NewzIntel.com

Category: China

  • MIL-OSI Russia: Marat Khusnullin: Rosreestr has concluded 22 agreements and memorandums within the framework of international cooperation

    MILES AXLE Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Russia is expanding international cooperation in the areas of real estate and land use. Since 2020, Rosreestr has concluded 22 memorandums and agreements on cooperation with relevant agencies of other countries, Deputy Prime Minister Marat Khusnullin said.

    “Including three memorandums concluded since the beginning of this year with Kyrgyzstan, India and Serbia. Studying foreign practices is necessary to improve the quality of services in the field of land and real estate and to build the National Spatial Data System (NSDS). In addition, possessing advanced competencies in the industry, the department assists other countries in developing the sphere of registration of rights and cadastral registration, creating modern geoinformation resources. One of such large international projects is the creation of a geoportal of the spatial data infrastructure of the CIS member states, which is being implemented on the basis of the unified digital platform “NSDS” developed by Rosreestr,” said Marat Khusnullin.

    The geoportal of spatial data infrastructure of the CIS member states is one of the four major international projects of the department, which is being implemented at the site of the Interstate Council on Geodesy, Cartography, Cadastre and Remote Sensing of the Earth. The corresponding list of instructions was signed by the President of Russia in November 2022.

    “The geoportal is being created using the experience of development and technological solutions of the Russian state information system “Unified Digital Platform “NSPD”. It will provide quick and convenient access for citizens, businesses, and professional market participants to open geospatial data of the CIS member states and electronic services created on their basis. Currently, within the framework of the schedule, the issue of providing the infrastructure of the state unified cloud platform for hosting and operating the portal has been worked out. All participants of the CIS Interstate Council have formed a technical assignment for the implementation of the first stage of work, and basic data sets for the operation of services have been agreed upon. The geoportal is planned to be put into operation in 2025,” said Oleg Skufinsky, head of Rosreestr.

    Rosreestr is implementing three more joint international projects with Uzbekistan, Abkhazia and Kyrgyzstan. They are related to the creation of national systems of state cadastral valuation. In particular, Abkhazia was provided with assistance in developing an automated information system of the real estate cadastre and a software module “Assessment of the cadastral value of real estate objects”. The project in Uzbekistan is planned to be completed by the end of 2024.

    The agency also signed six “road maps” for exchanging experience in the field of registration of rights, cadastral registration and creation of spatial data infrastructure. Such contacts have been established with Turkey, Armenia, Tajikistan, Turkmenistan, Uzbekistan and South Ossetia.

    In addition, Rosreestr is developing cooperation with the countries of the Middle East, Africa, Southeast Asia, Latin America and China, and has joined the activities of the BRICS Working Group on Geospatial Technologies and their Application.

    One of the key areas of the agency’s activities remains cooperation with relevant international organizations, including the UN system, where the agency represents Russia’s interests. This allows not only to study advanced foreign experience in the field of geodesy, cartography and spatial data infrastructure, but also to promote Russian achievements and technologies in the industry in the international arena.

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

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://government.ru/nevs/52817/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Director bans for husband-and-wife who hired illegal workers at Chinese takeaway

    Source: United Kingdom – Executive Government & Departments

    Five-year bans for couple who employed illegal workers

    • Yu Jian Chen and Yunqin He employed three illegal workers at a Chinese takeaway in the Scottish Highlands 

    • The illegal workers were found during a visit from Immigration Enforcement officials last year 

    • Both Chen and He have been banned as company directors for the next five years 

    A couple who employed three illegal workers at a Chinese takeaway in the Scottish Highlands have been banned as company directors. 

    Yu Jian Chen, 39, and his wife Yunqin He, 38, recruited the workers, who were from China and Malaysia, at The Jade Garden in the village of Bonar Bridge. 

    Immigration Enforcement officials discovered the illegal workers during a raid of the takeaway last year. 

    Dave Magrath, Director of Investigation and Enforcement Services at the Insolvency Service, said: 

    Yu Jian Chen and Yunqin He failed to comply with their statutory obligations by employing three people who did not have the right to work at their takeaway. 

    Employers hiring illegal workers not only defraud the public purse but potentially put some of the most vulnerable people in society at risk of exploitation. 

    We are pleased to be supporting the Home Office with their activities by taking firm action against rogue company directors. 

    Chen and He were directors of The Jade Garden, trading under the company name JG Sutherland Limited, when Immigration Enforcement officials visited the premises in January 2023, finding two Chinese men and a Malaysian woman with no right to work there. 

    Immigration Enforcement fined The Jade Garden £45,000 for the immigration breach, which remains unpaid. 

    Brian Gillespie, the Home Office’s Immigration Compliance Enforcement lead for Scotland, said: 

    Illegal working undercuts honest employers, places vulnerable individuals at risk of exploitation and disadvantages legitimate job seekers.  

    It also impacts public finances as taxes are not paid by these businesses and workers, which is why tracking down unscrupulous employers is so important.  

    We’re pleased to secure these bans following an effective and close working relationship between the Home Office and the Insolvency Service. 

    The Secretary of State for Business and Trade accepted disqualification undertakings from Chen and He, and their five-year bans began on Thursday 19 September. 

    The disqualifications prevent the pair from becoming involved in the promotion, formation or management of a company, without the permission of the court. 

    He resigned as a director of the company five days after the Immigration Enforcement raid. 

    Further information 

    Updates to this page

    Published 27 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: US(Ed) leads Hong Kong education sector to call on state leader and officials of Ministry of Education (with photos)

    Source: Hong Kong Government special administrative region

         The Under Secretary for Education, Mr Sze Chun-fai, led the 16th National Day and Professional Exchange Delegation from the Hong Kong Education Sector to visit Beijing today (September 27) to call on a state leader and officials of the Ministry of Education.
          
         Mr Sze and the delegation were received and welcomed by the Vice Chairman of the Standing Committee of the 14th National People’s Congress, Mr Peng Qinghua, at the Great Hall of the People. They then met the Vice Minister of the Ministry of Education, Mr Wang Jiayi. Mr Sze said that it was particularly meaningful to visit Beijing with representatives from the education sector before the National Day and celebrate the 75th anniversary of the founding of the People’s Republic of China together with the people of the capital. He expressed gratitude to the Ministry of Education, the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, the Department of Education of Liaoning Province and various Mainland units for their full support, facilitating the smooth conduct of the exchange programme.
          
         Mr Sze said that the Education Bureau has been promoting national education through a “multipronged and co-ordinated” approach, encouraging whole school participation within and beyond the classroom. The exchange programme has deepened the education sector’s understanding of the history, culture and education development of the motherland, and broadened their professional horizons through on-site studies and professional exchanges, helping them further promote patriotic education, spread patriotic values, and strengthen students’ identification with the country and Chinese culture.
          
         This year, the delegation comprised over 130 participants from the education sector, including representatives from tertiary institutions and professional education organisations, as well as principals and vice-principals from primary and secondary schools and kindergartens. The delegation began its visit on September 23. Members toured schools in Shenyang and Beijing to observe lessons and interact with teachers and students. They also visited the “918” Historical Museum, the Museum of the Communist Party of China and the Shijingshan Planning Exhibition Hall to learn about the history, culture and urban planning of the country.

         â€‹Tomorrow morning (September 28), Mr Sze and the delegation will observe the flag-raising ceremony at Tiananmen Square. They will conclude their visit and return to Hong Kong in the afternoon.            

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: National Day Fireworks Display to be held at 9pm on October 1 (with photos)

    Source: Hong Kong Government special administrative region

         The National Day Fireworks Display will light up the sky over Victoria Harbour at 9pm on October 1 (Tuesday) to celebrate the 75th anniversary of the founding of the People’s Republic of China.
     
         A total of 31 888 firing shells will be discharged from three barges and six pontoons in an approximately 23-minute extravaganza. The event is co-ordinated by the Culture, Sports and Tourism Bureau, and is sponsored by the Hong Kong Chinese Importers & Exporters’ Association.
     
         The theme for this year’s fireworks display is “Splendid fireworks shining over a prosperous China”. The fireworks display will be divided into eight scenes, each with its own characteristics. Highlights include the first scene, “75th Anniversary of the People’s Republic of China”, which will lift the curtain on the display with images of red five-pointed stars and purple five-petal flowers. The sixth scene, “The Legend of Pandas”, mainly featuring the green colour, shows images of pandas’ favourite food such as bamboo leaves to express the citywide welcome for their arrival. The seventh scene “Auspicious Treasures” showcases different kinds of ring-shaped fireworks, symbolising the strong bonds and perfect harmony among the various ethnic groups in China. The fireworks display will reach its climax in the last scene, “The Magnificent Scenes of China”, with flourishes of “Chinese Red”, “Big Whistle” and “Gorgeous Golden Crown” images showering blessings to all, wishing continued prosperity for the nation and peaceful lives for the people.
     
         To offer audiences a new experience, for the first time a drone session will be staged before the National Day Fireworks Display as a prelude.
    (Note: The staging of the drone session will depend on factors such as weather conditions that night).
     
         The display can be seen from many vantage points on both sides of the harbour including Tsim Sha Tsui, the Mid-Levels, Central, Wan Chai, Causeway Bay and the Hung Hom Bypass.
     
         To present the fireworks display in a more enjoyable way, viewers are invited to tune into Radio Television Hong Kong Radio 4 (FM 97.6 to 98.9) for synchronised music.
     
         To facilitate police implementation of special crowd management measures in the Tsim Sha Tsui area for the fireworks display, both the Hong Kong Museum of Art and the Hong Kong Space Museum will be closed earlier at 6pm on October 1.
     
         Citizens are urged to help keep public areas clean and to show respect for public property. They are also urged to show consideration to others to make the event a safe one.         

    MIL OSI Asia Pacific News –

  • MIL-OSI Banking: AIIB Launches Groundbreaking Tool for Concessional Resource Mobilization

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) unveiled its latest digital solution, AIIB+, a first-of-its-kind interface designed to better match external concessional and technical resources with AIIB’s project pipeline.

    “AIIB+ is not just another digital platform,” said AIIB Vice President, Policy and Strategy, Sir Danny Alexander. “It is a vision, which intends to revolutionize the way in which Multilateral Development Banks mobilize concessional resources.”

    To address the urgent and significant infrastructure needs faced by developing countries in Asia and beyond, AIIB+ aims to:

    • 1) Match AIIB’s project pipeline with the most suitable technical and concessional financial resources from external partners
    • 2) Mobilize grants and concessional finance at speed and scale with minimum transaction costs and maximum leverage for donors
    • 3) Scale the impact for clients by expanding the range of financing and technical sources and partners, connecting them with other digital solutions.

    “As the first MDB digital matchmaker, AIIB+ is poised to transform the landscape of infrastructure financing,” Sir Danny said. “It is not just about funding, it is about creating partnerships to bridge gaps, build futures and deliver concessional financing to AIIB Members.”

    Several institutions, public and private, have already subscribed to the digital portal and joined the launch, including the Swiss State Secretariat Office for Economic Affairs (SECO), the China International Development Co-operation Agency (CIDCA), the United Nations Development Programme (UNDP), the United Nations Children’s Fund (UNICEF) and the Alliance to End Plastic Waste (AEPW).

    For more information on AIIB+ or to become a member, please visit AIIB+ Portal or email partnerships@aiib.org

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond—infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    MIL OSI Global Banks –

  • MIL-OSI China: China speeds up green transition for modernization of human-nature harmony

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

    China has ramped up its green transition in all areas to pursue the modernization of harmony between humanity and nature. Guest speakers shared their insights into the country’s green drive on the China Economic Roundtable, an all-media talk show hosted by Xinhua.

    MIL OSI China News –

  • MIL-OSI China: Xi to award national medals, honorary titles ahead of National Day

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

    BEIJING, Sept. 27 — Chinese President Xi Jinping will award national medals and honorary titles at a ceremony to be held at the Great Hall of the People in Beijing at 10 a.m. Sunday ahead of the 75th founding anniversary of the People’s Republic of China (PRC).

    Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, will deliver an important speech at the ceremony.

    Three types of awards — the Medal of the Republic, the Friendship Medal and medals of national honorary titles — will be granted at the ceremony.

    The event will be broadcast live by China Media Group and Xinhuanet. It will also be relayed simultaneously on leading central news websites including people.cn, cctv.com and china.com.cn, as well as on new media platforms such as mobile apps run by the People’s Daily, Xinhua News Agency and China Central Television.

    Xi signed a presidential order on Sept. 13 to award national medals and national honorary titles to 15 individuals on the occasion of the 75th anniversary of the founding of the PRC. China celebrates its National Day on Oct. 1.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: SJ engages with legal sector in KL

    Source: Hong Kong Information Services

    Secretary for Justice Paul Lam today promoted Hong Kong’s legal services as he continued a visit to Kuala Lumpur, Malaysia, as part of a tour of Association of Southeast Asian Nations (ASEAN) member states.

     

    Mr Lam met Deputy President of the Associated Chinese Chambers of Commerce & Industry of Malaysia Ng Yih Pyng this morning to learn more about the country’s need for cross-jurisdictional legal services, and briefed him on Hong Kong’s diversified professional services.

