NewzIntel.com

Category: Economy

  • MIL-OSI USA: Major Iowa Airports to Receive Over $8.7 Million in Grassley-Backed Federal Funding

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    BUTLER COUNTY, IOWA – Three Iowa airports will receive a total of more than $8.7 million to modernize and expand terminal areas and infrastructure. The U.S. Department of Transportation will administer the awards through its Airport Terminal Program, which was established by the Grassley-backed Infrastructure Investment and Jobs Act (IIJA).

    “Iowa’s airports facilitate high volume passenger travel and move our world-class products to market. Keeping our airports in top shape ensures travelers’ safety and strengthens our local economy,” Grassley said. “I supported the bipartisan infrastructure law with Iowans in mind, and I’m glad our state continues to see significant returns on that investment.”

    Federal awards will be disbursed as follows:

    • Des Moines International Airport will receive $3,600,000 for the construction of four new terminal gates and holdrooms.
    • Eastern Iowa Airport will receive $3,600,000 for the construction of a new baggage handling control system for the expanded airport terminal.
    • Sioux Gateway Airport will receive $1,564,466 for the acquisition and installation of a new passenger boarding bridge.

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    MIL OSI USA News –

  • MIL-OSI Australia: Regional Australia Institute Regions Rising summit

    Source: Australian Ministers 1

    **CHECK AGAINST DELIVERY**

    Thank you, Liz for the kind introduction, as well as for your tireless work advocating for our wonderful regions.

    As always, I begin by acknowledging the Aboriginal People as the custodians of this lands on which me gather. We acknowledge and pay our respects to all Tasmanian Aboriginal Communities. Being here in Launceston – with your beautiful rivers, forests, hills and gorges, it is easy to imagine how Indigenous Tasmanians cared for and protected these lands for countless generations. 

    I extend those same respects to all First Nations people joining us today.

    Thank you to the Regional Australia Institute for inviting me to this event.

    It is wonderful to be with you and to see so many mayors, councillors, friends and colleagues in the audience now and throughout the course of the day, including: 

    • The Hon Jeremy Rockliff, Premier of Tasmania,
    • Bridget Archer MP, Member for Bass,
    • Senator Colbeck, and;
    • Mayor Matthew Garwood from the City of Launceston – it is a delight to be in your city.

    Fostering robust regional economies is incredibly important and I know this is a goal the everybody here pursues with passion and determination. 

    The Institute was established under a Labor government back in 2011. When we returned to Government in 2022, we committed additional funding to support the Institute’s independent, fact-driven, future-focused work.

    It’s been a pleasure to watch the Institute grow its reach across regional Australia, sharing ideas with communities near and far.

    Regional communities across Australia are coming up with innovative plans and strategies every single day, and this roving series has an important role to play in sharing those successes as broadly as possible. 

    Fittingly, we are meeting in a place that is full of success stories. 

    Launceston is a regional city that is home to some of the best examples of regional urban development in the nation.

    Across the river, we have the Launceston City Heart project, which has transformed central Launceston into one of Australia’s premier public spaces, turning the centre of this city into a vibrant retail, cultural and business precinct.

    Then, just outside these doors we have the UTAS Inveresk Campus – one of Launceston’s biggest ever infrastructure projects.

    Last year, I was here with the Premier and the Mayor to open the River’s Edge building. It is an architectural masterpiece that isn’t only creating jobs now, but that will attract and educate generations of students right here in Launceston, as well as creating immeasurable benefits to the confidence and growth of this city for decades to come.

    And my colleague, Jason Clare, opened The Shed – the last of the three major new buildings to be opened as part of this project and a fantastic example of how to reduce embodied carbon in infrastructure. It’s well worth a look at if you get the opportunity. 

    And, of course, just a drop punt away we have York Park – the soon to be northern home of the Tasmania Football Club.

    With $130m of new matchday facility, entertainment and seating upgrades on the way, football fans not only across Tasmania, but across the nation, can begin to get excited about the prospect of coming right here to Launceston to watch their favourite team in action.

    Speaking as a Victorian, it’s hard to think of any more attractive weekend getaways than coming to Launceston to watch your team play.

    These projects are transforming this region, driving innovation, growth and a powerful sense of community spirit.

    Of course, they also have one important thing in common – each of those projects is a partnership between different levels of government, with businesses, with sporting groups, with the university and with the broader community.

    They are also all projects that are targeted at one specific community, responding to the needs on the ground here.

    These projects are what Launceston needs and wants for a successful future, but not every community in the country has those same requirements.

    We know that the priorities here in Launceston will differ from those in Leeton or Longreach. 

    That is why our Regional Investment Framework recognises that a one-size-fits-all approach to regional development doesn’t cut it.

    This framework provides a consistent, coordinated investment approach across Government, responsive to the unique strengths and challenges of our diverse regions.

    It places regions and their people at the centre of decision-making by:

    • valuing local voices and local priorities;
    • taking an evidence-based approach to investment;
    • and coordinating across all levels of government.

    While we can see the success of that approach writ large right here in Launceston, it is an approach we are duplicating across the country as we invest in the social and community infrastructure that makes our regional communities such wonderful places to live.

    For the first time, our government has grants programs targeted at every community in Australia – from rural to the inner cities, and the peri-urban areas in between.

    In regional Australia, our Growing Regions Program is providing funding of between $500,000 to $15 million to local governments and not-for-profits for eligible capital works projects.

    Forty projects in the first round of funding for this program has been announced which included a $11 million commitment to the City Mission Launceston Community Precinct development which will provide an integrated housing space, healthcare and community services hub. 

    Round 2 has recently closed, which makes $394 million available for further important community and economic projects that will enhance the liveability of our regions. 

    And our $400 million Regional Precincts and Partnerships Program is looking to fund transformative investments in regional, rural and remote Australia based on the aims of unifying regional places, growing their economies and serving their communities. 

    The projects to be funded – in Broome, Colac, Swan Hill, Noosa and other locations around Australia have already been announced, transforming those communities in the same way that Launceston has been changed by the City Heart project.

    But, we also know that the growth that successful regional development can bring carries with it its own challenge, none larger than what we are seeing in housing right now in every corner of the country.

    My colleague Housing Minister Clare O’Neil is leading on a range of critical policy approaches there – including the $2 billion Social Housing Accelerator, the $10 billion Housing Australia Future Fund and the National Housing Accord.

    In my portfolio space, I am working on two important levers – enabling infrastructure and planning reform.

    Through the Housing Support Program and its Priority Works Stream, we are partnering with state, territory and local governments to ensure local roads, utility connections and community infrastructure are developed alongside new housing.

    We have nearly $1.5 billion on the table through that program to unplug blockages in the housing pipeline.

    At the same time, we are undertaking planning reforms to enable new housing developments.

    To help the process along, the Australian Government has funded the planning stream of the Housing Support Program, which provides $50 million for state, territory and local government to try new planning approaches. 

    This means getting more people into the industry, getting planning settings right and accommodating new housing targets in existing plans. 

    What it means is taking more pressure off families and communities, and building more housing that they can afford.

    Projects like this are essential to ensuring the liveability and sustainability of our regional towns and cities. They keep people living here and they attract new residents.

    But the sustainability of regions is much broader than our built infrastructure – and the is where the “Circular Economy in Action – Regional Perspectives” report that we are launching today comes in.

    This research, which was funded through the Intergovernmental Shared Inquiry Program, demonstrates how communities are employing approaches tailored to their regions.

    And just like it does in the space of regional development, the City of Launceston serves as a good example of this in action with its updated procurement policy focusing on material sourcing, manufacturing, packaging to check if products can be repaired, re-purposed or re-used.

    Now, the local industry is harnessing opportunities to re-use waste materials like glass, rubber and demolition waste including concrete, metal and bricks.

    These examples show how shifting to sustainable practices can benefit both the economy and the environment, making communities stronger and more resilient.

    Collaboration is central to implementing circular initiatives. Grassroots circular economy initiatives, such as community repair workshops and second-hand markets, offer cost-effective alternatives to new purchases.

    The Australian Government is fostering a circular economy where we waste less and reuse more.

    We’ve already embedded circularity across many flagship programs including the $15 billion National Reconstruction Fund and $7 billion Northern Australia Infrastructure Facility.  

    To provide advice on the opportunities and barriers in this area, we established the Circular Economy Ministerial Advisory Group, which will deliver its final advice at the end of the year.

    And we are developing a new National Circular Economy Framework, which will set the pace and direction for Australia’s transition. 

    It will include targets, priority supply chains, and describe what needs to happen across the economy to catalyse our transition. 

    We want to properly understand how to leverage our competitive advantages to set up our regions for success.  

    The circular economy isn’t only good for the environment, it is good for our economy.

    By re-using and repairing more of what we own, we can create opportunities through the supply chain for regional businesses and workers, creating a more vibrant region and community for us all to enjoy.

    Thank you very much for your time today, as well as to all of you who worked so hard on this important report.

    MIL OSI News –

  • MIL-OSI Asia-Pac: Fifth project approved under Subsidy Scheme for Using Hotels and Guesthouses as Youth Hostels

    Source: Hong Kong Government special administrative region

    Fifth project approved under Subsidy Scheme for Using Hotels and Guesthouses as Youth Hostels
    Fifth project approved under Subsidy Scheme for Using Hotels and Guesthouses as Youth Hostels
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         The Home and Youth Affairs Bureau (HYAB) today (October 23) approved the fifth project under the Subsidy Scheme for Using Hotels and Guesthouses as Youth Hostels to the Yan Oi Tong Limited.                To help further meet the housing needs of young people and assist with their development, the Chief Executive announced in the 2022 Policy Address that the Government will explore ways to increase the supply of youth hostels. To this end, the HYAB launched the Subsidy Scheme in early January 2023 to subsidise non-governmental organisations to rent suitable hotels and guesthouses for use as youth hostels.                The fifth youth hostel project approved under the Subsidy Scheme is located in the Regal Oriental Hotel, with a total of 80 rooms, providing up to 160 hostel places. The project, which is named YOT Hub, will be launched by the Yan Oi Tong Limited and the Regal Hotels Group. One of the features of the project is to help youth tenants enrich their understanding of the national development opportunities through trainings, exchange programmes and internship programmes. It will also provide young people with self-enhancement and support services in different aspects, such as financial management courses, career development workshops and mental health seminars. In addition, the Yan Oi Tong Limited will form a youth service team and invite young people to collaborate in organising community activities. Volunteer services will also be arranged regularly to encourage young people to contribute to the community and establish their sense of belonging to society and responsibility. For details about the project and the means of application, please visit the website of YOT Hub (yot-hub.yot.org.hk).                A spokesperson of the HYAB said, “YOT Hub is well connected by public transport with comprehensive community facilities in the vicinity. This project not only provides young people with a comfortable living environment but also enables them to broaden their horizons and achieve their personal development goals through various self-enhancement activities. We are delighted that the Subsidy Scheme continues to gain support from hotel and guesthouse operators to provide youth with an enabling environment and hope for the future. The HYAB will continue to collaborate with relevant stakeholders who share our vision to take forward youth hostel projects.”                Details about the Subsidy Scheme, including the guidelines to application and the application forms, have been uploaded to the HYAB website (www.hyab.gov.hk/en/policy_responsibilities/Social_Harmony_and_Civic_Education/youth_hostel_scheme.htm). Relevant organisations can submit their applications to the HYAB by post, email or other means.

     
    Ends/Wednesday, October 23, 2024Issued at HKT 10:00

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    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: ADB Appoints Shanny Campbell as Lao PDR Country Director

    Source: Asia Development Bank

    VIENTIANE, LAO PEOPLE’S DEMOCRATIC REPUBLIC (23 October 2024) — The Asian Development Bank (ADB) has appointed Shanny Campbell as its Country Director for the Lao People’s Democratic Republic (Lao PDR). She assumed office this week. Ms. Campbell will lead ADB’s operations in the Lao PDR in support of its national development goals, including its ambition to reduce greenhouse gas emissions by 60% by 2030.

    “I am honored to serve in this new role as ADB’s Country Director in the Lao PDR,” said Ms. Campbell. “I look forward to working closely with the government and development partners in supporting the country’s sustainable public finances, enhancing equitable access to services, and advancing its climate commitments.”

    Ms. Campbell, a national of New Zealand and the United Kingdom, joined ADB in 2010 from the private sector. She has 31 years of experience across 26 countries in the transport, energy, agriculture and water resources, and finance sectors. Prior to this appointment, she was ADB’s Country Director for Tajikistan. She holds a Master of Development and Bachelor of Science degrees from the Victoria University of Wellington, New Zealand.

