Category: Trade

  • MIL-OSI New Zealand: Brunei Darussalam

    Source: New Zealand Ministry of Foreign Affairs and Trade – Safe Travel

    • Reviewed: 18 November 2022, 09:26 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.

    Exercise increased caution in Brunei Darussalam (level 2 of 4).

    Brunei Darussalam

    Crime
    Petty crime such as theft and burglary can occur in Brunei Darussalam. We advise New Zealanders to be alert to their surroundings at all times and take steps to safeguard and secure their personal belongings.

    Civil unrest
    Civil unrest is extremely rare in Brunei Darussalam, but protests and demonstrations could have the potential to result in violence. We advise monitoring local media and following any instructions from local authorities.

    General travel advice
    New Zealanders in Brunei Darussalam are strongly advised to familiarise themselves with and observe local laws and customs, which can be very different to New Zealand. This includes in relation to alcohol and tobacco, and public expression of political views.

    Brunei Darussalam has a dual legal system with both civil law and syariah (sharia) law. Both laws include provisions for corporal and capital punishments. Penalties for possession, use or trafficking of illegal drugs are severe and can include the death penalty, physical punishment, and lengthy imprisonment.

    Further information about the Syariah Penal Code can be found on Brunei Darussalam’s Attorney General’s Chambers website. A non-exhaustive list of illegal activities under syariah law includes blasphemy, sodomy, and adultery. Syariah law applies to Muslims, non-Muslims, and foreigners.

    New Zealanders are advised to respect religious, social and cultural traditions in Brunei Darussalam to avoid offending local sensitivities (including around members of the Royal Family and during religious occasions). Modesty and discretion should be exercised in both dress and behaviour.

    New Zealanders travelling or living in Brunei Darussalam should have a comprehensive travel insurance policy in place that includes provision for medical evacuation by air.

    New Zealanders in Brunei Darussalam are encouraged to register their details with the Ministry of Foreign Affairs and Trade.


    The New Zealand High Commission Kuala Lumpur, Malaysia is accredited to Brunei Darussalam

    Street Address Level 21, Menara IMC, 8 Jalan Sultan Ismail, Kuala Lumpur 50250 Telephone +60 3 2078 2533 Fax +60 3 2078 0387 Email klinfo@mfat.govt.nz Web Site http://www.mfat.govt.nz/malaysia Hours Mon-Fri 0830am to 1230 hrs (reception); Mon-Thurs 0800-1630 hrs, Fri 0800-1600 hrs (telephone enquiries and pre-arranged appointments)

    See our regional advice for South East Asia

    MIL OSI New Zealand News

  • MIL-OSI Economics: Burkina Faso formally accepts Agreement on Fisheries Subsidies

    Source: World Trade Organization

    Director-General Okonjo-Iweala said: “I am delighted that Burkina Faso has formally accepted the Agreement on Fisheries Subsidies. As a landlocked, least-developed country, Burkina Faso’s commitment underscores the vital role that all WTO members must play in advancing this Agreement closer towards entry into force to foster sustainable global fisheries worldwide for the benefit of all people’s livelihoods and food security. I hope more members swiftly follow suit.”

    Minister Traoré said: “Burkina Faso’s ratification of the Agreement on Fisheries Subsidies is testimony to the emphasis our country places on honouring its international commitments, in this case its WTO commitments. The significance of an international commitment promoting the sustainability of oceans and their resources, which benefit all — irrespective of geographical location — cannot be overstated

    Moreover, we wish to see implementation of this Agreement benefiting all countries, including landlocked ones, through technical capacity-building of stakeholders in the fisheries sector. We are pinning our hopes on the effectiveness of this Agreement in all its dimensions.”

    Burkina Faso’s instrument of acceptance brings to 85 the total number of WTO members that have formally accepted the Agreement. Seventeen African members have formally accepted the Agreement, of which nine are least-developed countries. Twenty-six more formal acceptances are needed for the Agreement to come into effect. The Agreement will enter into force upon acceptance by two-thirds of the membership.

    Adopted by consensus at the WTO’s 12th Ministerial Conference (MC12), held in Geneva on 12-17 June 2022, the Agreement on Fisheries Subsidies sets new, binding, multilateral rules to curb harmful subsidies, which are a key factor in the widespread depletion of the world’s fish stocks. In addition, the Agreement recognizes the needs of developing economies and least-developed countries and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.

    The Agreement prohibits subsidies for illegal, unreported and unregulated (IUU) fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.

    Members also agreed at MC12 to continue negotiations on outstanding issues, with a view to adopting additional provisions that would further enhance the disciplines of the Agreement.

    The full text of the Agreement can be accessed here. The list of members that have deposited their instruments of acceptance is available here. Information for members on how to accept the Protocol of Amendment is available here.

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    MIL OSI Economics

  • MIL-OSI Economics: Registration opens for second public hearing in US-Argentina tubular goods dispute

    Source: World Trade Organization

    The meeting is scheduled to start at 9.00 (Geneva time) on 19 November 2024 and may continue until 17.00. It will resume at 9.00 the following day, 20 November. Subject to prior registration as set out below, the meeting can be viewed remotely via livestreaming or in a viewing room at the WTO.

    The meeting may be closed by the panel at any time to discuss business confidential information. The panel may also close the meeting to public viewing at any time, on its own initiative or at the request of either party, if there is a risk of breach of confidentiality or of disruption of the meeting.

    The public observation of the meeting will be held in English only; interpretation will not be available.

    To register for the meeting, please complete the application form. Completed forms must be sent as an email attachment to [email protected]. Applications will be accepted until 17.00, Geneva time, on 12 November 2024. Those who have successfully registered will be informed by a confirmation email by 15 November 2024, which will include further details on how to access the viewings.

    Please note that the names of registered viewers may be communicated to the parties, Argentina and United States, at their request.

    All registered individuals viewing the meeting on-site at the WTO will need to present a valid identification document (passport, ID card or driver’s licence) on-site to gain access to the viewing room. Places in the viewing room reserved for the public will be allocated on a first-come first-served basis upon receipt of a completed registration form.

    As a condition for registering to view the meeting, viewers will be required to confirm their understanding that any recording or sharing of the livestream or the closed-circuit broadcast (including via filming, screenshots, audio recordings, or any other media) is strictly prohibited.

    Additionally, those viewing the meeting remotely via livestreaming will be required to confirm their understanding that sharing the web-link or access credentials in any form is strictly prohibited. For those viewing the meeting on-site at the WTO viewing room, mobile phones must be switched off.

    The WTO cannot offer any support, including financial, for accommodation, flight arrangements and visas.

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    MIL OSI Economics

  • MIL-OSI Economics: Members explore ways of boosting developing economies’ integration into global trade

    Source: WTO

    Headline: Members explore ways of boosting developing economies’ integration into global trade

    This was the first meeting of the Committee’s negotiating session since the 13th WTO Ministerial Conference (MC13), at which ministers adopted a Declaration on Special and Differential Treatment that seeks to ensure that developing economies — including LDCs — receive timely training and technical assistance to help them implement standards or technical regulations. The Declaration also provides guidance for members to continue working towards enhancing the implementation of special and differential treatments in the Agreement on the Application of Sanitary and Phytosanitary Measures and the Agreement on Technical Barriers to Trade, and instructs them to report on any progress by December 2024. The Declaration also instructs WTO members to continue to work on improving the application of special and differential treatment provisions, and to report on progress to the General Council before the 14th WTO Ministerial Conference (MC14).
    There are currently three facilitators working with members on the Agreement-specific proposals on special and differential treatment tabled by the G90 group, covering sanitary and phytosanitary measures and technical barriers to trade, technology transfer for LDCs and trade-related investment measures, respectively.
    On sanitary and phytosanitary measures (SPS) and technical barriers to trade (TBT), the facilitator from Singapore updated the Committee on recent informal discussions. Members explored synergies between the work in the Special Session and in the two Committees respectively overseeing these issues. The chairpersons of the SPS and TBT Committees — Cecilia Risolo from Argentina and Daniela García from Ecuador, respectively — provided updates on their work to fulfil the MC13 mandate for a precise, effective and operational implementation of special and differential treatment provisions of the SPS and TBT Agreements.
    The facilitators for technology transfer to LDCs (Saint Vincent and the Grenadines) and for trade-related investment measures (Brazil) also provided updates on their consultations to advance the work in their respective areas.
    The three facilitators suggested holding thematic sessions with a view to achieving a shared understanding of the challenges faced by developing economies, including LDCs, and the solutions suggested by the G90. Members are considering these suggestions.
    Ambassador Kadra Ahmed Hassan of Djibouti, Chair of the Committee on Trade and Development in Special Session, encouraged the facilitators to continue engaging with members. “If we are to deliver on development at MC14, we need to keep moving forward,” she said.
    Developing economies and LDCsreceive special and differential treatment provisions according to over 150 provisions of the WTO agreements. These include access to technical assistance activities and longer transition periods to implement agreements and decisions. The negotiations taking place in the Special Session of the Committee on Trade and Development are mandated by Paragraph 44 of the 2001 Doha Ministerial Declaration.
    More information on special and differential treatment is available here.

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    MIL OSI Economics

  • MIL-OSI: PellerTrading Launches Advanced Cryptocurrency Trading Platform for German Investors

    Source: GlobeNewswire (MIL-OSI)

    London, UK, Oct. 16, 2024 (GLOBE NEWSWIRE) — In response to growing demand for cryptocurrency trading tools in Germany, PellerTrading has unveiled a significant upgrade to its trading platform. Known for its innovative approach, PellerTrading is positioning itself as the go-to solution for cryptocurrency enthusiasts in the country. With new features that cater specifically to German investors, the platform offers cutting-edge AI-driven tools, enhanced security, and user-friendly interfaces designed to streamline the trading experience.

    Platform Enhancements for German Clients

    The new upgrades introduced by PellerTrading include AI-powered market prediction tools and advanced analytics, allowing traders to make more informed decisions in real time. These features enable users to take advantage of the rapid fluctuations in the cryptocurrency market, providing critical insights that can lead to more successful trades.

    “With the ever-evolving nature of cryptocurrency markets, traders need advanced tools to stay ahead,” said the CEO of PellerTrading. “Our platform is specifically designed to meet the unique demands of the German market, offering state-of-the-art security and real-time analytics. This upgrade will help German traders capitalize on the opportunities in this dynamic space.”

    Relevance to German Cryptocurrency Traders

    Cryptocurrency adoption in Germany has been on the rise, with increasing numbers of investors looking for reliable and innovative platforms. PellerTrading recognizes this demand and is fully committed to providing its German clientele with the best trading experience available. With a robust set of security measures, including multi-factor authentication and encrypted transactions, the platform ensures that all users can trade with confidence.

    The focus on the German market is part of PellerTrading‘s broader strategy to support traders with localized solutions tailored to their needs. The new platform enhancements also include faster transaction processing times, which are critical for those trading in the fast-moving world of cryptocurrency.

    “German traders deserve a platform that not only performs well but also keeps their investments safe,” the CEO added. “Our new features, combined with our dedication to user security, make PellerTrading the ideal platform for both new and experienced traders in Germany.”

    What’s Next for German Traders?

    With this update, PellerTrading is setting the standard for what cryptocurrency traders can expect from a platform. German investors can now access an array of advanced tools to better navigate the volatile crypto markets, all while enjoying a seamless and secure trading experience.

    Call to Action for German Investors

    For cryptocurrency enthusiasts in Germany, PellerTrading offers an unrivaled opportunity to elevate their trading strategies. With AI-driven insights, real-time data, and a secure platform tailored specifically for the German market, PellerTrading is the ultimate destination for those looking to succeed in the world of digital assets.

    To learn more and to start trading, visit PellerTrading today.

    Disclaimer: Cryptocurrency trading involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results. Please ensure you fully understand the risks involved before trading.

    The MIL Network

  • MIL-OSI Canada: Tribunal Continues Finding—Carbon steel welded pipe from Pakistan, Philippines, Türkiye and Vietnam

    Source: Government of Canada News

    The Canadian International Trade Tribunal today continued its finding made on February 15, 2019, in inquiry NQ-2018-003, concerning the dumping of carbon steel welded pipe from the Islamic Republic of Pakistan, the Republic of the Philippines, the Republic of Türkiye (excluding those goods exported by Erbosan Erciyas Boru Sanayii ve Ticaret A.S.) and the Socialist Republic of Vietnam.

    Ottawa, Ontario, October 16, 2024—The Canadian International Trade Tribunal today continued its finding made on February 15, 2019, in inquiry NQ-2018-003, concerning the dumping of carbon steel welded pipe from the Islamic Republic of Pakistan, the Republic of the Philippines, the Republic of Türkiye (excluding those goods exported by Erbosan Erciyas Boru Sanayii ve Ticaret A.S.) and the Socialist Republic of Vietnam.

    The Tribunal found that the expiry of the finding was likely to result in injury. As such, the Tribunal continued its finding. The Canada Border Services Agency will therefore continue to impose anti-dumping duties on this product.

    The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.

    MIL OSI Canada News

  • MIL-OSI USA: Casey, Colleagues Call on Biden Administration to Speed Up Enforcement of Iran Sanctions

    US Senate News:

    Source: United States Senator for Pennsylvania Bob Casey

    In letter, bipartisan group of Senators call out Administration for missing deadlines on Iran sanctions

    The missed deadlines were put in place by Casey’s Stop Harboring Iranian Petroleum Act, which cracks down on Iran’s petroleum trade

    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”

    Washington, D.C. – U.S. Senator Bob Casey (D-PA) joined his colleagues Kyrsten Sinema (I-AZ), Jacky Rosen (D-NV), Tammy Baldwin (D-WI), Chuck Grassley (R-IA), Eric Schmitt (R-MO), and John Hoeven (R-ND) in a letter urging the Administration to speed up enforcement of sanctions on Iran’s petroleum trade. The letter pointed out that the Administration has missed several deadlines put in place by the Stop Harboring Iranian Petroleum Act, which cracks down on foreign persons who knowingly engage in the petroleum trade with Iran.

    “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,” wrote the Senators.

    On April 23, 2024, Senator Casey voted to pass an emergency supplemental spending law with legislative provisions to strengthen U.S. national security, including the Stop Harboring Iranian Petroleum (SHIP) Act and the Fight and Combat Rampant Iranian Missile Exports (Fight CRIME) Act

    The SHIP Act includes important provisions to sanction foreign persons that knowingly engage in the petroleum trade with the Islamic Republic of Iran, and the Fight CRIME Act restricts certain missile-related activities and transfers by Iran. The bills include a number of reporting deadlines and enforcement requirements for the Administration so that Congress can track efforts to deny Iran the resources and ability to engage in destabilizing activities, commit human rights violations, support international terrorism, and fund weapons development.

    Senator Casey has long pushed to protect American economic and national security by monitoring Iranian oil activity. Earlier this year, Casey cosponsored the bipartisan Iranian Sanctions Enforcement Actlegislation establishing a fund to cover expenses related to the seizure or forfeiture of property found in violation of sanctions imposed by the United States against Iran or a covered proxy of Iran, including Hamas, the Islamic Revolutionary Guard Corps’ Quds Force, the Palestinian Islamic Jihad, Hezbollah, the Houthis, and Iran-sponsored militias in Iraq and Syria. Additionally, after learning about potential Iranian oil transport on Panamanian vessels in violation of U.S. sanctions, Casey urged the Panamanian Maritime Authority (AMP) to investigate the hundreds of vessels of concern. Thanks to Casey’s advocacy, AMP launched investigations into all Panamanian ships suspected of transporting Iranian oil, de-flagged vessels that had no evidence of oil transport, and removed dozens of ships from its registry.  

    Read the full letter HERE or below:

    Dear Secretary Blinken, Secretary Yellen, Acting Director Palluconi, and Administrator DeCarolis:

    On April 23, 2024, Congress passed H.R. 815, an emergency supplemental appropriation for Fiscal Year (FY) 2024, that was signed into law by President Biden on April 24. The supplemental package included additional funding for Ukraine, Israel, the Indo-Pacific, and humanitarian assistance. The national security package also included legislation to strengthen U.S. national security, including the Stop Harboring Iranian Petroleum (SHIP) Act and the Fight and Combat Rampant Iranian Missile Exports (Fight CRIME) Act. The SHIP Act includes important provisions to sanction foreign persons that knowingly engage in the petroleum trade with the Islamic Republic of Iran, and the Fight CRIME Act restricts certain missile-related activities and transfers by Iran. The legislation includes a number of regulation publishing and reporting requirements from the administration in order for Congress to track efforts to deny Iran the resources and ability to engage in destabilizing activities, commit human rights violations, support international terrorism, and fund weapons development.

    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. To cite just two recent events, the International Atomic Energy Agency confirmed in its August 2024 report that Iran continues to increase its stockpile of enriched uranium, and on September 10, 2024, the Pentagon confirmed reports that Iran has transferred shipments of Fath 360 close-range ballistic missiles to Russia to support their continued aggression against Ukraine. Iran is able to further these disrupting activities due to profits from their oil trade.  According to United Against Nuclear Iran, a non-partisan watchdog organization that tracks Iranian oil shipment, Iran exported 1,626,866 barrels per day in August 2024.  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.

