NewzIntel.com

Category: Politics

  • MIL-OSI China: Cambodia, China eye stronger digital economy cooperation

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

    PHNOM PENH, Nov. 4 — The 2024 China-Cambodia Digital Economy Cooperation Forum was convened here in Phnom Penh, capital of Cambodia, on Monday, exploring ways to boost stronger digital economy cooperation between the two countries.

    In an opening speech, Cambodian Minister of Economy and Finance Aun Pornmoniroth said the forum was vital to further promoting cooperation between Cambodia and China, especially in the fields of technology, innovation, and digital economy.

    “For Cambodia, the development of the digital economy is considered an important driver in the process of economic development,” he told the forum with approximately 250 participants.

    Pornmoniroth, who is also a Cambodian deputy prime minister, said the development of digital technology is one of the top priorities in the Cambodian government’s Pentagonal Strategy Phase 1 and that digital technology will help Cambodia achieve its vision of becoming a high-income country by 2050.

    “In recent years, digital technology has been rapidly developed, becoming a new stand for supporting and ensuring economic resilience,” he said.

    “The digital technology has spurred new innovations that contribute to value added creation, productivity increase, and work efficiency, as well as become a catalyst for global trade and economic connectivity,” he added.

    Pornmoniroth said Cambodia and China have been working closely to promote digital economy and that the Southeast Asian country has collaborated with Alibaba to boost e-commerce and with UnionPay International and Ant International’s Alipay+ to bolster cross-border QR code payments.

    At the event, the Digital Economy Professional Association of the Chinese Chamber of Commerce in Cambodia was launched.

    Pornmoniroth hopes that the association will play a leading role in promoting digital innovations, producing digital talents, and enhancing the use of digital technology.

    Chinese Ambassador to Cambodia Wang Wenbin praised Cambodia for its rapid development of digital economy, and was amazed by the significant rise of mobile payments with smartphones.

    He was pleased to see that China-Cambodia digital economy cooperation has progressed well, saying that China will continue to help Cambodia achieve the goal of 100 percent high-speed Internet coverage in urban areas and 70 percent coverage in rural areas by 2025.

    “Chinese companies in Cambodia have fully utilized their own technological advantages to promote emerging technologies such as artificial intelligence, cloud technology, and mobile payments in Cambodia, helping the kingdom improve its digital level and promote digital transformation,” he said.

    Lin Shiqiang, president of the China Chamber of Commerce in Cambodia, said China Unicom, Huawei and other companies have played a crucial role in constructing Cambodia-China submarine cable, providing strong support for the deep integration and connectivity of the digital economy of the two countries.

    Joseph Matthews, a senior professor at the BELTEI International University in Phnom Penh, said China has been a great supporter of digitalization of Cambodia, gradually transforming Cambodia’s present system into digitalization.

    “China has a policy. They are sharing their wealth and their technology with countries and with their friends like Cambodia,” he told Xinhua.

    MIL OSI China News –

  • MIL-OSI China: WIOTC 2024 focuses on interconnected digital future

    Source: China State Council Information Office

    The launch ceremony of the White Paper on the Intelligently Interconnected Digital Economy is held in Beijing, Nov. 3, 2024. [Photo courtesy of WIOTC]

    The ninth annual World Internet of Things Convention (WIOTC 2024) commenced on Nov. 3, in Beijing, bringing together leaders of government agencies, enterprises, industrial associations and standards organizations worldwide to discuss the future of the Internet of Things (IoT) under the theme, “Towards a New Future for Digital Economy: An Intelligently Interconnected New World.”

    The aim of the event was to support the U.N. sustainable development agenda, bridge the global digital divide, create an international model of an intelligently interconnected digital economy in China, and explore new pathways for digital economic collaboration.

    In his message to the convention, U.N. Secretary-General Antonio Guterres addressed the transformative impact of digital technology on business and economic growth. He emphasized that “real-time data sharing, IoT applications, information networking, and artificial intelligence are empowering the development of smart grids, smart homes and smart cities.”

    However, he noted the digital divide, saying: “Not all countries or communities are benefiting equally. For those without capacity or connectivity, the digital divide is also an opportunity divide.”

    “Digital technology is about bridging divides,” he added, calling for efforts to ensure evolving technologies benefit all people equally.

    During the convention, speakers noted China’s significant strides in IoT and digital economy innovation, underscoring the country’s investments in digital infrastructure and supportive government initiatives that have positioned it as a global leader in these fields.

    According to He Xuming, chairman of the WIOTC executive committee, the number of global IoT connections is expected to surpass 25 billion this year, with China playing a crucial role. The country’s digital infrastructure is expanding significantly. It is on track to build over 4.3 million 5G base stations to support IoT this year and surpass 3 billion IoT connections, he said.

    Yu Hongjun, former vice minister of the International Department of the Central Committee of the Communist Party of China (CPC), added that in recent years, China has actively promoted the innovation and development of the internet and digital economy. He said, “The establishment of foundational communication networks, the widespread application of 5G, and the development of 6G have laid a solid foundation for digital economic transformation and upgrading.”

    The country’s strategic initiatives proposed during the 20th CPC National Congress, focusing on building a strong digital China and a smart society, were further reinforced by the third plenary session of the 20th CPC Central Committee. The resolution emphasized “improving the commodity distribution system, and speeding up the development of the Internet of Things.”

    “China’s leadership in advancing digital innovation and IoT continues to serve as a powerful model, inspiring nations worldwide to embrace the possibilities of digital technologies,” said Sinisa Berjan, ambassador of the Embassy of Bosnia and Herzegovina to China.

    The ambassador also stressed the shared responsibility to ensure that the advantages of digital transformation are distributed equally, calling for a world where technology can support an inclusive digital landscape that benefits all.

    Berjan called IoT a “critical driver of digital development,” explaining it has the potential to revolutionize key sectors like health care, agriculture, energy and transportation. “IoT enhances productivity, optimizes resource use and empowers communities, ensuring that economic progress aligns with environmental stewardship,” he added.

    However, Berjan stressed the need for strong international cooperation to fully unlock these benefits. He called for the sharing of best practices, the development of unified standards, and mutual support among countries to help every nation tap into the potential of IoT.

    Platforms like the WIOTC provide invaluable opportunities for such exchanges, fostering a spirit of collaboration that fuels progress, innovation and economic development, he said, adding that “together, we can lay the foundation for a future where the benefits of digital transformation reach every community and individual.”

    Leaders from major standardization bodies also underscored the importance of collaboration. Jo Cops, president of the International Electrotechnical Commission (IEC), emphasized that, given the current environmental challenges, “IoT supports the energy transition and the deployment of renewables through smart grid applications.” He added, “To meet our common challenges and goals, we need to collaborate.”

    Similarly, Sung Hwan Cho, president of the International Organization for Standardization (ISO), advocated for an inclusive digital future, saying, “It is crucial that this progress actually supports the U.N. Sustainable Development Goals and bridges the digital divide.”

    At the convention, the WIOTC released the White Paper on the Intelligently Interconnected Digital Economy. Zhang Hua, vice chairman of the WIOTC executive committee, explained that the white paper outlines the innovative development direction and theoretical foundation of the global IoT digital economy, including concepts, advanced digital economy models, global market structures, and sustainable development pathways. 

    The white paper provides expert guidance for global governments on internet development and digital economy upgrades, and serves as a reference for enterprises aiming to transform and enhance their data applications, Zhang said.

    MIL OSI China News –

  • MIL-OSI China: China appeals to WTO over EU’s final ruling of countervailing measures on Chinese EVs

    Source: China State Council Information Office

    China on Monday appealed to the World Trade Organization (WTO) against the EU’s final ruling of countervailing measures on Chinese electric vehicles (EVs), according to China’s commerce ministry.

    China firmly opposes the final measures of the EU to impose high countervailing duties on Chinese-made EVs, despite a barrage of objections raised by relevant parties, including the governments of EU member states, the industry and the public, said a ministry spokesperson.

    To safeguard the development interests of the EV industry and global cooperation on green transformation, China decided to make the appeal to the WTO dispute settlement mechanism, the spokesperson said.

    The complaint followed China’s previous appeal to the organization against the EU’s initial anti-subsidy measures for Chinese EVs, according to the ministry.

    China believes that the EU’s ruling, lacking factual and legal basis while violating WTO rules, is an abuse of trade remedy measures and a practice of trade protectionism in the name of countervailing, the spokesperson noted.

    China has urged the EU to face up to its own mistakes, immediately correct its illegal practices, and jointly safeguard the stability of the global EV industrial chain and supply chain as well as the overall China-EU economic and trade cooperation, the spokesperson said.

    MIL OSI China News –

  • MIL-OSI China: 12th World Urban Forum kicks off in Egypt

    Source: China State Council Information Office

    Egyptian President Abdel-Fattah al-Sisi (at the podium) speaks at the opening ceremony of the 12th session of the World Urban Forum in New Cairo, Egypt, on Nov. 4, 2024. [Photo/Xinhua]

    The 12th session of the World Urban Forum (WUF12) kicked off on Monday in New Cairo, Egypt, marking the forum’s first return to Africa in more than two decades.

    Addressing the opening ceremony, Egyptian President Abdel-Fattah al-Sisi said this year’s WUF convenes at a critical time, as successive global crises, including devastating wars, have catastrophic repercussions for cities and urban communities.

    This requires efforts and political will to establish peace, terminate conflicts, and prioritize development, and reconstruction, he added.

    Noting the ongoing wars and conflicts in the Middle East, primarily the war in the Gaza Strip and Lebanon, he urged urgent response to end the bloodshed and destruction, and to embark on processes of reconstruction and development.

    Palestinian President Mahmoud Abbas said the Israeli offensive has damaged 80 percent of facilities, hospitals, and buildings in the Gaza Strip. He noted more than 150,000 Palestinians were either killed or wounded, calling on the international community to take their responsibilities to stop the Israeli offensive.

    At the opening ceremony, the Egyptian president announced the launch of the “National Smart Cities Strategy” and the “National Green Urbanization Strategy,” which aim to reinforce ongoing national endeavors in promoting urbanization.

    Co-organized by the United Nations Human Settlements Program (UN-Habitat) and the Egyptian government, the WUF12 will run until Friday, attracting attendees such as government officials, academics, business people, community leaders, urban planners and civil society representatives. A delegation led by Chinese Minister of Housing and Urban-Rural Development Ni Hong also attended the opening ceremony.

    The WUF was established in 2001 by the United Nations to examine urbanization and its impact on communities, cities, economies, climate change and policies. The first WUF was held in Nairobi, Kenya in 2002.

    During the conference, Azerbaijan was announced as the next host for the forum. 

    MIL OSI China News –

  • MIL-OSI China: Trend of adhering to one-China principle unstoppable: spokesperson

    Source: China State Council Information Office

    China is ready to open a new chapter in its relations with countries that have not established diplomatic relations, including Palau, on the basis of the one-China principle, a spokesperson said on Monday, stressing that the trend of adhering to one-China principle is unstoppable.

    Foreign ministry spokesperson Mao Ning made the remarks at a regular press briefing when asked to respond to Palau president’s comments on China.

    According to reports, Palau’s incumbent President Surangel Whipps, who is also a candidate for the general election, claims that China has been ratcheting up pressure and asked him to sever the country’s “diplomatic relations” with Taiwan. Another candidate Tommy Esang Remengesau Jr. denied analysis and comments labeling him as pro-China.

    Mao said that around the world, 183 countries have already established diplomatic relations with China on the basis of the one-China principle, noting that the prevailing historical trend of endorsing the one-China principle is unstoppable.

    Only a very small number of countries in the world, including Palau, still maintain the so-called “diplomatic relations” with the Taiwan region, Mao said, adding that such practice not only goes against the interests of these countries and their people and against UNGA Resolution 2758, but also violates China’s sovereignty, and thus needs to be corrected.

    “China urges these countries to fulfill their obligations under international law, stand on the right side of history and make right decisions that truly serve their fundamental and long-term interests at an early date,” said the spokesperson.

    Mao quoted a Chinese idiom, “those who suit their actions to the times are wise.” She said it will be welcome for China to see people with vision in these countries to recognize the prevailing trend of history and the times and respect China’s sovereignty and territorial integrity and choose to stand on the right side of international fairness and justice at an early date.

    “It’s never too late to make new friends. China stands ready to open up new chapters for relations with these countries on the basis of the one-China principle,” Mao said. 

