A detailed report written independently by the WTO Secretariat.
Government report
A policy statement by the government of the member under review.
From the meeting
The Secretariat and Government reports are discussed by the WTO’s full membership in the Trade Policy Review Body (TPRB).
Concluding remarks
Background
Trade Policy Reviews are an exercise, mandated in the WTO agreements, in which member countries’ trade and related policies are examined and evaluated at regular intervals. Significant developments that may have an impact on the global trading system are also monitored. All WTO members are subject to review, with the frequency of review depending on the country’s size.
This new contribution will support developing economies and LDCs in deepening their understanding of WTO agreements and strengthening their ability to engage in trade negotiations at the WTO.
The United States Ambassador to the WTO, María Pagán, said: “The United States is committed to supporting capacity building activities that strengthen local communities through inclusive, sustainable, and resilient economic growth. Our longstanding commitment to the Global Trust Fund is an important element of our global effort toward supporting sustainable development. We value the work the WTO’s ITTC carries out under the Global Trust Fund and believe it is an excellent example of tangible collaboration and cooperation that supports implementation of the WTO framework of agreements.”
Welcoming this contribution, WTO Director-General Ngozi Okonjo-Iweala, said: “The longstanding and consistent support of the United States continues to play a vital role in making the WTO’s technical assistance work possible. By equipping government officials from our developing members and observers better use global trade opportunities, these capacity building activities ultimately lead to better livelihoods for their citizens. We appreciate this generous donation to the Global Trust Fund.”
To date, nearly 3,000 activities have been organized under the Global Trust Fund over the past two decades.
Director-General Okonjo-Iweala said: “I warmly welcome Ecuador’s formal acceptance of the Agreement on Fisheries Subsidies. As one of the largest tuna exporters in the world and the proud steward of the Galapagos islands, Ecuador stands to gain immensely from this global commitment to curb harmful fisheries subsidies. This Agreement will not only preserve marine biodiversity but will also secure long-term economic opportunities for the nation.”
Ambassador Valencia said: “It is an honour to present, on behalf of Ecuador, the instrument of acceptance of the Agreement on Fisheries Subsidies, the first WTO instrument that promotes trade regulations while considering the sustainability of the oceans. The acceptance of this Agreement reaffirms Ecuador’s and its government’s firm commitment to promoting the achievement of Sustainable Development Goal 14.6, protecting the life cycles of marine populations, improving the living conditions of citizens who depend on fishing activities—particularly the most economically vulnerable communities—and promoting transparency by prohibiting subsidies to harmful activities such as illegal, unreported, and unregulated fishing.”
Ecuador’s instrument of acceptance brings to 84 the total number of WTO members that have formally accepted the Agreement. Twenty-seven 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.
Headline: DDG Ellard urges swift action on fisheries subsidies to aid Pacific sustainability goals
Thank you, and good afternoon, distinguished excellencies and to all.
I appreciate the invitation to engage with you on the pressing environmental challenges confronting the Pacific region, and how a multilateral approach can help tackle those challenges and foster sustainable solutions.
Severely affected by the triple planetary crisis of climate change, biodiversity loss, and pollution, the Pacific Islands have a unique understanding of how trade and trade policy can contribute to addressing these challenges. And that’s why I’m so pleased that this discussion is taking place at the WTO.
Trade is vital for climate adaptation and resilience, because it facilitates the development and dissemination of adaptation technologies, improves access to essential goods and services during climate shocks, and fosters synergies between climate finance and trade aid to bolster supply chains and trade-related infrastructure.
The participation and leadership of the Pacific Islands at the WTO in addressing environmental challenges is commendable, including through Fiji’s role as a co-coordinator of the Dialogue on Plastics Pollution and Environmentally Sustainable Plastics Trade (DPP).
I encourage you to continue bringing forward your interests in the Committee on Trade and Environment, as well as in other environmental initiatives at the WTO to ensure that trade policy supports your adaptation and energy transition efforts.
Let me now turn to the issue of fisheries subsidies.
I visited the Pacific in 2022 just as two important and complementary events coincided:
the adoption of the Agreement on Fisheries Subsidies at MC12, and
the adoption of the 2050 Strategy for the Blue Pacific Continent by the Pacific Islands Forum Leaders.
There are many synergies between these two historic achievements, paving the way toward a sustainable, prosperous, and resilient Pacific region.
