Source: People’s Republic of China – State Council News
BEIJING, Sept. 24 — In a village in northwest China’s Shaanxi Province, a center whose name translates as “happy mutual aid” offers two meals a day to over 20 senior citizens.
Each day, the elderly villagers of Wenhua Village gather in the center to enjoy their meals and chat. Some also bring vegetables they have grown or help in the kitchen, which largely relies on social donations for its operations.
Li Huizhi, a retiree who pioneered the institution two years ago, said the place not only helps feed the elderly customers, but also helps them feel less lonely. “Many of the elderly live alone because their children have left home in search of better job opportunities,” Li added.
With 120 million people in rural areas aged 60 or above, China has been exploring diverse and targeted solutions to care for seniors scattered across vast rural areas. They generally have lower incomes than their urban peers and are less willing to live in commercial institutions for daily care.
In June this year, the Chinese government issued a national-level guideline specifically on promoting rural elderly care. The document called for joint participation from the government, villages, non-profit organizations, companies and financial institutions to support the cause.
Data from the Ministry of Civil Affairs shows that China currently has around 16,000 rural elderly care nursing homes that collectively provide over 1.68 million beds. The rural areas are also home to around 145,000 mutual-aid elderly care facilities.
Lu Jiehua, deputy director of the Peking University Center for Healthy Aging and Development, expects China to find the most suitable models of elderly care in the coming years based on grassroots experiences, which include pooling together villagers for mutual aid and integrating medical and elderly care services.
Li Yuqing, 54, is a member of the mutual aid team in a village in the mountainous Miyun District, Beijing. She often visits the homes of her more senior neighbors and checks on their state of health.
“Our team members carry medical kits containing common drugs and tools to test the blood pressure and blood sugar levels of the seniors,” Li said.
They are part of the local government’s effort to employ public-spirited villagers in their 40s and 50s to help elderly neighbors living alone. Each of the younger villagers is designated 10 neighbors nearby to help with cleaning, shopping and accessing medical services.
Zhang Hao, an official with the civil affairs bureau of Miyun, said this model of villagers helping their elderly neighbors suits areas like Miyun because the villages are far away from each other and the elderly are not willing to live in commercial nursing homes.
Apart from mobilizing rural residents, local governments are also pinning hopes on eligible businesses providing door-to-door services to rural seniors.
Lang Zhizun, who runs an elderly care service company in Beijing, said they provide door-to-door services for rural elderly people four times a month, and the local civil affairs bureau pays for it. “We talk to the seniors first and offer help according to their requests,” he said.
Experts believe more input is needed from both the government and social organizations to increase elderly care services and facilities in rural areas, and to optimize the whole system.
In the June document, China set the targets for the further improvement of its rural elderly care service network by 2025. The overall coverage rate of elderly care service centers at the township level will be no less than 60 percent, it noted.
Lu Zhiyuan, minister of civil affairs, has pledged greater efforts to shore up the weaknesses in rural elderly care and ensure the accessibility of basic elderly care services to all senior individuals.
Since 2016, China has also piloted and expanded its trials for long-term care insurance that provides recipients with caregiving guarantees and fiscal subsidies. The initiative prioritized the group of disabled or partially disabled elderly people. China also provides assistance to the low-income rural population with special difficulties, including the elderly.
“I hope more public financial resources can be directed to rural areas to genuinely improve the sense of security and happiness for the elderly there,” said Lu Jiehua.
Headline: FEMA Releases New Resources to Help Communities Prioritize Inflation Reduction Act Projects, Implement Low-Carbon and Net-Zero Energy Solutions to Promote National Resilience
FEMA Releases New Resources to Help Communities Prioritize Inflation Reduction Act Projects, Implement Low-Carbon and Net-Zero Energy Solutions to Promote National Resilience
WASHINGTON — During Climate Week NYC, FEMA held the Climate Resilient Infrastructure: Building a More Sustainable Future Summitwith public, private and academic partners to discuss and examine resilient infrastructure challenges and innovative solutions to address the impacts of climate change.
During the event, the agency released new resource documents to provide comprehensive guidance on how communities can incorporate low-carbon and net-zero energy practices into FEMA-funded projects. These efforts support the agency’s strategic goal of leading the whole community in climate resilience.
“Investing in local infrastructure means putting aside money today to secure a brighter, more resilient tomorrow. Yet, many state, local, territorial governments and Tribal Nations lack the resources, time or expertise to identify financing mechanisms to invest in climate resilience,” said FEMA Administrator Deanne Criswell. “This new report serves as a critical resource to help communities invest in climate resilience, by identifying examples of how partnerships with the private sector can help break the cycle of response, recovery—rinse and repeat.”
The Biden-Harris Administration’s Inflation Reduction Act allows FEMA to provide financial assistance for costs associated with low-carbon construction materials and incentives that encourage low-carbon and net-zero energy projects. Signed by President Joseph R. Biden in 2022, the act marked a historic commitment to build a new clean energy economy and tackle the climate crisis.
It is crucial for communities to build infrastructure that is not only resilient but also sustainable. FEMA released three new resources. These include: 1) the Low-Carbon and Net-Zero Energy Overview for Public Assistance and Hazard Mitigation Assistance; 2) the FEMA Fact Sheet on Low-Carbon Materials Projects, and 3) FEMA Fact Sheet on Net-Zero Energy Projects.
Resource Highlights
Detailed Guidance: The documents offer in-depth information on the use of low-carbon materials like concrete, asphalt, steel and glass as well as the implementation of net-zero energy practices.
Eligibility and Reimbursement: Applicants can qualify for and receive reimbursement for costs associated with these sustainable practices.
Real-World Examples: A roadmap of practical examples of successful projects that have utilized low-carbon materials or net-zero energy is included.
FEMA may fund costs associated with low-carbon materials, even when the costs are higher than those for conventional materials, to help cut carbon pollution and build back cleaner and more resilient. These clean, climate-resilient considerations apply to five FEMA grant programs. These programs include the Hazard Mitigation Grant Program, HMGP Post Fire, Pre-Disaster Mitigation, Building Resilient Infrastructure and Communities and Public Assistance.
Headline: Panasonic Energy Releases “Integrated Report 2024”
Osaka, Japan – September 25, 2024 – Panasonic Energy Co., Ltd., a Panasonic Group company, has released Integrated Report 2024 on the Sustainability page of the Panasonic Energy corporate website.
This report is intended to help our various stakeholders deepen their understanding of Panasonic Energy by disseminating financial and non-financial information, including details of the growth strategy, performance and financial status, and environmental, social and governance initiatives. Notably, this report explains Panasonic Energy’s competitive advantages and strengths and contains more non-financial information than before, such as disclosure based on the TCFD(*1) recommendations.
Panasonic Energy will continuously endeavor to upgrade the report and deepen communication with its stakeholders as a member of the Panasonic Group.
*1: Abbreviation for “Task Force on Climate-related Financial Disclosures”
Health Minister Dr Shane Reti has announced a $4.85 million package of initiatives aimed at understanding the prevalence of Fetal Alcohol Spectrum Disorder (FASD), promoting better education and supporting women to stay alcohol free during pregnancy.
“People with FASD can experience lifelong physical, behavioural, learning, and mental health problems. Those impacts are shared by families, caregivers, and communities,” says Dr Reti.
“In April, I announced five initiatives that will benefit hundreds of New Zealand families affected by FASD. I am pleased to report we are already seeing progress.
“Following the publication of New Zealand’s first tailored FASD diagnostic guidelines, 30 healthcare professionals will be trained to better recognise and diagnose FASD end of the year.
“The community support pilot is well underway and the FASD prevention campaign will launch in October. Health agencies are collaborating with the FASD community on the refreshed FASD Strategic Action Plan, which is on track to be published in 2025.
“However, with an estimated three to five Kiwi kids born with FASD every day, we simply cannot wait for a long-term plan to take meaningful action. We have listened to the best community and expert advice and have already made a start.”
The three initiatives announced today are:
Undertaking an FASD prevalence study, to understand the true nature of the challenge FASD presents in New Zealand, rather than relying on extrapolated overseas data.
Providing structured education for clinical and community settings to grow FASD awareness and capacity in communities and across health, disability and social services.
Supporting initiatives that promote alcohol-free pregnancies and reduce the stigma of FASD.
“FASD has significant economic and social costs to New Zealand. It’s a condition which significantly challenges lifelong learning and development and makes things very difficult for families,” says Dr Reti.
“We want people to thrive, leading lives they aspire to and contributing to society and the economy.
“There’s strong evidence that prevention, early detection and intervention are the most effective ways to improve the health and wellbeing for people with FASD.
“Evidence-based outcomes is a key principle of this Government’s investments – every initiative must provide clear, demonstrable value to communities. I expect to see real progress through these programmes, significantly shifting the dial on FASD.
“We want New Zealand to be a country where people are supported to have alcohol-free pregnancies, where the prevalence of FASD is well understood, where health and disability services have the training they need to diagnose FASD, and people living with FASD and their families are well supported.”
Source: Hong Kong Government special administrative region
​The Financial Secretary, Paul Chan, continued his visit to Madrid, Spain, yesterday (September 24, Madrid time).
During a business luncheon hosted by the Hong Kong Trade Development Council (HKTDC), Mr Chan delivered a keynote speech to about 150 leaders from the business, financial and innovation and technology sectors from Spain, and engaged in discussions with participants. He pointed out that Hong Kong has restored its global connections after the pandemic and with the singular advantages under the “one country, two systems” arrangement, is further solidifying its role as a super connector. He said Hong Kong welcomes Spanish enterprises to use Hong Kong as a springboard to tap into the vast markets of the Guangdong-Hong Kong-Macao Greater Bay Area, the Mainland, and broader Asia.