    MIL OSI China News –

  • MIL-OSI USA: SBA to Open Virtual Business Recovery Center to Assist Havasupai Tribe Businesses and Residents Affected by Flooding

    Source: United States Small Business Administration

    “As communities across the Southeast continue to recover and rebuild after Hurricanes Helene and Milton, the SBA remains focused on its mission to provide support to small businesses to help stabilize local economies, even in the face of diminished disaster funding,” said Administrator Isabel Casillas Guzman. “If your business has sustained physical damage, or you’ve lost inventory, equipment or revenues, the SBA will help you navigate the resources available and work with you at our recovery centers or with our customer service specialists in person and online so you can fully submit your disaster loan application and be ready to receive financial relief as soon as funds are replenished.”

    SACRAMENTO, Calif. – Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, today announced the opening of its virtual Business Recovery Center to meet the needs of Havasupai Tribe businesses and individuals who were affected by flooding that occurred Aug. 22–23.

    “When disasters strike, our virtual Business Recovery Centers are key to helping business owners and residents get back on their feet,” Sánchez said. “At these virtual centers, people can connect directly with our specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey.”

    SBA has established a virtual Business Recovery Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application.

    Virtual Business Recovery Center

    Mondays – Fridays
    8:00 a.m. – 4:30 p.m. Pacific Time
    FOCWAssistance@sba.gov
    (916) 932-8956

    Opens at 8 a.m. Tuesday, Nov. 5

    Closed Monday, Nov. 11, 2024, in observance of Veterans Day

    Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

    For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

    “SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” Sánchez continued. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”

    SBA disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

    Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.813 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

    Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

    On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

    Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

    Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to apply for property damage is Dec. 24, 2024. The deadline to apply for economic injury is July 25, 2025.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville Honors Patrick Jump of Robertsdale as November “Veteran of the Month”

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville

    WASHINGTON – Today,U.S. Senator Tommy Tuberville (R-AL) released a video honoring USMC Corporal Patrick Jump of Robertsdale as the November “Veteran of the Month.”

    Excerpts from Senator Tuberville’s remarks can be found below, and his complete remarks can be found here.

    “The son of a Vietnam veteran, Patrick knew what he was getting into when he signed up for the military.  He remembers watching the Twin Towers fall while sitting in government class on September 11, 2001. But Patrick’s desire to serve was unmoved.”

    “When the COVID pandemic hit, he realized how great the need was to help veterans struggling with mental health. What began as a weekly virtual check-in with fellow soldiers, started a fulltime mission to help fellow veterans and their families. Patrick purchased a RV, traveling across 43 states before deciding to settle down in Baldwin County. Although not originally from Alabama, when Patrick discovered the region’s patriotic spirit, he decided it was the perfect place to call home. He founded the Warrior Legacy Ranch to provide support to veterans struggling with their mental health. He has been a leader in fighting to prevent veteran suicides and expanding the sense of community for veterans—specifically those who served post 9/11. Patrick’s efforts have not only helped veterans in Alabama but all across the nation. Alabama is grateful to have him on the frontlines serving those who have honorably served us.”

    Senator Tuberville recognizes a different Alabama veteran each month for their service and contribution to their community. Constituents can nominate an Alabama veteran and submit their information to Senator Tuberville’s office for consideration by emailing press_office@tuberville.senate.gov. 

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, and HELP Committees.

    MIL OSI USA News –

  • MIL-Evening Report: Primary care involves more than GPs. A new review shows how patients can better access care

    Source: The Conversation (Au and NZ) – By Stephen Duckett, Honorary Enterprise Professor, School of Population and Global Health, and Department of General Practice and Primary Care, The University of Melbourne

    Drazen Zigic/Shutterstock

    Australians today are more likely than previous generations to live with complex and chronic diseases, such as diabetes, heart disease and depression.

    This means they’re more likely to need health care from a variety of different providers, such as nurses, podiatrists, psychologists and physiotherapists, as well as GPs. This is known as “multidisciplinary care”. It works best when the skills of all these professions are available to the patient in a co-ordinated way.

    But the roles of health professions, and the way they’re funded, have been frozen in legislation and policy for decades. Any change has been incremental and disjointed. It has mostly involved adding more items to the Medicare schedule, with each professional practising separately.

    The result has been greater inequity of access. Because fewer than half of allied health fee-for-service visits are bulk-billed, most patients pay almost A$70 for each consultation – and sometimes much more. Those who can’t afford the out-of-pocket costs and can’t find a bulk-billing practitioner miss out.

    To assess how the government can remove barriers to team-based care and get health professions working to their full potential, or their full “scope of practice”, last year the government commissioned an independent review.

    The final report, released yesterday, sets a new path for the primary care workforce. This could make multidisciplinary care within reach of all Australians.

    Using health-care workers’ full potential

    The review involved extensive consultation, including on two issues papers. The report itself incorporates feedback from the consultations, including sceptical comments, reflecting a divergence of opinions.

    Reflected the report’s title, Unleashing the Potential of our Health Workforce, its main emphasis is to change the rules and regulations imposed by state and federal governments. These stymie health professionals and limit their ability to use their full skills and knowledge to manage their patients’ care.

    Over recent decades, health professionals’ education has improved. So professionals are capable of doing more than previously. Yet the rules and regulations have not advanced and so inhibit professionals from making those skills and knowledge available.

    The review argues this contributes to career dissatisfaction, and to people leaving various health professions, exacerbating workforce shortages.

    The review proposes a new way of documenting and describing what can be done by a profession through what it calls a National Skills and Capability Framework and Matrix.

    As with many other recommendations, the review points to where this is done already internationally and how it can nestle into other policies and frameworks to aid implementation.

    Health-care workers aren’t using all their skills.
    DC studio/Shutterstock

    To the disappointment of most allied health professions, the review does not recommend more Medicare payments for them to practise independently.

    Rather, the review recommends payment to general practices for them to expand multi-disciplinary teams. This would see professionals working together, rather than in competition or isolation.

    The review also recommends changing the rules about referrals by health professionals, allowing qualified health professionals to refer directly to non-GP medical specialists in similar areas. This means your psychologist could refer you directly to a psychiatrist if needed, or your physiotherapist could refer you directly to an orthopaedic surgeon rather than needing to go back to your GP.

    This will weaken the role of the GP as a “gatekeeper” and also potentially undermine the more holistic care that GPs provide. But from a patient’s point of view, eliminating the intermediate step saves them out-of-pocket costs.

    An important recommendation recognises that the health system evolves and rules and regulations need to evolve too. It therefore supplements its recommendations for changes now, with an approach for continuous review through an independent mechanism. This would provide evidence-based advice and recommendations about:

    • significant workforce innovation
    • emerging health care roles
    • workforce models that involve significant change to scope.

    When will we see change?

    The review sets out a loose timeline for implementation, described as short, medium and long term. And it assigns responsibility for each element of its recommendations to appropriate bodies and governments.

    As almost all the recommendations require legislative change, and many require agreement between the Commonwealth and the states, it’s unlikely any of the changes will take effect this financial year.

    The review recommends change be implemented in a systematic, evidence-based and safe way. Implementation would start in areas of greatest need such as in rural and remote Australia and also in practices most ready for the change, such as Aboriginal Controlled Community Health Organisations or Victoria’s Community Health Centres.

    The review recommends changes to the referral process.
    voronaman/Shutterstock

    In releasing what he referred to as a “landmark” report, Health Minister Mark Butler noted the complexity of implementation, which would require collaborative action with states and territories. He noted the need for further consultation, but nevertheless took a supportive tone.

    Can this review prompt real health reform?

    Overall, the review charts a middle course between letting health professionals roam free and the tight and inappropriate rules and regulations which constrain patient care today. It also sets out the practical steps to achieve its goals.

    The one downside of the report is the emphasis on harmonisation of state and territory approaches. This would replace the current approach, where each state and territory decides, for example, on what vaccines can be administered by which professionals and what pharmacists can dispense without a medical practitioner’s prescription.

    One of the benefits of a federation is the potential for state- and territory-based innovation and cross-border learning. Harmonisation will limit that experimenting, and may lead to more of the stasis seen in health workforce policy in the past.

    Stephen Duckett was consulted by the Independent Reviewer during the course of the Review and commented on the Review’s Issues Papers and Draft Final Report

    – ref. Primary care involves more than GPs. A new review shows how patients can better access care – https://theconversation.com/primary-care-involves-more-than-gps-a-new-review-shows-how-patients-can-better-access-care-242698

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Kaikōura to Selwyn District highway repairs and reconstructions underway for summer

    Source: New Zealand Transport Agency

    With summer officially underway, highway reseals and re-surfacing are also progressing in greater Christchurch, Selwyn District and North Canterbury, says NZ Transport Agency Waka Kotahi (NZTA).

    Highway repairs and reseals generally start around September in Canterbury and run through to late March/early April, making the most of the warmer road and air temperatures which contribute to a successful, lasting sealing process and smoother roads for drivers.

    The big shape

    Nine lane kms (ie single lanes not a double lane width highway) will be fully replaced and fresh asphalt laid at nine sites in the greater north and central Canterbury area.

    An additional 90 lane kms of highway will have a thin layer of asphalt applied/ re-sealed over multiple sites.

    Overall the work will start at the North Canterbury NZTA’s maintenance team’s Kaikōura northern border and work south back to Selwyn District and Arthur’s Pass.

    How will this affect me?

    Of the eight major North and Central Canterbury projects, four will happen overnight, with midnight openings where required and the work well advertised in advance.

    • In January/February 2025, work will get underway on SH7 the Lewis Pass route at Weka Pass, Handyside Stream (two sites on SH7, west of the Hanmer Springs turn-off) and SH73 west of Porters Pass.

    Road users should keep an eye out for electronic signs warning of delays and timings in the days ahead of these operations.

    Four sites have to occur during the day using Stop/Go manual traffic management and involving up to 20 minutes delays.

    • These are north of Clarence, SH1, (30 km north of Kaikōura) (February/ March 2025), the Benmore Straight (almost finished as of early November) and Castle Hill, both on SH73, in Selwyn District (currently underway through to December).
    • The fourth site is on the Akaroa highway, SH75 Birdlings Flat – underway in the New Year – January/February.

    Reseals/less invasive road work

    Most of these sites will only involve five-minute delays for drivers and other road users. Places with tighter bends and less room for machinery to manoeuvre, around the Kaikōura Coast, may involve 20-minute delays.

    What else?

    NZTA’s engineers and road crews will also be working on essential structures like bridges, culverts and retaining walls over the summer. If you see road cones and signs asking you to slow down, even if you can’t see people, please slow down as people may be out of sight but nearby, says NZTA.

    Signs asking people to slow down also protect your vehicle and windscreen from flying chipseal as the seal is being bedded in place. Vehicles travelling fast in these circumstances can undo all the good work, so take it easy.

    During this summer construction season in greater Canterbury road users should generally expect:

    • Five-20 minutes delay per site.
    • For long distance journeys during daytime, maybe up to 60 minutes in delays.
    • At some sites longer closure times may be needed – up to close to an hour daytimes.
    • Longer duration closures will generally occur overnight eg for several hours or a full nightshift. Openings for traffic will be provided if practicable and with consideration for ferry sailings (SH1 corridor via Kaikōura and Blenheim).

    “Allow plenty of time for travel over the summer months, check the NZTA Journey Planner website before any long-distance journeys, and be patient around any roadworks and delays encountered,” says NZTA’s System Manager for Canterbury and the West Coast Mark Pinner.

    This work forms part of the government’s $2.07 billion investment into road and drainage renewal and maintenance across 2024-27 via the State Highway Pothole Prevention fund.  

    Quick tips for happy summer travel

    Remember, there will be delays on key routes. 

    Drivers should check road conditions before they travel:

    Always take care when driving through road work sites and follow the temporary speed restrictions to ensure everyone stays safe. Our crews work year-round, they deserve to be safe.

    Keeping your speed down where sealing work is underway or has just been completed not only helps chip to settle in the new road surface, it will also prevent stone chips flying into windscreens and protect road workers from injuries.

    Leave about two car lengths between you and the car in front, four if the weather is bad.

    Even if you can’t see workers on the road or it looks like works are finished when you come across a temporary speed limit sign, safety hazards may still be present. There could be loose chip from a recent re-seal, workers underneath a culvert or bridge or on the side of the road.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Oranga Tamariki Oversight Bill passes first reading

    Source: New Zealand Government

    Legislation to strengthen oversight of the Oranga Tamariki system has passed its first reading in Parliament today, Social Development and Employment Minister Louise Upston says.