     

    He then received a lunch briefing from Chief Executive Officer of Standard Chartered Saadiq Malaysia Bilal Parvaiz, gaining a better understanding of Malaysia’s business landscape and the demand from its financial sector for legal and dispute resolution services.

     

    That was followed by a meeting with Vice-President of the Malaysian Bar Anand Raj, which entailed a discussion about legal co-operation and exchanges between Malaysia and Hong Kong.

     

    Mr Lam also took the opportunity to visit the Malaysian International Mediation Centre, which was launched in January under the auspices of the Malaysian Bar Council.

     

    In addition, he met Chief Executive Officer of the Asian International Arbitration Centre (AIAC) Almalena Sharmila Johan to learn about its provision of institutional support for domestic and international arbitration and other alternative dispute resolution proceedings.

     

    Upon arriving in Kuala Lumpur yesterday afternoon, Mr Lam had a meeting with Attorney General of Malaysia Tan Sri Ahmad Terrirudin bin Mohd Salleh.

     

    He also met representatives from Malaysia’s legal and business sectors at a seminar titled Hong Kong: The Common Law Gateway for Malaysian Businesses to China and Beyond. This was followed by an evening networking reception co-organised by the Department of Justice (DoJ), the Hong Kong Economic & Trade Office in Jakarta and the National Chamber of Commerce & Industry of Malaysia.

     

    Attendees were briefed on various topics, including Hong Kong’s unique advantages under “one country, two systems”, and its latest lawtech services for resolving cross-border disputes.

     

    During the seminar, Mr Lam witnessed the signing of a memorandum of understanding (MoU), facilitated by the DoJ, between the South China International Arbitration Center (HK) and the AIAC, and a supplementary MoU between the eBRAM International Online Dispute Resolution Centre and the AIAC.

     

    Yesterday’s itinerary ended with a dinner meeting between Mr Lam and Malaysia’s Minister in the Prime Minister’s Department Azalina Othman Said.

     

    Mr Lam will conclude his ASEAN tour and return to Hong Kong tomorrow.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Over 400 pieces of relics from South China Sea make debut in Hainan

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

    HAIKOU, Sept. 27 — An exhibition featuring more than 400 relics retrieved from two ancient shipwrecks discovered in the South China Sea kicked off on Friday afternoon in Qionghai, a city in the island province of Hainan in southern China.

    These artifacts, which had been submerged in the sea for over 500 years at a depth of more than 1,500 meters, are being showcased for the first time.

    Located at the China (Hainan) Museum of the South China Sea, the exhibition covers an area of nearly 1,000 square meters. A total of 408 artifacts from the two ancient shipwrecks are on display, along with 34 borrowed artifacts from the Palace Museum and other museums, bringing the total number of exhibits to 442.

    The most eye-catching exhibit is Fahua-colored porcelain, with 13 pieces (sets) on display. The archaeological discovery of Fahua-colored porcelain is very rare, and it is the first discovery in a shipwreck.

    These archaeological discoveries prove that Jingdezhen colored porcelain was exported in the middle of the Ming Dynasty (1368-1644), providing facts for finding the kiln sites.

    The exhibition also features one red and green bowl with the mark “made in the year of Bingyin.” This confirms that the sunken ship belonged to the Zhengde period of the Ming Dynasty, which is of great value and contributes to the study of trade routes in the South China Sea.

    Further investigation of the two shipwrecks will be conducted, so the exhibition will adopt a dynamic update mode and update the cultural relics on display according to the new archaeological findings.

    The exhibition also sets up a special zone for the protection of cultural relics, presenting cultural preservation work via multimedia to allow the audience to understand its process and significance.

    These two ancient shipwrecks from the Ming Dynasty were discovered near the northwest continental slope in the South China Sea in October 2022.

    More than 900 pieces of cultural relics have been retrieved from the two ancient shipwrecks during three investigations from 2023 to 2024.

    Xin Lixue, curator of the China (Hainan) Museum of the South China Sea, said this collection of high-grade cultural relics is substantial in size, diverse in variety, and well-preserved.

    “Through this exhibition, we hope to show the social and economic development in the middle of the Ming Dynasty and inform the audience about the prosperity of the Maritime Silk Road in ancient China and the exchanges between Chinese and foreign civilizations,” said Xin.

    The exhibition will officially open to the public starting on Saturday.

    MIL OSI China News –

  • MIL-OSI Global: The contradictions of ‘Minnesota nice’

    Source: The Conversation – USA – By Giang Nguyen-Dien, Postdoctoral Fellow in American Culture Studies, Arts & Sciences at Washington University in St. Louis

    Members of St. Paul’s Hmong community protest in 1998 after a local radio host said on air that Hmong immigrants needed to ‘assimilate or hit the goddamn road.’ Bruce Bisping/Star Tribune via Getty Images

    After Kamala Harris selected Minnesota Gov. Tim Walz as her running mate, much of the media coverage zeroed in on Walz’s Midwestern roots, with some pundits using the phrase “Minnesota nice” to describe his appeal.

    In the popular imagination, Minnesota nice describes a culture of neighborliness and amicability that’s commonly seen as characteristic of the state. In policy terms, that might mean bigger investments in education, better public health, access to affordable housing and stronger worker rights – an extension of Walz’s achievements as Minnesota governor. Many Americans would probably like to see these values have primacy in the rest of the nation.

    I think Minnesota nice, whether represented in policies or in being kind to neighbors, is a worthy ideal. But as someone who has studied the experiences of Vietnamese refugees in Minnesota, I’ve written about how the trope of Minnesota nice has a more complex history – especially when it comes to nonwhite people.

    Rural origins

    In her book “Creating Minnesota: A History from the Inside Out,” historian Annette Atkins suggests that the trope of Minnesota nice may have its roots in the state’s Scandinavian immigrants and the influence of the Lutheran church.

    According to Atkins, Minnesota nice denotes “a polite friendliness, an aversion to confrontation, a tendency toward understatement … and emotional restraints.” These traits can be found in Scandinavian literature, film and art, as well as in 19th- and early 20th-century Lutheran values.

    By the turn of the 20th century, 72% of Norwegian immigrants to Minnesota and 62% of Swedish immigrants to the state resided in rural areas. And one core element of Minnesota nice is the notion that residents are welcoming to strangers from other lands.

    The arrival of Southeast Asian refugees

    After the Vietnam War ended in April 1975, more than 120,000 Vietnamese refugees came to the U.S. Another wave followed in 1978. Their arrival was not universally welcomed by the American public.

    To ease those concerns, government officials instituted a dispersal policy to spread out Southeast Asian refugees to ensure they wouldn’t be concentrated in any one region, town or city. They implemented this policy to reduce social and economic impacts on local communities – and also compel Southeast Asian refugees to assimilate into American culture.

    In Minnesota, while many newcomers were given a helping hand, many of them also experienced isolation and rejection.

    From 1979 to 1999, about 15,000 Vietnamese refugees arrived in Minnesota. My research shows that media outlets often ran articles highlighting the goodwill and generosity of locals, whether they were helping these refugees learn English, acquire job training, find work or secure housing.

    The Minneapolis Tribune reported in 1975 that the state was able to avoid any major public reactions against refugees because they posed “no major job threat,” since they were spread out across the state.

    Even as locals seemed largely supportive, the dispersal policy wasn’t ideal for many refugees. Many of them ended up in remote areas of Minnesota, far from a familiar ethnic community that could provide much-needed psychological and emotional support. Those in isolated areas often lacked access to social services and English language programs.

    For refugees, a more complicated view of Minnesota nice emerges, one that I think depends on being not too visible and not too much of a threat to the existing order. Many refugees were certainly grateful for the state and local support they received. But gratitude also became an “unspoken condition” for acceptance, as Iranian refugee Dina Nayeri reports in her book “The Ungrateful Refugee: What Immigrants Never Tell You.”

    In Minnesota, locals could seem largely unsympathetic to the complicated struggles of refugees trying to settle in a strange, new land. Rather than complain, they ought to be happy for the “small blessings” they received, as one local St. Cloud resident wrote to the Minneapolis Tribune in 1975.

    A refugee’s drawing on display at a 2010 exhibit in Minneapolis depicts the bombing of Laos during the shadow war.
    Bruce Bisping/Star Tribune via Getty Images

    Minnesota too nice

    When there was a sudden influx of refugees into one area, some residents could become even less welcoming.

    That’s what happened with the state’s Hmong refugees.

    An ethnic group originally from China, the Hmong arrived in Southeast Asia during the mid-19th century. During the Vietnam War, the U.S. government recruited the Hmong to fight in the Secret War in Laos, where the U.S. had been covertly providing aid and military assistance to anti-communist forces. After the war, some Hmong fled, fearing persecution. Many of them ended up in Minnesota. In 1980, there were about 2,000 Hmong people in Minnesota. By the end of 1981, their numbers had grown to 8,000, raising some alarm.

    “Some cynics say our problem is that we are too nice and have provided too many services,” a local resettlement official was quoted saying in a 1980 State Department report. In that same report, an official with a local charity suggested that Minnesota would soon be known as “Hmong-nesota.”

    In 1985, the Minnesota Star Tribune published a special report, “Hmong in Minnesota: Lost in the Promised Land,” that explored how many Hmong refugees had become “targets of racial epithets, harassment and violence” in the Twin Cities. The article noted that the Hmong came to realize that most Americans had never heard of them or their roles in the secret war in Laos. Instead, they often found themselves “resented, misunderstood and victimized by their neighbors.”

    To me, the anxiety over “Hmong-nesota” recalled the history of “yellow peril” – the imagined threat of Asian invasion and cultural disruptions that first emerged in the 19th century and shaped many U.S. immigration policies.

    Benevolence and violence

    My own research explores how feel-good tropes that are prominent in the U.S., such as Minnesota nice, usually mask a more complicated story.

    The U.S. government has often used the language of goodwill as a cover for violence – a phenomenon I call “bene/violence.”

    For example, the U.S. occupation of the Philippines, which began in 1899, was sugarcoated in the rhetoric of benevolence. William McKinley, who was U.S. president at the time, insisted that “the strong arm of authority” would promote “the blessings of good and stable government upon the people of the Philippine Islands under the free flag of the United States.” The story of conquest became the story of “uplifting” those deemed less civilized and incapable of self-governance.

    Two U.S. Marines stand at attention during a port call in Qingdao, China, in 1986.
    Forrest Anderson/Getty Images

    The same sort of talk was also used to justify U.S. military intervention in Vietnam. President Lyndon B. Johnson’s State of the Union address on Jan. 4, 1965, implored Americans to secure the “peace of Asia” and “the progress of humanity.” The government promoted the war in Vietnam as a just war, in part by claiming Americans were granting the Vietnamese the “gift of freedom,” as Asian American studies scholar Mimi Nguyen has written.

    Of course, this version of events ignores the carpet bombing that killed as many as 1 million civilians. It overlooks the fact that 30% of Laos is still blanketed with 80 million unexploded bombs and other ordnance. And it forgets to mention how the extensive use of the toxic herbicide Agent Orange continues to scar the Vietnamese landscape and the country’s people.

    The Minnesota paradox

    In the end, Minnesota nice signals that there’s something special about the state, just as “spreading democracy” and “protecting freedom” signal American exceptionalism on the international stage.

    But the 2020 murder of George Floyd in Minneapolis illuminated what economist Samuel L. Myers calls the “Minnesota Paradox” – a history of inequality that is totally divorced from the way niceness operates in the cultural imagination of the state’s residents.

    “African Americans are worse off in Minnesota than they are in virtually every other state in the nation,” Myers writes.

    In a 2021 essay, sociologist Amy August also highlighted the state’s persistent racial disparities in housing, health care, income and education to argue that whatever progressive promises the state makes, Minnesota is not apart from America but rather a part of America.

    Ultimately, I think the concept of Minnesota nice can create the illusion of a utopian society largely devoid of the ills of racism and inequality. It reinforces American kindness as a core aspect of national identity and, in doing so, I believe glosses over parts of the country’s history – while hampering its ability to address the very real problems that plague the nation today.

    I don’t reject what Minnesota nice purports to offer. But it is not a simple and straightforward cultural value adopted by – and equally applied to – everyone.

    Giang Nguyen-Dien 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. The contradictions of ‘Minnesota nice’ – https://theconversation.com/the-contradictions-of-minnesota-nice-236751

    MIL OSI – Global Reports –

  • MIL-OSI: Nadero Wealth Management Opens New Tax Consultancy in Jersey

    Source: GlobeNewswire (MIL-OSI)

    CHONGQING, China, Sept. 27, 2024 (GLOBE NEWSWIRE) — Nadero Wealth Management, a leading financial services company based in Chongqing, is proud to announce the opening of its new tax consultancy office in Jersey in a move designed to enhance its international presence and provide comprehensive tax services to clients in the region. This strategic expansion accentuates the company’s commitment to delivering exceptional financial solutions that meet the diverse needs of businesses operating within and beyond the Channel Islands.

    New Office Location and Services Offered

    The new St Helier office offers a wide range of tax-related services, including corporate tax planning, compliance advisory, personal taxation, and cross-border taxation strategies. The highly qualified team has extensive experience in both local and international tax regulations, ensuring that clients receive expert guidance tailored to their specific circumstances.

