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Category: KB

  • MIL-OSI Asia-Pac: Waste Disposal (Amendment) Bill 2024 gazetted today

    Source: Hong Kong Government special administrative region

    Waste Disposal (Amendment) Bill 2024 gazetted today
    Waste Disposal (Amendment) Bill 2024 gazetted today
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         The Waste Disposal (Amendment) Bill 2024 (Amendment Bill) was published in the Gazette today (October 18), for implementing the relevant amendments to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal (Basel Convention) on the control of transboundary movements of electrical and electronic waste (EEW) and their proper management in Hong Kong.           A spokesman for the Environment and Ecology Bureau indicated that the Conference of the Parties to the Basel Convention adopted the amendments to the Basel Convention in June 2022. The amendments, which will take effect from January 1, 2025, expand the control scope of the Basel Convention from hazardous EEW to all EEW. From then, the export of all EEW may only be allowed if the state of import and state(s) of transit, if any, have given their prior consent. The objective is to ensure EEW undergoing transboundary movement is properly managed in the state of import, thereby protecting the local environment and public health.           The spokesman said, “The amendments to the Basel Convention will enter into force in our country on January 1, 2025, and apply to Hong Kong. Therefore, we shall amend the Waste Disposal Ordinance (Cap. 354) (WDO) to expand the scope of import and export control to cover all EEW under the permit control system, with a view to aligning with national policy and complying with the requirements under the Basel Convention alongside with our country.”           To facilitate the trade to adapt to the new control, the Environmental Protection Department (EPD) has been actively explaining the implementation details and providing suitable assistance to the trade. Subject to the passage of the Amendment Bill by the Legislative Council (LegCo), a six-month phasing-in period will be put in place once the amendments to the WDO become effective. During the phasing-in period, the EPD will exercise discretion when it handles non-compliance matters. At the same time, the EPD will continue to facilitate trade compliance through further publicity and educational efforts.           The Amendment Bill will be introduced into the LegCo for first and second readings on October 30. The Government will fully complement the work of the LegCo in scrutinising the bill, and hope that the LegCo will support and approve the Amendment Bill. Subject to its passage, the relevant legislative amendments will take effect on January 1, 2025, to align with the effective date of the amendments to the Basel Convention which will be the same date when the country implements the requirement.   

     
    Ends/Friday, October 18, 2024Issued at HKT 12:00

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: “Environment Matters, Your Action Matters More” promoting environmental protection and sustainable development to launch on RTHK TV 31

    Source: Hong Kong Government special administrative region

    “Environment Matters, Your Action Matters More” promoting environmental protection and sustainable development to launch on RTHK TV 31
    “Environment Matters, Your Action Matters More” promoting environmental protection and sustainable development to launch on RTHK TV 31
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         “Environment Matters, Your Action Matters More”, a television programme produced by the Environmental Protection Department (EPD) and Radio Television Hong Kong (RTHK), will premiere on RTHK TV 31 on October 23. The programme will bring audiences to explore the new face of a green future by understanding more about environmental expertise in different areas and global trends in environmental protection.           In line with the Youth Development Blueprint, the programme covers a range of environmental protection topics, including global environmental issues and sustainable development, environmental impact assessments and planning, climate change, air quality, waste management, water quality and noise control. It introduces various environmental protection facilities and technologies in a light-hearted and humorous manner, aiming to raise awareness among youth about environmental protection and to encourage them to explore potential career paths in this field.           Consisting of 15 episodes, each lasting five minutes, the programme features two characters, an eco-friendly supporter and a young girl aspiring to pursue a career in environmental protection technology. Using everyday scenarios as an introduction, the episodes include interviews with various experts from the Environment and Ecology Bureau, the EPD, academia, and the environmental sector, showcasing how innovative technology can address environmental issues.           “Environment Matters, Your Action Matters More” will air from October 23 this year to January 29 next year, every Wednesday at 8.25pm on RTHK TV 31 for 15 consecutive weeks (see Annex for themes of each episode).

     
    Ends/Friday, October 18, 2024Issued at HKT 12:00

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: EDB announces subsidy amounts for Mainland University Study Subsidy Scheme in 2024/25 academic year

    Source: Hong Kong Government special administrative region

    EDB announces subsidy amounts for Mainland University Study Subsidy Scheme in 2024/25 academic year
    EDB announces subsidy amounts for Mainland University Study Subsidy Scheme in 2024/25 academic year
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         The Education Bureau (EDB) announced today (October 18) the subsidy amounts of the means-tested subsidy and the non-means-tested subsidy for the Mainland University Study Subsidy Scheme (MUSSS).     The subsidy will be disbursed based on the distance between the locations of the institutions and Hong Kong, which will be grouped into three categories. Details of the subsidy rates under the different categories, which are identical to that of last year, are set out in the Annex.     A spokesman for the EDB said that the MUSSS will benefit Hong Kong students pursuing undergraduate studies in 197 designated Mainland institutions, including the 138 institutions participating in the Scheme for Admission of Hong Kong Students to Mainland Higher Education Institutions for the 2024/25 academic year.     The application period for the MUSSS 2024/25 has closed. The EDB is currently processing the applications with a view to notifying individual applicants of the application results by the first quarter of 2025.                The MUSSS aims to provide appropriate support for Hong Kong students who pursue undergraduate studies on the Mainland and ensure that no students will be deprived of post-secondary education due to financial reasons. The MUSSS comprises means-tested subsidy and non-means-tested subsidy. The subsidy is granted on a yearly basis, and the subsidised period is the normal duration of the undergraduate programme pursued by the student concerned in the designated Mainland institution. Eligible applicants may only receive either a means-tested subsidy or a non-means-tested subsidy in the same academic year.

     
    Ends/Friday, October 18, 2024Issued at HKT 12:00

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    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: Legislation – Fast Track Bill even worse after select committee – confirms Luxon is engaged in a War on Nature says Greenpeace

    Source: Greenpeace

    Greenpeace says the Luxon Government’s fast track bill is one of the most damaging pieces of legislation in living memory, and the changes announced today in the select committee report-back do nothing to change that.
    “The changes to the Fast Track Bill announced today will do nothing to deter the uprising of public protest that this grievously bad bill has sparked,” says Greenpeace Aotearoa executive director Russel Norman.
    “This government is waging a war on nature, and the Fast Track bill is a key weapon.
    “Destructive projects like the Ruataniwha Dam and the Trans-Tasman Resources seabed mining proposal for the South Taranaki Bight are threatening to return from the dead like nightmarish zombies under the fast track bill. Both of these projects were already stopped by the courts due to their environmental harm.
    “The amendments to the Bill in the select committee reportback do not change the fundamental problems with the bill and they will not deter the groundswell of public protest that is building. In some respects they make the bill worse.
    “The purpose clause of the bill has been amended to give even greater direction to expert panels to focus on approving development projects.
    “The key part of the Fast Track Bill remains in place after the changes announced by the select committee report. Projects will still be assessed primarily on economic criteria that completely override environmental criteria and put profit before people and nature. Environmental protections and the balance in the Resource Management Act are trumped by profit under the fast track bill.
    “There are no safeguards. Projects referred to the fast track process are almost guaranteed to be rubber-stamped by the expert panels under this legislation.
    “It is also deeply disturbing that the Minister of Infrastructure, who gets to decide if a corporation gets access to the fast track rubber stamping process, is Chris Bishop, who was also the chair of National’s campaign committee at the last election.
    “We already know that $500,000 in campaign donations flowed from shareholders and companies associated with projects that have been listed for fast tracking. This creates clear risks of conflict of interest in the very heart of the fast track process.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: MEDIA RELEASE: Bill Focusing On Palliative Care Welcomed

    Source: Family First

    MEDIA RELEASE – Family First NZ is welcoming the Private Members Bill from NZ First MP Tanya Unkovich – ‘Improving Access to Palliative Care Bill’ – which seeks to guarantee that every New Zealander has the right to receive high-quality and compassionate palliative care whenever it is needed.

    Demand for this specialist medical care will only increase significantly in the near future. Our population is ageing, and therefore the number of people requiring palliative care is forecast to increase by approximately 25% over the next 15 years and will be more than double that by 2061.

    Previous Governments have made little effort to address this growing problem and to increase funding for this essential service. Some hospitals have no specialist palliative care services at all.

    The NZ Herald recently reported: “A specialist paediatric palliative care (PPC) doctor says New Zealand is falling behind other nations in its care of terminally ill children and the Government must step up to help.”

    The latest review of the End of Life Choice Act also highlighted that one in four applicants weren’t receiving palliative care at the time of their application for euthanasia, which may have influenced their decision.

    The priority must be to improve the provision of high-quality palliative care and practical support. This should be available in all areas of New Zealand. The highest quality of pain control and palliative medicine should be given priority in medical training so that every New Zealander can benefit. This bill will help achieve that.

    Patients facing death have a fundamental human right – a right to receive the very best palliative care, love and support that we can give. This is real death with dignity.

    Family First is calling on all political parties to unite and ‘fast-track’ this bill, for the benefit of all New Zealanders with a terminal illness.

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Zoom undergoes GenAI-driven renaissance, says GlobalData

    Source: GlobalData

    Zoom undergoes GenAI-driven renaissance, says GlobalData

    Posted in Technology

    Zoom Video Communications Inc (Zoom) has recently unveiled a wide array of new and upcoming platform enhancements powered by generative AI (GenAI) at its annual showcase event “Zoomtopia 2024.” The announcements were compelling for their sheer volume, breadth, and substance and continue the renaissance of Zoom’s platform that began one year ago at Zoomtopia 2023, says GlobalData, a leading data and analytics company.

    Gregg Willsky, Principal Analyst, Enterprise Technology & Services at GlobalData, comments: “At Zoomtopia 2023, Zoom unveiled an extensive and eclectic list of features that marked the latest milestone in the rapid build-out of its GenAI arsenal and collectively moved the ball dramatically forward for the company. What began as an evolution during the dark, nascent days of the COVID-19 pandemic took a sharp trajectory upward and morphed into a full-blown renaissance.”