    To date, the administration has not met the following deadlines:

    • By July 23, 2024 (90 after enactment, and every 180 days thereafter), the Secretary of State shall provide a report that identifies Iranian persons utilizing an unmanned combat aerial vehicle against a United States citizen. P.L. 118-50, Div. K Sec.6(a)
    • By August 12, 2024 (10 days before regulation enactment), the President shall notify the appropriate Congressional committees of the proposed regulations to combat proliferation of Iranian missiles. P.L. 118-50, Div. K Sec. 5(f)(2)
    • By August 22, 2024 (120 days after enactment), the President shall promulgate regulations as necessary for the implementation of sanctions to combat proliferation of Iranian missiles. P.L. 118-50, Div. K Sec. 5(f)(1)
    • By August 22, 2024 (120 days after enactment, and annually thereafter), the Administrator of the Energy Information Administration shall submit a report describing Iran’s growing exports of petroleum and petroleum products, including their exports to the People’s Republic of China and the ships and ports involved in the oil sales. P.L. 118-50, Div. J Sec. 4(a)
    • By August 22, 2024 (120 days after enactment), the Secretary of State shall submit written strategy on the role of the People’s Republic of China’s role in evading U.S.-imposed sanctions on Iranian-origin petroleum products. P.L. 118-50, Div. J Sec. 5

    The following deadlines are upcoming within the next 30 days:

    • By October 11, 2024, (10 days before regulation enactment) the President shall notify and brief the appropriate Congressional Committees on the regulations to be established to implement the SHIP Act. P.L. 118-50, Div. J Sec. 3(e)(2)
    • By October 21, 2024 (180 days after enactment), the President shall prescribe necessary regulations to implement sanctions enforcement. P.L. 118-50, Div. J Sec. 3(e)(2)
    • On and after October 21, 2024 (180 days after enactment), the President shall impose sanctions on foreign persons determined to have knowingly engaged in the Iranian petroleum trade. P.L. 118-50, Div. J Sec. 3(a)

    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. 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. We ask that you honor the October deadlines and work to address the deadlines already missed in order to provide Congress with the relevant reports as quickly as possible.

    We further request that you provide our offices an update on your efforts and when to expect these reports no later than October 29, 2024. Thank you for your continued work and attention to this matter.

    MIL OSI USA News

  • MIL-OSI: Targa Resources Corp. Releases Sustainability Report

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 16, 2024 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“Targa” or the “Company”) announced today that its Sustainability Report for 2023 is now available on the Company’s website at https://www.targaresources.com/sustainability. The report advances Targa’s sustainability disclosures and provides a review of Targa’s performance for calendar year 2023 against various environmental, social, and governance topics that we believe are important to our industry and our business.

    Highlights of Targa’s Sustainability Report for the 2023 calendar year include the following:

    • Decreased Gathering & Boosting (G&B) sector methane intensity by 19%;
    • Exceeded the original methane intensity goals established through the ONE Future participation;
    • Conducted aerial methane surveys at all gathering and processing assets;
    • Increased handheld camera methane monitoring to quarterly at all compressor stations and bi-monthly to all gas plants;
    • Exported approximately 5.6 billion gallons of liquefied petroleum gas (“LPG”) globally that can displace higher GHG-emitting fuels;
    • Realized continued safety performance with a 25% decrease in Employee Total Recordable Incident Rate since 2021;
    • Received nine (9) midstream safety recognition awards for exceptional safety records;
    • 95% of our new hires resided in the communities in which we operate;
    • 91% of Board of Directors are independent; 100% independent Audit, Compensation, Nominating and Governance, Risk Management, and Sustainability Committees;(1)
    • 36% of Board of Directors are women;(1) and
    • Board-level Sustainability Committee continues to oversee management’s implementation of strategy to integrate sustainability into various business activities to create long-term stakeholder benefits.

    Please refer to the full sustainability report for additional context regarding these highlights as well as other sustainability matters. The report references the Global Reporting Initiative (“GRI”) Standards, International Financial Reporting Standards’ (“IFRS”), Sustainability Accounting Standards Board’s (“SASB”) Oil & Gas Midstream Standard, and the Task Force on Climate-Related Financial Disclosures (“TCFD”). In addition, Targa engaged an external third party to perform an attest review engagement for certain greenhouse gas emissions and employee safety data metrics disclosed in Targa’s 2023 Sustainability Report for the year ended December 31, 2023.

    (1) As of May 17, 2024.

    About Targa Resources Corp.

    Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic midstream infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

    Targa is a FORTUNE 500 company and is included in the S&P 500.

    For more information, please visit the Company’s website at http://www.targaresources.com.

    Forward-Looking Statements

    Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding our projected financial performance and capital spending. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics or any other public health crises, commodity price volatility due to ongoing or new global conflicts, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the impact of disruptions in the bank and capital markets, including those resulting from lack of access to liquidity for banking and financial services firms, the timing and success of business development efforts and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s Sustainability Report for 2023 and its filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    Targa Investor Relations
    InvestorRelations@targaresources.com
    (713) 584-1133

    The MIL Network

  • MIL-OSI Australia: Australia-Vietnam Foreign Ministers’ Meeting and Economic Partnership Meeting

    Source: Minister for Trade

    This week the Australian Government welcomes Deputy Prime Minister and Minister of Foreign Affairs of Vietnam, His Excellency Bui Thanh Son, and Minister of Planning and Investment of Vietnam, His Excellency Dr Nguyen Chi Dung to Adelaide.

    On Thursday, Minister Farrell and Minister Dung will hold the fourth Australia-Vietnam Economic Partnership Meeting to advance our shared goal of increasing two-way trade, tourism and investment, and deepening economic cooperation across Southeast Asia.

    On Friday, Minister Wong and Deputy Prime Minister Son will hold the sixth annual Australia-Vietnam Foreign Ministers’ Meeting to advance cooperation under our Comprehensive Strategic Partnership and address key regional challenges.

    Minister Farrell will also give a keynote address at the inaugural Australia Vietnam Policy Institute Conference on trade diversification opportunities in Southeast Asia.

    The meetings this week will deepen our partnership as we work together to implement our shared vision for a peaceful, stable, and prosperous region.

    Quotes attributable to Minister for Foreign Affairs, Senator the Hon Penny Wong:

    “The Australia-Vietnam relationship has never been stronger.

    “Our Comprehensive Strategic Partnership reflects the depth of cooperation and the ambition we hold for our future.

    “This meeting will build upon my visit to Hanoi last year, where we marked 50 years of diplomatic relations, underscoring the deep friendship and strategic trust between our countries.”

    Quotes attributable to the Trade & Tourism Minister, Don Farrell:

    “Trade between Australia and Vietnam is booming, which means more opportunities for our exporters, businesses, and workers.

    “Over the last three years, our two-way trade with Vietnam hit record highs of $79 billion, and Vietnam has become one of the fastest growing sources of international visitors to Australia since the pandemic.

    “Our Southeast Asia Economic Strategy is supporting Australian businesses to seize new opportunities in the region, and Vietnam is one of the many places right on our doorstep which holds a wealth of potential for our exporters.”

    MIL OSI News

  • MIL-OSI United Kingdom: expert reaction to study of metformin and birth defects

    Source: United Kingdom – Executive Government & Departments

    A study published in the BMJ looks at metformin use and the risks of birth defects in offspring. 

    Dr Channa Jayasena, Consultant & Head of Andrology, Imperial College London, said:

    “Metformin is one of the most important drugs in the world, by providing an affordable and effective way to lower sugar levels in millions of patients with type 2 diabetes around the world. A previous study suggested that men taking metformin might be at increased risk of fathering children with birth defects, but I always urge caution with such studies because they can scare people away from medications that they need, because of a potential but unproven risk. 

    “The current study studied more than 3 million pregnancies, making it very large by current standards. Importantly, they found no increase in birth defects when men took metformin. This allows us to reassure men taking the drug that there is no consistent evidence suggesting that their children will be at increased risk of birth defects.”

     

    Prof Allan Pacey, Professor of Andrology at the University of Manchester, said:

    “This is a useful study that provides further clarity on the relationship between metformin use to control type 2 diabetes in fathers and birth defects in their sons. This has been of interest since the publication of a paper in 2022 by researchers using data from Denmark in which suggested there might be a link.

    “By using data from two different populations in Norway and Taiwan, the new paper has taken the analysis one step further and have concluded that no real link exists between a father’s metformin use and any birth defects in his sons. The makes sense because there was never any plausible biological mechanism which might have led us to this conclusion.

    “I think the reasons that this new paper finds no link, compared to the 2022 paper which did, is simply down to data quality. Both analyses were very well conducted, but in this paper using data from Norway and Taiwan, the authors were able to take into account many more confounding factors. This highlights the need for ongoing caution in the interpretation of observational studies like this and why they should always be repeated in many different populations before a firm conclusion is drawn.

    “At the time that the original Danish study was published in 2022, many of us expressed caution about how the findings might be interpreted and encouraged men who take Metformin to control their diabetes to continue doing so, or at least discuss it with their doctor. I hope that this new study provides further reassurance that Metformin is a safe drug that can be used for the control of type 2 diabetes in men who wish to become fathers.”

    ‘Paternal metformin use and risk of congenital malformations in offspring in Norway and Taiwan: population based, cross national cohort study’ by Lin-Chieh Meng et al. was published in The BMJ at 23:30 hours UK time on Wednesday 16 October 2024.

    DOI: 10.1136/bmj-2024-080127

    Declared interests

    Allan Pacey: “Chairman of the advisory committee of the UK National External Quality Assurance Schemes in Reproductive Science, Emeritus Editor in Chief of Human Fertility, Trustee of the Progress Educational Trust (Charity Number: 1139856) and Patron of the Fertility Alliance (Charity Number:1206323) (all unpaid).”

    Channa Jayasena: “No conflicts”

    MIL OSI United Kingdom

  • MIL-OSI New Zealand: Economy – The cost of living crisis is coming to an end, with inflation close to 2%. We’re back in band – The cost of living crisis is coming to an end, with inflation close to 2%. We’re back in band – Kiwibank

    Source: Kiwibank
    Pay rises are finally running above inflation. The cost of living crisis is coming to an end, slowly.  It may not feel like it, yet, but inflation has eased, and will ease further.

    *       The RBNZ engineered a long, harsh recession in order to get inflation back within its 1-to-3% target band. They focus on the 2% mid-point.  And we’re close… very close.  At 2.2%, inflation has fallen from a rapid peak of 7.3%.

    *       The RBNZ can declare victory in the war on inflation. And they have acknowledged the success, with rate cuts.

    *       There is more disinflationary pressure in the pipeline as the economy continues to operate below its productive capacity. Tradables is the reason we have returned to 2%. And the eventual normalisation in domestic price pressures is why we see 2% sustained in the medium-term. It’s the two phases of 2%. Phase 1, imported. Phase 2, domestic.

    *       The light at the end of the tunnel is burning brighter. Cost pressures are easing. Great news for businesses and households, and interest rate relief is coming thick and fast. Policy settings are still restrictive, but more interest rate cuts are coming. Falling inflation, and falling interest rates will help household budgets, and business opex.

    The good news – deflationary pressures are becoming more broad based.  There were more goods and services recording declines in prices. And there were fewer goods and services recording hikes in prices. 
    The bad news – there’s still some very chunky prices hikes in council rates and insurance premiums to pay. The $5 fee for prescriptions also hurt.

    Importantly, core inflation recorded a 1% gain on the quarter, and eased to 3.1% over the year.  

    Beneath the surface, there was some (welcomed) weakness in housing related costs.  Despite a sharp 12% increase in council ratees over the quarter, lower labour costs and cheaper materials costs helped on the construction front.

    Earlier this year, we had forecast inflation falling back within the RBNZ’s 1-3% target band in the September quarter – but only just (2.8%) given the persistent strength in domestic inflation. While that remains the case, inflation has now fallen to 2.2%. And we still have cheaper imported prices to thank for bringing inflation closer to the RBNZ’s 2% target.

    The two phases of deflation.

    The first phase is the deflation of prices for imported goods.  Known as tradables inflation, imported prices are falling, and are DOWN -1.6% over the year. Imported prices peaked at a whopping 8.7%, and have fallen swiftly with the decline in global inflation rates.

    The second phase is the deflating of domestic prices. Domestic inflation is a slow-moving beast. The good news is that it is moving in the right direction (south). Non-tradables prices have eased from 5.4% to 4.9%. It’s fallen some distance from the 6.8% peak, although it is still sitting high above the long-term average (~3%).

    MIL OSI New Zealand News

  • MIL-OSI China: 7th CIIE to offer platform for showcasing Tanzanian goods, services: official

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

    DAR ES SALAAM, Oct. 15 — The seventh edition of the China International Import Expo (CIIE) will provide a platform for showcasing Tanzanian products and services to one of the largest consumer markets in the world, an official said on Monday.

    Tanzania’s Zanzibar Minister for Trade and Industrial Development Omar Said Shaaban revealed that 34 Tanzanian exhibitors will attend this year’s CIIE, which will be held in Shanghai from Nov. 5 to 10, to display goods, including agricultural produce, textiles, minerals, handicrafts, and industrial goods.

    “This is not just a journey across the continents, but a leap towards showcasing the vibrancy, richness, and diversity of Tanzania commerce on the international stage,” said Shaaban at a send-off ceremony for the exhibitors at the Chinese embassy in the port city of Dar es Salaam.

    He noted that the exhibits represented not just the diversity of Tanzania’s resources but also the ingenuity and craftsmanship of its people.

    “Through the 7th CIIE, we aim to raise global awareness of the ‘Made in Tanzania’ brand, which reflects the quality, sustainability, and uniqueness of our products,” Shaaban said.

    Speaking on behalf of the exhibitors, Elizabeth Kalambo, chief executive officer of sisal product manufacturer Sisalana (Tanzania) Company Limited, said attending the seventh CIIE will enable them to meet directly with customers and expand new client base in foreign markets.

    Kalambo said that participation in the CIIE has large economic multiplier effects for both China and Tanzania.

    Chen Mingjian, Chinese ambassador to Tanzania, said the CIIE created opportunities for companies and commodities worldwide to “buy globally, sell globally” and effectively promoted the growth of international trade volumes.

    Chen said that over the past six years, over 180 countries, regions, and international organizations have participated in the CIIE.

    “China is facilitating the participation of the least developed countries in the expo by providing preferential treatment in booth construction, exhibit transportation, and personnel reception,” she said, noting that China is Tanzania’s largest trading partner and source country of investment.

    According to the Chinese ambassador, China-Tanzania bilateral trade volume reached 8.78 billion U.S. dollars in 2023, recording an increase of 8.9 percent year on year.

    MIL OSI China News

  • MIL-OSI New Zealand: Falling Inflation Reflects a Falling Economy

    Source: Council of Trade Unions – CTU

    Data released by Stats NZ today showed inflation slowed to an annual rate of 2.2%, reflecting lower petrol prices and a weaker economy, said NZCTU Economist Craig Renney.

    “The data shows that petrol prices fell 8% annually, and vegetable prices fell 18% annually. These reflect both softer global demand and a return to normal harvests after Cyclone Gabrielle. Prices for discretionary spending items such as furniture, electronics, or second-hand vehicles fell. This suggests weak demand and low consumer confidence, which is exactly what you would expect when unemployment is rising,” said Renney.
     
    “Inflation and rising costs that can’t be avoided by households kept rising much faster than the headline rate. Electricity costs are up 7.4% a year. Rates bills rose 12% last year. Pharmaceutical products rose 17% with the reintroduction of prescription fees. Housing insurance was up 20% from last year.

    “Rents were the biggest contributor to annual inflation, up 4.5%. It’s clear that the landlord tax cuts aren’t working to reduce rents. Low-income households, struggling after real terms cuts to the minimum wage this year, will still be feeling the pinch of these increases.
     
    “One of the biggest drivers of the fall in inflation was the reduction in early childhood costs associated with the new family boost payment. Without that change quarterly inflation would have risen from 0.6% in September to 0.9%. Yet we know that more than half of all eligible households aren’t claiming that support – meaning that fall is unlikely to be translating into families’ pockets for many. Petrol pricing was supported by the one-off removal of the Auckland Fuel Tax, and with rising oil prices globally that fall is unlikely to be sustained.
     
    “Inflation is falling right now, but low-income workers might not be feeling the benefit as inflation they can’t escape keeps rising. Lower inflation is good news if it doesn’t come at a cost of much higher unemployment, which every forecast tells us will be happening.

    “With inflation now being back in the target band, the Government has no reason to not invest in making sure that unemployment doesn’t happen. Anything else is a choice,” said Renney. 

    MIL OSI New Zealand News

  • MIL-OSI China: China, Nordic countries see expanding trade cooperation

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

    BEIJING, Oct. 15 — China and Nordic countries have broadened their trade and economic cooperation in recent years, with expanded scale and improved quality, the Ministry of Commerce said Tuesday.

    During the first eight months of this year, trade volume between China and five Nordic countries, including Finland, Norway, Iceland, Sweden and Denmark, reached 35.44 billion U.S. dollars, up 5.7 percent year on year, Wang Yupeng, a commerce ministry official, told a press conference in Beijing.

    Wang said that high value-added products such as computers, communication equipment, pharmaceuticals, ships, autos and their parts constituted the mainstay of bilateral trade.

    Given the current momentum, annual trade between China and the five Nordic countries is expected to exceed 50 billion U.S. dollars this year, Wang said.

    For China, the Nordic countries are important sources of foreign investment and destinations for outbound investment, official data showed.

    The cumulative direct investment from the five Nordic countries in China has exceeded 15 billion U.S. dollars so far. In the first eight months of this year, China’s direct investment in these countries amounted to approximately 1 billion U.S. dollars, accounting for over one-fifth of China’s total investment in Europe.

    “We look forward to working with the Nordic countries to uphold the multilateral trading system with the World Trade Organization at its core, maintain the stability of the China-Europe industrial and supply chains, and jointly oppose protectionism in the field of trade and investment,” Wang said.

    The 2024 China-Nordic Economic and Trade Cooperation Forum will be held this week in Wuhan, central China’s Hubei Province, according to the press conference.