    Strategic Importance of Jersey

    Jersey is renowned for its robust financial services sector and favorable business environment. As a leading offshore jurisdiction, it provides numerous advantages for companies looking to optimize their tax strategies while ensuring compliance with global standards. By establishing a presence in Jersey, Nadero aims to support local businesses as well as international clients seeking to navigate the complexities of taxation in this unique market.

    Commitment to Client Success

    “We are excited about this new chapter for our company,” said Dennis Zheng, CEO of Nadero. “Our goal is to empower our clients with the knowledge and tools they need to succeed in an increasingly complex global landscape. With our new office in Jersey, we are better positioned than ever to provide personalized service and innovative solutions that drive growth.”

    About Nadero

    Founded in 2010, Nadero Wealth Management has established itself as a trusted global provider of financial services. With a focus on integrity, innovation, and client satisfaction, the company has built a reputation for excellence across various sectors. The opening of the Jersey office marks an important step in its mission to expand while maintaining high standards of service.

    For more information, please contact:
    Sandra Clifford, Chief Operations Officer
    s.clifford@nadero.com
    https://www.nadero.com

    To contact one of Nadero Wealth Management’s Offshore Tax Consultancy Offices, please email tax@nadero.com or visit www.nadero.com/contact-us.

    Disclaimer: This content is provided by the sponsor. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cad54dbb-09ae-4a4a-89b9-25133a6b38bd

    The MIL Network –

  • MIL-OSI: Qifu Technology Responds to Short Seller Report

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, Sept. 27, 2024 (GLOBE NEWSWIRE) — Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qifu Technology” or the “Company”), a leading Credit-Tech platform in China, today issues the following preliminary responses to the key claims made in a report (the “Report”) by Grizzly Research, a short seller, on September 26, 2024.

    The Company believes that the Report is without merit and contains inaccurate information, flawed analyses, misleading conclusions and interpretations regarding information relating to the Company. Specifically:

    The SAMR (SAIC) Financial Data Used in the Report is Completely Wrong.

    The Report makes material mistakes in referring to incorrect financial data (i.e. the combined revenues and net profits) from the filings with the State Administration for Market Regulation (“SAMR”), formerly known as the State Administration for Industry and Commerce (“SAIC”) submitted by the operating entities of the Company. In fact, as the Company’s SAMR filing records demonstrate, the Company’ s major operating entities in China collectively reported total revenues of RMB 17.0 billion in 2022 and RMB 16.0 billion in 2023, with corresponding net profits of RMB 5.2 billion and RMB 4.7 billion, respectively. These revenues and net profits were recorded under PRC GAAP.

    According to the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), for the years 2022 and 2023, under U.S. GAAP and on a consolidated basis, the Company recorded total revenues of RMB16.6 billion and RMB16.3 billion, respectively, and net profits of RMB4.0 billion and RMB4.3 billion, respectively. The differences in total revenues and net profits between the filings with the SAMR and those with the SEC are primarily attributable to differences in accounting treatments under PRC GAAP and U.S. GAAP, as well as the fact that the Company’s major operating entities in China reflected in the SAMR filings do not represent all of the Company’s subsidiaries and consolidated affiliated entities in China.

    The Company has consistently generated robust operating cash flow in recent years and delivered significant returns to shareholders through dividends and stock repurchases. As of the date of this press release, in 2024, the Company has spent more than US$300 million to repurchase its America Depositary Shares (ADSs) on the open market and distributed approximately US$180 million cash dividends to shareholders. The Company’s strong commitment to, and proven track record of, shareholder returns further underscore the baseless nature of the claims made in the Report.

    Rebuttal of Unsubstantiated Media Reports about the Company’s Regional Headquarters

    The Report cites certain media reports about the Company’s regional headquarters in Shanghai that are false and unsubstantiated. In fact, as disclosed in the Company’s filings with the SEC, in October 2020, the Company established a joint venture in Shanghai, together with one of 360 Group entities and an independent third party, to build its regional headquarters and an affiliated industrial park to support the future operations of the Company and 360 Group. The Company and the 360 Group entity held 40% and 30% of the equity interest in the joint venture, respectively. In December 2021, considering the Company’s significant business expansion in Shanghai, the Company acquired the entire 30% equity interest held by the 360 Group entity in the joint venture. Consequently, these facilities will enable the Company to consolidate all its Shanghai-based departments and employees, who are currently dispersed across different locations, into a single office space. The Company believes this will further reduce administrative costs and improve operational efficiency.

    Both the co-investment with the 360 Group in October 2020 and the acquisition of the equity interest in the joint venture from the 360 Group in December 2021 were negotiated and conducted at arm’s length and were approved by the board of directors and the audit committee of the Company.

    The Report also makes a false claim that the Company has acquired another piece of land in the Huangpu District of Shanghai. In fact, the Company did not acquire any land in the Huangpu District of Shanghai.

    Rebuttal of Unsubstantiated Financial Manipulation Claim and Relationship between Shanghai Qibutianxia and the Company

    The claim made in the Report that the Company uses Shanghai Qibutianxia Information Technology Co., Ltd.  (“Shanghai Qibutianxia,” formerly known as Beijing Qibutianxia Technology Co., Ltd.) to manipulate its financial statements is false and unsubstantiated.

    In fact, Shanghai Qibutianxia was the holding company for the Company’s operating entities in China prior to the Company’s reorganization in 2018 for financing and offshore listing on Nasdaq. In July 2016, as a spin-off from 360 Group, Shanghai Qibutianxia incorporated Shanghai Qiyu Information & Technology Co., Ltd. (“Shanghai Qiyu”), and thereafter, the Company started operating independently under Shanghai Qiyu.

    In April 2018, to facilitate the Company’s financing and offshore listing on Nasdaq, a holding company under the Company’s former name, 360 Finance, Inc. was incorporated in the Cayman Islands. As part of the reorganization, the Cayman holding company incorporated an indirectly wholly-owned subsidiary in China, namely Shanghai Qiyue Information & Technology Co., Ltd. (“Shanghai Qiyue”). Shanghai Qiyue entered into a series of “VIE” contractual arrangements with the Company’s three major operating entities in China and their shareholder Shanghai Qibutianxia. As a result, these major operating entities in China became the Company’s VIEs, and Shanghai Qibutianxia remained the nominal shareholder of these VIEs. The contractual arrangements enable the Company to exercise effective control over the Company’s VIEs; receive substantially all of the economic benefits and powers to exercise voting rights of the Company’s VIEs from Shanghai Qibutianxia, and have an exclusive option to purchase all or part of the equity interests in and assets of them when and to the extent permitted by PRC law.

    In addition, the Report erroneously claims that the Company utilized the back-to-back guarantee arrangement with Shanghai Qibutianxia to manipulate its financial statements. In fact, prior to 2023, certain financial institutions required the nominal shareholder of our operating entities (i.e., Shanghai Qibutianxia) to supplementally provide back-to-back guarantees for certain loans facilitated and guaranteed by the Company’s operating entities. Specifically, Shanghai Qibutianxia committed to cover any shortfall if the Company’s operating entities fail to meet its guaranteed repayment obligations to the banks on time. This back-to-back guarantee arrangement did not increase the Company’s risk exposures, nor did it transfer any interest to Shanghai Qibutianxia. As of the date of this press release, there is no outstanding balance under this arrangement.

    The Report erroneously states that Mr. Hongyi Zhou is the controlling shareholder of the Company. In fact, The Company does not have a controlling shareholder. According to the Company’s annual report on Form 20-F filed with the SEC on April 26, 2024, Mr. Hongyi Zhou beneficially owned approximately 13.8% of total ordinary shares of the Company as of February 29, 2024. Mr. Hongyi Zhou was the chairman of the board directors of the Company, but has not been involved day-to-day operations of the company. As announced by the Company on August 13, 2024, Mr. Hongyi Zhou has resigned as a director and the chairman of the board of directors of the Company.

    Rebuttal of Unsubstantiated Claim about Delinquency Rates and Provisions

    The claim made in the Report in relation to the Company’s delinquency rates and provision booking exhibits a fundamental misunderstanding of the Company’s financial practices and the relevant accounting standards. Specifically:

    • The Report inaccurately calculated the Company’s provision ratios by using the total reported provisions to calculate the provision ratio for each period.
    • The Report erroneously included provisions for contingent liabilities in the analysis of receivables provisioning.
    • The Report’s focus on a backward-looking 90 day+ delinquency rate is misplaced.
    • The Report’s claim that the Company’s reported profits are fabricated to account for the missing cash is completely false and unsubstantiated.

    Provision Ratios

    The Report inaccurately calculated the Company’s provision ratios by using the total reported provisions to calculate the provision ratio for each period, which is fundamentally incorrect. According to the accounting standards under U.S. GAAP, each reported provision item reflects the net result of new provisions booked for current period loans and the revision of provisions for existing loans. The Company maintains clear and distinct categories for provisions related to the Company’s loan products: (i) provision for loan receivable, relating solely to the Company’s on-balance sheet loans; (ii) provision for financial assets receivable, relating to the guarantee service fees; (iii) provision for accounts receivable and contract assets, relating to, relating to the loan facilitation service fees;; and (iv) provision for contingent liabilities, relating to the off-balance sheet loans for which the Company provides guarantee services.

    The following chart delineates the components of the Company’s reported provisions for 2022, 2023, and the first half of 2023 and 2024, demonstrating compliance with accounting standards:

    (RMB in millions) 2022   2023   First Half
    of 2023    		   First Half
    of 2024    		  
    New Provisions for Current Period New Loans 7,355   7,647   3,573   2,694  
    Revision of Previous Provisions (write-back) (771 ) (1,880 ) (936 ) (489 )
    Net Provisions 6,584   5,767   2,636   2,205  
    Provision for Loans Receivable 1,580   2,151   1,002   1,697  
    Provision for Financial Assets Receivable 398   386   151   169  
    Provision for Accounts Receivable and Contract Assets 238   176   45   235  
    Provision for Contingent Liabilities 4,368   3,054   1,438   103  
    New Provisions Booking Ratio                
    Provision Ratio for Loan Receivable1 2.9 % 2.9 % 2.8 % 3.4 %
    Provision Ratio for Contingent Liabilities2 4.1 % 4.0 % 3.7 % 4.1 %
                     

    __________________
    Notes:
    1. “Provision Ratio for Loan Receivable” refers to the total amount of new provisions for loan receivable for a specific period divided by the loan facilitation volume of on-balance sheet loans for that period.
    2. “Provision Ratio for Contingent Liabilities” refers to the total amount of new provisions for contingent liabilities for a specific period divided by capital-heavy loan facilitation volume for that period.

    Provisions for Contingent Liabilities

    In addition, the Report erroneously included provisions for contingent liabilities in the analysis of receivables provisioning. In fact, provisions for contingent liabilities pertain only to off-balance sheet loans that the Company guarantees. These provisions are entirely separate from receivables on the balance sheet and should not be conflated. In fact, the Company has consistently applied a prudent approach to managing business risks and financial provisions. The historical data listed above also showcases the Company’s commitment to maintaining appropriate provision ratios against the Company’s risk-bearing loans.

    Delinquency Rate

    The Report’s focus on a backward-looking 90 day+ delinquency rate1 is misplaced. The Company prioritizes leading risk indicators that provide a proactive view of credit risk, such as: (i) Day-1 delinquency rate2, which measures delinquency based on the day before the reporting period, offering a real-time risk assessment; and (ii) 30 day collection rate3, which tracks the efficiency of collections within a short timeframe, enabling timely interventions. These forward-looking metrics provide a more accurate and actionable assessment of credit risk compared to traditional delinquency rates. In fact, the Company’s D-1 delinquency rate and 30 day collection rate in the past two quarters both indicate the improving quality of the Company’s loan portfolios.

    Decreases in Cash

    The Report’s claim that the Company’s reported profits are fabricated to account for the missing cash is completely false and unsubstantiated. The Company’s cash and cash equivalent decreased from RMB10.5 billion as of December 31, 2022 to RMB 8.4 billion as of June 30, 2024 primarily because the growth in the Company’s on-balance sheet loans, cash dividends distributed to shareholders, and stock repurchase program. Specifically, the Company’s on-balance sheet loan balances increased from RMB19.5 billion as of December 31, 2022 to RMB32.1 billion as of June 30, 2024. In addition, from December 31, 2022 to June 30, 2024, the Company has distributed approximately RMB3.6 billion to shareholders through dividends and share buybacks, resulting in a reduction in cash and cash equivalent.

    Non-Risk-Bearing Loans are Irrelevant to Leverage Ratio

    The claim made in the Report that the Company’s is secretly overleveraged lacks factual basis and misunderstands the Company’s financial structure and risk management strategies. Specifically, the Report erroneously uses the total outstanding loan balances facilitated by the Company for calculating its leverage ratio. By definition, the leverage ratio is relevant only to risk-bearing assets, which include both on-balance sheet loans and capital-heavy loan facilitation. As disclosed in the Company’s filings with the SEC, the outstanding balances of the Company’s risk-bearing loans accounted for only 34.2% of the total outstanding loan balances facilitated by the Company as of June 30, 2024. As of the same date, the Company’s leverage ratio was 2.4, reaching a historical low. The company employs robust risk management frameworks to monitor and control leverage, ensuring sustainability and financial stability.