    Dial the clock ahead one year and that renaissance remains in full swing. Zoom entered Zoomtopia 2024 with some especially impressive jewels recently secured in its crown. These include GenAI assistant Zoom AI Companion; Zoom Workplace, a suite of platform tools with Zoom AI Companion at its core; and Zoom Docs, a modular, digital workspace for creating and editing content that natively integrates with Zoom Workplace.

    Willsky continues: “Zoomtopia 2024 builds upon that momentum. Multiple capabilities go beyond ‘plan vanilla’ and demonstrate real ingenuity made possible by GenAI. For example, Zoom AI Companion 2.0 (coming October 2024) can gather, synthesize, and share information from multiple sources across Zoom such as meetings, chats, and docs; Zoom Tasks synthesizes material such as meeting summaries, emails, documents, and whiteboards and then takes action by detecting tasks, making recommendations, and helping users get started; Zoom Virtual Agent now helps contact center agents handle more complex customer queries in greater numbers within a single customer interaction.”

    Collectively, the announcements made at Zoomtopia 2024 place Zoom on even more solid footing with rivals while simultaneously positioning it well for the near future.

    Willsky concludes: “Zoomtopia 2024 was shorter in duration and hosted a smaller onsite audience compared to Zoomtopia 2023. However, the volume, breadth, and quality of features unveiled was as impressive if not more so. Zoom continues its renaissance in earnest.”

    MIL OSI Economics –

  • MIL-OSI Economics: 400 Students of Samsung Innovation Campus Certified in Future-Tech Skills at Gautam Buddha University

    Source: Samsung

     
    Samsung India’s flagship CSR programme, Samsung Innovation Campus, concluded the Artificial Intelligence (AI) course for 400 students of Gautam Buddha University in Greater Noida, Uttar Pradesh, reiterating the brand’s commitment to being a strong partner of the country and working alongside the Government in its mission of skilling the country’s youth and powering #DigitalIndia.
     
    The students were certified at a felicitation ceremony attended by Prof. R.K. Sinha, Vice Chancellor, Gautam Buddha University, alongside officials from Samsung and the Electronics Sector Skills Council of India (ESSCI).
     
    At the conclusion of the entire programme for the year, the toppers from each domain will be awarded a cash prize of INR 1 lakh and will get a chance to visit Samsung’s facilities in Delhi/NCR. During these visits, they will have the opportunity to engage with Samsung’s leadership team. Not just that, the national course toppers will receive exciting Samsung products.
     
    “Educating the nation’s youth in future-tech skills such as AI, IoT, Big Data and Coding is part of a larger plan at Samsung to contribute to the nation’s growth story and drive the Digital India initiative. The second season of Samsung Innovation Campus, Samsung’s flagship CSR programme, has taken a step further in that direction by imparting valuable knowledge and training to youngsters across the country to boost their employability,” said SP Chun, Corporate Vice President, Samsung Southwest Asia.        
     
    Samsung Innovation Campus offers in-depth training across four key technology areas—AI, IoT, Big Data, and Coding & Programming. Students gain hands-on experience through capstone projects and soft skills training aimed at boosting their employability. The AI course participants undergo 270 hours of theory training followed by 80 hours of project work, while those enrolled in IoT and Big Data courses receive 160 hours of theory training and complete 80 hours of project work. Participants in the Coding & Programming course complete 80 hours of training and take part in a hackathon. Samsung will train 3,500 students across India as part of this programme.
     
    The programme covers eight educational institutions across four states. In the northern region, training centres are established in Lucknow and Gorakhpur, besides two in Delhi NCR. In the southern region, which includes Tamil Nadu and Karnataka, training centres are located in Chennai and Sriperumbudur, in addition to two in Bengaluru.
     
    During the programme, participants will continue to receive instructor-led blended classroom and online training through approved training and education partners of ESSCI across the country. Youth enrolled for the programme will undergo classroom and online training and complete their hands-on capstone project work in their selected technology areas in AI, IoT, Big Data and Coding & Programming.
     
    They will also be imparted soft skills training to enhance their employability. The participants are being mobilized through ESSCI’s training and education partners across India. The approach includes a combination of offline and online learning, immersive hackathons and capstone projects, as well as expert mentorship provided by Samsung employees.
     
    In 2023, Samsung Innovation Campus successfully trained 3000 students in future-tech courses. Samsung’s involvement in this initiative underscores its commitment to nation building through Corporate Social Responsibility (CSR) activities in India. It complements Samsung’s other CSR endeavours, including Samsung Solve for Tomorrow. Through these initiatives, Samsung aims to empower future leaders of India by providing them with the necessary education and skills to drive meaningful change.
     

    MIL OSI Economics –

  • MIL-OSI Economics: APAC deal volume drops 6.8% during Q1-Q3 2024, as India, Japan, and Australia defy global trend, reveals GlobalData

    Source: GlobalData

    APAC deal volume drops 6.8% during Q1-Q3 2024, as India, Japan, and Australia defy global trend, reveals GlobalData

    Posted in Business Fundamentals

    Deal activity in the Asia-Pacific (APAC) region saw a 6.8% year-on-year (YoY) decline during January to September (Q1-Q3) 2024, with mergers & acquisitions, private equity, and venture financing facing headwinds from economic uncertainties and geopolitical tensions. However, APAC demonstrated resilience compared to global markets, with countries like India, Japan, and Australia bucking the trend and showing growth in deal volume, according to GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that a total of 10,551 deals were announced in APAC during Q1-Q3 2024 compared to the 11,317 deals announced during the same period in previous year,

    The number of M&A, private equity, and venture financing deals registered a YoY decline of 3.1%, 20.7%, and 10.2%, respectively, during the review period.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “In line with the global trend, APAC also witnessed decline in deal activity amid the economic uncertainties, ongoing wars and geopolitical tensions. However, it is noteworthy that APAC showcased relative resilience compared to other regions and even though there was a decline, it was the least among all the regions.”

    For instance, North America, Europe, Middle East and Africa, and South and Central American regions experienced respective deal volume fall by 16%, 13.6%, 7.6%, and 22.3% YoY during Q1-Q3 2024.

    Bose adds: “While deal activity across the APAC region presented a varied picture, the bulk of the decline was concentrated in China. In contrast, key markets like India, Japan, and Australia showed positive momentum, highlighting their resilience amid broader economic challenges.”

    China experienced a 22.8% YoY decrease in the number of deals announced during Q1-Q3 2024 compared to Q1-Q3 2023. Other markets such as South Korea, Singapore, Malaysia, Hong Kong, Indonesia, and New Zealand experienced decline in deal volume by 1.2%, 19.1%, 14.4%, 16%, 34.2%, and 4.7%, respectively. Meanwhile, India, Japan and Australia saw their respective deal volume grow by 9.6%, 16.2% and 2.2%.

    Bose concludes: “The growth seen in India, Japan, and Australia reflects a strategic shift in investor focus on markets with strong fundamentals and growth prospects. These markets continue to offer compelling opportunities, and their ability to buck the global trend reinforces the importance of a diversified approach in venture capital and private equity investments within the region.”

    MIL OSI Economics –

  • MIL-OSI Economics: Consumer preference for clean label products spurs innovation in APAC, says GlobalData

    Source: GlobalData

    Consumer preference for clean label products spurs innovation in APAC, says GlobalData

    Posted in Consumer

    The rising demand for clean label products is spurring advancements and innovations in the Asia-Pacific (APAC) region, as companies recognize the need to adapt to changing consumer preferences. This demand is not just limited to food and beverages; it extends to personal care and household products as well. A survey corroborates this trend, where 49% of respondents in Asia & Australasia stated that their product purchasing decisions for household cleaning products are either always or often influenced by how ethical/environmentally friendly/socially responsible the product/service is*, says GlobalData, a leading data and analytics company.

    Mani Bhushan Shukla, Consumer Analyst at GlobalData, comments: “Clean label products often use simple, natural ingredients, are free from additives and artificial chemicals, and also commonly feature sustainable and ethical credentials. The expected characteristics of clean label products can vary between industries. Healthy attributes such as “low-sugar” and “low-fat” are prioritized more in food and beverages, while “natural” and “free-from” attributes are prioritized more in personal care. Clean label household care products tend to include natural ingredients instead of synthetic ingredients or “harsh” chemicals, as well as exhibiting sustainability credentials like recyclable packaging.”

    Deepak Nautiyal, Consumer and Retail Commercial Director, Asia-Pacific and Middle East, GlobalData, adds: “Manufacturers are exploring innovative sourcing methods, sustainable packaging solutions, and alternative ingredients that align with the clean label ethos. As brands strive to meet consumer expectations, they are also exploring new marketing strategies that highlight their commitment to transparency and sustainability, ultimately leading to a broader range of clean label options for consumers.

    “Aligning with this trend, Unilever introduced the Sunlight BioCare Nature dishwashing liquid in Vietnam, Indonesia, and Thailand, featuring RhamnoClean Technology for superior grease removal. This product is integrated into the company’s Clean Future sustainability initiative, which employs circular economy principles in both its formulation and packaging to minimize CO2 emissions and plastic waste.”

    Shukla notes: “Heightened health and wellbeing concerns are seeing consumers seek ways to safeguard health and wellness and boost immunity, while increased awareness of sustainability issues amid a rising frequency of extreme weather events has resulted in proactive efforts to reduce carbon footprints. Many consumers are switching to clean label products that feature simple and natural ingredient lists to address such concerns, as well as eco-friendly or ethically sound products. For instance, Garnier, part of the L’Oréal’s family, renewed its commitment to providing sustainable products for consumers in Asia. By utilizing green science, the brand seeks to reduce the environmental footprint of its products, aligning with the increasing consumer interest in eco-friendly beauty solutions.”

