Category: Economy

  • MIL-OSI Australia: Scam alert: Scammers are targeting Australians in hardship

    Source: Australia Scam Watch

    Background
    Criminals are impersonating charities and offering fake financial assistance schemes to target people experiencing financial hardship.
    Trusted charities like Good Shepherd and the Salvation Army offer no interest loans. These loans support low-income earners and people in hardship who are struggling with payments or unexpected expenses.
    Criminals are pretending to offer loans from these charities. They may also impersonate government agencies and programs or other charities.

    How to spot the scam
    This scam can be hard to spot because criminals can set up fake social media accounts that look genuine.
    The scammers will ask for your identity information and myGov login details.

    How the scam works
    Criminals pretend to offer services such as no interest loans. They also offer fake emergency relief services, rental assistance, and programs such as the Australian Emergency Rental Assistance Program.
    Once the scammers get someone’s identity information, they can log into myGov accounts, lock people out, and stop people getting government benefits like Centerlink and NDIS payments. They can steal support from charities.
    Someone who is already experiencing hardship can be left without any money and be further behind on payments such as rent.

    What you should know
    Real support to people experiencing financial hardship is available, but criminals will try to target people in need.
    Check independently that an organisation offering financial help is legitimate. Don’t rely on social media advertisements. Don’t assume that someone contacting you is who they say they are.
    A real organisation will never ask for your personal information through social media.

    Find out more
    This scam is a type of impersonation scam.
    Scammers pretend they are from charity organisations. They ask for personal details so they can steal government benefits and charity support.

    Stay protected
    STOP – Don’t give money or personal information to anyone if unsure. Say no, hang up, delete.
    CHECK – Scammers pretend to be from organisations you know and trust – like your bank, charities, the police or government. If you’re not sure, call the official phone number of the organisation to check.
    PROTECT – Act quickly if something feels wrong. If you have had money or personal information stolen contact your bank and Services Australia immediately. Help others by reporting scams to Scamwatch.

    Resources for people experiencing financial hardship
    The official number for the National debt helpline is 1800 007 007.
    Call the Good Shepherd No Interest Loans (NILs) team on 13 64 57 or find a community service NILs provider near you. 

    MIL OSI News

  • MIL-OSI: Unifiedpost Group announces changes in Leadership team and Board composition

    Source: GlobeNewswire (MIL-OSI)

    INSIDE INFORMATION

    La Hulpe, Belgium 23 October 2024, 7:00 am. CET – INSIDE INFORMATION – Unifiedpost Group SA (Euronext Brussels: UPG) (Unifiedpost, Company), a leading provider of integrated business communications solutions, announces the appointment of Nicolas de Beco as its CEO, effective December 1, 2024. Founder and current CEO Hans Leybaert will transition to Executive Chairman. Additionally, the Board has co-opted two new members: Crescemus BV, represented by Pieter Bourgeois, and PDMT Investments LLC, represented by Peter Mulroy. The Board further plans to nominate potential Board members at the next Ordinary General Shareholder Meeting. These changes align with our commitment to enhance governance and strengthen the position of Unifiedpost.

    Summary of appointments:

    • Nicolas de Beco has been appointed as the new CEO of Unifiedpost, effective December 1, 2024. Nicolas succeeds Hans Leybaert, who will transition to Executive Chairman of the Board.
    • Crescemus BV, represented by Pieter Bourgeois, has been co-opted as a non-executive director, replacing AS Partner BV, represented by Stefan Yee, who stepped down on October 1, 2024. Crescemus will represent Alychlo NV in the Board. The mandate will take effect as from October 23, 2024.
    • PDMT Investments LLC, represented by Peter Mulroy, has been co-opted as independent director, replacing Sopharth BV, represented by Philippe De Backer, who stepped down on October 1, 2024. The mandate will take effect as from October 23, 2024.
    • The Board plans to nominate four potential Board members at the next Ordinary Shareholder Meeting in May 2025.

    Appointment of Nicolas de Beco as CEO; Hans Leybaert becomes executive chairman.

    Unifiedpost is pleased to announce Nicolas de Beco as its new CEO, effective December 1, 2024. Nicolas will succeed Hans Leybaert, who will transition into the role of Executive Chairman. Nicolas brings extensive experience in scaling SaaS businesses and driving operational excellence, both of which are essential to Unifiedpost’s current strategic priorities, as the company continues to execute on its organic growth plans and capitalise on opportunities arising from regulatory reforms across Europe. Hans Leybaert will remain on board to guide the strategy implementation of the company.

    Hans Leybaert stated, “We welcome Nicolas as our new CEO, and I am excited to transition into the role of Executive Chairman. Nicolas brings a wealth of experience to Unifiedpost, having served as Senior Vice President of Strategy at Quadient and President of the French Foreign Trade Advisors in New England. His proven ability to understand and address customer needs aligns with our commitment to customer-centric innovation. I am confident that this transition will keep Unifiedpost on track to becoming the leading digital platform for administrative, financial, payment, and communication processes. Nicolas will bring fresh ideas that will accelerate our growth.”

    Nicolas de Beco stated: “I’m excited to join Unifiedpost, Europe’s leading SaaS provider for Financial Automation. With the support of 1.000+ dedicated employees and a strong base of 1,3 million customers, I look forward to leading the team towards sustained, profitable growth and shareholder returns.”

    Co-optation of new Board members

    Following the announcement on July 8, 2024, Stefan Yee, representing AS Partners BV, has decided to voluntarily step down as chairman and member of the Board after nearly 10 years of service since 2014, effective October 1, 2024. Additionally, Philippe De Backer, representing Sopharth BV, has also stepped down from the Board effective October 1, 2024, due to a new professional commitment that prevents his continued service on the Unifiedpost Board.

    Following this, the Board of Directors has decided to co-opt Pieter Bourgeois, representing Crescemus BV, and Peter Mulroy, representing PDMT Investments LLC, as directors effective October 23, 2024. Pieter Bourgeois, who will replace Stefan Yee, is the CEO of Alychlo NV and will represent Alychlo on the Board. Peter Mulroy, replacing Philippe De Backer, will serve as an independent director and brings over 40 years of experience in global trade, receivables, and supply chain finance. The Board will seek ratification of these appointments from the Ordinary General Shareholder Meeting in May 2025. These changes reflect Unifiedpost’s commitment to maintaining a diverse and experienced Board, ensuring strong corporate governance. The newly appointed members’ extensive international experience aligns with Unifiedpost’s ambitions to accelerate the growth of digital services and enhance value for our shareholders and customers.

    Commenting on the announcement, Hans Leybaert stated, “First and foremost, I want to express my sincere gratitude to Stefan Yee and Philippe De Backer for their significant contributions to Unifiedpost during their tenure on our Board. Their insights and dedication have been invaluable to our growth. As we welcome Pieter Bourgeois and Peter Mulroy as new members, I am confident that their expertise will further enhance our governance. Pieter, representing Alychlo, underscores our commitment to a strong Board, while Peter’s extensive background in global trade and finance will be instrumental as we continue to advance our strategic objectives. We look forward to the fresh perspectives our new Board members will bring while building upon the strong foundation laid by their predecessors”.

    Pieter Bourgeois, CEO of Alychlo, added, “As long-term investors, we have always believed in the company’s potential and the value it can unlock for all shareholders. We appreciate the collaborative approach taken by Unifiedpost’s leadership to implement these governance changes, which we believe are a testament to Unifiedpost’s commitment to adopt best practices and strengthen oversight. I am honoured to join the board and look forward to working collaboratively with my fellow directors and management to drive sustainable growth, operational excellence, and long-term value creation for all stakeholders.”

    Planned nominations by the Board.

    To further expand the experience of the Board and give it a more international character, the Board shall propose to nominate four additional directors at the next Ordinary General Shareholder Meeting, scheduled for May 20, 2025:

    • Nathalie Van den Haute, representing Quilaudem BV, shall be proposed to be nominated as a non-executive director. Nathalie is an Investment Principal at Alychlo NV and will represent Alychlo on the Board. She has extensive experience in corporate finance and equity capital markets, having held various leadership positions at KBC Securities.
    • Koen Hoffman, representing Ahok BV, shall be proposed to be nominated as an independent director. Koen is the CEO of Value Square and serves on the boards of Greenyard, Fagron, and MDxHealth in independent capacities.
    • Leanne Kemp shall be proposed to be nominated as an independent director. Leanne is the founder and CEO of Everledger. A prominent figure in the technology sector, she co-chairs the World Economic Forum’s Global Future Council on the Future of Manufacturing and participates in the Global Future Council on Blockchain. Additionally, Leanne leads workstreams at the Global Blockchain Business Council, co-chairs the Sustainable Trade Action Group for the World Trade Board and serves on the IBM Blockchain Platform Board of Advisors.  
    • Nicolas de Beco, representing Beco Global Consulting LLC, shall be proposed to be nominated as executive director.

    The Board shall propose to nominate them for a four-year term, effective from the next Ordinary General Shareholder Meeting. Additionally, the Board shall propose that the shareholders align the terms of the mandates for Crescemus BV and PDMT Investments LLC with this four-year term.

    With these changes to its governance structure, Unifiedpost highlights the international experience of its Board. This reinforces the company’s ambition to become a leading Pan-European player in its market segment.

    Please visit Unifiedpost’s website for more information about the Board of Directors.

    Contact:
    Alex Nicoll
    Investor Relations
    Unifiedpost Group
    alex.nicoll@unifiedpost.com

    About Unifiedpost Group

    Unifiedpost is a leading cloud-based platform for SME business services built on “Documents,” “Identity” and “Payments”. Unifiedpost operates and develops a 100% cloud-based platform for administrative and financial services that allows real-time and seamless connections between Unifiedpost’s customers, their suppliers, their customers, and other parties along the financial value chain. With its one-stop-shop solutions, Unifiedpost’s mission is to make administrative and financial processes simple and smart for its customers. For more information about Unifiedpost Group and its offerings, please visit our website: Unifiedpost Group | Global leaders in digital solutions

    Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations, opinions, and other forward-looking statements in relation to the expected future performance of Unifiedpost Group and the markets in which it is active. Such forward-looking statements are based on management’s current views and assumptions regarding future events. By nature, they involve known and unknown risks, uncertainties, and other factors that appear justified at the time at which they are made but may not turn out to be accurate. Actual results, performance or events may, therefore, differ materially from those expressed or implied in such forward-looking statements. Except as required by applicable law, Unifiedpost Group does not undertake any obligation to update, clarify or correct any forward-looking statements contained in this press release in light of new information, future events or otherwise and disclaims any liability in respect hereto. The reader is cautioned not to place undue reliance on forward-looking statements.

    Attachments

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  • MIL-OSI: Planisware – Q3 2024 revenue

    Source: GlobeNewswire (MIL-OSI)

    Q3 2024 revenue of € 47.0 million

    • Year-on-year revenue growth in constant currencies of +18.7% in Q3 and +19.3% for the 9 first months of the year
    • Record high commercial pipeline but longer customer decision-making process driving delayed signature and start of new contracts
    • More cautious view on revenue growth in Q4
    • Improving profitability thanks to continuous progress in operational efficiency and better activity mix
    • Revision of 2024 objectives announced in September 2023:
      • 2024 revenue growth in constant currencies between +17% and +18%
        (vs. c. 19.5%)
      • Adjusted EBITDA margin raised to approximately 34% (vs. c. 33%)
      • Cash Conversion Rate of c. 80% confirmed

    Paris, October 23, 2024 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, announces today its revenue for the third quarter of 2024. Revenue amounted to € 47.0 million, up by +18.2% in current currencies, mainly led by the continued success of the Group’s market-leading SaaS platform. In constant currencies, revenue growth reached +18.7% (€+7.4 million) in Q3 and +19.3% (€+21.6 million) for the first nine months of the year. Recurring revenue amounted to €41.4 million in Q3 (88% of revenue) and was up by +21.2% in constant currencies.

    Loïc Sautour, CEO of Planisware, commented: “During the third quarter of 2024, Planisware delivered a solid +18.7% revenue growth in constant currencies, led by the continued success of our SaaS operations. This was a bit lower than expected due to elongated customers’ decision-making process since the end of the summer on the back of political concerns in France and difficulties seen in some of our key verticals such as automotive.

    Taking into account some uncertainties in the closing timing of delayed signatures and the start of some contracts, we adopt a cautious view for the end of the year. As a results, we now target annual revenue growth between +17% and +18% in constant currencies.

    In parallel, we continue to benefit from the evolution of our activity mix and to deliver further operational efficiencies on employee-related costs enabling to raise our 2024 profitability objective to c. 34% while confirming our cash conversion rate objective of c. 80%.

    Beyond the current quarter, we continue to build on our record high commercial pipeline fuelled by increasing demands for strategic portfolio management tools that help companies to better align their resources with strategic business goals. This dynamic is paving the way towards our ambition to be the accelerator of the Project Economy and the number one provider of multi-specialty project and portfolio management software solutions.

    Q3 2024 revenue by revenue stream

    In € million Q3 2024 Q3 2023 Variation
    YoY
    Variation
    in cc*
    Recurring revenue 41.4 34.3 +20.7% +21.2%
    SaaS & Hosting 20.8 17.1 +21.9% +22.3%
    Evolutive support 13.0 10.4 +24.6% +25.2%
    Subscription support 2.8 2.2 +29.4% +30.3%
    Maintenance 4.8 4.6 +3.8% +4.1%
    Non-recurring revenue 5.6 5.1 +8.3% +8.7%
    Perpetual license 2.0 1.3 +57.3% +58.0%
    Implementation & others non-recurring 3.5 3.8 -8.1% -7.9%
    Revenue with customers 47.0 39.4 +19.1% +19.6%
    Other revenue 0.3    
    Total revenue 47.0 39.7 +18.2% +18.7%

    * Revenue evolution in constant currencies, i.e. at Q3 2023 average exchange rates

    Reaching €47.0 million in Q3 2024, revenue was up by +18.2% in current currencies and +18.7% in constant currencies. The exchange rates effect was mostly related to the appreciation of the euro versus the US dollar and the Japanese yen compared to Q3 2023. In order to reflect the underlying performance of the Company independently from exchange rates fluctuations, the following analysis refers to revenue evolution in constant currencies, applying Q3 2023 average exchange rates to Q3 2024 revenue figures, unless expressly stated otherwise.

    Recurring revenue

    Representing 88% of Q3 2024 revenue versus 86% in Q3 2023, recurring revenue reached €41.4 million, up by +21.2%.

    Revenue growth was fully led by Planisware’s SaaS model (i.e. SaaS & Hosting and Evolutive & Subscription support) up +23.9%, with SaaS & Hosting revenue up by +22.3% thanks to contracts secured with new customers as well as continued expansion within the installed base. Revenue of support activities (Evolutive & Subscription support), intrinsically related to Planisware’s SaaS offering, grew by +26.1%.

    Maintenance revenue was up by +4.1% in the context of the Group’s shift from its prior license model to a SaaS model.

    Non-recurring revenue

    Non-recurring revenue was up by +8.7%, helped by perpetual licenses extensions and upgrades sold in Q3 2024 to established customers with specific on-premise needs.

