NewzIntel.com

Category: Economy

  • MIL-OSI New Zealand: Economy – The recession continues… with a triple trough – Kiwibank

    Source: Kiwibank
    Double-take! The Kiwi labour market is even weaker than the headline suggests. The devil is in the detail. Worker demand has waned, and unemployment is drifting higher.

    *       The unemployment rate rose to just 4.8% from 4.6%, slightly better than we and the market consensus had predicted. But it’s a result of a much sharper decline in labour force participation, from 71.7% to 71.2%. That in itself is a sign of a weak jobs market. Workers are now heading (or are forced) for the exits as demand wanes. 

    As StatsNZ comments “From the survey, some of the largest increases in those not in the labour force over the year came from people mainly engaged in leisure activities, studying or training, and taking care of themselves due to their own sickness, illness, injury, or disability.” 
    We’ve heard a lot about voluntary redundancies, migrants struggling to find work, and some going back to Uni and other reasons. The fall in participation appears to have been concentrated within the younger cohort (15-24years). 
    Almost 60k more people were classified as ‘not in the labour force’ over the past year. So don’t be fooled by the stronger headline print (unemployment rate). Worker demand is waning, with employment contracting 0.5% over the quarter, and down 0.4% on the year – the first since September 2012, and the deepest since the GFC. The Kiwi labour market is weakening.

    *       Wage inflation cooled faster than expected. Annual wage growth has slowed to 3.3%, moving further away from the 4.5% peak. A shrinking proportion are receiving a payrise, with fewer enjoying a 5% increase (from 32% to 27%). And a growing share are seeing no change in pay. Weaker wage inflation however is necessary to drive an easing in domestic inflation.

    *        The labour market has more catch up to do. We still see the unemployment rate on track to exceed 5% in the coming year – peeling further and further away from the 3.2% low. 

    We expect the unemployment rate to drift higher from here. By our calculations, it is still on track to hit around 5.5% next year. That’s some distance from the 3.2% low recorded in 2021. We attributed the initial rise in unemployment to fast-growing labour supply led by rising migration. 

    The level of employment has climbed to record highs, but growth was still not strong enough to keep pace with rapid population growth. Now, however, the increasing number of unemployed is due to a slowdown in hiring. And mounting job losses are a consequence of aggressive policy tightening pushing the economy into a downturn. 

    Today’s update was an important one ahead of the RBNZ’s policy update later this month. Despite a stronger headline number, the data is unlikely to skew the RBNZ’s thinking. Because the key takeaway is the same: the Kiwi labour market is weakening. A further relaxation in monetary policy settings is needed. The labour market has crumbled under the weight of the RBNZ’s heavy-handed interest rate hikes. And it’s only the beginning. 

    Like the RBNZ, we forecast a further increase in the unemployment rate next year. 
    But it’s important for the RBNZ to stay ahead of any further labour market slowing by proceeding with rate cuts sooner rather than later. With the 2% target inflation rate well within reach, we believe the RBNZ needs to get the cash rate below 4% ASAP. We continue to expect a 50bp cut at the RBNZ’s final meeting for the year. And potentially a third 50bp cut in February.

    MIL OSI New Zealand News –

  • MIL-OSI: Alaris Equity Partners Income Trust Releases 2024 Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN THE UNITED STATES.

    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

    TSX-AD.UN

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Alaris Equity Partners Income Trust (together, as applicable, with its subsidiaries, “Alaris” or the “Trust“) is pleased to announce its results for the three and nine months ended September 30, 2024. The results are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. All amounts below are in Canadian dollars unless otherwise noted.

    In January 2024, Alaris determined that it met the definition of an investment entity, as defined by IFRS 10, Consolidated financial statements. This change in status has fundamentally changed how Alaris prepares, presents and discusses its financial results relative to prior periods. IFRS requires that this change in accounting be made prospectively and as a result prior periods are not restated to reflect the change in Alaris’ investment entity status. Accordingly, the readers of this press release, Alaris’ third quarter interim MD&A and unaudited condensed consolidated interim financial statements should exercise significant caution in reviewing, considering, and drawing conclusions from period-to-period comparisons and changes, as the direct comparisons between dates or across periods can be inappropriate if not carefully considered in this context.

    Highlights:

    • For the three months ended September 30, 2024 Alaris generated $0.78 per unit of additional book value, improving this metric to $22.80;
    • For the three months ended September 30, 2024 the Trust, together with its wholly-owned subsidiaries (the “Acquisition Entities”), earned a total of $65.9 million of revenue, including, $65.4 million of Partner Distribution revenue net of foreign exchange, and $0.5 million of transaction fee income, which was ahead of previous guidance of $38.7 million, and compares to $47.2 million of Partner Revenue in Q3 2023, an increase of 40%;
      • Included in Partner Distribution revenue for the three months ended September 30, 2024, is $27.5 million of common Distributions, which included a one time distribution of US$5.1 million from Ohana Growth Partners LLC (“Ohana“) and US$14.7 million distribution from Fleet Advantage, LLC (“Fleet”). Common Distribution revenue for the nine months ended September 30, 2024 is $31.8 million, which for the second quarter in a row has outperformed the comparable period in the prior year by more than double. Alaris’ Run Rate Revenue (7) included in the outlook below has been increased to reflect overall higher expected annual common dividends from Partners of $19.4 million;
    • Alaris net distributable cash flow (6) for the nine months ended September 30, 2024 of $88.0 million or $1.93 per unit increased by 28%, from $68.6 million and $1.51 per unit in the nine months ended September 30, 2023 after adjusting the comparable period for non-recurring settlement and litigation costs that occurred in 2023;
    • The Actual Payout Ratio (2) for the Trust, based on Alaris net distributable cash flow (6) for the nine months ended September 30, 2024 was 53%;
    • The current weighted average combined Earnings Coverage Ratio (3) for Alaris’ Partners remains at approximately 1.5x with ten of nineteen Partners at 1.5x or above. In addition, eleven of our partners have either no debt or less than 1.0x Senior Debt to EBITDA on a trailing twelve-month basis;
    • During the quarter, the Trust, via the Acquisition Entities, invested approximately US$35 million into Ohana as a dividend recap in exchange for convertible preferred equity with a 14% yield fully paid-in-kind;
    • Subsequent to the quarter end, the Trust, via the Acquisition Entities, made a follow-on investment of US$10.0 million of additional preferred equity in Cresa LLC (“Cresa”), which has the same metrics as the initial preferred equity investment, bringing the total investment in Cresa to US$30.0 million. Following this transaction, the Trust has invested a total of approximately $139 million in the year.

    “In addition to highlighting the continued stability of Alaris’ portfolio and cash flow stream, the third quarter results continue to show the growing success and importance of our common equity portfolio. While some of this quarter’s common equity cash flow is non-recurring in nature, we are seeing more and more value from that strategy crystallizing into cash returns. Deployment activity is constructive for the end of the year and both interest rate cuts and US dollar strength provide us with tailwinds going into next year, ” said Steve King President and CEO.

    Results of Operations

    Note where the financial information for Q3 2024 is comparable to specific information from the prior period Q3 2023 condensed consolidated interim financial statements, amounts have been provided for comparative purposes. As noted above, users of this press release, interim management discussion and analysis and the unaudited condensed consolidated interim financial statements to which it relates should exercise significant caution in reviewing, considering and drawing conclusions from period-to-period comparisons and changes.

    Per Unit Results Three months ended Nine months ended
    Period ending September 30   2024   2023 % Change   2024   2023 % Change
    Partner related changes in net gain on Corporate Investment $ 2.16 $ 1.90 +13.7 % $ 4.11 $ 3.74 +9.9 %
    Adjusted EBITDA $ 1.98 $ 1.76 +12.5 % $ 3.62 $ 3.40 +6.5 %
    Alaris net distributable cashflow $ 0.72 $ 0.44 +63.6 % $ 1.93 $ 1.21 +59.5 %
    Adjusted earning per unit $ 1.37 $ 1.31 +4.6 % $ 2.35 $ 2.15 +9.3 %
    Weighted average basic units (000’s)   45,498   45,498     45,498   45,433  

    During the three months ended September 30, 2024, Partner related changes in net gain on Corporate Investments (5) per unit increased by 13.7% as compared to the three months ended September 30, 2023. During the current quarter common Partner Distribution revenue increased by more than 200%, primarily as a result of common Distributions received from Fleet of US$14.7 million, which was greater than their prior year Distribution of US$5.9 million, and a common Distribution received from Ohana of US$5.1 million, as compared to nil distribution received in Q3 2023. Partially offsetting this increase is a quarter over quarter decrease to the Net unrealized gain on partner investments of 16.3% to $33.0 million during the three months ended September 30, 2024. Q3 2024’s Net unrealized gain on Partner investments of $33.0 million is made up of notable increases to the fair value in Sono Bello, LLC (“Sono Bello“), Amur Financial Group Inc. (“Amur”), Fleet, Vehicle Leasing Holdings, LLC, dba D&M Leasing (“D&M”), and The Shipyard, LLC (“Shipyard”), which were partially offset by decreases to the fair value of Heritage Restoration, LLC (“Heritage”) and SCR Mining and Tunneling, LP (“SCR”). During the nine months ended September 30, 2024, Partner related changes in net gain on Corporate Investments (5) per unit increased by 9.9% as compared to the nine months ended September 30, 2023. This increase is reflective of increases in Partner Distribution revenue, partially offset by a lower net gain to the realized and unrealized fair value on Partner investments. Net realized gain on partner investments of $9.0 million and net unrealized gain of $32.4 million decreased in the nine months ended September 30, 2024 by 29.2% and 13.9%, respectively, as compared to the nine months ended September 30, 2023.

    For the three and nine months ended September 30, 2024, Adjusted EBITDA (1) per unit increased by 12.5% and 6.5%, respectively, as compared to the relative periods in 2023. Per unit increases are primarily due to higher Partner Distribution revenue. Partially offsetting these increases are decreases to the net realized and unrealized gain on Partner Investments relative to the comparable periods in 2023, and higher adjusted operating expenses; after non-reoccurring litigation and legal costs that were incurred in 2023 have been removed in the calculation Adjusted EBITDA (1).

    Alaris net distributable cashflow (6) provides a summary of third-party cash receipts, less operating cash outflows by the Trust in combination with the Acquisition Entities. Alaris net distributable cashflow (6) per unit increased by 63.6% in the three months ended September 30, 2024 and 59.5% in the nine months ended September 30, 2024, both as compared to the same periods in 2023. Period over period increases are due to the current periods higher common Distributions and lower cash taxes paid, all as compared to the relative periods in 2023. The nine months ended September 30, 2024 Alaris net distributable cashflow (6) is $88.0 million, after adjusting out non-recurring settlement and litigation costs of $13.7 million in the prior year, the nine months ended September 30, 2023 distributable cashflow amounts to $68.6 million, and results in an adjusted period over period increase of 28.3%.

    Adjusted earnings (10) per unit increased by 4.6% in the three months ended September 30, 2024 which is primarily driven by higher Partner related changes in net gain on Corporate Investments (5) as discussed above, and partially offset by higher total income tax expense in Q3 2024. The nine months ended September 30, 2024, Adjusted earnings (10) per unit increased by 9.3% which in addition to the changes listed for the three months ended September 30, 2024, is higher due to lower operating expenses during the nine months ended September 30, 2024 as compared to the prior year resulting from non-recurring litigation and legal costs incurred in 2023.

    Outlook

    During the three months ended September 30, 2024, the Trust, through its Acquisition Entities invested approximately $48 million, which was used to invest in convertible preferred units of Ohana. Subsequent to the quarter, Alaris invested an additional US$10.0 million into Cresa, bringing Alaris’ total investment in Cresa to US$30.0 million and as of the date of this MD&A the total invested during the year to approximately $139 million. These transactions are summarized in the outlook below, which includes Alaris’ Run Rate Revenue (7) for the next twelve months and is expected to be approximately $171 million. This includes current contracted amounts, an additional $1.2 million from LMS related to Distributions deferred in 2023 and an estimated $19.4 million of common dividends. In Q3 2024, the Trust together with its Acquisition Entities earned $65.9 million, $65.4 million in Partner Distributions net of foreign exchange and $0.5 million of third party transaction fee revenue, which was ahead of previous guidance of $38.7 million, primarily due to common distributions received from Fleet of $19.8 million, Ohana of $6.8 million and Amur of $0.5 million, as well as a higher realized foreign exchange rate on US denominated distributions. As with all common distributions, these distributions are not fixed or set in advance, but rather paid as declared and cashflow of partner permits. Alaris expects total revenue from its Partners in Q4 2024 of approximately $38.9 million.

    The Run Rate Cash Flow (8) table below outlines the Trust and its Acquisitions Entities combined expectation for Partners Distribution revenue, transaction fee revenue, general and administrative expenses, third party interest expense, tax expense and distributions to unitholders for the next twelve months. The Run Rate Cash Flow (8) is a forward looking supplementary financial measure and outlines the net cash from operating activities, less the distributions paid, that Alaris is expecting to generate over the next twelve months. The Trust’s method of calculating this measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers.

    Run rate general and administrative expenses are currently estimated at $17.0 million and include all public company costs incurred by the Trust and its Acquisition Entities. The Trust’s Run Rate Payout Ratio (9) is expected to be within a range of 65% and 70% when including Run Rate Revenue (7), overhead expenses and its existing capital structure. The table below sets out our estimated Run Rate Cash Flow (8) as well as the after-tax impact of positive net investment, the impact of every 1% increase in Secure Overnight Financing Rate (“SOFR”) based on current outstanding USD debt and the impact of every $0.01 change in the USD to CAD exchange rate.

    Alaris’ financial statements and MD&A are available on SEDAR+ at www.sedarplus.ca and on our website at www.alarisequitypartners.com.

    Run Rate Cash Flow ($ thousands except per unit) Amount ($) $ / Unit
    Run Rate Revenue, Partner Distribution revenue $ 171,300   $ 3.77  
    General and administrative expenses   (17,000 )   (0.37 )
    Third party Interest and taxes     (57,100 )   (1.26 )
    Net cash from operating activities $ 97,200   $ 2.14  
    Distributions paid     (61,900 )   (1.36 )
    Run Rate Cash Flow   $ 35,300   $ 0.78  
           
    Other considerations (after taxes and interest):    
    New investments Every $50 million deployed @ 14%   +2,426     +0.05  
    Interest rates Every 1.0% increase in SOFR   -2,600     -0.06  
    USD to CAD Every $0.01 change of USD to CAD   +/- 900     +/- 0.02  


    Earnings Release Date and Conference Call Details

    Alaris management will host a conference call at 9am MT (11am ET), Wednesday, November 6, 2024 to discuss the financial results and outlook for the Trust.

    Participants must register for the call using this link: Q3 2024 Conference Call. Pre-register to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call). Participants can access the webcast here: Q3 Webcast. A replay of the webcast will be available two hours after the call and archived on the same web page for six months. Participants can also find the link on our website, stored under the “Investors” section – “Presentations and Events”, at www.alarisequitypartners.com.

    An updated corporate presentation will be posted to the Trust’s website within 24 hours at www.alarisequitypartners.com.

    About the Trust:

    Alaris’ investment and investing activity refers to providing, through the Acquisition Entities, alternative equity to private companies (“Partners”) to meet their business and capital objectives, which includes management buyouts, dividend recapitalization, growth and acquisitions. Alaris achieves this by investing its unitholder capital, as well as debt, through the Acquisition Entities, in exchange for distributions, dividends or interest (collectively, “Distributions”) as well as capital appreciation on both preferred and common equity, with the principal objectives of generating predictable cash flows for distribution payments to its unitholders and growing net book value through returns from capital appreciation. Distributions, other than common equity Distributions, from the Partners are adjusted annually based on the percentage change of a “top-line” financial performance measure such as gross margin or same store sales and rank in priority to common equity position.

    Non-GAAP and Other Financial Measures

    The terms Adjusted Earnings, components of Corporate investments, EBITDA, Adjusted EBITDA, Extended group net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow, and Per Unit amounts (collectively, the “Non-GAAP and Other Financial Measures”) are financial measures used in this MD&A that are not standard measures under International Financial Reporting Standards (“IFRS”) . The Trust’s method of calculating the Non-GAAP and Other Financial Measures may differ from the methods used by other issuers. Therefore, the Trust’s Non-GAAP and Other Financial Measures may not be comparable to similar measures presented by other issuers.

    (1) “Adjusted EBITDA” and “EBITDA”: are Non-GAAP financial measures and refer to earnings determined in accordance with IFRS, before depreciation and amortization, interest expense (finance costs) and income tax expense. EBITDA is used by management and many investors to determine the ability of an issuer to generate cash from operations. “Adjusted EBITDA” and “Adjusted EBITDA per unit”, which is a non-GAAP ratio that removes the impact from unrealized fluctuations in exchange rates and their impact on the Trust’s investments at fair value, as well as one time items and the impact of finance costs and taxes included within the net gain on Corporate Investments incurred by the Acquisition Entities and, on a per unit basis, is and the same amount divided by weighted average basic units outstanding. Management believes Adjusted EBITDA, EBITDA and Adjusted EBITDA per unit are useful supplemental measures from which to determine the Trust’s ability to generate cash available for servicing its loans and borrowings, income taxes and distributions to unitholders. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures and ratios presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024   2023   % Change   2024     2023 % Change
    Earnings $ 51,027 $ 63,770     $ 156,475   $ 97,710  
    Depreciation and amortization   135   58       396     169  
    Finance costs   1,150   8,510       3,445     21,909  
    Total income tax expense   251   11,611       554     20,902  
    EBITDA $ 52,563 $ 83,949   -37.4 % $ 160,870   $ 140,690 +14.3 %
    Adjustments:            
    Gain on derecognition of previously consolidated entities $ – $ –     $ (30,260 ) $ –  
    Foreign exchange   11,334   (3,947 )     (19,224 )   156  
    Sandbox litigation and legal costs   –   21       –     13,697  
    Finance costs, senior credit facility and convertible debentures   6,962   –       22,193     –  
    Acquisition Entities income tax expense – current   2,987   –       10,018     –  
    Acquisition Entities income tax expense – deferred   16,109   –       21,272     –  
    Adjusted EBITDA $ 89,955 $ 80,023   +12.4 % $ 164,869   $ 154,543 +6.7 %
    Adjusted EBITDA per unit $ 1.98 $ 1.76   +12.5 % $ 3.62   $ 3.40 +6.5 %

    (2) “Actual Payout Ratio” is a supplementary financial measure and refers to Alaris’ total distributions paid during the period (annually or quarterly) divided by the actual net cash from operating activities Alaris generated for the period. It represents the net cash from operating activities after distributions paid to unitholders available for either repayments of senior debt and/or to be used in investing activities.

    (3) “Earnings Coverage Ratio (“ECR”)” is a supplementary financial measure and refers to the EBITDA of a Partner divided by such Partner’s sum of debt servicing (interest and principal), unfunded capital expenditures and distributions to Alaris. Management believes the earnings coverage ratio is a useful metric in assessing our partners continued ability to make their contracted distributions.

    (4) “Net book value” and “net book value per unit” are Non-GAAP financial measures and represents the equity value of the company or total assts less total liabilities and the same amount divided by weighted average basic units outstanding. Net book value and net book value per unit are used by management to determine the growth in assets over the period net of amounts paid out to unitholders as distributions. Management believes net book value and net book value per unit are useful supplemental measures from which to compare the Trust’s growth period over period. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

        30-Sep   30-Jun   31-Dec
    $ thousands except per unit amounts   2024   2024   2023
    Total Assets $ 1,130,415 $ 1,093,177 $ 1,474,894
    Total Liabilities $ 93,236 $ 91,556 $ 514,071
    Net book value $ 1,037,179 $ 1,001,621 $ 960,823
    Weighted average basic units (000’s)   45,498   45,498   45,498
    Net book value per unit $ 22.80 $ 22.01 $ 21.12


    (5) “    Partner related changes in net gain on Corporate Investments” The components of Corporate Investments are Non-GAAP financial measures and are presented for better comparability to prior year reporting. These amounts are reconciled to information from note 3 of the condensed consolidated interim financial statements below. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands   2024   2023 % Change   2024   2023 % Change
    Partner Distribution revenue – Preferred, including realized foreign exchange Note 1 $ 37,895 $ 37,844 +0.1 % $ 113,936 $ 108,543 +5.0 %
    Partner Distribution revenue – Common $ 27,501 $ 8,815 +212.0 % $ 31,807 $ 10,903 +191.7 %
    Net realized gain from Partners investments $ 29 $ 167 -82.6 % $ 9,005 $ 12,716 -29.2 %
    Net unrealized gain on Partners investments $ 33,006 $ 39,428 -16.3 % $ 32,463 $ 37,688 -13.9 %
    Partner related changes in net gain on Corporate Investment $ 98,431 $ 86,254 +14.1 % $ 187,211 $ 169,850 +10.2 %
    Partner related changes in net gain on Corporate Investment per unit $ 2.16 $ 1.90 +13.7 % $ 4.11 $ 3.74 +9.9 %

    Note 1 – In Q2 2023, Partner Distribution revenue – Preferred, including realized foreign exchange and Partner Distribution revenue – Common were presented as one line on the face of the income statement titled “Revenues, including realized foreign exchange gain” in the amount of $36,853 for the three months ended and $73,541 for the six months ended. Prior period Partner Distribution revenue – Preferred, including realized foreign exchange for the three and six months ended June 30, 2024 above has been adjusted to exclude Sono Bello’s management fee income (Q2 2023 three months – $496, Q2 2023 six months ended – $753) for period over period comparability, which in 2024 is recognized in the Trust’s Management and advisory fee income.