    Rebuttal of Unsubstantiated Claim About Loan Annual Interest Rates

    The claim made in the Report that the Company issues loans at rates that exceed legal limits is categorically false and misleading. For example, the Report falsely claimed that regulatory guidance in China stipulates that the interest rate for the Company’s businesses should not exceed four times the one-year Loan Prime Rate at the time of the establishment of an agreement (the “Quadruple LPR Limit”). In fact, the Chinese Supreme People’s Court issued a guidance in December 2020, stipulating that the Quadruple LPR Limit does not apply to disputes arising from engagement in relevant financial businesses of certain financial institutions, including micro-lending companies and financing guarantee companies, such as the Company’s operating entities. The Company operates in strict compliance with all regulatory requirements that governs loan annual interest rate limits.

    The Company emphasizes its continued and unwavering commitment to maintaining high standards of corporate governance and internal control, as well as transparent and timely disclosure in compliance with applicable rules and regulations. To protect the interests of the Company and its shareholders, the Company will vigorously defend itself against false and baseless claims made by short seller reports.

    The Company’s board of directors (the “Board”), including the audit committee, is reviewing the allegations and considering the appropriate course of action to protect the interests of all shareholders. The Company will make additional disclosures in due course consistent with the requirements of applicable rules and regulations of the U.S. Securities and Exchange Commission, The Nasdaq Stock Market, and The Stock Exchange of Hong Kong Limited.

    About Qifu Technology

    Qifu Technology is a leading Credit-Tech platform in China that provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services. The Company is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.

    For more information, please visit: https://ir.qifu.tech.

    Safe Harbor Statement

    Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. Qifu Technology may also make written or oral forward-looking statements in its periodic reports to the SEC, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including the Company’s business outlook, beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, which factors include but not limited to the following: the Company’s growth strategies, the Company’s cooperation with 360 Group, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the credit-tech industry, governmental policies relating to the credit-tech industry, general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks and uncertainties is included in Qifu Technology’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qifu Technology does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    Qifu Technology

    E-mail: ir@360shuke.com

    _____________________________________
    1 “90 day+ delinquency rate” refers to the outstanding principal balance of on- and off-balance sheet loans that were 91 to 180 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans across our platform as of a specific date. Loans that are charged-off and loans under “ICE” and other technology solutions are not included in the delinquency rate calculation.
    2“Day-1 delinquency rate” is defined as (i) the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that was due for repayment as of such specified date.
    3 “30 day collection rate” is defined as (i) the amount of principal that was repaid in one month among the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that became overdue as of such specified date.

    The MIL Network –

  • MIL-OSI Global: Autoworkers, Boeing machinists, cannabis drivers: Labor unions are mobilizing in new and old industries alike

    Source: The Conversation – USA – By Robert Forrant, Professor of U.S. History and Labor Studies, UMass Lowell

    Members and supporters of an International Association of Machinists and Aerospace Workers union district local convene in Seattle on July 17, 2024. Jason Redmond/AFP via Getty Images

    What do violinists, grocery store clerks, college dorm counselors, nurses, teachers, hotel housekeepers, dockworkers, TV writers, autoworkers, Amazon warehouse workers and Boeing workers have in common?

    In the past year or so, they’ve all gone on strike, tried to get co-workers to join a union, or threatened to walk off the job over an array of issues that include retirement plans, technology replacing workers and lagging wages as inflation increased.

    The array of Americans who are organizing unions extends to the tech, digital media and cannabis industries. Even climbing gym employees have formed a union.

    This is happening as U.S. workers in general are finding themselves in an increasingly precarious position. As a labor historian, I believe mobilization is the result of economic disruption caused by the relocation of jobs, the impact of new technologies on work and the erosion of income stability. It’s become very unlikely that today’s workers will have the same employer for decades, as my father and many men and women of his generation did.

    Greatest generation of jobs

    My father, a butcher, worked for the same company for 40 years and raised a family of seven on his union-secured wages and benefits. While back in the 1950s and 1960s many working-class Americans took that kind of job security for granted, it’s no longer the case. Some career coaches consider keeping a job for many years as a character flaw.

    The upsurge in labor organizing is in part a way for workers to gain some sort of say about what happens to their jobs. It’s also helping employees plan for the future.

    Union members are increasingly using strikes to demand higher wages, better benefits and increased job security. Why should it be, some low-income earners are asking, that in my family we must hold down two or three jobs to make ends meet, while CEO pay goes through the stratosphere?

    There were 33 major strikes involving nearly a half-million workers in 2023, the most since 2000. Many labor scholars attribute much of this uptick in organizing to several long-term trends. They include stagnating wages, high out-of-pocket health spending costs – even for those with insurance coverage – and growing concerns over job insecurity caused by the expanded use of labor-saving technology.

    Hundreds of Los Angeles County workers rally on Sept. 24, 2024, to show support for their union, SEIU, to hold a strike. Many held signs regarding alleged unfair labor practices, abbreviated to ULP.
    Genaro Molina/Los Angeles Times via Getty Images

    Precarious work

    In many industries, large numbers of the reliable jobs that paid enough for workers to be in the middle class have dwindled. That’s largely due to technological advances that replaced labor with automation and manufacturers moving to lower-income places, including Mexico, China and other foreign countries, as well as southern states such as Alabama and Tennessee. These trends have left behind a Rust Belt strewn with decaying buildings that once housed bustling factories and increasing numbers of what are sometimes called “precarious” jobs, which are poorly paid and lack sick leave, vacation time and other basic protections.

    This isn’t new.

    I’ve researched how New England’s textile industry fled cities such as Lowell, Massachusetts, as early as the 1920s for nonunion locations in South Carolina, while precision metalworking plants in Springfield, Massachusetts, sent work to Mississippi and South Carolina starting in the 1950s.

    But faced with mounting economic uncertainty, public support for unions is increasing. A 2024 Gallup Poll found that 70% of Americans approve of them – close to the 71% level seen in 2022, which was the highest approval rating that unions had gotten in half a century.

    Support is even rising among Americans who identify as Republicans, a political party that has historically frowned on organized labor: Gallup found it stood at 49% in 2024, down from 56% two years earlier but up from a low point of 26% in 2011.

    Hotel workers strike

    On Labor Day weekend in 2024, more than 10,000 hotel workers represented by the UNITE HERE union and employed by 24 hotels from Boston to the West Coast to Hawaii went on strike. Their labor actions disrupted travel plans during a busy time.

    Most hotel work stoppages lasted for three days and intended to pressure the companies that own hotels as part of a larger labor contract negotiation strategy. Later in September, workers kept walking off the job at other hotels to pressure management to improve pay, expand health insurance coverage, boost retirement benefits and agree to resolve important job security issues.

    Although the hotel industry has been booming since 2023, UNITE HERE contends that employment has decreased by nearly 40%, while wages have stagnated. On the picket line, workers have described living paycheck to paycheck and working one or two additional jobs to cover recent rent hikes.

    Hotel workers have more bargaining power today because, according to an industry study, 79% of the 450 hotels surveyed looking to hire people said they could not fill open jobs.

    That strike shows no sign of ending. Thousands more hotel workers were joining in by late September.

    Striking hotel workers make way for an airline crew while picketing outside of the Hilton Boston Park Plaza in Boston, Mass., on Sept. 2, 2024.
    Sophie Park/The Washington Post via Getty Images

    Boeing strike

    Unlike the hotel workers’ brief rolling work stoppages, the Boeing strike hasn’t let up since it began on Sept. 13, 2024. About 32,000 workers, mainly in Seattle, Washington, and Portland, Oregon, have walked off the job.

    Boeing workers declared the strike even though the International Association of Machinists District 751 leadership in Seattle wanted to accept a deal from Boeing’s management. But on Sept. 12, 94.6% of all rank-and-file workers rejected the tentative contract their leadership recommended the union accept.

    The Boeing strike started the next day; it could last a long time. On Sept. 25, the workers rejected what the company had called its “best and final offer” to settle the strike.

    This is the eighth time these workers have gone on strike since their union formed in the 1930s. Its two most recent strikes, in 2008 and 2005, lasted 57 days and 28 days, respectively. Boeing’s management, already reeling from the company’s numerous operational and safety problems, has announced several cost-cutting measures, including furloughs for some nonunion employees.

    Boeing’s nonunion backup plan

    Boeing has assured its shareholders and the public that the strike would not hinder production of the 787 Dreamliner jets at the company’s nonunion factory in South Carolina.

    International Association of Machinists union members have never forgiven Boeing for deciding to build that assembly plant. Operational since 2011, it now employs roughly 6,000 workers. Most of them would have been union members had Boeing built that plant or expanded production in Washington or Oregon, because the existing labor agreement would have covered the new workers.

    However, the agreement did not extend to South Carolina.

    At the time of the decision, a Boeing spokesperson said, its contract with the machinists’ union “acknowledges our right to locate work elsewhere, and that’s what we chose to do in this case because we just couldn’t get the terms from them that we needed.”

    Dockworkers could be next

    The timing of the hotel and Boeing strikes makes them perhaps more visible than they might have been because union members’ votes are coveted by both major parties in the 2024 presidential election.

    Meanwhile, 25,000 dockworkers who belong to the International Longshoremen’s Association are planning a possible shutdown of ports from Boston to Houston on Oct. 1, over the union’s concern for job loss due to automation.

    How job security issues are addressed following this wave of strikes could set the tone for what other hospitality, manufacturing and transportation unions seek when their contracts are up for negotiation again.

    Robert Forrant 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. Autoworkers, Boeing machinists, cannabis drivers: Labor unions are mobilizing in new and old industries alike – https://theconversation.com/autoworkers-boeing-machinists-cannabis-drivers-labor-unions-are-mobilizing-in-new-and-old-industries-alike-239371

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Digest

    MILES AXLE Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    Last week, a representative delegation of the rector’s office of the State University of Management made a working trip to the southern regions of Russia, visiting Rostov-on-Don and the Donetsk People’s Republic. Meanwhile, our experts turned their attention to the increase in pensions, fines for dangerous driving and car prices after October 1. Also, the curious reader is invited to read about emotional intelligence, cash flow gap, principles of the Scrum management methodology, methods of counteracting high inflation and find out in which countries of the world it is the lowest.

    — Director of the Institute of Economics and Finance of the State University of Management Galina Sorokina recalled the increase in pensions for Russians over 80 years old from October 1. “This form of social support for long-livers is important, since with age, more funds are needed for medicines and help with the household, especially since people over 80 in Russia make up about 3.6% of the total population,” the expert noted. — Also, from October 1, military pensions will be indexed, which Galina Sorokina also reminds about. She listed the categories of citizens who are considered military pensioners: former military personnel, persons who served in the Internal Affairs Directorate, the State Fire Service, the National Guard and other categories, including family members of deceased military personnel. — Galina Sorokina also told what the minimum wage will be in 2025. “The amount of the subsistence minimum depends on the region and the population group – the working-age population, children and pensioners. Regions can also set their own minimum wage, which, however, should not be lower than the Russian average,” explains the economist.

    — Associate Professor of the Department of Economic Policy and Economic Measurements of the Institute of Economics and Finance of the State University of Management Maxim Chirkov appreciated the initiative to pay Russian pensioners the 13th pension. “From my point of view, such an initiative is quite realistic. Although inflation remains quite high, it has begun to decline. Therefore, increasing the incomes of pensioners becomes a top priority, since they are often the most vulnerable part of Russian society,” the economist said. 
    — Maxim Chirkov also explained why in Russia they want to limit online installment payments. “If these restrictions are not in place, it turns out that the established institutions that are supposed to limit citizens’ risks, including credit risks, may turn out to be useless and the risks will increase,” the expert explained. 
    — Maxim Chirkov also outlined the relationship between inflation and public sector salaries. “The Russian economy is growing sharply in the areas of IT, finance, manufacturing, including manufacturing, and others. Under these conditions, civil servants may leave their jobs to take high-paying jobs. Therefore, it is necessary to raise salaries for public sector employees and compare them not with inflation, but with the growth of the average salary in the country,” explained Maxim Chirkov. 
    — In addition, Maxim Chirkov commented on Putin’s statement about working on the creation of a BRICS payment circuit. “The creation of such a system is a logical continuation of the move away from the dollar, financial systems and organizations that have centers in Western countries. Of course, an analogue of SWIFT will be created, that is, a system of interbank transfers, payment systems for individuals using plastic cards,” Chirkov said. 

    — Head of the Department of World Economy and International Economic Relations at the State University of Management Evgeny Smirnov made assumptions about the purposes of the proposed visit of IMF representatives to Russia. “Considering that the IMF is considered a “pro-Western” organization, the visit may also be connected with an attempt to obtain data on the net income Russia receives from participation in international trade by publishing statistics on the external sector,” the expert suspects.

    — Director of the Russian Center for Socio-Economic and Political Research of China at the State University of Management Fanis Sharipov commented on the Moscow BRICS Forum and Symposium on Public Administration. The expert noted that the BRICS association is committed to supporting sustainable development and mutually beneficial cooperation. “The West does not agree to give up its positions. But the world is entering a new era of global economic relations, where the role of the East and the South is growing,” said Fanis Sharipov.