    The continued effort to deliver shorter implementations and to bring value faster to customers continued to drive down the planned revenue decline in Implementation. At -7.9% in Q3, revenue decline was accented by delays in the start of projects.

    Confirmed leadership of Planisware

    Planisware’s broad recognition from third-party industry analysts was further confirmed by the latest 2024 Gartner® “Magic QuadrantTMfor Adaptive Project Management and Reporting report.” published on September 5, 2024 and in which Gartner reasserted Planisware as a Leader, emphasizing “robust integrations, dynamic reporting, and native collaboration functionality” and a roadmap that “includes investments to bolster objective and key result (OKR) capabilities, automate work effort tracking, and deliver additional AI-driven features”.

    2024 objectives

    During its process to prepare its IPO, Planisware communicated to investors its 2024 objectives as early as September 2023.

    Planisware communicates today a revised set of 2024 objectives to take into account the uncertainties in the closing timing of delayed signatures and the start of some contracts. The Group adopts a more cautious view for year-end revenue growth. In parallel, continuous progress in operational efficiency and improving activity mix enable Planisware to raise its profitability objective, while confirming its objective for cash generation. As a consequence, Planisware’s 2024 objectives are:

    • Revenue growth in constant currencies between +17% and +18% (c. 19.5% priorly)
    • Adjusted EBITDA margin of approximately 34% (approximately 33% priorly)
    • Cash Conversion Rate of c.80% confirmed

    Appendices

    YTD 2024 revenue by revenue stream

    In € million 9M 2024 9M 2023 Variation
    YoY
    Variation
    in cc*
    Recurring revenue 118.0 96.4 +22.5% +22.9%
    SaaS & Hosting 59.6 46.6 +27.8% +28.0%
    Evolutive support 35.9 29.8 +20.4% +21.1%
    Subscription support 8.4 6.3 +34.8% +35.0%
    Maintenance 14.1 13.6 +3.4% +3.5%
    Non-recurring revenue 15.5 15.3 +1.9% +2.0%
    Perpetual license 6.1 3.6 +70.1% +70.4%
    Implementation & others non-recurring 9.4 11.7 -19.2% -19.1%
    Revenue with customers 133.6 111.6 +19.7% +20.0%
    Other revenue 0.7    
    Total revenue 133.6 112.3 +18.9% +19.3%

    * Revenue evolution in constant currencies, i.e. at 9M 2023 average exchange rates

    Q3 2024 revenue Investors & Analysts conference call

    Planisware’s management team will host an international conference call on October 23, 2024 at 8:00am CET to details Q3 2023 performance and key achievements, by means of a presentation followed by a Q&A session. The webcast and its subsequent replay will be available on planisware.com.

    Upcoming event

    • February 27, 2025:        FY 2024 results publication

    Contact

    About Planisware

    Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

    With more than 700 employees across 14 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

    Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”). For more information, visit: https://planisware.com/

    Connect with Planisware on: LinkedIn and X (formerly Twitter).

    Disclaimer

    Forward-looking statements

    This document contains statements regarding the prospects and growth strategies of Planisware. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that Planisware considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments.

    This information includes statements relating to Planisware’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. Planisware’s forward-looking statements speak only as of the date of this document. Absent any applicable legal or regulatory requirements, Planisware expressly disclaims any obligation to release any updates to any forward-looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward-looking statement contained in this document is based. Planisware operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.

    Rounded figures

    Certain numerical figures and data presented in this document (including financial data presented in millions or thousands and certain percentages) have been subject to rounding adjustments and, as a result, the corresponding totals in this document may vary slightly from the actual arithmetic totals of such information.

    Variation in constant currencies

    Variation in constant currencies represent figures based on constant exchange rates using as a base those used in the prior year. As a result, such figures may vary slightly from actual results based on current exchange rates.

    Non-IFRS measures

    This document includes certain unaudited measures and ratios of the Group’s financial or non-financial performance (the “non-IFRS measures”), such as “recurring revenue”, “non-recurring revenue”, “gross margin”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Free Cash Flow”, “cash conversion rate”, “churn rate” and “Net Retention Rate” (or “NRR”). Non-IFRS financial information may exclude certain items contained in the nearest IFRS financial measure or include certain non-IFRS components. Readers should not consider items which are not recognized measurements under IFRS as alternatives to the applicable measurements under IFRS. These measures have limitations as analytical tools and readers should not treat them as substitutes for IFRS measures. In particular, readers should not consider such measurements of the Group’s financial performance or liquidity as an alternative to profit for the period, operating income or other performance measures derived in accordance with IFRS or as an alternative to cash flow from (used in) operating activities as a measurement of the Group’s liquidity. Other companies with activities similar to or different from those of the Group could calculate non-IFRS measures differently from the calculations adopted by the Group.

    Non-IFRS measures included in this document are defined as follows:

    • Adjusted EBITDA is calculated as Current operating profit including share of profit of equity-accounted investees, plus amortization and depreciation as well as impairment of intangible assets and property, plant and equipment, plus either non-recurring items or non-operating items.
    • Adjusted EBITDA margin is the ratio of Adjusted EBITDA to total revenue.
    • Adjusted FCF (Free Cash Flow) is calculated as cash flows from operating activities, plus IPO costs paid, if any, less other financial income and expenses classified as operating activities in the cash-flow statement, and less net cash relating to capital expenditures.
    • Cash Conversion Rate is defined as Adjusted FCF divided by Adjusted EBITDA. Planisware considers Cash Conversion Rate to be a meaningful financial measure to assess and compare the Group’s capital intensity and efficiency.
    • Net cash position is defined as Cash minus indebtedness excluding lease liabilities.

    Attachment

    The MIL Network

  • MIL-OSI: WithSecure Interim report 1 January – 30 September 2024: Elements software continues growth, profitability maintained despite challenges in services

    Source: GlobeNewswire (MIL-OSI)

    WithSecure Corporation, Interim report 1 January – 30 September 2024, 23 October 2024 at 8.00 EEST

    WithSecure Interim report 1 January – 30 September 2024: Elements software continues growth, profitability maintained despite challenges in services

    Highlights of July – September 2024 (“third quarter”)

    • Annual Recurring Revenue (ARR)1 for Elements Cloud products and services2 increased by 11% to EUR 81.8 million (EUR 73.8 million)
    • Elements Cloud ARR decrease from previous quarter was 1%
    • Net Revenue Retention for Elements Cloud was 104%
    • Revenue for Elements Cloud increased by 9% to EUR 20.7 million (EUR 19.0 million)
    • ARR for Cloud Protection for Salesforce increased by 38% to EUR 10.2 million (EUR 7.4 million)
    • CPSF Revenue increased by 20% to EUR 2.4 million (EUR 2.0 million)
    • Cyber security consulting revenue declined by 1% to EUR 7.5 million (EUR 7.7 million)
    • Adjusted EBITDA for WithSecure was EUR 1.9 million (EUR -2.3 million)
    • Items affecting comparability (IAC) of EBITDA were EUR -0.4 million (EUR -0.2 million).
    • Consulting-related goodwill was impaired by EUR 15.5 million in the third quarter
    1. Annual recurring revenue (ARR) of cloud products is calculated by multiplying monthly recurring revenue of last month of quarter by twelve.  Monthly recurring revenue includes recognized revenue within the month excluding non-recurring revenue
    2. Elements Cloud includes Elements Cloud portfolio software and services as well as the managed services

    Highlights of January – September 2024

    • Revenue for Elements Cloud products and services increased by 10% to EUR 61.8 million (EUR 56.4 million)
    • CPSF revenue increased by 5% to EUR 6.6 million (EUR 6.3 million)
    • Cyber security consulting revenue increased by 2% to EUR 23.6 million (EUR 23.2 million)
    • Adjusted EBITDA for WithSecure was EUR 0.7 million (EUR -16.3 million)
    • Items affecting comparability (IAC) of EBITDA were EUR -0.9 million (EUR -3.4 million).

    Outlook for 2024

    Outlook for 2024 (updated on 11 October 2024)
    Annual recurring revenue (ARR) for Elements Cloud products and services will grow by 6–14 % from the end of 2023. At the end of 2023, Elements Cloud ARR was EUR 78.4 million.

    Revenue from Elements Cloud products and services will grow by 8–12 % from previous year. Previous year revenue from Elements Cloud was EUR 76.1 million.

    Total revenue of the group will grow by 2– 5 % from previous year. Previous year revenue of the group was EUR 142.8 million.

    Adjusted EBITDA of full year 2024 will be positive.

    Outlook for 2024 (previous)
    Annual recurring revenue (ARR) for Elements Cloud products and services will grow by 10–20 % from the end of 2023. At the end of 2023, Elements Cloud ARR was EUR 78.4 million.

    Revenue from Elements Cloud products and services will grow by 10–16 % from previous year. Previous year revenue from Elements Cloud was EUR 76.1 million.

    Total revenue of the group will grow by 6–12 % from previous year. Previous year revenue of the group was EUR 142.8 million.

    Adjusted EBITDA of full year 2024 will be positive.

    Figures in this report are unaudited. Figures in brackets refer to the corresponding period in the previous year, unless otherwise stated. Percentages and figures presented may include rounding differences and might therefore not add up precisely to the totals presented.

    CEO Antti Koskela

    In the third quarter of 2024, WithSecure ARR for Elements Cloud products and services grew by 11 % to EUR 81.8 million (EUR 73.8 million). Elements Cloud revenue grew by 9 % to EUR 20.7 million (EUR 19.0 million). Despite the slightly disappointing revenue growth, profitability of both Elements Company segment and WithSecure Group was positive at the Adjusted EBITDA level. Cloud Protection for Salesforce business returned to the growth track, with ARR growth of 38 %.

    In the Elements Company, Elements software continued to perform with good year-on-year growth. In the DACH (Germany, Austria, Switzerland) region, the revenue growth slowed down slightly, mostly due to the weakness of the German economy. In other European regions and Japan, the revenue and ARR growth continued. In Managed services, some large customers churned during third quarter. This development was affected by our increasing focus on selling managed services to mid-market customers through the Elements platform. However, despite the increase in the number of customers, revenue did not fully compensate for the churned accounts. Of the geographic regions, mostly the UK and the US have been impacted by the Managed services development.

    Exposure Management, introduced in SPHERE’24 reached General Availability during the third quarter. The customer demand for the newest module of Elements has remained high. Also, our AI assistant Luminen became available for all Elements customers in the third quarter.

    Elements Company Adjusted EBITDA was EUR 2.0 million (EUR -0.5 million), as a result of the cost savings of 2023 and continuous efficiency measures.

    In Cloud Protection for Salesforce (CPSF), focused efforts on improving sales efficiency resulted in breaking through the 10 million ARR threshold. ARR grew by 38 % to EUR 10.2 million (EUR 7.4 million). Revenue grew by 20 % to EUR 2.4 million (EUR 2.0 million). We continue to develop CPSF as an independent business in WithSecure. Profitability of the CPSF is moving towards break-even with the improving revenue.

    Cyber security consulting revenue was slightly below previous year’s level and was EUR 7.5 million (EUR 7.7 million). In some key accounts, we saw financial constraints in the third quarter. In the long term, we continue to see solid demand for cyber security consulting service. As announced on 31 October 2023, the Cyber security consulting business is under strategic review. We are in active discussions regarding divestment of the business, but no decision has been taken so far.

    Due to the gaps between actual and expected revenue, we lowered the financial outlook for 2024. For the changes in consulting revenue estimates and increased equity market risk, we recorded an impairment of the consulting-related goodwill of EUR 15.5 million in the third quarter.

    At the end of September, WithSecure’s headquarters moved to the new premises in Wood City, Helsinki. This is part of our plan of creating dynamic and collaborative workplaces, to welcome our employees and visitors and to foster well-being and creativity.

    Financial performance

    (mEUR) 7-9/2024 7-9/2023 Change % 1-9/2024 1-9/2023 Change % 1-12/2023
    Revenue 36.1 34.8 4% 109.2 104.8 4% 142.8
    Gross Margin 26.2 24.2 9% 78.4 72.6 8% 100.2
    % of revenue 72.6 % 69.5 %   71.8 % 69.3 %   70.2 %
    Other operating income1 0.7 0.2 227% 1.6 1.0 53% 1.4
    Operating expenses1 -25.0 -26.6 6% -79.2 -90.0 12% -117.7
    Sales & Marketing -13.7 -15.2 10% -42.9 -52.4 18% -68.1
    Research & Development -8.4 -8.2 3% -26.5 -27.6 4% -36.3
    Administration -3.0 -3.3 10% -9.8 -10.0 2% -13.3
    Adjusted EBITDA2 1.9 -2.3 182% 0.7 -16.3 -104% -16.1
    % of revenue 5.2 % -6.5 %   0.7 % -15.6 %   -11.3 %
    Items affecting comparability (IAC)              
    Other items -0.6 -0.1 -468% -1.6 -0.4 -301% -1.4
    Restructuring -0.4 -0.1 -303% -0.4 -4.4 90% -8.9
    Divestments 0.6     1.2 1.4 -15% 1.4
    EBITDA 1.5 -2.5 -160% -0.1 -19.7 99% -25.1
    % of revenue 4.1 % -7.1 %   -0.1 % -18.8 %   -17.6 %
    Depreciation & amortization, excluding PPA3 -2.6 -2.5 -5% -7.4 -7.6 2% -10.2
    Impairment -15.5 -6.2 -150% -15.5 -6.2 -150% -6.2
    PPA amortization -0.5 -0.6 15% -1.7 -1.8 4% -2.4
    EBIT -17.2 -11.8 46% -24.8 -35.3 30% -43.9
    % of revenue -47.5 % -33.8 %   -22.7 % -33.7 %   -30.7 %
    Adjusted EBIT2 -0.8 -4.8 84% -6.7 -23.9 72% -26.3
    % of revenue -2.1 % -13.7 %   -6.1 % -22.8 %   -18.4 %
    1. Excluding Items Affecting Comparability (IAC) and depreciation and amortization. In 2023 excludes also costs of services provided to F-Secure under TSA and equivalent income charged for TSA services. 
    2. Adjustments are material items outside the normal course of business associated with acquisitions, integration, restructuring, gains or losses from sales of businesses and other items affecting comparability. For reconciliation and a breakdown of adjusted costs, see Note 6 (Reconciliation of alternative performance measures)
    3. Amortization of intangible assets from business combinations (PPA, purchase price allocation, related amortizations). 
    (mEUR) 7-9/2024 7-9/2023 Change % 1-9/2024 1-9/2023 Change % 1-12/2023
    Earnings per share, (EUR)1 -0.10 -0.06 -69% -0.13 -0.16 18% -0.23
    Deferred revenue       65.7 65.7 0% 66.9
    Cash flow from operations before financial items and taxes -0.6 -9.0 94% -5.7 -22.5 75% -19.9
    Cash and cash equivalents       21.6 30.0 -28% 36.6
    ROI, % -60.8 % -33.3 % -82% -27.1 % -30.9 % 12% -30.5 %
    Equity ratio, %       66.6 % 79.1 % -16% 73.3 %
    Gearing, %       4.0 % -18.3 % -122% -22.2 %
    Personnel, end of period       983 1,147 -14% 1,087
    1. Based on the weighted average number of outstanding shares during the period 175,976,169 (1-9/2024). Earnings per share has been recalculated for comparative periods using average weighted share amount after share issues.