    MIL OSI China News

  • MIL-OSI USA: Grassley Stands Up for Iowa Farmers, Calls Out Biden-Harris Ag Failures

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    BUTLER COUNTY, IOWA – U.S. Sen. Chuck Grassley (R-Iowa), a lifelong family farmer and a member of the Senate Agriculture Committee, is sharing Iowa farmers’ concerns regarding the Biden-Harris administration’s approach to agriculture, energy and trade. 
    “Farmers are struggling to stay afloat thanks to falling profitability, sky high input costs and burdensome regulations,” Grassley said of his letter to President Biden and Vice President Harris. “In order to forge a better future for farmers, Washington needs to listen to the real-world experience of those with dirt under their fingernails. I’m demanding the Biden-Harris administration wake up to the challenges our farmers are facing.”
    Grassley’s letter shines light on President Biden and Vice President Harris’ harmful ag and trade policies, including:
    Grassley is urging President Biden and Vice President Harris to prioritize agricultural issues and lend farmers a helping hand by issuing timely, science-backed guidance on the 45Z Clean Fuels tax credit and expanding market access.
    Download audio of Grassley discussing his letter HERE. Read the full letter HERE and below.
    Monday, October 14, 2024
    The Honorable Joseph R. Biden
    President of the United States
    1600 Pennsylvania Ave NW
    Washington, DC 20500
    Dear President Biden and Vice President Harris,
    I am writing to express my concerns regarding the impact of your administration’s policies on the agricultural community. As a lifelong family farmer, I know first-hand the decisions made at the federal level have far-reaching consequences. It is critical that these decisions support, rather than hinder, our farmers. 
    Many aspects of farming have changed over the last four years of your administration. Unfortunately, the most important aspect of farming, profitability, has declined. In 2021, net farm cash income for the United States was around $176 billion. This year, 2024, net farm cash income is estimated to be down to $154 billion. As any farmer could tell you, if you aren’t profitable, you won’t be farming for long. I would like to take this opportunity to address areas where I believe your administration has fallen short in supporting the agriculture sector.
    First, under your administration the regulatory environment has become increasingly burdensome. Farmers and businesses alike have faced a host of new regulations that complicate their operations and drive up costs. For example, your changes to the Waters of the United States (WOTUS) rule, would have covered over 90 percent or the State of lowa and made the government involved in any land management decision for farmers, developers, and businesses such as golf courses. Thankfully, all nine Supreme Court justices agreed that the Environmental Protection Agency’s expansive regulatory efforts violated the Clean Water Act.
    From electric vehicle mandates to overly complicated strategies for herbicides and insecticides, farmers are concerned that these regulations will impose additional compliance costs and restrictions on their ability to manage their land effectively. This is also seen clearly in the Department of Treasury’s guidance for the 40B sustainable aviation fuel tax credit. Instead of enabling farmers to benefit from science-backed farming practices that work for them, your administration’s guidance restricted American farmers and benefitted foreign feedstocks. While I understand the need for sustainable practices, pushing farmers to specific farming practices can undermine the autonomy of farmers to make decisions that best suit their unique circumstances, and edge them out of new markets.
    Trade policy is another area where your administration has missed the mark. The lack of new trade agreements and uncertainty around tariffs has left the United States agriculture sector with a record estimated $30.5 billion trade deficit this year. In March, I joined 21 of my Senate colleagues in a letter to Ambassador Tai and Secretary Vilsack to ask if your administration intended to pursue any new free trade agreements. As my colleagues and I expressed at that time, the increased deficit is, “exacerbated by an unambitious U.S. trade strategy that is failing to meaningfully expand market access or reduce tariff and non-tariff barriers to trade.” Though your administration has acted in trade disputes and other areas, it has been based on previous trade agreements established before your administration. The lack of a comprehensive strategy to expand market access for American agricultural products has been frustrating for farmers who rely on exporting their products to sustain their livelihoods.
    Lastly, I urge your administration to prioritize these important issues in the agricultural community. There are still important steps that you can take to support farmers. Issuing timely guidance on the 45Z clean fuels tax credit would help provide certainty to farmers looking to market the grain they are currently harvesting. Allowing farmers a seat at the table for 45Z guidance and reducing the complicated and unworkable structure from 40B would go a long way in ensuring farmers maintain their autonomy in farming practices.
    Thank you for your attention to these important issues. I look forward to your response and hope that in the coming months you work to support our farmers who continue to contribute to the nation’s food security, fuel independence, and economic stability.
    -30-

    MIL OSI USA News

  • MIL-OSI China: UK has no plans for EU-style tariffs on Chinese EVs

    Source: China State Council Information Office

    British Trade Secretary Jonathan Reynolds has said that the United Kingdom (UK) has no plans to follow the European Union’s (EU) decision to impose tariffs on Chinese electric vehicle (EV) imports.

    Reynolds said that there had not been any complaints from the UK automative industry to the Trade Remedies Authority (TRA), and he would not seek to follow the EU in pursuing tariffs, the Reuters reported on Monday.

    “We keep it under close analysis, but I think it’s important our industry is different, and as of yet industry itself hasn’t asked for that referral to the TRA,” Reynolds told reporters on the sidelines of the International Investment summit in London.

    Britain was an “outlier” in how little it had done in terms of building trade links with China, and engagement was a good thing, Reynolds added.

    Reynolds had made similar remarks at the G7 Trade Ministers’ Meeting in Italy in July, reaffirming that the UK would not impose punitive tariffs on Chinese EVs like the EU.

    China and the EU are yet to reach a mutually acceptable solution on the issue, despite important progress in certain areas, China’s commerce ministry said on Saturday.

    The EU’s move has also sparked criticism from several European countries and auto industries, who warn the move could backfire by undermining the EU’s own competitiveness.

    MIL OSI China News

  • MIL-OSI New Zealand: Trade Minister to attend G20 meeting in Brazil

    Source: New Zealand Government

    Trade Minister Todd McClay will attend the Group of Twenty (G20) Trade and Investment Ministerial Meeting in Brasilia next week. 

    “As an exporting nation reliant on trade, this is a significant opportunity to boost our interests with some of the world’s largest economies and many of our most important trading partners,” Mr McClay says.

    “New Zealand was invited to attend following our success in negotiating the E-Commerce agreement at this year’s WTO Ministerial Trade negotiation in Abu Dhabi, and our inaugural attendance at the G7 Trade Ministers meeting in Reggio Calabria.”

    Minister McClay will represent New Zealand alongside G20 members to discuss sustainable development, investment, global food security, reducing Non-Tariff Barriers (NTBs) and strengthening of the Multilateral system to grow trade. 

    In addition to G20 meetings, Mr McClay will look to engage directly with counterparts including from Brazil, Canada, Chile, the European Union, Germany, India, Mexico, Netherlands, South Africa, the United Kingdom and the United States.

    While in the region, the Minister will also lead a business delegation to São Paulo to boost New Zealand’s $242 million exported to Brazil and supporting the 40 Kiwi businesses already operating in the region.

    The delegation includes 13 organisations: Aroa Biosurgery, Auckland Council, Foot Science International, Framecad, Gallagher Animal Management, Latin America Centre of Asia-Pacific Excellence (CAPE), Latin America New Zealand Business Council (LANZBC), Livestock Improvement Corporation (LIC), Loadscan, Mindhive Global, New Zealand Brazil Business Chamber (NZBBC), Seequent, and Tait Communications.

    “We are committed to ensuring New Zealand remains competitive on the world stage and that our high-quality, safe and sustainable exports gain the recognition they deserve.”

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Parliament Hansard Report – Wednesday, 16 October 2024 – Volume 779 – 001421

    Source: New Zealand Parliament – Hansard

    Question No. 2—Prime Minister

    2. Rt Hon CHRIS HIPKINS (Leader of the Opposition) to the Prime Minister: Does he stand by all his Government’s statements and actions?

    Rt Hon CHRISTOPHER LUXON (Prime Minister): Yes, and especially our actions to get on top of inflation. This morning Stats New Zealand confirmed that inflation fell to 2.2 percent in the September quarter, the lowest rate in more than 3½ years, and it is clear that our plan, our economic plan, is working, which is why under our Government we’re getting on top of inflation fast. Just before the election last year, Treasury picked that inflation would have only fallen to 3.1 percent by this time and wouldn’t have reached 2.2 percent until the end of next year. And that’s despite all the scaremongering from the Opposition that fully funded tax relief, which Labour didn’t support, for supporting working families with the cost of living would actually push inflation higher. It didn’t do that. But, instead, our economic plan is delivering lower inflation, lower interest rates, two interest rate cuts in 10 months versus, I think, six or seven increases over the last six years. Importantly, what we’re seeing is that the foundations for economic growth to get New Zealand back on track are in place.

    Rt Hon Chris Hipkins: Why did his Government cut funding for apprenticeships in critical infrastructure sectors when apprentice numbers are already in decline, compounding the skills shortages in the trades sector?

    Rt Hon CHRISTOPHER LUXON: Well, what I’d say to the member is the Apprenticeship Boost was actually another case of Labour leaving behind another fiscal cliff. We’ve made funding for Apprenticeship Boost permanent so the programme wouldn’t expire like it would under Labour and, at the same time, we’re targeting it at the skills that we need.

    Rt Hon Chris Hipkins: Why has he and his Government cut funding for apprenticeships in areas such as pipeline construction, bitumen resurfacing, road construction and maintenance, and drinking and waste-water treatment when this country is facing major challenges in those areas and this will only exacerbate skill shortages?

    Rt Hon CHRISTOPHER LUXON: Well, we have to make sure we are spending money carefully. That’s what we do on the side of the House; we don’t waste money. That’s only a very small proportion of those that are actually using Apprenticeship Boost, and what I’d say to you is that we are making sure that we’ve got support for the skills we need like building and agriculture and manufacturing, forestry, food, and hospitality.

    Rt Hon Chris Hipkins: Why was providing over $200 million in tax breaks to the tobacco company Philip Morris more important to his Government than keeping people in apprenticeships?

    SPEAKER: Just a moment. I think there’s a word there that probably shouldn’t have been in it. Do you want to ask that question again.

    Hon Member: What’s that?

    SPEAKER: I think you referred to the entity belonging to someone, which it didn’t. So just ask the question again.

    Rt Hon Chris Hipkins: Why was providing over $200 million in tax breaks to companies like Philip Morris, the country’s largest supplier of cigarettes, more important to his Government than keeping people in apprenticeships?

    Rt Hon CHRISTOPHER LUXON: Well, I reject the characterisation of that question. What I would say to that member is that on this side of the House we are very committed to lowering daily smoking rates. We are determined to deliver on Smokefree 2025 and we’re going to make alternatives available. Also what I’d say is, with respect to the so-called tax that he talks about, what we’ve done is make sure Treasury is conservatively estimating the loss of excise tax by any shift that happens to an alternative product other than cigarettes.

    Rt Hon Winston Peters: Prime Minister, how often have you met someone whose logic is that when the tax on cigarettes go up, as it did December last year, it somehow is a concession to some business?

    Rt Hon CHRISTOPHER LUXON: It’s just prudent to actually set money aside. And for the most extreme scenario, if we get a shift from cigarettes to alternative products—that’s what we’re accounting for.

    Rt Hon Chris Hipkins: Why should the construction sector have trust in his Government when they are cutting apprenticeships and, in their first 10 months in power, they have spent their time gutting school building programmes, shelving State housing projects, cancelling major infrastructure projects, and leaving the industry staring down a pipeline that’s looking more like an empty barrel?

    Rt Hon CHRISTOPHER LUXON: Again, what you see is you see a business confidence at a 10-year high. Why is that? Because they know this is a Government dealing with and improving the economic fundamentals. We are making sure there is financial discipline and no wasteful spending. We’re making sure that inflation now, for the first time in 3½ years, is within the band. Interest rates cuts are coming down; confidence is up. That leads to economic growth and people in work.

    Rt Hon Chris Hipkins: If things are so good for the building and construction sector, why are there 10,000 fewer people employed in the building and construction sector now than there were the day he became Prime Minister?

    Rt Hon CHRISTOPHER LUXON: Because this economy is dealing with the lag effects of woeful economic mismanagement by that member and his former Government. What is good news is that consents are up 2 percent; the Infrastructure Commission’s latest pipeline estimates a total of over 6,000 projects—$147 billion worth; and the Transport Government policy statement put in $33 billion for the next three years. If the member cares a lot about it, I look forward to his support of our fast-track legislation, because that was a great idea from David Parker. We’ve built on it; there’s 149 fantastic projects: 55,000 potential new homes, 30 percent increase in electricity generation, and 180 kilometres of new roads, rail, and public transport.

    Rt Hon Chris Hipkins: Why won’t he admit that his Government doesn’t care about the damage it causes to New Zealand’s infrastructure, workforce, and economy, as long as his favourite pet projects like tax breaks for landlords and tobacco companies get billions of dollars that could so desperately be spent elsewhere?

    Rt Hon CHRISTOPHER LUXON: Aww, it’s a terribly sad day for the Leader of the Opposition. We have good news, which is we have inflation in the bands, we’ve delivered income tax relief for low and middle income working New Zealanders—people the Labour Party used to care about but don’t any more—we’ve got fast-track legislation sitting there, and he refuses to support it. Come on board, do something positive.

    MIL OSI New Zealand News

  • MIL-OSI Economics: African Development Bank supports BIASHARA Africa 2024 Business Forum

    Source: African Development Bank Group

    The African Development Bank has lent support to the Biashara Africa 2024 Business Forum or AfCFTA Business Forum, held from 9-11 October 2024 in Kigali, Rwanda.

    The meeting, organized by the African Continental Free Trade Area (AfCFTA), brought together industry leaders, policymakers and government representatives to promote African trade and foster economic growth on the continent. This year’s forum was themed “Dare to Invent the Future of the AfCFTA.”

    As part of ongoing institutional support to the AfCFTA Secretariat, an African Development Bank delegation to the forum included Acting Director for the Bank’s Industrial and Trade Development department Ousmane Fall, Trade Policy Officer Abou Fall and Trade Facilitation Officer Rachael Nsubuga.

    During the opening ceremony President Paul Kagame of Rwanda and AfCFTA champion emphasized connectivity across the continent in his remarks.

    “How well we adapt as Africa to crisis depends on how strongly connected, we are,” Kagame said, urging governments to strengthen governance and institutions to prioritize implementation of AfCFTA protocols on trade in goods, services and movement of people for efficient trade.

    Fall delivered a statement underscoring the Bank’s commitment to support African member countries through a comprehensive strategy to address investments tacking policy and regulation, corridors infrastructure, technology and connectivity constraints.

    He noted that the African Development Bank has been very active in addressing access to trade finance as a major impediment to productivity. So far, the Bank has facilitated more than 3,000 trade transactions involving 170 financial institutions in all regional member countries for a cumulative trade value of over $12 billion since the inception of The Bank Trade Finance Program.

    Africa accounts for only two percent of global production, although it is most integrated in global value chains, but in the less profitable segments of value chains, Fall said.  

    The Biashara 2024 Business Forum held business exhibitions and side events on diverse topics such as unlocking the trade potential of Africa; trade finance; value chains; partnerships for Africa’s trade; and business to business events.

    The AfCFTA is the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight regional economic communities. The overall mandate of the AfCFTA is to create a single continental market with a population of about 1.3 billion people and a combined GDP of approximately US$ 3.4 trillion.

    MIL OSI Economics

  • MIL-Evening Report: Social media footage reveals little-known ‘surfing’ whales in Australian waters

    Source: The Conversation (Au and NZ) – By Vanessa Pirotta, Postdoctoral Researcher and Wildlife Scientist, Macquarie University

    Sapphire Coastal Adventures

    As humpback and southern right whales return to Antarctica at the tail end of their annual migration, east coast whale watchers may think the show will soon be over. But some whale species are still here, possibly year-round. And we need to find out more about them.

    My team’s new research concerns one of these little-known species – the Bryde’s whale. You may have seen it feeding, breaching or surfing, without realising what it was.

    My colleagues and I wanted to learn more about where Bryde’s whales can be found in Australian waters. So we tapped into observations shared on social media, including drone footage and photographs from whale-watching tours. We also gathered observations from scientists.

    We discovered a wealth of information. It includes evidence of feeding and “surfing” behaviours possibly never documented before. Findings from this research will directly help inform conservation efforts to protect this species, which we still know so little about in Australian waters.

    A Bryde’s whale rides the surf after feeding in shallow waters.
    Taylor Arnell and Austin Ihle @takethemap

    Observing whales through citizen science

    Scientists can’t always be out in the field, or on the water. That’s why the data gathered by everyday people, known as “citizen scientists”, can be so useful. It captures valuable information about wildlife that can be used later by professional researchers.

    Citizen science projects involving marine life have grown over recent years. They include people documenting humpback whale recovery by counting northward migrating humpback whales off Sydney, and people watching sharks off Bondi Beach via the @DroneSharkApp.

    Hungry hungry whales

    Like humpback whales, these giants are “baleen” whales, meaning they are toothless. But Bryde’s whales have a much pointier mouth and lack that famous hump.

    A preference for warmer waters means Bryde’s whales are also known as tropical whales. They can be found in tropical or subtropical waters.

    Around the world, Bryde’s whales have demonstrated interesting feeding behaviours, from high-speed seafloor chases to “pirouette feeding”.

    Bryde’s whale in shallow waters near baitfish.
    Taylor Arnell and Austin Ihle @takethemap.

    Hanging out in shallow and deep waters

    Our study documented Bryde’s whales feeding in both deep and shallow waters off the east coast of Australia, alone or sometimes with other whales.

    We tapped into more than an hour of drone vision and more than 200 photos of Bryde’s whales shared by citizen scientists on social media platforms such as Facebook, Instagram and YouTube.

    In offshore environments, Bryde’s whales were typically seen “side lunging” – where they propel themselves forward and turn onto their side then open their mouth to engulf their food. They also swam from below and scooped up their prey, much like humpback whales.

    Lunging Bryde’s whale feeding on small baitfish in New South Wales waters.
    Brett Dixon

    In shallow waters, Bryde’s whales were observed feeding directly within or behind the surf break.

    We believe this is a new feeding behaviour for this species. We call it “shallow water surf feeding”.

    Whales may be using the surf to assist with their feeding efforts, or, perhaps they are there because that’s where the bait fish are hanging out.