    — Associate Professor of the Department of Institutional Economics of the State University of Management Svetlana Sazanova named the countries with the lowest inflation over the past year. These are China (-0.1%), Switzerland (1.6%), Saudi Arabia (2%), Spain (2.6%), and the Netherlands (3%). “Creeping inflation, within 10%, even has a stimulating effect on the economy, because producers, as a rule, perceive such price increases as increased demand for their products and, in response, increase their production,” the economist notes. — Svetlana Sazanova also explained the reasons for the growth of the Russian economy. In general, economic growth in Russia in 2024 cannot be considered to be caused only by defense orders and an increase in the money supply in the hands of the population. It is also caused by its structural restructuring: an increase in the share of the manufacturing industry and related industries,” the expert is convinced. — Svetlana Sazanova and Associate Professor of the Department of Institutional Economics of the State University of Management Konstantin Andrianov discussed what awaits the United States as a result of the growth of the national debt. “The issue of solving the national debt problem will be postponed until the next president. At the moment, the US debt is about 120% of GDP, which significantly limits the possibilities for stimulating the economy with the help of budget and tax policy,” noted Svetlana Sazanova. “Countries have begun to withdraw their foreign exchange reserves and gold from American depositories, which could lead to a collapse of the dollar exchange rate. The scale of this fall is difficult to predict, but it could be multiple,” said Konstantin Andrianov.

    — Associate Professor of the Department of Institutional Economics of the State University of Management and expert of the Central Bank of the Russian Federation Konstantin Andrianov discussed possible changes in exchange rates after the lifting of sanctions. “At the moment, it is impossible to predict the exact value of the dollar after the sanctions are lifted. We don’t even know when these sanctions will be lifted. Sanctions are in the hands of countries guided by anti-Russian policies, and their political elites are gripped by Russophobia,” the expert said. 
    — Konstantin Andrianov also named the reasons and methods of countering high inflation in Russia. “Since mid-summer, the exchange rate of our national currency has fallen by 7% against the dollar and euro, and by 8% against the yuan, although nothing negative has happened in the economy. This significantly affects the level of inflation; for stable prices we need a stable ruble,” the economist said. 
    — In addition, Konstantin Andrianov assessed the extension of sanctions against the Moscow Exchange. “If the ruble has successfully withstood the sanctions against the Moscow Exchange adopted in June of this year, then it is unlikely that anything else from the outside can become more or less a serious threat for it,” the expert is sure. 
    — Konstantin Andrianov and Deputy Director of the IFE GUM Valeria Ivanova also predicted changes in the euro exchange rate in the event of some countries leaving the EU. “A sharp collapse in the exchange rate is possible due to the loss of investor confidence in the euro as a stable currency. Also, a sharp collapse is possible, especially if the exit of these countries becomes a signal for others, which will lead to a chain reaction,” noted Valeria Ivanova. Konstantin Andrianov notes that the situation in the eurozone remains extremely unstable. Against the background of the refusal of Germany and other EU countries from Russian energy resources, macroeconomic problems began to intensify in many European countries, including France and Italy. 

    — Associate Professor of the Department of Transport Complex Management at the State University of Management Artem Merenkov warned about the increase in prices for cars from October 1. “There is a stock of cars at old prices. That is, this will definitely not be a momentary adjustment. Nevertheless, we can say that a price increase of 5-10% is possible before the end of the year,” the expert believes. — Artem Merenkov also assessed the State Duma’s decision to increase the fine for dangerous driving to 5,000 rubles from October 1. “Whether it will help or not is a matter of time and a combination of actions. Such measures work in a complex. If we look at the data from the State Traffic Safety Inspectorate, we will see that the number of accidents on the roads is decreasing, that is, systematic work definitely yields results,” the specialist said.

    — Professor of the Department of Accounting, Auditing and Taxation of the State University of Management Olga Ageeva told how to determine the profit and loss of a business. “The amount of net profit for the period indicates the same growth in the company’s net assets. In turn, net loss is associated with their decrease by the same amount. And as is known, net assets are what will remain to the owners in the event of liquidation of the enterprise,” the expert noted.

    — Associate Professor of the Department of Economic Policy and Economic Measurements of the State University of Management Natalia Kazantseva reported on the crisis in the area of family mortgages. “The funds allocated from the state budget to support family mortgages have almost been exhausted. Many banks have already stopped accepting orders for their registration, the remaining limits are not enough for its rapid development. This means that the real estate market will have to survive in the current market conditions, where the price of housing is determined by its laws,” the expert noted. — Natalia Kazantseva also spoke about what a cash gap is and how to avoid it. “Daily monitoring of cash balances at the beginning of the day, receipts and expenses will help to avoid a cash gap, this advice is especially relevant for small and medium-sized enterprises. It is important to use electronic document management and negotiate with suppliers, apply installment and deferment tools,” the economist advises.

    — Candidate of Psychological Sciences, Associate Professor of the State University of Management Svetlana Grishaeva commented on the State Duma initiative to ban childfree propaganda. “Childfree propaganda forms attitudes towards childlessness, the less such propaganda and such movements there are, the more likely it is that attitudes towards childlessness will decrease. Children and teenagers are easily influenced by something new, so movements like childfree have imitators and followers,” the psychologist said. — Svetlana Grishaeva also explained in detail what emotional intelligence is. “It is the ability to understand the emotions of other people and the ability to control your feelings. But to control is not the same as not to experience, so you should not think that a low-emotional person has a high level of EI, because emotions are our helpers in many situations,” the expert noted.

    — Senior lecturer of the HR department of the State University of Management Ekaterina Illarionova spoke about the principles of the Scrum management methodology. “The peculiarity of Scrum is that the team works on only one product. This is more expensive than the typical assignment of one specialist to several projects, but this is a story from the series about the stingy who pays twice,” the expert says.

    — Vladimir Popov, Associate Professor of the Department of Private Law at the State University of Management, commented on the new fine from the Ministry of Transport for carrying foreign objects while driving. The Associate Professor believes that this could create problems for drivers. “After all, if a driver eats or drinks while driving, he is also distracted, which increases the likelihood of an accident, but I do not propose banning such behavior yet,” the expert noted.

    — Doctor of Political Sciences, Professor of the State University of Management Viktor Titov discusses the possibilities of reconciliation between Iran and Israel. “Firstly, a very strong argument “for” a partial easing of the Iranian-Israeli confrontation is the fatigue of Israeli society: both from the war that began in October 2023 and from the long-term, virtually permanent confrontation with the Islamic world,” the expert believes.

    These are the topics covered by the experts of the State University of Management this week. Conclusions later, and now let’s run to the anniversary final of the State University of Management KVN League!

    Subscribe to the TG channel “Our GUU” Date of publication: 09/27/2024

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    MIL OSI Russia News –

  • MIL-OSI China: Foreign investors upbeat on opportunities in China’s capital market

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

    BEIJING, Sept. 27 — As China maintains its steady economic growth momentum, more foreign institutional investors have quickened the pace of their investments in the Chinese capital market.

    In early September, M&G Investments, one of Europe’s leading asset managers headquartered in London, announced the launch of the M&G China Fund, aiming to provide investors with access to what it called “one of the world’s most compelling markets for long-term stock picking.”

    The M&G China Fund’s investment approach will center on a universe of circa 300 Chinese stocks, the company said in a statement posted on its website.

    “In our view, China’s stock market capitalization is currently disproportionately small compared to the size of its economy, with many stocks trading at compelling levels of valuation. At the same time, many Chinese companies are showing improving operational resilience during recent tough times and are increasingly focused on maximizing profits and boosting shareholder returns through both higher dividends and share buy-backs,” said David Perrett, manager of the M&G China Fund and co-head of the Asia Pacific equity investment team.

    “In addition to ongoing corporate self-help, many Chinese businesses are also leaders in globally growing areas such as renewable energy and digital supply chain-management,” said Perrett, who has spent more than three decades investing in China.

    M&G Investments is not alone in the effort to tap into the Chinese capital market. In late August, Krane Funds Advisors, or KraneShares, a U.S.-based asset management firm known for its global exchange-traded funds (ETFs), launched the KraneShares China Alpha Index (KCAI) ETF at the New York Stock Exchange.

    According to a statement released by KraneShares, KCAI’s index was developed by the firm’s sub-advisor Quant Insight to generate returns in China A-shares through an optimization filtering process combined with AI technology.

    China’s A-share market is a prime candidate for KraneShares’s strategy, the statement quoted Mahmood Noorani, CEO of Quant Insight, as saying.

    Like M&G Investments and KraneShares, foreign investors’ appetite for buying Chinese assets has been growing, underpinned by their strong confidence in the long-term fundamentals of the Chinese economy.

    So far this year, multiple international institutions, including the World Bank and the International Monetary Fund (IMF), have raised their forecast for China’s economic growth in 2024.

    The World Bank has raised its growth forecast to 4.8 percent, 0.3 percentage points higher than its previous forecast, while the IMF revised up China’s growth outlook to 5 percent, increasing by 0.4 percentage points from its previous forecast.

    Despite challenges at home and abroad, China’s economy grew by 5 percent in the first half of this year.

    At a meeting of the Political Bureau of the Communist Party of China Central Committee on Thursday, the leadership stressed effectively implementing existing policies, rolling out incremental policies and making policy measures more targeted and effective, and striving to accomplish the targets and tasks for this year’s economic and social development.

    The meeting, which analyzed China’s current economic situation and made further arrangements for economic work, also called for efforts to boost the capital market and vigorously guide medium and long-term funds to enter the capital market.

    Buoyed by the sound fundamentals of China’s economy, the number of U.S. dollar-denominated qualified foreign institutional investors, or QFII, has expanded to 841, with 43 foreign investors being granted QFII status this year, according to the latest data from the China Securities Regulatory Commission.

    The QFII scheme and its RMB-denominated sibling, RQFII, are designed to allow overseas investors to invest in China’s domestic capital markets.

    As the number of foreign investors has continued to grow, their holdings of Chinese bonds are also increasing.

    Foreign investors’ holdings of Chinese bonds in the interbank market increased to 4.5 trillion yuan (about 641.9 billion U.S. dollars) at the end of July, reaching a record high, according to data from the People’s Bank of China (PBOC), the country’s central bank.

    Industry insiders noted that foreign investors’ active buy-in of Chinese assets has been facilitated by the country’s continuous opening-up measures in the capital market over the years, and the encouraging institutional arrangements are still gaining steam.

    Since Aug. 26, the PBOC and the State Administration of Foreign Exchange have started to implement revised rules for the QFII and RQFII.

    With the aim to steadily expand the opening-up of the financial sector, key revisions include simplifying business registration procedures, and optimizing the management of accounts and cross-border fund flows.

    As Chinese authorities have repeatedly pledged to advance the opening-up in the capital market to a higher level, analysts said more overseas investors are expected to be attracted to invest in the market.

    MIL OSI China News –

  • MIL-OSI China: Xi’s speech at meeting marking CPPCC’s 75th anniversary published

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

    BEIJING, Sept. 27 — A speech delivered by Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, at a Sept. 20 meeting marking the 75th founding anniversary of the Chinese People’s Political Consultative Conference (CPPCC), has been published as a booklet.

    The booklet, published by the People’s Publishing House, is available at Xinhua Bookstore outlets across China.

    MIL OSI China News –

  • MIL-OSI China: China launches first reusable, returnable test satellite

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

    BEIJING, Sept. 27 — China sent its first reusable and returnable test satellite, the Shijian-19, into space on Friday, using a Long March-2D rocket for the launch.

    The rocket blasted off at 6:30 p.m. (Beijing Time) from the Jiuquan Satellite Launch Center in northwest China.

    The Shijian-19 satellite has realized a number of technological breakthroughs, and will significantly enhance the technical level and application efficiency of China’s returnable satellites.

    Researchers will also use the reusable satellite to carry out space experiments and promote the development and application of new space technologies, contributing to such fields as microgravity science and space life science.

    The satellite will also conduct space breeding experiments to accelerate germplasm resource innovation.

    Shijian-19 is carrying payloads from five countries, including Thailand and Pakistan, to carry out extensive international cooperation.

    It was the 537th flight mission of the Long March series rockets.

    MIL OSI China News –

  • MIL-OSI United Nations: Secretary-General’s remarks to the annual meeting of G77 Foreign Ministers

    Source: United Nations secretary general

    Mr. President, Excellencies, Ladies and Gentlemen,

    Let me begin by congratulating Uganda on its leadership of the G77 plus China this year.

    And I want to salute your entire membership.

    For 60 years – year in and year out — the G77 plus China has been on the frontlines for fairness, equality, justice and solidarity.

    You have been the engine driving progress to eradicate poverty, to fight inequalities, to root out injustices in our post-colonial world.

    And you have been shining a spotlight on the need for fundamental reforms of the multilateral system.

    Reforms of the international financial architecture and the Security Council to make them more legitimate and more effective. 

    Reforms to make sure our institutions reflect the realities of today’s world and respond to today’s challenges instead of the world and the challenges of 1945. 

    We have taken some steps forward with the adoption of the Pact for the Future, the Declaration on Future Generations, and the Global Digital Compact.

    Of course, not everything we may have hoped for was in the final package. 

    But none of the achievements would have been possible without your insistence and persistence.  If you allow me an image, if you compare the documents that we approved on Sunday with the continued documents of the G7 and the G77, we have to recognize that they are much closer to the documents of the G77.  One 7 makes a lot of difference. 

    I commend the G77 plus China for always pushing for maximum ambition and look forward to working with you as we continue pursuing the justice your countries deserve – and our world needs.