    Nautiyal continues: “The integration of sustainable packaging and a clean label will significantly influence consumer purchasing decisions and foster brand loyalty, as evidenced in a GlobalData consumer survey, wherein 78% of APAC consumers consider it essential/nice to have recyclable packaging*. This dual approach not only attracts eco-conscious consumers but also fosters a deeper emotional connection with the brand, leading to increased customer retention and loyalty.”

    Shukla concludes: “As environmental concerns rise in Asia, companies emphasizing eco-friendly ingredients and sustainable supply chains will find new growth opportunities. The demand for safe, environmentally beneficial products will drive innovation in the clean label market. By investing in innovative sourcing and transparent supply chains, these companies can enhance their clean label offerings, attract eco-conscious consumers, and build brand loyalty for long-term success.”

    *GlobalData Q2 2024 Consumer Survey­ – Asia & Australasia, published in July 2024, with 6,506 respondents

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Marine Safety (Alcohol and Drugs) Ordinance to take effect on January 1 next year

    Source: Hong Kong Government special administrative region

    Marine Safety (Alcohol and Drugs) Ordinance to take effect on January 1 next year
    Marine Safety (Alcohol and Drugs) Ordinance to take effect on January 1 next year
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         The Government today (October 18) gazetted the Marine Safety (Alcohol and Drugs) Ordinance (Commencement) Notice to appoint January 1, 2025, as the day on which the Marine Safety (Alcohol and Drugs) Ordinance shall come into effect.     The Marine Safety (Alcohol and Drugs) (Approved Instrument Types and Specified Tests) Notice and the Marine Safety (Alcohol and Drugs) (Notice to Appear before Magistrate) Notice were also made to designate the types of instruments for the testing of drink and drug boating, specify the preliminary tests to be carried out to assess whether a person’s ability to properly operate a vessel or perform a designated duty on board a vessel is impaired by the consumption or use of drugs; and prescribe the form for a notice requiring a suspect to appear before a magistrate in respect of offences under the Ordinance.       The abovementioned notices will be tabled at the Legislative Council on October 23 for negative vetting.     The Ordinance was enacted by the Legislative Council earlier on to regulate drink and drug boating in Hong Kong waters, so as to enhance marine safety and protect the safety of persons on board a vessel.

     
    Ends/Friday, October 18, 2024Issued at HKT 12:45

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    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: 2024/25 LaLiga generates estimated $117.47 million in sponsorship revenue, reveals GlobalData

    Source: GlobalData

    2024/25 LaLiga generates estimated $117.47 million in sponsorship revenue, reveals GlobalData

    Posted in Sport

    Spanish football league LaLiga’s largest sponsorship deal in terms of annual value for the 2024/25 season is its title sponsorship with EA Sports. The deal came into effect from the 2023/24 season and covers the top-flight LaLiga and second-tier Segunda Division, LaLiga Promises, and eLaLiga. Additionally, the league’s longest active partner is Microsoft, which has been in partnership with the league since 2016. Overall, the football league generated an estimated $117.47 million in sponsorship revenue for the 2024/25 season, reveals GlobalData, a leading data and analytics company.

    GlobalData’ s latest report, “The Business of LaLiga 2024/25”, reveals that the estimated domestic media revenue for the 2024/25 LaLiga is $1.12 billion. FC Barcelona’s kit supplier deal with Nike has the largest annual value across the 2024/25 LaLiga competing teams. New partners for the 2024-25 season were Uber Eats, Exness, Luckia, SportBet, and ACTIVA Group.

    Olivia Snooks, Sport Analyst at GlobalData, comments: “Over half of the annual deal revenue for LaLiga is being generated from American-based brands. So, developing partnerships with US-based brands is a logical step for the league to take.”

    Real Madrid, being the most successful Spanish soccer club, boasts the second largest kit supplier deal with adidas. Barcelona and Real Madrid hold a far superior commercial value compared to the other competing teams. Both club kit suppliers, Nike and adidas, are comfortably the biggest spenders in the kit supplier market across the LaLiga 2024/25 season.

    Snooks continues: “There is a notable drop off in terms of spend between Nike and adidas, and the other kit supplier brands across the market. As mentioned, given the commercial value of Barcelona and Real Madrid, the likes of Castore and Hummel just cannot match the ability to commit to such a high value partnership, unlike Nike and adidas.”

    Worth an estimated $381.54 million annually, Barcelona has the highest estimated annual sponsorship revenue for the season, closely followed by Real Madrid in second. Barcelona’s largest deal in terms of annual value ahead of the 2024/25 season is with Spotify. Real Madrid’s largest deal is with HP, which is the team’s first ever sleeve sponsor; the deal is worth an estimated $35 million annually.

    Snooks concludes: “It is no surprise that the two teams that have the highest commercial value across kit suppliers, front-of-shirt sponsors, and sleeve sponsors, also have the largest sponsorship revenue across the 20 competing LaLiga teams. It is worth noting that both Real Madrid and Barcelona did not even rank in the top three teams in terms of deal volume; however, both teams have such huge commercial value that the deal volume is not so important.”

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Rural voters final register released

    Source: Hong Kong Information Services

    The final register for the 2024 Rural Representative Election (RRE), which includes the particulars of registered electors, was released today.

    Registered electors may visit the RRE Voter Registration Information Enquiry System, or call the election hotline at 2152 1521 during business hours to check their registration particulars. 

    A full copy of the final register is available at the office of the Electoral Registration Officer, which is located at the Home Affairs Department, 30/F Southorn Centre, 130 Hennessy Road, Wan Chai.

    Copies of the final register relating to specific rural committees are placed at Assistant Electoral Registration Officers’ offices at the corresponding New Territories district offices.

    Validly nominated candidates may inspect the final register of electors for purposes relating to the election.

    The final register is also open for inspection by those who have subscribed to the Government News & Media Information System maintained by Director of Information Services, bodies and organisations meeting the specified requirements under the abovementioned regulation, the Heung Yee Kuk, rural committees for the relevant rural areas, indigenous inhabitants of indigenous villages and composite indigenous villages, and residents of “existing villages” or market towns.

    Statistical information about the final register is available on the election website.

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: NSU is the leader in the BRICS ranking among Russian universities located in the regions

    MILES AXLE Translation. Region: Russian Federation –

    Source: Novosibirsk State University – Novosibirsk State University –

    The Association of Rating Compilers (ACR) has published Pilot ranking of universities in the BRICS countries. The final list included 600 educational institutions from ten Commonwealth countries: Brazil, Egypt, India, Iran, China, the United Arab Emirates, Russia, Saudi Arabia, Ethiopia and South Africa. Russia became the second country in the ranking by the number of participants – 161 universities. Novosibirsk State is in 19th place in the overall ranking, occupying the highest positions among Russian universities located in the regions.

    In general, the BRICS rating methodology repeats the methodology of the “Three University Missions” rating, but takes into account the national characteristics of the countries that are part of the association. The university’s activities are also characterized in three areas: education, science, and relations with society. The difference is that the weights of some indicators have been changed and one new indicator has been added: “the number of joint scientific publications with BRICS partners.”

    — NSU’s high positions in the BRICS university rankings are explained by several factors. First of all, this is the quality of education and scientific activity. A positive impact was exerted by the increase in the significance of such an indicator as “the number of victories of university students in international student Olympiads” (data on Olympiads were taken into account from 2019 to 2023). And also the addition of such a criterion as the number of scientific works in partnership with colleagues from BRICS countries to the new ranking. NSU is traditionally strong in international scientific ties, especially with the states that are part of this association. We currently have 126 partner universities in 24 countries of the world, more than 300 publications with foreign co-authors are published annually, — noted NSU Rector, Academician of the Russian Academy of Sciences Mikhail Fedoruk.

    A total of 24 Russian universities made it into the top hundred of the ranking. The highest positions were taken by Moscow State University (2nd place), St. Petersburg State University (5th place), Moscow Institute of Physics and Technology (6th place), HSE (10th place) and MEPhI (15th place). Next come universities located in the regions, among which the leader is Novosibirsk State University (19th place), followed by Tomsk State University (36th place) and Ural Federal University (38th place).

    The strongest point of Russian universities is the quality of education; 39 educational institutions in Russia were included in the top 100 universities according to this group of criteria, with 10 of them being in the top twenty.

    Rating information:

    The idea of the ranking was proposed in 2023 by representatives of South Africa, and in the same year it was enshrined in the declaration following the meeting of the BRICS education ministers. The BRICS principles on which the ranking was formed werevoicedat the congress of the Russian Union of Rectors in July 2024, and then they were discussed and supported by the working groups of the Russian Academy of Sciences, the Russian Academy of Education and the Ministry of Education and Science. Principlespublishedon the website of the rating “Three University Missions”.

    Full list of universities, included in the rating.

    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.nsu.ru/n/media/nevs/education/ngu-leader-in-brix-rating-among-russian-universities-located-in-regions-/

    MIL OSI Russia News –

  • MIL-OSI New Zealand: ACT welcomes withdrawal of Prosecution Guidelines after pressure

    Source: ACT Party

    “ACT welcomes the Solicitor-General withdrawing recently published prosecution guidelines, which did not reflect the Government’s values of treating New Zealanders equally regardless of their race,” says ACT Leader David Seymour.

    “The proposed guidelines were totally inconsistent with the values of a civilised country where everyone is equal before the law.

    “This change shows our Government is committed to the most Kiwi of values; no matter who you are or how you were born, you deserve the same equal rights, choices and chances at life.

    “It also shows New Zealand is getting the real change we voted for, last year.

    “I respect the autonomy and independence of the Solicitor-General, but the Government has set a clear direction where racial discrimination is not acceptable, no matter how deeply embedded in the public service it is.

    “This kind of divisive policy rained down in buckets, unchallenged, and uncorrected by the previous Government. Now we have a Government committed to equal rights for all. The Need Not Race cabinet circular negotiated by ACT underlines that commitment.