    “These changes will build on New Zealand’s current child protection system by clarifying the roles and responsibilities of the agencies that oversee it, including greater advocacy and independence.”

    The Oversight of Oranga Tamariki System Legislation Amendment Bill will make the Independent Children’s Monitor an Independent Crown Entity and replace the Children and Young People’s Commission’s five-member board structure with a sole Children’s Commissioner.

    The Monitor will be led by a board of three members with current Chief Executive, Arran Jones remaining in his role from 1 July 2025 to 30 June 2026 to oversee and support the organisation’s transition.

    Current Chief Commissioner of the Children and Young People’s Commission Board, Dr Claire Achmad, also will be re-appointed for a period of one year from 1 July 2025, to serve as the sole Children’s Commissioner.

    “Dr Achmad is a well‑respected voice for children and young people. Having her as the Children’s Commissioner will ensure their interests and concerns will continue to be heard,” Louise Upston says.

    “We want it to be crystal clear to young people and their families that the Children’s Monitor is independent and separate from government.

    “These changes address some of the findings in the final report of the Abuse in Care Royal Commission of Inquiry. As the Human Rights Commission noted in that report, a Children’s Monitor that is not completely independent of government will struggle to gain the public trust necessary to address past failures.”

    Notes on Oversight of Oranga Tamariki System Legislation Amendment Bill

    • Under the Oranga Tamariki Act 1989, the Oranga Tamariki system includes several government agencies that are responsible for providing services or support to children, young people, and their families and whānau.  
    • This includes Oranga Tamariki – Ministry for Children, Police, the Ministries of Health, Social Development, Education, and Justice, and the Department of Corrections.
    • The Children and Young People’s Commission Act 2022 established the Children and Young People’s Commission, equipping it with the functions, duties, and powers to protect and advocate for the interests and wellbeing of all children and young people over 18 and under 25 years old who are in care or have been in care or custody.
    • The Oversight of Oranga Tamariki System Act 2022 established the Independent Children’s Monitor as the independent monitoring agency of the Oranga Tamariki system and appointed the Ombudsman to investigate issues and handle complaints that relate to services of support delivered by Oranga Tamariki or other care and/or custody providers.
    • The Bill does not propose any changes to the roles and responsibilities of the Independent Children’s Monitor, the Children’s Commissioner, or the Ombudsman (in relation to complaints that relate to children and young people). 
    • The cost of implementing these changes will be met by reallocating existing funding.

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Q&A: Default and Loss Data by ADB and Other MDBs

    Source: Asia Development Bank

    Article | 05 November 2024
    Read time: 5 mins

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    •  Robust credit data are fundamental to lending volume and pricing decisions, capital adequacy assessment, and overall strategic decisions to catalyze private investors to invest more in emerging markets.
    •  ADB’s report on sovereign default and loss rates demonstrates the low credit risk in ADB’s sovereign operations, with an average default rate of 0.54% over the last 34 years and zero new defaults from 2010 to 2021.
    •  By making their own credit data publicly available, MDBs are empowering private and public investors with valuable insights into the actual creditworthiness indicators of borrowers in developing countries.

    On 10 October 2024, ADB published a comprehensive report detailing its sovereign default and loss rates over a 34-year period. This report, made in keeping with ADB’s commitment to data transparency, shows the remarkable credit performance of loans to its developing member countries (DMCs). On 15 October 2024, the GEMs Consortium—a group of 26 multilateral development banks (MDBs) and development finance institutions (DFIs)—published two reports that provide insights on the performance of credit portfolios and credit risk in emerging markets and developing economies (EMDEs) based on the group members’ investment experiences.

    Stephen O’Leary, Head, Office of Risk Management, ADB

    What prompted major MDBs to disclose their proprietary data, such as credit data, to the public?

    Unlike in developed economies, there is a deficit of reliable data on credit performance in the emerging markets where MDBs operate. This leads to misconceptions about the level of risk in those regional debt markets. Therefore, major MDBs have decided to disclose their aggregated detailed default and recovery statistics at a more granular level in response to shareholders’ demand for greater transparency.

    By making their own credit data publicly available, MDBs are empowering private and public investors with valuable insights into the actual creditworthiness indicators of borrowers in developing countries. This information is crucial for investors who often perceive these markets as high risk due to a lack of data. The MDBs are playing a key role in changing this perception.

    How significant are the data being shared?

    The published data have additional granularity which may help refine credit models. Robust credit models are fundamental to lending volume and pricing decisions, capital adequacy assessment, and overall strategic decisions to operate in specific markets. MDB’s private sector data should also catalyze private investors to invest more in emerging markets.

    What are the key insights from the recent GEMs publication of private sector defaults and recoveries?

    To underscore the reliability of the insights, it should first be highlighted that the GEMs report has one of the biggest populations of approximately 2000 private sector defaults. For comparison, the S&P’s Emerging and frontier markets corporate default summary showcases around 500 default instances since 1997.

      The GEMs report reveals that private-sector lending in EMDEs has a historical average default rate of 3.56%, which implies S&P Corporates’ B rating. The annual default rates were surprisingly stable and slightly below the historical average for the past 20 years. The fact that lending in frontier markets did not result in high default rates is a remarkable finding, especially given that the MDBs prioritize development goals over profitability.

    The data also highlight that financials comprise 36% of MDBs and IFIs borrowers, while utilities comprise approximately 14%. The financials have the lowest default rate among all sectors. Such MDBs’ sectoral concentration facilitates credit transmission into the economies of developing countries via financial intermediaries. While lending to renewable energy and sustainable utilities infrastructure simultaneously reduces climate risk.

    What steps has GEMs Consortium taken to improve the data?

    GEMs Consortium continuously improves the data to increase their usability and credibility among investors and stakeholders. The consortium has already updated its methodology documentation, providing detailed explanations of data collection processes and sources. Additionally, GEMs Consortium invests in streamlined data collection technologies to ensure more timely and granular updates, facilitating better decision-making in fast-changing market conditions.

    How can sovereign data disclosures help the borrowers?

    Disclosing sovereign default and recovery data is important as they detail the performance of an MDB sovereign lending in a specific country. Such disclosures should help investors enter cofinancing agreements with an MDB. For example,   ADB’s report on sovereign default and loss rates demonstrates the low credit risk in ADB’s sovereign operations, with an average default rate of 0.54% over the last 34 years and zero new defaults from 2010 to 2021. The data underscore the strength of ADB’s relationship with its developing member countries and the preferred creditor treatment accorded to ADB.

    The recent strides made by MDBs in enhancing credit data disclosures are a testament to their commitment to transparency and accountability. These efforts, when continued, will ensure that stakeholders, including governments, civil society, and the public, have access to reliable and comprehensive data. This, in turn, will contribute to sustainable development and financial stability on a global scale.

    In conclusion, the true utility of data is realized only when there is widespread global awareness of their free availability. While collecting and publishing data are essential steps, effective dissemination is key to maximizing their impact. The MDB community can significantly enhance the development benefits by engaging independent market participants to review, comment on, and utilize credit data. This collaborative approach not only enriches the value of the data but also fosters broader participation, ultimately driving meaningful outcomes.

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    Subjects
    • ADB administration and governance
    • Public sector (Sovereign) financing
    • Finance sector development

    MIL OSI Economics –

  • MIL-OSI China: Global firms capitalize on China’s smart, green transformation

    Source: China State Council Information Office

    Jinbao, the mascot of the China International Import Expo (CIIE), and Xiaoxin, a humanoid robot providing inquiry service, are pictured at the media center of the 7th CIIE in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]

    Global investors are eyeing fresh opportunities in China as the world’s second-largest economy accelerates its intelligent, green transformation.

    With the seventh China International Import Expo (CIIE) set to open on Tuesday, multiple industry leaders from across the world are gearing up to showcase their latest innovations and technologies, aiming to tap into China’s vast market potential.

    Tapping smarter manufacturing

    Aptiv, a multinational developing automobile parts, made its debut at the seventh CIIE, exhibiting software and hardware products featuring intelligence and electrification.

    “The CIIE provides an excellent platform for enterprises from all over the world to exchange ideas and cooperate,” said Simon Yang, president of Aptiv for China and the Asia Pacific region. He noted that Aptiv hopes to make full use of the CIIE to showcase its innovative solutions.

    The company is committed to its long-term development strategy of “In China for China,” and will continue to increase its investment in the Chinese market while expanding business cooperation with Chinese original equipment manufacturers.

    Aptiv is one of a number of multinationals gathering in Shanghai to test the pulse of China’s smart manufacturing market, which plays an important part in the country’s pursuit of high-quality development.

    Swedish technology company Hexagon has brought its new solutions to help traditional manufacturers become more digital-savvy to this year’s CIIE, including cloud platforms for industrial software and smart quality-testing systems.

    “The company is ready to ride the wave of the country’s pursuit of new quality productive forces, which are high-tech, highly efficient and of a high quality,” said Qin Lei, marketing business partner at Hexagon Manufacturing Intelligence (Qingdao) Co., Ltd.

    Merck Group, Germany’s leading tech company, is showcasing its innovative achievements in the new materials section of the CIIE, which is new to the annual event.

    China’s great market potential, improving business environment and rich talent pool have reinforced Merck’s confidence in its long-term investment in the country, said Marc Horn, executive vice president of Merck and president of Merck China.

    Embracing a greener future

    Entering its seventh year, the CIIE has retained its “New Era, Shared Future” theme, which holds special meaning for Christian Bruch, president and CEO of Siemens Energy AG.

    “I strongly agree with the theme, as it envisions a sustainable and more decarbonized future that requires collaborative efforts from governments, enterprises, customers, partners and the entire supply chains,” Bruch said.

    In his view, China’s dedication to building a modern energy system creates “extensive market opportunities” for global energy technology companies, including Siemens Energy.

    “Together with Chinese customers and partners, we have developed many energy infrastructure projects, continuously invested and expanded our manufacturing capacity in China, in order to meet the growing market demand in China and across the world,” he said.

    Pledging to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060, China has been steadfast in accelerating its energy transition. Over the past decade, the share of clean energy in the country’s total energy use has increased 10.9 percentage points, according to the National Energy Administration.

    Dedicated to promoting clean energy in China, Siemens Energy has established 15 manufacturing facilities across the country. It has become an important partner in the country’s energy transition, Bruch said.

    At this year’s CIIE, the company is poised to showcase its cutting-edge decarbonization technologies for the energy sector. Many of its exhibits will be presented for the first time in Asia or China.

    “During the expo, I look forward to meeting and exchanging ideas with partners, building consensus and fostering collaborative development,” Bruch said. “Tackling climate change and driving energy transition is a daunting task that no single country or region can accomplish alone.”

    Bruch’s emphasis on collaboration aligns with China’s increasing global contributions. According to a white paper issued by China’s State Council Information Office in August this year, the country’s wind power and photovoltaic exports helped other countries reduce their carbon dioxide emissions by about 810 million tonnes in 2023.

    Recognizing China’s role in the global energy transition, Bruch highlighted Siemens Energy’s confidence in deepening cooperation with its Chinese partners. “We are fully committed to working together to build a new energy ecosystem that supports China’s dual-carbon goals and fosters sustainable energy development worldwide.”

    MIL OSI China News –

  • MIL-OSI China: Foxconn’s planned business headquarters a vote of confidence in mainland market

    Source: China State Council Information Office

    Foxconn, the world’s leading electronics manufacturer, is set to build a new business headquarters in Zhengzhou, central China, in a move the Taiwan company described as “a crucial step” in expanding its presence on the mainland market.

    Analysts say the decision highlights Foxconn’s commitment to investing in the mainland, despite rising global trade protectionism and “decoupling” and “de-risking” rhetoric ratcheted up by certain Western politicians.

    The tech giant recently won a bid for a 2.84-hectare plot at 150 million yuan (about 21.07 million U.S. dollars) in the Zhengdong new district in Zhengzhou, capital of Henan Province, where it plans to build a headquarters focusing on key technology sectors, according to the Zhengzhou Public Resources Trading Center in a recent statement.

    This initiative aligns with Foxconn’s “3+3” strategy targeting electric vehicles, digital health and robotics, along with advancements in artificial intelligence (AI), semiconductors and next-generation communication, the company said.

    Foxconn’s planned headquarters will feature a construction area of approximately 70,000 square meters in its first phase, with an investment of 1 billion yuan. The company has not yet provided a groundbreaking date.

    In a speech at the unveiling ceremony for the new business headquarters in April 2023, Chairman Young Liu emphasized that the headquarters will mark the beginning of a new journey for Foxconn’s strategic industry development on the mainland, and the company’s new businesses are both a response to global market trends and an embrace of the latest wave in technological advancement.