    We still have a long way to go.

    Our world is on a knife’s edge.

    Climate chaos is worsening.

    Conflicts are raging.

    Human rights are floundering.

    Inequality and injustice are eroding trust and undermining the social contract of societies.    

    The rights of women and girls are being snuffed out.

    Entire economies are drowning in debt.  

    The digital divide is fast becoming a gaping chasm.

    And the Sustainable Development Goals are hanging by a thread.

    We need action on a number of fronts in line with what was approved in the Summit of the Future. 

    First, financial justice.

    Finance is the fuel to drive progress on sustainable development.

    Yet so many countries remain locked out from accessing capital for essential investments.

    This situation is unsustainable – and a recipe for social unrest. 

    That is why we have been pushing for fundamental reforms to the outdated, ineffective and unfair international financial system, and an SDG Stimulus to provide developing countries with the resources they need while seeking medium- and long-term solutions.
     
    We must keep working to make Multilateral Development Banks bigger, bolder and better, enabling them to massively scale up affordable financing for sustainable development, namely in developing countries. 

    We must expand contingency financing through the recycling of Special Drawing Rights that until now have essentially benefitted rich countries and not those that have needed it the most.

    We must promote effective long-term debt restructuring that puts people and planet at the centre.

    And we must keep on working for a more inclusive and effective international tax system. I applaud the Ad Hoc Committee for drafting ambitious and practical Terms of Reference for a UN Framework Convention on International Tax Cooperation.

    Second, climate justice.

    We urgently need supercharged action to reduce emissions and avoid the worst of climate chaos.

    This must be in line with the principle of common but differentiated responsibilities and respective capabilities, in light of different national circumstances.

    Every country must create new national climate action plans – or NDCs – well ahead of COP30, that align with 1.5 degrees and put the world on track to phase out fossil fuels – fast and fairly.
     
    G20 countries – which together produce eighty percent of global emissions – have a responsibility to lead. I am working closely with President Lula of Brazil to drive action in the G20.

    And I urge every developing country to make sure new national climate plans double as investment plans and boost sustainable development – harnessing renewables to power prosperity and pull people out of poverty.

    The United Nations is mobilizing our entire system to support these efforts through the Climate Promise initiative.

    We also need a strong finance outcome – including on innovative finance – from COP29. This also means significant contributions to the new Loss and Damage Fund.

    I will continue to press developed countries to honour their promises;

    Doubling adaptation funding to at least $40 billion a year by 2025.

    Showing concretely how the enormous adaptation finance gap will be closed.

    And everyone on earth must be protected by an effective early warning system by 2027.

    We must address the injustices of the energy transition.

    Developing countries are being locked out of the renewables revolution.

    Investments in developing countries outside of China and India are stuck in a time warp reflecting 2015 levels. Africa attracted just 1% of renewable installations last year. It is clear that we must support developing countries to have the resources and the capacity to attract the investments that are necessary for the renewables revolution. 

    The UN Panel on Critical Energy Transition Minerals has identified ways to ground the renewables revolution in justice and equity, spur sustainable development, and power prosperity in resource rich developing countries.

    We must ensure that the race to net zero does not lead to developing countries being trampled underfoot.  

    Third, technological justice.

    Technology must benefit all of humanity.

    The Global Digital Compact is a blueprint for how governments, together with tech companies, academia and civil society, can work together to make sure new technologies benefit everybody and to manage the risks they pose – including Artificial Intelligence.

    AI has the potential to be an excellent servant but also a dangerous master.

    I am pleased that the Compact includes proposals building on the resolution led by China on capacity building for Artificial Intelligence.

    The High-Level Advisory Body on AI released its recommendations last week, which include bridging the AI divide through a Global Fund on AI for the SDGs, and an AI Capacity Development Network to boost AI expertise in developing countries.

    We must keep working to ensure AI serves everyone, leaving no one behind and it will not be another factor to increase inequalities in the world. 

    Ministers, Ladies and Gentlemen,

    Across a very full agenda, the G77 and China are crucial to building a more just, inclusive and prosperous world.  

    The G77 was vital in the adoption of the conclusions of the Summit of the Future but its implementation will not be easy.  There will be a lot of resistance.  The G77 must be an engine to make sure that what we have achieved in the Summit will be translated in effective realities to the benefit of developing countries. 

    You can count on me in that essential cause.

    Thank you.
     

    MIL OSI United Nations News –

  • MIL-OSI USA: Scalise Sends Letter to Colleagues Touting Republican Wins in 118th Congress

    Source: United States House of Representatives – Congressman Steve Scalise (1st District of Louisiana)

    WASHINGTON, D.C.— Today, House Majority Leader Steve Scalise (R-La.) sent the following letter to his colleagues as we head into the October district work period:

    Dear Colleagues,
     
    It’s hard to believe, but only two years ago the Democrats were signing their deceptively named “Inflation Reduction Act” into law. That capped four years of unified Democrat control of Washington, where they jammed their radical agenda through Congress, spending $10 trillion and causing runaway inflation the American people still struggle with today.
     
    Thankfully, in November 2022, the American people had enough of the destruction caused by the Democrats’ radical agenda and voted us into a narrow House majority. House Republicans were a small beacon of hope in an otherwise desolate Washington landscape controlled by the Democrat Party, their army of bureaucrats, and a media propaganda machine.
     
    It’s been a David versus Goliath fight over the last 21 months of our House majority, and I’m so proud to fight alongside all of you. As we head into the final stretch before this pivotal election, we have a lot to be proud of and important accomplishments we can talk about at home.
     
    While we do not control the Senate or White House, we should be encouraged by the fact that we, as House Republicans, unified around an ambitious agenda that addressed the real concerns American families face every day. From inflation and energy costs to historic illegal immigration and crime to national security and holding those in power accountable, we put on full display the contrast of our vision for the country versus the vision of chaos and economic distress of radical Democrats. Here are some of the highlights:
     
    H.R. 1, the     Lower Energy Costs Act:
    Our conference fought back against the Biden-Harris Administration’s war on American energy by passing the     Lower Energy Costs Act to cut burdensome red tape and boost energy production here at home, instead of relying on hostile foreign dictators that put our energy security at risk. In addition to making America energy independent again, H.R. 1 lowers costs for families who are struggling every day thanks to skyrocketing prices at the gas pump, in the grocery store, and elsewhere.
     
    H.R. 2, the     Secure the Border Act:
    It’s no secret that, even in larger Republican majorities, we have historically struggled to unify around one comprehensive border bill. It was an uphill battle that required painstaking deliberations with all members of our diverse conference. The result was the most comprehensive border security bill in history, H.R. 2, the     Secure the Border Act, to address the worst border crisis in history. Over 8.2 million illegal immigrants have entered the U.S. and more than 2 million gotaways under President Biden and “Border Czar” V.P. Harris’ open border policies, which cost American lives every day, like Laken Riley, Jocelyn Nungaray, and Rachel Morin. H.R. 2 increases the number of border patrol agents, resumes construction of the border wall, ends catch-and-release, reinstates ‘Remain in Mexico’, cracks down on the flow of fentanyl, and keeps our communities safe.
     
    H.R. 5, the     Parents Bill of Rights:
     When the Administration and school boards tried to silence parents and remove them from their child’s education while using taxpayer dollars to promote woke agendas in classrooms, House Republicans stood up for parents’ right to be involved in their child’s education by passing H.R. 5, the     Parents Bill of Rights Act. Parents have the right to transparency when it comes to their child’s education, to know how their taxpayer dollars are being used by schools, and to express their concerns to school boards without being silenced by the federal government.
     
    H.R. 7521, the     Protecting Americans from Foreign Adversary Controlled Applications Act:
    TikTok, which is controlled by ByteDance and tied to the Chinese Communist Party, poses a significant national security threat to the United States by allowing the CCP to spy on Americans and dictate what we see. House Republicans passed H.R. 7521, the     Protecting Americans from Foreign Adversary Controlled Applications Act, and placed the choice in TikTok’s hands: either they can sever their ties with the CCP or no longer be available in the United States. The Senate and President Biden followed our lead, signing our TikTok bill into law.
     
    Standing with Our Ally Israel:
    After the horrific attack of October 7th, House Republicans stood by our commitment to provide Israel with the tools it needs to defend itself and defeat terror. We passed H.R. 6126, the     Israel Security Supplemental Appropriations Act, to quickly provide additional military equipment for our ally Israel, and in the face of Biden-Harris Administration efforts to pressure Israel by withholding critical weapons, we passed H.R. 8369, the Israel Security Assistance Support Act, to force the delivery of congressionally approved military aid. We have also taken on Iran and its terrorist proxies like Hezbollah, Hamas, and the Houthis through legislation like H.R. 5961, the No Funds for Iranian Terrorism Act, to freeze the Biden-Harris Administration’s $6 billion payday for Iran, H.R. 6046, the Standing Against Houthi Aggression Act, and H.R. 340, the Hamas International Financing Prevention Act.
     
    Taking on the Chinese Communist Party:
    The Chinese Communist Party (CCP) poses a generational threat to America, and dealing with it requires working across committee jurisdictions to develop a comprehensive approach. Since beginning this Congress with the establishment of the China Select Committee, that is exactly what we have done, culminating in this month’s China Week. We passed H.R. 9456, the     Protecting American Agriculture from Foreign Adversaries Act, to prevent foreign adversaries from gaining control of our American farmland, H.R. 1398, the Protect America’s Innovation and Economic Security from CCP Act, to defend American research and intellectual property, and H.R. 8333, the BIOSECURE Act, to kick the CCP out of our biotechnology supply chains, among many other strong bills.
     
    H.R. 277, the     REINS Act of 2023:
    Under the Biden-Harris Administration, federal agencies continue to expand their authority by assuming the powers of the legislative and judicial branches, allowing unelected and unaccountable bureaucrats to make laws behind closed doors that will have serious impacts on the American way-of-life. House Republicans stepped up to rein in executive overreach by passing H.R. 277, the     REINS Act of 2023, which requires congressional approval before major rules can take effect. 
      
    Ending the COVID National and Public Health Emergencies:
    Long after schools reopened and the majority of workers returned to the office, President Biden delayed terminating the COVID-19 national and public health emergencies because he didn’t want to give up the powers it gave his Administration. The National Emergencies Act was never intended to give the president unlimited authority over the American people’s lives – we passed H.J. Res. 7 and H.R. 382, the     Pandemic is Over Act, to end the COVID national and public health emergencies and get America back to normal.
     
    H.R. 8281, the     SAVE Act:
    With the over 8.2 million illegal immigrants that have come across our southern border thanks to President Biden and Vice President Harris’ open border policies, it is vital we shore up our election security and ensure that only American citizens are voting in American elections. House Republicans came together in strong support of H.R. 8281, the     SAVE Act
    , which would require individuals to provide proof of citizenship when registering to vote in federal elections.
     
    H.J. Res 26:
    Last year, Washington, D.C. tried to implement Democrats’ soft-on-crime policies, including weakening criminal penalties for violent offenses, such as carjacking, robberies, and burglary. To keep our nation’s capital safe, House Republicans passed H.J. Res. 29 to reverse the D.C. Council’s misguided crime bill, which all present Republicans voted for and more than 170 Democrats voted against. Thanks to our work in forcing this issue, President Biden eventually caved, and the measure passed the Senate and was signed into law.
     
    H.R. 7024, the     Tax Relief for American Families and Workers Act of 2024:
    In 2017, under President Trump’s leadership, Republicans passed the     Tax Cuts and Jobs Act, a pro-family, pro-worker, and pro-growth tax reform package. Because of constraints associated with reconciliation, some temporary provisions of TCJA have begun to expire, and substantially more will expire at the end of 2025. House Republicans are working to support American families and the economy by extending expiring provisions of TCJA. This Congress, we passed H.R. 7024, the Tax Relief for American Families and Workers Act of 2024, which allows working families to keep more of their paycheck and also restores important tax incentivizes that drive investment in the American economy.
     
    Digital Assets:
    Despite hostility from the Biden-Harris Administration, the digital asset ecosystem continues to grow. To foster continued growth by providing regulatory certainty and appropriate consumer protections, House Republicans passed three trailblazing bills in the digital asset space: H.J. Res. 109, a congressional resolution of disapproval against the SEC’s misguided “Staff Accounting Bulletin No. 121”; H.R. 4763, the     Financial Innovation and Technology for the 21st Century Act; and, H.R. 5403, the CBDC Anti-Surveillance State Act. Taken together, these bills set a clear path for the future of digital assets and their regulation.
     
    H.R. 26, the     Born-Alive Abortion Survivors Protection Act:
    To protect the sanctity of life, House Republicans passed H.R. 26, the     Born-Alive Abortion Survivors Protection Act, which secures medical protections for babies that survive an attempted abortion. This comes after four years of Democrats refusing to hold a vote on the life-saving legislation. Newborn babies deserve protection and care regardless of the circumstances under which they are born – this should not be a partisan issue, but common sense and basic morality.
     
    Attempted Assassinations of President Trump:
    The House quickly acted after the attempted assassination of President Donald Trump on July 13th in Butler, Pennsylvania, and formed a task force to investigate the series of failures by the U.S. Secret Service that day. The Task Force is also investigating the subsequent assassination attempt that occurred on September 15th in Florida, as it works to deliver answers to the American people and ensure their choice of president is never again threatened by a deranged, radical individual.
     
