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  • MIL-OSI Russia: The government has improved the mechanism for providing tax incentives for scientific research and development work

    Translation. Region: Russian Federation –

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

    The government continues to create favorable conditions for conducting research and development work. A decree has been signed establishing a new coefficient value, which reduces the base for calculating income tax.

    We are talking about expenses incurred in conducting research and development, which are excluded from the calculation base of the profit tax. They are classified as other expenses. Until now, the coefficient increasing them was equal to 1.5, now it will be equal to 2. Thus, the tax payments of organizations and enterprises will decrease, which will allow them to allocate more funds for conducting research.

    The list of research and development activities covered by this benefit is approved by the Government. Today, it includes several hundred types of work in 10 areas. Among them are “Nanosystems Industry”, “Information and Telecommunication Systems”, “Transport and Space Systems”, “Small- and Medium-Tonnage Chemistry”.

    The increase in the coefficient reducing the base for calculating income tax is provided for by the new version of the Tax Code. It was adopted by legislators in July 2024.

    The document will be published.

    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 –

  • MIL-OSI Asia-Pac: LCQ2: Development of private museums

    Source: Hong Kong Government special administrative region

    LCQ2: Development of private museums
    LCQ2: Development of private museums
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         ​Following is a question by the Hon Ma Fung-kwok and a reply by the Acting Secretary for Culture, Sports and Tourism, Mr Raistlin Lau, in the Legislative Council today (October 30): Question:      In the National 14th Five-Year Plan, the country has expressed unequivocal support for developing Hong Kong into an East-meets-West centre for international cultural exchange. It is learnt that while private museums are recognised as facilitating the preservation of arts and culture and are booming in many places across the globe, the development of private museums in Hong Kong has all along been constrained by the lack of suitable venues, high maintenance costs, as well as the lack of government support, accreditation, promotion and publicity, etc, some private museums have even ceased operations as a result. In this connection, will the Government inform this Council: (1) whether it knows the number of private museums and their operating conditions in the past three years, including the ratio of fee-charging to free admission, attendances, the ratio of those on the promotion list of the Government or the relevant organisations, as well as the number of private museums facing operating difficulties; whether any applications to operate a private museum have been rejected; (2) among the existing private museums, of the number of those which have received support (including one-off or regular funding) from the Government or the relevant organisations; whether any requests for support by a museum have been rejected by the Government, and of the purpose for which support was requested; and (3) whether it has plans to introduce an accreditation scheme for private museums or extend the scope of application of the Museums Regulation to cover private museums and to centralise the promotion of local museums, so as to enrich the contents of Hong Kong’s tourism in arts and culture, and facilitate the development of Hong Kong into an East-meets-West centre for international cultural exchange? Reply: President,      Museums are an important part of cultural inheritance and dissemination. The Government has been committed to supporting the development of cultural software in Hong Kong through public museums. Currently, 15 museums and two art spaces are managed by the Leisure and Cultural Services Department (LCSD) in accordance with the Public Health and Municipal Services Ordinance (Chapter 132), each with different focuses and themes, covering the three major areas of art, history and science, bringing different cultural experiences to citizens and tourists. The LCSD continues to invest a lot of resources in improving the facilities and enriching the content of its museums. The renovation of the Hong Kong Museum of Art in recent years is an important example.           The current-term Government is committed to fostering cultural development with a view to developing Hong Kong into an East-meets-West centre for international cultural exchange, and has announced that the number of museums under the LCSD will be further increased to continue to enrich Hong Kong’s cultural landscape and bring new impetus to cultural development to meet the general public’s demand for museums. From the cultural policy perspective, in addition to operating and developing public museums, the Government also welcomes the establishment of private museums by individuals or organisations to complement with public museums, which is conducive to the diversified development of the cultural ecology of Hong Kong. The LCSD museums have detailed plans from planning, construction to operation to achieve the Government’s public policy mission, while private museums have higher development autonomy, fewer restrictions, and can also be operated in a more commercial manner. Therefore, when the Government considers supporting private museums and formulating related policies, it must take into account the overall resource allocation and evaluate relative priorities of projects to avoid unnecessary pressure on public funds. Having regard to the uniqueness on the history, theme, scale, operating mode, and financial situation of individual museums, the Government currently does not have plans to formulate a set of standard mechanisms to support the operation of private museums, however, if resources permit, we will consider providing different forms of support to the operation of individual private museums, based on the Government’s policy objectives, expectations of society, and the actual situation of individual museums.      In consultation with relevant bureaux/departments, my reply to the question raised by the Hon Ma Fung-kwok is as follows: (1) and (2) The Government does not maintain data on the number and operating conditions of private museums. As far as we know, there are dozens of private museums in Hong Kong, covering different themes such as culture, arts, history, folklore and education. Currently, the Hong Kong Maritime Museum (HKMM) is the only private museum subvented by the Government. It rents Central Pier No. 8 at nominal rent and receives Government subvention to support its operation. The HKMM recorded approximately 66 100, 52 800 and 106 200 visitors respectively in the last three financial years (i.e. April 1, 2021 to March 31, 2024), among which free visitors account for about 30 per cent, mainly school tour groups.      In addition to subvention, the Government welcomes organisations interested in operating museums to apply for subsidy for cultural, arts projects or activities, such as the Springboard Grants and the Project Grants under the Arts Capacity Development Funding Scheme managed by the Culture, Sports and Tourism Bureau (CSTB), the Project Grant and Matching Fund Scheme from Hong Kong Arts Development Council (HKADC) and the Lord Wilson Heritage Trust, to support the museum’s operations or to organise events. For example, the HKADC provided funding to a private museum’s training programme in 2023.           Non-government organisations and social enterprises, if interested in operating a private museum on vacant government land, can submit an application for “Use of Vacant Government Land for Community, Institutional or Non-Profit Making Purposes on Short Term Basis”. The Government will consider whether to grant the short term tenancy at nominal rent in accordance with policy objectives and established assessment criteria. In 2024, the CSTB provided policy support at nominal rent for two short-term tenancy applications for the use of private museums. These two applications are currently being considered together with other applications by relevant departments.           Private museums may also consider participating in the global network of the International Council of Museums (ICOM) by referring to and adhering to the professional and ethical standards established by the ICOM, thereby improving the quality of their museums to attract more visitors and gain more chances of mutual support and collaboration with other museums. The ICOM, established in 1946, is an international organisation of museums and museum professionals committed to the conservation, continuation and communication to society of the world’s natural and cultural heritage. The major museums under the LCSD are members of the ICOM. Non-governmental cultural and museum organisations including the West Kowloon Cultural District Authority, the HKMM, the Art Museum of the Chinese University of Hong Kong, the University Museum and Art Gallery of the University of Hong Kong and MILL6 Foundation are also members of the Council. (3) As mentioned above, the Government encourages the diversified development of Hong Kong’s cultural ecology and currently has no plans to launch a private museum certification system or regulate the operation of private museums through legislation. Nonetheless, the LCSD museums have been collaborating with other local museums from time to time, and promoting these museums through different platforms and channels. One of the most obvious examples is the Muse Fest HK organised by the LCSD every year since 2015, inviting different local museums and cultural institutions to become partners, allowing citizens and tourists to visit different museums in the city and experience Hong Kong’s rich and unique culture, history and artistic diversity. In addition, the LCSD museums and private museums also from time to time lend collections to each other or collaborate in organising various activities, including exhibitions, lectures and seminars.      In addition, the Hong Kong Tourism Board (HKTB) has been promoting unique museums, including public and private museums and related activities to tourists through its website (discoverhongkong.com), social platforms and tourist information centres, etc, such as M+, Hong Kong Palace Museum, Hong Kong Museum of Medical Sciences and Hong Kong News-Expo. The HKTB also introduces Hong Kong’s museums through social media. For example, it has collaborated with the Mainland social media Xiaohongshu to launch the Hong Kong Citywalk Guide, which introduces five unique Citywalk routes for roaming around Hong Kong, including the Museum Walk route.

     
    Ends/Wednesday, October 30, 2024Issued at HKT 15:11

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Speech by SITI at Green Tech Summit 2024 (English only) (with photo)

    Source: Hong Kong Government special administrative region

    Speech by SITI at Green Tech Summit 2024 (English only) (with photo)
    Speech by SITI at Green Tech Summit 2024 (English only) (with photo)
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         Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Hong Kong Green Tech Summit 2024 today (October 30): Alice Chow (President of Stanford GSB Hong Kong Alumni Club), Jason Tu (Founder and CEO of MioTech), and participants of the Hong Kong Green Tech Summit 2024,      I am delighted to join you today at this important occasion, the first ever Hong Kong Green Tech Summit 2024 – The Tech Afternoon, where leading experts, policymakers, and innovators gather to discuss and explore the latest advancements in innovation and technology (I&T), with a focus on green technology and sustainable practices.        In the face of intensifying climate change challenges, promoting green transformation to achieve sustainable development is a crucial issue for countries worldwide. Hong Kong has pooled together numerous green tech enterprises and talent, giving it a significant advantage in fostering the development of green tech. There are more than 250 green-technology companies now in the two I&T flagships in Hong Kong, i.e. the Hong Kong Science Park and Cyberport, with some equipped with globally competitive technologies and having successfully tapped into Mainland and overseas markets. This also enables Hong Kong to contribute its strengths to addressing global climate issues. Green tech plays a vital role in supporting the reduction of carbon emissions and environmental protection, serving as a key engine for accelerating green transformation. Promoting the development of green tech is a long-term and challenging task. Throughout this process, stakeholders from various fields collaborate across sectors to identify pain points and needs in the low-carbon transition of different industries. They jointly develop and refine solutions, and support and promote applications, aiming to balance environmental protection and societal needs while driving economic development.      Under the National 14th Five-Year Plan, Hong Kong is positioned to be an international I&T centre. The Hong Kong SAR Government has been attaching much importance to enhancing the I&T ecosystem in Hong Kong by rolling out various initiatives in recent years, and I am pleased to share with you that Hong Kong ranked first in Asia and third globally among the world’s top 100 emerging ecosystems in the Global Startup Ecosystem Report 2024. We also ranked second worldwide in the “Technology” Factor and 10th overall in the World Digital Competitiveness Ranking 2023 published by the International Institute for Management Development.       In fact, Hong Kong has robust capability in basic research and development (R&D). Our city is the only one in Asia with five of the world’s top 100 universities. In addition, the level of internationalisation among our I&T talent is world-leading, with four of our universities ranked among the world’s top 10 most international universities. These, coupled with our robust intellectual property protection regime, could help pool global innovation resources to Hong Kong.      To support the development of various I&T industries, including green tech, the Government has been proactively enhancing Hong Kong’s I&T ecosystem, which hinges on the comprehensive development of and positive interaction among the upstream, midstream and downstream sectors. To this end, the Government has been actively promoting interactive development of the upstream, midstream and downstream sectors.      To further promote upstream basic R&D, we endeavour to consolidate Hong Kong’s R&D strengths and strengthen universities’ capacity for breakthrough researches. The Government has been implementing different initiatives to fund R&D projects, including those on green technologies. For example, the Green Tech Fund provides focused funding support to R&D projects that can help Hong Kong decarbonise and enhance environmental protection. In addition, the I&T Fund provides funding to R&D projects in various technology areas, including green tech.      The R&D Centres established by the Government have been carrying out R&D work in different areas, including green tech. For example, one of the centres developed a new generation of materials incorporating plant stems into biodegradable plastics, which could aid the production of eco-friendly products at a competitive cost.      To support the transformation and realisation of the R&D outcomes in the midstream, we launched the $10 billion Research, Academic and Industry Sectors One-plus Scheme (RAISe+) last year, to fund, on a matching basis, research teams from universities with good potential to become successful start-ups to transform and commercialise their R&D outcomes. We welcome investors around the world to explore collaboration opportunities with the universities in Hong Kong and invest in their RAISe+ projects.      As for the promotion of downstream development of new industrialisation, we have launched the $10 billion New Industrialisation Acceleration Scheme this year to provide funding support for enterprises in industries of strategic importance to set up new smart production facilities in Hong Kong. Such industries include life and health technology, along with AI and data science, advanced manufacturing and new energy technology industries, etc. To further support our tech enterprises, the Government introduced enhancement measures to the New Industrialisation Funding Scheme to encourage local manufacturers to switch to smart manufacturing. The scheme benefits enterprises to, among others, upgrade and transform by adopting green technology.      In addition, to give further impetus to the promotion of new industrialisation, the Chief Executive has announced in his 2024 Policy Address (PA) that a $10 billion I&T Industry-Oriented Fund will be set up to form a fund-of-funds to channel more market capital to invest in specified emerging and future industries of strategic importance.      Hong Kong’s two I&T flagships, the Hong Kong Science and Technology Parks Corporation and Cyberport, have been providing technology start-ups with incubation programmes and one-stop support services. These I&T parks have nurtured a group of passionate and high-quality green tech companies. The 2024 PA also announced the launch of the I&T Accelerator Pilot Scheme with a funding allocation of $180 million at a one-to-two matching ratio between the Government and the institution, up to a subsidy ceiling of $30 million, with an aim to attract professional start-up service providers with proven track records in and beyond Hong Kong to set up accelerator bases in Hong Kong.      Ladies and gentlemen, Hong Kong is fully committed to positioning as an international I&T centre. I would like to express my sincere appreciation to the Stanford GSB Hong Kong Alumni Club and MioTech for hosting this meaningful event. I encourage all participants to engage in meaningful discussions, share best practices, and forge collaborations that will drive real change. Together, let us embrace the opportunities before us and solidify Hong Kong’s position as a global leader in green tech.      Thank you.

