation-state affiliated threat actors demonstrated that cyber operations—whether for espionage, destruction, or influence—play a persistent supporting role in broader geopolitical conflicts. Also fueling the escalation in cyberattacks, we are seeing increasing evidence of the collusion of cybercrime gangs with nation-state groups sharing tools and techniques.  

    We must find a way to stem the tide of this malicious cyber activity. That includes continuing to harden our digital domains to protect our networks, data, and people at all levels. However, this challenge will not be accomplished solely by executing a checklist of cyber hygiene measures but only through a focus on and commitment to the foundations of cyber defense from the individual user to the corporate executive and to government leaders.

    These are some of the insights from the fifth annual Microsoft Digital Defense Report, which covers trends between July 2023 and June 2024. 

    State-affiliated actors increasingly are using cybercriminals and their tools.  

    Over the last year, Microsoft observed nation state actors conduct operations for financial gain, enlist cybercriminals to collect intelligence, particularly on the Ukrainian military, and make use of the same infostealers, command and control frameworks, and other tools favored by the cybercriminal community. Specifically:  

    • Russian threat actors appear to have outsourced some of their cyberespionage operations to criminal groups, especially operations targeting Ukraine. In June 2024, a suspected cybercrime group used commodity malware to compromise at least 50 Ukrainian military devices.  
    • Iranian nation state actors used ransomware in a cyber-enabled influence operation, marketing stolen Israeli dating website data. They offered to remove specific individual profiles from their data repository for a fee. 
    • North Korea is getting into the ransomware game. A newly-identified North Korean actor developed a custom ransomware variant called FakePenny, which it deployed at organizations in aerospace and defense after exfiltrating data from the impacted networks—demonstrating both intelligence gathering and monetization motivations.  

    Nation state activity was heavily concentrated around sites of active military conflict or regional tension 

    Aside from the United States and the United Kingdom, most of the nation-state-affiliated cyber threat activity we observed was concentrated around Israel, Ukraine, the United Arab Emirates, and Taiwan. In addition, Iran and Russia have used both the Russia-Ukraine war and the Israel-Hamas conflict to spread divisive and misleading messages through propaganda campaigns that extend their influence beyond the geographical boundaries of the conflict zones, demonstrating the globalized nature of hybrid warfare.  

    • Approximately 75% of Russian targets were in Ukraine or a NATO member state, as Moscow seeks to collect intelligence on the West’s policies on the war. 
    • Chinese threat actors’ targeting efforts remain similar to the last few years in terms of geographies targeted—Taiwan being a focus, as well as countries within Southeast Asia—and intensity of targeting per location. 
    • Iran placed significant focus on Israel, especially after the outbreak of the Israel-Hamas war. Iranian actors continued to target the US and Gulf countries, including the UAE and Bahrain, in part because of their normalization of ties with Israel and Tehran’s perception that they are both enabling Israel’s war efforts. 
    Example of Iran’s targeting shift following the start of the Israel-Hamas conflict.

    Russia, Iran, and China focus in on the U.S. election 

    Russia, Iran, and China have all used ongoing geopolitical matters to drive discord on sensitive domestic issues leading up to the U.S. election, seeking to sway audiences in the U.S. to one party or candidate over another, or to degrade confidence in elections as a foundation of democracy. As we’ve reported, Iran and Russia have been the most active, and we expect this activity to continue to accelerate over the next two weeks ahead of the U.S. election.  

    In addition, Microsoft has observed a surge in election-related homoglyph domains—or spoofed links—delivering phishing and malware payloads. We believe these domains are examples both of cybercriminal activity driven by profit and of reconnaissance by nation-state threat actors in pursuit of political goals. At present, we are monitoring over 10,000 homoglyphs to detect possible impersonations. Our objective is to ensure Microsoft is not hosting malicious infrastructure and inform customers who might be victims of such impersonation threats.  

    Financially motivated cybercrime and fraud remain a persistent threat  

    While nation-state attacks continue to be a concern, so are financially motivated cyberattacks. In the past year Microsoft observed:   

    • A 2.75x increase year over year in ransomware attacks. Importantly, however, there was a threefold decrease in ransom attacks reaching the encryption stage. The most prevalent initial access techniques continue to be social engineering—specifically email phishing, SMS phishing, and voice phishing—but also identity compromise and exploiting vulnerabilities in public facing applications or unpatched operating systems. 
    • Tech scams skyrocketed 400% since 2022. In the past year, Microsoft observed a significant uptick in tech scam traffic with daily frequency surging from 7,000 in 2023 to 100,000 in 2024. Over 70% of malicious infrastructure was active for less than two hours, meaning they may be gone before they’re even detected. This rapid turnover rate underscores the need for more agile and effective cybersecurity measures. 

