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Category: KB

  • MIL-Evening Report: Donald Trump poised to become next US president, likely sweeping all the seven key states

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

    Donald Trump is set to accomplish the rare feat of winning the US presidential election after losing an earlier one.

    The New York Times Needle gives Trump a 95% chance to win the Electoral College. He’s estimated to have won Georgia (16 electoral votes) by 2.5% over Democrat Kamala Harris and North Carolina (16) by 3.3%.

    Other key states have not yet been called, but Trump has an 85% probability of winning Pennsylvania (19 electoral votes), a 71% chance to win Michigan (15), a 79% chance to win Wisconsin (ten) and an 83% chance to win Arizona (11). There are still no results from Nevada (six).

    If Trump wins all the seven key states in which the “needle” favours him, he will win the Electoral College by a 312–226 margin.

    The needle’s popular vote projection also favours Trump by 1.2%. If Trump wins the popular vote as well as the Electoral College, it will be the first time Republicans have won both since 2004. In 2000 and 2016, Republicans won the Electoral College but not the popular vote.

    The main reasons for Trump’s victory were Joe Biden’s unpopularity, the US economy being only just above average, and record illegal immigration during Biden’s term. I’ve mentioned all these factors in my previous US election articles.

    Abortion was not the vote-shifter Democrats expected. In lower-turnout elections such as the 2022 midterms and byelections, Democrats have performed well owing to voters motivated by abortion. But in this high-turnout presidential election, abortion was marginalised.

    Polls understated Trump across the board, though they were not as bad as they were in 2020. Using Nate Silver’s aggregate of final polls, Trump outperformed his polls in the seven key states by two to three points. This is the third successive time that polls have underestimated Trump.

    In the past, the Selzer Iowa poll has had outlier results that turned out to be accurate. This time the final Selzer poll gave Harris a three-point lead in Iowa, but Trump will win by 13 points according to the needle’s forecast.

    Barack Obama won Florida in both 2008 and 2012, and Trump won it by one to three points in both 2016 and 2020. This year, Trump won Florida by 56–43. He won the heavily Hispanic Miami-Dade county by 55–44. At the 2016 presidential election, Hillary Clinton had defeated Trump in Miami-Dade by 63–34.

    In some states that have nearly finished counting, such as Kentucky, there were swings across the board to Trump compared with 2020. It wasn’t just a rural swing to Trump as there were also swings in urban counties.

    The New York Times said Trump had gained nine to ten points since 2020 in New York, New Jersey and Florida, all racially diverse states.

    The only comfort for Democrats from this election is that the gap between the popular vote and the Electoral College “tipping point” state has almost disappeared, if the needle is right. Democrats will lose the popular vote by 1.2% but Pennsylvania, the tipping point state, by 2.2%. This will be a gap of 1.0%, down from nearly 3.9% in 2020.

    Senate also ugly for Democrats

    Democrats and allied independents held a 51–49 Senate majority coming into this election, but they were defending 23 of the 33 regular seats up for election. Senators have six-year terms with two from each of the 50 states.

    Republicans have gained the Senate with a 51–42 lead over Democrats, after gaining West Virginia and Ohio from Democrats and defending Florida, Nebraska and Texas. Republicans lead Democrats in four more Senate races, so they could win a 55–45 Senate majority.

    All of the House of Representatives is up for election every two years. Republicans currently have a 183–155 lead over Democrats. A majority requires 218 seats.

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

    – ref. Donald Trump poised to become next US president, likely sweeping all the seven key states – https://theconversation.com/donald-trump-poised-to-become-next-us-president-likely-sweeping-all-the-seven-key-states-242766

    MIL OSI Analysis – EveningReport.nz –

    January 26, 2025

  • MIL-OSI United Kingdom: Poultry feed deal may raise prices for farmers in East Anglia

    Source: United Kingdom – Executive Government & Departments

    CMA’s Phase 1 investigation has found that Boparan’s deal to buy ForFarmers’ Burston feed mill could lead to farmers in East Anglia paying higher prices to feed their poultry.

    iStock

    A Phase 1 investigation by the Competition and Markets Authority (CMA) has found that Boparan’s proposed purchase of ForFarmers’ Burston feed mill site could lead to a substantial lessening of competition (SLC) in the supply of poultry feed to independent customers (such as farmers) in East Anglia.  

    The CMA has also found that as a result of the transaction, Boparan would have the ability and incentive to harm rival poultry meat producers, leading to higher poultry feed costs for chicken farmers and processors which could be ultimately passed to retailers and consumers.  

    ForFarmers and Boparan (through 2Agriculture) both manufacture and supply chicken and other types of poultry feed in the UK.  

    The CMA’s investigation found that the deal could lead to reduced competition in the local area around Burston – 1 of the 2 feed mill sites Boparan is seeking to purchase from ForFarmers. The CMA is concerned that the deal could lead to less capacity for feed being supplied to independent farmers and processors resulting in higher costs and a reduction in quality of services.  

    The CMA did not find competition concerns in relation to the second feed mill site Boparan is planning to acquire in Radstock.  

    ForFarmers and Boparan have 5 working days to submit proposals to address the CMA’s concerns. If suitable proposals are not submitted, the CMA will progress to an in-depth Phase 2 investigation.

    Joel Bamford, Executive Director of Mergers at the CMA, said:  

    We’re concerned that this deal could worsen competition between poultry feed suppliers in East Anglia – leading to higher costs for farmers which could then be passed down to shoppers.  

    It’s now up to the companies to offer solutions to address our concerns and avoid the deal moving to a full Phase 2 investigation.

    For more information, visit the Boparan / ForFarmers (Burston and Radstock mills) case page.

    Notes to Editors:  

    1. ForFarmers is a European manufacturer and supplier of animal feed, based in the Netherlands. 2Agriculture, a subsidiary of Boparan, is one of the UK’s largest suppliers of poultry feed by volume produced and uses its production to supply Hook 2 Sisters, a company affiliated with Boparan, as well as farmers on the open market. 
    2. In 2022, the CMA investigated a joint venture by ForFarmers and Boparan. Following a Phase 1 investigation, the CMA found that the merger gave rise to competition concerns in the local areas around four of the feed mills operated by the combined businesses, namely in Burston, Bury, Llay and Preston. The combined businesses would have accounted for 50 to 60% of the supply of meat poultry feed to third parties in three of these local areas (Burston, Bury and Llay) and 40 to 50% in the fourth local area (Preston). The companies offered proposals to address the CMA’s concerns at the time, but the CMA considered that these were unlikely to be sufficient in addressing its competition concerns and, as a result, the deal was referred for an in-depth Phase 2 investigation. Ultimately, the deal was abandoned by the Parties on 8 February 2023 during the CMA’s Phase 2 investigation. More information on the CMA’s previous investigation is available on the ForFarmers / Boparan JV case page. 
    3. The CMA has a statutory duty to promote competition for the benefit of consumers and assesses each case on its individual merits. This includes a duty to investigate mergers that could raise competition concerns in the UK where it has jurisdiction to do so. In this case, the CMA has concluded that the CMA has jurisdiction to review this merger because a relevant merger situation has been created: each of Boparan and ForFarmers’ Burston and Radstock feed mills is an enterprise that will cease to be distinct as a result of the merger and the turnover test is met.  More information on the CMA’s mergers jurisdiction and procedure can be read on its guidance page. 
    4. All media enquiries should be directed to the CMA press office by email on press@cma.gov.uk, or by phone on 020 3738 6460. 
    5. All enquiries from the general public should be directed to the CMA’s General Enquiries team on general.enquiries@cma.gov.uk or 020 3738 6000.

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    Published 6 November 2024

    MIL OSI United Kingdom –

    January 26, 2025

  • MIL-OSI: Aktia Bank Plc’s directed share issue as a part of the long-term share savings plan

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Stock Exchange Release
    6 November 2024 at 9.00 a.m.

    Aktia Bank Plc’s directed share issue as a part of the long-term share savings plan

    As part of the Aktia Group’s employee share savings plan AktiaUna 2024–2025, Aktia Bank Plc has issued a total of 105,167 new shares. The share issue is based on the authorisation by the Annual General Meeting of Shareholders held on 3 April 2024.

    Aktia Bank Plc’s share savings plan AktiaUna is open for all employees in the group and a participant is offered the opportunity to save a proportion of his or her salary to be used for acquisition of Aktia shares (so called savings shares). The employee share savings plan is further described in Aktia’s annual and sustainability report.

    The new shares are savings shares subscribed for the participants with the participants’ savings accrued during 1 April–30 September 2024. The subscription price is 8.36 euro per share, which is based on the volume weighted average share price on Nasdaq Helsinki Ltd during 1–31 October 2024 with a 10 per cent discount.

    The new shares will be entered into the Trade Register approximately on 20 November 2024 and will be applied for public trading on Nasdaq Helsinki Ltd approximately as of 21 November 2024. The number of shares in Aktia after this share issue will increase up to 72,981,696 shares. The share subscription price will be credited in full to the company’s reserve for invested unrestricted equity.

    AKTIA BANK PLC

    For more information:
    Oscar Taimitarha, Director, Investor Relations, tel. +358 40 562 2315

    Distribution:
    Nasdaq Helsinki Ltd
    Mass media
    www.aktia.com

    Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 30 September 2024 amounted to EUR 14.3 billion, and the balance sheet total was EUR 12.0 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

    The MIL Network –

    January 26, 2025

  • MIL-OSI: OSB GROUP PLC – Q3 Trading Update

    Source: GlobeNewswire (MIL-OSI)

    LEI: 213800ZBKL9BHSL2K459

    OSB GROUP PLC: Trading update

    Published: 6.11.2024

    OSB GROUP PLC

    Q3 Trading update

    OSB GROUP PLC (OSBG or the Group), the specialist lending and retail savings group, today issues its trading update for the period from 1 July 2024 to date.  

    Key highlights for the period

    The Group maintained its lending discipline with organic originations of £0.9bn in the third quarter of 2024 (Q3 2023: £1.3bn), as demand in our core sub-segments remained in line with previous expectations. Underlying1 and statutory net loans increased by 2% in the nine months to 30 September to £26.3bn (31 December 2023: £25.7bn and £25.8bn, respectively). Our renewed focus on Commercial Mortgages, Bridging Finance and Asset Finance is progressing, with an increase in applications in each of these sub-segments received in the third quarter. We now expect underlying net loan book growth of slightly under 3% for 2024.

    Underlying net interest margin guidance is unchanged at 230bps–240bps for 2024 as higher yielding mortgages in the back book roll off to current prevailing spreads and as the market observes slightly elevated fixed term retail deposit pricing. The Group continues to evaluate customer behaviour in the reversion period throughout the fourth quarter and will assess this as part of the usual year-end process. The potential future impact of Precise Buy-to-Let customers spending less time on reversion will reduce significantly over the next two years as these mortgages reach maturity.

    The Group continues to focus on cost control with proactive actions to make its business-as-usual cost base more efficient. At the same time, we continue to invest in the digitalisation of our core platform and customer facing propositions. In October the Group launched the first product on its new savings platform to Kent Reliance customers and will expand the range of products available over the coming months. The expected underlying cost to income ratio remains at c.36% for 2024.

    Three months plus arrears balances increased by 10bps to 1.7% as at 30 September (30 June 2024: 1.6%) in line with management expectations as long-term fixed rate mortgages mature and transfer to higher prevailing rates. The Group’s secured loan book benefitted from a small impairment release in the third quarter as the Group adopted improved forward-looking macroeconomic scenarios.

    Capital and liquidity remain strong and the Group is reviewing the recently published Basel 3.1 capital standards which will be implemented on 1 January 2026. There remain areas of clarification and until these are finalised, our guidance on the impact for the Group at implementation is unchanged at slightly less than two percentage points on the Group’s CET1 ratio which stood at 16.2% at 30 June 2024. The Group has repurchased £32.1m worth of shares under the £50m repurchase programme announced in August.2

    Andy Golding, CEO of OSB GROUP PLC, said:

    “Looking forward, whilst challenges remain, there are signs of a gradual return of confidence in our core markets and we are seeing increased applications in our more cyclical businesses. The potential impact on the future plans of professional landlords due to the increase in stamp duty on second properties introduced following the recent budget is being monitored. We have a diversified loan book with proven capabilities in multi-property professional Buy-to-Let lending and specialist residential mortgages and continue to invest in our business to ensure it is fit for the future.”

    1. Underlying refers to results which exclude acquisition-related items arising from the Combination with CCFS
    2. As at market close on 5 November 2024

    Financial calendar for 2025*

    13 March 2025 2024 year end results
    30 April 2025 Q1 trading update
    8 May 2025 AGM
    20 August 2025 2025 half year results
    6 November 2025 Q3 trading update

    * All dates are subject to change

    Enquiries:

    OSB GROUP PLC

    Alastair Pate, Investor Relations        t: 01634 838 973

    Brunswick Group         

    Robin Wrench / Simone Selzer        t: 020 7404 5959

    About OSB GROUP PLC
    OneSavings Bank plc (OSB) began trading as a bank on 1 February 2011 and was admitted to the main market of the London Stock Exchange in June 2014 (OSB.L). OSB joined the FTSE 250 index in June 2015. On 4 October 2019, OSB acquired Charter Court Financial Services Group plc (CCFS) and its subsidiary businesses. On 30 November 2020, OSB GROUP PLC became the listed entity and holding company for the OSB Group. The Group provides specialist lending and retail savings and is authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The Group reports under two segments, OneSavings Bank and Charter Court Financial Services.

    OneSavings Bank (OSB)
    OSB primarily targets market sub-sectors that offer high growth potential and attractive risk-adjusted returns in which it can take a leading position and where it has established expertise, platforms and capabilities. These include private rented sector Buy-to-Let, commercial and semi-commercial mortgages, residential development finance, bespoke and specialist residential lending, secured funding lines and asset finance.

    OSB originates mortgages via specialist brokers and independent financial advisers through its specialist brands including Kent Reliance for Intermediaries and InterBay Commercial. It is differentiated through its use of highly skilled, bespoke underwriting and efficient operating model.

    OSB is predominantly funded by retail savings originated through the long-established Kent Reliance name, which includes online as well as a network of branches in the Southeast of England. Diversification of funding is currently provided by securitisation programmes and the Bank of England’s Term Funding Scheme with additional incentives for SMEs.

    Charter Court Financial Services Group (CCFS)
    CCFS focuses on providing Buy-to-Let and specialist residential mortgages, mortgage servicing, administration and retail savings products. It operates through its brands: Precise and Charter Savings Bank.

    It is differentiated through risk management expertise and automated technology and systems, ensuring efficient processing, strong credit and collateral risk control and speed of product development and innovation. These factors have enabled strong balance sheet growth whilst maintaining high credit quality mortgage assets.

    CCFS is predominantly funded by retail savings originated through its Charter Savings Bank brand. Diversification of funding is currently provided by securitisation programmes and the Bank of England’s Term Funding Scheme with additional incentives for SMEs.