     
    Ends/Wednesday, October 30, 2024Issued at HKT 15:15

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    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: APRA increasing scrutiny of expenditure by superannuation trustees

    Source: Allens Insights

    Increased surveillance and potential for enforcement action 8 min read

    APRA recently announced in a letter to all superannuation trustees that it will intensify scrutiny of ‘fund-level expenditure to hold RSE Licensees accountable to improve practices’ and ‘reduce spending that is deemed to not be in members’ best financial interests’.

    In this Insight, we highlight what APRA plans to do over the coming 12 months through surveillance and enforcement action and areas of its likely focus, and then set out practical steps trustees can take now to prepare for increased scrutiny and possible enforcement action from APRA.

    What APRA plans to do about trustee expenditure

    Over the next 12 months, APRA will prioritise its supervision of fund expenditure where member benefit is not immediately evident or may not be reasonably justified. It is this expenditure which we assume is at risk of being deemed not to be in members’ best financial interests by APRA.

    APRA Deputy Chair Margaret Cole also warned this week that APRA is prepared to ‘test the limits of the law’ in this area if needed, which we interpret to mean a willingness to commence proceedings even where there may be legal uncertainty about the application of the law to expenditure by trustees.

    APRA will take a targeted approach, partly informed by expense data that RSE licensees were required to submit to APRA. It will initially focus on ‘discretionary expenditure’ such as travel, entertainment and conferences, outliers (which we take to mean RSE licensees with higher expenses than their peers), and particular types of payees and payments.

    It says its focus will be informed by ‘market intelligence and matters of public interest’. The reference to ‘public interest’ suggests APRA may be reacting to issues raised in the media or public criticism of individual funds and their expenses, and APRA may be more likely to target these trustees for scrutiny and enforcement action.

    APRA’s interest in trustee expenditure is not new, but its announcements are a warning to trustees that it is looking closely at this area and wants to be seen to be taking action against trustees who are not complying with their obligations.

    APRA is already engaging with a number of trustees following its review of initial expense data. The review isn’t finished and APRA has said trustees can expect it to issue notices requiring information that demonstrates how trustees determined that expenditure is in members’ best financial interests. In reviewing expenditure decisions, APRA will consider governance, conflicts of interest and attestations from management (as recommended under the updated SPG 515 from 1 July 2025) and the role of accountable persons under the Financial Accountability Regime (FAR). It has foreshadowed imposing rectification measures where warranted, and will make enforcement actions public where appropriate.

    The focus on expenditure by trustees ties in with APRA’s stated aim in the 2024-25 corporate plan of improving transparency around expenses and a focus on compliance by trustees with the updated SPS 515, which commences from 1 July 2025. APRA flagged in the plan that it will use the new, more detailed expense data it receives ‘to identify trustees with outlying expenditure for certain discretionary expense categories and will intensify supervisory efforts accordingly’.

    Steps trustees can take to anticipate APRA action

    Given APRA’s clear warning that it will focus on trustee compliance with expenditure obligations in the next 12 months, including increased surveillance and potential for enforcement action, trustees should take steps now to prepare and anticipate issues APRA may raise. Failure to do so may itself open trustees to criticism. This could include:

    1. Reviewing compliance of existing expenditure management policies and processes

    While APRA’s level of scrutiny and apparent willingness to take enforcement action are new, the obligations are not.

    Trustees have obligations under the SIS Act to perform their duties and exercise their powers in the best financial interests of beneficiaries, to give priority to beneficiaries’ interests where there is a conflict, and to comply with the sole purpose test. They are also subject to existing requirements in SPS 515 to demonstrate that decisions about business operations that result in significant expenditure will contribute to meeting the trustee’s strategic objectives.

    All trustees should have governance policies and processes in place for complying with these requirements. This would include an expenditure management policy and procedures for reviewing and approving expenditure, including escalation of decisions to senior management or the board for significant decisions.

    Trustees should check that their policies and procedures are up to date and that they are following their own policies and procedures when making decisions about budgets and expenses. Those people who will become their accountable persons should be taking reasonable steps now to make sure they are being applied.

    It is these things that will enable trustees to demonstrate to APRA that they have complied with their duties in making expenditure decisions if required.

    2. Reviewing high-risk expenses

    APRA is likely to focus its scrutiny on certain types of expenses, including advertising, sponsorships, corporate entertainment, political donations and related-party transactions.

    Trustees may want to review these categories of expenses—particularly where they are significant or where the link to financial interests of beneficiaries is not evident. A good starting point would be expense data that has been reported to APRA, as APRA will use the same data to identify areas for further scrutiny.

    Trustees should test whether they can demonstrate that good governance processes were followed when approving expenses and that the decisions were consistent with the trustee’s obligations. They should identify documents and information that could be produced to evidence the approval process if APRA raises concerns.

    An internal review could bring to light expenditure decisions that potentially lack justification on the available information, in which case the trustee may need to reconsider the decisions or identify and document any additional information available to support the decisions. It is important to remember that some expenditure may have an indirect connection to members’ best financial interests and can be justified on this basis—such as spending on employee benefits that assists in recruitment and retention of good employees that ultimately benefits members.

    3. Checking on progress in implementing updated SPS 515 and SPG 515

    The updated SPS 515 was finalised in July 2024 and takes effect from 1 July 2025. It includes additional requirements around expenditure management that apply to all expenditure decisions (not just to ‘significant expenditure’), and the new SPG 515 includes revised guidance with a focus on trustees’ duties to act in the best financial interests of beneficiaries, more scrutiny of expenditure that involves conflicts or provides incidental benefits to third parties, and greater focus on accountability around expenditure decisions.

    Trustees will need to review and update their policies, procedures and governance arrangements to address the new requirements and APRA’s expectations by 1 July 2025. Trustees should be in a position to provide APRA with an update on progress in this area, including timeframes and anticipated changes to their existing arrangements.

    4. Testing whether some expenses may be outside the regulatory regime

    The requirements in SPS 515 and the guidance in SPG 515 purport to apply broadly to ‘expenditure decisions’ by an RSE Licensee ‘relating to its business operations’. There is an important unresolved issue around how far APRA’s scrutiny will go, and whether it will extend beyond the use by trustees of fund assets for expenses.

    There is an important distinction between trustee business models that is not acknowledged in SPS 515 or SPG 515. Some trustees pay expenses directly from fund assets relying on their right of indemnity or exoneration. Other trustees charge a fee for their services and then meet expenses out of their personal assets. Many trustees do both—with the proportion of expenses coming from fund assets or personal assets varying depending on the trustee’s business model.

    The source of funding for expenses has important implications for the trustee’s obligations in relation to expenditure decisions. Trustees are required to comply with the SIS Act obligations to act in the best financial interests of beneficiaries, give priority to their interests and ensure consistency with the sole purpose test only where they are performing a trustee’s duties or exercising a trustee’s powers. In spending their own money, they are doing neither of these things (although some restrictions apply to the use of trustee capital which is maintained to meet operational risk loss events).

    It is not at all clear whether SPS 515 and SPG 515 acknowledge this distinction. While the guidance refers to the requirement to ‘have robust governance and oversight of fund expenditure’, which suggests it is intended to apply only to expenses paid from fund assets, SPS 515 imposes requirements on a trustee when it makes ‘an expenditure decision relating to its business operations’. On its face, this appears to apply equally to expenditure from fund assets or the trustee’s personal assets.

    In its letter to trustees, APRA says it will prioritise supervisory attention on ‘fund expenditure’. Whether it gives this a narrower meaning confined to trustees spending fund money, or whether it includes a broader range of expenditure by trustees, is yet to be seen. This could be one area where it decides to ‘test the limits of the law’. SPS 515 also includes new obligations in relation to the setting of fees—including to ensure the fee is ‘appropriate and proportionate, having regard to factors such as the arm’s-length value of the features and services that the fee relates to’. While this raises separate issues, it could provide another means for APRA to regulate the ability of trustees to pay for expenses out of their own funds.

    5. Preparing a ‘playbook’ for responding to APRA notices or enforcement action

    Given APRA has issued a letter to trustees saying it intends to increase scrutiny on expenditure and issue notices to trustees, trustees should prepare now to be able to respond to those notices in an efficient and cost-effective way.

    We suggest trustees plan now:

    • A process to ensure that, when a notice is received, it is quickly referred to those responsible for preparing a response, to avoid wasting time in the initial phase.
    • The resources available and governance arrangements to be followed in responding to any notice, including identifying key accountable individuals and specifying roles and responsibilities, identifying advisers who will be briefed to assist in any response, setting out a process for obtaining input from a range of stakeholders, and setting out the approval and escalation process, including indicative timeframes required for review of draft responses.
    • Collating relevant policy and procedures documents so they can be quickly produced and, to the extent possible, preparing draft responses in relation to governance arrangements and key areas of likely scrutiny.
    • Preparing a public relations and press engagement strategy in the event issues are first raised in the media or come to light following an APRA notice (although given the nature of the investigations, having regard to the interests of members).

    The plan should have input from key senior management and individuals who will be involved in any response.

    What’s next?

    APRA’s focus on fund expenditure over the coming 12 months will require trustees to consider their expenditure management arrangements again, and potentially to respond to scrutiny of their governance or individual expenditure decisions. APRA’s warning gives trustees a rare opportunity to anticipate issues and prepare a response plan ahead of time. A failure to do so could itself be cause for criticism by APRA.

    MIL OSI News –

  • MIL-OSI Economics: Q&A: Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP)

    Source: Asia Development Bank

    • Workers walking by a solar power plant in Kazakhstan

    Article | 30 October 2024
    Read time: 6 mins

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    •  IF-CAP is the first leveraged guarantee mechanism for climate finance to ever be adopted by a multilateral development bank.
    •  Various simulations have shown that for every $1 that is guaranteed, up to $4.5 of new climate finance will be generated under IF-CAP’s mechanism.
    •  IF-CAP will strengthen ADB’s developing member countries’ capacity to develop their low-carbon and climate-resilient strategies and build a larger pipeline of potential investments.

    What is IF-CAP?

      The Innovative Finance Facility for Climate in Asia and the Pacific, or IF-CAP, is a multi-donor financing partnership facility with the goal of scaling-up finance for accelerated action against climate change in Asia and the Pacific. IF-CAP partners will provide guarantees for parts of ADB’s sovereign loan portfolios to enable ADB to free up capital to increase lending for climate investments. Supplementary grants will facilitate project preparation, capacity building, and knowledge solutions.

    Why is IF-CAP being formed?

    The battle against climate change will be won or lost in Asia and the Pacific. And our region is uniquely vulnerable to the impacts. More than 40% of climate-related disasters occurred in Asia and the Pacific since the start of the century, affecting nearly 3.6 billion people. ADB estimates that $1.7 trillion per year will need to be invested in infrastructure in developing Asia between 2016-2030 to meet both climate and development goals. The Intergovernmental Panel for Climate Change (IPCC) says the year 2030 is a significant crossroad after which it will become considerably harder to meet climate targets.

    As Asia and the Pacific’s climate bank, the Asian Development Bank is spearheading significant climate change financing and expertise across the region.   IF-CAP is the first leveraged guarantee mechanism for climate finance to ever be adopted by a multilateral development bank. It is inspired by the International Finance Facility for Education (IFFEd), which aims to use innovative financing to unlock new education funding in low-and middle-income countries.

    What will IF-CAP do?

    IF-CAP will allow ADB to significantly increase climate finance for investments that are aligned with the Paris Agreement and other key ADB policies, including the forthcoming Climate Change Action Plan.

      With a model of “$1 in, $4.5 out”, IF-CAP’s current guarantee size of $2.5 billion will create over $11 billion in climate finance for much-needed climate projects across Asia and the Pacific. Alongside lending facilitated by IF-CAP, ADB will provide up to $1 billion in concessional ordinary capital resources lending (COL) from its own resources, in support of projects enabled by IF-CAP’s guarantee structure. In total, resources aligned with IF-CAP amount to over $12 billion.

    IF-CAP enabled projects will address both climate change mitigation, which focuses on reducing greenhouse gas emissions, and climate change adaptation, which focuses on building resilience to the worsening effects of climate change. These investments could cover a wide range of sectors, such as transportation, energy, urban, and agriculture and natural resources, as well as social sectors such as health and education, for projects with high climate impacts.

    What will IF-CAP not do?

    IF-CAP will not support new or existing fossil fuel-based electricity generation facilities or dedicated transmission, or any new or existing natural gas-related projects. Climate finance enabled by IF-CAP will not be used towards early retirement or repurposing of fossil fuel fired power plants.

    • Developing Asia’s share of global greenhouse gas emissions nearly doubled, from 22% in 1990 to 44% in 2019 and is expected to remain at this level until mid-century under current policies.

    • Asia and the Pacific can only realize its climate goals if it pursues a transition away from coal-based energy in the near term.

    How does the leverage mechanism work?

    The program is based on the use of financial guarantees from our partners. By guaranteeing a portfolio of ADB sovereign loans on a first-loss basis, they will help shoulder some of the loss in case of a default by one of our borrowers included in our portfolio.

    This is a groundbreaking arrangement because IF-CAP’s portfolio guarantee enables ADB to optimize the usage of our balance sheet, supported by the strength of our triple-A credit ratings and preferred creditor status. This allows ADB to reduce the capital held for credit risk and release more capital for climate loans. Every dollar of guarantee into IF-CAP will result in the capacity to provide more climate finance for eligible projects. Simulations show that for every $1 that is guaranteed, $4.5 of climate finance could be generated. That is a fundamental shift from the traditional “one dollar in, one dollar out” facilities at MDBs, because of IF-CAP’s leverage effect.

    Who are the partners supporting IF-CAP?

    IF-CAP’s founding partners are Denmark, Japan, Norway, Republic of Korea, Sweden, the United Kingdom, and the United States. In 2023, the Global Energy Alliance for People and Planet established a trust fund under the IF-CAP Financing Partnership Facility.