    The Lao PDR has been a member of ADB since 1966. As of December 2023, ADB has committed 365 public sector loans, grants, and technical assistance totaling $2.7 billion to the country.

    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 China: NDB positioned to drive growth of member states

    Source: China State Council Information Office

    The New Development Bank will make greater efforts to advance economic growth in emerging economies and help address pressing issues such as climate change as it welcomes more potential members, said Dilma Rousseff, the NDB’s president.

    To help emerging countries ensure stable development and avoid crises, the NDB will facilitate the building of infrastructure in areas such as logistics, education, digital services and healthcare, Rousseff had said during an interview in September after she received China’s Friendship Medal, the highest honor China offers foreigners.

    The NDB has already stepped up efforts to finance infrastructure projects in member countries. It has cumulatively approved loans of $35 billion for 105 projects, with the major ones being the Mumbai Urban Transport Project-III in India, the Serra da Palmeira Wind Power Project in Brazil, and the Jiangxi Urban and Rural Cold Chain Logistics Project in China, according to a Xinhua News Agency report.

    At the end of August, the NDB announced a $280 million loan agreement with Transnet, South Africa’s leading freight transport and logistics company, to support the modernization and improvement of the country’s freight rail sector.

    During a meeting of the bank’s board of directors in late August, a $1-billion loan was approved for financing South Africa’s water and sanitation infrastructure development. Another $150 million loan was approved to China’s Bank of Communications Financial Leasing for the acquisition of at least three liquefied natural gas carriers.

    In January, the NDB inked three loan agreements with India to boost the country’s transportation, water and sanitation infrastructure in designated areas. The combined value of the loans is about $700 million.

    As Rousseff pointed out, developing countries have limited capacity to address climate change. Further development and use of more renewable energy sources was needed, she said. As China is already a world leader in the electric vehicle segment, she hoped the nation would make more progress in energy storage and stable renewable energy supply.

    According to the NDB’s strategy between 2022 and 2026, climate change mitigation will be a focus area, as the majority 40 percent of the bank’s $30 billion financing to be provided by 2026 has been reserved for green goals.

    After issuing a 6-billion yuan ($840 million) five-year panda bond — yuan-denominated bonds issued by overseas institutions in the Chinese onshore market — at the beginning of the year, in July the NDB issued an 8-billion yuan three-year panda bond. The bonds are part of the bank’s efforts to finance infrastructure and sustainable development in member states while addressing the United Nations’ Sustainable Development Goals.

    Initiated by Brazil, Russia, India, China and South Africa in 2014 with the purpose of mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries, the NDB formally began operations in July 2015, with its headquarters in Shanghai.

    In 2021, the NDB began expanding its membership and admitted Bangladesh, Egypt, the United Arab Emirates and Uruguay as new member countries.

    “The partnership within the NDB does not sit on the development goals of respective members but rather represents the vision of member countries and better connects them,” she said, adding that the NDB welcomes other countries.

    A model for the future

    According to Rousseff, China’s development trajectory can serve as a good reference for the Global South. The nation’s experiences show that economic, infrastructure and technological development can overcome barriers, sanctions and obstacles, she said.

    Applauding China’s achievements in the fields of socioeconomic and cultural development over the past 75 years, Rousseff said that it is now taking the lead in innovation, helping to advance globalization and reform. The country’s stress on development of new quality productive forces has shown its dedication to scientific and technological development.

    “I feel like that there is no one single moment that I can have a full picture of China, as it is always developing, taking on a new look. The ever ongoing reform and opening-up has been refreshing China’s image,” she said.

    The stronger ties between China and Brazil are another good example, showing that partnership among the Global South countries can help facilitate economic growth and improve people’s well-being, she said.

    Under the Belt and Road Initiative, China and Brazil have strengthened their cooperation in the areas of trade and technology. At the same time, Brazil has served as China’s largest food supplier over the past few years, playing an important role in China’s food security, said Rousseff.

    Meanwhile, Chinese companies’ presence in Brazil is of great importance, facilitating Brazil’s reindustrialization, she said.

    As Rousseff further explained, there are several highlights in China’s investments in Brazil. These include the China National Offshore Oil Corporation’s concession contracts with Brazil’s leading oil and gas company Petrobras for oil exploration in the Pelotas Basin in southern Brazil.

    Also, the less-developed areas in Brazil have benefited from China’s investment in power and overall energy supply, and high-voltage direct transmission lines built by China have helped address Brazil’s energy shortage, she said.

    Since 2009, China has been Brazil’s largest trading partner and a major source of investment, while Brazil has been China’s largest trading partner in Latin America. Trade volume between China and Brazil reached $181.53 billion in 2023.

    MIL OSI China News –

  • MIL-OSI China: IMF report highlights global financial fragilities despite rate cuts

    Source: China State Council Information Office

    The International Monetary Fund (IMF) on Tuesday said that despite rate cuts and buoyant markets, there are mounting global financial fragilities, urging policymakers to “remain vigilant” about the medium-term prospects.

    The newly released Global Financial Stability Report highlighted two areas of concern. For one, accommodative financial conditions have continued to increase vulnerabilities, such as lofty asset valuations around the world, increased government and private-sector debt levels, and more use of leverage by financial institutions, Tobias Adrian, director of the IMF’s Monetary and Capital Markets Department, and his colleagues wrote in a blog.

    The second area of concern, according to the blog, is the “disconnect” between heightened uncertainty — especially related to increased geopolitical risks — and financial market volatility.

    “Asset prices may not fully reflect the potential impact of wars and trade disputes. Such a disconnect makes shocks more likely, because high geopolitical tension could trigger sudden sell-offs in financial markets and prompt volatility to snap back as it catches up to uncertainty,” the authors argued.

    “As the global economy continues to grow, and with monetary policy easing, risk-taking by investors could increase. And thus, vulnerabilities such as debt and leverage could build up, raising downside risks in the future,” they said.

    The IMF’s Global Financial Stability Report urged central banks to push back against overly optimistic investor expectations for monetary policy easing in countries where inflation remains stubbornly above targets. On the fiscal side, adjustments should focus primarily on credibly rebuilding buffers to keep financing costs at reasonable levels.

    Noting that more progress is needed on financial policies, the IMF report argued that fragilities created by nonbanks using more leverage and maturity mismatches underscore the need for more active regulatory and supervisory engagement.

    In response to a question from Xinhua at a press conference Tuesday, Adrian said that the IMF welcomes the recent easing of monetary policy by the People’s Bank of China, noting that the cut in interest rates and engagement in asset purchases have supported the easing of financial conditions.

    “The cost of funding for households and corporations in China, those financial conditions have eased quite markedly, equity markets have rallied, longer term bond yields have declined, and we generally welcome that easing,” he said.

    MIL OSI China News –

  • MIL-OSI China: Yuan-based assets seen more alluring

    Source: China State Council Information Office

    File photo shows a worker counts Chinese currency renminbi at a bank in Lianyungang, east China’s Jiangsu Province. [Photo/Xinhua]

    Renminbi financial assets are set to attract more foreign investment in the months ahead after foreign holdings of onshore bonds and equities rose amid the country’s sharpening policy focus on shoring up asset prices, according to officials and analysts.

    “We have the conditions and confidence that China’s cross-border capital flows will maintain a stable and positive trajectory in the coming months of the year and beyond,” said Jia Ning, head of the Balance of Payments Department of the State Administration of Foreign Exchange.

    SAFE data showed on Tuesday that foreign investment in Chinese bonds saw a continuous and stable influx, amassing over $80 billion in net increases in the first three quarters.

    A “noticeable improvement” in foreign investment in onshore stocks has emerged recently, according to SAFE, without disclosing specific figures.

    James Wang, head of China strategy at UBS Investment Bank Research, said that focus from foreign investors on the country has picked up as the latest policy moves appeared to be aimed at lifting asset prices, which would support expectations and consumption via the wealth effect.

    “We believe a stabilization in some key economic indicators, particularly nominal retail sales, could see some long-only investors come back to the China (stock) market,” Wang said, though a greater level of volatility in the equity market is likely, given the short-term nature of capital inflows so far.

    Since late September, Chinese policymakers have launched a series of stimulus measures with a particular emphasis on stabilizing the property market and bolstering the stock market. The People’s Bank of China, the country’s central bank, launched its first policy tools specially aimed at boosting stock market liquidity.

    On Monday, the PBOC conducted the first operation of a new swap facility — which enables financial institutions to swap less liquid securities for more liquid ones and pledge them for lending to invest in the capital market — at a size of 50 billion yuan ($7.02 billion).

    Share-buying transactions financed through the facility were made by China International Capital Corp Ltd on Tuesday.

    Informed sources said the central bank will continue to conduct the facility operation in batches as necessary and will expand the size of the facility based on the actual situation after the initial 500 billion yuan in quota is used up.

    The implementation of a special central bank lending program to buy back shares and boost share holdings with an initial quota of 300 billion yuan also got underway. As of Sunday, 23 listed companies said they had applied for over 10 billion yuan of the loans in total, and more are expected to follow suit.

    China’s benchmark Shanghai Composite Index closed up 0.54 percent at 3285.87 points on Tuesday, while the onshore renminbi came in at around 7.12 against the greenback as of Tuesday afternoon, weakening by 82 basis points from the previous session.

    “Foreign investment in China’s capital markets is still in a nascent stage, with holdings of renminbi-denominated assets accounting for 3 percent to 4 percent of the domestic bond and stock markets,” said Li Hongyan, deputy head of SAFE.

    “There is room for further growth given a multitude of favorable factors,” Li said, adding that a package of incremental policies has consolidated China’s long-term positive economic momentum.

    Total holdings of onshore renminbi bonds by foreign investors have surpassed $640 billion so far, marking a historic high, with treasury bonds and bonds issued by policy-oriented banks the preferred investment targets, she said.

    According to SAFE, the accumulative amount of cross-border receipts and payments by non-banking sectors was $5.2594 trillion and $5.2566 trillion during the January-September period, respectively, representing a surplus of $2.8 billion.

    In September, the surplus surged to $60.2 billion amid improved foreign investment and continued inflows from trade, SAFE data showed.

    Guan Tao, global chief economist at BOCI China, said that in the base case scenario that the United States achieves a soft landing and continues interest rate cuts, foreign institutions may continue to boost holdings in renminbi bonds, especially treasury bonds, as yield spreads further narrow.

    MIL OSI China News –

  • MIL-OSI China: US firms continue to seek investment opportunities in Chinese market

    Source: China State Council Information Office 3

    Tourists take the sight-seeing cable car in Chongqing, southwest China, Aug. 20, 2024. [Photo/Xinhua]

    Many U.S. companies are seeking investment opportunities in the Chinese market amid China’s introduction of a host of incremental policies to support economic growth.

    On Monday and Tuesday, a roundtable meeting between the National Development and Reform Commission (NDRC) and U.S. multinationals was held in southwest China’s Chongqing Municipality.

    Representatives from about 60 U.S. companies and chambers of commerce participated in the meeting.

    Several U.S. companies have recently announced increases in their investments in China, viewing it as a long-term, high-growth market, said Michael Hart, president of the American Chamber of Commerce in China, while adding that he hopes China’s opening-up policies rolled out this year will inject vitality into the Chinese economy.

    China’s recent incremental policies have reinforced enterprises’ confidence in the Chinese market, encouraging them to expand research and development, production and recruitment, said Tao Lin, vice president of Tesla.

    A number of foreign enterprises have participated in China’s national program of large-scale equipment renewals and trade-in of durable consumer goods, according to NDRC official Wen Hua. The program, which targets green and digital transformation, is open to foreign companies, including American firms, that can leverage their own strengths and offer competitive products and technologies, Wen said.

    The NDRC is revising the Catalog of Encouraged Industries for Foreign Investment, and efforts will be made to enhance the transparency of policy formulation and improve services for foreign-funded enterprises, said Hua Zhong, an official of the NDRC.

    The NDRC established the roundtable meeting mechanism in 2021 and nine related activities have taken place thus far. The aim of this mechanism is to encourage U.S. enterprises to participate deeply in building a higher-level open economy, while also sharing in the dividends resulting from the high-quality development of China’s economy.

    MIL OSI China News –

  • MIL-OSI China: Gold prices continue to hit new highs

    Source: China State Council Information Office 3

    Global spot gold prices soared to new heights on Monday, reaching $2,740 per ounce, following multiple records since the year began.