Mr Chan further noted that Hong Kong offers a full spectrum of fund-raising and financial services. Combined with the mutual access schemes with the capital markets of the Mainland, Hong Kong provides the channel where Spanish companies can conveniently attract funds from both the Mainland and international markets. Additionally, Hong Kong is a leader in green finance in Asia, and its green standards are compatible with those of the European Union, green projects from Europe can fully leverage Hong Kong as a fund-raising platform. At the same time, Hong Kong is making great strides to become an international innovation and technology centre, with a burgeoning innovation and technology ecosystem that can collaborate with Spain’s tech ecosystem across key sectors such as artificial intelligence, biotechnology, fintech, new energy and new materials.
In conclusion, Mr Chan expressed hope for strengthening co-operation with Spain in finance, innovation and technology, culture, and creative industries to deepen co-operation and achieve mutually rewarding success.
During the discussion session of the luncheon, the Chief Executive Officer of the Hong Kong Science and Technology Parks, Mr Albert Wong, and the Chief Public Mission Officer of Cyberport, Mr Eric Chan, shared insights on Hong Kong’s innovation and technology development and advantages, the ecosystems of the two institutions, and the multi-faceted support offered to start-ups.
In the afternoon, Mr Chan met with the Secretary of State for Trade of Spain, Ms Amparo López Senovilla and briefed her on Hong Kong’s latest economic development. They engaged in in-depth exchanges on further promoting economic and trade co-operation and mutual investments between the two economies. HKTDC Chairman, Dr Peter Lam, and its Executive Director, Ms Margaret Fong, also participated in the meeting.
In the morning, Mr Chan led a delegation of tech start-ups to visit start-up accelerator IMPACT and Spanish telecommunications company Telefónica respectively. IMPACT, co-founded by the renowned digital business school ISDI, is one of Europe’s leading start-up accelerators, helping start-ups in and out of Europe build networks, and providing financial support, mentoring and training. The start-up representatives of the delegation interacted with IMPACT leaders, sharing their entrepreneurial ideas and business developments. The delegation then visited Telefónica to learn about the company’s operations and its development strategies in 5G telecommunications, the Internet of Things, Web3.0 and etc.; as well as its experience in incubating and investing in innovation and technology firms.
Mr Chan will continue his visit in Madrid today (September 25, Madrid time) and will travel to London in the afternoon.
SEATTLE, Sept. 24, 2024 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today announced that it has entered into definitive agreements for the issuance and sale of an aggregate of 1,176,471 shares of Class A common stock (or pre-funded warrant in lieu thereof), accompanying Series A warrants to purchase up to 1,176,471 shares of Class A common stock and accompanying short-term Series B warrants to purchase up to 1,176,471 shares of Class A common stock at a purchase price of $4.25 per share (or per pre-funded warrant in lieu thereof) and accompanying warrants in a private placement priced at-the-market under the rules of the Nasdaq Stock Market. The Series A and the short-term Series B warrants will have an exercise price of $4.00 per share and will be exercisable immediately upon issuance. The Series A warrants will expire five years from the issuance date and the short-term Series B warrants will expire 18 months from the issuance date. The closing of the offering is expected to occur on or about September 26, 2024, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds from the offering are expected to be approximately $5 million, prior to deducting placement agent’s fees and other offering expenses payable by the Company. Banzai intends to use the net proceeds from the offering to pay off in full its outstanding credit facility with Yorkville Advisors and for working capital and other general corporate purposes.
The securities described above are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Regulation D promulgated thereunder and, along with the shares of Class A common stock underlying the warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the warrants and underlying shares of Class A common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Pursuant to a registration rights agreement with investors, the Company has agreed to file a resale registration statement covering the securities described above.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Banzai
Banzai is a marketing technology company that provides essential marketing and sales solutions for businesses of all sizes. On a mission to help their customers achieve their mission, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Banzai customers include Square, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among thousands of others. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): ability to consummation of the private placement, the satisfaction of the closing conditions of the private placement and the use of proceeds therefrom as well as future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release, except as required by law.
Investor Contacts: Chris Tyson Executive Vice President MZ Group – MZ North America 949-491-8235 BNZI@mzgroup.us www.mzgroup.us
Released by: Minister for Jobs, Minister for Skills, TAFE and Tertiary Education, Minister for Tourism
The Minns Labor Government is boosting NSW’s visitor economy workforce, delivering subsidised training programs for a sector that is expected to need up to 150,000 more workers over the next decade.
TAFE NSW is partnering with Destination NSW to develop and deliver training programs jointly funded by the Federal Government’s NSW Choose Tourism Program.
The subsidised courses are designed to address industry workforce shortages by encouraging Australians to pursue a career in the visitor economy, helping operators to attract, retain and upskill staff.
A key recommendation of the Visitor Economy Strategy 2030 Review, to be released in coming weeks, is to encourage school leavers and other jobseekers into the tourism workforce, with the aim of growing the sector in NSW to 450,000 workers.
The Review finds that currently school leavers are spurning visitor economy careers, with leakage of workers into mining, agriculture and trades due to “perceived better career paths, industry confidence and better pay”.
Having reached a record $52.9 billion of annual visitor expenditure in the year to June, the NSW visitor economy is Australia’s biggest.
The growth in the NSW visitor economy over the coming decade will coincide with the opening of the Western Sydney Airport in 2026 and a new emphasis on visitor experiences that show off the best of our food and wine, coastal and aquatic environments, nature-based, cultural, heritage, arts, First Nations, adventure and wellness experiences.
The new training programs include:
An ‘Introduction to the Visitor Economy’ microskill: a short self-directed online course, designed to provide foundational knowledge and explore careers in the visitor economy industry. The microskill will be offered free to the public for the first six weeks of release, with fully subsidised access available for NSW high school students.
Five one-hour video masterclasses: fully subsidised pre-recorded masterclasses will be available on the TAFE NSW website, featuring industry experts such as Scenic World, Cupitt’s Estate, Merlin Entertainments, Sydney Opera House, and W Hotels.
Modernised Certificate III in Tourism: set for delivery in 2025, this updated qualification will include new visitor economy skills. Updates will also incorporate contemporary case studies and assessments based on industry feedback to ensure the qualification meets the current needs of the sector.
The ‘Introduction to Visitor Economy’ microskill is launching today and masterclasses will be available from late October 2024. To find out more, visit tafensw.edu.au/visitoreconomy
Minister for Jobs and Tourism, John Graham said:
“Through the NSW Visitor Economy Strategy 2030 review, we discovered that we need more school leavers to pursue careers in the visitor economy.
“A career in the visitor economy offers not just an incredible professional pathway but also the opportunity for some of the best life experiences available anywhere in the world.
“These new training programs will be invaluable to attracting more people to the visitor economy workforce and will alleviate pressure from the countless small businesses who are feeling the pinch as they look for skilled workers to fill jobs.”
Minister for Skills, TAFE and Tertiary Education, Steve Whan said:
“TAFE NSW is working closely with industry to deliver relevant, modern training to build a pipeline of workers needed to support a thriving visitor economy.
“High schools across NSW, as well as the public, will have access to fee-free places in the Introduction to Visitor Economy microskill, opening doors for people to discover opportunities in this dynamic sector.
“These exciting new training opportunities will be available online, so people across the state can access the skills and expertise needed to excel in the visitor economy, helping regional businesses attract and retain talent.”
Federal Minister for Trade and Tourism Don Farrell said:
“A strong, sustainable, skilled workforce is critically important to Australia’s tourism industry.
“It is a great industry to work in with a diverse range of exciting career opportunities.
“That is why the Albanese Government is supporting New South Wales, and all states and territories, to build their tourism workforce through our Choose Tourism grants program.
“My first job was in tourism, and I know firsthand what an amazing opportunity this industry provides, I commend NSW on these initiatives.”
MANILA, PHILIPPINES (25 September 2024) — Moderating inflation, monetary easing, and sustained public spending particularly on major infrastructure projects, will support Philippine economic growth this year and the next, according to a report released by the Asian Development Bank (ADB) today.
In its Asian Development Outlook (ADO) September 2024 report, ADB maintained its growth forecast for the Philippine economy at 6.0% for 2024 and 6.2% in 2025. The expansion in gross domestic product (GDP) will be driven by broad-based domestic demand, supported by lower inflation and interest rates, the report said.
ADB lowered its inflation forecast to 3.6% in 2024 from its April estimate of 3.8%, reflecting the sustained deceleration in food prices partly due to lower tariffs on rice imports. Inflation is expected to ease further to 3.2% in 2025 compared to the previous estimate of 3.4%.
“Most of the ingredients for the Philippines’ sustained economic growth are in place—rising government revenues are boosting public expenditures on infrastructure and social services, increasing employment is driving consumption, and reforms to open the economy to more investments are underway. With inflation slowing, the country is in a strong position to lead growth in Southeast Asia,” said ADB Philippines Country Director Pavit Ramachandran.
However, risks remain from potential severe weather events which could drive inflation higher. External factors such as a sharper slowdown in major advanced economies and the People’s Republic of China, financial volatility due to US monetary policy decisions, geopolitical tensions, and rising global commodity prices also pose threats to growth, the report said.
The Philippine government expects public infrastructure spending to range between 5.0%–6.0% of GDP annually from 2024 to 2028, after hitting 5.8% of GDP in 2023. The government’s “Build Better More” infrastructure program includes 66 ongoing projects and another 31 approved for implementation as of August 2024.
The infrastructure program aims to enhance physical connectivity through railways, bridges, and airports, or strengthen water management through irrigation, water supply, and flood control. Climate change mitigation and adaptation, digital connectivity, energy, and agriculture projects, are also prioritized under this program.
ADB is financing key infrastructure projects, such as the Malolos Clark Railway Project and the South Commuter Railway Project which will link Metro Manila to northern and southern provinces in the Luzon region. It is also supporting the Bataan-Cavite Interlink Bridge Project, and the Integrated Flood Resilience and Adaptation Project which aims to enhance flood and climate change resilience in three major river basins in the country.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
MANILA, PHILIPPINES (25 September 2024) — The Asian Development Bank (ADB) has raised its economic growth forecast for developing Asia and the Pacific this year, amid solid domestic demand and continued strength in exports. ADB has also lowered its forecast for regional inflation.