    “ACT called out these guidelines as soon as we became aware of them, including raising the issue with the Attorney-General. We are welcome the swift response, preventing what would have otherwise been an egregious breach of the foundational principles of our country.

    “We fund Crown prosecutors to deliver justice without fear nor favour. The updated Prosecution Guidelines must reflect that and uphold the principle of equality before the law.”

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Government gazettes amendment regulations to implement electronic vehicle licence initiative and tackle prolonged non-licensed vehicles

    Source: Hong Kong Government special administrative region

    Government gazettes amendment regulations to implement electronic vehicle licence initiative and tackle prolonged non-licensed vehicles
    Government gazettes amendment regulations to implement electronic vehicle licence initiative and tackle prolonged non-licensed vehicles
    ******************************************************************************************

         The Road Traffic (Registration and Licensing of Vehicles) (Amendment) Regulation 2024 (RLV Amendment Regulation), Road Traffic (Registration and Licensing of Vehicles) (Amendment) (No. 2) Regulation 2024 (RLV (No. 2) Amendment Regulation) and Motor Vehicles Insurance (Third Party Risks) (Amendment) Regulation 2024 (TPR Amendment Regulation) were gazetted today (October 18).     The Amendment Regulations seek to implement an electronic vehicle licence (eVL) of the Transport Department (TD) by obviating the need of vehicle owners to replace their paper-form vehicle licences on each renewal, to simplify the supporting documents required for vehicle licence (VL) applications; as well as to tighten the vehicle registration and licensing regime by introducing a penalty for taking no action on vehicles unlicensed for two years or more.     A spokesman for the Transport and Logistics Bureau said, “The eVL initiative will streamline the process for vehicle licence applications and bring greater convenience to vehicle owners. The TD will issue a notice to the vehicle owners containing the new licensed period in lieu of a paper-form VL, so that the vehicle owners will not need to replace the paper-form VL with a new one on each renewal after its first issuance bearing no expiry date. The amendments to the law will also simplify the documents accompanying a VL application by repealing the requirement of presenting the Vehicle Registration Document; whereas online VL applicants will have the option not to present the scanned copy of policy of insurance or security, but providing information (such as name of the vehicle owner, identity document number of the vehicle owner, vehicle registration mark, etc) to be specified by the Commissioner for Transport.       “Moreover, to address at source the issue of improper abandonment of unlicensed vehicles in a public area, amendments will be made to hold vehicle owners responsible for their vehicles on a continuous basis. The registered owners of vehicles unlicensed for two years or more must, within three months of the date of a notice to be issued by the TD, either have the vehicle relicensed, or cancel the registration of the unlicensed vehicle in accordance with the requirement, failing which will constitute an offence,” the spokesman added.     The Legislative Council (LegCo) Panel on Transport and the Transport Advisory Committee were briefed on the above, and members generally supported and welcomed the proposed arrangements. The Amendment Regulations will be tabled at the LegCo on October 23 for negative vetting. Subject to scrutiny by the LegCo, the RLV Amendment Regulation and TPR Amendment Regulation will be effective from December 30 this year. To allow sufficient time for vehicle owners to take appropriate actions on their unlicensed vehicles, the RLV (No. 2) Amendment Regulation will come into operation on a date to be fixed by notice in the Gazette, tentatively in the fourth quarter of 2025.

     
    Ends/Friday, October 18, 2024Issued at HKT 12:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Albanese Government commences voice trials and releases public feedback on modernising universal telecommunications services

    Source: Australian Executive Government Ministers

    The Albanese Government has announced that Scyne Advisory will conduct a trial of fixed voice services and consider the performance of Low Earth Orbit Satellites (LEOSats) to inform the Government’s work to improve mobile connectivity for more Australians.
     
    Scyne Advisory will independently deliver the fixed voice service trials, with work already underway to progressively set up trial sites across 50 regional and remote locations across Australia.
     
    The trials will track the reliability and quality of voice calls, and test impacts of weather conditions on services.
     
    Data from the trial will also help the Albanese Government to better understand how LEOSat services perform to support voice services across a representative range of regions across Australia, including over the northern Australia wet season. Existing NBN Co fixed wireless and satellite services will also be trialled in parallel to provide a comparison.
     
    Data collected will be independent of industry and be made publicly available next month.
     
    The Government has also today released a summary of feedback received from stakeholders through recent public consultation on modernising delivery and funding of universal telecommunications service arrangements.
     
    Overall, the public consultation process demonstrated there is support for change to universal service arrangements to better reflect evolving consumer needs and the emergence of new alternative technologies.
     
    Stakeholders suggested a more flexible and technology-neutral approach would be preferable, including to adopt modern networks and services that are best suited to each premises, and to future-proof arrangements.
     
    There was also general agreement that simpler funding arrangements would better reflect the market and enable greater efficiency and sustainability.
     
    While the Government is yet to make a decision on how to best modernise the Universal Service Obligation, feedback received from stakeholders is being taken into consideration and will be considered alongside the trial data to help inform next steps.   
     
    For more information, and to view the summary paper, visit: http://www.infrastructure.gov.au/media-communications-arts/modernising-universal-telecommunications-services
     
    Quotes attributable to Minister for Communications, the Hon Michelle Rowland MP:
     
    “The Albanese Government is committed to modernising telco services in the interest of all Australians, particularly those living in rural and regional Australia, and I look forward  to data from the trials helping us to consider and deliver a more modern and effective universal service framework.”
     
    “The Government has been clear it will proceed on a consultative and transparent basis. Stakeholder views on delivery and funding issues will be carefully considered to help inform future decisions on a more modern and fit for purpose framework. 
     
    “The Government’s focus is that universal service arrangements continue to deliver for consumers, can be more flexible to accommodate changes, and that we have related funding arrangements for baseline services that are efficient and sustainable.”

    MIL OSI News –

  • MIL-OSI Australia: Eligibility for compassionate release of super

    Source: Australian Department of Revenue

    We took over administration of early release of super on compassionate grounds on 1 July 2018.

    We only approve a release of super on compassionate grounds if you meet all conditions set out in the regulations. These conditions include that you have no other means to pay the expenses.

    The 5 main grounds of eligibility are:

    • medical treatment or transport for you or your dependant
    • accommodating a disability for you or your dependant
    • palliative care for a terminal illness for you or your dependant
    • funeral expenses for your dependant
    • preventing foreclosure or forced sale of your home.

    If you apply for compassionate release of super (CRS) for medical treatment, the law states the treatment must be necessary to:

    • treat a life-threatening illness or injury
    • alleviate acute or chronic pain
    • alleviate acute or chronic mental illness.

    To access super early for medical treatment expenses, you must provide 2 medical reports with your application. At least one of the reports must be from a specialist treating one of the above conditions.

    The reports must state that the treatment is necessary to treat or alleviate one of the conditions above, and that the treatment is not readily available in the public health system.

    All data shown here is current as of 27 August 2024.

    MIL OSI News –

  • MIL-OSI Australia: CRS age demographics

    Source: Australian Department of Revenue

    Following are data tables for the age of approved individuals at the time of their approved application.

    Table 1: CRS age demographics in 2018–19

    Age (years)

    Individuals approved

    Total approved (%)

    20 and under

    20

    0

    21-25

    860

    3

    26-30

    2,810

    10

    31-35

    4,310

    16

    36-40

    4,910

    18

    41-45

    4,650

    17

    46-50

    4,270

    16

    51-55

    3,160

    12

    56-60

    1,550

    6

    61-65

    380

    1

    66-70

    10

    0

    71 and over

    0

    0
    Table 2: CRS age demographics in 2019–20

    Age (years)

    Individuals approved

    Total approved (%)

    20 and under

    30

    0

    21-25

    940

    3

    26-30

    3,300

    11

    31-35

    4,880

    16

    36-40

    5,470

    18

    41-45

    5,090

    17

    46-50

    4,730

    16

    51-55

    3,420

    11

    56-60

    1,760

    6

    61-65

    420

    1

    66-70

    10

    0

    71 and over

    0

    0
    Table 3: CRS age demographics in 2020–21

    Age (years)

    Individuals approved

    Total approved (%)

    20 and under

    10

    0

    21-25

    640

    2

    26-30

    2,400

    9

    31-35

    4,210

    16

    36-40

    5,000

    18

    41-45

    4,740

    17

    46-50

    4,510

    17

    51-55

    3,330

    12

    56-60

    1,870

    7

    61-65

    440

    2

    66-70

    0

    0

    71 and over

    0

    0
    Table 4: CRS age demographics in 2021–22

    Age (years)

    Individuals approved

    Total approved (%)

    20 and under

    40

    0

    21-25

    890

    3

    26-30

    2,970

    9

    31-35

    5,210

    16

    36-40

    5,950

    18

    41-45

    5,460

    17

    46-50

    5,060

    16

    51-55

    3,860

    12

    56-60

    2,230

    7

    61-65

    530

    2

    66-70

    10

    0

    71 and over

    0

    0
    Table 5: CRS age demographics in 2022–23

    Age (years)

    Individuals approved

    Total approved (%)

    20 and under

    60

    0

    21-25

    1,140

    3

    26-30

    3,330

    8

    31-35

    5,910

    15

    36-40

    7,200

    18

    41-45

    6,620

    17

    46-50

    6,140

    16

    51-55

    5,270

    13

    56-60

    3,090

    8

    61-65

    820

    2

    66-70

    10

    0

    71 and over

    0

    0
    Table 6: CRS age demographics in 2023–24

    Age (years)

    Individuals approved

    Total approved (%)

    20 and under

    90

    0

    21-25

    1,630

    3

    26-30

    4,370

    9

    31-35

    7,410

    15

    36-40

    8,820

    18

    41-45

    8,270

    17

    46-50

    7,380

    15

    51-55

    6,780

    14

    56-60

    4,090

    8

    61-65

    1,160

    2

    66-70

    20

    0

    71 and over

    0

    0

    In the tables above, we rounded:

    • approved individuals to the nearest 10
    • total amounts may differ to other tables due to rounding.