    Experts predicted possible fresh highs backed by US Federal Reserve interest rate cuts, geopolitical uncertainties and purchases from central banks.

    Such a trend is set to favor gold mining companies while presenting challenges for downstream retail sales, said experts, adding companies ought to innovate by offering products with smaller weight variations and novel features to entice consumers.

    Li Yuefeng, a researcher at the Beijing Gold Economy Development Research Center, said that escalating conflicts in the Middle East, the impending US election and expectations of loose monetary policies worldwide have propelled a surge in gold demand as safe-haven assets, driving up international gold prices to break past $2,700 per ounce, establishing a new all-time high.

    Li said this year has witnessed a remarkable increase of over 30 percent in international gold prices, the most significant annual surge since 1979. Looking ahead, Li highlighted the upcoming release of the Purchasing Managers’ Index data as an important factor influencing gold prices.

    “If the PMI data continues to show better-than-expected performance, the US dollar may rise against other currencies to new highs as investors could further reduce their bets on Fed rate cuts,” said Li. “Conversely, if the PMI unexpectedly drops below 50, indicating a contraction in private business activity, it could exert pressure on the dollar, thereby driving international gold prices higher. This week may see a risk of a slight drop of gold prices after reaching new highs.”

    Liu Shikai, manager of research and development at a trading center under the Shandong Zhaojin Gold and Silver Refinery Co Ltd, said that the recent surge in international spot gold prices to cross $2,700 per ounce was predominantly driven by regional tensions.

    He anticipated a continued upward trajectory for international gold prices in the near term, potentially reaching new historical peaks. Geopolitical tensions, mounting uncertainties surrounding US politics and the economy in anticipation of the election, remain pivotal in supporting international gold prices.

    Furthermore, a recent report from the World Gold Council highlighted that central banks’ gold purchases have contributed and will continue to contribute to the uptrend in gold prices. In July, global central banks’ net purchase of gold reached 37 metric tons, marking a 206 percent increase from the previous month, the highest monthly increase since January. The WGC has forecast a continuation of this trend among global central banks in the near future.

    MIL OSI China News –

  • MIL-OSI China: China’s forex market sees active trading

    Source: China State Council Information Office 3

    China’s foreign exchange market recorded active trading during the first nine months of this year, demonstrating strong resilience with market expectations and transactions remaining generally rational and orderly, the country’s forex regulator said on Tuesday.

    China’s foreign exchange market saw a turnover of 30.27 trillion U.S. dollars from January to September 2024, up 10.1 percent year on year, Li Hongyan, deputy head of the State Administration of Foreign Exchange, told a press conference.

    Li noted that foreign exchange settlements and sales moved toward equilibrium, as exchange rate expectations among domestic entities remained stable and foreign exchange transactions were carried out in an orderly and sensible manner.

    Despite the complex global economic and financial landscape, China’s foreign exchange market has weathered external challenges and shown signs of stabilization and improvement.

    The RMB exchange rate has remained stable amid two-way fluctuations, demonstrating increased flexibility, Li said. The balance of payments has also held steady — underpinned by a solid trade surplus.

    Li highlighted growing equilibrium in cross-border capital movements, with foreign investment in China rising along with steady inflows into domestic bonds.

    Net foreign investment in domestic bonds surpassed 80 billion U.S. dollars in the first three quarters of 2024, while foreign investment in Chinese equities saw notable improvement.

    Outbound investments by Chinese entities also progressed smoothly, as both direct and securities investments enjoyed steady growth, she said.

    The increasing maturity and resilience of China’s foreign exchange market have enhanced its ability to adapt to external shifts, providing solid support for maintaining stability in the country’s balance of payments, Li added.

    MIL OSI China News –

  • MIL-OSI China: IMF maintains 2024 global growth forecast at 3.2%

    Source: China State Council Information Office 3

    The International Monetary Fund (IMF) on Tuesday maintained its global growth forecast in 2024 at 3.2 percent, consistent with its projection in July, according to its newly released World Economic Outlook (WEO).

    The level of uncertainty surrounding the global economic outlook is high, the report noted.

    “Newly elected governments (about half of the world population has gone or will go to the polls in 2024) could introduce significant shifts in trade and fiscal policy,” the report said.

    IMF Chief Economist Pierre-Olivier Gourinchas speaks at a press conference in Washington, D.C., the United States, on Oct. 22, 2024. [Photo/Xinhua]

    “Moreover, the return of financial market volatility over the summer has stirred old fears about hidden vulnerabilities. This has heightened anxiety over the appropriate monetary policy stance — especially in countries where inflation is persistent and signs of slowdown are emerging,” it further said.

    The report also noted that a further intensification of geopolitical rifts could weigh on trade, investment and the free flow of ideas. “This could affect long-term growth, threaten the resilience of supply chains, and create difficult trade-offs for central banks,” it said.

    In response to a question from Xinhua, IMF Chief Economist Pierre-Olivier Gourinchas said at a press conference that rising geopolitical tensions are “something that we are very concerned about,” noting that there are two dimensions of the impact.

    “One is, of course, if you increase tariffs, for instance, between different blocks, that will disrupt trade, that will misallocate resources, that will weigh down on economic activity,” said Gourinchas.

    “But there is also an associated layer that comes from the uncertainty that increases related to future trade policy, and it will also depress investment, depress economic activity and consumption,” he continued.

    The chief economist noted that the IMF has found an impact on global output levels of approximately 0.5 percent in 2026. “So it’s a quite sizable effect of both an increase in tariffs between different countries and an increase in trade policy uncertainty,” he said.

    According to the latest WEO report, global growth is projected to hold steady, but there are weakening prospects and rising threats.

    The growth outlook is very stable in emerging markets and developing economies, around 4.2 percent this year and next, with continued robust performance from emerging Asia, the report said.

    Noting that the return of inflation near central bank targets paves the way for a policy triple pivot, Gourinchas said that the first pivot — on monetary policy — is under way already.

    The second pivot is on fiscal policy, he noted. “After years of loose fiscal policy in many countries, it is now time to stabilize debt dynamics and rebuild much-needed fiscal buffers,” Gourinchas said.

    The third pivot — and the hardest — is toward growth-enhancing reforms, he said. “Much more needs to be done to improve growth prospects and lift productivity,” he said.

    The IMF chief economist noted that while industrial and trade policy measures can sometimes boost investment and activity in the short run, especially when relying on debt-financed subsidies, “they often lead to retaliation and fail to deliver sustained improvements in standards of living.”

    “Economic growth must come instead from ambitious domestic reforms that boost technology and innovation, improve competition and resource allocation, further economic integration and stimulate productive private investment,” he added.

    MIL OSI China News –

  • MIL-OSI New Zealand: Rural News – OSPRI’s donation continues support for farmers

    Source: OSPRI New Zealand

    Disease management agency OSPRI has announced a funding package commitment for the Rural Support Trust, a charity they consider critical to the success of their work.
    The Rural Support Trust offers one to one support to those struggling with the pressures of life on the farm. As such, they are a vital safety net in the rural community, and their team of local experienced people will be relied on as the sector confronts tough economic conditions.
    To provide support when and where it is needed, resourcing is critical, and while partially funded by the Ministry of Primary Industries, the Trust relies on additional charitable donations. Recognising this and valuing the Trust’s support around the impact of its disease management programmes, OSPRI recently committed to annual donations over the next three years.
    “The impact of disease on farmers’ wellbeing is well documented, and we experience first-hand the stress that comes to bear on farming families when their livestock become infected with TB or M.bovis” says Helen Thoday, OSPRI’s North Island General Manager for Service Delivery. “So having a partner like The Rural Support Trust, often involving someone who’s been through it too, to help, is an important part of recovery”.
    As a not for profit itself, OSPRI understands just how important financial assurance is. “We’ve worked with the Rural Support Trusts previously, providing funding to ensure they could meet community needs during the Hawkes Bay TB outbreak. When taking on the surveillance of M.bovis last year, we also continued the funding, started by MPI, to support those farmers impacted by the disease. So, it’s gratifying to make a commitment of ongoing donations to support farmers dealing with infected herds, or any personal difficulty really” confirms Helen.
    Amanda Jordan, the Chair of Taranaki Rural Support has also been a long-time defender of biosecurity and continues this work with one of OSPRI’s farmer committees. As a 5th generation jersey cow farmer, Amanda and her family have battled through plenty of challenges, and she still remembers the impact of TB – at one stage managing three of the seven herds infected in Taranaki. Between that experience and calling on the Trust herself, Amanda was determined to do more for her industry and talks warmly about a network of locals. “We’ve an amazing coordinator, and an important part of her work is listening to the caller carefully, and then finding the right willing person in the community. If we’re concerned about welfare, we’ll find support quickly and close by, but often it’s about someone with the right experiences or background for a situation”.
    Fourteen Rural Support Trusts operate across regions throughout New Zealand, and then there is a national office providing coordination to ensure ground support remains widely accessible to those who need it. “I’m hugely proud of each Trusts’ efforts, there’s real comfort in having someone to walk with you during tough times – so providing those rural connections is such an important part of it” says Maria Shanks, General Manager of New Zealand Rural Support Trust. “We’re lucky to have a collection of principle sponsors and partners and pleased to have OSPRI’s support as they also work amongst our communities”.

    MIL OSI New Zealand News –

  • MIL-OSI: Synaptics Expands in Taiwan to Capture Rapid Growth in $24B AI IoT Market

    Source: GlobeNewswire (MIL-OSI)

    HSINCHU, Taiwan, Oct. 22, 2024 (GLOBE NEWSWIRE) — Synaptics® Incorporated (Nasdaq: SYNA) today announced it has expanded in Hsinchu, now making Taiwan Synaptics’ largest employee base worldwide. The expansion underscores the increasingly critical role of Taiwan in the semiconductor industry and gives Synaptics headroom to grow both its essential operations and engineering expertise. Among other things, the facilities will house the team that develops AI-enabled Edge devices for the IoT to capture a significant piece of the rapidly growing $24B market across consumer, automotive, enterprise, and industrial applications.

    “Our investment in Taiwan reflects our confidence in the region as a vital and strategic location for growth,” said Michael Hurlston, President and CEO of Synaptics. “Taiwan plays an increasingly pivotal role in the electronics supply chain and has nurtured a strong talent pool to draw upon to ensure our customers and partners are successful.”

    The Hsinchu and Taipei offices will be a hub for Synaptics’ finance and sales central services, operations engineering and supplier management, wireless product development and support, as well as core PC touch and fingerprint sensor solutions.

    About Synaptics Incorporated
    Synaptics (Nasdaq: SYNA) is leading the charge in AI at the Edge, bringing AI closer to end users and transforming how we engage with intelligent connected devices, whether at home, at work, or on the move. As the go-to partner for the world’s most forward-thinking product innovators, Synaptics powers the future with its cutting-edge Synaptics Astra™ AI-Native embedded compute, Veros™ wireless connectivity, and multimodal sensing solutions. We’re making the digital experience smarter, faster, more intuitive, secure, and seamless. From touch, display, and biometrics to AI-driven wireless connectivity, video, vision, audio, speech, and security processing, Synaptics is the force behind the next generation of technology enhancing how we live, work, and play. Follow Synaptics on LinkedIn, X, and Facebook, or visit http://www.synaptics.com.  

    Synaptics and the Synaptics logo are trademarks of Synaptics in the United States and/or other countries. All other marks are the property of their respective owners.

    Media Contact
    Synaptics Incorporated
    Patrick Mannion
    Director of External PR and Technical Communications
    +1 631-678-1015
    patrick.mannion@synaptics.com

    The MIL Network –

  • MIL-OSI China: Leap in Sino-African ties foreseen

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

    The current global economic slowdown and shocks to industrial and supply chains have presented China and Africa with a crucial opportunity to scale up mutual cooperation and move it to a higher level, officials and experts said.

    A shift in China-Africa investment cooperation toward higher-end industries, digitalization, and green development is a vital step in facilitating the inclusive growth of both sides, they said.

    They made the remarks at the Symposium on High-Quality Development of China-Africa Investment Cooperation on Monday, which was jointly hosted by the China-Africa Development Fund and the Chinese Academy of International Trade and Economic Development in Beijing.

    The complementary economic and industrial development profiles of China and Africa have formed a solid basis for their thriving cooperation, said Jing Ning, deputy director-general at the department of Western Asian and African affairs under the Ministry of Commerce.