    Threat actors are experimenting with generative AI 

    Last year, we started to see threat actors—both cybercriminals and nation states—experimenting with AI. Just as AI is increasingly used to help people be more efficient, threat actors are learning how they can use AI efficiencies to target victims. With influence operations, China-affiliated actors favor AI-generated imagery, while Russia-affiliated actors use audio-focused AI across mediums. So far, we have not observed this content being effective in swaying audiences.  

    Nation-state adversarial use of AI in influence operations.

    But the story of AI and cybersecurity is also a potentially optimistic one. While still in its early days, AI has shown its benefits to cybersecurity professionals by acting as a tool to help respond in a fraction of the time it would take a person to manually process a multitude of alerts, malicious code files, and corresponding impact analysis. We continue to innovate our technology to find new ways that AI can benefit and strengthen cybersecurity.   

    Collaboration remains crucial to strengthening cybersecurity. 

    With more than 600 million attacks per day targeting Microsoft customers alone, there must be countervailing pressure to reduce the overall number of attacks online. Effective deterrence can be achieved in two ways: by denial of intrusions or by imposing consequences for malicious behavior. Microsoft continues to do our part to reduce intrusions and has committed to taking steps to protect ourselves and our customers through our Secure Future Initiative. 

    While the industry must do more to deny the efforts of attackers via better cybersecurity, this needs to be paired with government action to impose consequences that further discourage the most harmful cyberattacks. Success can only be achieved by combining defense with deterrence. In recent years, a great deal of attention has been given to the development of international norms of conduct in cyberspace. However, those norms so far lack meaningful consequence for their violation, and nation-state attacks have been undeterred, increasing in volume and aggression. To shift the playing field, it will take conscientiousness and commitment by both the public and private sectors so that attackers no longer have the advantage.  

    Microsoft continues to share important threat intelligence with the community, including our recent Cyber Signals research looking at cyber risks in the education sector. 

    Tags: AI, artificial intelligence, China, cyberattacks, cybercrime, cybersecurity, election, elections, generative ai, Hamas, homoglyphs, Iran, Israel, malware, Microsoft Digital Defense Report, NATO, North Korea, phishing, Russia, Secure Future Initiative, Tech scams, Ukraine, United Kingdom, United States

    MIL OSI Global Banks –

  • MIL-OSI USA: Moolenaar to Detroit News: “News” Article Gave CCP a Pass

    Source: United States House of Representatives – Congressman John Moolenaar (4th District of Michigan)

    Headline: Moolenaar to Detroit News: “News” Article Gave CCP a Pass

    By Congressman John Moolenaar

    Chad Livengood’s recent article on electric vehicles ignored serious issues regarding the Chinese Communist Party, supply chain security, and human rights abuses while offering a case for increasing the involvement of Chinese companies in America’s auto industry that was far too optimistic. The article was also condescending to the common-sense concerns of Michigan residents. These issues affect all of us in Michigan, whether we work for an automaker or simply pay our taxes.

    The Chinese Communist Party seeks to increase America’s dependance on China as a way of controlling our country. In April 2020, Chinese leader Xi Jinping said, “we must tighten international production chains’ dependence on China.” Additionally, the CCP has identified battery technology as a “major technical domain” that it would like to dominate for years to come.

    Tragically, the EV supply chains controlled by the CCP are intertwined with human rights abuses and its genocide of a minority group known as the Uyghurs. Uyghurs are Muslims living in northwest China and the CCP has put millions of them into internment camps where they are forced into slave labor. One of the companies tied to this genocide is Gotion High-Tech, whose subsidiary wants to build a facility in the Big Rapids area. The company is receiving $715 million in state subsidies and tax breaks. 

    Michigan residents are not misguided in their concerns about CCP-affiliated companies, and having political leaders bring a spotlight to these issues is not wrong, as Livengood seemed to suggest. In fact, more journalistic skepticism of these companies would help all Michigan residents. In the case of Gotion, for example, Livengood wrote the company will bring “2,350 jobs averaging about $51,000 a year” to Mecosta County. This contradicts his paper’s reporting from April 2023, when “Gotion has said in its application for a property tax exemption, it expects an annual average wage at the facility of $61,995.”  So far, not one media outlet – including the News – has bothered to ask Gotion why it is now offering average wages $11,000 less than it promised the state legislature a year ago. CCP-affiliated companies are always changing their story, but their goal remains the same: further the CCP’s agenda and increase America’s dependence on China.