    MIL OSI News –

  • MIL-OSI Australia: Applications received and approved

    Source: Australian Department of Revenue

    The following data tables capture information about applications we have received and approved for release per financial year. We don’t have data regarding amounts released as these payments are made by super funds.

    Note: One person may submit multiple applications in one financial year. There is no limit on the number of applications a person can submit.

    Table 1: Total compassionate release of super applications

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    53,800

    60,000

    45,300

    56,400

    75,600

    90,700

    Applications approved

    31,100

    33,700

    29,500

    34,400

    41,800

    53,100

    Individuals applied

    33,800

    39,100

    36,300

    45,600

    57,800

    68,900

    Individuals approved

    26,900

    30,000

    27,200

    32,200

    39,600

    50,000

    Amount approved ($m)

    456.6

    523.2

    472.4

    573.1

    761.7

    1,040.4

    In the table above, we rounded:

    • applications and individuals’ data to the nearest 100
    • amounts approved data to the nearest $100,000.

    Totals may not add due to rounding.

    Table 2: Medical (includes medical treatment or transport)

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    39,100

    45,500

    34,800

    42,600

    57,700

    71,900

    Applications approved

    26,100

    30,100

    27,600

    32,100

    39,500

    50,200

    Individuals applied

    25,500

    30,100

    28,400

    35,200

    44,900

    55,600

    Individuals approved

    22,700

    26,800

    25,400

    30,100

    37,400

    47,400

    Amount approved ($m)

    389.1

    476.6

    447.4

    544.7

    730.5

    1,001.0

    In the table above, we rounded:

    • applications and individuals’ data to the nearest 100
    • amounts approved data to the nearest $100,000.
    Table 3: Accommodating a disability

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    2,300

    2,300

    1,500

    1,700

    2,200

    2,300

    Applications approved

    1,100

    1,000

    700

    700

    800

    900

    Individuals applied

    1,400

    1,500

    1,100

    1,300

    1,590

    1,670

    Individuals approved

    970

    890

    660

    670

    720

    810

    Amount approved ($m)

    21.1

    15.4

    11.5

    11.3

    12.7

    12.8

    In the table above, we rounded:

    • applications received and approved data to the nearest 100
    • individuals’ data to the nearest 10
    • amounts approved data to the nearest $100,000.
    Table 4: Palliative care for a terminal illness

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    250

    205

    195

    215

    260

    290

    Applications approved

    110

    90

    45

    45

    35

    35

    Individuals applied

    175

    140

    160

    180

    210

    245

    Individuals approved

    90

    65

    45

    40

    40

    30

    Amount approved ($m)

    1.9

    1.8

    0.9

    1.3

    0.9

    0.8

    In the table above, we rounded:

    • applications and individuals’ data to the nearest 5
    • amounts approved data to the nearest $100,000.
    Table 5: Preventing foreclosure or forced sale of a home

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    10,500

    10,300

    7,300

    9,700

    12,400

    12,900

    Applications approved

    2,870

    1,780

    560

    750

    710

    1,100

    Individuals applied

    6,140

    6,770

    5,850

    7,650

    9,600

    9,930

    Individuals approved

    2,470

    1,630

    540

    710

    680

    1,040

    Amount approved ($m)

    35.4

    22

    7.2

    8.9

    9.7

    17.1

    In the table above, we rounded:

    • applications received data to the nearest 100
    • applications approved and individuals’ data to the nearest 10
    • amounts approved data to the nearest $100,000.
    Table 6: Funeral expenses for a dependant

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    1,700

    1,600

    1,500

    2,200

    3,100

    3,300

    Applications approved

    920

    760

    600

    740

    760

    850

    Individuals applied

    1,190

    1,160

    1,240

    1,790

    2,340

    2,410

    Individuals approved

    840

    710

    580

    720

    750

    820

    Amount approved ($m)

    9

    7.5

    5.3

    6.9

    7.9

    8.7

    In the table above, we rounded:

    • applications received data to the nearest 100
    • applications approved and individuals’ data to the nearest 10
    • amounts approved data to the nearest $100,000.

    Medical treatment subcategories

    The data from our application process allows us to split the medical (treatment or transport) category into the subcategories listed below. While eligible medical treatment is not limited to these categories, we cannot individually identify all treatment types at a reporting level.

    Table 7: Dental treatment subcategory

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    7,140

    10,610

    8,240

    11,780

    20,960

    31,780

    Applications approved

    3,850

    6,000

    5,960

    8,380

    14,020

    22,530

    Individuals applied

    4,310

    6,720

    6,500

    9,720

    16,260

    25,070

    Individuals approved

    3,470

    5,580

    5,530

    8,020

    13,540

    21,790

    Amount approved ($m)

    66.4

    111.7

    108.2

    171.3

    313.4

    526.4
    Table 8: IVF subcategory

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    3,380

    4,250

    3,700

    4,150

    4,290

    5,200

    Applications approved

    2,720

    3,260

    3,260

    3,390

    3,360

    4,210

    Individuals applied

    2,140

    2,610

    2,670

    3,020

    3,080

    3,740

    Individuals approved

    2,080

    2,490

    2,580

    2,750

    2,780

    3,460

    Amount approved ($m)

    36.2

    40.1

    42.1

    45.4

    47.9

    64.1
    Table 9: Weight loss subcategory

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    17,690

    18,710

    14,510

    15,760

    17,690

    17,320

    Applications approved

    13,790

    14,570

    12,970

    13,960

    14,770

    14,370

    Individuals applied

    12,920

    13,920

    12,900

    14,160

    15,170

    14,780

    Individuals approved

    12,550

    13,530

    12,570

    13,620

    14,410

    14,030

    Amount approved ($m)

    207.5

    234.2

    220

    233.9

    248.9

    250.5
    Table 10: Other medical treatment subcategory

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    9,880

    10,980

    7,970

    10,400

    14,030

    16,880

    Applications approved

    5,440

    6,040

    5,260

    6,230

    7,230

    8,940

    Individuals applied

    6,050

    6,900

    6,360

    8,340

    10,460

    12,280

    Individuals approved

    4,580

    5,340

    4,870

    5,830

    6,830

    8,320

    Amount approved ($m)

    74

    87

    75.3

    92.2

    118.1

    156.7

    ‘Other’ includes all other types of medical treatment recommended by a medical practitioner.

    These tables exclude applications that were solely for medical transport (totals will differ to tables above).

    In the tables above, we rounded:

    • applications and individuals’ data to the nearest 10
    • amounts approved data to the nearest $100,000.

    MIL OSI News –

  • MIL-OSI Australia: Commercial deals service resources

    Source: Australian Department of Revenue

    Commercial deals case studies

    These case studies show how engaging with us early and working transparently can mutually resolve tax issues prior to lodgment and help avoid tax disputes post-lodgment.

    Capital gains tax case study

    Three siblings each had a 33% shareholding in a family company, and 2 of them wanted to sell their shares to their brother. The family trusts controlled by the 2 siblings each disposed of their 33% ownership in the family company to their brother’s trust. This left their brother with 100% ownership of the company.

    We enquired if the siblings had considered whether the market value substitution rule for capital proceeds applied. That part of the tax law has the effect of replacing the actual capital proceeds with their market value when the parties to the transaction didn’t deal with each other at arm’s length.

    With advice from internal valuation advisers on whether the siblings had transacted for an arm’s length value, we concluded that the capital proceeds were below their market value. We asked the siblings for information and evidence to demonstrate that real bargaining had taken place in relation to the sale.

    The 2 siblings provided a valuation of the shares that aligned with our view. They informed the case officer that their brother, who was purchasing their shares, set the price and they accepted to avoid family conflict. For this reason, the 2 siblings couldn’t provide any evidence of bargaining in relation to the terms and conditions of the sale.

    With these facts, we took the position that the market value substitution rule applied. A pre-lodgment agreement was reached that the market value amount would be substituted for the capital proceeds.

    Company restructure case study

    A company was founded by four individuals who were looking to sell some of their business. To do this, they started trading under a new company. The shares were owned 25% each personally by the four individuals. Days later, one quarter of these shares were sold to a third party.

    As part of the sale, new classes of shares were issued for $1 each (one A class share issued to the third party and one B class share issued to a family trust, controlled by the founders), with priority to dividends and other specific rights attached.

    In the 2022 income year, the rights and terms attached to both the A and B class shares were altered, via a share split and variation of rights, by the ordinary shareholders in anticipation of a scheduled Special Purpose Acquisition Company (SPAC) process. Prior to this, one founder had a valuation prepared for the B class share, which determined the market value of the B class shares based on the priority dividend rights.

    We examined this valuation, given our concerns over the valuation presented to us. The A and B class shares, which were split and rights varied, now had an inflated value, equal to the ordinary shares.

    Several months after the share split and variation of rights, the SPAC process was successfully completed in the 2023 income year. The change in rights and share split shifted the inflated value from the initial ordinary shareholders (the individuals) to their family trust via a direct value shift.

    After reviewing the general value shifting regime, with technical adviser guidance, agreement was reached that the direct value shifting rules applied to effectively deem capital gains for the four individuals in the 2022 income year. This treated it as if they had sold the shares to the trust at that point in time. This determination increased the capital gain from the client’s original position but provided tax certainty on the transaction moving forward.

    Foreign resident capital gains case study

    A foreign resident held shares in a listed company. The company entered a binding Scheme Implementation Deed where 100% of the ordinary shares would be acquired for non-cash consideration. A timely outcome was necessary due to an upcoming shareholder vote.

    The foreign resident proposed to provide us with acceptable security equal to the agreed capital gains tax (CGT) liability, and, in return, they would receive a variation in the rate of foreign resident capital gains withholding (FRCGW) to 0%.

    A preliminary assessment by the foreign resident predicted a $30 million tax liability dependent on the market value of the non-cash consideration (shares) at the time of the transaction.