    Henan’s favorable infrastructure and business environment, as well as the collaborative relationship between Foxconn and the local governments, were pivotal factors in the decision to locate the headquarters there, Liu noted.

    Between February and April 2023, Liu visited Henan three times, pledging to “build a new Foxconn” in the province. In July this year, the company signed a strategic cooperation agreement with the Henan provincial government to accelerate projects related to new business ventures.

    Per the deal, Foxconn plans to leverage its expertise in smart manufacturing, along with its global technological capabilities and supply chain resources, to advance projects in the new energy vehicle, energy storage battery, digital healthcare and robotics industries.

    Construction of a trial manufacturing center for new energy vehicles has started at Zhengzhou Airport Economy Zone, with operations expected to commence by the end of the year.

    Foxconn’s increased investment in Henan and its focus on future industries represent a win-win approach, said He Liang, an official with Zhengzhou Airport Economy Zone.

    “We will continue to provide quality service and foster a first-rate business environment that is market-oriented, law-based and internationalized,” He added.

    Henan and Foxconn share a deep bond.

    Foxconn, the principal assembler of Apple iPhones, established operations in the inland province in 2010. By the end of 2023, its Zhengzhou factory spanned around 2.8 million square meters and had recorded 12 consecutive years of growth in industrial output. Over the years, Foxconn has further expanded its footprint across Henan, setting up facilities in cities such as Jiyuan, Hebi and Zhoukou.

    The cooperation has also transformed Henan’s economy, turning the province into a global hub for intelligent terminal manufacturing. From 2016 to 2020 alone, the Zhengzhou factory attracted over 200 related supply chain enterprises to the Zhengzhou Airport Economy Zone, with total investments exceeding 300 billion yuan, according to the zone administration.

    Analysts view Foxconn’s moves as part of a broader bet on emerging industries, such as new energy vehicles, solid-state batteries, robotics, AI and semiconductors — sectors that are likely to shape the future of global manufacturing.

    Song Xiangqing, deputy head of the Commerce Economy Association of China, noted that the company’s increased investment in Henan underscores the opportunities created by the digital economy and technological progress on the mainland, as well as the resilience of its industrial chain and its shift toward high-quality manufacturing.

    The world’s second-largest economy has been steadfastly expanding its institutional opening-up in recent decades, rolling out various policies aimed at achieving high-quality development and offering the rest of the world new growth momentum and opportunities.

    At its third plenum, the 20th Central Committee of the Communist Party of China renewed the country’s commitment to the basic state policy of opening to the outside world and continuing to promote reform through opening-up.

    The commitment to an open economy, paired with its massive domestic market, presents significant opportunities for companies that are aiming to scale up operations in China despite global headwinds.

    In May, U.S. carmaker Tesla began construction on a mega factory in Shanghai to manufacture its energy-storage batteries. In his recent visit to China, Apple CEO Tim Cook also reaffirmed the company’s investment commitment in the country.

    MIL OSI China News –

  • MIL-Evening Report: What to expect on Election Day: history could be made, or we’re in for a long wait (and plenty of conspiracies)

    Source: The Conversation (Au and NZ) – By Emma Shortis, Adjunct Senior Fellow, School of Global, Urban and Social Studies, RMIT University

    As Americans vote in one of the most important presidential elections in generations, the country teeters on a knife edge. In the battleground states that will likely decide the result, the polling margins between Democrat Kamala Harris and Republican Donald Trump are razor thin.

    These tiny margins, and the general confusion around American politics today, make it impossible to predict the outcome.

    The polls might well be wrong: the electorate may have shifted dramatically since 2020 in ways that will only reveal themselves after the election. The reality is we do not know much of anything for sure, and we may never be able to untangle all of the threads that make up the knot of American politics.

    After two assassination attempts on Trump and incumbent President Joe Biden’s dramatic decision to leave the race in August, it is entirely possible this election will throw up more big surprises. But as things stand, there are three broad possibilities for what will happen on Election Day.

    All of them throw up their own challenges – for the United States, and for the world.

    Possibility 1: the return of Trump

    Trump may make history and win back the White House. Only Grover Cleveland has managed to get elected a second time as president (in 1892) after suffering a defeat four years earlier.

    If Trump does win, it could be via a similar path to the one he took in 2016 – by once again sundering the “blue wall” and winning the battleground states of Pennsylvania, Wisconsin and Michigan.

    This feat will likely mean his campaign tactic of mobilising men has worked.

    A Trump victory would represent the culmination of a generational project of the American right. A second Trump administration would be very different from the first – the movement behind Trump is more organised, focused and cognisant of the mistakes of the first Trump White House. It would also face considerably weakened democratic guardrails.

    The implementation of Trump’s radical agenda, alongside some or all of the broader far-right agenda detailed in the Heritage Foundation’s Project 2025, would radically reshape American life and create political and economic chaos.

    The rest of the world would have to reorient itself, once again, around Trump.

    Possibility 2: Harris makes history

    It is entirely possible Harris makes history – not only by beating Trump, but by becoming the first woman and woman of colour to win the US presidency.

    Like Trump, if Harris does win, it will likely be through one or more of the battleground states – in particular, Pennsylvania and Georgia.

    For Harris, victory will likely come via high turnout by women and voters of colour, particularly African-Americans, or through a combination of turnout by this core Democratic base and swing voters in key states like Pennsylvania.

    How Harris wins – and by how much – will be crucial, both to the immediate aftermath of the election and to the shape of a future Harris administration.

    A big question: can she win by enough to head off resistance by Trump and the movement behind him? As Australian writer Don Watson has noted, a Harris victory would likely be taken as an existential defeat by the MAGA movement.

    How Trump’s supporters react to such a defeat – and how US institutions react to their reaction – will be a critical test for American democracy.

    Possibility 3: too close to call

    This brings us to the third possibility: the polls are correct, and it’s such a tight race that the margins in the battleground states are in the thousands of votes, or even less.

    If it is that close, counting could take days. And there could be recounts after that.

    While conspiracies abound, a delay in the result like this would be an entirely predictable and normal outcome. In the United States, there isn’t one system for counting the votes; elections are run by the states on a county-by-county basis, and each state does it differently.

    Pennsylvania and Wisconsin, for example, legally can’t start counting mail-in votes until the polls open on Election Day.

    Then there is the supposed “blue shift” or “red mirage” that sometimes occurs on election night.

    There are now many ways to vote in the US – in person on Election Day, early voting before Election Day or by mail-in ballot. And the time it takes to count these different ballots can vary. So, it may appear as if one candidate is winning early in the night (say, when in-person votes are counted) only for their opponent to slowly turn the tide (when mail-in ballots are counted).

    In the 2020 election, this meant early Trump (“red”) leads were gradually lost to the Biden (“blue”) votes. Researchers found that counties won by Biden counted more slowly, on average, than those won by Trump – hence the so-called “blue shift”.

    This is an entirely normal – and legal – phenomenon. In Nevada, for instance, state law permits mail-in ballots to be counted four days after Election Day, so long as they were postmarked by Election Day.

    Trump and his surrogates like Steve Bannon, however, have exploited the differing times it takes to count votes to peddle baseless conspiracy theories, undermining Americans’ faith in their own democracy, and to incite unrest.

    By baselessly declaring victory in 2020 on the early “red mirage” tallies in key states before all the votes were counted, Trump was able to create what Bannon described as a “firestorm” – one that eventually led to the insurrection of January 6 2021.

    This could very well happen again. Bannon, in fact, has just been released from prison after serving four months for contempt of Congress, and could once again be a driving force in any post-election challenges by the Trump campaign.

    Trump, meanwhile, lied again this week when he said “these elections have to be, they have to be decided by 9 o’clock, 10 o’clock, 11 o’clock on Tuesday night” – laying the groundwork for further election conspiracies.

    Delays are normal – but fraught

    Trump has made it very clear he will not accept another election loss. If he does lose, he or his surrogates will attempt to weaponise similar conspiracy theories again. They may also use legal challenges to vote counts as they did in 2020 – both to contest the result and to once again mobilise the MAGA movement.

    In the event of close margins, it’s also possible some states will go to a recount.

    There are different rules for this in different states. To take one example, if the margin is within 0.5% in Georgia, a candidate can request a recount.

    In the 2020 presidential election, Biden narrowly defeated Trump in Georgia by 0.25%, which triggered a full hand recount of the votes. The Associated Press declared Biden the winner of the state more than two weeks after Election Day. A second recount was later reconfirmed by Georgia Secretary of State Brad Raffensperger.

    Again, this is a normal part of the process. It ensures all votes are counted accurately and the result reflects the democratic will of the American people as best as the (admittedly, deeply flawed) system allows.

    Such a delay, legitimate as it would be, would elevate the already very real risk of further political violence and instability in the United States.

    None of these outcomes is inevitable. 2024 is not 2020; nor is it 2016. What happens next in America depends on the movement and interplay of so many tangled threads, it is impossible to see where old ones end and new ones might begin.

    In all of this, only one thing is certain. Whatever the result – and however long it takes to come through – the divisions and conspiracy theories that have destabilised American politics for so long will not be easily or quickly resolved. That knot may well prove impossible to untangle.

    Emma Shortis is Director of the International and Security Affairs program at The Australia Institute, an independent think tank.

    – ref. What to expect on Election Day: history could be made, or we’re in for a long wait (and plenty of conspiracies) – https://theconversation.com/what-to-expect-on-election-day-history-could-be-made-or-were-in-for-a-long-wait-and-plenty-of-conspiracies-242598

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: SFST promotes Hong Kong’s status as international asset and wealth management and risk management centre in Switzerland (with photos)

    Source: Hong Kong Government special administrative region

         The Secretary for Financial Services and the Treasury, Mr Christopher Hui, started his visit to Zurich, Switzerland, yesterday (November 4, Zurich time) to promote Hong Kong’s status as an international asset and wealth management and risk management centre.

         Mr Hui in the morning met with the Chief Executive Officer, Corporate Solutions, Swiss Re Group, Mr Ivan Gonzalez, and the Chairman of the Board of Zurich Insurance Group, Mr Michel M Liès, respectively. During the exchanges with these two world-leading insurance services and risk-solution providers, Mr Hui updated them on Hong Kong’s latest initiatives as announced in “The Chief Executive’s 2024 Policy Address (Policy Address)” to further strengthen Hong Kong’s position as a global risk management centre. The initiatives include reviewing the risk-based capital regime implemented in July 2024 and examining the capital requirements for infrastructure investment to enrich insurance companies’ asset allocations for risk diversification, and drive investment in infrastructure; as well as continuing to invite Mainland and overseas enterprises to establish captive insurers in Hong Kong. 

         Hong Kong is currently home to around 160 insurance companies. It has the largest concentration of insurance companies and the highest insurance density in Asia.    

         Mr Hui had a lunch meeting with the Swiss-Hong Kong Business Association (SHKBA), one of the members of the Federation of Hong Kong Business Associations. Mr Hui shared with SHKBA members the huge scale and diversified investment opportunities of Hong Kong’s asset and wealth management business, adding that the city welcomes investors and family offices around the world.      

         At another gathering with leaders of a multinational financial service provider, Mr Hui briefed them on the enhancements proposed in the Policy Address that further strengthen Hong Kong’s status as an asset and wealth management hub. Hong Kong will consult the industry on increasing the types of transactions eligible for tax concessions for funds and single family offices to cover emission derivatives/emission allowances, insurance-linked securities, loans and private credit investments, virtual assets, etc. He also updated participants that the Government’s issuance of green bonds has been attracting strong interest from local and international investors. So far a total of HK$220 billion in government green bonds have been successfully issued, including a diverse array of bonds – retail, institutional, and tokenised – across multiple currencies and tenors.

         On the same day, Mr Hui met with the Head of Bilateral Cooperation, Swiss National Bank, Ms Lena Lee Andresen, to discuss issues of mutual concern such as the global trend of monetary policies. 

         Mr Hui also visited the headquarters of Gategroup, and met with their Chief Financial Officer, Mr Urs Schwendinger. Gategroup is a market-leading inflight caterer with a global presence, including Hong Kong. Noting that Hong Kong is an international aviation hub with continuous development of the Airport City, Mr Hui welcomed Gategroup to further expand their business in the city.  
        
         Mr Hui will depart for Geneva in the morning of November 5 (Zurich time) to continue his visit in Switzerland.                     