    (6) “Alaris net distributable cashflow” is a non-GAAP measure that refers to all sources of external revenue in both the Trust and the Acquisition Entities less all general and administrative expenses, third party interest expense and tax expense. Alaris net distributable cashflow is a useful metric for management and investors as it provides a summary of the total cash from operating activities that can be used to pay the Trust distribution, repay senior debt and/or be used for additional investment purposes. The Trust’s method of calculating this Non-GAAP measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers. The 2023 comparatives are presented prior to the Trust’s change in status as a investment entity and have been aligned with the most comparative balance in the 2024 presentation.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024     2023   % Change   2024     2023   % Change
    Partner Distribution revenue – Preferred, including realized foreign exchange $ 37,895   $ 37,844     $ 113,936   $ 108,543    
    Partner Distribution revenue – Common   27,501     8,815       31,807     10,903    
    Third party management and advisory fees   504     506       1,526     1,260    
                 
    Expenditures of the Trust:            
    General and administrative   (4,484 )   (3,087 )     (13,308 )   (23,476 )  
    Current income tax expense   (509 )   –       (1,345 )   –    
    Third party cash interest paid by the Trust   (2,031 )   (2,032 )     (4,062 )   (4,062 )  
                 
    Expenditures incurred by Acquisition Entities:            
    Operating costs and other   (1,087 )   (928 )     (2,846 )   (2,046 )  
    Transactions costs   (378 )   (1,693 )     (2,531 )   (3,204 )  
    Acquisition Entities income tax expense – current   (2,987 )   (6,954 )     (10,018 )   (13,156 )  
    Cash interest paid, senior credit facility and convertible debentures   (6,668 )   (6,329 )     (18,038 )   (12,586 )  
                 
    Alaris’ changes in net working capital   (14,922 )   (6,063 )     (7,106 )   (7,253 )  
    Alaris net distributable cashflow $ 32,834   $ 20,079   +63.5 % $ 88,015   $ 54,923   +60.3 %
    Alaris net distributable cashflow per unit $ 0.72   $ 0.44   +63.6 % $ 1.93   $ 1.21   +59.5 %

    (7) “Run Rate Revenue” is a supplementary financial measure and refers to Alaris’ total revenue expected to be generated over the next twelve months based on contracted distributions from current Partners, excluding any potential Partner redemptions, it also includes an estimate for common dividends or distributions based on past practices, where applicable. Run Rate Revenue is a useful metric as it provides an expectation for the amount of revenue Alaris can expect to generate in the next twelve months based on information known.

    (8) “Run Rate Cash Flow” is a Non-GAAP financial measure and outlines the net cash from operating activities, net of distributions paid, that Alaris is expecting to have after the next twelve months. This measure is comparable to net cash from operating activities less distributions paid, as outlined in Alaris’ consolidated statements of cash flows.

    (9) “Run Rate Payout Ratio” is a Non-GAAP financial ratio that refers to Alaris’ distributions per unit expected to be paid over the next twelve months divided by the net cash from operating activities per unit calculated in the Run Rate Cash Flow table. Run Rate Payout Ratio is a useful metric for Alaris to track and to outline as it provides a summary of the percentage of the net cash from operating activities that can be used to either repay senior debt during the next twelve months and/or be used for additional investment purposes. Run Rate Payout Ratio is comparable to Actual Payout Ratio as defined above.

    (10) “Adjusted Earnings” is a Non-GAAP financial measure and Non-GAAP Ratio and refer to earnings determined in accordance with IFRS, before impact of the one time gain on derecognition of previously consolidated entities and foreign exchange gain (loss) and the same amount divided by weighted average basic units outstanding. Adjusted earnings and Adjusted earnings per unit are used by management to determine earnings excluding fluctuations due to unrealized changes in exchange rates that impact earnings and specifically the fair value of Corporate investment. Management believes Adjusted earning and Adjusted earnings per unit are useful measures from which to compare the Trust’s earnings period over period. The Trust’s method of calculating these Non-GAAP financial measures and ratio may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024   2023   % Change   2024     2023 % Change
    Earnings $ 51,027 $ 63,770     $ 156,475   $ 97,710  
    Add back: Foreign exchange (gain) loss $ 11,334 $ (3,947 )   $ (19,224 ) $ 156  
    Add back: Gain on derecognition of previously consolidated entities $ –   na     $ (30,260 ) na  
    Adjusted earnings $ 62,361 $ 59,823   +4.2 % $ 106,991   $ 97,866 +9.3 %
    Adjusted earning per unit $ 1.37 $ 1.31   +4.6 % $ 2.35   $ 2.15 +9.3 %
                                 

    (11) “Per Unit” values, other than earnings per unit, refer to the related financial statement caption as defined under IFRS or related term as defined herein, divided by the weighted average basic units outstanding for the period.

    The terms Net Book Value, Components of Corporate investments, EBITDA, Adjusted EBITDA, Alaris net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow and Per Unit amounts should only be used in conjunction with the Trust’s unaudited interim condensed consolidated financial statements, complete versions of which available on SEDAR+ at www.sedarplus.ca.

    Forward-Looking Statements

    This news release contains forward-looking information and forward-looking statements (collectively, “forward-looking statements”) under applicable securities laws, including any applicable “safe harbor” provisions. Statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, management’s expectations, intentions and beliefs concerning the growth, results of operations, performance of the Trust and the Partners, the future financial position or results of the Trust, business strategy and plans and objectives of or involving the Trust or the Partners. Many of these statements can be identified by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. In particular, this news release contains forward-looking statements regarding: the anticipated financial and operating performance of the Partners; the attractiveness of Alaris’ capital offering; the Trust’s Run Rate Payout Ratio, Run Rate Cash Flow, Run Rate Revenue and total revenue; the impact of recent new investments and follow-on investments; expectations regarding receipt (and amount of) any common equity distributions or dividends from Partners in which Alaris holds common equity, including the impact on the Trust’s net cash from operating activities, Run Rate Revenue, Run Rate Cash Flow and Run Rate Payout Ratio; the impact of future deployment; the Trust’s ability to deploy capital; the yield on the Trust’s investments and expected resets on Distributions; changes in SOFR and exchange rates; the impact of deferred Distributions and the timing of repayment there of; the Trust’s return on its investments; and Alaris’ expenses for 2024. To the extent any forward-looking statements herein constitute a financial outlook or future oriented financial information (collectively, “FOFI”), including estimates regarding revenues, Distributions from Partners (restarting full or partial Distributions and common equity distributions), Run Rate Payout Ratio, Run Rate Cash Flow, net cash from operating activities, expenses and impact of capital deployment, they were approved by management as of the date hereof and have been included to provide an understanding with respect to Alaris’ financial performance and are subject to the same risks and assumptions disclosed herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.

    By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of the Canadian and U.S. economies over the next 24 months and how that will affect Alaris’ business and that of its Partners (including, without limitation, the impact of any global health crisis, like COVID-19, and global economic and political factors) are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: the Russia/Ukraine conflict, conflicts in the Middle East, and other global economic pressures over the next twelve months will not materially impact Alaris, its Partners or the global economy; interest rates will not rise in a matter materially different from the prevailing market expectation over the next 12 months; global heath crises, like COVID-19 or variants thereof, will not impact the economy or our Partners operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; more private companies will require access to alternative sources of capital; the businesses of new Partners and those of existing Partners will perform in line with Alaris’ expectations and diligence; and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms. Management of Alaris has also assumed that the Canadian and U.S. dollar trading pair will remain in a range of approximately plus or minus 15% of the current rate over the next 6 months. In determining expectations for economic growth, management of Alaris primarily considers historical economic data provided by the Canadian and U.S. governments and their agencies as well as prevailing economic conditions at the time of such determinations.

    There can be no assurance that the assumptions, plans, intentions or expectations upon which these forward-looking statements are based will occur. Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to, the following: widespread health crises is, like COVID-19 (or its variants), other global economic factors (including, without limitation, the Russia/Ukraine conflict, conflicts in the Middle East, inflationary measures and global supply chain disruptions on the global economy, Trust and the Partners (including how many Partners will experience a slowdown of their business and the length of time of such slowdown)), the dependence of Alaris on the Partners, including any new investment structures; leverage and restrictive covenants under credit facilities; reliance on key personnel; failure to complete or realize the anticipated benefit of Alaris’ financing arrangements with the Partners; a failure to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions or collect proceeds from any redemptions in a timely fashion on anticipated terms, or at all; a failure to settle outstanding litigation on expected terms, or at all; a change in the ability of the Partners to continue to pay Alaris at expected Distribution levels or restart distributions (in full or in part); a failure to collect material deferred Distributions; a change in the unaudited information provided to the Trust; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading “Risk Factors” and “Forward Looking Statements” in Alaris’ Management Discussion and Analysis and Annual Information Form for the year ended December 31, 2023, which is or will be (in the case of the AIF) filed under Alaris’ profile at www.sedarplus.ca and on its website at www.alarisequitypartners.com.

    Readers are cautioned that the assumptions used in the preparation of forward-looking statements, including FOFI, although considered reasonable at the time of preparation, based on information in Alaris’ possession as of the date hereof, may prove to be imprecise. In addition, there are a number of factors that could cause Alaris’ actual results, performance or achievement to differ materially from those expressed in, or implied by, forward looking statements and FOFI, or if any of them do so occur, what benefits the Trust will derive therefrom. As such, undue reliance should not be placed on any forward-looking statements, including FOFI.

    The Trust has included the forward-looking statements and FOFI in order to provide readers with a more complete perspective on Alaris’ future operations and such information may not be appropriate for other purposes. The forward-looking statements, including FOFI, contained herein are expressly qualified in their entirety by this cautionary statement. Alaris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    For more information please contact:

    Investor Relations
    Alaris Equity Partners Income Trust
    403-260-1457
    ir@alarisequity.com

    The MIL Network –

  • MIL-OSI: BitMart Adds UAH Into Its P2P Marketplace to Enhance User Experience

    Source: GlobeNewswire (MIL-OSI)

    Mahe, Seychelles, Nov. 05, 2024 (GLOBE NEWSWIRE) —  BitMart, a leading global cryptocurrency exchange, is excited to announce that it has officially added the Ukrainian Hryvnia (UAH) to its peer-to-peer (P2P) trading marketplace. This strategic addition underscores BitMart’s commitment to diversifying trading options and providing users with more convenient ways to manage cryptocurrency transactions.

    The integration of UAH into BitMart’s P2P marketplace reflects the growing demand for accessible and adaptable payment solutions. In a world where personal finance and digital asset management are evolving rapidly, the ability to transact in multiple currencies is crucial. By including UAH, BitMart ensures its users can benefit from a broader range of currency transactions, further simplifying deposits and withdrawals while maintaining high security standards and low entry barriers. BitMart’s UAH market also offers a competitive buy price, putting it ahead of other exchanges and providing users with a cost-effective option for trading UAH.

    In celebration of adding UAH to BitMart’s P2P Marketplace, BitMart launched the event “UAH Exclusive Event: Easy to Share 1000 USDT Rewards,” running until Nov. 18, 2024. To learn how to participate, please visit https://www.bitmart.com/activity/UAH-trading/en-US.
    For more information, please visit BitMart’s P2P Trading marketplace.

    About BitMart
    BitMart is the premier global digital asset trading platform. With millions of users worldwide and ranked among the top crypto exchanges on CoinGecko, it currently offers 1,500+ trading pairs with competitive trading fees. Constantly evolving and growing, BitMart is interested in crypto’s potential to drive innovation and promote financial inclusion. To learn more about BitMart, visit their Website, follow their X (Twitter), or join their Telegram for updates, news, and promotions. Download BitMart App to trade anytime, anywhere.

    The MIL Network –

  • MIL-OSI Australia: (WIP) Investing in WA: energy reforms in the Pilbara—unpacking the North-West Interconnected System

    Source: Allens Insights

    Decarbonising the Pilbara region 8 min read

    The North-West Interconnected System (NWIS) has become a central focus of the WA Government’s energy sector reform agenda in recent years. Since the introduction of the Pilbara Regime in July 2021, a series of additional reforms have been set in motion.

    These reforms reflect the WA Government’s recognition that decarbonisation of the Pilbara region is key to its net zero target. In line with this vision, Energy Policy WA (EPWA) has developed the Pilbara Energy Transition Plan (PET Plan), which invites private sector involvement in developing new, common-use transmission infrastructure, known as Priority Projects.

    In this Insight, we explore current and proposed reforms, highlighting opportunities for developers and investors to drive decarbonisation in the Pilbara region.

    Key takeaways

    • The pace of reforms to the NWIS has been rapid, with an ambitious policy agenda going forward.
    • The WA Government is strongly focused on decarbonising the Pilbara region, seeking to leverage significant Federal Government support.
    • The PET Plan, particularly Priority Projects, has the potential to significantly transform the NWIS and transmission infrastructure in the region. This presents opportunities for industrial load and heavy industry to decarbonise their operations and increase renewable energy consumption.
    • The proposed reforms to the NWIS present a key opportunity for development and investment in transmission infrastructure.  

    What is the NWIS?

    The NWIS consists of a series of interconnected electricity transmission, distribution and generation assets in the Pilbara region. It supplies major mining and heavy industrial customers, coastal towns such as Karratha and Port Hedland, and some remote communities. However, it should be noted that many industrial facilities and communities in the region rely on remote generation, such as stand-alone power systems and microgrids, which are not connected to the NWIS.

    The NWIS market does not operate through a central dispatch mechanism; rather, electricity is generated either for self-supply or contracted under bilateral agreements. There are three registered network service providers, APA, Horizon Power and Rio Tinto (NSPs), each operating a vertically integrated business, participating in electricity generation, supply, and in some cases provision of essential system services and retail supply. 

    Pilbara ISOCo Limited (Pilbara ISOCo) oversees NWIS operations as the independent system operator including administering the energy balancing and related settlement process. The role of Pilbara ISOCo reflects an administrative system operator model, designed to align with the ‘light-handed’ regulatory regime that applies to the NWIS. Under this model, Pilbara ISOCo performs a series of core functions, while the registered NSPs retain significant control over other system-related functions and operations, in contrast to other electricity networks in Australia such as the Wholesale Electricity Market and the National Electricity Market. The NSPs are also members of Pilbara ISOCo.

    How did we get here?

    Prior to July 2021, the NWIS operated primarily under informal or bilateral agreements between NSPs. It developed in a somewhat ad hoc manner, as energy companies and industrial facilities invested in generation for self-supply. There was no central planning or coordination framework—each NSP was generally responsible for functions such as system security on an autonomous basis, with no independent system operator in place.

    After a series of consultations on the potential for regulatory reform, the WA Government determined there was a need for a formal framework for the NWIS and subsequently announced the Pilbara Regime. The regime would consist of a suite of reforms aimed at addressing, among other things, access and more centrally coordinated system operations. These substantive reforms took effect on 1 July 2021.

    Pilbara Regime

    Key regulatory instruments

    Part 8A of the Electricity Industry Act 2004 (WA) (EIA) sets out the overarching framework for the Pilbara Regime. Amendments to the EIA were recently passed and, once in effect, the Pilbara electricity objective will expressly acknowledge the need to invest in reducing greenhouse gas emissions for electricity services.

    The Electricity Industry (Pilbara Networks) Regulations 2021 recognised Pilbara ISOCo as the independent system operator and allowed the Minister to establish the initial Pilbara Network Rules (PNR). The PNR, which includes the Harmonised Technical Rules (HTR), governs the operations of the NWIS, connection standards and approval processes, as well as system security and reliability measures. There have been two rule changes amending the PNR to date, and the Pilbara Advisory Committee (PAC)—which consists of industry representatives—advises the EPWA coordinator on rule change proposals.

    The HTR set out technical design and operation requirements for systems and equipment connected to the NWIS. Horizon Power, as a NSP, also has its own set of technical rules which apply to those who connect to its network.

    Pilbara ISOCo also develop procedures in accordance with the PNR which outline specific requirements for the processes set out in the PNR. The procedures are currently being developed on an interim basis and can be accessed here.

    The Pilbara Networks Access Code (PNAC) regulates access and connection to the NWIS by outlining the requirements for ‘covered’ networks, which are subject to rules on ringfencing, tariffs and access disputes. The PNAC was modelled on part of the National Gas Rules, which similarly include access provisions for pipelines. The Minister for Energy may decide a network is covered if a person makes an application or an NSP may opt in to become a covered network. Horizon Power and APA’s networks are covered under the PNAC and are required to publish access information as part of their obligations.

    Pilbara Roundtable

    The Pilbara Industry Roundtable (Roundtable) was formed by the WA Government in August 2022, with a broad membership from industry stakeholders in the NWIS and the Pilbara more generally.

    The Roundtable released a communiqué in July 2023, supporting the development of common-use transmission infrastructure to support the growth of renewable generation and decarbonisation. The Roundtable agreed that any new infrastructure should empower Traditional Owners and expressed their support for regulatory reform to the Pilbara Regime to ensure it remains fit-for-purpose during the energy transition.

    Where are we now?

    The consensus goals contained in the Roundtable communiqué form the basis of the PET Plan. The PET Plan aims to increase the scale of renewable generation in the region and facilitate the decarbonisation of the Pilbara to meet the WA Government’s net zero target. The WA Government has placed a strong emphasis on involving Traditional Owners and their communities in this process, including benefit sharing and minimising disturbance to country as the PET Plan is implemented.

    Priority Projects

    The flagship policy outlined in the PET Plan is the development of new, common-use transmission infrastructure, to be built in priority transmission corridors known as Priority Projects. On 13 September 2024, EPWA opened an expression of interest (EOI) process for developing Priority Projects in two corridors in East Pilbara (Hamersley Range and the Great Sandy Desert), and two corridors in West Pilbara (Burrup (Murujuga) and Chichester Range). Construction within these corridors aims to connect current and potential loads, such as strategic industrial areas, and to provide access to areas that will be favourable for future renewable energy projects connecting to the Priority Project. EPWA envisages that Priority Projects may form part of an expansion of the NWIS. The EOI deadline closed on 25 October 2024, and it is anticipated that the EOIs and ongoing regulatory reviews will help develop the design elements to facilitate the PET Plan, such as how charges for ‘wheeling’ electricity through various transmission assets will apply.

    In August 2023, the Federal Government committed $3 billion from the Rewiring the Nation fund to WA to assist in the investment in new and upgraded transmission infrastructure. Funding from Rewiring the Nation is provided as concessional finance from the Clean Energy Finance Corporation. This may trigger significant reform and investment in both the NWIS and the South-West Interconnected System. The WA Government has made clear it will recommend Priority Projects for obtaining this funding, although this does not guarantee that Priority Projects will be successful in obtaining Rewiring the Nation funding.

    Where are we going?

    In April 2025, the Economic Regulation Authority (ERA) will commence its statutory review of the Pilbara Regime, which is required on the fifth anniversary of the Pilbara Regime coming into force (the Five-yearly Review). The aim of the Five-yearly Review is for the ERA to determine whether the Pilbara Regime is meeting the Pilbara electricity objective, which is being updated. If the ERA finds that the Pilbara electricity objective is not being met, it is to make recommendations for reform in its report, which is due no later than April 2026. The report is then laid before Parliament within six months of receipt by the Minister, who must prepare a response.

    EPWA is currently reviewing the PNR with the support of the Evolution of the Pilbara Networks Rules Working Group established by the PAC. The objective of the Evolution of the Pilbara Networks Rules review project (EPNR Project) is to ensure that the PNR and HTR effectively enable and facilitate the planned rapid decarbonisation of the Pilbara region, as well as the shift from thermal sources to renewable generation (ie solar and wind) and storage in the NWIS. EPWA has acknowledged that the reforms surrounding the regulatory regime create mixed signals for potential investors and, as such, has implemented a staggered approach to reviewing the PNR to support early investment decisions. EPWA and the PAC are proposing to present a final implementation plan in February 2025.

    The EOI for the PET Plan anticipates that changes to the PNAC will be progressed under sections 120H to 120J of the EIA to ensure the PNAC can support Priority Projects. The EOI flags a review of potential changes related to managing vertical integration, the priority regime for constrained versus unconstrained access and access price regulation. It is expected that EPWA will take the lead on this review and any proposed changes will need to be made available by the Minister for public comment.

    As the Pilbara regime contemplates coordination between the NSPs and between the NSPs and Pilbara ISOCo, Pilbara ISOCO sought ACCC authorisation for the parties to engage in this conduct. Currently, the regime is exempt from competition law requirements under the Electricity Industry (Pilbara Networks) Regulations 2021 (WA). This exemption expires in November 2024, and the ACCC authorisation is intended to apply beyond that expiry.

    The ACCC considered the public benefits associated with the Pilbara regime and the coordination between NSPs and Pilbara ISOCo to facilitate system security, outage coordination and technical connection standards functions. Within that consideration, the ACCC is balancing any potential public detriments, such as those arising from NSPs sharing information.

    In a Draft Determination released in September 2024, the ACCC proposed to grant authorisation for a three-year period, subject to conditions to limit the scope of coordination and information sharing and enhance governance controls. The ACCC’s final determination is due by 20 December 2024, following further consultation. The ACCC process has acknowledged the ongoing reform process underway—including the EPNR Project—noting that a three-year authorisation should provide sufficient time for that reform process to take place.

    Key considerations

    • Access, approvals and operational constraints applying to the NWIS remain challenging when developing new projects. However, there is political support for removing these barriers, so developers should stay informed about the latest updates.
    • The infrastructure investment required for achieving the energy transition presents opportunities for developers, Traditional Owners, the local workforce and local contractors.

    MIL OSI News –

  • MIL-OSI: Parex Resources Announces Third Quarter Results, Declaration of Q4 2024 Dividend, and Operational Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce its financial and operating results for the three-month period ended September 30, 2024, the declaration of its Q4 2024 regular dividend of C$0.385 per share, as well as an operational update. All amounts herein are in United States Dollars (“USD”) unless otherwise stated.

    “Following lower than expected results, Management is focused on driving production efficiency and optimizing performance from our key assets,” commented Imad Mohsen, President & Chief Executive Officer.

    “As we transition from 2024 to our 2025 planning phase, we are committed to improving results, delivering safe and reliable production, and positioning Parex to outperform.”

