NewzIntel.com

Category: Economy

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

    Source: Australian Treasurer

    GREG JENNETT:

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

    ANDREW LEIGH:

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

    JENNETT:

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

    LEIGH:

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

    JENNETT:

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

    LEIGH:

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

    JENNETT:

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

    LEIGH:

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

    JENNETT:

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

    LEIGH:

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

    JENNETT:

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

    LEIGH:

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

    JENNETT:

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

    LEIGH:

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

    JENNETT:

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

    LEIGH:

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

    JENNETT:

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

    LEIGH:

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

    JENNETT:

    Ever been upgraded on personal travel unexpectedly?

    LEIGH:

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

    JENNETT:

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

    LEIGH:

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

    JENNETT:

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

    MIL OSI News –

  • MIL-OSI United Kingdom: FM: Chancellor must invest in opportunity

    Source: Scottish Government

    First Minister and Scottish Chambers of Commerce issue joint call for investment to support growth.

    A joint call for investment has been issued to the Chancellor on the eve of the UK Budget from Scottish Government and Scottish Chambers of Commerce.

    Speaking to business leaders at a reception with the Scottish Chambers of Commerce on Tuesday 29 October, First Minister John Swinney said:

    “My Government is committed to growing the economy to generate the wealth to invest in our public services and eradicate child poverty. We want to use that investment to create a partnership between government and business that will make the most of Scotland’s many economic opportunities.

    “It takes political willpower to adapt and evolve our economies and grow thriving societies in all four nations – something the Chancellor can signal by including steps to advance the Acorn carbon capture and storage project in the UK Budget, which would provide new opportunities for workers in the oil and gas sector in Grangemouth and in other parts of Scotland.

    “The Office for Budget Responsibility highlighted recently the potential for public investment to deliver permanent improvements in the economy. It is welcome that my calls for the Chancellor to amend her fiscal rules have been heard, with indications last week that there will be scope for greater investment.

    “The Chancellor has the chance to choose to deliver a UK Budget that invests in our public services and supports the entrepreneurial spirit displayed in Scotland’s business sector. With these new rules in place the Chancellor must use the fiscal headroom they create to deliver a Budget that immediately and significantly enhances Scotland’s resource and capital funding, enabling us to invest more in our public services and take forward the vital infrastructure projects that support economic growth, net zero, and action to tackle child poverty.”

    Scottish Chambers of Commerce Chief Executive Dr Liz Cameron CBE said:

    “Our budget focus is on growth, investment and competitiveness. That means investing in skills, technology and infrastructure, and equipping the workforce for tomorrow’s challenges. 

    “The Chancellor’s actions and the message they send will directly impact business confidence and investment at a time when we need to create positive momentum. We hope that our calls to support business have been listened to and not ignored.” 

    Background

    The Office for Budget Responsibility’s conclusions on impact on GDP of a permanent uplift in capital investment can be found on page 23 of Discussion paper No.5: Public investment and potential output (obr.uk)

    UK Autumn Budget: Letter to UK Government – gov.scot (www.gov.scot)

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Release of Centrepay Discussion Paper Report

    Source: Ministers for Social Services

    The Australian Government is considering comprehensive customer and stakeholder feedback on the Centrepay program, following extensive consultation with the community.

    In May the government released the Centrepay Reform Discussion Paper, and invited the public to share their views and experiences with Centrepay.

    In particular, the review sought input from the community on safeguards and protections for customers to reduce financial harm, and ensuring the right products and services are available through the program.

    The government has published a Centrepay Discussion Paper Report, capturing feedback from Centrepay users, peak advisory groups, business and across government.

    Responses to the Discussion Paper highlighted that customers expect to be in control when managing their finances and recognised the need for greater protections through enhanced gatekeeping and enforced business compliance, and accessibility of information and support.

    Consultation has been at the core of the Centrepay reform process. Services Australia has been working alongside peak advisory community groups and across government, meeting regularly with stakeholders such as Anglicare, Mob Strong Debt Help, the Australian Council of Social Services, and Economic Justice Australia.

    Services Australia has also conducted community consultation activities across Australia, including in remote areas, to hear firsthand feedback on how Centrepay can support and empower those who use it.

    This feedback will help inform the reform needed to ensure Centrepay is an effective budgeting tool that helps Australians have greater control over their finances.

    Quotes from the Hon. Bill Shorten MP, Minister for Government Services:

    “We thank every individual, organisation, and advocacy group who took the time to respond to the Centrepay discussion paper.”

    “Their contributions will be invaluable as we work towards the improvements needed to ensure Centrepay meets the expectations of customers and the community.”

    “Priority work to reform Centrepay is ongoing and we’ll have more to say regarding the next steps soon.”

    “Services Australia will continue to work with customers, peak community advisory groups, business and across government to ensure Centrepay is an effective budgeting tool that helps Australians have greater control over their finances.”

    MIL OSI News –

  • MIL-OSI New Zealand: Lasting and integrated solutions needed to improve school attendance – PPTA

    Source: Post Primary Teachers Association (PPTA)

    Commenting on the release of an Education Review Office report into the issues, he agreed with the agency that the current model for managing school attendance was not designed to succeed.

    “The issues causing the increase in chronic non-attendance over the last 10 years are complex and varied. If we want to see a long-term reduction in these rates, schools and school attendance services need more staffing, more time and more resources.

    “Schools and attendance services are stretched to the limit. They don’t have the time and resources that these issues need. Young people who are chronic non-attenders, and their whānau, need a lot of ongoing time, attention and support that currently just is not there.”

    Chris Abercrombie said the report made it clear there was no quick fix, evidenced by the fact that the attendance of many students who return to school after chronic non-attendance, starts to slip again after about two months. “When these students return to school, it is a challenge to reintegrate them – schools need more support for this.

    “We need lasting, meaningful and integrated solutions – both at the community level, with other agencies and supports, and at the school level with appropriate funding and resourcing for gateway, alternative education and activity centres, pastoral care and learning support.

    “Alternative education has been chronically under-resourced for years, a point which has been made previously by ERO.

    “It’s deeply disappointing that the Govenrment has chosen to pour hundreds of millions of dollars into a vanity project such as charter schools, when  issues such as chronic non-attendance are crying out for adequate funding.”

    PPTA also had serious concerns about the report’s recommendations for more parental prosecutions. “All this will do is put people who are struggling financially further into debt, and / or give them a criminal record.”.

    Governments needed to be bold and brave enough to address the underlying causes of chronic non-attendance. These included poverty, housing insecurity, and mental health.

    MIL OSI New Zealand News –

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

    Source: Hong Kong Government special administrative region

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

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Minister Rishworth Melbourne press conference

    Source: Ministers for Social Services

    Joint with:

    The Hon Jim Chalmers MP
    Treasurer
    Member for Rankin

    The Hon Amanda Rishworth MP
    Minister for Social Services
    Member for Kingston

    E&OE TRANSCRIPT

    Topics: PLACE announcement; support for disadvantaged communities; support for First Nations communities; flight upgrades; Wednesday’s inflation data.

    AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES: I’m really pleased to be here at the Carlton Learning Precinct with the Treasurer Jim Chalmers, Professor Kristy Muir from the Paul Ramsey Foundation, and the interim CEO of PLACE, Luke Craven.

    Today, we’re announcing a really exciting announcement. A partnership between philanthropy, Government and the community that how we expand the great place-based work that’s happening right around the country. Place-based work is work that communities lead to drive change in their local community supported by non-Government organisations, Government organisations and philanthropy.

    But we know that many communities do want support. They want to share ideas. They want to be part of something bigger, and that’s what PLACE is all about. A national organisation that is a partnership between philanthropy and government to disseminate those good ideas, to support communities, to work with communities to actually drive local change.

    Now one of the really important parts of this new body is that it will have a community council. Local people driving change within place, making sure it constantly stays centred on community. This is really exciting. We already know that place-based change is delivering outcomes in community, particularly in communities where they’ve identified areas of disadvantage. It is actually driving change.

    But this PLACE, this new organisation, will drive change right around the country. I would like to really thank the philanthropic partners for being part of this. This is a new era of working together, and I’m really excited to be part of it. So I will now introduce our Treasurer, Jim Chalmers.

    JIM CHALMERS, TREASURER: Thanks very much, Amanda.

    Before I touch on some other points about this announcement today, can I just say this. Our hearts break today for the little soul lost at Auburn South Primary School. Our hearts go out to the loved ones of that little boy, to his friends, his teachers and the staff at that school. It is unimaginably sad to think that a little boy went to school and didn’t come home. Our hearts break for the family and for everyone who knew him, and we know that it’s a very sad day in the eastern suburbs of Melbourne today, and indeed, for anyone who hears about this right around the country.

    Today, we’re here with the Minister, with Kristy and with Luke to make a really important announcement. This is all about the Albanese Labor government’s belief in a place-based change that these philanthropic organisations are helping to achieve in Australia. For all of us who want to make this country fairer, more inclusive, change can be overwhelming, and it helps to begin in the communities where we can make the biggest difference.

    What we’re doing here is we’re making sure that we take best practice when it comes to place based change, and that we’re empowering local leaders to make a difference in their own communities. Not instead of the national programs that Amanda runs in her portfolio, and that our Government funds and supports, but in addition to that effort as well.

    We don’t want to see disadvantage concentrate in communities and cascade through generations, and we’re doing something about it. We’re not going alone when it comes to this important work. We’re working very closely with philanthropic organisations and Governments at all levels and local communities to try to see the change that we want so that that disadvantage doesn’t concentrate and cascade through the generations.

    For many of us, this is our reason for being, to make sure that this country is its best version of itself. We recognise that there’s not just some switch that you can flick to eliminate disadvantage in our country, you need to begin where we can make the most difference, and that’s what we’re doing.

    What we hope is by demonstrating our support for and our commitment to place-based change, we want to make this the norm, not novel when it comes to national Governments in Australia.