    Events after period-end
    No material changes regarding the company’s business or financial position have taken place after the end of the quarter.

    Additional information
    This is a summary of WithSecure’s interim report 1 January – 30 September 2024. The full report is a PDF file attached to this stock exchange release. Full report is also available on the company website.

    Webcast
    WithSecure’s CEO Antti Koskela and CFO Tom Jansson will present the results in a webcast on 23 October starting at 14.00 EEST. The webcast will be held in English and can be accessed at

    https://withsecure.videosync.fi/q3-2024

    Questions in written format are requested in the webcast portal. Presentation material and the webcast recording will be available on the company website

    Materials | Investor Relations | WithSecure™

    Financial calendar
    WithSecure will publish its financial information dates of 2025 later in the fourth quarter of 2024. WithSecure observes at least a three-week (21 days) silent period prior to publication of financial reports, during which it refrains from engaging in discussions with capital market representatives or the media regarding WithSecure’s financial position or the factors affecting it.

    Contact information

    Tom Jansson, CFO
    WithSecure Corporation

    Laura Viita, VP, Controlling, investor relations and sustainability
    WithSecure Corporation
    +358 50 487 1044
    investor-relations@withsecure.com

    Attachment

    The MIL Network

  • MIL-OSI Asia-Pac: LC: Speech by CS in presenting Government Minute in response to Report No. 82 of Public Accounts Committee

    Source: Hong Kong Government special administrative region

         Following is the speech (translated from Chinese) by the Chief Secretary for Administration, Mr Chan Kwok-ki, in presenting the Government Minute in response to Report No. 82 of the Public Accounts Committee in the Legislative Council today (October 23):

    President, 

         Laid on the table today is the Government Minute (GM) responding to Report No. 82 of the Public Accounts Committee (PAC) presented to the Legislative Council (LegCo) on July 17, 2024.

         I welcome the Report of the PAC and am grateful for the time and efforts devoted by the Chairman of the PAC, Mr Shiu Ka-fai, and members of the PAC. The Government accepts all the PAC’s various recommendations and sets out in detail in the GM the specific responses of the relevant bureau and departments (B/Ds). The PAC conducted public hearings on the chapters on “Emergency dental services and elderly dental care support” and “Provision and monitoring of Rehabus services”. I would like to highlight the key follow-up measures taken and progress made by the Government and relevant organisations in response to the recommendations.

         Regarding improvements to the services of the General Public (GP) Sessions, the Department of Health (DH) has adjusted the preliminary registration time at nine dental clinics to prevent elderly persons from waiting until midnight. Among these, the time of disc distribution and formal registration at the Mona Fong Dental Clinic have also been adjusted so that patients can receive service after formal registration as soon as possible. The DH will roll out an online electronic disc distribution and registration system before the end of this year. By then, members of the public will no longer need to queue in person for obtaining discs, and will receive real-time information on the remaining disc quotas, i.e. they will know the number of disc quotas remaining on a real-time basis, so as to ensure that all quotas can be fully utilised. The system will give registration priority to elderly persons aged 65 or above. In addition, the Government will enhance emergency dental services targeting the underprivileged groups with financial difficulties in collaboration with non-governmental organisations (NGOs) under a new service model in 2025. The target is to provide additional service capacity which will be at least two times the current capacity of GP sessions. To ensure limited resources can be deployed to those in need (in particular the underprivileged groups), the Government will examine the cost-effectiveness and service arrangement of the GP sessions, and consider the need of introducing means tests or other eligibility criteria for emergency dental services, or other proposals such as replacement by provision of services to underprivileged groups in need by NGOs. This is to ensure the effective use of public healthcare resources.

         Regarding dental services in public hospitals, the DH has convened joint service meetings with the Hospital Authority (HA) and maintained relevant information as recommended in the Report. The HA also regularly monitors the achievement of targets on the waiting time for new case appointments at its Oral Maxillofacial Surgery and Dental Clinics, and assess patients’ conditions in a timely manner so as to arrange their first appointments as soon as possible. Furthermore, the DH and the HA have initiated discussions on the merging of hospital dental services and will take into account the observations and recommendations in the Audit Report.

         To alleviate the manpower shortage, the DH is conducting the year-round recruitment of local full-time and part-time dentists, provides incremental credits based on the applicants’ work experience, and relaxes the Chinese language proficiency entry requirements for the positions. The latest batch of 10 part-time contract dentists took office sequentially from July to September 2024, and 42 full-time dentists took office in September 2024. In addition, following the passage of the Dentists Registration (Amendment) Bill 2024 by the LegCo on July 10, 2024, the DH has been working with the Dental Council of Hong Kong to admit the first batch of non-locally trained dentists to Hong Kong through the new mechanism in the first quarter of 2025 so as to serve the public.

         As for elderly dental care support, the DH has further ascertained the reasons for non-participation in the Outreach Dental Care Programme for the Elderly (ODCP) of residential care homes for the elderly (RCHEs), day care centres for the elderly, and NGOs. The DH has also established a new mechanism with the Social Welfare Department to follow up with non-participating RCHEs and strengthen promotional work in encouraging the RCHEs to join the ODCP. Moreover, the DH has taken measures to ensure the participating NGOs’ fulfilment of their responsibilities according to the funding and service agreement terms. Except for during the COVID-19 epidemic when there were restrictions on visits to the RCHEs, the overall target number of service in 2023-24 were met.

         The DH has encouraged more private dentists to enrol in the Elderly Health Care Voucher Scheme (EHVS) through various means, such as introducing the EHVS at meetings or events organised by the Hong Kong Dental Association. The DH will continue to send reminder notifications and messages through the eHealth System (Subsidies) to healthcare service providers enrolled in the Scheme regularly, reminding them to update their enrolment particulars. Upon receiving notifications of change of particulars from healthcare service providers, the DH will process them and update the information on the website of the EHVS as soon as practicable. In addition to making use of private dental services in Hong Kong, eligible elderly persons may make use of the Elderly Health Care Vouchers (EHCVs) to pay for outpatient dental services at the University of Hong Kong-Shenzhen Hospital (HKU-SZH) and its Huawei Li Zhi Yuan Community Health Service Center (Huawei CHC) since 2015 and 2023 respectively. Moreover, the Government launched the Elderly Health Care Voucher Greater Bay Area Pilot Scheme (Pilot Scheme) in 2024. From June to September this year, the Pilot Scheme has been implemented in seven integrated services medical institutions or dental healthcare institutions that provide dental services in Guangzhou, Nansha, Zhongshan, Dongguan and Shenzhen, and eligible Hong Kong elderly persons may choose from more service points. Together with the two service points at the HKU-SZH and the Huawei CHC, elderly persons may pay for outpatient dental service fees with the EHCVs at a total of nine services points of the medical institutions in Mainland cities within the Greater Bay Area.

         Regarding the Elderly Dental Assistance Programme (EDAP) funded by the Community Care Fund, the services under the programme have been optimised from July 2, 2024 with the essential requirement of fitting removable dentures relaxed. This allows eligible elderly persons to receive dental services specified under the EDAP even if they are not suitable for dentures. This enhancement measure aims to encourage eligible elderly persons to manage dental diseases at an early stage by opting for preventive and curative dental services, thereby retaining their natural teeth as much as possible and avoiding tooth extractions and denture fittings. To further encourage the elderly persons to apply for services under the EDAP, the Health Bureau (HHB) is promoting the above programme through district service units. The implementing agent has held briefing sessions to introduce the EDAP to dentists and encourage their participation. Apart from strengthening its communication with the implementing agent, the HHB has taken measures to ensure that improvements have been made to the EDAP implementation, including enhancing the eligibility checking mechanism to cover all eligibility criteria, publishing a list of participating dentists and dental clinics, and revising the guidelines provided to service units to specify the appointment scheduling process for applicants who have not indicated their preferred dentist and dental clinic. To expedite the processing of long outstanding cases, the implementing agent has amended the guidelines issued to dentists and dental clinics to clearly include the time limit for claiming fees, and has increased manpower and enhanced computer performance.

         Based on the recommendations of the Working Group on Oral Health and Dental Care, the Government will strive to develop and promote primary dental care services in the future to help citizens manage their oral health, and to put prevention, early identification, and timely intervention of dental diseases into practice. The Government will also explore how to continue developing appropriate dental care services targeted at the underprivileged groups, including persons with financial difficulties, persons with disabilities or special needs and high risk groups. The target of the Working Group is to issue the Final Report before the end of its term by late 2024, and to present to the Government recommendations on implementing various policy directions and the development of dental services.

         Regarding Provision and monitoring of Rehabus services, the Labour and Welfare Bureau (LWB) and the Transport Department (TD) have actively followed up on the comments and recommendations made by the Audit Commission and the PAC on the provision and monitoring of Rehabus services.

         The TD is collecting data on the travelling needs of persons with disabilities through the Rehabus operators (the operators) for assessing the demand for Rehabus services. The LWB will review the policy and models of service delivery of Rehabus services upon receipt of relevant data and assessment. The TD is also reviewing the existing arrangement of signing Memoranda of Understanding (MOUs) with the operators and considering the adoption of other legally binding regulatory approaches for more effective monitoring of Rehabus services.

         To monitor the performance of the operators, the TD implemented various measures to ensure the operators’ strict compliance with the requirements stipulated in MOUs, including convening meetings of the Rehabus Management Committee and the Users’ Liaison Group as required, submitting the financial documents in a timely manner, etc. The TD also increased its regular meetings with the operators from once every quarter to once a month, and will conduct service reviews on an annual basis and set additional performance pledges.

         Regarding the procurement of vehicles, the TD updated the relevant procurement guidelines with the operators and formulated an action checklist to ensure that staff concerned strictly comply with the relevant procurement requirements and procedures.

         As regards the provision of scheduled route service, the TD is closely monitoring the operator’s review of the existing services and progress of route consolidation. In addition, as per the TD’s advice, the operator has provided connecting services to nearby railway stations or interchanges since September 2024 as an option for applicants who have been waiting for the service for some time. This arrangement will help reduce the number of applicants for the service, hence will shorten the waiting time as well.

         As for the provision of dial-a-ride (DAR) service, the TD urged the operator to step up its efforts in recruiting drivers. The shortage of drivers has improved, and the rate of rejected orders of DAR service due to insufficient drivers also dropped. The TD is also closely monitoring the operator’s adoption of the new integrated computer system in arranging shared-use service, with a view to exploring the feasibility of further enhancing the shared-use arrangement.

         Regarding the provision of feeder service, the TD reviewed with the operator the hospital routes and recreational routes with low patronage, and will continue to consolidate and enhance the service to improve operational efficiency. Subject to the manpower arrangement of drivers, the TD is also exploring with the operator the feasibility of further shortening the booking time of recreational route service.  Furthermore, the TD explored with the operators the setting of a limit on the maximum number of carers for DAR service and feeder service, and will consult the stakeholders in due course. The TD will continue to monitor the operator’s implementation of various service enhancement pledges, increase the number of monitoring surveys, step up spot checks on the operator and accounting records, etc.

         President, I would like to thank the PAC again for its efforts and suggestions. The B/Ds concerned will strictly adhere to their responses and implement various improvement measures as set out in the GM with full efforts.

         Thank you, President.

    MIL OSI Asia Pacific News

  • MIL-OSI Russia: From nail-standing to managing emotions: “Youth of Moscow” will hold a series of events in a multi-format space

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The project “Youth of Moscow” opens a new program “Megapolis of your ideas”. It includes educational and entertainment events aimed at developing creativity and forming useful skills. These are various master classes, lectures and a board game championship. They will be held at the site of the multi-format space of the project.

    “As part of the survey “Moscow – the youth capital of Russia” we were able to learn even more about what events are interesting to our youth. Based on the data received, a new program was formed that satisfies the main interests of the children. Now they will be able to find even more opportunities and develop in the areas that they themselves have chosen,” noted

    Ekaterina Dragunova, Chairman of the City Committee for Public Relations and Youth Policy.

    The events of the “Megapolis of Your Ideas” program are prepared taking into account the interests of young city dwellers. Thus, within the framework of the “Life in Balance” direction, dedicated to a healthy lifestyle, a series of thematic master classes will be held, for example, on nail-standing and managing emotions. In addition, everyone will be able to meet with experts and take part in discussions on such topics as positive thinking, developing self-discipline and motivation.

    The “Code of the Future” direction will be dedicated to self-development. Guests will enjoy lectures from experts on the following topics: finances and resources, idea generation, working with artificial intelligence, and others.

    The “Connections on Connection” direction will help young city dwellers make new acquaintances. They will join a board game championship, including mafia, jenga and monopoly. In addition, the organizers have prepared master classes on modeling, self-care and self-defense, as well as meetings dedicated to films and computer games.

    You can try your hand at creativity at master classes on linocut, painting clay pots, dancing and playing musical instruments, which will be held as part of the “Art of Being Yourself” direction.

    Sergei Sobyanin: The Youth of Moscow project is four years old

    The program will begin on October 24 at 6:00 PM with a hip-hop master class. It will be conducted by professional dancer Anna Kuzminkova. Pre-registration is required. by link.

    On October 28 at 18:00 there will be a lesson by nailingThe leader will help participants overcome their fears and gently enter into the practice.

    On October 31 at 6:00 p.m., everyone is invited to a hip-hop master class by Vladislav Falileev, winner of the title “Mr. Moscow Student 2023”. He will show beginner dancers a few simple moves and learn choreographic combinations with them. To participate, you must pre-register by link.

    Previously, the City of Assignments project conducted a survey called “Moscow — the youth capital of Russia.” Young residents could share their opinions about what kind of events they are interested in, where they most often find information about them, and when it is more convenient for them to attend them.

    Based on the voting results, key areas of interest to young people were selected: healthy lifestyle, expanding the circle of acquaintances (networking meetings), new knowledge and creativity. They became the basis for the program “Megapolis of your ideas”. You can take part in it for free, preliminary registration is required on the portal.

    The organizer of the series of events is the project “Youth of Moscow” of the city Committee on Public Relations and Youth Policy. The project helps identify and implement the requests of the capital’s residents. During its work, more than 3.5 thousand events were organized, in which over two million people took part.

    You can find out more about the opportunities for young Muscovites on the portal “Youth of Moscow” and project pages in social networks.

    The “City of Tasks” project has been operating since 2022. With its help, residents of the capital can monitor the work of city services, participate in environmental, sports and other events. The project is being developed by the State Institution “New Management Technologies” and the city Department of Information Technology.

    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/145641073/

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: FS begins New York visit

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan has begun a visit to New York by delivering a keynote speech at the Bloomberg Global Regulatory Forum on the theme of how to build a future-proof financial system.

    Mr Chan outlined that despite facing various challenges in recent years, Hong Kong’s economic and financial fundamentals remain strong and resilient.

    He highlighted that data, in addition to international rankings and assessments, show that Hong Kong continues to play an important role in the global financial market and serve as a leading international financial centre in Asia. He added that its levels of economic freedom and competitiveness are among the highest in the world, and that recent inflows of investment from the US and Europe reflect confidence in the city.

    Mr Chan also iterated that thanks to the “one country, two systems” arrangement and China’s pursuit of high-level opening-up, Hong Kong’s unique advantages will only become more evident, making the city better able to fulfil its role as a “super-connector.”