    Important disclaimer

    This document should be read in conjunction with any other documents or announcements distributed by OSB GROUP PLC (OSBG) through the Regulatory News Service (RNS). This document is not audited and contains certain forward-looking statements with respect to the business, strategy and plans of OSBG, its current goals, beliefs, intentions, strategies and expectations relating to its future financial condition, performance and results. Such forward-looking statements include, without limitation, those preceded by, followed by or that include the words ‘targets’, ‘believes’, ‘estimates’, ‘expects’, ‘aims’, ‘intends’, ‘will’, ‘may’, ‘anticipates’, ‘projects’, ‘plans’, ‘forecasts’, ‘outlook’, ‘likely’, ‘guidance’, ‘trends’, ‘future’, ‘would’, ‘could’, ‘should’ or similar expressions or negatives thereof but are not the exclusive means of identifying such statements. Statements that are not historical or current facts, including statements about OSBG’s, its directors’ and/or management’s beliefs and expectations, are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Factors that could cause actual business, strategy, plans and/or results (including but not limited to the payment of dividends) to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements made by OSBG or on its behalf include, but are not limited to: general economic and business conditions in the UK and internationally; market related trends and developments; fluctuations in exchange rates, stock markets, inflation, deflation, interest rates, energy prices and currencies; policies of the Bank of England, the European Central Bank and other G7 central banks; the ability to access sufficient sources of capital, liquidity and funding when required; changes to OSBG’s credit ratings; the ability to derive cost savings; changing demographic developments, and changing customer behaviour, including consumer spending, saving and borrowing habits; changes in customer preferences; changes to borrower or counterparty credit quality; instability in the global financial markets, including Eurozone instability, the potential for countries to exit the European Union (the EU) or the Eurozone, and the impact of any sovereign credit rating downgrade or other sovereign financial issues; technological changes and risks to cyber security; natural and other disasters, adverse weather and similar contingencies outside OSBG’s control; inadequate or failed internal or external processes, people and systems; terrorist acts and other acts of war (including, without limitation, the Russia-Ukraine war, the Israel-Hamas war and any continuation and escalation of such conflicts) or hostility and responses to those acts; the conflict in the Middle East; geopolitical events and diplomatic tensions; the impact of outbreaks, epidemics and pandemics or other such events; changes in laws, regulations, taxation, ESG reporting standards, accounting standards or practices, including as a result of the UK’s exit from the EU; regulatory capital or liquidity requirements and similar contingencies outside OSBG’s control; the policies and actions of governmental or regulatory authorities in the UK, the EU or elsewhere including the implementation and interpretation of key legislation and regulation; the ability to attract and retain senior management and other employees; the extent of any future impairment charges or write-downs caused by, but not limited to, depressed asset valuations, market disruptions and illiquid markets; market relating trends and developments; exposure to regulatory scrutiny, legal proceedings, regulatory investigations or complaints; changes in competition and pricing environments; the inability to hedge certain risks economically; the adequacy of loss reserves; the actions of competitors, including non-bank financial services and lending companies; the success of OSBG in managing the risks of the foregoing; and other risks inherent to the industries and markets in which OSBG operates.

    Accordingly, no reliance may be placed on any forward-looking statement. Neither OSBG, nor any of its directors, officers or employees provides any representation, warranty or assurance that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Any forward-looking statements made in this document speak only as of the date they are made and it should not be assumed that they have been revised or updated in the light of new information of future events. Except as required by the Prudential Regulation Authority, the Financial Conduct Authority, the London Stock Exchange PLC or applicable law, OSBG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in OSBG’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. For additional information on possible risks to OSBG’s business, (which may cause actual results to differ materially from those expressed or implied in any forward-looking statement), please see the Risk review section in the OSBG Annual Report and Accounts 2023. Copies of this are available at www.osb.co.uk and on request from OSBG.

    Nothing in this document or any subsequent discussion of this document constitutes or forms part of a public offer under any applicable law or an offer or the solicitation of an offer to purchase or sell any securities or financial instruments. Nor does it constitute advice or a recommendation with respect to such securities or financial instruments, or any invitation or inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000. Past performance cannot be relied on as a guide to future performance. Statements about historical performance must not be construed to indicate that future performance, share price or results in any future period will necessarily match or exceed those of any prior period. Nothing in this document is intended to be, or should be construed as, a profit forecast or estimate for any period.

    In regard to any information provided by third parties, neither OSBG nor any of its directors, officers or employees explicitly or implicitly guarantees that such information is exact, up to date, accurate, comprehensive or complete. In no event shall OSBG be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for inaccuracies or errors in, or omission from, any third-party information contained herein. Moreover, in reproducing such information by any means, OSBG may introduce any changes it deems suitable, may omit partially or completely any aspect of the information from this document, and accepts no liability whatsoever for any resulting discrepancy.

    Liability arising from anything in this document shall be governed by English law, and neither OSBG nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. Nothing in this document shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

    Certain figures contained in this document, including financial information, may have been subject to rounding adjustments and foreign exchange conversions. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this document may not conform exactly to the total figure given.

    Non-IFRS performance measures

    OSBG believes that any non-IFRS performance measures included in this document provide a more consistent basis for comparing the business’ performance between financial periods and provide more detail concerning the elements of performance which OSBG is most directly able to influence or which are relevant for an assessment of OSBG. They also reflect an important aspect of the way in which operating targets are defined and performance is monitored by the Board. However, any non-IFRS performance measures in this document are not a substitute for IFRS measures and readers should consider the IFRS measures as well. For further details, refer to the Alternative Performance Measures section in the OSBG Annual Report and Accounts 2023. Copies of this are available at www.osb.co.uk and on request from OSBG.

    The MIL Network –

    January 26, 2025

  • MIL-OSI Economics: Luigi Federico Signorini: The journey to financial well-being through financial inclusion

    Source: Bank for International Settlements

    Today’s event will explore the connection between financial inclusion and financial well-being. Why is this important?

    Financial inclusion has become a widely shared goal of government policies and a topic of interest for central banks and financial authorities at the international level. It has received a lot of attention over the years as an instrument to foster growth, reduce inequalities, increase employment, and alleviate poverty.1 Financial inclusion may help people cope with macroeconomic and idiosyncratic shocks, as it facilitates financial planning and the intertemporal shift of financial resources.

    From the policymaker’s standpoint financial inclusion is important as it improves the individual’s economic and financial well-being, whilst having a positive impact on the economy as whole. Studies find that the benefits of financial inclusion can be substantial even in countries with well-developed financial markets, because it can translate into higher wealth accumulation and greater resilience of low-income households. Other studies, focusing on emerging and developing countries, find that increased usage of bank accounts via debit cards has boosted the saving rate significantly because it reduces transaction costs for people to access their money.2

    The digitalisation of finance has significantly contributed to promoting financial inclusion through more efficient and effective technologies and through increased competition, which leads to higher quality products and services and to lower costs. Over the last decades, notable progress has been made around the world in increasing access to financial products and services for more individuals, with 76 per cent of people worldwide having a bank or mobile money account in 2021. This represents a significant increase from 2011 when the figure stood at 51 per cent.3

    Nonetheless, progress has been uneven across regions, even controlling for income levels. Increased access to digital financial products and services has not translated, in some cases, into higher actual usage of financial products and services. Moreover, in some instances, financial innovation has resulted in the lower financial inclusion of rural households4 or in the worsened financial well-being of individuals, particularly as the result of over-indebtedness and exposure to fraud and scams.5

    Possible causes include market failures, lack of competition, inadequate consumer protection rules and an insufficient level of digital and financial literacy.6 Even in advanced countries – where the offer of financial services is regulated and transparent, and consumers are better protected from intermediaries’ improper behaviour – authorities continue to consider how to improve the regulatory environment to manage new risks.

    A specific matter of concern is the exclusion of those who do not possess adequate digital skills for accessing and using the financial services. The data show that the elderly, those with lower education levels, and those living in rural areas suffer from limited access. The shift to digital channels will continue; appropriate actions need to be put into place to ensure that everybody can reap its benefits.

    It is generally understood that financial inclusion has three dimensions: access, use and quality. The first is the possibility for individuals to access basic financial services and products. The second is the actual ability of individuals to use such services and products in an effective way. The third (and subtler) dimension consists in creating the conditions for financial services and products to work best to improve people’s financial well-being.

    Progress along all three dimensions – access, use and quality – should ideally be simultaneous. Achieving better results on all three fronts is important to ensure the empowerment of consumers, so that markets can actually work in their best interest.

    The first dimension requires good infrastructures, which are a prerequisite for enabling the efficient and secure provision of financial services. It also requires a competitive environment, to foster higher cost-efficiency, a more diversified offering of financial products and services, and greater consumer choice.

    The second and third dimensions require consumer protection measures and financial education.

    Ex ante transparency rules work to ensure that customers are well informed before purchasing a financial product. Ex post rules need to envisage effective recourse if something goes wrong. Conduct supervision monitors the correct implementation of rules. Free and open competition is once again essential to enable consumers to exploit the full potential of transparency and conduct rules.

    Nothing, however, will work very well unless consumers are endowed with the minimum knowledge that is necessary (1) to make effective use of the information provided, (2) to activate in practice the tools through which services are offered, (3) to compare in a meaningful way the products offered on the market, and (4) to take full advantage of consumer protection rules. Therefore, financial and digital education initiatives are important.

    Given the growing complexity of financial markets, and the new opportunities offered by digitalisation, the Global Partnership for Financial Inclusion (GPFI) has shifted its focus from simple access to financial services, which was originally its main objective, to fostering the use of financial services and understanding the conditions under which financial inclusion can enhance financial well-being.

    Last September, Her Majesty Queen Máxima of the Netherlands, Honorary Patron of the GPFI, after having spent 15 years as United Nations Special Advocate for Inclusive Finance for Development was given a new role focusing specifically on financial health (Secretary-General’s Special Advocate for Financial Health). This also marks a change in perspective towards the need to focus on the actual outcomes of financial inclusion.

    Data are useful. The Global Findex database, maintained by the World Bank, is a valuable tool for evaluating progress on access and usage of financial services. More work may be needed on the quality dimension; concepts, statistics and pre-conditions for comparability are all thorny issues, and it is probably appropriate to rely on a set of different indicators rather than concentrate on a single one.

    Once again: the issue is empowerment, not paternalism – or, as one should perhaps say, parentalism. In all this, there should be no presumption that the regulator, even the best intentioned one, is in a position to take decisions for the consumer. Comprehensive financial education and a robust framework of consumer protection rules are the best tools available to us to enable consumers to make their choices in full awareness of the opportunities and risks.

    MIL OSI Economics –

    January 26, 2025

  • MIL-OSI Economics: Rosanna Costa: Medium – and long-run trends in interest rates – causes and implications for monetary policy

    Source: Bank for International Settlements

    1. Welcome Remarks

    Good morning to all the speakers, discussants, the organizers of this event, Atif Mian, Sofia Bauducco, Mariana García and Lucciano Villacorta, and everyone who is here attending in person and to those following us via streaming. We welcome you to the twenty-seventh Annual Conference of the Central Bank of Chile entitled “Medium- and Long-Run Trends in Interest Rates: Causes and Implications for Monetary Policy.”

    Since 1997, the Central Bank of Chile (BCCh) has been convening prominent scholars and policymakers to this Conference to discuss major issues in central banking and their implications for emerging economies. Since its inception, this Conference has served as a bridge between academics and policymakers. This version is no exception: fresh and thoughtful research will support the discussion over the next two days on a topic that is very much front and center on the policy agenda. We will enjoy the presentations of seven authors, seven discussants, two keynote speakers, and a policy panel.

    2. Motivation and context

    This year’s conference tackles a topic that is increasingly at the forefront of economic discussions: the future trajectory of long-run real interest rates, their potential determinants, and the implications for monetary policy. The timing of this topic couldn’t be more relevant, especially in light of the sharpest and most synchronized monetary tightening we have seen in decades.

    As we all know, central banks in advanced economies have recently started lowering their policy rates and in many emerging economies this normalization process has been under way for some time now. Even so, policy rates had risen significantly over the past two years from their record lows in decades. This shift has sparked a lively debate regarding the future of medium- and long-run trends in the real rates; specifically, whether policy rates will revert to their pre-pandemic lows or will settle at a higher level.

    Opinions on this matter vary widely among experts and I think there is not a clear consensus on what the long run interest rates will look like in the future. On the one hand, there are reasons to believe that real interest rates are likely to revert to their historical lows, as the key factors that were mainly thought to have driven these rates down over the past forty years-such as demographic shifts, stagnant productivity growth, increased market power, higher risk aversion and sustained demand for safe assets-do not seem likely to revert sufficiently to produce a significant and lasting increase in real interest rates in the coming years.

    On the other hand, recent market indicators suggest that equilibrium long-term real interest rates have risen. Also, some new estimates of the natural interest rate-defined as the “long-run” equilibrium rate after shocks have dissipated-indicates that this rate may have risen in several advanced countries in the past few years. As I will discuss in a while, this shift could indicate that at least some structural drivers of real interest rates have changed direction or that the natural interest rate is adjusting to a new economic environment possibly characterized by higher levels of public debt.

    The future evolution of the natural interest rate has significant implications for monetary policy. Accurately assessing the long-run trend of the natural rate is essential for central banks, as this rate serves as a crucial reference point for monetary policy. The difference between the real interest rate and the natural rate provides valuable insight into a central bank’s monetary stance and aids in evaluating various policy options.

    However, the natural rate is an abstract concept, and its estimates often carry considerable uncertainty, particularly in the post-pandemic period. Since the natural rate is not directly observable, understanding its determinants has become vital for effective monetary policy. I am confident that the fruitful discussions we will have during this conference will deepen our understanding of these determinants and clarify where natural rates and other relevant interest rates may stand in the years ahead.

    In these opening remarks, I would like to take a moment to briefly review the key empirical long run trends we have observed in interest rates, as well as the primary explanations put forth in the literature. Following that, I will walk you through the main agenda of the Conference.

    3. Drivers behind the trends in interest rates

    Over the past forty years (up to the Covid-19 pandemic in 2020-2021), we have seen a remarkable decline in nominal interest rates across the globe. For example, during the 1981 to 2020 period, nominal returns on U.S. Treasury bonds, both short and long term, dropped significantly. The 2-year Treasury Bills experienced a drop of around 14 percentage points, and 10-year bonds saw a decline of 13 percentage points. During this same period, inflation also fell, albeit to a lesser degree, leading to real rate declines of about 5 and 4 percentage points for the 2- and 10-year bonds, respectively, putting sovereign real interest rates close to zero and even in negative territory for some periods. The decline was not limited to sovereign bond rates; it was also present in the returns on other so-called “safe” assets. Importantly, this downward trend was not exclusive to the United States. Real long-term rates have declined by several percentage points since the early 1980s in both developed and emerging economies, so this appears to be a global phenomenon.

    The global downward trend in observed risk-free rates over an extended period suggests a significant decline in the natural interest rate, often referred to as the “long-run” equilibrium rate. This secular decline has coincided with a relatively stable trajectory in the marginal product of capital, a stable trajectory on the returns on risky assets, and a stable trajectory in the investment rate, particularly in advanced economies. As a result, these patterns are often attributed to factors that have increased the overall supply of savings over the years, alongside factors that have redirected this excess in savings toward the demand for safe assets rather than productive investments.