    We are big, big believers in the work of place-based organisations. We are big supporters financially and in other ways as well. We’re very proud to be here today to make this important announcement. We’re now going to hear a bit more about it from Kristy. 

    PROFESSOR KRISTY MUIR, CEO, PAUL RAMSAY FOUNDATION: Thank you. We all want kids, family and communities to thrive across Australia, and we know at the moment, not all of those kids, families and communities are.

    The one thing we know about social change is that no one organisation, no one group, can do this work alone. We have incredible people groups, organisations doing amazing work to strengthen communities.

    This new not-for-profit, PLACE, is all about creating a community of communities. It’s about providing those people and places doing incredible work in their communities, the kind of resources and supports they need to do that better, no matter where they’re based.

    On behalf of the philanthropic funders, I’m really proud to be supporting the initiative of PLACE. And it’s a testament to the Federal Government that we are partnering between government, philanthropy and communities to create the kind of change we all want to see.

    JOURNALIST: Minister Rishworth, you talked about tackling disadvantage and driving positive change, and the Treasurer says disadvantage should be a multi-generational issue. What priorities are front of mind for First Nations people?

    AMANDA RISHWORTH: When you speak with First Nations communities, what you hear from local leaders is they often know what is needed in their community.

    We often hear from First Nations leaders that the supports and programs they want in place should be informed by them themselves, and what PLACE will support those communities to do is to ensure that they can design those programs, they can attract funding, they can work with Government to deliver.

    PLACE is all about empowering communities in their decision making and in their shared decision making with Government, which is exactly what Indigenous communities have been calling out for. We do work that way in some places through the Empowered Communities Program, but this has taken the opportunity of place-based work right across the country to any community that would like to work this way.

    JOURNALIST: [Inaudible – question about upgrade declarations]

    JIM CHALMERS: As I’ve made it clear in our declarations that we make to the Parliament, there is an upgrade for me from about six years ago and another one from about ten years ago, and there’s some additional family upgrades from around the same time period. Those have been disclosed in the usual way.

    I might just take the opportunity to preview some inflation numbers that we’re getting out later this morning. We’ll see what those numbers say at 11:30.

    It’s really clear already that the Albanese Labor Government is making substantial progress in the fight against inflation. When we came to office, inflation was higher and rising. It had a six in front of it. We’ll get new numbers today, which whether they’re in the low threes or in the high twos, will show that inflation has halved under this government.

    Now we know that people are still doing it tough, but we’re making welcome and encouraging and substantial progress in the fight against inflation and economists expect that to be demonstrated in the numbers that we get later this morning. I look forward to talking with you about it.

    Thanks very much.

    MIL OSI News –

  • MIL-OSI Asia-Pac: FS leads Hong Kong delegation to Future Investment Initiative (with photos/video)

    Source: Hong Kong Government special administrative region

    FS leads Hong Kong delegation to Future Investment Initiative (with photos/video)
    FS leads Hong Kong delegation to Future Investment Initiative (with photos/video)
    *********************************************************************************

         ​The Financial Secretary, Mr Paul Chan yesterday (October 29, Riyadh time) led a delegation from the financial and innovation sectors on a visit to Riyadh, Saudi Arabia.     Mr Chan, along with the delegation, attended the first day of the 8th edition of the Future Investment Initiative (FII). He was one of the speakers in the panel discussion titled “Is the Global South Now the Engine of Growth?”. This session focused on how the Global South could promote economic innovation, build resilience, and maintain growth while addressing the complexities of the international environment and the challenges of climate change.     During the discussion, Mr Chan stated that as an international financial centre, Hong Kong is actively promoting the development of green finance and green technology. He emphasised that Hong Kong could provide capital support for infrastructure and green projects in the Global South and guide funding to new projects through innovative financial products, such as securitised loans.     In response to a question, Mr Chan noted that a number of countries in the Global South are considering how to manage risks related to their trade and reserve currencies. Some are increasingly using their own currencies more for settlements. He mentioned that Hong Kong is collaborating with multiple central banks to launch the Project mBridge, aiming for faster, more cost effective, and more secure cross-border payments and settlements. He also pointed out that digitalisation and green transformation will be significant trends for the future development of the Global South, and investing in suitable projects in these areas will yield long-term returns. Furthermore, the development of fintech will help make financial services more accessible and inclusive, facilitating leapfrog development for developing countries. Hong Kong can contribute to the Global South in these areas.     During the FII, Mr Chan witnessed, together with the Minister of Investment of Saudi Arabia, Mr Khalid Al-Falih, the signing of a strategic cooperation agreement between the Hong Kong Science and Technology Parks Corporation and Beta Lab, a venture capital firm focused on deep technology in Saudi Arabia. Both parties will share resources, recommend startups to each other, facilitate connections within their startup networks, and jointly engage in market promotion and events.     A number of delegation members also spoke at various sessions of the FII, promoting Hong Kong’s unique advantages as a “super connector” and “super value-adder,” and how it can connect the Mainland and global capital markets and investors in multiple ways.     In the evening, Mr Chan and the delegation members attended a reception hosted by the Cathay Pacific; as well as a reception organised by the Hang Seng Investment Management to celebrate the upcoming listing of its exchange-traded fund.     Mr Chan will continue his visit in Riyadh today (October 30, Riyadh time).

     
    Ends/Wednesday, October 30, 2024Issued at HKT 9:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Impact of Climate Risk on Fiscal Space: Do Political Stability and Financial Development Matter?

    Source: Asia Development Bank

    The findings highlight the impact on economies most vulnerable to climate change. The results suggest that factors such as political stability and financial development have the potential to alleviate these effects. It reveals that the influence of climate risk on fiscal capacity is more significant in situations of limited fiscal space. Implementing fiscal consolidation emerges as a crucial factor in mitigating the negative impact of climate risks on fiscal capacity, with political stability and financial development also playing pivotal roles.

    MIL OSI Economics –

  • MIL-OSI Australia: MEDIA RELEASE: Labor appointees are Fair Work favourites

    Source: Australian Mines and Metals Association – AMMA

    Six new Federal Labor Government-appointed presidential members have determined almost 70 per cent of major Fair Work Commission cases this year, according to AREEA Chief Executive Steve Knott.

    Mr Knott will describe the development as “stunning” in a speech to the H.R. Nicholls Society National Conference in Melbourne today.

    “During March and May 2023, and in May 2024, then-IR Minister Tony Burke appointed one new Vice President and five new Deputy Presidents (to the FWC),” Mr Knott will say.

    “In 2024, to date, these six new presidential members have presided over nearly 70 per cent of all Full Bench matters heard.

    “One of these DPs, a former union barrister and National Legal Officer for the CFMEU Mining and Energy Division, has sat on the bench for 56 per cent of all Full Bench matters and presided as the senior member over 38 per cent of them.

    “Just to hone this point – nearly 40 per cent of all the FWC’s most important matters were led by a Deputy President who’s been at the tribunal since May 2023.”

    The Fair Work Commission is the nation’s workplace tribunal, with appeals of decisions among the significant matters that must be heard by a Full Bench consisting of three Commission members, including at least one who is either the President, a Vice President or a Deputy President.

    Of 53 FWC members – seven more than when Labor left office in 2013 – 28 are ALP-appointees with 25 appointed by the previous Coalition government.

    Mr Knott says under Justice Adam Hatcher (who became president on February 19, 2023), the FWC appears to be “performing administratively quite well in its role as a service provider to users of the employment system”.

    “Agreement approvals are much faster, there appears to be less head-scratching single member decisions that immediately head to appeal, and the tribunal is being very transparent and as efficient as it can in implementing all its new jurisdictions and powers,” Mr Knott says.

    However, in his speech Mr Knott will reveal AREEA analysis of all Full Bench matters from January 1 to October 18 this year, showing “alarming trends” in the composition of the bench.

    Of the 358 Full Bench decisions assessed over the period:

    • 318 (89 per cent) were ALP-appointee majority benches
    • Just 40 (11 per cent) were Coalition-appointee majority benches

    Mr Knott says the facts point to a continued politicisation of the nation’s IR tribunal at its apex, an issue that commenced under its former President and that AREEA regularly brought to attention.

    “Since the end of the Rudd/Gillard era in 2013, ALP appointees have dominated FWC appeal matters, even when Coalition appointees were in the majority,” he says.

    “Make no mistake, the sidelining of Coalition appointees in important FWC proceedings has been strategic and subject to much chatter amongst IR professionals.

    “The handpicked generation of new FWC Presidential members is designed to ensure this ALP-appointed FWC control at the top of the institution continues well beyond usual political cycles.”

    Mr Knott will also use his speech as a call to arms to business to build a case for IR reform – and not just leave it to the Coalition.

    “We in the business community can and should collectively campaign as hard as possible to pressure future governments to do what needs to be done to the IR framework,” he says.

    “This should be …promoting the merits of a whole new IR system – one focused on simplicity and promoting the direct employer-employee relationship; winding back unwarranted union interference and the influence of tribunal members with limited business experience.”

    Mr Knott will call for modern awards to be abolished and replaced with a standard safety net for employees, a far less complex enterprise bargaining system and a winding back of union interference in workplaces.

    He says businesses are “drowning in employment red tape and regulatory burden”.

    Highlighting how the Howard-era IR reforms produced more than 10 times the real wages growth of the Accord era of the Hawke/Keating Governments, Mr Knott says “we must always bring it back to the opportunity cost”.

    “The community at large must be convinced that by making it easier and less costly to employ people, more people will be employed and costs that are saved via less regulatory burden will ultimately be shared by all via higher wages and a more productive economy,”  Mr Knott says.

    Read the full speech here.

