Source: Hong Kong Government special administrative region
EDB announces subsidy amounts for Mainland University Study Subsidy Scheme in 2024/25 academic year EDB announces subsidy amounts for Mainland University Study Subsidy Scheme in 2024/25 academic year ******************************************************************************************
The Education Bureau (EDB) announced today (October 18) the subsidy amounts of the means-tested subsidy and the non-means-tested subsidy for the Mainland University Study Subsidy Scheme (MUSSS). The subsidy will be disbursed based on the distance between the locations of the institutions and Hong Kong, which will be grouped into three categories. Details of the subsidy rates under the different categories, which are identical to that of last year, are set out in the Annex. A spokesman for the EDB said that the MUSSS will benefit Hong Kong students pursuing undergraduate studies in 197 designated Mainland institutions, including the 138 institutions participating in the Scheme for Admission of Hong Kong Students to Mainland Higher Education Institutions for the 2024/25 academic year. The application period for the MUSSS 2024/25 has closed. The EDB is currently processing the applications with a view to notifying individual applicants of the application results by the first quarter of 2025. The MUSSS aims to provide appropriate support for Hong Kong students who pursue undergraduate studies on the Mainland and ensure that no students will be deprived of post-secondary education due to financial reasons. The MUSSS comprises means-tested subsidy and non-means-tested subsidy. The subsidy is granted on a yearly basis, and the subsidised period is the normal duration of the undergraduate programme pursued by the student concerned in the designated Mainland institution. Eligible applicants may only receive either a means-tested subsidy or a non-means-tested subsidy in the same academic year.
The rising demand for clean label products is spurring advancements and innovations in the Asia-Pacific (APAC) region, as companies recognize the need to adapt to changing consumer preferences. This demand is not just limited to food and beverages; it extends to personal care and household products as well. A survey corroborates this trend, where 49% of respondents in Asia & Australasia stated that their product purchasing decisions for household cleaning products are either always or often influenced by how ethical/environmentally friendly/socially responsible the product/service is*, says GlobalData, a leading data and analytics company.
Mani Bhushan Shukla, Consumer Analyst at GlobalData, comments: “Clean label products often use simple, natural ingredients, are free from additives and artificial chemicals, and also commonly feature sustainable and ethical credentials. The expected characteristics of clean label products can vary between industries. Healthy attributes such as “low-sugar” and “low-fat” are prioritized more in food and beverages, while “natural” and “free-from” attributes are prioritized more in personal care. Clean label household care products tend to include natural ingredients instead of synthetic ingredients or “harsh” chemicals, as well as exhibiting sustainability credentials like recyclable packaging.”
Deepak Nautiyal, Consumer and Retail Commercial Director, Asia-Pacific and Middle East, GlobalData, adds: “Manufacturers are exploring innovative sourcing methods, sustainable packaging solutions, and alternative ingredients that align with the clean label ethos. As brands strive to meet consumer expectations, they are also exploring new marketing strategies that highlight their commitment to transparency and sustainability, ultimately leading to a broader range of clean label options for consumers.
“Aligning with this trend, Unilever introduced the Sunlight BioCare Nature dishwashing liquid in Vietnam, Indonesia, and Thailand, featuring RhamnoClean Technology for superior grease removal. This product is integrated into the company’s Clean Future sustainability initiative, which employs circular economy principles in both its formulation and packaging to minimize CO2 emissions and plastic waste.”
Shukla notes: “Heightened health and wellbeing concerns are seeing consumers seek ways to safeguard health and wellness and boost immunity, while increased awareness of sustainability issues amid a rising frequency of extreme weather events has resulted in proactive efforts to reduce carbon footprints. Many consumers are switching to clean label products that feature simple and natural ingredient lists to address such concerns, as well as eco-friendly or ethically sound products. For instance, Garnier, part of the L’Oréal’s family, renewed its commitment to providing sustainable products for consumers in Asia. By utilizing green science, the brand seeks to reduce the environmental footprint of its products, aligning with the increasing consumer interest in eco-friendly beauty solutions.”
Nautiyal continues: “The integration of sustainable packaging and a clean label will significantly influence consumer purchasing decisions and foster brand loyalty, as evidenced in a GlobalData consumer survey, wherein 78% of APAC consumers consider it essential/nice to have recyclable packaging*. This dual approach not only attracts eco-conscious consumers but also fosters a deeper emotional connection with the brand, leading to increased customer retention and loyalty.”
Shukla concludes: “As environmental concerns rise in Asia, companies emphasizing eco-friendly ingredients and sustainable supply chains will find new growth opportunities. The demand for safe, environmentally beneficial products will drive innovation in the clean label market. By investing in innovative sourcing and transparent supply chains, these companies can enhance their clean label offerings, attract eco-conscious consumers, and build brand loyalty for long-term success.”
*GlobalData Q2 2024 Consumer Survey – Asia & Australasia, published in July 2024, with 6,506 respondents
The following data tables capture information about applications we have received and approved for release per financial year. We don’t have data regarding amounts released as these payments are made by super funds.
Note: One person may submit multiple applications in one financial year. There is no limit on the number of applications a person can submit.
Table 1: Total compassionate release of super applications
Financial year
2018–19
2019–20
2020–21
2021–22
2022–23
2023–24
Applications received
53,800
60,000
45,300
56,400
75,600
90,700
Applications approved
31,100
33,700
29,500
34,400
41,800
53,100
Individuals applied
33,800
39,100
36,300
45,600
57,800
68,900
Individuals approved
26,900
30,000
27,200
32,200
39,600
50,000
Amount approved ($m)
456.6
523.2
472.4
573.1
761.7
1,040.4
In the table above, we rounded:
applications and individuals’ data to the nearest 100
amounts approved data to the nearest $100,000.
Totals may not add due to rounding.
Table 2: Medical (includes medical treatment or transport)
Financial year
2018–19
2019–20
2020–21
2021–22
2022–23
2023–24
Applications received
39,100
45,500
34,800
42,600
57,700
71,900
Applications approved
26,100
30,100
27,600
32,100
39,500
50,200
Individuals applied
25,500
30,100
28,400
35,200
44,900
55,600
Individuals approved
22,700
26,800
25,400
30,100
37,400
47,400
Amount approved ($m)
389.1
476.6
447.4
544.7
730.5
1,001.0
In the table above, we rounded:
applications and individuals’ data to the nearest 100
amounts approved data to the nearest $100,000.
Table 3: Accommodating a disability
Financial year
2018–19
2019–20
2020–21
2021–22
2022–23
2023–24
Applications received
2,300
2,300
1,500
1,700
2,200
2,300
Applications approved
1,100
1,000
700
700
800
900
Individuals applied
1,400
1,500
1,100
1,300
1,590
1,670
Individuals approved
970
890
660
670
720
810
Amount approved ($m)
21.1
15.4
11.5
11.3
12.7
12.8
In the table above, we rounded:
applications received and approved data to the nearest 100
individuals’ data to the nearest 10
amounts approved data to the nearest $100,000.
Table 4: Palliative care for a terminal illness
Financial year
2018–19
2019–20
2020–21
2021–22
2022–23
2023–24
Applications received
250
205
195
215
260
290
Applications approved
110
90
45
45
35
35
Individuals applied
175
140
160
180
210
245
Individuals approved
90
65
45
40
40
30
Amount approved ($m)
1.9
1.8
0.9
1.3
0.9
0.8
In the table above, we rounded:
applications and individuals’ data to the nearest 5
amounts approved data to the nearest $100,000.
Table 5: Preventing foreclosure or forced sale of a home
Financial year
2018–19
2019–20
2020–21
2021–22
2022–23
2023–24
Applications received
10,500
10,300
7,300
9,700
12,400
12,900
Applications approved
2,870
1,780
560
750
710
1,100
Individuals applied
6,140
6,770
5,850
7,650
9,600
9,930
Individuals approved
2,470
1,630
540
710
680
1,040
Amount approved ($m)
35.4
22
7.2
8.9
9.7
17.1
In the table above, we rounded:
applications received data to the nearest 100
applications approved and individuals’ data to the nearest 10
amounts approved data to the nearest $100,000.
Table 6: Funeral expenses for a dependant
Financial year
2018–19
2019–20
2020–21
2021–22
2022–23
2023–24
Applications received
1,700
1,600
1,500
2,200
3,100
3,300
Applications approved
920
760
600
740
760
850
Individuals applied
1,190
1,160
1,240
1,790
2,340
2,410
Individuals approved
840
710
580
720
750
820
Amount approved ($m)
9
7.5
5.3
6.9
7.9
8.7
In the table above, we rounded:
applications received data to the nearest 100
applications approved and individuals’ data to the nearest 10
amounts approved data to the nearest $100,000.
Medical treatment subcategories
The data from our application process allows us to split the medical (treatment or transport) category into the subcategories listed below. While eligible medical treatment is not limited to these categories, we cannot individually identify all treatment types at a reporting level.
Table 7: Dental treatment subcategory
Financial year
2018–19
2019–20
2020–21
2021–22
2022–23
2023–24
Applications received
7,140
10,610
8,240
11,780
20,960
31,780
Applications approved
3,850
6,000
5,960
8,380
14,020
22,530
Individuals applied
4,310
6,720
6,500
9,720
16,260
25,070
Individuals approved
3,470
5,580
5,530
8,020
13,540
21,790
Amount approved ($m)
66.4
111.7
108.2
171.3
313.4
526.4
Table 8: IVF subcategory
Financial year
2018–19
2019–20
2020–21
2021–22
2022–23
2023–24
Applications received
3,380
4,250
3,700
4,150
4,290
5,200
Applications approved
2,720
3,260
3,260
3,390
3,360
4,210
Individuals applied
2,140
2,610
2,670
3,020
3,080
3,740
Individuals approved
2,080
2,490
2,580
2,750
2,780
3,460
Amount approved ($m)
36.2
40.1
42.1
45.4
47.9
64.1
Table 9: Weight loss subcategory
Financial year
2018–19
2019–20
2020–21
2021–22
2022–23
2023–24
Applications received
17,690
18,710
14,510
15,760
17,690
17,320
Applications approved
13,790
14,570
12,970
13,960
14,770
14,370
Individuals applied
12,920
13,920
12,900
14,160
15,170
14,780
Individuals approved
12,550
13,530
12,570
13,620
14,410
14,030
Amount approved ($m)
207.5
234.2
220
233.9
248.9
250.5
Table 10: Other medical treatment subcategory
Financial year
2018–19
2019–20
2020–21
2021–22
2022–23
2023–24
Applications received
9,880
10,980
7,970
10,400
14,030
16,880
Applications approved
5,440
6,040
5,260
6,230
7,230
8,940
Individuals applied
6,050
6,900
6,360
8,340
10,460
12,280
Individuals approved
4,580
5,340
4,870
5,830
6,830
8,320
Amount approved ($m)
74
87
75.3
92.2
118.1
156.7
‘Other’ includes all other types of medical treatment recommended by a medical practitioner.
These tables exclude applications that were solely for medical transport (totals will differ to tables above).
In the tables above, we rounded:
applications and individuals’ data to the nearest 10
By the end of the Q3 2024, Coop Pank had 202,000 customers, increased by 6,000 customers in the quarter (+3%) and by 27,000 in the year (+15%). The bank had 90,100 active customers, increased by 600 (+1%) in the quarter and by 12,700 (+16%) in the year.
In Q3 2024, volume of deposits in Coop Pank increased by 99 million euros (+6%), reaching total of 1.84 billion euros. Deposits from private clients increased by 9 million euros: demand deposits increased by 3 million euros and term deposits increased by 6 million euros. Deposits from domestic business customers increased by 11 million euros: demand deposits increased by 17 million euros and term deposits decreased by 6 million euros. Deposits from the international deposit platform Raisin and other financing increased by 79 million euros. Compared to Q3 2023, volume of Coop Pank’s deposits has increased by 132 million euros (+8%). In an annual comparison, share of demand deposits of total deposits has increased from 31% to 32%. In Q3 2024, the bank’s financing cost was 3.3%, at the same time last year the financing cost was 2.9%.
In Q3 2024, net loan portfolio of Coop Pank increased by 40 million euros (+2%), reaching 1.66 billion euros. The volumes of home loan portfolio increased by 31 million euros (+5%), the volumes of business loan portfolio increased by 4 million euros (+1%), the leasing portfolio increased by 3 million euros (+2%) and consumer finance portfolio increased by 1 million euros (+1%). Compared to Q3 2023, total loan portfolio of Coop Pank has increased by 167 million euros (+11%).
In Q3 2024, overdue loan portfolio of Coop Pank increased from the level of 2.2% to the level of 2.4%. A year ago, overdue loan portfolio was at the level of 2.1%.
Impairment costs of financial assets in Q3 2024 were 1.0 million euros, which is 0.2 million euros (-17%) less than in the previous quarter and 0,3 million euros (-21%) less than in Q3 2023.
Net income of Coop Pank in Q3 2024 was 21.2 million euros, increasing by 4% in a quarterly comparison and decreasing by 7% in an annual comparison. Operating expenses reached 10.3 million euros in Q3, operating expenses increased by 2% in the quarterly comparison and 14% in the annual comparison.
In Q3 2024, net profit of Coop Pank was 8.6 million euros, which is 8% more than in the previous quarter and 22% less than a year ago. In Q3 2024, cost to income ratio of the bank was 48% and return on equity was 17.3%.