The region is forecast to grow by 5.0% this year, compared with a projection of 4.9% in April, according to Asian Development Outlook (ADO) September 2024, released today. The forecast for next year is maintained at 4.9%. Inflation in developing Asia and the Pacific is expected to ease further to 2.8% in 2024, compared with a previous forecast of 3.2%.
The improved economic outlook reflects stronger-than-expected expansions in East Asia, Caucasus and Central Asia, and the Pacific. Rising global demand for semiconductors, driven in part by the artificial intelligence boom, is boosting exports, while easing global food prices and the lagged effects of monetary policy tightening have brought inflation down to near pre-pandemic levels.
“Strong economic fundamentals will continue to underpin expansion this year and next,” said ADB Chief Economist Albert Park. “Financial conditions are expected to improve as inflation moderates further and the US eases its monetary policy, and this will support the positive outlook for the region.”
Risks to the outlook include a worsening of trade tensions between the United States (US) and the People’s Republic of China (PRC); further deterioration in the PRC property market; worsening geopolitical tensions; and the effects of climate change and adverse weather on commodity prices and food and energy security.
The growth forecast for the PRC, the largest economy in developing Asia and the Pacific, remains at 4.8% this year and 4.5% next year. Lingering weakness in the PRC’s property sector has negatively affected household spending during 2024. This has been partially offset by higher investment, underpinned by stimulatory monetary and fiscal policies, and higher exports.
India’s economy—the region’s second largest—is forecast to grow 7.0% in 2024, unchanged from April, amid strong domestic demand including an increase in government spending.
The growth forecast for the Caucasus and Central Asia has been raised to 4.7% this year, compared with a 4.3% projection in April, thanks to improved domestic demand bolstered by remittances in some economies. The growth forecast for the Pacific is revised upward to 3.4%, from 3.3% in April, driven by the increase in tourist arrivals. The forecast for Southeast Asia has been lowered by 0.1 percentage points to 4.5%, due to a decline in public investments and slower-than-expected export recovery.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
PHNOM PENH, CAMBODIA (25 September 2024) —The Asian Development Bank (ADB) has maintained its growth forecast for Cambodia at 5.8% for 2024 and 6.0% for 2025. It has revised down its earlier inflation projection for 2024 from 2.0% to 0.5%, reflecting the slow increase in food prices and decline in fuel prices in the first half of 2024, according to the Asian Development Outlook (ADO) September 2024.
“The rebound in the manufacturing sector— especially garments, footwear, and travel goods (GFT) — is powering the country’s economic growth,” said ADB Country Director for Cambodia Jyotsana Varma. “Agriculture and tourism are steadily gaining ground, while continued inflows of foreign direct investment are fueling the country’s economic momentum. Together, these forces are setting the stage for a promising 2024 and positioning Cambodia for robust growth in 2025 and beyond.”
The lowering of inflation forecasts reflects reduced prices of fuel-related goods and services, along with decreased costs of fertilizers, providing support to agricultural production. This will provide much-needed relief for people, especially the most vulnerable, who have faced challenges in recent years due to rising food and fuel prices.
The report highlighted that GFT exports rose by 16.9% year on year in the first half of 2024, rebounding from an 18.6% decline during the same period the previous year. Meanwhile, growth in exports of non-GFT products slowed to 1.3% year on year from 21.2%. Imports of construction materials and equipment surged by 23.3% year on year in the first half of 2024, driven by public infrastructure investment.
Agriculture is projected to grow by 1.2% in 2024 and 1.3% in 2025. Services are forecast to grow by 5.4% in 2024 before tapering to 5.2% in 2025. This forecast is supported by a 22.7% year on year increase in tourist arrivals in the first half of 2024, reaching 94.8% of the pre-pandemic levels in the first half of 2019.
Foreign investment inflows continued although they decelerated somewhat to $2 billion by mid-2024, from $2.1 billion during the same period last year. This was supported by growth in nonfinancial sectors. However, investment in the financial sector slowed appreciably due to lower banking profits.
Potential risks to Cambodia’s economic outlook include weaker growth in major economies like the People’s Republic of China, Europe, and the United States, high private debt, volatile global fuel prices, and severe impact from extreme weather events.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
DILI, TIMOR-LESTE (25 September 2024) — Timor-Leste’s economic growth momentum will continue in 2024–2025, though at a more modest pace than forecast in April 2024 due to lower government expenditure and weaker investment spending than previously expected, according to a report by the Asian Development Bank (ADB).
The Asian Development Outlook (ADO) September 2024 reports that robust private consumption, fueled by consumer credits, government transfers, personal remittances, and tourist arrivals should drive growth. However, the forecast has been revised down to 3.1% for 2024 and 3.9% for 2025 from the 3.4% and 4.1% projected in ADO April 2024, respectively, due to slower-than-expected budget spending.
“Ensuring investment project readiness, improving public procurement practices, and strengthening institutional capacity are essential for maximizing the positive impact of public capital investments on economic growth,” said ADB Country Director for Timor-Leste Stefania Dina. “To sustain robust economic growth beyond 2024, we must embrace public financial management reforms and strategic policy shifts. By optimizing development finance opportunities and protecting government resources, such as the Petroleum Fund, we can build a brighter future for Timor-Leste.”
Due to lower inflation in staple products and consumer durables and persistently low inflation in nontradables, average inflation will moderate to 3.4% in 2024, revised down slightly from the previous 3.5% forecast. The report’s 2.9% inflation forecast for 2025 remains unchanged from ADO April 2024. The current account deficits will remain large but slightly less than the previous forecasts due to lower imports of goods and services in line with slower budget spending.
Risks to Timor-Leste’s growth outlook stem from lower public capital spending, climate-related disasters, and the impact of external shocks and spillovers mainly associated with prolonged global geopolitical tensions on trade conditions and inflation.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
Today, Prime Minister Justin Trudeau met with the President of Ukraine, Volodymyr Zelenskyy, on the margins of the 79th Session of the United Nations General Assembly.
Prime Minister Trudeau reiterated Canada’s condemnation of Russia’s ongoing war of aggression against Ukraine, including its horrific targeting of civilians and energy infrastructure. The Prime Minister reaffirmed Canada’s commitment to continue providing military, financial, humanitarian, development, and other assistance to Ukraine as it fights to preserve its sovereignty, territorial integrity, and independence.
The two leaders discussed countering Russian misinformation and disinformation, and President Zelenskyy’s diplomatic efforts toward peace, including through Ukraine’s Peace Formula. They committed to continue building on the success of the recent Summit on Peace in Ukraine, and the Prime Minister underlined ongoing contributions to these efforts. This includes Canada’s co-leadership, with Ukraine, of the International Coalition for the Return of Ukrainian Children, and the meeting of foreign ministers on the human dimension of Russia’s war against Ukraine, to be hosted by Canada in October.
Prime Minister Trudeau and President Zelenskyy reaffirmed their intention to remain in close and regular contact.
Source: United States Senator for Maine Susan Collins
Washington, D.C. – Today, U.S. Senators Susan Collins and Mark Warner (D-VA) introduced two bipartisan, bicameral bills that would allow family caregivers to better save for retirement. These bills—the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act—would help address the financial challenges faced by individuals who leave the workforce to care for loved ones, often sacrificing their own long-term financial security. Companion bills were introduced in the U.S. House of Representatives by Congresswomen Maria Elvira Salazar (R-FL-27) and Brittany Pettersen (D-CO-07).
“Family caregivers provide critical support to their loved ones, yet many are forced to step away from work, significantly inhibiting their ability to save for retirement,” said Senator Collins. “Our bipartisan bills would give these individuals a better opportunity to build a secure financial future and help ensure they are not penalized for the vital care they provide.”
“Family members often make tremendous sacrifices to leave the workforce and care for their aging relatives, and as a result, they miss out on key years of saving for their own golden years,” said Senator Warner. “We need to make it easier for those folks to continue their essential care work while also securing their own financial futures. I’m proud to introduce bills that would give these family caregivers the flexibility to continue contributing to retirement accounts so it’s easier for more people to care for aging relatives without obstructing their own ability to retire with dignity.”
“Caregiving is one of the most important jobs, but our current policies penalize selfless Americans who look after their loved ones,” said Representative Salazar. “I’m proud to co-lead the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act, which will reward caregivers with new opportunities to secure a dignified retirement.”
“Caregivers do some of the most important but underappreciated work in our country,” said Representative Pettersen. “Caregivers do everything from cooking meals, administering medications, paying bills, and driving their loved ones to frequent medical appointments. Caregivers often take a significant financial hit when they take time out of the workforce to prioritize their loved ones and many struggle with their own financial security and ability to save in the long term. These two pieces of legislation make it easier for caregivers to save for retirement, ensuring they can take care of their own financial health while caring for their family.”
“Caring for a loved one living with Alzheimer’s or other dementia too often takes a devastating toll on caregivers, with many experiencing substantial emotional, financial and physical difficulties,” said Robert Egge, Alzheimer’s Association Chief Public Policy Officer and AIM president. “These two bipartisan bills will support our nation’s dementia caregivers by improving access to retirement resources that can help offset some of the financial challenges faced by families impacted by this disease. Thank you to Sens. Collins and Warner for introducing these bills and for your dedication to the Alzheimer’s community.”
“Edward Jones is grateful for Senator Collins’ leadership in introducing the Improving Retirement Security for Family Caregivers Act and Catching-up Family Caregivers Act,” said Dr. Lamell McMorris,Principal and Head of Policy, Regulatory & Government Relations for Edward Jones. “We know through our experience, that caregivers make significant sacrifices in providing care to loved ones, which can impact their personal financial security and retirement readiness. We believe that this bipartisan legislation will provide savings opportunities to improve the financial futures of millions of Americans and their families.”