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: ADB to Help Nepal Upgrade Electricity Transmission and Distribution Infrastructure

    Source: Asia Development Bank

    MANILA, PHILIPPINES (5 November 2024) — The Asian Development Bank (ADB) has approved a $311 million loan to improve and modernize electricity transmission and distribution infrastructure in Nepal.

    “Upgrading and modernizing Nepal’s electricity transmission and distribution facilities and infrastructure is essential to its sustainable growth and development,” said ADB Principal Energy Specialist Jiwan Acharya. “Not only will this project ensure the reliable and sustainable delivery of electricity in the country, but it will also provide employment and business opportunities to make lives of Nepalese better and more comfortable.”  

    The project will finance a total of 290 kilometers (km) of power transmission lines from Dailekh to Jumla, New Butwal to Lamahi, Nijgadh to Ramauli, and Teenpiple and Okharpauwa. It will also expand, reinforce, and rehabilitate electricity distribution infrastructure in Karnali and Lumbini provinces. Distributed grid-connected solar photovoltaic generation facilities with a total capacity of 8 megawatts will be established in Karnali and other areas. 

    ADB will help the Nepal Electricity Authority (NEA) upgrade its training center, expand the smart meter rollout program, establish a data recovery center, and implement a Supervisory Control and Data Acquisition network. The project will conduct awareness-raising campaigns on safe and efficient energy use.

    ADB will provide an additional $30 million grant from its Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries, to support training and capacity building. Advanced communication tools and technology, funded by the grant, will equip NEA with skills in hydropower management and electricity dispatch significantly enhancing Nepal’s capability to trade power with neighboring countries. 

    The project will also support training of women and disadvantaged groups on business and technical skills, open energy-related employment opportunities, and expand energy-based businesses. It will help build the capacity of the NEA and other government agencies in power management, project management, new technologies, and power trade, among others.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics –

  • MIL-Evening Report: Fijian journalists embrace multimedia landscape for the digital age

    By Catrin Gardiner, Queensland University of Technology

    In the middle of the Pacific, Fiji journalists are transforming their practice, as newsrooms around Suva are requiring journalists to become multimedia creators, shaping stories for the digital age.

    A wave of multimedia journalists is surfacing in Fijian journalism culture, fostered during university education, and transitioning seamlessly into the professional field for junior journalists.

    University of the South Pacific’s technical editor and digital communication officer Eliki Drugunalevu believes that multimedia journalism is on the rise for two reasons.

    “The first is the fact that your phone is pretty much your newsroom on the go.”

    With the right guidance and training in using mobile phone apps, “you can pretty much film your story from anywhere”, he says.

    The second reason is that reliance on social media platforms gives “rise to mobile journalism and becoming a multimedia journalist”.

    Drugunalevu says changes to university journalism curriculum are not “evolving fast enough” with the industry.

    Need for ‘parallel learning’
    “There needs to be parallel learning between what the industry is going through and what the students are being taught.”

    Mobile journalism is growing increasingly around the world. In Fiji this is particularly evident, with large newsrooms entertaining the concept of a single reporter taking on multiple roles.

    Fijian Media Association’s vice-president and Fiji Times editor-in-chief Fred Wesley says one example of the changing landscape is that the Times is now providing all its journalists with mobile phones.

    “While there is still a photography department, things are slowly moving towards multimedia journalists.”

    Wesley says when no photographers are available to cover a story with a reporter, the journalists create their own images with their mobile phones.

    Journalists working in the Fiji Times newsroom, which is among the last few remaining news organisations in Fiji to have a dedicated photography department. Image: Catrin Gardiner, Queensland University of Technology

    The Fiji Broadcasting Corporation (FBC) also encourages journalists to take part in all types of media including, online, radio, and television, even advertising for multimedia journalists. This highlights the global shift of replacing two-person teams in newsrooms.

    Nevertheless, the transition to multimedia journalists is not as positive as commonly thought. Complaints against multimedia journalism come from journalists who receive additional tasks, leading to an increase in workload.

    FBC advertises for multimedia journalists, reflecting the new standard in newsrooms. Image: FBC TV/Facebook/QUT

    Preference for print
    Former print journalist turned multimedia journalist at FBC, Litia Cava says she prefers focusing on just print.

    She worked a lot less when she was just working in a newspaper, she says.

    “When I worked for the paper, I would start at one,” she says. “But here I start working when I walk in.”

    Executives at major Fijian news companies, such as Fiji TV’s director of news, current affairs and sports, Felix Chaudhary, also complain about the lack of equipment in their newsrooms to support this wave of multimedia journalism.

    “The biggest challenge is the lack of equipment and training,” Chaudhary says.

    Fiji TV is doing everything it can to catch up to world standards and provide journalists with the best equipment and training to prepare them for the transition from traditional to multimedia journalism.

    “We receive a lot of assistance from PACMAS and Internews,” Chaudhary says. “However, we are constantly looking for more training opportunities. The world is already moving towards that, and we just have to follow suit or get left behind.”

    More confidence
    Fortunately for young Fijian journalists, Islands Business managing editor Samantha Magick says a lot of younger journalists are more confident to go out and produce and write their own stories.

    “It’s the education now,” she says. “All the journalists coming through are multimedia, so not as challenging for them.”

    University of South Pacific student journalist Brittany Louise says the practical learning of all the different media in her journalism course will be beneficial for her future.

    “I think that’s a major plus,” she says. “You already have some sort of skills so it helps you with whatever different equipment it may be.”

    Catrin Gardiner was a student journalist from the Queensland University of Technology who travelled to Fiji with the support of the Australian government’s New Colombo Plan Mobility Programme. This article is published in a partnership of QUT with Asia Pacific Report, Asia Pacific Media Network (APMN) and The University of the South Pacific.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: 11.04.2024 ICYMI: Cruz, Cloud, Gerdes Denounce Biden-Harris Administration After Twice-Deported Illegal Alien Killed a Texan in Bastrop County

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas), member of the Senate Judiciary Committee and Ranking Member of the Subcommittee on the Constitution, Rep. Michael Cloud (R-Texas-27), and Texas State Rep. Stan Gerdes (R-HD-17) condemned the Biden-Harris administration after a Texan from Bastrop County was killed by an illegal alien drunk driver. The suspect had previously been deported twice, once by the Obama administration and again by the Trump administration, but was able to illegally re-enter the country under the Biden-Harris administration, which is now responsible for yet another preventable tragedy.
    Following the preventable tragedy, Sen. Cruz said, “Yet another Texan is dead directly because of the Biden-Harris border crisis. Texans deserve answers about why this illegal alien was allowed back into our country after being deported twice. This crime was both infuriating and avoidable, but the Biden-Harris administration has made a cynical decision to keep the border open for political purposes. The resulting crimes are avoidable, infuriating, and unacceptable.”
    Rep. Cloud said, “Another family’s worst nightmare has come to pass, and it’s directly because of the Biden-Harris Administration’s reckless, open-border policies. Their refusal to enforce our immigration laws has taken another innocent life. How many American citizens have to be killed by illegal immigrants before Joe Biden and Kamala Harris decide to act?”
    Rep. Gerdes said, “What happened to Grayson Davis and his grieving family was completely avoidable. Our entire community is heartbroken. The failure of the Biden-Harris administration on our southern border has cost countless lives. While Senator Cruz and Congressman Cloud carry on the fight at the federal level, I will be filing legislation this coming session, ‘Grayson’s Law,’ that addresses illegal immigrant crime at the state level.”

    MIL OSI USA News –

  • MIL-OSI USA: IAM Union Workers At Boeing Achieve Contract Victory to Set New Standards For Aerospace Industry

    Source: US GOIAM Union

    Industry-leading contract approved by majority worker vote will deliver 43.65% compounded wage increase

    On behalf of Biden-Harris administration, U.S. Secretary of Labor Julie Su played key role in helping the employer and workers reach groundbreaking agreement that will protect access and pathways to the middle class for thousands of frontline workers

    SEATTLE – 33,000 frontline workers at Boeing, members of International Association of Machinists and Aerospace Workers (IAM) Districts 751 and W24 voted to ratify a new union contract with the company that has instantly set a new standard for compensation and wages for aerospace industry workers. 

    The deal followed a vigorous strike lasting nearly two months by the workers in Washington state, Oregon and California that made international headlines and drew widespread public support and bipartisan political support. 

    The new contract includes a 43.65% compounded wage increase – 38% before compounding – over the four-year life of the contract. In recent weeks, acting U.S. Secretary of Labor Julie Su worked on behalf of the Biden-Harris administration to help restart and reach a positive resolution to negotiations that had previously stalled.

    Jon Holden, President of IAM District 751 and Brandon Bryant, President of IAM District W24, issued the following joint statement following the votes being tallied: 

    “Working people know what it’s like when a company overreaches and takes away more than is fair. Through this strike and the resulting victory, frontline workers at Boeing have done their part to begin rebalancing the scales in favor of the middle class – and in doing so, we hope to inspire other workers in our industry and beyond to continue standing up for justice at work. Through this victory and the strike that made it possible, IAM members have taken a stand for respect and fair wages in the workplace. Our members perform high quality and flight critical work for the airplanes we build and deserve a return on their labor investment that provides for the quality of life worthy of that labor.

    “This contract also creates a new foundation to build on for the future and that future begins today. We are ready to help Boeing change direction and return to building the highest quality and safest airplanes in the world. Our members are critical to that mission, and now have a stronger voice in the decision making process to ensure those needed improvements are made. ‘There is no Boeing without the IAM’ has been our battle cry, and we are ready, again, to do our part to bring this company back to the standard that it never should have strayed from.

    “Livable wages and benefits that can support a family are essential – not optional – and this strike underscored that reality. This contract will have a positive and generational impact on the lives of workers at Boeing and their families. We hope these gains inspire other workers to organize and join a union. Frontline Boeing workers have used their voices, their collective power, and their solidarity to do what is right, to stand up for what is fair – and to win.”

    Brian Bryant, IAM International President, issued the following statement: 

    “This agreement represents a new standard in the aerospace industry – one that sends a clear statement that aerospace jobs must be middle class careers in which workers can thrive. Workers in the aerospace industry, led by the IAM — the most powerful aerospace union in the world — will not settle for anything less than the respect and family-sustaining wages and benefits they need and deserve. This agreement reflects the positive results of workers sticking together, participating in workplace democracy, and demonstrating solidarity with each other and with the community during a necessary and effective strike. 

    “Nearly every worker in America knows what it’s like for a company to take too much and give too little. A contract like this sends an inspiring message to all workers in the United States who are seeking to join unions or who have been shortchanged by their employer. We remain very thankful to Acting U.S. Labor Secretary Julie Su, who on behalf of the Biden-Harris administration helped to bring the employer and the members together for productive talks to reach this agreement.”

    Highlights of the latest tentative agreement approved Monday night by the union members include:

    • 38% general wage increase over four years – 13%, 9%, 9%, 7% which compounds to 43.65% over the life of the agreement 
    • $12,000 Ratification Bonus: The ratification bonus combines the previous $7,000 ratification bonus and the $5,000 lump sum into the 401(k). Now, union members can choose how this total amount is received – in their paycheck, contribution to 401(k), or a combination of both.
    • AMPP incentive plan is reinstated, with a guaranteed minimum annual payout of 4%, including 2024 payout in February 2025
    • 401(k) employer match of 100% up to 8%
    • Special company retirement contribution of 4% into 401(k) maintained
    • $105 pension multiplier per year for those vested in the pension plan
    • Call-in language back to current contract
    • New long-term disability plan and big improvement to short term disability plan
    • Health care cost containment
    • Improved overtime rules
    • Key job security provisions
    • Increased Minimum Rates that now increase with COLA increases. 

    Further details of the negotiated resolution can be found at iam751.org/2024StrikeProposal. 

    “For many frontline Boeing workers in the IAM Union, the terms of this contract will be life-changing,” said IAM Western Territory General Vice President Gary R. Allen. “It’s the most significant upgrade we’ve had to our collective bargaining agreement in a decade – and it will prove to be an example for the rest of the industry to live up to. Their strike was a great example of workers standing up for not just themselves, but also their families and communities.”

    “Our members went on strike for better wages and better working conditions – and they won by staying united and exercising democracy in the workplace,” said IAM Resident General Vice President Jody Bennett. “They hit the streets, held strong, and have been rewarded with an excellent contract. These provisions are not just deserved by this dedicated frontline workforce — they are also overdue. This will set a new standard for aerospace across the region, the nation, and the industry.”