    Key Highlights

    • Generated Q3 2024 funds flow provided by operations (“FFO”)(1) of $152 million and FFO per share(2)(3) of $1.50.
    • FY 2024 average production guidance increased from 48,000-50,000 boe/d to 49,000-50,000 boe/d, based on stable operations at key assets as well as successful well results at Capachos and LLA-32.
    • FY 2024 capital expenditure(6) guidance updated from $370-390 million to $350-370 million, based on a conservative capital program focused on improving capital returns.
    • Declared Q4 2024 regular dividend of C$0.385 per share(4) or C$1.54 per share annualized.
    • Repurchased approximately 4.5 million shares YTD 2024 under the Company’s current normal course issuer bid (“NCIB”).
    • October 2024 average production was 47,000 boe/d(5).

    Q3 2024 Results

    • Quarterly average oil & natural gas production was 47,569 boe/d(7).
    • Realized net income of $66 million or $0.65 per share basic(3).
    • Generated quarterly FFO(1) of $152 million and FFO per share(2)(3) of $1.50, a 4% decrease and a 1% increase from Q3 2023, respectively.
    • Current taxes decreased from Q2 2024 by $39 million due to reduced corporate production as well as lower global oil prices; the Company also moved from an estimated 15% surtax to a projected 10% surtax with the depreciation of Brent oil price in the quarter.
    • Produced an operating netback(2) of $39.64/boe and an FFO netback(2) of $34.58/boe from an average Brent price of $78.71/bbl.
    • Incurred $82 million of capital expenditures(6), primarily from activities at LLA-34, Capachos, LLA-32 and LLA-122.
    • Generated $69 million of free funds flow(6) that was used for return of capital initiatives and $20 million of bank debt repayment; working capital surplus(1) was $38 million and cash $147 million at quarter end.
    • Paid a C$0.385 per share(4) regular quarterly dividend and repurchased 1,584,650 shares.

    (1) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory.”
    (3) Per share amounts (with the exception of dividends) are based on weighted-average common shares; dividends paid per share are based on the number of common shares outstanding at each dividend date.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (5) Light & medium crude oil: ~8,956 bbl/d, heavy crude oil: ~37,325 bbl/d, conventional natural gas: ~4,316 mcf/d; rounded for presentation purposes.
    (6) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (7) See “Operational and Financial Highlights” for a breakdown of production by product type.

    Operational and Financial Highlights Three Months Ended Nine Months Ended  
    (unaudited) Sep. 30,   Sep. 30,   Jun. 30,   Sep. 30,  
      2024   2023   2024   2024  
    Operational        
    Average daily production        
    Light Crude Oil and Medium Crude Oil (bbl/d) 9,064   8,837   9,541   8,615  
    Heavy Crude Oil (bbl/d) 37,777   44,779   43,229   42,167  
    Crude Oil (bbl/d) 46,841   53,616   52,770   50,782  
    Conventional Natural Gas (mcf/d) 4,368   5,742   4,788   4,170  
    Oil & Gas (boe/d)(1) 47,569   54,573   53,568   51,477  
             
    Operating netback ($/boe)        
    Reference price – Brent ($/bbl) 78.71   85.92   85.03   81.82  
    Oil & gas sales(4) 68.75   75.83   75.21   71.69  
    Royalties(4) (10.59 ) (13.72 ) (12.54 ) (11.48 )
    Net revenue(4) 58.16   62.11   62.67   60.21  
    Production expense(4) (14.81 ) (9.73 ) (12.95 ) (13.43 )
    Transportation expense(4) (3.71 ) (3.56 ) (3.40 ) (3.50 )
    Operating netback ($/boe)(2) 39.64   48.82   46.32   43.28  
             
    Funds flow provided by operations netback ($/boe)(2) 34.58   31.28   37.34   34.43  
             
    Financial ($000s except per share amounts)        
             
    Net income 65,793   119,736   3,845   129,731  
    Per share – basic(6) 0.65   1.13   0.04   1.27  
             
    Funds flow provided by operations(5) 151,773   157,839   180,952   481,032  
    Per share – basic(2)(6) 1.50   1.49   1.77   4.71  
             
    Capital expenditures(3) 82,367   156,747   97,797   265,585  
             
    Free funds flow(3) 69,406   1,092   83,155   215,447  
             
    EBITDA(3) 167,763   221,271   195,940   555,781  
    Adjusted EBITDA(3) 164,002   225,784   230,547   582,777  
             
    Long-term inventory expenditures (6,318 ) (374 ) 9,817   7,342  
             
    Dividends paid 28,467   29,239   28,528   85,526  
    Per share – Cdn$(4) 0.385   0.375   0.385   1.145  
             
    Shares repurchased 20,723   24,273   21,367   57,381  
    Number of shares repurchased (000s) 1,585   1,240   1,298   3,803  
             
    Outstanding shares (end of period) (000s)        
    Basic 100,031   105,014   101,616   100,031  
    Weighted average basic 100,891   105,621   102,259   102,203  
    Diluted(8) 100,933   105,722   102,528   100,933  
             
    Working capital surplus (deficit)(5) 37,509   (57,511 ) 34,156   37,509  
    Bank debt(7) 30,000   —   50,000   30,000  
    Cash 147,454   34,548   119,468   147,454  

    (1) Reference to crude oil or natural gas in the above table and elsewhere in this press release refer to the light and medium crude oil and heavy crude oil and conventional natural gas, respectively, product types as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
    (3) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (5) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (6) Per share amounts (with the exception of dividends) are based on weighted average common shares. Dividends paid per share are based on the number of common shares outstanding at each dividend record date.
    (7) Syndicated bank credit facility borrowing base of $200.0 million as at September 30, 2024.
    (8) Diluted shares as stated include common shares and stock options outstanding at period end; September 30, 2024 closing price was C$12.00 per share.

    Operational Update

    2024 Corporate Guidance Update

    FY 2024 average production guidance has been updated to 49,000 to 50,000 boe/d (49,500 boe/d midpoint) and concurrently, capital expenditure(5) guidance for the year has been updated to $350 to $370 million ($360 million midpoint).

    At $80/bbl Brent crude oil price, funds flow provided by operations(4) is expected to be $575 to $585 million and generate roughly $220 million of free funds flow(5) at the midpoint of guidance. A key driver of the funds flow provided by operations increase from the prior updated guidance is a lower projected effective tax rate for FY 2024.

    Category 2024 Updated Guidance
    (August 28, 2024)    		 2024 Updated Guidance
    (November 5, 2024)
    Brent Crude Oil Average Price $80/bbl $80/bbl
    Average Production 48,000-50,000 boe/d 49,000-50,000 boe/d
    Funds Flow Provided by Operations Netback(1)(2)(3) $30-32/boe $31-33/boe
    Funds Flow Provided by Operations(4) $545-565 million $575-585 million
    Capital Expenditures(5) $370-390 million $350-370 million
    Free Funds Flow(5) $175 million (midpoint) $220 million (midpoint)

    (1) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
    (2) 2024 updated assumptions: Vasconia differential: ~$4/bbl; production expense: $13-14/bbl; transportation expense: ~$3.50/bbl; G&A expense: ~$4.00/bbl; effective tax rate: 14-17%.
    (3) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (4) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (5) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.

    Cabrestero and LLA-34(1)(2)

    The Cabrestero and LLA-34 blocks had average production of approximately 37,000 bbl/d of heavy crude oil (net) combined in Q3 2024. During the quarter, both blocks experienced higher-than-expected downtime that adversely affected quarterly production.

    Additionally, at both blocks, annual decline rates are broadly in line with Management budgeting where there is a continued focus on ramping up injection rates. At Cabrestero specifically, the Company continues to progress its polymer injection pilot and is moving towards approving a full field expansion based on success to date.

    (1) Cabrestero: 100% W.I.
    (2) LLA-34: 55% W.I.

    LLA-32 – Exploitation Update(1)

    Following the mid-year reallocation of 2024 capital to LLA-32, the Company has now drilled three successful wells on the block. The most recent well, the second follow-up appraisal well, is producing roughly 2,000 bbl/d of light crude oil (gross)(2). Based on success to date, Parex is continuing to invest capital and has spud a horizontal well.

    (1) 87.5% W.I.
    (2) Short-term production rate. See “Oil & Gas Matters Advisory.”

    Northern Llanos – Capachos Update(1)

    The first well of a three-well campaign came online in late Q3 2024. The well is currently producing roughly 4,000 bbl/d of light crude oil with approximately 6,000 mcf/d of natural gas (gross)(2).

    Parex plans to fulfill an exploration commitment and spud the second well of the campaign in the coming weeks.

    (1) 50% W.I.
    (2) Short-term production rate. See “Oil & Gas Matters Advisory.”

    Northern Llanos – Arauca(1)

    The Arauca-81 well is expected to be onstream in Q4 2024, following a successful operational sidetrack.

    (1) Business Collaboration Agreement with Ecopetrol S.A. (Parex 50% Participating Share); Ecopetrol S.A. currently holds 100% of the working interest in the Convenio Arauca while the assignment procedure is pending.

    Big ‘E’ Exploration – Llanos Foothills – LLA-122(1)

    The drilling of the Arantes well in the high-potential Colombian Foothills continues to progress on an extended timeline. In Q3 2024, an operational sidetrack was executed following a stuck pipe event; the sidetrack was successful, and the well is now at roughly 17,750 feet. Parex is progressing toward the setting of the final liner immediately above the zones of interest, prior to drilling and evaluating the prospective zones. Based on the current pace of operations, the Company expects preliminary results by YE 2024.

    (1) 50% W.I.

    Return of Capital Update

    Q4 2024 Dividend

    Parex’s Board of Directors have approved a Q4 2024 regular dividend of C$0.385 per share to shareholders of record on December 9, 2024, to be paid on December 16, 2024. This regular dividend payment to shareholders is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada).

    Current Normal Course Issuer Bid

    As at October 31, 2024, Parex has repurchased approximately 4.5 million shares under its current NCIB, for total consideration of roughly C$85 million.

    2025 Budget & Guidance

    The Company continues to assess its short- and long-term development and exploration opportunities as it progresses through its 2025 budgeting and planning process, with next year’s corporate guidance expected to be released in January 2025.

    Q3 2024 Results – Conference Call & Webcast

    Parex will host a conference call and webcast to discuss its Q3 2024 results on Wednesday, November 6, 2024, beginning at 9:30 am MT (11:30 am ET). To participate in the conference call or webcast, please see the access information below:

    Conference ID:   7102953
    Participant Toll-Free Dial-In Number   1-646-307-1963
    Participant Dial-In Number:   1-647-932-3411
    Webcast:   https://events.q4inc.com/attendee/321063614
         

    About Parex Resources Inc.

    Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

    For more information, please contact:

    Mike Kruchten
    Senior Vice President, Capital Markets & Corporate Planning
    Parex Resources Inc.
    403-517-1733
    investor.relations@parexresources.com

    Steven Eirich
    Investor Relations & Communications Advisor
    Parex Resources Inc.
    587-293-3286
    investor.relations@parexresources.com

    NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

    Non-GAAP and Other Financial Measures Advisory

    This press release uses various “non-GAAP financial measures”, “non-GAAP ratios”, “supplementary financial measures” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below. Such measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measures as indicators of Parex’s performance.

    These measures facilitate management’s comparisons to the Company’s historical operating results in assessing its results and strategic and operational decision-making and may be used by financial analysts and others in the oil and natural gas industry to evaluate the Company’s performance. Further, management believes that such financial measures are useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company’s principal business activities.

    Set forth below is a description of the non-GAAP financial measures, non-GAAP ratios, supplementary financial measures and capital management measures used in this press release.

    Non-GAAP Financial Measures

    Capital expenditures, is a non-GAAP financial measure which the Company uses to describe its capital costs associated with oil and gas expenditures. The measure considers both property, plant and equipment expenditures and exploration and evaluation asset expenditures which are items in the Company’s statement of cash flows for the period and is calculated as follows:

     
      For the three months ended       For the nine months ended  
      Sep. 30,     Sep. 30,   Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Property, plant and equipment expenditures $ 68,406     $ 93,957   $ 49,214     $ 158,451  
    Exploration and evaluation expenditures   13,961       62,790     48,583       107,134  
    Capital expenditures $ 82,367     $ 156,747   $ 97,797     $ 265,585  


    Free funds flow,     is a non-GAAP financial measure that is determined by funds flow provided by operations less capital expenditures. The Company considers free funds flow to be a key measure as it demonstrates Parex’s ability to fund return of capital, such as the NCIB and dividends, without accessing outside funds and is calculated as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,     Sep. 30,     Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Cash provided by operating activities $ 181,874     $ 87,568   $ 222,782     $ 502,068  
    Net change in non-cash working capital   (30,101 )     70,271     (41,830 )     (21,036 )
    Funds flow provided by operations   151,773       157,839     180,952       481,032  
    Capital expenditures   82,367       156,747     97,797       265,585  
    Free funds flow $ 69,406     $ 1,092   $ 83,155     $ 215,447  


    EBITDA    , is a non-GAAP financial measure that is defined as net income adjusted for finance income and expenses, income tax expense (recovery) and depletion, depreciation and amortization.

    Adjusted EBITDA, is a non-GAAP financial measure defined as EBITDA adjusted for non-cash impairment charges, unrealized foreign exchange gains (losses), unrealized gains (losses) on risk management contracts and share-based compensation expense (recovery).

    The Company considers EBITDA and Adjusted EBITDA to be key measures as they demonstrates Parex’s profitability before finance income and expenses, taxes, depletion, depreciation and amortization and other non-cash items. A reconciliation from net income to EBITDA and Adjusted EBITDA is as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,       Sep. 30,       Jun. 30,       Sep. 30,  
    ($000s)   2024       2023       2024       2024  
    Net income $ 65,793     $ 119,736     $ 3,845     $ 129,731  
    Adjustments to reconcile net income to EBITDA:              
    Finance income   (963 )     (2,496 )     (1,097 )     (3,317 )
    Finance expense   7,494       5,219       5,421       18,109  
    Income tax expense   42,767       49,995       130,888       249,472  
    Depletion, depreciation and amortization   52,672       48,817       56,883       161,786  
    EBITDA $ 167,763     $ 221,271     $ 195,940     $ 555,781  
    Non-cash impairment charges   —       2,189       4,661       4,661  
    Share-based compensation expense (recovery)   (7,994 )     4,642       5,770       (4,687 )
    Unrealized foreign exchange loss (gain)   4,233       (2,318 )     24,176       27,022  
    Adjusted EBITDA $ 164,002     $ 225,784     $ 230,547     $ 582,777  


    Non-GAAP Ratios

    Operating netback per boe, is a non-GAAP ratio that the Company considers to be a key measure as it demonstrates Parex’ profitability relative to current commodity prices. Parex calculates operating netback per boe as operating netback (calculated as oil and natural gas sales from production, less royalties, operating, and transportation expense) divided by the total equivalent sales volume including purchased oil volumes for oil and natural gas sales price and transportation expense per boe and by the total equivalent sales volume excluding purchased oil volumes for royalties and operating expense per boe.

    Funds flow provided by operations netback per boe or FFO netback per boe, is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by produced oil and natural gas sales volumes. The Company considers funds flow provided by operations netback per boe to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to current commodity prices.

    Basic funds flow provided by operations per share or FFO per share, is a non-GAAP ratio that is calculated by dividing funds flow provided by operations by the weighted average number of basic shares outstanding. Parex presents basic funds flow provided by operations per share whereby per share amounts are calculated using weighted-average shares outstanding, consistent with the calculation of earnings per share. The Company considers basic funds flow provided by operations per share or FFO per share to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to the weighted average number of basic shares outstanding.

    Capital Management Measures

    Funds flow provided by operations, is a capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. The Company considers funds flow provided by operations to be a key measure as it demonstrates Parex’s profitability after all cash costs. A reconciliation from cash provided by operating activities to funds flow provided by operations is as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,     Sep. 30,     Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Cash provided by operating activities $ 181,874     $ 87,568   $ 222,782     $ 502,068  
    Net change in non-cash working capital   (30,101 )     70,271     (41,830 )     (21,036 )
    Funds flow provided by operations $ 151,773     $ 157,839   $ 180,952     $ 481,032  


    Working capital surplus (deficit),     is a capital management measure which the Company uses to describe its liquidity position and ability to meet its short-term liabilities. Working capital surplus (deficit) defined as current assets less current liabilities.

     
      For the three months ended     For the nine months ended  
      Sep. 30,       Sep. 30,     Jun. 30,     Sep. 30,  
    ($000s)   2024       2023       2024     2024  
    Current assets $ 248,208     $ 240,559     $ 281,846   $ 248,208  
    Current liabilities   210,699       298,070       247,690     210,699  
    Working capital surplus (deficit) $ 37,509     $ (57,511 )   $ 34,156   $ 37,509  


    Supplementary Financial Measures

    “Oil and natural gas sales per boe” is determined by sales revenue excluding risk management contracts, as determined in accordance with IFRS, divided by total equivalent sales volume including purchased oil volumes.

    “Royalties per boe” is comprised of royalties, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Net revenue per boe” is comprised of net revenue, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Production expense per boe” is comprised of production expense, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Transportation expense per boe” is comprised of transportation expense, as determined in accordance with IFRS, divided by the total equivalent sales volumes including purchased oil volumes.

    “Dividends paid per share” is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.

    Oil & Gas Matters Advisory

    The term “Boe” means a barrel of oil equivalent on the basis of 6 Mcf of natural gas to 1 barrel of oil (“bbl”). Boe’s may be misleading, particularly if used in isolation. A boe conversation ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1Bbl, utilizing a conversion ratio at 6 Mcf: 1 Bbl may be misleading as an indication of value.

    This press release contains a number of oil and gas metrics, including, operating netbacks and FFO netbacks. These oil and gas metrics have been prepared by management and do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare the Company’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment or other purposes.

    Any reference in this press release to short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determination of the rates at which such wells will continue production and decline thereafter and readers are cautioned not to place reliance on such rates in calculating the aggregate production of Parex.

    Distribution Advisory

    The Company’s future shareholder distributions, including but not limited to the payment of dividends and the acquisition by the Company of its shares pursuant to an NCIB, if any, and the level thereof is uncertain. Any decision to pay further dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith and any special dividends) or acquire shares of the Company will be subject to the discretion of the Board of Directors of Parex and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. Further, the actual amount, the declaration date, the record date and the payment date of any dividend are subject to the discretion of the Board. There can be no assurance that the Company will pay dividends or repurchase any shares of the Company in the future.

    Advisory on Forward Looking Statements

    Certain information regarding Parex set forth in this document contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, “forecast”, “guidance”, “budget” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. Such statements represent Parex’s internal projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Parex’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex.

    In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to: the Company’s focus, plans, priorities and strategies; average production guidance and capital expenditure guidance; expectations and plans regarding the Cabrestero and LLA-34 blocks, the LLA-32 block, Northern Llanos – Capachos, the Arauca-81 well, and Llanos Foothills – LLA-122; the anticipated terms of the Company’s Q4 2024 regular quarterly dividend, including its expectation that it will be designated as an “eligible dividend”; and the anticipated date and time of Parex’s conference call to discuss Q3 2024 results.

    These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; prolonged volatility in commodity prices; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced in Canada and Colombia; determinations by OPEC and other countries as to production levels; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities in Canada and Colombia; the risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; failure of counterparties to perform under contracts; the risk that Brent oil prices may be lower than anticipated; the risk that Parex’s evaluation of its existing portfolio of development and exploration opportunities may not be consistent with its expectations; the risk that Parex may not have sufficient financial resources in the future to provide distributions to its shareholders; the risk that the Board may not declare dividends in the future or that Parex’s dividend policy changes; the risk that Parex may not be responsive to changes in commodity prices; the risk that Parex may not meet its production guidance for the year ended December 31, 2024; the risk that Parex’s 2024 capital expenditures may be greater than anticipated; the risk that plans and expectations related to Parex’s drilling program as disclosed herein do not materialize as expected and/or at all; the risk that Parex may not be able to increase production into year end; and other factors, many of which are beyond the control of the Company.

    Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Parex’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca).

    Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Parex has made assumptions regarding, among other things: current and anticipated commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil, including the anticipated Brent oil price; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; royalty rates; future operating costs; uninterrupted access to areas of Parex’s operations and infrastructure; recoverability of reserves and future production rates; the status of litigation; timing of drilling and completion of wells; on-stream timing of production from successful exploration wells; operational performance of non-operated producing fields; pipeline capacity; that Parex will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that Parex’s conduct and results of operations will be consistent with its expectations; that Parex will have the ability to develop its oil and gas properties in the manner currently contemplated; that Parex’s evaluation of its existing portfolio of development and exploration opportunities is consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of Parex’s production and reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that Parex will be able to obtain contract extensions or fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; that Parex will have sufficient financial resources to pay dividends and acquire shares pursuant to its NCIB in the future; that Parex is able to execute its plans with respect to the Company’s drilling program as disclosed herein; and other matters.

    Management has included the above summary of assumptions and risks related to forward-looking information provided in this document in order to provide shareholders with a more complete perspective on Parex’s current and future operations and such information may not be appropriate for other purposes. Parex’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Parex will derive. These forward-looking statements are made as of the date of this document and Parex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

    This press release contains information that may be considered a financial outlook under applicable securities laws about the Company’s potential financial position, including, but not limited to; Parex’s FY 2024 capital expenditure guidance and midpoint capital expenditure guidance; Parex 2024 guidance, including anticipated Brent crude oil average prices, funds flow provided by operations netback; funds flow provided by operations, capital expenditures, free funds flow; and the anticipated terms of the Company’s Q4 2024 regular quarterly dividend including its expectation that it will be designated as an “eligible dividend”, all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Company and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company’s potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.