    MIL OSI News –

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

    Source: China State Council Information Office

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI China News –

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

    Source: China State Council Information Office

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

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

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

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

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

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

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

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

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

    MIL OSI China News –

  • MIL-OSI USA: Senators Reverend Warnock, Ossoff Announce Over $48 Million in Federal Funding for Clean Energy Upgrades at Savannah, Brunswick Ports 

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senators Reverend Warnock, Ossoff Announce Over $48 Million in Federal Funding for Clean Energy Upgrades at Savannah, Brunswick Ports 

    Federal funds made possible by the Inflation Reduction Act, championed by Georgia’s U.S. Senators for its investments in Georgia’s clean energy economy
    Georgia Ports Authority to receive over $48 million to install new electric charging infrastructure for ships at the Port of Savannah and the Port of Brunswick
    Senator Reverend Warnock penned a letter of support for GPA’s bid to receive federal funding for clean energy infrastructure upgrades
    In addition to boosting the local economy, this grant will result in less smog from diesel emissions for surrounding port communities, strengthening air quality and the health of dock workers 
    Earlier this year, Georgia’s U.S. Senators announced over $15 million in clean energy and infrastructure investments for the Port of Savannah
    Senator Reverend Warnock: “As a son of coastal Georgia, I know the importance of Georgia’s ports and its workers to our state and national economies. As we continue moving toward a clean energy economy, it is critical Georgia and its workers remain on the frontlines of these federal investments and reap the benefits of our hard work in Washington”
    Senator Ossoff: “Today we are delivering new resources through the EPA’s Clean Ports program to upgrade the Port of Savannah and the Port of Brunswick with vessel shore power systems and install new electric charging infrastructure. This is a win-win for our economy and for local communities”

    Washington, D.C. —  Today, U.S. Senators Reverend Raphael Warnock (D-GA), a member of the Senate Commerce committee charged with overseeing the nation’s transportation policies, and Jon Ossoff (D-GA) announced they secured $48,763,746 to install new electric charging infrastructure for ships at the Port of Savannah and the Port of Brunswick. The funding will go to the Georgia Ports Authority (GPA) to invest in the vessel shore power systems, which will allow ships to ‘plug-in’ to electric grid power and turn off diesel engines while at port. In addition, the project includes the scrappage and replacement of diesel terminal tractors with new electric terminal tractors. GPA plans to engage with communities through their network and conduct classroom and on-the-job training for workers related to shore power, zero-emission vehicles, and charging stations. In addition to boosting the local economy, this grant will result in less smog from diesel emissions for surrounding port communities, helping enhance overall quality of life. The decrease in diesel emissions will also strengthen air quality, and in turn, the health of dock workers spending long hours keeping our ports running. This latest investment reflects both senators’ commitment to bolstering Georgia’s clean energy infrastructure, helping Georgia’s ports maintain their competitive edge in the U.S. economy, and ensuring workers receive the support and training needed in an evolving economy. 

    “As a son of coastal Georgia, I know the importance of Georgia’s ports and its workers to our state and national economies. As we continue moving toward a clean energy economy, it is critical Georgia and its workers remain on the frontlines of these federal investments and reap the benefits of our hard work in Washington, which is why I was proud to champion this award for the Georgia Ports Authority,” said Senator Reverend Warnock. “Senator Ossoff and I will continue delivering investments for Georgia’s ports to keep our state at the forefront of the nation’s clean energy economy.”

    “Senator Warnock and I continue working to upgrade Georgia’s port infrastructure and establish Georgia as the national leader in advanced energy technology. Today we are delivering new resources through the EPA’s Clean Ports program to upgrade the Port of Savannah and the Port of Brunswick with vessel shore power systems and install new electric charging infrastructure. This is a win-win for our economy and for local communities,” said Senator Ossoff.

    The latest announcement is part of a larger set of awards unveiled by the U.S. Environmental Protection Agency that includes 55 applicants across 27 states and territories to receive nearly $3 billion through EPA’s Clean Ports Program. The grants are funded by the Inflation Reduction Act—the largest investment in combating climate change and promoting clean energy in history, and legislation only made possible by Georgia voters electing Senators Warnock and Ossoff to cast the decisive votes—and will advance environmental justice by reducing diesel air pollution in U.S. ports and surrounding communities while promoting good-paying and union jobs that help America’s ports thrive.

    A longtime advocate for strong federal funding for Georgia’s ports, this latest effort follows Senator Warnock’s bipartisan, bicameral push with Georgia’s full congressional delegation urging officials to study expanding the Port of Savannah to ensure it can continue accommodating increasingly large container vessels. Earlier this year, Senators Warnock and Ossoff announced over $15 million in clean energy and infrastructure investments for the Port of Savannah. Also this year, Senator Warnock successfully secured $11.3 million for the Brunswick Harbor through the FY ’24 government funding bill for modifications to improve the efficiency, cost and reliability of ship traffic in the harbor, as well as $44.7 million for the Savannah Harbor to support operations and maintenance. Additionally, in January 2024, Senators Warnock and Ossoff announced a $15 million federal grant to the Port of Brunswick for critical infrastructure upgrades, funded through the Bipartisan Infrastructure Law championed by both Georgia senators.

    In May 2023, Sen. Ossoff and EPA Administrator visited the Port of Savannah to announce the Clean Ports Program and the availability of funding to electrify transportation and logistics to reduce air pollution.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: SEE attends seminar on ecological and environmental protection of Guangdong-Hong Kong-Macao GBA (with photos)

    Source: Hong Kong Government special administrative region

         The Secretary for Environment and Ecology, Mr Tse Chin-wan, attended a seminar in Shenzhen yesterday (October 29) held by the Ministry of Ecology and Environment (MEE) on the ecological and environmental protection work of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The seminar aimed to deepen the promotion of ecological and environmental protection work in the GBA, exchange related major work progress and suggestions among Guangdong, Hong Kong and Macao, and explore measures to support the GBA in accelerating the building of an international first-class beautiful bay area. The Secretary of the Leading Party Members Group of the MEE, Mr Sun Jinlong, also attended and gave an important speech at the seminar.
     
         During the seminar, Mr Tse highlighted four key areas regarding the initiatives and strategies of the Hong Kong Special Administrative Region (SAR) in promoting ecological and environmental protection in the GBA. These include enhancing environmental governance to build a beautiful Hong Kong, promoting green and low-carbon transformation, green transportation development, and advocating for the building of “Zero-waste City.”
     
         Mr Tse said, “Guangdong, Hong Kong and Macao have effective co-ordination mechanisms in various environmental aspects to promote ecological and environmental protection in the GBA. The Hong Kong SAR will continue to actively participate and co-operate, contributing to the development of picturesque landscapes and a beautiful bay area. Looking ahead, we look forward to collaborating with Mainland cities in the GBA to jointly promote a circular economy, facilitate green transformation and explore collaborative opportunities for the development of green industries in the GBA with a view to supporting the high-quality development of the entire GBA.”
     
         Attendees of today’s seminar included representatives from the Hong Kong and Macao work office of the Communist Party of China Central Committee, the People’s Government of Guangdong Province, the MEE, the Department of Ecology and Environment of Guangdong Province, the Ecology and Environment Bureau of Shenzhen, Zhuhai and Guangzhou Municipalities and the Environmental Protection Bureau of the Macao SAR. The Permanent Secretary for Environment and Ecology (Environment), Miss Janice Tse, and the Director of Environmental Protection, Dr Samuel Chui, also attended the seminar.
     
         Mr Tse returned to Hong Kong in the afternoon.      

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Diabetes Australia joins Melbourne City’s Support Service Hub, Project 614

    Source: Ministers for Social Services

    Diabetes Australia is the latest support service to join a suite of Government and non-government services helping those in need in the heart of Melbourne.

    Services Australia and the National Disability Insurance Agency (NDIA) provide help to access financial and health support, as well as community education at Salvation Army’s Project 614, a drop-in breakfast, lunch and dinner café in Melbourne’s CBD.

    Services on-site at Project 614 include Services Australia, the NDIA, Hearing Australia, Victoria Police, Births Deaths and Marriages Victoria, drug and alcohol counselling services, and HousingVic Officers.

    All the services were at the Bourke Street site today to welcome Diabetes Australia and help Australians who need it most.

    Minister for the NDIS and Government Services Bill Shorten said the partnership between Diabetes Australia and Project 614 will add even greater value to the already successfully site which provides wraparound services for people in the community experiencing significant vulnerability.

    “Services Australia’s partnership with Project 614 started in August 2022, kicking off a broader specialist community partnership program between Services Australia and non-government organisations, now in 27 locations across the country.

    “Since the partnership commenced, our Community Partnership Specialist Officer based at Project 614 has helped community members on over 5,100 occasions, with things such as getting a Medicare card or claiming an income support payment.

    “Barriers such as homelessness, mental health and substance abuse issues can pose a significant challenge to accessing government services through our regular service channels.

    “We are meeting people where they are, working with them individually to understand their circumstances and tailoring support to connect them to essential services and information that can be life changing.”

    Project 614 provides a safe meeting place to access the suite of supports and serves an average of 3,000 meals per week to community members who are homeless or at risk of homelessness.

    The services on-site also collaborate to help community members access birth certificates so they can open bank accounts; connect to health and legal services or access increased support through the National Disability Insurance Scheme.

    Commanding Officer of the Salvation Army, Major Brendan Nottle, said having streamlined Government services in one location makes a huge difference to our vulnerable community members.

    “By flipping the traditional ways of accessing these vital support systems, we can directly connect vulnerable people to these supports, and the benefits can be lifechanging.

    “Bringing Diabetes Australia into the fold is another positive towards improving the health outcomes of some of our marginalised clients.”

    Diabetes Australia Group CEO Justine Cain said the partnership would increase diabetes awareness and support in the community.

    “Rates of diabetes have increased by 32% nationally over the past decade, so we need new ideas and new partnerships that will make a tangible difference in people’s lives.

    “It’s critical that people living with diabetes are supported to avoid complications like foot ulcers, cardiovascular disease and preventable blindness, which can have a devastating impact.”