    What sovereign portfolios will their guarantees cover?

    IF-CAP will cover a dynamic and diversified reference portfolio consisting of ADB’s exposures to a board spectrum of developing member countries, which have been identified to achieve the desired leverage based on the risk appetite of the partners.

    Which countries are eligible for IF-CAP financing?

    All ADB’s developing member countries (DMCs) are eligible. Individual financing partners may exercise discretion for certain projects based on their policies and priorities.

    Will IF-CAP differ from ADB’s regular climate financing?

    Functionally, there will be no difference. IF-CAP’s role will be to enable ADB to approve climate financing more quickly and at a higher volume.

    What are the benefits of IF-CAP?

    For DMCs, IF-CAP can help them advance operations with high climate ambition that are currently not in their pipeline, increase climate finance components of existing pipeline projects, and enable greater visibility and demonstration effects for projects including those with innovative components or high climate impact.

    For IF-CAP partners, it can enable them to make a greater impact through a leveraged guarantee mechanism not offered by other financing partnership facilities, providing them with an effective and efficient way to fight climate change in support of their national commitments.

    For ADB, IF-CAP is an innovative method to optimize our balance sheet, unlock capital resources, and increase our lending capacity by over $11 billion so we can make more resources available for critical climate projects in Asia and the Pacific.

    Will IF-CAP contribute to ADB’s ambition of $100 billion climate financing for 2019-2030?

    IF-CAP will be one of the flagship instruments to enable ADB to reach its climate finance target beyond $100 billion and support our target for climate finance to reach 50% of the total committed financing volume by 2030.

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    Subjects
    • ADB funds and products
    • Climate change
    • Climate finance

    MIL OSI Economics –

  • MIL-OSI China: Taiwan issues warning as Typhoon Kong-rey nears

    Source: China State Council Information Office 2

    Taiwan’s meteorological agency issued a land warning early Wednesday morning as Typhoon Kong-rey approached the island, following a sea warning on Tuesday afternoon.
    The agency said the typhoon is likely to land on the island on Thursday afternoon.
    As of 9 a.m. Wednesday, Kong-rey was centered about 480 km southeast of the island’s southernmost point, moving northwestward at about 15 to 20 kph, according to the agency. The maximum wind speed near its center reached 184 kph.
    The land warning includes Hualien, Taitung, Pingtung and the Hengchun Peninsula in southern and eastern Taiwan.
    The meteorological agency predicted intensifying rainfall in the island’s northern and eastern parts Wednesday, while from Thursday to Friday, there will be significant rainfall across the island.

    MIL OSI China News –

  • MIL-OSI Russia: What excursions await the participants of the ninth season of the project “Discover

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    From November 5 to 22, more than 170 excursions will be held around the capital’s high-tech industrial enterprises. Participants will visit production facilities that produce cosmetics, footwear, clothing, confectionery and bakery products, ventilators, emergency medical supplies, elevators and other products. You can register for the excursion on the project’s website “Open. This was reported by the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy Anatoly Garbuzov.

    “We continue to introduce Moscow residents to the production processes of food products, children’s educational kits, laser equipment, pharmaceuticals, auto parts and other high-tech products. In November, we prepared over 170 excursions to 35 enterprises, as well as 75 master classes. This season, four new factories have joined the project, which produce Christmas tree decorations, clothing, cable products and printed products,” said Anatoly Garbuzov.

    The new season will see the first tours of the Kolomeyev Christmas tree toy factory. Guests will see how the products are blown and painted. The company makes classic Soviet toys: pine cones, Christmas trees, houses, astronaut figurines, as well as New Year’s decorations for the interior and dolls for the tree. Most of the products are made using traditional technologies and hand-painted by master artists.

    For the first time, the company “Printing House “Tissot”” will welcome visitors. The company’s specialists will show how postcards, books, calendars, folders and other products are produced. In addition, a master class on making notebooks will be held here.

    In addition, Muscovites will be able to visit the production of PLNB Jeans, where jeans, trousers, jackets, shirts and much more are produced. The tour will tell about all stages of preparation and production of products, as well as the history of denim culture and the capital brand.

    At the Spetskabel plant, which will also welcome visitors for the first time, guests will see how modern cable and wire products are manufactured. The company manufactures cables for all industries, including the oil and gas, energy, shipbuilding and space sectors. Many of the company’s developments have no analogues in the world. The plant produces more than 40 thousand kilometers of cable per year.

    The Open Project

    Sobyanin: This year, the project “Open

    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/145935073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Sergei Sobyanin named the most popular measures to support technology companies

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Moscow is constantly increasing support for high-tech companies in the form of grants and loans. This was reported by Sergei Sobyanin in his telegram channel.

    “In May, they determined

    main tasks to support innovation and business development until 2030. We approach the issue comprehensively: over the past years, we have formed a unique line of tools,” the Mayor of Moscow emphasized.

    Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

    One of the successful and fast growing programs is preferential loans under the pledge of rights to the results of intellectual activity. With the support of the city, entrepreneurs concluded 20 contracts for the amount of 608 million rubles, 13 of them this year for the amount of 452 million rubles, which is already almost three times more than for the whole of last year.

    Sobyanin: 66 billion rubles were attracted to the city’s SME economy through guaranteesMoscow Mayor Talks About City Projects to Support Tech Business

    Thus, a loan was received by a company that produces special pipeline fittings for heating systems of housing and communal services. Support was also provided to a company that creates briquettes from small waste of large industrial enterprises for their further use as raw materials or fuel.

    Another measure in demand is grants for the purchase of equipment and development of activities. The city compensates businesses for expenses already incurred. Since the beginning of the year, Moscow entrepreneurs have been approved for over 450 applications for a total of almost 1.9 billion rubles. This is 17 percent more than last year’s figure for the same period. Thanks to the capital’s support, companies have purchased equipment for over 4.2 billion rubles.

    Among those receiving compensation was a company that produces vaccines for adults and children. In addition, the list includes a developer and manufacturer of equipment for precision machining of parts in various industries with numerical control.

    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/11970050/

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: LCQ11: Supply of hostel places of post-secondary institutions

    Source: Hong Kong Government special administrative region

         â€‹Following is a question by the Hon Benson Luk and a written reply by the Secretary for Education, Dr Choi Yuk-lin, in the Legislative Council today (October 30):
     
    Question:
     
         The Third Plenary Session of the 20th Central Committee of the Communist Party of China (the CPC Central Committee) adopted the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization, in which support for Hong Kong’s position to become an international hub for high-calibre talents was stated. Moreover, last year’s Policy Address proposed to build Hong Kong into an international hub for post-secondary education by increasing the admission quota of non-local students to Government-funded post-secondary institutions. According to a recent report published by an organisation, it was envisaged that by 2028, the shortfall in hostel places for students of local post-secondary institutions would further increase to some 120 000. In this connection, will the Government inform this Council:
     
    (1) whether it has projected and compiled statistics on the respective (i) numbers, (ii) proportions and (iii) hostel application proportions of local and non-local students in post-secondary institutions in the coming five years; given that the Government has, starting from the current academic year, increased the admission quota of non-local students to Government-funded post-secondary institutions to 40 per cent, of the current nationality distribution of the non-local students;
     
    (2) whether it knows (i) the respective proportions of local and non-local students in post-secondary institutions who were successfully allocated with hostel places upon application and (ii) their terms of hostel residence in the past 10 years; whether various post-secondary institutions have set a limit on the term of hostel residence; if a limit has been set, of the details (set out in a table), and whether the Government has plans to extend the term of hostel residence for students;
     
    (3) given that the Government established in 2018 the Hostel Development Fund with some $10.3 billion to provide six University Grants Committee-funded universities with an additional 13 473 hostel places, whether it has compiled statistics on the current number of hostel places provided by universities across the territory; of the Government’s projected growth in the supply of university hostel places in the coming five years, and the shortfall in hostel places when set against students’ demand for accommodation; whether it will consider injecting funds into the Fund again in the future; if so, of the details; if not, the reasons for that;
     
    (4) whether it will study allocating idle lands in the vicinity to the post-secondary institutions concerned for the construction of academic buildings or hostels, or consider relaxing the plot ratio of land adjacent to universities in rural areas to allow for greater flexibility in university expansion; if so, of the details; if not, the reasons for that; and
     
    (5) given that as indicated in the paper submitted by the Government to the Subcommittee on Matters Relating to the Development of the Northern Metropolis of this Council in April this year, 19 post-secondary institutions had participated in the engagement activity of the Northern Metropolis University Town (NMUT) and submitted proposals, whether the Government has estimated the number of post-secondary institutions that can be accommodated by the NMUT, and whether sites have been reserved for hostel purposes; if so, of the expected number of hostel places to be provided; if not, the reasons for that?
     
    Reply:
     
    President,
     
         The 2023 Policy Address stated building Hong Kong into an international post-secondary education hub and a cradle of future talents. The 2024 Policy Address also announced further measures to nurture future talents and to create the “Study in Hong Kong” brand. At the same time, the Government will set up the Committee on Education, Technology and Talents to be chaired by the Chief Secretary for Administration. The Committee will co-ordinate and promote the integrated development of education, science and technology and talent, so as to enhance convergence and coherence and formulate policies to promote the synergistic development of nurturing talents, gathering talents and science and technology, as well as to facilitating international high-calibre talents to stay in Hong Kong. Developing Hong Kong into an international post-secondary education hub is also one of the three major strategies. My reply to the various parts of the Hon Benson Luk’s question is as follows:
     
    (1) The enrolment ceiling of non-local students in University Grants Committee (UGC)-funded taught programmes has been doubled from a level equivalent to 20 per cent of local student places in the 2023/24 academic year (AY) to 40 per cent with effect from the 2024/25 AY. There are no restrictions on research postgraduate programmes. It is important to note that all non-local students pursuing UGC-funded taught programmes do not receive public funding, and the number of such non-local students is accounted for separately from local student places. This ensures that the study opportunities for local students will not be affected.
     
         In the 2023/24 AY, the total number of local students pursuing full-time locally-accredited publicly-funded and self-financing programmes was about 158 300, whereas there were about 64 200 non-local students. As far as UGC-funded taught programmes (i.e. undergraduate, sub-degree and taught post-graduate programmes) are concerned, the actual number of non-local students was about 14 900 while that of local students was about 76 400; the proportion of non-local students was about 19 per cent. The non-local students come from over 100 places of origin. In the 2023/24 AY, the numbers of students by study levels and by places of origin are tabulated below:
     

    Programme types
    Numbers of students

    Places of origin
    Grand total

    Local
    Non-local

    Mainland China
    Other non-local
    Total

    UGC-funded taught programmes
    76 359
    10 450
    4 419
    14 869
    91 228

    UGC-funded research post-graduate programmes
    1 373
    7 372
    813
    8 185
    9 558

    Non-UGC-funded taught programmes
    79 870
    34 410
    822
    35 232
    115 102

    Non-UGC-funded research postgraduate programmes
    654
    5 561
    397
    5 958
    6 612

    Grand Total
    158 256
    57 793
    6 451
    64 244
    222 500

    Note: If research postgraduate students are financed by the UGC-funded universities using both UGC and external funds, they will be counted towards different sources on a pro-rata basis. Figures may not add up to the corresponding totals due to rounding.
     
         As for student hostels, the relative proportion of applications from local students and non-local students of the UGC-funded universities at the beginning of the 2023/24 AY is 55 per cent and 45 per cent respectively. Looking ahead, we envisage that universities will continue to take into account their capacity in promoting the advantages of our higher education sector around the world using the “Study in Hong Kong” brand, with a view to gradually admitting more non-local students to study in Hong Kong. Self-financing programmes will also flourish. As our post-secondary education sector in Hong Kong continues to enhance quality and expand capacity, the corresponding demand for student hostels will increase. We are delighted to explore flexible and innovative ways with the institutions and different stakeholders to increase the supply of student hostels.
     
    (2) Based on the data provided by the UGC-funded universities, the success rate of local students and non-local students in hostel applications in the past ten AYs (2014/15 to 2023/24 AY) is at Annex. We do not maintain information on the terms of residence of local students and non-local students.
     
         The specific arrangements for hostel allocation are formulated by the UGC-funded universities and there is generally no upper limit set for the terms of residence. The universities are encouraged to reflect the priorities of different groups of students for hostel accommodation in the allocation mechanism, having regard to the practical needs and educational benefits, while maintaining suitable flexibility to ensure that resources of student hostels are utilised properly.
     
    (3) and (4) Under the Hostel Development Fund (HDF), the UGC-funded universities are provided with a capital grant covering up to 75 per cent of the construction costs for 15 student hostel projects to provide a total of about 13 500 additional hostel places, with a target for gradual completion by 2027. Based on the data provided by the UGC-funded universities, the total number of hostel places (including publicly-funded, privately-funded and temporary hostel places) available for allocation in September 2023 was around 37 600. Taking into account the future supply from the projects under HDF, the number of hostel places will gradually increase to around 50 000 in the coming few years, to cater for the needs of students, including those arising from the additional intake.
     
         Under the prevailing mechanism, the universities may apply to the Government for granting additional sites for campus expansion if they have strong justifications and specific proposals, which will then be considered by the bureaux and departments concerned from relevant perspectives such as policy, resources, practical circumstances, planning and land administration, etc. The universities could also as necessary apply for a relaxation of development parameters for the proposed sites, including building height restrictions and plot ratios, etc, which will be processed in accordance with the statutory procedures and established arrangements by the Town Planning Board and relevant departments.
     