    The following abbreviations used in this press release have the meanings set forth below:

    bbl   one barrel
    bbls   barrels
    bbl/d   barrels per day
    boe   barrels of oil equivalent of natural gas; one barrel of oil or natural gas liquids for six thousand cubic feet of natural gas
    boe/d   barrels of oil equivalent of natural gas per day
    mcf   thousand cubic feet
    mcf/d   thousand cubic feet per day
    W.I.   working interest
     

    PDF available: http://ml.globenewswire.com/Resource/Download/036d688c-0a1e-4b88-a59e-ea8a6ec811a7

    The MIL Network –

  • MIL-OSI New Zealand: Trio arrested over alleged blessing scam

    Source: New Zealand Police (National News)

    Attribute to Detective Senior Sergeant Craig Bolton, Auckland City Financial Crime Unit:

    Three suspected scammers have been arrested trying to leave New Zealand with a large quantity of cash from their alleged victims. 

    A 50-year-old man and two women, 59 and 53, were arrested at Auckland International Airport yesterday by detectives from the Auckland City Financial Crime Unit. The trio, all Chinese nationals, were arrested just before they checked in for their flights to China.

    They arrived in New Zealand on 10 October. Police alleged that two days later, they began operating a blessing scam – a form of fraud targeting immigrant or elderly communities who are deceived into believing they or their loved ones are cursed or in spiritual danger.

    Police have jointly charged the three suspects with two counts of obtaining by deception. The charges relate to two victims – one who lost $14,500 and jewellery and another who lost $15,000.

    The accused were remanded in custody following their arrest and are due to appear in the Auckland District Court today. Police are continuing to tally the money that has been recovered, but it is a substantial amount.

    Perpetrators of blessing scams pose as healers or spiritual practitioners, offering to remove the curse or bring good fortune in exchange for money or valuable items. Victims are pressured to hand over cash or jewellery, typically instructed not to open the packages they receive, only to later discover that the contents are worthless.

    While the Financial Crime Unit has identified two victims so far, it’s highly likely more people were targeted.

    We urge anyone who may have fallen victim to this scam to contact us and encourage members of New Zealand’s Chinese community to talk with elderly relatives and make a report if they have been scammed.

    If you have any information that could help our enquiries, please contact us at https://105.police.govt.nz or call 105.

    In New Zealand, blessing scams have predominantly targeted Chinese communities, exploiting cultural beliefs in spiritual healing and curses. This type of fraud has been active in New Zealand for more than 15 years, with a notable rise in cases in Auckland in recent years.

    Police have continued to raise awareness within at-risk communities, yet these fraudulent activities persist, often carried out by well-coordinated groups.

    Police remain committed to protecting all members of the public from fraud and financial harm, and ensuring that everyone feels safe from deceptive practices.

    We encourage the community to stay vigilant against scams and to remain cautious when approached by individuals offering unsolicited services.

    If you suspect that you may have fallen victim to a scam, please contact Police via 105 immediately.

    ENDS

    Issued by the Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI USA: RGA Statement on Vermont Gubernatorial Election

    Source: US Republican Governors Association

    The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

    WASHINGTON, D.C. – Republican Governors Association Chair and Tennessee Governor Bill Lee issued the following statement congratulating Governor Phil Scott on winning re-election in Vermont:

    “Governor Phil Scott’s leadership continues to make a real difference in the lives of Vermonters. His commitment to growing the economy, making Vermont more affordable, and protecting the most vulnerable has earned him overwhelming support across the state. From investing in workforce development to addressing the opioid crisis, Governor Scott has consistently put the people of Vermont first.

    “Governor Scott’s hands-on approach and dedication to community service reflect the values that Vermonters hold dear. The RGA is proud to congratulate Governor Scott on his re-election victory and looks forward to supporting his continued efforts to keep Vermont on the path of prosperity.”

    ###

    MIL OSI USA News –

  • MIL-OSI New Zealand: Parliament Hansard Report – Oral Questions — Questions to Ministers – 001442

    Source: New Zealand Parliament – Hansard

    ORAL QUESTIONS

    QUESTIONS TO MINISTERS

    Question No. 1—Finance

    1. RYAN HAMILTON (National—Hamilton East) to the Minister of Finance: What recent reports has she seen on the economy?

    Hon NICOLA WILLIS (Minister of Finance): Today, Statistics New Zealand released its labour market statistics for the September quarter. This release includes information from the household labour force survey, which looks at people’s labour force status, and the quarterly employment survey, which captures earnings, paid hours, and jobs. The household labour force survey showed that the unemployment rate increased from 4.6 to 4.8 percent in the quarter, and the quarterly employment survey showed that average hourly earnings increased 3.9 percent over the previous year.

    Ryan Hamilton: Why is unemployment rising?

    Hon NICOLA WILLIS: Unemployment is rising and has been rising since 2001 because New Zealand has been in a prolonged recession, with monetary tightening used to drive high inflation out of the economy. Sadly, recessions have a human cost. My heart goes out to people who’ve lost their jobs and who are struggling to enter the labour market. Rising unemployment is a reminder of how letting inflation get a grip on the economy is so damaging.

    Ryan Hamilton: Was the increase in the unemployment rate as much as expected?

    Hon NICOLA WILLIS: No. The increase from 4.6 percent to 4.8 percent was lower than forecasters had been predicting. In its August Monetary Policy Statement, the Reserve Bank had forecast 5 percent unemployment and the Treasury had forecast 5.2 percent in the Budget update in May. To give some historical context, I would also point out to members that over the last 15 years, the average unemployment rate in New Zealand has been 5 percent.

    Ryan Hamilton: What is the outlook for unemployment?

    Hon NICOLA WILLIS: Today’s results reflect where we are in the economic cycle. Typically, when the economy starts underperforming, the unemployment rate is slow to rise. Then when the economy starts to pick up, it can be slow to fall. In other words, unemployment is a lagging indicator. Now, there are clear indications that the economy has turned upwards, but even so, I would expect the unemployment rate to rise a bit further before beginning to fall. In the August Monetary Policy Statement, for example, the Reserve Bank was forecasting the unemployment rate to rise to a peak of 5.4 percent early next year, then steadily decline.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Parliament Hansard Report – Wednesday, 6 November 2024 – Volume 779 – 001444

    Source: New Zealand Parliament – Hansard

    ORAL QUESTIONS

    QUESTIONS TO MINISTERS

    Question No. 1—Finance

    1. RYAN HAMILTON (National—Hamilton East) to the Minister of Finance: What recent reports has she seen on the economy?

    Hon NICOLA WILLIS (Minister of Finance): Today, Statistics New Zealand released its labour market statistics for the September quarter. This release includes information from the household labour force survey, which looks at people’s labour force status, and the quarterly employment survey, which captures earnings, paid hours, and jobs. The household labour force survey showed that the unemployment rate increased from 4.6 to 4.8 percent in the quarter, and the quarterly employment survey showed that average hourly earnings increased 3.9 percent over the previous year.

    Ryan Hamilton: Why is unemployment rising?

    Hon NICOLA WILLIS: Unemployment is rising and has been rising since 2001 because New Zealand has been in a prolonged recession, with monetary tightening used to drive high inflation out of the economy. Sadly, recessions have a human cost. My heart goes out to people who’ve lost their jobs and who are struggling to enter the labour market. Rising unemployment is a reminder of how letting inflation get a grip on the economy is so damaging.

    Ryan Hamilton: Was the increase in the unemployment rate as much as expected?

    Hon NICOLA WILLIS: No. The increase from 4.6 percent to 4.8 percent was lower than forecasters had been predicting. In its August Monetary Policy Statement, the Reserve Bank had forecast 5 percent unemployment and the Treasury had forecast 5.2 percent in the Budget update in May. To give some historical context, I would also point out to members that over the last 15 years, the average unemployment rate in New Zealand has been 5 percent.

    Ryan Hamilton: What is the outlook for unemployment?

    Hon NICOLA WILLIS: Today’s results reflect where we are in the economic cycle. Typically, when the economy starts underperforming, the unemployment rate is slow to rise. Then when the economy starts to pick up, it can be slow to fall. In other words, unemployment is a lagging indicator. Now, there are clear indications that the economy has turned upwards, but even so, I would expect the unemployment rate to rise a bit further before beginning to fall. In the August Monetary Policy Statement, for example, the Reserve Bank was forecasting the unemployment rate to rise to a peak of 5.4 percent early next year, then steadily decline.

    MIL OSI New Zealand News –

  • MIL-OSI: AvePoint Launches AI Lab in Singapore to Drive Industry-Focused Innovation

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Nov. 06, 2024 (GLOBE NEWSWIRE) — AvePoint (Nasdaq: AVPT), the global leader in data management and data governance, today announced the launch of its AI Lab, supported by the Singapore Economic Development Board (EDB), to advance AI-driven research and innovation in the cutting-edge domains of artificial intelligence (AI) and machine learning. The AI Lab is set to address global industry challenges by fostering new research and embedding AI across the AvePoint Confidence Platform.

    The AI Lab will serve as a central hub for high-impact research in AI, focusing on spurring industry-relevant R&D while having a global reach. Researchers, drawn from both local and international talent pools, will have the opportunity to work with AvePoint’s global teams on use cases from different countries, ensuring an international exchange of knowledge and insights.

    The lab will hire over 25 AI researchers and program specialists in the next three years to support these initiatives, driving AI innovation not only in Singapore but also across the globe. It will enable local PhD-qualified researchers to work with top foreign researchers via a global rotational program to AvePoint’s HQ. Additionally, the lab will provide collaboration with a network of universities, and with AvePoint’s global product teams.

    “We are excited to launch the AvePoint AI Lab, which will be instrumental in advancing AI-driven research and addressing industry needs,” said Wei Chen, Head of R&D, AvePoint. “With this lab, we aim to develop impactful solutions that benefit industries globally while enhancing our SaaS products.”

    Global Focus on AI Innovation

    With its international exchange element, the AvePoint AI Lab will develop AI-driven solutions for key sectors including:

    • Education: AI technologies will be harnessed to transform learning and assessments, offering personalized, AI-driven academic advisors tailored to students’ levels of study.
    • FinTech: AI will streamline banking processes through advanced data aggregation and fraud detection, as well as automating Know Your Customer (KYC) services for improved financial product recommendations.

    The AI Lab will also develop solutions that cut across various sectors, such as enhancing collaboration and knowledge management through AI, and creating innovative recommendation systems for career development and lifelong learning, applicable to a global audience.

    Philbert Gomez, Executive Director & Head, Digital Industry Singapore (DISG) said, “EDB is committed to fostering AI innovation that addresses real-world industry challenges. We are pleased to support AvePoint’s AI Lab in Singapore, which will not only advance cutting-edge AI research but also translate these innovations into practical solutions for global markets. This initiative aligns with our goal of positioning Singapore as a hub for AI talent and innovation, creating high-value job opportunities and driving the development of AI applications that can enhance productivity and competitiveness across various sectors worldwide.”

    Commercialization and Global Business Impact

    The AI Lab’s primary goal is to commercialize its research into AvePoint’s SaaS products, creating new business opportunities while enhancing existing product offerings to address evolving global market needs.

    “As we explore new areas of AI applications, our focus remains on translating these breakthroughs into practical applications for our customers worldwide,” added Wei Chen. “This lab enables us to collaborate on a global scale, ensuring that the innovations we develop here in Singapore can impact industries around the world.”

    About AvePoint

    Securing the Future. AvePoint is the global leader in data management and data governance, and over 21,000 customers worldwide rely on our solutions to secure the digital workplace across Microsoft, Google, Salesforce and other cloud environments. AvePoint’s global partner program includes over 3,500 managed service providers, value-added resellers, and systems integrators, with our solutions available in more than 100 cloud marketplaces.

    Disclosure Information

    AvePoint uses the https://ir.avepoint.com/ website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and its registration statement on Form S-3 and related prospectus and prospectus supplements filed with the SEC. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations.

    Investor Contact
    AvePoint
    Jamie Arestia
    ir@avepoint.com
    (551) 220-5654

    Media Contact
    AvePoint
    Nicole Caci
    pr@avepoint.com
    (201) 201-8143

    The MIL Network –

  • MIL-OSI China: China import expo attractive to global exhibitors

    Source: China State Council Information Office

    Chinese Premier Li Qiang pledged to open the country’s huge market further to share more growth opportunities with the rest of the world on Tuesday as the seventh edition of the China International Import Expo (CIIE) opened in Shanghai.

    Chinese Premier Li Qiang delivers a keynote speech at the opening ceremony of the seventh China International Import Expo and the Hongqiao International Economic Forum in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    The business exhibition of the world’s first national-level exposition dedicated to imports has attracted about 3,500 exhibitors from 129 countries and regions this year. Notably, a record high of 297 Fortune 500 companies and industry leaders are attending the six-day expo. And more than 400 new products, new technologies and new services are unveiled.

    Experts believe the large scale of the expo highlighted the global companies’ confidence in the Chinese market and their commitment to further development in China despite the sluggish global economic recovery.

    Enormous market

    China is willing to open up its enormous market further and will continue to expand market access to sectors including telecommunications, the internet, education, culture and healthcare in an orderly fashion, Premier Li said in a keynote speech at the opening ceremony of the 7th CIIE.

    The sound fundamentals of the Chinese economy remain unchanged, according to Li, adding that the country’s new growth drivers are fast-growing, with double-digit investment growth in high-tech industries and development booms in emerging industries including artificial intelligence, advanced manufacturing and the green economy.

    During a meeting on Monday with select exhibitors and buyers attending the expo, Li said that China is able to sustain steady economic recovery, improve the quality and capacity of its market, and provide more extensive growth space for global businesses in terms of trade, investment and innovation. He added that the Chinese market is still one of the best choices for companies worldwide.

    The keen interest from global participants has shown the growing influence of the CIIE and the charm of the Chinese market and also highlighted China’s determination to push forward the building of an open world economy, said Zhao Fujun, a researcher with the Development Research Center of the State Council.

    In 2018, China inaugurated the CIIE to build an open platform for international trade cooperation and to support free trade and economic globalization, making it a “golden gateway” to the world’s second-largest consumer market.

    This photo taken on Nov. 5, 2024 shows the Tanzania Pavilion during the seventh China International Import Expo (CIIE) in east China’s Shanghai. [Photo/Xinhua]

    More than 420 billion U.S. dollars worth of tentative deals were signed at the CIIE’s earlier six editions since 2018. Beyond the event, global companies can reach a larger customer base and make further investments in the country.

    Toshinobu Umetsu, president and CEO of Shiseido China, said he is very inspired and encouraged by Premier Li’s emphasis on China’s commitment to continuing high-level opening-up and to sharing development opportunities with the rest of the world.

    The Japanese cosmetics giant will continue to strengthen its long-term investment in China. It has never wavered in its confidence and determination to invest in China, as the incredible vitality and resilience of the Chinese market make it a very important international market, Umetsu said.

    German healthcare and agribusiness giant Bayer AG is among more than 180 companies and institutions that have attended all seven editions of the CIIE since 2018.

    Bayer’s participation at the expo demonstrates its unwavering commitment to this important market, said Bill Anderson, chairman of Bayer AG Management Board.

    “International cooperation and economic globalization are important factors in the world’s development. That’s why Bayer is glad to be part of the expo for the seventh consecutive year,” said Anderson.

    New opportunities

    The CIIE unlocks new opportunities for the world, Bayer said, adding that it will actively leverage this vital platform to continuously unleash its innovative potential while looking forward to forging partnerships with global collaborators.

    A visitor learns about a bronchoscope robot at the exhibition area of Intuitive Fosun during the seventh China International Import Expo (CIIE) in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    Penne Kehl, Asia Pacific Group president of Cargill Agriculture and Trading, expects a very busy schedule at the import expo, including meeting with customers and partners and signing a few important deals and partnerships. U.S. food giant Cargill has participated in CIIE for seven consecutive years.

    As its influence grows, the expo is attracting new foreign enterprises over the years. Canadian sportswear giant Lululemon is among the first-time participants.

    The Chinese mainland is Lululemon’s largest market outside of North America and is also one of the most dynamic and exciting ones, which is key to driving the company’s international business, said Calvin McDonald, CEO of Lululemon.

    “It’s an exciting opportunity to showcase the brand, drive awareness to our growth story and what we have planned for the future,” said McDonald. He added that Lululemon will continue to open more stores in the country, adding to its current 137 stores in 41 cities.

    China offers free booths and other support measures to 37 least-developed countries to help them showcase their products at the import expo. It also expanded the exhibition area for African agricultural products.

    China has been opening up its market to Africa, enabling transformation on the African continent, said Peter Kagwanja, founder and president of the Africa Policy Institute.

    MIL OSI China News –

  • MIL-OSI China: World leaders hail CIIE’s role in promoting trade, development

    Source: China State Council Information Office

    Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala delivers a video speech during the opening ceremony of the seventh China International Import Expo (CIIE) and the Hongqiao International Economic Forum at the National Exhibition and Convention Center (Shanghai) in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    Leaders from various countries and global organizations speak highly of the China International Import Expo’s (CIIE) role in promoting multilateral trade and common development.

    The seventh CIIE, running from Tuesday to Sunday in Shanghai, hosts 3,496 exhibitors from 129 countries and regions, as a world business gala.

    World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala noted that since joining the WTO in 2001, China has been a strong supporter of the organization and played a key role in building capacity for least-developed countries.

    “As geopolitical tensions intensify and signs of fracturing and fragmentation emerge in global trade and investment, it is crucial for political and business leaders around the world to collaborate on preserving and reforming the multilateral trading system to reflect the changing economic landscape,” she said.

    Rebeca Grynspan Mayufis, secretary-general of the United Nations Conference on Trade and Development, said China’s export and import activities have dramatic effects “even very far from its shores.”

    The expo sent a message of openness that businesses worldwide can connect, forge partnerships, and contribute to a more prosperous and interconnected global economy, she said.

    The CIIE offers companies worldwide, regardless of their sizes, a platform to showcase their capabilities and attract new investments, said Malaysian Prime Minister Anwar Ibrahim.

    Multinational cooperation for free trade and sustainability should serve as a tool to actively advance global progress, rather than as a means to suppress competition, promote unfair advantages, or create conflict, he said.

    Calling the CIIE a platform to support international trade development, cooperation, and new types of global partnerships, Denisa Sakova, deputy prime minister and minister of economy of the Slovak Republic, said her country has benefited greatly from participating in the expo, a place to showcase best and latest products and innovations to Chinese consumers.

    The CIIE has become an important platform for strengthening international economic integration, said Kazakh Prime Minister Olzhas Bektenov. For Kazakhstan, the expo helps to expand international cooperation with foreign partners and offers new opportunities for distributing Kazakh goods in international markets.

    Uzbekistan is taking advantage of opportunities such as the CIIE and striving to promote its position in the rapidly growing and attractive Chinese market, which will definitely deepen cooperation and development in trade, economy, investment, and other areas, said Uzbek Prime Minister Abdulla Aripov.

    Serbian Prime Minister Milos Vucevic said that as a platform for enterprises, people, and cultures to come together from around the world, the CIIE fosters not only business and commerce but also friendship and mutual understanding.

    MIL OSI China News –

  • MIL-OSI China: China’s top legislator holds talks with Hungarian official

    Source: China State Council Information Office

    Zhao Leji, chairman of the National People’s Congress Standing Committee, holds talks with Laszlo Kover, Speaker of the Hungarian National Assembly, at the Great Hall of the People in Beijing, capital of China, Nov. 5, 2024. [Photo/Xinhua]

    China’s top legislator Zhao Leji held talks with Laszlo Kover, speaker of the Hungarian National Assembly, in Beijing on Tuesday.

    Zhao, chairman of the National People’s Congress (NPC) Standing Committee, said this year marks the 75th anniversary of the establishment of diplomatic ties between China and Hungary, and in May, the two sides elevated bilateral relations to an all-weather comprehensive strategic partnership for the new era.

    China is willing to work with Hungary to implement the important consensus reached by the leaders of the two countries, consolidate the momentum of high-level exchanges, enhance strategic communication and cooperation, and embark on a new chapter of practical cooperation, jointly creating a bright future, Zhao added.

    Zhao also expressed China’s willingness to strengthen policy communication with Hungary in various fields, deepen high-level political mutual trust, firmly support each other’s core interests, and consolidate the political foundation of China-Hungary friendship.

    The Chinese side is willing to promote a deep synergy of the Belt and Road Initiative (BRI) with Hungary’s “Opening to the East” policy, accelerate the construction of the Hungary-Serbia railway, and expand cooperation in emerging areas such as clean energy, digital economy, and artificial intelligence, to comprehensively elevate the level of cooperation, said Zhao.

    Noting that China’s NPC and the Hungarian National Assembly have maintained a long-standing and good relationship, Zhao said the two sides should further strengthen exchanges and interactions at different levels, to enhance mutual understanding, trust, and friendship. He also called on the legislative institutions of the two sides to strengthen coordination and cooperation in multilateral forums, promoting global governance that is more conducive to maintaining world peace and international fairness and justice.

    Kover said Hungary firmly adheres to the one-China principle and is willing to seize the opportunity of the 75th anniversary of the establishment of diplomatic relations to strengthen cooperation with China in various fields, including jointly building the BRI, promoting economic and trade investment, Hungary-Serbia railway construction, and people-to-people exchanges, to contribute to the cooperation between Central and Eastern European countries and China, as well as the development of EU-China relations.

    The Hungarian National Assembly is committed to enhancing friendly exchanges with China’s NPC, to make active contributions to the development of bilateral relations, Kover added.

    MIL OSI China News –

  • MIL-OSI New Zealand: Release: Government continues to fail small business

    Source: New Zealand Labour Party

    The Government is leaving small businesses high and dry in difficult economic times, by letting big business get away with not paying their bills.

    Data from Xero shows there has been an 81 percent increase in the cost of late payments to Kiwi small businesses, now costing firms more than $827 million a year.

    “That’s a huge jump from $456 million in 2021, and shows this Government is failing our small businesses. This is effectively theft and bullying by big businesses,” Labour’s small business and manufacturing spokesperson Helen White said.

    “Andrew Bayly repealed Labour’s Business Payment Practices Act, which required large businesses to report how long they took to pay invoices.

    “The Minister is simply out of touch if he thinks by telling Government departments to pay their bills on time that this large problem will go away.