    In recent years, much of the literature has centered on the hypothesis of a “global saving glut.” This theory suggests that a significant excess of savings from certain countries and affluent groups has led to a marked shift toward safe assets. Consequently, there has been a notable increase in the prices of these assets, accompanied by a decline in interest rates.

    One contributor to this phenomenon was the increased savings from emerging economies, particularly since the 1990s. Factors such as robust economic growth, soaring commodity prices, and high risk aversion all fueled greater savings in these regions. As a result, these economies channeled substantial portions of their savings into global markets, with a significant impact on interest rates in developed countries.

    Another contributor to this saving glut was the increasing savings rates among the wealthiest households in developed nations. As income inequality has risen, rich households have saved a larger share of their income, further contributing to the excess savings phenomenon. Research indicates that the savings of the top 1% in the United States is comparable to the savings generated by the excess from emerging markets, a trend the literature refersto as the “saving glut of the rich.” This dynamic has profound implications for wealth distribution and economic stability.

    Other mentioned explanations for the excess savings are linked to more structural factors, such as the secular stagnation hypothesis, which suggests a persistent decline in potential economic growth that limits investment opportunities, thereby driving savings toward safer assets. Additionally, demographic changes-including declining population growth and longer life expectancy-have influenced savings behavior across generations and regions.

    Finally, rising risk aversion, the declining cost of investment goods, and the substantial increase in corporate power over recent years further explain why this increase in savings has been directed toward safe assets rather than productive investments.

    Over the past 40 years, all these factors have shaped the dynamics of savings, investment, and, consequently, interest rates, each contributing with varying significance during different phases. Looking ahead, the trajectory of interest rates will heavily depend on the uncertain evolution of these drivers.

    The outlook for these structural factors influencing real interest rates is mixed. On the one hand, several key factors behind the pre-pandemic decline in interest rates- such as low potential growth, rising inequality, increasing uncertainty, growing market power, and longer life expectancy- show no significant signs of changing direction. These forces suggest that real interest rates may revert to their declining pre-pandemic trend. On the other hand, additional factors could lead to a sustained rise in rates. These include a decrease in savings due to a growing inactive population, substantial fiscal deficits resulting in very high levels of debt, potential productivity gains from advancements in artificial intelligence, geopolitical risks and climate disasters affecting global savings, and significant investments in the green transition.

    I hope our upcoming discussion will help clarify the direction of these drivers and enhance our understanding of where the natural interest rate may be headed in the future.

    4. Conference contents

    Let me now give a very brief overview of what we will be hearing today and tomorrow:

    The Conference will start with the session “Interest Rates and Macroeconomic Policy” In this session, the paper by Francesco Bianchi, Renato Faccini and Leonardo Melosi examines the role of fiscal policy in shaping the future path of real interest rates. Then, the paper by Gabriel Jiménez, Dmitry Kuvshinov, José-Luis Peydró and Bjorn Richter will look at the links between the path of the monetary policy rate over time and the risk of banking crises from a historical perspective.

    Then, we will continue with the first keynote speech, delivered by Ricardo Reis. He will address the implications of interest rate trends on inflation, as well as the subsequent effects of inflation on these trends.

    We will then transition to our second academic session, which will focus on “Theories of Natural Interest Rates.” The natural interest rate, an abstract concept, is defined as the interest rate that prevails in long-term equilibrium once economic shocks have dissipated and prices are fully flexible. As a latent variable, understanding its determinants and refining its measurement is of paramount importance.

    This session will begin with a paper by Ozge Akinci, Gianluca Beningno, Marco del Negro, and Albert Queralto, who propose a complementary concept referred to as the Financial (In) Stability Real Interest Rate. While the natural interest rate is typically associated with macroeconomic stability, this new concept emphasizes the critical importance of financial stability. Following this presentation, Galo Nuño will discuss three theories concerning natural interest rates. Traditional theories often highlight structural drivers such as technological advancement and demographic changes. However, Galo’s paper will challenge this conventional view, exploring how factors such as public debt, household inequality, the zero lower bound, and persistent negative supply shocks may influence natural interest rates.

    To conclude this session, we will hear from Elías Albagli, Sofia Bauducco, Guillermo Carlomagno, Luis Gonzales, and Juan Marcos Wlasiuk, who will discuss the potential impacts of climate change and escalating geopolitical tensions on long-term interest rates.

    The second day will begin with the keynote speech titled “Long-Run Interest Rates: Past, Present, and Future” by Atif Mian. He will explore the interconnections between interest rates and both private and public debt over time. Atif will first address the role of inequality in explaining the simultaneous decline in interest rates and the rise in debt over the past few decades. He will then examine the dynamics of debt, discussing an appropriate constraint on interest rates to prevent explosive borrowing. Finally, he will focus on estimating future yields.

    Next, we will transition to the session titled “Interest Rates, Inflation, and Transmission to Emerging Markets.” This session will open with the paper “U.S. Anti-Inflationary Policy and Emerging Economies: 1980 vs. 2020s” by Drishan Banerjee, Galina Hale, and Harrison Shieh. Their paper analyzes macroeconomic data from advanced and emerging economies in the 1980s and 2020s to highlight differences in how U.S. monetary policies have impacted emerging markets in these two distinct periods. The second paper in this session, by Francisco Legaspe and Liliana Varela, will show how country-specific risks, such as political uncertainty and risk on debt repayment explain excess returns from investing in local currency assets in LATAM countries. Finally, a policy panel featuring Elias Albagli, Jean-Marc Natal, Boris Hofmann, and Ricardo Reis will offer insights into the future of interest rates and their implications for monetary policy in emerging economies. 

    5. Acknowledgements

    I would like to especially thank Atif Mian for being the external organizer of this Conference, as well as locals Sofia Bauducco, Mariana García and Lucciano Villacorta for putting togethersuch a wonderful program. I also thank all the speakers and contributors and look forward to the Conference volume that we will publish in some months with its formatted contents.

    Let me finish by thanking María José Reyes, Constanza Martinelli, Carolina Besa, Daniela Gaete, Daphne Guiloff, Pablo Barros, and both the Public Affairs Department and the Economic Research Department of the Central Bank of Chile for all their invaluable help managing the logistics of organizing this Annual Conference.

    I wish you a fruitful discussion over the next two days.

    Thank you.

    MIL OSI Economics –

    January 26, 2025

  • MIL-OSI Russia: Renovation program: 30 new buildings are being built on the site of old houses in the South-East Administrative District

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    In the South-Eastern Administrative District (SEAD) of the capital, 30 new buildings are being built on the site of old housing stock under the renovation program. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “The South-Eastern Administrative District is one of the leaders in relocating residents from old housing stock to new buildings under the renovation program. Thus, today in the southeast of the capital, 135 houses have been resettled, 81 of which have already been dismantled. Now 30 new buildings are being erected on the site of the demolition. The total area of apartments in them will exceed 480 thousand square meters. This will provide new housing to about 17 thousand city residents,” said Vladimir Efimov.

    According to the renovation program in the South-East Administrative District, 818 houses are to be resettled. More than 164 thousand city residents will move into new apartments.

    “The houses being built on the sites of demolished buildings are located in seven districts of the South-East Administrative District and are designed for approximately 8.5 thousand apartments. The leader in terms of construction is the Kuzminki district, where 10 residential complexes are being built under the renovation program – almost 2.9 thousand apartments with finished improved finishing will appear here. Nine houses are being built in Lublin, designed for a total of almost 2.6 thousand apartments, and in the Ryazan district – four buildings, which will house more than 1.7 thousand apartments,” added the Minister of the Moscow Government, head of the capital’s Department of Urban Development Policy

    Vladislav Ovchinsky.

    In the South-Eastern Administrative District, 135 houses have already been resettled, where more than 24.6 thousand people lived. In the Lyublino district, almost 6.1 thousand city residents from 31 completely resettled houses have become the owners of new apartments. In Kuzminki, more than 5.8 thousand residents have moved from 29 completely vacated buildings, noted the Minister of the Moscow Government, Head of the Department of City Property Maxim Gaman.

    In addition, in the Nizhegorodsky District, more than 3.5 thousand city residents from 24 resettled houses signed contracts for new apartments under the renovation program, in the Lefortovo District – over 2.5 thousand residents from 17 such houses. In the Ryazansky District, 16 buildings were completely resettled, almost 3.2 thousand people received new apartments.

    As the Chairman of the Moscow State Construction Supervision Authority noted Anton Slobodchikov, the south-east of the capital is also leading in terms of the volume of prospective construction under the renovation program. Since the beginning of the year, the State Construction Supervision Committee of the City of Moscow has issued permits for the construction of seven buildings in the South-East Administrative District, designed for a total of more than 2.3 thousand apartments with an area of over 134.6 thousand square meters. New buildings will appear in the Vykhino-Zhulebino, Lyublino, Kuzminki and Ryazansky districts.

    Renovation program approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. In 2023 alone, 59 new buildings in the capital were handed over for settlement and the relocation of over 47 thousand people was ensured. Earlier, Sergei Sobyanin ordered to increase the pace of implementation of the renovation program has doubled. For these purposes, the draft budget for three years 1.2 trillion rubles have been pledged.

    Moscow is one of the leaders among regions in terms of construction rates and volumes. Over the past five years, within the framework of the federal project “Housing” of the national project “Housing and Urban Environment” the volume of construction and commissioning of residential properties in the capital has doubled – from three million to five to seven million square meters per year. More information about the national projects being implemented in Moscow can be found find out here.

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

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

    http://vvv.mos.ru/nevs/item/146154073/

    MIL OSI Russia News –

    January 26, 2025

  • MIL-OSI Russia: 387 properties have been purchased by small and medium-sized businesses under preemptive rights since the beginning of the year

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Since the beginning of the year, tenants of capital real estate have bought out almost 400 properties under the right of first refusal. This was reported by the Minister of the Moscow Government, Head of the Department of City Property Maxim Gaman.

    “Small and medium-sized businesses that rent buildings and non-residential premises from the city can buy them out under the right of first refusal. Over the first nine months of 2024, entrepreneurs have privatized 387 properties with a total area of almost 57 thousand square meters in this way. This is 32 percent more than in the same period last year, which indicates high business activity in the capital,” said Maxim Gaman.

    Preemptive redemption is a measure to support small and medium-sized businesses. It is available to entrepreneurs who have been renting real estate from the city for at least one year and have been included inregister of small and medium-sized businesses (SMEs). The lease term for non-residential premises sold at auctions for small businesses is at least two years. The property has been in thelist of objects, intended for SMEs.

    Transactions are concluded without holding auctions. The value of the object in this case is equal to the market value, it is determined by independent appraisers. Tenants can buy the property in installments from five to seven years. The overwhelming majority of entrepreneurs use this.

    Among the registered properties are more than 380 premises with a total area of over 53.5 thousand square meters, as well as three buildings with an area of over 2.7 thousand square meters.

    The most popular properties among entrepreneurs are in the city center. SMEs bought 65 premises and two separate buildings with a total area of almost 11.6 thousand square meters in the Central Administrative District. In the south of the capital, small and medium businesses registered 50 premises as their property, with a total area of approximately 6.6 thousand square meters, and in the southwest — more than 40 properties with an area of about eight thousand square meters.

    To buy out the property, the tenant can use the state online service “Paid alienation of real estate leased by small and medium-sized businesses from the state property of the city of Moscow”. Sales and purchase agreements are concluded electronically.

    Development of electronic services for business corresponds to the objectives of the national project “Digital Economy”. You can find out more about this and other national projects being implemented in Moscow Here.

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

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

    http://vvv.mos.ru/nevs/item/146230073/

    MIL OSI Russia News –

    January 26, 2025

  • MIL-OSI Russia: The Art of Numbers: Moscow to Select Best Accountants

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The “Stars of the Profession” tournament for employees of the capital’s centralized accounting departments will take place from November 18 to 22. It is timed to coincide with the professional holiday – Accountant’s Day.

    “For the third year, our tournament has brought together the best employees of the city’s centralized accounting departments, inspiring them to further development. For them, this is an opportunity to go beyond their daily work, demonstrate their professional qualities, communicate with colleagues, exchange experiences and new ideas. And for us, it is an opportunity to form a team of like-minded people who are capable of not only maintaining a high level of professionalism, but also improving the centralized accounting system,” she noted.

    Elena Zyabbarova, Minister of the Moscow Government, head of the capital’s Department of Finance.

    The project to centralize budget accounting has been implemented in Moscow since 2018. The unified model allows for the regulation and unification of accounting operations, the generation of reports automatically, and the increase in the productivity of accountants.

    More details about the rules of participation in the tournament

    The “Stars of the Profession” tournament is part of this large-scale project. One centralized accounting office can put up several teams of six people for the competition. Applications are accepted until November 14 on the website.

    Accountants will have to make a video business card and go through three stages: two remote and one in-person. Participants will begin their path to victory on November 18 with an online test of logic, attention, as well as the ability to write texts and work with numbers. On November 19, there will be another test of knowledge of regulatory and legal acts in the field of accounting.

    The teams that score the maximum points after two qualifying rounds will advance to the final. It will be held on November 22 in the Smart City pavilion at VDNKh. Ten finalists will compete there. They will be asked to solve accounting problems and analyze non-standard cases. The teams will be evaluated by a competent jury, which will include representatives of the Ministry of Finance and the Federal Treasury of the Russian Federation.

    The five final rounds are united by the common theme “Back to the Future”. In the first round “Cyber Warm-up”, the captains will have to travel in virtual space and complete various tasks. In the second stage “Triathlon”, the teams will be divided into pairs, each of which will have to solve a professional case. In the “Relay” round, all members of each team will have to pass the test.

    Only the five teams with the best results advance to the fourth round, called “Skeet Shooting”. This competition resembles a brain ring: the team that presses the button first is the one who answers. The most difficult final round is called “Grandmaster” – its results determine who will win the competition.

    “The Moscow Government employs ambitious, talented and motivated specialists. Their development is one of the important focuses of attention for the HR Services Department. At the “Stars of the Profession” tournament, colleagues from centralized accounting departments can not only make a name for themselves and receive expert recognition, but also exchange best practices from their field,” noted the head of the HR Services Department of the Moscow Government.

    Pavel Malykhin.

    The organizers of the tournament “Stars of the Profession” are the capital’s departments of finance Andinformation technology, as well as the Moscow Government’s Personnel Services Department. You can watch the video broadcast of the final on the Telegram channel “Open Budget of Moscow”.

    The first “Stars of the Profession” tournament was held in 2022. At that time, the event received a lot of positive feedback, so it was decided to make it an annual event. The project was recognized as the winner of the all-Russian competition “Best HR practices and initiatives in the system of state and municipal administration”, organized by the Ministry of Labor and Social Protection of the Russian Federation.

    Moscow continues to develop a centralized accounting system. It is expected that by the end of 2025 it will cover more than 1.5 thousand, or almost 80 percent, of the capital’s state institutions. More information about the project is on the portal “Open Budget of the City of Moscow” and in the telegram channel “Open Budget of Moscow”.