As of 30 September 2024, Coop Pank has 36,400 shareholders.
Margus Rink, Chairman of the Management Board of Coop Pank, comments the results:
“At the beginning of September, the 200,000th customer joined Coop Pank. We continue to rapidly grow our customer base: an average, the number of our customers increases by nearly 2,000 and the number of customers actively using our services by nearly 1,000 every month.
In the third quarter, the growth of Coop Pank’s loan portfolio was driven by private customer home loans. The growth of the business customers loan portfolio was modest. Over the year, the loan portfolio of private and business customers of Estonian banks has grown by nearly 6% (€1.6 billion), while the loan portfolio of Coop Pank has grown by nearly 11% (€167 million). Thus, Coop Pank’s loan volumes grow twice as fast as the market.
The quality of the loan portfolio continues to be very good, and the long stagnation in the economy has not affected the payment behaviour of customers.
The interest rate environment is in a downward trend. Since the fall of last year, the 6-month Euribor has fallen by almost 1 percentage point (from 4.1% to 3.1%). Interest on deposits has also responded: the interest paid on annual deposits has decreased by 1 percentage point (from 4.3% to 3.3%). As a result of the mentioned trends, our net interest margin fell from 4.4% to 3.9% during the year. In a falling interest rate environment, the bank’s revenues can only grow at the expense of the growth of business volumes, and that is how it has been at Coop Pank.
In summary, with the bank’s performance indicators, after the extraordinary year of 2023 with high interest levels, we are back in reality, i.e. at the level of 2022. According to Coop Pank’s long-term goals, our cost-income ratio is below 50% and our return on equity is above 15%.”
Income statement, in th. of euros
Q3 2024
Q2 2024
Q3 2023
9M 2024
9M 2023
Net interest income
20 021
19 319
21 257
58 420
60 672
Net fee and commission income
1 040
1 000
1 147
3 054
3 359
Net other income
167
146
334
438
758
Total net income
21 228
20 464
22 738
61 912
64 789
Payroll expenses
-6 138
-5 858
-5 297
-17 405
-14 739
Marketing expenses
-593
-775
-630
-1 902
-1 676
Rental and office expenses, depr. of tangible assets
Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 202,000 daily banking clients. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.
Background There’s a rise in criminals calling, emailing or messaging people and pretending to be from their bank so that they can steal your money. The scammers ask you for personal or financial information or to transfer funds or to give them a one-time security code over the phone. They often claim to be from the bank’s fraud department and might say that there has been a compromised account or suspicious transaction. They may use technology to make it look like the call is coming from the bank’s phone number. They may send a message that looks like it comes from the same conversation thread as genuine bank messages.
How to spot the scam You may get a call, message or email from a scammer claiming to be from the bank and asking for personal and bank details. The scammer may tell you there is a problem with your account and ask you to transfer money to ‘keep it safe’. They may say it’s an urgent problem to get you to respond. Anyone calling and behaving like this is probably a criminal. What you can do:
Do not use any phone numbers in a message. Ask for a reference number and contact your bank directly through a phone number that you find and confirm yourself. Hang up if you receive a call from someone claiming to be from your bank requesting you to transfer money. Don’t click on any links in an email or message on your phone, even if it looks like it comes from your bank.
How the scam works Someone calls, emails or messages you saying they’re from the bank. The phone call, email or message looks like it comes from the bank. The message may be in the same message thread as a previous legitimate banking message. They say they’re investigating a problem with your account, like a hacked account, suspicious transaction, or online banking outage. These criminals ask you for personal or financial information like account details or security codes. They will then use your account details to steal your money.
What you should know Your bank will never ask you to transfer your money to keep it safe. Your bank will never ask you over the phone for online banking passwords, one-time security codes, PINs or tokens.
Find out more This scam is a type of impersonation scam. Scammers pretend they are from your bank. They use technology to make it look like they’re calling or messaging from a legitimate phone number. They may send emails that look like they are from the bank.
Stay protected STOP – Don’t give money or personal or financial information like passwords, security codes, PINs or tokens. Don’t click on any links if you’re unsure. Say no, hang up, delete. CHECK – Verify who you are talking to. Contact your bank using your banking app or a phone number you have sourced from your banking app, bank website, statement, or card. PROTECT – Act quickly. If you have transferred funds, provided access to your account or information to a scammer, contact your bank immediately and report to Scamwatch. Tell your friends and family; it helps to share your experience so they can give you support and to help them stay safe from scams.
If you’ve been affected There is no shame in getting scammed. It can happen to anybody. If you’ve had money stolen, contact your bank or financial institution immediately. If you’ve had personal information stolen or need help to recover from a scam, contact IDCARE on 1800 595 160. If you’re feeling distressed and need to talk about it, reach out to Lifeline or Beyond Blue. If you’re worried about your safety or someone else’s, call the police immediately on 000 or go to your nearest police station. Help others by reporting scams to Scamwatch.
MILES AXLE Translation. Region: Russian Federation –
Source: Novosibirsk State University – Novosibirsk State University –
Faculty of Economics, Novosibirsk State University held a “Financial Literacy Day,” during which five representatives of banks and consulting companies shared their experience in combating fraudsters.
This topic is relevant for students not only because today the victims of telephone scammers are very different people. The faculty trains future economists, so it is important that they are also prepared in the field of fraud prevention, since the price of a mistake by a bank employee, broker or expert of a consulting agency can be very high.
— I think the event was a success, the lectures were very diverse and informative. I judge by the fact that I myself heard a lot of new things. I think we will continue to hold such events in the future, — noted Deputy Dean of the NSU Faculty of Economics Naimdzhon Ibragimov.
— The Faculty of Economics, including student clubs, often organize thematic meetings for students. The issue of financial literacy and the topic of fraud are relevant now. Despite the fact that the problem of fraud is not new, the number of deceived people remains significant. And this can be due to different factors, of which I would highlight two: the first is that modern technologies are used not only by honest people, the second is that there are features of the psychology of perception of information that fraudsters know and use. These issues need to be discussed. This can be useful for young people, — said Svetlana Bekareva, head of the Department of Finance and Credit of the Faculty of Economics of NSU.
In their speeches, the experts touched on various aspects of the financial security problem. Sberbank representatives shared advice on how to protect yourself from fraudsters and told in more detail about the principles on which Sber’s ecosystem is built (which has long included not only the banking infrastructure itself).
Yulia Krasnova, head of the Novosibirsk branch of the large audit company DRT, described the methods used by fraudsters to increase the attractiveness of their reporting for investors.
The head of the Siberian regional center Kept Leonid Kozlenko, using specific examples, revealed the mechanisms for combating fraud that modern businesses use.
— I really liked the concept of this event, so we gladly responded to the invitation. We generally really like communicating with students, so our company has many different joint projects with the NSU Faculty of Economics. Their subject matter is much broader than financial security issues, they relate to both training and smooth introduction to the profession of future graduates, — Leonid Kozlenko emphasized.
The speech by the director of the SFM company, PhD in economics Andrey Bekarev was devoted to the psychology of fraud. Using examples from the documentary, she showed how one can manipulate a person’s opinion quite strongly, and this influence remains unnoticed by him. And as a result, he perceives other people’s assessments, views as his own and makes decisions on their basis that are beneficial to the manipulator.
— Modern propaganda and marketing technologies influence us much more than we are used to thinking. And this is often used for nefarious purposes, like the same scammers we have been talking about all day today. I would like to draw attention to this with my lecture. I hope this will help you maintain independent thinking and reduce the risks of becoming a victim of someone else’s manipulation, — Andrey Bekarev addressed his listeners.
Financial Literacy Day attracted the interest of students from various fields of study. Some of the students have been participating in the events of the Faculty of Economics for several years now, and began to get involved in the topic of finances back in school.
— Last year I attended the Financier’s Day, which was held by the Financial Club and the Faculty of Economics. I was not yet a student of the Faculty of Economics at that time and I really liked the interesting and useful lectures and, of course, the competitions. Today’s event is smaller in scale than the Financier’s Day, but the idea is about the same. I was the host of the game part in the question-and-answer format. It is interesting that people from different fields took part in them, for example, historians and journalists, — shared Mikhail Muravyov, a first-year student of the Faculty of Economics, the Jurisprudence field.
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.
The Supervisory Board of AS Inbank confirmed the appointment of Ivar Kurvits as a new member of the Management Board returning from a sabbatical, who assumed his role on October 17, 2024.
Ivar Kurvits returns to his position as Chief of Staff at Inbank and resumes his responsibilities as a board member after a six-month sabbatical. Ivar Kurvits, who has long-term experience in legal and management, has been a member of the Inbank management board since 2020. Prior to joining Inbank, he held senior positions at Eesti Energia and the law firm Sorainen.
The eight-member Management Board of AS Inbank also includes Chairman of the Board Priit Põldoja, CFO Marko Varik, Head of Baltic Business Margus Kastein, Head of CEE Business Maciej Pieczkowski, Head of Growth and Business Development Piret Paulus, Chief Product and Technology Officer Erik Kaju, and Head of Risk Control Evelin Lindvers.
Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with 6,100 merchants, Inbank has 895,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.
Additional information: Merit Arva Inbank AS Head of Brand and Communications merit.arva@inbank.ee +372 553 3550
The regulation of housing in Australia traditionally relies on well-informed buyers being responsible for managing the risks. But our new study found home buyers are often not aware of the long-term risks.
Only after they’ve bought the home do they start thinking about these risks. When faced with unexpected high insurance costs, many opt to take the risk of being underinsured or even uninsured. This leaves them highly vulnerable.
The National Strategy for Disaster Resilience promotes a shared-responsibility concept. However, we found the main responsibility still lies with households. And they are not equipped to cope with the increasing complexity, impacts and costs of extreme weather events.
What’s wrong with the current approach?
The uncertain knowledge about future extreme weather events is challenging the traditional prioritising of individual responsibility. It’s becoming even harder for households to make informed decisions based on past experiences.
Government efforts to regulate increasing flooding events might not be effective when households do not want to relocate or cannot afford housing elsewhere.
Governments are also under pressure to jump in to compensate households for the costs of extreme weather damage.
Our research found a number of issues prevent efficient regulation:
stakeholders such as the insurance industry and home lenders face legal hurdles to sharing data and giving financial advice for housing in high-risk areas
well-intended measures such as buybacks and planned relocations can fail when they do not relate to people’s experiences and life situation, such as limited financial resources and deep connections to a place and community
households’ motivation to insure themselves might decrease if they can expect government to provide compensation as a de facto last insurer.
Who is responsible for what?
In Australia, responsibility for managing extreme weather events is roughly divided among three main stakeholders: the three levels of government, businesses and households.
Within the three levels of government, states and territories bear the main responsibility for managing extreme weather events. They do so through disaster risk management plans and policies, hazard prevention and land-use planning.
Yet housing is still built in flood-prone regions. It happens where commercial interests conflict with regional planning, and governments are under pressure to deliver housing for growing populations.
After extreme weather hits, house and contents insurance cover is key for a household to recover. But insurance costs are based on the risk of events such as flooding. As these risks rise, premiums may also increase and become unaffordable. The Climate Council estimates one out of 25 properties will even become uninsurable by 2030.
When housing is built in at-risk areas, under the current system home buyers are largely responsible for informing themselves about the risks of floods, bushfires and other natural disasters. Our research suggests many are struggling to estimate what insurance is likely to cost them.
To prepare for these costs before they invest in a home, they must assess their own risk, know the value of their house and contents and calculate the costs of rebuilding after a disaster. They must also take into account increasing costs for builders and materials after an extreme weather event.
Climate change is making these already complex calculations even more difficult.
Our study is based on interviews with 26 insurance, legal, financial, policy and urban planning experts. Despite the National Strategy for Disaster Resilience’s concept of shared responsibility, we found most of the burden still falls on households.
Yet households often lack the knowledge to assess the risks. The data and information are either unavailable, or hard to access and understand.
These difficulties, coupled with the complex language of insurance contracts, contribute to high numbers of underinsured and uninsured households.
The Australian government responded in 2022 by setting up a cyclone reinsurance pool. Its aim is to keep premiums for households and businesses affordable.
There are also government buyback programs or relocationplans to move people out of high-risk regions. As noted above, though, these don’t always suit households when offered away from their communities or full costs aren’t adequately covered.
Governments must take on more responsibility
According to the experts we interviewed, households are no longer able to carry the main responsibilities for managing the risks of climate change. Government must take on more responsibility.
At the local level, councils need to better educate their staff on climate change risks. They should ban housing development in at-risk areas.
Better information and data sharing among stakeholders such as insurers and governments will also be crucial. Such data and information also need to be made more accessible and easier for households to understand.
In a climate change world, increasing extreme weather events result in new complexities. Households are not able to assess these new risks and complexities to make well-informed decisions.
Australia needs stronger sharing of responsibilities between different stakeholders such as insurers, governments and households. This includes changes to laws on information and data sharing between insurers, governments and households, bans on building in high-risk areas, and better advice about the costs of buying in high-risk regions.
Jens Zinn received funding from the Hanse Wissenschaftskolleg/Institute for Advanced Study, Delmenhorst/Germany (10/2023-05/2024).
Julia Plass has received funding for the data collection in the study mentioned in the article from the German Academic Exchange Service (DAAD).