         To improve hostel facilities, the Chief Executive announced in the 2024 Policy Address that the Government would launch a pilot scheme to streamline the processing of applications in relation to planning, lands and building plans, so as to encourage the market to convert hotels and other commercial buildings into student hostels on a self-financing and privately-funded basis, increasing the supply of student hostels. The Government will also make available suitable sites for the private sector to build new hostels, having regard to market demand. The Development Projects Facilitation Office under the Development Bureau will provide one-stop advisory and facilitation services for these projects.
     
    (5) The Government has earmarked over 80 hectares of land in the Northern Metropolis for the Northern Metropolis University Town (NMUT), and will encourage local post-secondary institutions to introduce more branded programmes, research collaboration and exchange projects with renowned Mainland and overseas institutions in a flexible and innovative manner. We will retain flexibility in the planning process to facilitate the development of student hostels.
     
         Relevant Government departments are still discussing the site planning of the NMUT at this stage. We plan to publish the Northern Metropolis University Town Development Conceptual Framework in the first half of 2026.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ10: Electronic Tax Reserve Certificates Scheme

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Chan Yuet-ming and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (October 30):
     
    Question:
     
         The Inland Revenue Department has implemented the Tax Reserve Certificates system for many years to help taxpayers save up and earn interest for tax payment, and introduced the Electronic Tax Reserve Certificates Scheme (the Scheme) in 1999. In this connection, will the Government inform this Council:
     
    (1) of the effectiveness of the Scheme at present, and set out in a table (i) the total amount of sales, (ii) the number of purchasers, (iii) the amount of sales per capita, (iv) the distribution of sales by age groups, and (v) the amount of redemptions under the Scheme in each of the past five years;
     
    (2) as there are views that, under the influence of external factors, the time deposit rates of banks in Hong Kong are still at a high level, whether the Government has assessed if such a situation will affect the sale of the Scheme; and
     
    (3) as the latest per annum interest rate announced in the Tax Reserve Certificates (Rate of Interest) (Consolidation) Notice has been changed from the previous rate of 0.8833 per cent to 0.8 per cent, and the Scheme will earn interest for a period of 36 months only, its return is much lower than that of the time deposit schemes of banks in Hong Kong in recent years as well as that of other medium and low-risk wealth management products, whether the Government will conduct a review of the contents of the Scheme or step up the publicity work, so as to enhance the effectiveness of the Scheme?
     
    Reply:
     
    President,
     
         At present, the Inland Revenue Department (IRD) issues two types of Tax Reserve Certificate (TRCs), namely ordinary TRCs that are purchased by taxpayers who wish to prepare for tax payment in future, and TRCs for “Conditional Standover Order” (“conditional TRCs”) that the Commissioner of Inland Revenue requires taxpayers who have objected to their tax assessments to purchase in order to cover the total amount or part of the tax in dispute. An ordinary TRC will bear the interest rate prevailing at the date of purchase and will earn interest only when the holder pays for the tax. For a conditional TRC, interest is payable from the date of its issue to the date of final determination of the objection or appeal. The interest rate is calculated based on the rates in force from time to time over the tenure of the TRC. Upon final determination of the objection to or appeal against the tax assessment, IRD will pay the interest on the part of the capital sum eventually repaid to the taxpayer.
     
         The interest rate on TRCs is reviewed every month based on the average of the prevailing interest rate for the twelve-month time deposits for $100,000 to $499,999 offered by the three note-issuing banks. With effect from October 7, 2024, the interest rate on TRCs is 0.8 per cent per annum and applies to all ordinary TRCs issued on or after the above date until further notice.
     
         IRD has launched the Electronic TRCs Scheme since 1999 to replace paper version of ordinary TRCs and provide TRC users with a full range of electronic services, including a variety of electronic channels for purchasing TRCs (monthly bank autopay, telephone, internet and ATM), auto tax payment service, etc. The objective of the Electronic TRCs Scheme is to facilitate the purchase of TRCs by taxpayers and increase the flexibility by allowing them to choose the time, method of buying TRCs, etc. Users of the Electronic TRCs Scheme may also enjoy auto tax payment service to ensure that tax payments are always made on time and avoid any late payment penalty.
     
         My reply to Hon Chan Yuet-ming’s question is as follows:
     
    (1) Since a taxpayer may purchase more than one TRC in each financial year, IRD does not maintain record on the number of purchasers of TRCs, average amount of each purchaser and the age profile of purchasers. The total sales amount, number of certificates sold, average amount per certificate and the total redemption amount of ordinary TRCs for the last five financial years are tabulated below:
     
    Table 1

    Year
    Total sales amount
    ($’000)
    No. of certificates sold
    Average amount per certificate
    ($)
    Total redemption amount
    ($’000)

    2019-20
    467,041
    86 766
    5,383
    461,016

    2020-21
    452,352
    89 944
    5,029
    443,812

    2021-22
    430,415
    84 122
    5,117
    466,587

    2022-23
    423,404
    80 951
    5,230
    448,218

    2023-24
    409,765
    79 672
    5,143
    416,804

     
         The total sales amount, number of certificates sold, average amount per certificate and the total redemption amount of conditional TRCs for the last five financial years are tabulated below:
     
    Table 2

    Year
    Total sales amount
    ($’000)
    No. of certificates sold
    Average amount per certificate
    ($)
    Total redemption amount
    ($’000)

    2019-20
    2,514,175
    1 196
    2,102,153
    2,401,318

    2020-21
    2,896,920
    1 344
    2,155,446
    2,781,430

    2021-22
    3,133,413
    1 092
    2,869,426
    3,486,200

    2022-23
    2,413,492
    946
    2,551,260
    3,028,070

    2023-24
    3,008,748
    1 058
    2,843,807
    3,093,966

     
    (2) Since the rate hike cycle in 2022, the total sales amount of ordinary TRCs slightly fell from $430 million in 2021-22 to $409 million in 2023-24, representing a decrease of 4.8 per cent. The number of certificates sold slightly fell from 84 122 in 2021-22 to 79 672 in 2023-24, representing a decrease of 5.3 per cent. It can therefore be seen that the overall sales of TRCs have not changed significantly due to external factors or interest rates.
     
         As for conditional TRCs, they are purchased by taxpayers at the request of the Commissioner of Inland Revenue and therefore their sales are not related to changes in interest rates.
     
    (3) The existing mechanism for determining the TRC rate has already ensured that changes in interest rate of time deposits offered by the note-issuing banks are timely reflected in TRCs. Since the two types of TRCs have their stated purpose and are not intended as a tool to provide investment returns, we do not consider it appropriate to adjust the interest rate on TRCs by making reference to the interest rates of wealth management products. The Government has no intention of setting a target for the sale of TRCs. We respect the choice of taxpayers to purchase ordinary TRCs.
     
         On publicity, an application form for Electronic TRCs Scheme is available on the IRD’s website for members of the public to download. The Brief Guide to Taxes of IRD and the websites of GovHK and Cross-boundary Public Services also include information on the Electronic TRCs Scheme. IRD will add a new link on the Electronic TRCs Scheme at a prominent position on its website to facilitate members of the public to search for relevant information.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Sydbank’s Interim Report – Q1-Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement No 51/2024
    30 October 2024

    Sydbank’s Interim Report – Q1-Q3 2024

    Bigger Sydbank – new 3-year strategy plan
    On the back of the highly satisfactory results achieved during the present strategy period, which will expire at the end of 2024, Sydbank is announcing today a new 3-year strategy plan to ensure that the Bank will continue the positive momentum demonstrated since 2014. The strategy is called: “Bigger Sydbank – value for all through advice and relationships”.

    Q1-Q3 2024 – highlights

    • Profit for the period of DKK 2,396m equals a return on equity of 21.7% p.a. after tax
    • Core income of DKK 5,447m is 4% higher compared to the same period in 2023
    • Trading income of DKK 223m compared to DKK 240m in the same period in 2023
    • Costs (core earnings) of DKK 2,453m compared to DKK 2,335m in the same period in 2023
    • Core earnings before impairment of DKK 3,217m are 3% higher compared to the same period in 2023
    • Impairment charges for loans and advances etc represent an expense of DKK 87m
    • Bank loans and advances have risen by DKK 8.0bn, equal to an increase of 11% compared to year-end 2023
    • The CET1 ratio stands at 18.0%, equal to a decrease of 0.9pp compared to year-end 2023

    CEO Mark Luscombe comments on the result:

    • It is positive that we were able to lift core income and total income in the first 9 months of the year from their all-time high levels last year. Costs have risen by 3% – excl Coop Bank – compared with a year ago. Thanks to the Bank’s constant focus on becoming increasingly efficient, the increase in costs is smaller than the effects of the agreed overall pay rises and the abolition of Great Prayer Day. Profit for the first 9 months of the year is on the same level as that of the record year 2023 and equals a return on equity of 21.7%, which is highly satisfactory.

    Mark Luscombe comments on developments in business volume:

    • We are pleased that the continued effect of our strong focus on providing value-creating advice to our customers has boosted our business volume in terms of bank loans and advances, deposits and the investment area. Bank loans and advances constitute DKK 82.5bn – an increase of DKK 8.0bn during the period. Deposits make up DKK 114.8bn – – and are thus at a historically all-time high.

    Board chairman Lars Mikkelgaard-Jensen comments on Sydbank’s new 3-year strategy plan:
    As a natural next step for the current strategy “Growing our business” we will be raising the bar and we will create a Bigger Sydbank in the next strategy period. This means that we will maintain our starting point as Denmark’s Corporate Bank and increase our market share in the corporate segment. Our ambition is to have more satisfied retail clients and significantly more retail clients and Private Banking clients. Assets under management will increase as a result of our customer focus within Wealth Management.

    Mark Luscombe elaborates:
    Our strategy “Bigger Sydbank” centres on 5 themes: “Customer-focused”, “Bigger and efficient”, “Attractive and cooperating”, “Data, digitization, AI and security”, and “ESG integrated in core business”. The themes must go hand in hand with a level of profitability at the very top of the Danish banking industry. We will continue to focus on the customer and be the workplace for some of the industry’s brightest and most dedicated employees.

    Outlook for 2024

    • Moderate growth is projected for the Danish economy.
    • Profit after tax is expected to be in the range of DKK 2,800-3,100m.
    • The outlook is subject to uncertainty and depends on financial market developments and macroeconomic factors which may affect eg the level of impairment charges.

    Additional information
    Jørn Adam Møller, Deputy Group Chief Executive, Tel +45 74 37 20 30
    Lars Grubak Lohff, Press Manager Tel +45 20 31 54 65

    Attachments

    The MIL Network –

  • MIL-OSI Economics: Historical data on currency exposure and hedging are now available

    Source: Danmarks Nationalbank

    Insurance and pension

    Statistics period: September 2024

    In May 2024, Danmarks Nationalbank published an extended statistic on insurance and pension companies’ currency exposure and hedging including data from January 2019 onwards.* The statistic has now been expanded to also include historical data from January 2015 onwards, whereby the time series now covers close to a full decade. You can read more about recent developments in the dollar hedge ratio of the Danish insurance and pensions companies in the newest edition of Danmarks Nationalbank’s biannual analysis Monetary and financial trends.**

    The data coverage approaches a full decade

    Note:

    Danish insurance and pension companies’ dollar hedge ratio measured as the hedged dollar exposure divided by the total dollar exposure.

    Source:

    Danmarks Nationalbank, DNFPVALE.

    * See Extended Statistic on Currency Exposure and Hedging (link).

    ** See Policy rates have been lowered, but monetary policy remains restrictive, Danmarks Nationalbank Analysis (Monetary and financial trends), no. 13, September 2024 (link).

    MIL OSI Economics –

  • MIL-OSI China: China activates emergency response to flooding in Hainan

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

    BEIJING, Oct. 30 — China’s Ministry of Water Resources on Wednesday issued a Level-IV emergency response to flooding due to the lingering impact of Typhoon Trami in Hainan, the country’s southernmost island province.

    Affected by Typhoon Trami, most areas of Hainan will experience torrential rain on Wednesday, with a high risk of flash floods, and the Wanquan River may experience floods exceeding the warning level.

    The ministry has dispatched a working group to the front line to guide flood response, with the focus on evacuating people from dangerous areas.

    Meanwhile, efforts will also be made to strengthen early warning, enhance disaster response in reservoirs and small and medium-sized rivers, and reinforce inspections and defense of critical sections and weak links such as dikes, according to the ministry.

    From Saturday to Monday, Typhoon Trami rotated over the waters off the southern coast of Hainan and the Xisha Islands.

    China has a four-tier emergency response system, with Level I being the most severe.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Speech by SEE at opening ceremony of 19th Eco Expo Asia

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Environment and Ecology, Mr Tse Chin-wan, at 19th Eco Expo Asia today (October 30):
     
    Secretary Sun (Secretary of the Leading Party Members Group of the Ministry of Ecology and Environment of the People’s Republic of China, Mr Sun Jinlong), Margaret (Executive Director of the Hong Kong Trade Development Council, Ms Margaret Fong), distinguished guests, ladies and gentlemen,
     
         Good morning.

         My heartfelt welcome to all of you joining us at the opening of the 19th Eco Expo Asia. This is a golden opportunity for us to discuss and advance our shared commitments to a sustainable future. This year, we are honoured to have about 190 officials from about 40 official delegations from various provinces and cities in Mainland China, ASEAN (Association of Southeast Asian Nations) and Belt and Road countries joining this signature annual environmental trade event in Asia.

         When people are talking about Hong Kong, what comes into our minds usually is high-rise buildings and very congested streets and roads. But actually we have a lot of well-protected countrysides in Hong Kong. And if you don’t know, I tell you that we are very rich in biodiversity. The number of coral species in our sea is more than the entire Caribbean Sea. Well, surprised? Therefore, we have produced two documentaries, “Beautiful Hong Kong” and also “Enchanting China” so as to bring the very beautiful scenes of our motherland and natural Hong Kong to the world. What you have just seen is just an extract only, and I encourage all of you to enjoy the full version that would be screened at our booth at this Expo which would tell you more about our efforts and achievements in pollution prevention, ecological protection, and nature conservation.