As the 2050 Strategy underscores, the Pacific islands countries are the custodians of nearly 20% of the earth’s surface, including vast swaths of ocean. During my visits to the Pacific, I have witnessed firsthand how the ocean is central not only to the economies of the region, but also to the core identity of its people. Therefore, it is particularly fitting that, through the 2050 Strategy, all Pacific governments have committed to collective action to improve the health of the ocean and prevent the over-exploitation of its resources.
As we know, the Western and Central Pacific Ocean is home to one of the world’s largest fisheries, supplying more than half of the world’s tuna from predominantly sustainable stocks. However, the sustainability of fishery resources in the Pacific and worldwide, is threatened by harmful subsidies, which total around USD 22 billion annually.
The WTO Agreement on Fisheries Subsidies is a decisive response to these challenges. It prohibits subsidies to vessels involved in illegal, unreported, and unregulated (IUU fishing), and to fishing in the unregulated high seas. It also restricts subsidies for activities affecting overfished stocks, unless they are implemented to rebuild the stocks to a biologically sustainable level. By enhancing transparency and enforcing these rules, the Agreement promises significant benefits for fishing communities across the region, aligning with the Blue Pacific Strategy.
However, this potential will be realized only when the Agreement enters into force, which requires ratification by 2/3 of our 166 Members. To date, we have received 83 out of the 111 instruments of acceptance, and our goal is to hit the required target by the end of the year. The process for acceptance is well under way in many WTO Members, and I strongly urge those who have not yet ratified – including in the Pacific, where fisheries are so vital – to do so as soon as possible.
I should emphasize that ratification unlocks access to the technical assistance and capacity-building from the WTO Fish Fund. We have more than USD 12 million in the bank, in addition to resources provided by the FAO and the World Bank, our partners in the Fund. This Fund will help developing and LDC Members implement the Agreement and improve their fisheries management – the Fund demonstrates the commitment to work closely with developing Members and LDCs every step of the way.
But we know our negotiating work is not done. I encourage Members to constructively engage on the ongoing negotiations on fisheries subsidies contributing to overcapacity and overfishing – Fish 2 – which, together with Fish 1, would constitute comprehensive disciplines to fully meet UN SDG 14.6. As you know, although WTO Members have not reached an agreement on these provisions yet, they did make significant progress, and we are very close. The four-year sunset clause in Fish 1, initially proposed by the Pacific region, creates a powerful incentive to conclude these negotiations quickly.
While the current text may not be ideal or perfect for all, most developing and developed Members believe that it would improve the status quo, perhaps with a few adjustments that are well socialized with the Membership.
The latest version of the new disciplines circulated by the Chair of the negotiations is a balanced approach. On one hand, it contains strong disciplines on the largest fishers and subsidizers, as well as those engaged in distant water fishing.
On the other hand, the text exempts small-scale and artisanal fishing from its disciplines, as well as least developed Members and small fishing nations. It also includes a review clause to assess the effectiveness of disciplines, with the possibility to amend the Agreement later.
Sustainable fisheries are crucial for the livelihoods of those who depend on them. The adoption and entry into force of both WTO fisheries agreements will therefore go a long way to helping Pacific nations fulfil the commitments in 2050 Strategy.
I know we can count on the Pacific and all Members for their continued deep and earnest engagement. At this point, concluding Fish 2 will require significant commitment at the highest political level, to complete negotiations on Fish 2, and to ensure the ratification and entry into force of Fish 1. And so much is at stake, for our ocean, the fish, and those whose livelihood depends on them. Whether we can finish our work is completely in Members’ – your – hands.
Thank you.
Headline: WTO Fish Fund Steering Committee meeting focuses on preparing for full operations
The meeting brought together key stakeholders working for the operationalization of the Fish Fund in support of developing and least-developed country (LDC) members’ implementation of the Agreement on Fisheries Subsidies.
“Last time we gathered in July for the Second Steering Committee meeting, I remarked how impressive it was that this Steering Committee had so quickly achieved tangible results and was about to deliberate on the framework documents that will enable the Fish Fund to begin its operations,” Deputy Director-General Angela Ellard said at the meeting. “Since then, I have been following the Committee’s work very closely, and I can see from today’s full agenda that your remarkable efforts are continuing to deliver results.”