SUBJECTS: Northcott Dapto Disability Hub; NDIS reform; Housing; Interest rates; University of Canberra
BILL SHORTEN, MINISTER FOR THE NDIS AND GOVERNMENT SERVICES: It’s great to be at Northcott today in Wollongong. The opening of the new multi-use hub is fantastic news for thousands of people with disability. In particular, the hundreds of clients that Northcott looks after every day.
JOURNALIST: You mentioned in your speech downstairs that it’s a village of hope, and if you can expand on that, and that sort of means?
SHORTEN: Buildings reflect a society’s values. If we build a brand new shopping centre, it reflects the value that Australians value shopping. But when a community or a group like Northcott build a marvellous, purpose-built building so that people with disabilities can have more fulfilling lives, I think it reflects very positive values. So this is not just a set of walls and windows, some fabulous rooms and a roof. This is a village of hope where people with disability cannot be invisible, where they can help – have dreams, have hopes, make plans and have social interaction. So the values of this building are based on the finest moral foundations of a fair go for people with disability.
JOURNALIST: Reflecting I guess on your time as the Minister in charge of the NDIS, you’re obviously outgoing at the moment, there were recommendations about how to improve the service that were handed down last year. As you leave your position, what do you think? Do you think those – , yeah, what state do you think you leave the service in?
SHORTEN: You’re right. I’m very outgoing. I love the NDIS, I bleed it, I was fortunate enough to be able to help create it more than 15 years ago. Coming back into Government, I realised that whilst it was changing lives for the better, hundreds of thousands of lives, it was off track. Money was getting spent on the wrong things. There were a minority of service providers who were seeking to enrich themselves rather than look after the people they meant to. Australians are very generous. They, I think, don’t mind spending some taxes on Medicare and on looking after people with profound and severe disability. Participants deserve fulfilling lives. So therefore, what we’ve spent the last nearly three years is get it back on track. Now I want to take it above politics. I want to make it politician proof. Now we’ve got the legal authority to outline what you can spend your money on and what you can’t. Who you can spend your money with, with registered providers. We can now make sure that we’ve got a process for clear eligibility, which we’re working on. And I think also most importantly – so who can be in it, what we can spend the money on and who with. We’re clearing that up. We’re clamping down on the fraud and the cheats and the crooks. They’re not welcome anymore. But also what we’re doing is writing a new chapter of inclusion by building supports outside the NDIS. For people who don’t need the full orchestra of the NDIS, but have special needs, and so that the NDIS is not the only lifeboat in the ocean of services for people with disability.
JOURNALIST: Just on the changes that have been made, I spoke to a provider earlier this morning saying – who’s here in the Illawarra – saying that a lot of clients are I don’t feel like they have enough information about what can and can’t access now, and that’s actually worsening their mental health as well. Are there plans to kind of improve communications in that sense?
SHORTEN: Good providers should be telling their people what’s going on. I mean, a provider can simply access a website. It’s all there. I get any changes can bring anxiety. If you’re a person with a disability or a family who has fought hard to get a personal budget, when you hear the words change, that’s not what you hear, you hear, am I going to lose something? I don’t want to go backwards. All we’re doing is providing clarity. It’s very easy to access on the NDIA or the National Disability Insurance website. Our providers, they’re meant to be professional. They’re paid to provide services. So I can understand participants taking longer to work out what’s in and what’s out. But a provider should be acquainting themselves with the road rules. You’re not allowed to drive a truck without knowing basic road rules, and providers should do the same.
JOURNALIST: You talk about eligibility requirements. We have a local in Kiama who’s the name of Bobby English, who’s been campaigning for years to have her partner, who’s over 65 and developed a disability, have him be included in the Scheme. I guess as you’re leaving the position, do you regret not having this issue resolved? And will this be a priority for your successor, I guess?
SHORTEN: For the person who needs the support, I hope they’re getting support. But for the proposition that the NDIS, to the NDIS should look after people of all ages of disabilities, that would sink the Scheme. The Parliament made it very clear in 2013, when it was legislated, that the NDIS is for people up to 65 and aged care would look after people over 65. When I started campaigning for the NDIS, aged care was in much better shape than disability. What’s happened in the intervening 15 years, 16 years since I first raised it, is aged care had fallen backwards and for all of the problems with the NDIS, it was more generous. I think the answer to the issue of older Australians who acquire a disability after 65 is better support in the aged care system, which is what it’s designed for. And the Labor Government has been making pretty significant reforms in aged care to improve the support which would be available.
JOURNALIST: This is your, most likely your last visit to the Illawarra region is it?
SHORTEN: I don’t know, nice to say, but you know you have –
JOURNALIST: Well I was going to ask –
SHORTEN: I’m going to do more farewell trips than Johnny Farnham, but I’ll be coming back, to the South Coast anyway. I’m actually moving from Melbourne to Canberra, so actually I’ll be closer to the Illawarra than I’ve ever been.
JOURNALIST: Yes, but last in a ministerial – as an announcement, with an announcement sort of thing?
SHORTEN: Yeah.
JOURNALIST: in terms of this region in particular, obviously you’re a Federal Minister, but in this area, what do you hope the legacy of your role will be?
SHORTEN: I’ve been very fortunate to visit the Illawarra in different roles over my working life as a steel union rep with the Australian Workers Union. I’ve been at the north gate BHP. I’ve seen when things have gone bad. So I know this is a an industrial town. People work hard for their money here. Then I had the chance to work in disability here, and I realised it had a very strong culture of support for people with disability in the area, which I think reflects well on the values of the community here. I got to campaign here as Leader of the Opposition for six years. So I’ve seen how this area is reinventing itself and diversifying. And indeed, you know, to the south of the Illawarra has become a very crowded part of Australia. So I’ve seen this community reinvent itself. It works hard and it cares for the people within it. But what I’m pleased is that there’s 5,600 people in the Wollongong region receiving personal budgets of support because of a severe and profound disability, which but for the National Disability Insurance Scheme, they’d be stranded. Families will have kids on non-standard developmental journeys, little precious babies who are two and three. But for the NDIS, they wouldn’t get the sort of support they’re getting now. There’s ageing carers in their 80s who will be drying the dishes at 10:00pm tonight overlooking the, you know, the back window from the kitchen sink. They’ll have that anxiety, who’s gonna look after their adult child when they no longer can? We’re not fully there at fulfilling that promise. But for people in this region, we’re a lot closer to fulfilling a promise that even when you can’t look after the person you love because they have a profound and severe disability, there’ll be someone there.
JOURNALIST: Bill. Negative gearing is back in the spotlight today, with analysis showing more than 750,000 renters could become homeowners under your policy that you introduced in 2019. Is it time for the Federal Government to consider changes to negative gearing and capital gains tax concessions?
SHORTEN: Well, unfortunately, Mr. Morrison won the election, so I didn’t quite introduce my policies but thank you for the compliment. Listen, the Government said that we’re going to focus on supply, that negative gearing is not on the agenda. I think that’s fine. We did take a series of policies to 2019. They were narrowly rejected. I think the Government’s got it right where we’re going to focus on supply. I’d encourage the Liberals and the Greens political party to get out of the way. They’re not – we want to build more houses. They’re delaying that. I mean, I have to say of Mr Dutton’s Opposition. They won’t lead, they won’t follow, and they won’t get out of the way. That’s a problem for renters.
JOURNALIST: Should the Prime Minister have bought an expensive home so close to the election in the middle of a housing crisis?
SHORTEN: Oh, it’s so up to him. It’s his business. Good luck to him and Jodie. Again, what I see is people are focusing on one house. I wish the Opposition and the Greens would focus as hard on the tens of thousands of houses that we want to support, and they are just on the Prime Minister’s house.
JOURNALIST: You did used to call Turnbull, at the time, Mr. Harbourside mansion back in the day, saying he was out of touch. Should Albanese have waited until after the election to buy his own?
SHORTEN: I think the difference between Malcolm Turnbull and Prime Minister Anthony Albanese is chalk and cheese. Mr. Albanese has worked very hard. He comes from or he came from a tough background. I just wish the very best for him and Jodie in their future. But the other thing is I’ve got no doubt that Prime Minister Albanese will lead us to the next election and successfully.
JOURNALIST: But just in terms of cost of living, do you think the Reserve Bank should hold off on cutting interest rates?
SHORTEN: That’s a decision for the Reserve Bank. But I do know that 3 million mortgagees are doing it tough. I do know that the economy in large part is doing it tough. You know, it’s great that Labor’s been able to create a million jobs, and that shows you the focus of the Government. But people are doing it hard. It’ll be up to the Reserve Bank when they cut rates, but that can’t come too soon as far as I’m concerned.
JOURNALIST: Can I ask one more just for our Canberra colleagues? Your new position that you’ll be taking up, will you be launching a review into the governance of UC?
SHORTEN: Uh, I’ll wait until I get there. What I said about my new job is that until I finish my current job, I won’t be talking about my new job. But the day I start there, then I’m open for – the shop is open for interviews. Thanks.
Amsterdam, 18 October 2024 – Azerion, one of Europe’s largest digital advertising and entertainment media platforms, announces the adjustment of its upcoming Q3 interim unaudited financial reporting date to 19 November 2024, ten days earlier than the previously scheduled 28 November 2024. Over the past year, integration and consolidation efforts have helped Azerion mature as a publicly listed company, resulting in improved reporting efficiencies. These enhancements support Azerion’s growth and commitment to timely reporting while enabling it to capture opportunities faster and expand its market share.
Future reporting dates:
Q3 2024
Q4 and FY 2024
Q1 2025
Q2 2025
Q3 2025
19 November 2024
27 February 2025
28 May 2025
28 August 2025
18 November 2025
About Azerion Founded in 2014, Azerion (EURONEXT: AZRN) is one of Europe’s largest digital advertising and entertainment media platforms. Azerion brings global scaled audiences to advertisers in an easy and cost-effective way, delivered through our proprietary technology, in a safe, engaging, and high quality environment, utilizing our strategic portfolio of owned and operated content with entertainment and other digital publishing partners.
Having its roots in Europe and with its headquarters in Amsterdam, Azerion has commercial teams based in over 22 cities around the world to closely support our clients and partners to find and execute creative ways to make a real impact through advertising.
Source: Hong Kong Government special administrative region
FS to visit Peru and US FS to visit Peru and US ***********************
The Financial Secretary, Mr Paul Chan, will depart for Peru this evening (October 18) to attend the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting and other related events to be held in Lima, after which he will visit New York, the United States, from October 22 to 24. In addition to attending the APEC Finance Ministers’ Meeting during his visit to Lima, Peru, Mr Chan will have bilateral meetings with officials of other economies to exchange views on issues of mutual concern. He will also attend a luncheon hosted by the APEC Business Advisory Council and meet with members of business communities from various regions. With a theme of “Sustainable + Digital + Resilient = APEC”, this year’s Finance Ministers’ Meeting will explore topics including global economic and financial outlook, fostering green and sustainable development, providing financial support to tackle climate change, as well as digitalisation of finance and financial inclusion. During his visit to New York, Mr Chan will attend the Global Regulatory Forum organised by Bloomberg and deliver a keynote speech. He will also join a number of breakfast meetings and luncheons to meet and exchange views with members of the political, business and financial communities in the United States, and promote Hong Kong’s advantages and opportunities. Mr Chan will also visit local enterprises. Mr Chan will leave New York on October 24 local time and arrive in Hong Kong in the early evening of October 25. During his absence, the Deputy Financial Secretary, Mr Michael Wong, will be the Acting Financial Secretary.
Chief Executive John Lee appeared on a radio phone-in programme this morning to take questions from the public about the 2024 Policy Address.
In an hour-long session, Mr Lee answered questions on topics ranging from the economy to innovation and technology (I&T), land and housing, and more.
Addressing its overall economic situation and future development path, the Chief Executive said that Hong Kong has gone through many changes over time and remains an attractive city. He stressed that the Government is optimistic about the economy and expects overall growth of between 2.5% and 3.5% this year.
“That means the macro-economy is positive but the micro-economy, particularly for some sectors, they may have to think of new ways of doing things, so as to make themselves attractive,” he added.
A major of focus in the Policy Address was backing for the I&T sector, with Mr Lee vowing to develop new quality productive forces tailored to local conditions as Hong Kong strives to develop as an international I&T centre.
Responding to a question on the topic on-air, he said: “I think I&T has to be the way forward. I think the whole world really has gone in that direction. And I think if we want to remain competitive, and also to remain prosperous, we need to work hard in this area.
“What we are doing now in regard to I&T (is on) many fronts. First of all we need talents because good people, I think, are the key.
“We want to set up more laboratories, so that there will be more possible products to be transformable. And then, we want more money to be put into research. The Government alone cannot be the only source (of money) because we are still only investing about 1.07% of the whole GDP (gross domestic product) of Hong Kong.”
During the programme, Mr Lee also responded to questions on Hong Kong’s housing situation,
He iterated that the Policy Address introduced various measures to assist home buyers, including an adjustment of the maximum loan-to-value ratio for all properties to 70%.
Despite the challenges presented by the limited supply of land, the Chief Executive said that ensuring people’s housing needs are met is the responsibility of the Government.
The Policy Address also included plans to enact legislation to tackle the issue of subdivided units.