“Business leaders and HR professionals are responsible for designing and implementing benefit plans that meet the needs of their team members. However, too often, caregiver support is not considered. People are living longer, and workers are caring for both children and elderly parents simultaneously. If we intend to lead with empathy, providing employees with the opportunity to care for ill, injured, or aging loved ones must be a priority,” said Emily M. Dickens, Chief of Staff and Head of Public Affairs, SHRM. “That is why we are honored to support the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act. SHRM is pleased to see the bipartisan progress in Congress being made to help employees reconstitute their retirement nest egg after a period of intensive caregiving.”
“Family caregivers often pause their careers and retirement savings to provide essential care for loved ones, a service vital to both families and the economy. However, this time away from paid work can result in reduced income and benefits, potentially leading to future financial difficulties, particularly in retirement,” said Jason Resendez, CEO & President of the National Alliance for Caregiving. “If enacted, the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act would represent progress towards acknowledging and addressing the economic sacrifices too many family caregivers make.”
Women often take time away from careers to care for their families, resulting in a significant loss to their retirement savings. According to the Center for American Progress, an average 26-year-old female making $60,000 a year who leaves the workforce for five years to care for her children will lose close to one million dollars over her lifetime due to lost retirement assets and wage growth. A recent study from the Edward Jones Grassroots Taskforce found that 64 percent of women say their caregiving duties have negatively impacted their ability to save towards their long-term financial goals. Those taking care of an aging parent often face similar repercussions to being a family caregiver. In 2020, AARP found that three in ten caregivers have stopped contributing to their savings. Therefore, these proposals would allow those who dedicate at least 500 hours to family caregiving and are unemployed or severely underemployed the ability to contribute to their retirement now and later.
The Improving Retirement Security for Family Caregivers Act would allow family caregivers to contribute up to $7,000 annually to a Roth IRA, even if their income falls below that threshold. Current law caps contributions at the lower of $7,000 or yearly income, limiting caregivers’ ability to save for retirement when their earnings are reduced due to caregiving responsibilities. By eliminating this income cap for family caregivers, the bill would help to ensure that they can continue to save for retirement despite their reduced wages.
The Catching Up Family Caregivers Act would allow family caregivers to make catch-up contributions to employer-sponsored retirement plans, an option typically reserved for those over age 50. For every year they are out of the workforce, caregivers could be eligible for an additional year of catch-up contributions, up to a maximum of five years. This provision would help caregivers who miss critical savings years get back on track with their retirement planning.
Both pieces of legislation are supported by the Alzheimer’s Association, the Edward Jones Grassroots Task Force, the Society for Human Resources Management (SHRM), the Insured Retirement Institute, and the National Alliance for Caregiving.
The complete text of the Improving Retirement Security for Family Caregivers Act can be read here.
The complete text of the Catching Up Family Caregivers Act can be read here.
Today, Prime Minister Justin Trudeau met with the President of Ukraine, Volodymyr Zelenskyy, on the margins of the 79th session of the United Nations General Assembly.
Prime Minister Trudeau reiterated Canada’s condemnation of Russia’s ongoing war of aggression against Ukraine, including its horrific targeting of civilians and energy infrastructure. The Prime Minister reaffirmed Canada’s commitment to continue providing military, financial, humanitarian, development and other support to Ukraine in its fight to preserve its sovereignty, territorial integrity and independence.
The two leaders discussed ways to combat Russian misinformation and disinformation, as well as President Zelenskyy’s diplomatic efforts to promote peace, including through the Ukraine Peace Plan. They committed to building on the successes of the recent Ukraine Peace Summit, and the Prime Minister highlighted ongoing contributions in this regard, including Canada’s co-chairing of the International Coalition for the Repatriation of Ukrainian Children, and Canada’s meeting of foreign ministers on the human dimension of Russia’s war on Ukraine in October.
Prime Minister Trudeau and President Zelenskyy reaffirmed their intention to remain in close and regular contact.
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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.
Source: United States Senator Tommy Tuberville (Alabama)
“The issues plaguing American producers are directly linked to the harmful policies.”
WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) spoke on the Senate floor about the how the Biden administration’s inflationary policies are hurting American farmers. He stressed the importance of passing a Farm Bill that puts American farmers first.
Read Senator Tuberville’s remarks below or on YouTube or Rumble.
“Mr. President, I rise today to talk about the dire state of our American farm economy and our farmers. American farmers and producers are the backbone of our nation’s agriculture economy and food security.
Despite their critical role in our lives to feed, clothe, and fuel not only the United States, but the entire world, our farmers are struggling to survive—and that’s an understatement. The current state of the agriculture economy is bleak and on the verge of collapse. We have problems all over the world. We have problems in our country. There’s nothing more important. Nothing more important that we should be addressing than our food supply here in this country.
Costs for farmers are rising. Commodity prices are falling. Our farmers cannot break even—much less, make a profit. According to the USDA, net farm income this year is projected to decline 4.4% from 2023 […]. That is a disaster. This follows a shocking—listen to this—a shocking 19.5% decline in 2022.
Not one business in this country can survive with this kind of decline. And our farmers and our farms are no different. This means producer’s income has plummeted 23% in just two years. 23%. These figures represent over $40 billion in lost revenue for America’s hardworking producers. This is the largest two-year decline ever in our farm income, ever in the history of this country.
Right now, our row croppers, especially, are facing considerable financial hardship. According to the American Farm Bureau Federation, row croppers had a $27.7 billion decline in cash receipts since last year. In Alabama, my state, our producers are yielding bumper crops of cotton, peanuts, corn, soybeans, and yet they can’t profit due to [the] rising cost of production. Our catfish producers are in the same boat. Rising input costs and falling fish prices are threatening to put them out of business. A multitude of factors that producers have no control over are impacting their bottom lines.
And I wanna talk about one of them. This miraculous, this ‘world saving’ Inflation Reduction Act that we passed a few years ago, was supposed to ‘save our economy.’ It was supposed to save a lot of workers. You know what it’s done to our farmers? It’s almost put us out of business. The Inflation Reduction Act started a tax credit for imports and exports.
Unfortunately, all the tax credits are going to people, and countries, and farmers from overseas—Brazil and China. [The tax credit] is supposed to go to our farmers, [but] no it’s not gonna do that. For some reason, this Administration [has] given all the tax credits to the farmers from other countries, and our farmers are struggling.
The Biden administration has control, has total control, over our farm economy, but you hadn’t heard a peep out of them, not one peep about our farmers. And this is a disastrous year coming up. And right now, we are harvesting our crops and they’re bumper crops. The issues plaguing American producers are directly linked to the harmful policies, as I just said, from the Biden-Harris administration.
This includes the lack of domestic energy production, skyrocketing inflation, which comes from the Inflation Reduction Act, and endless environmental hurdles. Let me say something about conservation and all the things that happen in our environment. There’s nobody, and I mean nobody on the face of the earth, that takes care and is more conscious of environmental problems than our farmers, because they make a living off our land. But we’re putting so many regulations on them. We’re closing our farms down and running them overseas, and we’re gonna have a national security threat because all of our food is gonna come from foreign countries.
Farmers are experiencing rising high costs of labor [and an] increase [in the] price of feeds, fertilizer, and pesticides. And I’m not going to sugarcoat it. America’s agriculture producers are facing a very tough road ahead. And it’s something nobody, the media, this building, […] The House of Representatives—nobody’s even talking about. Folks, if we can’t eat. If we don’t have food to eat, we’re done.
Many farmers fear that their farm loans this year will not be renewed. They have to have farm loans to put a crop in the ground. They fear cash flow is drying up and interest rates continuing to rise create an uncertain future for farming operations. Although Congress only has a few legislative days left to act, we must stop adding fuel to the Biden-Harris administration’s fire. We’ve got to quit adding fuel. We’ve got to help the farmers.
We need to pass a Farm Bill that helps our farmers. Democrats are [in] control of that. […] A farm bill is for five years. […] Five years ago, the Farm Bill was $870 billion for [a] five-year period. It runs in a five-year period. So, this past year, we’re supposed to be working on a Farm Bill. I’m on the Ag Committee. We go by the control of the Democratic Party. Our Democratic Chairwoman has decided we won’t do a Farm Bill this year.
We’re just throwing farmers underneath the bus. They need help. You would think by looking at everything going on, that my colleagues on the Left would rather our food come from other countries, take over our farmland, control it, and do something else with it.
Producers need a strong safety net—we’ve got to have a safety net for our farmers. Considering no farmer’s risks are the same, we cannot take a one-size-fits-all approach. Remember, we have a Farm Bill that covers livestock, hogs, row croppers, forest, fish. There’s a lot of things involved.
Farmers across the country have fluctuating levels of risk impacted by land and equipment costs, access to irrigation, and variable input requirements. Southern row croppers rely heavily, heavily upon Title I Commodity Programs in the Farm Bill, particularly the Price Loss [Coverage] program and the Agricultural Risk [Coverage] program. Yet Midwest producers heavily utilize crop insurance.
Where there may be an overlap across regions among these programs, we must fix the entire farm safety net, not just parts of it. Take the reference prices and commodity programs, for example. Reference prices are how much prices are in their commodity sells for. Our farmers […] are today operating on 2012 reference prices, 2012. Fourteen years later, the costs of production are 22-31% higher today than they were at that time a decade ago—making current reference prices completely inadequate for our farmers.
We don’t have time to waste. Our farmers are facing an uphill battle to remain in business. […] The American people going to the grocery store are gonna find out pretty quick what it is to be hungry if we don’t wake up and smell the roses.
Even if a Farm Bill is passed today, producers wouldn’t receive any commodity program support from this Farm Bill until 2026. Game, set, match before 2026 for our farmers in this country.