DDG Ellard reported that the Fund has received close to USD 12 million from donors and has signed contribution agreements for more than USD 3.5 million. The members that have contributed to the Fund thus far are Australia, Canada, the European Union, Finland, France, Germany, Iceland, Japan, the Republic of Korea, Liechtenstein, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, and most recently the United Arab Emirates. The United Kingdom has pledged GBP 1 million.
“These resources will have a real impact, and members are waiting to put them to good use,” DDG Ellard said.
The Secretariat updated the Steering Committee that the consulting firm Dalberg was selected through a procurement process to develop the Monitoring, Evaluation, and Learning (MEL) framework for the Fish Fund. The Manager of the Fish Fund reported on progress in planning for future calls for project proposals to be supported by the Fund and other updates on strategy, budget, staffing, and communications.
The meeting also featured a presentation from the International Institute for Sustainable Development (IISD) on its Self-Assessment Tool for implementing the Fisheries Subsidies Agreement. Belize shared its experiences using this tool. The Seychelles Fishing Authority unveiled a project to upgrade its fisheries management system.
Because the new Agreement on Fisheries Subsidies will involve adjustments and enhancements to WTO members’ legislative and administrative frameworks, their transparency and notification obligations, and their fisheries management policies and practices, Article 7 of the Agreement provides for the creation of a voluntary funding mechanism to provide targeted technical assistance and capacity building to help developing and least developed country members with implementation. For the Agreement to enter into force, two-thirds of members have to deposit their “instruments of acceptance” with the WTO. Eighty-four WTO members have formally accepted the Agreement; twenty-seven more are needed for the Agreement to come into effect. Resources from the WTO Fish Fund will be available to members once they have deposited their instrument of acceptance.
The list of members that have deposited their instruments of acceptance is available here. More information on the Fund is available here.
Blue Hill’s Inability to Address Questions About How It Would Pay for or Complete an Acquisition Further Adds to Uncertainty, Risk and Doubt About Its Preliminary Indication of Interest
Territorial Reiterates Board’s Unanimous Recommendation that Shareholders VoteFORHope Bancorp Merger
HONOLULU, Oct. 09, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (“Territorial”) issued the following statement regarding the presentation released today by Blue Hill Advisors (“Blue Hill”):
For the fourth time, Blue Hill has failed to address questions that are fundamental in any bank M&A transaction – How will you pay for it? How will you obtain regulatory approval? How will you close it? What are the assurances that you can do all of the above?
Blue Hill’s inability to address these questions further compounds the concerns associated with Blue Hill’s illusory, non-binding and highly conditional preliminary indication of interest.
Blue Hill’s claims about “capital support” and AUM are not committed financing. If Blue Hill is so capable of backing its preliminary indication of interest, why won’t it show proof of financing or even a financing commitment? Why won’t Blue Hill show us the cash? Without financing, Blue Hill’s preliminary indication of interest is simply not real.
Blue Hill has provided no information to validate or support its claims that it could obtain the multiple regulatory approvals needed to buy control of a bank. In fact, Blue Hill’s lack of information all but ensures that regulatory applications would be rejected as soon as they were submitted:
The identity of many of Blue Hill’s supposed investors remains a hidden secret as does the management team it would put in place to run the Company. Why is Blue Hill refusing to disclose the names of its investors and proposed management team? What is Blue Hill hiding? No regulator – state or federal – would allow an anonymous entity – much less “discrete” secret investors – to gain control of a bank that is responsible for overseeing $1.57 billion1 in deposits.
Blue Hill hasn’t provided any information about how it or its investors would address safety and soundness issues regarding interest rate risk, liquidity, capital and earnings, which are paramount to regulators.
No information has been provided about Blue Hill’s claimed M&A record, including which companies were involved in those transactions and whether or not they were successful – or went bankrupt.
Blue Hill repeatedly names Allan Landon in its materials. However, Mr. Landon is not a stated investor. What is Mr. Landon’s role in Blue Hill’s transaction?
Blue Hill has provided no information to give assurance that it understands the regulatory review process. In fact, its own statements make clear that Blue Hill has a fundamentally failed understanding of what it will take to obtain regulatory approval.
Purchasing a bank is a complex process. The takeover of an entire bank, as Blue Hill is seeking, is likely a controlled acquisition. The coordinated efforts of six individuals, even if “discrete” would likely be viewed as a group that is “acting in concert.”
