Headline: Inflation, trade uncertainty and labour gaps cloud business outlook, says new global survey of chambers
The findings of the ICC World Chambers Federation (WCF) 2024 Global Economic Survey capture perspectives from businesses on key economic and sustainability issues across economies that collectively account for 90% of global GDP.
Commenting at the launch of the survey results in Istanbul, ICC Secretary General John W.H Denton AO said:
“As the voice of the real economy worldwide, ICC has leveraged its unique institutional reach to provide a comprehensive global picture of the realities of doing business in today’s increasingly complex environment. We hope this real-time data will help shape the strategic response of governments to the key challenges faced by MSMEs.”
Global business environment
Rising prices and labour costs were cited as a significant challenge in the majority of countries surveyed, with more than 80% of respondents expressing concern that cost pressures will persist into 2025 — casting doubt on recent claims from prominent economists that inflation is “no longer a thing”.
Inflation has translated into significantly higher staffing costs for businesses in some 44 countries— a trend exacerbated in several regions by skills shortages in the local workforce, most notably North America and Europe.
The economic environment and tight financial conditions have hindered access to finance where findings show that high interest rates are limiting access to credit particularly in Sub-Saharan Africa (80%), Latin America and the Caribbean (63%) and South Asia (60%).
Trade uncertainty was cited as a challenge by 50% of chamber respondents — with concerns highest in East Asia and Pacific (69%) the Middle East and North Africa (60%) and Latin America and the Caribbean (50%).
Despite these challenges, the respondents in more than 50% of countries covered by the survey expressed cautious optimism for the outlook for business in their respective economies — suggesting a large degree of resilience in the face of economic and operational risk.
Mr Denton added:
“Though headline rates of inflation have generally receded in recent months, the impact of the price surge seen from 2022 is clearly having a sustained impact on the private sector in many countries. We need policymakers to be sensitive to the disconnect between macroeconomic data and the day-to-day experience of local businesses.”
Outlook on climate action
One month before the United Nations climate summit COP29, the survey also looked at the experience of small and medium-sized enterprises (SMEs) in transitioning to climate-friendly business models.
In developing economies, chambers pointed to difficulties SMEs face in accessing clean sources of energy — both from national grids or decentralised generation.
In advanced economies, SMEs are held back by a perceived lack of access to cutting-edge green technologies and limited in-house capacity to implement emissions reductions programmes.
In both developed and developing economies, access to cost-effective finance to enable investments in decarbonisation was cited as a major challenge — pointing to the need for enhanced public support to enable SMEs to adopt green technologies and upgrade existing facilities.
Rifat Hisarcıklıoğlu, Chair of the ICC World Chambers Federation added:
“This survey highlights the crucial role chambers of commerce worldwide play as private sector champions. They are deeply in touch with the grassroots realities of doing business while maintaining a global perspective and remaining connected through our ICC World Chambers Federation.”
Source: Government of Ireland – Department of Jobs Enterprise and Innovation
16th October 2024
Minister seeks expressions of interest and nominees from representative bodies
The Minister for Enterprise, Trade and Employment is seeking nominees as representatives of expert, technical, legal, government and regulatory bodies. Also sought are expressions of interest from suitably qualified candidates for appointment to one of the six Ministerial nominations to the Employment Law Review Group (ELRG).
Ministerial nominees to the ELRG will be appointed by the Minister arising from a call for expressions of interest which is open to all interested parties. It is proposed to have a maximum of six such nominees on the ELRG. The deadline for receipt of expressions of interest is 3pm 8 November 2024.
Members of the ELRG will give their services voluntarily. All members will be appointed for a four-year term and can be re-appointed for up to two terms. The Chairperson can serve up to ten years in total.
The Programme for Government contains a commitment to “review whether the legal provisions surrounding collective redundancies and the liquidation of companies effectively protect the rights of workers”. Following discussions with the Social Partners, the ‘Plan for Action on Collective Redundancies following Insolvency’ was published on 9 June 2021. This set out several commitments to further safeguard the rights of workers including the setting up on a statutory basis of an Employment Law Review Group.
The ELRG has been established on a statutory basis by the enactment of the Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024, which was commenced on 1 July 2024.
The ELRG’s function will be to monitor, review, and advise on all aspects of employment and redundancy law, with a specific focus on promoting good workplace relations in the State, simplifying the operation of employment and redundancy law in the State, and ensuring that the State’s suite of employment rights and redundancy legislation remains relevant and fit for purpose and is updated to reflect international developments.
The ELRG will comprise of members who have expertise and an interest in the development of employment and redundancy law, including practitioners (the legal profession and accountants/liquidators), users (business and unions), regulators (implementation and enforcement bodies) and representatives from government departments.
The ELRG’s focus will be more expert, technical, and legal rather than representative of stakeholders’ interests. Members will engage with the work programme of the ELRG and contribute to ELRG reports.
The Minister for Enterprise, Trade and Employment, Peter Burke TD said:
“The ELRG will provide a valuable resource in conducting ongoing assessments of employment law to ensure our legal framework is fit for purpose. Emerging trends will be examined to ensure that our employment legislation adapts to changes in the evolving contemporary workplace.”
Membership of the ELRG will consist of representatives of the bodies and agencies listed in Appendix 1 below.
Welcoming the call for nominees and expressions of interest, Minister of State for Business, Employment and Retail, Emer Higgins TD said:
“The ELRG will be comprised of members with an interest and expertise in the development of employment and redundancy law. This will include members from the legal, accountancy and insolvency professions; representatives from business, unions and regulators; as well as Ministerial nominees.”
The legislative enactments that will be kept under review by the ELRG are listed in Appendix 2 below.
Wendel completes the acquisition of c.50% of Globeducate, a leading international K-12 education group
Wendel (Euronext: MF.FP) has completed the acquisition of c.50% of Globeducate, one of the world’s leading international K-12 education groups, from Providence Equity Partners, (“Providence”), a premier private equity firm specializing in growth-oriented investments in media, communications, education and technology.
Wendel invested €625 million of equity, at an Enterprise Value of c.€2 billion1, to join Providence, which has been the Globeducate reference shareholder since 2017, and both firms will now own c.50% of the group.
Founded in 1972 in Spain, Globeducate provides K-12 (primary and secondary) education through a network of 67 premium bilingual and international schools, as well as online programs, across 11 countries mostly in Europe. The Group employs more than 6,000 people, including 4,000 highly qualified teachers.
Globeducate schools provide more than 40,000 students with a world-class education adhering to high academic standards. Globeducate students representing a wide range of backgrounds, benefit from a comprehensive and innovative educational experience – as well as first-class pastoral care – to prepare them to become ‘global citizens who can shape the world’. Many students achieve top grades and are typically accepted into higher education programmes at 50 of the world’s top 100 universities. School facilities are modern and well-appointed, having benefited from significant investment in recent years. Importantly, Globeducate aligns closely with Wendel’s strategy and values.
Providence has been the majority shareholder of Globeducate since 2017. Under Providence’s ownership, Globeducate has delivered double-digit average annual revenue growth through a combination of organic growth new developments, and accretive external growth, with 23 international accretive acquisitions completed over the period and opportunities in the pipeline.
Globeducate is expected to achieve revenue2 of c.€440 million, c.80% of which would be generated in Europe, and EBITDA3 of c.€120 million in its financial year ending August 2025.
Agenda
Thursday, October 24, 2024
Q3 2024 Trading update – Publication of NAV as of September 30, 2024 (post-market release)
Thursday, December 6, 2024,
2024 Investor Day.
Wednesday, February 26, 2025
Full-Year 2024 Results – Publication of NAV as of December 31, 2024, and Full-Year consolidated financial statements (post-market release)
Thursday, April 24, 2025
Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release)
Thursday, May 15, 2025
Annual General Meeting
Wednesday, July 30, 2025
H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)
1 EV including IFRS 16 impacts. Excluding IFRS 16, EV stands at c.€1.86 billion.
2 Including ongoing acquisitions under exclusivity (c.€25 million).
3 Including ongoing acquisitions under exclusivity (c.€9 million). Including IFRS 16 impacts. EBITDA excluding IFRS 16 impacts stands at c.€96m.
Headline: Narrowing the Digital Divide: Households with broadband, laptops and desktops rising
Today, we’re launching a refresh of the Microsoft Digital Equity Data Dashboard with current data from the FCC, the United States Census Bureau, Code.org, Broadband Now, and Microsoft to help federal, state, and local policymakers gain a better understanding of the factors contributing to the digital divide in communities across the United States. Originally launched in 2022 as part of our Airband Initiative, the dashboard provides critical data to help understand broadband gaps at the local level, allowing these decision makers to anchor their policies and programs in data and maximize investments in areas of highest need.
Today’s update allows tracking of historical broadband data to analyze trends and progress being made as a result of government and private sector investments. This includes the new data from the dashboard, which shows that all states, including Puerto Rico and the District of Columbia, saw an increase in the number of households with broadband connections as well as an increase in the number of households with laptops or desktops. The greatest changes were in households earning less than $20,000. These households saw an average increase of over 10.8 percentage points in internet connectivity compared to previous metrics, meaning there are nearly 325,000 more households connected in this group.
We’ve long held the belief in the value of data, and this dashboard refresh is the latest step in our ongoing journey to help close the digital divide around the world.
Bridging the Rural Broadband Gap in the United States
In 2017, we launched the Microsoft Airband Initiative with a clear mission: to bridge the significant rural broadband gap in the United States. That year, government data showed that at least 23.4 million people across the United States did not have access to reliable high-speed internet, and this lack of access createdsignificant barriers to education, healthcare, and economic opportunities. At the same time, it’s been shown thatincreasing access and usage of broadband in rural areas leads to higher property values, increased job and population growth, increased entrepreneurship, and lower unemployment rates.This stark reality illustrated by this data highlighted the urgent need for action to bridge the digital divide.
We set out to help solve the problem by bringing private sector investment and innovative technologies together with advocacy for regulatory support and financial frameworks to increase connectivity. Over the years, we have tried different approaches to bridging the digital divide, and we’ve learned a lot. We initially focused onTV White Spaces, believing this unique technology would extend reliable and affordable broadband to rural areas. As time went on, we determined that to make a tangible impact in rural communities, we couldn’t rely on specific technology, so we shifted to a technology neutral approach. Today, our partners are leveraging fiber, fixed wireless, satellite, and other disruptive technologies to drive broad networks deeper into rural areas. As a result, our partners have extended coverage toover7.4 million people in rural communities across 41 states and territories in the United States.
But technology alone was not a solution. High costs, the absence of new and alternative technologies, and market and regulatory conditions all hampered efforts. The economic impact was substantial, not only hindering individual progress but also stifling the overall development of rural areas. So, we also used our corporate voice and joined forces with others to directly advocate for Congress to deploy targeted funding to combat the digital divide.
Targeted Funding to Combat the Digital Divide
In the U.S., none of the progress we’ve seen would be possible, without the vision of the U.S. Congress to proactively and significantly invest in broadband infrastructure programs. Our experiences since 2017 have made it clear that these government investments are necessary to drive deep impact. Bipartisan investments in digital infrastructure and inclusion through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the American Rescue Plan Act (ARPA), and the Infrastructure Investment and Jobs Act (IIJA) were a huge step forward in our journey to close the digital divide in the United States.
As a result of these government investments and public private partnerships,our internet service provider partners in the U.S. have received more than $725 million in government infrastructure funding awards to accelerate network expansion and drive broadband adoption across the country, with approximately 80% going to rural communities.
An example includes Microsoft partner,Nextlink Internet, which is leveraging government investment and partnership to bring meaningful connectivity to rural communities in the Midwest, Southwest, and Southeast regions of the United States.Federal infrastructure fundingenabled Nextlink to extend their seven-state footprint to 11 states in total: Indiana, Illinois, Iowa, Kansas, Louisiana, Minnesota, Nebraska, Oklahoma, Texas, Wisconsin, and Wyoming.