    For more information on the support available at Salvation Army’s Project 614 site, visit: Melbourne 614 | The Salvation Army Australia

    For more information on Services Australia Community Partnership Program, visit: Community Partnerships connecting customers to the support they need – About us – Services Australia

    MIL OSI News –

  • MIL-OSI Economics: ADB Approves $500 Million Loan to Support Climate and Disaster Resilience in Pakistan

    Source: Asia Development Bank

    MANILA, PHILIPPINES (29 October 2024) — The Asian Development Bank (ADB) has approved a $500 million policy-based loan to support climate change and disaster risk reduction and resilience in Pakistan.

    The Climate and Disaster Resilience Enhancement Program (CDREP) will strengthen Pakistan’s institutional capacity for planning, preparedness, and response; increase inclusive investment in disaster risk reduction and climate resilience; and support the scale up of disaster risk financing using a risk-layered approach.

    Pakistan is one of the most vulnerable countries to climate change and disasters triggered by natural hazards in Asia and the Pacific. Average losses from disaster events exceed $2 billion per year. Women and other vulnerable groups are disproportionately affected by climate change and disaster events.

    “This program builds on ADB’s longstanding work in Pakistan to understand and reduce climate and disaster risks and support effective disaster response,” said ADB Director General for Central and West Asia Yevgeniy Zhukov. “We are proud to support an integrated and comprehensive approach to climate and disaster risk management, including a portfolio of disaster risk financing instruments for timely and adequate funding for disaster response.”

    The program supports enhanced capacity for disaster risk mapping and modeling for investment and development decisions. It enhances coordination for disaster monitoring and response. It supports enhanced planning and prioritization of gender-sensitive and resilient public investments, including integrated flood risk management and nature-based solutions. 

    The program supports mobilization of climate finance from public and private sources. This includes issuance of a domestic green sukuk (Islamic bond). A key innovation of the program is the use of ADB’s Contingent Disaster Financing option for the first time in the Central and West Asia region. This will provide quick disbursing budget support in the event of a disaster.

    The program will support the establishment of a solidarity fund to facilitate the uptake of risk transfer solutions such as agriculture insurance. The program also supports shock-responsive social protection to deliver cash assistance in the event of a disaster.

    ADB has also approved a technical assistance grant of $1 million to support implementation of the program.

    Pakistan was a founding member of ADB. Since 1966, ADB has committed over $52 billion in public and private sector loans, grants, and other forms of financing to promote inclusive economic growth in Pakistan and improve the country’s infrastructure, energy and food security, transport networks, and social services.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI Economics: ADB Appoints New Country Director for Bhutan

    Source: Asia Development Bank

    THIMPHU, BHUTAN (29 October 2024) — The Asian Development Bank (ADB) has appointed Sonomi Tanaka as its new Country Director for Bhutan.

    Ms. Tanaka will lead ADB’s operations in Bhutan and policy dialogue with the government, development partners, and other stakeholders. She will implement the newly approved country partnership strategy (CPS) 2024–2028 for Bhutan which aligns closely with the 13th Five-Year Plan of the government that aims to develop Bhutan into a sustainable and prosperous economy.

    “I look forward to working closely with the government and the people of Bhutan to reinforce Bhutan’s development efforts by strengthening public sector management, enabling private sector development, building climate-adaptive and resilient infrastructure, and enhancing human capital development to increase youth employability,” said Ms. Tanaka.

    Ms. Tanaka has over 30 years of professional experience, including 25 years with the ADB. In 2020, she was appointed as Country Director of ADB’s Resident Mission in the Lao People’s Democratic Republic, where she led the formulation of the CPS 2024-2028 and advanced critical policy reforms in collaboration with the World Bank and other partners to address macroeconomic challenges. She previously served as chief of the Gender Equity Thematic Group, responsible for overseeing and advising on ADB-wide operations to promote gender equality and women’s empowerment. Ms. Tanaka has worked extensively on gender and development, poverty reduction, social analysis, social protection, and community participation issues in Asia and the Pacific. Her sectoral expertise spans education, finance, health, infrastructure, natural resources management, public sector management, and urban development. Prior to joining ADB, she held roles in the World Bank’s South Asia Department and in development institutions in Japan.

    Ms. Tanaka is a national of Japan and holds a master of arts in gender and development from the Institute of Development Studies, Sussex University and a post-graduate diploma in development studies from the Institute of Developing Economies Advanced School in Japan. She has a bachelor’s degree in international relations from the University of Tokyo.

    Bhutan became a member of ADB in 1982. ADB has committed around $1.2 billion in loans, grants and technical assistance to the country, including cofinancing. ADB’s priority areas for support in Bhutan include energy, transport, urban infrastructure, water supply and sanitation, education, agriculture and natural resources, and finance. As of October 2024, ADB’s Bhutan portfolio includes 15 projects worth around $363 million.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI Economics: Replicating ADB Projects from the People’s Republic of China

    Source: Asia Development Bank

    Transcript

    Projects in the PRC offer rich potential for learning and replication—both domestically and abroad.

    Echoes of Success assembles five case studies in demonstration and replication of ADB-financed projects in the PRC.

    The five projects span diverse sectors—from nature conservation, green finance, water management, and energy efficiency, to road safety.

    Jiangsu Yancheng Biodiversity Protection Project restored nature reserves, and strengthened wetland protection and habitat management.

    The project’s insights in nurturing coexistence of rare species and humans have been applied to other wetlands, and inspired ADB’s Regional Flyway Initiative.

    Shandong Green Development Fund Project is a funding mechanism that mobilizes investment for climate projects and the environment.

    It has stimulated similar green finance initiatives in Southeast Asia, Central, and West Asia.

    Shaanxi Mountain Road Safety Demonstration Project is ADB’s first standalone road safety project.

    It adopts international road safety inspection, impact assessment, and design.

    The road safety program has been replicated in the PRC and Mongolia and won a global award from the International Road Federation.

    Shaanxi Accelerated Energy Efficiency and Environment Improvement Financing Project channeled funding to small and medium-scale clean energy investments in energy efficiency and emission reduction.

    The project’s pollution reduction, renewable energy heating, energy conservation technologies were replicated in two cities in Henan province.

    Wuhan Urban Environmental Improvement Project integrated sludge treatment and disposal systems, rehabilitated lakes, and strengthened water management.

    Lessons from the project design and implementation were applied to ADB projects in Huangshi and Huainan.

    Successful replication of projects requires active knowledge exchange, strong government support, and official recognition.

    ADB and the PRC will continue to promote regional and global development by sharing best practices and lessons in the PRC with other developing countries. 

    MIL OSI Economics –

  • MIL-OSI USA: FEMA Reminds Louisiana Residents to Maintain Flood Insurance Coverage

    Source: US Federal Emergency Management Agency 2

    strong>BATON ROUGE, La. – FEMA is reminding flood survivors who received a temporary Group Flood Insurance Policy (GFIP) of the need to purchase an individual flood insurance policy. The three-year GFIP expired Monday, October 28, so policyholders must plan now to switch to a standard flood insurance policy to ensure continuous flood insurance coverage.
    It’s important that GFIP holders purchase a new flood insurance policy when the GFIP expires, to not only be covered in the event of flood damage, but to remain compliant with the obligation to get and keep flood insurance as a condition of past FEMA disaster assistance. To learn more about the requirement, visit https://agents.floodsmart.gov/disaster-assistance-flood-insurance-requirement.
    Following Hurricane Ida, FEMA purchased over 500 GFIPs for eligible disaster survivors whose homes were flooded. This helped those survivors meet the obtain and maintain flood insurance requirement for households that receive FEMA flood disaster assistance when their home is in the Special Flood Hazard Area (SFHA). 
    Part of the eligibility requirement for receiving future federal financial assistance after a flood is that household get and keep flood insurance. For homeowners: Even if the property is transferred or sold, the requirement stays with the address, so the new owners are required to have flood insurance as well. For renters: They need to get and keep flood insurance as long as they remain at the rental address. Those that don’t buy a flood insurance policy will likely not receive federal disaster assistance for home repairs or personal property replacement if they experience another federally declared flood event.
    Steps to Take Now
    Purchase an individual flood insurance policy through a local insurance agent or from the NFIP Direct at NFIP Direct – Sign In before your GFIP expires. GFIPs are not renewable. However, policyholders have a 30-day renewal grace period offered through standard NFIP flood insurance policies. This means that even though a GFIP expires on October 28, 2024, policyholders have 30 days to pay in full for a standard NFIP policy without experiencing a lapse in coverage. For example, if they purchase a standard NFIP policy before the 30-day window ends on November 26, 2024, the effective date for their new policy would be October 28, 2024. They would not have to wait the typical 30 days for a new policy to go into effect and could be covered for any flood losses during that time. Don’t delay.

    For more information regarding GFIPs and purchasing a Standard Flood Insurance Policy, call the NFIP Direct at 800-638-6620 and select option number 2.
    Call the FEMA Disaster Assistance line at 800-621-FEMA (3362) to verify how much assistance you previously received. By law, you must purchase at least as much flood insurance coverage as the amount of federal home repair and personal property assistance you received for flood damages. Consider purchasing more coverage than required, as flood insurance claims can be made at any time.

    FEMA sends GFIP certificate holders a welcome packet when they first receive the policy, annual reminders, a reminder letter 45 days before the GFIP expires, as well as a final expiration notice.
    Flooding is the nation’s most common and costly natural disaster.  Flood insurance policies are crucial to recover quickly following a flood event as homeowners and renters’ policies do not typically cover flood damage. Visit FloodSmart.gov to learn more.
    Follow the FEMA Region 6 X account at X.com/FEMARegion6 and on Facebook at facebook.com/FEMARegion6/.

    MIL OSI USA News –

  • MIL-Evening Report: Inflation is sinking ever lower. Now that it’s official what’s the RBA going to do?

    Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

    Lower petrol prices and an electricity rebate have contributed to a further fall in the quarterly measure of inflation, the Consumer Price Index.

    The rate in the September quarter dropped to 2.8%, putting it for the first time within the Reserve Bank’s target range of two-point-something since the March quarter of 2020.

    The fall was broadly in keeping with market expectations, and keeps low the likelihood of an interest rate cut this year. The next Reserve Bank meeting is scheduled for Tuesday.

    The bank pays more attention to the long-running quarterly measure of the CPI than the more volatile monthly version which already dropped into its target range in August.

    The monthly measure dropped further, to 2.1%, in September.

    The quarterly CPI is also more important because it is included in all sorts of workplace and other contracts and indexation formulas.

    The main reason for the fall in inflation was the electricity rebates announced in the federal budget and by some states.

    Also helping were the falls in petrol prices, mainly reflecting declines in global oil prices. Cheaper or free public transport in Brisbane, Canberra, Hobart and Darwin also contributed.

    Preventing a larger fall were the continuing strong growth in insurance costs and rent. The rise in insurance costs reflects a series of extreme weather events such as bushfires and floods. It is a way in which climate change is exacerbating inflation.

    Contrary to what many people think, the increase in rents is not due to landlords passing on higher interest rates. Landlords may want to do this but they are only able if vacancy rates are low, otherwise tenants just move elsewhere.

    History shows it is low vacancy rates that drive up rent regardless of the level of interest rates. The inability of landlords to pass on interest rate increases has been confirmed by a study just published by the Reserve Bank using tax return data.

    It showed that only three cents of every dollar in extra interest costs is passed on.

    The fall in inflation to a rate significantly below the 4% at which wages are increasing means that the cost of living crisis is abating, although not yet over.

    The dramatically lower inflation rate puts Australia in a comparable position to the United States, whose inflation rate is 2.4%, the United Kingdom, whose inflation rate is 1.7% and New Zealand where it is 2.2%.

    The US, UK and New Zealand all have inflation targets (or midpoints) of 2%, so inflation is now only slightly above the target in the US and New Zealand. It is actually below it in the UK. In response all three have cut their key policy interest rates.

    Yet it is unlikely that the Reserve Bank will follow their lead until next year, despite growing pressure.

    One reason is that, even after their cuts, interest rates in our three peers are still higher than in Australia, at around 4.75% to 5%.

    But more importantly, the Bank has stressed recently that it pays more attention to the “underlying” rate of inflation, which looks through temporary measures such as the electricity subsidies. The Bank will only cut interest rates when they are “confident that inflation was moving sustainably towards the target range”.

    The bank’s preferred measure of underlying inflation, the so-called trimmed mean, has also fallen.

    But at 3.5%, it is still above the target. A positive aspect is that it has reached 3.5% ahead of the Bank’s most recent forecast which had 3.5% only being reached by the end of 2024.

    Monetary policy, however, has in Milton Friedman’s famous words “long and variable lags”.

    As the then future governor Glenn Stevens remarked back in 1999,
    “the long lags associated with the full impact of monetary policy changes mean that policy changes today must be made with a view not just to what is happening now, but what is likely to be happening in a year’s time and even beyond then”.

    In other words we want to drive by looking ahead rather than just at the rear view mirror. The Bank is like a footballer who needs to head to where the ball will be rather than where it is now.

    There is therefore a risk that if the Reserve Bank keeps interest rates high until inflation reaches the middle of the target, it will be too late to prevent the economy slowing too much and inflation will undershoot the target. This would likely be associated with unnecessarily high unemployment.

    That is why the Reserve Bank board faces a difficult balancing act in taking its decisions.

    John Hawkins was formerly a senior economist and forecaster in the Reserve Bank and the Australian Treasury.

    – ref. Inflation is sinking ever lower. Now that it’s official what’s the RBA going to do? – https://theconversation.com/inflation-is-sinking-ever-lower-now-that-its-official-whats-the-rba-going-to-do-240336

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: SBA Offers Disaster Assistance to Oregon Small Businesses Economically Impacted by the Microwave Tower Fire

    Source: United States Small Business Administration

    “As communities across the Southeast continue to recover and rebuild after Hurricanes Helene and Milton, the SBA remains focused on its mission to provide support to small businesses to help stabilize local economies, even in the face of diminished disaster funding,” said Administrator Isabel Casillas Guzman. “If your business has sustained physical damage, or you’ve lost inventory, equipment or revenues, the SBA will help you navigate the resources available and work with you at our recovery centers or with our customer service specialists in person and online so you can fully submit your disaster loan application and be ready to receive financial relief as soon as funds are replenished.”

    SACRAMENTO, Calif. – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses economically impacted by the Microwave Tower Fire that occurred July 22-Aug. 11, SBA’s Administrator Isabel Casillas Guzman announced today. SBA acted under its own authority to declare a disaster following a request received from Gov. Tina Kotek on Oct. 28.

    The disaster declaration makes SBA assistance available in Clackamas, Gilliam, Hood River, Jefferson, Marion, Sherman, Wasco and Wheeler counties in Oregon; and Klickitat County in Washington.

    “Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration.

    “These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Sánchez continued.

    “When disasters strike, our virtual Business Recovery Centers are key to helping business owners and residents get back on their feet,” Sánchez added. “At these virtual centers, people can connect directly with our specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey.”

    “Beginning Wednesday, Oct. 30, SBA customer service representatives will be available at the following virtual Business Recovery Center to answer questions about SBA’s disaster loan program, explain the application process and help each business owner complete their application,” Sánchez said. The virtual center will be open on the days and times indicated below. No appointment is necessary.

    VIRTUAL BUSINESS RECOVERY CENTER
    Monday – Friday
    8:00 a.m. – 4:30 p.m.
    FOCWAssistance@sba.gov
    (916) 735-1712

    Opens at 8 a.m., Wednesday, Oct. 30

    Closed on Monday, Nov. 11, for Veterans Day

    Closed on Thursday, Nov. 28, for Thanksgiving Holiday

    Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for small businesses and 3.25 percent for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.

    Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

    On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

    Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

    Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to apply for economic injury is July 29, 2025.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI China: Intel unveils additional investment in China

    Source: China State Council Information Office

    Workers set up the exhibition booth of Intel Corporation in preparation for the fifth China International Import Expo (CIIE) in east China’s Shanghai, Nov. 2, 2022. [Photo/Xinhua]

    U.S. chip giant Intel on Monday announced the expansion of its packaging and testing base in southwestern China to boost local supply chain efficiency and better serve Chinese clients.

    With a capital increase of 300 million U.S. dollars, the added capacity at its base in Chengdu, Sichuan Province, will primarily focus on packaging and testing services for server chips to meet Chinese clients’ demand for customized packaging solutions. A new customer solutions center will also be established to enhance the efficiency of the local supply chain and increase support for Chinese customers, the company said in an announcement.

    China’s persistent pursuit of high-quality development and high-level opening-up serves as the foundation and driving force for Intel’s long-term development in the Chinese market. Intel’s strategy of being rooted in China and serving its customers remains unchanged, according to Wang Rui, senior vice president and chairman of Intel China.

    The Chengdu base, put into operation in 2003, is one of Intel’s largest chip packaging and testing centers globally.

    Amidst the challenging global economic recovery, preserving the resilience and stability of global industrial and supply chains is crucial for fostering growth.

    Intel has been under considerable revenue pressure in the global market in recent years. Bai Ming, a researcher with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, said Intel aspires to leverage the growth of the Chinese market to overcome business challenges and enhance its overall performance.

    Intel has been in China for nearly four decades, establishing its first representative office in Beijing in 1985. China has become the regional market where Intel has the largest investment and the most comprehensive organization outside the United States. Nearly a quarter of Intel’s global revenue of over 50 billion U.S. dollars comes from the Chinese market.

    The fresh move once again demonstrates the importance of the Chinese market to global chip players. Last year, executives of several chip giants visited China, seeking closer collaboration with the world’s largest semiconductor market. Intel CEO Pat Gelsinger, when visiting China in April 2023, said China plays an incredibly important role in Intel’s business strategy.

    While Washington in recent years has continuously imposed semiconductor trade restrictions on China and even attempted to cut off U.S. capital flow to the Chinese high-tech sectors, U.S. chipmakers have found it both impossible and unbearable to “decouple” from the world’s second largest economy. A 2021 report by the U.S. Semiconductor Industry Association clearly stated that “access to this massive (Chinese) market is essential to the success of any globally competitive chip firm today and in the future.”

    “China’s steady economic fundamentals, coupled with the continuous improvement of its business environment, have helped bolster the confidence of foreign enterprises, including Intel, in their pursuit of growth in the country,” said Bai.

    A total of 42,108 new foreign-invested firms were established in China in the first nine months of 2024, up 11.4 percent year on year, according to the Ministry of Commerce.

    MIL OSI China News –

  • MIL-OSI China: Alphabet reports 15% growth in Q3 revenue

    Source: China State Council Information Office

    Alphabet Inc., Google’s parent company, on Tuesday reported its third-quarter revenue at 88.3 billion U.S. dollars, up 15 percent from a year ago.

    Announcing its financial results for the quarter ending Sept. 30, the company said its net income was 26.3 billion dollars, compared with 19.69 billion dollars a year earlier. Its diluted earnings per share were 2.12 dollars, up 37 percent year on year.

    Of the entire quarterly revenue, 76.51 billion dollars came from Google Services total including YouTube advertising, the company’s financial report showed.

    Google Cloud sales grew to 11.35 billion dollars from 8.41 billion dollars a year ago.

    “Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefiting from our AI tools,” said Sundar Pichai, chief executive of Alphabet and Google.