    The U.S. and our allies must compete to win. Our country invented the battery technology that China has and let it get away. Now we must develop better technology once again.

    MIL OSI USA News –

  • MIL-OSI: Qorvo® to Webcast Quarterly Earnings Conference Call on October 29, 2024

    Source: GlobeNewswire (MIL-OSI)

    GREENSBORO, N.C., Oct. 15, 2024 (GLOBE NEWSWIRE) — Qorvo® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, will host a conference call to review fiscal 2025 second quarter financial results on Tuesday, October 29, 2024, at 5:00 p.m. (ET). The conference call will be webcast live on the Company’s Investor Relations website 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 on November 5, 2024.

    Qorvo will distribute fiscal 2025 second quarter financial results at approximately 4:00 p.m. (ET) on Tuesday, October 29, 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 http://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.

    At Qorvo®
    Doug DeLieto
    VP, Investor Relations
    1-336-678-7968

    The MIL Network –

  • MIL-OSI Security: Defense News: Former SECDEF Panetta Shared Concerns, Insights During Guest Lecture at NPS

    Source: United States Navy

    With decades of public service, Panetta offered frank advice and lessons learned to the more than 1,300 students, faculty and staff gathered in the packed NPS King Hall auditorium.  

    “Fundamental to everything our democracy stands for is leadership, and that requires character, integrity, and courage,” said Panetta. “Those qualities are abundant in this room, and being selected to come to NPS further sets you apart. When you graduate, you will carry the additional obligation to do more, take risks, make hard decisions and lead solutions to complex national defense challenges if we’re going to remain the world’s strongest democracy.”

    In his opening comments, Panetta stressed the importance of alliances in addressing today’s conflicts, and terrorism instigated and supported by a growing axis of autocracies lead by China, Russia, Iran and North Korea.

    “Our adversaries are actively working to undermine trust,” Panetta remarked. “When our nation is distracted, tyrants will fill the void. The leader’s job is not to point fingers, but to point out falsehoods and elevate reality so we can agree on the problem, then work together to address it.  Across the aisle, or across alliances, that’s how leaders get things done. That’s how we win.”

    The “Fireside Chat” was moderated by retired U.S. Army Lt. Gen. Eric Wendt, a former Special Forces Green Beret and current professor of practice in the school’s Department of Defense Analysis, and an NPS distinguished alumnus. When asked the one thing he would do to improve DOD today, Panetta responded, “There are many things, but the one thing I am most concerned about is speed.”

    “We need DOD bureaucracy to move at the speed of technology,” added Panetta. “I’m concerned that we can’t act swiftly enough to ensure our advantage by leveraging and learning about cutting edge technologies. Industry is setting the pace, and much of it is American innovation, but we need to apply innovative thinking to how we acquire, adapt and adopt technology to meet capability needs. I believe NPS and the future Naval Innovation Center at NPS are parts of the solution.”

    During his visit, Panetta also spoke with Defense Analysis students in the DA 3900 Command and Leadership course taught by Wendt, where he further encouraged students to apply their operational experience, NPS education and research to solving the most vexing challenges facing DOD.

    Before leading the DOD, Panetta served as a member of the United States House of Representatives, director of the Office of Management and Budget, White House Chief of Staff, and as Director of the Central Intelligence Agency.

    Today, Panetta co-directs with his wife, Sylvia, the Panetta Institute for Public Policy, based at California State University, Monterey Bay. The Institute is a nonpartisan, not-for-profit center that seeks to instill in young men and women the virtues and values of public service.