    In his speech, Mr Chan also elaborated on Hong Kong’s robust financial regulation.

    He said that as a small and fully open economy, the city has learned from past experience how to respond to external shocks and market volatility. This has been achieved through identifying and addressing systemic weaknesses, establishing a cross-sectoral, co-ordinated and round-the-clock risk detection and monitoring system, and building strong buffers to respond to various risks and challenges.

    The Financial Secretary emphasised that the ultimate goal of financial regulation is to promote healthy and sustainable market development, which is why Hong Kong’s financial regulators take on dual roles as both regulators and market enablers. He explained that 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 promoting the financial system’s long-term development.

    Finally, Mr Chan shared two key future development directions for Hong Kong – namely that it will continued to deepen various “connect” schemes and strengthen links and regulatory co-operation with Mainland and global capital markets; and that it will embrace innovation, which includes enabling the responsible and sustainable development of digital assets.

    Prior to giving his speech, Mr Chan met Founder of Bloomberg L.P. and Bloomberg Philanthropies Michael Bloomberg to exchange views on issues of mutual concern.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Kowloon City youth hostel approved

    Source: Hong Kong Information Services

    The Home & Youth Affairs Bureau today approved a youth hostel project located in the Regal Oriental Hotel in Kowloon City, with a total of 80 rooms that will provide up to 160 hostel places.

    Named YOT Hub, the project is the fifth one under the Subsidy Scheme for Using Hotels & Guesthouses as Youth Hostels

    The project will be launched by the Yan Oi Tong company 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, and exchange 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, Yan Oi Tong will form a youth service team and invite young people to collaborate in organising community activities.

    It also plans to arrange volunteer services regularly to encourage young people to contribute to the community and establish their sense of belonging to society and responsibility.

    The bureau said YOT Hub is well connected by public transport with comprehensive community facilities in the vicinity.

    It added that the 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. 

    The bureau expressed that it is 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.

    It added that it intends to continue to collaborate with relevant stakeholders who share its vision to take forward youth hostel projects.

    MIL OSI Asia Pacific News

  • MIL-OSI: Capgemini announces leadership appointments

    Source: GlobeNewswire (MIL-OSI)

    Media relations:
    Sam Connatty
    Tel.: +44 (0)370 904 3601
    Email: sam.connatty@capgemini.com

    Capgemini announces leadership appointments

    • Anirban Bose becomes CEO of the Americas Strategic Business Unit
    • Kartik Ramakrishnan becomes CEO of the Financial Services Strategic Business Unit
    • Jerome Simeon will take on the role of Chief Revenue Officer
    • Franck Greverie will become Chief Technology Officer

    Paris, October 23, 2024 – Capgemini today announced some key leadership appointments. Anirban Bose succeeds Jim Bailey as CEO of the Americas Strategic Business Unit, effective November 1. Consecutively, Kartik Ramakrishnan is appointed CEO of the Financial Services Strategic Business Unit. Jerome Simeon will become Chief Revenue Officer and Franck Greverie Chief Technology Officer, both from January 1, 2025. Following an outstanding 34-year long career at Capgemini, Olivier Sevillia, Chief Operating Officer, has decided to pursue new endeavors as an individual, and will leave the Group at the end of 2024. With his deep global experience and passion for digital transformation, Olivier will focus on promoting the techno-business ecosystem of European companies to help improve their competitiveness. The whole Capgemini team is looking forward to supporting Olivier in his next chapter.

    “These appointments strengthen the Group’s growth ambition and reinforce Capgemini’s role as the go to business and technology partner for our clients. Anirban Bose has been at the helm of our Financial Services division for the last six years and instrumental in building and shaping this business across the globe. Anirban is well positioned to accelerate our trajectory in the Americas, building on our progress in the region over the past 4 years under the leadership of Jim Bailey. I would like to thank Jim for his many contributions to Capgemini. Kartik Ramakrishnan, who has been running the Banking sector for the past six years, is Anirban’s natural successor, to ensure the global business will continue to go from strength to strength,” comments Aiman Ezzat, CEO of the Capgemini Group. “To bolster our laser focus on growth, Jerome Simeon will take on a new position of Chief Revenue Officer for the Group in the new year. His role will encompass our activities across sales, key clients and industries to bring even greater value to our clients as we accompany them on their business-critical transformations. Franck Greverie will add Chief Technology Officer to his scope of responsibility, also from January 1. His deep tech expertise and forward-thinking approach will accelerate our efforts to build innovative value creating solutions for our clients. I wish Anirban, Kartik, Jerome and Franck every success in their new roles.”

    Aiman Ezzat continues, “After an outstanding 34-year long career at Capgemini and an impressive track record in leading and operating strategic businesses across the Group, Olivier Sevillia will step down as Group COO at the end of 2024. We are all looking forward to supporting Olivier in his new endeavors as an individual, focused on applying his extensive experience in digital transformation to promote a rich techno-business ecosystem to help improve the competitiveness of European businesses. The board of directors joins me in thanking him and paying tribute to his commitment and service.”

    Biography: Anirban Bose

    Anirban was Head of Capgemini’s Financial Services Strategic Business Unit and a member of the Group Executive Board from 2018. He was also responsible for overseeing the Asia Pacific Strategic Business Unit.

    Prior to this, Anirban was the Head of Capgemini’s Banking and Capital Markets Business Unit.

    Between 2007 and 2015 Anirban led Capgemini’s Banking Business Unit. From 2004 to 2007, Anirban served as executive vice president at Kanbay before its 2007 acquisition by Capgemini.

    Anirban resides in New York. He graduated from the Indian Institute of Technology of Varasani with a Bachelor of Technology. He holds an MBA in Finance from the University of Chicago.

    Biography: Kartik Ramakrishnan

    Kartik was the Deputy CEO of Capgemini’s Financial Services Strategic Business Unit and also led Capgemini’s Banking and Capitals Markets business. Kartik has been a member of the Group Executive Committee since 2023.

    Prior to this, Kartik was responsible for managing sales teams across banking and capital markets.

    Kartik has spent over 25 years consulting in the banking and payments industry. Over his career, he has been involved in launching new products and developing innovative, cost-effective solutions for financial services firms across the globe in countries such as Australia, Canada, Germany, India, Singapore, United Kingdom and United States of America.

    Kartik has a bachelor’s degree from the Indian Institute of Technology and a master’s degree from the Booth School of Business at University of Chicago.

    Biography: Jerome Simeon

    Jerome became the Head of Global Industries in 2023. He has been a Member of the Group Executive Board since 2021.

    Prior to this, he was the CEO of the Southern Europe Strategic Business Unit. From 2018 to 2020, Jerome was Managing Director of Capgemini in France, when he also joined the Group Executive Committee.

    From 2014, he was CEO, Application Services France after serving as Commercial Director (from 2012 to 2014).

    Prior to this, from 2007 to 2010, he held commercial positions in Capgemini’s Telecom & Media business after managing the development and sales for the Property & Services Europe sector of BT Global Services for two years.

    Jerome joined Capgemini in 1998, after eight years with the group Générale des Eaux/Vivendi. Jerome graduated from Toulouse Business School.

    Biography: Franck Greverie

    Franck Greverie has been the Chief Portfolio Officer at Capgemini since 2018.

    Franck has been on the Group Executive Board since 2020, when he took on additional responsibilities overseeing Cloud Infrastructure Services (cloud & cybersecurity), Business Services and Insights & Data (Data & AI) Global Business Lines.

    Prior to this, from 2016, Franck led the Cloud & Cybersecurity activities of Capgemini. He joined Capgemini in 2015 as Head of the Cybersecurity Global Service Line.

    Between 2012 and 2015, Franck was an Executive VP at Bull, where he was in charge of the Security Division, and also led the Middle East, Africa and Asia activities.

    Prior to that, Franck was the Managing Director of the Information Systems Security and Cybersecurity activities for Thales Group (France, UK, Germany, Norway, USA, Asia) since 2018. His career with Thales began in 2004, as Head of Strategy, Business Development and Marketing for the Security activity.

    Franck is a graduate of ESME, engineering school, and of the Executive MBA of ESSEC Business School.

    Note to Editors
    High-resolution photography of Anirban Bose, Kartik Ramakrishnan, Jerome Simeon and Franck Greverie is available on request.

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organisations to accelerate their dual transition to a digital and sustainable world while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fuelled by its market-leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.
    Get the future you want | http://www.capgemini.com

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  • MIL-OSI Asia-Pac: LCQ17: Kai Tak Sports Park

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Benson Luk and a written reply by the Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, in the Legislative Council today (October 23): Question:      The Kai Tak Sports Park (KTSP) will be officially open early next year, and the government departments concerned have currently commenced the preparatory work for the commissioning of the KTSP. In this connection, will the Government inform this Council: (1) whether the authorities have finalised the leasing arrangements and charge levels for the KTSP’s Main Stadium, Indoor Sports Centre, Public Sports Ground and the rest of precinct for reference by members of the industry and the public; if so, of the details; if not, the reasons for that; (2) given that Kai Tak Sports Park Limited (KTSPL) has undertaken to implement a Sports Events Support Scheme, which aims to waive venue hiring charges for sports events held in the KTSP or make direct financial contribution to sports events, whether the authorities have grasped the implementation of the Scheme at this stage; if so, of the details, including the number of local and overseas events involved; if not, the reasons for that; (3) as it has been learnt that at present catering and a variety of entertainment facilities are provided in the vicinity of venues where mega events are held (such as the Hong Kong Stadium), enabling spectators to get warmed up for the mega events and the vibrant atmosphere to continue before and after the matches, whether the authorities have formulated any short-term and long-term plans to increase the provision of similar facilities in the vicinity of the KTSP; if so, of the details (including the specific development plans); if not, the reasons for that; (4) whether the authorities will draw up guidelines to require KTSPL to make public announcements about an event certain days before the date of the event, so as to facilitate the stakeholders concerned to take forward as early as possible the related publicity work to attract inbound tour groups and visitors coming to Hong Kong under the Individual Visit Scheme; if so, of the details; if not, the reasons for that; and (5) whether the authorities have any idea of formulating an integrated development plan for the KTSP and the adjacent Kai Tak Cruise Terminal, so as to shape them into a core tourist landmark of Kai Tak and Kowloon City, thereby enhancing their synergy as a tourist attraction; if so, of the details; if not, the reasons for that? Reply:President,      Being the largest sports infrastructure project in Hong Kong’s history, the Kai Tak Sports Park (KTSP) is crucial to the Government’s implementation of sports policies of promoting sports in the community, supporting elite sports, developing Hong Kong into a centre for major international sports events, enhancing professionalism and developing sports as an industry. The KTSP will provide modern and multi-purpose sports and recreation facilities upon completion, including a 50 000-seat Main Stadium, a 10 000-seat Indoor Sports Centre, a 5 000-seat Public Sports Ground and about 14-hectare landscaped open space and other ancillary facilities.            Currently, the construction works of the KTSP has entered into the final phase and the KTSP will be open in the first quarter of 2025. The Government has established the inter-departmental Task Force on KTSP, led by the Chief Secretary for Administration, to oversee the smooth completion and commissioning of the KTSP and its publicity work, fostering the synergistic development of major sports events, innovative entertainment, dining, conventions and exhibitions, as well as tourism activities. The Task Force will also formulate thorough plans and conduct comprehensive drills on security deployment, crowd management, emergency response, and other areas. The Culture, Sports and Tourism Bureau (CSTB), Kai Tak Sports Park Limited (KTSPL) together with relevant bureaux/departments are planning various drills and test events to be conducted from October this year to February next year, with a view to fine-tuning and enhancing the operation model as well as various arrangements such as crowd dispersal and transportation when staging large-scale events. We will also adjust strategies as necessary to fully prepare for the commissioning of the KTSP.      My consolidated reply to the questions raised by the Hon Benson Luk is as follows:     (1) According to the contract between the Government and the operator, the hiring charges in respect of sports events and community casual hire of the KTSP (including the Main Stadium, Indoor Sports Centre and Public Sports Ground) shall be comparable to those of similar facilities provided by the Leisure and Cultural Services Department, educational institutions and other non-profit making organisations. The operator has to obtain approval from the CSTB for the hiring charges, so as to ensure that the sports sector and citizens can enjoy the facilities of the KTSP to promote sports development.      KTSPL has already provided organisers, who express interest in hiring facilities in the KTSP for staging large-scale events, with the relevant information with respect of their hiring proposals. As for the hiring charges for the general public in using individual facilities in Indoor Sports Centre and Public Sports Ground, the KTSPL will make the announcement later.(2) KTSPL undertakes to implement a Sports Events Support Scheme (the Scheme) to support sports events. Its financial commitment under the SESS is $1.583 billion in total, which is to be disbursed over a period of around 20 years. Commitment under the Scheme will be met either by waiving venue hiring charges for sports events held in the KTSP or by making direct financial contribution to any sports events. The above arrangements will encourage the operator to proactively promote the KTSP as “the destination” for local and international large-scale sports events. It is expected that the Scheme will be implemented next year. KTSPL is refining the details of the Scheme and will announce the application arrangement later.      The implementation of the Scheme will be monitored by the CSTB. If KTSPL does not fully utilise the estimated expenditure under the Scheme in a particular year, an amount equivalent to the outstanding commitment shall be paid to an entity (e.g. “national sports associations”) nominated by the CSTB for supporting sports.(3) The KTSP will provide a one-stop sports, leisure, catering and shopping experience for citizens and tourists. With respect of the catering services, the 57 executive suites in the Main Stadium are supported by catering service providers offering various kinds of upscale dining options. There are also some 30 bars and catering outlets in the Main Stadium which should be able to meet the catering needs as compared to other facilities of similar scale in the world. In addition, the KTSP will, with reference to the scale and needs of different events and matches as well as at the requests of organisers, arrange 10 to 20 mobile catering booths during the staging of large-scale events. The number of catering booths will be flexibly increased based on actual situation. Besides, there are over 700 thousand feet of retail, catering as well as leisure and entertainment facilities in the KTSP. Catering facilities include some 70 outlets of international cuisines and nine diversified concept restaurants at the Dining Cove where citizens and tourists can choose to dine in the indoor or outdoor areas and enjoy the breath-taking views of the Victoria Harbour. As regards leisure and entertainment facilities, the KTSP will provide facilities including a health and wellness centre, a bowling centre, an outdoor rock climbing area, beach volleyball courts, tennis courts, a covered 5-a-side football pitch and multi-purpose activity space for the public to enjoy.      The neighbouring districts of Kowloon City and To Kwa Wan which are in close proximity of the KTSP also provide an array of dining options. Citizens and tourists who visit the KTSP for matches or large-scale events can walk to the two districts for a taste of our local culinary delights, similar to walking from the Hong Kong Stadium to Causeway Bay or Tin Hau. The Government will continue to work closely with KTSPL to further enhance visitors’ experience as well as liaise with relevant departments and the Hong Kong Tourism Board to promote the leisure and catering options in the vicinity of the KTSP so as to create a synergy effect for bringing about local economic development.(4) KTSPL has been actively making contact and having commercial negotiations with local and international sports and non-sports events’ promotion bodies, organisations and agencies. Generally speaking, the promotion strategy of events is led by organisers whereas KTSPL, being the venue provider, has to act in concert with the plans of the event organisers. KTSPL cannot disclose details of the events before the organisers do so. Nevertheless, KTSPL will maintain close communication with event organisers and coordinate with their overall publicity plan and share more details of their events with the public in due course.(5) The KTSP and the Kai Tak Cruise Terminal (KTCT) are both located within the Kai Tak Development Area. The KTSP, upon completion, will provide retail and catering facilities as well as host different types of large-scale sports, culture or entertainment events, thereby providing cruise passengers with more options for onshore activities. The hotels in the vicinity of the KTSP will also offer an additional choice of accommodation for travellers.     On the other hand, the KTSP will drive the flow of people in the district and attract tourists to spend in Hong Kong during various large-scale sports, culture or entertainment events, promoting the economic transformation and development of Kowloon East. The Government will continue to enhance the KTCT’s function as a venue for conventions, exhibitions and other events. In preparing the work plans for the KTSP and KTCT, the CSTB will consider how the two major infrastructures could complement each other, with a view to creating synergies by fully leveraging the respective facilities.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: LCQ10: Application of drones