         This year, the theme of Eco Expo Asia is “Fostering Green Innovations for Carbon Neutrality”. Our country places a lot of importance on climate change and therefore sets targets to achieve peak carbon emissions before 2030 and also strives to achieve carbon neutrality before 2060. As to Hong Kong, our carbon emissions peaked in 2014, and compared to the peak, our carbon emissions today have been reduced by about a quarter already. Actually our carbon emissions per capita is only about one quarter of the United States, and about 60 per cent of the European Union. And therefore we have set an interim target, to cut our carbon emissions by half before 2035 and achieve carbon neutrality before 2050.

         We have been striving to achieve these targets through implementing our Climate Action Plan 2050 in Hong Kong, which covers four major decarbonisation strategies, namely aiming to achieve net-zero electricity generation, promote green buildings and also energy efficiency, promote green transport, as well as manage our waste reduction. In terms of green transport, I can tell you that now out of 10 newly registered vehicles in Hong Kong, seven are electric. And therefore I think we are moving at a reasonable speed.

         Looking ahead, we will continue to harness the transformative power of innovation and technology to accelerate the growth of green and low-carbon transformation through supporting the development of green industry, promoting development of new energy and more importantly, facilitating green research and development projects with application potentials to transform into commercially valuable products through various measures. 

         On green tech, we are supporting relevant research and development through various initiatives and funding schemes, including the Innovation and Technology Fund, Green Tech Fund, New Energy Transport Fund, etc. Over HK$800 million has been approved from these funds for a few hundred research and development and pilot projects in net-zero electricity generation, energy saving, green buildings, green transport, and more.

         Turning to new energy, our Chief Executive has announced in his Policy Address earlier this month, the Hong Kong Special Administrative Region (SAR) Government is committed to further promote the development of new energy including setting a target for sustainable aviation fuel (SAF) consumption, developing SAF and green maritime fuel supply chains, and promoting green and low-carbon energy such as hydrogen. 

         Hydrogen is regarded as a low-carbon energy with development potential in the course of energy transition. To prepare for possible wider application of hydrogen energy, the Hong Kong SAR Government published the Strategy of Hydrogen Development in Hong Kong in June this year. The Strategy sets out the four major strategies of improving legislations, establishing standards, aligning with the market, and advancing with prudency to create an environment conducive to the development of hydrogen energy in Hong Kong in a prudent and orderly manner, so that we would be able to capitalise on the environmental and economic opportunities brought about by the recent developments of hydrogen energy in different parts of the world. 

         While the scarcity of land resources has made it difficult for the development of a major manufacturing base for green energy as well as green technologies in Hong Kong, we are determined to leverage our position as a “super connector” and a “super value-adder” to serve as the platform for green and low-carbon technologies to facilitate their application in other parts of the world. For instance, we have supported the development of Hong Kong’s first green hydrogen production demonstration project at a landfill which is scheduled for commencement next year, and we are also facilitating the industry to establish a solar-to-hydrogen facility in Hong Kong very soon. 

         Ladies and gentlemen, decarbonisation cannot wait. Different regions around the world have suffered the devastating consequences of extreme weather events. Heatwaves, severe droughts, extreme rainfall, and extreme storms have attacked every corner of our planet. This year, Hong Kong experienced the hottest ever mid-autumn festival. These events remind us that climate change is indeed a current-day reality. The world must take urgent actions to combat climate change together. 

         Decarbonisation implies transformational change. Green innovation solutions are of paramount importance in our decarbonisation journey. During Eco Expo Asia, we will see the latest innovation and technologies and products around the world in new energy, climate adaptation and other areas. 

         Last but not least, I thank you again for coming today. Together, we can drive global sustainability. I hope you will find the Expo and the three-day Eco Asia Conference inspiring. For friends who come from abroad and across the boundary, I wish you all an enjoyable stay in Hong Kong, and spend more money. Thank you.
     
    (Please also refer to the Chinese portion of the speech.)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SFST’s speech at ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia today (October 30):

    Distinguished guests, ladies and gentlemen,

         It is both an honour and a privilege to stand before you today at ASIFMA’s 5th Annual Sustainable Finance Conference. I would like to extend my heartfelt gratitude to ASIFMA (Asia Securities Industry & Financial Markets Association) for hosting this significant event, now in its fifth year, and for bringing together an impressive gathering of leaders and advocates in the realm of sustainability. We are here to engage in critical discussions about how we can collectively scale and enable transition finance in Asia – a topic that has never been more urgent.

         Today’s theme, “Enabling Transition Finance in Asia”, reflects a vital aspect of our collective effort to combat climate change. As we know, climate change poses unprecedented challenges to our societies and economies. We must take bold steps to address these challenges. Hong Kong serves as a crucial financial gateway in Asia, bridging the East and West. This unique position makes it an ideal location for managing and channelling investments aimed at sustainable development. With our robust banking system, flourishing financial market, and strong regulatory framework, Hong Kong is well-positioned to facilitate transition finance.

         As we gather here today, we are acutely aware of the challenges that climate change poses to our societies and economies. Today, I would like to outline Hong Kong’s efforts in driving sustainability, encapsulated in four key “C” pillars: Capital, Creation, Commitment, and Collaboration.

    Capital – A vital tool for green financing

         The first “C” is Capital, which highlights Hong Kong’s well-developed capacity for green investment. This is not just a financial mechanism; it is a vital tool for green financing that underpins our commitment to sustainability. Hong Kong has set an ambitious goal to achieve carbon neutrality by 2050, with a target to halve carbon emissions by 2035. To realise these goals, we are implementing a range of policies and initiatives designed to promote green finance and support the transition to a low-carbon economy.

         As Asia’s leading international financial centre and green finance hub, Hong Kong stands ready to channel international investment toward sustainable purposes. Our financial ecosystem is equipped to facilitate a robust green transition. Recent market research estimates that sustainable bond issuance will approach US$1 trillion in 2024. Moreover, it is projected that annual climate investments must reach US$9 trillion by 2030 and US$10 trillion by 2050, underscoring the immense demand for green finance.

         To this end, we launched the Government Green Bond Programme (renamed Government Sustainable Bond Programme) in 2019. This initiative aims to raise funds for government green projects that contribute to sustainable development. I am pleased to report that our issuance has been attracting strong interest from both local and international investors. For example, for the issuance in July this year, our offer of HK$25 billion of bonds attracted more than HK$120 billion equivalent in orders, about five times of the offer size. So far a total of HK$220 billion in government green bonds has been successfully issued, including a diverse array of bonds – retail, institutional, and tokenised – across multiple currencies and tenors. These efforts have effectively raised funds for the Government’s green projects, reinforcing our commitment to fostering a greener future for Hong Kong.

         The momentum towards sustainable investment has gained unprecedented traction in our financial markets. Over 230 ESG (environmental, social, and governance) funds have been authorised by our Securities and Futures Commission, collectively managing over HK$1.3 trillion in assets. This represents a significant year-on-year increase of 19 per cent in the number of funds and an 8 per cent rise in assets. These encouraging statistics reflect a growing recognition among investors of the importance of sustainable finance and their commitment to supporting responsible investment initiatives.

    Creation – innovating the green fintech market

         The second “C” is Creation, which emphasises Hong Kong’s role in innovation for adoption of green fintech. In addition to capital, technology plays a crucial role in green transition. The global shift toward sustainability is not just creating new markets; it is also driving innovation and opening up investment opportunities. The Government recognises that sustainable development and financial innovation must go hand in hand. By positioning Hong Kong as a leader in sustainable finance, we can attract capital, stimulate innovation, and contribute to a more sustainable future for all.

         As we strive to integrate fintech with green finance and accelerate our green transformation, we are actively expanding the green fintech ecosystem. This year in June, we launched the Green and Sustainable Fintech Proof-of-Concept Funding Support Scheme. This initiative aims to provide early-stage funding to technology companies or research institutes conducting green fintech activities, allowing them to collaborate with local enterprises to co-develop new projects that address industry pain points. By facilitating the completion of the commercialisation and proof-of-concept stages, this scheme aims to enable wider adoption of green and sustainable fintech solutions in our local business landscape.

         Fostering partnerships that drive innovation in financial products is another crucial element in promoting sustainable practices and ensuring that our financial systems are resilient and future-ready. Earlier this year, in March, we launched the Prototype Hong Kong Green Fintech Map, developed in collaboration with various stakeholders. This map serves as a one-stop resource, providing comprehensive information on the current status of green fintech companies in Hong Kong and the related services available. By enhancing the visibility of these companies, we support their growth and ultimately contribute to our vision of a greener and more sustainable financial ecosystem.

    Commitment – building a comprehensive foundation

         The third “C” is our commitment to building a comprehensive green finance ecosystem. Recent market studies indicate that approximately 90 per cent of issuance in the green bond market relates to financing climate transition projects. Transition finance encompasses more than just capital; it empowers various industries to evolve towards sustainable practices while acknowledging that the journey to a low-carbon economy varies across sectors.

         The time is ripe for Hong Kong to seize the opportunities ahead in developing a sustainable community. We are committed to enabling transition finance in Asia and working towards a more sustainable future. As part of this commitment, Hong Kong is a forerunner in setting regulatory requirements and guidance for the financial sector. In the recent Policy Address, the Chief Executive announced significant steps towards enhancing our financial reporting framework.

         We will soon launch a roadmap for the full adoption of the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards). Our goal is clear: We aim for Hong Kong to be among the first jurisdictions to align our local requirements with these internationally recognised standards. This initiative not only underscores our commitment to transparency and sustainability but also positions Hong Kong as a leader in the global financial landscape.

         Transparency and accountability are essential for the success of sustainable finance. As a crucial initial step, Hong Kong Stock Exchange has introduced new climate-related disclosure requirements. These requirements, developed based on the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures, will be implemented for listed companies under a phased approach starting next year. These initiatives reflect our ongoing efforts to foster a sustainable environment that resonates throughout our financial ecosystem.

    Collaboration – the key to a sustainable future

         The last “C”, but certainly not least, is collaboration. While government initiatives are crucial, the transition to a sustainable economy cannot be achieved in isolation. It requires collaboration among all stakeholders – the Government and regulators, financial institutions, corporations, and the community.

         In 2020, the Government established the Green and Sustainable Finance Cross-Agency Steering Group, comprising representatives from various sectors. This group is working diligently to formulate strategies that enhance Hong Kong’s role as a green finance hub and engage industry participants and relevant stakeholders to advance sustainable finance in Hong Kong.

         As we look ahead, we are also mindful of the international context.  In just a few weeks, the global climate challenge will be front and centre at COP29 (29th Conference of the Parties to the United Nations Framework Convention on Climate Change) in Azerbaijan. This conference presents an opportunity for world leaders to ramp up climate action and provide stronger protections for those on the frontlines of climate change. COP29 is being billed as the “finance COP”, a pivotal moment for countries to establish a new global climate finance goal. We look forward to actively exploring collaboration with other regions on zero-carbon projects and initiatives, enhancing our collective capacity to address these urgent challenges.

    Closing

         In closing, the journey to a sustainable future is one that requires capital, creation, commitment, and collaboration. As we gather here today, we reaffirm our shared responsibility to enable transition finance in Asia and harness the power of finance to drive meaningful change. Together, we can create a better world for future generations.

         Your commitment to advancing the agenda of sustainable finance in Asia is truly inspiring. I am grateful for your attention to this pressing global issue, and I look forward to the fruitful discussions and insights that will emerge from today’s conference. Together, let us turn our vision of a sustainable future into a reality.

         Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ22: Combating sales activities of duty-not-paid cigarettes

    Source: Hong Kong Government special administrative region

         Following is a question by Dr the Hon Ngan Man-yu and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (October 30):
     
    Question:
     
         It has been reported that the sales activities of duty-not-paid cigarettes (illicit cigarettes) have become increasingly rampant in recent years. Lawbreakers have employed adolescents with little life experience to distribute illicit cigarette leaflets, commonly known as “dim sum sheets”, in public housing estates, and there are even “cheap whites promotion teams” wearing tops printed with the brand names of “cheap whites” (i.e. illicit cigarettes packaged in the same way as duty-paid cigarettes) to promote illicit cigarettes to smokers in busy areas. In this connection, will the Government inform this Council:
     
    (1) of the following information on illicit cigarette cases intercepted at source by the Customs and Excise Department (C&ED) in the past three years: the number of such cases, the number of persons involved in such cases, and the market value of the illicit cigarettes involved; what measures the authorities have put in place to step up efforts to intercept at source the smuggling of illicit cigarettes into Hong Kong;
     
    (2) of the following information on the law enforcement operations conducted by C&ED to combat illicit cigarette activities in the past three years: the number of such operations, the number of cases detected, the number and dutiable value of the illicit cigarettes seized, the number and age distribution of persons arrested (with a breakdown by seller and buyer), and the penalty imposed on the convicted persons;
     
    (3) regarding the recruitment of young people by lawbreakers to promote illicit cigarettes, whether C&ED and the Tobacco and Alcohol Control Office (TACO) of the Department of Health have received the related reports, and of the relevant follow-up situations; what measures C&ED and TACO have put in place to prevent young people from participating in the promotional and trafficking activities of illicit cigarettes;
     
    (4) as it has been reported that lawbreakers have set up websites to advertise illicit cigarettes on the Internet, and to advertise and sell illicit cigarettes through social media platforms and instant messaging applications (e.g. Facebook, Instagram and Telegram), what measures C&ED and TACO have put in place to intercept such advertising and sales activities, and whether it has assessed the effectiveness of such measures;
     
    (5) of the total number of reports on suspected illicit cigarette activities received by C&ED through its 24-hour hotline, dedicated crime-reporting email account or online form in the past three years, and the relevant follow-up situations; and
     
    (6) whether C&ED and TACO have considered, by drawing reference from the policy on combating abuses of public housing, setting up a financial reward mechanism for reporting to encourage members of the public to report the sale of illicit cigarettes, so as to reduce the promotional and trafficking activities of illicit cigarettes in public housing estates?
     