    The synergistic pairing of China’s technologies, equipment and management expertise with Africa’s markets and human resources has been a key driving force behind the advancement of the continent’s industrialization, technological innovation, and youth employment, Jing said.

    China’s investments in Africa are not only growing in volume but are also strategically oriented toward ensuring that Africa becomes a global manufacturing hub, said Rahamtalla M. Osman, permanent representative of the African Union to China.

    Africa’s green development potential, renewable energy needs, youth population and emerging consumer markets, coupled with the opportunities presented by the African Continental Free Trade Area, have made it a promising investment destination, Osman said.

    The Chinese government announced plans to facilitate at least 70 billion yuan ($9.8 billion) in investments by Chinese companies in Africa over the next three years during the Summit of the Forum on China-Africa Cooperation in Beijing in September.

    Meanwhile, China and Africa will establish a joint digital technology cooperation center and 20 flagship digital demonstration projects. China is committed to equipping African nations with the latest advancements in clean energy technologies, including solar, wind, and hydropower systems.

    As Chinese enterprises expand their investments in Africa, they are not only pursuing their own interests, but also striving to bring tangible benefits to African countries, said Wang Shaodan, chairman of the China-Africa Development Fund.

    CADF, along with partner enterprises, is actively promoting technology transfers to African countries, transitioning from “Made in China” to “Made in Africa” and enhancing the local industrial development capabilities, Wang said.

    In 2013, Chinese home appliances manufacturer Hisense and the CADF jointly invested $350 million to establish Hisense South Africa Industrial Park, where the company has promoted technology transfer and upskilled local workers.

    This has enabled South Africa to acquire manufacturing capabilities and develop export-ready brands for the European market, Wang added.

    China is also working to facilitate the transfer of agricultural technologies to Africa through a wide range of cooperation modalities, which is crucial for enhancing Africa’s food security, said Yu Zirong, vice-president of the Chinese Academy of International Trade and Economic Development.

    Africa is currently facing the dual dilemma of debt and development, and Chinese financial institutions and enterprises are exploring the expansion of new collaborative models to address this challenge, said Yu Yong, deputy director-general of the department of African affairs under the Ministry of Foreign Affairs.

    These new approaches, including public-private partnership, and integrated investment-construction-operation model, are designed to ensure the continuous funding and liquidity needed to support Africa’s industrialization, ultimately leading to a reduction in the continent’s debt burden, Yu said.

    MIL OSI China News –

  • MIL-OSI USA: Senator Johnson, Chairman Steil Demand Classified Briefings on Potential Foreign Influence in U.S. Elections

    US Senate News:

    Source: United States Senator for Wisconsin Ron Johnson
    WASHINGTON – On Thursday, U.S. Sen. Ron Johnson (R-Wis.) and U.S. Congressman Bryan Steil (R-Wis.) sent letters to the U.S. Treasury Department, the Federal Bureau of Investigation (FBI), and the Director of National Intelligence (DNI) requesting information on potential election interference through fraudulent donations by foreign actors. In the letter to Treasury, Chairman Steil and Ranking Member Johnson requested Suspicious Activity Reports related to ActBlue. They also requested that all three agencies provide classified briefings on the matter.
    Excerpts from the letters read:
    “As Chairman of the Committee on House Administration (“CHA”) and as the Ranking Member of the Senate Permanent Subcommittee on Investigations (“PSI”), both with broad oversight of our nation’s federal elections, we write to you to raise an urgent concern regarding potential illicit election funding by foreign actors.”
    “CHA has been investigating claims that foreign actors, primarily from Iran, Russia, Venezuela, and China, may be using ActBlue to launder illicit money into U.S. political campaigns. The investigation has indicated that these actors may be exploiting existing U.S. donors by making straw donations without their knowledge.”
    Read the full letters here.
    Background:
    On April 17, 2023, Ranking Member Ron Johnson wrote to the Federal Election Commission (“FEC”) regarding a video posted online by the O’Keefe Media Group on March 28, 2023 alleging that political donations are being made in large amounts to certain political groups without the donors’ knowledge. The FEC refused to confirm or deny whether it is investigating this matter.
    On October 31, 2023, following reports that ActBlue was accepting political contributions without a card verification value (CVV), Chairman Steil sent a letter demanding answers on ActBlue’s practices, questioning if they are complying with federal campaign finance laws and preventing foreign and illegal contributions.
    On November 27, 2023, ActBlue responded to Chairman Steil’s letter saying it did not require a CVV in order to contribute on their website.
    On September 6, 2024, Chairman Steil introduced H.R. 9488, the Secure Handling of Internet Electronic Donations (SHIELD) Act. The legislation prohibits political committees from accepting an online contribution unless the contributor provides the CVV and billing address associated with the card and from accepting online contributions from prepaid cards. It also adopts a top legislative recommendation from the FEC to prohibit individuals from knowingly aiding or abetting a person making a contribution in the name of another person.
    On September 11, 2024, the SHIELD Act passed the Committee on House Administration by a voice-vote.
    On September 18, 2024, Chairman Steil sent letters to the Attorneys General from Texas, Virginia, Arkansas, Florida, and Missouri, updating them on the Committee’s investigation into ActBlue, a major democratic fundraising platform. Along with the letter, the Attorneys General received the data and evidence that the Committee has collected over the course of almost a year. 

    MIL OSI USA News –

  • MIL-OSI: Founder Group Limited Announces Pricing of Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    SELANGOR, Malyasia, Oct. 22, 2024 (GLOBE NEWSWIRE) — Founder Group Limited (“FGL” or the “Company”), a pure-play, end-to-end engineering, procurement, construction and commissioning (EPCC) solutions provider for solar PV facilities in Malaysia, today announced the pricing of its initial public offering (the “Offering”) of an aggregate 1,218,750 ordinary shares at a public offering price of $4.00 per share for total gross proceeds of $4.875 million, before deducting underwriting discounts and offering expenses. In addition, the Company has granted the underwriters a 45-day option (the “Over-Allotment Option”) to purchase up to an additional 182,813 ordinary shares at the initial public offering price, less underwriting discounts.

    The ordinary shares are scheduled to begin trading on the Nasdaq Capital Market on October 23, 2024, under the ticker symbol “FGL”. The Offering is expected to close on or about October 24, 2024, subject to customary closing conditions.

    US Tiger Securities, Inc. (“US Tiger”) is acting as sole underwriter for the Offering. Hunter Taubman Fischer & Li LLC is acting as U.S. legal counsel to the Company, and Sichenzia Ross Ference Carmel LLP is acting as U.S. legal counsel to US Tiger.

    The Offering is being conducted pursuant to the Company’s registration statement on Form F-1 related to the Offering, as amended (File No. 333-281167), which was filed with the United States Securities and Exchange Commission (the “SEC”) and was declared effective on September 30, 2024. The offering of the securities is being made only by means of a prospectus forming a part of the registration statement. Electronic copies of the final prospectus relating to the Offering may be obtained, when available, by visiting the SEC’s website located at http://www.sec.gov or by contacting US Tiger Securities, Inc. at 437 Madison Avenue, 27th Floor, New York, New York 10022, or by telephone at +1 646-978-5188.

    This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy the Company’s securities, nor shall there be any offer, solicitation, or sale of such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Founder Group Limited

    Founder Group Limited is a pure-play, end-to-end EPCC solutions provider for solar PV facilities in Malaysia. The Company’s primary focus is on two key segments: large-scale solar projects and commercial and industrial (C&I) solar projects. The Company’s mission is to provide customers with innovative solar installation services, promote eco-friendly resources and achieve carbon-neutrality.

    For more information on the Company, please log on to https://www.founderenergy.com.my/.

    Safe Harbor Statement

    This press release contains forward-looking statements that reflect our current expectations and views of future events, including but not limited to, the Company’s proposed Offering. Known and unknown risks, uncertainties and other factors, including those listed under “Risk Factors” in the registration statement on Form F-1 related to the Offering, may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.

    Contact Information:

    Founder Group Limited Contact:
    Eric Lee
    Chief Executive Officer
    Telephone +03-3358 5638
    Email: ericlee@founderenergy.com.my

    Underwriter Inquiries:
    US Tiger Securities, Inc.
    437 Madison Avenue, FL 27
    New York, NY 10022
    Email: ECM@ustigersecurities.com

    Investor Relations Inquiries:
    Skyline Corporate Communications Group, LLC
    Scott Powell, President
    1177 Avenue of the Americas, 5th Floor
    New York, New York 10036
    Office: (646) 893-5835
    Email: info@skylineccg.com

    The MIL Network –

  • MIL-OSI Economics: ADB Approves $200 Million Loan to Enhance Livability in Uttarakhand, India

    Source: Asia Development Bank

    MANILA, PHILIPPINES (23 October 2024) — The Asian Development Bank (ADB) has approved a $200 million loan to help upgrade water supply, sanitation, urban mobility, and other urban services to enhance the quality of life and climate resilience of the people in Uttarakhand state in India.

    The Uttarakhand Livability Improvement Project will improve transportation and urban mobility, drainage, flood management, and overall public services in the city of Haldwani, which serves as the state’s economic hub. To enhance water supply service delivery in Champawat, Kichha, Kotdwar, and Vikasnagar, the project will finance the implementation of efficient and climate-resilient water supply systems.

    “Uttarakhand’s high vulnerability to climate and environmental risks such as floods and droughts adds to the pressing challenges in delivering good public services that are faced by the project towns,” said ADB Senior Urban Development Specialist Pedro Almeida. “With a projected increase in rainfall, temperatures, and flooding and landslides, upgrading infrastructure in these areas is critical not only to improve livability but also to ensure the population’s safety and health.” 

    In Haldwani, the project will develop 16 kilometers (km) of climate-resilient roads, establish an intelligent traffic management system, deploy compressed natural gas buses, and pilot electric buses. To prepare the city against disasters, the project will construct 36 km of stormwater and roadside drains to improve flood management and implement an early warning system. A green-certified administrative complex and bus terminal will be built to improve the delivery of public services. 

    In the towns of Champawat, Kichha, Kotdwar, and Vikasnagar, the project aims to increase water service coverage to 100% by constructing 1,024 km of climate-resilient pipelines with smart water meters, 26 tubewells with a daily capacity of 72,131 cubic meters, new reservoirs with 17,350 cubic meters of storage capacity, and a 3.5 million liter per day water treatment plant. Sanitation coverage in Vikasnagar will be improved by sewage treatment facilities that will benefit around 2,000 households.

    Measures to strengthen the institutional capacity of the Uttarakhand Urban Sector Development Agency and urban local bodies in project management, climate and disaster-resilient planning, and urban infrastructure management will be implemented under the project.

    The project will introduce initiatives for women, such as livelihood skills training on driving buses, bus ticketing, and the operation of electric charging stations. Given women’s role in monitoring water supply systems, the project will build the capacity of women, including those from vulnerable households, in operating and managing water supply and sanitation services. The project will pilot women-led community engagement in water bill distribution and collection in the four towns.

    The European Investment Bank is cofinancing the project with $191 million on a parallel basis, while the state government is contributing $74.9 million—bringing the total project cost to $465.9 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: Public–Private Partnership Monitor: Georgia

    Source: Asia Development Bank

    This report is part of an ADB flagship series that considers financing options and assesses constraints, such as low awareness and insufficient PPP opportunities at both local and national levels. The report also details how Georgia’s PPP Agency and PPP Law are supporting efforts to attract investment partners and bolster critical infrastructure that can further strengthen the economy.

    MIL OSI Economics –

  • MIL-OSI Security: Buffalo man pleads guilty to bilking two banks out of nearly half a million dollars

    Source: Office of United States Attorneys

    BUFFALO, N.Y.-U.S. Attorney Trini E. Ross announced today that Joshua Parra, 32, formerly of Buffalo, NY, now living in Melbourne, Florida, pleaded guilty before U.S. Magistrate Judge Michael J. Roemer to bank fraud, which carries a maximum penalty of 30 years in prison and a $1,000,000 fine. 

    Assistant U.S. Attorney Charles M. Kruly, who is handling the case, stated that between December 28, 2021, and January 6, 2022, Parra defrauded Bancorp and Stride Bank by creating 94 fictitious disputed transactions on behalf of 11 customers of Fintech Company 1, a financial technology company that offers customers mobile banking services. However, none of the 11 customers’ accounts with Fintech Company 1 had transactions that would justify such disputes. Nearly all of the fictitious disputed transactions were in the amount of $5,000. As a result, funds were transferred from settlement accounts, held at Bancorp and Stride Bank, to accounts maintained by the Fintech Company 1 customers for whom Parra created the fictitious disputed transactions. Losses to Bancorp and Stride Bank totaled approximately $459,000.