    Antisemitism on Campuses:
    After Hamas’ horrific October 7th attacks on Israel, and the subsequent military actions taken by Israel to defend itself, the U.S. has seen a disturbing uptick in antisemitism on college campuses. Led by the Committee on Education and the Workforce, House Republicans discovered a troubling culture on campuses, where administrators fail to implement protections for Jewish students and even mock Jewish students, and has demanded answers from these universities about student safety and funding of pro-Hamas groups and propaganda. As a result, the presidents of Harvard, the University of Pennsylvania, and Columbia resigned in disgrace.
     
    The Biden-Harris Border Crisis Report:
    The Committee on Homeland Security released a report exposing the many ways the Biden-Harris Administration knowingly and intentionally undermined U.S. border security to create the crisis we currently see at the border. The report revealed that even before taking office, the Administration was warned by experienced border security professionals about the dangers of their plan to open our borders and dismantle our border security. The Biden-Harris border crisis was not some inevitable phenomenon – it was directly caused by the actions taken by President Biden, Vice President Harris, and Homeland Security Secretary Mayorkas. Earlier this year, House Republicans impeached Homeland Security Secretary Alejandro Mayorkas for violating border security laws enacted by Congress and threatening the safety of the American people – unfortunately, Senate Democrats refuse to hold him accountable for his failures.
     
    The Biden-Harris Failed Afghanistan Withdrawal Report:
    The Foreign Affairs Committee’s investigation into the Biden-Harris Administration’s catastrophic withdrawal from Afghanistan revealed that the Administration disregarded the advice of military and security professionals, ignored the facts on the ground, and indulged in wishful thinking and endless deliberation that left American troops and diplomats in-country dangerously exposed – ultimately resulting in the tragic and unnecessary deaths of 13 U.S. servicemembers. This week, House Republicans passed legislation to condemn key figures and officials in the Administration, including President Biden, Vice President Harris, National Security Advisor Jake Sullivan, National Security Communications Advisor John Kirby, State Department Secretary Antony Blinken, and others, for their part in this historic disaster.
     
    President Biden’s Influence Peddling and Classified Documents:
    On December 13, 2023, the House voted to formalize the impeachment inquiry into President Biden allowing the Oversight, Judiciary, and Ways and Means Committees to continue developing compelling evidence revealing how President Biden knew, was involved, and benefited directly from his family’s influence peddling schemes. The committees took key actions to bring in significant witnesses, including Hunter Biden and James Biden, both of whom had lied during their appearances, and the committees sent criminal referrals to the Department of Justice recommending they be charged with making false statements.
     
    In February, the House Oversight and Judiciary Committees subpoenaed Attorney General Merrick Garland for records, including transcripts, notes, video, and audio files, related to Special Counsel Robert Hur’s investigation of President Biden’s willful mishandling of classified information, after Hur declined to recommend charges against Biden citing his memory problems. A.G. Garland refused to produce the audio recordings of Special Counsel Hur’s interviews with President Biden and his ghostwriter, and on June 12, 2024, House Republicans voted to hold A.G. Garland in contempt for failing to comply with the subpoena. On July 2, 2024, the House Judiciary Committee filed a lawsuit in D.C. federal court to obtain these recordings. We remain committed to obtaining this critically important evidence in our investigation into Biden’s mishandling of classified documents.
     
    Regulatory Burdens:
    In the wake of the Supreme Court overruling     Chevron, to assure the Biden-Harris Administration respects the limits placed on its authority, our House committees sent oversight letters to nearly every agency in the Executive branch requesting information on legislative rules, agency adjudications, enforcement actions, and agency guidance documents. Additionally, the House Oversight Committee issued a thorough report on the Biden-Harris Administration’s regulatory overreach
    , concluding that it has imposed an estimated $1.7 trillion in regulatory costs, with EPA counting for $1.3 trillion.
     
    This Congress hasn’t been easy, but nothing worth fighting for is. The future of our country is at stake, and it is critical that we make our case across the country of what we’ve accomplished so far and how much more we have left to do to save our country from the chaos and destruction that we have seen under the Biden-Harris Administration and their far-left partners in Congress. We are a team, and I am proud of all of you for the work you have done to help us keep our promises and unite to fulfill the agenda we set out to achieve on behalf of the American people. It’s an honor to serve as your Majority Leader.
     
    -Steve

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Ministry of Defence analyses future global strategic trends

    Source: United Kingdom – Executive Government & Departments

    The seventh edition of Ministry of Defence’s analysis of the long-term future global strategic context and possible futures has been published today, covering a range of global trends including defence and technological advances.

    • Global Strategic Trends: Out to 2055 describes key drivers of change.
    • Long-term document forms seventh edition of strategic foresight analysis.
    • Analysis highlights possible future opportunities and challenges.

    Global Strategic Trends: Out to 2055 describes key drivers of change and illustrates alternative future worlds to test planning assumptions and help decision-makers prepare for an uncertain world.

    The findings and deductions do not represent the official policy of the UK government or that of the MOD, but the findings will be considered as part of the Strategic Defence Review, which will make sure our Armed Forces are bolstered and that our country has the capabilities needed to ensure the UK’s resilience for the long term.

    The document indicates an abundance of opportunities, alongside new and existing challenges in the global outlook. Notable areas of potential future trends for Defence include: 

    • A highly uncertain future for Russia, with the outcome of its war in Ukraine and the implications of this being key to its future power and status.
    • China will continue to use economic interdependencies, underpinned by military strength, as core means to achieve its objectives.
    • In an age of increasing uncertainty, the need to build resilience, agility and new forms of deterrence will be paramount.
    • An expansion in the number of nuclear-armed states fielding more powerful weapons, combined with new weapons of mass effect, could create new challenges.
    • Military shaping power will remain one of the ultimate levers of power. Space and cyberspace will increasingly be a key factor in battlefield success.

    This edition marks more than 20 years of strategic foresight analysis conducted by the MOD’s internal think tank. The authors gathered a diverse range of insights and research to present a global view of the long-term future, focusing on key areas such as social, economic, environmental and security factors.

    Chief of the Defence Staff, Admiral Sir Tony Radakin, said:

    The need to examine the implications of these future trends in a more openly contested and volatile world, as well as the possible shocks that may emerge, is a crucial task to assist policy makers and senior leaders.

    Commander Strategic Command, General Sir Jim Hockenhull, said:

    I am delighted to release this latest edition of Global Strategic Trends. All seven publications, over the last 20 years, have promoted an open-minded approach to understanding the context and conduct of Defence and Security.

    This rich and diverse programme of work, by Strategic Command, deliberately does not represent UK policy, instead it provides policymakers with a future strategic context to aid long-term decision-making, capability planning and strategy development.

    Its key conclusions indicate an abundance of opportunities but also highlight the combination of new and existing challenges that will redefine the contours of economies, societal structures, governance and defence.

    The work identifies six key interconnected drivers of change that are most likely to determine what the future might look like. These are: global power competition; demographic pressures; climate change and pressure on the environment; technological advances and connectivity; economic transformation and energy transition; and inequality and pressure on governance.

    ‘Global Strategic Trends: Out to 2055’ has been produced with cross-government support and international collaboration. Thousands of individuals were engaged during the research and writing process along with numerous national governments and several multilateral organisations, including NATO.

    Background

    • The first edition of GST, published in 2003, was designed to support the development of the MOD’s Future Strategic Context for Defence and subsequent White Papers. Since then, each edition has served to inform the various iterations of top-level strategic documents.

    Updates to this page

    Published 27 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: Guthrie, Newhouse, and Fulcher Introduce Bill to Secure America’s Midstream Critical Materials Supply Chain

    Source: United States House of Representatives – Congressman Brett Guthrie (2nd District Kentucky)

    WASHINGTON, D.C. – Congressman Brett Guthrie (KY-02), a senior member of the House Energy & Commerce Committee, Congressman Dan Newhouse (WA-04), and Congressman Russ Fulcher (ID-01) released the following statements after introducing the Securing America’s Midstream Critical Materials Processing Act, which will establish a National Roadmap to provide a pathway to reshore domestic critical material processing facilities away from foreign adversaries like the Chinese Communist Party (CCP) and reduce unworkable permitting barriers to help secure our supply chains. Midstream critical material processors are essential to America’s manufacturing and energy future:

    “Today I was proud to introduce the Securing America’s Midstream Critical Materials Processing Act alongside Congressmen Newhouse and Fulcher to help ensure America has control over its manufacturing and energy future. For too long our nation has been reliant on the CCP and other foreign adversaries for the essential facilities to process critical materials into usable resources for our manufacturing industry. This bill will help provide a pathway to reshoring the processing of critical materials and uncovers the extent to which the CCP has exploited this supply chain. If our nation is to become energy independent once again, secure our supply chains, and reshore job creating industries then we must produce and process our critical materials here at home, I am proud to be leading this bill that will help accomplish this,” said Congressman Guthrie.

    “It is no secret the United States is in a dangerous position with our reliance on adversaries like the CCP for the critical minerals we use in everything from our energy sector to our defense industrial base. This bill is a big step towards bringing critical mineral processing back to our shores and keeping bad actors out of our supply chains. As a member of the House Select Committee on the CCP, I know we as lawmakers need to be doing all we can to prioritize national security before it is too late.” said Congressman Newhouse.

    “Critical minerals are not only vital to America’s energy supply, but to our national security as they are a key component for defense technologies and weaponry. I am proud to introduce this bill alongside Congressman Guthrie and Newhouse to establish a national roadmap to bring the development and processing of key minerals back to the USA. Securing America’s energy independence starts with securing our critical minerals supply chain,” said Congressman Fulcher.

    Background

    • The Securing America’s Midstream Critical Material Processing Act will establish a Dept. of Energy led National Roadmap to reshore domestic critical material processing industry, which will include a comprehensive review of:
      • Current landscape of domestic and global markets for midstream critical material processing
      • The extent to which China and other adversaries employ anti-competitive practices to manipulate critical material markets
      • Opportunities and barriers to reshoring domestic industries, including working alongside allied nations
      • Permitting challenges facing a domestic critical material processing industry
    • This bill requires a Government Accountability Office (GAO) study on how to improve federal permitting to incentivize more investment including:
      • How the Inflation Reduction Act may have fueled Chinese greenfield investment in Free Trade Agreement countries
      • How EPA regulations and litigation raise costs on facilities
      • Ways to improve federal collaboration and coordination to leverage expertise in critical material processing

    ###

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Speech by FS at Hong Kong Association Luncheon in London (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at the Hong Kong Association Luncheon in London, the United Kingdom, today (September 27, London time):
     
    Adrian (Chairman of the Hong Kong Association, Mr Adrian Cartwright), members of the Hong Kong Association, ladies and gentlemen, friends of Hong Kong all,

         Good afternoon. I’m delighted to join you, once again, over a welcome lunch.

         The one consistent theme of my trip, first to Spain, now in London, has been the many speaking occasions.
     
         Last night’s Hong Kong Dinner was truly splendid and savory, and now I’m pleased to speak to the Hong Kong Association -thank you for the privilege – because you are very much invested in Hong Kong.
     
         I’m always pleased to speak at such times, especially when the topic is Hong Kong, and particularly to an audience as invested in Hong Kong as you are.

    The state of Hong Kong’s economy
     
         I have much to share, but let me start with a quick update on Hong Kong’s economy. 

         â€‹Last year, our GDP grew by 3.3 per cent as we recovered from the pandemic, and we achieved 3 per cent growth in the first half of this year. 

         The three main drivers fueling our economic growth are: exports, investments, and private consumption. Goods exports have seen significant growth, with Hong Kong serving as a major re-export hub for the Mainland, rising by over 7 per cent in the first half of the year. 

         â€‹For exports of services, tourism remains a key component. It is steadily recovering, with around 30 million visitors in the first eight months of this year, an increase of 44 per cent compared to last year. We expect 46 million visitors for the whole of 2024. 

         With improving economic and business prospects, but amid complex external environment, investment, from both the public and private sectors, expanded by more than 3 per cent in the first half of this year. 

         â€‹Private consumption has been bumpy. It is challenging given changes to the spending patterns of tourists and our residents. 

         Our stock market remains one of Asia’s leading exchanges, with a capitalisation in excess of 3 trillion pounds – 11 times our GDP. The measures announced, earlier this week by the Central Authorities to cut rates, reduce reserve requirement ratios and provide more support to the property sector – is boosting market confidence. The effects are already visible on Hong Kong’s stock market, with record high transactions! Before that, the China Securities Regulatory Commission announced measures in April 2024 that would encourage leading Mainland enterprises to list in Hong Kong. 

         Residential property market prices have fallen by over 6 per cent from the end of last year to August this year – and more than 25 per cent compared to its peak in September 2021. We know property market is an important pillar to any economy, so we remain vigilant, and has been monitoring the market closely. So far, our assessment is that it has been an orderly adjustment. 

         This February, we removed all the demand-side management measures for the residential property market. Overall, the property market is now stabilising. 

         The commencement of the monetary easing cycle by the Federal Reserve will provide support to both the economy and the property sector. 
         
         Currently, inflation is at around 1 per cent, and unemployment is lying low, at just 3 per cent. 