    “Removing the requirement to report now means big multinational companies can do what they want and take as long as they want to pay without any consequences.

    “It’s unfair. Big businesses are forcing the little guy to carry their debt, hindering their ability to pay their own bills and wages.

    “Small business represents almost 30 percent of employment and contributes more than a quarter of New Zealand’s gross domestic product. It is critical the Government supports them to thrive and grow New Zealand’s economy.

    “Liquidations are at an all-time high. With the first eight months of 2024 seeing liquidations 40 percent higher than last year, the Minister should be taking urgent action to support small businesses,” Helen White said.

    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Speech by SJ at Hong Kong Legal Week 2024: Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong (English only)

    Source: Hong Kong Government special administrative region

    Speech by SJ at Hong Kong Legal Week 2024: Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong (English only)
    Speech by SJ at Hong Kong Legal Week 2024: Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong (English only)
    ******************************************************************************************

         Following are the opening remarks by the Secretary for Justice, Mr Paul Lam, SC, at Hong Kong Legal Week 2024: Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong today (November 6): Distinguished guests, ladies and gentlemen,      It is a great pleasure to see you all again on day three of Hong Kong Legal Week 2024. After two days of fruitful discussions on issues relating to international law, today we will put our focus back on Hong Kong, in particular, our alternative dispute resolution (ADR) services. Today’s theme is “Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong”.           Hong Kong takes pride in our world-class ADR services and legal talents. It is immensely encouraging that in the latest World Competitiveness Yearbook 2024, Hong Kong ranks fifth globally as the most competitive economy, and, most importantly, ranks first in the sub-topics of “Business Legislation” and “International Trade”. In the recent “Business Ready 2024 Report” published by the World Bank Group, Hong Kong ranks eighth in the topic of “Dispute Resolution” among the 50 economies covered.           In recent years, the Government has formulated a comprehensive set of policy initiatives, which aim at deepening the mediation culture in Hong Kong. At present, mediation clauses are not mandatory in government contracts but various forms of such clauses can be found in some of them. Resolving disputes through mediation can save public funds, achieve early resolution of disputes and lessen the burden on our courts. There have been a multitude of successful instances of mediation involving the Government, from personal injuries cases, construction works disputes, adverse possession claims to medical negligence cases. Against such a background, it was first mentioned in the Chief Executive’s 2023 Policy Address and repeated in “The Chief Executive’s 2024 Policy Address” that the Government will take the lead, and incorporate mediation clauses in government contracts, while encouraging private organisations to incorporate similar clauses in their contracts. The key effect of including such clauses is that, if any dispute arises, the parties are obliged to try to resolve it by mediation first, and will resort to arbitration or litigation if, but only if, mediation fails.           Taking the opportunity of today’s event with a strong emphasis on mediation, I am very pleased to announce that today, the Government will formally issue a policy statement on the incorporation of mediation clauses in all government contracts. The policy statement is a confirmation of the Government’s commitment to use mediation to resolve contractual disputes. Upon the taking effect of the policy, the Government will incorporate mediation clauses in all future government contracts; and departure from that policy will need to be justified by exceptional circumstances, for example, the existence of an inconsistent statutory provision. Supporting and monitoring mechanisms to be provided by the Department of Justice to other policy bureaux and departments will be put in place to ensure the smooth implementation of this policy. Through this policy, we do not only aim at ensuring that contractual disputes involving the Government may be resolved in a flexible, economical and time-saving manner. We also hope that, with the Government taking the lead, the policy will also encourage the private sectors to follow suit, contributing to the cultivation of a mediation culture in Hong Kong and bringing more harmony and peace to society.            With this policy initiative in mind, I would like to introduce our three panels and distinguished speakers for today’s event. The first panel discussion this morning, entitled “Mediation in Action: Harmony and Peace for All”, will cover how mediation can be used effectively in various sectors of the community, for instance, in areas of family disputes, civil claims, improving relations between citizens and government departments, and not simply for resolving the disputes but, more importantly, to foster a culture that embraces mutual respect, harmony and inclusiveness.           The Government has always been a staunch supporter of mediation for the community. Since 2009, we have launched the Mediate First Pledge campaign to encourage the use of mediation as the first step to resolve disputes. The Mediate First Pledge is a non-legally binding commitment by pledgees to first explore the use of mediation to resolve disputes before resorting to other means of dispute resolution. At present, over 900 companies, organisations and individuals coming from different sectors have signed the pledge. The biennial Mediation Week and Mediation Conference, coupled with the Mediate First Pledge Event, are our flagship events to explore and promote wider use of mediation to resolve disputes in Hong Kong. The last one was just held a few months ago in May this year.           A very significant event about mediation with global significance took place in Hong Kong on October 17, less than a month ago. On that day, the four-day Fifth Session of the Elaboration of the Convention on the Establishment of The International Organization for Mediation (IOMed) was concluded. Representatives from various countries completed negotiations on the Convention at that session and decided that the signing ceremony for the Convention will be held in Hong Kong in 2025. The IOMed is the first intergovernmental international legal body dedicated to settling international disputes by mediation. With the support of our motherland China and the agreement of other state parties, it was agreed that the headquarters of the International Organization for Mediation will be established in Hong Kong in 2025. This represents a strong vote of confidence in Hong Kong and a clear acknowledgement from the international community of Hong Kong’s status as an international dispute resolution centre. I am delighted that Dr Sun Jin, Director-General of the International Organization for Mediation Preparatory Office, will deliver a keynote speech before lunch today.           Later this afternoon, we will discuss ADR in the context of artificial intelligence (AI). While there is no doubt that the use of AI may enhance the efficiency in resolving disputes, it is vital to ensure that the integrity of the dispute resolution process will not be compromised by the misuse of AI, whether intentionally, negligently or even inadvertently. Our distinguished speakers will consider the opportunities and risks associated with the use of artificial intelligence in ADR. They will also discuss the adoption of lawtech by Hong Kong practitioners, the benefits of lawtech in improving legal services and enhancing access to justice.           Our last panel of today’s event is on sports disputes. As stated in “The Chief Executive’s 2024 Policy Address”, with our thriving development of sports activities and the industry, sports disputes have become increasing complicated. Hence, Hong Kong will explore establishing a sports dispute resolution system and promoting sports arbitration. In this session, our speakers will share their experiences and insights regarding the demand, application, effectiveness and challenges of sports ADR.           To round up today’s events, we will have the 2024 Hong Kong Mediation Lecture at the office of Herbert Smith Freehills this evening. Professor Shahla Ali, through her perspective as a mediator with the World Bank and the Energy Community Panel, would explore the unique challenges and opportunities involved in the use of mediation in deals relating to natural resources, particularly in the Belt and Road Initiative, and how mediation can contribute to ensure that energy and natural resources agreements are environmentally sustainable and foster collaborative approaches.           While today’s programmes are focused on mediation, we must not forget that Hong Kong has always been promoting and expanding our arbitration services proactively not just in Hong Kong but also the Mainland and other countries. Two examples would suffice. First, the Hong Kong Arbitration Week was just been held between October 21 and 25. Second, the Hong Kong International Arbitration Centre has recently announced its imminent opening of a Beijing office, being its second office in the Mainland since the opening of its Shanghai office back in 2015.           As I mentioned on different occasions previously, Hong Kong is an international legal dispute resolution centre in which numerous options, all of top quality, are made available to the parties to disputes. On this note, let me conclude by wishing you very fruitful exchanges and discussions in today’s sessions to come. Thank you very much.

     
    Ends/Wednesday, November 6, 2024Issued at HKT 11:15

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Growth expected to pick up after lull

    Source: China State Council Information Office

    China’s economy showed early signs of having bottomed out across the board in October, indicating that the country’s ramped-up efforts to revitalize domestic spending against external uncertainties are starting to yield effects, analysts said on Tuesday.

    They commented as data from media group Caixin pointed to the fastest expansion of services activity in three months while manufacturing activity resumed upward momentum, matching the improvements of official indicators.

    David Chao, global market strategist for the Asia-Pacific region (excluding Japan) at Invesco, said: “China’s leading economic indicators improved across the board for October, suggesting that the economy continues to regain momentum. This should translate into improving economic conditions and activity for the rest of the year.”

    A privately surveyed purchasing managers index for the services sector came in at 52 in October, up from 50.3 in September and marking the highest reading in three months, a Caixin report said on Tuesday. Any PMI reading above 50 indicates an expansion in activity.

    The reading fared better than 50.3 which many analysts had expected as the rate of expansion in new business inflows rose for the first time in four months following the launch of a series of policies to shore up the economy since late September.

    In October, the level of confidence among service providers rose to the highest since May, while selling prices stabilized after falling for two successive months. Service providers raised staffing levels for a second consecutive month, albeit marginally, the report said.

    The uptick in services activity came along with manufacturing activity resuming expansion in October, driven by renewed new business growth. The Caixin China General Composite PMI, covering both manufacturing and services activity, came in at 51.9 in October, up from 50.3 the previous month, marking the highest showing in four months.

    Also indicative of momentum recovery, the official composite PMI came in at 50.8 in October, up from 50.4 a month earlier, the National Bureau of Statistics said on Thursday.

    Wang Zhe, senior economist at Caixin Insight Group, said that the PMI surveys showed that market demand stabilized and optimism improved, which are early signs of the new policies’ impact, though the labor market remained under pressure while prices were still subdued.

    China is expected to further consolidate its policy support as the country’s top legislature is expected to approve additional fiscal support this week.

    Zhang Bin, deputy director of the Chinese Academy of Social Sciences’ Institute of World Economics and Politics, said China’s current round of countercyclical adjustments is ultimately aimed at promoting a robust recovery in overall income levels, which is key to further lifting consumption.

    The task of convincing consumers to spend more is deemed by analysts to be of particular importance against elevated external political and trade uncertainties and amid China’s pursuit of a more consumption-oriented growth model.

    While services providers polled by Caixin reported a solid increase in exports in October, export orders in the manufacturing sector remained in decline, though the rate of reduction eased. The official PMI survey showed that manufacturers’ new export orders contracted at a faster rate in October.

    MIL OSI China News –

  • MIL-OSI China: China shines on opening up, as world openness level degrades

    Source: China State Council Information Office

    Guests attend the press conference on World Openness Report 2024 and International Symposium on World Opening-Up during the 7th Hongqiao International Economic Forum in Shanghai, east China, Nov. 5, 2024. [Photo/Xinhua]

    The World Openness Index, gauging the openness levels of 129 economies from 2008 to 2023, shows that China remains one of the bright spots in a globally declining landscape of openness.

    The index was included in the World Openness Report 2024, which was released on Tuesday at the seventh Hongqiao International Economic Forum in Shanghai.

    In 2023, the World Openness Index stood at 0.7542, reflecting decreases of 0.12 percent compared to 2022, 0.38 percent compared to 2019, and 5.43 percent compared to 2008. This suggests an overall downward trend in global openness.

    The index, first released in 2021, was compiled by the Institute of World Economics and Politics under the Chinese Academy of Social Sciences (CASS) and the Research Center for Hongqiao International Economic Forum.

    According to the report, the pace of economic globalization has continued to falter over the past year, with the world’s opening-up level “in deficit.”

    “Various forms of unilateralism and protectionism are on the rise, global economic growth is slowing down, many economies are increasing tariffs and non-tariff measures, geopolitical risks are intensifying, and combined with shocks such as the COVID-19 pandemic,” the report said, listing the major factors contributing to a less open global economy.

    Zhang Yuyan, an economist and academician of CASS, said that the number of global trade intervention measures exceeded 4,700 from 2020 to 2023, significantly higher than the levels before 2020.

    Economic sanctions are working against opening, imposing a negative impact on globalization, said Nobel laureate economist Christopher Pissarides at a symposium after the release of the report. “I hope they end soon, but I don’t quite see it,” he added.

    Despite these challenges, China is presented as one of the positive exceptions in the global landscape of openness, based on the data revealed by the report.

    China has made significant progress in expanding its opening-up. From 2008 to 2023, China’s openness index rose from 0.6789 to 0.7596, an increase of 11.89 percent, placing it among the top economies globally in terms of growth rate.

    “China’s opening up is a model for mutually beneficial engagement. In the current complex and ever-changing international landscape, events like the China International Import Expo (CIIE) have become shining symbols of China’s commitment to opening up,” said Qu Weixi, director of the Research Center for Hongqiao International Economic Forum.

    The report also underscores key areas of global cooperation that have emerged despite rising anti-globalization sentiment.

    Digital opening-up, environmental and climate governance, and the service sector are identified by the report as significant areas where international collaboration has gained momentum.

    These sectors present new opportunities for global growth and suggest the potential for a more interconnected and cooperative world economy in the face of rising protectionism, according to the report.

    “We hope the release of this report will spark more in-depth and widespread discussions about global openness. By fostering greater consensus and collective efforts, we can contribute to the development of an open global economy,” Qu said.

    MIL OSI China News –

  • MIL-OSI China: Global companies debut cutting-edge technologies

    Source: China State Council Information Office

    This photo taken on Nov. 4, 2024 shows the automobile exhibition area of the 7th China International Import Expo (CIIE) at the National Exhibition and Convention Center (Shanghai) in Shanghai, east China. [Photo/Xinhua]

    With the seventh China International Import Expo (CIIE) in full swing in Shanghai, global companies are unveiling their latest technological innovations, capitalizing on the opportunities arising from China’s commitment to further opening up both its market and manufacturing industry.

    GE Healthcare, a regular exhibitor at the CIIE, has brought an unprecedented lineup to Shanghai this year. The U.S. medical technology company is showcasing multiple products either making their global or Chinese debut.

    Eyeing China’s growing demand for advanced medical technology, GE Healthcare is exhibiting its largest collection of new products ever at this year’s expo, where it has been participating since 2018, said Zhong Luyin, the company’s China communications executive.

    “Our goal extends beyond mere participation in the expo. More importantly, we look forward to engaging in China,” Zhong said.

    A stage for all

    At the ongoing CIIE, over 400 new products, technologies and services from around the world are being showcased, spanning sectors such as artificial intelligence, new materials, autonomous systems and energy transition technologies.

    During a meeting on Monday with select exhibitors and buyers attending the expo, Chinese Premier Li Qiang said that China is able to sustain steady economic recovery, improve the quality and capacity of its market, and provide more extensive growth space for global businesses in terms of trade, investment and innovation. He added that the Chinese market is still one of the best choices for companies worldwide.

    Just days ago, China removed all market access restrictions for foreign investors in the manufacturing sector, with the country’s new edition of its national negative list for foreign investment having taken effect on Nov. 1. This significant move marked the latest effort of the world’s second-largest economy to open its doors even wider.

    “Benefiting from the ‘spillover effect’ of the expo, many of our showcased products are now in use across Chinese hospitals,” said Lu Yi, MRI marketing manager of Siemens Healthineers. At this year’s CIIE, the German medical technology company is unveiling the MAGNETOM Terra.X, its latest generation of magnetic resonance imaging (MRI) equipment — the first time this new equipment is being displayed in Asia.

    Lu revealed that Siemens Healthineers is advancing its localization strategy for cutting-edge product manufacturing. Notably, the MAGNETOM Terra.X is slated for future production at the company’s base in Shenzhen, south China’s Guangdong Province.

    Apart from traditional technological sectors, the ongoing expo showcases an array of futuristic exhibits that seem straight out of the world of science fiction, including tires designed for lunar exploration vehicles, electric vertical takeoff and landing (eVTOL) aircraft, and innovative motor-powered shoes.

    French tire maker Michelin, which is attending the expo for a fourth year, is exhibiting a futuristic prototype wheel for lunar exploration vehicles, among other products including car tires containing 71 percent sustainable materials and a new generation aircraft tire.

    Serge Godefroid, research and development director of Michelin China, said Michelin has been innovating for the future of mobility and is even thinking about mobility beyond the Earth for future lunar or Mars exploration projects.

    Michelin is already extensively testing tires in very rough conditions and with exposure to the range of temperatures that exist on the moon, Godefroid said. “You don’t have somebody to help you inflate a tire on the moon, so you need to find a wheel that can sustain very difficult conditions.”

    Rising innovation landscape

    A number of eVTOL aircraft are proving eye-catching at this year’s CIIE. Vertaxi, an eVTOL startup which is attending the expo jointly with Ampaire, a global leader in hybrid electric aircraft systems, has brought three autonomous eVTOL drones to the 2024 expo.

    Yue Tingting, vice president of Vertaxi, said the company’s smaller eVTOL aircraft have been well received by the market and are being widely used for police, emergency and fire-fighting patrols, public and oil infrastructure inspections, and island logistics.

    Yue admitted that it will take longer for the company’s eVTOL aircraft to obtain the airworthiness certification needed for passenger transport. She, however, is very bullish about China’s low-altitude economy and even envisions a future where people will be able to board eVTOL aircraft for daily commuting, much like taking a taxi or bus.

    Shift Robotics, attending the expo for the first time, is exhibiting its new generation of motor-powered shoes, called Moonwalkers Aero, that allow people to walk at speeds of up to 11 km per hour.

    Moonwalkers deliver smooth power when people who wear them speed up, while they offer very little assistance if the person wearing them walks very slowly. These motor-powered shoes can be used in virtually any environment, even on the subway, in a lift or on stairs, and people can move around in these Moonwalkers without taking off their normal shoes, according to Zhang Xunjie, CEO of Shift Robotics.

    From industry giants to rising startups, the dedication shown to China by global tech companies is well-timed, as the country’s prominence in the global innovation landscape continues to increase. According to the Global Innovation Index 2024 released by the World Intellectual Property Organization, China has moved up one spot to 11th place in the latest rankings of the world’s most innovative economies — becoming one of the fastest risers over the past decade.

    “China’s growth pattern has shifted from quantity-oriented to quality-oriented,” said Tetsuro Homma, executive vice president of Panasonic Holdings Corporation. “To keep pace with this change, we are setting up more research and development teams in China to quickly adapt to the evolving Chinese market.”

    Over the past four years, this Japanese manufacturing company has steadily expanded its investment in China. Home to over 60 Panasonic subsidiaries, China now accounts for nearly a quarter of the company’s business worldwide. “We are innovating for China, and we aspire to innovate in China for the whole world,” Homma said.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Speech by SITI at Seminar on Life Science and Global Health “Innovation ·Inclusion · Impact” (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Seminar on Life Science and Global Health “Innovation ·Inclusion · Impact” on November 5 (Ottawa time):
     
    Ms Wu (Board Director of Hong Kong Canada Business Association, Ottawa, and Department Chair of Algonquin College School of Business and Hospitality, Ms Sandra Wu), Mr Eng (President of Hong Kong Canada Business Association, Ottawa, Mr Frank Eng), Senator Woo (Senator of Canada, Mr Woo Yuen-pau), Mr McLean (Member of the House of Commons of Canada, Mr Greg McLean), Mr Arya (Member of the House of Commons of Canada, Mr Chandra Arya), distinguished guests, ladies and gentlemen,     
     
          Good evening. It is my great pleasure to join you all here today in Ottawa and in such a historic building for the Seminar of Life Science and Global Health, to explore the vital intersection of life science and global health, through the lenses of innovation, inclusion, and impact.
     
          Over the years, Hong Kong has established close ties with Canada in many façades, say economically, culturally and people-to-people bond. We share many similarities and a wide range of common interests. While Canada has long been recognised as a powerhouse in the field of life and health science, Hong Kong is emerging as an international innovation and technology (I&T) centre, as well as a health and medical innovation hub in the Asia-Pacific region. Taking this opportunity, I would like to give you a brief update on Hong Kong’s I&T landscape and the opportunities that lie ahead in the field of life and health technology.
     
          Promoting I&T development is of top priority on the policy agenda of the Hong Kong Special Administrative Region (SAR) Government. Back in December 2022, we promulgated the Hong Kong I&T Development Blueprint, which clearly indicated our development direction to perfect the I&T ecosystem by promoting positive interaction between upstream for basic research, midstream for technology transfer, and downstream for all industries development. We greatly support the development of technology industries with an edge and of strategic importance.
     
          Life and health technology is one of our focuses.
     
          Hong Kong possesses professional medical services and a well-established healthcare system. Supported by five top 100 universities and two top 40 medical schools in the world, together with a multitude of world-class experts in the life and health disciplines, Hong Kong enjoys significant advantages in developing life and health technology. 
     
          To capitalise on our strength in basic research and foster global I&T collaboration, Hong Kong’s flagship R&D (research and development) initiative, namely InnoHK, has built collaboration with more than 30 world-renowned universities and research institutes from 12 economies, including Canada of course, and set up a total of 29 InnoHK research laboratories. Of these, 16 of them focus on healthcare-related technologies and have brought notable scientific achievements and benefits to society. For example, the Centre for Eye and Vision Research, which was jointly established by the University of Waterloo and Hong Kong Polytechnic University, is one of them.
     
          Furthermore, we will launch a HK$6 billion subsidy programme, roughly $1.1 billion Canadian dollars, to support setting up cross-institutional and multidisciplinary life and health technology research institutes in Hong Kong. We have also earmarked HK$3 billion, that is approximately $540 million Canadian dollars, for the Frontier Technology Research Support Scheme to accelerate cross-disciplinary researches in various frontier technology fields, including clinical medicine and health, gene and biotechnology, spearheaded by the local funded universities and renowned scholars from around the world. These initiatives will empower us to create a vibrant research atmosphere with the participation of global talent, thereby strengthening Hong Kong’s capability for forward-looking and disruptive scientific researches.
     
          A few weeks ago, the Chief Executive of the Hong Kong SAR Government announced his 2024 Policy Address, in which a series of new initiatives are introduced to accelerate the pace of the development of Hong Kong into an international I&T centre.  Among them, we will launch a new HK$10 billion I&T Industry-Oriented Fund, which is equivalent to around $1.8 billion Canadian dollars, to form a fund-of-funds to channel more market capital to invest in specified emerging and future industries of strategic importance, including life and health technology. Indeed, we launched a HK$10 billion Research, Academic and Industry Sectors One-plus Scheme last year to accelerate the transformation and commercialisation of outstanding research outcomes from universities, and another HK$10 billion New Industrialisation Acceleration Scheme this year to encourage industries of strategic importance, including life and health technology, to set up new smart production facilities in Hong Kong. Just these three funding schemes alone, totalling HK$30 billion, almost $5.4 billion Canadian dollars in financial commitment, demonstrates our strong commitment to promoting industry development and placing a strong emphasis on investment in the I&T sector.
     