Looking Forward Globally with a Clear Vision
Outside of the United States, our global partnerships have brought coverage to nearly 100 million previously unserved and underserved people. Internationally, we’re also seeing success from similar models of participating in government infrastructure programs, with the U.S. government leading the way. This includes significant investments and leadership from the United States Agency for International Development (USAID) via theDigital Invest programand theWomen in the Digital Economy Fund (Wi-DEF), as well as the United States Trade and Development Agency’s (USTDA)Digital Transformation with Africainitiative.
These partnerships have also enabled digital infrastructure and off-grid energy in unserved and underserved communities around the world. In Nigeria, for instance, providers likeTizetiare leveraging government investments to bring connectivity to schools, health clinics, and community anchor institutions. And communities are experiencingimproved outcomesin education and healthcare as a result. If connectivity alone has enabled these outcomes, imagine what additional innovation AI could unlock.
But there are still 2.6 billion people who remain offline. Limited internet can exacerbate economic inequalities and inhibit access to social services, civic activities, and online learning resources. In places where we’re using AI to map global populations in real-time, we can provide early warnings that allow communities to better plan disaster recovery during times of crisis. Communities that remain offline do not get these early warnings and cannot act on them. As AI becomes more prevalent, communities that remain offline will not be able to fully access the benefits of this new technology.
To continue momentum, we are looking to the lessons we learned in the U.S. We must scale innovative technologies, expand connectivity and energy access, and leverage strategic partnerships. Governments, financial institutions, philanthropic institutions, and the private sector must come together to address critical financing barriers, invest in development finance, and expand digital infrastructure.
We’ve committed to reaching 250 million people with meaningful connectivity by the end of next year. Today, we’re calling for continued support and collaboration from all sectors to ensure no one is left behind. We call on all stakeholders to join us in this mission.
Governments must create enabling regulatory environments that prioritize funding for digital infrastructure and support quick and efficient allocation of funding by federal, state, and local entities.
The private sector must invest in innovative technologies and business models.
Philanthropic organizations must continue to advocate for digital inclusion and develop initiatives anchored in the local community.
The journey to close the digital divide is a long one. Building out infrastructure takes time. It’ll take time for us to see some of the direct results of this work, but there is room for optimism. We are extremely grateful for the leadership and vision of the United States government, which is laying a blueprint for other countries to follow, as well as state and local leaders working to ensure these programs are successful. We encourage all policymakers to proceed efficiently so the benefits of these investments reach local communities sooner rather than later.
With continued collaboration and commitment, we can use the power of data, technology, and partnership to achieve our ambitious goals. We’re dedicated to making a lasting impact, and we are excited about the future.Let’s come together to bring the power of digital connectivity and transformation to people around the world.
Tags: Airband initiative, broadband, broadband access, connectivity, digital access, digital divide, digital inequity, Digital Inequity Dashboard, Internet access, rural broadband
Subsea 7 S.A. has received notification of transactions in its shares by a major shareholder. Please see the attached forms for details. This information is pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
MILES AXLE Translation. Region: Russian Federation –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
Dmitry Patrushev held a meeting of “Incident No. 42” “Fishing vessels”
October 16, 2024
Dmitry Patrushev held a meeting of “Incident No. 42” “Fishing vessels”
October 16, 2024
Dmitry Patrushev held a meeting of “Incident No. 42” “Fishing vessels”
October 16, 2024
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Dmitry Patrushev held a meeting of “Incident No. 42” “Fishing vessels”
Deputy Prime Minister Dmitry Patrushev held a meeting of “Incident No. 42” “Fishing Vessels”. With the participation of representatives of the Ministry of Agriculture, the Ministry of Industry and Trade, the Federal Agency for Fisheries, other interested departments, the United Shipbuilding Corporation, shipyards and the industry business community, current issues of construction of the fishing fleet were considered.
“In the second half of 2024, four vessels were delivered to customers: two fishing vessels and two crab vessels. In total, 30 vessels have been built to date within the first stage of investment quotas. Six more should be delivered by the end of the year,” said Dmitry Patrushev. According to the Deputy Prime Minister, the achieved dynamics cannot be reduced.
The implementation of the second stage of investment quotas is also ongoing. An auction for crabs has already taken place, as well as two bidding campaigns for other types of aquatic bioresources. As a result, contracts for the construction of 31 vessels have been concluded, one of which has been delivered to the investor.
The meeting participants paid special attention to issues related to the termination of contracts with investors who were unable to fulfill their obligations, as well as the extension of the construction deadlines for the first stage of crab catchers. Dmitry Patrushev recalled that the initial deadlines for 20 current contracts expire on October 30 of this year. The issue of extending the construction deadlines was discussed. In this regard, Rosrybolovstvo, together with the Ministry of Industry and Trade and the Ministry of Agriculture, must promptly develop decisions on terminating contracts, extending deadlines, or transferring the construction of vessels to other shipyards.
Following the meeting, Dmitry Patrushev instructed interested federal executive bodies to ensure the timely delivery of financial resources to shipbuilding organizations.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Source: United States Senator for Wisconsin Tammy Baldwin
WISCONSIN – Today, U.S. Senator Tammy Baldwin (D-WI) called on the U.S. Department of Agriculture (USDA) to provide immediate assistance for Wisconsin farmers impacted by the sudden closure of Pure Prairie Poultry, which has left poultry farmers in Wisconsin staring down crippling financial losses without feed and a processor for their birds.
“Hard-working Wisconsin farmers across our state have been left high and dry by the abrupt closure of Pure Prairie Poultry,” said Senator Baldwin. “Our agriculture industry is the beating heart of many of our communities and, in the face of this dire situation, I’m calling on USDA to do everything they can for these Wisconsin farmers who now stare down financial ruin through no fault of their own.”
In September, Pure Prairie Poultry, an Iowa-based Poultry processor, abruptly closed its plant, leaving farmers across Wisconsin, Iowa, and Minnesota without access to feed for their chickens or capacity to process the birds. In her letter today, Senator Baldwin continues her to call on USDA to intervene and assist farmers who now face extreme financial hardship, especially given USDA’s substantial investment of over $47 million in Pure Prairie Poultry prior to their closure.
Senator Baldwin also raised concerns for the animal’s well-being and the potential for this closure to exasperate the avian flu outbreak as farmers are resorting to giving away chickens by the tens of thousands.
Today, Senator Baldwin called on USDA to immediately address this emergency for Wisconsin farmers by:
Engaging with the Wisconsin State Department of Agriculture, Trade, and Consumer Protection (DATCP) to locate all impacted producers;
Providing feed and/or financial assistance to all impacted farmers to make them whole again;
Providing recommendations for legislative or regulatory solutions to ensure a preventable emergency like this never happens again.
A full version of this letter is available here and below.
Dear Secretary Vilsack,
I write to you to request immediate assistance for Wisconsin farmers and producers impacted by the bankruptcy of Pure Prairie Poultry.
In September, Pure Prairie Poultry filed for bankruptcy and has since abruptly closed, leaving farmers without access to feed for their chickens or capacity to process the birds. As the lead federal agency with a significant financial interest in the company, including over $47 million in investments by the U.S. Department of Agriculture, I urge to use your resources and authority to mitigate this hardship for impacted farms in Wisconsin.
This situation remains urgent due to the hundreds of thousands of animals’ lives at risk and the financial hit for the farmers that contracted with this processor. I believe there is a strong case for the agency to intervene based on the animal welfare concerns. There is also an ongoing outbreak of highly pathogenic avian influenza that poses a serious risk of spreading as farmers have no better option than to give away chickens by the tens of thousands. The hardship for producers and potential threat of this disease underscores the need for timely support for Wisconsin farmers.
Therefore, I request that the agency take the following steps to mitigate the ongoing animal welfare and farmgate emergency in Wisconsin:
Engage with the Wisconsin State Department of Agriculture, Trade, and Consumer Protection to locate all impacted producers;
Provide feed and/or financial assistance to all impacted farmers to make them whole again;
Provide recommendations for legislative or regulatory solutions to ensure a preventable emergency like this never happens again.
Thank you for your time an attention to this matter. I hope we can work together to provide a solution to Wisconsin farmers who need it.
Sincerely,
DENVER – Today, Governor Polis and the Business Funding & Incentives division of the Colorado Office of Economic Development and International Trade (OEDIT) announced three new recipients of the Innovative Housing Incentive Program (IHIP) grant. This transformational grant continues the Polis Administration’s work to increase the supply of housing across Colorado. The funding announced today will directly incentivize the creation of over 480 attainable housing units across Colorado.
“We need more housing now, and this new round of IHIP grant funding will help create 480 new housing units for Coloradans,” said Governor Jared Polis. “With more housing, more people will be able to live in terrific communities close to work and recreation.”
With this latest round of grants, the Polis Administration has awarded 12 IHIP grants directly incentivizing the creation of 2,000 attainable housing units across Colorado and contributing to the recipients’ work to create more than 7,500 units over the next three years.
“The Innovative Housing Incentive Program Is making a measurable difference in Colorado’s housing supply, and we know that impact will grow over time ,” says Eve Lieberman, Executive Director of OEDIT. “We’re proud of the work these companies are doing to address Colorado’s housing shortage and help us ensure that our state has housing for every budget.”
All three grant recipients are based in Colorado, with awards ranging from $100,000 to $722,000 in performance-based funding. Recipients include:
3D West – Colorado Springs- 3D West offers modern building technologies and pre-manufactured building methods for Accessory Dwelling Units (ADU), affordable housing and multifamily units. The company plans to build their first four units in partnership with Alquist 3D and StructureBot, both companies that have been supported by OEDIT programming to expand in the state. 3D West is approved for up to $100,000.
BYLD – Commerce City- This software and hardware company is transforming the construction industry with its unique paint-by-numbers approach, which significantly reduces labor costs and accelerates construction timelines. This innovative method streamlines the building process, enhancing efficiency and productivity. BYLD is approved for up to $722,000 in per-unit cash rewards for constructing over 350 units across Colorado over the next three years.
Studio Shed – Louisville- Established in 2008, Studio Shed is a leading manufacturer of panelized kit buildings, specializing in backyard sheds, ADUs and multifamily housing. Studio Shed has been at the forefront of innovative, scalable building solutions and has been approved to receive up to $180,000 in performance-based grant funding, at $1,500 per unit. The company plans to in turn share a $1,500 discount with its customers.
About the Innovative Housing Incentive Program
The Innovative Housing Incentive Program (IHIP) helps address Colorado’s housing shortage by supporting the development and expansion of the state’s innovative housing manufacturing businesses. IHIP is part of an emerging suite of OEDIT-affiliated programs that offer housing financing tools to help increase the supply of affordable and attainable housing across Colorado. These programs include the Proposition 123 Affordable Housing Financing Fund, staffing of the Middle Income Housing Authority and work by the Colorado Creative Industries Division via the Community Revitalization and Space to Create programs.
About Colorado Office of Economic Development and International Trade (OEDIT)
The Colorado Office of Economic Development and International Trade (OEDIT) works with partners to create a positive business climate that encourages dynamic economic development and sustainable job growth. Under the leadership of Governor Jared Polis, we strive to advance the State’s economy through financial and technical assistance that fosters local and regional economic development activities throughout Colorado. OEDIT offers a host of programs and services tailored to support business development at every level including business retention services, business relocation services, and business funding and incentives. Our office includes the Global Business Development division; Colorado Tourism Office; Colorado Outdoor Recreation Industry Office; Colorado Creative Industries; Business Financing & Incentives division; the Colorado Small Business Development Network; Cannabis Business Office; Colorado Office of Film, TV & Media; the Minority Business Office; Employee Ownership Office; and Rural Opportunity Office. Learn more at oedit.colorado.gov.
Source: United Kingdom – Executive Government & Departments
First round of funding launches for up to 300 school-based nurseries – part of government’s Opportunity Mission to give every child the best start in life
Thousands of families are one step closer to accessible, affordable and high-quality early years provision in their local area, as the first stage of the government’s plan to deliver 3,000 school-based nurseries begins today (17 October).
Primary schools can now apply for up to £150,000 of £15 million capital funding, with the first stage of the plan set to support up to 300 new or expanded nurseries across England.