    Regardless, it’s impressive to see such a large whale in the surf and in shallow waters.

    Spotted: mums with their calves

    We also documented mothers with calves. This indicates some parts of the Australian east coast could possibly serve as an important area for nursing mothers with their young. They could also be using these waters for calving.

    We don’t yet fully understand the species’ movements around Australia, and whether they swim in New Zealand waters. For example, the world-famous white humpback whale Migaloo has been known to swim across the Tasman Sea.

    Bryde’s whale mother with calf in NSW waters escorted by dolphins.
    Brett Dixon

    Could these Bryde’s whales we see here in Australian waters be the same ones seen in New Zealand waters? Are they calving in New Zealand or Australia and moving between the two? If so, what does this mean for their protection?

    Whales don’t recognise international boundaries. They go where they want, when they want. This is why collaborative research like this is important for our growing knowledge of this species.

    The more we know, the better we can protect

    This is the first dedicated paper on both the occurrence and feeding behaviour of Bryde’s whale in Australian waters.

    As humans continue to expand our footprint in the ocean through activities such as offshore wind energy, shipping, fishing and tourism, knowledge of this species and others can help inform future decisions in our blue backyard.

    Findings of this study will directly contribute to Australia’s efforts to protect whales. One immediate action will be contributing information to the federal review of Biological Important Areas for protected marine species. The more we know, the better we can target conservation efforts to provide for a species we know relatively little about in Australian waters.

    And even though the humpbacks and southern rights are headed back south to Antarctica for the summer, it’s still worth keeping your eyes on the water. You might be the next person to spot a Bryde’s whale in Australian waters. Let us know if you do!

    An example of shallow water surf feeding by a Bryde’s whale.
    Taylor Arnell and Austin Ihle @takethemap

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

    ref. Social media footage reveals little-known ‘surfing’ whales in Australian waters – https://theconversation.com/social-media-footage-reveals-little-known-surfing-whales-in-australian-waters-241347

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (3)

    Source: Hong Kong Government special administrative region

    III. Consolidate and Enhance Our Status as an International Financial, Shipping and Trade Centre

    29. The development of international financial, shipping and trading centres are closely intertwined. Besides expanding and strengthening our existing businesses, we will also explore new growth areas, specifically by creating a commodity trading ecosystem to attract relevant enterprises to establish presence in Hong Kong, turning our city into an operation centre for international commodity trading, storage and delivery, shipping and logistics, risk management, and more. This will help develop the markets in international gold, non‑ferrous metal, green transportation, and others, further promoting the integrated development of Hong Kong as an international financial, shipping and trade centre.

    30. Hong Kong ranks among the world’s largest import and export markets for gold by volume. The current complexity in geopolitics underscores our city’s edge in security and stability, and hence an attractive location for investors for gold storage, spurring relevant activities such as gold trading, settlement, and delivery. We will capitalise on our strengths as an international financial centre to build Hong Kong into an international gold trading centre.

    31. The Government will facilitate an international commodity exchange to set up accredited warehouses in Hong Kong. We will also introduce measures such as a preferential tax regime to attract enterprises to expand their business in Hong Kong, and to increase storage and trade volume of commodities.

    32. Green shipping and aviation is a global trend. The Government will nurture industrial development of sustainable aviation fuel and green maritime fuel, and establish a fuel bunkering centre, leveraging the development opportunities in finance, trading and maritime sectors stemming from new energy.

    (A) International Financial Centre

    33. Hong Kong is an international financial centre, ranking third globally and first in investment environment. The Government will continue with reforms to reinforce and enhance our status as an international financial centre.

    Deepen Mutual Market Access and Enrich Offshore Renminbi Business

    34. We will continue to enhance the mutual market access regime and reinforce our status as the world’s largest offshore Renminbi (RMB) business hub, contributing to the internationalisation of RMB. Key measures include continuously improving our infrastructure and upgrading the Central Moneymarkets Unit to facilitate the settlement of various assets in different currencies by international investors. We will also develop the fixed income market infrastructure by, for instance, setting up a central clearing system for RMB‑denominated bond repurchase (repo) transactions, making RMB sovereign bonds issued in Hong Kong a more popular choice of collateral in offshore markets. We will look to enhance the Cross‑boundary Wealth Management Connect Scheme as well.

    35. We will also strive to bolster offshore RMB liquidity and make good use of the currency swap agreement between the HKSAR and our country, enabling the Hong Kong Monetary Authority (HKMA) to better support Hong Kong’s economic and trade development; expand the night‑time, cross‑boundary service capability of Hong Kong’s RMB Real Time Gross Settlement System to facilitate global settlement in offshore RMB markets; and explore the provision of more diversified channels for obtaining offshore RMB financing.

    36. We will provide more RMB‑denominated investment products –

    (i) the Hong Kong Exchanges and Clearing Limited (HKEX) to encourage more listed companies to have shares listed in the RMB stock trading counter, and expand the scope of RMB equities;

    (ii) to increase issuance of RMB bonds and support issuance of more green and sustainable offshore RMB bonds in Hong Kong;

    (iii) to seek support from the Ministry of Finance for boosting the size and frequency of issuing RMB sovereign bonds, and launching offshore RMB sovereign bond futures as soon as possible, in Hong Kong; and

    (iv) to actively liaise with the Mainland authorities to expand the Bond Connect (Southbound Trading) as appropriate, including expanding the scope of eligible Mainland investors to non‑bank financial institutions such as securities firms and insurance companies; and enriching liquidity management tools that facilitate offshore investors’ investment in onshore bonds by actively exploring and introducing, at appropriate juncture, various bond repo and collateral products and arrangements using onshore RMB bonds.

    Further Enhance Our Status as an International Risk Management Centre

    37. Hong Kong has the highest concentration of insurance companies and the highest insurance density in Asia. To further strengthen Hong Kong’s position as a global risk management centre, the Insurance Authority will initiate a review next year. We will examine capital requirements for infrastructure investment, enriching insurance companies’ asset allocation for risk diversification and driving investment in infrastructure such as the Northern Metropolis. We will also continue to invite Mainland and overseas enterprises, including large state‑owned enterprises in the Mainland, to establish captive insurers in Hong Kong.

    Further Enhance Our Status as an International Asset and Wealth Management Centre

    38. There are 2 700 single‑family offices in Hong Kong, and the industry has predicted that Hong Kong will become the world’s largest cross‑boundary wealth management centre by 2028. We will make every effort to attract more global capital to be managed in Hong Kong, including facilitating the opening of new distribution channels for private equity funds through HKEX’s listing, and:

    (i) collaborating with sovereign wealth funds in regions along the Belt and Road (B&R) – We will strive to collaborate with large‑scale sovereign wealth funds in regions such as the Middle East, in financing the setting up of funds to invest in assets in the Mainland and other regions;

    (ii) enhancing the New Capital Investment Entrant Scheme – Effective today, investment in residential properties is allowed provided that the transaction price of the residential property concerned is no less than $50 million, with the amount of real estate investment to be counted towards the total capital investment capped at $10 million. In addition, investments made through an eligible private company wholly owned by an applicant will be counted towards the applicant’s eligible investment with effect from 1 March 2025; and

    (iii) expanding the scope of tax concessions – The Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds and single‑family offices.

    Proactively Expand Markets and Deepen Overseas Networks

    39. We will continue to actively expand and deepen our overseas networks, including forging financial co‑operation with the Middle East and the region of the Association of South East Asian Nations (ASEAN), organising more international financial mega events, and exploring further collaboration with Islamic markets in the area of finance.

    Further Enhance the Securities Market

    40. Relevant measures include:

    (i) opening up new sources of capital overseas – Exchange Traded Funds (ETF) tracking Hong Kong stock indices will be launched in the Middle East, seeking to attract allocation of capital in the market to Hong Kong stocks;

    (ii) striving for more listing of enterprises in Hong Kong – We will leverage the advantages brought about by our mutual access with the Mainland’s financial markets to attract international enterprises to list in Hong Kong. We will also encourage large‑scale Mainland enterprises to list here, particularly aiming to have more prominent initial public offerings in the near term;

    (iii) optimising vetting of listing applications – The Securities and Futures Commission (SFC) and the HKEX will announce specific measures for further optimising relevant procedures to provide greater certainty regarding the time required for vetting of listing applications; and

    (iv) boosting market efficiency – The SFC and the HKEX will boost market efficiency and lower transaction costs, including reviewing the arrangement for deposit of margin, and refining the requirements on placement of margin and collateral.

    Provide Convenient Cross-boundary Financial Services Arrangement

    41. To promote financial inclusion, we will facilitate members of the public in making cross‑boundary transactions and payments.  The HKMA and the People’s Bank of China are pushing forward the linkage of fast payment systems in the two places, i.e. the Faster Payment System (FPS) in Hong Kong and the Internet Banking Payment System (IBPS) in the Mainland, to facilitate real‑time, cross‑boundary small‑value payments by residents on both sides; and they will implement the arrangement enabling issuance of bank cards by Mainland branches of Hong Kong‑incorporated banks in the Mainland.

    Build an International Gold Trading Market

    42. Hong Kong ranks among the world’s largest import and export markets for gold by volume. Amidst the increasingly complicated geopolitics, our city’s security and stability gives us a clear edge as an attractive place for physical gold storage, driving more gold trading, settlement and delivery activities, and potentially propelling Hong Kong into a gold trading centre. This will spur development of the related industry chain, ranging from investment transactions, derivatives, insurance, storage, to trading and logistic services.

    43. The Government will promote the development of world‑class gold storage facilities, facilitating the storage and delivery of spot gold by users and investors in Hong Kong, and driving demand for related services such as collateral and loan businesses, opening up new growth areas of the financial sector.

    44. The Financial Services and the Treasury Bureau (FSTB) will set up a working group to take forward the establishment of an international gold trading centre. This will include, among other things, strengthening the trading mechanism and regulatory framework, promoting application of cutting‑edge financial technology, and actively exploring with the Mainland authorities on the inclusion of gold‑related products in the mutual market access programme.

    Enhance the Green Finance Ecosystem

    45. Hong Kong is a leading sustainable finance hub in Asia. The international carbon market (Core Climate) launched by the HKEX is the world’s only carbon market to offer Hong Kong dollar (HKD) and RMB settlement for trading of international voluntary carbon credits.

    46. The HKMA will roll out the Sustainable Finance Action Agenda. In addition, the FSTB will launch a roadmap on the full adoption of the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) this year, leading Hong Kong to be among the first jurisdictions to align its local requirements with ISSB Standards.

    (B) International Shipping Centre

    47. Hong Kong is one of the world’s busiest and most efficient ports, and ranks fourth in the International Shipping Centre Development Index (ISCDI). The average length of stay of container vessels in the Hong Kong port is 0.95 days, about half the average of 1.85 days for the world’s top 20 container ports, earning our city the reputation as a “catch‑up port” for vessels to make up for delays in other ports.

    48. The shipping business is composed of the port sector and maritime services, in which maritime services (including professional services such as ship broking, financing and leasing, maritime insurance, maritime law and arbitration) are the high‑value‑added segment of shipping business and the source of growth, having grown by nearly 40% over the past three years (from 2019 to 2022) in terms of economic contribution. We will step up our efforts in fostering Hong Kong’s maritime industry while taking a multi‑pronged approach to consolidate our status as an international shipping centre.

    Establish the Hong Kong Maritime and Port Development Board

    49. The existing Hong Kong Maritime and Port Board will be reconstituted into the “Hong Kong Maritime and Port Development Board”, a high‑level advisory body to assist the Government in formulating policies and long‑term development strategies. To be chaired by a non‑official member, with other members largely from the maritime sector, the new body will be underpinned by dedicated staff to undertake research and publicity work. Additional funding will be provided to enhance its research capabilities, strengthen its Mainland and overseas promotional work and step up manpower training, supporting the Government in policy implementation more effectively and promoting the sustainable development of Hong Kong’s maritime industry.

    Promote Development of High Value-added Maritime Services

    50. We will strive to promote the development of high value‑added maritime and professional services. Indeed, the Government has been encouraging more shipping commercial principals and maritime service enterprises to establish presence in Hong Kong by providing tax exemptions for ship leasing business and offering half‑rate tax concessions for marine insurance, ship management, ship agency and ship broking. We will continue to boost Hong Kong’s maritime strengths. Relevant measures include:

    (i) enhancing and promoting tax concessions – To strengthen the local maritime ecosystem, we will step up promotion of existing tax concessionary measures for maritime services and enhance the preferential tax regime (including introducing new tax deduction arrangements for ship lessors pursuant to international tax rules);

    (ii) attracting maritime service enterprises to establish presence in Hong Kong – We will encourage leading or high‑potential marine insurance business operators to establish presence in our city to broaden the range of marine insurance products; and

    (iii) developing maritime services talents – We will strengthen collaboration with international marine insurance organisations to promote the training of marine insurance talents, and expand the scope of the Maritime and Aviation Training Fund to cover more green energy courses, marine insurance examinations, and others.

    Advance Development of Green Maritime Centre

    51. We will develop Hong Kong into a green maritime centre through:

    (i) promoting the green transformation of registered ships – The Marine Department earlier this year began offering cash incentives to ships meeting relevant international standards on decarbonisation, and it will step up promotion of this initiative;

    (ii) developing a green maritime fuel bunkering centre – We will promulgate the Action Plan on Green Maritime Fuel Bunkering by the end of this year. We will take forward the related infrastructural development such as green maritime fuel bunker terminals, promote port emissions reduction, offer incentives to encourage green maritime fuel usage, co‑operate with ports in the GBA, and construct a green shipping corridor with major trading partners; and

    (iii) offering green fuel bunkering facilities – We will provide green ships with smart information concerning navigational safety, and enhance the ship monitoring systems to ensure safety during fuel bunkering.

    Create a Commodity Trading Ecosystem

    52. Commodities including metals and minerals account for more than half of the global shipping trade volume. Shipowners and commodity traders are the key users of shipping routes and maritime services. Their presence and operation in Hong Kong can drive the maritime services industry, and boost demand for related financial and professional services such as hedging activities of related futures products, conducive to consolidating and enhancing Hong Kong’s status as an international financial, shipping and trade centre. We will explore the introduction of tax concessions and support measures to attract relevant enterprises in the Mainland and overseas to set up businesses in Hong Kong, building a commodity trading ecosystem in our city.

    53. There has been an international commodity exchange expressing its intention to establish accredited warehouses in Hong Kong for storage and delivery of commodities, including non‑ferrous metal products. We will capitalise on this opportunity to establish relevant supporting facilities so as to attract Mainland enterprises to engage in commodity trade, especially of non‑ferrous metal, in Hong Kong, further expanding the demand for our maritime and trade services.

    Develop the Smart Port and Conduct International Promotions

    54. The Government will complete installation of a port community system next year. It will be equipped with functions such as shipment tracking, real‑time transport information, electronic information and document retrieval, and port data analysis, enabling the flow and sharing of data among stakeholders in the maritime, port and logistics industries.

    55. The Government will also organise more major events with international maritime organisations and enterprises to showcase to the world Hong Kong’s maritime strengths.

    Expand High Value-added Logistics Services

    56. We are taking forward the Action Plan on Modern Logistics Development, and will release four quality logistics sites for industry to develop modern, high‑end, multi‑storey logistics facilities. The findings of the planning study on the development of modern logistics clusters in the Hung Shui Kiu/Ha Tsuen New Development Area (NDA) will be published next year.

    57. The Government will continue to strengthen co‑operation in the logistics sector with the western part of Guangdong and other neighbouring areas, making good use of the Hong Kong‑Zhuhai‑Macao Bridge (HZMB) to expand the catchment area of our cargo services and facilitate more goods to go through Hong Kong.

    (To be continued.)

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (5)

    Source: Hong Kong Government special administrative region

    IV. Develop New Quality Productive Forces Tailored to Local Conditions

    75. The core element of new quality productive forces is to achieve high‑quality economic development through technological empowerment. Hong Kong is striving to become an international innovation and technology (I&T) centre by promoting the upgrading and transformation of traditional industries while actively nurturing emerging ones. We will spare no effort in developing new quality productive forces tailored to local conditions.

    (A) International I&T Centre

    Optimise the Strategy and Institutional Set-up for the Development of New Industrialisation

    76. We will draw up a medium to long‑term development plan for new industrialisation in Hong Kong. We will also press ahead with the establishment of the Hong Kong New Industrialisation Development Alliance to promote closer collaboration among the Government and the industry, academia, research and investment sectors, building a co‑operative platform for new industrialisation in Hong Kong. This includes providing more financing opportunities and fostering I&T co‑operation between newly‑listed companies in Hong Kong and local universities.

    Establish the Third InnoHK Research Cluster

    77. The InnoHK research clusters have become home to about 2 500 research and development (R&D) personnel from Hong Kong and around the world. The Government has already started preparatory work to establish the third InnoHK research cluster, which will focus on advanced manufacturing, materials, energy and sustainable development. The target is to attract world‑class R&D teams to collaborate with local institutions, promoting R&D and bringing in talents.

    Increase Research Funding

    78. The Government will launch a new round of Research Matching Grant Scheme totalling $1.5 billion to attract more organisations to support research endeavours of institutions.

    Increase Investment for I&T Industries

    79. We will increase investment and guide more market capital to invest in I&T industries, reflecting a revamped approach of Government in this. Relevant measures include:

    (i) setting up a $10 billion I&T Industry‑Oriented Fund – We will set up a fund‑of‑funds to channel more market capital to invest in specified emerging and future industries of strategic importance, including life and health technology, AI and robotics, semi‑conductors and smart devices, advanced materials and new energy. The goal is to systematically build an I&T ecosystem;

    (ii) optimising the Innovation and Technology Venture Fund – We will redeploy $1.5 billion to set up funds jointly with the market, on a matching basis, investing in start‑ups of strategic industries, to further enhance Hong Kong’s start‑up ecosystem; and

    (iii) maximising the impact of the HKIC as “patient capital” – The HKIC will continue to attract I&T enterprises to establish their presence and settle in Hong Kong by channelling and leveraging market capital.