          Adequate sites and sophisticated infrastructure are equally important for the long-term I&T development. Located in the border area between Hong Kong and Shenzhen, the Hetao Hong Kong Park, or the Loop in short, will serve as an I&T hub of strategic value connecting Mainland China and the international community. We will set up the InnoLife Healthtech Hub in the Loop to attract top-notch research teams and talent from around the world. We will allocate another HK$2 billion to support the InnoHK research clusters to establish presence in the Loop, and HK$200 million to support start-ups in the Loop engaging in life and health technology in the form of incubation and acceleration programmes. 
     
          Besides, new I&T land will be available in San Tin Technopole in the northern part of Hong Kong to support I&T industry development, creating synergy with the nearby Shenzhen I&T Zone. With the new I&T platform in the Loop and new I&T land in San Tin Technopole, coupling with the gigantic market of the Guangdong-Hong Kong-Macao Greater Bay Area, there are indeed many I&T opportunities and possibilities lying ahead in Hong Kong.
     
          While the global economic and political situation is becoming more complicated, Asia will still play a pivotal role in the technological revolution. Under the principle of “one country, two systems” and with a strategic geographical location on the doorstep of Mainland China, Hong Kong is the best platform to connect I&T talent and companies from Mainland China and around the world. Whether you are looking for job opportunities, capital or investment, there is always a place for you in Hong Kong. I strongly believe that apart from life and health technology, there is a lot of room for bilateral collaboration between Hong Kong and Canada, say, in green technology, renewable energy, environmental protection and sustainability, where Canada has an edge.    
     
          Ladies and gentlemen, the challenges we face in global health are complex and multifaceted. By fostering global I&T collaboration, we amplify the impact brought by innovation and inclusion, from zero to one, from one to many, to unlock new possibilities and drive the next wave of technological advancement for the betterment of the mankind. Hong Kong stands ready to play the promising role as a “super-connector” and a “super value-adder” to create value and impact to the world.
     
          In closing, I would like to express my gratitude to Hong Kong – Canada Business Association (Ottawa) and Invest Hong Kong for organising today’s seminar. I look forward to the fruitful collaborations that will arise from this seminar. Thank you very much.   

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DH invites proposals for Community Dental Support Programme

    Source: Hong Kong Government special administrative region

    DH invites proposals for Community Dental Support Programme
    DH invites proposals for Community Dental Support Programme
    ***********************************************************

         The Department of Health (DH) today (November 6) invited interested organisations to submit proposals for providing services under the Community Dental Support Programme (CDSP).     Organisational applicants interested in participating in the CDSP must meet all of the following requirements:     

    Be a non-profit-making entity exempted from tax under Section 88 of the Inland Revenue Ordinance (Cap. 112) on or before the application closing date;
    Have established at least one clinic providing dental services to the public on or before the application closing date;
    Ensure that the registered dentists providing services are registered with eHealth and enrolled in the Primary Care Directory; and
    Be registered under Section 12 of the Dentists Registration Ordinance (Cap. 156) on or before the application closing date.

         In evaluating the submitted proposals, the DH will consider the requirements specified in the invitation documents.           The Working Group on Oral Health and Dental Care of the Health Bureau indicated in its Interim Report that in order to address the high demand for dental service provided through General Public (GP) Sessions under the DH, a new service model should be developed in collaboration with non-governmental organisations to supplement the GP Sessions. In response, the Government will pilot a Community Dental Support Programme in 2025 to increase service capacity, add service points and expand service scope, targeting designated underprivileged groups with financial difficulties requiring GP Session services.               ???Interested applicants can collect invitation documents from the DH’s Community Dental Service at Unit 01-P03, P08-09, 26/F, One Kowloon, 1 Wang Yuen Street, Kowloon Bay, or via email (aa1a_cds@dh.gov.hk).          Applications must be submitted to the DH’s Community Dental Service at Unit 01-P03, P08-09, 26/F, One Kowloon, 1 Wang Yuen Street, Kowloon Bay, by 9.30 am on December 2, 2024. Late applications will not be accepted. For enquiries, please call the Community Dental Service (2111 3465).

     
    Ends/Wednesday, November 6, 2024Issued at HKT 11:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: 2024 Cook by-election: election funding payments finalised [6 November 2024]

    Source: Australian Electoral Commission

    AECMedia

    Updated: 6 November 2024

    The Australian Electoral Commission (AEC) has finalised election funding payments to political parties and candidates for the 2024 Cook by-election.

    Parties and candidates who received at least 4 per cent of the formal first preference vote at the 2024 Cook by-election received an automatic payment of election funding of $12,039. This initial payment amount was provided pursuant to the Commonwealth Electoral Act 1918 and is an indexed figure.

    To receive election funding greater than the automatic payment, agents of eligible political parties and candidates were required to lodge a claim with the AEC setting out electoral expenditure incurred. For the cook by-election, the period for lodging a claim for election funding was Friday 03 May 2024 to Monday 14 October 2024. Four political parties and one independent candidate were eligible for election funding. The AEC received and finalised 3 final claims for election funding between Friday 03 May 2024 to Tuesday 27 August 2024. The final claim was not received from one eligible political party and independent candidate.

    Total election funding paid by the AEC in relation to the Cook by-election was $260,700.41. This amount includes $60,195.00 in automatic payments and $200,505.41 in claims accepted. The following table is a breakdown of total election funding paid by the AEC.

    COOK BY-ELECTION – ELECTION FUNDING PAYMENT

    Political Party/Independent Candidate

    Total Election Funding Paid ($)

    Liberal Party of Australia

    177,160.11

    Animal Justice Party

    12,039.00

    The Greens NSW

    42,612.02

    Libertarian Party

    16,850.28

    Roger Charles Woodward

    12,039.00

    Total election funding paid:

    $260,700.41

    The determinations for claims for election funding are published on the Transparency Register.

    Video: Transparency Register – YouTube

    Editor’s notes:

    MIL OSI News –

  • MIL-OSI Economics: Money Market Operations as on November 05, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 539,697.48 6.12 5.00-6.60
         I. Call Money 9,966.71 6.31 5.10-6.40
         II. Triparty Repo 388,609.10 6.10 5.95-6.30
         III. Market Repo 139,673.67 6.17 5.00-6.60
         IV. Repo in Corporate Bond 1,448.00 6.37 6.30-6.50
    B. Term Segment      
         I. Notice Money** 64.10 6.28 6.20-6.30
         II. Term Money@@ 1,130.00 – 6.60-6.90
         III. Triparty Repo 775.00 6.18 6.15-6.30
         IV. Market Repo 1,877.57 6.49 6.40-6.65
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Tue, 05/11/2024 2 Thu, 07/11/2024 70,825.00 6.49
    3. MSF# Tue, 05/11/2024 1 Wed, 06/11/2024 1,651.00 6.75
    4. SDFΔ# Tue, 05/11/2024 1 Wed, 06/11/2024 126,097.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -195,271.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Thu, 31/10/2024 14 Thu, 14/11/2024 24,697.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Mon, 04/11/2024 3 Thu, 07/11/2024 74,000.00 6.49
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       6,567.17  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -88,589.83  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -283,860.83  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on November 05, 2024 1,022,177.08  
         (ii) Average daily cash reserve requirement for the fortnight ending November 15, 2024 1,011,562.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ November 05, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 18, 2024 402,348.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1434

    MIL OSI Economics –

  • MIL-OSI Economics: Co-Chairs’ Statement on Fifth U.S.-ASEAN Cyber Policy Dialogue

    Source: ASEAN – Association of SouthEast Asian Nations

    The Fifth U.S.-ASEAN Cyber Policy Dialogue was held in Singapore on October 17, 2024. The Dialogue was a demonstration of strong partnerships and a shared vision of an open, peaceful, interoperable, reliable, and secure cyberspace that supports international trade and commerce, strengthens international security, and fosters economic prosperity, free expression, and innovation. The United States and Cambodia co-chaired the dialogue.
    Reaffirming the U.S.-ASEAN. Leaders’ Statement on Promoting Safe, Secure, and Trustworthy Artificial Intelligence adopted at the 12th U.S.-ASEAN Summit in October 2024, participants discussed how states can enhance the positive, collaborative nature of the U.S.-ASEAN Comprehensive Strategic Partnership and advance a shared, affirmative vision for cyberspace, digital technologies, and the digital economy.
    Download the full statement here.

    The post Co-Chairs’ Statement on Fifth U.S.-ASEAN Cyber Policy Dialogue appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Australia: $678 million boost for Australian exports to UAE

    Source: Minister for Trade

    Today Australia and the United Arab Emirates (UAE) finalised the much-awaited elevation of our trade relationship with the signing of our Comprehensive Economic Partnership Agreement.

    To mark this important event, I was joined by the Minister for Foreign Trade, His Excellency Dr. Thani bin Ahmed Al Zeyoudi in Canberra, to officially sign our new trade agreement. 

    Alongside the Comprehensive Economic Partnership Agreement, we also signed an Investment Agreement and five Investment Memoranda of Understanding. 

    Our deal delivers for Australian farmers, producers, manufacturers, services providers, exporters and Australian workers, giving them unprecedented access and preferential treatment when they do business with the UAE.   

    The UAE is already Australia’s largest trade and investment partner in the Middle East with over $9.9 billion in two-way trade and $20.7 billion in two-way investment in 2023. This new trade and investment package will strengthen these relationships and provide a platform for growth in critical sectors of our economy.

    The trade agreement will eliminate tariffs on over 99 per cent of Australia’s exports to the UAE, making this the most liberalising trade agreement the UAE has signed to date. 

    Independent modelling estimates a potential annual increase in Australian goods exports to the UAE of around $678 million. 

    The agreement will create greater certainty for Australian services providers in over 120 sectors such as professional services, financial services and education wanting to do business in the UAE, who will benefit from clearer transparency in the way the industry is regulated.

    This agreement will also strengthen cooperation for Australia and the UAE to address shared environmental challenges, including commitments to work together on transitioning to net zero, addressing climate change, promoting the circular economy, reducing pollution, improving air quality, and preventing overfishing and illegal wildlife trade. 

    Investment provisions will provide a framework to support an increase in two-way investment. Importantly, the Australian Government’s right to regulate is protected, which means an Investor-State Dispute Settlement (ISDS) mechanism is not included in the package of outcomes.

    Additional commitments for anti-corruption and transparency, digital trade and skilled labour mobility, as well as outcomes on intellectual property will mean Australian enterprises of all sizes can confidently do business with the UAE. The package also includes cooperation and exchange of information to advance women’s economic empowerment in trade and investment. 

    Importantly, for the first time in our history, this agreement also includes a standalone chapter covering First Nations trade. The chapter will give First Nations businesses seeking to export their goods to the UAE preferential market access which will result in meaningful new commercial opportunities for First Nations businesses. 

    Details on the full package and independent modelling as well as key benefits to Australia are published on the DFAT website.

    MIL OSI News –

  • MIL-OSI: Orezone Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    All dollar amounts are in USD unless otherwise stated and abbreviation “M” means million.

    VANCOUVER, British Columbia, Nov. 05, 2024 (GLOBE NEWSWIRE) —  Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) reported its operational and financial results for the three and nine months ended September 30, 2024. The Company will host a conference call and webcast on November 6, 2024 commencing at 8:00am PT to discuss its quarterly and year-to-date performance, and outlook for the remainder of the year, including commentary on the progress of its Phase II hard rock expansion and early success on its multi-year, discovery-focus drilling campaign. Call access and webcast details are provided at the end of this press release.

    Patrick Downey, President and CEO, commented, “The third quarter provided a number of positive developments for our Bomboré Mine. Operationally, mining access was opened up in the Siga pits and grid power returned to normalized levels, both of which will ensure ongoing improved gold production and costs in Q4-2024. We generated solid free cash flow during the quarter and continued to pay down debt and advance the Phase II hard rock expansion which will set the path for Bomboré to increase annual gold production by 50% within the next 12 months. We also commenced our multi-year exploration program with the first two diamond drill holes from the current campaign returning robust results, with broad and above-average grade mineralization to 240 metres below the current pit limit, validating our belief that with further targeted drilling, Bomboré can grow into a 7 to 10 million ounce orebody.

    With unhedged gold sales at record prices continuing into the fourth quarter, we forecast generation of continued strong operating cashflow that will help support the Phase II expansion construction. The $58M Phase II term loan previously announced with Coris Bank is advancing and is expected to close in the coming weeks.”

    2024 THIRD QUARTER HIGHLIGHTS AND SIGNIFICANT SUBSEQUENT EVENTS

    (All mine site figures on a 100% basis)   Q3-2024 Q3-2023 9M-2024 9M-2023
    Operating Performance          
    Gold production oz 26,581 30,726   82,244   107,509
    Gold sales oz 27,698 29,167   83,864   105,914
    Average realized gold price $/oz 2,473 1,910   2,280   1,922
    Cash costs per gold ounce sold1 $/oz 1,410 1,152   1,297   936
    All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 1,655 1,306   1,519   1,088
    Financial Performance          
    Revenue $000s 68,652 55,803   191,680   203,911
    Earnings from mine operations $000s 22,340 13,882   72,389   81,042
    Net income attributable to shareholders of Orezone1 $000s 4,984 5,194   25,620   39,134
    Net income per common share attributable to shareholders of Orezone1
    Basic
    Diluted

    $
    $

    0.01
    0.01

    0.01
    0.01

    		  

    0.07
    0.06

    		  

    0.11
    0.11
    Adjusted EBITDA1 $000s 25,756 19,163   72,175   93,334
    Adjusted earnings attributable to shareholders of Orezone1 $000s 7,365 3,588   18,427   39,398
    Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.02 0.01   0.05   0.11
    Cash and Cash Flow Data          
    Operating cash flow before changes in working capital $000s 18,888 16,474   53,876   82,839
    Operating cash flow $000s 24,043 6,978   29,677   66,059
    Free cash flow1 $000s 14,120 (4,024 ) (818 ) 35,490
    Cash, end of period $000s 66,900 27,711   66,900   27,711

    1 Cash costs, AISC, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information.

    • Safety: Continued strong safety performance with 1.31M and 3.68M hours worked without a lost-time injury for Q3-2024 and 9M-2024, respectively.
    • Liquidity: Free cashflow generation of $14.1M in Q3-2024 despite the continued build-up of VAT receivables and Phase II Expansion capital expenditures in the quarter. Cash stood at $66.9M at September 30, 2024, increases of $55.5M from June 30, 2024 and $47.4M from December 31, 2023, respectively.    
    • Gold Production and Costs:   Gold production of 26,581 ounces at an AISC of $1,655/oz as a result of an above-average strip ratio due to mine sequencing, and drawdown of lower-grade stockpiles due to heavy rainfall events restricting pit access during the quarter combined with higher-than-budgeted government royalties from a better realized gold price.
    • Siga Pits Mining Extension: Mining at Siga East ramped up in Q3-2024 after the relocation of households to the new MV3 resettlement site in June 2024 while mining at Siga South commenced in August 2024. The Q4-2024 mine plan calls for greater mill delivery of higher-grade ore tonnes from the Siga pits as mining productivity and material movement are forecasted to improve with the end of the rainy season and the recent expansion of the contractor mining fleet. Two new heavy-duty excavators and twenty new haul trucks were mobilized to site at the end of October and were placed into service at the start of November. As a result, quarterly gold production is expected to be the highest in Q4-2024 as demonstrated by the production of 12,096 gold ounces in October.
    • Phase II Hard Rock Expansion (“Phase II Expansion”) Approval: The Company announced on July 10, 2024 that its Board of Directors had approved the Phase II Expansion after securing over $105M in new debt and equity for the construction. On August 8, 2024, the Company completed the issuance of 92,743,855 common shares at a share price of C$0.70 for net proceeds of C$64.8M ($47.3M). Concurrently, the Company is working on closing its XOF 35.0 billion ($58M) senior secured loan (“Phase II Term Loan”) with Coris Bank International (“Coris Bank”) in November 2024. The draft loan agreement with Coris Bank is in final form and the Company is now arranging for intercreditor consents from the convertible debenture holders for this additional senior debt.      
    • Phase II Expansion Early Achievements: Expansion activities are advancing ahead of schedule while committed costs are tracking on budget. The Company has placed over 50% of all packages, including CIL tank platework and 95% of all process equipment, including the purchase of a new, pre-owned 9MW 26’ diameter SAG mill. For site activities, all bulk earthwork is complete, and the laydown area is ready to receive deliveries. Rapid progress on major site contracts such as concrete will see these contracts awarded early, thereby adding further float to the schedule for first gold. For the 9M-2024, the Company has expended $9.8M on both early works and the on-going Phase II Expansion, and expects to expend a further $9M – $12M in Q4-2024 as the Company rapidly advances the expansion towards first gold in Q4-2025.
    • Multi-year Exploration Campaign Commencement: The Company initiated a 30,000 m, multi-year discovery focused drill program designed to test the broader size and scale of the Bomboré mineralized system with the goal of increasing the Bomboré global resource to 7M to 10M gold ounces. Results from the first two drill holes at the North Zone intercepted mineralization 240 m below the current reserve pit limit, including 1.67 g/t gold over 46.00 m, demonstrating the continuity of the mineralized system at depth, both in terms of grade and overall width (see the Company’s October 10, 2024 news release). Additional drill results from the next round of drilling are set for release before the end of 2024.
    • Better Grid Power Availability: Availability of grid power normalized in Q3-2024 with the national grid supplying 92% of Bomboré mine’s power needs, up significantly from Q2-2024 when grid power provided only 34% of power consumption.  
    • Debt Reduction: Scheduled principal repayments of XOF 3.0 billion ($5.0M) were made in Q3-2024 on the Company’s Phase I senior loan with Coris Bank.

    2024 Guidance for Bomboré Mine

    Operating Guidance (100% basis) Unit Original
    2024 Guidance    		 Revised
    2024 Guidance    		 9M-2024
    Actuals
    Gold production Au oz 110,000 – 125,000 Unchanged   82,244
    All-In Sustaining Costs123 $/oz Au sold $1,300 – $1,375 $1,400 – $1,475 $1,519
    Sustaining capital2 $M $14 – $15 Unchanged $11.7
    Growth capital – non Phase II Expansion2 $M $16 – $17 Unchanged $13.2
    Growth capital – Phase II Expansion early works2 $M No guidance provided $3.6 $3.6
    Growth capital – Phase II Expansion2 $M No guidance provided $15.0 – $18.0 $6.2
    1. AISC is a non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.30.
    3. Government royalties of $160/oz included in original AISC guidance based on an assumed gold price of $2,000 per oz. Government royalties of $200/oz is now estimated in the revised AISC guidance from a better gold price realized.

    2024 gold production is expected to be at or above the mid-point of guidance with AISC now guided to fall within $1,400/oz to $1,475/oz, a minor increase to the original guidance, mainly due to the impact of higher power costs from the lack of grid availability in H1-2024 (~$60/oz) and from higher government royalties (~$40/oz) on better realized gold prices.

    Sustaining capital for 2024 is expected to reach the low-end of the $14M – $15M guidance range as spending in Q4-2024 will be limited mainly to the ongoing tailings storage facility (“TSF”) expansion (stage 4 lift) and completion of the new on-site explosives magazine.

    Growth capital consists of two carryover projects from 2023:

          (i)      Power connection to Burkina Faso’s national grid (9M-2024 actuals: $1.4M)

    The powerline was energized in January 2024, and system commissioning of the new line and substations were completed in March 2024. Remaining equipment and software upgrades to shorten the transfer between the grid and back-up gensets, and to reduce the quantity of reactive power are expected to be implemented by year-end.

          (ii)      Resettlement Action Plan (“RAP”) – Phases II and III (9M-2024 actuals: $11.8M)

    RAP Phases II and III commenced in 2023 and will see the construction of over 2,200 private and public structures in three new resettlement communities (MV3, MV2, and BV2) to help relocate communities occupying areas in the southern half of the Bomboré mining permit.

    The Company successfully relocated families to the new MV3 resettlement site in June 2024 and is currently constructing the new MV2 resettlement site with construction progress reaching 85% at the end of Q3-2024. Relocation of households to MV2 and the start of construction works at BV2 are scheduled for in Q4-2024.

    RAP spending, including costs for compensation, consultants, relocation allowances, and livelihood restoration programs, is forecasted to remain unchanged at between $15M to $16M for 2024.