This comes as 321,462 additional children are now accessing 15 hours of government-funded early education per week, since the government delivered on the promises made to parents for the second phase of the childcare rollout last month.
The work forms part of the government’s Opportunity Mission, which will break the unfair link between background and opportunity – starting with giving every child the best start in life and resetting the relationship with the early years sector to boost life chances for children and work choices for parents.
The delivery of this phase has been in no small part due to the brilliant joined-up efforts of local authorities and providers. The Secretary of State has promised a new era of child-centred government and will work alongside the sector to deliver meaningful long-term reform of early years, whilst building the places and workforce that are required for the next more challenging phase.
Importantly, this will be done in a way that makes the hours accessible and affordable for all families that need them. That’s why the government is taking action to tackle reported instances of parents facing very high additional charges on top of the funded entitlement hours.
These could include mandatory extra charges for nappies, lunch or other ‘consumables’ – and should not be made a condition of accessing a funded place.
In the coming months, the government will be engaging with local authorities and providers to clarify our statutory guidance on charging, including on so-called ‘top up fees’ and consider how we better support local authorities to protect parents from overcharging.
Education Secretary Bridget Phillipson said:
All children should have the opportunity of a brilliant early education, no matter who they are, where they’re from or how much their parents earn.
Our new school-based nurseries will provide thousands of additional places where they are needed most, plugging historic gaps and making sure geography is no barrier to high quality childcare.
Whilst some parents may not get their first-choice place next September, I’m determined that every parent is able to access and afford the hours that they are entitled to.
According to the Department for Education’s latest projections, around 70,000 additional places and 35,000 early years educators will still be needed to deliver the expansion to 30 hours next September, with some of the most disadvantaged areas in need of the largest uplifts.
Published for the first time, the projections show that around half of local areas need to increase their capacity by between 10% and 20% to meet demand for September. Some need an uplift of more than 20% – with areas that see traditionally lower household incomes including Northumberland, Plymouth and Rotherham all in this group.
That’s why the government is taking action now, and providing schools, private providers and local authorities a clear picture of the department’s understanding of demand, and where there are gaps in supply.
Providers and schools are urged to consider the latest data in their bids for the school-based nurseries programme, and work closely with local authorities to outline how proposals will respond to local need and subsequently contribute to the government’s plan for an early years system that breaks down barriers to opportunity for children across the country.
While all parts of the sector are valuable to delivering the quality care that our children need, schools are at the heart of our communities. Proportionally, school-based nurseries currently look after more children with special educational needs and offer a higher number of places in the most deprived areas.
School-based nurseries currently have lower turnover and the option to use some staff more flexibly between reception and early primary, and the government is working with the early years sector through our expanded recruitment campaign to attract more people to a career in early years.
To make sure the programme is delivered in a way that continues to support or most vulnerable children and builds on the important offers of the existing market, the school-based nursery funding will be available to projects that are school-run or delivered by private and voluntary providers or childminders.
So that the government can ensure new provision is in the right places and meets the needs of parents, children and schools, schools who are interested in expanding but are not currently ready to apply will be able to register an interest for future phases of the programme.
We expect funding to be allocated to successful schools in Spring 2025 to support delivery for the first cohort of places for the September rollout.
Paul Whiteman, general secretary of the school leader’ union, NAHT said:
School-based nurseries play a vital role in the early years sector. It makes sense that where there is spare capacity in schools and demand in the local area, that the government looks to expand school-based provision.
It will be important that interested schools are well supported through this process, both practically and financially, and that the government continues to focus on building a strong and sustainable early years workforce.
We would encourage schools that are ready to expand or open a nursery to apply for this grant, and for those who may be interested in future to register their interest with the DfE.
Accessible, affordable childcare is vital economic infrastructure, enabling women who would otherwise have been forced out of the workforce to choose to stay in work, and benefitting not just them and their families but also the wider economy.
The increase in the funded entitlement hours is welcome recognition of this fact, but we still hear all too often from parents on Mumsnet who struggle with top up costs or face shortages of childcare places in their area.
These measures will help ensure that all families can access the childcare they need when and where they need it.
Source: New Zealand Ministry of Foreign Affairs and Trade – Safe Travel
Reviewed: 17 October 2024, 13:22 NZDT
Still current at: 17 October 2024
Related news features
If you are planning international travel at this time, please read our COVID-19 related travel advice here, alongside our destination specific travel advice below.
Do not travel to the border area with Eritrea. A long-running border dispute has caused tensions between Djibouti and Eritrea. The security situation remains fragile and further conflict is a possibility (level 4 of 4).
Do not travel within 10km of the border with Somalia (Somaliland) due to the threat of kidnapping (level 4 of 4).
Exercise increased caution elsewhere in Djibouti due to the threat from terrorism (level 2 of 4).
Djibouti
Terrorism There is an ongoing threat from terrorism in Djibouti. The Somalia-based terrorist group Al-Shabaab has previously issued public threats against Djibouti. Past attacks have resulted in foreign fatalities and the possibility of future indiscriminate attacks, particularly in areas frequented by foreigners, cannot be discounted.
New Zealanders in Djibouti are advised to keep themselves informed of potential risks to safety and security by monitoring the media and other local information sources. We recommend following any instructions issued by the local authorities and exercising vigilance in public places and in areas known to be frequented by expatriates and foreign travellers.
Civil unrest Demonstrations occur from time to time in Djibouti, mostly linked to domestic political developments. New Zealanders in Djibouti are advised to avoid all demonstrations, protests and large public gatherings as even those intended as peaceful have the potential to turn violent with little warning.
Crime Petty crime such as bag snatching, pickpocketing and theft from vehicles occurs in Djibouti and is common in tourist areas. We advise New Zealanders to be alert to their surroundings, be security conscious at all times and take steps to safeguard and secure their personal belongings.
New Zealanders in Djibouti are advised to avoid wearing or displaying items that appear valuable, such as electronic devices and jewellery.
New Zealanders should avoid walking and travelling at night, particularly to isolated areas, such as Dorale and Khor Ambado beaches and to avoid all public transportation, including taxis as these are considered unsafe. Hotel, airport shuttle services, or privately hired transport are a safer alternative.
Kidnapping There is a threat of kidnapping throughout Djibouti, especially within 10kms of Djibouti’s border with Somalia (Somaliland). Kidnappers may be motivated by financial gain or terrorism. See our page on hostage taking and kidnapping for more advice.
Piracy Piracy remains a significant problem in the coastal areas of Djibouti. Attacks against all forms of shipping are common in and around Djibouti’s waters and the Gulf of Aden. Mariners are strongly advised to take appropriate precautionary measures in these waters. For more information view the International Maritime Bureau’s piracy report.
General travel advice There is a danger from unexploded landmines in Djibouti along the border with Eritrea, Somalia and Ethiopia. Mined areas may be unmarked. New Zealanders are advised not to stray from well-used roads and paths in rural areas.
Djibouti is a mostly Muslim country and the Islamic holy month of Ramadan is one of Djibouti’s most important religious dates.
New Zealanders are advised to respect religious, social and cultural traditions in Djibouti to avoid offending local sensitivities. Modesty and discretion should be exercised in both dress and behaviour.
Same-sex relationships are legal in Djibouti, but not widely accepted. See our advice for LGBTQI+ travellers here.
Photography of any official infrastructure is prohibited, and could result in detention. If in doubt, don’t take a picture.
Modern medical services in Djibouti are very limited, so we advise New Zealanders travelling or living in Djibouti to have a comprehensive travel insurance policy in place that includes provision for medical evacuation by air.
As there is no New Zealand diplomatic presence in Djibouti, the ability of the government to provide consular assistance to New Zealand citizens is severely limited.
New Zealanders in Djibouti are encouraged to register their details with the Ministry of Foreign Affairs and Trade.
The New Zealand Embassy Addis Ababa, Ethiopia is accredited to Djibouti
Street Address Bole Sub City, Woreda 03, House No 111, Behind Atlas Hotel/close to Shala Park, (Namibia Street), Addis Ababa, Ethiopia Postal Address New Zealand Embassy, Ministry of Foreign Affairs and Trade, Private Bag 18-901 Wellington Mail Centre 5045, Wellington Telephone +251-11-515-1269 Fax +251-11-552-6115 Emailaue@mfat.govt.nzWeb Sitehttps://www.mfat.govt.nz/ethiopiaHours Open to the public: Monday – Friday, 9am-12pm by appointment Note In an emergency or if you require urgent assistance after hours, please call the New Zealand Ministry of Foreign Affairs and Trade’s 24/7 Consular Emergency line on +64 99 20 20 20.
Senator Rosen Helped Introduce Bipartisan Legislation Later Signed into Law To Block the Iranian Regime’s Petroleum Trade
WASHINGTON, D.C. – U.S. Senator Jacky Rosen (D-NV) joined a bipartisan group of senators in a letter urging the Biden Administration to fully implement bipartisan legislation she helped introduce and pass into law to ensure Iran’s regime cannot benefit from its petroleum trade. As Iran and its proxies escalate their attacks on Israel and efforts to destabilize the Middle East, Senator Rosen and her colleagues are calling on the Administration to report to Congress on efforts to deny Iran’s regime the ability to engage in destabilizing activities, terrorism, and weapons development activities. To date, the Administration has failed to meet several of these reporting deadlines, which are required by law.
“For decades, there has been evidence that Iran has funded direct attacks on America and our allies. Since Hamas’ attack on Israel on October 7, 2023, Iran has only become more emboldened to act against democratic interests across the globe,” wrote the Senators. “Due to the quantity of oil that Iran is able to trade and the subsequent profits, as well as their historical pattern of utilizing these funds to foster violence and chaos, it is vital that the United States take concrete action to disrupt their petroleum trade. Therefore, we ask the administration to honor the reporting deadlines and enforcement requirements prescribed within the SHIP and Fight CRIME Acts that were included in H.R. 815, the emergency supplemental appropriations.”
“Given the havoc Iran is wreaking in the Middle East and the wider region, this information is both timely and vital for Congress to carry out appropriate sanctions oversight and understand what greater legislative action is required to ensure Iran does not have the resources to harm the United States or our partners and allies,” they continued. “We look forward to these timely reports and enhanced understanding of the Administration’s plan to counter Iranian oil trade and accessible revenue for their funding of terrorism.”
The full text of the letter can be found HERE.
Senator Rosen has been fighting to protect U.S. national security and counter Iran’s destabilizing actions in the Middle East. Earlier this year, she introduced bipartisan legislation to counter space threats posed by Iran. Last year, Senator Rosen called on the Biden Administration to refreeze $6 billion in Iranian assets held in Qatar following Hamas’ October 7th terrorist attack on Israel. She also stood up to her party and voted in favor of several Republican amendments to combat Iranian aggression and support Israel. Senator Rosen also helped introduce the bipartisan Solidify Iran Sanctions Act to make the Iran Sanctions of 1996 permanent, allowing the President to impose sanctions on Iran’s energy sectors.
Gambling, especially sports and race betting, is a hot political issue at the moment.
This is largely due to the recommendations from a 2023 report from a nonpartisan federal government committee, chaired by the late Peta Murphy, called You Win Some, You Lose More.
This report recommended “the Australian government, with the cooperation of the states and territories, implement a comprehensive ban on all forms of advertising for online gambling”.
This has led to lots of debate and controversy.
Recently, Peter V’landys, head of the NRL and Racing NSW, claimed lotteries were more harmful than race and sports betting combined, citing independent statistics.
Let’s explore the relative harm of different types of gambling and see if this claim holds up.
Australians love a punt
Gambling is widespread in Australia, with more than half of adults engaging in at least one form each year.
According to the latest national data, lotteries are the most common type (40% of Australians buy a ticket annually), followed by race betting (17%), pokies (16%), scratchies (15.7%) and sports betting (9.6%).
However, the popularity of a gambling form doesn’t necessarily reflect its harm. Different gambling activities have distinct characteristics.
Two key factors mean that some gambling forms are more harmful than others: the speed of gambling and bet size.