Asked about the Government’s approach, Mr Lee said: “It is such a big problem and all the different factors that affect the present occupants are so diverse. So, I will be doing it in a very orderly manner, progressively. And people will be given sufficient notice to know what will happen.
“First of all, we need legislation so people know the standards that will be set for what (will) then become the only available, lawful Basic Housing Units (BHUs) in Hong Kong.
“The market will develop because there is a demand. Once it is regulated, then those who provide these units will know the rules of the game.”
He added that once the new standards have been enforced, the market will set the optimal level of rents for BHUs.
Despite resounding public opposition, the fast-track legislation is being pushed through Parliament with provisions that could have real consequences for people and planet.
“More than 90 per cent of submitters opposed this Bill. People know that the fast track will derail our environment,” says the Green Party Spokesperson for the Environment Lan Pham.
“Our well-being is intertwined with the environment. By looking after nature, we look after ourselves. We need to move on from the archaic, exploitative and extractive approach that has already seen us lose so much.
“We came to the table with a range of amendments to entrench environmental protections and ensure the voices of New Zealanders were considered, but every single one was rejected.
“Among the amendments dismissed outright were those that would have upheld environmental protections, introduced Te Tiriti considerations, given the public an opportunity to be consulted and protected the rights of current consent holders. This is the bare minimum.
“Huge public outcry has been blatantly ignored, and overwhelming opposition has been swept aside.
“This rushed process has silenced communities and is quite clearly ignoring evidence.
“The Green Party will continue to fight for the environment and a liveable future for all. Decisions about our land, waters and resources must be made transparently, and with the voices of our communities and health of our environment front of mind.
“Instead of fast-tracking short-term financial gains, we believe in a process that prioritises the long-term wellbeing: of our people, our waters and our land,” says Lan Pham.
Financial Secretary Paul Chan will depart for Peru this evening to attend the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting and other related events in the country’s capital Lima, before heading to New York City in the US.
Under the banner “Sustainable + Digital + Resilient = APEC”, this year’s finance ministers’ meeting will explore the global economic and financial outlook, how to foster green and sustainable development, the provision of financial support to tackle climate change, digitalisation in finance, and financial inclusion. In addition to attending the APEC event, Mr Chan will hold bilateral meetings with officials from other economies to exchange views on issues of mutual concern. He will also attend a lunch hosted by the APEC Business Advisory Council.
During his visit to New York, the Financial Secretary will deliver a keynote speech at the Global Regulatory Forum, organised by Bloomberg.
In addition, Mr Chan will attend a number of breakfast meetings and lunches to promote Hong Kong’s advantages and opportunities. He will also visit local enterprises.
Mr Chan will arrive back in Hong Kong on October 25. During his absence, Deputy Financial Secretary Michael Wong will be Acting Secretary.
Stronger guarantees, AI rules and ban on unfair trading10 min read
The Federal Government has signalled its commitment to advancing major consumer law reforms with three key announcements this week that included proposals to strengthen consumer guarantees, ban unfair trading practices and introduce artificial intelligence (AI) specific protections—all of which could significantly alter the landscape for both suppliers and manufacturers.
With Government seeking feedback on these reforms, companies should stay informed and actively engage in consultation processes to ensure any changes are fit for purpose and take into consideration relevant business concerns. In addition, companies should consider how these proposals could impact their businesses and take steps to ensure compliance and mitigate risks.
In this Insight, we provide an update on the proposals so far and their potential implications for business.
Key takeaways
Treasury is seeking feedback on updates to the consumer guarantees regime, including civil prohibitions and penalties for suppliers or manufacturers that fail to provide remedies for consumer guarantees, and for manufacturers who fail to indemnify suppliers as required by the Australian Consumer Law (ACL).
The Prime Minister’s office has announced plans for a ban on unfair trading practices, though details on the specific legislation are still pending. The ban is expected to include a general prohibition on unfair trading practices, along with specific prohibitions against issues like drip pricing, subscription traps and misleading online practices that create a false sense of urgency.
Treasury is seeking feedback on whether it should expand the ACL to cover AI-specific consumer law issues, including mandatory guardrails with specific requirements for AI-related consumer products and services and reforming remedies to better suit defective AI-enabled goods and services.
Moves to strengthen the consumer guarantees regime
On 16 October 2024, the Government announced plans to introduce new civil prohibitions and penalties for breaches of the consumer guarantees and supplier indemnification (CGSI) provisions of the ACL. The announcement was accompanied by a Consultation Paper seeking stakeholder feedback on how the proposed prohibitions and penalties should be designed.
This announcement builds on a consultation undertaken in 2021 on ways to improve CGSI provisions of the ACL and incorporates findings from the 2023 Australian Consumer Survey, including that consumers find it difficult to obtain remedies for consumer guarantees failures. The Consultation Paper notes that:
for low-cost goods, consumers are less likely to enforce their statutory rights when it is cheaper and easier to ‘just buy another one’ or to pay for a repair; and
for high-value goods, consumers may struggle to understand the process involved in making a complaint and/or find it prohibitively time-consuming, costly or difficult to pursue one.
The proposed reforms seek to respond to a range of concerns with the status quo, including that:
the difficulties outlined above mean costs can be transferred from a non-compliant supplier or manufacturer to a consumer and lead to poorer outcomes for consumers and the economy;
suppliers and manufacturers lack incentives to comply with the consumer guarantees; and
some suppliers may also face difficulties obtaining indemnification from manufacturers and/or face retaliatory behaviours if they seek to be indemnified.
The Government is seeking to respond to the concerns outlined above by introducing reforms that would:
prohibit suppliers from refusing to provide remedies to consumers where there has been a major failure under the consumer guarantees (remedy failure prohibition);
prohibit manufacturers from failing to indemnify suppliers;
make it unlawful for a manufacturer to retaliate against a supplier for seeking indemnification following a consumer guarantees failure; and
introduce civil penalties for contraventions of the prohibitions above, as well as an ability for regulators to issue infringement notices or pursue litigation where they have reasonable grounds to believe a contravention has occurred.
The Consultation Paper notes that the introduction of these prohibitions would enable ACL regulators to enforce the CGSI provisions in circumstances where rights are currently only enforceable by affected consumers and businesses. The Paper also acknowledges a submission made by the ACCC that, if regulators were able to take direct enforcement action, this would likely lead to greater judicial consideration of the consumer guarantees and result in greater clarity in the law.
Key issues the Government is seeking feedback on include:
whether any aspects of the consumer guarantees need to be clarified prior to the introduction of prohibitions and penalties, noting concerns have previously been raised regarding whether penalties are appropriate in circumstances where concepts such as ‘reasonable consumer’ and ‘major failure’ are difficult to apply in practice;
whether the remedy failure prohibition should apply to all goods and services or whether a value threshold should be applied and/or only be applied to new motor vehicles;
at what amount an infringement notice or maximum civil penalty should be set; and
if it is appropriate to factor in depreciation when determining an appropriate refund amount, noting that, at present, where there has been a major failure, a consumer is entitled to a replacement or full refund even where they have had the benefit of the use of a product for an extended period of time.
Treasury will engage with targeted stakeholders on the proposed design of the civil prohibitions and penalties and is seeking public feedback by Thursday 14 November 2024.
Anticipated ban on unfair trading practices takes shape
On Wednesday 16 October 2024, the Prime Minister’s office announced it will legislate a ban on unfair trading practices. The announcement is long awaited and follows the Federal Treasury’s consultation on the introduction of such a prohibition, which took place between August and November 2023 (the 2023 Consultation). The ACCC has previously recommended that an unfair trading practices prohibition be introduced into the ACL in a number of contexts, including the final report of the 2019 Digital Platforms Inquiry.
The Government’s media release states that the reforms are about ‘easing the cost of living and getting a fair go for consumers and suppliers’. It non-exhaustively identifies the following practices that the reforms will address:
subscription traps: arduous and confusing steps that make cancelling a subscription difficult;
drip pricing: practices where fees are hidden or added throughout the stages of a purchase;
deceptive or manipulative online practices: practices that aim to confuse or overwhelm consumers, omit or hide material information, or create a false sense of urgency (such as warnings that a customer only has limited time to purchase a product);
dynamic pricing: changing the price of a product during the transaction process;
accounts and information provisions: requiring consumers to set up an account and provide unnecessary information to make an online purchase; and
reporting of issues: making it difficult for a consumer to contact a business when they have a problem with a product or service.
The Government is yet to release any specific legislative drafting or design for consultation and has foreshadowed a final reform proposal in the first half of 2025.
Enhancing Australian consumer law to address AI
On 15 October 2024, Treasury released a Discussion Paper which examines whether the ACL remains fit for purpose to protect consumers from the potential harms of the use of AI. The ACL currently contains a combination of both general and specific consumer protections which are technology-neutral, and Treasury is consulting on whether any changes to the ACL targeted specifically towards AI-enabled goods and services are necessary.
Treasury has indicated that new and targeted consumer protections may be introduced:
Specific prohibitions on false and misleading representations in relation to AI and emerging technologies. Treasury raised concerns in relation to the opacity of AI systems and difficulty in predicting AI system behaviour, such as erroneous output and unwanted bias, which may increase the risk of false or misleading representations about AI-enabled goods and services, and misleading and deceptive conduct in general. In light of this, Treasury is considering whether specific prohibitions in relation to false and misleading representations, targeted towards AI-enabled goods and services, are necessary to ensure the ACL is fit for purpose in the future. Recently, the Federal Trade Commission (FTC) took law enforcement action in the United States against the alleged use of AI technology in a deceptive and unfair manner.
Specific consumer guarantees provisions targeted towards AI and emerging technologies. Treasury has considered views that the unique characteristics of AI may require new consumer guarantees, eg guarantees relating to cybersecurity, interoperability and the provision of software updates for a reasonable period. Treasury acknowledged that some cybersecurity risks of certain AI-enabled goods will be captured by the Government’s ongoing 2023-2030 Australian Cyber Security Strategy, but it is still considering the need for bespoke consumer protections for digital products overall, such as those adopted in the United Kingdom under the Consumer Rights Act 2015 (UK).
New product safety standards targeted towards AI and emerging technologies. There are currently no mandatory AI-specific safety standards for consumer goods or product-related services, and Treasury is assessing whether current safety standards (which include the current Voluntary AI Safety Standard) effectively guarantee the safe and responsible use of AI-enabled goods and services. Treasury is considering options for mandatory guardrails in this consultation. See our Insight on preparing for voluntary AI standards and mandatory legislation for more information.
Prescriptions under the unfair contract terms (UCT) regime. Treasury has noted stakeholder concerns about the possible risks to consumers arising from terms that exclude supplier and manufacturer liability in relation to AI-enabled goods and services, and is currently considering whether such terms (and similar) should be deemed as UCTs.
Treasury has flagged that there is a need for greater clarity in the ACL in relation to AI and emerging technologies, due to the technology-neutral nature of the current language of the ACL. In principle, the existing general ACL framework should be able to address AI-related concerns, but there is uncertainty over the following issues:
The definition of AI-enabled goods and services, and whether this fits within the current definitions under the ACL. Whether something is a ‘good’ or a ‘service’ affects the remedies available under consumer guarantees, particularly considering the specific liability imposed on manufacturers of goods with safety defects. AI-enabled goods and services are generally a ‘mixed supply’ of goods and services, but consumers cannot claim for both a faulty good and service arising from a single transaction. Treasury is seeking to clarify this distinction for consumers in the context of AI-enabled goods and services.
Potential limitations of principles-based consumer guarantees. The current consumer guarantees regime contains a range of principles-based provisions that include concepts such as ‘fitness for purpose’, ‘acceptable quality’ and ‘due care and skill’. Treasury has received concerns that it is unclear how these principles-based standards may apply in the context of AI-enabled goods and services. An example is the concept of ‘durability’, which is currently set out under the ACL as a factor for assessing the acceptable quality of a product.
Treasury has identified particular difficulties that consumers may face when accessing remedies related to AI and emerging technologies. It noted the following concerns regarding the applicability of a manufacturer’s liability for goods with safety defects (as under the ACL) in relation to AI-enabled goods and services:
The evidentiary burden of establishing a causal link between the safety defect and consumer loss and damage. The specific characteristics of AI systems, such as opacity, autonomous behaviour and complexity, may make it more difficult for consumers to meet this burden of proof. Treasury is considering approaches from other jurisdictions, such as that in the EU under the proposed AI Liability Directive, which includes a ‘presumption of causality’ where a number of conditions are met, shifting the onus to manufacturers to demonstrate that no causal link to consumer loss or damage exists.
Defences available to manufacturers. There is a concern that the current defences listed under the ACL available to manufacturers may not be appropriate for AI-enabled goods and services. For example, the defence that the safety defect did not exist at the time that a good was supplied reflects a traditional position that manufacturers retain little or no ongoing control over the goods that they supply, which is not always applicable to AI-enabled goods and services.
The deadline for stakeholder feedback and written submissions on Treasury’s review of AI and the ACL is Tuesday, 12 November 2024.
Source: The Conversation – Africa – By Gabrielle Lynch, Professor of Comparative Politics, University of Warwick
The removal of Kenya’s deputy president Rigathi Gachagua is part of a long history, dating back to independence, of fallouts between the president and his deputy. The difference this time around is the process.
Historically, presidents have fired their deputies. But the adoption of a new constitution in 2010, saw the introduction of a process for impeachment – for both the president and the deputy – that’s run by the legislature. This is the first time it’s been used.