    The International Association of Machinists and Aerospace Workers (IAM) is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries. 

    goIAM.org | @MachinistsUnion

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    MIL OSI USA News –

  • MIL-OSI Economics: Affirm needs strategic positioning amid regulatory shifts in the crowded UK BNPL market, says GlobalData

    Source: GlobalData

    Affirm needs strategic positioning amid regulatory shifts in the crowded UK BNPL market, says GlobalData

    Posted in Banking

    Following the news that the US-based buy now pay later (BNPL) startup Affirm has entered the UK market;

    Phoebe Hodgson, Associate Analyst, Banking and Payments at GlobalData, offers her view:

    “The BNPL market in the UK is becoming increasingly saturated. According to GlobalData’s 2024 Financial Services Consumer Survey*, only 21% of respondents in the UK have used an online BNPL service while buying goods and services. This limited adoption, coupled with an already concentrated market, where 75% of the UK market is held by five BNPL providers, suggests Affirm may find it challenging to position itself among the well-established competitors like Klarna, PayPal and Zilch.

    “Affirm’s unique selling points, such as extended loan periods and strategic partnerships, could help distinguish it, but it will have to overcome significant obstacles. One of the biggest hurdles is the evolving regulatory environment. The UK government seeks to regulate the BNPL product further, treating it as if it were a credit product, subjecting them to stricter consumer protections and potentially reducing the appeal for BNPL for both providers and consumers alike. Soon to be under stricter regulations, Affirm must work under pressure to assert itself among the UK customers, who are more cautious of debt amid high living costs and economic uncertainty. Furthermore, with competitors already moving towards innovative product extensions, and compliance initiatives, Affirm’s market entry may need to be more than just a product push – it must be a strategic positioning exercise to resonate with cautious UK consumers.”

    *Global survey conducted online in Q2 2024 among 67,292 consumers across 41 markets globally. The survey explores global consumer behaviors, purchasing preferences, and attitudes across the most important banking products. The UK’s sample is 5,003.

    MIL OSI Economics –

  • MIL-Evening Report: Donald Trump ‘unfit to lead’ – vote for Harris, warns New York Times

    Pacific Media Watch

    The editorial board of The New York Times has demolished Donald Trump in a single paragraph calling on readers to vote for Vice-President Kamala Harris in today’s US elections.

    The editorial, published on Saturday, was only the Times’ latest attack on the former president in the run-up to the election, but the searing indictment was all the more brutal for its brevity.

    The 10-line editorial simply said:

    “You already know Donald Trump. He is unfit to lead. Watch him. Listen to those who know him best. He tried to subvert an election and remains a threat to democracy. He helped overturn Roe, with terrible consequences. Mr. Trump’s corruption and lawlessness go beyond elections: It’s his whole ethos. He lies without limit. If he’s re-elected, the G.O.P. won’t restrain him. Mr. Trump will use the government to go after opponents. He will pursue a cruel policy of mass deportations. He will wreak havoc on the poor, the middle class and employers. Another Trump term will damage the climate, shatter alliances and strengthen autocrats. Americans should demand better. Vote.”

    The dismissal of Trump by The Times was in contrast to two other major US newspapers, both owned by billionaires — The Washington Post and the LA Times — which last month controversially refused to make an editorial call.

    “You already know Donald Trump. He is unfit to lead.” The brief editorial in The New York Times on Saturday, Image: NYT screenshot APR

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: A new campaign rewards young gamers on Roblox for engaging with the US election. What does it mean for global politics?

    Source: The Conversation (Au and NZ) – By Joanne Orlando, Researcher: Digital Literacy and Digital Wellbeing, Western Sydney University

    Alex Photo Stock/Shutterstock

    If historical trends are anything to go by, most young people in the United States will not vote at this week’s presidential election. For example, at the 2016 presidential election, less than half of Americans aged 18 to 29 cast their ballot.

    But a new campaign on the hugely popular online gaming platform Roblox aims to encourage young people in the US to get out and exercise their democratic right on Tuesday.

    The “Virtual Vote” initiative is a partnership between Roblox game developers and a national political non-profit organisation called HeadCount.

    It has already engaged thousands of Roblox users – and it may mark the beginning of an entirely new way young people worldwide learn about and engage with real-life politics.

    The ultimate virtual universe

    Roblox is an online gaming platform where people can create an avatar, play a library of user-created games and socialise. Its developers describe it as the “the ultimate virtual universe”.

    It has roughly 79.5 million reported daily users globally and is valued at US$38 billion.

    The online gaming platform is especially popular among young people. However, it also poses a number of safety risks, including grooming and cyberbullying.

    Because of this, some governments have cracked down on Roblox. For example, earlier this year, it was banned in Turkey.

    Now the 2024 US presidential election has also entered the Roblox virtual gaming universe.

    From games to politics

    Virtual Vote is billed as the “first immersive civic engagement campaign”.

    Justin Hochberg, CEO of Virtual Brand Group (which develops games for Roblox) and the founder of Virtual Vote stated that his goal was simple:

    With 57% of gamers discovering global fashion, sports and entertainment brands while playing, this initiative meets Gen Z where they are to make a difference for the world’s biggest brand — #America.

    Virtual Vote was launched just four weeks ago in partnership with Headcount, a long-standing, not-for-profit youth voter engagement platform in the US. Other organisations – many of which are prominent in the online brand and content space – have also come on board.

    Players engage with Virtual Vote via popular games on Roblox, such as Livetopia, which has 4.7 billion user visits, and Karlie Kloss’s Fashion Klossette, which has 33.1 million total visits.

    Upon entering Virtual Vote, players meet Sam the Eagle, a guide who encourages them to check their voter registration status. Through Sam, players explore interactive maps showing state-specific voting rules and timelines.

    Virtual Vote is also a form of gaming and entertainment with big rewards and prizes for players who engage with it. Up for grabs is a trip to Hollywood to meet television presenter Jimmy Kimmel, VIP tickets to see musician Sabrina Carpenter, a snowboarding trip with champion American snowboarder Jamie Anderson, as well as limited-edition merchandise and content to play within Roblox.

    In the four weeks since its launch, Virtual Vote has had a strong response from Roblox users. More than 500,000 people have played the mini game so far – almost 4,000 of whom subsequently checked their voter registration status.

    Shaping political viewpoints online

    Platforms like Roblox, with their massive global youth audiences, are becoming increasingly important for shaping political views and real-world political engagement.

    Children and young adults immersed in these virtual worlds may be unknowingly absorbing information and perspectives that could influence their future voting decisions.

    Right now, the focus is on voter registration. However, given the huge impact it’s having, there is clear potential for such campaigns to become much more persuasive and biased.

    In future, we could see kids vying for rewards within online games or social media that may subtly shape their political viewpoints, which they then carry into how they vote as adults.

    This phenomenon has flown under the radar for the current US election. But its impact could be significant. Even more so since young people currently get so much of their news from social platforms.

    For example, the current trend on TikTok of women “cancelling out” the pro-Trump votes of their partners reinforces a gender binary for voting habits. These trending videos are fun, comedic, give minimal factual information. But some of them are getting up to two million views each.

    Similarly, election-themed videos – many of which have been identified as misinformation – on the popular online video platform YouTube have racked up millions of views in recent weeks.

    Exacerbating this situation is that young people often use social media, watch YouTube and play games on Roblox in combination. This can mean triple the impact of how these platforms can shape their political views.

    Online games and platforms are constantly shape-shifting and looking for new ways to engage with ever bigger global audiences.

    So wherever we live in the world, a campaign like Virtual Vote – seeking to achieve real-world political influence through an online video game platform – are important to pay attention to.

    Given the impact of Virtual Vote on so many young people, in such a short period of time, we can expect to see more political influence in their play. Shaping elections in the online space has just taken a new step.

    Joanne Orlando has received funding from the Office of the eSafety Commissioner.

    – ref. A new campaign rewards young gamers on Roblox for engaging with the US election. What does it mean for global politics? – https://theconversation.com/a-new-campaign-rewards-young-gamers-on-roblox-for-engaging-with-the-us-election-what-does-it-mean-for-global-politics-242901

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Speech by SJ at Second Legal Forum on Interconnectivity and Development (English only)

    Source: Hong Kong Government special administrative region

         Following are the closing remarks by the Secretary for Justice, Mr Paul Lam, SC, at the Second Legal Forum on Interconnectivity and Development under the Hong Kong Legal Week 2024 today (November 5):

    Your excellencies, distinguished guests, ladies and gentlemen,

         Thank you very much again for participating in this year’s Second Legal Forum on Interconnectivity and Development. I would first like to express my gratitude to the Commissioner’s Office of China’s Foreign Ministry in the Hong Kong SAR (OCMFA) for co-organising this forum with the Department of Justice (DoJ) of the Hong Kong SAR. OCMFA’s support and contribution are invaluable to the success of this event.

         I would also like to extend my sincere thanks to the Asian Infrastructure Investment Bank (AIIB) and especially to their General Counsel, Mr Alberto Ninio, who delivered an impactful keynote address on promotion of good governance and high-quality development under international law earlier this morning. Hong Kong, China became a member of AIIB in 2017. Our arrangement for secondment of DoJ counsel to the legal department of AIIB in the past few years has been conducive to enhancing our collaboration with AIIB and strengthening the development of Hong Kong international legal and dispute resolution services, especially in the financial fields.

         Following the keynote address from AIIB, the two Panel Sessions examined the critical importance of legal connectivity in our increasingly globalised landscape, as well as its impact across various fields, from international trade and commerce, dispute resolution, sanctions to emerging domains such as the governance of artificial intelligence (AI). The experience and practice of Hong Kong in connecting with high-standard international legal rules provide a good illustration for our discussion. Allow me to reflect briefly on today’s discussions and Hong Kong’s role in these vital developments.

    Cross-border legal connectivity and China’s foreign-related rule of law

         Legal connectivity transcends borders, bringing jurisdictions closer and promoting shared prosperity. As President Xi Jinping has noted, the fundamental purpose of advancing foreign-related rule of law is to better safeguard the interests of the country and the people, promote the progress of international rule of law and the development of a community with a shared future for mankind. China’s institutional opening-up progresses alongside its development of foreign-related legal frameworks. The rule of law forms the foundation of a favourable business environment.

         The first session explored Hong Kong’s evolving legal landscape, where, under the “one country, two systems” framework, it serves as a strategic nexus for trade and commerce and dispute resolution, regionally in the Guangdong-Hong Kong-Macao Greater Bay Area, as well as internationally. In this era of ever-changing global business norms, as China’s institutional opening-up progresses, Hong Kong serves not only as a “super-connector” but also provides unique legal services under its legal and international arbitration framework.

    Rule of law to safeguard sustainable development

         On the importance of the rule of law to mitigate risks and to safeguard Hong Kong’s and national sustainable development, the learned speakers have shared their insights into the global developments in financial sanctions and anti-sanctions, as well as legislative trends on anti-interference in major western countries.

         As AI rapidly advances, it transforms industries and economies in a revolutionary way. This also brings with it complex global regulation and governance issues and related risks. As the final report on this subject by the United Nations Secretary-General appointed panel concludes, “the very nature of the technology itself – transboundary in structure and application – necessitates a global approach”. The discussions on this topic today are timely and relevant as we consider how to safeguard sustainable development in an increasingly inter-connected world with AI.

         As President Xi stressed during the 16th BRICS Summit, “as the world becomes more turbulent, it is even more important to uphold the banner of peace, development, co-operation and win-win outcomes”. It is my sincere hope that the discussions in today’s forum could bring out a spirit of co-operation and collaboration in traditional fields like economy and trade, as well as emerging areas like artificial intelligence, with our sustainable development safeguarded by the rule of law.

    Hong Kong as a global legal and dispute resolution hub

         On co-operation and development, aligned with Hong Kong’s development of “eight centres” as outlined in the National 14th Five-Year Plan, the Department of Justice has taken forward policies to strengthen Hong Kong’s role as a leading legal and dispute resolution hub.

         The staunch support of the Central People’s Government in strengthening the city as a centre for international legal and dispute resolution services in the Asia-Pacific region under the National 14th Five-Year Plan can be demonstrated by the establishment of the International Organization for Mediation (IOMed) Preparatory Office last year. The IOMed Preparatory Office has successfully facilitated the conclusion of negotiations on the Convention on Establishment of the IOMed last month. A decision has also been made by all the negotiating parties that a signing ceremony of the Convention will be held in Hong Kong next year and the IOMed headquarters will also be situated in Hong Kong once the Convention has entered into force.