    Reply:
     
    President,
     
         Tobacco products are dutiable commodities. Tobacco duty is payable by importers or manufacturers according to the specified rates under the Dutiable Commodities Ordinance (Cap. 109). To protect Government revenue, the Hong Kong Customs and Excise Department (C&ED) has been combating smuggling and trading of illicit cigarettes on different fronts. As for matters relating to tobacco control, they are mainly enforced by the Tobacco and Alcohol Control Office (TACO) of the Department of Health according to the Smoking (Public Health) Ordinance (Cap. 371).
     
         Upon consultation with the Health Bureau, the consolidated reply to the question is as follows:
     
    (1) C&ED has been closely monitoring the control points and illicit cigarettes activities in the city closely, and has strengthened intelligence exchange with the Mainland and overseas law enforcement agencies with a view to intercepting illicit cigarettes at source. The relevant numbers on interception of illicit cigarettes at various control points by C&ED from January 2021 to September 2024 are set out below:
     

    Year
    Number of cases
    Number of persons arrested
    Number of illicit cigarettes seized
    (million)
    Estimated market value
    ($million)

    2021
    3 156
    2 856
    247
    678

    2022
    2 575
    2 246
    634
    1,753

    2023 (Note 1)
    10 452
    10 276
    554
    1,896

    2024 (Note 1)
    (Up to September)
    14 198
    13 783
    191
    841

    Note 1: The significant increase in the number of cases and arrests as compared with 2022 is mainly due to the large increase in the number of incoming passengers intercepted at control points for possessing tobacco products exceeding the duty-free quantity after the full resumption of normal travel between Hong Kong and the Mainland.
     
    (2) From January 2021 to September 2024, C&ED has conducted 11 large-scale special operations to combat illicit cigarette activities at various control points, as well as telephone-ordering activities for or distribution of flyers of illicit cigarettes at public rental housing estates (PRH). In addition, C&ED has been closely monitoring the latest development in the market and strengthened intelligence gathering. If a retailer is found to be selling duty-not-paid cigarettes, C&ED will take resolute enforcement actions. The enforcement figures of C&ED in combating illicit cigarettes through various channels (including daily inspections, interception at various control points, large-scale special operations, etc.) from January 2021 to September 2024 are set out below:
     

    Year
    Number of cases
    Number of persons arrested
    Number of illicit cigarettes seized
    (million)
    Estimated market value
    ($million)
    Duty payable
    ($million)

    2021
    4 009
    3 555
    427
    1,176
    815

    2022
    3 438
    2 813
    732
    2,017
    1,395

    2023Note
    11 806
    10 994
    652
    2,256
    1,541

    2024 (Note 2)
    (Up to September)
    15 014
    14 397
    367
    1,639
    1,208

    Note 2: The significant increase in the number of cases and arrests as compared with 2022 is mainly due to the large increase in the number of incoming passengers intercepted at control points for possessing tobacco products exceeding the duty-free quantity after the full resumption of normal travel between Hong Kong and the Mainland, and the seven large-scale special operations conducted by C&ED in 2023 and 2024.
     
         The number of arrested persons involved in buying or selling illicit cigarettes from January 2021 to September 2024 are set out below:
     

    Year
    Arrested persons
    Age distribution

    Sellers
    Buyers
    Total
    20 or below
    21 to 40
    41 to 60
    61 or above

    2021
    259
    206
    465
    13
    99
    172
    181

    2022
    117
    301
    418
    26
    98
    165
    129

    2023
    185
    401
    586
    28
    145
    222
    191

    2024
    (Up to September)
    244
    262
    506
    15
    86
    207
    198

     
         During the above period, the penalties imposed by the court on illicit cigarette cases ranged from a minimum of $200 (involving 200 illicit cigarettes) to a maximum of imprisonment of 18 months (involving about 12 million illicit cigarettes).
     
    (3), (4) and (6) According to the Smoking (Public Health) Ordinance (the Ordinance), no person shall display or cause to be displayed any smoking product advertisement in any form. Any person who contravenes the prohibitions is liable on summary conviction to a maximum fine of $50,000, and in the case of a continuing offence, to a further penalty of $1,500 for each day during which the offence continues. The distribution of smoking product advertisements in PRH not only involves peddling of suspected duty-not-paid smoking products, but also affects the law and order and management of the estates. Hence, TACO has all along been co-operating with the relevant departments with a view to combating these illegal activities more effectively. A co-operation mechanism has been established among TACO, the Police and the Housing Department to conduct enforcement actions against illegal activities of distributing smoking products advertisements in PRH. Since January this year, the relevant departments have conducted over 220 joint operations in PRH in Hong Kong. During the operations, in addition to patrolling the estates, officers from TACO also provided information to the estate security workers and residents on how to deal with suspected violation. They were also reminded to observe the laws and not to purchase smoking products from unknown sources. TACO will refer any suspected cases of illicit cigarettes that involve violations of the Dutiable Commodities Ordinance to C&ED for further investigation.
     
         Regarding the allegation that some people are distributing illicit cigarettes on the streets, under the Ordinance, no person may give smoking product to another person for promotion or advertisement. Any person who contravenes the prohibitions is liable on summary conviction to a maximum fine of $25,000. TACO has conducted multiple proactive inspections at relevant locations. No illegal activity has been found so far. TACO will closely monitor activities contravening the Ordinance (including those promoting or advertising smoking products), which include arranging covert inspections and taking enforcement actions on an ongoing basis. In addition, TACO will also conduct online inspections. If online smoking product advertisements suspected of contravening the law are found, TACO will request the relevant internet service providers and social media platforms to remove the relevant content.
     
         From January 2023 to August 2024, TACO issued 124 summonses and 43 warning letters regarding offences of displaying or distributing smoking product advertisements, and removed around 2 550 websites and social media accounts/posts involving advertisements of smoking products. Since 2021, 14 offenders have been convicted of the offence related to distributing smoking product advertisements, with a maximum penalty of $8,000.
     
         In addition, C&ED has also been conducting online inspections targeting suspected sale of illicit cigarettes. When suspected cases are found, C&ED will immediately express concerns to and follow up with the relevant websites or social media platforms, including blocking the accounts concerned and removing the relevant illicit cigarettes advertisements. From January to September 2024, a total of 429 relevant advertisements have been removed.
     
         In order to combat illicit cigarettes in a more effective manner and protect non-smokers from tobacco hazards, the Government announced its plan in June this year to implement the next-phase tobacco control measures. They include the introduction of a duty stamp system in order to differentiate duty-paid cigarettes from duty-not-paid ones; to require proofs that tobacco products sold at a price lower than the tobacco duty are duty-paid; and to increase the maximum penalty for dealing with, possession of, selling or buying duty-not-paid cigarettes. The Government expects that the above measures will strengthen the deterrent effect and enhance the effectiveness of law enforcement agencies in combating illicit cigarettes. At present, the Government has no plan to introduce financial incentives for reporting illicit cigarette cases. However, C&ED will seriously follow up on reports of suspected illicit cigarette activities.
     
    (5) The numbers of reports on suspected illicit cigarettes activities received by C&ED through different channels from January 2021 to September 2024 are set out below:
     

    Year
    Reports

    2021
    3 054

    2022
    3 526

    2023
    3 476

    2024
    (Up to September)
    5 640

         C&ED will follow up each report and refer it to frontline staff for investigation if necessary. Since the investigations are confidential, C&ED will not disclose their progress and details.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 2024 Edition of “Hong Kong Annual Digest of Statistics” published

    Source: Hong Kong Government special administrative region

    2024 Edition of “Hong Kong Annual Digest of Statistics” published
    2024 Edition of “Hong Kong Annual Digest of Statistics” published
    ***************************************************************************

         The 2024 Edition of the “Hong Kong Annual Digest of Statistics” was published by the Census and Statistics Department (C&SD) today (October 30). The Digest is available for downloading at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1010003&scode=460).      The Digest is a comprehensive and convenient collection of official statistics. It contains some 300 statistical tables on a wide range of topics, including: – Population- Labour- External trade- National income and Balance of Payments- Prices- Business performance- Innovation and technology- Energy- Housing and property- Government accounts, finance and insurance- Transport, communications and tourism- Education- Health- Social welfare- Law and order- Culture, entertainment and recreation- Environment, climate and geography      This Digest aims to provide key annual statistical series on various aspects of the social and economic developments of Hong Kong. Most of the data series presented reflect the latest situation covering a time span of the last decade, enabling readers to understand the trends of development in recent years. Descriptions of the scope of the statistical data and definitions of the terms used in this Digest are provided in the “Concepts and methods” in each chapter.      Enquiries about the “Hong Kong Annual Digest of Statistics” can be directed to the Statistical Information Dissemination Section (1) of the C&SD (Tel: 2582 5073; email: gen-enquiry@censtatd.gov.hk).

     
    Ends/Wednesday, October 30, 2024Issued at HKT 16:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Land Registry releases Trading Fund Annual Report

    Source: Hong Kong Government special administrative region

         The Land Registry (LR) today (October 30) released the Land Registry Trading Fund (LRTF) Annual Report 2023/24.
          
         â€‹The Land Registrar, Ms Joyce Tam, said, “Due to an overall decrease in business volume of registration of documents, searches, copying, reports on title and e-Alert services, the LRTF recorded a loss from operations (i.e. before interest income) of $36.1 million and a negative return on fixed assets of -10.5 per cent for the financial year ending March 31, 2024. After taking into account interest income, the LRTF achieved a profit of $18.3 million.”
          
         The total number of documents delivered for registration and searches of land registers decreased by 12.6 per cent and 10.2 per cent respectively when compared to the financial year of 2022/23.
          
         Ms Tam said the LR continues to implement initiatives to reform the land registration system and is working on the amendment bill on the Land Titles Ordinance (Cap. 585) (LTO). The target is to introduce the amendment bill into the Legislative Council (LegCo) in the first quarter of 2025. The implementation of the title registration system under the LTO aims to provide better assurance and greater certainty of property titles and simplify conveyancing procedures.
          
         The LR is also committed to promoting digitalisation and enhancing services to support the property market and the economy. Ms Tam said that the LR is working with the Digital Policy Office and the Hong Kong Monetary Authority (HKMA) on land data interchange through the secure data gateway of the Government and the HKMA to facilitate enhancement of banking services. The initiative is targeted to be implemented progressively in 2025.
          
         The report was tabled in the LegCo today. It can also be viewed or downloaded from the LR’s website (www.landreg.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI: Netcompany – Final transactions in connection with share buyback programme

    Source: GlobeNewswire (MIL-OSI)

    Company announcement
    No. 47/2024

                                                     30 October 2024

    On 14 August 2024, Netcompany Group A/S (“Netcompany”) announced that a share buyback programme of up to DKK 150m and a maximum of 1,000,000 shares had been initiated with the purpose of adjusting Netcompany’s capital structure and meeting its obligations relating to share-based incentive programmes.

    The share buyback programme is executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and the provisions of Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the “Safe Harbour Regulation”). The share buyback programme was set to end no later than 29 October 2024.

    Today, Netcompany announces the final transactions carried out under the current share buyback programme.

    The following transactions have been executed in the period 25 October 2024 to 29 October 2024:

      Number of shares Average purchase price, DKK Transaction value, DKK
    25-10-2024  4,000  308.07  1,232,280
    28-10-2024  4,000  308.59  1,234,360
    29-10-2024  6,500  309.67  2,012,855
    Accumulated for the period 14,500 –  4,479,495
    Accumulated under the programme 495,800 – 149,990,713

    Detailed information on all transactions under the share buyback programme during the period is included in the attached appendix.

    Following the above transactions, Netcompany owns a total of 2,228,909 treasury shares corresponding to 4.5% of the total share capital.

    Additional information
    For additional information, please contact:

    Netcompany Group A/S
    Thomas Johansen, CFO, +45 51 19 32 24
    Frederikke Linde, Head of IR, +45 60 62 60 87

    Attachments

    The MIL Network –

  • MIL-OSI: INVL Technology Interim unaudited information for 9 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    Equity of the Company and the Company’s net asset value as of 30 September 2024 was EUR 44.44 million or EUR 3.71 per share. At the end of 2023, these figures were EUR 43.53 million and EUR 3.61 respectively.

    Investments of the Company into managed companies amounted to EUR 44.83 million at the end of September 2024 and EUR 34.20 million at the end of September 2023.

    The net profit of the Company for 9 months of 2024 was EUR 1.11 million, the net loss of the Company for 9 months of 2023 amounted EUR 538 thousand.

    Additional information:

    INVL Technology, a company that invests in IT businesses, had an equity and a net asset value of EUR 44.44 million at the end of September this year, which is 2.1% more than at the start of the year. Their per share value of its equity and NAV was EUR 3.7067 and was up 2.8% from the start of the year.

    INVL Technology had an unaudited net profit of EUR 1.11 million in nine months of 2024, compared to a loss of EUR 0.538 million in the same period last year.

    “INVL Technology’s portfolio companies, which work in the areas of cybersecurity, artificial intelligence, and the development and deployment of supercomputers and information systems, are growing their revenues and profit. In selling the business, we hope to attract the interest of international and regional investors,” says Kazimieras Tonkūnas, INVL Technology’s managing partner.