Pokies allow for frequent, small bets, with spins every three seconds. Race and sports betting can involve much larger sums and betting that is relatively fast, but still slower than pokie spins.
Sports betting, in particular, is getting faster with in-play betting and microbetting.
Poker machines, or ‘pokies’ are the biggest single source of gambling losses in Australia.
Lotteries, on the other hand, are much slower-paced.
People typically spend a small amount on tickets and wait for a draw to find out if they’ve won.
Although it’s possible to spend a lot on tickets, people tend not to, unlike with faster gambling forms.
The average spend on pokies among the 16% who play them is around $4,782 per year, compared to an average spend on lotteries of $377 per year. These are averages. Most won’t spend these amounts but some will spend far more, which raises the average amount.
V’landys’ claim about lotteries being more harmful than race and sports betting was based on “independent statistics”.
He said that of 100 people seeking help from a gambling hotline, 70 had issues with pokies, 15 with lotteries, eight with race betting, four with sports betting, and three with casinos.
We were unable to verify these figures – if anyone has the data, we’d love to see the research to assess them.
However, we do have publicly available data.
What the data say
The NSW GambleAware website’s 2020-21 report shows that of 2,886 people seeking help, 73.3% identified pokies as their primary form of gambling, while only 13 people (less than 1%) listed lotteries. Race betting accounted for 13.1%, and sports betting for 7.9%.
People who experience problems also usually take part in more than one form of gambling, as the NSW report showed.
When these secondary gambling activities were considered, sports betting was cited by 35.5%, race betting by 33.5%, pokies by 19.5%, and lotteries by 13.7%.
What we discovered
The best evidence on gambling problems and harm comes from large-scale prevalence studies, typically commissioned by governments and conducted by independent researchers.
These studies offer high-quality insights into how each gambling form contributes to problems.
While one prevalence study is great, our team recently combined data from seven national and state-based prevalence studies. This resulted in a very high-quality dataset that we can use to study this question.
In our analysis, we used statistical techniques to show how strongly each gambling form is associated with problems.
These techniques give us regression coefficients, which are just numbers that tell us how strong the association is. A higher number means a stronger association between that form and gambling problems.
The most problematic form was pokies (coefficient = 0.147), followed by casino games (0.136), sports betting (0.068) and race betting (0.038).
Lotteries, with a coefficient of 0.001, were the least problematic and were not statistically significant even in our large sample.
As you might guess from such a low number, there’s very little relationship between lotteries and gambling problems.
What about prevalence?
Prevalence matters too – while pokies were most strongly associated with problems, the number of people participating in each gambling form is also important.
Let’s consider an analogy – a car that gives out a lot of exhaust fumes. That car is harmful, but if virtually no one owns one, then it’s not going to account for much pollution.
The same idea applies for gambling forms. If a gambling form is very harmful but very few people do it, it doesn’t account for many problems in the population.
It works the other way, too – if there is a very clean type of car that many people drive, they also won’t add up to much pollution.
Similarly, if we have gambling forms that have very little association with problems, it won’t add up to many problems in the population, even if lots of people take part.
The regression coefficients tell us how problematic each gambling form is. Prevalance tells us how many people do it.
When we combine these two bits of information, we can work out the degree of problems in the community that come from each form.
When we did this, pokies were responsible for 52-57% of gambling problems in the community.
Sports and race betting each contributed 9-11%, with a combined total of around 20%.
Lotteries accounted for just 0.1-1% of problems.
Even if we include scratchies as part of lotteries, this only adds another 2-5% of problems, still far below sports and race betting.
The real issue
What’s the takeaway?
Lotteries are widely played but are not typically associated with much harm.
Sports and race betting, despite having fewer participants, are more harmful due to their faster pace and the potential for large, frequent bets.
Lotteries involve slower betting and lower spending, making them much less risky.
If we aim to reduce gambling harm in our community, the focus should be on pokies, which are widespread in pubs and clubs outside WA, casino games and race and sports betting.
These forms have features that make them far more harmful than slower-paced gambling like lotteries.
Alex Russell receives funding from Gambling Research Australia, the Department of Social Services, the NSW Responsible Gambling Fund, the Victorian Responsible Gambling Foundation, the ACT Gambling and Racing Commission, the New Zealand Ministry of Health, the South Australian Government, the Australian Communications and Media Authority, the Northern Territory Department of Industry, Tourism and Trade, the Alberta Gambling Research Institute and Arts Queensland. He previously provided statistical advice on projects to inform a casino group about gambling and gambling problems amongst their employees, and what could be done to reduce this.
He is a board member for the Australian Loneliness Research Foundation.
Matthew Browne has received funding from the ACT Gambling and Racing Commission, the NSW Office of Responsible Gambling, the Victorian Responsible Gambling Foundation, Gambling Research Australia, the Alberta Gambling Research Institute, the Queensland Department of Justice and Attorney-General, the Commonwealth Department of Social Services, the Office of Responsible Gambling, and the South Australian Independent Gambling Authority for various research studies on gambling behaviour, youth gambling, and the social costs of gambling, and gambling-related harm.
Matthew Rockloff receives funding from Matthew Rockloff has received funding from the ACT Gambling and Racing Commission, the NSW Office of Responsible Gambling, the Victorian Responsible Gambling Foundation, Gambling Research Australia, the Alberta Gambling Research Institute, the Queensland Department of Justice and Attorney-General, the Commonwealth Department of Social Services, the Office of Responsible Gambling, and the South Australian Independent Gambling Authority for various research studies on gambling behaviour, youth gambling, and the social costs of gambling, and gambling-related harm.
Source: People’s Republic of China – State Council News
BEIJING, Oct. 16 — China is forging its own path to modernization, offering not only inspiration to other developing countries but also tangible opportunities for growth amid a sluggish global economy.
Amid rising trade protectionism, China, the world’s largest developing nation, remains committed to advancing high-level opening up and serving as a reliable partner for developing countries on the path to modernization.
On the domestic front, China is prioritizing institutional openness, unlocking vast market potential and creating abundant opportunities for foreign businesses. Measures like lifting foreign investment restrictions in manufacturing and enhancing intellectual property protection are making China an increasingly attractive destination for global enterprises.
On the global stage, the China-proposed Belt and Road Initiative (BRI), which now encompasses over three quarters of the world’s countries, exemplifies China’s commitment to collaborative progress. Projects once deemed unattainable have become realities, significantly improving the lives of millions.
As Belt and Road cooperation has entered its second decade, new opportunities are emerging, with plans to break new ground through enhanced collaboration with partner countries. In July, a resolution was adopted during the third plenum of the 20th Communist Party of China Central Committee. It calls for efforts to improve the integrated framework for land, sea, air and cyberspace connectivity and build a multidimensional network to connect countries along the Belt and Road.
Cooperation within the BRI framework will be strengthened in key areas such as green development, the digital economy, artificial intelligence, finance, and disaster mitigation. As China rapidly advances in digital communications, it is well-positioned to assist partner countries in developing their digital economies and bridging the digital divide.
In the realm of technological innovation, China has consistently embraced a spirit of collaboration. Its belief that science should benefit all humanity is not mere rhetoric; it is reflected in concrete actions.
China has established scientific and technological cooperation ties with over 160 countries and regions, and signed 118 intergovernmental agreements on such cooperation. China also issued the International Science and Technology Cooperation Initiative, featuring open, fair, equitable and non-discriminatory international science and technology cooperation.
A prime example of such cooperation is the establishment of 10 overseas science and education centers by the Chinese Academy of Sciences in Africa, Central Asia, South Asia, Southeast Asia, South America and beyond. More than 100 scientific and technological projects have been launched, training nearly 5,000 high-level professionals from these regions.
China has provided the international community with abundant public goods, including the annual China International Import Expo and regional initiatives like the China-ASEAN Expo. These influential platforms are set to evolve into concrete cooperation projects that deliver tangible benefits to the people of participating countries. Committed to offering even more global public goods to support peace and prosperity, China aims to achieve more win-win outcomes through its reform and opening up while collaborating with other nations on modernization.
The effectiveness of these efforts is evident. Following its pledge in July to further open its doors to the world’s least developed countries, China announced in early September that it would grant zero-tariff treatment on 100 percent of tariff lines to all the least developed countries that have established diplomatic relations with China. This makes China the first major developing nation and the first significant economy to take such a step.
Cooperation between China and other developing nations is expected to accelerate in the future, especially in green transition efforts aimed at tackling climate change. China’s strengths in clean energy equipment and electric vehicles have already been translated into successful cooperation programs in relevant sectors across developing countries.
Modernization is a shared aspiration for humanity. Chinese modernization dispels the misconception that modernization equates to Westernization. Rather than pursuing isolated success or creating a model that hinders others, China is dedicated to partnering with other nations to jointly advance modernization.
As the world’s second-largest economy, China has contributed more than 30 percent of global economic growth over the past years. The widening door of opportunity being opened by Chinese modernization welcomes all, particularly Global South countries.
Allens has advised the lenders on the successful financial close of BCI Minerals’ $981 million financing for the Mardie Salt Project (the Mardie Project), marking a significant milestone in the development of Australia’s first large-scale salt project in decades.
The syndicate of lenders includes Northern Australia Infrastructure Facility, Export Finance Australia, Export Development Canada, Westpac Banking Corporation, and Industrial and Commercial Bank of China Limited.
The financing package comprises $830 million for construction loans, $70 million for bank guarantees, and $81 million for potential cost overruns. The Mardie Project has been accredited as a Green Loan aligned with the Green Financing Framework.
‘We are proud to have played a key role in this significant financing deal for the Mardie Project,’ said lead Partner Ben Farnsworth.
‘This not only represents a major investment but also highlights the growing importance of sustainable financing in the global market. The Green Loan accreditation underscores the project’s commitment to environmental sustainability and economic growth.’
Financial close was reached on 4 October. Allens continues to work with Lenders and BCI on satisfying the further conditions to the first drawdown of the construction loan facilities.
Allens legal team
Banking & Finance
Ben Farnsworth (Partner), Louise Barbato (Senior Associate), Madeleine Ninkov (Associate), Megan Lee (Associate), Mariella Panegyres (Lawyer)
Source: Eastern Institute of Technology – Tairāwhiti
35 seconds ago
Braydon Gregory is enrolled in the NZ Certificate in Mechanical Engineering (Level 3).
Following in his father’s footsteps by studying at EIT, is setting a student up for a career in mechanical engineering.
Braydon Gregory, 17, is currently doing his apprenticeship and is enrolled in the NZ Certificate in Mechanical Engineering (Level 3) at EIT – the same programme his father Aaron completed in the early 2000s.
Braydon left Napier Boys’ High halfway through Year 13 this year with a very clear plan of enrolling in Mechanical Engineering (Level 3) and doing his apprenticeship at his father’s company, Gregory Innovations Limited.
He says that he is a third generation product of Napier Boys’, but that mechanical engineering has also been a part of his life since he was young.
“I’ve pretty much been doing it since I was ten, and then I got top of engineering two years in a row at school.”
“It was then that I decided that I would get a head start by leaving school early and starting the EIT programme. Dad then offered me an apprenticeship opportunity.”
As part of this apprenticeship, Braydon is working with his father on contract work for Dennis Glenn Logging.
“The work we are doing is working on big diggers, big loaders and trucks. It is a wide variety of work.”
It is a busy time for Braydon, whose family has a farm in Puketapu. Not only does he work as a part-time shepherd (he has his own dog) for a neighbour, but he also works at Pan Pac Forest Products outside Napier on a Sunday.
Braydon says that his career path has been planned from the beginning, including studying at EIT.
“My father said that it’s a really good place to learn all the basic skills that you’ll carry on for the rest of your life, like sharpening a drill bit.”
“He said that if you went into industry straight away, they would just overlook it and not teach you. At EIT, you weld for as long as you want to get it right before going out into the industry.”
The aim after he has studied is to eventually take over the family business. However, before then, he plans to go on an OE.
“With my engineering qualifications I will probably travel with engineering, so either go to Australia for the big shutdowns or over to America where they do big pipelines. But the aim is definitely to take over the family business and carry that on.”