    Following open and transparent discussions and collaboration between us and the foreign resident’s representatives, an agreement was reached and an escrow deed was executed. Approximately $30 million in future tax payable was secured and the FRCGW rate was also varied to 0%.

    Commercial deals videos

    Our video resources explain the commercial deals process and the advantages of engaging with us early to get certainty of the tax implications and impacts of your transaction.

    Increased certainty prior to lodgment

    With certainty prior to lodgment, you can avoid potential post-lodgment tax disputes.

    How to navigate your commercial deals engagement

    Navigate your commercial deals engagement by preparation, commitment and transparency.

    Practical certainty on your approach

    Commercial deals assistance can give you practical certainty that the approach you are taking is acceptable.

    Advice and assurance options for early engagement

    Exploring the advice and assurance options available for early engagement.

    Advantages of knowing the likely outcome

    Engaging with us early gives you the advantage of knowing the outcomes you are likely to receive.

    MIL OSI News –

  • MIL-OSI: Coop Pank unaudited financial results for Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    By the end of the Q3 2024, Coop Pank had 202,000 customers, increased by 6,000 customers in the quarter (+3%) and by 27,000 in the year (+15%). The bank had 90,100 active customers, increased by 600 (+1%) in the quarter and by 12,700 (+16%) in the year.

    In Q3 2024, volume of deposits in Coop Pank increased by 99 million euros (+6%), reaching total of 1.84 billion euros. Deposits from private clients increased by 9 million euros: demand deposits increased by 3 million euros and term deposits increased by 6 million euros. Deposits from domestic business customers increased by 11 million euros: demand deposits increased by 17 million euros and term deposits decreased by 6 million euros. Deposits from the international deposit platform Raisin and other financing increased by 79 million euros. Compared to Q3 2023, volume of Coop Pank’s deposits has increased by 132 million euros (+8%). In an annual comparison, share of demand deposits of total deposits has increased from 31% to 32%. In Q3 2024, the bank’s financing cost was 3.3%, at the same time last year the financing cost was 2.9%.

    In Q3 2024, net loan portfolio of Coop Pank increased by 40 million euros (+2%), reaching 1.66 billion euros. The volumes of home loan portfolio increased by 31 million euros (+5%), the volumes of business loan portfolio increased by 4 million euros (+1%), the leasing portfolio increased by 3 million euros (+2%) and consumer finance portfolio increased by 1 million euros (+1%). Compared to Q3 2023, total loan portfolio of Coop Pank has increased by 167 million euros (+11%).

    In Q3 2024, overdue loan portfolio of Coop Pank increased from the level of 2.2% to the level of 2.4%. A year ago, overdue loan portfolio was at the level of 2.1%.

    Impairment costs of financial assets in Q3 2024 were 1.0 million euros, which is 0.2 million euros (-17%) less than in the previous quarter and 0,3 million euros (-21%) less than in Q3 2023.

    Net income of Coop Pank in Q3 2024 was 21.2 million euros, increasing by 4% in a quarterly comparison and decreasing by 7% in an annual comparison. Operating expenses reached 10.3 million euros in Q3, operating expenses increased by 2% in the quarterly comparison and 14% in the annual comparison.

    In Q3 2024, net profit of Coop Pank was 8.6 million euros, which is 8% more than in the previous quarter and 22% less than a year ago. In Q3 2024, cost to income ratio of the bank was 48% and return on equity was 17.3%.

    As of 30 September 2024, Coop Pank has 36,400 shareholders.

    Margus Rink, Chairman of the Management Board of Coop Pank, comments the results:

    “At the beginning of September, the 200,000th customer joined Coop Pank. We continue to rapidly grow our customer base: an average, the number of our customers increases by nearly 2,000 and the number of customers actively using our services by nearly 1,000 every month.

    In the third quarter, the growth of Coop Pank’s loan portfolio was driven by private customer home loans. The growth of the business customers loan portfolio was modest. Over the year, the loan portfolio of private and business customers of Estonian banks has grown by nearly 6% (€1.6 billion), while the loan portfolio of Coop Pank has grown by nearly 11% (€167 million). Thus, Coop Pank’s loan volumes grow twice as fast as the market.

    The quality of the loan portfolio continues to be very good, and the long stagnation in the economy has not affected the payment behaviour of customers.

    The interest rate environment is in a downward trend. Since the fall of last year, the 6-month Euribor has fallen by almost 1 percentage point (from 4.1% to 3.1%). Interest on deposits has also responded: the interest paid on annual deposits has decreased by 1 percentage point (from 4.3% to 3.3%). As a result of the mentioned trends, our net interest margin fell from 4.4% to 3.9% during the year. In a falling interest rate environment, the bank’s revenues can only grow at the expense of the growth of business volumes, and that is how it has been at Coop Pank.

    In summary, with the bank’s performance indicators, after the extraordinary year of 2023 with high interest levels, we are back in reality, i.e. at the level of 2022. According to Coop Pank’s long-term goals, our cost-income ratio is below 50% and our return on equity is above 15%.”

    Income statement, in th. of euros Q3 2024 Q2 2024 Q3 2023 9M 2024 9M 2023
    Net interest income 20 021 19 319 21 257 58 420 60 672
    Net fee and commission income 1 040 1 000 1 147 3 054 3 359
    Net other income 167 146 334 438 758
    Total net income 21 228 20 464 22 738 61 912 64 789
    Payroll expenses -6 138 -5 858 -5 297 -17 405 -14 739
    Marketing expenses -593 -775 -630 -1 902 -1 676
    Rental and office expenses, depr. of tangible assets -729 -775 -673 -2 299 -2 098
    IT expenses and depr. of intangible assets -1 579 -1 474 -1 203 -4 457 -3 440
    Other operating expenses -1 221 -1 208 -1 218 -3 716 -3 230
    Total operating expenses -10 261 -10 091 -9 022 -29 777 -25 182
    Net profit before impairment losses 10 967 10 374 13 716 32 135 39 607
    Impairment costs on financial assets -1 022 -1 224 -1 296 -2 822 -5 155
    Net profit before income tax 9 945 9 150 12 420 29 313 34 452
    Income tax expenses -1 296 -1 152 -1 344 -3 528 -3 634
    Net profit for the period 8 649 7 998 11 076 25 785 30 818
               
    Earnings per share, eur 0,08 0,08 0,11 0,25 0,30
    Diluted earnings per share, eur 0,08 0,08 0,11 0,25 0,30
    Statement of financial position, in th. of euros 30.09.2024 30.06.2024 31.12.2023 30.09.2023
    Cash and cash equivalents 404 472 335 710 428 354 404 911
    Debt securities 37 445 36 980 36 421 31 765
    Loans to customers 1 661 152 1 621 000 1 490 873 1 493 985
    Other assets 31 956 32 608 30 564 30 527
    Total assets 2 135 025 2 026 298 1 986 212 1 961 188
    Customer deposits and loans received 1 838 626 1 739 709 1 721 765 1 707 214
    Other liabilities 28 026 28 121 28 435 27 451
    Subordinated debt 63 410 63 148 50 187 50 148
    Total liabilities 1 930 062 1 830 978 1 800 387 1 784 813
    Equity 204 963 195 320 185 825 176 375
    Total liabilities and equity 2 135 025 2 026 298 1 986 212 1 961 188

    The reports of Coop Pank are available at: https://www.cooppank.ee/en/reporting

    Coop Pank will organise a webinar on 18 October 2024 at 9:00 AM, to present the financial results of Q3 2024. For participation, please register in advance at: https://bit.ly/18102024-registreerumine-veebiseminarile

    The webinar will be recorded and published on the company’s website http://www.cooppank.ee and on the YouTube channel.

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 202,000 daily banking clients. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.

    Additional information:
    Paavo Truu
    CFO
    Phone: +372 516 0231
    E-mail: paavo.truu@cooppank.ee

    Attachments

    The MIL Network –

  • MIL-OSI Australia: Victorian woman sentenced over GST fraud

    Source: Australian Department of Revenue

    A Victorian woman has been sentenced to 4 years imprisonment, with a non-parole period of 2 years and 4 months, after she claimed nearly $600,000 in GST refunds from 27 fraudulent business activity statements lodged, contrary to section 134.2(1) of the Criminal Code (Cth).

    Tahra Wyntjes was sentenced for obtaining $599,349 in fraudulent GST refunds she was not entitled to and for attempting to obtain a further $259,976, which was stopped by ATO officers. A reparation order to the value of the amount obtained was granted. This debt to the Commonwealth will be actively pursued in addition to the jail time Ms Wyntjes will serve.

    Ms Wyntjes registered for both an Australian Business Number and for GST in November 2021 for a residential cleaning business. Between November 2021 and March 2022, she lodged the fraudulent business activity statements (BAS), which ATO officers quickly noticed and began investigating.

    After failing to respond to ATO officers following a review on her BAS lodgments and reviewing available evidence, it was concluded that Ms Wyntjes was not carrying on a genuine business and had submitted multiple false claims for GST.

    Acting Deputy Commissioner Jade Hawkins welcomed the court’s decision which serves as a warning to those who deliberately try to defraud the government for their own personal gain.

    ‘Not only did this individual lodge fraudulent activity statements, but she also invented a fake business in order to claim GST refunds she was not entitled to.’

    ‘Our message remains clear. If you don’t run a business, you don’t need an ABN and you can’t claim GST refunds. This is fraud,’ Ms Hawkins said.

    For those who may be tempted to take part in these criminal activities, the ATO has sophisticated risk models and technologies to detect and prevent fraud.

    This is the latest result of extensive efforts under the Australian Taxation Office (ATO)–led investigation, Operation Protego, which was initiated in response to calculated GST fraud.

    ‘GST fraud is not a victimless crime – those who steal funds from the community that would otherwise be used for essential services will face severe consequences including jail sentences for serious offenders,’ Ms Hawkins said.

    This matter was prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following a referral from the ATO.