    Attract International Start-up Accelerators to Establish a Presence in Hong Kong

    80. The Government will launch the I&T Accelerator Pilot Scheme with a funding allocation of $180 million at a one‑to‑two matching ratio between the Government and the institution, up to a subsidy ceiling of $30 million. The Scheme aims to attract professional start‑up service providers with proven track records in and beyond Hong Kong to set up accelerator bases in Hong Kong, fostering the robust growth of start‑ups.

    Develop the Low-altitude Economy

    81. Low‑altitude economy, which refers to economic activities in airspace below 1 000 metres, presents a wide array of application scenarios including rescues, surveys and delivery of goods and passengers. Formulating a management system for low‑altitude economy will help drive development in areas such as telecommunication technologies, AI and the digital industry, unlocking the low‑altitude airspace as a new production factor for our economy.

    82. The Government will establish the Working Group on Developing Low‑altitude Economy. Led by the Deputy Financial Secretary, it will formulate development strategies and inter‑departmental action plans, starting with projects on low‑altitude applications. It will designate specific venues for such purposes, draw up regulations and design the institutional set-up, and study and map out plans to develop the required infrastructure and networks. Relevant measures include:

    (i) exploring low‑altitude flying application scenarios – We will press ahead with pilot projects and designate venues to explore deploying drones for delivery, surveys, building maintenance, aerial photography, performances, search and rescue, and other possibilities;

    (ii) amending relevant regulations – This includes relaxing restrictions on beyond‑line‑of‑sight flying activities, as well as those on weight and loading of drones, encouraging market research and investment, facilitating technology tests and developing aerial tours;

    (iii) promoting interface with the Mainland – We will explore with the Mainland authorities the joint establishment of low‑altitude cross‑boundary air routes, immigration and customs clearance arrangements and supporting infrastructure; and

    (iv) studying and planning for low‑altitude infrastructure – In the long run, we need a highly effective, intelligent and digitalised low‑altitude infrastructure system for the real‑time management on networks of low‑altitude activities. It will strategise solutions for complex management and safety issues arising from such activities. The working group will embark on technical studies and planning of support facilities for low‑altitude activities (such as vertiports and charging stations), communications network, air route network, management of low‑altitude flying activities and so on to lay the foundation for the low altitude economy.

    Promote Development of Communications Technology

    83. Low Earth Orbit (LEO) satellites are less costly than traditional ones. The Government will conduct a study on streamlining the vetting procedures of licence applications for operating LEO satellites. The Government will also make available more suitable radio spectrum to the market in a timely manner.

    Advance R&D of Aerospace Science and Technology

    84. Hong Kong’s research teams have been actively engaged in R&D of aerospace science and technology. This year, a Hong Kong resident was selected as a preparatory astronaut. We are very grateful for our country’s support for Hong Kong in developing aerospace‑related technologies. The Government will set up a research centre under the InnoHK research cluster to participate in the Chang’E‑8 mission, contributing to national aerospace development.

    Promote Development of New Energy

    85. The Government will earmark around $750 million under the New Energy Transport Fund to subsidise the taxi trade and franchised bus companies to purchase electric vehicles, and launch the Subsidy Scheme for Trials of Hydrogen Fuel Cell Electric Heavy Vehicles.

    86. We will further promote the development of new energy by:

    (i) setting a target for sustainable aviation fuel (SAF) consumption – We will speed up the reduction of carbon emissions by the aviation industry and cater to the increasing demand of international airlines for SAF;

    (ii) developing SAF and green maritime fuel supply chains – We will formulate the long‑term plan for industry development in respect of fuel supply and demand, storage and bunkering; and

    (iii) promoting green and low carbon hydrogen energy – We will actively support the industry to establish a solar‑to‑hydrogen facility for demonstration, introduce a bill next year to ensure the safe use of hydrogen fuel, and formulate the approach of hydrogen standard certification suitable to Hong Kong.

    (B) Regional Intellectual Property Trading Centre

    87. Hong Kong’s intellectual property (IP)‑intensive industries accounted for about 30% of our Gross Domestic Product and of total employment respectively. We will strengthen our position as a regional IP trading centre by expanding the IP trading ecosystem of the I&T sector and creative industries.

    Enhance the Legislative Framework for IP

    88. The Government will strengthen protection for the products of innovation and creativity yielded by R&D efforts. Measures include putting forward a proposal next year to enhance the Copyright Ordinance regarding the protection for AI technology development, launching a consultation in 2025 on the registered designs regime currently under review, and proposing legislative amendments to streamline IP litigation processes for the High Court to manage and hear these cases more effectively.

    89. Next year, the Trade Marks Registry under the Intellectual Property Department (IPD) will launch a new AI‑assisted image search service to facilitate the public’s search of the trademark database.

    90. With the Central Government’s support, Hong Kong will participate in the World Intellectual Property Organization Lex‑Judgments Database next year, sharing important IP case precedents of local courts, to showcase to the international community the quality of our IP‑related judicial judgments.

    Strengthen Training of IP Talents

    91. The Government will continue to discuss with the patent agent sector and stakeholders to plan for the introduction of regulatory arrangements for local patent agent services, covering qualification, registration, and other areas, aiming to nurture professional talents and enhance service quality.

    92. The IPD will collaborate with the Qualifications Framework Secretariat to develop practical teaching materials for deployment by training providers, benefitting personnel across 23 different industries.

    (C) International Health and Medical Innovation Hub

    93. To expedite patients’ access to advanced diagnostic and treatment services, and to foster new quality productive forces in biomedical technology, the Government will complement technological innovation with institutional innovation, developing Hong Kong into an international health and medical innovation hub.

    Reform the Approval Mechanism for Drugs and Medical Devices

    94. The Government will expedite the reform of the approval mechanism for drugs and medical devices, including:

    (i) extending the “1+” mechanism to all new drugs, including vaccines and advanced therapy products, and improving the approval mechanism to speed up registration, facilitating good drugs for use in Hong Kong;

    (ii) devising the timetable for the Hong Kong Centre for Medical Products Regulation and the roadmap towards adoption of “primary evaluation”, as well as formulating strategies and measures to facilitate R&D of drugs and medical devices; and

    (iii) taking forward preparatory work for legislating for the statutory regulation of medical devices.

    Strengthen Biomedical Technology R&D and Translation

    95. The Government will enhance Hong Kong’s clinical trial capability on all fronts and facilitate the translation of innovative biomedical research results into clinical applications by:

    (i) joining hands with Shenzhen to establish the GBA Clinical Trial Collaboration Platform, extending the R&D network and expediting clinical trials;

    (ii) establishing the Real‑World Study and Application Centre to open up local health and medical databases and promote co‑operation between Hong Kong and Shenzhen to integrate data generated from the “special measure of using Hong Kong‑registered drugs and medical devices used in Hong Kong public hospitals in GBA”. This will accelerate approval for registration of new drugs in Hong Kong, the Mainland and overseas; and

    (iii) supporting R&D, clinical trials and application of advanced biomedical technology in Hong Kong, attracting global top‑notch innovative enterprises and research organisations to set up operations in Hong Kong.

    (D) Promote Integrated Development of Digital Economy and Real Economy

    96. A robust system to promote integration of real economy and digital economy is one of the key drivers of new quality productive forces. The Government will expedite the development of digital economy, which includes accelerating the digital transformation of industries, strengthening digital infrastructure, exploring development of a data‑trading ecosystem, and exploring on a pilot basis facilitation arrangements for cross‑boundary data flow within the GBA.

    Accelerate Development of Digital Trade

    97. The Government will push forward reforms in the digitalisation of enterprises and trade. Measures include fostering participation in discussions among the international community about the development of digital economy and exploring the inclusion of relevant provisions in bilateral trade agreements during the negotiation process, with a view to promoting digital trade and cross‑boundary e‑commerce.

    98. The Commerce and Economic Development Bureau is developing the Trade Single Window to provide a one‑stop electronic platform. It will help the industry lodge import and export trade documents for trade declaration and customs clearance. Separately, the HKMA has established a working group to conduct an in‑depth study into the changes in future supply chains and make recommendations. The scope of study covers promoting the digitalisation of trade through areas such as talents and financial infrastructure, as well as the technology and legal framework, with the goal to lower trade cost and upgrade the trade ecosystem.

    Establish a New Fintech Innovation Ecosystem

    99. The Government will continue to promote the development of innovative financial services including Central Bank Digital Currencies (CBDCs), mobile payment, virtual banks, virtual insurance and virtual asset (VA) transactions. The FSTB will shortly issue a policy statement, setting out its policy stance regarding the application of AI in the financial market. Other measures include:

    (i) promoting the use of CBDCs for cross‑boundary payment – The HKMA is actively testing and exploring more add‑on technology solutions and use cases related to cross‑boundary trade settlement on the mBridge platform, and will further widen the participation of both the public and private sectors;

    (ii) enhancing the regulation of VA trading – The FSTB will complete the second round public consultation on the regulatory proposals for over‑the‑counter trading of VA and put forward a proposed licensing regime for VA custodian service providers;

    (iii) promoting real‑world asset tokenisation and developing a digital money ecosystem – The HKMA is taking forward Project Ensemble, a financial market infrastructure project, to explore the application of real‑world asset tokenisation and the use of digital money for interbank settlement, facilitating the development of the relevant asset trading. Separately, the HKMA also allows potential stablecoin issuers to test business plans and use‑cases through the stablecoin issuer sandbox, and will work with the FSTB to introduce a bill on the regulation of fiat‑referenced stablecoin issuers later this year; and

    (iv) promoting the development of the digital securities market – The HKMA will soon launch the Digital Bond Grant Scheme to encourage more financial institutions and issuers to adopt tokenisation technology in capital market transactions.

    Facilitate Cross-boundary E-commerce Logistics Services

    100. To develop Hong Kong into a cross‑boundary e‑commerce logistics and distribution centre, the Government will review existing procedures to enhance the efficiency of cross‑boundary goods’ distribution, strengthening the competitiveness of our city.

    Promote Smart Construction and Management of Public Rental Housing Estates

    101. The Hong Kong Housing Authority (HKHA) has selected 10 Public Rental Housing (PRH) estates as pilot sites for smart estate management. Next year, it will establish a central platform for property management and introduce digital technologies in daily estate management work, enhancing management effectiveness and service quality. The HKHA will also progressively apply the Project Information Management and Analytics Platform in new public housing projects starting next year, enhancing works efficiency by project management digitalisation and adopting three‑dimensional digital maps and virtual digital models, etc.

    Promote LawTech

    102. The DoJ will set up the Advisory Group on Promoting the Development of LawTech to formulate policies and measures on LawTech and promote its application in relevant sectors.

    (To be continued.)

    MIL OSI Asia Pacific News

  • MIL-OSI New Zealand: Mayor to promote Auckland in key international markets

    Source: Auckland Council

    Auckland Mayor Wayne Brown is embarking on official visits to Brazil and China aimed at increasing trade and fostering relations between New Zealand’s largest city and countries with a combined population of over 1.6 billion.

    He will be supporting senior delegations of Auckland-based business leaders seeking to promote their products in these key markets.

    The potential creation of a dedicated passenger and freight air link between Asia, Auckland and South America – the Southern Cross trade connection, also known as Southern Link – will be a key discussion point on both legs.

    “Trade between China and Brazil totals around $490 billion annually – there is a huge opportunity for Auckland to tap into that with an air link that stops here and allows our businesses to get their products into these markets reliably, quickly and cost-effectively,” Mayor Brown said.

    “This is all about driving new investment in Auckland and helping companies based here to tap into export opportunities.

    “We have to be proactive and unapologetic about reaching out, building links and letting the world know that Auckland is a thriving and progressive place that welcomes trade and investment.

    “I’m very pleased to have a number of Auckland-based business leaders joining me at their own expense who see value and opportunity in taking our city to the world.

    “Modern Auckland is a cultural melting pot – we are a Pacific city in Asia, with more than 170,000 people who identify as Chinese alone living here. It’s important to keep reinforcing that we are proud, outward-looking people wanting to participate in the world around us.”

    The Mayor is well-acquainted with both countries, having been to Brazil on several occasions and written a book that was translated into Portuguese and sold well in Brazil. He has also led business delegations to China while he had his own interests.

    In 2008, he was invited by then-Prime Minister Rt Hon Helen Clark to travel to Beijing for the signing of the China-New Zealand Free Trade Agreement, where a particular highlight was attending the formal lunch to celebrate the signing with Premier Wen Jiabao.

    He is an official invited guest of the New Zealand Government whilst in Brazil, departing October 20 and returning October 25. It will be the first time an Auckland Mayor has made an official visit to Brazil, with a population well in excess of 200 million.

    He will accompany Trade Minister Todd McClay to a bilateral meeting with the Vice-Governor of São Paulo and participate in an economic and business briefing.

    There will also be a roundtable event hosted by NZ Trade and Enterprise, a partnership signing between New Zealand companies and their Brazilian customers and a NZ Business Technology Showcase featuring local companies in the technology and manufacturing sectors.

    The Mayor will return to Auckland before travelling to China on 31 October, leading a delegation of New Zealand business leaders for a series of official events.

    It will be the first time in five years an official delegation from Auckland has gone to China – New Zealand’s biggest export market worth more than $20 billion annually.

    He will have meetings with members of the Hainan Government in Haikou, support Auckland businesses exhibiting at the China International Import Expo in Shanghai, meet the China Chamber of Commerce in Ningbo, meet the Mayor of Ningbo and speak at a function in Guangzhou recognising 35 years of Auckland’s sister city relationship.

    While in Guangzhou, the Mayor will visit Auckland companies with operations there, including Zuru, before attending the International Friendship Cities Cooperation and Development Conference in Chengdu at the invitation of the Sichuan Government.

    The Mayor will be taking a particular interest in China’s approach to rapid infrastructure development – noting it has rolled out 46,000km of high-speed rail in under 20 years – and will look for opportunities for Auckland to benefit from better, faster and cheaper delivery methods.

    He will stop briefly in Tokyo en-route back to Auckland for a meeting with the Tokyo Metropolitan Government and attend part of the 50th Japan-New Zealand Business Council Conference before returning to Auckland on 17 November.

    The travel has been approved by the chair of council’s audit committee and complies with council rules. One Mayoral Office staff member will accompany the Mayor on each leg and the total cost is expected to be around $75,000, with business delegates meeting their own travel costs.

    Deputy Mayor Desley Simpson will be Acting Mayor in Mayor Brown’s absence.

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (4)