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

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

    https://vvv.mos.ru/nevs/item/146238073/

    MIL OSI Russia News –

    January 26, 2025

  • MIL-OSI Russia: Excursion without a reason: Russpass offers original ideas for walks around the capital

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The online publication “Russpass-magazine” has published a selection of short routes around Moscow. City residents and tourists are invited to arrange city tour for the price of one trip with the Troika card, as well as take a walk near one of the city’s train stations.

    Stations and squares

    For many, getting to know Moscow begins at the train stations, where not only long-distance trains arrive, but also express trains from airports. Tourists are offered excursions to while away the time between trips.

    So, you can take a fascinating walk by arriving at Paveletsky Station. Tourists from Saratov, Tambov, Volgograd and other cities of Russia, as well as passengers from Domodedovo Airport, arrive here. Not far from the station is Zatsepskaya Square, and if you go on foot in a straight line, then in half an hour you can reach Red Square. You can also take tram No. 38 and go to Krutitsky Podvorye. An alternative option is to stay in the vicinity of Paveletsky Station and go explore the alleys of the Zamoskvorechye district.

    The city from the tram window

    Interesting routes are not only in the center of the capital. Russpass offers to travel from the Voykovskaya metro station on tram No. 27. From the panoramic window you can see historical buildings and untouched islands of living nature. The tram goes past the complex of the Russian State Agrarian University – Moscow Agricultural Academy named after K.A. Timiryazev through former academic fields and forest dachas to the Dmitrovskaya metro station.

    A Walk Around VDNKh and the History of Food: The Most Popular Audio Tours from the Russpass ServiceTravel Builder: Russpass Helped Tourists Plan 38,000 Trips

    Service Rosspas launched in 2020. In four years, it has become an entire tourism ecosystem, with the help of which it is easy to plan a trip, book tickets and a hotel, and select excursions. Interesting facts about traveling in Russia are posted in the online publication “Russpass-magazine”. In addition, since June 2023, a portal has been operating for representatives of the tourism industry “Russpass. Business”.

    The service was created on the initiative of the Moscow Government. The project is supervised by the capital Tourism Committee together with the city Department of Information Technology.

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

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

    http://vvv.mos.ru/nevs/item/146208073/

    MIL OSI Russia News –

    January 26, 2025

  • MIL-OSI Russia: Dmitry Chernyshenko: Patriotic routes will be an important topic of the anniversary forum “Travel!”

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

    November 6, 2024

    Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

    November 6, 2024

    Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

    November 6, 2024

    Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

    November 6, 2024

    Previous news Next news

    Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

    Deputy Prime Minister Dmitry Chernyshenko held a meeting on organizing the fifth Travel! forum, which will take place on June 10–15 at VDNKh. The Roscongress Foundation will act as the event operator. In 2025, the business program events will be united under the general theme of Discover Russia, which implies both familiarizing Russians with the potential and opportunities of their country, and cooperation in the field of inbound tourism.

    Opening the meeting, Dmitry Chernyshenko noted the high level of organization of the IV Russian Tourism Forum “Travel!” and the relevance of such events in modern conditions. “After the forum “Travel!” in June this year, many positive reviews were received, which indicates the relevance and significance of the event. The site was successfully chosen: the territory of VDNKh and the exhibition “Russia” created good conditions for guests and organizers. Today, interest in the forum is growing on the part of both Russian and foreign participants. An important theme of the upcoming fifth forum “Travel!” in the year of the 80th anniversary of Victory in the Great Patriotic War will be patriotic routes that will present the regions of our country,” said Dmitry Chernyshenko.

    The Deputy Prime Minister noted that federal and regional authorities, tour operators and companies working in the tourism sector should be widely represented in the exhibition part of the forum. In particular, Dmitry Chernyshenko proposed holding an exhibition of domestic equipment manufacturers for the tourism industry as part of the forum, as well as organizing a platform for the presentation of investment projects by representatives of various industries, including those planned to be implemented with support under the national project “Tourism and Hospitality Industry”. In this way, business representatives will be able to find potential partners.

    Adviser to the President of Russia, Executive Secretary of the Organizing Committee for the Preparation and Holding of the Russian Tourism Forum “Travel!” Anton Kobyakov noted that in 2024 the forum confirmed its social significance and high status as an anchor industry event, becoming a global discussion platform for discussing modern trends in the development of the tourism and hospitality industry. He spoke about the new concept of the event. “A new comprehensive approach to creating the concept and space of the forum for its guests will demonstrate the tourism potential of all 89 constituent entities of the Russian Federation and increase the international part of the exposition. Visitors will see the full diversity of travel in Russia and learn information about new resorts, tourism sites and travel formats. Traveling around the country, getting to know the sights and cultural features of a particular region contribute to the study of the culture and history of the country. Therefore, the national goal “Opportunities for Self-Realization and Talent Development” formed the basis of the national project “Tourism and Hospitality Industry”. I am sure that in order for more Russians to have the opportunity to study the cultures of peoples and the history of Russia, it is important to make travel around the country convenient, safe and interesting. This is one of the priority tasks of the entire tourism industry,” added Anton Kobyakov.

    Next year, the Travel! forum will discuss medical tourism, which is in demand within the country and is also a tool for attracting foreign guests. A large block of the program will be devoted to inbound tourism. In 2025, it is planned to expand the geography of foreign participants from friendly countries; the Ministry of Foreign Affairs and the Ministry of Economic Development have been instructed to work on this issue.

    “The goals of any tourism forum are to promote the tourism product and attract investment. We are preparing in this philosophy to give regions the opportunity to show themselves and present their achievements and products to foreign guests, and for foreign participants to demonstrate the tourism potential of their countries. This is why we now go to international exhibitions. People should come to us for this too. The festival program of the regions will take an important place this year. In addition, we have preliminarily formulated six tracks of the business program architecture. These are “digital”, transport, government regulation, personnel, development of tourist areas and a comprehensive tourist product,” said Deputy Minister of Economic Development Dmitry Vakhrukov.

    Deputy Director of the Roscongress Foundation, Director of the Russian Tourism Forum “Travel!” Vladimir Zatynaiko spoke about the year-round ecosystem of projects, which includes network events on tourism in the constituent entities of the Russian Federation. “Congress, exhibition and business events dedicated to tourism are actively developing. Examples of such events include the Sustainable Tourism Development Forum “Travel!” in Petropavlovsk-Kamchatsky, “Discover the Far East” in Khabarovsk and the St. Petersburg International Tourism Forum “Travel Hub. Travel!”, which will be held in the Northern capital from December 4 to 6, where the results of the tourism sector in 2024 will be summarized. In this regard, the Russian Tourism Forum “Travel!” is the key, central event of the year, where the main areas of development of the industry are outlined,” Vladimir Zatynaiko noted.

    This year, a program to promote Russia abroad under the Discover Russia brand was launched at the national level for the first time. The priority countries in 2024 were China, India, Bahrain and Saudi Arabia. Next year, it is planned to promote Russia’s tourism potential in Southeast Asia and expand its presence in the Persian Gulf countries.

    As part of the event, Minister of Economic Development Maxim Reshetnikov will hold an all-Russian meeting with the regions, as well as a meeting with the industry community in the format of a business dialogue.

     

    The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of national and international congress, exhibition, business, public, youth, sporting, and cultural events, created in accordance with the decision of the President of Russia.

    The Fund was established in 2007 with the aim of promoting the development of economic potential, advancing national interests and strengthening the image of Russia. The Fund comprehensively studies, analyzes, forms and covers issues of the Russian and global economic agenda. Provides administration and facilitates the promotion of business projects and attracting investments, promotes the development of social entrepreneurship and charitable projects.

    The Foundation’s events bring together participants from 209 countries and territories, more than 15,000 media representatives work annually at Roscongress venues, and more than 5,000 experts in Russia and abroad are involved in analytical and expert work.

    The Foundation interacts with UN structures and other international organizations. It develops multi-format cooperation with 212 foreign economic partners, associations of industrialists and entrepreneurs, financial, trade and business associations in 86 countries of the world, with 293 Russian public organizations, federal and regional executive and legislative bodies of the Russian Federation.

    Official telegram channels of the Roscongress Foundation: in Russian –t.te/Roscongress, in English –t.te/RoscongressDirect, in Spanish –t.te/RoscongressEsp, in Arabic –t.te/RosKongressArabik. Official website and information and analytical system of the Roscongress Foundation:roscongress.org.

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

    MIL OSI Russia News –

    January 26, 2025

  • MIL-OSI Asia-Pac: HK’s advantages promoted in Ottawa

    Source: Hong Kong Information Services

    Continuing a visit to Canada, Secretary for Innovation, Technology & Industry Prof Sun Dong delivered a keynote speech at a Seminar on Life Science & Global Health, held at the Parliament Building in Ottawa.

    Prof Sun said that while Canada is a long-recognised powerhouse in the field of life and health science, Hong Kong is emerging as an international innovation and technology (I&T) centre.

    He then outlined a number of advantages that Hong Kong enjoys in relation to the development of life and health technologies.

    Hong Kong’s flagship research and development initiative, InnoHK, has established collaborations with more than 30 world-renowned universities and research institutes in 12 economies, including Canada. It has set up 29 research laboratories,16 of them focused on healthcare-related technologies. Also in place are a $6 billion subsidy programme supporting local universities to set up life and health technology research institutes, and a $3 billion Frontier Technology Research Support Scheme to accelerate cross-disciplinary research.

    He said: “We will set up the InnoLife Healthtech Hub in the Hetao Hong Kong Park (the Loop) to attract top-notch research teams and talent from around the world. We will allocate another $2 billion to support the InnoHK research clusters to establish (a) presence in the Loop, and $200 million to support startups in the Loop engaging in life and health technology in the form of incubation and acceleration programmes.”

    New land will be made available in San Tin Technopole to support I&T industry development, creating synergy with the nearby Shenzhen I&T Zone, he added.

    He also outlined that Hong Kong is the best platform for connecting Mainland I&T talent and companies with those from around the world, as the city possesses the distinctive advantages of enjoying strong national support and being closely connected to the world under “one country, two systems”.

    Prof Sun also met a Canadian senator and a member of the country’s parliament to discuss ways of enhancing collaboration on science, innovation and research between Hong Kong and Canada, as well as fostering people-to-people and cultural exchanges.

    Separately, Prof Sun called on Chinese Ambassador to Canada Wang Di to brief him on the progress of developing Hong Kong into an international I&T centre, as well as the city’s efforts to integrate into the nation’s I&T development. The tech chief said that Hong Kong spares no effort in developing new quality productive forces tailored to local conditions, including in its pursuit of new industrialisation, and its increased investment for I&T industries.

    MIL OSI Asia Pacific News –

    January 26, 2025

  • MIL-OSI Asia-Pac: LCQ12: Sealing up corridor-facing louvres of public rental housing flats

    Source: Hong Kong Government special administrative region

    LCQ12: Sealing up corridor-facing louvres of public rental housing flats
    LCQ12: Sealing up corridor-facing louvres of public rental housing flats
    ************************************************************************

         Following is a question by the Hon Yang Wing-kit and a written reply by the Secretary for Housing, Ms Winnie Ho, in the Legislative Council today (November 6): Question:      It has been reported that in recent months, the Housing Department (HD) has posted notices in some public rental housing (PRH) estates, stating that the HD must undertake fire safety improvement works pursuant to the requirements of the Fire Safety (Buildings) Ordinance (Cap. 572), including sealing up all domestic flat louvres facing common exit corridors with fire-‍resisting boards in phases starting from next year. In this connection, will the Government inform this Council: (1) of the numbers of PRH estates and domestic flats involved in the aforesaid works, as well as the implementation schedules; (2) as some PRH tenants are worried that their flats will become poorly-‍lit due to the lack of lighting penetration from the corridors after the relevant works, whether the HD has studied the alternative options, including allocating resources to seal up the louvres with fire-resisting glasses instead of fire-resisting boards, so as to retain the effect of light penetration; if so, of the details; if not, the reasons for that; (3) whether it will assist PRH tenants who have modified their louvres on their own to remove externally-attached objects and carry out reinstatement works, with a waiver of the relevant expenses; if so, of the details; if not, the reasons for that; and (4) whether it will step up publicity and explanation efforts, so that the affected PRH tenants can gain an understanding of the procedures and implementation progress of the relevant works; if so, of the details; if not, the reasons for that? Reply: President,      In consultation with the Buildings Department (BD) and Hong Kong Fire Services Department (FSD), the consolidated reply to the question raised by the Hon Yang Wing-kit is set out below:           According to the Fire Safety (Buildings) Ordinance (Cap. 572) (the Ordinance), composite and domestic buildings constructed on or before March 1, 1987, or with the plans of the buildings works first submitted to the Building Authority for approval on or before that day (the target buildings) are required to upgrade the fire safety standards to meet modern fire protection requirements. Currently, under the Housing Authority, there are 477 public rental housing (PRH) blocks in 64 estates regulated by the Ordinance.      Since the Ordinance came into effect on July 1, 2007, the Housing Department (HD) has been in close liaison with the BD and FSD to formulate feasible fire safety improvement proposals and implementation details for the target buildings, including conducting assessments of the target buildings; appointing fire engineering consultants to study the works details; as well as liaising with the BD and FSD on the vetting and acceptance processes, etc. The HD has been implementing the improvement works taking into account the difficulty and priority of the projects and basing on the acceptance progress of improvement proposals, scope of works, and co-ordination with other maintenance programmes of the target buildings concerned. In fact, shortly after the Ordinance took effect, some improvement works which are comparatively easy to implement, such as replacement of fire doors and installation of emergency lighting systems, have commenced by phase. Considering the large number of target buildings with varying architectural layout and designs, the HD, BD and FSD have been in close liaison in conducting joint inspections to each target building by phase to determine the required scope of fire safety improvement works for each building. The HD also submitted fire safety improvement proposals based on the requirements and subsequently arranged the necessary improvement works at once upon receipt of the acceptance from the BD and FSD.      With regard to the louver enclosure works at the older PRH blocks, the fire engineering consultant pointed out that the domestic flats concerned are with louvers facing the internal corridor, which is not separated from the escape staircases. Therefore, in the event of fire accidents, the louvers of these flats could not resist fire and smoke, leading to proliferation of fire and smoke through the louvers to the internal corridor or other flats. Notwithstanding that some tenants had adopted different materials and methods to enclose the louvers on their own in the past years for privacy, sound insulation or security concerns, these materials or methods might not render effective fire resistance. The HD is aware that tenants may have different views on the louver enclosure works. Therefore, upon confirmation of the necessity of the enclosure works to enhance fire protection in 2018, the HD requested fire engineering consultants to conduct an in-depth investigation to explore the feasibility of using various materials or methods to formulate the most suitable approach.       Our reply to various parts of the question is as follows:      (1) The enclosure works involved around 240 PRH blocks in 53 estates of around 136 000 domestic flats. The HD first commenced the enclosure works in Fu Shan Estate in late October 2024, and the enclosure works will be progressively arranged in other estates concerned. (2) After a thorough study on the feasibility and safety of the enclosure works, upon on-site inspections and multiple discussions with the BD and FSD, the HD has decided to enclose the louver windows facing internal corridors with fire-resisting boards to enhance fire protection. In selection of enclosure materials, the HD has taken into account a wide range of criteria including the impact on the width of internal corridor as the means of escape, the specifications, supply of materials, cost, fire resistance, installation procedures, future maintenance, impact on tenants, etc. In fact, sufficient natural lighting and ventilation has been provided for all relevant domestic flats through balconies and windows. (3) The HD has deliberated on the specification details and work procedures of the enclosure works. Generally, works could be carried out outside domestic flats. Tenants are not required to attend or bear any cost. If tenants have enclosed the louvers on their own, no reinstatement by tenants is required. The HD will provide necessary assistance to residents for removal of their belongings hung on louvers. (4) In order to familiarise tenants with the arrangement details of the louver enclosure works, before the commencement of works in Fu Shan Estate, the HD posted notices and photos at the lift lobby on the ground floor and at the lobby on all floors in the PRH blocks concerned, displayed the mock-up of the enclosed louver in the estates, issued letters to affected households, and briefly introduced the progress of the works in Estate Newsletter. During the period of late September to early October 2024, the HD met with a number of Wong Tai Sin District Council members respectively to introduce and answer the enquiries about the relevant fire safety improvement works. In early October 2024, the HD also convened a briefing session on fire safety improvement works with the BD and FSD for tenants of Fu Shan Estate to introduce the Ordinance and the relevant works arrangement. Through the aforesaid publicity and explanatory work, the louver enclosure works in Fu Shan Estate has been implemented smoothly and no complaint related to the relevant works was received during the works period.      The HD will make reference to the practice of Fu Shan Estate in conducting the publicity and explanatory work to PRH tenants in proceeding relevant improvement works in other PRH estates in future.