    The plea is the result of an investigation by the Internal Revenue Service, Criminal Investigation Division, under the direction of Special Agent in Charge Thomas Fattorusso, and the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Miraglia.  

    Sentencing will be scheduled at a later date.   

    # # # #

    MIL Security OSI –

  • MIL-OSI Economics: Money Market Operations as on October 22, 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) 563,557.45 6.65 5.10-6.85
         I. Call Money 9,130.51 6.65 5.10-6.85
         II. Triparty Repo 408,209.20 6.66 6.45-6.80
         III. Market Repo 145,104.74 6.61 6.00-6.85
         IV. Repo in Corporate Bond 1,113.00 6.75 6.70-6.85
    B. Term Segment      
         I. Notice Money** 281.00 6.65 6.00-6.90
         II. Term Money@@ 501.50 – 6.45-6.95
         III. Triparty Repo 657.00 6.70 6.60-6.75
         IV. Market Repo 874.20 6.66 6.62-6.80
         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, 22/10/2024 1 Wed, 23/10/2024 2,603.00 6.75
    4. SDFΔ# Tue, 22/10/2024 1 Wed, 23/10/2024 67,234.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -64,631.00  
    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          
         (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$       7,388.93  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -9,144.07  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -73,775.07  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 22, 2024 1,002,750.84  
         (ii) Average daily cash reserve requirement for the fortnight ending November 01, 2024 1,016,726.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 22, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 04, 2024 488,495.00  
    @ 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: 2024-2025/1356

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: LCQ11: Supporting students with special educational needs

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Gary Zhang and a written reply by the Secretary for Education, Dr Choi Yuk-lin, in the Legislative Council today (October 23):
     
    Question:
     
         There are views pointing out that the support provided under the existing policy for students with special educational needs (SEN) at public sector ordinary schools is insufficient. In addition, many primary and secondary schools have relayed that due to curricula constraints, they do not have the time to take care of and support the needs of SEN students, and Special Educational Needs Coordinators (SENCOs) also find it difficult to cater for the needs of SEN students because of their heavy administrative workload. In this connection, will the Government inform this Council:
     
    (1) of the current number of (i) SENCOs and (ii) Special Educational Needs Support Teachers (SENSTs) in Hong Kong, and the respective average numbers of SEN students supported by each SENCO and SENST;
     
    (2) of the service programmes currently provided by the Government for various types of SEN students, and the average amount of subsidies received by each student;
     
    (3) whether the Government has considered allocating additional resources to provide accessible applied behaviour analysis trainings for students with autism spectrum disorder and attention deficit/hyperactivity disorder; if so, of the details; if not, the reasons for that; and
     
    (4) given that under the existing policy, the Social Welfare Department (SWD) provides pre-school support for SEN children (from birth to six years old), while the support services for school-aged SEN children over six years old are provided by schools funded by the Education Bureau, but there are views that the support services provided by the SWD and schools, as well as their effectiveness, are completely different, whether the Government will consider having the support services for SEN students provided by the SWD instead?

    Reply:
     
    President,
     
         The Government attaches great importance to supporting students with special educational needs (SEN) and has continuously introduced enhancement measures to strengthen the support for students with different SEN. The annual expenditure on integrated education has increased substantially from $1.5 billion in the 2017-18 financial year to about $4.1 billion in the 2024-25 financial year, representing an increase of up to 170 per cent. This reflects the great importance and long-term commitment of the Government attached to integrated education. 
     
         The consolidated reply to the question raised by the Hon Gary Zhang is as follows:
     
    (1) to (2) To assist public sector ordinary schools in supporting students with SEN, the Education Bureau (EDB) provides schools with additional manpower and professional support on top of regular subvention. The EDB provides schools with the Learning Support Grant (LSG) on an annual basis based on the number of students with SEN in a school and their respective tier of support required. In the 2023/24 school year, the unit grant rates for Tier-2 and Tier-3 support are $15,779 and $63,116 respectively. If the total amount of the LSG reaches a specific threshold, the schools will be provided with additional regular teaching post(s), titled Special Educational Needs Support Teacher (SENST) by the EDB. Also, the post of Special Educational Needs Coordinator (SENCO) has been established in each public sector ordinary school. In the 2023/24 school year, there are 844 and 1 355 posts of SENCOs and SENSTs respectively within the staff establishment. Under the Whole School Approach (WSA), all teachers in a school should have the ability and the responsibility to support students with SEN, while the SENCO plays a leading role in collaborating with other teachers and professional support staff. Schools can flexibly pool together and effectively deploy the LSG as well as other resources based on the overall needs of students and according to the principle of “individual calculation and holistic deployment”, including employing additional teachers and teaching assistants and hiring professional services. 
     
         Apart from additional teachers, the EDB provides schools with additional professional support staff. At present, the School-based Educational Psychology Service has covered all public sector ordinary schools in the territory, and the Enhanced School-based Speech Therapy Service has also been fully implemented. Besides, the EDB has launched support programmes and services to address different types of SEN so that students in need can be provided with targeted support, such as the Chinese Language Tiered Intervention Programme for students with dyslexia, the respective support programmes for students with visual impairment and hearing impairment; and the School Partnership Scheme to support ordinary schools to cater for students with intellectual disability who display severe adjustment difficulties.
     
    (3) Autism spectrum disorder (ASD) and attention deficit/hyperactivity disorder (AD/HD) are the major types of students with SEN. Schools can provide appropriate support for them according to their severity of SEN through the 3-tier Intervention Model, such as in-class adaptation and support, group training targeted for learning, emotional and behavioural adjustment, and individual education plan for students with severe learning or adaptation difficulties, so as to make the best use of resources and maximise the effectiveness. The EDB has also implemented the Project on “Whole School Approach to Providing Tiered Support for Students with Autism Spectrum Disorder”. Through the “School-based Multi-Disciplinary Professional Support” and the “Non-Governmental Organisation and School Collaboration”, schools are assisted in adopting evidence-based and diversified strategies to help students develop their abilities in learning, social and emotional adaptation, facilitate their integration in classroom learning and the community, unleash their potential and strengthen their life planning. 
     
         For students with AD/HD, the EDB has been developing a series of teaching resources for enhancing students’ execution skills and relevant software for secondary schools to facilitate individual coaching for the students concerned. Besides, the EDB organises talks and experience-sharing sessions for school personnel on a regular basis, and provides support for primary and secondary school students, parents and teachers under the Jockey Club Keen and Active Kids Project through cross-sector collaboration with university. 
          
         Currently, there are various evidence-based support strategies to assist students with ASD and AD/HD, and applied behaviour analysis (ABA), which mainly reinforces positive behaviour using rewards, is one of them. The EDB has all along been promoting effective and evidence-based support strategies through teacher training and support programmes to enhance schools’ capacity to support students. In addition, a series of learning and teaching resources that make use of information technology and interactive multimedia, such as “Video Modelling”, digital interactive learning and teaching platforms, and digital learning games will be launched by phases. The elements of ABA approach have already been included in these initiatives. Schools are encouraged to deploy their resources flexibly and adopt diversified and appropriate strategies to cater for the needs of different students.
     
    (4) The Government has been providing support services for children with special needs through cross-sector collaboration. In brief, the Health Bureau and the Hospital Authority (HA) provide assessment and medical services; the Social Welfare Department (SWD) provides pre-school rehabilitation services; while the EDB provides learning support.
     
         Children at different stages have different needs for support. At the pre-primary level, kindergartens adopt an integrated approach of theme-based learning, enabling children to learn through a variety of games and activities based on their progress of development and learning needs. Most of the children showing slower development in individual aspects are able to gradually develop their capabilities at their own pace of personal growth. Therefore, at the pre-school level, the SWD provides subvention for non-governmental organisations to operate pre-school rehabilitation services for children with special needs under six years of age. At the primary level, students will transition to a more structured learning approach with different subjects. Schools will also gradually grasp the types of SEN of their students. By adopting the WSA, SENCOs collaborate with various professionals and subject panels in the school to cater for the learning and adaptation needs of students in a holistic manner.
          
         To enhance the effectiveness of the transition from pre-school to primary schooling, a collaborative mechanism has been put in place among the EDB, the SWD, the Department of Health and the HA to ensure that the recipient primary schools can be aware of the special needs of students progressing to Primary One early, and facilitate their integration in the learning life of primary schools. Primary schools will make appropriate support arrangements according to the actual needs of students and provide parents with the “Summary of Transition Support for Primary One Student” to help them understand the support arrangements provided by schools and make suitable complements to enhance the effectiveness and promote home-school communication.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ14: Mainland Travel Permits for Hong Kong and Macao Residents (non-Chinese Citizens)

    Source: Hong Kong Government special administrative region

         Following is a question by Dr the Hon Kennedy Wong and a written reply by the Secretary for Security, Mr Tang Ping-keung, in the Legislative Council today (October 23):Question:     The Exit and Entry Administration of the country announced on July 1 this year the issuance of Mainland Travel Permits for Hong Kong and Macao Residents (non-Chinese Citizens) (non-Chinese Permits) to non-Chinese Hong Kong permanent residents who make an application starting from the 10th of that month. In this connection, will the Government inform this Council:(1) given that since September 1, 2018, relevant Mainland authorities have further facilitated the use of the Mainland Travel Permit for Hong Kong and Macao Residents (commonly known as Home Return Permit) by Hong Kong and Macao residents for easy application of the Home Return Permit in areas such as transport, finance, communications, education, healthcare, social security, industry and commerce, taxation and accommodation, and the Secretary for Labour and Welfare said in July this year that the measures relating to the non-Chinese Permit would be conducive to the talent exchange between the Mainland and Hong Kong and further facilitate Hong Kong’s better integration into the overall development of the country and its contribution to the country’s high-‍quality development, but it is learnt that currently holders of non-‍Chinese Permits are still unable to enjoy any convenience on the Mainland, including their inability to directly open bank accounts, apply for telephone cards and purchase railway tickets, whether the authorities will seek to secure the wider and more convenient use of the non-Chinese Permit on the Mainland, so that holders of the permit can enjoy the same convenience afforded to holders of the Home Return Permit; if so, of the specific details; if not, the reasons for that;(2) of the total number of persons who have applied for non-Chinese Permits so far, their main nationalities and the situation of their use of the permit; and(3) of the channels used by the Government to promote the non-Chinese Permit, so as to ensure that non-Chinese residents in Hong Kong who are eligible can receive the relevant information in a timely manner, and whether assistance is provided for holders of non-Chinese Permits at the relevant control points?Reply:President,     The Government of the Hong Kong Special Administrative Region (HKSAR) warmly welcomes and expresses gratitude to the country for issuing non-Chinese Hong Kong permanent residents a card???type document with five-year validity (Mainland Travel Permit for Hong Kong and Macao Residents (non-Chinese Citizens)) with effect from July 2024. The new measure represents a major policy breakthrough under “one country, two systems” implemented by the Mainland authorities with innovative thinking and fully highlights the unique status of the HKSAR.     Before the introduction of the new measure, foreigners (including non-Chinese Hong Kong permanent residents) could only go through the manual channels at control points of the Mainland with their foreign passports and fill in an arrival card each time. Even though persons of certain nationalities can enjoy visa-free access to the Mainland, they still have to use the manual channels for clearance using their passports at Mainland control points. After the introduction of the new measure, individuals holding the card-type document are able to enjoy self-service clearance at control points of the Mainland, and they are no longer required to fill in any arrival card. It has significantly enhanced clearance efficiency and facilitated access to the Mainland for business, travelling and visiting relatives by non-Chinese Hong Kong permanent residents.     In consultation with the Constitutional and Mainland Affairs Bureau, the Commerce and Economic Development Bureau (CEDB), Invest Hong Kong (InvestHK), the Information Services Department (ISD) and the Home Affairs Department (HAD), my reply to the various parts of the question is as follows:(1) The issuance of new card-type document to non-Chinese Hong Kong permanent residents has significantly enhanced clearance convenience. We understand that various sectors of the community expect wider use of the new document on the Mainland. The HKSAR Government has been in close communication with relevant Mainland authorities and will continue to do so in enhancing the level of convenience of Hong Kong residents living on the Mainland, with a view to promoting better integration of the HKSAR into the overall development of the country.(2) The application, approval, and issuance of the new card-type document fall within the remit of the Mainland authorities. According to the figures provided by the Exit and Entry Administration of the country (EEA), from July to mid-October 2024, a total of about 55 000 non-Chinese Hong Kong permanent residents had made appointments for application, and about 20 000 new card-type documents were issued by the EEA. The number of visitor arrivals/departures made using the card-type document amounted to a total of 53 000. Applicants mainly included nationals from European, North American, Southeast and South Asian countries.     Based on the HKSAR Government’s understanding, the first batch of people who obtained and used the card-type document for travelling to the Mainland (including those from the business and school sectors) greatly welcomed the new measure. They also considered that the measure could substantially shorten the clearance time and fully satisfy their needs for visiting the Mainland for business, academic and cultural exchanges, and travelling purposes. Some of them also said that the measure had given them a stronger sense of identity and facilitated their greater participation in the development of the Greater Bay Area (GBA).(3) The Security Bureau has been actively promoting the new measure together with relevant bureaux and departments, including the CEDB, InvestHK, the ISD, the HAD, as well as Hong Kong Economic and Trade Offices overseas and on the Mainland, etc. Apart from promoting through various channels, including mass media and social media, we have been particularly promoting this measure to foreign chambers of commerce in Hong Kong, encouraging international talents of Hong Kong companies who are permanent residents to make use of the card-type document to better seize the opportunities of the country’s rapid development, especially in the building of the GBA. In addition, we have especially introduced the measure to ethnic minorities through the eight support service centres for ethnic minorities funded by the HAD and promoted the measure to ethnic minority groups, community groups and schools, etc. through relevant District Offices in districts where more ethnic minorities live.     We have also been maintaining close communication with the Mainland authorities to ensure the smooth implementation of first-time registration for the use of this permit and clearance arrangement at Mainland control points, including the provision of more directional signs in English and additional manpower to assist card holders when necessary.