Asked what he enjoyed about EIT, Braydon said that the tutors made all the difference.
“It is more than a job for them, they really enjoy engineering and passing that knowledge on to us.”
He has no hesitation in recommending EIT as a place to study.
EIT’s Head of the School of Trades and Technology said: “The engineering industry are a big supporter of EIT’s Mechanical Engineering programme and provide excellent graduate pathways, it is fantastic to see one of our graduates pathway into the industry.”
Two films celebrating the dedication and tenacity of Korean and South Australian performers with and without disability will hit the big screen as part of the Asia-focused arts festival OzAsia.
Counterpoise,which features nine artists from Adelaide-based Restless Dance Theatre and the Korean 29Dong Dance Theatre, is a contemporary black and white dance film created at the height of the COVID-19 pandemic.
Directed by Larissa McGowan and Matt Byrne, the 20-minute dance film highlights the noise of life, as well as quiet loneliness within ourselves. Counterpoise’s detailed choreography melded with electrifying music by KOREAN MUSIC PROJECT using a combination of traditional and western instruments embedded with digital technology.
Dancing Against the Odds, a documentary directed by Adelaide filmmaker Matt Byrne, follows the innovative and inclusive journey of making Counterpoise over three years. Produced by University of South Australia arts management experts Dr Boram Lee and Professor Ruth Rentschler OAM, the 60-minute film embraces diversity, inclusion and self-expression.
The project began in 2020, when dancers could only collaborate virtually due to COVID-19. It wasn’t until 2022, when members from the three companies – Restless, 29Dong Dance Theatre, and KOREAN MUSIC PROJECT – could meet face-to-face in Adelaide for the first time and continue the bonds formed online.
In 2023, Restless Dance Theatre had the opportunity to travel to Seoul, reuniting the team for a public preview of Counterpoise and workshops with Korean artists with and without disabilities. This journey not only expanded the project’s reach but also nurtured community connections, inspiring a deeper appreciation for inclusive arts.
Dr Boram Lee says the project connected people across Australian and Korean borders to help foster a network of inclusivity and diversity through the arts.
“After a three-year saga of overcoming international borders, language barriers, and perceptions of disability, we’ve transformed the impossible into a breathtaking reality,” she says.
“This collaboration showcases the incredible power of public initiatives, made possible by the steadfast support of the Korean and Australian governments and our diverse partners.
“With multiple layers of collaboration among dancers, musicians, academics and filmmakers, we’ve fostered deep people-to-people connections, and we’re excited to share our learning with communities around the world.”
Professor Ruth Rentschler OAM says the project embraced diversity, inclusion and self-expression to help shift stereotypes around the capabilities of artists with disability.
“These films present disability in a new light. They showcase what the dancers can do rather than focusing on what they can’t do,” she says.
Counterpoise and Dancing Against the Odds is supported by the Korean Ministry of Culture, Sports and Tourism, and KOFICE as part of Kore·A·Round Culture 2023, the Australian Department of Foreign Affairs and Trade through the Australian Cultural Diplomacy Grants Program, Australia-Korea Foundation, and Arts South Australia.
Screening of the two films Counterpoise and Dancing Against the Odds
When: Tuesday 29 October, 5:45pm
Where: Palace Nova East End, Adelaide
The screening will be followed by an artists’ talk moderated by Prof Ruth Rentschler and including selected dancers in the film, and Dr Boram Lee.
Source: Hong Kong Government special administrative region
The Electrical and Mechanical Services Department (EMSD) today (October 17) removed four compact fluorescent lamp models, one washing machine model and three induction cooker models from the record of listed models under the Energy Efficiency (Labelling of Products) Ordinance (the Ordinance). Supply of such products is no longer allowed in Hong Kong with immediate effect.
Details of the products are as follows:
Compact fluorescent lamp
Importer/ Hotline/ Email Brand Model Reference number
The EMSD administers the Mandatory Energy Efficiency Labelling Scheme in accordance with the Ordinance and selects samples of the listed models regularly for conducting compliance monitoring tests to check whether they conform with the energy efficiency and performance characteristics submitted to the EMSD. As the test results of the products concerned showed that they failed to reach the relevant energy efficiency and/or performance characteristics, the EMSD has decided to remove such products from the record of listed models.
The EMSD has served notices under the Ordinance to the importers concerned. The importers will publish newspaper notices to announce the termination of supply of the products concerned.
Members of the public can contact the above importers for enquiries.
Source: People’s Republic of China – State Council News
Buyers from emerging markets are steadily taking the lead at the 136th session of the China Import and Export Fair, or the Canton Fair, replacing those from Europe and North America as the primary participants, according to the Ministry of Commerce.
The global trade event, held twice a year in Spring and Autumn, is being held from Tuesday through Nov 4, in Guangzhou, South China’s Guangdong province.
A total of 125,000 overseas buyers had registered for the 136th session of the fair by Oct 9. Among them, about 76 percent are from countries and regions involved in the Belt and Road Initiative, while 12.5 percent are from North America and Europe, said the Ministry of Commerce.
The driving forces behind this trend include the diversification of China’s export markets, rising business and consumer demand in emerging markets and shifting global trade dynamics, as economies in Southeast Asia, North Africa and South America become increasingly integral to global supply chains.
“These economies often show strong demand for the industrial products and consumer goods available at the Canton Fair,” said Chu Shijia, director of the Guangzhou-based China Foreign Trade Center under the Ministry of Commerce, one of the Canton Fair organizers.
As China is in the midst of a green transformation, its traditional exports — like household appliances and industrial equipment — are also making room for a fresh wave of technologically advanced and eco-friendly products, further meeting the needs of buyers from both developed and developing markets, said Han Yonghui, a professor specializing in foreign trade at Guangzhoubased Guangdong University of Foreign Studies.
Emerging markets represented by Southeast Asia, the Middle East and Latin America, with their vast market potential and promising development prospects, are attracting a growing number of Chinese enterprises seeking business opportunities, according to a report jointly released by Deloitte and WorldFirst, an international payment services provider.
As the internationalization of Chinese manufacturers and traders reaches a more mature stage, an increasing number of enterprises are embarking on a deeper level of internationalization — transitioning from product exports to establishing operations overseas — according to the report released on Monday in Guangzhou.
This involves contract fulfillment supported by the integration of “local entities, local operations and local supply chains”. For instance, according to data from WorldFirst, the number of Chinese merchants using the payment platform to expand their overseas operations in the first quarter surged 56 percent year-on-year.
Between 2018 and 2023, China maintained high growth rates of exports to its major trading partners in the Association of Southeast Asian Nations, the Middle East and Latin America, with compound annual growth rates generally exceeding 10 percent, according to the report.
“Over years of development, we have seen an increased number of trade partners from emerging markets,” said Li Zhaoying, CEO of ChillSun Technology Co.
The company, based in Huizhou, Guangdong, is attending the Canton Fair. “In addition to maintaining sustainable growth in developed markets, we are making efforts to reach more trade deals with buyers from emerging markets, especially those from member countries of ASEAN,” said Li.
Xiao Lu, deputy director of the department of foreign trade at the Ministry of Commerce, said China’s new trade growth drivers are gaining momentum. Armed with accumulated capital and technology, Chinese companies are eager to demonstrate their innovation and technological strengths, leveraging digital and green concepts to shape the future direction of the market.
“For instance, China-made new energy vehicles are now reaching over 170 countries and regions worldwide,” Xiao said.
Over a million new products and items with proprietary intellectual property rights will be showcased at the Canton Fair this time, including a range of humanoid robots, smart devices and autonomous driving products making their debut, said the Ministry of Commerce.
This photo taken from Jingshan Hill on Aug. 12, 2024 shows the skyscrapers of the central business district (CBD) on a sunny day in Beijing, capital of China. [Photo/Xinhua]
Home sales in major Chinese cities are ticking up this month, as a series of recent stimulus measures have boosted homebuyer sentiment.
The early signs of recovery in the housing market in big cities offer some relief as Chinese authorities seek to stimulate the world’s second-largest economy by stabilizing the property market.
The struggling property sector has been a major drag on China’s economy over the past few years, with cash-strapped developers and high inventories of unsold homes and unfinished projects.
In a bid to prop up the housing market, Chinese authorities in late September ordered to cut mortgage rates for existing loans, lower down payment ratios and relax purchase restrictions.
The cities of Beijing, Shanghai, Guangzhou and Shenzhen introduced their versions of stimulus measures for local housing markets just before the National Day holiday.
This came in late September, when a meeting of the Political Bureau of the Communist Party of China Central Committee underlined the need for efforts to reverse the real estate market downturn and stabilize the market.
The stimulus package has proven effective in boosting homebuyer sentiment in big cities quickly. This month, many housing sales centers in major cities are packed with clients as many once hesitant homebuyers are again jumping into the market.
On Sunday, 744 customers signed up to vie for 332 flats in a Shenzhen housing project, and all the flats were sold out in three and a half hours, a rarity before the stimulus package was announced.
The market rebound started with the week-long National Day holiday from Oct. 1 to 7. According to Leyoujia, a housing agency in Shenzhen, the conversion rate of home buyers for new homes — the ratio of finalized deals to all customers who have visited a real estate project — jumped to 12 percent from 2 percent.
Liu Xiaofei, a sales manager at property developer LVGEM Group in Shenzhen, said the new stimulus has greatly boosted the market and confidence, helping to increase the conversion rate and shorten the decision-making process.
During the holiday, buyers in Shenzhen signed initial purchase contracts for 1,841 new homes, up 664.1 percent from a year earlier, local data showed. Meanwhile, homebuyers signed contracts for 2,316 second-hand homes last week, a weekly transaction record in nearly three years, according to housing agency Leyoujia.
Liu believes the housing market is stabilizing after hitting a trough, but more measures are needed to further boost consumer confidence.
In Guangzhou, capital of south China’s Guangdong Province, homebuyers had signed initial purchase contracts for 6,687 new homes, up 137 percent year on year, after home purchase restrictions were lifted on Sept. 29, the Guangzhou Municipal Housing and Urban-Rural Development Bureau said on Oct. 12. The bureau attributed the strong growth to policy incentives and sales promotions by developers.
In Shanghai, 1,334 second-hand homes were traded on Sunday, the daily record in more than a year, according to the website of the Shanghai Real Estate Trading Center.
The daily number of more than 1,000 shows that second-hand home transactions are very active in Shanghai, said Lu Wenxi, an analyst with real estate agency Centaline Property.
A Shanghai homebuyer, surnamed Zhang, was a beneficiary of the stimulus. The down payment ratio for second-home purchases was lowered to 25 percent, allowing him to improve his living conditions much sooner, Zhang said.
The market also heats up in Beijing. The number of second-hand home transactions here nearly doubled from the previous month and surged more than 150 percent year on year from Oct. 1 to 15, according to Leng Hui, an analyst with the research institute of Lianjia, a major second-home realtor.
Li Yifeng, deputy research chief at China Index Academy, said Beijing, Shanghai and Shenzhen still have room to loosen housing policies to further stabilize the property market in the future.
Economic fundamentals are key to stabilizing the property sector and expectations, and if the economic recovery accelerates in the fourth quarter with stimulus measures, the property market in key cities could stabilize, and a similar result could even be expected for the market nationwide, Li said.
Under the Albanese Government, more Australians are working, earning more and keeping more of what they earn, with today’s ABS Labour Force figures showing well over a million jobs (1,039,300) have now been created since Labor came to office in 2022.
This is the first and only time any government of any political persuasion has overseen the creation of a million new jobs in a single parliamentary term.
This is a remarkable achievement, in the context of a slowing economy and a labour market that is expected to soften.
Today’s result means the Albanese Government continues to oversee the largest increase in employment in a single parliamentary term in Australia’s history.
In September, 64,100 jobs were created – 51,600 of which were full‑time positions.
It’s also encouraging to note that the labour force participation rate continued to increase over the month, rising by 0.1 percentage points in September, to stand at a record high of 67.2 per cent.
That equates to an additional 54,900 people entering the labour force over the month.