On 8 October 2024, members of Kenya’s national assembly voted to impeach Gachagua on grounds that included corruption, insubordination and ethnically divisive politics. The case moved to the senate, which also voted to impeach Gachagua on 17 October.
Gachagua has made history as Kenya’s first deputy leader to be impeached. While President William Ruto stayed silent on the matter, the process would not have proceeded without his blessing.
Amid the novelty of the impeachment process, it’s easy to forget that it is the norm for Kenyan presidents to fall out with their deputies. As a political scientist interested in Kenya’s ethnic politics and democratisation, I argue that this is because of how deputies are selected in the first place.
Deputies are initially selected largely on pragmatic grounds as people who bring something useful to a political alliance. This could be resources, a support base or a reputation for being a good technocrat or administrator.
They’re not usually people with whom the president has a strong and continuous personal relationship or someone with whom they share a clear political ideology. Neither are they usually someone who has made their way up through a political party.
This has brought about a long history of tensions and fallout between Kenya’s presidents and their deputies.
History of fallouts
Independent Kenya’s first vice president, Oginga Odinga, saw his ministerial portfolio gradually reduced by President Jomo Kenyatta. Kenyatta then replaced Odinga as vice president of the ruling Kenya African National Union (Kanu) in 1966 further undermining his powers. Soon after, Odinga joined the opposition Kenya’s People’s Union.
His successor, Joseph Murumbi, resigned within months. The official reason given was ill health, but it is widely believed that Murumbi was troubled by corruption and authoritarianism within the Kenyatta regime.
Kenya’s second president, Daniel arap Moi, elected Mwai Kibaki as his first deputy. Kibaki was dropped after a decade. He went on to form an opposition party as soon as Kenya shifted to multi-party politics in 1992.
Moi’s second vice president, Josephat Karanja, resigned after a year to avoid a vote of no confidence for allegedly plotting to overthrow the government.
Moi’s third deputy, George Saitoti was sidelined to pave way for Uhuru Kenyatta’s nomination as the party flagbearer in 2002. Moi’s final deputy, Musalia Mudavadi, fell with the rest of the Kanu government in the 2002 elections.
As Kenya’s third president, Kibaki similarly oversaw a regular change of guard. His first deputy, Michael Wamalwa, died after a few months in office. His second, Moody Awori, lost his seat in the 2007 election.
Kibaki’s third deputy, Kalonzo Musyoka, joined the president during Kenya’s post-election violence of 2007-08. He left at the end of his term in 2013 to run with Raila Odinga in the 2013, 2017 and 2022 presidential elections.
Kenya’s fourth president, Uhuru Kenyatta, was the only leader to have the same deputy, William Ruto, for his full term as president – from 2013 to 2022. However, relations between Kenyatta and Ruto were hardly rosy. The two fell out after the 2017 elections as Kenyatta teamed up with long-standing opposition leader, Raila Odinga. Ruto beat Odinga, Kenyatta’s favoured candidate in the 2022 elections.
Lessons to learn
Because deputies are selected for their practical value, the person who made a good deputy at one point in time can come to be seen as a liability or threat as the political context changes.
For example, at independence, Oginga Odinga made an excellent ally for Jomo Kenyatta. He had some resources and was a proven mobiliser. He brought a support base. However, within a few years, Odinga became a problem for the president as a more radical faction within the ruling party coalesced around him.
Similarly, Ruto made an excellent ally for Uhuru Kenyatta when they both faced charges for crimes against humanity at the International Criminal Court. The two fell out once Kenyatta had won his second and final term, and Kenyatta turned to his succession.
Gachagua was useful to Ruto in 2022. He had personal wealth, was an effective mobiliser and hailed from central Kenya where the election looked to be won or lost. However, once elected, Gachagua’s populist statements and reputation for ethnic bias became more of a liability.
Second, as contexts change, someone else can soon come to be seen as more useful as second in command.
For Jomo Kenyatta, Moi had shown his utility and loyalty during the “little general elections” of 1966, which effectively sidelined the Kenya People’s Union and Oginga Odinga.
Ruto nominated Kithure Kindiki, Kenya’s interior cabinet secretary, to replace Gachagua. He is seen as better able to negotiate with the international community, especially during a critical economic period for Kenya as it seeks new International Monetary Fund loans.
Third, being the country’s vice or deputy president comes with a lot of opportunities to network. These interactions have often led individuals to be seen as a growing threat, or as actively plotting against the president. They may also be seen as a future challenger.
History has shown that there is no ideal way of dealing with such a potential challenger, leading subsequent presidents to try different approaches.
Current context
Ruto and Gachagua have clearly fallen out. Their differences became apparent soon after the 2022 elections. However, they came into sharp relief in the face of anti-tax protests in June 2024. There were subsequent allegations that Gachagua and some of his allies had helped to finance the protests.
The question, therefore, isn’t why they have fallen out but why Gachagua is being impeached now.
Ultimately the answer to this can only be known by a few individuals. But perhaps an indication of the answer lies in the emotions the fallout has stirred: a desire to distract the public and show that the government is taking action to deal with Kenya’s ongoing economic crisis. There may also be a desire to undercut Gachagua before he can build national networks.
Ruto had the numbers in the senate to see the impeachment process through. But this is a dangerous game. Those sidelined have a habit of coming back to haunt their former allies.
At the moment, most Kenyans are supportive of the impeachment process, but many also feel that Gachagua is being unfairly targeted especially in central Kenya, where a majority oppose the process.
While a successful impeachment might see Gachagua barred from holding public office, this wouldn’t necessarily mean an end to his career as an effective political mobiliser.
The next few months – and the narratives that emerge about why Ruto and Gachagua fell out – will be critical in determining both their futures.
This article has been updated to reflect the 17 October 2024 senate decision to impeach Rigathi Gachagua.*
Source: United Kingdom – Executive Government & Departments 3
Private finance experts met the Chancellor at No11 Downing Street today to boost investment in infrastructure and drive growth nationwide.
Rachel Reeves convened the inaugural meeting of the British Infrastructure Taskforce as part of a new approach that involves government working with business to design policy that will unlock private investment, including by building business confidence in UK infrastructure investments.
The Taskforce will explore different options to support the Government’s infrastructure goals to drive growth for the whole of the nation, and some of the UK’s biggest financial companies including LLoyds, HSBC, and M&G will be in attendance.
This Government has committed to turbocharge infrastructure investment across the width and breadth of the UK. Invitees have been selected to ensure a wide range of experience and expertise in UK infrastructure. This marks a significant shift in approach, with key businesses and stakeholders invited to work with the government to support the delivery of its infrastructure agenda.
It follows the announcement to launch a newly formed National Infrastructure and Service Transformation Authority (NISTA) which will bring oversight of strategy and delivery under one roof.
The NISTA will support the development and implementation of the ten-year infrastructure strategy in conjunction with industry which was outlined for the first time last week by the Chief Secretary Darren Jones.
The Chancellor of the Exchequer Rachel Reeves MP said:
Increasing investment in infrastructure is a vital part of delivering on our number one mission to grow the economy and create jobs.
Just days after our International Investment Summit, we are delivering on our promise to work with business to drive growth across the country, and the expertise of this Taskforce will be invaluable in the weeks and months ahead.
Chief Secretary to the Treasury Darren Jones MP said:
We are serious about ending the cycle of underinvestment that has plagued our infrastructure systems for over a decade. The best way to do that is to design the solution with business in the room. That’s what this taskforce is all about.
The Taskforce will meet regularly, offering insights that deliver long-lasting solutions for job creation, growth, and environmental goals.
This builds on the success of the International Investment Summit, which saw hundreds of top international investors attend the event, £63 billion of confirmed investment into Britain, along with the launch of the £27.8 billion turbocharged National Wealth Fund.
Tracy Blackwell, CEO, PIC said:
We have a huge amount to invest and we want to invest more in Britain. There is no shortage of capital that can support the British economy’s capacity to grow. The right combination of policies and ideas will unlock that capital and boost growth. From planning reform and better use of public sector pension funds to a streamlining of institutions and regulations, there is a lot that Government can do to crowd in more private investment and deliver social value. It’s great to be in an ongoing conversation with the Chancellor about taking that agenda forward.
Andrea Rossi, CEO, M&G plc said:
M&G has been an active investor in the UK for 175 years. Of the £100 billion M&G invests in the UK, infrastructure remains a core part of delivering sustainable returns for our savers, clients and shareholders. The UK’s clear focus on infrastructure presents a significant opportunity to deliver economic and social progress and we are delighted to contribute our expertise.”
Deepa Bharadwaj, Head of Infrastructure Europe, IFM Investors said:
IFM is a major global infrastructure investor, a major investor in the UK, and is owned by pension funds.
We look forward to solutions-based discussions that can unlock new investment across UK infrastructure sectors and themes”.
Stephen Cohen, Chief Product Officer, Blackrock said:
There’s a rapidly growing pool of capital to invest in infrastructure, but deploying it requires pragmatism in policy. We’re pleased to be working with the government in identifying policies that will support private investment.
Charlie Nunn, CEO, Lloyds Banking Group said:
At Lloyds Banking Group, we are committed to helping the UK deliver the infrastructure the country needs, supporting jobs and growth. We welcome the British Infrastructure Taskforce’s focus on increasing investment in UK infrastructure and addressing some of the fundamental barriers that have existed to date. As the UK’s leading bank for project finance, we will work closely with the government in the development of this taskforce, ensuring the work supports communities, businesses, and industries across the regions and nations of the UK.
Anne Richards, Vice Chair, Fidelity International said:
We have a shared ambition to drive growth in the UK by unlocking investment in infrastructure for the benefit of savers. Our best opportunity to achieve that is through collaboration with government and the industry.
Andy Briggs, CEO, Phoenix Group said:
Over the last three decades there has been an underinvestment in the UK economy compared to other developed nations. I am delighted there is a growing consensus that in order to grow we need to work together to invest.
The British Infrastructure Taskforce provides the opportunity for business and government to work on shared priorities, help finance the social and economic infrastructure the country needs for the future, and give potential for better returns for pension savers.
The following attendees of the first Taskforce meeting discussed investment opportunities, financial mechanisms, and strategies to maximise economic value:
Source: United Kingdom – Executive Government & Departments
Ambassador to work with employers to help women experiencing menopause symptoms to stay in work and progress in their careers.
Leading campaigner and broadcaster Mariella Frostrup appointed as Government’s new Menopause Employment Ambassador.
Appointment comes alongside measures in the Employment Rights Bill requiring large employers to produce plans on how they will support employees through the menopause.
Journalist and women’s equality campaigner, Mariella Frostrup, has been appointed as the government’s new Menopause Employment Ambassador.
The voluntary role will see Mariella working closely with employers across the country to improve workplace support for women experiencing the menopause, raise awareness of the symptoms and champion the economic contributions of women. A key focus will be helping women going through the menopause stay in work and progress in their careers.
Almost 70% of women aged 40 to 60 in employment experiencing menopausal symptoms report this has a negative effect on them at work, and just over 50% are unable to go into work at some point due to menopause symptoms.
With decades of experience championing women’s rights and gender equality across the world, with passionate advocacy for increased awareness of the symptoms of menopause, Mariella brings a powerful and unique voice to the Department for Work and Pensions.
Work and Pensions Secretary Liz Kendall said:
If we are going to get our country growing again, we have to make sure that everyone feels they can thrive at work. I know from personal experience how hard it can be for women going through menopause.
I’m so thrilled that Mariella will be working with us to bring her years of knowledge and experience on this issue, so we can make sure that all women experiencing menopause symptoms get the support they need at work.
I’m honoured and delighted to be appointed as the Government’s Menopause Employment Ambassador and to start working towards this government’s stated goal of creating fair and equitable workplaces for all.
The loss of one in ten women from the workplace, often at the height of their professional careers, is damaging our economy and causing unnecessary suffering due to lack of information and support during this perfectly natural and manageable phase of life.
I’m excited to get started and continue the important work done by my predecessor Helen Tomlinson to engage with businesses small and large and find solutions to what continues to be a gender specific inequity.
Baroness Merron, Minister for Patient Safety, Women’s Health and Mental Health, said:
I am delighted that Mariella Frostrup has been appointed into this important role. I look forward to working with her to champion women’s health and improve menopause support, alongside the Women’s Health Ambassador for England, Professor Dame Lesley Regan.
We know there is a long way to go in improving support for women experiencing menopause, particularly in the workplace, and this government is committed to providing the care and support for all women to thrive.
Janet Lindsay, Chief Executive of Wellbeing of Women:
We are delighted that Mariella has been appointed as the new Menopause Employment Ambassador. As Wellbeing of Women’s ambassador and in her wider work, Mariella has been a tireless campaigner working to raise awareness of the need to support women going through the menopause in all areas of life.
We look forward to working with her to help all employers become more menopause friendly, especially those who often struggle to do so, such as small to medium businesses and those employing women who cannot work remotely.
This appointment comes as the government has proposed a wide-ranging set of generational reforms to boost protections for workers, including women experiencing menopause symptoms at work. The policy proposals in the Employment Rights Bill would require large employers to produce Menopause Action Plans on how they will support employees through the menopause.
Further Information
The position of Menopause Employment Ambassador has been appointed by and will work with the Secretary of State for Work and Pensions, reporting at regular intervals.