    Source: Hong Kong Government special administrative region

    (C) International Trade Centre58. The global trade landscape is undergoing constant changes, with parts of the supply chains shifting to the Global South and B&R countries, while many Mainland enterprises are also actively establishing their presence abroad.59. Hong Kong topped the global rankings in international trade and business legislation, according to the World Competitiveness Yearbook 2024. We have been the prime destination for Mainland and overseas enterprises setting up international headquarters to manage offshore trading and supply chain businesses.Build a High Value-added Supply Chain Service Centre60. Hong Kong is home to a deep pool of talents and extensive networks in offshore trading and supply chain management, including production chain management, export credit risk management, trade financing, marketing, testing and certification, accounting and other professional services. We will strengthen the provision of high value‑added supply chain services by:(i) establishing a high value‑added supply chain services mechanism – The Invest Hong Kong (InvestHK) and the Hong Kong Trade Development Council (HKTDC) will set up a mechanism and enhance the interface for attracting Mainland enterprises to establish international or regional headquarters in Hong Kong, providing one‑stop, diversified professional advisory services for enterprises in Hong Kong looking to go global;(ii) providing greater export protection for enterprises – The statutory maximum indemnity percentage of the Hong Kong Export Credit Insurance Corporation (ECIC) will be increased from 90% to 95%. The ECIC will also provide more free buyer credit checks with extended geographical coverage, and enhance financing support for e‑commerce businesses;(iii) providing robust export credit services – We will encourage the China Export & Credit Insurance Corporation to explore setting up businesses in Hong Kong, providing export credit insurance services covering overseas investment with prolonged investment period, offering Mainland enterprises in Hong Kong venturing overseas markets and foreign‑funded companies doing businesses in Mainland market with more comprehensive export credit services;(iv) promoting electronic trade financing – The HKMA is experimenting with tokenised electronic bills of lading through its Project Ensemble Sandbox. The goal is to lower fraud risks through the better use of technology and to facilitate the provision of trade financing by financial institutions. The HKMA will work with other jurisdictions on a pilot basis to develop mechanisms for trade information transmission, promoting cross‑boundary data transfers and the digitalisation of international trade. It will also allow potential stablecoin issuers to test blockchain use cases, including solutions for cross‑boundary payments through the stablecoin issuer sandbox; and(v) enhancing financial services with data – The HKMA expects to connect its Commercial Data Interchange (CDI) with the system of the Land Registry next year to facilitate enhancement of banking services through the better use of data.Expand Our Global Economic and Trade Networks61. In addition to developing the European and American markets, we will continue to expand our economic and trade networks, especially with B&R countries. Relevant measures include:(i) further opening up of trade in services with the Mainland – Under the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services (Amendment Agreement II) signed recently, further liberalisation measures have been introduced across several services sectors. These include the construction, testing and certification, financial services, film, and television sectors. In particular, the period requirement of substantive business operations in Hong Kong for three years has been removed in most services sectors. This will attract more Hong Kong start‑ups, overseas enterprises, and talents from around the world to establish their presence in Hong Kong to tap the Mainland market. We will implement the Amendment Agreement II, step up promotion and provide assistance to enterprises as needed;(ii) reinforcing the interface of trade mechanisms – We will continue to seek early accession to the Regional Comprehensive Economic Partnership (RCEP). We are also in investment agreement negotiations with Bangladesh and Saudi Arabia, and plan to begin negotiations with Egypt and Peru. Our free trade agreement (FTA) negotiations with Peru have been concluded and we expect to sign the FTA this year. We will also expand the global network of our Economic and Trade Offices, focusing on establishing economic and trade ties with emerging markets; and(iii) further exploring priority markets – We will continue to pay visits and lead business and professional services delegations to priority markets such as B&R countries. We will also organise the B&R Cross‑professional Forum to promote Hong Kong’s professional services.Promote Development of a Headquarters Economy62. The Government will step up efforts to bring in strategic enterprises from outside the city to set up headquarters or corporate divisions in Hong Kong. The FSTB will submit a bill this year to introduce a company re‑domiciliation mechanism obviating the need for companies intending to re‑domicile in Hong Kong to be wound up in its original domicile overseas and establish a new company in Hong Kong. The companies will be able to preserve their legal identity and business continuity, saving cost as a result of the simplified procedures.63. The validity period of multiple‑entry visas for foreign staff of companies registered in Hong Kong, including non‑permanent residents, will be extended to a maximum of five years to facilitate their visit to the Mainland, and their applications will enjoy priority processing.64. We will strengthen the range of financial services available for Mainland enterprises in Hong Kong wishing to expand overseas, encouraging Mainland financial enterprises to co‑ordinate and manage their overseas business in Hong Kong and facilitating their internationalisation. The HKMA is exploring ways to enable Mainland enterprises looking to go global to enjoy facilitation of cross‑boundary RMB settlement and financing through enhanced offshore RMB liquidity, utilising technology and promoting international collaboration.Foster Trading of Liquor65. At present, Hong Kong imposes a duty of 100% on the import price of liquor (with alcoholic strength of more than 30%). To promote liquor trade and boost the development of high value‑added industries including logistics and storage, tourism as well as high‑end food and beverage consumption, the Government has made reference to the successful experience of driving the wine trade through exemption of wine duty, and will, starting today, reduce the duty rate for liquor with an import price of over $200 from 100% to 10% for the portion above $200, while the duty rate for the portion of $200 and below, as well as liquor with an import price of $200 or below will remain unchanged.(D) International Aviation Hub66. As an international aviation hub, Hong Kong is connected to nearly 200 destinations worldwide. Our city has topped the global ranking for air cargo throughput for more than a decade.67. The Airport Authority Hong Kong (AAHK) will complete the Three‑Runway System by the end of this year. From 2035, the Hong Kong International Airport (HKIA)’s capacity will increase by 50%.Enhance Aviation Development Strategies68. The Government will step up efforts in expanding our aviation network by supporting the HKIA to explore new destinations and flights, particularly enhancing co‑operation with civil aviation counterparts from B&R countries. In parallel, we will combine the strengths of our airport and Zhuhai Airport to improve the Fly‑Via‑Zhuhai‑Hong Kong direct passenger service and jointly develop international air cargo business for greater synergy.Develop a World-leading Airport City69. The Government will plan with the AAHK for expanding the scale of the Airport City by more than double, building a new, world‑leading landmark in the bay area among the Airport Island, the Hong Kong Port Island of the HZMB and Tung Chung East New Town. New projects will be developed to promote high‑end commercial, tourist and leisure activities. These include creating an ecosystem for the arts industry, building the AsiaWorld‑Expo Phase 2, developing a yacht bay with ancillary facilities, opening a food market for imported fresh food and providing more public spaces.Expand Cargo Capacity through the GBA and Enhance Advantages of the Air Cargo Industry70. The AAHK is pressing ahead in full steam with the innovative development of a sea‑air intermodal cargo‑transhipment mode in collaboration with Dongguan. The initial stage of first‑phase construction for the permanent logistics park in Dongguan, the HKIA Dongguan Logistics Park, will be completed by the end of next year, and the cargo‑handling capacity will progressively reach one million tonnes per annum. Advance planning will be made to commence the second‑phase development, introducing more high value‑added logistics, cross‑boundary e‑commerce and courier service facilities.71. The Government will extend arrangements under the Air Transhipment Cargo Exemption Scheme to other intermodal cargo‑transhipment modes to boost competitiveness.(E) Regional Centre for International Legal and Dispute Resolution ServicesCommence Training for International Legal Talents72. The Hong Kong International Legal Talents Training Academy will be officially launched this year, cultivating legal talents to be familiar with international law, common law, civil law, national legal systems and other legal aspects. The dedicated office and expert committee under the Department of Justice (DoJ) are pressing ahead with the related work.Step up Promotion of Mediation Services73. The International Organization for Mediation will have its headquarters set up in Hong Kong upon adoption and entry into force of the relevant international convention. The Government will enhance the system on local accreditation and disciplinary matters of the mediation profession to further strengthen our role as an international mediation centre. We will incorporate mediation clauses in government contracts and encourage private organisations to make reference to and adopt such clauses. We will also launch the Pilot Scheme on Community Mediation to offer more training opportunities for promoting mediation culture.Develop a Sports Dispute Resolution System74. With the development of sports activities and industry, sports disputes have become increasingly complicated. We will explore establishing a sports dispute resolution system and promote sports arbitration, leveraging the institutional advantages of Hong Kong in dispute resolution.(To be continued.)

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (7)

    Source: Hong Kong Government special administrative region

    VI. Promote Integrated Development of Culture, Sports and Tourism and Foster Economic Diversification

    (A) East‑meets‑West Centre for International Cultural Exchange and Integrated Development of Culture, Sports and Tourism

    121. The current‑term Government set up the Culture, Sports and Tourism Bureau (CSTB) to consolidate the integrated development of culture, the creative industry, sports and tourism. To enhance Hong Kong’s role as the East‑meets‑West centre for international cultural exchange, the Government strives to deepen the institutional reform of our cultural system, improve the cultural and economic policies, and further enhance our cultural confidence.

    Enhance Cultural Soft Power and Promote Development of Cultural and Creative Industries

    122. The CSTB consulted the arts and cultural community last year on the formulation of the Blueprint for Arts and Culture and Creative Industries Development. The blueprint will cover four major development directions: promoting the development of diverse arts and culture with an international perspective, promoting Chinese culture, fostering arts and cultural exchange between China and the rest of the world, and driving industry development. The CSTB will consult the Culture Commission shortly and promulgate the blueprint later this year.

    123. Established in June, the Cultural and Creative Industries Development Agency adopts an industry‑oriented approach to promote the development of the cultural and creative industries. Relevant measures include:

    (i) incubating more cultural and creative projects with potential for industrialisation through the CreateSmart Initiative and strengthening cross‑sectoral collaboration and leveraging market resources, facilitating the industries to explore business opportunities;

    (ii) facilitating more registration of local and non‑local cultural and creative products on the Asia IP Exchange Portal to foster cross‑sectoral exchange, collaboration and business matching, and promoting transactions and transformation of cultural IP; and

    (iii) making the new flagship Hong Kong Fashion Design Week an annual signature event to develop Hong Kong into a fashion design hub in Asia.

    Strengthen Long-term Industry Development in the West Kowloon Cultural District

    124. The West Kowloon Cultural District (WKCD) is one of the largest arts and cultural projects in the world. The WKCD Authority will take a leading role in establishing an industry chain for the arts and culture and creative industries of Hong Kong, driving cultural and creative tourism, and enhancing its financial sustainability through diverse and innovative industrialisation measures, including:

    (i) further building Hong Kong’s strengths in arts trading – Promote the creation of a comprehensive arts trading ecosystem, and build storage, restoration and exhibition facilities for high‑end private art collections;

    (ii) promoting the WKCD as a prime destination for major international cultural, creative and commercial events – With more than 20 venues for different kinds of mega events, the WKCD Authority will step up efforts to host more major international cultural, creative and commercial events, attracting more inbound visitors and stimulating local spending;

    (iii) exporting more arts, cultural and creative projects – Organise and curate performing arts programmes and exhibitions to be staged as long‑run events locally, in the Mainland and overseas on a commercial basis, and expand the sales channels for cultural and creative merchandise; and

    (iv) branding the WKCD as a must‑visit landmark for cultural and creative tourism – Roll out more special experience activities, and step up worldwide promotion in collaboration with the Hong Kong Tourism Board (HKTB) to bring in more tourists.

    Promote Sports Development and Build Hong Kong into a Centre for Mega International Sports Events

    125. In recent years, Hong Kong athletes have achieved outstanding results in international competitions. Hong Kong has abundant resources and support. With our soon‑to‑complete new landmark Kai Tak Sports Park (KTSP), and our co‑hosting of the 15th National Games with Guangdong and Macao late next year, our city has unrivaled advantages for developing itself into a platform for international sports activities. The Government will continue to foster sports development by promoting sports in the community, supporting elite sports, maintaining Hong Kong as a centre for major international sports events, enhancing professionalism, and developing sports as an industry. Relevant measures include:

    (i) enhancing the development of elite athletes and coaches – The Government has invited the Hong Kong Sports Institute to review the mechanism of direct financial support for athletes (including athletes with disabilities) to enhance the training system, and has set up a committee to oversee the development of sports medicine and sports science. The Government will also strengthen training for coaches, and explore the feasibility of establishing a standardised accreditation system for coaches;

    (ii) boosting sports promotion in the community – Provide more sports and recreational facilities, including building a swimming complex suitable for hosting international competitions and a sports arena with fencing training and competition facilities. We will also regularise the Pilot Scheme on Subvention for New Sports;

    (iii) reforming the governance of national sports associations (NSAs) – The Sports Federation and Olympic Committee of Hong Kong, China will conclude its review on the governance and operation of NSAs, and make recommendations, ensuring the NSAs are operating effectively so that athletes (including athletes with disabilities) can realise their potential in a fair and professional environment; and

    (iv) developing a host city economy in the sports industry – The Government will continue to support athletes to participate in different large‑scale international competitions. We will make full use of the KTSP and other existing venues to host large‑scale international competitions so that Hong Kong teams can compete on home soil, building their own audience. These will be conducive to the long‑term development of the sports industry.

    126. The Government will review the redevelopment plan for the Hong Kong Stadium to ensure its synergy with the KTSP.

    Develop Kai Tak Sports Park into a Sports and Mega Event Landmark

    127. Opening in the first quarter of 2025, the KTSP is the largest sports infrastructure project ever commissioned in Hong Kong. It will boost sports development and inject impetus into related industries such as recreation, entertainment and tourism, and also mega‑event economy.

    128. The inter‑departmental Task Force on KTSP, led by the Chief Secretary for Administration, will ramp up efforts in overseeing the smooth completion and commissioning of the KTSP and its publicity work, fostering the synergistic development of major sports events, innovative entertainment, dining, conventions and exhibitions, as well as tourism activities. The task force will also formulate thorough plans and conduct comprehensive drills on security deployment, crowd management, emergency response, and other areas.

    Enhance Cultural Confidence and Revitalise Hong Kong’s Tourism Industry

    129. We will develop Hong Kong into a premier tourism destination through innovative thinking and making better use of our rich and unique resources such as the Victoria Harbour, outlying islands, rural areas, cultures, cuisines, lifestyles and historic buildings. These elements, combined with our edges in technology, animation and comics, the performing arts, film and television culture, and more, will help to instill the concept of “tourism is everywhere in Hong Kong”.

    130. The CSTB will publish the Development Blueprint for Hong Kong’s Tourism Industry 2.0 (Blueprint 2.0) later this year, with the focus on promoting culture, sports, ecology and mega events, covering such areas as:

    (i) developing eco‑tourism – We will explore more itineraries with characteristics related to the countryside and coastal routes, such as island‑hopping tours in Yan Chau Tong, and enhance related amenities; expedite the development of the South Lantau Eco‑recreation Corridor; develop the ex‑Lamma Quarry site into an area for resort and outdoor recreational uses; and develop Tsim Bei Tsui and Pak Nai into eco‑tourism nodes;

    (ii) developing visitor sources from the Middle East and ASEAN – We will actively encourage various sectors of the community to enhance tourism‑support measures for creating a friendly environment for visitors. They include providing information at the airport in Arabic and encouraging taxi fleets to provide fleet service information in Arabic; compiling a list of restaurants offering halal food; encouraging more commercial establishments to provide appropriate facilities, such as worship facilities in hotels; and stepping up staff training to strengthen their knowledge on receiving visitors from different cultural backgrounds;

    (iii) developing tourism products with characteristics – We will promote yacht tourism in the expansion area of Aberdeen Typhoon Shelter, the ex‑Lamma Quarry area and the development of the waterfront site in the vicinity of the Hung Hom Station. We will also promote panda tourism, horse racing tourism, and the like. The CSTB will promote cultural and eco‑tourism itineraries and products at Sha Tau Kok. The Security Bureau (SB) will increase the daily visitor quota under the Sha Tau Kok opening‑up plan to 3 000 by the end of this year. Facial recognition technology will be adopted to enable people living or working at Chung Ying Street to enter and leave the street unimpededly via a “contactless” mode on a pilot basis. The SB will explore the application of relevant technology to complement the future opening up of Chung Ying Street for tourism;

    (iv) developing mega‑event tourism economy – The Mega Events Coordination Group, led by the Deputy Financial Secretary, will continue to take a proactive role in attracting different mega events to Hong Kong with emphasis on quality and quantity, boosting the retail and hotel industries. We will drive the development of the site above the Exhibition Station in Wan Chai North, as well as the waterfront and pier sites in the vicinity of the Hung Hom Station, into new landmarks providing additional event venues;

    (v) strengthening the appeal of traditional tourism – The HKTB will draw up a gourmet guide covering the 18 districts, organise gastronomic events, and promote gourmet food in different districts. The CSTB will publish the action plan on the development of cruise tourism, alongside the Blueprint 2.0, to enhance the Kai Tak Cruise Terminal’s role as a homeport and a venue for conventions, exhibitions and other events; and

    (vi) promoting smart tourism and enhancing service quality of the tourism industry – The HKTB will strengthen its efforts in developing and promoting tourism products with Hong Kong characteristics to both locals and visitors, making use of technologies such as AI to provide one‑stop assistance and attraction recommendations. We will also launch a new outstanding services award scheme to consolidate our hospitable culture.

    Develop New Tourist Hotspots

    131. The Government will set up a Working Group on Developing Tourist Hotspots. Led by the Deputy Chief Secretary for Administration, it will strengthen cross departmental co‑ordination and leverage community efforts, identifying and developing tourist hotspots of high popularity and with strong appeal in various districts.

    Increase Tourist Arrivals

    132. The HKSAR Government has proposed to the Central Government further enhancements on Mainland residents’ tourism visit endorsements to Hong Kong, including resuming the “multiple‑entry” Individual Visit Endorsements for Shenzhen residents and expanding the coverage of pilot cities for implementing policies on the “one trip per week” Individual Visit Endorsements. The Central Government has advised that relevant departments are studying the expedited implementation of the proposal proactively.

    133. To foster closer people ties with ASEAN countries, starting today, the Government will relax the criteria for nationals of Cambodia, Laos and Myanmar applying for multiple‑entry visas for travel and business, and extend the validity period of multiple‑entry visas for these countries from two years to three years. The arrangement also applies to Vietnamese, who have benefitted from the relaxation of the visa policy since last year. Under a fast‑track arrangement, we will expedite the processing of visa applications from group visitors of ASEAN countries submitted via local travel agents. In addition, we will provide self‑service immigration clearance for invited persons participating in business, development and related activities from the 10 ASEAN countries, and provide one‑stop handling of their applications for self‑service immigration clearance and visa through a dedicated desk. Various bureaux will provide assistance in drawing up the list. Effective today, the requirement for visitors to furnish an arrival or departure card is cancelled, facilitating a faster and more convenient immigration clearance.

    (B) Foster Economic Diversification

    Support Small and Medium Enterprises

    134. To address the challenges commonly encountered by small and medium enterprises (SMEs) during economic restructuring, the Government will introduce the following support measures:

    (i) re‑launching the principal moratorium – Borrowing enterprises under the SME Financing Guarantee Scheme (including the existing loans already granted under the 80%, 90% and special 100% guarantee products as well as new loans under the 80% and 90% guarantee products) will be allowed to apply for principal moratorium for up to 12 months. The maximum loan guarantee periods of the 80% and 90% guarantee products will be extended to ten years and eight years respectively, while the partial principal repayment options will be offered to new loans under the two guarantee products. The HKMA is also actively considering to provide flexibility in banks’ capital requirement to facilitate their lending to SMEs;

    (ii) injecting $1 billion into the BUD Fund – Support will be provided for SMEs to upgrade their business operations and develop new markets through the Dedicated Fund on Branding, Upgrading and Domestic Sales (the BUD Fund), including expanding the geographical coverage of E‑commerce Easy to the 10 ASEAN countries, and providing targeted funding support for enterprises to implement green transformation projects;

    (iii) supporting digital transformation of SMEs and capitalising on e‑commerce opportunities – The scope of Cyberport’s Digital Transformation Support Pilot Programme will be expanded to cover the retail and food and beverage sectors, as well as industries such as tourism and personal services, subsidising SMEs for digital transformation on a one‑to‑one matching basis. The Hong Kong Shopping Festival is to be relaunched in the next two years to help SMEs tap into the Mainland e‑commerce sales market, and will be held in the ASEAN market in due course;

    (iv) strengthening brand development of SMEs – The HKTDC will formulate plans for setting up more Hong Kong Pavilions in Mainland and overseas exhibitions to further promote Hong Kong brands. The Trade and Industry Department and the HKTDC will also enhance support for SMEs in developing brands and expanding the sales network of e‑commerce;

    (v) enhancing the services of the Hong Kong Design Centre – The organisation and functions of the Hong Kong Design Centre will be re‑structured, so as to assist SMEs in the design industry to enhance their services in product and brand design, and strengthen collaboration and interface with start‑ups and Mainland enterprises operating in Hong Kong;

    (vi) enhancing incentives for recurrent exhibitions – An additional provision of $500 million will be allocated for launching the Incentive Scheme for Recurrent Exhibitions 2.0, targeting new and international exhibitions of large scale, in order to further promote mega‑event economy and the development of the convention and exhibition industry;

    (vii) supporting participation in government procurement – The HKHA will refine the application procedures for admission to the list of maintenance works contractors, providing more tendering opportunities for contractors; and

    (viii) enhancing security of payment in the construction industry – The Government has introduced the Construction Industry Security of Payment Bill, which prohibits the use of unfair payment terms such as “conditional payment” in contracts and introduces an adjudication mechanism to resolve payment disputes.