         As the world’s first intergovernmental international legal organisation dedicated to resolving international disputes through mediation, IOMed is important for the implementation of settling international disputes by peaceful means as set out in the United Nations Charter. Upon its establishment, the IOMed will provide friendly, flexible, economical and efficient mediation services, thereby building Hong Kong as a capital for international mediation.

         Apart from exciting development on IOMed, we also continue to enhance our collaboration with prominent law-related international organisations, such as the International Institute for the Unification of Private Law (UNIDROIT), with which we co-organised this year’s Asia-Pacific International Private Law Summit yesterday. We are also in active discussion with UNIDROIT for the possible establishment of its liaison office in Hong Kong in the near future. These forms of collaborations enable Hong Kong to contribute to and align with international standards, thus enhancing its appeal as a global hub for dispute resolution.

         In addition, with the support of the Central People’s Government and the assistance of the OCMFA, the Department of Justice has put in place programmes to second local legal talents to several law-related international organisations including the UNIDROIT. Through participating in the work of such international organisations, local legal professionals can enhance their knowledge of international legal matters and develop global vision. Nurturing Hong Kong’s legal talents is crucial for the sustainable development of the legal community, for consolidating our position as a leading international legal and dispute resolution services centre and for the long-term development of the rule of law, matters to which the Central Authorities and the HKSAR Government have attached great importance.

    Fostering legal talent: Hong Kong International Legal Talents Training Academy

         Following the announcement in the Chief Executive’s 2024 Policy Address, the Hong Kong International Legal Talents Training Academy will be officially launched on this Friday, Day five of Hong Kong Legal Week. To make good use of Hong Kong’s bilingual common law system and international legal status, the Training Academy will regularly organise practical training courses, seminars, international exchange programmes and more to promote exchanges among talents in regions along the Belt and Road region. It will also provide training for talents in the practice of foreign-related legal affairs for the country, and cultivate legal talents to be familiar with international law, common law, civil law, national legal systems and other legal areas. In future, our Department will make use of this capacity building platform to enable practitioners from different jurisdictions to exchange ideas on promoting the culture of harmony.

    Looking ahead: Hong Kong’s future role as an international legal hub

         Looking to the future, we are reminded of the traditional Chinese saying by Confucius, in Chinese is “å�›å­�和而ä¸�å�Œ and in English “a gentleman seeks harmony, not uniformity”. This philosophy encourages us to pursue a shared vision despite our differences, and is crucial for enhancing interconnectivity and development in building a community of shared future for mankind. In our interconnected world, such harmony through diversity is essential for achieving lasting success and mutual respect across boundaries. Hong Kong’s dedicated efforts in aligning with and contributing to international legal standards, its experience in international dispute resolution, as well as its commitment to legal capacity-building could leave a positive impact as the world navigates through complex challenges. As China moves towards deeper institutional opening-up, Hong Kong has a significant role to play in facilitating international engagement and promoting the progress of international rule of law.

         In closing, my sincere thanks to all speakers, participants, supporting organisations, colleagues at the OCMFA and the DoJ for making this forum a success. I look forward to your support for the Third Legal Forum on Interconnectivity and Development next year. Thank you very much.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Capital Southwest Announces Pricing of Convertible Notes Offering

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Nov. 05, 2024 (GLOBE NEWSWIRE) — Capital Southwest Corporation (Nasdaq: CSWC) (“Capital Southwest”) today announced the pricing of $200,000,000 principal amount of 5.125% Convertible Notes due 2029 (the “notes”) in an underwritten offering (the “offering”). Capital Southwest also granted the underwriters of the notes an option to purchase up to an additional $30,000,000 principal amount of notes, solely to cover over-allotments. The sale of the notes is expected to close on November 8, 2024, subject to customary closing conditions.

    The notes will be senior unsecured obligations of Capital Southwest and will accrue interest payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on February 15, 2025 at a rate of 5.125%. The notes will mature on November 15, 2029, unless earlier converted, redeemed or repurchased.

    Noteholders may convert their notes at their option at any time prior to the close of business on the business day immediately preceding the maturity date.

    Upon conversion, Capital Southwest will pay or deliver, as the case may be, cash, shares of Capital Southwest’s common stock or a combination of cash and shares of Capital Southwest’s common stock, at Capital Southwest’s election. The conversion rate will initially be 40.0000 shares of Capital Southwest’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of $25.00 per share of Capital Southwest’s common stock). The initial conversion price of the notes represents a premium of approximately 12% over the last reported sale price of Capital Southwest’s common stock on the Nasdaq Global Select Market on November 4, 2024. The conversion rate will be subject to adjustment in some events. In addition, following certain corporate events that occur prior to the maturity date or if Capital Southwest delivers a notice of redemption, Capital Southwest will, in certain circumstances, increase the conversion rate for a noteholder who elects to convert its notes in connection with such a corporate event or notice of redemption, as the case may be.

    Capital Southwest may not redeem the notes prior to November 20, 2027. Capital Southwest may redeem for cash all or any portion of the notes (subject to certain limitations), at Capital Southwest’s option, on a redemption date on or after November 20, 2027 and on or before the 45th scheduled trading day immediately prior to the maturity date if the last reported sale price of Capital Southwest’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Capital Southwest provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the notes.

    If Capital Southwest undergoes a fundamental change, then, subject to certain conditions, noteholders may require Capital Southwest to repurchase for cash all or any portion of their notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

    Capital Southwest estimates that the proceeds from the offering will be approximately $193.6 million (or approximately $222.7 million if the underwriters exercise their option to purchase additional notes in full), after deducting underwriting discounts and commissions and estimated expenses payable by Capital Southwest. Capital Southwest expects to use the net proceeds from the offering to redeem in full its 4.50% Notes due 2026, to repay a portion of the outstanding indebtedness under its senior secured revolving credit facility with ING Capital LLC, and for general corporate purposes.

    Oppenheimer & Co. is acting as sole book-running manager for the offering.

    The proposed offering is being conducted pursuant to Capital Southwest’s automatic shelf registration statement on Form N-2, including a base prospectus, that was filed with the Securities and Exchange Commission (the “SEC”) on October 29, 2024 and became effective upon filing. A preliminary prospectus and accompanying prospectus relating to the proposed offering were filed with the SEC and are available for free on the SEC’s website located at http://www.sec.gov. A final prospectus supplement and accompanying prospectus relating to the proposed offering will be filed with the SEC and will be available for free on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplement relating to this offering and the accompanying prospectus may be obtained, when available, from: Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, by telephone at (212) 667-8055, or by email at EquityProspectus@opco.com.

    This press release, the pricing term sheet, the preliminary prospectus supplement and the accompanying prospectus are neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall they constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

    About Capital Southwest

    Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.5 billion in investments at fair value as of September 30, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

    Forward-Looking Statements

    This press release contains “forward-looking” statements, as that term is defined under the federal securities laws, including statements concerning the closing of the offering of the notes, the anticipated use of proceeds from the offering, the potential impact of the foregoing or related transactions on dilution to holders of Capital Southwest’s common stock or the market price of Capital Southwest’s common stock or the notes. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Capital Southwest’s control. Capital Southwest’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to whether Capital Southwest will consummate the offering of notes on the expected terms or at all, which could differ or change based upon market conditions or for other reasons, and the other risks detailed in Capital Southwest’s Form 10-K filed with the SEC for the year ended March 31, 2024, in Capital Southwest’s quarterly report on Form 10-Q for the quarter ended September 30, 2024 and in other filings and reports that Capital Southwest may file from time to time with the SEC. The forward-looking statements included in this press release represent Capital Southwest’s views as of the date of this press release. Capital Southwest anticipates that subsequent events and developments will cause Capital Southwest’s views to change. Capital Southwest undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Capital Southwest’s views as of any date subsequent to the date of this press release.

    Investor Relations Contact:

    Michael S. Sarner, Chief Financial Officer
    214-884-3829

    The MIL Network –

  • MIL-OSI Africa: The Gambia: International Monetary Fund (IMF) Staff Reaches Staff-Level Agreement on the Second Review of the Extended Credit Facility Arrangement

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

    WASHINGTON D.C., United States of America, November 5, 2024/APO Group/ —

    • IMF staff and the Gambian authorities have reached a staff-level agreement on economic policies to conclude the second review of the program under the Extended Credit Facility (ECF) arrangement.
    • Economic recovery is strengthening while inflation has decelerated significantly.
    • The Gambia’s reform agenda is advancing despite challenges to fiscal policy.

    An International Monetary Fund (IMF) team, led by Ms. Eva Jenkner, held discussions in Washington DC with the Gambian authorities. The discussions followed those in Banjul from September 30 to October 11, 2024 (see PR 24/367). A staff-level agreement was reached on the second review of the program supported under the 36-month Extended Credit Facility (ECF) arrangement approved in January 2024 for total access of SDR 74.64 million (about US$99.4 million). Subject to approval by the IMF’s Executive Board, the completion of the review would enable a disbursement of SDR 8.29 million (about US$11.04 million), bringing the total disbursement under the arrangement to about US$33.1 million. The Board date is tentatively scheduled for December 20, 2024.

    At the conclusion of the discussions, Ms. Jenkner issued the following statement:

    “The authorities remain committed to their reform agenda and program objectives.

    “Economic activity is strengthening. Economic growth remains estimated at 5.8 percent for 2024, supported by agriculture, services, telecom, and construction sectors. Inflation reached 10 percent at end-September 2024, from a peak of 18.5 percent at end-September 2023, remaining above the central bank’s medium-term objective of 5 percent.

    “Continued policy discussions mainly focused on the fiscal trajectory for 2024 and 2025 with the aim of maintaining fiscal responsibility. This includes increasing the room for responding to large social and developmental needs, protecting the most vulnerable, addressing climate related risks and vulnerabilities, and ensuring gradual clearance of central government arrears and unsettled commitments.

    “The ECF supported program is anchored on a medium-term fiscal framework aiming to reduce debt vulnerabilities and to maintain overall macrofinancial stability.

    “The mission would like to thank its counterparts for candid and constructive discussions.”

    MIL OSI Africa –

  • MIL-OSI China: Xi congratulates Ratu Naiqama Lalabalavu on election as president of Fiji

    Source: China State Council Information Office

    Chinese President Xi Jinping on Tuesday congratulated Ratu Naiqama Lalabalavu on election as Fijian president.

    In his congratulatory message, Xi said that Fiji was the first Pacific island country to establish diplomatic relations with the People’s Republic of China.

    Since the establishment of diplomatic ties 49 years ago, the two countries have made substantial progress in their relations, improved the wellbeing of the two peoples and promoted peace, stability and development of the region and the world at large, he said.

    The Chinese president said that he attaches great importance to the development of China-Fiji relations and stands ready to work with Lalabalavu to promote the sustained, sound, and steady development of the comprehensive strategic partnership between the two countries so as to bring more benefits to the two peoples.

    MIL OSI China News –

  • MIL-OSI: VTR Biotech Unveils Upgraded National Technology and Innovation Center：A Leap Forward in Biotech Innovation

    Source: GlobeNewswire (MIL-OSI)

    CHINA, ZHUHAI, Nov. 05, 2024 (GLOBE NEWSWIRE) — Recently, VTR Biotech proudly announces the comprehensive upgrade of its National Enterprise Technology Center, a landmark achievement reflecting its commitment to advancing the biotechnology sector. The history of VTR Biotech began in the early 1990s when the company was founded with a vision to revolutionize the biotechnology landscape in China. From its inception, VTR Biotech has prioritized innovation and scientific excellence, rapidly establishing itself as a leader in the field. In the years that followed, the company made significant strides in research and development, resulting in groundbreaking advancements in biotechnology solutions.

    The upgraded center features five state-of-the-art technology platforms: the Genetic Engineering Platform, High-Throughput Screening Platform, Biosynthesis Platform, Technology Transfer Platform, and Technical Support Platform. These platforms are designed to enhance VTR Biotech’s R&D capabilities, paving the way for groundbreaking advancements in biotechnology.

    Key investments in high-performance artificial intelligence computing servers, advanced microbial selection robots, liquid handling workstations, and an expanded fully automated fermentation tank system are poised to enhance VTR Biotech’s independent R&D capabilities. These improvements aim to increase research efficiency and facilitate the practical application of research outcomes, ensuring that VTR Biotech remains at the forefront of biotechnological innovation.

    “The upgrade of our National R&D Center is a monumental achievement for VTR Biotech,” said Mr. Chen, Chairman of the company. “We are proud to lead a global team of scientists and engineers working on transformative biotechnology solutions in life sciences, including genetic modification, microbiology, biosynthesis technology, and enzyme engineering. This upgrade elevates our R&D capabilities and strengthens our ability to provide innovative solutions to the global market.”