     
    Ends/Wednesday, November 6, 2024Issued at HKT 15:05

    NNNN

    MIL OSI Asia Pacific News –

    January 26, 2025

  • MIL-OSI Asia-Pac: LCQ20: Provision of sports and recreation facilities

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Lee Chun-keung and a written reply by the Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, in the Legislative Council today (November 6):
     
    Question:
     
         It is learnt that while the brilliant results of the national team and the Hong Kong, China delegation in the recently concluded 2024 Paris Olympic Games are heartening and have roused an instant craze for sports in Hong Kong, the shortage of sports venues in Hong Kong has all along been subjected to criticism. In this connection, will the Government inform this Council:
     
    (1) in respect of the Five-Year Plan for Sports and Recreation Facilities (Five-Year Plan) and the 10-year Development Blueprint for Sports and Recreation Facilities (10-year Blueprint) put forth in the 2017 Policy Address and the 2022 Policy Address respectively, of the Government’s concrete plans to expedite the construction progress of the uncompleted projects therein;
     
    (2) apart from the projects covered by the Five-Year Plan and the 10-‍year Blueprint, of the Government’s other plans to increase the provision of district sports facilities; and
     
    (3) whether it will consider converting some vacant markets into multi-‍purpose government buildings for the provision of facilities such as sports complexes; if so, of the details; if not, the reasons for that?
     
    Reply:

    President,
     
         My consolidated reply to the questions raised by the Hon Lee Chun-keung is as follows:

    (1) The Culture, Sports and Tourism Bureau and the Leisure and Cultural Services Department (LCSD) strive to secure resources for implementing various projects for sports and recreation facilities as announced in the Five-Year Plan for Sports and Recreation Facilities (Five-Year Plan) and 10-Year Development Blueprint for Sports and Recreation Facilities (10-Year Blueprint). The projects are planned in accordance with public works procedures, including conducting technical feasibility studies (TFS), undertaking design, consulting District Councils and relevant stakeholders, tendering and seeking funding approval.
     
         Out of the 26 projects under the Five-Year Plan, 21 projects have obtained funding approval. Among which, 13 projects have been opened or partially opened for public use and eight projects have their pre-construction activities/construction works commenced. Four projects are in the early stage of planning and one project has been incorporated in a redevelopment project in the district concerned. The 10-Year Blueprint involves 31 projects. For the 16 projects for implementation under Phase 1, two projects have obtained funding approval with related works in progress, 11 projects have completed the TFS and are pending funding application. The remaining three projects are in the planning stage prior to the TFS. As for the 15 projects recommended for conducting the TFS, one has been completed and is pending funding application. The Government will advance the progress of various projects subject to allocation of financial resources.

    (2) The Government endeavours to provide quality and diversified sports and recreation facilities to the public for meeting their needs. Other than the Five-Year Plan and the 10-Year Blueprint, the Government will continue to plan for new sports facilities and improve existing facilities, taking into account various factors including the current provision of sports facilities across Hong Kong and at the district level, policy objectives of sports development, utilisation of existing facilities, demographic changes, views of the District Councils and relevant stakeholders, site availability, technical feasibility and allocation of financial resources. The LCSD also collaborates with other policy bureaux (such as the Harbour Office and the Invigorating Island South Office under the Development Bureau) and government departments (such as the Civil Engineering and Development Department) to jointly plan and implement sports and recreation facilities under other works projects (such as Public Open Space at East Coast Park Precinct at North Point) to cater for public needs.

    (3) The Government is planning to convert some floors of the Kwun Chung Municipal Services Building into an Urban Sports Centre with a view to providing venues suitable for activities such as sport climbing, breakdancing, and skateboarding. Upon completion of the TFS of the project, the Architectural Services Department has commenced the design preparatory work since July this year. In addition to the plan for the conversion of some floors of the Kwun Chung Municipal Services Building, the Government will also review other existing facilities of relatively low utilisation (such as vacant markets) and explore the possibility of using those sites to provide appropriate sports facilities for promoting sports.

    MIL OSI Asia Pacific News –

    January 26, 2025

  • MIL-OSI China: Experts weigh in on real threats to stability in South China Sea

    Source: China State Council Information Office 2

    Chinese experts at a special forum in Beijing have pointed out that the root causes of the instability in the South China Sea are the United States picking sides on the South China Sea issue, certain claimants in relevant disputes attempting to enforce their illegal interests, and the illegal award of the arbitration tribunal in 2016.
    The experts from various research centers and universities discussed the issues at an event on Tuesday organized by the South China Sea Strategic Situation Probing Initiative (SCSPI).
    Responding to claims by some Western countries that China’s construction on some islands and reefs in Nansha Qundao had changed the “status quo” in the area, Wu Shicun, chairman of the Huayang Research Center for Maritime Cooperation and Ocean Governance, explained that related moves by China are measures aimed at countering the Philippines’ arbitration claim and improving China’s unfavorable position on relevant islands and reefs under its jurisdiction.
    Such measures are both reasonable and lawful, Wu said.
    Hu Bo, director of the Center for Maritime Strategy Studies of Peking University, said that China’s claims to sovereignty and maritime rights in the South China Sea have remained consistent and continuous.
    Hu said the main sources of the current instability and turbulence in the South China Sea can be attributed to two factors. Firstly, some claimant countries, such as the Philippines, have attempted to alter the status quo and even undermine the commitment made by all parties in the “Declaration on the Conduct of Parties in the South China Sea” not to occupy new uninhabited islands or reefs. Secondly, the involvement of the United States in the South China Sea disputes and its intensified military deterrence measures.
    Hu pointed to the fact that the situation in the South China Sea was generally more stable during the period from the end of the Cold War to 2009, when the United States paid less attention to the area and the Southeast Asian region.
    Some other experts, including Lei Xiaolu, a professor at the China Institute of Boundary and Ocean Studies of Wuhan University, and Zheng Zhihua, an associate professor at the Center for Japanese Studies under the Shanghai Jiao Tong University, criticized the illegal “arbitral award” in 2016.
    They stressed that it was made by a tribunal that had no jurisdiction, and that the award, in breach of the United Nations Convention on the Law of the Sea (UNCLOS) and of China’s rights as a State Party under the UNCLOS, is null and void and has no binding force.
    The experts also warned that the United States is attempting to draw forces outside the region into the South China Sea issue by hyping up fake narratives regarding freedom of navigation and overflight in the region, making the situation more complicated.
    However, the experts also said they believe the situation in the South China Sea is far less tense than claimed by some countries and portrayed by some media organizations.
    “It is the United States that poses the greatest threat to the freedom of navigation and overflight in the South China Sea,” said Yan Yan, director of the Research Center for Oceans Law and Policy, National Institute for South China Sea Studies.
    The United States interprets international maritime law navigation rules in a manner that aligns with its own national interests and imposes them as standards to compel regional countries to accept, a typical manifestation of American maritime hegemony, Yan added. 

    MIL OSI China News –

    January 26, 2025

  • MIL-OSI China: Republican Party projected to win majority in US Senate

    Source: China State Council Information Office

    The Republican Party was projected by multiple U.S. media to win back the majority in the U.S. Senate early Wednesday after flipping two seats from the Democratic Party.

    The two seats the Republicans won back from the Democrats are in the states of Ohio and West Virginia, with Bernie Moreno and Jim Justice emerging victorious, respectively.

    With 66 seats not up for election this year and ballots still being tabulated in states in which races are underway, the current composition of the 100-seat upper chamber is 51 seats for the GOP and 42 for Democrats.

    Which party controls the Senate will have a huge impact on the country’s legislative agenda in the years ahead, as well as the makeup of the next presidential administration’s cabinet.

    MIL OSI China News –

    January 26, 2025

  • MIL-OSI Russia: The Department of Construction Organization held the “Master’s Readings” for the first time

    Translation. Region: Russian Federation –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Participants of the scientific and practical seminar “Master’s Readings”

    On November 2, the Department of Construction Organization of SPbGASU held a regional scientific and practical seminar “Master’s Readings”.

    “This is our first experience, and I hope it will be positive. It is already positive – we have 24 reports,” said Maxim Molodtsov, associate professor of the construction organization department, at the opening of the seminar.

    The presentations were devoted to topics relevant to the modern construction industry. Thus, students Bogdan Pismarkin, Aigul Orazdurdyeva and Daniil Koldyshev spoke about the creation of a digital platform with the working title “Jack of All Trades”. The platform is designed to search for and plan labor resources in construction. The students’ scientific supervisor is the head of the construction organization department Roman Motylev.

    According to Aigul Orazdurdyeva, one of the most critical factors in the development of construction projects is the availability of labor resources at the right time in the right volume. Construction companies face a shortage of personnel, with the risk of hiring unskilled personnel; another difficulty is the large number of contractors and subcontractors.

    The students managed to identify key problems: the lack of a universal platform for searching, selecting, checking and planning labor resources, which would combine the necessary functionality in one place; the lack of the ability to find workers with verified documents and confirmed qualifications in advance; the lack of a rating system that would inspire confidence in the customer and motivate them to perform work more efficiently.

    According to Bogdan Pismarkin, in Soviet times, the issue of shortage of blue-collar workers was resolved with the help of vocational schools (PTU), which trained specialists for various industries. In the modern world, the situation has changed, government agencies no longer regulate this issue. The demand for higher education has grown, and the popularity of Internet professions is growing. There is a shortage of skilled workers, and people have to be hired from abroad. Digital platforms can simplify hiring, provide training and advanced training, and analyze labor market data.

    The digital platform for searching and planning labor resources in construction is an innovative tool that automates the selection, verification, planning and management of personnel. The platform ensures effective interaction between customers and contractors. The product, which is being created by graduate students, will allow you to create an order in one place and respond to it, link the worker’s availability calendar with the construction schedule of the facility; automatically check documents before offering a worker to the company, and confirm qualifications using integration with government services for checking documents. A rating system and gamification elements are also provided, which will allow workers to grow professionally, and customers to receive higher quality work results.

    “The digital platform will become a reliable assistant for both customers and contractors, providing a wide range of opportunities for solving all issues in the field of organizing labor resources,” Bogdan is confident.

    Student Yulianna Bobrovskaya (supervised by Associate Professor of the Department of Construction Organization Maxim Molodtsov) suggests monitoring work at remote sites using modern equipment. The student is convinced that construction in remote areas contributes to their economic development, develops tourism, and reduces pressure on large cities. However, construction companies face a number of difficulties associated with the transportation of materials and equipment, shift work, and slow response to emerging problems. An unmanned aerial vehicle can simplify the developer’s work by filming the site in real time and transmitting information to an IT platform. A specialist will track what is happening and promptly make a decision.

    As an example, Yulianna cited the domestic unmanned aerial vehicle Optiplane S2, which has been produced for seven years and is constantly being modernized. The device is easy to operate and can withstand minimal temperatures. In addition, the manufacturer provides instructions.

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

    MIL OSI Russia News –

    January 26, 2025

  • MIL-OSI New Zealand: Arrests made following search warrant, Wainoni

    Source: New Zealand Police (District News)

    Attributable to Canterbury District Commander Superintendent Tony Hill:

    Three associates of the Mongols MC have been arrested today after a search warrant was executed at a Wainoni address this morning.

    Police searched the Cuffs Road address and spoke to four occupants as part of an ongoing investigation.

    An amount of suspected stolen property was recovered from the address.

    Subsequently, three men, aged 23, 24 and 26 have been arrested and face property-related charges.

    Our investigation is ongoing.

    Police will continue to have a visible presence around the gathering of gang members currently underway in Canterbury.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

    January 26, 2025

  • MIL-OSI: Crédit Agricole Assurances: Steady growth across all our business lines

    Source: GlobeNewswire (MIL-OSI)

    Release                                                  Paris, November 6th 2024

    Steady growth across all our business lines

    9M 2024 KEY FIGURES:

    • Total revenue1of 32.8 billion euros, up +18.2%2
    • Net inflows of +4.2 billion euros of which +1.1 billion on the General Account
    • Contribution to Crédit Agricole S.A.’s Net Income Group Share2of 1,466 million euros, up +11.3%2

    “These new interim results confirm the momentum already seen in the 1st half of last year in all our business lines, both in France and internationally. These results are driven by the commitment of Crédit Agricole Assurances teams and our partner banks; a commitment to serving our customers that is currently particularly expressed through the handling of the damages caused by storms Kirk and Leslie. In an uncertain economic and geopolitical environment, these results illustrate the increased need for protection expressed by our customers, as reflected in the increase in life outstandings entrusted to us, and in the growth in the number of solutions to deal with life’s hazards.

    This confidence is also reflected in the latest S&P rating, which confirms our financial strength and the relevance of our model as an integrated insurer within the Crédit Agricole Group.

    During this final quarter, in line with our social project, we will be focusing on the prevention and detection of health risks, which is the theme of the new edition of our Innov&Act start-up challenge. This will enable us to identify innovative projects to improve the response to our customers’ protection needs, and society as a whole.

    Once again, I would like to thank all our team members, as well as Crédit Agricole’s Regional Banks and LCL for these great achievements”.