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: LNP lead reduced as Queensland election approaches; US election remains very close

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    The Queensland state election is this Saturday, with polls closing at 7pm AEDT. There are 93 single-member seats, with Queensland having no upper house. At the 2020 election, Labor won 52 of the 93 seats, the Liberal National Party (LNP) 34 and all others seven. Labor won the two-party statewide vote by an estimated 53.2–46.8.

    There have been two recently released Queensland polls, with both showing a reduction in the LNP lead from landslide margins the last time the same polls were released. However, the LNP is still very likely to win on Saturday.

    A YouGov poll for The Courier Mail, conducted October 10–16 from a sample of 1,503, gave the LNP a 54.5–45.5 lead, a 2.5-point gain for Labor since the previous YouGov poll in July. Primary votes were 41% LNP (down two), 31% Labor (up five), 11% Greens (down three), 11% One Nation (down two) and 6% for all Others (up two).

    Labor premier Steven Miles had a net approval of -10, up three points, with 44% dissatisfied and 34% satisfied. LNP leader David Crisafulli’s net approval slumped 11 points to +6. Crisafulli led Miles by 37–36 as better premier, down from a 40–29 lead in July.

    A Resolve poll for The Brisbane Times, conducted October 14–19 from a sample of 1,003, gave the LNP a 53–47 lead by respondent preferences and a 52–48 lead by 2020 election preference flows. This is the first time Resolve has given a two-party result for its Queensland polls.

    Primary votes were 40% LNP (down four since the previous Resolve poll that was conducted over four months from June to September), 32% Labor (up nine), 11% Greens (down one), 9% One Nation (up one), 2% independents (down seven) and 5% others (up one).

    In its previous polls, Resolve asked all respondents if they would vote for independents. In this poll that was taken after nominations closed, they only asked for independents where independents were standing, so the independent vote crashed.

    Crisafulli led Miles by 39–37 as preferred premier (40–27 in September). Miles had a +8 net approval (47% good, 38% poor), while Crisafulli was at net +7 approval. On issues, the LNP led Labor by 22 points on crime, with the two parties were within two points on cost of living, housing and health.

    The key reasons why Labor is likely to be defeated are an “it’s time” factor as Labor has governed since winning the January 2015 election, the federal Labor government tending to hurt state Labor parties and Queensland easily being the most pro-Coalition state at the 2022 federal election.

    At that election, Queensland was the only state where the Coalition won the two-party vote (by 54.1–45.9). The second best state for the Coalition was New South Wales, where Labor won the two-party vote by 51.4–48.6.

    US election still very close, but Harris’ national lead drops

    The United States presidential election will be held on November 5. In analyst Nate Silver’s aggregate of national polls, Democrat Kamala Harris leads Republican Donald Trump by 48.8–47.2, a gain for Trump since Sunday, when Harris led by 49.1–46.8. Harris’ national lead peaked on October 2, when she led by 49.4–45.9.

    The US president isn’t elected by the national popular vote, but by the Electoral College, in which each state receives electoral votes equal to its federal House seats (population based) and senators (always two). Almost all states award their electoral votes as winner-takes-all, and it takes 270 electoral votes to win (out of 538 total).

    Relative to the national popular vote, the Electoral College is biased to Trump, with Harris needing at least a two-point popular vote win to be the narrow Electoral College favourite in Silver’s model.

    In Pennsylvania (19 electoral votes), there’s now a 48.0–48.0 tie in Silver’s poll averages. Harris remains barely ahead in Michigan (15 electoral votes) by 0.5 points, Wisconsin (ten) by 0.7 and Nevada (six) by 0.4. But without Pennsylvania, Harris leads in states
    worth 257 electoral votes and Trump in states worth 262, down from a 276–262 Harris lead on Sunday.

    On the current numbers, whoever wins Pennsylvania would win the presidency. Trump leads in North Carolina (16 electoral votes) by one point, Georgia (16) by 1.5 and Arizona (11) by two.

    Silver’s model now gives Trump a 53% chance to win the Electoral College, up from 51% on Sunday, but the race remains very close to a 50–50 chance for either candidate. There’s a 27% chance Harris wins the popular vote but loses the Electoral College. The FiveThirtyEight forecast gives Trump a 51% win probability.

    While the polls have trended to Trump recently, that doesn’t mean he will continue to gain. There are still two weeks before the election, and either candidate could win decisively if there’s late movement or poll error in their favour.

    With the seven swing states currently all within two points, the two most likely outcomes are for either Trump or Harris to sweep all seven swing states. A Trump sweep occurs 24% of the time and a Harris sweep 15% of the time.

    Silver has a list of 24 reasons why Trump could win. I think the most important reasons are the economy and the Electoral College bias. These reasons may explain Trump’s recent poll gains.

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

    – ref. LNP lead reduced as Queensland election approaches; US election remains very close – https://theconversation.com/lnp-lead-reduced-as-queensland-election-approaches-us-election-remains-very-close-241683

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: LCQ19: Supporting the development of the logistics industry

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Frankie Yick and a written reply by the Secretary for Transport and Logistics, Mr Lam Sai-hung, in the Legislative Council today (October 23):Question:     According to the Action Plan on Maritime and Port Development Strategy promulgated by the Government in December last year, the maritime and port industry, with economic contribution accounting for 4.1 per cent of gross domestic product, facilitates the growth of trade and logistics industry as one of the four major economic pillars in Hong Kong. However, it has been reported that with the rapid development of neighbouring ports, the container throughput of Hong Kong has been on a downtrend, and some major ocean-‍going cargo shipping companies have even removed Hong Kong from their voyage itineraries, thus further affecting Hong Kong’s container throughput. In this connection, will the Government inform this Council:(1) of the follow-up actions taken by the Government in response to the removal of Hong Kong from the voyage itineraries of some major ocean-going cargo shipping companies; whether it will introduce measures to attract these cargo shipping companies to put Hong Kong back on their voyage itineraries, including making reference to the practices of Singapore and the Mainland to exempt controlled goods for transhipment from licensing requirements, or streamlining the relevant procedures; if so, of the details; if not, the reasons for that;(2) given that Hong Kong is an important entrepot for the Mainland, but cross-boundary land freight has been affected by the drop in container throughput of the Hong Kong port, and quite a number of cross-boundary goods vehicles have been forced to lie idle, of the progress of the Government’s work in developing new cargo sources for the cross-boundary land freight sector; and(3) as it is learnt that in the face of insufficient cargo volume, some small and medium enterprises in the logistics industry are on the verge of closing down, whether the authorities will introduce support measures to relieve the financial pressure of the industry; if so, of the details; if not, the reasons for that?Reply: President,     Hong Kong is an international maritime centre, with its port being one of the world’s busiest and most efficient ports and its comprehensive strengths in terms of port conditions, professional maritime service and overall business environment among the world’s best. Hong Kong also ranked fourth in the 2024 Xinhua-Baltic International Shipping Centre Development Index.       To further consolidate our status as an international maritime centre, further to the promulgation of the Action Plan on Maritime and Port Development Strategy in December 2023, the Transport and Logistics Bureau (TLB) will take forward various measures as announced in the 2024 Policy Address in full steam, including reconstituting the existing Hong Kong Maritime and Port Board (HKMPB) into the “Hong Kong Maritime and Port Development Board”, actively fostering the development of smart port, stepping up the promotion of green transformation of registered ships, developing a green maritime fuel bunkering centre, as well as promoting the development of high value-added maritime and professional services, such as the enhancement of tax concessions relating to ship lessors and shipping commercial principals, encouragement of leading or high-potential marine insurance operators to establish presence in Hong Kong and exploration of tax concessions relating to commodity trading, thereby strengthening the local maritime ecosystem. We will materialise the aforesaid measures in a proactive manner in order to boost the competitiveness of the maritime industry.     Our reply to Hon Frankie Yick’s question is as follows:(1) Enhancing port competitiveness is one of the four major directions of development mentioned in the Action Plan on Maritime and Port Development Strategy. As a major transshipment port in the region, enhancing Hong Kong’s attractiveness as a cargo transshipment hub, promoting the strengths of Hong Kong Port (HKP) and strengthening co-operation with the Mainland are important means to boost port cargo transshipment throughput.     In terms of enhancing Hong Kong’s attractiveness as a cargo transshipment hub, as announced by the Chief Executive in his 2024 Policy Address, the Government is exploring the feasibility of extending the arrangements under the Air Transhipment Cargo Exemption Scheme, that is, exempting the import and export licence requirements on specified controlled commodities, to other intermodal cargo transshipment modes, including sea-to-sea transshipment. In addition, in view of the international maritime industry’s increasing concern about decarbonisation, we will develop Hong Kong into a green maritime fuel bunkering centre, so as to attract ocean-going vessels using green maritime fuels to call at Hong Kong, thereby enhancing the competitiveness of HKP.     As regards promoting the strengths of HKP, the Government has been working with the industry to strengthen external promotion and liaison. For example, HKMPB visited Tokyo, Japan and Hamburg, Germany as well as Athens, Greece in Europe, in July and September this year respectively to visit various ports and companies in the maritime industry. It will also visit the Middle East at the end of this year, with a view to allowing the relevant stakeholders there to learn about the strengths and latest development of Hong Kong’s maritime and port industry, and explore new cooperation opportunities.     Regarding enhancing cooperation with the Mainland, the container terminal operators of Hong Kong, with the support of the Government, have signed multiple cooperation agreements with different regions of the Mainland. Amongst others, Hong Kong container terminal operators signed a memorandum of understanding on cooperation with Guangxi Beibu Gulf International Port Group in May 2024 to strengthen Hong Kong-Guangxi cooperation on the port and logistics fronts. In August 2024, under the cooperation between a Hong Kong container terminal operator and Shenzhen Yantian Port, the Chongqing-Shenzhen-Hong Kong scheduled rail-sea service commenced, which allows export cargoes from Chongqing to be exported via Shenzhen Yantian Port and Kwai Tsing Container Terminals in Hong Kong through the sea-rail intermodal transshipment mode, thereby bringing more cargo to Hong Kong. In addition, Hong Kong’s port industry is also cooperating with Shenzhen Dachan Bay Terminals on handling high-value cold chain products by facilitating fast and efficient transshipment of containers from Hong Kong to Dachan Bay by barges, so that the relevant cargoes can reach cities in the Greater Bay Area (GBA) speedily, thereby strengthening HKP’s connectivity with other ports and cargo sources in the Mainland.(2) As a regional logistics hub, Hong Kong has all along been one of the major gateways for air and sea cargoes to and from the GBA. With the commissioning of the Hong Kong-Zhuhai-Macao Bridge (HZMB), the driving distance between Hong Kong and Western Guangdong and Guangxi has been greatly shortened, thereby further unleashing the enormous potential for logistics cooperation between Hong Kong and the two aforesaid places. For this reason, the Government has proposed in the Action Plan on Modern Logistics Development to actively explore new cargo sources and new opportunities for cross-boundary land freight transport in relation to Western Guangdong and its neighbouring regions by enhancing multimodal transport measures and making good use of the HZMB.     The TLB has been actively discussing with Zhuhai on enhancing synchronised development on the logistics front between Hong Kong and Zhuhai by making good use of the HZMB. The TLB also visited Zhuhai in March 2023 together with the Hong Kong Logistics Development Council to learn about Zhuhai’s logistics development and explore cooperation opportunities. Apart from Zhuhai, the Secretary for Transport and Logistics also led a delegation to Zhanjiang, Guangdong, in June 2024 to learn about the business opportunities in logistics development between Hong Kong and Zhanjiang arising from the “New Land-Sea Corridor for Western Regions”. In addition, the Transport and Logistics Bureau also signed the “Framework Agreement on Deepening Strategic Co-operation for the Guangxi-Hong Kong Task Force on Transport and Logistics” with the Department of Transport of Guangxi in May this year, with a view to strengthening logistics cooperation with Guangxi, including cross-boundary land freight logistics.     The TLB will continue to enhance liaison and cooperation with Western Guangdong and its neighbouring regions, with a view to further enlarging the cargo catchment for Hong Kong’s cross-boundary land freight logistics sector.(3) The Government has been supporting the development of Hong Kong’s logistics industry through various measures. In terms of financial assistance, since 2020, the Government has been providing assistance to eligible logistics service providers through the $300 million Pilot Subsidy Scheme for Third-party Logistics Service Providers, with a view to supporting local logistics industry, especially small- and medium-sized third-party logistics service providers, to increase productivity by applying technology. On the other hand, we are also supporting logistics practitioners in receiving training, and providing sponsorship for logistics enterprises to engage interns, through the Professional Training on Smart and Green Logistics Scheme under the Maritime and Aviation Training Fund and Internship Scheme on Modern Logistics, respectively. In addition, the Chief Executive has announced in his 2024 Policy Address a number of measures to support small and medium enterprises (SMEs), including allowing borrowing enterprises (including those in the logistics sector) under the SME Financing Guarantee Scheme (SFGS) to apply for principal moratorium for up to 12 months, and at the same time, offering the partial principal repayment options to new loans under the 80 per cent and 90 per cent guarantee products of the SFGS, so as to alleviate the repayment burden on SMEs, thereby creating more room for them to seize the opportunities brought about by economic recovery.     Enlarging cargo catchment and increasing cargo throughput is the most practical means to assist logistics enterprises. Hence, the Government will continue to implement various strategies and action measures set out in the Action Plan on Modern Logistics Development promulgated in October 2023, including enhancing intermodal connectivity by implementing the Three-Places-One-Lock Scheme and the dedicated express route for air and land fresh and live products, making good use of HZMB and enhancing promotion of Hong Kong’s strengths in logistics development in the Mainland and overseas, with a view to attracting more cargoes to be transshipped through Hong Kong.     The Government will, through the Hong Kong Logistics Development Council and other platforms, continue to maintain communication with the trade, closely monitor the latest development of the logistics industry and introduce suitable measures at appropriate junctures to support the sustainable development of the logistics sector.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: FS attends Bloomberg Global Regulatory Forum in New York (with photos/video)