Blue Hill has not previously applied for — nor secured — regulatory approvals for any transaction of this size based on information it has provided to Territorial.
Blue Hill far underplays the significant obstacles it faces in achieving regulatory approvals on a timely basis, if at all.
Blue Hill’s belief that it can complete the 70% tender offer it proposed is close to fantasy.
Territorial has an approximately 50% retail shareholder base and a highly fragmented institutional investor base.
Given these facts, why should anyone believe what Blue Hill is claiming? Once again, where is the documentation to support Blue Hill’s assertions?
Additional considerations that are important for Territorial shareholders to know:
Territorial shareholders will not immediately receive any payment for their shares while any transaction with Blue Hill is sitting in regulatory limbo. Income taxes and the impact of the regulatory delays on time-value-of-money mean that the net value of Blue Hill’s preliminary indication of interest, if completed, would be substantially less than what it has proposed.
Blue Hill has provided no assurances that it wouldn’t reduce its proposed value if the Hope Bancorp, Inc. (NASDAQ: HOPE) merger agreement was terminated or following its unspecified “due diligence.” Indeed, Blue Hill has explicitly stated that its indication of interest is “non-binding.”
If Blue Hill is so confident in its ability to gain regulatory approval, complete a tender offer and close a transaction, Blue Hill could provide assurances to the Territorial Board and shareholders through a legally binding “hell or highwater” commitment. Yet, once again, Blue Hill is all talk, and no substance.
Blue Hill is simply not credible. It was only formed in 2023, has offices in a residential home (which is for rent) and is withholding material information.
As a standalone, monoline, one- to four-family loan focused bank, Territorial faces substantial business and regulatory risks – even in a declining interest rate environment. The Company has been operating at a loss over multiple quarters; loan growth is flat; and revenues are declining. These and other factors led to the Board’s decision to reduce the Territorial dividend as well as enter into an agreement with Hope Bancorp. While these challenges would be addressed by the Hope Bancorp merger, Blue Hill offers nothing to deal with these challenges if the Hope Bancorp agreement is terminated. Indeed, with Blue Hill and its undisclosed “discrete” investors, Board and management team, Territorial’s challenges could worsen.
The Territorial Board continues to unanimously recommend that Territorial shareholders vote FOR the merger with Hope Bancorp and all related proposals.
The combination with Hope Bancorp provides compelling value for Territorial shareholders. The merger is structured as a 100% tax free, stock-for-stock transaction under which Territorial shareholders will receive 0.8048 shares of Hope Bancorp common stock for each share of Territorial common stock they own. This per share consideration represents an approximately 25% premium2 to Territorial’s closing stock price just prior to the merger announcement. In addition, the transaction has strong implied transaction multiples across all relevant metrics, including earnings per share and adjusted tangible book value per share.
With Hope Bancorp, Territorial will become a larger, more diversified, more resilient business with increased resources to invest and grow, resulting in increased value for Territorial’s shareholders. Territorial shareholders will also realize a 1000% increase in their dividend. For Territorial stakeholders, the merger also provides meaningful benefits. As stated publicly:
Upon close of the transaction, Territorial will continue to operate under the Territorial name.
Local branches and operations will be led by local teams, which means Territorial’s customers can benefit from additional choices and rely on the same people they know and respect.
Employees will continue to receive competitive compensation and benefits and will have additional career opportunities.
Territorial’s legacy of community support and investment will continue.
Territorial and Hope Bancorp have initiated the process for all regulatory approvals, and the companies continue on the path to close the transaction by the end of 2024.
Your Vote is Important
Territorial Shareholders are Urged to Vote FOR the Hope Bancorp Merger TODAY.
Voting is quick and easy. Vote well in advance of the Special Meeting on November 6, 2024 at 8:30 a.m. HST.
Territorial Bancorp Inc., headquartered in Honolulu, Hawaiʻi, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaiʻi. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaiʻi, and has 28 branch offices in the state of Hawaiʻi. For additional information, please visit https://www.tsbhawaii.bank.
Additional Information about the Hope Merger and Where to Find It
In connection with the proposed Hope Merger, Hope has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4, containing the Proxy Prospectus, which has been mailed or otherwise delivered to Territorial’s stockholders on or about August 29, 2024, as supplemented September 12, 2024. Hope and Territorial may file additional relevant materials with the SEC. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. You may obtain any of the documents filed with or furnished to the SEC by Hope or Territorial at no cost from the SEC’s website at http://www.sec.gov.