That’s help our farmers need now to survive, not two years late. Senate Republicans stand ready to act on a solid bipartisan bill the House Agriculture Committee passed earlier this year. Yet, Senate Democrats and the Biden administration refused, they refused, to come to the table to find practical, bipartisan solutions to the many problems our farmers are facing today.
‘Let’s don’t worry about our farmers. Let’s worry about Ukraine. Let’s worry about people overseas. Eight hundred bases we have around the world. Let’s don’t worry about eating. We can without eating.’ That’s what this Administration’s saying.
This forces us to look to supplemental appropriation packages to help our producers, if we’re not gonna do a Farm Bill, to renew their farm loans and plan for next year’s crops. If they don’t get help this year, we’re gonna have huge problems. They won’t be pocketing this money. If we come up with some money to help the farmers get along, they’ll just be planting another crop.
Without immediate action to assist producers, our nation’s agriculture industry may never, ever, make it back from the damage that we’re doing to them today. America has lost—listen to this—America has lost 150,000 farms and 25,000 farmers in our country over the last few years. What? 150,000 farms closed up. Why? They can’t make a profit. You’ve owned a farm for 100 years, you and your family. But you get to the point where you say, ‘you know, I’m not passing something down to our kids that really wanna farm, we’re not gonna put them in harm’s way. We’re gonna sell. We’re gonna get out of the business. And we’re gonna let somebody else worry about it. Let’s let the Federal Government worry about it.’ […]
We can’t afford any more losses to our farms. Our farmers are hurting. They’re hurting real bad. But have you heard anybody talk about it, no.
You’re gonna hear a lot of people complaining about it and there’s gonna be an uproar in the next few years when prices double and triple as what they are today because we’re not gonna have any food. And it’s gonna come from Brazil, it’s gonna come from China, it’s gonna come from Vietnam.
We are doing severe damage to the farmers across this country and nobody cares. I’ll continue to be the voice of our Southern agriculture producers in the Senate and ensure that we have a seat at the table on this Farm Bill upcoming. But as I just said a while ago, [even] if we do a Farm Bill today, we’re gonna lose at least half of our farmers in this country this year, this year if they don’t get some help.
Mr. President, I yield the floor.”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, and HELP Committees.
Boosted by news of supportive measures addressing the benchmark interest rate, a share stabilization fund and new monetary policy tools to support bourses, the A-share market rallied strongly on Tuesday, with upward momentum expected to continue in anticipation of more long-term capital inflows, experts said.
Their comments were made on Tuesday when the benchmark Shanghai Composite Index closed up 4.15 percent, the largest single-day gain in over four years. With this, the SCI regained its 2800-point threshold to close at 2863.13 points. The Shenzhen Component Index jumped 4.36 percent while the tech-heavy ChiNext in Shenzhen, Guangdong province, ended 5.54 percent higher. The combined trading value on the Shanghai and Shenzhen bourses surged 76.3 percent from a day earlier to 971.3 billion yuan ($138.1 billion).
The stock market’s bullish rebound came amid a series of supportive measures announced during a news conference on Tuesday.
Pan Gongsheng, governor of the People’s Bank of China, the country’s central bank, announced a 50-basis-point cut for the reserve requirement ratio in the near term. This will free up about 1 trillion yuan of long-term capital inflow into the financial market, Pan said at the conference.
Meanwhile, the central bank will establish a swap program under which securities firms, asset managers and insurers can obtain liquidity from the central bank through collateralization of their financial assets such as bonds and stock exchange traded funds. The program, which serves as the first structural monetary policy tool introduced by the PBOC to support the capital market, will significantly enhance these financial companies’ ability to acquire funds and increase their share holdings, he said.
The funds obtained from the program can only be used to invest in the stock market. The first phase of the program is set at 500 billion yuan, with the scale open for expansion, Pan said.
The PBOC governor also said at the Tuesday conference that financial regulators are studying the possibility of establishing a stock market stabilization fund.
Wu Qing, chairman of the China Securities Regulatory Commission, the country’s top securities watchdog, said at the Tuesday briefing that they will come up with a guideline to introduce more medium to long-term funds into the capital market.
Fan Jituo, chief strategist at Cinda Securities, said that the supportive policies for the stock market have exceeded market expectations, which will usher in more innovative tools and even an easing cycle.
Chen Guo, chief strategist at China Securities, said that the supportive policies collectively announced by the country’s top financial regulators may indicate more significant policies.
The A-share market will see its risk appetite improved in the first place, thanks to the clear signals sent lately. Market liquidity will also improve as incremental capital inflow can be anticipated, Chen said.
Six measures to advance mergers and acquisitions as well as restructuring among A-share companies will be introduced. A guideline for listed companies’ market valuation management will be introduced and open for public opinions soon, said Wu.
The central bank will also create a special re-lending facility to guide banks to provide loans to listed companies and their major shareholders for buybacks and increasing shareholdings, Pan said.
Xu Fei, an analyst at Wanlian Securities, said the ecosystem of the Chinese capital market will further optimize amid regulators’ efforts to improve companies’ quality and investment value. More long-term capital will be introduced in such a scenario. Market confidence will also be boosted along with the number of supportive macroeconomic policies, he said.
China’s top private enterprises are ramping up their research and development expenditures, reflecting a shift toward innovation to become more competitive on the global stage, said government officials and industry experts.
According to a report released by the All-China Federation of Industry and Commerce on Monday, total 2023 R&D expenditures for the top 1,000 private firms reached 1.39 trillion yuan ($197.5 billion), up 4.78 percent year-on-year. They accounted for 41.88 percent of the nation’s overall R&D spending.
The manufacturing sector emerged as a major contributor, with total R&D expenditures surpassing 1 trillion yuan last year. The highest R&D investments were observed in the computer and electronics sector, which invested 318.47 billion yuan with an impressive average R&D intensity of 8.34 percent.
It was closely followed by the internet and related services sector at 245.07 billion yuan and the automotive industry at 142.56 billion yuan.
Top leadership officials emphasized earlier this year the need to deeply integrate technological innovation with industrial innovation to develop new quality productive forces, highlighting the importance of reinforcing the role of enterprises as key innovators.
Gao Yunlong, chairman of ACFIC, said: “Private enterprises are expected to lead technological innovation, drive revolutionary breakthroughs and increase R&D investments. They can also strengthen the deep integration of industry, academia and research institutions, and play a greater role in strengthening and supplementing key industrial chains, as well as in the transformation of technological achievements and self-reliance.”
Notably, China’s R&D efforts are increasingly narrowing the gap with other leading economies. Some 217 of the global top 1,000 R&D-invested firms are from China, with total R&D investments amounting to 1.27 trillion yuan.
The year-on-year growth rate of R&D expenditures for these top 1,000 private enterprises last year was 12.78 percent, surpassing the growth of 6.54 percent for the global top 1,000 and 7.68 percent for the European Union. The average R&D intensity for the top 1,000 private enterprises was 3.58 percent, 0.31 percentage points higher than that of the top 1,000 firms in the EU.
Xu Qin, Party secretary of Heilongjiang province, said that the province will implement more supportive policies for the development of the private economy to invigorate its growth.
“Efforts will also be made to create a top-tier business environment, ensuring comprehensive support for enterprises, enhancing gains for entrepreneurs and contributing to the overall revitalization of Northeast China,” Xu said.
China will scale up R&D expenditures by more than 7 percent annually during the 14th Five-Year Plan (2021-25) period. Consultancy McKinsey & Co said in a report that such a growth target will make China the world’s largest R&D spender.
Wang Peng, a senior researcher at the Beijing Academy of Social Sciences, said that amid a global economic slowdown, encouraging the private economy to increase R&D efforts is important.
“The Chinese economy will continue gathering momentum if the private sector, including smaller businesses, remains sound, given that many SMEs are being increasingly recognized for their role as leaders in new concepts and new business models,” Wang said.
China’s top financial regulators, in a move that went beyond market expectations, unveiled a potent combination of monetary easing measures on Tuesday, aimed at anchoring market confidence and underpinning economic recovery amid domestic and global headwinds, analysts said.
The forceful one-two punch, including cutting the reserve requirement ratio, key policy interest rates and existing mortgage loan interest rates, will foster a more enabling climate for the world’s second-largest economy to hit this year’s growth target, they added.
“Recent macroeconomic data pointing to a tepid recovery in domestic consumption and weak inflationary pressures have created space for policymakers to ramp up efforts to bolster the economy,” said Ming Ming, chief economist at CITIC Securities.
“The gradual release of the policy package will help shore up market sentiment, unleash pent-up consumer demand, and drive a pickup in prices, putting the economy on a more favorable growth trajectory,” he added.
Pan Gongsheng, governor of the People’s Bank of China, the nation’s central bank, said at a news conference on Tuesday that the reserve requirement ratio — the amount of cash that banks are required to have on hand — will be reduced by 0.5 percentage point in the near term, which will free up about 1 trillion yuan ($142.2 billion) for new lending.
This marks the second time that the central bank has lowered the RRR this year, after implementing a 0.5 percentage point reduction in February, indicating that Chinese policymakers are proactively tapping into the policy space provided by the US Federal Reserve’s interest rate cut last week, experts said.
Following the latest reduction, the average reserve ratio for the banking sector will drop to around 6.6 percent. This level still leaves considerable flexibility to further lower the RRR if needed, when compared with other major global economies, Pan said.
China’s central bank will not shy away from further RRR cuts of 0.25 to 0.5 percentage point this year, depending on the prevailing market liquidity conditions, Pan added.
The central bank also announced a reduction in its seven-day reverse repo rate — the short-term policy benchmark of interest rates — by 0.2 percentage point from the current 1.7 percent to 1.5 percent.
This move is expected to drive down the medium-term lending facility rate by around 0.3 percentage point, with the loan prime rates also projected to follow suit, declining by 0.2 to 0.25 percentage point, Pan added.