    • For more information on the Secretary of the Navy Guest Lecture program at NPS, and to watch past lectures, visit https://nps.edu/sgls

    Learn more about the NPS Department of Defense Analysis at https://nps.edu/web/da

    MIL Security OSI –

  • MIL-OSI Asia-Pac: Commissioner of Customs and Excise welcomes delegation of National Copyright Administration Representative of PRC to visit Hong Kong Customs (with photos)

    Source: Hong Kong Government special administrative region

    Commissioner of Customs and Excise welcomes delegation of National Copyright Administration Representative of PRC to visit Hong Kong Customs (with photos)
    Commissioner of Customs and Excise welcomes delegation of National Copyright Administration Representative of PRC to visit Hong Kong Customs (with photos)
    ******************************************************************************************

         The Commissioner of Customs and Excise, Ms Louise Ho, today (October 14) welcomed the Director General of the Copyright Department of the Publicity Department of the Communist Party of China Central Committee, Mr Wang Zhicheng, to visit Hong Kong Customs with his delegation at the Customs Headquarters Building (CHB). During the meeting, both sides reviewed the achievements in intellectual property rights (IPR) protection co-operation in recent years and looked forward to future plans and strategies. To deepen co-operation in combating infringement activities, both sides agreed to strengthen information exchanges and personnel training.     Ms Ho said that Hong Kong Customs has officially assumed the post of Vice-Chairperson for the Asia/Pacific Region of the World Customs Organization. During the tenure, Hong Kong Customs is expected to promote collaboration among members in the Asia-Pacific region and enhance regional enforcement capabilities and effectiveness by organising international conferences, co-ordinating regional enforcement actions and conducting capacity-building activities. IPR protection has always been a common concern among Asia-Pacific members. Ms Ho invited Mr Wang and the National Copyright Administration to await and support further relevant activities.     The delegation also toured the Exhibition Gallery at the CHB to learn about the historical development, evolution and significant roles played in different domains by Hong Kong Customs.

     
    Ends/Monday, October 14, 2024Issued at HKT 18:25

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: Global PROTAC Therapy Market Clinical Trials Drug Approval Insight

    Source: GlobeNewswire (MIL-OSI)

    Delhi, Oct. 14, 2024 (GLOBE NEWSWIRE) — Global PROTAC Targeted Protein Degraders Market Opportunity & Clinical Trials Insight 2027 Report Finding & Inclusions:

    • First PROTAC Drug Approval Expected By  2027
    • Global & Regional PROTAC Drug Market Trends Insight
    • First 12 Months & First 5 Years Market Size Estimates Since Approval
    • Global PROTAC Drugs Clinical Trials Insight By Company, Country, Indication & Phase: > 90 Drugs
    • FDA Fast Track & Orphan Drug Status Insight By Company & Indication
    • Comprehensive Insight On PROTAC Technology Platforms:  10 Platforms
    • Global PROTAC Drug Market Trends By Indications
    • Competitive Landscape
    Features Details
    Key Segments By Indication, By Region, Technology Platforms
    Therapeutic Areas Cancer, Infectious Diseases, Autoimmune & Inflammatory Diseases and others
    Countries Covered US, China, South Korea
    Report Coverage Mechanism of Action, Potential in Cancer, Comprehensive Clinical Drugs Insight, Current Trends and Future Opportunities
    Companies Covered Arvinas, EnhancedBio, Uppthera, TYK Medicine, Axter Therapeutics among others

    Download Report: https://www.kuickresearch.com/report-protac-targeted-protein-degraders-protac–therapy-protac-drug-approved

    Significant advancements have been made in the field of drug discovery in recent years with the aim of overcoming the drawbacks of conventional small-molecule therapies. Among these, the development of Proteolysis Targeting Chimeras, or PROTACs, is one of the most exciting developments. These dual-purpose compounds have become a cutting-edge method for selectively breaking down proteins, providing a special way to treat a range of diseases, such as cancer and neurological conditions.

    PROTACs are synthetic compounds designed  to specifically break down particular proteins by utilizing the ubiquitin-proteasome system (UPS) found in cells. Theoretically, in drug development, the ability to eradicate disease-associated proteins instead of simply blocking them presents a potent alternative. In this regard, PROTACs work by attracting an E3 ubiquitin ligase to the target protein, designating it for degradation, in contrast to conventional therapies that block protein activity. As a result of this process, the protein’s cellular levels are decreased, hence downregulating its activity.

    The mechanism of PROTACs is piloted by three key elements: an E3 ligase ligand, a target protein ligand, and a linker that joins the two. When a PROTAC molecule enters a cell, it recruits an E3 ligase and uses its ligand to attach to the target protein. The target protein is then signaled for proteasome breakdown by this ligase’s transfer of ubiquitin molecules. PROTACs are highly adaptable in drug development because of their modular structure, which makes it simple to create and optimize these compounds to target different proteins.