         â€‹Overall, we expect Hong Kong to grow between 2.5 per cent to 3.5 per cent this year. 

         Looking into the future, our economic development will be heading in eight discrete directions: internationally, as finance, trade, shipping, aviation and innovation and technology centres; and, regionally, as Asia Pacific’s legal and dispute resolution centre and intellectual property trading centre. We are committed, too, to becoming the East-meets-West centre for international cultural exchange. 

         Allow me now to highlight two of them: financial services and innovation and technology. 

         Let me start with financial services. Besides traditional areas that we are good at, we are working to become an international green finance and green technology hub. 

    Green and Sustainable Finance
     
         Green transition is a global agenda, bringing along responsibilities and opportunities. 
         â€‹
         Hong Kong has established a clear roadmap to achieve carbon neutrality by 2050, while reducing emissions by 50 per cent by 2035 from our 2005 levels. 

         â€‹We are taking a multi-pronged approach to realise this goal by addressing emission sources: first, achieving net-zero electricity generation by phases; second, enhancing energy efficiency in buildings through the promotion of green building practices; third, promoting green transport, particularly electric vehicles; and fourth, reducing waste. 

         Indeed, the Hong Kong SAR Government (Hong Kong Special Administrative Region Government) will invest more than 20 billion pounds in the next 15 to 20 years to implement climate change mitigation and adaptation measures. 

         However, the International Energy Agency has projected that the global energy transition finance gap will reach $3 trillion a year by 2030 and rise to $4.5 trillion a year by 2040. 

         â€‹Hong Kong is Asia’s No. 1 for green finance: for instance, we issue, over the past three years, 48 billion pounds of green bonds and debts per year on average, accounting for one-third of Asia’s market. But there is much more that we can achieve. 

         One is on green standards. Earlier this year, the Hong Kong Monetary Authority released the Hong Kong Green Taxonomy (Hong Kong Taxonomy for Sustainable Finance), which is compatible with the Common Ground Taxonomy developed by China and the EU (European Union), to assist the financial sector in assessing the “greenness” of projects. 

         Similarly, the Hong Kong Stock Exchange also impose ESG (environmental, social and governance) disclosure requirements for listed entities. 

         â€‹Just a few days ago, the Hong Kong Institute of Certified Public Accountants released the draft financial reporting standards which it plans to implement in August next year. The proposed Hong Kong standards follow those issued by the International Sustainability Standards Board, ISSB. 

         In the realm of green tech, start-ups are a powerhouse for many green innovative solutions, fully reflecting our younger generation’s passion for the environment and a sustainable future. 

         You might have met the delegation of start-ups from the Hong Kong Science Park and Cyberport who are with me on this trip to the United Kingdom. Some of them are engaged in green tech, and while others are engaged in different fields, but they share a common goal: to change people’s lives for the better. 

         We are working to attract more green start-ups in our innovation ecosystem. 

         By the way, our Science Park annually organises an elevator pitch competition where the start-ups have to sell their ideas in just 60 seconds in the lift of Hong Kong’s tallest skyscraper. The winner this year is from Munich seeking to establish a lithium battery recycle plant. 
     
    Innovation and Technology
     
         Let me now turn to innovation and technology. Our focus areas are: AI and big data analytics, biotech and health sciences, fintech and new energy and new materials. 

         The key success factor for the development of AI are algorithms, computing capabilities, data and use case scenarios. Under the “one country, two systems” arrangements, Hong Kong has unique advantages because we are the hub converging the Mainland and international data, and the Greater Bay Area provides us with ample use case scenarios. 

         In order to expedite the development of the eco-system of the aforementioned industries, we have set up the Hong Kong Investment Corporation, HKIC. 

         With six billion pounds at its disposal, the HKIC has a dual mandate. While it seeks financial returns, it also promotes the development of target industries that are crucial for the long-term competitiveness and economic vitality of Hong Kong. The HKIC serves as a tool for the Hong Kong SAR Government to invest and/or co-invest in enterprises, start-ups and important projects. 

         The ​HKIC is “patient capital”. It has already initiated several strategic partnerships in the areas of hard tech, biotech and new energy. 

         What distinguishes the HKIC from other sovereign funds is its investment approach to channel private capital into strategic industries through a collaborative approach, by bringing together like-minded private equity funds, venture capitalists, investors, and even entrepreneurs.

         This is particularly important for start-ups, especially those with original and disruptive technologies because their development cycles are often long, and patient capital is crucial for their success.

         Going forward, the HKIC will expand its collaboration with overseas partners to maximise impact. Next January, the HKIC will host a Roundtable for International Sovereign Wealth Funds, inviting sovereign wealth funds and financial leaders to explore investment opportunities and develop collaborative partnerships. In fact, this September, the HKIC also staged a Hong Kong Start-up Investment and Development Summit. 

         Ladies and gentlemen, I hope to leave ample time for questions, so I will conclude my remarks here. My sincere thanks, once again, to the Hong Kong Association for this welcome opportunity to speak to you. 

         I’m happy now to take your questions. 

         â€‹Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Luján, Cantwell, Tester, Baldwin, Rosen Introduce Bill to Prevent Fentanyl Trafficking Through U.S. Transportation Networks

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján
    Legislation would boost detection of illegal drug smuggling by air, sea, rail & road
    Bill gains backing by Narcotics Officers, Major City Chiefs, Forensic Science Labs, State Criminal Investigative Agencies, HIDTA Leaders
    WASHINGTON, D.C. – Commerce Committee Democrats, U.S. Senators Ben Ray Luján (D-N.M.), Maria Cantwell (D-Wash.), Jon Tester (D-Mont.), Tammy Baldwin (D-Wisc.), and Jacky Rosen (D-Nev.) introduced legislation to crack down on the trafficking of illicit synthetic drugs, like fentanyl, using the U.S. transportation network. The bill would create first-ever inspection strategies to stop drug smuggling by commercial aircraft, railroads, vehicles and ships. The legislation would boost state, local and Tribal local law enforcement resources, deploy next generation, non-intrusive detection technologies and increase inspections at ports of entry.
    “The flow of fentanyl into the country has devastated far too many communities across New Mexico and the United States,” said Senator Luján. “This bill would crack down on the trafficking of deadly drugs by implementing innovative inspection strategies for U.S. transportation networks and provide law enforcement with the tools they need to combat fentanyl smuggling. It is time for Congress to act to keep our communities safe and put an end to the fentanyl crisis.”
    “Drug traffickers should not be allowed to exploit the U.S. transportation system to smuggle fentanyl and precursor chemicals to make illicit synthetic drugs,” Senator Cantwell said. “Our bill equips federal, state, local and tribal law enforcement with the tools they need to curb drug smuggling by accelerating the development of non-intrusive technologies to inspect our commercial aircraft, trucks, trains and ships – while boosting resources to deploy this technology and drug-sniffing dogs, improving forensic science at crime labs, and building a better system to share intelligence and information between federal authorities and the private sector.”
    “The deadly flow of fentanyl into Montana communities is tearing families apart and it’s making our state less safe,” said Senator Jon Tester. “If we’re going to end illicit drug trafficking, we’re going to have to come at this issue from all sides, and that means strengthening our southern border, funding law enforcement, and securing the transportation systems allowing bad actors to get these drugs into our communities. I’m proud to have introduced this bill to give our law enforcement agencies the tools they need to combat illicit drug trafficking and make our transit systems safer for all Montanans.”
    “I’ve heard from parents who lost children, law enforcement fighting on the front lines, and advocates – all demanding we do more to stop the scourge of fentanyl,” said Senator Baldwin. “I’m fighting this crisis on all fronts – from stopping the precursor chemicals being manufactured in China, to boosting access to overdose reversal drugs, and everything in between. I’m proud to lead this legislation to give our law enforcement the tools they need to stop drug traffickers from using American airports, railways, ports, and roads to smuggle fentanyl into our communities.”
    “Most synthetic fentanyl is smuggled into our country, making its way to communities across Nevada and destroying families,” said Senator Rosen. “I’m doing everything I can to stop the flow of illicit drugs and support law enforcement. That’s why I’m proud to introduce this bill to develop a national strategy to prevent fentanyl smuggling and increase inspections at Ports of Entry on our border.”
    According to U.S. Government authorities, drug traffickers exploit the U.S. transportation network to smuggle fentanyl, precursor chemicals and other illicit drugs into and throughout the country. Once drugs have entered the country, drug traffickers continue to rely on the national transportation network—trucks, trains and commercial aircraft—to move their product to its final destination.
    The Stop Smuggling Illicit Synthetic Drugs on U.S. Transportation Networks Act of 2024 (S. 5285) would:
    Read the summary here and bill text here.
    Create a National Prevention Plan: Directs the Office of National Drug Control Policy (ONDCP) to develop a comprehensive national strategy that examines the entire U.S. transportation network and ports of entry to prevent the smuggling of illicit synthetic drugs.
    Boost Illegal Drug Detection by Air, Sea, Rail and Road: The bill establishes four new transportation-specific inspection programs—private and commercial aircraft, railroads, commercial vehicles and maritime vessels—to expand detection across all transportation modes and prevent interstate smuggling. State, local, Tribal and territorial law enforcement would carry out inspections using non-intrusive technologies and canines, in coordination with federal law enforcement authorities – and without unduly delaying the movement of goods or interrupting interstate commerce.
    Deploy High-Tech Detection Tools: Directs the Office of Science and Technology Policy (OSTP) and the ONDCP to accelerate new emerging, non-intrusive technologies, including integrating AI and quantum, to detect illicit synthetic drugs. National laboratories, including Pacific Northwest National Laboratories, are already developing next-generation technologies for fentanyl detection. AI could help increase capacities to integrate multiple sources of data and overcome challenges in identifying fentanyl when it is mixed with other opioids to evade detection.
    Increase Port of Entry Drug Detections: Currently, only 1-2 percent of passenger vehicles and 15-17 percent of commercial vehicles are scanned at U.S. ports of entry. The bill requires Customs and Border Protection (CBP) to inspect 100 percent of motor vehicles and railroads entering the country through a port of entry within five years, and all civil air cargo and maritime cargo within ten years.
    Support Law Enforcement Workforce, Technology and Training: Authorizes the Secretary of Homeland Security to provide grants to state, local, Tribal and territorial law enforcement to acquire new technology and canines and support overtime and other program-related expenses. It would also increase federal support to state and local crime scene investigators and forensics laboratories to process evidence related to fentanyl crimes and deaths.
    Improve Data and Information Sharing to Prevent Drug Trafficking: Requires the Director of ONDCP to create a public-private task force to improve intelligence and information sharing among federal, state and local authorities and the private sector to combat drug trafficking.
    “The National Narcotic Officers’ Associations’ Coalition applauds Senator Cantwell for her work on the Stop Smuggling Illicit Synthetic Drugs on U.S. Transportation Networks Act. The surge in drug poisoning deaths, especially from fentanyl, shows that more needs to be done. We know that a large portion of illegal narcotics are trafficked through our transportation systems, and this legislation will provide the needed resources such as advanced detection technology and canines to enhance law enforcement’s ability to conduct inspections on our nation’s transportation systems,” said Eric Brown, President of the National Narcotic Officers’ Associations’ Coalition.
    “The Major Cities Chiefs Association thanks Senator Cantwell for taking an innovative approach to fentanyl interdiction with the Stop Smuggling Illicit Synthetic Drugs on U.S. Transportation Networks Act. In cities across the country, resources are strained and the fentanyl crisis is a factor. Federal support is welcome as MCCA member agencies work to curb this crisis and promote safer communities and public health. We look forward to additional engagement on the matter as it moves forward in Congress,” said Laura Cooper, Executive Director of the Major Cities Chiefs Association.
    “Deaths and adverse events from illicit synthetic drugs continue to be at epidemic proportions, yet funding for forensics labs remains stagnant.  This bill prioritizes resources for the professionals on the front lines of the fight against illicit drugs, including fentanyl and other novel psychoactive substances.  We commend members of the Commerce Committee for taking this approach to ensure our forensic experts have the necessary resources and data to combat this epidemic,” said Matthew Gamette, Chair of the Consortium of Forensic Science Organizations.
    “The Association of State Criminal Investigative Agencies (ASCIA) appreciates Senator Cantwell’s introduction of the Stop Smuggling Illicit Synthetic Drugs on U.S. Transportation Networks Act of 2024. While recent figures show progress in reducing drug poisoning deaths in the U.S., we are nowhere near where we need to be to protect Americans from the ongoing threat.  This bill would strengthen the ability of agencies at all levels of government to detect and disrupt drug trafficking,” said Drew Evans, President of the Association of State Criminal Investigative Agencies.
    “The National High Intensity Drug Trafficking Area (HIDTA) Directors Association appreciates Senator Cantwell’s efforts to combat the fentanyl crisis and her support for providing critically needed tools and resources for state, local, tribal and federal law enforcement to interdict fentanyl shipments before negatively impacting the communities across the country. Given the profound impact fentanyl has had on families, schools, and communities, this bill will be instrumental in enabling law enforcement agencies participating in the HIDTA program to develop new and innovative strategies to tackle this crisis,”  said F. Mike McDaniel, President of the National High Intensity Drug Trafficking Area (HIDTA) Directors Association.

    MIL OSI USA News –