    Source: Hong Kong Government special administrative region

    FS attends Bloomberg Global Regulatory Forum in New York (with photos/video)
    FS attends Bloomberg Global Regulatory Forum in New York (with photos/video)
    ****************************************************************************

         The Financial Secretary, Mr Paul Chan, began his visit to New York, the United States, yesterday (October 22, New York time).           In the afternoon, Mr Chan attended the Global Regulatory Forum hosted by Bloomberg, delivering a keynote speech on how to build a future-proof financial system. He stated that despite facing various challenges in recent years, Hong Kong’s economic and financial fundamentals remain strong and resilient. Data, as well as international rankings and assessments, have shown that Hong Kong continues to play an important role in the global financial market and serve as a leading international financial centre in Asia, with a degree of economic freedom and competitiveness among the best in the world. Recent inflows of investment from United States and European investors have also reflected their confidence in Hong Kong. Mr Chan also noted that with the long-term adherence to the “one country, two systems” arrangement, and the country’s pursuit of high-level opening-up, Hong Kong’s unique advantages will only be more evident, and the city will better fulfil its role as a “super connector.”           In his speech, Mr Chan also elaborated on Hong Kong’s robust financial regulation. He pointed out that as a small and fully open economy, Hong Kong has learned from past experience to respond to potential or even unpredictable external shocks and market volatility. This has been achieved through identifying and addressing systemic weaknesses, establishing a cross-sector, co-ordinated and round-the-clock risk detection and monitoring system, and building strong buffers to respond to various risks and challenges.           Mr Chan emphasised that the ultimate goal of financial regulation is to promote healthy and sustainable market development. Therefore, Hong Kong’s financial regulators take on dual roles as both regulators and market enablers.  This requires them to establish an agile and forward-looking regulatory regime, respond swiftly to market changes, and embrace technological innovation, with a view to creating the conditions for a thriving market and promote the long-term development of the financial system.           Finally, Mr Chan shared two key future development directions for Hong Kong: continuing to deepen the Connect Schemes and strengthen the links and regulatory co-operation with Mainland and global capital markets; and embracing innovation, which includes enabling the responsible and sustainable development of digital assets.           Before attending the forum, Mr Chan met with the Founder of Bloomberg L.P. and Bloomberg Philanthropies, Mr Michael Bloomberg, to exchange views on issues of mutual concern.           Mr Chan will continue his visit in New York today (October 23, New York time).

     
    Ends/Wednesday, October 23, 2024Issued at HKT 12:12

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: Former mayor and MP returns to Papakura

    Source: Auckland Council

    Former Papakura Mayor John Robertson (2004-2007) returned to the area recently, leading a delegation of Waitomo councillors and the district’s chief librarian to check out facilities in the town.

    Papakura Local Board chair Brent Catchpole says it was a case of back to the future when the group visited Sir Edmund Hillary Library, because Robertson played a role in redeveloping the floor now occupied by the library and museum.

    Until the then Papakura District Council sold its stake in the building and used the proceeds to redevelop and bring the facilities together, the museum was on an upper level.

    “He told us it was quite satisfying to see what had been achieved and congratulated us and library staff for leading such a dynamic facility,” Catchpole says.

    “The library is about so much more than books, and the role it plays in our community because of that is invaluable.”

    Robertson and his colleagues also toured Papakura Museum, Papakura Marae – where staff work with the board in a several areas, Central Park and Te Paataka Korero o Takaanini.

    “Our council is very small and that means it doesn’t have a wide rating base. Looking at ways that might allow us to create facilities for our community, particularly ones that can be used in multiple ways, makes sense.

    “What has been achieved in Papakura is a model we can draw on.

    “It shows you don’t have to be thinking you need to build a museum, a library, meeting rooms and everything else. Instead, you can create something that might meet many of the community’s needs in a more affordable way.”

    Like the Papakura Local Board, Waitomo Council is committed to working to promote the social, cultural, environmental and economic wellbeing of its community.

    “We say ‘te hanga tahi o tātou Takiwa – shaping our district together,” says Robertson – who also served as Papakura MP from 1990 to 1996. “Members are working hard to enable a thriving economy to create greater benefits everyone can enjoy.”

    Papakura Museum staff gifted Robertson a 1993 photo showing the then MP with Papakura Mayor David Hawkins, promotions officer Christine Laurenson, and franchisee Martha Hill, on the site where the town’s original McDonald’s was to be built.

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    MIL OSI New Zealand News –

  • MIL-OSI Russia: Digital accounting and computer vision: how Moscow is developing information services in the financial sector

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The capital has been developing information technologies in the field of public finance for more than 12 years. This was stated Elena Zyabbarova, Minister of the Moscow Government, head of the capital’s Department of Finance, at the panel discussion “The Digital Future of the Budget: Technologies and Efficiency” at the Moscow Financial Forum.

    “Today, each city sector has its own technological platform, on which both its management and the provision of services to city residents and other end users are built. And the sphere of public finances is no exception. Due to the creation of modern services, their integration with city and federal information systems, we have significantly increased the quality and speed of the budget process in Moscow, and in general, a colossal paradigm shift has occurred,” the head of the department said.

    In Moscow, digitalization has helped to get rid of paper document flow, create digital workplaces, increase the speed of payments and strengthen control over the use of budget funds. Big data processing systems have made it possible to conduct a detailed industry analysis of budget revenues, monitor the state of the economy and significantly increase the accuracy of assessing the income of the city treasury.

    The discussion participants emphasized that further digitalization is impossible without deepening integration between departmental information and analytical systems, developing unified standards for managing and accounting budget funds. Big data processing technologies and artificial intelligence algorithms are coming to the forefront today.

    The use of artificial intelligence algorithms significantly expands the capabilities of financiers: the machine can be trusted to carry out routine operations and free up the time of specialists for analytical work.Department of Finance of the City of Moscow already working service using computer vision when authorizing transactions of treasury support participants. In addition, the department is implementing algorithms for robotizing the formation and authorization of payment documents for payment of government contracts.

    A fundamentally new system has made it possible to unify budget accounting procedures in Moscow centralized budget accounting model. It enables accounting according to general rules using a single chart of accounts and document forms and at the same time in accordance with the specifics of various urban economic complexes. Digital accounting allows obtaining large data sets and comparing the financial and economic performance indicators of institutions.

    Together with the Federal Treasury of the Russian Federation Department of Finance of the City of Moscow is working on the implementation of customer-oriented services. This is the use of the Mir payment system for all types of social payments to residents of the capital and the creation of an automated payment system for city purchases of goods and services using fast payment technology.

    “In the future, budget management will be based on constant diagnostics of changing conditions. On the one hand, it will become fast and flexible, comfortable for all participants in the process, and on the other hand, it will eliminate possible errors as much as possible and provide a high level of security,” Elena Zyabbarova emphasized.

    The use of digital technologies to improve the quality of life of city residents is in line with the objectives of the national program “Digital Economy of the Russian Federation” and the Moscow regional project “Digital Public Administration”. More information about this and other national projects implemented in the capital can be found Here.

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

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

    https://vvv.mos.ru/nevs/item/145637073/

    MIL OSI Russia News –

  • MIL-OSI Australia: Delivering local priorities in Brisbane

    Source: Australian Ministers 1

    The Albanese Labor Government continues to boost the liveability of Oxley, with federal funding unlocking a pipeline of local road and community infrastructure projects.

    Federal Minister for Local Government, Kristy McBain MP joined Federal Member for Oxley, Milton Dick MP on Tuesday to inspect the progress of projects in the Brisbane area, and to discuss the city’s priorities. 

    Brisbane City Council will receive more than $103 million in Roads to Recovery funding over the next five years – a boost of over $44.4 million thanks to the Albanese Government. 

    This will pave the way for local road upgrades that will improve safety and reduce traffic congestion, building on improvements already delivered.

    Traffic lights and a pedestrian crossing were recently installed at the Blunder Road and Wallaroo Road intersection – thanks to over $1.5 million in federal funding.

    Over $4.1 million in federal funding supported the major upgrade to the Dandenong Road and Sirocco Street intersection, with new traffic lights improving traffic flow and safety for pedestrians and cyclists.

    Through Phase 4 of the Local Roads and Community Infrastructure program, Brisbane City Council is receiving over $11.7 million for high-impact local projects.

    As part of this, over $7.7 million is supporting repairs and upgrades to 29 community facilities, including new retaining walls along the rugby and cricket fields at the Forest Lake Junior Rugby Union Club.

    Work is also underway on upgrades to aquatic centres across Brisbane, with $4 million from the Albanese Government supporting new lighting, heat pumps and switchboards, along with the installation of solar equipment, batteries and smart energy monitoring.

    These upgrades – fully funded by the Albanese Government, will reduce energy consumption and emissions, and support Brisbane City Council to reinvest money saved into other important local services. 

    Nationally, the Albanese Government is delivering significant funding increases to support local councils deliver their priority projects. 