    Develop Silver Economy

    135. Given the rapid expansion of the silver market, there is growing demand for products and services catering to the elderly.  Developing new products and services to meet the needs of the elderly will help enhance their quality of life, and also generate business opportunities.

    136. The Government will set up a Working Group on Promoting Silver Economy, led by the Deputy Chief Secretary for Administration. The working group will implement measures in five areas:

    (i) boosting “silver consumption” – We will work with all sectors to foster elderly‑friendly consumption, and encourage incorporation of silver economy elements into their business, for example, by offering discounts to the elderly. Efforts will also be made to safeguard the rights and interests of elderly consumers;

    (ii) developing the “silver industry” – We will promote marketisation and industrialisation of products catering to the elderly by consolidating funding resources to support product provision and market expansion by the business sector;

    (iii) promoting “quality assurance of silver products” – We will promote the certification of products catering to the elderly to enhance their recognition and appeal. Standards adopted will be aligned with those of the Mainland and overseas to facilitate sales network expansion;

    (iv) enhancing “silver financial and security arrangements” – We will assist the elderly in making proper financial arrangements and strengthening their financial security. Relevant measures include promoting retirement financial planning products offered by the Hong Kong Mortgage Corporation Limited, and providing investor education for the elderly; and

    (v) unleashing “silver productivity” – We will help unleash the productivity of the elderly through retraining, re‑employment and other measures.

    Promote Sustainable Development of the Agriculture and Fisheries Industries

    137. The Government will continue to take forward the Blueprint for the Sustainable Development of Agriculture and Fisheries. Relevant work includes developing deep sea mariculture at Wong Chuk Kok Hoi and Mirs Bay new fish culture zones, conducting preparatory work for the Agricultural Park Phase 2 development, implementing urban farming strategy in NDAs, facilitating the livestock sector to construct modernised and environmental‑friendly multi‑storey livestock farms and promoting leisure farming and fisheries.

    (To be continued.)

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: HK hones its financial edge

    Source: Hong Kong Information Services

    Chief Executive John Lee unveiled bold plans in his 2024 Policy Address for consolidating and enhancing Hong Kong’s status as an international financial centre.

    Upon highlighting the fact that Hong Kong is an international financial centre, ranking third globally and first in investment environment, he stated that the Government will continue with reforms to reinforce and enhance the city’s status.

    The Chief Executive explained that Hong Kong is an attractive location for investors for gold storage, spurring relevant activities such as gold trading, settlement, and delivery.  

    As such, his administration will capitalise on Hong Kong’s strengths as an international financial centre to build the city into an international gold trading centre.

    The Chief Executive provided details of the objective of building an international gold trading market given the city ranks among the world’s largest import and export markets for gold by volume.

    “The Government will promote the development of world-class gold storage facilities, facilitating the storage and delivery of spot gold by users and investors in Hong Kong, and driving demand for related services such as collateral and loan businesses, opening up new growth areas of the financial sector.”

    He added that the Financial Services & the Treasury Bureau (FSTB) will set up a working group to take forward the establishment of an international gold trading centre.

    “This will include, among other things, strengthening the trading mechanism and regulatory framework, promoting application of cutting-edge financial technology, and actively exploring with the Mainland authorities on the inclusion of gold-related products in the mutual market access programme.”

    Mr Lee also outlined his plan to deepen market access and enriching offshore renminbi business.

    “We will continue to enhance the mutual market access regime and reinforce our status as the world’s largest offshore renminbi business hub, contributing to the internationalisation of RMB. Key measures include continuously improving our infrastructure and upgrading the Central Moneymarkets Unit to facilitate the settlement of various assets in different currencies by international investors.

    “We will also develop the fixed income market infrastructure by, for instance, setting up a central clearing system for RMB-denominated bond repurchase (repo) transactions, making RMB sovereign bonds issued in Hong Kong a more popular choice of collateral in offshore markets. We will look to enhance the Cross-boundary Wealth Management Connect Scheme as well.”

    The Chief Executive indicated that the Government will strive to make better use of the currency swap agreement between the Hong Kong Special Administrative Region with our country to enhance offshore RMB liquidity.

    In doing so, it will provide more RMB-denominated investment products.

    Part of that plan calls for the Hong Kong Exchanges & Clearing (HKEX) to encourage more listed companies to have shares listed in the RMB stock trading counter. 

    Apart from increasing the issuance of RMB bonds and supporting issuance of more green and sustainable offshore RMB bonds in Hong Kong, it will also seek support from the Ministry of Finance for boosting the size and frequency of issuing RMB sovereign bonds, and launching offshore RMB sovereign bond futures as soon as possible, in Hong Kong.

    Additionally, the Government will actively liaise with Mainland authorities to expand the Bond Connect (Southbound Trading) as appropriate, including expanding the scope of eligible Mainland investors to non-bank financial institutions, and enriching liquidity management tools that facilitate offshore investors’ investment in onshore bonds by actively exploring and introducing various bond repo and collateral products and arrangements using onshore RMB bonds.

    Mr Lee shared the Government’s plans to enhance Hong Kong’s status as an international risk management centre and an international asset and wealth management centre.

    “Hong Kong has the highest concentration of insurance companies and the highest insurance density in Asia. To further strengthen Hong Kong’s position as a global risk management centre, the Insurance Authority will initiate a review next year. 

    “We will examine capital requirements for infrastructure investment, to enriching insurance companies’ asset allocation for risk diversification and driving investment in infrastructure such as the Northern Metropolis. We will also continue to invite Mainland and overseas enterprises, including large state-owned enterprises in the Mainland, to establish captive insurers in Hong Kong.”

    He added that there are 2,700 single-family offices in Hong Kong, and the industry has predicted that Hong Kong will become the world’s largest cross-boundary wealth management centre by 2028.  

    “We will make every effort to attract more global capital to be managed in Hong Kong, including facilitating the opening of new distribution channels for private equity funds through HKEX’s listing.”

    On top of that, he stressed that the Government will collaborate with sovereign wealth funds in regions along the Belt & Road.

    “We will strive to collaborate with large-scale sovereign wealth funds in regions such as the Middle East, in financing the setting up of funds to invest in assets in the Mainland and other regions.”

    Mr Lee also explained the measures to enhance the New Capital Investment Entrant Scheme, effective today. This means that investment in residential properties is allowed provided that the transaction price of the residential property concerned is no less than $50 million, with the amount of real estate investment to be counted towards the total capital investment capped at $10 million.

    Additionally, by expanding the scope of tax concessions, the Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds and single-family offices.

    The Government is committed to proactively expanding markets and deepening overseas networks, Mr Lee said, as he conveyed its strategy to accomplish such a goal.

    “We will continue to actively expand and deepen our overseas networks, including forging financial co-operation with the Middle East and the region of the Association of South East Asian Nations, organising more international financial mega events, and exploring further collaboration with Islamic markets in the area of finance.”

    Mr Lee expounded on how the Government will accomplish its aim of further enhancing the securities market.

    Relevant measures include opening up new sources of capital overseas, striving for more listing of enterprises in Hong Kong, optimising vetting of listing applications and boosting market efficiency.

    He also noted the Government’s proposal for providing convenient cross-boundary financial services arrangement.

    “To promote financial inclusion, we will facilitate members of the public in making cross-boundary transactions and payments. 

    “The Hong Kong Monetary Authority and the People’s Bank of China are pushing forward the linkage of fast payment systems in the two places, ie the Faster Payment System in Hong Kong and the Internet Banking Payment System in the Mainland, to facilitate real-time, cross-boundary small-value payments by residents on both sides; and they will implement the arrangement enabling issuance of bank cards by Mainland branches of Hong Kong-incorporated banks in the Mainland.”

    Mr Lee revealed that his Policy Address embraces measure to enhance Hong Kong’s green finance ecosystem, due to the fact that the city is a leading sustainable finance hub in Asia.

    “The international carbon market (Core Climate) launched by the HKEX is the world’s only carbon market to offer Hong Kong dollar and RMB settlement for trading of international voluntary carbon credits.

    “The Hong Kong Monetary Authority will roll out the Sustainable Finance Action Agenda. In addition, the FSTB will launch a roadmap on the full adoption of the International Financial Reporting Standards – Sustainability Disclosure Standards this year, leading Hong Kong to be among the first jurisdictions to align its local requirements with the standards of the International Sustainability Standards Board.”

    MIL OSI Asia Pacific News

  • MIL-OSI Russia: NSU School Olympiad in Physics “Your Path to Real Science” was included in the list of the Russian Council of School Olympiads

    MILES AXLE Translation. Region: Russian Federation –

    Source: Novosibirsk State University – Novosibirsk State University –

    The school physics Olympiad “Your Path to Real Science”, organized by Novosibirsk State University together with the Siberian Branch of the Russian Academy of Sciences, was included in the list of the Russian Council of School Olympiads. The corresponding order was published on the website of the Ministry of Education and Science last week. The expert commission on physics highly appreciated the level, novelty, originality, complexity and creative nature of this Olympiad. Inclusion in the list significantly increases the status of the Olympiad, which will allow the winners and prize-winners of these competitions to receive additional privileges when entering leading universities in Russia, including NSU. The university plans to expand its geography, increase the number of in-person venues in other regions and the number of participants.

    — There is the All-Russian School Olympiad, which stands apart, outside of any levels or categories. It allows you to apply without entrance examinations. However, there are about 25-30 winners and prize-winners of this Physics Olympiad in the entire country. At the same time, there are many more gifted schoolchildren, talented applicants who know physics or want to study it, they need to be identified and invited to further study physics at the university. Our Olympiad allows us to solve this problem, — says Evgeny Zhdanov, senior lecturer at the Department of General Physics Physics Department of NSU, member of the jury of the Olympiad “Your Path to Real Science”.

    The significant benefits for schoolchildren that the Olympiad provides may vary from university to university. At the NSU Physics Department, any prize place in this Olympiad will be equivalent to 100 points in the Unified State Exam in Physics, while for an applicant it will be enough to confirm their qualification at the level of 75 points.

    The Olympiad “Your Path to Real Science” has been held since 2019, but is a continuation of the long-standing traditions of entrance examinations at NSU. In addition to the standard genre of original text problems in physics, which are present in almost every Olympiad, the Olympiad “Your Path to Real Science” contains such unique genre problems as an assessment problem and a demonstration problem.

    An assessment task is a task in which no numerical values are specified, and the student must independently select a physical model describing the phenomenon specified in the task, select the necessary numerical values and obtain a numerical result that must correspond to reality. A demonstration task is a task in which students are shown a vivid physical phenomenon described in simple “everyman” language, and the student must explain the observed phenomenon by translating it into “physical” language. This requires participants to be able to apply theoretical knowledge to describe real phenomena and processes. Such a skill in such a “concentrated” form is very rarely tested by Olympiads, even those that include an experimental round. Creating demonstration tasks requires extensive experience and high qualifications of the authors. Such a demonstration was previously held at entrance exams to NSU at several (two or three) sites. For each site, it was necessary to prepare special equipment, as well as assistants capable of competently conducting such a demonstration. With the development of the Olympiad movement, the number of venues increased significantly, which significantly narrowed the range of phenomena that could be demonstrated in this way at such a large number of venues simultaneously. In order to preserve the unique genre of the demonstration task, a solution was found to record video demonstration, which can then be shown on any platform using a projector or even a laptop. This technology has made it possible, among other things, to show fast-moving events that require slow motion for better perception.

    Thus, the Olympiad “Your Path to Real Science” differs from the classical ones primarily in the types of problems that are aimed at revealing physical intuition.

    — A child may not always have sufficient knowledge of physics, but have a good idea of how natural phenomena work. Therefore, he or she can score high marks at the Olympiad and, based on the results, enter a university. This is how we identify and attract talented children, — emphasizes Evgeny.

    Current scientists from SB RAS institutes participate in both compiling problems and checking the results of the Olympiad. The 2024 methodological commission includes teachers with many years of experience, including members of the Russian Academy of Sciences and doctors of physical and mathematical sciences.

    The Olympiad is held in two stages – the qualifying and the final. The qualifying stage is also divided into two – in-person, which will take place on December 1; and remote, lasting a week, while the tasks do not repeat those that were in the in-person stage. The winners and prize-winners of the qualifying round go to the final stage, which will be in March. Important: the winners and prize-winners of the current year’s Olympiad, who are not in the graduating class, are invited to the final stage next year immediately, without going through the selection. You can find out how to participate in the Olympiad on its official website.

    Inclusion in the list of RSOSh will allow NSU to expand the geography of the Olympiad and increase the number of participants. Thus, last year there were more than 450. Also, the NSU Physics Faculty plans to conclude agreements with new sites and hold the final stage not only in Novosibirsk, but also in other cities.

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

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

    http://www.nsu.ru/n/media/nevs/education/school-olympiad-nsu-in-physics-your-path-to-real-science-included-in-the-list-of-russian-owl/

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (10)