    Source: Hong Kong Government special administrative region

         Following is a question by the Ir Dr Hon Lo Wai-kwok and a written reply by the Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, in the Legislative Council today (October 23):
     
    Question:
     
         There are views pointing out that with the development of low-altitude economy, the scope of drone application will continuously expand for purposes such as carrying sightseeing passengers or delivering meals and other goods. In addition, the arrangement of large-scale drone shows over the Victoria Harbour on festive days is also a selling point to attract visitors to Hong Kong. However, it has been reported that three recent drone shows in Hong Kong were cancelled at short notice (including the drone shows at the Wan Chai waterfront on September 21, the West Kowloon Cultural District on ‍September 30 and the Victoria Harbour on October 1), leaving members of the public and visitors who waited for a long time disappointed. In this connection, will the Government inform this Council:
     
    (1) whether the authorities had, before the aforesaid drone shows, assessed in detail with the organisers the various factors that might affect the drone shows as well as the different scenarios that might arise, drawn up fallback plans, and stepped up the coordination and support among different government departments; if so, of the details; if not, the reasons for that;
     
    (2) whether the authorities had, before the aforesaid drone shows, put forward specific testing requirements to the outsourced contractors and formulated a mechanism for coordination and notification in the event of incidents, and taken timely follow-up actions after the short-‍notice cancellation of the shows; if so, of the details; if not, the reasons for that; and
     
    (3) whether the authorities will formulate more forward-looking policy measures and allocate more resources to strengthen the research and development, application and regulation of drone technology; if so, of the details; if not, the reasons for that?
     
    Reply:
     
    President,
     
         In respect of the question raised by Ir Dr Hon Lo Wai-kwok, in consultation with the Transport and Logistics Bureau, the Innovation, Technology and Industry Bureau, the Office of the Communications Authority (OFCA) and the Hong Kong Observatory, the consolidated reply is as follows:
          
         For parts (1) and (2) of the question, as a drone show generally involves operation of a large number of drones in a confined airspace, the operation of drones heavily relies on the high-precision reception of Global Navigation Satellite System (GNSS) signals.
          
         From the perspectives of aviation and public safety, drone shows which involve operations exceeding the standing operating requirements of small unmanned aircraft are considered as advanced operations and require prior permission from the Civil Aviation Department. Advanced operation permit holders are required to conduct risk assessment in accordance with the established procedures prior to the drone shows in order to identify all potential risks, including the stability of the drones’ satellite positioning signals, so as to ensure the safe conduct of the drone shows.
          
         While drone shows can be organised by private organisations, for a drone show organised by the Government, the OFCA will generally conduct radio monitoring at the event venue. The OFCA will detect any source of harmful interference to the radio frequencies to be used by the drone system. It is understood that the atmospheric conditions (including ionospheric scintillation) may significantly affect the quality of GNSS signals. However, because of the rapid changes in ionospheric disturbance caused by solar activities, the precise influence of ionospheric scintillation in terms of timing, location and extent, etc. could not be accurately predicted in advance.
          
         In preparation of the “Celebration of National Day – The Next Generation Chorus Performance” and “2024 National Day Fireworks Display” held on September 30 and October 1, 2024 respectively, the Government had held a number of inter-departmental meetings and drawn up contingency plans with the drone show operators. The operators of the two aforementioned drone performances also conducted multiple tests and rehearsals before the events (including on the day of the performance). Nevertheless, there was a sudden occurrence of ionospheric scintillation over Victoria Harbour during the events resulted in the drones being unable to receive good satellite positioning signals. After confirming that the ionospheric scintillation would prevent the drone shows from proceeding, we promptly made on-site announcements. For the drone show held on September 21, 2024, it was organised by a non-governmental organisation.
          
         Taking into account the experience of cancellation of the drone shows on September 30 and October 1, 2024, the Government will take into account the following factors and prepare suitable contingency plans when organising drone shows in future –
     
    (a) the weather conditions (rain, wind speed, typhoon, etc.), as well as ionospheric disturbance which may seriously affect the reception of GNSS signals by the drone system concerned;
     
    (b) the nature of performance, audience and performers;
     
    (c) the programme rundown, such as whether there are performances which are linked to the drone show, whether the drone show is a standalone show, etc.; and
     
    (d) whether there is flexibility to adjust the timing and scale of the drone show during the programme in case of weather or ionospheric disturbance to the drone show.
     
         For part (3) of the question, in the light of technological advancement, improvements in the technology and design of drones will help enhance their stability and accuracy, thereby exploring more application scenarios for drones. In the 2024 Policy Address, the Government announced a series of initiatives to promote the development of low-altitude economy (LAE) in Hong Kong, including the establishment of the Working Group on Developing LAE which is led by the Deputy Financial Secretary to formulate development strategies and inter-departmental action plans, as well as plan for low-altitude infrastructure. At the same time, the Government will press ahead with pilot projects to explore the applications of drones at designated locations, and will amend relevant legislation to put in place a regulatory framework for different types of drones. The Government will commence the relevant work as soon as possible to proactively promote LAE as one of the new growth engines.
          
         The Government also has all along been supporting research and development (R&D) in different technology areas through the Innovation and Technology Fund (ITF). Under the various ITF funding schemes, the Government supports local universities, R&D centres and enterprises to conduct R&D projects, including those low-attitude economy-related fields such as electronic, data transmission and processing, etc.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: IADS Showroom Day

    Source: Hong Kong Government special administrative region

    IADS Showroom Day
    IADS Showroom Day
    *****************

    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority (HKMA) announced today (October 23) the official Chinese name for the Interbank Account Data Sharing (IADS) initiative and the launch of the IADS Developer Platform, in collaboration with the Hong Kong Science and Technology Parks Corporation (HKSTP), enabling banks to securely and efficiently share bank account data with other banks, subject to customer consent.     The IADS pilot programme commenced in January this year, with a total of 28 participating banks (see Annex). The programme has established the rules and standards facilitating interbank customer-consented data sharing, covering retail, corporate and small and medium-sized enterprise (SME) customer segments. This allows banks to share customers’ deposit account information (including account availability, status, balances and transaction records) with other banks, subject to customer consent. The initiative aims to encourage the industry to launch more innovative data-driven banking products and services, thereby enhancing customer experience.     To showcase the initial results of the pilot programme, the HKMA held the IADS Showroom Day today, allowing banks to share practical applications of IADS, including streamlining loan application process, consolidated financial analysis, and online identity verification. Banks will gradually launch related products to the market.     Additionally, in collaboration with the HKSTP, the HKMA announced the launch of the IADS Developer Platform, a one-stop platform that provides testing account data and simulated application programming interfaces (APIs) from participating banks, facilitating collaboration between banks and technology firms to jointly develop more data-driven products and services.     Deputy Chief Executive of the HKMA Mr Howard Lee said, “The rapid development of the digital economy underscores the importance of secure and efficient data transfer. We are pleased to see the banking sector actively supporting IADS and utilising customer-consented data to provide innovative banking products and services that bring convenience and benefits to the public, promoting the steady and healthy development of the fintech ecosystem.”     For more details about the IADS initiative, please visit the HKMA’s website.

     
    Ends/Wednesday, October 23, 2024Issued at HKT 15:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI China: China’s finance ministry to issue 5B yuan of treasury bonds in Macao

    Source: China State Council Information Office

    China’s Ministry of Finance said on Wednesday it will issue 5 billion yuan (about 702 million U.S. dollars) of yuan-denominated treasury bonds in the Macao Special Administrative Region on Oct. 30.

    This year marks the 25th anniversary of Macao’s return to the motherland. The issuance demonstrates the central government’s support for the region to develop modern finance and promote appropriate economic diversification, the ministry said.

    This will be the central government’s third consecutive year of issuing yuan-denominated bonds in Macao, which is beneficial for further improving the regular issuance mechanism, consolidating the foundation of Macao’s bond market, and providing investors with stable and secure investment options.

    It also has a positive effect on continuously optimizing the infrastructure of the Macao bond market, further expanding the range of investors, and accelerating its integration with international markets, according to the ministry.

    MIL OSI China News

  • MIL-OSI Asia-Pac: Young persons in custody at Sha Tsui Correctional Institution attain good examination results (with photos)

    Source: Hong Kong Government special administrative region

         â€‹Young persons in custody (PICs) at Sha Tsui Correctional Institution (STCI) of the Correctional Services Department (CSD) were presented with certificates at a ceremony today (October 23) in recognition of their efforts and achievements in studies and vocational examinations.
          
         Over the past year, 97 PICs participated in various academic and vocational examinations, including the Hong Kong Diploma of Secondary Education Examination, the City and Guilds International examinations, the Cambridge English Examinations and the General Aptitude Putonghua Shuiping Kaoshi. They obtained vocational certificates in areas such as Food and Beverage Services, Coffee Making and Latte Art Training, Specialty Drink (Non-alcoholic) Making, Cantonese Cooking, Multimedia Design, Music, Building Services and Laundry Skills. These examinations were organised by the Society of Rehabilitation and Crime Prevention, Hong Kong; the School of Professional and Continuing Education, the University of Hong Kong; Christian Action; the Construction Industry Council; Tom Lee Music Foundation; the Vocational Training Council and Caritas Institute of Community Education. During the year, the PICs attained 127 merits out of 302 certificates obtained. In the ceremony today, 22 PICs were presented with 135 certificates, of which 76 were marked with merits.
          
         Officiating at the ceremony, the President of the Hong Kong Shanxi Union Community Limited (HKSUCL), Mr Ng Tang, said that the HKSUCL has been highly supportive of the rehabilitation work of the CSD, and has set up the HKSUCL – Igniting Hope Education Fund to provide education and vocational training subsidies to PICs with financial difficulties to enable further studies. He encouraged the young PICs to strive for self-improvement, and to walk hand in hand with their families and CSD staff on the path of rehabilitation to live a fulfilling life.
          
         During the ceremony, members of the lion dance team performed with accompaniment by a marching band. Moreover, PICs put their training into practice and produced a short video by using shooting and editing skills acquired in the Creative Multimedia Production Technology Training Course to showcase their learning outcomes at the ceremony. There was also a singing and musical instrument performance by PICs, with piano accompaniment by CSD staff, to demonstrate their determination to change.
          
         In the sharing session, one young PIC expressed gratitude to his mother for taking good care of him on her own and her unwavering support during his time in custody, which inspired him to reflect on his past mistakes and make good use of his time to study diligently. Two other young PICs also expressed appreciation for the encouragement and guidance from CSD staff, who helped them mend relationships with family members and learn valuable skills in a band. They hope to apply what they have learnt to contribute to society in the future.
          
         Also attending today’s certificate presentation ceremony were representatives from non-governmental and community organisations, community leaders and family members of the certificate recipients.
          
         STCI accommodates young male PICs aged from 14 to under 25. The Department provides half-day education programmes and half-day vocational training for PICs of training centres and rehabilitation centres to assist them to rehabilitate and prepare for reintegration into society.         

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: LCQ5: Supporting high-risk elderly persons

    Source: Hong Kong Government special administrative region

    LCQ5: Supporting high-risk elderly persons
    LCQ5: Supporting high-risk elderly persons
    ******************************************

         Following is a question by the Hon Tang Ka-piu and a reply by the Secretary for Labour and Welfare, Mr Chris Sun, in the Legislative Council today (October 23): Question:      It has been reported that elderly-related tragedies have happened in Hong Kong one after another this year, resulting in a rise in the community’s concerns over families of elderly doubletons featuring “the elderly taking care of the elderly” as well as families of elderly singletons featuring the “hidden elderly”. On the other hand, the Labour and Welfare Bureau has indicated that the Government will study the establishment of a databank on high-risk cases, and it is learnt that some labour unions have repeatedly proposed the establishment of a register of high-risk elderly persons. In this connection, will the Government inform this Council: (1) whether it has devised a timetable for the establishment of a register of high-risk elderly persons; if so, of the details, including the time for establishing the register and the interval between each update; if not, the reasons for that; (2) whether it has grasped the situation among the elderly in respect of the installation of indoor emergency alarm systems (EAS) at homes, and whether it has plans to install EAS for high-risk elderly persons free of charge; if so, of the details; if not, the reasons for that; and (3) as it is learnt that about 80 per cent of the elderly in Hong Kong have applied for various social security schemes and that health condition assessments would also be conducted for the elderly under the Government’s Standardised Care Need Assessment Mechanism for Elderly Services, whether the Government has consolidated the data of elderly applicants for various schemes in order to identify the families of elderly doubletons and elderly singletons as well as conduct standardised assessments for such families with a view to establishing a register of high-risk elderly persons for high-risk families; if so, of the details; if not, the reasons for that? Reply: President,      I reply to the Member’s question as follows: (1) and (3) There is no unified definition of “high-risk” elderly persons. Health conditions, living arrangements, changes in family support, etc, will affect risks faced by elderly persons. Relevant risks may also change over time. The Government approaches and identifies elderly persons in need through different means, with a view to providing timely assistance to them.      The Social Welfare Department (SWD) piloted the District Services and Community Care Teams – Scheme on Supporting Elderly and Carers in Tsuen Wan and Southern District in March this year. The SWD assisted in training the Care Teams of these two districts to proactively reach out to and identify households of singleton/doubleton elderly persons, carers of elderly persons and persons with disabilities in need. In the past six months, the Care Teams visited about 4 700 families and referred over 730 elderly cases to social welfare organisations for follow up. The 2024 Policy Address announced that the Government would extend the scheme to all 18 districts across the territory next year.      The SWD commissioned the Tung Wah Group of Hospitals in September 2023 to launch the 24-hour Designated Hotline for Carer Support, providing instant consultation and emotional support, outreaching/emergency support, service referrals, etc. The hotline has received over 50 000 calls so far, and referred about 850 cases to relevant community support service units for service matching as appropriate, of which about 270 elderly cases were referred to elderly service units or respite service. In addition, the hotline provided crisis handling for 56 cases through outreaching.      A total of 214 District Elderly Community Centres (DECCs) and Neighbourhood Elderly Centres (elderly centres) throughout the territory provide a wide range of support services to elderly persons at the district level. Support Teams for the Elderly (STEs) are set up in all DECCs to identify elderly persons with potential service needs through outreaching and networking, and provide suitable assistance to them. Elderly centres have about 280 000 members in total, including 47 000 elderly persons receiving services from STEs and 8 000 elderly persons receiving casework service.       Upon identifying elderly persons with potential service needs, social welfare units will arrange for them to undergo Standardised Care Need Assessment for Elderly Services according to their conditions. Frail elderly persons assessed as having long-term care needs can join the Central Waiting List for Subsidised Long Term Care Services. They may also apply for Community Care Service Voucher for the Elderly and receive subsidised community care services without queuing; elderly persons with lower impairment level can apply for subsidised Home Support Services. In addition, social welfare service units will assist elderly persons with financial needs applying for suitable cash assistance.       The Government will continue to make good use of different channels to early identify elderly persons with potential service needs and provide timely and effective support. (2) The Government has put in place different measures to subsidise elderly persons in need to install emergency alarm system (EAS). The SWD provides a special grant to eligible elderly Comprehensive Social Security Assistance recipients for installing and using indoor or mobile EAS. Currently, about 26 000 elderly persons are receiving such a grant. The Hong Kong Housing Authority and the Hong Kong Housing Society provide subsidies to eligible elderly households in their housing estates to install and use EAS, benefiting about 26 900 elderly persons in total. Care Teams will also refer elderly persons, persons with disabilities and their carers in need to the relevant service provider for installing and using EAS.