A new set of policies aimed at further stabilizing the real estate market was also unveiled at the news conference, including a 0.5 percentage point reduction in average existing mortgage rates and lowering the minimum down payment ratio from the current 25 percent to 15 percent on second homes, among others.
Guan Tao, global chief economist at BOCI China, said that Tuesday’s policy package was more proactive and comprehensive than expectations and indicated policymakers’ intention to deliver timely policy support, helping strengthen society’s confidence in achieving the economic growth target of about 5 percent for the year.
Guan said fiscal policy should synergize with accommodative monetary measures. Measures such as expanding this year’s government deficit to boost fiscal spending and optimizing the fiscal spending structure to improve people’s livelihoods are worth consideration, especially in light of households’ reluctance to consume and invest due to debt burdens.
China’s stock and foreign exchange markets reacted positively to the policy release, with the benchmark Shanghai Composite Index jumping 4.15 percent to Tuesday’s close at 2,863.13 points, the biggest rise in about four years.
Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said the policies will provide much-needed support to homeowners by alleviating their debt burden and boosting consumer spending.
Wang said the higher level of existing mortgage interest rates compared with new mortgages has triggered a notable wave of early loan repayments, posing a drag on household consumption.
According to a central bank report released in July, the average monthly early repayment volume reached 387 billion yuan from September to December last year, which translates to an annualized early mortgage repayment of around 4.6 trillion yuan.
While the mortgage rate cuts, on the other side, will have a tangible impact on bank earnings, the authorities are likely to take a balanced approach, such as orderly adjustments to deposit rates to ensure the banking sector’s resilience, Wang said.
SYDNEY, 25 Sept 2024 – Over six in 10 children with access to the internet interact with “unknown others” daily despite concerns about online grooming, according to new research released by Save the Children and Western Sydney University that highlighted children’s demands for better online protection.
The research team held in-depth consultations with about 600 children and young people aged 8 to 18 from Australia, Finland, the Philippines, Cambodia, Colombia, Kenya, and South Africa, who shared their views and experiences of facing inappropriate requests online for personal information or images.
The report, ‘Protecting Children from Online Grooming’, was written by the Young & Resilient Research Centre at Western Sydney University, and funded by the global child online safety investment vehicle Safe Online as part of the Tech Coalition Safe Online Research Fund.
Since the COVID-19 pandemic, incidents of online grooming and child sexual and financial exploitation have reached an all-time high [1], with an 82% rise in online grooming crimes against children reported in that period [2]. Online grooming practices have also transformed, with the fastest growing form of online grooming targeting young men for financial extortion [3].
The report revealed children were more inclined to connect with strangers – or “unknown others” – online as they matured and became more social, motivated by a desire for friendship, fun and play, followed by a wish to stay informed about trends and events, and to connect over shared interests.
The findings also showed that while children across all cultures and age groups were more suspicious of people they didn’t know online than people they knew in person, most (66%) of the study participants still interacted with “unknown others” daily online.
Children in high-income settings were twice as likely to use privacy settings to protect themselves from unwanted contacts, compared to children from some low-income settings, but the potential to derive financial benefits was an incentive for children in middle-income countries to connect with strangers online, potentially compromising their safety.
While children have come up with numerous ways to protect themselves, they are calling for widespread, accessible and targeted online safety education for themselves and their caregivers. In the discussions the children also made concrete suggestions about how technology platforms and governments can implement changes that will keep them safer online.
Sonisay*, a girl aged 11-12 from rural Cambodia, said:
“Adults should know that children interact with strangers, monitor them, and read their chats.”
Angel* aged 15-17 from a city in the Philippines said:
“Adults need to know about the children of today who are highly computer-savvy… To be able to support and protect the children, adults need to understand that children are comfortable with using the internet which pushes to interact with strangers.”
Charlie* aged 14 from Australia emphasised the need to start online safety education earlier:
“Having young children educated about the safety of technology and the dangers … adults only start this education for older kids on social media when the problem can be on video games played by young kids.”
Children reported that it was very difficult to ascertain the intentions of strangers online. Children were also particularly worried about being asked for personal information or nude pictures, being drawn into inappropriate sexually-oriented exchanges, or exposure to criminal activities.
The report found that children want and need better online protection, with children primarily using intuition and background checks rather than seeking help from trusted adults to manage their online interactions with people they don’t know.
The data also showed that children distinguish people they know well both online and in person from those they only know online, with 86% approaching the latter with caution. Yet despite this wariness, children were still three times more likely to ignore or decline an inappropriate or unwanted request than they are to report or block it.
Steve Miller, Save the Children’s Global Director of Child Protection, said:
“Children deserve to thrive in a safe and nurturing environment – both online and offline. As the digital landscape evolves, so do the challenges and threats, including the threat of online grooming and exploitation. We need to foster a digital environment that is not only safe but also enriching, allowing children to explore, learn, and grow without fear. Policymakers need to listen to the voices and experiences of children when developing policies that protect them.”
Professor Amanda Third, Co-Director of the Young and Resilient Research Centre, Western Sydney University, said:
“Keeping children safe from online grooming requires a whole-of-community approach. Governments, NGOs, technology platforms, teachers, parents, caregivers, and children themselves all have an important role to play. However, to most effectively address this issue it is crucial that we listen to the views and experiences of children and young people and engage them as active partners in the research and policy design process. Children and young people are finding their own ways to tackle this issue and devise solutions but they are also calling on us to help equip them and their caregivers with the skills and knowledge needed to be able to safely navigate these rapidly evolving digital environments.”
Save the Children has launched a major global effort to support digital inclusion and empower the next generation of resilient digital citizens. Save the Children’s Safe Digital Childhood initiative is includes partnering with schools, communities and tech leaders to break down barriers to digital inclusion by making sure the children with the fewest resources can access devices and connectivity; offering targeted digital literacy and citizenship programs; helping technology industry partners embed child-centric safeguards into their platforms; and empowering children to advocate for their rights in the digital world.
The Young & Resilient Research Centre at Western Sydney University is an Australian-based, international research centre that unites young people with researchers, practitioners, innovators, and policymakers to explore the role of technology in children’s and young people’s lives and how it can be used to improve individual and community resilience across generations.
Safe Online is the only global investment vehicle dedicated to keeping children safe in the digital world. Through investing in innovation and bringing key actors together, Safe Online helps shape a digital world that is safe and empowering for all children and young people, everywhere. The Tech Coalition Safe Online Research Fund, which funded the research, is a groundbreaking collaboration fuelling actionable research and bringing together the tech industry with academia and civil society in a bold alliance to end online child sexual exploitation and abuse.
Governor Kathy Hochul today announced that President Biden has approved her request for a Major Disaster Declaration to provide federal assistance to communities impacted by Tropical Storm Debby on August 8-10. This declaration allows for federal financial assistance to support public infrastructure reconstruction efforts in Allegany, Broome, Delaware, Essex, Franklin, Jefferson, Ontario, Steuben, St. Lawrence and Yates counties.
“The effects of Tropical Storm Debby caused extreme damage across parts of New York last month, and I’m thankful President Biden has approved my request for a Major Disaster Declaration,” Governor Hochul said. “My administration will continue to work with FEMA to ensure those affected receive the critical funding they need to begin the recovery and rebuilding process.”
A Major Disaster Declaration secures financial assistance from the federal government, primarily through FEMA’s Public Assistance Program, and provides funding to local governments and eligible non-profits for debris removal, protective measures, and repairs to buildings and infrastructure, including roads, bridges, water and wastewater treatment facilities, critical infrastructure sites, schools, parks and other facilities.
As part of the declaration, New York was also granted access to FEMA’s Hazard Mitigation Grant Programs. Following a Presidential disaster declaration, FEMA provides funding for states to administer grant programs supporting local hazard mitigation planning and long-term hazard mitigation measures to reduce the loss of life and to improve property damaged by natural disasters. Local governments and certain non-profits that perform government-like functions are eligible to apply for these grants. All counties in the State will have the ability to apply for this funding. More information will become available in the coming months.
In advance of the storm, Governor Hochul directed State agencies to ready emergency response assets and stay in real-time communication with local governments to monitor weather impacts and respond to requests for assistance. After the storms, Governor Kathy Hochul announced grants of up to $50,000 to be available to eligible homeowners in Allegany, Delaware, Franklin, Steuben and St. Lawrence Counties to address health and safety-related repairs not covered by insurance or other disaster relief programs.
Representative Nick Langworthy said, “Seeing the damage up close in some of the hardest hit areas, it became clear how essential federal assistance was for these communities to recover, and I was proud to be a vocal advocate for the Southern Tier throughout this process. With homes, businesses, and key infrastructure severely impacted, this Major Disaster Declaration will allow people to rebuild their lives. Now that this assistance is in place, we can focus on helping our neighbors get back on their feet after such a devastating storm.”
New figures today show that underlying inflation has moderated substantially to its lowest level in more than thirty months and headline monthly inflation moderated substantially by 0.8 percentage points in August, returning to the RBA’s target band for first time since October 2021.
These are very welcome and encouraging numbers.
They show our policies are helping in the fight against inflation, but we’re not complacent because we know people are still under pressure.
Monthly inflation was 2.7 per cent in the year to August 2024, down from 3.5 per cent in July 2024. It’s now less than half the 6.1 per cent we inherited and less than a third of its peak.
Underlying inflation moderated to its lowest rate in more than 30 months. Annual trimmed mean inflation moderated to 3.4 per cent in the 12 months to August 2024, down from 3.8 per cent in July 2024 and 4.3 per cent at the election.
Excluding volatile items and holiday travel, monthly inflation moderated to 3.0 per cent in August, down from 3.7 per cent in July.
Non‑tradable inflation was 3.8 per cent in the 12 months to August 2024, down from 4.5 per cent in July 2024 and much lower than the 5.3 per cent we inherited.