    The Roads to Recovery program is progressively increasing from $500 million to $1 billion per year, the Road Black Spot Program is increasing from $110 million to $150 million per year, and $200 million per year is available under our Safer Local Roads and Infrastructure Program.

    Quotes attributable to Federal Member for Oxley, Milton Dick MP:

    “It’s wonderful to welcome Minister McBain to Oxley to highlight how we’re partnering with Brisbane City Council to turn federal funding into local results – from making our local roads safer and easier to navigate, to ensuring our sporting facilities are fit-for-purpose.

    “With a population of over 2.4 million people, Brisbane is one of Australia’s largest and busiest cities – and I’m so proud to have secured funding increases for projects in this area that are supporting local jobs and uplifting our economy.”  

    Quotes attributable to Federal Minister for Local Government, Kristy McBain MP:

    “Milton Dick has a strong record of delivering for communities in Oxley, which is why it was terrific to join him in Brisbane to see high-impact local projects underway, and to discuss what support is needed for future priorities.

    “Our funding increases to Brisbane City Council and strengthened partnership will ensure that we continue to deliver the projects that matter to people in Oxley – whether that’s upgrading the local roads they take to work, or improving the sports fields their kids train on after school.” 

    MIL OSI News –

  • MIL-OSI Asia-Pac: LCQ2: Developing cruise tourism

    Source: Hong Kong Government special administrative region

    LCQ2: Developing cruise tourism
    LCQ2: Developing cruise tourism
    *******************************

         Following is a question by the Hon Chan Yuet-ming and a reply by the Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, in the Legislative Council today (October 23): Question:      It has been reported that the number of cruise ships arriving in Hong Kong this year is far lower than that in Singapore, and a related association has also withdrawn from Hong Kong. On the other hand, the Government mentioned in the Policy Address delivered last year that it would review the development of cruise tourism economy and announce an action plan in the first half of 2024. In this connection, will the Government inform this Council: (1) of the number of ship calls in Hong Kong in each of the past five years, as well as the numbers of inbound and outbound cruise passenger trips, and the age distribution and per capita spending of passengers; (2) whether further plans in the short, medium and long terms are in place to attract cruise ships to visit Hong Kong and consider Hong Kong as homeport; and (3) of the positioning of and division of functions between the Kai Tak Cruise Terminal (KTCT) and the Ocean Terminal, and how the occupancy rates of the commercial floor space of the two terminals compare with each other; as there are views that when compared with the Ocean Terminal, there is much room for improvement in respect of transport connectivity between the KTCT and the shopping malls nearby as well as the luxury goods and commercial contents of such shopping malls, how the Government will enhance the transport connectivity between the KTCT and the surrounding scenic spots and key shopping malls in the short term? Reply: President,      After the pandemic, the Government has been making all-out efforts in promoting the recovery of the tourism industry, amongst which Hong Kong’s cruise tourism is actually one of the work priorities. With the concerted efforts of the industry and the Government, a total of 30 cruise lines are scheduled to visit Hong Kong in 2024, representing an increase of 12 over 2023 and comparable to pre-pandemic levels. It is estimated that the non-local cruise passenger throughput this year will increase to about 330 000, representing an increase of 50 per cent compared with 220 000 the year before. Moreover, attributable to the efforts we have made, several new cruise lines will have their first ship calls in Hong Kong in the coming year, and new itineraries will also be launched by cruise lines to attract a more diverse sources of customers.           We sought views extensively from relevant local and international stakeholders of the cruise industry earlier on the development of cruise tourism in Hong Kong, and formulated an action plan for further promoting cruise visits to Hong Kong. It will be published together with the Development Blueprint for Hong Kong’s Tourism Industry 2.0 by the end of this year.           Having consulted the Development Bureau and the Transport and Logistics Bureau, below is the reply to the question raised by the Hon Chan Yuet-ming: (1) The total numbers of ship calls and cruise passenger throughputs in Hong Kong in the past five years are at Annex. Separately, according to a survey conducted by the Hong Kong Tourism Board (HKTB) in 2023, the onshore per capita spending of inbound cruise passengers embarking or disembarking in Hong Kong was about $3,000. Nevertheless, the contribution of cruise tourism to Hong Kong’s economy is not restricted to the spending by passengers, but also includes the expenses incurred in Hong Kong by the cruises (such as the expenses of arranging shore excursions or transport for passengers, reprovisioning for the cruises, berthing at terminals and hiring of ground crew members), as well as the onshore spending of crew members on leave.  We do not maintain statistics on the age distribution of cruise passengers. (2) The Tourism Commission (TC) and HKTB will continue to promote the development of Hong Kong’s cruise tourism through various measures, attracting cruises to visit Hong Kong, and leveraging Hong Kong as the homeport for passengers to start or complete their cruise voyages. Those measures include: (a) developing new cruise itineraries and visitor source markets. For instance, introducing cruise itineraries departing from the Mainland, Japan, Korea, Malaysia, the Philippines, Taiwan and Thailand to Hong Kong in the coming months; and stepping up the promotion and publicity of fly-cruise and rail-cruise packages; (b) facilitating cruise lines in making proper planning for cruises visiting Hong Kong, and providing them with various support and concessions, with a view to encouraging cruise lines to increase the number of ship calls, make overnight calls and leverage Hong Kong as the homeport; (c) supporting the tourism trade in fully leveraging Hong Kong’s unique tourism elements to design different featured shore excursions. Cruise passengers visiting Hong Kong this week will be arranged to join the Hong Kong Wine & Dine Festival, thereby creating synergy between cruise tourism and mega events. In addition, a night time itinerary of Hong Kong classic tram tour has recently been selected by a cruise line as one of its top 10 shore excursions in the world; (d) providing facilitation for inbound passengers who start their cruise voyage in Hong Kong, such as baggage delivery services for debarking cruise passengers to enable them to explore the city hassle-free. TC also co-ordinates ship calls with a large number of Mainland visitors, streamlining the boundary crossing arrangements, and arranging coaches for them to travel direct to the Kai Tak Cruise Terminal (KTCT) in just 40 minutes; (e) seizing the new opportunities brought about by cruise-related policies in the Mainland, such as the policy of allowing visa-free entry of foreign tourist groups aboard cruise ships at provinces along the country’s coastline, and the measures allowing Mainland visitors to travel to Hong Kong in transit to join international cruise itineraries involving port-of-call in Mainland cruise ports, thereby attracting international cruise lines to develop more cruise itineraries covering Hong Kong and Mainland ports; and (f) proactively participating in major industry events in the Mainland and overseas, and collaborating with ports in the Mainland and the Asian region to jointly promote Asia’s cruise tourism in these events. (3) Though complementing each other, the development and functions of the KTCT and the Ocean Terminal (OT) in Tsim Sha Tsui are not entirely the same and a direct comparison cannot be made between them. The OT was completed in 1966. Due to limitations in respect of water depth and clearance facilities etc, it can only accommodate small to medium-sized cruise ships with a gross tonnage of fewer than 90 000 tons and a smaller passenger capacity. Its floor area is primarily used for commercial purposes. As Tsim Sha Tsui has developed into one of Hong Kong’s premier shopping and sightseeing hot spots, passengers joining cruise voyages there can also be benefited. As for the KTCT, it is an infrastructure specifically built for the berthing of mega-size cruise ships and is able to accommodate simultaneously two mega-size cruise ships with a gross tonnage of up to 220 000. The terminal provides sufficient space and facilities for handling a large number of inbound and outbound passengers as well as their embarkation and disembarkation within a short period of time, but only has a small ancillary commercial area. The KTCT commenced operation in phases from mid-2013, and since 2015 and 2017 respectively, it has already surpassed the OT in terms of annual passenger throughput and the number of ship calls.      Upon getting onshore, cruise passengers may either join shore excursions with connecting transport arrangements provided by cruise lines or local travel agents, or travel to destinations by public transport. The KTCT is being part of the Kai Tak Development (KTD). With the gradual completion of the traffic network and commercial facilities within the KTD, cruise passengers will be provided with greater convenience and more options for shopping and sightseeing. Those options include the major retail facility adjacent to Kai Tak MTR Station opened in September last year and another commercial project comprising a large department store scheduled for opening in November this year. In addition, the Kai Tak Sports Park, to be opened in the first quarter of next year, will not only provide over 700 thousand square feet of retail and catering facilities, but also venues for hosting various types of mega sports, cultural and recreational events, thereby creating synergy effects with the KTCT.           There are currently four regular franchised bus routes serving the KTCT, with three of them connecting Kai Tak Station. Subject to demand, an additional special bus route directly connecting the station will also be provided by public transport operator during the berthing of cruise ships. The Transport Department has also planned to provide two additional franchised bus routes, one of them providing connecting services to Kai Tak Station via Sung Wong Toi Station, while another providing express services to Hung Hom and Tsim Sha Tsui direct.      Thank you, President.

     
    Ends/Wednesday, October 23, 2024Issued at HKT 12:55

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    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Delivering local priorities on the North Coast

    Source: Australian Ministers 1

    The Albanese Labor Government continues to boost the liveability of communities across Richmond, with federal funding delivering road and community infrastructure projects across the Tweed and Byron Shires. 

    Federal Minister for Regional Development and Local Government, Kristy McBain MP, joined Member for Richmond, Justine Elliot MP on Tuesday to inspect the progress of projects and to discuss the region’s priorities.

    As part of our commitment to improving the safety of local roads in Richmond, local councils will receive an increase in their Roads to Recovery funding over the next five years.

    Tweed Shire Council will receive over $15.9 million – a boost of over $6.8 million, and Byron Shire Council will receive over $6.4 million – a boost of over $2.7 million.

    This will pave the way for future priority projects and build on projects already delivered and fully funded by the Albanese Government – such as intersection, drainage, and bus stop upgrades at Rifle Range Road at Bangalow, which received $673,076. 

    The surface of Ducat Street at Tweed Heads is currently being upgraded thanks to over $1.5 million from the Albanese Government, with a further $500,000 in federal funding supporting widening and drainage works on Bayshore Drive at Byron Bay – making these roads safer.

    Through Phase 4 of the Local Roads and Community Infrastructure program, Tweed Shire Council is receiving over $2.8 million, and Byron Shire Council is receiving over $1.1 million for high-impact local projects. 

    The Albanese Government has also committed $618,869 under Round 1 of the Growing Regions Program to construct a Men’s Shed, environmental centre, performance stage and commercial kitchen, as well as provide upgrades to existing infrastructure at the Mullum SEED Eco Hub in Mullumbimby – boosting community engagement opportunities in Richmond. 

    Nationally, the Albanese Government is delivering significant funding increases to support local councils deliver their priority projects. 

    The Roads to Recovery program is progressively increasing from $500 million to $1 billion per year, the Road Black Spot Program is increasing from $110 million to $150 million per year, and $200 million per year is available under our Safer Local Roads and Infrastructure Program.

    Quotes attributable to Federal Minister for Regional Development and Local Government, Kristy McBain MP:

    “Justine Elliot is a strong advocate for communities in Richmond, which is why it’s fantastic to be in town with her to see local projects that she’s campaigned for progressing, and to discuss some of the region’s future priorities.

    “Like my own community, Richmond has been impacted by a number of natural disasters, which is why we’re delivering more funding to local councils to improve the safety and flood resilience of local roads, and to support priority projects that will have a lasting impact.” 

    Quotes attributable to Federal Member for Richmond, Justine Elliot MP:

    “As the Local MP, I’m proud to deliver this important funding for our community. These important funding increases from the Albanese Government have made many local projects a reality right across the North Coast.

    “I invited Minister McBain to our region to discuss how we can keep working to deliver projects that create local jobs, improve our area and keep our local economy strong.”

    Quotes attributable to Tweed Shire Mayor, Chris Cherry:

    “We thank the Australian Government for delivering on its commitment to improve our local road network – particularly for roads across the Tweed Shire that have been significantly impacted by flooding events.

    “When we work together, we get the best outcomes for our community, which is why we’ll continue to partner with the Australian Government to deliver the community infrastructure that locals need and deserve.” 

    Quotes attributable to Byron Shire Mayor, Sarah Ndiaye:

    “It’s fantastic to welcome Minister McBain to Byron Shire to highlight the significant progress we’re making with jointly funded projects, and to discuss our future priorities.

    “With the community calling on the Byron Shire Council to provide more services than ever before, we’re strengthening our partnership with the Australian Government to ensure that we can continue to deliver the projects locals want to get off the ground.”

    MIL OSI News –