Source: Africa Press Organisation – English (2) – Report:
DUBAI, United Arab Emirates, October 18, 2024/APO Group/ —
5G emerged as a focal point at GITEX GLOBAL 2024 (www.GITEX.com), the world largest tech and startup event, with visitors getting a glimpse of the possibilities of the wireless technology with AI and its role to powering a hyperconnected future through groundbreaking innovations and insightful discussions.
The ‘Intelligent Connectivity’ event saw a combination of thought-provoking conversations and exhibitors displaying their powerful products and services that will revolutionise the world in the coming years. It comes at a time where GSMA projects a seismic shift in connectivity with 1.4 billion devices set to be linked with 5G by 2025, further fueling a USD $1.1 trillion IoT market within a USD $3.9 trillion mobile economy.
The expertly curated programme brought together some of the most influential voices from global enterprises and organisations including Khalid Murshed, Chief Technology & Information Officer at e&, Wang Hui, President, NCE Data Communication Domain at Huawei China and Thomas Lamanauskas, Deputy Secretary General at ITU Switzerland. They were also joined by Roque Lozano, SVP, Network Infrastructure MEA at Nokia, Kazuhiro Gomi, President and CEO of NTT Research and SG Chung, Chief AI Global Officer at SK Telecom.
Away from the stage, the showcase featured a diverse range of impressive technologies from leading exhibitors, Huawei, e&, Nokia, China Telecom, Ericsson, Cisco, and Beyon among them. These industry giants presented cutting-edge solutions, highlighting next-generation 5G applications with their participation underscoring GITEX GLOBAL’s role as a key platform for exploring the future of connectivity and digital transformation.
A glimpse into a 5G-advanced powered AI future
With 5G and AI on a verge to catalyse a paradigm shift in the telecommunications landscape, Khalid Murshed Chief Technology & Information Officer of e&, one of the largest telecommunications operators in the Middle East and North Africa region, explained the transformative impact of network capabilities.
He said: “5G and 5G advanced serve as a platform for everyone to come in to innovate with applications that can drive demand for the network to be enhanced further and further.”
“We have to build a network with the capabilities and then fit in the AI applications and this is what we’re doing hand-in-hand. We’re not just building a network for the sake of technology leadership. It’s a bilateral game by all means and we are building them to enable new cases while today we have live networks and private 5G.”
Another leading global provider of information and communications technology (ICT) infrastructure and smart devices, Huawei identifies several key technologies as the backbone of its solutions towards facilitating an intelligent future. 5G-Advanced (5G-A) remains vital to supporting rapid and low-latency communication – critical for building advanced applications, in addition to big, unified data, AI, and cloud computing.
AI and 5G fuelling the future of autonomous vehicles
The future of mobility and how autonomous vehicles can benefit from 5G was another highlight. Speaking in a panel, Siyuan Liu, Head of IoT Partnership & Strategy, Greater China, at China Unicom Global, said the company is accelerating its efforts into the AI and vehicle connectivity industries with 5G playing a central role.
She highlighted that 5G is vital for the growth of autonomous vehicles, reshaping society and helping make accurate decisions – all of which can enhance the efficiency of transportation and safety.
Large Language Models (LLMs) are disrupting industries all over the world and the telecommunications sector is no different. Wang Hui, President of Huawei NCE Data Communication Domain, highlighted that AI applications are being leveraged extensively in China’s autonomous vehicles and in AI health services.
Unleashing powerful innovations – superpower agent and all-electric supercar
Thousands of visitors were introduced to the most disruptive products and services powered by 5G in the most anticipated exhibition which attracted the leading tech enterprises and solution providers in telecoms, networks, and infrastructure. Attendees were not short of innovation options with game-changing partnerships and launches unveiled during the event.
e& announced a collaboration with Vodafone Business IoT to use the company’s Global SIM+ eSIM solution to provide in-vehicle connectivity and enhanced digital services for Mercedes-Benz AG drivers in the UAE. The service will be commercially available in the first half of 2025.
The company also displayed the Nissan Hyper-Force, an all-electric high-performance supercar, connected through e& UAE 5G SIM cards delivering the ultimate in-driving experience, and launched their new human-digital advisors, combining hologram technology and AI to cater to the diverse cultural nuances of Telecom customers in the UAE.
At Avaya’s stand, visitors saw how the company is creating superpower agents, powered by AI, showcasing new capabilities which can assist individuals to make scalable decisions that help businesses grow.
GITEX GLOBAL is seamlessly connecting the world’s largest network of tech events with GITEX EUROPE Berlin, GITEX ASIA Singapore, GITEX AFRICA Morocco, and GITEX Nigeria, all part of its portfolio. These events are fostering collaboration and driving innovation to shape the tech landscape of tomorrow.
Source: Africa Press Organisation – English (2) – Report:
DUBAI, United Arab Emirates, October 18, 2024/APO Group/ —
GITEX GLOBAL 2024 (www.GITEX.com), the world’s largest tech and startup event, hosted the Middle East’s largest data centre gathering on Thursday at the Dubai World Trade Centre (DWTC), showcasing the region’s commitment to becoming a global leader in the rapidly evolving data centre market.
The conference programme underscored the far-reaching implications of AI in data infrastructure, a driving force behind the rapidly expanding billion-dollar global market., while leading enterprises captivated the audience with their innovative solutions, showcasing the future of hyperscale, modular, and edge data centres.
As businesses increasingly turn to AI, the global data centre market is projected to reach USD $256 billion by the end of this year and will rise to USD $775 billion by 2034.
GITEX GLOBAL serves as a critical platform for industry leaders to engage in discussions that highlight the urgent need for enhanced and scalable data centres, essential for supporting the burgeoning AI-driven demand.
Driving Job Opportunities And Benefiting Society
On “Data Centres Universe”, conversations focused on how hyperscale, edge, and modular data centres can contribute to the growth in the presence of the sector’s biggest names. Major players, including Khazna, Legrand, Vertiv, Alibaba Cloud, AWS, DELL, Google Cloud, IBM, and Lenovo, convened to share their perspectives on the evolving trajectory of the industry, explore potential avenues for accelerated growth, and underscore the critical role of expansion in catalyzing global ambitions for AI-driven innovation.
Hassan Al Naqbi, CEO of Khazna Data Centers, the MENA region’s largest hyperscale wholesale data centre provider, explained during a panel discussion that more data centres not only boost the market’s growth but also build capacity, supporting talent development, and fostering employment to meet the increasing demand.
He said: “A lot of people think that data centres are not a job creation machine. However, data centres are vital for economies and have different roles involved. If you look at all the hyperscales, their data centres are having a huge impact on the economy as people can secure jobs which are vital for the day-to-day operations.”
As the conversation shifted toward the future of data centres, industry experts emphasized the importance of sustainable practices in their development as the industry’s advancements enable the next-generation of tech solutions and services.
Marc Marazzi, Vice President ofLegrand Data Center Solutions, shared his perspective on the need for careful planning and environmental responsibility in this rapidly expanding market. He believes the industry will go from strength to strength but organisations must exercise caution in their decision-making when building data centres taking into account long-term considerations of how the world will evolve over the next decade.
He said: “It’s great to see many taking the green initiative very seriously and looking at the way they are building and cooling data centres. Today, they are bigger than ever before and being built faster but we must not lose sight of the importance of how we manufacture, what we are installing and how they are managed. Data Centres are built with 15 years in mind and we have to think what they would look like in a specific time and get it right from the beginning.”
What Next at GITEX GLOBAL 2024?
As GITEX GLOBAL comes to a close on Friday, ‘Futuristic Friday’ promises to feature groundbreaking technologies such as quantum computing, advanced robotics, and space tech, all poised to redefine the boundaries of possibility in the tech landscape.
Taking place from 14-18 October at Dubai World Trade Centre (DWTC), GITEX GLOBAL is recognized as the world’s largest and best-rated tech event. This year presents a record-breaking 44th edition – welcoming over 6,500 exhibitors, 1,800 startups, 1,200 investors alongside governments from more than 180 countries.
GITEX GLOBAL in Dubai is seamlessly connecting the world’s largest network of tech events with its stellar list including GITEX EUROPE Berlin, GITEX ASIA Singapore, GITEX AFRICA Morocco, and GITEX NIGERIA. These events are fostering collaboration and driving innovation to shape the tech landscape of tomorrow.
Current account recorded €31 billion surplus in August 2024, down from €41 billion in previous month
Current account surplus amounted to €408 billion (2.8% of euro area GDP) in the 12 months to August 2024, up from €138 billion (1.0%) one year earlier
In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €510 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €718 billion in the 12 months to August 2024
Chart 1
Euro area current account balance
(EUR billions unless otherwise indicated; working day and seasonally adjusted data)
Source: ECB.
The current account of the euro area recorded a surplus of €31 billion in August 2024, a decrease of €10 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€32 billion) and services (€19 billion). Deficits were recorded for secondary income (€15 billion) and primary income (€ 4 billion).
Table 1
Current account of the euro area
(EUR billions unless otherwise indicated; transactions; working day and seasonally adjusted data)
Source: ECB.
Note: Discrepancies between totals and their components may be due to rounding.
In the 12 months to August 2024, the current account surplus widened to €408 billion (2.8% of euro area GDP), up from €138 billion (1.0% of euro area GDP) one year earlier. This increase was mainly driven by a larger surplus for goods (up from €147 billion to €379 billion), and, to a lesser extent, by larger surpluses for services (up from €129 billion to €162 billion) and primary income (up from €29 billion to €33 billion). The secondary income deficit remained broadly stable (slightly down from €166 billion to €165 billion).
Chart 2
Selected items of the euro area financial account
(EUR billions; 12-month cumulated data)
Source: ECB.
Notes: For assets, a positive (negative) number indicates net purchases (sales) of non-euro area instruments by euro area investors. For liabilities, a positive (negative) number indicates net sales (purchases) of euro area instruments by non-euro area investors.
In direct investment, euro area residents made net disinvestments of €196 billion in non-euro area assets in the 12 months to August 2024, declining from net disinvestments of €324 billion one year earlier (Chart 2 and Table 2). Non-residents disinvested €358 billion in net terms from euro area assets in the 12 months to August 2024, decreasing from net disinvestments of €471 billion one year earlier.
In portfolio investment, euro area residents’ net purchases of non-euro area equity increased to €105 billion in the 12 months to August 2024, up from €56 billion one year earlier. Over the same period, net purchases of non-euro area debt securities by euro-area residents rose to €406 billion, up from €361 billion one year earlier. Non-residents’ net purchases of euro area equity increased to €324 billion in the 12 months to August 2024, up from €208 billion one year earlier. Over the same period, non-residents’ net purchases of euro area debt securities widened to €395 billion, up from €370 billion one year earlier.
Table 2
Financial account of the euro area
(EUR billions unless otherwise indicated; transactions; non-working day and non-seasonally adjusted data)
Source: ECB.
Notes: Decreases in assets and liabilities are shown with a minus sign. Net financial derivatives are reported under assets. “MFIs” stands for monetary financial institutions. Discrepancies between totals and their components may be due to rounding.
In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €204 billion in the 12 months to August 2024 (following net disposals of €73 billion one year earlier), while they recorded net disposals of liabilities of €248 billion (down from €280 billion one year earlier).
Chart 3
Monetary presentation of the balance of payments
(EUR billions; 12-month cumulated data)
Source: ECB.
Notes: “MFI net external assets (enhanced)” incorporates an adjustment to the MFI net external assets (as reported in the consolidated MFI balance sheet items statistics) based on information on MFI long-term liabilities held by non-residents, available in b.o.p. statistics. B.o.p. transactions refer only to transactions of non-MFI residents of the euro area. Financial transactions are shown as liabilities net of assets. “Other” includes financial derivatives and statistical discrepancies.
The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €541 billion in the 12 months to August 2024. This increase was mainly driven by the current and capital accounts surplus and, to a lesser extent, by euro area non-MFIs’ net inflows in portfolio investment debt, portfolio investment equity and other investment. These developments were partly offset by euro area non-MFIs’ net outflows in direct investment and other flows.
In August 2024 the Eurosystem’s stock of reserve assets increased to €1,288.4 billion up from €1,282.8 billion in the previous month (Table 3). This increase was mainly driven by positive price changes (€15.4 billion), mostly due to an increase in the price of gold. This development was partly offset by negative exchange rate changes (€6.8 billion) and net sales of assets (€3.0 billion).
Table 3
Reserve assets of the euro area
(EUR billions; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted data)
Source: ECB.
Notes: “Other reserve assets” comprises currency and deposits, securities, financial derivatives (net) and other claims. Discrepancies between totals and their components may be due to rounding.
The removal of Kenya’s deputy president Rigathi Gachagua is part of a long history, dating back to independence, of fallouts between the president and his deputy. The difference this time around is the process.
Historically, presidents have fired their deputies. But the adoption of a new constitution in 2010, saw the introduction of a process for impeachment – for both the president and the deputy – that’s run by the legislature. This is the first time it’s been used.
On 8 October 2024, members of Kenya’s national assembly voted to impeach Gachagua on grounds that included corruption, insubordination and ethnically divisive politics. The case moved to the senate, which also voted to impeach Gachagua on 17 October.