Forward-Looking Statements
Some statements in this news release may constitute 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. These forward-looking statements relate to, among other things, expectations regarding the low-cost core deposit base, diversification of the loan portfolio, expansion of market share, capital to support growth, strengthened opportunities, enhanced value, geographic expansion, and statements about the proposed transaction being immediately accretive. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, Territorial Bancorp claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. Hope Bancorp’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The closing of the proposed transaction is subject to regulatory approvals, the approval of Territorial Bancorp stockholders, and other customary closing conditions. There is no assurance that such conditions will be met or that the proposed merger will be consummated within the expected time frame, or at all. If the transaction is consummated, factors that may cause actual outcomes to differ from what is expressed or forecasted in these forward-looking statements include, among things: difficulties and delays in integrating Hope Bancorp and Territorial Bancorp and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; deposit attrition, operating costs, customer loss and business disruption following the merger, including difficulties in maintaining relationships with employees and customers, may be greater than expected; and required governmental approvals of the merger may not be obtained on its proposed terms and schedule, or without regulatory constraints that may limit growth. Other risks and uncertainties include, but are not limited to: possible further deterioration in economic conditions in Hope Bancorp’s or Territorial Bancorp’s areas of operation or elsewhere; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying Hope Bancorp’s or Territorial Bancorp’s allowances for credit losses; potential increases in deposit insurance assessments and regulatory risks associated with current and future regulations; the outcome of any legal proceedings that may be instituted against Hope Bancorp or Territorial Bancorp; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of either or both parties to the proposed transaction; and diversion of management’s attention from ongoing business operations and opportunities. For additional information concerning these and other risk factors, see Hope Bancorp’s and Territorial Bancorp’s most recent Annual Reports on Form 10-K. Hope Bancorp and Territorial Bancorp do not undertake, and specifically disclaim any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.
TGUANGZHOU, China, Oct. 09, 2024 (GLOBE NEWSWIRE) — he board of directors (the “Board”) of Highest Performances Holdings Inc. (NASDAQ: HPH) (“HPH” or the “Company”), today announced a correction to its press release disseminated on October 1, 2024 which announced changes to the board of directors. The original statement regarding the professional experience of the newly appointed Chairperson is entirely replaced and changed to the following: “Since June 2023, Ms. Hang Suong Nguyen has served as the Vice President of WEALTH WILL LIMITED, overseeing operational strategies and driving the company’s capital deployment and growth in multiple emerging markets. Prior to that, from late 2018 until May 2023, she held the position of Sales Director at Trustwell Far East Pte. Ltd., where she was responsible for formulating and executing sales strategies, managing the sales team, analyzing market demands, maintaining customer relationships, and expanding business channels, making significant contributions to the company’s cross-border business. Ms. Nguyen obtained her Bachelor’s degree in International Business from Vietnam National University in 2008 and her Master’s degree in Business Administration from Hanoi University of Science and Technology in 2009.” The rest of the press release remains unchanged. The updated press release follows.
October 1, 2024 (GLOBE NEWSWIRE) — the board of directors (the “Board”) of Highest Performances Holdings Inc. (NASDAQ: HPH) (“HPH” or the “Company”), today announced the appointment of Ms. Hang Suong Nguyen (“Ms. Nguyen”) as the new chairwoman of the Board, effective from September 30, 2024. Ms. Nguyen will succeed Mr. Chin Hua Peh, who will continue to serve as a director of the Company.
Ms. Hang Suong Nguyen, Director and the Chairwoman of the Board
Since June 2023, Ms. Hang Suong Nguyen has served as the Vice President of WEALTH WILL LIMITED, overseeing operational strategies and driving the company’s capital deployment and growth in multiple emerging markets. Prior to that, from late 2018 until May 2023, she held the position of Sales Director at Trustwell Far East Pte. Ltd., where she was responsible for formulating and executing sales strategies, managing the sales team, analyzing market demands, maintaining customer relationships, and expanding business channels, making significant contributions to the company’s cross-border business. Ms. Nguyen obtained her Bachelor’s degree in International Business from Vietnam National University in 2008 and her Master’s degree in Business Administration from Hanoi University of Science and Technology in 2009.