    Nicolas Denis, Chief Executive Officer of Crédit Agricole Assurances

    STRONG PERFORMANCE DRIVEN IN PARTICULAR BY SAVINGS AND INTERNATIONAL

    Over the first nine months of 2024, Crédit Agricole Assurances generated premium income1 of €32.8 billion, up +18.2%2 compared with end of September 2023, both in France (+12.6%) and international markets (+54.5%), driven by life insurance thanks to the reshaping of our international product offering and the success of payment bonus campaigns in France.

    In savings/retirement, gross inflows reached €23.9 billion at the end of September 2024, up +23.1% compared to the end of September 2023, fueled by the commercial campaigns launched during the first quarter of 2024, and the recovery in international markets. Combined with the acquisition of a significant group retirement contract, this led to a high level of gross inflows3 on the General Account, at €15.6 billion (+43.8%). Unit-linked gross inflows3 amounted to €8.3 billion, slightly decreasing (-3.5%), due to less favorable market conditions, notably a reduced attractiveness of unit-linked bond products. Consequently, the share of unit-linked within gross inflows fell to 34.8% (down -9.5 points year-on-year).

    Net inflows amounted to +€4.2 billion, up +€5.0 billion compared to end of September 2023. By product, net inflows amounted to +€3.1 billion on unit-linked and +€1.1 billion on General Account, back in positive territory since the last two quarters (+€6.3 billion over one year on General Account).

    Life insurance outstandings4 reached €343.2 billion at the end of September 2024, up +3.9% over nine months, driven by a positive market effect and net inflows. Unit-linked outstandings exceeded the €100 billion mark for the first time, standing at €102.8 billion (+7.7% since January 1, 2024). General Account outstandings have risen by +2.4% since January 1, 2024, to €240.5 billion. Unit-linked represented 29.9% of total life insurance outstandings at the end of September 2024 (+1.0 point over nine months).

    In property and casualty5, gross written premiums1 remained buoyant, rising by +7.8% compared to the end of September 2023, to €4.9 billion. Following the first consolidation of CATU, a Polish non-life insurance subsidiary, the portfolio grew by +5.1% to nearly 16.6 million policies, representing a net addition of more than 500,000 policies over the year; average premium rose as a result of price increases and changes in the product mix.

    Equipment rates within the Crédit Agricole Group’s banking networks kept growing year-on-year, at the Regional Banks (43.8%6, up +0.7 point), LCL (27.9%6, up +0.3 point) and CA Italia (20.0%7, up +1.7 points).

    In personal protection (death and disability/creditor/group insurance8), gross written premiums1 was up +5.7% compared to the end of September 2023, at €4.0 billion, driven by growth in all segments: creditor insurance (+3.4%) benefiting from international single-premium contracts, group insurance (+21.6%) and individual death and disability (+5.6%).

    RESULTS GROWTH IN LINE WITH BUSINESS GROWTH

    The contribution of Crédit Agricole Assurances to Crédit Agricole S.A.’s Net Income Group Share amounted to €1,466 billion, up +11.3%2 year-on-year, reflecting the strong performance across all business lines despite less favorable crop insurance claims than in the third quarter of 2023.

    The combined ratio9 stood at 95.5%, up +0.3 point over the year due to unfavorable discounting effects. The undiscounted net combined ratio slightly improved to 97.7% (-0.2 point year-on-year).

    The Contractual Service Margin10 reached €24.9 billion at the end of September 2024, up +4.5% since 31 December 2023, thanks to the contribution from new business and the stock revaluation in favourable market conditions.

    RATINGS

    Rating agency Date of last review Main operating subsidiaries Crédit Agricole Assurances Outlook Subordinated debt
    S&P Global Ratings October 3, 2024 A+ A Stable BBB+

    KEY EVENTS SINCE THE LAST PUBLICATION

    About Crédit Agricole Assurances

    Crédit Agricole Assurances, France’s largest insurer, is the company of the Crédit Agricole group, which brings together all the insurance businesses of Crédit Agricole S.A. Crédit Agricole Assurances offers a range of products and services in savings, retirement, health, personal protection and property insurance products and services. They are distributed by Crédit Agricole’s banks in France and in 9 countries worldwide, and are aimed at individual, professional, agricultural and business customers. Crédit Agricole Assurances has 5,800 employees. Its premium income (“non-GAAP”) to the end of 2023 amounted to 37.2 billion euros.
    www.ca-assurances.com

    1 Non-GAAP revenue
    2 On a like-for-like basis, excluding the 1stconsolidation of CATU (Crédit Agricole Towaraystow Ubezpieczeń, property and casualty insurance subsidiary in Poland) on 30 June 2024 with retroactive effect from 1 January 2024, changes are: +18.1% for total revenue, +54.0% for international revenue and +11.2% for the contribution to Crédit Agricole S.A.’s Net Income Group Share
    3 In local GAAP

    4 Savings, retirement, death and disability (funeral)
    5 On a like-for-like basis: +7.4% growth in non-life premium income, +3.1% increase in the portfolio; at the end of September 2024, CATU’s portfolio comprised more than 314,000 policies including net addition of +20,800 policies over the year
    6 Percentage of Regional banks and LCL customers with at least one motor, home, health, legal, mobile/portable or personal accident insurance policy marketed by Pacifica, French Crédit Agricole Assurances’ non-life insurance subsidiary
    7 Percentage of CA Italia network customers with at least one policy marketed by CA Assicurazioni, Italian Crédit Agricole Assurances’ non-life insurance subsidiary
    8 Excluding savings/retirement
    9 P&C combined ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + commissions) to gross earned premiums
    10 CSM or Contractual Service Margin: corresponds to the profits expected by the insurer from the insurance business over the term of the contracts, for profitable contracts, for Savings, Retirement, Death & Disability and Creditor products.

    Attachment

    • Release – 9M 2024 results

    The MIL Network –

    January 26, 2025

  • MIL-OSI Russia: Sobyanin made a decision on prize payments to Moscow Paralympic athletes

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Moscow athletes – winners and medalists of the XVII Summer Paralympic Games 2024 in Paris (France), as well as their coaches will receive incentive payments from the city. This was reported in on your telegram channel Sergei Sobyanin reported.

    “The winners and medalists of the XVII Summer Paralympic Games in Paris will receive prizes from the city. 15 Moscow athletes participated in the Games in neutral status. Five of them won medals,” the Mayor of Moscow wrote.

    Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin 

    The XVII Summer Paralympic Games were held in Paris from August 28 to September 8, 2024. They were attended by 15 Moscow athletes, they competed in a neutral status. They won five medals in disciplines for athletes with musculoskeletal disorders: two gold, one silver and two bronze.

    The champions of the games were Maria Pavlova (swimming) and Khetag Khinchagov (athletics). The silver medal was won by Zoya Shchurova (swimming). The bronze medalists were Irina Vertinskaya (athletics) and Georgy Margiev (athletics).

    Swimmer Maria Pavlova, who won the Paralympic gold medal in the 100m breaststroke for athletes with musculoskeletal disabilities, set a world record in this discipline – one minute 26.09 seconds. The previous world record belonged to her: on June 8, 2024, she showed a result of one minute 26.86 seconds.

    The champions of the games will receive an incentive cash payment of four million rubles, the silver medalist – 2.5 million rubles, and the bronze medalists – 1.7 million rubles.

    Prize money will also be paid to the four coaches who took part in training the athletes. They will receive half of the amount awarded to the athletes.

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

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

    https://vvv.mos.ru/major/themes/11995050/

    MIL OSI Russia News –

    January 26, 2025

  • MIL-OSI Russia: HSE and Yandex Present Report on Integration of Artificial Intelligence into Higher Education

    Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    The Higher School of Economics and Yandex Education have prepared a joint report, Artificial Intelligence in Education. It analyzes leading global practices that reveal the potential of artificial intelligence (AI) technologies in the educational sphere. The report is a map with cases of universities in different countries that are already using AI today. The goal of the project is to help Russian universities implement AI, based on the experience of other universities.

    The study includes an extensive block of real cases and examples, including on the topic of the practical use of AI in the world’s leading universities: from helping students explain concepts and translate texts to structuring materials and preparing educational documents.

    The authors analyzed a number of sociological studies around the world. The results of the analysis show that AI is already actively used in both educational (today 49% of students use generative technologies) and management and research activities. At the same time, 47% of students note the positive impact of text generative technologies on learning. As for the main ways of using new technologies, the most popular were clarifying concepts and working with questions for understanding specific disciplinary concepts (56% of those who use GPT), in second place were research tasks and working with literature (45%), in third place was translation of texts (42%), in fourth place was creation and analysis of texts (39%).

    To make the material as interactive as possible, experts from the National Research University Higher School of Economics and Yandex Education have created a special online resource, which contains examples and cases. The platform is a live space that not only demonstrates examples of AI use, but also forms a picture of possible scenarios for its application in the educational environment. Universities that have AI application practices can send their cases to the authors through a special form on the site, and they will be added to the case library.

    The report identifies key areas for integrating AI into the work of students, teachers, researchers, and managers. These areas may become the closest areas for AI development at universities. In this context, the Higher School of Economics has already adopted its own course on using AI in the learning process. The university has formulated an ethical and educational policy, including recommendations on when and to what extent AI should be used in independent work, as well as in which cases it is necessary to inform the teacher about the generated text. The HSE case demonstrates how the correct integration of technologies will allow students to develop the necessary skills for a full and fruitful educational process.

    “At Yandex Education, we have seen how AI technologies have really begun to penetrate and take root in schools, universities, and EdTech platforms over the past year. It is important for the university community and bigtech to see where new growth points are emerging and how the potential of AI can be applied in education. That is why, together with the HSE, we conducted a study of Russian and foreign practices. They turned out to be very different and affect the management system, the life of a student, teachers, and even the didactics of higher education. At the same time, our goal was to create not a frozen picture, but a constantly updated digest of the best global practices. It is in them that university managers, teachers, and researchers will be able to find inspiration for new projects and changing their reality,” comments Kirill Barannikov, Head of Strategic Development of Higher Education at Yandex Education.

    “At the Higher School of Economics, we focus on the opportunities that AI provides for improving the educational and scientific processes at the university. HSE is launching various initiatives aimed at supporting the correct use of AI by both teachers and students. At the same time, we advocate for compliance with ethical principles when using AI and were the first Russian university to adopt an ethical code for the use of artificial intelligence in the educational process,” said Evgeny Terentyev, Director Institute of Education HSE University, Head of International Laboratory for Evaluation of Practices and Innovations in Education.

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

    MIL OSI Russia News –

    January 26, 2025

  • MIL-OSI: Sampo Group’s results for January–September 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, Interim statement, 6 November 2024 at 9:45 am EET


    Sampo Group’s results for January–September 2024

    • Top line growth amounted to 10 per cent in January-September 2024 on a currency adjusted basis, supported by solid development in all business areas, but particularly in the UK.

    • The underwriting result increased to EUR 955 million (882) and the combined ratio amounted to 84.6 per cent (84.2), driven by strong growth and positive underlying margin development.

    • The Group underlying combined ratio improved by 1.6 percentage points on the back of positive trends in the Nordics and in the UK.

    • Profit before taxes increased to EUR 1,340 million (1,113), supported by higher underwriting profit and strong investment results, while operating EPS was up 2 per cent to EUR 1.68 (1.65).

    • Solvency II coverage stood at 177 per cent, net of dividend accrual, and financial leverage amounted to 26.8 per cent.

    • The public exchange offer for Topdanmark was successfully completed in September 2024.


    Key figures

    EURm 1–9/
    2024    		 1–9/
    2023    		 Change,
    %    		 7–9/
    2024    		 7–9/
    2023    		 Change, %
    Profit before taxes 1,340 1,113 20 432 391 11
      If 1,068 989 8 333 332 —
      Topdanmark 159 143 11 47 38 22
      Hastings 140 70 99 69 43 59
      Holding -28 -81 — -19 -21 —
    Net profit for the equity holders 973 941 3 320 366 -12
    Operating result 846 837 1 297 291 2
    Underwriting result 955 882 8 374 284 32
          Change,
    %    		     Change, %
    Earnings per share (EUR) 1.94 1.86 4 0.64 0.73 -12
    Operational result per share (EUR) 1.68 1.65  2 0.59 0.58 2

    Net profit for the equity holders and earnings per share for January–September 2023 include result from life operations.

    The figures in this report have not been audited.

    Sampo Group key financial targets for 2024–2026

    Target 1–9/2024
    Operating EPS growth: over 7% (period average) 2%
    Group combined ratio: below 85% 84.6%
    Solvency ratio: 150-190% 177% (including dividend accrual)
    Financial leverage: below 30% 26.8%

    Financial targets for 2024–2026 announced at the Capital Markets Day on 6 March 2024.

    GROUP CEO’S COMMENT

    The third quarter of 2024 marked another solid performance for Sampo. We continued to see robust top line growth with our nine-month underwriting result growing by 8 per cent, despite the severe winter in the first quarter, and profit before taxes increasing by 20 per cent. We also finalised the strategic transformation that began when I assumed the role of Group CEO in 2020 by completing the acquisition of Topdanmark.

    As part of our P&C insurance focused strategy, we successfully completed the exchange offer for Topdanmark during the quarter. This milestone allows us to move forward with the integration, a process that is well underway and poised to bring notable synergies.  In particular, we anticipate benefits in key areas such as IT portfolio optimisation, increased operational digitalisation, and unified procurement. These synergies will not only enhance efficiency but also improve our ability to serve our customers. Through the deal, we have gained skilled Topdanmark personnel and have already established an integrated Nordic management team. I am confident that we will achieve our integration objectives and further solidify our leadership positions in the Nordic and Danish markets.

    Looking back, another important step in our strategic transformation was the acquisition of Hastings in 2020. The transaction is proving successful, both in terms of financial performance and strategic alignment. During the third quarter of 2024, gross written premiums in the UK grew by 28 per cent on a constant currency basis, fuelled by pricing actions taken in the latter half of 2023 and an 11 per cent increase in customer policies year-on-year, bringing the total to 3.8 million. During the third quarter alone, we added 159,000 motor policies. The strong performance illustrates the significant growth potential in the UK. However, as is always the case at Sampo, we only grow when we see the opportunity to earn attractive returns, and our nine-month operating ratio of 88.5 per cent shows that we are delivering on this commitment.

    Operational momentum is strong also in the Nordics. Retention in Private remains high at 89 per cent as we continue to price for claims inflation, while the growth rates in online sales, property and personal insurance are all above target level, at 10 per cent, 6 per cent and 11 per cent year-to-date, respectively. We are also on track to achieve our cost ratio ambition for the year, despite continued investments in our capabilities.

    Nordic market dynamics remain stable, with some peers indicating large price increases, and claims inflation has trended down to 4 per cent. However, underwriting is more than just raising prices – we continuously leverage our expertise to actively manage our business. On electric vehicles, for example, we have been able to achieve the same profitability as on vehicles with Internal Combustion Engines (ICEs) by ensuring that we price accurately, even if this has meant sacrificing market share in some areas. Meanwhile, in the Nordic Industrial market, we are a leading provider with a strong track record of profitability and a business that consumes very limited incremental capital. Over recent years, we have implemented rate increases that have driven material profitability improvements. We are now taking the opportunity to significantly cut our shares on large property risks to ensure that we continue to deliver stable underwriting results. The reductions will be targeted, and we will continue to act as a lead underwriter. Underwriting actions are part of our everyday business and a key driver of our strong financial track record.