This shows we’ve made welcome and encouraging progress on inflation but we want it to moderate further and faster in quarterly terms as well.
Our policies are making a positive difference, but they aren’t the only factor that led to this result with underlying price measures also moderating in today’s figures.
This is a good result that shows we’re getting inflation under control but we’re not getting ahead of ourselves because we know it doesn’t moderate in a straight line.
The monthly figures can jump around which is why the quarterly data is the official measure of inflation, but the moderation in today’s figures is very heartening.
The quarterly data also confirms we’ve made welcome progress, with inflation half its peak and annual trimmed mean inflation having moderated for six consecutive quarters.
It’s encouraging to see the progress in today’s figures, particularly as we saw core inflation rise in multiple G7 countries just last week.
We recognise people are under pressure and we’re doing something about it.
We’ve delivered the first back‑to‑back surpluses in almost two decades which the RBA Governor has said are helping in the fight against inflation.
ABS data today again shows that inflation would be higher without our responsible cost‑of‑living relief.
Rents increased 6.8 per cent in the year to August but without our largest increase to Rent Assistance in 30 years, they would have increased 8.6 per cent.
Electricity prices fell 17.9 per cent in the year to August but without the energy rebates we are rolling out with the states, they would have decreased 2.7 per cent.
Our economic plan is all about easing the cost of living and fighting inflation without crunching the economy and today’s data confirms our policies are making a meaningful difference.
Source: People’s Republic of China – State Council News
The technological transformation driven by China’s large-scale equipment renewals will enable businesses to make significant strides in areas such as smart manufacturing, new energy and green technologies, further bolstering the country’s economic momentum, said government officials on Tuesday.
China aims to increase its investment in equipment for manufacturing, agriculture, construction, transportation, education, culture, tourism and medical care by at least 25 percent by 2027, compared with 2023, according to an action plan released by the State Council, China’s Cabinet, in March.
Complementing these efforts, the government allocated approximately 150 billion yuan ($21.31 billion) in ultra-long special treasury bonds in July to support large-scale equipment renewals, including updating old elevators.
Speaking at a news conference in Beijing, Liu Dechun, director of the department of resource conservation and environmental protection at the National Development and Reform Commission, China’s top economic regulator, said as new industrialization and urbanization continue to advance, the demand for upgrading various types of equipment is surging.
Liu said that accelerating the implementation of equipment renewal initiatives will effectively promote China’s industrial upgrading and foster the growth of new quality productive forces.
To drive the upgrading and renewal of energy-consuming equipment, the government will prioritize key sectors such as manufacturing, construction, transportation and energy. It will provide strong support for the modernization of high energy-consuming equipment, including boilers, motors, turbines, transformers, heat exchangers, pumps, compressors and lighting systems.
Projects that result in annual electricity savings of over 500,000 kilowatt-hours or energy savings of more than 150 metric tons of coal will qualify for support, extending benefits to more small and medium-sized enterprises, he added.
Large-scale equipment upgrade policies have notably supported investment growth. Investment in the purchase of industrial equipment and tools soared by 16.8 percent year-on-year in the first eight months of 2024, data from the NDRC showed.
This is 13.4 percentage points higher than the growth of total investment in China, accounting for 64.2 percent of the contribution to the nation’s overall investment growth, according to the commission.
Zhang Jianhua, deputy director of the department of planning at the Ministry of Industry and Information Technology, said that equipment renewal and technological transformation in the industrial sector are beneficial for expanding effective investment and increasing the proportion of advanced production capacity, offering both short- and long-term advantages.
The MIIT will encourage industrial companies to seize the opportunity provided by national policies supporting large-scale equipment renewals to carry out initiatives including upgrading advanced equipment, promoting digital transformation and advancing green equipment.
This will accelerate the renewal and transformation of production equipment and speed up industrial upgrading, said Zhang.
China’s centrally administered State-owned enterprises will also invest over 3 trillion yuan for large-scale equipment upgrades over the next five years, aiming to stay at the forefront of the latest technological and industrial advancements, the State-owned Assets Supervision and Administration Commission of the State Council announced in late July.
Chen Jianwei, a researcher at the Beijing-based University of International Business and Economics’ Academy of China Open Economy Studies, said these moves will help attract both multinational corporations and domestic companies from the private sector to increase their investments in these fields in China.
“They are likely to increase spending on promoting technological innovation, green and sustainable development, digital transformation and the circular economy within the country,” said Chen.
“We are confident of our development in China, which is the world’s largest elevator equipment market. We remain committed to supporting urbanization, smart cities, large-scale equipment renewals and sustainable development in the country,” said Sally Loh, president for China at Otis Worldwide Corp, a United States-based elevator manufacturer.
Source: United States Senator Kyrsten Sinema (Arizona)
The senator highlighted her ongoing work expanding opportunities to build a bright, prosperous, and thriving future for Arizona businesses and families.
WASHINGTON – Arizona senior Senator Kyrsten Sinema spoke to the Arizona Chamber of Commerce as part of the Chamber’s semi-annual fly-in to Washington, D.C. about her work to deliver real, lasting solutions strengthening economic opportunities for the state.
“My values are Arizona’s values, and I’ll continue working with anyone to get things done – no matter the challenge or the politics of the day – to build a bright, prosperous, and thriving future for our great state,” said Sinema.
In her speech, Sinema discussed her continued work bringing her colleagues on both sides of the aisle to fund Arizona priorities and ensure this year’s NDAA includes strong investments for Arizona’s military installations and aerospace defense community.
Through the senator’s leadership on multiple key bipartisan accomplishments – like her landmark bipartisan infrastructure law, and the CHIPS and Science law – Sinema secured and delivered historic investments fueling a healthy, resilient Arizona economy for families and businesses alike.
Earlier this year, at the Arizona Chamber of Commerce’s Annual Update from Capitol Hill, Sinema called on business leaders to put Arizona first. She encouraged the business community to be active participants in the legislative process, speak out and act against extreme policies and rhetoric, and follow her example of delivering durable results for Arizona.
Source: People’s Republic of China – State Council News
China is ramping up efforts to boost high-quality employment growth by developing more new professions, encouraging entrepreneurship and skills education, and tightening supervision of the human resources market to secure a fairer, healthier working environment for people.
Li Zhong, vice-minister of human resources and social security, said at a news conference in Beijing on Tuesday that high-quality employment is a priority of the nation’s socioeconomic development, and authorities must give more support to industries and companies that are better suited to create job opportunities.
He said authorities need to establish a forecast mechanism for human resources demands based on technological and industrial advancement and regularly publish information about professions or occupations in urgent demand to relieve the current structural imbalance between labor force supply and employers’ needs.
Li said the employment of young people, which requires systematic policy and financial support and the provision of smoother career promotion channels, remains a top priority for the ministry.
Senior officials have also attached importance to skills education and training, another important incubator of job opportunities.
Ministry spokesman Lu Aihong cited the outstanding performance of young Chinese at the recent WorldSkills competition while explaining the positive role of skills in realizing self-worth and boosting employment. The competition was held in Lyon, France, from Sept 10 to 15.
“It’s the seventh time China sent a delegation to compete in the WorldSkills, which is recognized as the Olympics of skills,” he said. “The 68 young people from China won 36 golds, nine silvers and four bronzes, showing the world their superior skills and upbeat spirits.”
Lu said 283 young Chinese have competed at WorldSkills since 2010, and the honors they have won have given them more space for self-growth and more job opportunities.
“Many of these candidates and medal winners have devoted themselves to passing down skills, becoming good examples for the young generation,” he added.
Li, the vice-minister, said the ministry will further optimize job services to ensure that people looking for work get fairer, easier access to more professional job-seeking guidance and services. He added that the ministry will also offer more support to entrepreneurs to help them start businesses.
“Also, we will continue to perfect the labor or working regulations and expand social security coverage to protect people’s working rights,” he said. “Improper or illegal behavior, including job discrimination, salary arrears or unreasonable layoffs, will be cracked down upon to ensure the stability and health of the job market.”
In recognition of Climate Week, Governor Tim Walz today highlighted nearly $3.5 billion in federal climate grants that Minnesota has received since 2022. Federal funding, combined with the state’s historic climate investments, is fueling the clean energy economy, creating new jobs, and generating billions in private sector investments statewide.
Source: The Conversation (Au and NZ) – By Henry Maher, Lecturer in Politics, Department of Government and International Relations, University of Sydney
Negotiations over reforms to the Reserve Bank of Australia this week took an unprecedented turn when the Greens demanded the government use its reserve powers to immediately cut interest rates.
Labor had initially hoped to pass the reforms with the support of the Coalition. However, after a year of negotiations, they decided against it. Labor’s attempts to salvage the reforms by negotiating with the Greens now seem doomed to failure.
The Greens’ proposal that the government immediately cut interest rates might sound attractive, especially to the millions of mortgage holders struggling to service loans amid a cost-of-living crisis.
Yet government taking direct control of setting interest rates would run contrary to both long-standing historical trends and international financial norms, including the independence of the central bank.
Where did this independence come from?
The idea of central bank independence has a long history.
The classical political economist David Riccardo warned as early as 1824 that:
government could not be safely entrusted with the power of issuing paper money; that it would most certainly abuse it.
Even the authoritarian French emperor Napoleon Bonaparte claimed in creating the Banque de France that:
I want the bank to be more in the hands of the government but not too much.
However, for most of the 20th century, the commonsense view was that monetary policy was an important tool for government management of the economy. According to the Keynesian worldview of the time, it would be absurd for governments to give up such an important economic lever as control over interest rates.
Even Napoleon Bonaparte thought some degree of separation between the central bank and the government was a good idea. Shutterstock
The prevailing wisdom began to change following the stagflation crisis of the 1970s. Stagflation is the term for high inflation at the same time as high unemployment.
Neoclassical economists such as Milton Friedman argued that only repeated and long-term increases to interest rates could end the stagflation crisis.