     
    Ends/Wednesday, October 23, 2024Issued at HKT 15:15

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    MIL OSI Asia Pacific News

  • MIL-OSI Economics: ADB Approves $86.67 Million Grant to Develop Green Road Corridor in Tajikistan

    Source: Asia Development Bank

    DUSHANBE, TAJIKISTAN (23 October 2024) — The Asian Development Bank (ADB) has approved a $86.67 million grant to help Tajikistan further improve national road connectivity by developing a demonstration green corridor in the country.

    The project will upgrade the existing degraded two lane 49-kilometer Dangara–Guliston road, widening this to four lanes. The project is the first to pilot the innovative methods promoted in the ADB green roads toolkit.

    “ADB, in partnership with other organizations, promotes safe, accessible, and green transport infrastructure and services in our developing member countries,” said ADB Director General for Central and West Asia Yevgeniy Zhukov. “The Dangara–Guliston road, which was constructed in the 1930s and reconstructed in the 1970s, will become the first road in Tajikistan to incorporate climate adaptation and specific design elements that account for women and girls.”

    Applying the green roads toolkit to the road design improves the quality of life for those living in the vicinity of the road; strengthens road network climate resilience and disaster preparedness; reduces pollution; and conserves biodiversity. While a lack of electric vehicle chargers in rural areas limits the potential growth of this market in Tajikistan, the project will fund two pilot charging stations and develop investment frameworks to catalyze private sector investment in a national charging infrastructure rollout.

    To enhance safety, the newly reconstructed road will include dedicated cycleways and sidewalks for women with children and people with disabilities. It will also have improved lighting, as well as safe and well-marked crossings—with the design and location of safety features determined through a community co-design process. Special toilets and changing facilities will be provided for travelling mothers and babies, while public transport facilities will include preferential seating for people with disabilities.

    To improve livelihood and employment opportunities for local villagers, the project will arrange training for women living in and around the project area on how to open and run small businesses. ADB’s project will also award entrepreneurship grants to selected participants.

    The Government of Tajikistan will provide counterpart funding of $23 million, while the European Bank for Reconstruction and Development (EBRD) will provide a $40 million cofinancing loan subject to the EBRD Board approval in early 2025. The Ministry of Transport will be the executing agency for the project, which is due to be completed in 2030.

    Developed in collaboration with the International Road Federation and MetaMeta Research, ADB’s green roads toolkit guides the planning, design, construction, and maintenance of roads while ensuring environmentally sustainable practices. The toolkit helps engineers, planners, decision makers, and practitioners balance economic, social, and environmental objectives to make roads in Asia and the Pacific greener.

    Tajikistan joined ADB in 1998. For 26 years, ADB has supported a wide range of sectors from strategic road and energy infrastructure to health, education, agriculture, urban development, public sector management, and finance for a total of over $2.7 billion in assistance—including over $2.2 billion in grants.

    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: China’s finance ministry to issue 5 bln yuan of treasury bonds in Macao

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

    BEIJING, Oct. 23 — China’s Ministry of Finance said on Wednesday it will issue 5 billion yuan (about 702 million U.S. dollars) of yuan-denominated treasury bonds in the Macao Special Administrative Region on Oct. 30.

    This year marks the 25th anniversary of Macao’s return to the motherland. The issuance demonstrates the central government’s support for the region to develop modern finance and promote appropriate economic diversification, the ministry said.

    This will be the central government’s third consecutive year of issuing yuan-denominated bonds in Macao, which is beneficial for further improving the regular issuance mechanism, consolidating the foundation of Macao’s bond market, and providing investors with stable and secure investment options.

    It also has a positive effect on continuously optimizing the infrastructure of the Macao bond market, further expanding the range of investors, and accelerating its integration with international markets, according to the ministry.

    MIL OSI China News

  • MIL-OSI Russia: Bank “RUSSIA” is among the most reliable credit organizations

    Translation. Region: Russian Federation –

    Source: Bank “ROSSIA” Russia Bank –

    Press Releases and Events

    10/23/2024

    Bank “RUSSIA” is among the most reliable credit organizations

    In October, Bank “ROSSIYA” took 13th place in the rating of the most reliable credit organizations in the country, according to a study by the financial service “Bankiros”.

    When compiling rating Analysts take into account the volume and quality of assets, deposits, loans and capital. Liquidity and long-term creditworthiness indicators of banks are also taken into account.

    The study is conducted based on data from the Central Bank of the Russian Federation. The main criterion for evaluation is the ability of a specific institution to fully fulfill its obligations to both individuals and legal entities.

    The reliability of Bank “ROSSIYA” is supported by assessments of authoritative rating agencies. In 2024, the Bank received confirmation of credit ratings from Expert RA at the ruAA level and from ACRA at the AA- (RU) level with a stable outlook.

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

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

    http://abr.ru/about/nevs/13756/

    MIL OSI Russia News

  • MIL-OSI Europe: 26th OLAF Digital Forensics and Analysts training

    Source: European Anti-Fraud Offfice

    The European Anti-Fraud Office (OLAF) is pleased to inform you that the 26th OLAF Digital Forensics and Analysts training session is taking place between 25-29 November in Prague, Czech Republic.

    This training is financed by the European Union Anti-Fraud Programme (UAFP) (2021-2027). This programme is implemented by the European Commission (OLAF). It was established to promote activities to combat fraud affecting the EU’s financial interests.

    120 applicants working for Law Enforcement Agencies in Member States, acceding and candidate countries, EFTA/EEA countries, countries covered by the European Neighbourhood Policy and certain countries with which the European Union has concluded an agreement on mutual assistance in customs matters, were selected to participate in this event.

    The following trainings will be delivered:

    1. Linux Forensics Intermediate 

    2. Live Data Forensics 

    3. Cloud Forensics 

    4. Mobile Phone Forensics Intermediate 

    5. Magnet Axiom Examinations AX200

    6. Open Source Intelligence Analytics

    MIL OSI Europe News

  • MIL-OSI: WithSecure to host an Investor Day on 22 November 2024

    Source: GlobeNewswire (MIL-OSI)

     WithSecure Corporation, Press Release 22 October 2024 at 11.00 EEST

    WithSecure to host an Investor Day on 22 November 2024

    WithSecure invites investors and analysts to an Investor Day on 22 November 2024 at 9:00 EET. During the day WithSecure’s management will present the company’s future strategic priorities and financial targets. In addition, WithSecure will present how the company will move forward in each business area considering the new strategic priorities and financial targets.

    Preliminary agenda for the Investor Day (Finnish time, EET):

    • 8:30-9:00 Registration and breakfast
    • 9:00-12:30 Presentations (with a coffee break)
    • 12:30-13.30 Lunch and 1-on-1 discussions

    Venue: WithSecure’s headquarters in Wood City, Välimerenkatu 1, 00180 Helsinki, Finland.

    On-site participants are requested to register by Friday 15 November 2024 by sending an email to: investor-relations@withsecure.com.

    In addition to the physical event, there will a live webcast of the presentations, starting at 9:00 EET. There will also be an opportunity to ask questions online via the chat function on the webcast platform. The webcast link will be available closer to the event on the company website.

    A recording of the event and the presentation materials will be available after the event on: Materials | Investor Relations | WithSecure™

    We warmly welcome you to WithSecure’s Investor Day 2024!

    For more information, please contact

    Laura Viita,
    Vice President, Controlling, investor relations and sustainability
    WithSecure Corporation
    +358 50 487 1044
    investor-relations@withsecure.com

    The MIL Network

  • MIL-OSI Europe: Switzerland at 2024 IMF and World Bank Annual Meetings and G20 Finance Ministers Meeting in Washington

    Source: Switzerland – Department of Finance

    Federal Councillors Karin Keller-Sutter and Guy Parmelin, accompanied by Martin Schlegel, Chairman of the Governing Board of the Swiss National Bank, will attend the Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington from 23 to 25 October 2024. A meeting of G20 finance ministers and central bank governors will also take place during the Annual Meetings. The Swiss delegation will additionally use the event for bilateral talks.

    MIL OSI Europe News

  • MIL-OSI Submissions: WHO – Ten additional countries in the Western Pacific Regionpledge to invest in WHO

    Source: World Health Organization (WHO)

    MANILA, 23 October 2024 – In a historic show of support, 10 more countries in the Western Pacific Region pledged to provide an additional US$ 12.1 million to the World Health Organization (WHO) through its first-ever Investment Round. This comes in addition to US$ 18 million announced by Singapore in May. The WHO Investment Round aims to secure predictable, flexible, and resilient resources for WHO’s core work over the next four years.

    The seventy-fifth session of the WHO Regional Committee for the Western Pacific began on Monday with Member States formally endorsing the new regional vision Weaving Health for Families, Communities and Societies in the Western Pacific Region (2025-2029): Working together to improve health, well-being and save lives.

    The financial commitments were made during a Special Event on the Investment Round at the Regional Committee today. Governments and partners from across Asia and the Pacific in attendance emphasized the importance of ensuring WHO has robust financing to implement its global strategy for the 2025-2028 period, the 14th General Programme of Work, which was approved by Member States at the World Health Assembly in May 2024.

    The Government of the Philippines co-hosted the Special Event and made a historic pledge of US$ 10 million to the WHO Investment Round. During his remarks, Secretary of Health Dr Teodoro J. Herbosa of the Philippines said “A robust, reliable, and sustainably funded WHO is crucial for the Western Pacific Region and the world to address inequities and inequalities in health which were amplified by the COVID-19 pandemic. Today, we have taken a significant first step towards a future where health and well-being are accessible to everyone.”

    Malaysia also demonstrated its support of WHO’s work through a US$ 2 million pledge towards the Investment Round.

    In a powerful symbol of Pacific leaders’ commitment to health and WHO’s pivotal role in supporting them, eight Pacific Island countries pledged to double their funding contributions to WHO for 2025.  First-ever voluntary contributions to WHO were announced today by Papua New Guinea, and Cook Islands, Palau, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu.

    Speaking to the Regional Committee through a live video connection on Tuesday morning, WHO Director-General Dr Tedros Adhanom Ghebreyesus noted that to support the implementation of the Organization’s new global strategy, “we have launched the first WHO Investment Round, which aims to mobilize the sustainable and predictable resources we need to do our work. Thank you all for your commitment to promoting, providing and protecting health, for all people of the Western Pacific.”

    During the Investment Round Special Event, WHO Regional Director for the Western Pacific, Dr Saia Ma’u Piukala, thanked Member States and partners for their pledges, which will enable the Organization to support countries more effectively.

    “The commitments made today are truly historic,” Dr Piukala said. “They include a doubling of financial contributions from several of our small island developing states, and significant sums from the Philippines and Malaysia.

    “It’s a sign of governments’ confidence in WHO as their partner in health, and a recognition of the need for sustainable financing in order to deliver on the vision of weaving health for families, communities and societies in the Western Pacific,” he said.

    Prior to the meeting, WHO launched the document All for Health, Health for All: WHO Investment Case 2025-28 Western Pacific to capture the impact of a fully-funded Western Pacific Region over the next four years.

    Partners joined Members States in statements of support for WHO. Organizations including the Asian Development Bank, the Institute of Philanthropy and Temasek Trust committed to working closely with WHO during the next four years. Earlier this month, the Institute of Philanthropy made a US$10 million pledge to the Investment Round during the World Health Summit in Berlin, following a $1.2 million pledge in May at the World Health Assembly. The Temasek Foundation also pledged $10 million on the sidelines of the United Nations General Assembly in September.

    “We are off to a great start for the Investment Round in the Western Pacific based on today’s event,” said Dr Piukala. “Today we also heard that we should expect to see more countries and partners stepping up to provide additional resources in the coming weeks.”

    With a fully and sustainably funded operating budget for 2025–2028, WHO will be better able to tackle emergencies and outbreaks that jeopardize health security and threaten lives, reduce the burden of both infectious diseases and noncommunicable diseases (NCDs), and continue working to improve the health and well-being of everyone, especially the most vulnerable.

    Launched at the World Health Assembly in May 2024, the Investment Round aims to mobilize contributions that are flexible and thereby aligned with WHO’s strategy as approved by its Member States, predictably provided at the start of the four-year programme cycle to enable strategic decision-making, and resilient in that they will derive from a larger, more diverse set of donors.

    WHO’s Investment Round will culminate at the G20 leaders’ summit chaired by Brazilian President Lula da Silva next month.

    Notes:

    The seventy-fifth session of the Western Pacific Regional Committee began on 21 October and runs through 25 October at WHO’s Regional Office for the Western Pacific in Manila, Philippines. The agenda (https://cdn.who.int/media/docs/default-source/wpro—documents/regional-committee/session-75/wpr-rc75-01-provisional-agenda.pdf ) and timetable (https://cdn.who.int/media/docs/default-source/wpro—documents/regional-committee/session-75/tentative-timetable_rc75.pdf ) are available online. A livestream of proceedings, all other official documents, as well as fact sheets and videos on the issues to be addressed can be accessed here. https://www.who.int/westernpacific/about/governance/regional-committee/session-75

    Working with 194 Member States across six regions, WHO is the United Nations specialized agency responsible for public health. Each WHO region has a regional committee – a governing body composed of ministers of health and senior officials from Member States. Each regional committee meets annually to agree on health actions and to chart priorities for WHO’s work.

    The WHO Western Pacific Region is home to more than 1.9 billion people across 37 countries and areas: American Samoa (United States of America), Australia, Brunei Darussalam, Cambodia, China, Cook Islands, Fiji, French Polynesia (France), Guam (United States of America), Hong Kong SAR (China), Japan, Kiribati, the Lao People’s Democratic Republic, Macao SAR (China), Malaysia, the Marshall Islands, the Federated States of Micronesia, Mongolia, Nauru, New Caledonia (France), New Zealand, Niue, the Commonwealth of the Northern Mariana Islands (United States of America), Palau, Papua New Guinea, the Philippines, Pitcairn Islands (United Kingdom of Great Britain and Northern Ireland), the Republic of Korea, Samoa, Singapore, Solomon Islands, Tokelau, Tonga, Tuvalu, Vanuatu and Viet Nam, Wallis and Futuna (France).