    VTR Biotech’s National Enterprise Technology Center is recognized as one of China’s most prestigious enterprise technology innovation platforms, evaluated jointly by the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration. This recognition underscores VTR Biotech’s significant contribution to technological advancement in China.

    In recent years, VTR Biotech has demonstrated its dedication to research and development by employing over 200 professional R&D personnel, more than 30% of whom hold postgraduate degrees. The center also boasts a team that includes 15 PhDs and 10 senior engineers. Collaborative projects with leading research institutions such as the University of Sydney, South China University of Technology, and South China Agricultural University further emphasize VTR Biotech’s commitment to transforming scientific discoveries into practical applications for the global market.

    The company has undertaken four national key R&D program projects and four key R&D projects in Guangdong Province, in addition to establishing 15 national, industry, and group standards. VTR Biotech has been recognized for its innovative efforts, receiving the China Patent Excellence Award for five consecutive years.

    As VTR Biotech embarks on this new chapter with the upgraded National Enterprise Technology Center, the company is poised to set new standards in the biotechnology industry, driving innovation and delivering cutting-edge solutions that meet the evolving needs of its customers. For more information about VTR Biotech and its upgraded National Enterprise Technology Center, please visit www.vtrbiotech.com

    About VTR Biotech

    VTR Biotech is a leading biotechnology company dedicated to advancing the field through innovative research and development. With a commitment to scientific excellence and sustainability, VTR Biotech aims to deliver high standard biosolutions that address the challenges faced by the biotechnology industry.

    Media Contact

    Brand Name: VTR Biotech

    Contact Person: Marketing Team

    Email: vtrbiotech@vtrbio.com

    Tele: +86-756-8676888

    Website: www.vtrbiotech.com

    SOURCE: VTR Biotech

    The MIL Network –

  • MIL-OSI United Nations: Secretary-General’s message on World Tsunami Awareness Day [scroll down for French version]

    Source: United Nations secretary general

    This year marks the 20th anniversary of the Indian Ocean Tsunami – one of the deadliest disasters in recent history.  More than 230,000 people lost their lives.   

    On this World Tsunami Awareness Day, we honour the victims and recommit to protecting the 700 million people around the world who are at risk from tsunamis.

    The best way to do so is by all partners delivering on the United Nations Early Warnings for All initiative that helps ensure every person on Earth is alerted when tsunamis and other disasters are on the way.

    Education is vital to saving lives, and as this year’s theme reminds us, the participation of children and young people is critical. I urge governments and partners in coastal communities to raise awareness, so children and young people know how and where to evacuate to higher ground.

    Together, let’s ensure people’s futures are not swept away by tsunamis.  Let’s build resilience – now. 

    ***

    Cette année marque le vingtième anniversaire du tsunami survenu dans l’océan Indien, l’une des catastrophes les plus meurtrières de l’histoire récente, qui a coûté la vie à plus de 230 000 personnes.

    En cette Journée mondiale de sensibilisation aux tsunamis, nous honorons la mémoire des victimes et nous renouvelons notre engagement à protéger les 700 millions de personnes dans le monde qui sont menacées par les tsunamis.

    Le meilleur moyen d’y parvenir est que tous les partenaires mettent en œuvre l’initiative « Alertes précoces pour tous » des Nations Unies, qui permet d’alerter chaque personne sur Terre à l’approche de tsunamis ou d’autres catastrophes.

    L’éducation est essentielle pour sauver des vies et, comme le rappelle le thème de cette année, la participation des enfants et des jeunes est cruciale. J’invite les gouvernements et les partenaires dans les zones côtières à sensibiliser les populations, afin que les enfants et les jeunes sachent comment procéder, en cas d’évacuation, pour regagner des zones plus élevées.

    Ensemble, agissons pour que l’avenir de nos semblables ne soit pas balayé par les tsunamis. Renforçons la résilience, maintenant !
     

    MIL OSI United Nations News –

  • MIL-OSI: WISe.ART Announces “MINDREAMER” Exhibition from Ylan Anoufa

    Source: GlobeNewswire (MIL-OSI)

    WISe.ART Announces “MINDREAMER” Exhibition from Ylan Anoufa

    Exhibition accompanied by Ylan Anoufa art sales benefiting foundation for childhood education

    Geneva, Switzerland – November 5, 2024: WISeKey International Holding Ltd. (“WISeKey” or the “Company”) (SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity, digital identity, and Internet of Things (IoT) innovations, today announced that its subsidiary WISe.ART is proud to support Ylan Anoufa’s upcoming “MINDREAMER’ exhibition and new collection of twin phygital art packages. The exhibition is set to premiere November 13 at Geneva-based gallery Gallery Re Source. Proceeds from sale of the packages will benefit Ylan’s foundation for childhood education.

    “MINDREAMER” at Gallery Re Source

    Internationally renowned French contemporary artist Ylan Anoufa captivates the art world with his bold and socially engaged works. For the first time in Switzerland, his creations, including his famous AnoufaBear, will be showcased in the groundbreaking exhibition “MINDREAMER”.

    An Immersive and Interactive Exhibition

    After conquering cities such as New York, Tokyo, Hong Kong, Nice, Marbella, Monaco, and Paris, Ylan Anoufa will unveil “MINDREAMER” in Geneva’s Old Town from November 13, 2024, to February 10, 2025.

    The exhibition will feature several editions of his iconic AnoufaBear, a symbol of unity and strength, alongside a selection of ultra-dynamic and powerful urban and pop art pieces. By pushing the boundaries of traditional art, Ylan invites the public to dive into a universe oscillating between vulnerability and collective strength, while addressing contemporary issues and celebrating the beauty of human diversity.

    Performances, Digital Art, and Education

    As part of the exhibition, Ylan Anoufa will present a live art performance titled “REALOVE,” offering the audience a unique and captivating experience that combines emotion and interaction.

    Additionally, he will unveil his digital creativity through a series of NFT artworks. To further explore the digital realm, Gallery Re Source and WISe.ART will host two conferences dedicated to blockchain and NFTs during the exhibition.

    Committed to passing on his knowledge, Ylan also plans to lead AnoufaBear creation workshops for children at the Gallery, fostering artistic expression and creativity from an early age. “MINDREAMER” promises to be a participatory experience.

    AnoufaBears & The Digital Revolution
    In collaboration with WISeKey subsidiaries WISe.ART and SEALSQ, AnoufaBears are part of an exciting project set to embrace the digital realm of art. Through incorporation of the SEALSQ VaultIC155 semiconductor, a contactless solution designed to ward off counterfeiting, AnoufaBears will boast features like Open Detection and Privacy mode.

    WISe.ART’s CEO Carlos Moreira, commented “We believe in a future where digital assets are as valuable, if not more so, than physical ones. Our mission at WISe.ART is to ensure that this future is authentic, secure, and accessible to all.”

    Ylan Anoufa – An Artist on the Rise

    Ylan Anoufa’s talent continues to make waves in the contemporary art world. In January 2024, he was named Artist of the Year at the WISe.ART Excellence Awards during the prestigious World Economic Forum week in Davos. This accolade comes in addition to being named NFT Artist of the Year, cementing his status as a major player in the digital art world.

    His works, now fetching record prices at auctions, reflect growing interest from collectors and art enthusiasts worldwide. His unique approach and commitment to social causes have earned him increasing international recognition, making him one of the most influential emerging artists of our time.

    Ylan Anoufa is set to participate in several upcoming major international events, including Art Together at the Tel Aviv Museum of Art on November 18, the Telethon on November 30, and Art Basel Miami from December 2 to 15.

    About Gallery Re Source
    Nestled in Geneva’s Old Town, Gallery Re Source is a space dedicated to contemporary art and design, regularly hosting artistic, cultural, and holistic events. The “MINDREAMER” exhibition, enriched with workshops, performances, and conferences, aligns with the co-founders’ vision to make art a living and accessible experience for all.

    Stay connected with Gallery Re Source on social media to follow the latest updates and discover upcoming surprises.

    About Ylan Anoufa: The Maestro Behind AnoufaBears
    Ylan, born in 1980, is an embodiment of perpetual evolution. His art, found across global cities from Paris to Hong Kong, beams with modernity, humour, and a thought-provoking narrative. With a heart that radiates positivity, Ylan’s artwork becomes a vibrant fusion of colour, harmony, space, and form. Combining his stylistic finesse in painting and sculpture, Ylan’s graphics are a testament to his poetic inspiration. His collaborations with music legends like Lenny Kavitz and the Rolling Stones, as well as commercial endorsements with brands such as Porsche and Barbie, further enhance his global statue.

    About WISeKey
    WISeKey is a Swiss-based computer infrastructure company specializing in cybersecurity, digital identity, blockchain, Internet of Things (IoT) solutions, and post-quantum semiconductors. As a computer infrastructure company, WISeKey provides secure platforms for data and device management across industries like finance, healthcare, and government. It leverages its Public Key Infrastructure (PKI) to ensure encrypted communications and authentication, while also focusing on next-generation security through post-quantum cryptography.

    WISeKey’s work with post-quantum semiconductors is aimed at future-proofing its security solutions against the threats posed by quantum computing. These advanced semiconductors support encryption that can withstand the computational power of quantum computers, ensuring the long-term security of connected devices and critical infrastructure. Combined with its expertise in blockchain and IoT, WISeKey’s post-quantum technologies provide a robust foundation for secure digital ecosystems at the hardware, software, and network levels.

    About WISe.ART

    Established in September 2020, our marketplace is a forward-thinking digital art platform pioneering the intersection of blockchain technology and artistic and/or visionary creativity. With a strong commitment to democratizing access and ownership to unique innovative products, WISe.ART provides a vibrant marketplace for buying, selling, preserving, and discovering original digital creations. By embracing blockchain and NFT technology, WISe.ART ensures provenance, artist recognition, heritage preservation and secure, transparent transactions.

    WISe.ART platform leverages WISeKey’s strong cybersecurity expertise, digital identity technology. As a part of our mission to empower creators and collectors, the launch of the WISe.ART token marks a significant milestone in our journey. By creating a unique digital currency, we aim to foster an inclusive, engaging, and rewarding ecosystem that transcends traditional boundaries of the art world.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact:  Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com     		 WISeKey Investor Relations (US)
    Contact: The Equity Group Inc.

    Lena Cati
    Tel: +1 212 836-9611
    lcati@equityny.com

    Katie Murphy

    Tel: +1 212 836-9612 / kmurphy@equityny.com

    		 Gallery Re Source
    Véronika Saporta Tel: +41 78 227 32 70
    Stéphanie Jacob Tel: +41 76 508 03 99
    Instagram.com/lagalleryresource
    lagallery.ch
    info@lagallery.ch
    Gallery Re Source – rue Etienne-Dumont, 5 – 1204 Geneva, Switzerland

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    The MIL Network –

  • MIL-OSI China: Hehe Culture ambassadors honored for promoting cultural exchange

    Source: China State Council Information Office 2

    The 2024 Global Forum on Hehe Culture was held in Taizhou, Zhejiang province, on Saturday. 

    Essam Sharaf (C), former Egyptian prime minister and Orchid Awards recipient, Erik Solheim (R), former U.N. under-secretary-general, and Piet Steel (L), honorary chairman of the Europe-Asia Center and a member of the Board of Directors of Special Olympics, are honored ambassadors of Hehe Culture during a forum in Taizhou, Zhejiang province, on Nov. 2, 2024. [Photo/China.org.cn]
    To honor the contributions of those in promoting Chinese cultural values and facilitating cultural exchange, the forum’s organizing committee named three distinguished global figures as ambassadors of Hehe Culture. They were Essam Sharaf, former Egyptian prime minister and Orchid Awards recipient, Erik Solheim, former U.N. under-secretary-general, and Piet Steel, honorary chairman of the Europe-Asia Center and a member of the Board of Directors of the Special Olympics .
    Launched at the 2023 Global Forum on Hehe Culture, the Cultural Ambassadors of Hehe Culture program is a joint initiative by China International Communications Group, the Publicity Department of the Communist Party of China (CPC) Zhejiang Provincial Committee, the CPC Taizhou Municipal Committee, and the Taizhou municipal government, as part of their efforts to implement the Global Civilization Initiative. Every year, the program honors individuals who champion Chinese traditional culture, foster cultural exchange, and contribute to the building of a community with a shared future for mankind.

    MIL OSI China News –