    YouTube’s total ads and subscription revenues have surpassed 50 billion dollars over the past four quarters for the first time, Pichai added.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Tse Chin-wan attends SZ seminar

    Source: Hong Kong Information Services

    Secretary for Environment & Ecology Tse Chin-wan today attended a seminar in Shenzhen, hosted by the Ministry of Ecology & Environment, on ecological and environmental protection in the Greater Bay Area.

    The seminar was aimed deepening such protection, strengthening collaboration towards it matter among Guangdong, Hong Kong and Macau, and exploring measures to accelerate the building of “an international first-class beautiful bay area”.

    Mr Tse highlighted four relevant areas of focus for Hong Kong: enhancing environmental governance to build a beautiful Hong Kong; promoting green and low-carbon transformation; green transportation development; and advocating for the establishment of a “Zero-waste City”.

    Highlighting that the three places have in place effective co-ordination mechanisms to promote ecological and environmental protection, Mr Tse added that Hong Kong will continue to contribute to the development of picturesque landscapes and a beautiful bay area.

    He elaborated that Hong Kong is looking forward to collaborating with Mainland cities in the bay area to jointly promote a circular economy, facilitate green transformation and explore opportunities for the development of green industries. 

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ12: Strive and Rise Programme

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Martin Liao and a written reply by the Secretary for Labour and Welfare, Mr Chris Sun, in the Legislative Council today (October 30):
     
    Question:
     
         Regarding the second round of the Strive and Rise Programme (the Programme), will the Government inform this Council:
     
    (1) given that the Strive and Rise Alumni Club (Alumni Club) under the Programme has organised a number of exchange tours to the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and also offers local job tasting or internship programmes for Alumni Club members aged between 16 and 21, and it is reported that some Mainland multinational enterprises intend to hire mentee graduates of the Programme, whether the authorities will consider extending the job tasting or internship programmes of the Alumni Club to GBA, so that mentees may gain a deeper understanding of the development of GBA at an early stage and widen their horizons; if so, of the details; if not, the reasons for that;
     
    (2) as it is reported that some mentors in the first round of the Programme were unable to spare time and participate in the activities with their mentees due to their busy schedules, and remained unaware of the emotional issues among the mentees by the end of the first round of the Programme, whether the authorities will make appropriate adjustments to the mentorship mechanism in the second round of the Programme to accommodate mentees with special needs and arrange for the mentors to receive training first, so as to help the mentors identify and address the emotional needs of the mentees; if so, of the details; if not, the reasons for that;
     
    (3) as it is learnt that a number of interest classes offered to mentees under the basic training sessions of the Programme are very popular among the mentees, but the costs of the interest classes in sport, musical instruments, art, etc, are too high that it is difficult to meet mentees’ long-term learning needs despite a subsidy totalling $10,000 is provided to them in two phases under the Programme, whether the authorities will introduce measures and collaborate with schools and various sectors where practicable, so as to support mentees in continuing to develop their interests; if so, of the details; if not, the reasons for that; and
     
    (4) as there are views that the Child Development Fund is similar to the Programme in nature and content, for example, both with the elements such as “personal development plan” and “mentorship”, whether the Government will consider reviewing their contents and make appropriate integration or project collaboration, so as to optimise resources; if so, of the details; if not, the reasons for that?
     
    Reply:
     
    President,
     
         The second cohort of the Strive and Rise Programme (the Programme) was launched in October 2023, with a number of enhancement measures introduced with reference to the results from the impact assessment conducted by the Hong Kong Polytechnic University research team on the programme’s first cohort. The enhancement measures include increasing the number of mentees from 2 800 to 4 000 with the coverage expanded to Secondary 4 students, enriching the variety of group activities (such as organising more Mainland study and exchange tours), introducing mentorship groups, and establishing the Strive and Rise Alumni Club (the Alumni Club) for graduates.
     
         The reply to the question raised by the Hon Martin Liao is as follows:
     
    (1) Graduates of the first and second cohorts of the Programme will automatically become members of the Alumni Club established in November 2023. It organises different types of activities for the alumni, including exchange activities to the Mainland, with a view to broadening their social network and horizons, and sustaining the effectiveness of the programme. Also, the Alumni Club provides short-term five-day job tasting/internship opportunities for alumni aged 16 or above to assist them in identifying their talents and career aspirations. It will continue, in collaboration with supporting organisations, to line up Mainland study and exchange tours as well as various experiential activities, including visits to workplaces of different enterprises, to help alumni understand the development and prospects of different industries on the Mainland, widen their horizons and set goals for their future.
     
    (2) One of the enhancement measures implemented in the second cohort of the Programme is the introduction of mentorship groups on top of the one-to-one mentor-mentee pairing, under which two to three pairs of mentors and mentees would form a mentorship group to participate in group activities and exchanges for better interaction, sharing and support. When matching mentors and mentees, consideration will be given to the latter’s career aspirations and hobbies/interests, as well as their gender, language and special needs (e.g. special educational needs (SENs)). The programme also provided different kinds of training for mentors, including basic and advanced training, and skills for interacting with mentees with SENs or from ethnic minority groups and their parents. If mentors encounter difficulties in offering guidance to mentees, they may contact the respective District Organisers which will arrange social workers to render support as appropriate.
     
    (2) The enhanced Programme consists of a one-year intensive foundation programme and two years of activities in the Alumni Club. In the first year of the Programme, a start-up sum of $5,000 is awarded to student participants for implementing their personal development plans under the guidance of their mentors, whereas a scholarship of $5,000 is further awarded to student participants upon completion of the Programme for their own deployment by applying the financial planning skills acquired. Graduates will automatically become members of the Alumni Club and can continue to participate in its whole-person development activities covering six major aspects, namely Financial Education, Career and Life Planning, Leadership Development, Sports and Healthy Lifestyle, Arts and Cultural Expressions, and Social Networking and Civic Engagement, as well as job tasting/internship opportunities, with a view to broadening their social network and horizons while continuing to facilitate their development of talents and interests.
     
    (4) In 2023, the Social Welfare Department completed a review of the Child Development Fund Programme (CDF Programme) to enhance its uniqueness and ensure effective use of resources in supporting underprivileged children. Relevant enhancement measures have been introduced to the projects launched in March 2024. For example, target participants have been changed from students of Primary 4 to Secondary 4 to students of Primary 3 to Primary 6, so that underprivileged children can benefit at an early developmental stage from the CDF Programme, including development of savings habits, good characters and positive values through the three components of Personal Development Plan, Mentorship, and Targeted Savings. The enhanced CDF Programme complements the Strive and Rise Programme which focuses on supporting Secondary 1 to 4 students from underprivileged families. The two programmes complement each other in catering to the needs of Primary and Secondary students from underprivileged families at their different developmental stages.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Development Asia: How Cities Can Combat Extreme Heat Using Nature-Based Solutions

    Source: Asia Development Bank

    Despite their broad potential, nature-based solutions are often overlooked in city cooling strategies. Key barriers include a lack of supportive policies, financial constraints, and limited institutional capacity.

    Addressing these challenges requires a multi-pronged approach that maximizes NbS benefits and integrates them into broader heat action plans. This must involve reducing waste heat (e.g., from transport and buildings), addressing cooling needs efficiently, and ensuring equitable access to thermal comfort. Key considerations for incorporating NbS into urban cooling strategies include:

    • Integrated planning: A systems approach ensures NbS are complemented by other solutions to maximize their benefits.
    • Equity: Cooling solutions must be distributed fairly, with heat equity embedded in planning to prevent future injustices.
    • Community participation: Involve women and vulnerable groups in designing and implementing cooling programs that deliver real benefits.
    • Local solutions: NbS should be tailored to local climates, needs, and traditional approaches (e.g., architecture).

    Studies suggest that 30% of cities should be dedicated to green or blue spaces. Achieving this requires enabling strategies like raising awareness, building institutional capacity, and securing financing. It also involves assessing current natural assets and identifying vulnerable communities. Partnerships with the private sector can help provide technical expertise and funding. In developing countries, protecting existing green spaces from development is the most effective way to maintain cooling.

    Creating a cooling-friendly urban form requires time and sustained effort. In the near term, practical, no-regret actions to build resilience to heat stress through NbS include:

    • Establishing champions and authorities to protect and enhance green and blue spaces
    • Conducting baseline assessments of green and blue spaces and identifying vulnerable communities
    • Investing in green and blue infrastructure, especially in public areas

    Tree planting is perhaps the simplest and most effective action to reduce urban heat—provided the right trees are planted in the right places as part of a coordinated city-wide greening effort. Steps taken today will help future generations benefit from NbS for cooling.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: SFST’s speech at Green Tech Summit 2024 (English only) (with photo)

    Source: Hong Kong Government special administrative region

    SFST’s speech at Green Tech Summit 2024 (English only) (with photo)
    SFST’s speech at Green Tech Summit 2024 (English only) (with photo)
    *******************************************************************