    MIL OSI – Submitted News

  • MIL-OSI China: Import expo in Shanghai to promote high-level opening up: official

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

    BEIJING, Oct. 23 — The 7th China International Import Expo (CIIE), scheduled to be held in Shanghai from Nov. 5 to 10, will play its role as a platform to promote high-level opening up, an official said Wednesday.

    The CIIE serves to showcase China’s major opening-up measures and confidence, to share China’s new development opportunities with other countries, and to help improve global economic governance rules and promote the building of an open world economy, Tang Wenhong, assistant minister of commerce, told a press conference.

    This edition of the CIIE has attracted participants from 152 countries, regions and international organizations, and achieved a new record with 297 Fortune Global 500 companies and industry leaders set to attend, Tang said.

    As an important part of the CIIE, the Hongqiao International Economic Forum will include a main forum and 19 sub-forums.

    Since its first edition in 2018, this expo has become an important stage spotlighting China’s new development paradigm, a platform for high-level opening up, and a public good for the whole world.

    The previous six editions saw nearly 2,500 new products, technologies and services make their debuts, with combined intended turnover reaching over 420 billion U.S. dollars.

    MIL OSI China News

  • MIL-OSI Asia-Pac: LCQ4: Application for refund of stamp duty in respect of redevelopment project

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Louis Loong and a reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (October 23):
     
    Question:
     
         During the past decade or so when demand-side management measures for residential properties were in place, the Government levied the Buyer’s Stamp Duty (BSD) on residential property transactions and applied a higher rate of ad valorem stamp duty (AVD) to collect AVD. Under sections 29DD and 29DE of the Stamp Duty Ordinance, an applicant may apply for a refund of the BSD paid and a partial refund of the AVD paid upon redeveloping a residential property, thereby reducing the effective stamp duty rate after the refund to no more than 4.25 per cent. In this connection, will the Government inform this Council:
     
    (1) of the respective numbers of refund applications involving BSD and AVD and the amounts involved in the past three years, as well as the time taken by the authorities from receipt of applications to completion of refunds (set out in a table);
     
    (2) among the applications mentioned in (1), of the respective numbers of those for which refunds have been completed and those still being processed; and
     
    (3) as it is learnt that the Government is not required to pay interest on the refund amounts concerned, what measures the Government has put in place to expedite the processing of applications and the completion of refunds under the current high interest rate environment?
     
    Reply:
     
    President,
     
         To maintain steady development of the private residential property market, the Government had implemented a series of demand-side management measures for residential properties before, which included imposing Buyer’s Stamp Duty (BSD) and charging Ad Valorem Stamp Duty (AVD) at higher rates (i.e. the rates at Scale 1). BSD applied to acquisition of residential properties by a non-Hong Kong permanent resident (HKPR) or a company. The higher rates of AVD applied to all transactions of residential properties except for circumstances where the buyer was a HKPR and did not own any other residential property in Hong Kong at the time of acquiring the relevant property. The Government has been closely monitoring changes in the residential property market and timely adjusted relevant measures. Since the end of February this year, all stamp duty measures relating to demand-side management of residential properties have been abolished.
     
         When formulating demand-side management measures for residential properties, the Government established a duty refund mechanism in order not to hinder redevelopment projects. Any person acquiring a residential property for redevelopment purpose may apply for refund of the BSD paid and part of the AVD paid under sections 29DD and 29DE of the Stamp Duty Ordinance respectively. The refundable amount of AVD paid is the difference between the duties calculated at the higher and lower rates.
     
         My reply to Hon Loong’s question is as follows:
     
    (1) In the past three financial years, the Inland Revenue Department (IRD) received 2 724 applications for refund of BSD in respect of redevelopments, involving about $8.1 billion, and 2 688 applications for refund of part of the AVD in respect of redevelopments, involving about $5.4 billion. The breakdown by each financial year is set out in Table (1):
     

    Table (1):The number of applications and the amounts involved in applications for refund of part of the stamp duty in respect of redevelopment projects

    Financial Year in which the application was received
    BSD
    Part of AVD

    No. of applications
    (Note 1)
    Amount of refund applied for
    No. of applications
    (Note 1)
    Amount of refund applied for

     
    $ million
     
    $ million

    2021-22
    723
    3,100
    688
    2,100

    2022-23
    828
    2,147
    831
    1,331

    2023-24
    1 173
    2,860
    1 169
    1,967

    Total
    2 724
    8,107
    2 688
    5,398

    Note 1: As an applicant may apply for refund of BSD and part of AVD in respect of the same residential property transaction, there is overlap in the properties involved in the applications in Table (1).
     
         In the past three financial years, the time taken by the IRD from receipt of applications to completion of processing them is set out in Table (2):
     

    Table (2):Time taken to complete the refunds of BSD and part of the AVD (Note 2)

    Financial Year in which the application was received
    Below three months
    Three months to below five months
    Five months to below nine months
    Nine months or above

    2021-22
    25
    352
    292
    738

    2022-23
    94
    127
    642
    709

    2023-24
    24
    337
    480
    363

    Total
    143
    816
    1 414
    1 810

    Note 2: As at end of September 2024

         The time taken set out in Table (2) includes the time for the IRD to wait for some applicants to submit all the required information and documents. Almost all the applicants of applications that took five months or above to process failed to submit all the required information and documents when submitting the applications, and needed to make further submission(s) afterwards. Some applicants would take a few months or even more than a year to submit all the required information and documents. Generally speaking, the IRD is able to complete the approval and refund procedures within three to four months after receiving all the required information and documents.
     
    (2) In respect of the applications received from 2021-22 to 2023-24, as at end of September this year, the IRD has finished processing 2 097 applications for refund of BSD and 2 086 for refund of part of AVD. A total of 627 applications for refund of BSD and 602 for refund of part of AVD are still being processed, involving 11 redevelopment projects. As an applicant may apply for refund of BSD and part of AVD in respect of the same residential property transaction, there is overlap in the properties involved in the above approximately 1 200 applications.
     
    (3) Redevelopment projects typically involve dozens, or even more than a hundred stamp duty refund applications, involving a significant amount of stamp duty. Therefore, the IRD needs to carefully examine a large number of documents, including the agreement for sale and purchase, information about the applicant and the associated body corporate(s), the consent or approval issued by the Building Authority in respect of the new development, etc. for each application, so as to avoid any abuse of the refund mechanism. As previously mentioned, most applicants whose applications took five months or longer to complete processing needed to submit supplementary information after making the applications. In order to reduce correspondence between the IRD and the applicants regarding the submission of required information and to shorten the time to wait for applicants to supplement required information, the IRD will update the stamp duty refund application form and guidelines by the end of this year. The updated form will provide a detailed list of all necessary documents and remind applicants that their applications will only be considered valid after all documents have been submitted. Following the updating of the stamp duty refund application form, the IRD will organise a briefing session for the Real Estate Developers Association of Hong Kong and developers to help the industry understand the IRD’s requirements. The IRD will also publish guidelines to explain the common issues encountered during the processing of stamp duty refund applications and how the IRD handles them. Furthermore, the IRD will review the current application processing procedures and deploy resources to expedite the processing of applications.
     
         After implementing the aforementioned enhancement measures, the IRD anticipates that most of the stamp duty refund applications can be completed within two months after receiving all the documents.

         Thank you, President.

    MIL OSI Asia Pacific News

  • MIL-OSI: Exclusive Markets’ Mr. Lambros Lambrou Honoured with ‘Top 50 Financial Markets CEO Awards 2024’ in Dubai

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Oct. 23, 2024 (GLOBE NEWSWIRE) — Exclusive Markets proudly announces that Mr. Lambros Lambrou, CEO of the esteemed organization, has been awarded the prestigiousTop 50 Financial Markets CEO Awards’ at the Middle East Financial Markets Awards Ceremony Dubai 2024 – 2ndEdition. This award is not only a testament to his exceptional leadership, visionary approach, and significant contributions to the financial sector but also highlights his dedication to excellence and his role in driving the success and growth of Exclusive Markets.

    Lambros Lambrou leads Exclusive Markets, guiding the firm through dynamic market landscapes and ensuring sustained growth. His strategic vision has been instrumental in positioning Exclusive Markets as one of the top players in the global trading sector. Under his leadership, the firm has expanded its portfolio and consistently delivered exceptional value to its clients.

    On receiving the award, Lambros Lambrou expressed his gratitude for the recognition, saying, “I am deeply honoured. It reflects the collective efforts of the entire team at Exclusive Markets. Together, we have strived to create an environment that fosters innovation, integrity, and excellence. This award inspires us to continue our journey towards setting new standards in the industry.”

    This marks the relentless commitment to excellence of Lambros Lambrou. His innovative strategies and client centric approach have set new benchmarks in the industry. The leadership in Exclusive Markets is characterized by a deep understanding of market dynamics, a keen eye for emerging trends, and a passion for nurturing talent within the organization.

    About Exclusive Markets

    Exclusive Markets is committed to delivering a robust, secure, and transparent platform for investors in various financial instruments. With a strong emphasis on advanced technology and ISO/IEC 27001:2013 Certification from MSECB, Exclusive Markets provides traders with an outstanding platform that seamlessly blends advanced features with user-friendly interfaces.

    Traders can explore a diverse selection of trading instruments, including CFD stocks, commodities, currencies, and spot metals. The company’s expert team is dedicated to meeting the evolving demands of clients by broadening the array of products and services, enabling traders to invest according to their unique preferences.

    Risk Warning: Trading involves risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/25d6ff93-af6f-4d51-b584-4e27a0ed10ed

    The MIL Network

  • MIL-OSI Submissions: WHO – Government leaders and multisectoral partners unite to tackle noncommunicable diseases and mental health issues in the Commonwealth

    Source: World Health Organization (WHO)

    APIA, Samoa l 23 October 2024 – High-level government leaders and multistakeholder partners came together today to strengthen their commitment to addressing noncommunicable diseases (NCDs) and mental health at a side event held during the Commonwealth Heads of Government Meeting (CHOGM) in Apia, Samoa. The event, titled “Weaving a Healthy Commonwealth Aiga for Combating Noncommunicable Diseases and Promoting Mental Health,” was jointly organized by the Ministry of Health, Samoa, the World Health Organization (WHO) Representative Office in Samoa, and the Commonwealth Secretariat.

    The event highlighted the importance of strong political commitment, partnerships and community involvement in tackling the global health challenges posed by NCDs and mental health issues. Participants from various sectors, including health, education, sports, finance, agriculture, trade, and media, shared their insights and strategies to create environments that promote healthier lifestyles and build more resilient health systems.

    Noncommunicable diseases, such as cardiovascular diseases, cancers, chronic respiratory diseases, and diabetes, are the leading cause of death in most countries. These diseases account for 150 million premature deaths among people aged between 30 and 70 years, most living in developing countries.

    Director General of Health, Professor Aiono Dr Alec Ekeroma, highlighted Samoa’s unique approach, “The Ministry of Health has successfully introduced the ‘Package of Essential NCD Services (PEN) Fa’a Samoa’ into our communities, demonstrating our strong commitment to tackling NCDs and mental health issues. We continue to seek innovative ways to strengthen our partnerships with other sectors to reduce NCDs and improve mental health. The Samoan government is dedicated to fostering these collaborations to ensure sustainable and impactful health outcomes for our people.”

    “Tackling NCDs and mental health is not just a job for the health sector. It requires the dedicated involvement of the whole-of-government and whole-of-society. By working together across different sectors and tapping into community strengths, we can significantly reduce the burden of NCDs and mental health conditions,” said Dr Kim Eva Dickson, WHO Representative to Samoa, American Samoa, Cook Islands, Niue and Tokelau.

    NCDs have also become a serious challenge for people under 30, who make up 60% of the Commonwealth population. In the previous CHOGM held in Rwanda in 2022, the Commonwealth youth-led NCD Guiding Framework was developed to provide a road map for collective action to address the root causes of NCDs and promote healthier lifestyles, especially among the younger population.

    Commonwealth Secretary-General, the Rt Hon Patricia Scotland, KC said, “In Rwanda, we committed to take bold multisectoral action to reduce the incidence of NCDs. This year here in Samoa, the Commonwealth remains committed to strengthening partnerships that support health equity and sustainable development. By coming together as a Commonwealth ‘aiga’ or family today, our leaders and stakeholders have underscored the collective resolve to combat NCDs and promote mental health.”

    Alongside the focus on addressing NCDs and mental health, the event also highlighted the importance of healthy ageing. A report, authored by Professor Dame Carol Black, the Commonwealth Secretary-General’s Special Envoy for Ageing Well was presented at the event. As people live longer by prioritizing strategies to prevent NCDs, it is equally important that they continue to thrive and live productive lives.

    The event concluded with renewed commitments from various sectors and stakeholders to work together to combat NCDs and promote mental health, helping set the stage for continued collaboration and action within the Commonwealth.

    MIL OSI – Submitted News

  • MIL-OSI Australia: Local Government Association of Queensland Annual Conference

    Source: Australian Ministers for Regional Development

    I’d like to thank LGAQ CEO, Alison Smith, for the warm invitation to this year’s annual conference.

    It’s really great to be here with you.

    It’s also nice to be in QLD without my kids! 

    Don’t get me wrong, I know how important family holidays are for your economies across Queensland.

    But it’s actually quite nice not to be running around in swimmers at a water park!

    Just don’t tell my kids I said this!

    I’d also like to give a huge shout out to Mayor Matt Burnett, and congratulate him on his appointment as the new Australian Local Government Association National President.

    He’s a strong, passionate voice for the sector and I look forward to working with him in this new capacity.

    Once a regional mayor myself, I’m can’t help but note that Matt and the two new Vice Presidents all hail from regional Australia!

    Like all of you in the room, I’m committed to strengthening the local government sector. 

    The Albanese Government takes this seriously, because when we work together, we get the best outcomes for our communities.

    You are a trusted deliver partner of the services every community across Queensland relies on.

    We value this, and we’re investing in it.

    We’ve brought you back to the national conversation, at both National Cabinet, and at our two successful Australian Council of Local Government forums. 

    We had over 770 people from the local government sector participate this year, many from the Sunshine State! 

    This open-door, collective dialogue is incredibly important, because there’s nothing worse than decisions being made for you – without you – from Canberra. 

    It’s how we can deliver funding where it’s needed, so that we can continue to get projects that matter to your communities off the ground. 

    It’s why your input into the federal inquiry into local government sustainability underway right now is incredibly important, because it will help us shape how we can deliver the support you need.

    This is one of the reasons we’ve significantly increased road funding to all local councils across Queensland – acting on feedback from you.

    Much like my home state of NSW, your roads have more people on them than ever before.

    Many of them are regional, and many of them have been totally washed away by extreme weather events.

    We are progressively doubling Roads to Recovery from $500 million to $1 billion nationally, which will have a huge impact on how you upgrade and maintain your local roads.