Importantly, the female participation rate increased to a record high of 63.2 per cent, equating to an additional 23,100 women entering the labour force.
Strong jobs growth was recorded across most Australian states and territories in September with employment now at a record high in five jurisdictions.
Particularly positive results were recorded in New South Wales (with employment up by 23,100 or 0.5 per cent), followed by Victoria (up by 21,700 or 0.6 per cent) and Western Australia (up 8,300 or 0.5 per cent).
Helping all Australians find work and delivering higher wages is one of the best ways we can support households with current cost‑of‑living pressures.
The average full‑time worker is now earning $159 extra per week since the Albanese Government was elected. And the average full‑time worker is also receiving a tax cut of $44 per week because of the Government’s cost‑of‑living tax cuts.
But while the Albanese Labor Government is focused on supporting more well‑paid, secure jobs, Peter Dutton and the Coalition have promised to cut wages and working conditions if they’re elected.
Just this week, Shadow Finance Minister Jane Hume told Sky News the Coalition will “definitely consider” a request to allow medium sized businesses to unfairly dismiss their workers, without repercussions.
This is on top of earlier promises from Peter Dutton to cut labour hire workers’ pay and scrap the rights of casual workers and the Right to Disconnect, forcing Australians into more unpaid overtime.
At a time when many Australians are doing it tough, Peter Dutton and the Coalition will make things worse.
We’re all about more people working, earning more and keeping more of what they earn and this shows we’re making good progress.
Peter Dutton and the Coalition want you to work longer for less.
Quotes attributable to Prime Minister Anthony Albanese
“Today’s data shows that one million new jobs have been created since our election, and that our Government has helped more Australians than ever into secure, well‑paid jobs – earning more and keeping more of what they earn.
“This is the most jobs ever created in a parliamentary term in Australian history.
“The majority of our one million new jobs are full‑time, around half are for women and the gender pay gap is at a record low.
Quotes attributable to Treasurer Jim Chalmers
“More than a million new jobs in one parliamentary term is a pretty remarkable achievement in a slowing economy, and it means more new jobs have been created on our watch than any other government at any time.
“This is the first and only time any government of any political persuasion has overseen the creation of a million new jobs in a single parliamentary term.
“It’s a tribute to Australian workers and employers and it justifies the responsible way we’re managing the economy.”
Quotes attributable to Minister for Employment and Workplace Relations Murray Watt
“This is a great result that is helping more Australians deal with cost of living pressures.
“There’s nothing more important than having a well‑paid job, so that you can pay your bills, and that’s what the Albanese Government is delivering.
“In contrast, Peter Dutton has promised to make life harder for people, by cutting wages and conditions and making it easier to get the sack.”
Q3 net sales declined 7% y-o-y in constant currency (-8% reported) as growth in Network Infrastructure and Nokia Technologies was offset by decline in Mobile Networks primarily in India and a divestment in Cloud and Network Services.
Order intake remained strong in Network Infrastructure, while the sales recovery continues to be slower than expected.
Comparable gross margin in Q3 increased by 490bps y-o-y to 45.7% (reported increased 500bps to 45.2%), with improvements across business groups, particularly in Mobile Networks.
Q3 comparable operating margin increased 160bps y-o-y to 10.5% (reported up 70bps to 5.7%), mainly due to higher gross margin, continued cost control and a benefit from the reversal of loss allowances for certain trade receivables.
Q3 comparable diluted EPS for the period of EUR 0.06; reported diluted EPS for the period of EUR 0.03.
Q3 free cash flow of EUR 0.6 billion, net cash balance EUR 5.5 billion.
Continued to make significant progress with cost savings program, EUR 500 million run-rate of gross savings actioned.
Nokia’s full year 2024 outlook is unchanged. Nokia currently expects comparable operating profit of between EUR 2.3 billion and 2.9 billion and free cash flow conversion from comparable operating profit of between 30% and 60%.
This is a summary of the Nokia Corporation Interim Report for Q3 2024 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at http://www.nokia.com/financials. A video interview summarizing the key points of our Q3 results will also be published on the website. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.
PEKKA LUNDMARK, PRESIDENT AND CEO, ONQ32024RESULTS
As I reflect on our performance in the third quarter, I am optimistic we are now turning the corner in many parts of our business, even if some continue to experience market weakness. Among the key highlights was a return to net sales growth in Network Infrastructure with Fixed Networks growing 9% in constant currency and IP Networks growing 6%. Order intake in Network Infrastructure continued to be robust with strong year-on-year growth and a growing order backlog. Additionally, we delivered a significant improvement in our gross margin at the group level and cash generation remained strong with EUR 621 million free cash flow in the quarter.
There are reasons for optimism across our portfolio. We expect a significant acceleration in growth in Q4 in Network Infrastructure and see a number of structural demand trends supporting our future growth. In Mobile Networks, although market dynamics are more challenging, we have secured several important deals in the quarter, remain confident in our competitive position and are improving our gross margin. In Cloud and Network Services we are seeing excellent momentum in 5G Core along with strong progress in network automation, cloudification and enabling network APIs. Nokia Technologies continues to benefit from greater stability following the conclusion of its smart-phone renewal cycle and is making good progress expanding into the new growth areas.
Across Nokia we are investing to create new growth opportunities outside of our traditional communications service provider market. We see a significant opportunity to expand our presence in the data center market and are investing to broaden our product portfolio in IP Networks to better address this. Our pending acquisition of Infinera will also bolster our Optical Networks exposure to this market and accelerate our growth opportunities. Additionally, we see a compelling new long-term opportunity in bringing 5G technology to the defense market and we continue to invest in private wireless networks where we are the clear market leader.
Regarding our financial performance in Q3, our net sales declined by 7% in the quarter in constant currency. Three quarters of the decline was driven by India due to a strong year-ago quarter. Importantly we delivered a significant improvement in comparable gross margin which expanded 490 basis points from the year-ago period to reach 45.7%. This was driven by a combination of improved product mix, regional mix and actions to reduce product cost. Despite continued intense competition, we remain disciplined on price while still winning deals as we remain focused on improving the profitability of our business. We also progressed our cost reduction efforts contributing to a solid improvement of 160 basis points in our comparable operating margin on a year-on-year basis.
Regarding full year 2024, our comparable operating profit outlook remains EUR 2.3 to 2.9 billion and we are currently tracking within the bottom-half of the range. The net sales recovery is happening slower than we expected previously, however, this is being partially offset by an improving gross margin and quick action on cost. We expect to be at the high end of our free cash flow target of 30% to 60% conversion from comparable operating profit.
FINANCIAL RESULTS
EUR million (except for EPS in EUR)
Q3’24
Q3’23
YoY change
Constant currency YoY change
Q1-Q3’24
Q1-Q3’23
YoY change
Constant currency YoY change
Reported results
Net sales
4 326
4 709
(8)%
(7)%
13 236
15 722
(16)%
(15)%
Gross margin %
45.2%
40.2%
500bps
46.1%
39.4%
670bps
Research and development expenses
(1 116)
(1 067)
5%
(3 376)
(3 197)
6%
Selling, general and administrative expenses
(692)
(697)
(1)%
(2 101)
(2 104)
0%
Operating profit
246
237
4%
1 082
1 127
(4)%
Operating margin %
5.7%
5.0%
70bps
8.2%
7.2%
100bps
Profit from continuing operations
145
130
12%
965
700
38%
Profit/(loss) from discontinued operations
31
3
933%
(494)
11
Profit for the period
175
133
32%
471
711
(34)%
EPS for the period, diluted
0.03
0.02
50%
0.08
0.13
(38)%
Net cash and interest-bearing financial investments
5 460
2 960
84%
5 460
2 960
84%
Comparable results
Net sales
4 326
4 709
(8)%
(7)%
13 236
15 722
(16)%
(15)%
Gross margin %
45.7%
40.8%
490bps
47.0%
39.9%
710bps
Research and development expenses
(1 029)
(1 024)
0%
(3 169)
(3 119)
2%
Selling, general and administrative expenses
(591)
(594)
(1)%
(1 785)
(1 833)
(3)%
Operating profit
454
418
9%
1 477
1 507
(2)%
Operating margin %
10.5%
8.9%
160bps
11.2%
9.6%
160bps
Profit for the period
358
293
22%
1 198
1 035
16%
EPS for the period, diluted
0.06
0.05
20%
0.21
0.18
17%
ROIC(1)
10.4%
11.9%
(150)bps
10.4%
11.9%
(150)bps
1 Comparable ROIC = Comparable operating profit after tax, last four quarters / invested capital, average of last five quarters’ ending balances. Refer to the Alternative performance measures section in Nokia Corporation Interim Report for Q3 2024 for details.
Business group results
Network Infrastructure
Mobile Networks
Cloud and Network Services
Nokia Technologies
Group Common and Other
EUR million
Q3’24
Q3’23
Q3’24
Q3’23
Q3’24
Q3’23
Q3’24
Q3’23
Q3’24
Q3’23
Net sales
1 525
1 534
1 747
2 157
702
742
352
258
3
22
YoY change
(1)%
(19)%
(5)%
36%
(86)%
Constant currency YoY change
1%
(17)%
(4)%
35%
(86)%
Gross margin %
42.1%
40.5%
39.8%
34.8%
40.9%
39.1%
100.0%
100.0%
Operating profit/(loss)
180
165
92
99
65
36
242
181
(126)
(62)
Operating margin %
11.8%
10.8%
5.3%
4.6%
9.3%
4.9%
68.8%
70.2%
SHAREHOLDER DISTRIBUTION
Dividend
Under the authorization by the Annual General Meeting held on 3 April 2024, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.13 per share to be paid in respect of financial year 2023. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period, in connection with the quarterly results, unless the Board decides otherwise for a justified reason.
On 17 October 2024, the Board resolved to distribute a dividend of EUR 0.03 per share. The dividend record date is 22 October 2024 and the dividend will be paid on 31 October 2024. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.
Following this announced distribution, the Board’s remaining distribution authorization is a maximum of EUR 0.03 per share.
Share buyback program
In January 2024, Nokia’s Board of Directors initiated a share buyback program to repurchase shares to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The share buyback execution started on 20 March 2024. On 19 July 2024, Nokia’s Board of Directors decided to accelerate the timeframe for the share buyback program with the aim of completing the full EUR 600 million program by the end of this year instead of the initial two year timeframe.
On 27 June 2024, Nokia announced its intention to acquire Infinera in a transaction that valued Infinera at US$1.7 billion equity value with up to 30% of the consideration to be paid in Nokia American depositary shares (“ADSs”), depending on the elections of Infinera shareholders. Nokia’s Board of Directors is committed to repurchase additional shares on top of the on-going EUR 600 million program to offset the dilution from the transaction to Nokia shareholders.
Under the share buyback program, by 30 September 2024, Nokia had repurchased 84 295 899 of its own shares at an average price per share of approximately EUR 3.48.
OUTLOOK
Full Year 2024
Comparable operating profit(1)
EUR 2.3 billion to EUR 2.9 billion
Free cash flow(1)
30% to 60% conversion from comparable operating profit
1Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q3 2024 for a full explanation of how these terms are defined.
The outlook, long-term targets and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this release. Along with Nokia’s official outlook targets provided above, below are outlook assumptions by business group that support the group level outlook.
Nokia business group assumptions (full year 2024)
Net sales growth (constant currency)
Operating margin
Network Infrastructure
-6% to -3% (update)
10.0% to 12.0% (update)
Mobile Networks
-22% to -19% (update)
5.0% to 7.0% (update)
Cloud and Network Services
-7% to -4% (update)
6.0% to 8.0% (update)
Nokia provides the following approximate outlook assumptions for additional items concerning 2024:
Full year 2024
Comment
Nokia Technologies operating profit
at least EUR 1.4 billion
Nokia expects cash generation in Nokia Technologies to be EUR 700 million below operating profit in 2024 due to prepayments received in 2023. From 2025 onwards Nokia expects greater alignment between cash generation and operating profit in Nokia Technologies.
Group Common and Other operating expenses
EUR 350 million
This includes central function costs which are expected to be largely stable at approximately EUR 200 million and an increase in investment in long-term research to approximately EUR 150 million.