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Green Tech Summit 2024 today (October 30): Dr Hua Jindong (Vice-chairperson of the International Sustainability Standards Board), distinguished guests, ladies and gentlemen,      It is a profound honour to join you at the Green Tech Summit 2024. I extend my sincere gratitude to the Hong Kong University of Science and Technology and GoImpact for hosting this important event. Today, we gather to explore how green finance, technology, and innovation converge to create a sustainable future. A call to action for our planet      Our planet is currently facing unprecedented challenges due to climate change. These challenges encompass environmental, economic, and social dimensions, demanding our immediate attention. The statistics deserve attention: Global climate finance flows reached approximately US$1.3 trillion in 2021 and 2022. However, to meet our climate goals, we must significantly increase annual investments to around US$9 trillion by 2030 and US$10 trillion by 2050. This gap signals an immense demand for green finance and innovation – one that we must address with urgency and creativity.      At this Summit, we aim to showcase Hong Kong’s leadership in the green transition through five key strategies, and they altogether will significantly promote green transformation: the growth of green capital, recognition of sustainability standards, empowerment in carbon trading, encouragement of green financing, and nurturing green technology. Each of these strategies plays a critical role in shaping a sustainable future for our city and beyond. Growth of green capital      Hong Kong is uniquely positioned to lead the green transition. As Asia’s premier international financial centre, we have the infrastructure, expertise, and regulatory framework to channel international capital toward sustainable initiatives. As of June, over 230 ESG (environmental, social and governance) funds have been authorised by the Securities and Futures Commission, with assets under management exceeding HK$1.3 trillion. This represents a year-on-year increase of 19 per cent in the number of ESG funds and an 8 per cent increase in assets under management.      The Hong Kong SAR Government has been proactive in issuing government green bonds totalling HK$220 billion since 2019. These bonds have funded numerous local green projects and set benchmarks for potential issuers. In 2023 alone, the total green and sustainable debt issued in Hong Kong surpassed US$50 billion, with approximately US$30 billion being green and sustainable bonds – 37 per cent of the total market. This year, we expanded our Government Green Bond Programme to include sustainable projects and hence the programme is, renamed Government Sustainable Bond Programme, reinforcing our commitment to a greener future. Recognition of sustainability standards      Sustainability reporting is vital to our green finance ecosystem. In March, we published a vision statement outlining our approach to developing a comprehensive ecosystem for sustainability disclosure in Hong Kong. In the Chief Executive’s Policy Address, it was announced that our roadmap for adopting the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) will be published within this year. Our aim is to position Hong Kong among the first jurisdictions to adopt the global standard, enhancing our credibility as a green finance hub.      To support our green transition, the Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance in May. This taxonomy raises awareness about green finance and promotes a common understanding of green activities. It aligns with the taxonomies of the Mainland and the European Union, currently encompassing 12 economic activities across four sectors. The HKMA is advancing to the next phase of developing the Hong Kong Taxonomy, which will broaden its scope to include more sectors and activities crucial for our sustainable future. Empowerment in carbon trading      We advocate for innovative approaches to enable decarbonisation and allocate green funding. A noteworthy initiative is the Core Climate platform, launched by the Hong Kong Exchanges and Clearing Limited in October 2022. This international carbon marketplace facilitates effective and transparent trading of carbon credits and supports transition towards net zero.      Core Climate is currently the only carbon marketplace that offers settlement in both Hong Kong dollar and Renminbi for international voluntary carbon credits. This platform enables participants to source, hold, trade, and retire voluntary carbon credits, ensuring robust and credible quality verified against international standards. Since its launch, the number of registered participants has tripled, reaching approximately 80 by the end of last year. Encouragement to green financing      To encourage even more green financing activities, we launched the Green and Sustainable Finance Grant Scheme back in 2021. This initiative provides funding support for eligible bond issuers and loan borrowers, covering expenses related to bond issuance and external review services. We have extended this scheme by three years, running until 2027, and expanded its scope to include transition bonds and loans.      As of early October, we have granted approximately HK$280 million to support 470 green and sustainable debt instruments issued in Hong Kong, involving a total underlying debt issuance of over HK$1 trillion. This financial backing is crucial in incentivising industries to utilise Hong Kong’s transition financing platform for decarbonisation. Nurturing green technology      A key focus of our green transition is our commitment to promoting green fintech. Integrating fintech with green finance is essential for accelerating our transformation. We are actively working to expand the green fintech ecosystem in Hong Kong, positioning our city as a green fintech hub.      In June, we launched the Green and Sustainable Fintech Proof-of-Concept Funding Support Scheme. This initiative provides early-stage funding to technology companies and research institutes engaged in green fintech activities. Collaborating with local enterprises allows these innovators to co-develop projects that address challenges for the industry.      This scheme is not solely about financial support. It facilitates the completion of commercialisation and the proof-of-concept stages, paving the way for wider adoption of green and sustainable fintech solutions. Innovative fintech solutions will enhance our ability to mobilise capital for green projects and increase transparency in fund flows.      Against the backdrop of digitisation and global warming, fintech plays a crucial role in driving innovation in the financial industry and catalysing the low-carbon transformation of economic activities. The application of new technology can also help mitigate climate risk by forecasting environmental changes, improving supply chain efficiency, and identifying opportunities for innovation in low-carbon solutions.      This year, we launched the Prototype Hong Kong Green Fintech Map. Developed with various stakeholders, this tool provides a comprehensive overview of green fintech companies in Hong Kong and the services they offer. This map symbolises the integration of green finance and fintech, fostering the development of a robust green fintech ecosystem and accelerating the transition toward a green economy.      Finally, I want to emphasise the importance of nurturing talent for sustainable development. The future of green finance relies on the skills and knowledge of our workforce. To support the development of a green finance talent pool, we launched a three-year Pilot Green and Sustainable Finance Capacity Building Support Scheme. This initiative encourages practitioners, professionals, and students to participate in relevant training programmes.      As of mid-September, we have approved over 4 100 reimbursement applications, amounting to approximately HK$23.3 million. This investment in human capital is essential for equipping our workforce with the skills needed to navigate and thrive in the evolving landscape of green finance. Closing remarks      In conclusion, the path to a sustainable future is not just a challenge; it is an opportunity for innovation and growth. Green fintech will play a pivotal role in this transition, enabling us to mobilise capital, enhance transparency, and support the development of sustainable solutions.      As we approach COP29 (29th Conference of the Parties to the United Nations Framework Convention on Climate Change) next month, let us intensify our efforts to forge a new chapter in sustainability. By collaborating across sectors and embracing innovative solutions, we can pave the way for impactful changes that resonate with green finance and technology. Together, we can turn our commitments into actionable strategies, ensuring a resilient and sustainable world for generations to come.      Thank you for your attention, and I look forward to seeing you in the next Summit here. 

     
    Ends/Wednesday, October 30, 2024Issued at HKT 11:29

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Money Market Operations as on October 29, 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) 5,38,684.91 6.28 5.00-6.70
         I. Call Money 9,985.73 6.44 5.10-6.50
         II. Triparty Repo 3,89,946.80 6.26 6.16-6.40
         III. Market Repo 1,37,976.88 6.33 5.00-6.60
         IV. Repo in Corporate Bond 775.50 6.52 6.50-6.70
    B. Term Segment      
         I. Notice Money** 135.35 6.39 6.20-6.50
         II. Term Money@@ 651.50 – 6.65-6.95
         III. Triparty Repo 2,785.00 6.42 6.30-6.45
         IV. Market Repo 3,811.36 6.49 6.35-6.69
         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          
    3. MSF# Tue, 29/10/2024 1 Wed, 30/10/2024 4,514.00 6.75
    4. SDFΔ# Tue, 29/10/2024 1 Wed, 30/10/2024 1,21,659.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,17,145.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 18/10/2024 13 Thu, 31/10/2024 20,073.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo Fri, 25/10/2024 6 Thu, 31/10/2024 25,005.00 6.55
         (b) Reverse Repo          
    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$       7,469.91  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     15,941.91  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,01,203.09  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 29, 2024 10,19,787.20  
         (ii) Average daily cash reserve requirement for the fortnight ending November 01, 2024 10,16,726.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 29, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 04, 2024 4,88,495.00  
    @ 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: 2024-2025/1397

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: LCQ18: Eligibility criteria for Guangdong Scheme and Fujian Scheme

    Source: Hong Kong Government special administrative region

    LCQ18: Eligibility criteria for Guangdong Scheme and Fujian Scheme
    LCQ18: Eligibility criteria for Guangdong Scheme and Fujian Scheme
    ******************************************************************

         Following is a question by the Hon Holden Chow and a written reply by the Secretary for Labour and Welfare, Mr Chris Sun, in the Legislative Council today (October 30): Question:      Currently, applicants for the Old Age Allowance (OAA) under the Guangdong Scheme and the Fujian Scheme (the Schemes) must reach the age of 70 or above and must have resided in Hong Kong continuously for at least one year immediately before the date of application (the requirement of continuous residence in Hong Kong). However, some members of the public have relayed that they had moved to Guangdong Province before they turned 70, and are still ineligible to receive the OAA even though they now reach the age of 70 because they fail to meet the requirement of residing in Hong Kong continuously for at least one year immediately before the date of application, and are even required to return to Hong Kong and reside for one year in order to meet the eligibility criteria. In this connection, will the Government inform this Council: (1) of the respective numbers of applications for OAA under the Schemes received, approved and rejected by the Government in each of the past five years; among the approved applications, the number of cases for which the authorities exercised discretionary power and granted OAA (set out in a table); (2) of the criteria for exercising discretionary power for the cases mentioned in (1), and whether the criteria include special circumstances of the persons concerned (such as chronic disease patients receiving treatment in Guangdong Province); if so, of the details; if not, the reasons for that; and (3) whether it will consider making special arrangements for people who are currently aged 70 but have previously moved to Guangdong or Fujian, so that as long as they meet all other requirements except the requirement of continuous residence in Hong Kong, the Government will, by discretion, grant the OAA to them? Reply: President,      The Social Security Allowance (SSA) Scheme (including the Old Age Allowance (OAA), Old Age Living Allowance (OALA), Disability Allowance, Guangdong Scheme and Fujian Scheme) is a non-contributory social security scheme. Applicants must have resided in Hong Kong continuously for at least one year immediately before the date of application, while enjoying a limit of 90 days of absence from Hong Kong within that year. This one-year continuous residence (OYCR) requirement ensures that applicants have close connections with Hong Kong, and that persons who have lived outside Hong Kong for a long time cannot immediately benefit from non-contributory cash allowances upon their return to Hong Kong, thereby concentrating resources on supporting persons in need and the elderly.      I reply to the three parts of the question raised by the Member as follows: (1) and (2) In the past five financial years (2019-20 to 2023-24), the numbers of OAA applications received, approved and rejected by the Social Welfare Department (SWD) are tabulated below:

     
    2019-20
    2020-21
    2021-22
    2022-23
    2023-24

    Applications received (Note)
    35 652
    37 059
    35 173
    40 263
    40 825