    In mid-March this year, the company announced that it had signed an agreement with the Zurich branch of M&A intermediation service provider Corum Group’s Luxembourg-based unit Corum Group International, to advise and serve as M&A intermediary on the sale of the company’s portfolio of businesses.

    Performance of INVL Technology’s portfolio companies

    INVL Technology’s portfolio companies had aggregated revenues of EUR 47.60 million in the January-September, which is 12.5% more than in the same period last year. Their gross profit increased 14.5% in the same period of comparison to EUR 13.22 million, while their aggregated EBITDA grew 2.2 times larger to EUR 3.45 million.

    INVL Technology owns and manages the cybersecurity company NRD Cyber Security, the GovTech company NRD Companies, and the Baltic IT company Novian.

    NRD Cyber Security, which also owns NRD Bangladesh, in January-September of 2024 increased its consolidated revenue by 26.74% from the same period last year to EUR 5.853 million. The company’s gross profit grew 14.9% in the period of comparison to EUR 3 million, while its EBITDA rose 28.9% to EUR 941,000.

    NRD Companies had consolidated revenue of EUR 6.88 million in the first nine months of this year, which is 17.9% less than in the same period of 2023. The company earned a gross profit of EUR 3.3 million, or 9.3% more than in January-September last year, while the group’s EBITDA decreased by 2.1% to EUR 0.69 million. Norway-based NRD Companies has the subsidiaries Norway Registers Development in Norway, with a branch in Lithuania, and NRD Systems and Etronika in Lithuania.

    Novian had aggregated revenues of EUR 31.54 million in January-September 2024, 18.6% more than in the same period of 2023, while its gross profit of EUR 6.12 million was 24.2% larger than a year earlier. The Novian group’s EBITDA for the first three quarters of this year increased 6.7 times versus the same period of 2023 to EUR 1.799 million. The group consists of Novian in Lithuania with the technology-area businesses Novian Technologies, Zissor in Norway, Novian Eesti in Estonia, Andmevara in Moldova, and Novian Rwanda (earlier Norway Registers Development Rwanda) in Rwanda, and the software services businesses Novian Systems and Novian Pro in Lithuania.

    INVL Technology’s managing partner Kazimieras Tonkūnas notes that the companies are expected to deliver good results for the full year 2024 as well.

    INVL Technology, which is managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is a closed-end investment company which must exit its investments no later than mid-July 2026 and distribute the money to shareholders.

    The person authorized to provide additional information:
    Kazimieras Tonkūnas
    INVL Technology Managing Partner
    E-mail k.tonkunas@invltechnology.lt

    Attachment

    The MIL Network –

  • MIL-OSI: Announcement of the net asset value of INVL Technology as of 30 September 2024

    Source: GlobeNewswire (MIL-OSI)

    As provided in Section XI ‘Calculation of the Net Asset Value’ of the Articles of Association of INVL Technology, the net asset value of the Company was EUR 44,443,264 or EUR 3.7067 per share on 30 September 2024.

    The person authorized to provide additional information:
    Kazimieras Tonkūnas
    INVL Technology Managing Partner
    E-mail k.tonkunas@invltechnology.lt

    The MIL Network –

  • MIL-OSI United Kingdom: City Centre Remembrance commemorations announced

    Source: City of Derby

    Preparations are well underway for this year’s Remembrance commemorations.

    The city’s Annual Remembrance Sunday Service and Parade will return on Sunday 10 November, with troops from the Royal Electrical and Mechanical Engineers 148 Divisional Support Company, as well as members of local veteran and youth organisations, parading through the city centre onto the Market Place.

    A short service, led by The Very Revd Dr Peter Robinson, Dean of Derby, is scheduled for 11am, during which a two-minute silence will be observed. Following this, wreaths will be laid at the War Memorial.

    For the first time this year, Surtal Arts Community Choir, a Derby-based South Asian performing arts organsation, will be performing on the Market Place at around 10:15am, before the arrival of the Parade. 

    Members of the public are invited to observe the proceedings and pay their respects. There will be dedicated public viewing areas on the Market Place and the ceremony will be streamed onto a large screen. 

    Those who are unable to travel into the city centre can also watch the parade and service live on the Council’s YouTube channel.

    Citizens will also have a chance to pay tribute to those who lost their lives during a short service held at the War Memorial at 11am on Armistice Day (Monday 11 November).

    Councillor Nadine Peatfield, Leader of the Council and Cabinet Member for City Centre, Regeneration, Strategy and Policy said:

    “Remembrance is an incredibly important event within the Civic calendar and I’m very proud that partners from across the city are once again working together to host city centre events on both Remembrance Sunday and Armistice Day.

    “Remembrance is not only about remembering British soldiers who were involved in the World Wars and subsequent conflicts, but the sacrifice of those from across the Commonwealth. It’s fantastic that we’re able to highlight the contribution made by South Asian nations through a performance by the Surtal Arts Community Choir before this year’s parade.

    “I encourage as many citizens as possible to take part in and observe this year’s commemorations.”

    To protect members of the public and parade participants, there will be road closures on Sunday 10 November, from 8am until 1pm:

    • Sowter Road from its junction with St Michael’s Lane
    • The junction of Queen Street and Full Street
    • Derwent Street
    • Corporation Street and Tenant Street
    • St James Street, Corn Market and Iron Gate (from its junction with Sadler Gate)

    Several parking restrictions will also be in place:

    • The Council House car park will be closed to members of the public from 6.00pm on Saturday 9 November until 2pm on Sunday 10 November.
    • On-street parking will be suspended on Full Street and Tenant Street from 7pm on Saturday 9 November to 1pm on Sunday 10 November.
    • The on-street parking bays on Derwent Street will be reserved for Blue Badge parking on Sunday 10 November.

    MIL OSI United Kingdom –

  • MIL-OSI: Sampo Group’s results for January–September 2024 will be published on 6 November 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, press release, 30 October 2024 at 10:00 am EET


    Sampo Group’s results for January–September 2024 will be published on 6 November 2024

    Sampo Group will publish the Interim Statement for January–September 2024 on 6 November between 9:30 am and 10:00 am Finnish time (7:30-8:00 am UK time). The report, the investor presentation, and a video review with Group CEO Torbjörn Magnusson will be available at www.sampo.com/result.

    Conference call

    6 November 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.

    Group CEO Torbjörn Magnusson, Group CFO Knut Arne Alsaker, CEO of If P&C Morten Thorsrud, CEO of Hastings Toby van der Meer, and Head of IR Sami Taipalus will attend the conference call for investors and analysts.

    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 PLC
    Investor Relations and Group Communications


    Further information:

    Maria Silander
    Communications Manager, Media Relations
    tel. +358 10 516 0031


    Distribution:
    The principal media
    www.sampo.com

    The MIL Network –

  • MIL-OSI: Catapult Signs New Multi-Year Deal with the Rugby Football Union, Premiership Rugby, and Premiership Women’s Rugby

    Source: GlobeNewswire (MIL-OSI)

    Boston, MA, Oct. 30, 2024 (GLOBE NEWSWIRE) — Catapult (ASX: CAT), the global leader in sports technology solutions for professional teams, today announced a new deal with the Rugby Football Union, Premiership Rugby, and Premiership Women’s Rugby that will bring Catapult’s innovative athlete monitoring technology and video integration to rugby union in England. The strategic partnership marks a significant milestone in advancing athlete performance with the national England men’s and women’s rugby teams, Premiership Rugby, and Premiership Women’s Rugby.

    As the preferred provider of athlete monitoring technology, Catapult will make available to the men’s and women’s national teams, Premiership Rugby, and Premiership Women’s Rugby teams its full performance analysis suite, including the Catapult Vector System, offering a comprehensive understanding of both team and individual performance. The integration of Catapult Vector with MatchTracker gives coaches a detailed visualization of on-field dynamics, allowing them to sort, filter, and rapidly access insights enabling practitioners and coaching staff to identify patterns and trends in player performance. Additionally, Focus captures multi-angle video and data during games and practices, enhancing decision-making and tactical adjustments. Together, these tools will empower the Rugby Football Union, Premiership Rugby, and Premiership Women’s Rugby practitioners and coaches to make informed choices on strategy, athlete performance, and injury management.

    The agreement also includes the Catapult Vector Rugby Analytics Suite, Elite Vests with integrated heart rate, and ClearSky Local Positioning System (LPS) to further enhance player performance tracking and analysis. The Catapult Vector Rugby Analytics Suite is specifically designed for rugby, employing advanced algorithms to monitor key actions such as scrums, kicks, lineout jumps, and contact involvements. The Elite Vest for women athletes optimizes sensor placement for improved heart rate signal quality, while the Elite Vest for men athletes enhances fit and data accuracy with an inlaid chest band that stabilizes sensors during intense movement. ClearSky LPS will be installed in national team venues including the Allianz Stadium and Honda England Rugby Performance Centre in addition to a number of domestic training venues including for teams such as Bristol Bears and Gloucester Rugby providing low-latency, real-time data during training and matches.

    “We are excited to begin this new partnership with three of the world’s most respected rugby organizations, the Rugby Football Union, Premiership Rugby, and Premiership Women’s Rugby,” said Kieran Dannatt, Vice President of Strategic Partnerships and Development of Catapult. “By investing in Catapult’s technology, the Rugby Football Union, Premiership Rugby, and Premiership Women’s Rugby are building a sustainable model for the future of rugby. This partnership ensures that the Rugby Football Union, Premiership Rugby, and Premiership Women’s Rugby teams have cutting-edge technology that enhances both team and individual athlete performance and player care, further solidifying English rugby’s position as a leader in rugby innovation.”

    With Catapult, the Rugby Football Union, Premiership Rugby, and Premiership Women’s Rugby will gain significant advantages in data management and sharing across club, league, and game levels. Each national and domestic team using Catapult will establish its own performance thresholds and operational zones, enabling tailored training strategies throughout the season. This data will seamlessly synchronize with the league’s and domestic team’s overall data architecture, enhancing information flow and improving insights across all levels of rugby. Additionally, Rugby Football Union, Premiership Rugby, and Premiership Women’s Rugby players will benefit from consolidating their performance data directly to Catapult OpenField Cloud. This integration will enable enhanced performance analysis, strategic planning, and collaboration across teams, leagues and the National Governing Body.

    “It has been a long-time objective to align player tracking technology across all areas of the professional game,” said Duncan Locke, Head of Technical Performance at the Rugby Football Union. “The partnership between the Rugby Football Union, Premiership Rugby, Premiership Women’s Rugby and Catapult will provide players and practitioners access to a range of best in class products to optimize how players are managed and drive game-wide insights through standardized data capture and integrated data and video analysis. Utilizing Catapult ClearSky technology we can now monitor performance with unprecedented precision. This not only elevates individual and team performance understanding, but also supports player management through consistently and efficiently capturing and monitoring player workloads and movement patterns across all club and international environments, aligning with the Rugby Football Union’s commitment to player welfare and safety.”

    ”Premiership Rugby is excited to partner with Catapult Sports, making available the latest player tracking technology to our teams,” said Matt Cross, Head of Science and Medical Operations at Premiership Rugby. “By providing practitioners with comprehensive and individualized data using Catapult technology, we empower them to make informed decisions to prioritize player performance and safety. It has been a long-term ambition to align player-tracking technology across the elite game in England, and this partnership provides the opportunity to make this technology available to clubs, allowing for seamless data sharing to support players transitioning across different environments from both a performance and welfare perspective.”

    “As a player, having access to detailed performance insights like this is a game-changer for us and ensures every player in Premiership Women’s Rugby can operate at the highest level,” said Marlie Packer, Co-Captain for the Saracens Women. “Catapult athlete monitoring technology will allow us to track our progress, manage our workload, and refine our skills in ways we couldn’t before as we play in the best women’s league in the world. It’s exciting to know that we’re supported by tools designed to prioritize both our performance and our long-term health. This partnership is helping us elevate our game and align with the highest standards in rugby.”

    To learn more about Catapult’s solutions for Rugby, visit https://www.catapult.com/sports/rugby. 

    About Catapult 

    Catapult exists to unleash the potential of every athlete and team on earth. Operating at the intersection of sports science and analytics, Catapult products are designed to optimize performance, avoid injury, and improve return to play. Catapult works with more than 4,200 elite teams in over 40 sports across more than 100 countries globally. To learn more about Catapult or to inquire about accessing performance analytics for a team or athlete, visit us at catapult.com. Follow us at @CatapultSports on social media for daily updates.

    About Rugby Football Union
    The RFU is the national governing body for rugby union in England.  The organisation aims to enrich lives, introduce more people to rugby union and develop the sport for future generations. The goal is to achieve this by strengthening and uniting rugby union in England and producing consistently winning England teams.

    The RFU is a members’ organisation of professional and amateur rugby clubs, referee societies and Constituent Bodies (geographic or national unions of clubs) that reinvests all profits back into the sport.

    About Premiership Rugby
    Premiership Rugby is the organisation that manages the top league in English club rugby – Gallagher Premiership Rugby.

    It acts for its shareholder clubs in all major commercial and strategic negotiations with media and sponsorship partners of the league, as well as with other rugby governing bodies.

    About Premiership Women’s Rugby
    Premiership Women’s Rugby has been established to deliver a ten-year strategy for women’s rugby in England. As part of that strategy a new, nine-team, Premiership Women’s Rugby league has been launched as a partnership with the Rugby Football Union (RFU) and the clubs.

    The ambition for Premiership Women’s Rugby is built on a new vision and mission to carry the organisation through the next decade and create a generation of players and fans inspired by world-class club competition.

    In the first, historic, season Gloucester-Hartpury were crowned champions, beating Bristol Bears 36-24 in an unforgettable Final at Sandy Park.