    As part of Operation Protego, the ATO has taken action against more than 57,000 alleged offenders, and those involved in this fraud have already been handed in the order of $300 million in penalties and interest.

    As of 30 September 2024:

    • 104 people have been arrested.
    • 59 people have been convicted with a range of sentencing outcomes, including jail terms of up to 7 years and 6 months and with orders made to restrain real property.
    • The ATO has finalised 60 investigations and referred 51 briefs of evidence to Commonwealth Director of Public Prosecutions.

    The ATO also supports Operation Protego investigations which are led by local law enforcement agencies rather than the SFCT.

    You can confidentially report suspected tax crime or fraud to us by making a tip-off online or calling 1800 060 062.

    For more information about Operation Protego ato.gov.au/GSTrefundfraud.

    MIL OSI News –

  • MIL-OSI: Nokia announces changes to its Group Leadership Team

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    18 October 2024 at 08:00 EEST

    Nokia announces changes to its Group Leadership Team

    • Nokia has decided to divide its Corporate Affairs function into two separate functions: Geopolitics and Government Relations; and Communications.
    • Finland’s former Ambassador to the U.S. Mikko Hautala will join Nokia as Chief Geopolitical and Government Relations Officer, and he will become a member of the Group Leadership Team.
    • Louise Fisk has been promoted to Chief Communications Officer and will become a member of the Group Leadership Team.
    • Melissa Schoeb, Chief Corporate Affairs Officer, has decided to leave the company and will step down from the Group Leadership Team.
    • Jenni Lukander, President of Nokia Technologies business group, has decided to leave the company and will step down from the Group Leadership Team.

    Espoo, Finland – Nokia today announced changes to its Group Leadership Team. Its Corporate Affairs function, which is responsible for protecting and enhancing Nokia’s reputation, will be divided into two parts: Geopolitics and Government Relations; and Communications. Former Finland ambassador to the U.S. Mikko Hautala has been appointed Chief Geopolitical and Government Relations Officer and member of the Group Leadership Team, effective November 1, 2024. Louise Fisk has been promoted to Chief Communications Officer, and member of the Group Leadership Team, effective immediately. Chief Corporate Affairs Officer, Melissa Schoeb, has decided to leave the company, effective December 31, 2024, and step down from the Group Leadership Team immediately.

    In addition, President of Nokia Technologies, Jenni Lukander, has decided to leave the company, effective December 31, 2024, and will step down from the Group Leadership Team immediately. Patrik Hammaren, who is currently Chief Licensing Officer, Wireless Technologies, will assume an interim role leading Nokia Technologies and will be a member of the Group Leadership Team as the search commences for Lukander’s successor.

    “Jenni has been a valued member of the Group Leadership Team and played a crucial role in securing the long-term stability of our Technologies business, building a solid foundation for the future. The business group will now move into the next phase of its growth journey. I’m grateful for Jenni’s contribution to Nokia over the past 17 years and for her support during the upcoming transition. I wish her all the best for the next chapter of her career,” said Pekka Lundmark, President and CEO of Nokia.

    As the impact geopolitics has on Nokia’s business continues to grow, the company has taken the decision to establish the new role of Chief Geopolitical and Government Relations Officer. Mikko Hautala has been appointed to this role and will be based in Espoo, Finland, reporting to Pekka Lundmark.

    Hautala is a highly respected diplomat with over two decades of government experience in prominent roles across the world. He served as Finland’s ambassador to the United States between 2020 and 2024. Prior to that, he was the Ambassador of Finland to Russia between 2016 and 2020, and has held a range of government roles, including foreign policy advisor to Finland’s former President Sauli Niinistö.

    “Mikko’s vast experience, excellent networks and deep understanding of international diplomacy will be hugely valuable to Nokia as geopolitical factors and government policies increasingly shape our operating environment. I’m excited to welcome Mikko to the Nokia team and believe his unique strategic perspective will help strengthen our positioning in our key markets,” said Lundmark.

    “I am extremely delighted to join Nokia’s leadership team at the moment when geopolitical and strategic considerations matter more than ever. Navigating the right path under these conditions is demanding, but offers great potential for sustainable business growth,” said Hautala.

    As Nokia continues to strengthen its position and expand into new markets, the company has promoted Louise Fisk to Chief Communications Officer. She will continue to be based in London, U.K. and report to Pekka Lundmark. Fisk’s previous role at Nokia was VP, Corporate Affairs Programs & Corporate Communications. Before joining Nokia, she worked in a number of senior leadership roles, including BAE Systems Applied Intelligence and Logica.

    “I’m pleased to welcome Louise to our leadership team where she will further strengthen our strategic communications and brand positioning. Louise has already proven her ability to protect and enhance Nokia’s reputation and I look forward to her further developing our strategic positioning. I would also like to thank Melissa for her contribution, not least for delivering our brand refresh in 2023 to reposition Nokia as who we are today: a B2B technology innovation leader. I wish her all the best in her future endeavors,” said Lundmark.

    In the new setup, Nokia’s Sustainability team, previously part of the Corporate Affairs function, will report to Chief Legal Officer, Esa Niinimäki, with immediate effect.

    About Mikko Hautala:

    Born: 1972

    Nationality: Finnish

    Education:

    • Master of Social Sciences (Political history), University of Helsinki
    • Master of Philosophy (Slavic languages), University of Helsinki

    Experience:

    • 2020–2024        Ambassador, Head of Mission, Embassy of Finland, Washington DC 2016–2020        Ambassador, Head of Mission, Embassy of Finland, Moscow
    • 2012–2016        Foreign Policy Adviser to the President, Office of the President of the Republic of Finland, Helsinki
    • 2011–2012        Minister, Deputy Head of Mission, Embassy of Finland, Moscow
    • 2007–2011        Diplomatic Adviser to the Minister of Foreign Affairs, Ministry for Foreign Affairs, Helsinki
    • 2002–2007        First Secretary, Permanent Representation of Finland to the EU, Brussels
    • 2001–2002        Attaché, Ministry for Foreign Affairs, Helsinki 1999–2001        Attaché, Embassy of Finland, Kyiv
    • 1998–1999        Visa Officer, Embassy of Finland, Kyiv
    • 1998        Market Analyst, Kazakhstan, Oy Sinebrychoff Ab, Helsinki
    • 1997        Trainee, Embassy of Finland, Kyiv

    Additional positions:

    • Board Member Support for Finnish Society (SYT) foundation.
    • Chairman John Morton Center for North American Studies Board. University of Turku.

    About Louise Fisk:

    Born: 1976

    Nationality: British

    Education:

    • Advanced executive leadership development, DUKE University.
    • Advanced global leadership, INSEAD business school
    • Post graduate diploma in PR & Journalism, University of Wales, College of Cardiff
    • BA Hons in Communication, University of Wales, College of Cardiff

    Experience:

    • 2020-2024 Vice President, Corporate Affairs Programs & Corporate Communications, Nokia.
    • 2015-2019 Global leadership team, Communications and Marketing Director, BAE Systems Applied Intelligence.
    • 2012-2015 Head of Global Communications, Investor Relations and Marketing, Innovation Group.
    • 2006-2012 Global PR Director & Deputy Communications Director, Logica.
    • 1999-2006 Partner & Associate Director, LEWIS Communications.

    Additional positions:

    • Trustee of the Williams Syndrome Foundation

    About Nokia

    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    The MIL Network –

  • MIL-OSI: Subsidiary of EfTEN Real Estate Fund AS acquired the ELP Logistics OÜ logistics center

    Source: GlobeNewswire (MIL-OSI)

    On 17.10.2024, EfTEN Härgmäe OÜ finalized the transaction by which the company acquired the properties located at Härgmäe Str. 8 and Piimamehe Str. 7 in Tallinn from the Conus Assets OÜ.
    Previously (20.09.2024), the fund has notified the stock exchange of the conclusion of a contract of sale under the law of obligations. All the agreed preconditions for the transfer of ownership and the conclusion of a real right contract have been met.
    The properties will be used by the logistics company ELP Logistics OÜ under a long-term lease (10+5 years).

    Viljar Arakas
    Member of the Management Board
    Tel. 655 9515
    Email: viljar.arakas@eften.ee

    The MIL Network –

  • MIL-OSI USA: Sols 4336-4337: Where the Streets Have No Name

    Source: NASA

    2 min read

    Earth planning date: Wednesday, Oct. 16, 2024

    Curiosity continues to drive along the western edge of the upper Gediz Vallis channel. After exiting the channel a few weeks ago, we turned north to image the “back side” of the deposits that we investigated on the eastern side before the channel crossing. As a member of the Channel Surfers working group, we believe that acquiring these views will help further our understanding of the geometry, nature, and evolution of these landforms. The bumpy terrain in front of us, however, plays a role in determining our route and length of drive. The rover planners on the team always do a fantastic job in charting the course on this once-in-a-lifetime road trip. I like to imagine Curiosity with the windows down, blaring U2, as she steadily blazes a new path across the sulfate unit.

    With an eye towards imaging in this two-sol plan, Mastcam crafted a large mosaic of “Fascination Turret” that rises above the channel floor. ChemCam fit an unprecedented number of long distance RMI images in the plan that will document the upper extent of the white stone deposit, the nature of the “Kukenan” mound, and characterize the rocks in Fascination Turret at targets named “Chimney Tree” and “Forgotten Canyon.” In our immediate workspace, ChemCam used the Laser Induced Breakdown Spectroscopy (LIBS) instrument on a laminated (very thinly bedded) bedrock in the workspace at “Puppet Lake” to determine its chemical composition, which will be documented with a coordinating Mastcam image. MAHLI and AXPS teamed up to analyze a cluster of small gray rocks in front of us at “Jumble Lake.” 

    The second sol includes a 25-meter (about 82 feet) drive to the west/northwest as we continue along our path adjacent to the channel. The Environmental theme group included a range of activities such as a Mastcam tau that will measure the optical depth of the atmosphere and constrain aerosol scattering properties, dust devil movies, and a suprahorizon movie to monitor clouds.  