    Applications approved
    32 646
    38 360
    36 173
    39 984
    41 139

    Applications rejected
    2 127
    577
    241
    334
    523

    Note: The processing of some of the applications may be completed in the subsequent financial year.     Where an applicant has been absent from Hong Kong in the one year immediately before the date of application for receiving medical treatments outside Hong Kong due to illnesses or for taking up paid work outside Hong Kong, the SWD may consider exercising discretion to disregard the absences exceeding the 90-day limit subject to sufficient reasons and documentary proofs.      In the past five financial years (2019-20 to 2023-24), the numbers of cases in which the absences of the OAA applicants were disregarded for the aforementioned reasons are tabulated below: 

     
    2019-20
    2020-21
    2021-22
    2022-23
    2023-24

    Receiving medical treatments outside Hong Kong due to illnesses
    7
    0
    0
    0
    3

    Taking up paid work outside Hong Kong
    39
    1
    0
    0
    17

         In response to the COVID-19 pandemic and in tandem with an enhancement measure of the SSA Scheme, the SWD implemented a special arrangement from January 2020 to August 2023 to disregard the absences from Hong Kong of applicants and beneficiaries of the various social security schemes (including the SSA Scheme). The SWD does not maintain a record of the number of OAA applications that benefited from the relevant special arrangement. (3) As mentioned above, the OYCR requirement ensures that SSA applicants have close connections with Hong Kong, with a view to reasonably allocating finite public resources. Since September 2023, the Government has suitably relaxed the absence limit of the OYCR requirement from 56 days to 90 days, increasing it by more than half.  This can practically accommodate the applicants’ need for leaving Hong Kong temporarily before the application (such as visits to family and travel outside Hong Kong). The Government currently has no plan to further relax the OYCR requirement. With an ageing population, the number of beneficiaries and the expenditure of the SSA Scheme will continue to rise. The Government should take into account the long-term financial sustainability when considering various enhancement measures. 

     
    Ends/Wednesday, October 30, 2024Issued at HKT 11:35

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Translation: Council of Ministers meeting on 30 October 2024

    MIL OSI Translation. Timor-Leste Portuguese to English –

    Presidency of the Council of Ministers

    Spokesperson for the Government of Timor-Leste
    ……………………………………………. ……………………………………………. …………………….

    Press release

    Council of Ministers meeting on 30 October 2024

    The Council of Ministers met at the Government Palace, in Dili, and approved the draft Government Resolution that extends, until April 10, 2025, the suspension of the teaching, learning and practice of martial arts and the temporary closure of all places and facilities intended for the teaching, learning and practice of martial arts, initially approved by Government Resolution No. 45/2023, of November 10, and extended by Government Resolution No. 17/2024, of April 24.

    This Government Resolution aims to consolidate and reinforce the social peace achieved since November 2023. With a measured and controlled approach, it is intended, in the future, to allow the practice of martial arts exclusively in the context of sport, promoting healthy exercise and contributing to the civic and humanistic education and training of young people. However, at this time, the suspension of the teaching, learning and practice of martial arts and the temporary closure of the respective facilities remain.

    The Government congratulates the population, particularly young people, for their collaboration in complying with Government Resolution No. 17/2024, of April 24, which has contributed significantly to maintaining order and social peace throughout the country.

    *****

    The draft Decree-Law, presented by the Minister of the Presidency of the Council of Ministers, Agio Pereira, and by the President of the Civil Service Commission, Agostinho Letêncio de Deus, regarding the Seniority Promotion Regime for Public Administration career personnel, was also approved.

    This legislative initiative aims to ensure career progression for those who, for various reasons, have been unable to achieve merit-based promotions in recent years. The system is based on criteria such as seniority, performance evaluation, age, professional training, service provision in remote areas, good behavior and attendance. The law establishes that promotion based on seniority will occur annually, and will be carried out through an internal competition regulated by the Civil Service Commission, which determines the vacancies available for each grade and professional category.

    It is expected that this seniority-based promotion regime will reduce stagnation in the careers of civil servants, valuing the dedication of many years to public service, especially for those who face difficulties in participating in conventional competitions.

    *****

    Finally, the Government Resolution project, presented by the Minister of Social Solidarity and Inclusion, Verónica das Dores, regarding compliance with the registration regime and contribution obligation within the scope of the Social Security Contributory Regime, was approved.

    This legislation reinforces the State’s duty, enshrined in Article 56 of the Constitution of the Republic, to organize a social security system that protects all workers in the country, in the public and private sectors, and ensures the right to social security and assistance. Established by Law No. 12/2016, of November 14, the social security system has been in force since 2017 and defines the responsibilities of employers, including the registration of workers and the monthly submission of remuneration statements to the National Institute of Social Security (INSS).

    This Government Resolution determines that all entities of the direct and indirect State Administration must regularize the registration of their workers with the INSS by November 15, 2024, as well as submit monthly remuneration statements by the 15th of each month. The INSS provides the necessary tables on its website and, by November 30, 2024, will present to the Council of Ministers a list of entities in non-compliance.

    Failure to comply with this Resolution will result in civil, financial, reintegration and disciplinary liability for those responsible for services and entities of the direct and indirect State Administration with jurisdiction over the registration of workers and the monthly submission of Remuneration Declarations, as applicable. END

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

    MIL Translation OSI

  • MIL-OSI Asia-Pac: LCQ1: Promoting digital corporate identity

    Source: Hong Kong Government special administrative region

         â€‹Following is a question by the Hon Shang Hailong and a reply by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, in the Legislative Council today (October 30):
     
    Question:
     
         The Financial Secretary has indicated in the 2024-2025 Budget that the Government will set up a “Digital Corporate Identity” (CorpID) Platform to enable authentication of identity of enterprises using electronic government services or conducting online business transactions in a secure, convenient and efficient manner. The Government’s goal is to roll out the Platform progressively from end‑2026 onwards. However, there are views pointing out that notwithstanding the pressing demand of enterprises for CorpID, the Government’s progress in the relevant work appears to be slightly slow. In this connection, will the Government inform this Council:
     
    (1) given that the Digital Policy Office has been established since July this year, whether the Office can give priority to the work on setting up the CorpID Platform, so that the target launch date of the Platform will be advanced to 2025;
     
    (2) as there are views that the current utilisation rate of personal digital certificate is on the low side, and small and medium enterprises (SMEs) may also be less inclined to adopt CorpID in the future, of the Government’s plan in place to publicise CorpID’s functions, and whether it will consider providing incentives to promote more extensive use of CorpID by SMEs, thereby facilitating smart city development; and
     
    (3) whether it will consider introducing new eligibility criteria for future funding schemes of enterprises, such as accepting applications only from SMEs using CorpID, so as to enhance their participation in CorpID?

    Reply：
     
    President,
     
         Promoting the development of smart city and digital economy in Hong Kong is one of the development directions of the Hong Kong Innovation and Technology Development Blueprint. The Digital Policy Office (DPO) is expediting the development of relevant digital infrastructure, including the development of the “Digital Corporate Identity” (CorpID) Platform, to support digital and intelligent transformation.
     
         My reply to the questions raised by the Hon Shang is as follows:

    (1) The CorpID Platform provides various functions, including corporate identity authentication, digital signing, pre-filling of forms and storage of digital licences and permits, etc, which facilitate corporations to undergo corporate identity authentication and corporate signature verification in a secure, convenient and efficient manner when using e-government services or conducting online transactions, hence alleviating the current paper-based and complicated procedures.

         The CorpID Platform is a brand new and complex large-scale digital infrastructure. The DPO must make adequate preparation and conduct comprehensive testing, including security risk assessment and audit, third party independent testing, as well as cybersecurity testing, etc, to ensure the security and reliability of the Platform. Since the Legislative Council approved of its funding in June this year, we have been pressing ahead with the project at full speed, including the collection of business requirements from stakeholders to ensure that the system design and functionalities meet the needs of different public and commercial application scenarios.

         The DPO strives to invite tender within this year and award the contract for design and development of the system in the middle of next year, with a view to launching the CorpID Platform progressively from end-2026. On the premise of ensuring system security and stability, the DPO will explore the feasibility of compressing the timeline.

    (2) and (3) The CorpID will offer users a corporate-based digital certificate. The Government has been driving the application of digital certificates. At present, digital certificates are being used in many domain areas including “iAM Smart”, “Government-to-Business” services (such as the Government Electronic Trading Services) and “Business-to-Business” services (such as financial services, secure email transmission), etc. With the growing number of citizens using “iAM Smart” and the launch of the CorpID Platform, the adoption of digital certificates will be further promoted.

         The DPO plans to implement the following measures to attract and encourage corporations and government departments to use the CorpID:
     

    in collaboration with the government departments that have business dealings with corporations, roll out several functions through connecting with the CorpID Platform. The DPO will also require all corporate-related e-government services to support the use of the CorpID within 18 months after its launch;
     
    through a Sandbox Programme, the service providers interested in supporting the CorpID can conduct proof-of-concept testing and develop their applications to design application scenarios and solutions that better meet the market demands;
     
    consider integrating the CorpID Platform with other corporate identity standards widely adopted in the industries for interoperability; 
     
    facilitate registration by enabling applicants to submit online applications through the CorpID Platform and create their CorpID once verified successfully, so that they can complete the application process while staying indoors; and
     
    publicise and promote the convenience and main functions of the CorpID to the industry through diversified channels, including websites, social media and communications platforms, promotional videos, industry organisation activities, etc. 

         The above work will help government departments and corporations better understand the functions, advantages and applicability of the CorpID Platform. Various departments can also utilise the CorpID as a technical solution for identity authentication and digital signing in accordance with their own policies, individual project objectives, development needs and technical requirements, etc, to facilitate the implementation of various policy measures in order to enhance efficiency and benefit the public and businesses.

    MIL OSI Asia Pacific News –