Gachagua has made history as Kenya’s first deputy leader to be impeached. While President William Ruto stayed silent on the matter, the process would not have proceeded without his blessing.
Amid the novelty of the impeachment process, it’s easy to forget that it is the norm for Kenyan presidents to fall out with their deputies. As a political scientist interested in Kenya’s ethnic politics and democratisation, I argue that this is because of how deputies are selected in the first place.
Deputies are initially selected largely on pragmatic grounds as people who bring something useful to a political alliance. This could be resources, a support base or a reputation for being a good technocrat or administrator.
They’re not usually people with whom the president has a strong and continuous personal relationship or someone with whom they share a clear political ideology. Neither are they usually someone who has made their way up through a political party.
This has brought about a long history of tensions and fallout between Kenya’s presidents and their deputies.
History of fallouts
Independent Kenya’s first vice president, Oginga Odinga, saw his ministerial portfolio gradually reduced by President Jomo Kenyatta. Kenyatta then replaced Odinga as vice president of the ruling Kenya African National Union (Kanu) in 1966 further undermining his powers. Soon after, Odinga joined the opposition Kenya’s People’s Union.
His successor, Joseph Murumbi, resigned within months. The official reason given was ill health, but it is widely believed that Murumbi was troubled by corruption and authoritarianism within the Kenyatta regime.
Kenya’s second president, Daniel arap Moi, elected Mwai Kibaki as his first deputy. Kibaki was dropped after a decade. He went on to form an opposition party as soon as Kenya shifted to multi-party politics in 1992.
Moi’s second vice president, Josephat Karanja, resigned after a year to avoid a vote of no confidence for allegedly plotting to overthrow the government.
Moi’s third deputy, George Saitoti was sidelined to pave way for Uhuru Kenyatta’s nomination as the party flagbearer in 2002. Moi’s final deputy, Musalia Mudavadi, fell with the rest of the Kanu government in the 2002 elections.
As Kenya’s third president, Kibaki similarly oversaw a regular change of guard. His first deputy, Michael Wamalwa, died after a few months in office. His second, Moody Awori, lost his seat in the 2007 election.
Kibaki’s third deputy, Kalonzo Musyoka, joined the president during Kenya’s post-election violence of 2007-08. He left at the end of his term in 2013 to run with Raila Odinga in the 2013, 2017 and 2022 presidential elections.
Kenya’s fourth president, Uhuru Kenyatta, was the only leader to have the same deputy, William Ruto, for his full term as president – from 2013 to 2022. However, relations between Kenyatta and Ruto were hardly rosy. The two fell out after the 2017 elections as Kenyatta teamed up with long-standing opposition leader, Raila Odinga. Ruto beat Odinga, Kenyatta’s favoured candidate in the 2022 elections.
Lessons to learn
Because deputies are selected for their practical value, the person who made a good deputy at one point in time can come to be seen as a liability or threat as the political context changes.
For example, at independence, Oginga Odinga made an excellent ally for Jomo Kenyatta. He had some resources and was a proven mobiliser. He brought a support base. However, within a few years, Odinga became a problem for the president as a more radical faction within the ruling party coalesced around him.
Similarly, Ruto made an excellent ally for Uhuru Kenyatta when they both faced charges for crimes against humanity at the International Criminal Court. The two fell out once Kenyatta had won his second and final term, and Kenyatta turned to his succession.
Gachagua was useful to Ruto in 2022. He had personal wealth, was an effective mobiliser and hailed from central Kenya where the election looked to be won or lost. However, once elected, Gachagua’s populist statements and reputation for ethnic bias became more of a liability.
Second, as contexts change, someone else can soon come to be seen as more useful as second in command.
For Jomo Kenyatta, Moi had shown his utility and loyalty during the “little general elections” of 1966, which effectively sidelined the Kenya People’s Union and Oginga Odinga.
Ruto nominated Kithure Kindiki, Kenya’s interior cabinet secretary, to replace Gachagua. He is seen as better able to negotiate with the international community, especially during a critical economic period for Kenya as it seeks new International Monetary Fund loans.
Third, being the country’s vice or deputy president comes with a lot of opportunities to network. These interactions have often led individuals to be seen as a growing threat, or as actively plotting against the president. They may also be seen as a future challenger.
History has shown that there is no ideal way of dealing with such a potential challenger, leading subsequent presidents to try different approaches.
Current context
Ruto and Gachagua have clearly fallen out. Their differences became apparent soon after the 2022 elections. However, they came into sharp relief in the face of anti-tax protests in June 2024. There were subsequent allegations that Gachagua and some of his allies had helped to finance the protests.
The question, therefore, isn’t why they have fallen out but why Gachagua is being impeached now.
Ultimately the answer to this can only be known by a few individuals. But perhaps an indication of the answer lies in the emotions the fallout has stirred: a desire to distract the public and show that the government is taking action to deal with Kenya’s ongoing economic crisis. There may also be a desire to undercut Gachagua before he can build national networks.
Ruto had the numbers in the senate to see the impeachment process through. But this is a dangerous game. Those sidelined have a habit of coming back to haunt their former allies.
At the moment, most Kenyans are supportive of the impeachment process, but many also feel that Gachagua is being unfairly targeted especially in central Kenya, where a majority oppose the process.
While a successful impeachment might see Gachagua barred from holding public office, this wouldn’t necessarily mean an end to his career as an effective political mobiliser.
The next few months – and the narratives that emerge about why Ruto and Gachagua fell out – will be critical in determining both their futures.
This article has been updated to reflect the 17 October 2024 senate decision to impeach Rigathi Gachagua.*
Gabrielle Lynch does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
MILES AXLE Translation. Region: Russian Federation –
Source: State University Higher School of Economics – State University Higher School of Economics –
A first-year student of the ICEF International Bachelor’s Program in Economics and Finance, Georgy Khvatkin, won gold at the World Youth Championship in Combat Sambo. The competition was held in Larnaca, Republic of Cyprus, and was attended by 575 athletes from 33 countries. Georgy won in the 98 kg weight category. In an express interview with the champion, Master of Sports Georgy Khvatkin, we talk about how the important decision to enter ICEF was made, how long and how many days a week Georgy has been training, what Jackie Chan has to do with it, and how great it is to have a beloved twin sister.
From the personal archive of Georgy Khvatkin
– Georgy, congratulations on your gold, we are proud of such a student! How and why did you decide to enter ICEF? What were your guidelines?
– Entering ICEF was a conscious decision. My parents found out about ICEF first. They both graduated from the Philology Department of Moscow State University, and then my dad got a law degree, and my mom got an economics degree. My mom is very knowledgeable about economics and helped us choose a profession. We studied the information together and considered all the possibilities. An important factor was studying in English and getting a second diploma. We decided that this opened up great prospects. We did not consider other universities. My sister Katya and I (we are twins) prepared for the Unified State Exam and admission over the course of four school years.
My sister and I graduated from the Moscow Russian-British school “Algorithm”, where we transferred in the seventh grade, with gold medals. And now we both study in the same bachelor’s degree group at the International Institute of Economics and Finance. Katya is my best friend. By the way, she is also successful in sports, she is a candidate for master of sports in synchronized swimming.
– The school year has started intensively. Which subjects are coming to the forefront in terms of interest?
– All subjects are interesting to me, all of them “caught” my attention. Largely thanks to the teaching staff. It feels like the teachers are professionals in their field, I value them all very much. I would like to separately mention Yaroslav Aleksandrovich Lyulko, who teaches “Probability Theory and Statistics”. It seems to me that this subject opens up the greatest opportunities for me as a student.
The first few days were, of course, a bit difficult, considering how much sport there is in my life. It was also difficult because I was faced with topics that were completely new to me, but with the help of teachers and friends I figured it out and found solutions.
I have the best group (I guess everyone says so?!): cool guys with whom I have many common interests. I already felt that ICEF is one big family, where teachers, classmates, senior students help each other.
Studying in English turned out to be easier than I thought. I have been studying the language intensively since early childhood, and the introductory intensive course in English at the beginning of September also helped me a lot.
– Now about your sports career. Why did you start doing sambo and how do your trainings go?
Initially, I was involved in swimming. My dad played water polo all his life, my sister did synchronized swimming, a pool was always present in our life. And when I got interested in action movies with Jackie Chan at the age of 6-7, I became interested in martial arts. But for some reason I formulated that I wanted to do wrestling, and my dad sent me to the sambo section.
In everyday life, when there are no competitions, I train 4-5 times a week on weekdays. During the preparation period for competitions, I start to increase the pace two months in advance. Specifically, before the Youth World Combat Sambo Championship in Larnaca, I trained two to three times a day for a month, including independent training in the form of jogging.
– You train at the famous Sambo-70 club, and where else?
I train in different clubs. This allows me to quickly acquire different techniques, improve in different directions. My main coach is Honored Coach of Russia Nikolay Anatolyevich Elesin, an absolute authority in the world of MMA and combat sambo. I also train at the “Boxing Progress Center” with Ali Piduriyev, and sometimes I go to wrestling days at the “Club of Professor E.L. Gloriozov”, where I work with coach Denis Igorevich Davydov.
– Were there moments when you wanted to quit sambo?
Yes, it happened several times. At some point, a lot of studying piled up, and in sports there were offensive and annoying defeats. I want to note the enormous support of the whole family, which did not let me do this, for which I am incredibly grateful to them all.
– Do you have any idols in sports?
I don’t really like the word “idol”. As I understand it, this word means to elevate someone to the level of a deity. There are people I look up to and who I like in sports. First of all, this is the legend of Russian sports Fedor Emelianenko, a four-time world champion in combat sambo. I really like the style of work on the mat of the famous sambo wrestler Denis Goltsov. I follow all his performances, try to adopt some of his techniques.
– Out of the one and a half months of your student life, you trained two or three times a day, five days a week. How much time was left for studying? How do you manage to combine such different intensive loads?
Of course, it is very difficult to combine sports and studies. I have to integrate training into my study schedule, so my schedule is always flexible – sometimes I will work out in the morning, sometimes more in the evening. Before tests and quizzes I reduce the number of trainings, and when it comes to studying I sometimes resort to the help of my parents, sister and friends.
The life of a student and an athlete are similar in many ways, because it is a huge amount of independent work that you have to do. To do this, you simply need to master time management: you need to distribute your time literally by the hour in advance, so that you can do everything, and save energy somewhere, and have time to recover.
Every week I create a schedule for the entire week to help me productively combine both studying and training.
Now the loads in sports will decrease. But periods of high intensive load in my life are inevitable. I have to sacrifice my personal life – I manage to meet with friends once a month. This year, due to preparation for the World Championship, I unfortunately missed all the selections for student organizations that I would like to join. I hope I will have time next year.
And for the sake of sporting honor, the IIEF is always ready to participate in competitions.
– Have you ever found yourself in situations where circumstances pushed you to use your athletic skills in life?
There are situations in life when you are provoked or you see that other people are provoked. I am sure that a truly strong person is not the one who knows how to fight and use physical force, but the one who knows how to resolve any issue in a conversation, in a dialogue. I believe that an athlete at such a level has no right to use his professional skills in life.
– The student champion will hardly be able to rest on his laurels. What are your immediate plans?
In sports, it is the Moscow Championship, selection for the Russian Championship, if we manage to win, we will go to the World Championship again. I still have 2 years to compete in juniors. It is very serious preparation before competitions in the senior age group, where I will have to compete with seasoned athletes. In terms of studies, it is midterms, exams. I would like to pass everything well and continue studying.
– Georgy, thank you and further victories in everything!
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.
Agillic has achieved a Danish patent for its unique method for processing large-scale, real-time data processing.
The method reduces the complexity and efforts required to carry out such processing compared to other solutions leading to lower power consumption and lower financial operating costs.
The Agillic platform has long been a leap forward in marketing technology, empowering brands to deliver personalised, real-time, and scalable customer experiences across channels, positioning them – and Agillic – at the forefront of omnichannel marketing.
Says Martin Lindboe, Chief Technology Officer: “We are thrilled to achieve the patent, acknowledging the efforts behind our unique and highly effective solution for large-scale data communication. With this patent, we are reinforcing our commitment to innovation and supporting brands in creating seamless, data-driven customer engagement that drive results in the most efficient way possible.”
For further information, please contact Emre Gürsoy, CEO, Agillic A/S +45 3078 4200 emre.gursoy@agillic.com
About Agillic A/S Agillic (Nasdaq First North Growth Market Copenhagen: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark, with teams in Germany, Norway, and Romania. Agillic A/S – Masnedøgade 22 – 2100 Copenhagen – Denmark – www.agillic.com
GUANGZHOU, China, Oct. 18, 2024 (GLOBE NEWSWIRE) — Fanhua Inc. (Nasdaq: FANH) (the “Company” or “Fanhua”), a leading independent technology-driven financial services provider in China, today announced the change of its ticker symbol from “FANH” to “AIFU”. Effective on October 23, 2024, the Company’s American Depository Shares will begin trading on Nasdaq under the new ticker symbol “AIFU”.
The change aligns with the Company’s proposed change of Company’s English name from “Fanhua Inc.” to “AIX Inc.” and Chinese name from “泛华控股集团”to“智能未来有限公司”with effect from November 1, 2024, pending approval by the Company’s shareholders at the extraordinary general meeting scheduled on October 31, 2024.
About Fanhua Inc.