    In summary, the third quarter of 2024 was a financially stable quarter, with continued positive momentum in the Nordics and accelerated growth in the UK.  However, more importantly it was strategically critical as we completed Sampo’s transformation initiated in 2020. Looking ahead, we are well-positioned to leverage our operational capabilities and apply learnings from our impressive track record in the Nordic insurance business to our growing UK business. With this structure in place, I am confident in our ability to drive sustained value creation for our shareholders.

    Torbjörn Magnusson
    Group CEO

    OUTLOOK FOR 2024

    Following the nine-month result, Sampo has maintained its 2024 outlook for a Group combined ratio of 83–85 per cent. The outlook excludes potential one-off integration costs related to the realisation of synergies with Topdanmark.

    Sampo Group’s combined ratio is subject to volatility driven by, among other factors, seasonal weather patterns, large claims, and prior year development. The net financial result will be significantly influenced by capital markets’ developments.


    PUBLIC EXCHANGE OFFER FOR TOPDANMARK

    On 17 June 2024, Sampo announced that it would make a recommended best and final public exchange offer to acquire all of the outstanding shares in Topdanmark not already owned by Sampo. Under the terms of the offer, Topdanmark shareholders would receive 1.25 newly issued Sampo A shares in exchange for each share held in Topdanmark. On 8 July 2024, Sampo announced that all necessary regulatory approvals had been obtained for the exchange offer.

    The offer period began on 9 August 2024 and expired on 9 September 2024. Based on the final result announced on 16 September 2024, Sampo received acceptances representing approximately 92.6 per cent of the entire share capital and total number of voting rights in Topdanmark, excluding Topdanmark’s treasury shares. Based on the final result, the Board resolved to issue 48.2 million new Sampo A shares to Topdanmark shareholders. The new Sampo shares were listed on Nasdaq Copenhagen on 18 September 2024.

    On 20 September 2024, Sampo commenced a compulsory acquisition of the Topdanmark shares held by the remaining minority shareholders of Topdanmark. The total acquisition cost of the minority shares amounted to EUR 325 million. The compulsory acquisition was completed and Topdanmark shares were removed from trading on Nasdaq Copenhagen after the end of the reporting period in October 2024. Sampo will begin reporting on the delivery of synergies from the first quarter of 2025.

    SAMPO PLC
    Board of Directors


    The Interim Statement for January-September 2024, Investor Presentation and a video review with Group CEO Torbjörn Magnusson are available at     www.sampo.com/result.

    A conference call for investors and analysts will be arranged at 2:30 pm Finnish time (12:30 pm UK time).

    To ask questions, please join the teleconference by registering using the following link: https://palvelu.flik.fi/teleconference/?id=50048816.

    After the registration you will be provided with phone numbers and a conference ID to access the conference. To ask a question, please press #5 on your telephone keypad to enter the queue.

    The conference call can also be followed live at www.sampo.com/result. A recorded version and a transcript will later be available at the same address.

    Sampo will publish the Financial Statement Release for 2024 on 6 February 2025.


    For further information, please contact:

    Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
    Sami Taipalus, Head of Investor Relations, tel. +358 10 516 0030
    Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031

    Distribution:
    Nasdaq Helsinki
    Nasdaq Stockholm
    Nasdaq Copenhagen
    London Stock Exchange
    FIN-FSA
    DEN-FSA
    The principal media
    www.sampo.com

    Attachment

    • Interim Statement for January – September 2024

    The MIL Network –

    January 26, 2025

  • MIL-OSI China: Climate change poses substantial health risks, report finds

    Source: China State Council Information Office 2

    Cai Wenjia, a professor at Tsinghua University’s Department of Earth System Science and director of the Lancet Countdown Asia Center, speaks during the launch of the 2024 China Lancet Countdown report at Tsinghua University in Beijing, Nov. 5, 2024. [Photo courtesy of Lancet Countdown Asia Center]
    The worsening climate is increasingly endangering public health and threatening economic and social systems that underpin people’s well-being, according to a report released Tuesday.
    The 2024 China report of the Lancet Countdown on health and climate change, published by the Lancet Countdown Asia Center in Beijing, marks the fifth such assessment. The study monitors climate change health risks in China through 2023, along with the country’s adaptation and mitigation efforts.
    The report found that the health impacts of rising temperatures have been substantial. China faced extreme hot and dry weather conditions in 2023, with record-high temperatures and the second-lowest precipitation since 2012. These conditions led to a 309% surge in heatwave-related deaths, a 24% rise in lost work hours and diminished opportunities for outdoor activities.
    “The health risks of climate change are not in the far future. They’re imminent threats in front of us,” said Cai Wenjia, professor at Tsinghua University’s Department of Earth System Science and director of Lancet Countdown Asia Center.
    “Although already dangerous, recent health risks might be just a glimpse of even worse ones to come,” Cai said.
    The report projects that by the 2060s, annual average heatwave-related mortality, heat-related labor productivity losses and wildfire-related deaths will increase 183%-275% and 28%-37%, respectively, compared with 1986-2005 averages. Additionally, the annual excess risk of dengue fever incidence is expected to rise by 15.3%-15.5% from 2013-2019 levels.
    “It is another wake-up call that the climate crisis is the health crisis,” said Martin Taylor, WHO representative to China. He noted that dealing with climate-related health risks may become the new normal.
    Given unprecedented climate challenges, the report pointed out that China had taken considerable steps by 2023 to integrate health concerns into climate change discourse, particularly emphasizing the need for renewable energy in promoting a fair transition. “This shift promises not only environmental and economic benefits, but also public health benefits,” the report stated.
    The report outlined China’s specific initiatives in addressing climate change. The country established the “1+N policy framework” to realize its goals of peaking carbon emissions before 2030 and reaching carbon neutrality before 2060. Moreover, it has released the National Climate Change Adaptation Strategy 2035 and the National Climate Change Health Adaptation Action Plan (2024-2030) to combat climate-related health risks and enhance public health protection.
    Regarding carbon emission reduction, China represented more than half of the global increase in renewable energy capacity in 2023. This increase pushed the country’s total renewable capacity to surpass coal power installations for the first time.
    “This effort has significantly accelerated global initiatives made at the Conference of the Parties 28 (COP 28), which is to triple renewable energy capacity by 2030 and reduce fossil fuel dependence,” Cai said. 

    MIL OSI China News –

    January 26, 2025

  • MIL-OSI China: Eco-city challenge to inspire innovation

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

    Twelve teams from China and Singapore recently participated in an eco-city competition to explore innovation and implement green technologies in Tianjin municipality.

    The teams were chosen from a pool of 147 for the 2024 “Eco-Innovation, Green Action” International Young Talents Innovation Competition & Eco-City Innovation Star Competition Finals held at the China-Singapore Tianjin Eco-City on Oct 22.

    Their aim was to adapt their green technologies to the eco-city, a pioneering green area being developed by China and Singapore.

    The winning projects are poised to build upon previous successes in this area, part of Tianjin’s Binhai New Area.

    One of China’s premier hubs for green development, the eco-city spans 30 square kilometers with a population of 160,000, and has been thriving on saline-alkali soil since its inception in 2008.

    This year, the projects are expected to garner heightened attention from the local government, as a blueprint to transform the eco-city into a national model zone for green development received approval from the State Council in August.

    The plan outlines standards and steps to elevate the eco-city to an internationally pioneering level in green development.

    China and Singapore are joining forces to enhance green technologies, equipment, services, infrastructure and green financing initiatives.

    “The new plan is set to propel the eco-city toward becoming a global exemplar in green and low-carbon development,” said Teo Eng Cheong, CEO of Sino-Singapore Tianjin Eco-City Investment and Development Co.

    Since 2008, the builders of the eco-city have been exploring new technologies and approaches for environmental restoration, using scientific innovation to transform the area into a verdant oasis.

    Fu Peng, deputy director of the Construction Bureau of China-Singapore Tianjin Eco-City, said that to address the severe saline-alkali land, they employed techniques such as subsurface drainage for salt removal, leaching layers for salt isolation and using imported topsoil for planting.

    “We prioritized the use of locally improved mildly saline-alkali soil to minimize ecological disruption in other areas,” Fu said.

    “For moderate to mild saline-alkali land, we implemented measures including desalination, salt isolation, salt blocking, fertilization, and planting salt-tolerant vegetation to establish native plant communities. Also, we utilized key technologies for rainwater collection and salt leaching to improve the saline-alkali land,” he added.

    To transform bodies of water, local authorities utilized the natural advantages of Tianjin being a coastal city to expand the water bodies within the area, enhancing circulation and improving aquatic ecosystems.

    Designated as one of the “most beautiful rivers and lakes” in Tianjin, Jinghu Lake is the largest scenic lake within the eco-city, merging with the nearby Jiyun River before the river flows into the sea.

    The lake was once a 2.56-sq-km sewage reservoir that had accumulated wastewater for 40 years.

    Zhang Xinyu, an inspector from the local eco-environment bureau, said, “We treat the soil under the water and will never cease in our efforts in eco-rehabilitation.”

    Furthermore, to maintain a healthy and stable ecosystem, the eco-city has established a target to grow at least 70 percent of indigenous plant species in the area.

    The main tree species in the eco-city include winter gold trees (Sophora japonica), ash and black locust trees, which not only adapt well to the local climate but also reflect the regional style.

    Species such as Platanus orientalis, ginkgo trees and begonias have been introduced to the area.

    The city has incorporated ornamental plants to create a diverse and vibrant ecological landscape with distinct layers and notable seasonal changes.

    In spring, the bright and beautiful weigela flowers bloom; summer sees the energetic sage in full swing; autumn showcases the exuberant display of seepweed; and in winter, the resilient lonicera maackii thrives.

    Currently, greenery in the eco-city has exceeded 50 percent of its area, with 137 plant species.

    The excellent ecological environment has attracted numerous wild animals to breed and thrive here, according to the administrative committee.

    Surveys indicate that there are 332 animal species in the area, with endangered relict gulls — accounting for about 80 percent of its global population — choosing this area as their wintering and breeding grounds, the administrative committee said.

    In addition to natural rehabilitation, the area has seen the country’s first zero-carbon building. It has widespread applications in solar energy, geothermal energy and wind power, according to the committee.

    MIL OSI China News –

    January 26, 2025

  • MIL-OSI China: Dalian eases housing policy for graduates

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

    Dalian, Liaoning province, has rolled out enhanced policies on offering subsidies and incentives for purchasing houses to attract and retain talent, particularly focusing on high-level talents, university graduates and various skilled professionals.

    Graduates are eligible for housing vouchers with values of 100,000 yuan ($14,077) for doctoral degree holders, 50,000 yuan for master’s degree holders and 30,000 yuan for bachelor’s degree holders. Similarly, graduates from colleges, technical schools and vocational schools are also eligible for 30,000 yuan vouchers, which are all valid for one year in four districts in Dalian.

    According to Dalian’s bureau of housing and urban-rural development, there are no restrictions related to the graduation time, household registration or social security payments when graduates apply for these housing vouchers, which are amid the 14 measures issued on Oct 30 to further stabilize and boost the property market.

    “This year, we focus on key groups in housing consumption, tailor-made support measures, aiming to empower talents to stay and contribute to the city’s long-term development,” said Zhu Qi, deputy director of the city’s housing provident fund management center.

    Under the new regulations, the highly talented youth in Dalian can now receive the settlement allowance in a lump sum after obtaining the property rights certificate for a newly-purchased commercial property.

    The city has now raised the maximum housing provident fund loan limits across the board, which for individuals has been raised to 600,000 yuan and for couples to 1 million yuan.

    “Recognized high-level talents can now potentially receive housing provident fund loans up to 2 to 5 times the current maximum loan amount, with families of top-tier talents eligible for a maximum loan of 5 million yuan,” said Zhu.

    He said that in the first nine months of the year, 2,445 housing provident fund loans amounting to 1.68 billion yuan have been disbursed to various talent groups in the city.

    Data from the Ministry of Housing and Urban-Rural Development show that in October, Dalian was among the cities that have seen strong growth in new home sales, up over 30 percent year-on-year.

    The implementation of these new measures has sparked significant attention and discussions. Some expected the increased incentive to boost the property market, while some netizens humorously compared the situation to “buying a Ferrari and receiving a 5 yuan voucher”.

    A local real estate salesperson nicknamed Laowei noted the substantial impact of the policies, expecting that could potentially trigger a surge in demand for new properties in the city’s urban areas.

    “If you’re interested in it, hurry up. After all, there are not so many new homes available,” he said on his social media account with 14,000 followers.

    However, a housing consultant nicknamed Dayang cautioned potential buyers to remain rational.

    Focusing on talent attraction, various regions in China are optimizing policy measures and introducing similar housing incentives.

    In Yancheng, Jiangsu province, top talents, who purchase homes in September and October, are eligible for subsidies amounting to 80 percent of the property’s total price, capped at 3 million yuan, while full-time leading talents can receive up to 500,000 yuan in subsidies.

    Skilled technical personnel and university graduates are entitled to different fixed subsidies, ranging from 200,000 yuan for doctoral candidates to 50,000 yuan for college graduates.

    In Qingdao, Shandong province, a new policy effective from Oct 11 offers additional incentives for doctoral and master’s degree holders to purchase new residential properties as their sole residence.

    Apart from one-time settlement allowances of 150,000 yuan and 100,000 yuan, they are also eligible for housing vouchers valued at 100,000 yuan and 50,000 yuan respectively, valid for one year.

    These measures have echoed with the top leadership’s determination on easing the property purchase restriction. A meeting of the Political Bureau of the Communist Party of China Central Committee, held on Sept 26, noted that housing purchase restrictions should be adjusted to assuage public concerns.

    MIL OSI China News –

    January 26, 2025

  • MIL-OSI China: Autumn scenery in north China

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

    Autumn scenery in north China

    Updated: November 6, 2024 15:48 Xinhua
    Tourists visit Honghuayu scenic spot in Bieshan Township, Jizhou District, north China’s Tianjin, Nov. 5, 2024. [Photo/Xinhua]
    An aerial drone photo taken on Nov. 5, 2024 shows the autumn scenery at Panshan scenic spot in Jizhou District, north China’s Tianjin. [Photo/Xinhua]
    An aerial drone photo taken on Nov. 5, 2024 shows the autumn scenery at Honghuayu scenic spot in Bieshan Township, Jizhou District, north China’s Tianjin. [Photo/Xinhua]
    An aerial drone photo taken on Nov. 5, 2024 shows the autumn scenery at Honghuayu scenic spot in Bieshan Township, Jizhou District, north China’s Tianjin. [Photo/Xinhua]
    An aerial drone photo taken on Nov. 5, 2024 shows the autumn scenery at Panshan scenic spot in Jizhou District, north China’s Tianjin. [Photo/Xinhua]
    An aerial drone photo taken on Nov. 5, 2024 shows tourists visiting Honghuayu scenic spot in Bieshan Township, Jizhou District, north China’s Tianjin. [Photo/Xinhua]

    MIL OSI China News –

    January 26, 2025

  • MIL-OSI China: Hong Kong Intl Airport to open third runway on Nov 28

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

    HONG KONG — The three-runway system at the Hong Kong International Airport will go into service on Nov. 28, boosting the city’s aviation industry, a local official said Tuesday.