    Almost $900 million is flowing to local governments in Queensland over the next five years, a boost of over $353 million thanks to the Albanese Government. 

    A pipeline of new work will build on the thousands of projects being delivered under Roads to Recovery.

    Projects on the roads your communities drive every day – the ones they call or email you about to improve!

    This builds on funding under our Road Black Spot program – which is also increasing from $110 million to $150 million per year. 

    Under this program in this financial year, we’re already supporting 31 Black Spot sites across Queensland, with more than two thirds of this funding supporting projects in regional areas.

    Projects like upgrading Kajabbi Road in the Cloncurry Shire – fixing a problem which often saw this road closed during wet weather.

    But it’s not just roads that our local communities want to see delivered.

    We obviously need safe and reliable roads to get around, because we all have somewhere to go – from work, holidaying, to catching up with family and friends.

    That’s why we’re also investing in projects that bring our communities together.

    Projects that unlock new jobs and economic opportunities.

    We’ve introduced our Growing Regions and Thriving Suburbs programs.

    For the first time, a funding opportunity for everyone community – regardless of your postcode.

    Projects supported through these programs will be truly region-shaping.

    Out of the 40 successful projects under Round 1 of Growing Regions, nine are in Queensland.

    Among them is the Agnes Water Skate Park Revitalisation at Gladstone.

    This is something long called for by the community – and will really be a whole community facility, because skate parks really are for all ages.

    Trust me, there’s vision on my socials to prove that! 

    I don’t know how good I was, but there’s vision!

    In Mackay, the Regional Council will construct the Northern Beaches Community Hub.

    This will be a central gathering place for the community, and really change how they come together for major events and activities.

    Applications for Round 2 – now with a single stage process, which is updated after feedback from you – closed earlier this month.

    A further $393 million is available, and we look forward to seeing many more amazing projects under this round! 

    One of the big things councils across Queensland talk to me about is housing.

    It’s why we’re investing $32 billion in housing initiatives – the biggest investment in over a decade.

    This will see 1.2 million new homes built over the next five years, including many in our regions.

    But increasing housing supply requires collaboration and investment across all levels of government.

    It’s why we launched our $1.5 billion Housing Support Program, to get enabling infrastructure underway, and build more homes sooner. 

    And they say imitation is the best form of flattery, and I note the Opposition have copied this program, so good on them.

    $7 million is flowing to Queensland under Round 1 of our program to 16 projects, with 15 of these in regional locations.

    This is where we know more people are moving to, but where we need more housing to attract and retain the workers our community needs.

    Among the Queensland funding is support for precinct planning around the new Bundaberg Hospital development.

    Support for developing and delivering a Townsville Housing Strategy.

    Plus funding to the Torres Shire Council, to develop and deliver a Horn Island Housing Growth Master Plan.

    Getting more people under a safe and secure roof starts with strengthen your planning abilities.

    The second phase of this program is support for the enabling infrastructure we need to get underway. 

    Successful applications for those programs will be announced later this year. 

    I mentioned before roads getting washed away – and that’s just one of the things that happens when our communities are struck by disasters.

    All of us in the room can agree that when a disaster does hit us, response and recovery is led from the local level up.

    I had this experience myself as Mayor of Bega Valley Shire in NSW – where I had nine declared disasters.

    Black Summer bushfires, which were only put out from extreme floods!

    Ensuring communities are in the best possible position to recover, but that they’re also better prepared, is something very close to my heart.

    My community is still rebuilding, as are so many across Queensland.

    I’m really proud of our $1 billion Disaster Ready Fund.

    We not long had 165 successful projects under Round 2 this program announced nationally.

    This included over $55 million for 29 local projects across Queensland.

    Among them is funding for the Burke Shire towards establishing a multi-sensor warning system.

    Funding towards a back-up generator for the Badu Council Administration Centre in the Torres Straits.

    And funding for a 120-metre long stepped concrete seawall in Deception Bay, to replace a failed rock and shotcrete seawall.

    When we work together we get more done – and this is especially the case for Disaster response and recovery.

    A partnership approach has been our focus since we came to government.

    You’re central to turning federal funding into local results – and I want to thank you for this.

    I’d also like to thank LGAQ for your continued support of the sector, and for your advocacy.

    I know there will be many productive conversations today, so I’ll let you get to it. 

    MIL OSI News

  • MIL-OSI United Kingdom: On your marks – 100 days to file Self Assessment

    Source: United Kingdom – Executive Government Non-Ministerial Departments 2

    Self Assessment customers encouraged to prepare and file their tax return early as 31 January deadline is in sight.

    • People have 100 days until 31 January deadline to file their Self Assessment tax return and pay tax owed  
    • Self Assessment customers urged to prepare and file their tax return early 

    The countdown clock has begun as HM Revenue and Customs (HMRC) reminds customers they have 100 days to file and pay their Self Assessment tax return before the 31 January deadline. 

    Anyone who is yet to start, can access information and guidance on GOV.UK to help them complete their tax return. 

    More than 3.5 million have already beaten the clock and submitted their returns. HMRC is reminding others that starting their Self Assessment early means they are more likely to complete an accurate tax return, avoid any last-minute panic plus they will know what they owe sooner and can budget. 

    Myrtle Lloyd, HMRC’s Director General for Customer Services, said: 

    The countdown to the Self Assessment deadline has begun but there is still time to thoroughly prepare and file an accurate tax return by 31 January. You can access online help and support to help you file. Search ‘help with Self Assessment’ on GOV.UK to find out more. 

    More than 12 million people need to file a tax return for the 2023 to 2024 tax year and pay any tax owed by the 31 January 2025 deadline.  

    HMRC has produced a series of  YouTube videos to help people complete their return and a step-by-step guide to check what customers need to do to file their first tax return.    

    Customers who are unsure if they need to file a tax return can visit GOV.UK to check if they need to send a Self Assessment tax return.  

    Anyone who is new to Self Assessment needs to register to receive their Unique Taxpayer Reference before they can send a tax return for the 2023 to 2024 tax year. 

    People who no longer need to file a tax return should tell HMRC as soon as possible to avoid any penalties. HMRC has produced 2 videos explaining how customers can go online and stop Self Assessment if they are self-employed and those who are not self-employed.  

    How to go online and stop Self Assessment if you’re self-employed

    How to go online and stop Self Assessment if you’re not self-employed

    HMRC recommends that anyone who regularly sell goods or provides a service through an online platform to find out more about selling online and paying taxes. The information on GOV.UK will help them decide if their activity should be treated as a trade and if they need to complete a Self Assessment tax return. 

    Criminals use emails, phone calls and texts to try to steal information and money from taxpayers. Before sharing their personal or financial details, people should search ‘HMRC tax scams’ on GOV.UK to access a checklist to help them decide if the contact they have received is a scam 

    People should never share their HMRC login information with anyone. Someone could use them to steal from them or claim benefits or a refund in their name.

    Further Information

    More information on Self Assessment 

    The deadlines for tax returns for 2023 to 2024 tax year are 31 October 2024 for paper returns and 31 January 2025 for online returns. 

    More than 97% of Self Assessment returns are filed online. 

    People can use the HMRC app to find out how to register for Self Assessment, check their Unique Taxpayer Reference, get their National Insurance number and employment income and history and pay their tax bill.

    Updates to this page

    Published 23 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: Government welcomes passage of Rating (Amendment) Bill 2024

    Source: Hong Kong Government special administrative region

         The Government welcomed the passage of the Rating (Amendment) Bill 2024 by the Legislative Council today (October 23). The Bill gives effect to the progressive rating system for domestic tenements, which will take effect from the fourth quarter of this financial year (i.e. January to March 2025), to uphold the principle of “affordable users pay”.

         Starting from the fourth quarter of this financial year, for domestic tenements with a rateable value (RV) of $550,000 or below, rates will continue to be charged at 5 per cent of the RV. For domestic tenements with an RV exceeding $550,000, rates will be charged at the same rate of 5 per cent for the first $550,000, 8 per cent for the next $250,000, and 12 per cent for the remaining RV.

         Non-domestic tenements, including tenements used for business activities or social services, e.g. commercial building, industrial building, shop, hotel, nursery, home for the elderly, youth hostel, holiday camp, etc, will not be subject to the progressive rating system.

         The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “The progressive rating system endeavours to strike a balance between upholding the ‘affordable users pay’ principle and minimising the number of ratepayers affected. In formulating the progressive rating system, the Government has taken into account a basket of factors, including the affordability of ratepayers of domestic tenements, the market rentals as reflected in the RV, the number of affected ratepayers and the amount of additional rates to be paid, the estimated increase in revenue from rates, as well as the fundamental principle of maintaining a simple rating system. The progressive rating system is part of the Government’s comprehensive fiscal consolidation programme. It is expected that government revenue will increase by about $820 million each year. The affected domestic tenements account for about 1.9 per cent of the total number of private domestic tenements in Hong Kong.”

         The Bill will be gazetted on November 1. The Rating and Valuation Department will inform the affected ratepayers. The quarterly demands to be issued in the fourth quarter of this financial year will reflect the progressive rates for applicable cases.

    MIL OSI Asia Pacific News

  • MIL-OSI United Kingdom: South China Sea conference 2024: speech by UK Minister for the Indo-Pacific

    Source: United Kingdom – Executive Government & Departments

    Minister Catherine West gave a keynote speech to the South China Sea conference in Ha Long, Vietnam.

    Good morning everybody, and it’s lovely to be here on such a perfect morning with those beautiful mountains and sea in front of us.

    As we’ve heard from Dr Dung and Vice Minister Viet, thank you to our local government partners who’ve put on such a beautiful event for us. And thank you to our Indonesian collaborator who spoke first, it was so good to hear from him.

    In the UK we have a relatively new government, elected in July this year…

    … and many people have asked me as the new Minister for the Indo-Pacific, “how do we know that the UK is committed to the Indo-Pacific?”.

    After three weeks my boss, David Lammy, who is the Foreign Secretary, visited Vientiane as part of the ASEAN discussions and this is my third country in the region to visit since July.

    So we know that working together with European partners and with others in the region, we can be allies with all of the partners in ASEAN and we can join together to have a very good discussion about peace and security.

    On Monday, I will go to Manila for the Women, Peace and Security conference, which will I think create a really deep understanding for myself as a new Minister as to the challenges in the region. And also the importance of promoting women’s leadership around this area of partnerships, rooted in respect and mutual trust. 

    Positioning the UK as a long-term reliable partner of the Indo-Pacific, underpinned by a shared respect for ASEAN leadership and centrality. And after that conference I will return to the UK, bringing back news of the conference and your thoughts.

    Because we know that after nearly 25 years of the landmark UN Security Council Resolution 1325,… 

    …in which the UK played a leading role,… 

    …I will underline that our commitment to advancing participation in conflict prevention, reduction and resolution is unwavering, both in ASEAN but also globally.  

    And it is in the same spirit that I join you here today, to set out the UK’s support for collective efforts to maintain regional security and uphold international law.

    Global Maritime Security  

    Let me begin by stating unambiguously that the UK wants a free and open Indo-Pacific.  

    Because put simply, our collective global prosperity hinges on keeping the vital sea-lanes in the South China Sea open. Or the East Sea, as I believe in Vietnam you call it.

    Our shared security interests also demand that we stand-up for principles of sovereignty and territorial integrity… 

    …through the international legal framework that protects these principles,… 

    …for example, the UN Convention on the Law of the Sea – or UNCLOS as we call it.    

    But it’s not just the Indo-Pacific.   

    Undermining international law in any situation, in any context… 

    … has the potential to corrode the wider system of global governance that protects security and prosperity. 

    Take for example the sustainable development goals.  

    We can hardly hope to achieve those goals without peace and security spurring on economic growth.  

    And all of that relies heavily on having stable seas where the rule of law is upheld.  

    And this year we’ve seen a serious and sustained series of incidents,… 

    …representing one of the sharpest spikes in tensions over recent years.  

    The use of water cannons, blocking, and ramming manoeuvres have interfered… 

    …with Philippine rights and freedom of navigation.  

    These actions, and the responses they may incite, raise the risk of serious miscalculation… 

    …as well as posing a direct threat to international law. 

    And last month Chinese law enforcement attacked Vietnamese fishermen, leaving them seriously injured.  

    The grave risk of instability and escalation that these incidents pose is a significant concern for the international community. 

    Not just because of the impact it could have on global prosperity and security, but also on livelihoods and local biodiversity.   

    That is why the UK has and will continue to protest any action which threatens peace and stability… 

    …or seeks to undermine the primacy of UNCLOS.  

    Keeping the South China Sea safe is our priority. 

    And the only way we can achieve that is by working together with partners including those represented here today.  

    Climate and nature security 

    Now another crucial element to our security and prosperity is climate and nature.

    After this session I will be going to visit some of the areas affected by Typhoon Yagi, to understand more deeply how the Red Cross is working to mitigate those terrible floods and hear from local people as to how they’re managing about those floods.

    We were among the first countries to sign the Biodiversity Beyond National Jurisdiction Agreement… 

    …and we remain focussed on its ratification.   

    Home to over a third of world’s coral reefs – this region is critical… 

    …to halting and reversing the loss of the natural ecosystem. 

    Rising sea levels risk leading to worsening maritime disputes. 

    And we cannot tackle the various risks unless we understand them well.  

    So the UK is using its expertise to help.  

    For example, the UK Met Office is studying how changes in sea surface temperature affect migratory fish and coastal ecosystems,… 

    …playing a role not just on food security but also on addressing the poor environmental impact of rising temperatures.

    Back home, we have also set a landmark goal – to be the first major economy to deliver clean energy power by 2030.  

    But acting alone is not a solution.  

    That is why we want to work with you and partners across the world to accelerate the clean energy transition. 

    So we are boosting progress by building on existing programmes. 

    Such as the Just Energy Transition Partnerships – JETP – in Indonesia and Vietnam,… 

    …supporting innovative clean energy… 

    …and the expansion of grids and storage. 

    Growth and Technology 

    Technology also plays a key role… 

    …and is something the UK is keen to harness to help solve global challenges.  

    Modern maritime ecosystems is becoming increasingly interconnected and digital in its nature.  

    And more and more sophisticated technology supports improved port operations across the globe,… 

    …the development of Autonomous Surface Ships will reduce the number of seafarers needed to operate a vessel. 

    We know how essential undersea telecoms cables are.  

    And they will only grow in importance with the use of AI becoming more widespread.  

    That is why the UK is working transparently with partners to develop inclusive global norms and standards… 

    …for the responsible and ethical use of technology and AI, including in maritime contexts. 

    Working together 

    Finally, we know that we live in a rapidly changing world where the more closely we work, the stronger we are.   

    Next year, the UK will hold its third Regional Maritime Security Symposium in Southeast Asia to discuss collaboration on a range of maritime issues. 

    It’s so encouraging to be here today and to work with Asia-Pacific partners, and as I speak, HMS Spey and HMS Tamar, our two Offshore Patrol Vessels, continue their operations in the Indo-Pacific,… 

    …exercising with partners,… 

    …responding to humanitarian disasters,… 

    …and tackling maritime challenges.

    Thank you so much for the opportunity to speak today, and I look forward to questions afterwards.

    Thank you.

    Updates to this page

    Published 23 October 2024

    MIL OSI United Kingdom