Driven by its digital technologies and professional expertise in the insurance industry, Fanhua Inc. is the leading independent financial service provider in China, focusing on providing insurance-oriented family asset allocation services that covers customers’ full lifecycle and a one-stop service platform for individual sales agents and independent insurance intermediaries.
With strategic focus on long-term life insurance products, we offer a broad range of insurance products, claims adjusting services and various value-added services to meet customers’ diverse needs, through an extensive network of digitally empowered sales agents and professional claims adjustors. We also operate Baowang (www.baoxian.com), an online insurance platform that provides customers with a one-stop insurance shopping experience.
This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Fanhua and the industry. Potential risks and uncertainties include, but are not limited to, those relating to its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused by factors beyond its control including macroeconomic conditions in China. Except as otherwise indicated, all information provided in this press release speaks as of the date hereof, and Fanhua undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Fanhua believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Fanhua is included in Fanhua’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.
CHARLOTTE, N.C. – Today, U.S. District Judge Kenneth D. Bell sentenced Frank Lynold Mercado, 27, of Charlotte, to 41 months in prison followed by two years of supervised release for defrauding over 100 victims of more than $700,000 through a fraudulent investment scheme, announced Dena J. King, U.S. Attorney for the Western District of North Carolina. Mercado was also ordered to pay $709,690 in restitution.
Robert M. DeWitt, Special Agent in Charge of the Federal Bureau of Investigation (FBI), Charlotte Division, joins U.S. Attorney King in making today’s announcement.
According to court documents and court proceedings, from July 2019 to December 2022, Mercado executed an investment fraud scheme in which he caused more than 100 investors to sustain nearly $700,000 in losses. Mercado induced the victims – many of whom were his friends, former co-workers, and other social acquaintances – to invest their money by holding himself out to be an expert in options trading with years of experience and a successful track record. As part of the scheme, Mercado falsely represented to victim investors that he would use their money for options trading and similar investments through his hedge fund, Tiger-Wolf Capital, LLC (Tiger-Wolf Capital). Instead of investing the funds as promised, Mercado used a portion of the money to make Ponzi-style payments to investors, and to fund his personal lifestyle, including to make large credit card payments and pay for personal expenditures such as Airbnb rentals, restaurants, and bars.
Court documents show that with the money that he did invest, Mercado suffered trading losses and then lied to investors about the performance of their investments. For example, Mercado periodically sent updates to victim investors through emails, text messages, or screenshots of purported account portals that reflected fictitious trading gains. He also made false and fraudulent statements to investors about substantial returns on their investments in order to induce his victims to invest additional money with him and/or to leave their current investments with him. According to court documents, as a result of the scheme, Mercado caused victims to suffer losses, with some victims experiencing significant financial hardship.
On June 12, 2022, Mercado pleaded guilty to wire fraud. He will be ordered to report to the Federal Bureau of Prisons upon designation of a federal facility.
On May 30, 2024, the U.S. Securities and Exchange Commission announced the filing of a complaint against Mercado in the U.S. District Court for the Western District of North Carolina, charging Mercado and Tiger-Wolf Capital with securities violations. On July 2, 2024, the court, pursuant to consents signed by Mercado and Tiger-Wolf, enjoined them from violating the charged provisions and ordered them to pay disgorgement, prejudgment interest, and civil money penalties in amounts to be determined at a later date. The court also barred Mercado from serving as officer or director of a public company and enjoined him from participating in the issuance, purchase, offer, or sale of securities, except in his personal account.
U.S. Attorney King commended the FBI for their investigation of the case and thanked the U.S. Securities and Exchange Commission for their coordination and assistance.
Special Assistant U.S. Attorney Eric Frick of the U.S. Attorney’s Office in Charlotte prosecuted the case.
SAN DIEGO – Escondido resident Katherine Lu Acquista, the former director of operations and accounting for the San Diego Regional Economic Development Corporation, was sentenced in federal court today to 12 months and 1 day in custody for stealing approximately $433,275.89 from her then-employer. She was also ordered to pay a fine of $50,000.
According to court documents, while employed at the non-profit organization known as EDC, Acquista used her access and authority to put personal expenses on EDC credit cards and pay those expenses using EDC funds. She also directed other employees to issue checks to her from the EDC company bank account. She then caused false entries about these transactions to be made in the EDC’s accounting system to disguise her ongoing theft. In addition, she stole from EDC’s flexible spending and payroll system. All told, she exploited her position of trust to steal more than $430,000 over at least a five-year period, between August 2017 and August 2022.
The EDC is a 501(c)(3) charitable non-profit organization that works to grow San Diego’s economy and regional prosperity. The EDC’s mission is to maximize the region’s economic competitiveness and global competitiveness. It is funded by individual and corporate donations, grants and investments from nearly 200 companies, public agencies, and private organizations.
Explaining the impact of her crimes, the Chief Operating Officer of EDC stated, “[San Diego Regional Economic Development Corporation] is a nonprofit organization with a mission to maximize the region’s economic prosperity and raise our global competitiveness. Acquista’sactions defied two of our closely held values – accountability and integrity.”
“Members of our community who donate to local non-profits depend on the integrity and stewardship of those entrusted with such funds,” said U.S. Attorney Tara McGrath. “This sentence serves to remind those engaged in crime for profit that whether your victim is the taxpayer, government, or a local non-profit, you will be held accountable.”
“Those who seek to misappropriate non-profit donations are acting contrary to the interest of the public good. The FBI stands ready to investigate those who violate the trust of the donors and diminish the efforts of non-profit organizations such as the San Diego Regional Economic Development Corporation,” said San Diego FBI Special Agent in Charge Stacey Moy.
This case is being prosecuted by Assistant U.S. Attorney Valerie H. Chu. Former Assistant U.S. Attorney Michelle Wasserman assisted in the case.
DEFENDANT Case Number 24CR0765-AJB
Katherine Lu Acquista Age: 47 Escondido, CA
SUMMARY OF CHARGES
Wire Fraud – Title 18, U.S.C., Section 1343
Maximum penalty: Twenty years in prison and $250,000 fine
Source: Hong Kong Government special administrative region
SFST to attend Annual Conference of Financial Street Forum 2024 in Beijing SFST to attend Annual Conference of Financial Street Forum 2024 in Beijing **************************************************************************
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, will depart for Beijing tomorrow (October 19) to attend the Annual Conference of the Financial Street Forum 2024. This year’s annual conference, themed “Trust and Confidence – Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth”, will be held in Beijing from October 18 to 20. More than 500 guests from over 30 countries and regions worldwide will attend the annual conference to exchange views on current economic and financial hot topics. Mr Hui will deliver a keynote speech at the main forum tomorrow on empowering industries through financial support to drive high-quality development. The Financial Street Forum was founded in 2012. The Annual Conference of the Financial Street Forum has been enhanced as a national, global and professional forum since 2020. This year’s annual conference is jointly hosted by the Beijing Municipal People’s Government, the People’s Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, Xinhua News Agency and the State Administration of Foreign Exchange. Mr Hui will return to Hong Kong on October 20. During his absence, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, will act as the Secretary for Financial Services and the Treasury.
Source: Hong Kong Government special administrative region
Organised by Invest Hong Kong (InvestHK) along with media partner South China Morning Post, the InnoTech Forum 2024 took place today (October 18) at the Hong Kong Ocean Park Marriott Hotel and was attended by over 200 guests. Through keynote addresses, in-depth panel discussions and presentations, the full-day forum provided audience members with an engaging discussion on the development of Hong Kong’s innovation ecosystem, long-term strategic plans and the practical applications of artificial intelligence (AI) and new energy technologies in reshaping the city and the economy.
During his keynote address at the forum, the Secretary for Innovation, Technology and Industry, Professor Sun Dong, said, “AI remains a key driver of I&T and business development. The Government has invested billions of dollars in cultivating an all-round AI ecosystem here in Hong Kong. Cyberport will soon put into operation its AI Supercomputing Centre (AISC) to support the strong computing demand from universities, research institutes and the industry. To support the commissioning of the AISC, the Government has allocated $3 billion to launch a three-year AI Subsidy Scheme. The Policy Address announced that the Government will pilot the use of a generative AI document processing copilot application, developed on the basis of a locally trained large language model, within the Government. In fact, a number of the hundred digital government and smart city initiatives that the Government presses ahead for rollout this year and next will make use of AI technology. Hong Kong stands on the cusp of making ground-breaking strides by capitalising on the vast potential of AI and other cutting-edge technologies. We are partners in this journey to seize the opportunities that lie ahead.”
The Secretary for Environment and Ecology, Mr Tse Chin-wan, said, “In pursuit of carbon neutrality, green transformation is becoming a global trend and this will continue in the coming decades, triggering tremendous demands for green energy and various low-carbon technologies. Hydrogen is a secondary carrier of energy and is highly energy-efficient with less polluting potential. The Government published the Strategy of Hydrogen Development in Hong Kong in June this year. The Strategy puts forward four major strategies, namely improving legislations, establishing standards, aligning with the market, and advancing with prudence, with a view to getting the laws, standards and the basic infrastructure ready so as to create an environment conducive to the development of hydrogen energy in a prudent and orderly manner. By leveraging our advantage as an international hub, backed by our motherland and with innovation and devotion of the city, we can position Hong Kong as a key driver of hydrogen economy, towards carbon neutrality as well as a sustainable and prosperous future.”
The discussion at the forum explored the importance of AI and new energy in integrating sustainability and resilience into modern cities, with panel discussions on the following topics:
developing the AI ecosystem for long-term success with a focus on recent advancements in Hong Kong, including the development of cutting-edge infrastructure, talent cultivation, commercialisation of research, and financial incentives, and how a robust and sustainable AI ecosystem can benefit Hong Kong; real-life applications of AI in Hong Kong and beyond highlighting the latest trends and developments of AI innovations and how the city’s connected innovation system supports their growth on a global scale; How hydrogen is emerging as a core new energy priority, in line with the Hong Kong Government’s recently published hydrogen development strategy; and imagining Hong Kong’s future with innovative energy projects and how the city will evolve as these technologies mature and scale.
The Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, said, “This Forum has fostered meaningful dialogue, inspired new ideas and catalysed further collaboration between the Government, industry, academia and relevant stakeholders. As indicated in “The Chief Executive’s 2024 Policy Address” a couple of days ago, the Government has always spearheaded and enhanced the development of Hong Kong’s I&T industries and will continue to do so. Working together, we believe Hong Kong can remain at the forefront of innovation, harnessing the power of both AI and energy technologies to build a prosperous and sustainable future.”
The Head of Innovation and Technology at InvestHK, Mr Andy Wong, said, “AI is one of the strategic pillars in our Government’s agenda to drive digital economy. To accelerate its development, the Government is establishing the AI Supercomputing Centre (AISC) and has set aside $3 billion to support the use of AISC financially. On the hydrogen front, legislation and standards shall be optimised to align with technology and market development, as well as enabling the trial of different hydrogen-related projects. All these will further propel Hong Kong to be a top-notch international innovation and technology hub, as well as a ‘living lab’ for technology to be adopted in other markets.”
Source: Royal Australasian College of Surgeons (RACS)
The Royal Australasian College of Surgeons (RACS) is set to implement one of the most significant governance overhauls in its near 100-year history.
After receiving overwhelming support from its membership, with 82.6 per cent of votes in favour, the College has an updated Constitution to strengthen financial and risk management as it navigates the complexities of the modern governance environment.
Since its founding in 1927, the College has played a pivotal role in shaping surgical standards, education, and professionalism in Australia and Aotearoa New Zealand. While it continues to be at the forefront of surgical leadership, it became increasingly clear in recent years that the structure of the College was no longer fit-for-purpose.
The constitutional update, which was the result of an extensive period of consultation with RACS Fellows, surgical specialty societies and other interested parties, provides for the establishment of a skills-based, professional-led governance Board. The Board will take on fiduciary responsibilities such as finance, audit, and risk management, leaving the RACS Council to carry out the core College business.
The new governance model represents a unified vision for a stronger, more resilient College—one that is well-positioned to lead the way in surgical care and education for years to come.
“The passing of these constitutional updates is a testament to the power of collaboration and what can be achieved when stakeholders from across our network come together for a common purpose,” said Professor Owen Ung, RACS vice president and chair of the College’s Governance Committee.
“It is heartening to see the unity of feeling that a strong College benefits everyone involved—our members, our patients, and the wider healthcare community.”
As the College prepares to implement these changes, RACS president Associate Professor Kerin Fielding said there is a renewed sense of optimism and momentum.
“We are entering a new era for our College. With these updates, we are well-positioned to embrace future challenges and opportunities, ensuring that we continue to lead with excellence in surgical care, education, and advocacy.”
About the Royal Australasian College of Surgeons (RACS)
RACS is the leading advocate for surgical standards, professionalism and surgical education in Australia and Aotearoa New Zealand. The College is a not-for-profit organisation that represents more than 8000 surgeons and 1300 surgical trainees and Specialist International Medical Graduates. RACS also supports healthcare and surgical education in the Asia-Pacific region and is a substantial funder of surgical research. There are nine surgical specialties in Australasia being: Cardiothoracic Surgery, General Surgery, Neurosurgery, Orthopaedic Surgery, Otolaryngology Head and Neck Surgery, Paediatric Surgery, Plastic and Reconstructive Surgery, Urology and Vascular Surgery. http://www.surgeons.org