However, Friedman suggested governments could not be trusted to maintain high interest rates because they would also cause unemployment. Accordingly, an independent central bank was needed. It would be insulated from partisan political control and could do what was necessary to stabilise the economy.
What about in Australia?
In Australia, central bank independence emerged slowly and informally.
The Reserve Bank of Australia was separated from the Commonwealth Bank and started independent operations in 1960. It set up its headquarters in Sydney to increase its autonomy from politicians in Canberra.
The RBA gained de facto independence from the government following financial deregulation under the Hawke government in the early 1980s. Subsequent declarations from federal treasurers Peter Costello and Wayne Swan affirmed the government’s recognition of RBA independence.
The government still maintains the power to overrule the RBA on interest rates, but this “emergency power” has never been exercised.
Why independence matters
Though central bank independence is generally associated with lower inflation, the historical performance of independent central banks is not without blemish.
For example, unemployment rates in Australia were historically lower prior to RBA independence. This reflects the willingness of the RBA to use higher unemployment as an inflation-busting mechanism.
Independent central banks were also partly responsible for the outbreak of the global financial crisis in 2007. Many commentators have suggested the then US Federal Reserve Governor Alan Greenspan’s decision to hold interest rates at artificial lows was responsible for the US sub-prime housing bubble. That eventually unravelled into a global recession.
However, the Greens’ attempt to use an interest rate cut as a negotiating chip ironically reinforces the importance of central bank independence. Were governments to take direct control of setting interest rates, we might expect monetary policy to be influenced by short-term electoral concerns, rather than the long-term health of the economy.
Creating a precedent that interest rates could be cut to suit the government of the day would also have long-term inflationary effects.
Further, it would likely continue to drive up house prices. This would exacerbate the housing crisis.
In contrast, the initial reforms proposed by Labor look to strike a balance. They recognise the competing political interests involved in the development of monetary policy while avoiding partisan interference in the day-to-day running of the RBA.
Though the Coalition has raised concerns about Labor using the reforms to stack the RBA board, both the governor and board are already appointed by the government of the day, acting on the advice of the RBA.
Finding a workable compromise that improves the bank while preserving political independence should be possible.
If the alternative is the complete abrogation of central bank independence, the Coalition would do well to return to the negotiating table.
Henry Maher 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.
Source: Hong Kong Government special administrative region
New yearbook “Hong Kong 2023” goes on sale (with photo) New yearbook “Hong Kong 2023” goes on sale (with photo) *****************************************************************
The Government’s latest yearbook, “Hong Kong 2023”, went on sale today (September 25). The online version is available for free at www.yearbook.gov.hk. The publication provides readers with an overview of life in Hong Kong in the year 2023, covering the administration, legislature, legal system and economy, detailing the Government’s policies and achievements as well as the development of Hong Kong. The cover illustration shows the National Day Fireworks over Victoria Harbour, held for the first time in five years. There are 10 photo sections with more than 100 pictures in the yearbook, exploring different aspects of Hong Kong in 2023, including the Hong Kong Special Administrative Region search and rescue team’s heroic operation in quake-stricken areas in Türkiye, a glimpse into the Sha Tau Kok Frontier Closed Area that has been gradually opening up to tourists, the beautification of the cityscape of Hong Kong, visits of the home-developed aircraft C919 and ARJ21 and a look at a China Manned Space delegation. “Hong Kong 2023”, priced at $450, is available at the online Government Bookstore at www.bookstore.gov.hk and the Information Services Department’s Publications Sales Unit at Room 626, 6/F, North Point Government Offices, 333 Java Road, North Point. Orders can also be placed by:
calling the Publications Sales Unit on 2537 1910; filling in an order form from the department’s website and submitting it online or by fax to 2523 7195; or emailing puborder@isd.gov.hk.
Ends/Wednesday, September 25, 2024Issued at HKT 11:03
This week the New South Wales government announced it would introduce legislation that ensures renters are offered convenient, fee-free options to pay their rent.
The announcement is just one of many state and territory reforms that aim to address issues arising from the use of rental technology platforms.
In recent years these platforms and the landlords who use them have come under fire for intruding on renters’ privacy and charging additional fees. While practices such as “rent bidding” have already been outlawed around Australia, governments are now starting to turn their attention to other harmful practices facilitated by new technologies.
Action on these issues is long overdue, and there’s much more that needs to be done to ensure rental technology platforms actually benefit consumers.
An expanding industry
A wide range of digital technology platforms are used to facilitate the use, trading, operation and management of real estate assets. A well-known example is AirBnb, a technology platform that facilitates short-term rentals by connecting hosts with guests.
The property technology industry in Australia is rapidly expanding. In 2023, there were more than 478 products, start-ups and established companies ranging from marketing tools to data analytics platforms. This was up from 188 in 2019.
A portion of these companies make services typically designed to be used by renters, real estate agents or landlords.
A major selling point of rental technology platforms is that they promise to streamline a range of processes. To renters, these technologies are billed as quick, easy and effective ways to submit property applications, request maintenance or pay rent.
People who struggle to access or use technologies may also find these platforms difficult to use. This makes it harder for them to access an essential service.
Some 41% of renters report feeling pressured to use a third-party rental technology platform to apply for a property. And 29% say they have opted not to apply for particular rentals because they do not trust rental technology platforms. This suggests that the use of these technologies may sometimes deter, rather than attract, applicants.
Additional fees
Over 30% of Australians rent their homes, a figure that continues to grow as people find themselves priced out of home ownership. Rising rents and the overall increase in the cost of living have put many renters under substantial financial pressure.
With this in mind, it’s concerning that some renters have found themselves with little choice but to use rental technology platforms that charge fees to process rental payments.
For example, renters using a popular platform called Alio are typically charged between 0.25% to 1.50% to make automated rental payments, depending on the method of payment they use. A rough estimate shows that a household paying the median weekly rent (A$627 per week) on a fortnightly basis might see themselves paying between $81.51 and $489.06 in additional fees each year.
As required by law, Alio does offer a fee-free option to pay rent. But this option is highly inconvenient: it requires renters to enter their bank details anew every month.
The fee-free options offered by some other rental technology platforms are equally inconvenient. They include paying rent in cash at the local post office.
For renters who have been asked to use a rental payment platform, this may mean spending additional time and effort every time they pay their rent to avoid paying additional fees.
The NSW government already requires lessors to offer fee-free ways to pay rent (similar protections are legislated in other states and territories). However, the key element of this week’s announcement is a commitment to making sure these fee-free methods are actually convenient. This should hopefully close the legislative loophole that is enabling these rental technologies to unfairly profit at renters’ expense.
While the draft legislation is yet to be seen, these reforms might see renters reverting to tried and tested payment methods such as bank transfers and bypassing rental technology payment platforms altogether.
Effective enforcement
Introducing laws that ensure renters have access to convenient, fee-free ways to make rental payments is a no-brainer. The next step is ensuring these laws are enforced effectively.
To achieve this, the regulator must be well resourced to carry out compliance and enforcement activities that ensure lessors and rental technology businesses comply with these protections.
Beyond these reforms, there is more work to be done to ensure renters are effectively protected from a range of harms that are created or exacerbated by rental technology platforms.
The key challenge for governments and regulators is to keep up with technological developments so they can identify and address issues as they arise.
Linda Przhedetsky is a Board Member at the NSW Tenants’ Union, and is a member of the NSW Fair Trading’s Industry Reference Group on Protecting Renter Information. She receives funding from the Australian Housing and Urban Research Institute.
Source: United States Senator for Wisconsin Tammy Baldwin
WATCH: Baldwin speaking on the Senate floor in support of the Reproductive Health Travel Fund Act
WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin (D-WI) went to the U.S. Senate floor to advance her legislation to break down barriers to abortion care for women in states without access. The Reproductive Health Travel Fund Act would help offset the cost of travel-related expenses associated with traveling long distances to access reproductive health care, such as travel, lodging, meals, childcare, and more. Senator Baldwin’s call to unanimously advance the bill failed after a Senate Republican objected.
“Across the country, women have been stripped of the freedom to make their own decisions about their family, their health, and their future. Judges and politicians have inserted themselves into exam rooms, telling doctors they cannot treat their patients, sometimes even if that treatment would save her life,” said Senator Baldwin. “The rights you have as an American should not depend on the state you live in. If we cannot restore Roe this Congress, we should at the very least extend a lifeline to the millions of women who are unable to access needed care in their own communities.”
For 15 months from June 2022 until September 2023, women in Wisconsin lived under an 1849 abortion ban. Prior to the Dobbs decision, only 16%, or one in six, of Wisconsin abortion patients received out-of-state care. In 2023, that number was up to 88%, meaning that nine out of ten patients had to seek out-of-state care. Wisconsinites have traveled to Illinois for care from all 72 counties. In 2023, over 6,000 Wisconsinites fled to Minnesota and Illinois to get abortion care. The average cost of seeking care out of state exceeded $1,000, with patients spending an average of $330 on lodging alone. Even with limited access to abortion returning to Wisconsin in September 2023, the monthly number of traveling patients from Wisconsin to Illinois remains three times higher than it was pre-Dobbs.
The Reproductive Health Travel Fund Act would set up a grant program to help ease the financial burden associated with traveling long distances to access safe and legal reproductive health care. Specifically, the bill would allow the Treasury Secretary to award grants to eligible entities to pay for travel-related expenses and logistical support for individuals accessing abortion services. Funds, made available through a competitive grant, could be used for round trip travel, lodging, meals, childcare, translation services, doula care, patient education and information services, and lost wages.
Eligible entities include non-profits or community-based organizations that assist individuals seeking abortions. Grants would be prioritized for entities that serve people who live in a jurisdiction that has banned or severely restricted access to abortion, serve those who travel to a jurisdiction to access abortion care, or have a program in operation that helps patients access abortion services.
Watch Senator Baldwin’s full remarks here.