    Source: Hong Kong Government special administrative region

    (C) Take Forward the Construction of Transport InfrastructurePromote Major Transport Infrastructure Development183. The Government is actively following through the Major Transport Infrastructure Development Blueprint for Hong Kong, under which the Hung Shui Kiu Station and the NOL Main Line are to commence construction this year and next year for tentative completion in 2030 and 2034 respectively. In parallel, cross‑boundary railway projects are pressed ahead at full speed, including the Hong Kong‑Shenzhen Western Rail Link (Hung Shui Kiu‑Qianhai) and the NOL Spur Line, to enhance linkage between Hong Kong and Shenzhen.Build Smart and Green Mass Transit Systems184. Devoted to take forward the three smart and green mass transit systems, and for compressing the time required for construction, we invited suppliers and operators to submit expressions of interest for the East Kowloon and Kai Tak projects this August.  We will invite expressions of interest for the Hung Shui Kiu/Ha Tsuen projects later this year. Through innovative implementation mode and construction methods, we aim to complete the Kai Tak project three years ahead of the original target completion date.(D) Deepen Reform of the Healthcare System185. To enhance the health of the people of Hong Kong, improve healthcare protection and quality, and capitalise on our healthcare professions’ strengths, the Government will conduct a comprehensive review on the positioning and objectives of the healthcare system. The review will cover the following areas: reforming the functions and division of work among the Hospital Authority (HA), the Department of Health (DH) and the Primary Healthcare Commission (PHC Commission), strengthening health promotion and disease prevention in primary healthcare, and improving public healthcare services. In parallel, we will reform private healthcare services in terms of their quality, cost‑effectiveness and price transparency, providing the public with high quality, cost‑effective and affordable healthcare service options. We will also support manpower training and technology innovation, helping to uphold the global standing and regional advantage of Hong Kong’s healthcare professions. This will also be conducive to the development of Hong Kong into an international health and medical innovation hub, an advanced medical service centre in Asia, a place where medical professionals cluster, as well as a bridge for East‑and‑West healthcare exchanges.Advance Primary Healthcare Development186. The Government will promote the development of primary healthcare on all fronts, including:(i) formulating legislation to strengthen the regulatory framework of primary healthcare and authorise the PHC Commission to set up quality assurance and monitoring mechanisms;(ii) developing a community drug formulary and launching a community pharmacy programme to help the public obtain affordable, primary‑healthcare drugs through central purchasing and the community network;(iii) devising health promotion strategies by adopting a life‑course framework to formulate health management plans for the public according to age and health conditions;(iv) revamping maternal and child health and family‑planning services to strengthen pre‑pregnancy counselling and parental education and promote healthy fertility;(v) strengthening the Whole School Health Programme to recommend targeted school‑based measures for physical activities, meals and other matters for each school to improve students’ physical and psychological well‑being;(vi) upgrading more District Health Centre Expresses into District Health Centres (DHCs), and expanding the service network, and integrating the services of Woman Health Centres and Elderly Health Centres;(vii) expanding the Chronic Disease Co‑Care Pilot Scheme to cover blood lipid testing; positioning the HA’s general out‑patient services as the comprehensive, primary healthcare service providers for the underprivileged;(viii) formulating risk‑based screening programmes for prevalent cancers on a gradual basis, including breast cancer screening, exploring the use of AI to assist lung cancer screening, and implementing hepatitis B screening to prevent liver cancer;(ix) launching a Primary Dental Co‑Care Pilot Scheme for Adolescents to encourage the prevention of dental diseases, as well as a Community Dental Support Programme to enhance dental services for underprivileged groups. This would include elderly persons in financial hardship, replacing the Community Care Fund Elderly Dental Assistance Programme, and introducing preventive dental services for pre‑school children; and(x) continuing efforts in tobacco control.Enhance Public and Private Healthcare Services187. The Government will strengthen the HA’s public healthcare services, including:(i) reviewing the structure and levels of the HA’s fees and charges to encourage prudent use of services and direct resources to patients who need them most and for those with serious or critical conditions, while increasing support for patients with financial difficulties and strengthening the financial sustainability of the targeted subsidisation of public healthcare services;(ii) strengthening the centralised procurement of drugs and medical devices by various clusters of the HA system in order to enhance their bargaining power and to expedite, in a more proactive manner, the introduction of new drugs, meeting efficacy and cost‑effectiveness standards to the Drug Formulary;(iii) formulating a directory for inherited and rare diseases by using the Hong Kong Genome Institute’s genomic data, thereby facilitating early diagnosis and treatment by clinical teams, while supporting relevant research and clinical trials to promote precision medicine;(iv) fully integrating the paediatric services of various clusters at Hong Kong Children’s Hospital and developing more advanced healthcare services to make the best use of the Children’s Hospital;(v) finalising the projects and timetable of the Second Hospital Development Plan to dovetail with the development of the Northern Metropolis and to address the needs of local districts;(vi) setting up, in accordance with national accreditation standards, the first stroke centre and the second chest pain centre;(vii) enhancing the triage system and referral arrangements for specialist out‑patient services, including setting up inter‑specialty, integrated, out‑patient clinics to avoid the need for multiple referrals; and(viii) increasing the service capacity for cataract surgeries by at least 20%.188. The Government will also enhance the quality and efficiency of healthcare services, including:(i) establishing a professional platform for developing evidence‑based clinical protocols and exploring the feasibility of devising service quality and efficiency standards for public and private healthcare sectors;(ii) developing quality indicators for public and private healthcare systems and exploring legislating for private healthcare price transparency to enhance service efficiency and address the issue of medical inflation, with the plan to consult the healthcare sector next year; and(iii) amending relevant legislation to require all healthcare providers to deposit essential health data in the personal eHealth accounts of members of the public, enabling the latter to have more complete electronic health records and enhance continuity of medical care.Bring in More Healthcare Professionals189. We will promote the use of the legislation passed earlier to proactively admit more non‑local doctors, nurses and dentists to enhance manpower. The Government will introduce a bill on the admission of qualified non‑locally trained supplementary medical professionals next year.Support Establishment of a Third Medical School190. In addition to increasing training places of the existing two medical schools, the Government supports the plan, by local universities, to establish a third medical school, increasing the number of doctors and supporting the city’s development as an international health‑ and medical‑innovation hub. A task group will be set up, inviting universities interested in establishing the new medical school to submit proposals. The Government will set aside sites in the Northern Metropolis Ngau Tam Mei to develop the new medical school campus and build an integrated medical teaching and research hospital.Promote Development of Chinese Medicine191. To develop Hong Kong into a bridgehead for the internationalisation of Chinese medicine (CM), the Government will make use of Hong Kong’s advantages in its healthcare system, regulatory regime, standard‑setting, clinical research and trade, and other areas. We will publish the CM Development Blueprint next year, and take forward the following measures:(i) exploring the application of big data to foster international research collaboration on herb‑drug interaction to discover more evidence of clinical significance, promoting the internationalisation of CM;(ii) expanding integrated Chinese‑Western medicine services to cover more diseases in which CM has an advantage, including respiratory diseases and knee osteoarthritis, and to progressively extend the cancer care programme to all hospital clusters;(iii) rolling out the first Chinese Medicine Hospital and the permanent premises of the Government Chinese Medicines Testing Institute, which are expected to be completed and begin phased operation next year; and(iv) organising the first edition of the Hong Kong Chinese Medicine Cultural Festival to promote the culture of CM in collaboration with the industry.Promote Mental Health192. The Government will extend integrated services based on a medical‑educational‑social collaboration model to promote mental health. Relevant measures include:(i) formulating a stepped care model for mental health – We will develop a multi‑disciplinary framework with tiers, from dealing with general emotional problems in the frontline to handling cases requiring follow‑up and more serious mental illnesses cases.  The framework sets out the roles of different professionals (such as teaching staff, social workers and healthcare workers) and their division of work in the provision of mental health services for cases in each tier, enabling them to work together and perform their respective roles smoothly;(ii) raising community awareness of mental health – An annual promotional theme will be set for the Mental Health Workplace Charter, and recognition will be given to participating organisations for achieving targets. We will also promote the 4Rs Mental Health Charter in schools to promote the mental health of students, teaching staff and parents in a more holistic manner;(iii) enhancing support for children and adolescents – We will extend and enhance the Three‑Tier School‑based Emergency Mechanism, and launch the “Mental Health Literacy” resource packages for senior secondary and lower primary levels. A real‑time, online youth‑emotional‑support platform will be set up in the second quarter of next year;(iv) facilitating the integration of persons in mental recovery into the community – We will set up Transitional Support Service Teams for Persons in Mental Recovery, offering support to discharged patients waitlisted for halfway house service. The Social Welfare Department (SWD) will also set up an additional Integrated Community Centre for Mental Wellness; and(v) strengthening teacher training and parent education – We will strengthen teachers’ capacity in the early identification of, and support for, students with mental health needs, and assist parents in acquiring the knowledge and skills in addressing children’s mental health.(E) Build a Caring and Inclusive Society193. I attach great importance to building a harmonious and stable community, one that is caring and inclusive, providing targeted assistance to the underprivileged and families in need. Social welfare tops public expenditures of all policy portfolios, with more than $300 million spent on social welfare each day. This underlines the Government’s emphasis on social welfare.Targeted Poverty Alleviation194. The Government has adopted the strategy of targeted poverty alleviation by directing resources to those most in need. This approach is well‑received by the community. We will focus on the following key areas:(i) expanding the Strive and Rise Programme – We will launch the third cohort of the programme this year to recruit 4 000 mentees. We will also encourage youth leaders of the Alumni Club to organise activities for self‑development, enhance training for mentors and related initiatives;(ii) extending the Pilot Programme on Community Living Room (CLR) – We will set up three additional CLRs next year in areas clustered with SDUs. They are expected to benefit about 1 300 target households, serving about 200 000 attendances a year.  Including the four CLRs already launched, they are expected to serve about 3 050 SDU households, drawing about 470 000 attendances a year;(iii) enhancing the School‑based After‑School Care Service Scheme – Beginning this school year, the number of primary schools covered by the Scheme will increase from 50 to over 110, enabling students in need to stay at school outside school hours for care and learning support, allowing their parents to take up jobs. Subject to actual utilisation and outcome of the scheme, we plan to encourage more schools to participate in the scheme, without capping the number of places, in the 2025/26 school year; and(iv) subsidising elderly recipients of the Comprehensive Social Security Assistance (CSSA) to reside in residential care homes for the elderly (RCHEs) in the Guangdong Province – We will launch a three‑year pilot scheme next year to subsidise elderly CSSA recipients retiring in Guangdong to reside in designated RCHEs in the Guangdong Province. Each eligible elderly person will receive a monthly subsidy of $5,000, subject to a quota of 1 000.Care for the Elderly195. The Government attaches great importance to caring for the elderly in need and has been constantly strengthening elderly services.  The total number of vouchers under the Residential Care Service Voucher Scheme for the Elderly will be increased by 20% to 6 000, allowing more frail elderly persons to be admitted to RCHEs of their choice and receive subsidised care services without waiting.196. We will enhance the Residential Care Services Scheme in Guangdong to provide more choices and support for elderly persons who opt to stay in RCHEs in the province. Relevant measures include:(i) increasing the number of participating RCHEs from the existing 4 to 11 in November 2024;(ii) sharing part of the elderly participants’ medical expenses in Guangdong; and(iii) engaging organisations to provide care services for participating elderly persons to help them adapt to living in Guangdong.197. We are providing, through the Special Scheme to Import Care Workers for RCHs, additional manpower support for local residential care homes (RCHs) and enhancing their staff quality. We are also conducting a holistic review of the skill and qualification requirements of RCH staff providing health and rehabilitation services, including the creation of promotion ranks for incumbent health workers and the relaxation of the academic qualification for the Certificate in Progression Training for Care Workers programme. The review is expected to be completed by the end of this year.198. The Government is also discussing with the banking sector possible ways to enable Hong Kong elderly persons retiring in Guangdong and Fujian Provinces to receive portable cash assistance from the Government more conveniently through banks.Support Carers199. The Government is committed to supporting carers. In addition to providing carers’ allowance, respite services, a one‑stop information gateway and the 24‑hour Designated Hotline for Carer Support 182 183, we launched the District Services and Community Care Teams – Pilot Scheme on Supporting Elderly and Carers in Tsuen Wan and Southern District this March. Trained by the SWD, Care Teams of the two districts identify and reach out to households in need, and provide support to the elderly and carers who seek help from the Designated Hotline. The scheme has achieved good results. In the past six months, the Care Teams visited 4 700 families and referred about 900 cases to social welfare organisations for follow‑up. Next year, we will extend the scheme to across the territory, supporting elderly persons and carers in all 18 districts.200. We will also explore the setting up of an inter‑disciplinary and inter‑organisation database. It will cover carers of elderly persons and carers of persons with disabilities (PWDs) and the use of identification tools designed by university teams for the detection of high‑risk cases and early intervention and support.Strengthen Support for Persons with Disabilities201. We will further enhance the rehabilitation services for PWDs, including:(i) establishing 14 Integrated Community Rehabilitation Centres across the city with the provision of 1 280 additional service places, to support PWDs based on their individual needs and rehabilitation progress through an integrated, case‑management approach;(ii) creating 90 additional peer‑support posts to enhance peer assistance for PWDs and their carers;(iii) setting up an additional District Support Centre for PWDs in New Territories East; and(iv) providing about 1 040 additional places for day, residential and pre‑school rehabilitation services, and exploring the establishment of Special Child Care Centres on vacant kindergarten premises.202. To encourage and support PWDs to engage in employment, the Government will introduce the “Caring Employer” medal, commending employers who actively engage PWDs; promote the establishment of more social enterprises engaging PWDs; and enhance the services and training models of sheltered workshops and integrated vocational rehabilitation services centres, building a better vocational rehabilitation and training ladder for PWDs.Promote Women’s Development203. There are many women in Hong Kong playing leading roles. To promote women’s workplace development, we will establish a network run by leading women from all walks of life and launch a mentorship programme “She Inspires”. Under the programme, female university students will be paired with mentors from the senior management of different sectors.Support Working Parents204. To support working parents, I announced the setting up of 10 aided, standalone, child care centres last year. The Government will set up one more child care centre providing 100 additional places for day child care services. Service places under the Neighbourhood Support Child Care Project will be increased by 25%, to 2 500, with the estimated number of beneficiaries increasing to 25 000.Protect Children205. The LegCo has enacted the Mandatory Reporting of Child Abuse Ordinance to require professionals in the social welfare, education and healthcare sectors to report serious child‑abuse cases. To strengthen parental education, the SWD will launch a pilot scheme to set up four Community Parents and Children Centres to promote parent‑child interaction and pass on positive‑parenting skills to parents through play‑based services, supporting families in need.Provide Support for Ethnic Minorities206. To help ethnic minorities (EMs) better integrate into the community, I announced the setting up of two additional support‑service centres for EMs last year, which will begin operation by the end of this year. The Government will engage one more support service centre to provide interpretation and translation services for EMs next year, reducing language barrier concerns. The EDB will strengthen Chinese learning support and parental assistance for non‑Chinese speaking (NCS) students (including EM students), providing after‑school Chinese‑language courses, enhancing the Online Chinese Language Self‑learning Resources and organising cross‑school, teacher‑learning communities. The EDB will also provide parental education activities for the parents of NCS children.Care Teams207. Care Teams are the Government’s key service teams under the improved district governance structure. Fully launched across the city last year, all 452 Care Teams have been working diligently and providing a wide range of caring and support services for the community. To date, they have visited about 230 000 elderly households and other households in need, and provided over 22 000 counts of simple household care or other support services. Their service have been well‑received by the public. The Government will regularise the funding provision for Care Teams and increase funding by 50% in the next term of service in support of their work.(To be continued.)

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: 220-2024: *Update* Scheduled Outage: Saturday 19 October to Sunday 20 October 2024 – BICON, DAFF messaging, EVE, SeaPest

    Source: Australia Government Statements – Agriculture

    16 October 2024

    Who does this notice affect?

    All clients required to use the following systems during this planned outage:

    • Biosecurity Import Conditions System (BICON)
    • External Verification for eCertificates (EVE)
    • Seasonal Pests (SeaPest)

    All clients submitting the below declarations during this planned outage:

    • Full Import Declaration (FID)
    • Long Form Self Assessed Clearance (LFSAC)
    • Short Form Self Assessed…

    MIL OSI News

  • MIL-OSI Asia-Pac: Govt intensifies super hub strategy

    Source: Hong Kong Information Services

    While delivering the 2024 Policy Address, Chief Executive John Lee announced today that the Government has made meticulous plans to strengthen Hong Kong’s position as an international hub for trade, aviation and legal services.

    He called attention to the reason behind why his administration is building a high value-added supply chain services centre to serve the Mainland and overseas enterprises, and facilitate their establishment of an offshore trading headquarters in Hong Kong.

    “Hong Kong is home to a deep pool of talent and extensive networks in offshore trading and supply chain management, including production chain management, export credit risk management, trade financing, marketing, testing and certification, accounting and other professional services.”

    He explained that Invest Hong Kong and the Trade Development Council will set up a mechanism and enhance the interface for attracting Mainland enterprises to establish international or regional headquarters in Hong Kong, providing one-stop, diversified professional advisory services for enterprises in Hong Kong looking to go global.

    In an effort to provide greater export protection for enterprises, Mr Lee stated that the Government plans to raise the statutory maximum indemnity percentage of the Hong Kong Export Credit Insurance Corporation to 95%. It also encourages the China Export & Credit Insurance Corporation to establish a presence in Hong Kong.

    Another goal includes actively promoting the development of a headquarters economy to bring strategic enterprises from outside Hong Kong and extending the validity period of multiple-entry visas to the Mainland for foreign staff of companies registered in Hong Kong to up to five years.

    Additionally, Mr Lee described the Government’s aim of promoting electronic trade financing.

    “The Hong Kong Monetary Authority (HKMA) is experimenting with tokenised electronic bills of lading through its Project Ensemble Sandbox. The goal is to lower fraud risks through the better use of technology and to facilitate the provision of trade financing by financial institutions.

    “The HKMA will work with other jurisdictions on a pilot basis to develop mechanisms for trade information transmission, promoting cross-boundary data transfers and the digitalisation of international trade.

    “It will also allow potential stablecoin issuers to test blockchain use cases, including solutions for cross-boundary payments through the stablecoin issuer sandbox.”

    He added that to enhance financial services with data, the HKMA expects to connect its Commercial Data Interchange with the system of the Land Registry next year to facilitate enhancement of banking services through the better use of data.

    In addition to developing the European and American markets, the Chief Executive stressed that the Government will continue to expand Hong Kong’s economic and trade networks, especially with Belt & Road (B&R) countries.

    It will do so by further opening up trade in services with the Mainland so as to attract more Hong Kong start-ups, overseas enterprises, and talent from around the world to establish their presence in Hong Kong to tap the Mainland market.

    Mr Lee noted that another goal calls for reinforcing the interface of trade mechanisms.

    “We will continue to seek early accession to the Regional Comprehensive Economic Partnership. We are also in investment agreement negotiations with Bangladesh and Saudi Arabia, and plan to begin negotiations with Egypt and Peru.”

    To promote liquor trade and boost the development of high value-added industries including logistics and storage, tourism as well as high end food and beverage consumption, the Government will, starting today, reduce the duty rate for liquor with an import price of over $200 from 100% to 10% for the portion above $200, while the duty rate for the portion of $200 and below, as well as liquor with an import price of $200 or below will remain unchanged.

    With the Three-Runway System set to be completed this year, Mr Lee highlighted that Hong Kong’s status as an international aviation hub will be further accentuated.

    He made it clear that Hong Kong will fully utilise the capacity of the Three-Runway System.

    “The Government will step up efforts in expanding our aviation network by supporting Hong Kong International Airport (HKIA) to explore new destinations and flights, particularly enhancing co-operation with civil aviation counterparts from B&R countries.

    “In parallel, we will combine the strengths of our airport and Zhuhai Airport to improve the Fly-Via-Zhuhai-Hong Kong direct passenger service and jointly develop international air cargo business for greater synergy.”

    Mr Lee lauded the endeavour of expanding the scale of the Airport City to build a world-leading new landmark.

    “The Government will plan with Airport Authority Hong Kong (AAHK) for expanding the scale of the Airport City by more than double, building a new, world-leading landmark in the Greater Bay Area among the Airport Island, the Hong Kong Port Island of the Hong Kong-Zhuhai-Macao Bridge and Tung Chung East New Town.

    “New projects will be developed to promote high-end commercial, tourist and leisure activities. These include creating an ecosystem for the arts industry, building the AsiaWorld‑Expo Phase 2, developing a yacht bay with ancillary facilities, opening a food market for imported fresh food and providing more public spaces.”

    One more important objective of the Government is to expand cargo capacity through the bay area and enhance advantages of the air cargo industry, Mr Lee stated.

    “AAHK is pressing ahead in full steam with the innovative development of a sea-air intermodal cargo‑transhipment mode in collaboration with Dongguan. The initial stage of first-phase construction for the permanent logistics park in Dongguan, the HKIA Dongguan Logistics Park, will be completed by the end of next year, and the cargo-handling capacity will progressively reach one million tonnes per annum.

    “Advance planning will be made to commence the second-phase development, introducing more high value-added logistics, cross-boundary e-commerce and courier service facilities.”

    While expounding on the Government’s consistent work to promote Hong Kong as a regional centre for international legal and dispute resolution services, the Chief Executive specified that training for international legal talent will commence and promotion of mediation services will be stepped up.

    “The International Organization for Mediation will have its headquarters set up in Hong Kong upon adoption and entry into force of the relevant international convention. The Government will enhance the system on local accreditation and disciplinary matters of the mediation profession to further strengthen our role as an international mediation centre.”

    Apart from incorporating mediation clauses in government contracts and encouraging private organisations to make reference to and adopt such clauses, Mr Lee stated that the Pilot Scheme on Community Mediation will also be launched to offer more training opportunities for promoting a mediation culture.

    As an added bonus, he revealed that the Government is thinking about developing a sports dispute resolution system.

    “With the development of sports activities and industry, sports disputes have become increasingly complicated. We will explore establishing a sports dispute resolution system and promote sports arbitration, leveraging the institutional advantages of Hong Kong in dispute resolution.”

    MIL OSI Asia Pacific News