Comparable financial income and expenses
Positive EUR 75 to EUR 125 million
Comparable income tax rate
~25%
Cash outflows related to income taxes
EUR 450 million
Capital Expenditures
EUR 450 million (update)
2026 TARGETS
Nokia’s current targets for its existing perimeter of the business for 2026 are outlined below. This does not consider pending acquisitions. The Network Infrastructure operating margin assumption below considers Submarine Networks being treated as a discontinued operation. Nokia sees further opportunities to increase margins beyond 2026 and believes an operating margin of 14% remains achievable over the longer term. Net sales
Grow faster than the market
Comparable operating margin(1)
≥ 13%
Free cash flow(1)
55% to 85% conversion from comparable operating profit
1 Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q3 2024 for a full explanation of how these terms are defined.
The comparable operating margin target for Nokia group is built on the following assumptions by business group for 2026:
Network Infrastructure
13 – 16% operating margin
Mobile Networks
6 – 9% operating margin
Cloud and Network Services
7 – 10% operating margin
Nokia Technologies
Operating profit more than EUR 1.1 billion
Group common and other
Approximately EUR 300 million of operating expenses
RISK FACTORS
Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:
Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
Changes in customer network investments related to their ability to monetize the network;
Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
Our ability to procure certain standard components and the costs thereof, such as semiconductors;
Disturbance in the global supply chain;
Impact of inflation, increased global macro-uncertainty, major currency fluctuations and higher interest rates;
Potential economic impact and disruption of global pandemics;
War or other geopolitical conflicts, disruptions and potential costs thereof;
Other macroeconomic, industry and competitive developments;
Timing and value of new, renewed and existing patent licensing agreements with licensees;
Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
The outcomes of on-going and potential disputes and litigation;
Our ability to execute, complete and realize the expected benefits from our ongoing transactions;
Timing of completions and acceptances of certain projects;
Our product and regional mix;
Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;as well the risk factors specified under Forward-looking statements of this release, and our 2023 annual report on Form 20-F published on 29 February 2024 under Operating and financial review and prospects-Risk factors.
FORWARD-LOOKING STATEMENTS
Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to our ongoing transactions and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “see”, “plan” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.
ANALYST WEBCAST
Nokia’s webcast will begin on 17 October 2024 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at http://www.nokia.com/financials.
Media representatives can listen in via the link, or alternatively call +1-412-317-5619.
FINANCIAL CALENDAR
• Nokia plans to publish its fourth quarter and full year 2024 results on 30 January 2025.
About Nokia
At Nokia, we create technology that helps the world act together.
As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.
Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.
Inquiries:
Nokia Communications Phone: +358 10 448 4900 Email:press.services@nokia.com Maria Vaismaa, Global Head of External Communications
STOCKHOLM, SWEDEN – October 17, 2024. Karolinska Development AB (Nasdaq Stockholm: KDEV) today announces that its portfolio company Umecrine Cognition will present new preclinical data on golexanolone, showing retained dopamine signalling in Parkinson’s disease, at the 10th International Conference on Neurology and Brain Disorders 2024 in Baltimore, Maryland, US, during October 21-23.
Parkinson’s disease is a progressive neurodegenerative disease hallmarked by motor symptoms and disrupted cognitive functions as well as mental health. The disorder is caused by the loss of nerve cells in the brain that produce the signaling substance dopamine, which leads to various symptoms reducing the patient’s well-being and quality of life.
The results from the preclinical study that will be presented at INBC 2024 showed that treatment with Umecrine Cognitions’ clinical drug candidate golexanolone significantly reduced the decrease of a dopamine-producing enzyme in the brain and returned dopamine to normal levels. The study also showed that an early onset of treatment generated sustained effects, indicating a potential for reduced symptomatic progression. These results support previous findings of improved motor coordination and non-motor behavior. Based on the preclinical results, Umecrine Cognition will evaluate the possibilities of establishing a clinical program of golexanolone in Parkinson’s disease alongside its ongoing phase 2 trial in primary biliary cholangitis, PBC.
“We are delighted that our portfolio company Umecrine Cognition is now able to present supportive data on its drug candidate golexanolone as a treatment that offers sustained effects on both motor and non-motor symptoms in Parkinson’s disease. Importantly, the new research findings also indicate that golexanolone has a great potential to alter disease progression and behavioral impairments, two features that are highly sought after by the many individuals living with the disease,” says Viktor Drvota, CEO of Karolinska Development.
The results will be presented by Umecrine Cognition’s Chief Scientific Officer Magnus Doverskog at the scientific session “Alzheimer’s and Parkinson’s Diseases” on October 21, 2024.
Karolinska Development’s ownership in Umecrine Cognition amounts to 73%.
Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patient’s lives while providing an attractive return on investment to shareholders.
Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.
Karolinska Development has a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.
The company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.
MILES AXLE Translation. Region: Russian Federation –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
The annual meeting of the BRICS Business Council and the BRICS Business Forum will be held in Moscow on October 17-18.
Dear friends!
I am pleased to welcome the participants of the annual meeting of the BRICS Business Council.
Since its establishment, the Business Council has become a popular and effective mechanism for strengthening economic cooperation among BRICS countries. It plays an important role in building a dialogue among the business community.
In the context of ongoing geopolitical transformations, our association faces large-scale tasks. Given the growing sanctions pressure, the disregard of international law and WTO rules by a number of countries, as well as the restructuring of trade and logistics chains, it is necessary to strengthen the global economic system, ensure access to new markets, and create additional opportunities for business. All this is reflected in the priorities of the Russian presidency of BRICS.
We consider it important to increase the volume of e-commerce and unlock the potential of artificial intelligence. It is important to develop digital entrepreneurship, improve the conditions for the active implementation of modern technologies by large companies, small and medium-sized enterprises. To solve this problem, it is necessary to ensure joint research and development, the adoption of common ethical standards, the exchange of experience and best regulatory practices. All this will help simplify business contacts and give impetus to the economic growth of our countries.
We expect that the business community will make a significant contribution to the overall work in all areas of financial and economic cooperation and, in general, will contribute to increasing the role of BRICS in global governance mechanisms, promoting a more equitable system of international relations, and strengthening the association in its status as an organizing principle for the countries of the global South.
I wish the meeting participants fruitful discussions and all the best!
M. Mishustin
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Source: World Trade Organization – WTO (video statements)
Burkina Faso deposited its instrument of acceptance of the Agreement on Fisheries Subsidies on 16 October. The Minister of Foreign Affairs, Regional Cooperation and Burkina Faso Citizens Abroad , Karamoko Jean Marie Traoré, presented Burkina Faso’s instrument of acceptance to Director-General Ngozi Okonjo-Iweala.
Source: Africa Press Organisation – English (2) – Report:
DUBAI, United Arab Emirates, October 17, 2024/APO Group/ —
“Cybersecurity Day” marks GITEX GLOBAL’s halfway stage as enlightening agenda reveals the challenges, threats and opportunities for international tech community
“AI is changing the game” – H.E. Dr. Mohamed Al Kuwaiti, Head of Cybersecurity for the UAE Government
After an action-packed two days where GITEX GLOBAL 2024 (www.GITEX.com) presented exhilarating events and exhibitions across technology’s new frontiers, Wednesday witnessed another incredible programme as audiences examined the existing and future cybersecurity landscapes with the world’s foremost experts.
Taking place from 14-18 October at Dubai World Trade Centre (DWTC), GITEX GLOBAL is the world’s largest and best-rated tech event. It presents a record-breaking 44th edition in 2024 – welcoming over 6,500 exhibitors, 1,800 startups, 1,200 investors alongside governments from more than 180 countries.
As GITEX GLOBAL’s biggest-ever international edition reached the halfway stage, “Cybersecurity Day” headlined the Wednesday schedule. An enlightening series of keynote speeches, fireside chats, and specialist panels cast a unique spotlight on the urgent challenges, emerging threats, and innovative opportunities facing individuals, enterprises, industries, and nations worldwide.
Cross-examining the cybercrime conundrum
With global cybercrime damaged projected to reach $10.5 trillion annually by 2025, the international tech community is determined to ignite a paradigm shift through reinvigorated determination. This universal attitude was on full display at GITEX GLOBAL as top CISOs, CIOs, and GRC leaders converged with a unified mission: establish the foremost line of defence globally.
In 2024, finance industry AI-driven fraud has surged by 40%, posing unprecedented challenges for incumbents. One of Wednesday’s must-attend conference sessions – ‘AI-Driven Digital Fraud: Safeguarding the Finance Industry’s Future’ – examined how emerging technologies are being harnessed to overcome the evolving threat.
H.E. Dr. Mohamed Al Kuwaiti, Head of Cybersecurity for the UAE Government,revealed that the country has dispelled millions of threats this year alonewhile endorsing AI as a “gamechanger” in leading the industry’s cyber resurgence. He said to GITEX Tech Waves Podcast (https://apo-opa.co/3Y8w33V): “Cyber awareness is crucial – and AI is changing the game. The UAE is a financial hub that faced 71 million attacks in Q1 2024. We are resilient and thwarted these with early threat detection through AI. It’s a hugely beneficial technology alongside our great partnerships with the world.”
Todd Conklin also weighed in on the positive impact of AI. While acknowledging the potential repercussions of AI’s power when utilised by malicious actors, the Chief AI Officer & Deputy Assistant Secretary, Cybersecurity & Critical Infrastructure Protection at the US Department of the Treasury, added: “The US Treasury runs the largest payments ecosystem in the entire world. We’ve leveraged AI models to reduce fraud by almost $600 million in the last six months. It’s becoming increasingly critical in the counter-fraud space.”
Unveiling a new world of limitless possibilities and potential
In a week where 88% of exhibiting startups are GITEX GLOBAL debutants and no fewer than 230 new partnerships have been finalised between local, regional, and international entities and enterprises, the event is again fulfilling its pledge as a global cooperation and collaboration catalyst. Heading into Wednesday, over 13,000 pre-arranged concierge meetings had already taken place across GITEX GLOBAL and Expand North Star – the world’s largest startup and investment event – with many more a certainty as companies exhibit transformative solutions that could change the world.
Huawei shed light on its critical infrastructure and cloud tech solutions with Dr. Aloysius Cheang, Chief Security Officer for the Middle East & Central Asia at Huawei, revealing the staggering rate of cyber attacks worldwide. While calling on enterprises to ensure stringent security postures, he said: “Huawei is attacked 12 billion times a day on average. This is why cybersecurity is positioned as a very strategic asset within our company. Organisations must build a cybersecurity culture through a security-first, privacy-first approach – and their solutions must serve their purpose of protecting digital assets.”
Cybersecurity and anti-virus provider Kaspersky also showcased its pioneering Cyber Immunity approach and advanced threat intelligence solutions on Wednesday as US cyber firm Fortinet highlighted products and services part of its cybersecurity platform portfolio. solutions by stc also introduced visitors to the emerging technologies utilised to deliver new value to customers.
Elsewhere on day three at GITEX Global 2024, a host of activations, showcases, and conferences took place at GITEX Cyber Valley (https://apo-opa.co/4eDbPq1), this year’s most anticipated cybersecurity exhibition and programme hosted by the UAE Cyber Security Council. An unmissable session saw audiences hear from Brett Johnson – once America’s Most Wanted, now a leading global cybercrime and identity theft expert. During ‘Scamming the scammer: Inside the Mind of a Cybercriminal’, he revealed the extent of the virtual underworld while sharing his life story.
Live Hacks also headlined the GITEX Cyber Valley’s Dark Stage as ethical hackers showcased live demonstrations on AI-powered hacks. Visitors also got exclusive insights from Santiago Lopez, the world’s first million-dollar hacker, on how to turn hacking skills into a lucrative career during another special session – ‘Face to Face with 1# Million Dollar Hacker: Who wants to be a hacking millionaire?’.
What next at GITEX GLOBAL 2024?