    The MIL Network –

  • MIL-OSI: HERE Navigation Powers Connected Driving Experience in Dacia’s All-New Duster and New Spring

    Source: GlobeNewswire (MIL-OSI)

    • HERE Navigation provides a connected in-car navigation solution with a seamless user experience integrated into the digital cockpit.
    • Over-the-air updates ensure Dacia All-New Duster and New Spring drivers have access to the latest map and service updates for a premium driving experience.

    HERE Technologies, the leading location data and technology platform, today announced that Dacia, a Renault brand and the leading retail brand in Europe last year, has selected HERE Navigation to power the All-New Duster, Dacia’s iconic sport utility vehicle (SUV), and New Spring, Europe’s most affordable electric car.

    HERE Navigation is a cloud-based navigation application for connected vehicles. With it, Dacia All-New Duster and New Spring drivers will benefit from automotive-grade maps, online and offline search, real-time traffic information, and turn-by-turn voice guidance in an easy-to-use interface. The application’s over-the-air update capabilities deliver drivers the freshest map content and latest service updates.

    With its simple interface, clear design, and connectivity, HERE Navigation delivers the ease-of-use of smartphone applications while providing a seamless experience through its integration into the car’s digital cockpit. HERE Navigation is optimized to meet a vast array of hardware needs and enables a comparatively low data footprint with its option to cache maps.

    “Thanks to HERE Navigation, Dacia customers now benefit from online navigation with an always up-to-date map and traffic information,” said Damien Laplane, Dacia Cross Car Line and Brand Experience Leader.

    “We are proud that the Renault Group has chosen HERE Navigation for its Dacia All-New Duster flagship model and New Spring electric car, so that drivers will get to enjoy an all-inclusive navigation experience that stays up to date,” said Gino Ferru, SVP and General Manager EMEA at HERE Technologies. “We look forward to expanding our collaboration with Dacia and Renault for additional models in the future.”

    Media Contacts
    Dr. Sebastian Kurme 
    +49 173 515 3549 
    sebastian.kurme@here.com

    Aurélie André 
    Dacia Press Officer
    +33 6 82 13 50 76 
    aurelie.andre@dacia.com

    About HERE Technologies
    HERE has been a pioneer in mapping and location technology for almost 40 years. Today, the HERE location platform is recognized as the most complete in the industry, powering location-based products, services and custom maps for organizations and enterprises across the globe. From autonomous driving and seamless logistics to new mobility experiences, HERE allows its partners and customers to innovate while retaining control over their data and safeguarding privacy. Find out how HERE is moving the world forward at here.cohttps://www.here.com/m.

    About Dacia
    Born in 1968 then relaunched by the Renault Group from 2004 all across Europe and Mediterranean countries, Dacia has always offered the best value for money cars, by constantly redefining the essentials. As a game-changer, Dacia proposes simple, multi-purpose, reliable cars in tune with customers’ lifestyles. Dacia models became a reference on the market: Sandero, the most sold car to European private customers each year since 2017; Duster, on the podium of SUVs sold to private customers in Europe since 2018; Spring, 3rd electric vehicle sold to private customers in Europe for the second year running; Jogger, 1st non-SUV C-segment vehicle sold to private customers in Europe for the first time. Present in 44 countries, Dacia has sold over 8 million vehicles since 2004.

    The MIL Network –

  • MIL-OSI Africa: Islamic Corporation for the Development of the Private Sector (ICD) Commits Eur 40 Million to Nakkas- Basaksehir Section of Türkiye’s Northern Marmara Highway Project

    Source: Africa Press Organisation – English (2) – Report:

    ISTANBUL, Turkey, October 30, 2024/APO Group/ —

    • ICD is investing EUR 40 million in the Nakkaş-Başakşehir section as part of a EUR 1.04 billion funding package.
    • The project incorporates solar energy and LED lighting, aiming to cut energy use and emissions significantly.
    • It’s backed by a consortium led by Rönesans Holding, with support from MDBs and ECAs.

    The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) has signed a EUR 40 million to co-finance the Nakkaş-Başakşehir section of Türkiye Northern Marmara Highway Project.

    The Project  aimes to enhance Istanbul’s east-west connectivity, improve road safety and reduce congestion. It is being developed under a build-operate-transfer agreement by a consortium led by Rönesans Holding A.Ş. in partnership with Samsung C&T Corporation and other Korean investors. It involves a 31.3-km toll road, including a 1.6-km cable-stayed bridge and multiple overpasses and underpasses.

    ICD’s EUR 40 million contribution is part of a broader EUR1.04 billion senior debt package, fully financed by international institutions, including the European Bank for Reconstruction and Development (EBRD), the Asian Infrastructure Investment Bank (AIIB), the Islamic Development Bank (IsDB), alongside Atradius and SERV as European export credit agencies, ICIEC, and a consortium of commercial lenders.

    Thanks to Solar Energy Production System to be installed within the scope of the Nakkaş-Başakşehir project, which has “sustainability” at the center of its design, the clean energy obtained from solar panels will meet the energy needs of the highway’s operation and management (O&M) center and service stations.

    The installation of over 4,500 LED lamps, replacing sodium lamps, will cut energy consumption by 37.5%, saving over 35 MWh. Within the scope of the project, in which all O&M highway vehicles are planned to be hybrid or electric, it is expected to save approximately 112 thousand liters of fuel annually.

    While the Nakkaş-Başakşehir Highway Project is expected to prevent 7.9 million tons of greenhouse gas (GHG) emissions in 30 years, in particular, it will reduce particulate matter (PM) emissions by 1,399 tons, nitrogen oxides (NOx) by 58,699 tons and sulfur dioxide (SO2) by 95 tons. tons reduction is aimed.

    MIL OSI Africa –

  • MIL-OSI Video: AMGFC24: The Nexus of Innovation

    Source: World Economic Forum (video statements)

    As the Fourth Industrial Revolution advances, foundational technology domains are converging to create new opportunities. In addition to their breakthrough potential, the simultaneous development of quantum, robotics, AI and more are accelerating mutual advancements.

    What are the driving forces behind this convergence and how can organizations position themselves strategically within it for future growth?

    This is the full audio from a session at the Annual Meeting of the Global Future Councils 2024 in Dubai on 17 Oct, 2024. Watch it here: https://www.weforum.org/events/annual-meeting-of-the-global-future-councils-2024/sessions/the-nexus-of-innovation/
    Speakers:

    Chantal Shen, Chief Scientist, Synthetic Biology, BGI Research

    Hoda Al Khzaimi, Director, Centre for Cybersecurity, New York University Abu Dhabi

    Freeke Heijman, Founder and CEO

    Azeem Azhar, Chief Executive Officer, Exponential View

    Check out all our podcasts on wef.ch/podcasts (http://wef.ch/podcasts) :

    YouTube: https://www.youtube.com/@wef

    Radio Davos (https://www.weforum.org/podcasts/radio-davos) – subscribe (https://pod.link/1504682164) : https://pod.link/1504682164

    Meet the Leader (https://www.weforum.org/podcasts/meet-the-leader) – subscribe (https://pod.link/1534915560) : https://pod.link/1534915560

    Agenda Dialogues (https://www.weforum.org/podcasts/agenda-dialogues) – subscribe (https://pod.link/1574956552) : https://pod.link/1574956552

    https://www.youtube.com/watch?v=LAvep3poxK4

    MIL OSI Video –

  • MIL-OSI Video: Press conference by President Ursula von der LEYEN and Former Finnish President Sauli NIINISTÖ

    Source: European Commission (video statements)

    Press conference by European Commission President Ursula von der LEYEN and Former Finnish President Sauli NIINISTÖ

    Watch on the Audiovisual Portal of the European Commission:
    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Check our website: http://ec.europa.eu/

    https://www.youtube.com/watch?v=CQGFUYckjOE

    MIL OSI Video –

  • MIL-OSI Russia: Cinema Park “Moskino” invites you to a historical program in honor of National Unity Day

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    On November 3 and 4, the Moskino Cinema Park will present a large-scale historical reconstruction for National Unity Day. The holiday is dedicated to an important event in Russian history that united the country — the liberation of Moscow from Polish-Lithuanian occupation in 1612. City residents and tourists will be able to travel back to those times, get acquainted with the daily life of the residents and see how the militia of Kuzma Minin and Dmitry Pozharsky defeats the invaders in a decisive battle.

    “150 reenactors from Moscow, Vologda, Nizhny Novgorod, Tolyatti and Kaluga will take part in recreating the atmosphere and events of the 17th century. Visitors will be treated to more than 60 historical shows, master classes, lectures, concerts and performances,” she said.

    Natalia Sergunina, Deputy Mayor of Moscow.

    The main part of the program will take place in the Cathedral Square decorations. At 11:00 on November 3 and 4, guests are invited to watch the troop parade, at 12:00 — the performance of horsemen, at 13:00 — maneuvers and drill training of riflemen and pikemen. The largest will be the reconstruction of the decisive battle of the second people’s militia led by Prince Dmitry Pozharsky with the Polish-Lithuanian army, the victory in which helped lead the country out of the Time of Troubles. The event will begin at 17:00.

    Craft classes and interactive activities will be held from 10:00 to 18:00. The territory will house a camp, command headquarters, folk theater, archery range, as well as mints and printing houses. Craftsmen will offer to master the art of blacksmithing and pottery, calligraphy, practice throwing a lasso and pikemanship. Also planned are performances by artists of the court and puppet theaters, lectures on musical instruments of those times and old Russian games.

    Tours of exhibitions of national costumes, military equipment and the everyday life of Muscovites in the 17th century will help you to immerse yourself in the atmosphere of the era.

    On the Gonzaga Theatre site, folk music and dance groups will perform at 12:00 on the weekend. On Sunday at 17:00, there will be a meeting with producer and director Eduard Boyakov. In December, he will organize a multimedia show in the cinema park, the plot of which is connected with the events of the Time of Troubles.

    On November 3 and 4, the Uyezdny Gorod set will host an immersive performance based on the novel by Ilya Ilf and Yevgeny Petrov, The Twelve Chairs. In addition, at various venues, those wishing to do so will be able to take part in filming scenes based on cult films such as The Man from Boulevard des Capucines and Buratino, as well as take photos as the characters from the films.

    Additional information and conditions of visit are published on the websitecinema park “Moskino”.

    How to get there, where to buy a ticket and what to take with you: instructions for guests of the Moskino cinema park

    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/145912073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Technograd opens free courses on programming and protection against cyber threats

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Muscovites can get a profession in the field of programming and information security for free, as well as master design and marketing on free courses at the Technograd innovation and educational complex, subordinate to the capital’s Department of Entrepreneurship and Innovative Development. Training will begin in November.

    During the classes you can learn programming languages C

    In the same language with the IT sphere

    Python is considered an ideal language for starting a career in programming. It will suit students who are attracted by web development and data analysis, machine learning, simplicity of code and a variety of ready-made solutions. Course “Python for Web Development. Flask and Web Application Development” will start on November 1st.

    Students will be introduced to the Flask software platform, style templates and writing code to create a request form, databases and much more. Students will learn the basics of web development using Python and the Flask framework, learn how to manage database storage and build user authentication on websites.

    Classes under the program will begin on November 3 “Functional Programming in Python. Basic Level”. The teacher will tell about the structure of the language, teach how to write and read program code, solve algorithmic problems and create flow charts. As a result, students will be able to analyze other people’s programs and work with data arrays.

    On the same day, November 3, classes on the course will begin. “Functional programming in C. Learning a universal programming language will be useful for students who want to create games, desktop applications for Windows, web services, neural networks or graphics for metaverses. This language is used by banks, digital agencies, communication providers and large IT companies. Choosing this direction of study will help beginners find a job in a short time. During the classes, students will master the language structures, learn to use branches and cycles, work with the selection operator and data arrays.

    Well “JavaScript. Basic Level” will start on November 6. Webinars will help expand knowledge in the field of web technologies for designers and marketers, as well as those who are already mastering programming in a comprehensive manner. JavaScript does not require complex concepts and technical details from beginners. The visual part of most websites on the Internet is written in it. Therefore, programmers who have studied this language are always in demand. The course program includes training in the principles of object-oriented programming, working with control structures and data structures, as well as familiarity with the logic of program execution.

    In addition, Technograd is opening courses and for advanced JavaScript users. Training will begin on November 6th.

    Future mobile developers for iOS and macOS, as well as gamedev and ackend developers will find this useful Webinars on the basic level of programming in Swift. Starting November 16, the teacher will introduce students to the basics of the language, the Xcode development environment, data collection, and user interface elements. During the training, students will create the To-Do List and Exchange Rates applications and test them in the iPhone Simulator.

    Russian companies are always in demand for specialists who can find and eliminate vulnerabilities in the system and minimize the consequences of cyber attacks. From November 1, it will be possible to study the specifics of the profession and solve real problems on the course “Computer networks and information security”. Students will learn about the structure, topology, infrastructure and security of networks, protocols and network services. Particular attention will be paid to threat analysis and vulnerability detection, cryptography and advanced security methods.

    Creativity and self-realization

    Marketing and design are traditionally popular areas among young professionals. These areas offer creative freedom, the opportunity for self-realization and a dynamic career. Given digitalization and the development of new media formats, social networks and online trade, the demand for employees in these areas remains high.

    In November, Technograd offers 11 specialized programs, where you can master the graphic editors Figma and Photoshop, the website builder Tilda, the 3D engine Blender, animation and video in After Effects. And also learn how to set up targeted advertising, engage in promotion in social networks and create selling photo and video content.

    Upon completion of the training, a certificate or certificate of advanced training is issued. The project is supervised by Department of Entrepreneurship and Innovative Development of the City 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.

    http://vvv.mos.ru/nevs/item/145917073/

    MIL OSI Russia News –