    Written by Sharon Wilson Purdy, Planetary Geologist at the Smithsonian National Air and Space Museum

    MIL OSI USA News –

  • MIL-OSI Economics: Results of Underwriting Auctions Conducted on October 18, 2024

    Source: Reserve Bank of India

    In the underwriting auctions conducted on October 18, 2024, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    (₹ crore)
    Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate
    (paise per ₹100)
    7.02% GS 2031 10,000 5,019 4,981 10,000 0.06
    7.23% GS 2039 13,000 6,510 6,490 13,000 0.08
    7.09% GS 2054 10,000 5,019 4,981 10,000 0.11
    Auction for the sale of securities will be held on October 18, 2024.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1329

    MIL OSI Economics –

  • MIL-OSI Australia: Scam alert: Scammers impersonating banks in text messages, phone calls and emails

    Source: Australia Scam Watch

    Background
    There’s a rise in criminals calling, emailing or messaging people and pretending to be from their bank so that they can steal your money.
    The scammers ask you for personal or financial information or to transfer funds or to give them a one-time security code over the phone. They often claim to be from the bank’s fraud department and might say that there has been a compromised account or suspicious transaction.
    They may use technology to make it look like the call is coming from the bank’s phone number. They may send a message that looks like it comes from the same conversation thread as genuine bank messages.

    How to spot the scam
    You may get a call, message or email from a scammer claiming to be from the bank and asking for personal and bank details.
    The scammer may tell you there is a problem with your account and ask you to transfer money to ‘keep it safe’. They may say it’s an urgent problem to get you to respond.
    Anyone calling and behaving like this is probably a criminal.
    What you can do:

    Do not use any phone numbers in a message.
    Ask for a reference number and contact your bank directly through a phone number that you find and confirm yourself.
    Hang up if you receive a call from someone claiming to be from your bank requesting you to transfer money.
    Don’t click on any links in an email or message on your phone, even if it looks like it comes from your bank.

    How the scam works
    Someone calls, emails or messages you saying they’re from the bank.
    The phone call, email or message looks like it comes from the bank. The message may be in the same message thread as a previous legitimate banking message.
    They say they’re investigating a problem with your account, like a hacked account, suspicious transaction, or online banking outage.
    These criminals ask you for personal or financial information like account details or security codes.
    They will then use your account details to steal your money.

    What you should know
    Your bank will never ask you to transfer your money to keep it safe.
    Your bank will never ask you over the phone for online banking passwords, one-time security codes, PINs or tokens.

    Find out more
    This scam is a type of impersonation scam.
    Scammers pretend they are from your bank.
    They use technology to make it look like they’re calling or messaging from a legitimate phone number. They may send emails that look like they are from the bank.

    Stay protected
    STOP – Don’t give money or personal or financial information like passwords, security codes, PINs or tokens. Don’t click on any links if you’re unsure. Say no, hang up, delete.
    CHECK – Verify who you are talking to. Contact your bank using your banking app or a phone number you have sourced from your banking app, bank website, statement, or card.
    PROTECT – Act quickly. If you have transferred funds, provided access to your account or information to a scammer, contact your bank immediately and report to Scamwatch. Tell your friends and family; it helps to share your experience so they can give you support and to help them stay safe from scams.

    If you’ve been affected
    There is no shame in getting scammed. It can happen to anybody.
    If you’ve had money stolen, contact your bank or financial institution immediately.
    If you’ve had personal information stolen or need help to recover from a scam, contact IDCARE on 1800 595 160.
    If you’re feeling distressed and need to talk about it, reach out to Lifeline or Beyond Blue.
    If you’re worried about your safety or someone else’s, call the police immediately on 000 or go to your nearest police station.
    Help others by reporting scams to Scamwatch.

    MIL OSI News –

  • MIL-OSI Asia-Pac: Three amendment regulations and notices in relation to seafarers of merchant ships to take effect on December 23

    Source: Hong Kong Government special administrative region

         The Government today (October 18) gazetted the Merchant Shipping (Seafarers) (Health and Safety: General Duties) (Amendment) Regulation 2024 (Commencement) Notice; the Merchant Shipping (Seafarers) (Working and Living Conditions) (Amendment) Regulation 2024 (Commencement) Notice; and the Merchant Shipping (Seafarers) (Returns of Births, Deaths and Missing Persons) Regulation (Amendment of Schedules) Notice 2024 (Commencement) Notice, to specify the amendment regulations and notices in relation to seafarers of merchant ships to come into effect on December 23 this year.

         The Merchant Shipping (Seafarers) (Health and Safety: General Duties) (Amendment) Regulation 2024; the Merchant Shipping (Seafarers) (Working and Living Conditions) (Amendment) Regulation 2024; and the Merchant Shipping (Seafarers) (Returns of Births, Deaths and Missing Persons) Regulation (Amendment of Schedules) Notice 2024, which were enacted by the Legislative Council earlier on, seek to incorporate into local legislation the latest relevant requirements of certain amendments to the Maritime Labour Convention, 2006, approved by the International Labour Organization (the 2022 Amendments). The latest requirements cover seafarer recruitment and placement agents, provision of drinking water supplies and balanced meals, repatriation of the bodies or ashes of deceased seafarers, reporting of deaths of seafarers, as well as provision of appropriately sized personal protective equipment. The aforesaid regulations and notice will come into operation on December 23, in line with the date on which the 2022 Amendments will enter into force globally.

         â€‹The commencement notices will be tabled to the Legislative Council on October 23 for negative vetting.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Speech by SITI at InnoTech Forum 2024 (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the InnoTech Forum 2024 today (October 18):
     
    Alpha (Director-General of Investment Promotion, Ms Alpha Lau), distinguished guests, ladies and gentlemen,
     
         Good morning. It is my great pleasure to join you all today at the InnoTech Forum 2024 organised by InvestHK. Themed “Pioneering in the Artificial Intelligence (AI) and New Energy Era”, this full-day forum brings together experts from diverse fields to explore how Hong Kong can establish itself as a global leader in innovation and technology (I&T).
     
         Technological empowerment is the cornerstone of achieving high-quality economic development. It accelerates the emergence of new quality productive forces and enables industries to adapt and thrive in the increasingly competitive local, regional and global arenas. As we navigate in this new era, we must harness technology not just for individual success or lucrative business, but for collective growth that benefits our society. 
     
         Just two days ago, our Chief Executive unveiled a range of initiatives in his third Policy Address, reinforcing Hong Kong’s commitment to becoming an international I&T centre. This year’s theme, “Reform for Enhancing Development and Building Our Future Together”, emphasises the importance of collective growth. That means your success is our success, and together we can scale new heights and build a brighter future for Hong Kong.
     
         AI, as this year’s forum highlights, remains a key driver of I&T and business development. To support enterprises like yours in leveraging AI technologies, the Government has invested billions of dollars in cultivating an all-round AI ecosystem here in Hong Kong. I would like to take this opportunity to share with you some of the exciting developments that are under way.
     
         Talking about AI development, computation facility is pivotal. Cyberport will soon put into operation its AI Supercomputing Centre (AISC) to support the strong computing demand from universities, research institutes and the industry. With its first-phase facility capable of providing at least 300 petaFLOPS and in a year or so, the computing power will be augmented to a level of 3 000 petaFLOPS; the AISC will offer top-notch, high-performance computing facilities and serve as a collaborative platform to foster AI-driven research and innovation. Apart from Cyberport, the Hong Kong Science and Technology Parks Corporation has officially launched the High-Performance Computing service last month, which is expected to support the growth of around 300 companies working on AI and data technology in Science Park’s ecosystem.
     
         To support the commissioning of the AISC, the Government has allocated $3 billion to launch a three-year AI Subsidy Scheme. This significant sum is aimed at subsidising eligible users of the AISC to leverage the computing power, by offering a subsidy of up to 70 per cent of the list price of the computing power or 90 per cent in exceptional cases. Cyberport has also been tasked to promote the AI ecosystem and enable AI enterprises and talent to land in Hong Kong through the scheme. I encourage you to tap into our latest technology infrastructure at Cyberport, where we hope to see even more scientific breakthroughs.
     
         AI has taken the world by storm, revolutionising not only industries but also the Government. The provision of public services must harness this powerful technology. The Policy Address announced that the Government will pilot the use of a generative AI document processing copilot application, developed on the basis of a locally trained large language model, within the Government to assist staff in writing, translating and summarising documents. This trial run will also lend support to Hong Kong’s exploration in generative AI technologies and enrich the use cases for better, accurate and localised outcomes.
     
         In fact, a number of the hundred digital government and smart city initiatives that the Government presses ahead for rollout this year and next will make use of AI technology. For instance, we have expanded the AI chatbot service for the 1823 enquiry service, making it much more adept at handling the public’s frequently asked questions within its scope of service. This improves user experience and allows our staff to focus on other complex tasks, thereby lifting the overall service quality. The judicious application of AI in the Government will advance our digital government and smart city development, benefitting both the people and businesses of Hong Kong, and bringing them closer to the fruition of I&T development. 
     
         Ladies and gentleman, Hong Kong stands on the cusp of making ground-breaking strides by capitalising on the vast potential of AI and other cutting-edge technologies. We are partners in this journey to seize the opportunities that lie ahead. So let’s invest in technology, invest in innovation, and invest in Hong Kong. Together, we can push the boundaries of what is possible to make Hong Kong a truly international I&T centre. 
     
         In closing, I would like to thank InvestHK for making this happen, and I hope you would leave this forum with mind-blowing takeaways. Thank you.   

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Result of the 13-day Variable Rate Reverse Repo (VRRR) auction held on October 18, 2024

    Source: Reserve Bank of India

    Tenor 13-day
    Notified Amount (in ₹ crore) 1,00,000
    Total amount of offers received (in ₹ crore) 20,073
    Amount accepted (in ₹ crore) 20,073
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1330

    MIL OSI Economics –