GITEX GLOBAL 2024 continues Thursday as “Data Centres Universe” welcomes an ensemble cast of thought leaders and experts to discuss the future of data management and infrastructure. Sessions throughout the day’s schedule will explore the latest data technology and sustainable energy solutions alongside data centres’ pivotal role in supporting the exponential growth of digital services.
Headline: ICC DSI launches digital trade reliability assessment tool
Developed by the International Chamber of Commerce (ICC)’s Digital Standards Initiative (DSI) and the Digital Governance Council (DGC) of Canada, the new assessment framework enables an entity to deploy ETRs in place of paper trade documentation assessing a platform’s ability to effect the transfer in conformity with the definition of the Model Law on Electronic Transferable Records (MLETR) definition of reliability. As more economies align to the MLETR, the assessment allows for service providers to assert their reliability through a commonly accepted market standard.
Pamela Mar, Managing Director, ICC DSI said :
“The reliability assessment framework is a collective effort drawing on the knowledge and work of technical and commercial experts from various entities involved in digital trust, standards, certifications and assessment. This launch is an important first step in the development of a framework for ensuring digital trust at scale, an important pillar of the digital trade ecosystem.”
ICC DSI and the DGC led a working group of standards bodies, technical experts, assessment firms, and commercial and industry entities to develop the tool that holds potential to become a major credential for this part of digital trade services. The working group operated with advice from the Industry Advisory Board of ICC DSI.
Keith Jansa, CEO, DGC of Canada said :
“The collaborative effort between ICC and DGC has resulted in a groundbreaking technical self-assessment for the reliability of systems that enable the transfer of Electronic Transferable Records (ETRs). This is a major step towards international standardisation and formal recognition of digital service providers enabling the global digital trade and we look forward to continuing the work with ICC and the ETR community.”
The assessment framework was recently piloted by several ETR service providers to test its robustness, utility and market relevance. It has been released as a beta version for self-assessment, while plans for a certification with third party assessment are in development.
A new centre dedicated to developing and uplifting the skills of its local community has opened in Collyhurst.
The Community Construction Skills Centre will offer a series of training courses and hands-on classes that will give learners vital work experience and confidence in order to create employment opportunities.
The learning hub, which will advance “community upskilling,” will make Collyhurst residents’ accessibility and travelling needs easier with training delivered on site.
The employability training will take place in a 4-week period and equip learners with accredited qualifications in health and safety and construction skills, including Trade Techniques and Health Safety and Welfare in the Workplace. Over 50 new students are expected to enrol on training courses running up until December.
The centre boasts a unique training model that is adaptable to people who are unemployed, ex-offenders and ex-military members as part of learning basic, but crucial DIY skills to increase employability.
The Community Construction Skills Centre project was initiated in partnership with FECand Manchester City Council who identified the need for construction skills to support local people to access training into the sector.
Working in collaboration with YES and the Construction Skills People and their Greater Manchester Skills Academy, the project first opened to students in September as part of wider investment through the Victoria North Development. The project will significantly transform and advance the North of Manchester by developing 15,000 homes over the next 20 years with new and improved transport links, parks, healthcare facilities and retail spaces.
The region has been hit the hardest by unemployment and mental-health related illness. Long-term and embedded worklessness has affected over 16,500 working-age adults receiving out-of-work benefits.
In Manchester, workers are on low wages with a median annual earning of £24,055 while the worst family poverty rates are in North Manchester and East Manchester with over 43% of children and young people growing up in poverty.
To ensure training at the Community Skills Centre continues to work for the needs of Collyhurst residents, the model has been localised which means that partner groups are required to undertake employability assessments and adequately advise and support those who want to take part in training.
Following this, successful candidates will be invited to attend civil engineering and groundworks Bootcamps which will enhance employability and training with the Ride on Roller, Forward Tipping Dumper and Plant Vehicle Marshall certifications.
There are also opportunities to undertake trade specific training such as Bricklaying, Plastering and Joinery, while being guaranteed an interview with local contractors.
Community days will also be held at the centre to encourage residents to learn new skills such as painting preparation and general DIY.
More information about training opportunities at the Community Construction Skills Centre is available at Construction Skills People.
John Hacking, Executive Member for Employment, Skills and Leisure, said: “I’m thrilled to see the opening of the Community Skills Centre in Collyhurst which has been created to upskill residents and build confidence as they enter into the workforce.
“This has been a significant collaborative effort with important partners who are all working towards the same goal of advancing Collyhurst residents and fully recognise the struggle the North Manchester region has had to deal with poverty and unemployment.
“By increasing the accessibility for hands-on training, this centre gives eager learners the encouragement and support they need to work through the training to employment pipeline with robust skills and confidence.”
Rebecca Kirkland, Community Liaison Manager for FEC, said: “The Community Construction Skills Centre will provide local residents with a first hand insight into the construction industry and give them access to unique employment opportunities.
The Centre has been in the works for a long time and we couldn’t have opened its doors without the support of our partners who will continue to help us find the next generation of talent from right across the community.”
James Broome, 38, from Moston, said: “The Collyhurst Community Skills Centre has been a brilliant learning experience. I’m in the final week of training for a CSCS Greencard which is giving me important skills in labouring. Once I’ve completed that I will then go on to train for the Bootcamp Dump Truck License.
“The course has been really helpful, it’s opened my eyes and broadened my horizons massively. My tutor on the course is fantastic; she’s really clear and easy to understand when she’s teaching and is also helping me write my CV for jobs.
I’ve been working in production and in warehouses too so my confidence has really grown with my hands-on skills and with all the different types of people you meet, it has really boosted my self-esteem socially.
“For anyone considering joining a course, I’d say give it a go and throw yourself into it to get the most out of it.”
Source: Hong Kong Government special administrative region
Volume and price statistics of external merchandise trade in August 2024 Volume and price statistics of external merchandise trade in August 2024 ************************************************************************
Further to the external merchandise trade statistics in value terms for August 2024 released earlier on, the Census and Statistics Department (C&SD) released today (October 17) the volume and price statistics of external merchandise trade for that month. In August 2024, the volume of Hong Kong’s total exports of goods and imports of goods increased by 3.1% and 4.9% respectively over August 2023. Comparing the first eight months of 2024 with the same period in 2023, the volume of Hong Kong’s total exports of goods and imports of goods increased by 7.2% and 4.2% respectively. Comparing the three-month period ending August 2024 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods decreased by 0.1%, while the volume of imports of goods increased by 4.7%. Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted. Comparing August 2024 with August 2023, the prices of total exports of goods and imports of goods increased by 3.1% and 2.6% respectively. As regards price changes in the first eight months of 2024 over the same period in 2023, the prices of total exports of goods and imports of goods increased by 4.0% and 3.5% respectively. Price changes in external merchandise trade are reflected by changes in unit value indices of external merchandise trade, which are compiled based on average unit values or, for certain commodities, specific price data. The terms of trade index is derived from the ratio of price index of total exports of goods to that of imports of goods. Compared with the same periods in 2023, the index increased by 0.5% in August 2024 and 0.4% in the first eight months of 2024. Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1. Comparing August 2024 with August 2023, increases were recorded for the total export volume to Vietnam (23.9%), the mainland of China (the Mainland) (8.6%) and Taiwan (7.0%). On the other hand, the total export volume to the USA (-2.0%) and India (-20.3%) decreased. Over the same period of comparison, the total export prices to the USA (5.3%), the Mainland (3.9%), Taiwan (3.5%) and Vietnam (2.1%) increased. On the other hand, the total export prices to India decreased by 1.8%. Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2. Comparing August 2024 with August 2023, increases were recorded for the import volume from Singapore (21.3%), Korea (14.5%), the Mainland (6.8%) and Taiwan (6.8%). On the other hand, the import volume from Japan decreased by 0.4%. Over the same period of comparison, the import prices from all main suppliers increased: Singapore (5.2%), Korea (4.6%), the Mainland (2.9%), Japan (0.9%) and Taiwan (0.4%). Further information Details of the above statistics are published in the August 2024 issue of “Hong Kong Merchandise Trade Index Numbers”. Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020006&scode=230). Enquiries on merchandise trade indices may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4918).
Ends/Thursday, October 17, 2024Issued at HKT 16:30
India’s economy is thriving, bolstered by strong domestic demand, rural consumption, and a growing working-age population. Infrastructure investments are enhancing productivity in the manufacturing and services sectors, fostering high investor confidence.
Against this backdrop, GlobalData, a leading data and analytics company, has revised India’s economic growth forecast for 2024 and 2025 by 0.3 percentage points (pp) and 0.2pp in its Q4 2024 update compared to the previous projections made in Q3 2024.
GlobalData’s latest report, “Macroeconomic Outlook Report: India,” reveals that India’s GDP increased by 7.6% in 2023 and is projected to grow by 7.0% in 2024 and 6.6% in 2025. Inflation is expected to decrease to 4.4% in 2024, down from 5.6% in the previous year.
To combat inflation, the Reserve Bank of India (RBI) has kept the repo rate steady at 6.5% for the 10th consecutive meeting in October 2024, emphasizing its commitment to stabilizing prices and supporting economic growth amidst the changing economic conditions.
Moreover, the rebound in India’s private consumption, indicated by a 7.4% rise in Private Final Consumption Expenditure (PFCE) for Q2 2024, suggests increased economic resilience and a potential boost in rural spending. This recovery, fueled by lower inflation and improved agricultural performance, may enhance the overall GDP growth, supporting investor confidence.
Gayatri Ganpule, Economic Research Analyst at GlobalData, comments, “Despite the geopolitical uncertainties, India’s economy shows resilience. Although inflation increased in September 2024, the projected annual rate of 4.4% is lower than the last year’s 5.6%. This expected lower price level, along with the festive season, is expected to boost consumption in Q4 2024. However, rising oil prices are a major concern, as India relies on imports for about 88% of its oil needs, risking imported inflation.”
In terms of sectors, financial intermediation, real estate, and business activities contributed 22.7% to the gross value added (GVA) in 2023, followed by mining, manufacturing, and utilities (18.7%) and agriculture (17.7%). In nominal terms, the three sectors are forecast to grow by 11.9%, 9.5%, and 9.7%, respectively, in 2024 as compared to the 9.9%, 8.1%, and 5.4% growth recorded in 2023.
India’s 2024-25 budget prioritizes job creation and enhancing the business environment through strategic tax reforms to attract foreign investment. The proposed measures include a review of the Income-tax Act, an amnesty scheme for tax disputes, and incentives for job creation. Simplifying foreign direct investment frameworks and adjusting capital gains taxes are expected to stimulate economic growth. These initiatives aim to resolve tax disputes and foster a more favorable investment climate.
India’s net foreign direct investment (FDI) increased to $6.9 billion in Q2 2024, up from $4.7 billion during the same period last year, as per the RBI data. This growth was driven by a 26.4% rise in gross inward FDI, totaling $22.5 billion. Sectors such as manufacturing, financial services, and energy contributed to 80% of these inflows, primarily from countries like Singapore and the US. During a recent roundtable meeting on 14 October 2024, Indian Prime Minister Narendra Modi engaged with business leaders from Singapore, leading to a commitment of approximately $60 billion in investments across various sectors in India.
On the external front, India aims to achieve $2 trillion in exports by 2030 under its new Foreign Trade Policy. The country recorded a current account surplus of $5.7 billion in Q1 2024, driven by service exports and remittances. As of 10 March 2024, India signed 14 free trade agreements (FTAs), including one with the European Free Trade Association (EFTA), to improve exports and market access, seeking preferential ties with 94 countries. The ongoing negotiations could extend these agreements to over 120 countries, strengthening India’s global trade relationships.
India is categorized as a medium-risk nation and ranked 75th out of 153 nations in the GlobalData Country Risk Index (GCRI Q2 2024). The country’s risk score was lower in terms of political, legal, and technology and infrastructure risk parameters when compared with the average score of the world.
Ganpule concludes, “India’s economy demonstrates resilience, supported by robust domestic demand and government reforms aimed at enhancing investment. However, challenges such as increasing oil prices and high youth unemployment remain pressing issues. Continued efforts to expand trade and attract foreign investment are key to sustaining growth.”
4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis, and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology, and professional services sectors.