    The ability of PROTACs to selectively degrade particular proteins is one of their greatest advantages. A more favorable safety profile results from this tailored approach’s reduction of off-target effects, which are frequently linked to conventional small-molecule inhibitors. Resistance to conventional treatments is a hallmark of many diseases, including cancer. PROTACs may be able to get over these challenges and regain therapeutic efficacy by addressing the underlying proteins that cause resistance. Furthermore, PROTACs can also target proteins that are challenging to inhibit efficiently using conventional small molecules by taking advantage of the UPS. Many proteins implicated in disease pathways lack appropriate binding sites for small compounds, giving PROTACs an edge since they do not require particular binding sites on the target protein.

    Since the protein is eliminated from the cell when a PROTAC breaks down a target protein, the effects may endure for a long time and may result in long-lasting therapeutic benefits. One of the main areas of PROTAC development has been cancer treatment. PROTACs have been used to target particular oncoproteins, such as those implicated in signaling pathways that support tumor growth. In preclinical models, for example, PROTACs that target mutant variants of oncogenic proteins, such as KRAS, have demonstrated potential. PROTACs have the potential to produce longer-lasting remission and more substantial therapeutic effects by breaking down these proteins as opposed to just blocking them.

    Neurodegenerative diseases, such as Alzheimer’s and Parkinson’s, present unique challenges due to the accumulation of misfolded proteins that disrupt cellular function. PROTACs have demonstrated the ability to target these aggregated proteins for destruction, providing a unique therapeutic approach to slow the progression of the disease. For instance, studies are being conducted to create PROTACs that have the ability to specifically break down tau and α-synuclein protein aggregates, which are linked to Alzheimer’s and Parkinson’s diseases, respectively.

    Although PROTACs have shown promise in early clinical trials, more research is needed to assess their safety, effectiveness, and optimal dosing schedules. To advance this exciting area of study, collaboration among researchers, academics, and physicians is essential. For disorders that are difficult to treat with traditional methods, PROTACs offer a groundbreaking approach to therapy development. They use the body’s natural protein breakdown processes to specifically target and remove harmful proteins, which could lead to improved treatment options in oncology and other fields. With continued investigation, PROTACs have the potential to transform modern medicine and introduce a new era of targeted therapies.

    The MIL Network –

  • MIL-OSI China: COP16: Forum on Energy Transition Promoting Biodiversity Conservation to kick off

    Source: China State Council Information Office

    The 16th Conference of the Parties (COP16) to the United Nations Convention on Biological Diversity (CBD) will be held in Cali, Colombia, from October 21 to November 2, 2024. GEIDCO will partner with the United Nations Development Programme (UNDP), the Sustainable Development Solutions Network (SDSN) and the World Resources Institute (WRI) to host a forum on energy transition and biodiversity conservation during COP16. The event, scheduled for Oct. 25 from 10-11 a.m. in the Cali Cultural Center’s main auditorium, will unveil research findings titled “Plans and Typical Cases for Promoting Biodiversity Conservation through Energy Transition”.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Speech by CS at opening ceremony of Hong Kong Performing Arts Expo