    BOMBORÉ GOLD MINE (100% BASIS) – OPERATING HIGHLIGHTS

        Q3-2024 Q3-2023 9M-2024 9M-2023
    Safety          
    Lost-time injuries frequency rate per 1M hrs 0.00 0.00   0.00 0.00  
    Personnel-hours worked 000s hours 1,308 1,128   3,680 3,093  
    Mining Physicals          
    Ore tonnes mined tonnes 1,457,631 2,231,360   5,826,711 6,364,169  
    Waste tonnes mined tonnes 2,690,759 2,654,010   9,265,615 8,188,409  
    Total tonnes mined tonnes 4,148,390 4,885,370   15,092,326 14,552,578  
    Strip ratio waste:ore 1.85 1.19   1.59 1.29  
    Processing Physicals          
    Ore tonnes milled tonnes 1,491,740 1,453,541   4,275,755 4,299,394  
    Head grade milled Au g/t 0.64 0.74   0.68 0.86  
    Recovery rate % 87.4 88.8   87.8 90.9  
    Gold produced Au oz 26,581 30,726   82,244 107,509  
    Unit Cash Cost          
    Mining cost per tonne $/tonne 3.76 3.19   3.49 2.99  
    Mining cost per ore tonne processed $/tonne 9.58 7.79   8.85 6.93  
    Processing cost $/tonne 7.94 9.80   8.77 9.90  
    Site general and admin (“G&A”) cost $/tonne 3.77 3.98   3.84 3.64  
    Cash cost per ore tonne processed $/tonne 21.29 21.57   21.46 20.47  
    Cash Costs and AISC Details          
    Mining cost (net of stockpile movements) $000s 14,295 11,319   37,834 29,786  
    Processing cost $000s 11,846 14,238   37,486 42,566  
    Site G&A cost $000s 5,617 5,787   16,405 15,671  
    Refining and transport cost $000s 51 66   304 378  
    Government royalty cost $000s 5,500 3,503   15,227 12,345  
    Gold inventory movements $000s 1,748 (1,303 ) 1,539 (1,584 )
    Cash costs1on a sales basis $000s 39,057 33,610   108,795 99,162  
    Sustaining capital $000s 4,453 2,606   11,752 10,444  
    Sustaining leases $000s 73 41   219 228  
    Corporate G&A cost $000s 2,255 1,837   6,643 5,451  
    All-In Sustaining Costs1on a sales basis $000s 45,838 38,094   127,409 115,285  
    Gold sold Au oz 27,698 29,167   83,864 105,914  
    Cash costs per gold ounce sold1 $/oz 1,410 1,152   1,297 936  
    All-In Sustaining Costs per gold ounce sold1 $/oz 1,655 1,306   1,519 1,088  

    1 Non-IFRS measure. See “Non-IFRS Measures” section for additional details.

    Bomboré Production Results

    Q3-2024 vs Q3-2023

    Gold production in Q3-2024 was 26,581 ounces, a decline of 13% from the 30,726 ounces produced in Q3-2023. The lower gold production is attributable to a 14% decrease in head grades and a 2% decrease in plant recoveries, partially offset by a 3% increase in plant throughput. The better head grades in Q3-2023 were from the sequencing of higher-grade pits in earlier periods of the mine plan, and greater ore release from more tonnes mined allowing for the stockpiling of lower-grade ore. Less tonnes were mined in Q3-2024 due to lower contractor equipment availability and heavier-than-average rainfall events combined with mining rates in Q3-2023 benefiting from the deployment of a second mining contractor. Pre-stripping activities at the Siga pits increased the strip ratio (1.85 vs 1.19) in Q3-2024, leading to the temporary drawdown of lower grade stockpiles to maintain mill throughput in August 2024. Plant recoveries for Q3-2024 were marginally lower from the greater blend of transition ore in the mill feed as mining deepens in certain pits. The presence of transition ore results in slightly lower metallurgical recoveries and additional plant maintenance due to the harder nature of the ore. Plant throughput increased in Q3-2024 as the Company successfully improved hourly plant throughput by increasing mill power draw and reducing residence time in the CIL circuit without a noticeable effect of recovery rates. Plant throughput was further impacted in Q3-2024 by a ball mill reline performed at the end the quarter (no comparable mill reline in Q3-2023). This mill reline was brought forward from Q4-2024 to ensure maximum mill availability during Q4-2024 when higher-grade ore from the SIGA pits is mined.

    Plant throughput, head grades, and recoveries in Q4-2024 are expected to improve quarter-over-quarter as mining ramps up at Siga East and Siga South for the full quarter, with more contribution of higher-grade, softer ore to the mill feed, and from the completion of all scheduled major plant maintenance in earlier periods of the year.

    9M-2024 vs 9M-2023

    Gold production in 9M-2024 was 82,244 ounces, a decline of 24% from the 107,509 ounces produced in 9M-2023. The lower gold production is attributable to a 20% decrease in head grades, a 3% decrease in plant recoveries, and a 1% decrease in plant throughput. Head grades were higher in 9M-2023 as a result of processing high-grade stockpiles accumulated during the Phase I construction, which were fully depleted by June 2023, and from the sequencing of higher-grade pits in earlier periods of the mine plan. Plant recoveries were lower in 9M-2024 mainly from a greater blend of transition ore. Plant throughput was marginally lower in 9M-2024 due to plant downtime in Q2-2024 caused by frequent grid blackouts and power dips, and time lost to switch to back-up gensets. Grid availability returned to normal levels beginning in July 2024 and with steady grid power, plant throughput is expected to reach a quarterly record in Q4-2024.

    Bomboré Operating Costs

    Q3-2024 vs Q3-2023

    AISC per gold ounce sold in Q3-2024 was $1,655, a 27% increase from $1,306 per ounce sold in Q3-2023. The higher AISC is primarily the result of: (a) a 14% decline in Q3-2024 gold production as explained above; (b) greater per ounce royalty costs from new royalty rates that took effect in October 2023, coupled with a 29% higher realized selling price ($2,473/oz vs $1,910/oz); and (c) increased unit mining costs with deeper pits, drill-and-blast associated with harder transition ore mined, and higher strip ratio, partially offset by a reduction in power costs from the utilization of lower-cost grid energy.

    Cash cost per ore tonne processed in Q3-2024 was $21.29 per tonne, a decrease of 1% from $21.57 per tonne in Q3-2023 mainly from the use of lower-cost grid power in Processing ($7.94/tonne vs $9.80/tonne) and lower site G&A costs ($3.77/tonne vs $3.98/tonne) from tight spending control, partially offset by a 23% increase ($9.58/tonne versus $7.79/tonne) in mining costs per ore tonne processed.

    Mining costs have increased as lower benches are mined resulting in longer hauls and more transition material that requires some drill-and-blast prior to excavation and greater rehandle prior to feeding into the dump pocket on the ROM pad. In addition, unit costs have increased from a higher strip ratio from the pre-stripping of the Siga pits and the waste pushback to the H1 pit that experienced a minor wall failure in 2023.

    Processing costs per ore tonne have benefitted from the introduction of grid power to the Bomboré mine in February 2024 with power cost per tonne dropping to $2.80/tonne in Q3-2024 from $4.94/tonne in Q3-2023, a decrease of $2.14/tonne. Further savings in power costs were offset by a greater blend of transition ore requiring higher per tonne consumption of power and from the rental and use of back-up diesel gensets to supply power when the grid was unavailable. Grid utilization dramatically improved in Q3-2024 at 92% versus 34% in Q2-2024 when issues with the supply system in Ghana and Côte D’Ivoire temporarily reduced the export of power into Burkina Faso. Processing costs in Q3-2024 was also impacted by higher maintenance costs from the ball mill reline.

    9M-2024 vs 9M-2023

    AISC per gold ounce sold in 9M-2024 was $1,519, a 40% increase from $1,088 per ounce sold in 9M-2023. The higher AISC were due namely for the same reasons as explained in the above section.

    NON-IFRS MEASURES

    The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 which is incorporated by reference herein.

    CONFERENCE CALL AND WEBCAST

    The condensed consolidated interim financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio webcast to discuss 2024 third quarter results on November 6, 2024 at 8:00am PT (11:00am ET).

    Webcast
    Date:    Wednesday, November 6, 2024
    Time:    8:00 am Pacific time (11:00 am Eastern time)
    Please register for the webcast here:  Orezone Q3-2024 Conference Call and Webcast

    Conference Call

    Toll-free in U.S. and Canada: 1-800-715-9871
    International callers: +646-307-1963
    Event ID: 9776163

    QUALIFIED PERSONS
    The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects.

    About Orezone Gold Corporation

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its Phase I oxide operations on December 1, 2022, and is now proceeding with its staged Phase II hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A.   

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Vanessa Pickering
    Manager, Investor Relations

    Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that constitutes “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur, and include, amongst other statements, the Phase II hard rock expansion setting the path for Bomboré to increase annual gold production by 50% within the next 12 months and that Bomboré can grow into a 7 to 10 million ounce orebody.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management’s discussion and analysis filed on SEDAR+ on www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements.

    Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network –

  • MIL-OSI Asia-Pac: LCQ22: Diverting the flow of visitors travelling to and from land boundary control points

    Source: Hong Kong Government special administrative region

    LCQ22: Diverting the flow of visitors travelling to and from land boundary control points
    LCQ22: Diverting the flow of visitors travelling to and from land boundary control points
    *****************************************************************************************

         Following is a question by the Hon Chan Hak-kan and a written reply by the Secretary for Transport and Logistics, Mr Lam Sai-hung, in the Legislative Council today (November 6): Question:      According to government information, there were about 1.38 million inbound visitors during the National Day Golden Week this year, with the Lok Ma Chau Spur Line (LMC SL) Control Point being the boundary control point (BCP) used by the majority of Mainland visitors during the period. There are views pointing out that the BCP has become one of the most frequently used BCPs for the public and visitors, with an average number of inbound and outbound visitors comparable to that of the Lo Wu Control Point, and the MTR East Rail Line (ERL), which is connected to these two BCPs, is often overcrowded with passengers during the holiday. In this connection, will the Government inform this Council: (1) given that at present, the service hours of the Lo Wu Control Point are from 6.30am to 12.00 midnight, while those of the LMC SL Control Point are from 6.30am to 10.30pm, whether the Government will, in the light of visitors’ demand, discuss with the relevant Mainland authorities the extension of service hours of the LMC SL Control Point; if so, of the details; if not, the reasons for that; (2) as it is learnt that the current ratio of train frequency to MTR Lo Wu Station and to MTR Lok Ma Chau Station is 2:1, whether the Government will discuss with the MTR Corporation Limited to increase the ratio of train frequency to 1:1, so as to better meet the needs of passengers; if so, of the details; if not, the reasons for that; (3) whether the Government has compiled statistics on the patronage and occupancy rate of ERL during the peak hours (i.e. from 8am to 10am and from 5pm to 7pm) during the National Day Golden Week this year, and whether there was any overloading situation; if it has compiled such statistics, of the details; (4) whether it will consider further enhancing the cross-boundary coach services to divert visitors on days with a higher number of visitors, including bus services plying between the LMC SL Control Point and districts such as Tsim Sha Tsui, Wan Chai and Central; if so, of the details; if not, the reasons for that; and (5) whether the Government has plans to construct new cross-boundary railways to connect the Man Kam To BCP, the Heung Yuen Wai BCP and the new Huanggang Port after redevelopment, etc., so as to increase the carrying capacity of the traffic to and from the land BCPs as soon as possible; if so, of the timetable, and the measures in place to expedite the implementation of the relevant plans? Reply: President,      With the commissioning of the East Rail Line (ERL) cross-harbour extension in 2022, passengers can travel directly from the Lok Ma Chau Spur Line Control Point to various districts in the New Territories East, Kowloon and even on Hong Kong Island by using the convenient, fast and efficient railway service. Having consulted the Security Bureau, the Transport Department (TD), and the MTR Corporation Limited (MTRCL), the reply to the question raised by the Hon Chan Hak-kan is as follows: (1) The Hong Kong Special Administrative Region (HKSAR) Government has been closely monitoring the demand for clearance services at various land boundary control points (BCPs). On the basis of the 24-hour passenger clearance services currently provided in Lok Ma Chau/Huanggang Control Point and Hong Kong-Zhuhai-Macao Bridge Hong Kong Port, the HKSAR Government will liaise with the Mainland authorities on extending the operating hours of the passenger clearance service at respective BCPs as and when necessary to further facilitate the flow of people between the two sides. (2) The MTRCL reviews and adjusts the frequency of trains, including those of the ERL to/from Lo Wu Station and to/from Lok Ma Chau Station from time to time, in the light of the changes in passenger demand. To cope with the passenger demand for railway service to/from the Lok Ma Chau Spur Line Control Point, the MTRCL enhanced the ERL train service for two times in March and August this year respectively, by increasing the train frequencies to/from Lok Ma Chau Station during various periods on weekdays, weekends and/or public holidays. Regarding the distribution of passengers of the ERL, as the overall patronage of trains to/from Lo Wu Station is still higher than that of Lok Ma Chau Station, overall speaking, the frequency of trains travelling to/from Lo Wu Station is higher than that to/from Lok Ma Chau Station. The TD will continue to maintain close liaison with the MTRCL to review and adjust the ERL train service in a timely manner, having regard to the travel pattern and demand of passengers. (3) To facilitate the travel of the public and visitors on the National Day, the days before and after that as well as during the Chung Yeung Festival long weekend, the MTRCL enhanced the train service of eight railway lines, including the ERL, between September 28 and October 13, 2024 with a total of about 950 train trips added. In particular, the ERL ran more frequent train trips to/from Lo Wu Station or Lok Ma Chau Station in the mornings and evenings. From the National Day Golden Week to Chung Yeung Festival, the weekday patronage was about 70 100 and loading was about 83 per cent for the critical link of the ERL (Tai Wai to Kowloon Tong) from 8am to 10am; for the critical link (Kowloon Tong to Tai Wai) from 5pm to 7pm, the patronage was about 65 600 and the loading was about 83 per cent. As for weekends or public holidays, during which passengers travel at relatively scattered times unlike on weekdays, the loading was about 70 per cent during the peak hours for critical links, and under 70 per cent for the majority of the rest of the day. According to the MTRCL’s observations, despite having a higher passenger flow on the National Day (October 1) and Chung Yeung Festival (October 11), the overall operation of the ERL was largely smooth and orderly. On the whole, train service of the ERL was able to meet passenger needs between the National Day Golden Week and Chung Yeung Festival. (4) The Lok Ma Chau Spur Line Control Point is a rail-based BCP. Passengers travel to and from the BCP mainly by the ERL of the MTR. During festive periods, the MTRCL will maintain close liaison with relevant departments at the BCP to flexibly adjust the ERL train service in a timely manner according to the situation at the BCP. Additional staff will also be deployed to the busier stations to facilitate passenger flow and assist passengers.      To facilitate travel for those in the New Territories West, the Lok Ma Chau Spur Line Control Point is also connected by KMB Route No. B1 to/from Yuen Long and Tin Shui Wai, providing services at a minimum frequency of eight-minute intervals during hours with high demand. In practice, during periods of particularly strong passenger demand such as weekends and public holidays, the KMB will flexibly enhance the service to operate more departures than scheduled. Apart from KMB Route No. B1, Green Minibus Route No. 75 also provides supplementary transport service between Lok Ma Chau Spur Line Control Point and Yuen Long.      As for cross-boundary coach services, the current short-haul cross-boundary coach services through the Lok Ma Chau/Huanggang Control Point provide services for travellers to travel to/from various destinations, including Mong Kok, Yau Ma Tei, Tsim Sha Tsui, Kwun Tong, Wan Chai (via Central), Tsuen Wan, the Disneyland. The TD has worked with relevant operators to draw up plans ahead of each peak cross-boundary travel period, including issuing ad-hoc quotas and arranging stand-by coaches when necessary, with a view to facilitating the operators’ arrangement for additional trips having regard to the actual situation. (5) The Government is pressing ahead with cross-boundary railway projects to further promote close collaboration between Hong Kong and the Mainland, thereby assisting Hong Kong in seizing the opportunities and advantages arising from the development of the Greater Bay Area and the Northern Metropolis. The Hong Kong-Shenzhen Western Rail Link (Hung Shui Kiu – Qianhai) (HSWRL) and the Northern Link (NOL) Spur Line projects provide direct cross-boundary railway connection to the Shenzhen Bay Port and the new Huanggang Port from the New Territories Northwest and New Territories Central respectively, thus providing additional commuting options for residents and visitors travelling to/from the Greater Bay Area. Meanwhile, residents and visitors can also travel to Man Kam To Port and Heung Yuen Wai Port by the proposed NOL Eastern Extension and Northeast New Territories Line. After the commissioning of the relevant railway lines, the number of land-based BCPs covered by railways in the Northern Metropolis will substantially increase from two at present (i.e. Lo Wu and Lok Ma Chau) to six, which is expected to effectively divert residents and tourists to different BCPs, and promote cross-boundary integration between Hong Kong and Shenzhen.      The HKSAR Government will continue to take forward the two cross-boundary railway projects, namely the HSWRL and the NOL Spur Line, through the Task Force for Hong Kong-Shenzhen Co-operation on Cross-Boundary Railway Infrastructure. We are working to reach consensus with the Shenzhen authorities on the implementation arrangement of the NOL Spur Line within this year for the MTRCL to commence the detailed planning and design of the project early next year. Meanwhile, we are preparing for the next stage of implementation of the proposed NOL Eastern Extension and Northeast New Territories Line, including formulating the implementation approaches, financial arrangements, etc. The layout and commissioning target of the projects were holistically outlined in the Hong Kong Major Transport Infrastructure Development Blueprint promulgated at the end of last year. We will consider different implementation arrangements and explore various innovative engineering technologies based on the construction and operation details of each new railway project with a view to enhancing the cost-effectiveness and expediting the delivery of new railway projects.

     
    Ends/Wednesday, November 6, 2024Issued at HKT 11:34

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Global climate crisis requires cooperation, not geopolitics

    Source: China State Council Information Office

    Participants pose for a group photo during the sixth Friends of the Paris Agreement High-Level Dialogue in Paris, France, on Oct. 28, 2024. [Photo/The European Climate Foundation]

    Climate change knows no borders and demands a coordinated global response. The 2015 Paris Agreement was a landmark achievement in multilateral climate governance, with countries pledging collective action to mitigate carbon emissions.

    However, geopolitical tensions increasingly complicate the path to unified global climate action. Some nations are undermining international trust through protectionist policies and trade barriers driven by self-interest.

    Amid this backdrop, the recent sixth Friends of the Paris Agreement High-Level Dialogue, held in Paris on Oct. 28-29, offered a platform to reflect on the progress and challenges of global climate cooperation.

    In an exclusive interview with China.org.cn, Jiang Feng, a researcher at Shanghai International Studies University and chairman of the Shanghai Academy of Global Governance & Area Studies, emphasized that combating climate change requires international collaboration rather than divisive geopolitics. 

    He emphasized the need for stronger China-Europe cooperation, warning that recent countervailing duties on Chinese electric vehicles (EVs) could undermine global efforts to reduce emissions.

    Jiang noted that the Paris Agreement established ambitious, binding targets for global carbon emissions reduction, reflecting a consensus on the urgency of climate action. China, instrumental in shaping and committing to the Paris goals, has made notable progress and received widespread recognition. However, not all countries are showing the same level of commitment; some engage in more rhetoric than action and politicize the transfer of technology.

    Participants at the Paris meeting expressed concerns about the possible negative impact of the upcoming U.S. election on global emissions reduction efforts.

    A key takeaway from the dialogue was the need to broaden the focus of climate measures beyond just emissions reduction targets. Jiang stressed that technological innovation, biodiversity preservation and energy structure transformation should also be prioritized.

    “The Paris Agreement represents a shift – a need for humanity to transition from fossil fuels to renewable energy,” he stated, calling it a historic opportunity for sustainable development.

    Such a transition requires countries to rethink their development philosophies and models to address the core issues of climate change. Jiang pointed to China’s investment in renewable energy as a key example. With strong policies, substantial investments, and technological innovation, China has fueled significant growth in renewables, supporting its economy while also aiding the global energy transition and emissions reduction.

    Jiang also highlighted the ambitious goals set by the European Union and some member states in their fight against climate change. For example, Aachen in Germany and RWTH Aachen University aim for carbon neutrality by 2030 – 15 years ahead of Germany’s national target. Jiang noted that this and other examples show a strong awareness among several countries in addressing climate change, bringing together governments, universities, businesses, and civil society.

    Yet, despite significant achievements, many challenges remain, particularly in the transfer of green technology. “Many innovative technologies are not being fully utilized due to rising geopolitics and trade protectionism, which politicize and instrumentalize the transfer of essential technologies and products globally,” Jiang lamented.

    The EU’s recent five-year imposition of countervailing duties on Chinese EVs illustrates this dilemma. Jiang stated that some countries have maliciously labeled China’s success in the photovoltaic and electric vehicle sectors as “overcapacity.” While the measure aims to give European manufacturers a “window” to strengthen their industries, experts fear it creates unnecessary barriers to technology exchange. Given that European industries require China’s advanced EV technology, such measures may ultimately hinder both Europe’s and global progress toward renewable energy. Instead of imposing trade restrictions, Jiang urged nations to create a supportive and collaborative environment for green technology transfer.

    During the dialogue, Chinese representatives met with experts from the International Energy Agency and European institutions to discuss enhancing mutual understanding and cooperation.

    Jiang emphasized the importance of China-Europe collaboration, suggesting that as key global players, they should jointly plan technology research, development, and transfer projects for third parties or other regions, making these technologies more market-oriented and industrialized.

    “This can not only aid third-party countries and regions but also open up new opportunities for China-Europe collaboration, creating growth drivers for their relationship,” he explained.

    MIL OSI China News –

  • MIL-OSI Russia: Knights of Sport: How the Burevestnik Fencing School Prepares Olympians

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    These guys have been wearing armor since the age of eight — impenetrable clothing, they can calculate moves in seconds, gallantly attack and defend themselves: they are fencers. This art has long since moved from combat to sports. It is a matter of honor for modern knights to become the first, to win in capital, Russian and international competitions. This is taught at the Sports School of the Olympic Reserve (SShOR) “Youth of Moscow” in fencing “Petrel”She turned 75 at the beginning of November.

    mos.ru correspondents visited a training session at the school and learned how to enroll, why the young fencers’ suits are connected to an electrical device, and also the differences between a foil, an epee, and a sabre.

    “Order” of Fencers

    The Youth of Moscow Fencing School Burevestnik is located at the Iskra stadium near the Botanichesky Sad metro station. The light-grey building is hidden behind a fence, a football field and trees, like a medieval castle.

    “The fencing department opened in 1949 at the Burevestnik stadium on Samarsky Lane in the Meshchansky district. The first and only fencing coach was frontline soldier Lev Matsukevich. Fencing was then considered a little-known sport in the USSR, but the director’s enthusiasm was enough to interest schoolchildren. One of his students was Mark Rakita, who later became a two-time Olympic champion. In the 1960s, Burevestnik was headed by senior coach, Honored Coach of the USSR Vladimir Ganson, who managed to create a team of like-minded people. In 1967, the school received the status of Olympic reserve, and our students repeatedly confirmed it with their victories. In 1977, construction of the Olympic sports complex began on the site of Burevestnik. Since then – and this is almost half a century – the Iskra stadium has been our home,” says Anna Ilyaskina, master of sports in fencing, honored coach of Russia, director of the sports school of the Olympic reserve “Youth of Moscow” in fencing “Burevestnik”.