    The new system will enable the airport to handle 120 million passenger trips and 10 million tons of cargo annually, said Michael Wong, deputy financial secretary of the Hong Kong Special Administrative Region government, at the opening ceremony of the Super Terminal Expo.

    The airport handled 45 million passenger trips and 4.5 million tons of cargo during the previous financial year.

    Wong expects the new system to generate considerable returns and make Hong Kong a stronger aviation hub.

    Construction of the system began in August 2016. It is complete with a 3,800-meter runway, a new concourse, an automated people mover system, and a baggage handling system.

    The three-day Super Terminal Expo started on Tuesday will showcase the latest developments in the aviation and transportation industries worldwide. It brings together around 2,000 participants and 100 exhibitors, as well as over 60 buyers including Singapore’s Changi Airport, Tokyo’s Haneda Airport, and the Incheon International Airport in Seoul.

    MIL OSI China News –

    January 26, 2025

  • MIL-OSI China: Chinese heritage souvenirs taking social media by storm

    Source: China State Council Information Office 3

    Inspired by the Ming Dynasty’s phoenix crown, the National Museum’s latest fridge magnets are taking social media by storm. In just three and a half months, 145,000 of these elegant pieces have flown off the shelves, making them the museum’s top seller of the past 20 years!

    Beyond the popular phoenix crown-inspired fridge magnet, there are many other unique souvenirs rich in traditional Chinese culture. Each piece tells its own story and artfully blends heritage with modern design. These culturally infused creations are bringing Chinese stories into people’s lives in a fresh and engaging way, celebrating the unique beauty and confidence of traditional culture.

    MIL OSI China News –

    January 26, 2025

  • MIL-OSI Asia-Pac: LCQ6: Pursuing positive interaction of airports in Guangdong-Hong Kong-Macao Greater Bay Area

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Gary Zhang and a reply by the Secretary for Transport and Logistics, Mr Lam Sai-hung, in the Legislative Council today (November 6):

    Question:

         The Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) puts forward consolidating and enhancing Hong Kong’s status as an international aviation hub, pursuing the development and positive interaction of airports in GBA, and developing a world-class airport cluster in GBA. In this connection, will the Government inform this Council:

    (1) whether it will study constructing certain sections of the Hong Kong Island West-Hung Shui Kiu Rail Link in parallel with the construction of the Hong Kong-Shenzhen Western Rail Link, so as to facilitate direct passenger access to the MTR Sunny Bay Station when the Hong Kong-Shenzhen Western Rail Link is commissioned and to connect with Qianhai and Shenzhen Bay as well as the airports of Hong Kong and Shenzhen, thereby creating a Hong Kong-Shenzhen super aviation hub; if so, of the details; if not, the reasons for that;

    (2) as the Government has indicated earlier in its reply to a question raised by a Member of this Council that the implementation of the immigration arrangement of the co-location arrangement at Hong Kong International Airport, which involves legal and implementation issues, has to be carefully considered, whether the co-location arrangement will, according to the findings of the Government’s latest study, affect the transfer time of transit passengers and the mode of passenger transport for transit passengers to the Mainland; and

    (3) whether it will consider expanding the mode of HKIA Dongguan Logistics Park to other GBA cities, so as to meet the demand of the manufacturing industries in GBA for international air transport; if so, of the details; if not, the reasons for that?

    Reply:

    President,

         Hong Kong is an international aviation hub. This positioning is recognised in the National 14th Five-Year Plan and the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). To implement this national strategy and to enhance the long-term competitiveness of Hong Kong International Airport (HKIA) and Hong Kong’s aviation industry, the Government of the Hong Kong Special Administrative Region (HKSAR) and the Airport Authority Hong Kong (AAHK) have launched a series of measures, including enhancing the connection between HKIA and the Mainland, to proactively contribute to the development of a world-class airport cluster in the GBA.

         On the other hand, the HKSAR Government promulgated the Hong Kong Major Transport Infrastructure Development Blueprint at the end of last year. The Blueprint consolidates all major transport infrastructure currently under planning, design and construction in a forward-looking manner, and holistically outlines and plans for the development of strategic transport infrastructure, including the recommendation to take forward the Hong Kong-Shenzhen Western Rail Link (Hung Shui Kiu-Qianhai) (HSWRL) and Hong Kong Island West-Hung Shui Kiu Rail Link, with a view to meeting the transport and logistics demand up to 2046 and beyond.

         My reply to the three parts of the question is as follows:

    (1) The Governments of HKSAR and Shenzhen are taking forward the HSWRL project through the Task Force for Hong Kong-Shenzhen Co-operation on Cross-Boundary Railway Infrastructure jointly established by the two governments. Currently, the first stage and second stage studies of the HSWRL project undertaken by the Task Force have been completed, which confirmed the strategic value and necessity of the project. The studies also initially assessed the planning, engineering feasibility, benefits, environmental impact, construction and operation arrangements of the railway scheme. The Governments of HKSAR and Shenzhen are now working together to commence the next stage of preparatory work. The current proposed alignment of the HSWRL should be able to meet the demand arising from the planned developments of the Hung Shui Kiu/Ha Tsuen New Development Area and Qianhai Co-operation Zone in Shenzhen, as well as the need for closer social, economic and personnel exchanges of the two places. In the long run, flexibility could be allowed for the Shenzhen and Hong Kong sections of HSWRL to extend northwards and southwards respectively.

         Meanwhile, the HKSAR Government is planning for the transport infrastructure for the Kau Yi Chau Artificial Islands (KYCAI), amongst which the preliminary alignment of Hong Kong Island West-Hung Shui Kiu Rail Link will pass through the KYCAI, Sunny Bay, Tuen Mun East and Hung Shui Kiu for connection with the planned HSWRL. We will study the implementation programme and interchange arrangement at Sunny Bay Station, with a view to maximising the cost benefits of the related railway network.

    (2) With regard to the proposal of enhancing the connection between Hong Kong and the Mainland via implementing “co-location arrangement” at HKIA, while there are precedents of the implementation of “co-location arrangement” at the road-based and rail-based boundary control points between the HKSAR and the Mainland, adopting such arrangement at HKIA will involve different legal and implementation issues and thus overall benefits, taking into account its mode of operation as an international aviation hub in connecting different destinations. As such, this has to be carefully considered.

         One of the considerations under study is the transit time for passengers as mentioned by the Member. Currently, transit passengers can proceed to their boarding gates after security check without going through any clearance procedures at HKIA. If “co-location arrangement” is implemented at HKIA, transit passengers travelling to/from the Mainland must complete immigration and customs clearance procedures of the Mainland at HKIA, which may increase the transit time for these passengers depending on the specific arrangements. We will continue our study on the benefits and implications of the proposed implementation of “co-location arrangement” at the airport from various perspectives, including its potential impact on transit time.

         Meanwhile, we will work with the AAHK to continue our efforts in putting forward measures to enhance clearance efficiency and connectivity with the Mainland, which includes developing the intermodal transport connection between HKIA and other cities in the GBA. In this regard, we will continue to pursue co-operation with Zhuhai Airport, including enhancing the Fly-Via-Zhuhai-HK service by promoting the service to more cities in the Mainland with which Hong Kong does not have direct flights. By integrating the international aviation network of HKIA and the domestic aviation network of Zhuhai Airport, we can achieve greater synergy and enhance Hong Kong’s status as an international aviation hub.

    (3) Dongguan is the manufacturing centre in the GBA with large quantities of goods to be exported. With no airport in Dongguan, many goods manufactured in Dongguan and its neighboring regions are being transported to HKIA by land for exporting to the overseas every day. To fully capitalise on HKIA’s advantages in air cargo and to meet the demand for international aviation transport from the manufacturing sector in the GBA, the AAHK is taking forward the sea-air intermodal cargo transshipment mode in collaboration with Dongguan. Under this mode, export cargo from the Mainland can go through security screening, palletisation and cargo acceptance in advance in the upstream HKIA Dongguan Logistics Park set up in Dongguan. It will then be transported seamlessly by sea to the cargo pier on the airside of HKIA for direct transshipment to overseas destinations via Hong Kong’s international aviation network. International cargo may also be imported into the Mainland vice versa. This mode will provide a more seamless and convenient international air network for the cargo in the GBA, improve the efficiency of cross-border air cargo transshipment, and further leverage Hong Kong’s function as an air cargo transshipment hub.

         The AAHK expects to complete the first-phase construction of the permanent facility of the HKIA Dongguan Logistics Park Phase 1 by the end of next year in Dongguan and to commence the preliminary study of the development plan for Phase 2 development next year. In light of the fact that Dongguan is the manufacturing centre in the GBA, the AAHK will focus resources to press ahead with the development of the sea-air intermodal cargo transshipment mode and construction of the HKIA Dongguan Logistics Park with Dongguan to maximise the benefits of the sea-air intermodal cargo transshipment mode.

         â€‹Thank you, President.

    MIL OSI Asia Pacific News –

    January 26, 2025

  • MIL-OSI Asia-Pac: LCQ7: New Industrialisation and Technology Training Programme

    Source: Hong Kong Government special administrative region

    LCQ7: New Industrialisation and Technology Training Programme
    LCQ7: New Industrialisation and Technology Training Programme
    *************************************************************

         Following is a question by the Hon Shang Hailong and a written reply by the Acting Secretary for Innovation, Technology and Industry, Ms Lillian Cheong, in the Legislative Council today (November 6): Question:      It has been reported that between August 2022 and August 2024, a course provider, after successfully registering a number of courses supported by the New Industrialisation and Technology Training Programme (NITTP), allegedly obtained by fraud training grants using false trainee information, and was eventually granted a total of $1.89 million under NITTP. In this connection, will the Government inform this Council: (1) of the respective numbers of cases of fraud or abuse of training grants reported by members of the public and organisations, and those discovered through investigations initiated by the Innovation and Technology Commission (ITC) and the Vocational Training Council (VTC), the Secretariat of NITTP, in each year since the launch of NITTP in 2018; (2) whether ITC and VTC currently have any task force or department responsible for preventing and investigating cases of fraud and abuse of training grants; if so, of the relevant staffing establishment, and the measures in place to prevent the recurrence of fraud and abuse; and (3) as the Government has earlier indicated that its target is to roll out the business version of “iAM Smart” progressively from the end of 2026 onwards, whether it will, on the premise that personal privacy is protected, verify the information (e.g. tax returns) of NITTP applicants or organisations in the system, so as to assist the relevant departments in vetting and approving NITTP applications as well as eradicating fraud or abuse? Reply: President,      To nurture local innovation and technology talents, the Innovation and Technology Commission (ITC) launched the New Industrialisation and Technology Training Programme (NITTP) under the Innovation and Technology Fund in August 2018, which subsidises, on a 2 (Government):1 (enterprise) matching basis, local enterprises for training their staff in advanced technologies, especially those related to “new industrialisation”. Since the launch of the NITTP, the ITC has all along appointed the Vocational Training Council (VTC) as the Secretariat. Currently, the Secretariat has an establishment of 14 staff. My reply to the various parts of the question is as follows: (1) According to the information provided by the VTC, a total of 15 complaints related to the NITTP have been received in the past five years (i.e. from August 2018 to October 2024), covering issues on the quality of course providers/training courses, the administrative arrangements of the NITTP, as well as cases involving unscrupulous practices and false information. The VTC has referred eight cases with initial evidence suggesting of suspected illegal activities (including unscrupulous practices, identity thefts or submission of false information) to law enforcement agencies for follow-up. The VTC has immediately suspended the processing of these cases and stopped all relevant disbursements of training grants. (2) According to the latest Guidance Notes for Training Grant Applications (Training Grant Guide), employees nominated by companies applying for training grants must be under full-time employment of the company with the necessary background/experience relevant to the advanced technology concerned. The nominated trainee should hold a bachelor degree/higher diploma/diploma or above qualification (Qualification Framework level 3 or above) with at least one year of work experience relevant to the advanced technology of the subject nominated course. The NITTP also requires the applicant company to provide, among other things, a copy of the Hong Kong Identity Card of the relevant employees, records of Mandatory Provident Fund contribution of past three months, documentary proof of academic qualifications and proof of full-time work experience to the NITTP Secretariat before the commencement of training course. After completion of training course, the company should submit to the VTC all supporting documents required for disbursement of training grant, including confirmation of training completion and payment, as well as trainees’ survey. The VTC will verify the relevant supporting documents submitted by the company after completion of training course, and will only disburse training grant upon confirming that the documents submitted by the company are complete and the trainees have met the attendance requirement of the relevant courses.      Separately, according to the Guidance Notes for Public Course and Tailor-made Course Applications and Training Grant Guide of the NITTP, the VTC may conduct surprise visits on any registered training courses without prior notice to the course providers to ensure that the training courses are conducted in compliance with the requirements of the relevant guidelines. In accordance with established procedures, the VTC will conduct independent surprise class visits on training courses organised by different course providers under the NITTP every month according to the relevant mechanisms. The surprise class inspection aims to assist in verifying that the registered courses are conducted in accordance with the approved course proposals. In this regard, surprise inspection personnel will confirm the identity of the trainer, check the course content and monitor the course duration. The manpower establishment provided by the VTC includes surprise inspection personnel. Since the VTC personnel involved are also responsible for other administrative duties, there is no breakdown on the number of personnel dedicated to carrying out surprise inspections.       At the same time, the ITC and the VTC have formulated guidelines for on-site visits to companies applying training grant under the NITTP, covering the circumstances under which on-site visits shall be conducted, the criteria for inspections during on-site visits, the points-to-note for inclusion in the visit reports, as well as follow-up actions required in case of non-compliances found during the visit. The VTC will identify applicant companies of which on-site visits would be conducted on a risk-based approach.      The ITC, together with the VTC, will continue to closely monitor the operation and effectiveness of the NITTP, review the application, registration and approval mechanisms of the NITTP in a timely manner and make amendments as and when necessary. (3) The Digital Corporate Identity (CorpID) Platform provides various functions, including corporate identity authentication, digital signing, pre-filling of forms and storage of digital licences and permits. Same as the personal digital identity authentication application “iAM Smart”, the CorpID Platform itself does not store data of other government systems (such as tax returns). When a corporation applies for or uses the CorpID for online services, the Platform will verify the information provided by the corporation (such as the name of the organisation, owners and directors, and the Unique Business Identifier) against the information registered with the relevant departments and check its status. If a department wishes to access the applicant corporation’s data stored in other government systems, it may do so through the Consented Data Exchange Gateway in compliance with existing laws and regulations.

     
    Ends/Wednesday, November 6, 2024Issued at HKT 15:58

    NNNN

    MIL OSI Asia Pacific News –

    January 26, 2025
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