    Source: Hong Kong Government special administrative region

         Following is the speech by the Chief Secretary for Administration, Mr Chan Kwok-ki, at the opening ceremony of the Hong Kong Performing Arts Expo (HKPAX) hosted by the Hong Kong Arts Development Council today (October 14):尊敬的王松苗秘書長 (Secretary General of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region (HKSAR), Mr Wang Songmiao), 李永勝副特派員 (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the HKSAR Mr Li Yongsheng), Kenneth (Chairman of the Hong Kong Arts Development Council, Mr Kenneth Fok), Wilfred (Chairman of the Hong Kong Arts Development Fund Advisory Committee, Dr Wilfred Wong), distinguished guests, ladies and gentlemen,     Good evening.     On behalf of the Government of the Hong Kong Special Administrative Region, I would like to welcome you all to the inaugural Hong Kong Performing Arts Expo.      HKPAX provides a comprehensive platform for showcasing top-notch performing arts productions from the international and local community, as well as promoting exchanges and collaborations to create business opportunities for these programmes and creative talents.       The first HKPAX has received an overwhelming response, with strong support from our country and friends from around the world. More than 1 400 delegates from over 60 countries and regions are participating in HKPAX and sharing their artistic visions and creations with us.     Hong Kong is a melting pot of Chinese and Western cultures. We enjoy the distinct advantage of having strong support from our motherland and being closely connected to the world. These, together with our world-class arts and culture facilities and pluralistic arts environment, pave the way for us to further develop the city’s role as a cultural hub for the region and the world.       HKPAX is much more than a market. It is a platform for making connections, exchanging ideas and fostering collaborations.     For friends coming from abroad, please get to know the many and varied local artists and arts groups through various performances, showcases, pitches and other activities, and exchange innovative ideas on the artistic front. Also, do not miss the opportunity to get to know the rapidly emerging cultural cities in our motherland, especially those in the Greater Bay Area.     Right after HKPAX, we will host the 2024 Greater Bay Area Culture and Arts Festival, which aims to promote integration, exchanges and collaborations, and enrich the cultural soft power of the Greater Bay Area. We hope that these two mega events will synergise and complement each other, and provide you, the visitors, and the people of Hong Kong with quality arts and cultural offerings.     The HKSAR Government is committed to strengthening Hong Kong’s position as an East-meets-West centre for international cultural exchanges. With your enthusiastic support for the event, HKPAX has succeeded in establishing itself as an important platform for new artistic connections and exchanges, and has made a mark for Hong Kong in the world of performing arts.     I would like to take this opportunity to thank all the members and staff of the Hong Kong Arts Development Council for their tireless efforts in planning and organising HKPAX. My special thanks also go to all our partners, participating arts leaders and practitioners from Hong Kong, the Mainland and around the world. HKPAX would not be possible without your support and participation.     Last but not least, I wish HKPAX every success, and hope you all enjoy the exciting programmes of HKPAX and your stay in our beautiful city in the coming days.     Thank you. And now, I would like to say a few words in Cantonese.(Please also refer to the Chinese portion of the speech.)

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Xi says China willing to jointly promote high-quality Belt and Road cooperation with Indonesia

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

    Xi says China willing to jointly promote high-quality Belt and Road cooperation with Indonesia

    BEIJING, Oct. 14 — Chinese President Xi Jinping said Monday that China is willing to work with Indonesia to jointly promote high-quality Belt and Road cooperation, ensure the sustainable operation of the Jakarta-Bandung High-Speed Railway, and create more highlights of cooperation to better benefit the people of both countries.

    Xi made the remarks during his phone talks with Indonesian President Joko Widodo.

    MIL OSI China News –

  • MIL-OSI China: China vows to beef up support for SMEs, unicorn companies

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

    BEIJING, Oct. 14 — China will increase support for innovative small and medium-sized enterprises (SMEs) and unicorn companies to foster new quality productive forces and help enterprises expand markets and unleash vitality, the Ministry of Industry and Information Technology (MIIT) said Monday.

    So far, China has cultivated about 141,000 innovative SMEs that use specialized, sophisticated technologies to produce novel or unique products, including 14,600 “little giant” firms, Wang Jiangping, vice minister of industry and information technology told a press conference.

    These companies have played an important role in promoting new industrialization and developing new quality productive forces, Wang said, adding that the MIIT will work with relevant departments to roll out mechanisms to promote the development of such SMEs and boost the high-quality growth of the enterprises.

    Wang noted that further efforts will be made to support the digital transformation and financing of the companies. For “little giant” firms — which refer to the novel elites of SMEs that are engaged in manufacturing, specialize in a niche market and boast cutting-edge technologies — China will use the central government budget to support them in achieving new technological breakthroughs, developing new products and strengthening the industrial chain to boost their scientific and technological innovation.

    China has seen a growing number of unicorn companies in recent years, with over half of last year’s new unicorns emerging in rapidly developing technology sectors like new energy, artificial intelligence and semiconductors, according to the ministry.

    The MIIT has vowed to support the listing, mergers and acquisitions, and restructuring of unicorn firms and promote the growth of such companies in future industries such as the brain-computer interface and 6G sectors. It has also vowed support for such firms to integrate into the global innovation network and enhance innovation cooperation.

    In the fourth quarter of this year, China will launch specific measures to promote consumption and domestic demand in order to help enterprises expand the market and unleash vitality, the vice minister said.

    It will promote investment in the projects of technical transformation and upgrading as well as equipment renewal, and accelerate the issuance of re-loans worth 150 billion yuan (about 21.21 billion U.S. dollars) to support such projects.

    To expand consumption, China will promote electric bicycle trade-ins and increase promotion efforts for new energy vehicles, Wang said, adding that it will also help develop sectors such as the low-altitude economy and smart manufacturing to create new engines for economic growth.

    MIL OSI China News –