    The display case at the entrance to the building displays sports trophies: cups, mostly gold. There are also Olympic awards: at the 2008 Games in Beijing, Burevestnik alumnus Victoria Nikishina won gold in the foil team, and in 2012 in London, foil fencer Aida Shanaeva won silver in the team tournament. “Our senior coach Andrei Alshan does not recognize simple participation in competitions and any places other than first. In reality, there are many more cups, there is not enough room for them all!” the mos.ru interviewee smiles.

    Guys of different ages run past us, smart, with their backs straight and their heads held high. They greet each other politely. Fencing also requires good manners. During the holidays, you can finally train in the morning, and not just in the evening after school. Some of the guys come here and stay, dedicating their lives to fencing. It is not just a hobby, but an honor, pride, the meaning of life, the desire to win all the competitions in the world.

    “Today, about 60 percent of students are girls. Usually, people start coming to us at the age of eight. We only accept those who have passed the entrance exams. In addition, in order to stay, you have to pass the control and transfer standards every year, and starting from the third year of study, you have to annually fulfill or confirm your sports category,” the director explains.

     

    To enter the initial training group, you need to pass sports standards: running a distance of 30 meters, bending forward from a standing position on a gymnastic bench, long jump, bending and unbending arms in a support position lying on the floor. Those who managed to pass this entrance test come to classes three times a week, from the second or third year of study – four to five times. One training session lasts an hour and a half, and at the stage of higher sports skills – four.

    Cords, guard and one and a half feet

    In the gym, a girl of about 12 is doing a concentrated warm-up before training: she does push-ups, bends over, touching her left and right toes with an outstretched hand. At the same time, she believes that there should be a certain number of exercises, and that attentiveness, discipline, and punctuality are the necessary qualities of a fencer.

    “The competition season has started, the guys are preparing for tournaments, including the Moscow Cup in fencing and qualifying competitions,” explains Anna Ilyaskina.

    The clanking of metal can be heard. The future participants of the competition are crossing weapons on the tracks. They are wearing non-slip sneakers, white breeches, golf socks, jackets and masks made of a small impenetrable metal mesh that covers the entire face, including the chin. “The clothes, although soft, cannot be pierced. They are made of a special fabric – Kevlar,” our interlocutor explains. This material resembles chain mail, but is very thin and weightless.

    A cord runs under the fencers’ clothing. One end with a plug sticks out of the sleeve: the weapon is connected to it. The other end, from under the hem of the jacket, is connected to a cord that leads to a reel, and from the reel to a small device. As soon as a participant strikes an opponent, the device transmits a signal to the board – and a light comes on there.

    “Why are the suits white? Because until the late 1950s there was no electrical device to record the injection. The tip of the weapon was dipped in special paint and this way they tracked the injection sites, which were clearly visible on light fabric,” says the school principal.

    The location of the wires under the suits depends on the type of weapon the fencer uses: each has its own striking surface. So, with a rapier you need to stab precisely into the electric jacket, which looks like a vest, with a sword – all over the body, and with a sabre – chop in the area from the waist to the crown.

    “This is not the only difference between the types of weapons. For example, a rapier has four edges, the blade is 90 centimeters long. It must be held in a bent arm, the elbow at the level of the protruding femur. In a rapier and a saber, there is tactical correctness: first the attacker pricks, then the defender. The judge decides who was right. The existing rules of the competition cannot be violated, otherwise the prick will not be counted,” says Marianna Dzakhova, a master of sports in rapier fencing.

    The epee is the heaviest: it weighs 750 grams. Those who take it out on the track can stab each other at the same time, hiding their hand behind the guard – a small hemispherical shield above the handle. And the sabre is the lightest and the only type of weapon that not only stabs, but also chops with the entire surface of the blade. To wield it, you need a quick reaction. A second – and you are defeated.

    What fencing has in common is the position of the feet. “You need to stand heel to heel and spread your toes. Then spread your feet one and a half feet apart and bend your knees. It is important to always remember this distance during movements, otherwise you will lose your balance and be vulnerable,” adds Marianna Dzakhova.

    Olympic scope

    There are 17 coaches working at Burevestnik. Nine of them are former pupils of the school.

    “I received a higher education in sports and wanted to work here. But there were no vacancies at that time, so I got a job as an instructor-methodologist at the Olympic Reserve Sports School “Youth of Moscow” in luge. Only seven years later, when I was already the deputy director, the opportunity arose to return to my native school as a coach. Both my uncles are masters of sports in sabre and graduates of “Burevestnik”, they were the ones who brought me here as a girl,” says master of sports in epee coach Anna Salykova.

    There are also graduates who do not work as coaches, but, having received the title of Master of Sports and even World Champion, still attend Burevestnik. Fencing is for life.

    “I came to Burevestnik when I was 11, now I am 23. There is no opportunity to participate in the Olympics yet, but I am not giving up. The goal of probably all fencers is to win gold at the Olympic Games. And age is not an obstacle in this sport. For example, one world champion from Italy continues to participate and win competitions, although she is 40 years old,” says Darya Drozd, a master of sabre, bronze medalist of the world championship, winner of the European championship and member of the Moscow and Russian teams.

    In anticipation of Olympic victories, master of sports in epee fencing Alexander Sobolev, multiple winner of the Russian championship and member of the capital and national teams, comes to the school for training. The young man, who is now 21, entered Burevestnik at the age of nine and practically never leaves the gym. “In the evening, I have to leave for competitions, and he is here. In the morning, fresh off the train, he runs to school and grabs his epee. Although athletes rest before and after competitions,” laughs Anna Ilyaskina.

    Another young man, 23-year-old Magamed Khalimbekov, a master of sports in sabre, silver medalist of the world championship and winner of the European championship, national champion, moved to Moscow from Dagestan. “Wrestling is popular here, and my family was involved in this sport. And a fencer needs a sharp mind, quick reactions, strong legs. At first, I didn’t have anything like that,” he admits.

    School pupil Victoria Yusova, an international master of sports in foil, bronze medalist of the world championship and member of the Russian national team, could have left fencing forever: at the international competition in Doha, she tore her Achilles tendon and underwent two operations. But the girl continued training and won silver at the Russian Fencing Cup and bronze twice at the Russian Championship as part of the Moscow team. Victoria Yusova also helps wheelchair Paralympians hone their skills. “There are no victories without defeats,” the athlete notes.

     

    Sports for mature minds

    However, according to Anna Ilyaskina, it is not necessary to dedicate your life only to fencing. Many manage to combine sports and higher education at a non-core university. For example, Ivan Tsypin, a master of sports in sabre and bronze medalist of the Russian championship, multiple winner of Russian championships, is a second-year student at the Financial University under the Government of the Russian Federation. “My father always said: “There can be several priorities, the main thing is to set them correctly,” the young man smiles.

    Mikhail Kovalenko, a master of sports in sabre, winner of the Moscow and Russian championships, entered the economics department of the MISiS University of Science and Technology. “Sometimes I have to skip lectures for the sake of training, but the institute is understanding. Sport does not interfere with my studies, on the contrary, it helps. After all, an athlete is a person with a metal rod inside,” the young man notes.

    By the way, Mikhail Kovalenko joined Burevestnik at the age of 13, broke his arm several times and missed important competitions. But nothing stopped him.

    “In fact, fencing is a sport for mature minds. You need to think analytically, calculate moves, and not react to a hot head. The more mature you are, the better and more reliable it will be,” sums up senior sabre trainer Andrey Alshan, six-time world champion, Olympic silver medalist, and Honored Master of Sports of the USSR.

    Sobyanin spoke about the reconstruction of the legendary Olympic sports complexSwimming, Boxing or Golf: Which Sport to Choose for Your ChildMoscow Mayor: Sports have become a natural part of the capital’s urban spaceFrom personal training to large projects: how Moscow is developing infrastructure for an active and healthy lifestyle

    You can enroll your child in the Youth of Moscow Sports School for Fencing “Burevestnik”, as well as in another sports school or section on the portal mos.ru.

    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://vvv.mos.ru/nevs/item/146220073/

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: LCQ13: Building international gold trading market

    Source: Hong Kong Government special administrative region

    LCQ13: Building international gold trading market
    LCQ13: Building international gold trading market
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         Following is a question by the Hon Rock Chen and a written reply by the Acting Secretary for Financial Services and the Treasury, Mr Joseph Chan, in the Legislative Council today (November 6): Question:      The Third Plenary Session of the 20th Central Committee of the Communist Party of China, convened in July this year, adopted a resolution to, among others, consolidate and enhance Hong Kong’s status as an international financial centre. Meanwhile, the 2024 Policy Address has proposed to build an international gold trading market and develop world-class gold storage facilities, while exploring with the Mainland authorities the inclusion of gold-related products in the mutual market access programme. There are views that facilitating financial flows among Hong Kong, the Guangdong-Hong Kong-Macao Greater Bay Area and the international market can consolidate Hong Kong’s status as an international financial centre. In this connection, will the Government inform this Council: (1) whether it has any specific plans to take forward the mutual market access regime with the Mainland to include gold products, and to consider conducting offshore Renminbi-denominated gold trading; if so, of the timetable and trading implementation rules, and whether it will study the related arrangements jointly with the National Financial Regulatory Administration and other relevant Central ministries; (2) whether it has plans to promote cross-industry collaborative mechanisms in the related work, thereby facilitating co-operation among the Hong Kong Exchanges and Clearing Limited, financial institutions, insurance companies, logistics companies, gold storage companies and traders; and (3) how it will promote the gold trading market in Hong Kong, particularly in attracting international and Mainland investors; whether it has plans to enhance ties with suppliers in the Middle East and the Southeast Asian region through organising international conventions or exhibitions? Reply: President,      Our consolidated reply to the three parts of the question is as follows:      The Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC Central Committee) adopted the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization. The Resolution calls on Hong Kong to fully harness the institutional strengths of “one country, two systems” while consolidating and enhancing its status as an international financial, shipping and trade centre.      In the Policy Address this year, the Chief Executive has emphasised the need to explore new growth areas. Building an international gold trading centre is a new growth point for Hong Kong to consolidate and enhance its status as an international financial centre. Gold serves as a crucial anchor in the precious metals category, possessing multiple attributes as a commodity, a reserve asset, and an investment product. Under increasing global political and economic uncertainties, gold is one of the key hedging tools. With the geopolitical environment becoming more complex and some regional situations remaining unclear, it is expected that global demand for gold will remain substantial. Many investors would like to store physical gold in different geographical locations, which presents opportunities for Hong Kong to develop the gold market.      Financial trading of gold generally refers to investors on the basis of needs making use of standard or tailored contracts to buy and sell physical gold or related spot or futures financial products (e.g. funds, forwards, swaps and futures). Experiences of overseas trading show that commodity markets, including those specialising in financial trading of gold, have their own characteristics. It takes time to build up trading and the ecosystem. While Hong Kong has the potential for both on- and off-exchange transactions, the relevant development requires detailed planning and a gradual and orderly progression.      As the first step, the Government will focus on the development of world-class gold storage facilities, thereby attracting more investors and users from different economies, including the Middle East and Southeast Asia, to store gold in Hong Kong. Based on increased storage, we expect to scale up associated support services in insurance, testing and certification, logistics, etc, while in parallel expanding related transactions including collateral, loan and hedging, hence creating a comprehensive ecosystem in a progressive manner. This will drive all-round multi-currency trading, clearing and delivery, as well as the development of the regulatory system (covering transactions using offshore Renminbi), thereby establishing a holistic gold trading centre with an industry chain. We will also as appropriate explore with the Mainland institutions (including financial regulators) mutual access with the Mainland financial market.      In the proactive development of gold trading in Hong Kong, the wisdom, contributions and concerted efforts of different sectors involved are needed. The Financial Services and the Treasury Bureau will set up a working group within this year to formulate plans on enhancing the trading and regulatory mechanisms of the market. Issues to be looked into will cover gold supply and demand, product development, application of standards, clearing mechanism, logistics and storage, testing and certification, talent training, cross-boundary collaboration, etc. We are considering the composition of the working group, which will encompass industry professionals, the Hong Kong Exchanges and Clearing Limited, Chinese Gold and Silver Exchange, financial institutions, etc. We will also communicate and liaise with the Mainland exchanges concerned. When discussing specific issues, the working group will invite the participation of relevant industry practitioners (e.g. those from the insurance and logistics sectors). The working group will also explore conducting promotion activities in the Mainland and globally to attract Mainland and international investors and users to store gold and conduct trading, clearing and delivery in Hong Kong.

     
    Ends/Wednesday, November 6, 2024Issued at HKT 12:15

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ21: Mega Arts and Cultural Events Fund

    Source: Hong Kong Government special administrative region

    LCQ21: Mega Arts and Cultural Events Fund
    LCQ21: Mega Arts and Cultural Events Fund
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         ​Following is a question by the Hon Mrs Regina Ip and a written reply by the Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, in the Legislative Council today (November 6): Question:     To promote the development of Hong Kong as the East‑meets‑West centre for international cultural exchange, and to drive the city into an international cultural metropolis and a destination for tourists worldwide, the Government set up the Mega Arts and Cultural Events Fund (Mega ACE Fund) in April last year to attract and support large-scale arts and cultural events to be held in Hong Kong by providing funding support to the organizers of such events. In this connection, will the Government inform this Council:(1) of the following information since the establishment of the Mega ACE Fund (set out by year): (i) the number of grants and the amount of funding granted, (ii) the remaining balance of the funding, (iii) the number of applications received, and (iv) the number of events funded, the amount of funding received and the actual costs incurred for each event;(2) whether the Government has assessed the economic benefits brought to Hong Kong (including the number of inbound tourists attracted to Hong Kong, the amount of spending induced and the economic value generated) by the mega events funded by the Mega ACE Fund that were already held; if so, of the details; if not, the reasons for that, and whether it will conduct such assessment;(3) given that in its progress report submitted to this Council in April this year on the motion on “Promoting the in-depth integration of culture, sports and tourism to revitalize the tourism industry”, the Government indicated that it would set corresponding key performance indicators for each of the funded mega events and activities, of the progress of such work;(4) given that the Secretary for Culture, Sports and Tourism indicated in 2022 that the Government’s initial plan was to allocate about $60 ‍million from the Arts and Sport Development Fund to fund around four events through the Mega ACE Fund each year, and as shown in the information provided by the Government in its reply to a question raised by a Member of this Council on the Estimates of Expenditure for the financial year of 2024-2025, the respective number of events funded by the Government through the Mega ACE Fund in 2023 and 2024 has both exceeded four, of the reasons for the number of events funded in each of these two years exceeding the expected number, and whether the amount of the funding for each year has exceeded $60 million; if so, of the mechanism through which the Government reports to this Council in this regard; and(5) as there are views that the Mega Arts and Cultural Events Committee (Mega ACE Committee), currently responsible for vetting and approving the Mega ACE Fund applications, may draw reference from the composition of the committees for vetting and approving other funding applications in the past and include civil servants as members, whether the Government will consider appointing civil servants as ex-officio members of the Mega ACE Committee, so as to enhance the coordination of the events funded by the Mega ACE Fund; if so, of the implementation timetable; if not, the reasons for that?Reply:President,     Our reply to the question raised by the Hon Mrs Regina Ip is as follows:(1) and (4) The 2022 Policy Address announced the setting up of the Mega Arts and Cultural Events (ACE) Fund to provide incentives for organisers of large-scale arts and cultural events so as to attract and support international and mega arts and cultural events to be staged in Hong Kong, with a view to further developing Hong Kong into an arts and cultural hub.      The Government officially set up the Mega ACE Fund in April 2023. At the early planning stage, our initial plan was to allocate about $60 million from the arts portion of the Arts and Sports Development Fund to fund at least four events each year, which was budgetary in nature. The Government was pleased to note that many large-scale events have applied for the Mega ACE Fund since its launch, and the Fund has supported a number of mega events to be held in Hong Kong after the pandemic, which is in line with the Government’s objective of setting up the Mega ACE Fund.      In 2022, 2023 and 2024, we received two, 25 and 44 applications respectively. As of October 2024, 17 applications have been approved.     Details of the 17 approved projects are as follows: 

    Title of Event(according to the chronological order of the event)
    Approved Funding Amount (HK$)

    Art Basel Hong Kong 2023
    15,000,000

    Art Central 2023
    2,531,632

    “Madame Song: Pioneering Art and Fashion in China”
    8,000,000＊

    Freespace Jazz Fest 2023
    8,000,000

    INK ASIA 2023
    13,672,155.7

    “Botticelli to Van Gogh: Masterpieces from the National Gallery, London”
    15,000,000＊

    Chubby Hearts Hong Kong
    7,785,000＊

    A Path to Glory – Jin Yong’s Centennial Memorial • The World of Wuxia
    15,000,000＊

    ComplexCon Hong Kong 2024
    15,000,000

    Art Basel Hong Kong 2024
    15,000,000＊

    Art Central 2024
    11,000,000

    Voyage with Van Gogh
    11,800,000＊

    Chinese Kungfu x Dance Carnival
    14,686,070＊

    ART021 Hong Kong Contemporary Art Fair
    15,000,000＊

    Puccini’s Turandot
    700,000＊

    Hypefest Hong Kong 2024
    15,000,000＊

    A pop culture event(Details of the event will be announced in due course to tie in with the promotional plans of the organiser.)
    15,000,000＊

    ＊Actual grant amount to be finalised upon the submission of audited report by the grantee after the event.     The purpose of requesting the organisers of the approved projects to submit audited account report upon completion of their projects is to ensure that the grant provided by the Mega ACE Fund is fully and properly applied to the approved budget items.  As far as we understand, these projects may also incur costs that are covered by other sources of income, which the organisers are not required to report these items in their reports to us. Therefore, we do not maintain the information on the overall actual cost incurred for each project.(2) and (3) The Mega ACE Fund was established when the community was recovering from the pandemic. The number and variety of activities were crucial for the construction of a vibrant ecosystem of large-scale arts and cultural events, thus the Culture, Sports and Tourism Bureau (CSTB) has been actively introducing arts and cultural events with different orientations and genres through the Mega ACE Fund. At present, we will request the organiser of each approved project to set suitable Key Performance Indicators (KPIs) accordingly. The KPIs concerned will form part of the funding agreement, so that the effectiveness of the project will be monitored. According to the requirements of the Mega ACE Fund, grantees must follow the provisions of the funding agreement to carry out the proposals and fulfill the related obligations. They must also submit an event report after the completion of the event and will only receive the remaining grant amount upon the acceptance of the report.     Regarding the approved projects stated in our reply to parts (1) and (4) above, 15 projects were completed, attracting an attendance of over 4.76 million in total. The response has been positive and exceeded the targets, bringing a positive impact on the arts and cultural ecology of Hong Kong. For instance, ComplexCon Hong Kong 2024 attracted over 32 000 participants, among them 55 per cent were tourists, whereas Art Basel Hong Kong 2024 brought together 242 galleries from across 40 countries and territories, which attracted around 80 400 participants, of which half of them were visitors. Having said that, as different activities have different target audiences, it is inevitable that some activities will perform better in attracting tourists, and we should not adopt a broad-brush approach in assessing the effectiveness of the activities.      Apart from some quantifiable indicators such as the number of participants, these projects supported by the Mega ACE fund also bring unquantifiable values to the arts and cultural landscape of Hong Kong. A series of events covering a wide range of arts genres make arts more accessible to the public and tourists, encourage them to appreciate arts and arouse their interest, gradually creating a rich artistic atmosphere within the community. In addition, these projects are in line with the Government’s direction of promoting the development of arts and culture industries in Hong Kong, including fostering international cultural exchange with the Mainland and overseas countries, offering platforms for young and emerging artists to showcase their work, and contributing to the development of the industries, etc. For example, Art Central 2024 provided a platform for local young artists to create large-scale art installation, while the sculpture exhibition “A Path to Glory – Jin Yong’s Centennial Memorial • The World of Wuxia” will tour in the Mainland and overseas, exporting Hong Kong’s local characteristics and Chinese culture. In the long run, the Mega ACE Fund plays an important role in promoting the diversified development of Hong Kong’s arts and culture ecosystem.      The positioning of the Mega ACE Fund is mainly to support the development of Hong Kong’s arts, culture and creative industries. As the Mega ACE Fund has been fully operated for around a year and a half, we have not yet specifically assessed the economic benefits brought by the Mega ACE events for the time being. Taking into consideration the latest developments in Hong Kong’s arts and culture sector and ecology, the CSTB has reviewed the operation and funding mode of the Mega ACE Fund based on the experience gained after setting up the Fund and consulted the Mega ACE Committee and relevant stakeholders.(5) The Mega ACE Committee is an advisory body of the Government, responsible for advising the Government on the strategies to attract mega arts and cultural events to be held in Hong Kong as well as the operation of the Mega ACE Fund, and assessing applications under the fund for the Government’s approval. The Committee comprises leaders from the arts and cultural and other sectors. The CSTB provides secretariat service for the Committee, including communication with the applicants and grantees. In the course of processing the applications, the secretariat will also seek comments from relevant government bureaux or departments for the Committee’s reference.      The Mega ACE Committee is responsible for assessing the applications and making recommendations to the CSTB while the Government will take into account the recommendations of the Committee and consider the applications from different perspectives before making a final decision. The current mechanism leverages on the advice from leaders and the role of Government officials in the vetting process.           Having said that, when arranging the appointment for the next term of the Committee, the CSTB will actively consider the recommendation for appointing ex-officio member so as to enhance the coordination work of mega arts and cultural events.

     
    Ends/Wednesday, November 6, 2024Issued at HKT 12:30

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    MIL OSI Asia Pacific News –