The Board also announces that Mr. Jidong Luo has decided to resign from the Board as director and chairman of the audit committee due to personal reasons, effective from September 30, 2024.
The Board has also appointed the following individuals to new roles of the Company, effective from September 30, 2024:
Dr. Lihong Zhai, as independent director and the chairman of the audit committee;
Ms. Min Zhou, as independent director and the chairwoman of the nominating and governance Committee; and
Ms. Yingying Li, as independent director and the chairwoman of the compensation committee.
Ms. Min Zhou, Independent Director and the Chairwoman of the Nominating and Governance Committee
Ms. Min Zhou has been an executive director of Tian Ruixiang Holdings Ltd (NASDAQ “TIRX”) since April 2024. Prior to this role, Ms. Zhou worked as an investment manager at Huobi Capital from September 2021 to September 2022, where she developing investment plans and agreements for participating in the negotiation and trading of investment projects. She has rich experience in supervising the operation and development of investment projects. From September 2016 to June 2021, Ms. Zhou was the business development manager of Delta Insurance Brokerage Co. , Ltd. Ms. Zhou has extensive experience in ensuring compliance with securities laws and regulations, protecting shareholders’ interests, as well as participating in the formulation of company strategy and supervising management implementation to promote the company’s long-term development and enhance shareholder value. Ms. Zhou graduated from Hunan University with a bachelor’s degree in mechanical automation.
Ms. Yingying Li, Independent Director and the Chairwoman of the Compensation Committee
Since 2022, Ms. Yingying Li has served as the OEM cotton product director at Qinshu (Shanghai) Trading Co., Ltd. From July 2021 to October 2022, Ms. Li served as the general manager of the Product Planning Department at Shanghai Metersbonwe Fashion Co., Ltd., where she had extensive experience in leading the planning team to collect, sort, analyze fashion trends, and develop product strategies based on brand positioning and annual business goals. She also had experience in preparing planning proposals, themes, and quarterly development timetables. From October 2017 to June 2021, Ms. Li served as the manager of the Product Planning Department at E-Land Group. She had extensive experience in leading the planning, design, and production teams in conducting product sketch review, sample review at selection meetings, and pricing work to ensure product completion. Ms. Li graduated from Donghua University with a Master’s degree in textile engineering.
Following the foregoing changes, our Board consists of eight directors, three of which are independent directors, and is chaired by Ms. Nguyen. Our current directors as of the date of this press release are as follows:
Name
Position
Hang Suong Nguyen·
Chairwoman of the board
Yinan Hu
Vice-Chairman and Chief Executive Officer
Youjie Kong
Director
Yong Ren
Director
Chin Hua Peh
Director
Lihong Zhai
Independent Director and the Chairman of Audit Committee
Min Zhou
Independent Director and the Chairwoman of Nominating and Governance Committee
Yingying Li
Independent Director and the Chairwoman of Compensation Committee
Mr. Yinan Hu, vice-chairman and chief executive officer of HPH, commented: “We would like to extend our warmest welcome to Ms. Nguyen, our new Chairwoman. Ms. Nguyen brings a wealth of industry experience, outstanding leadership, and sharp market insight. I believe her joining will bring new development ideas and opportunities to the Company. Under her leadership, the Company is sure to make great strides in its journey to transform into an intelligent service provider for families and businesses, achieving our mission and making new leaps forward. At the same time, we sincerely thank the outgoing Board member for his valuable contributions to the Company. Together, we will ensure a smooth transition and maintain the momentum of our growth.”
Ms. Hang Suong Nguyen, chairwoman of HPH, said: “As HPH embarks on its journey of transforming into an intelligent service provider for families and businesses, I look forward to working closely with the Board and management to actively drive the Company’s innovation. By fully leveraging the power of technology, we will build an AI-driven service platform that offers comprehensive and personalized solutions for families and businesses, while also creating greater value for shareholders.”
Forward-looking Statements This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When HPH uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “project”, “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from HPH’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: HPH’s ability to obtain proceeds from the Agreement; HPH’s goals and strategies; HPH’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the third-party wealth management industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets HPH serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by HPH with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in HPH’s filings with the U.S. Securities and Exchange Commission, which are available for review at http://www.sec.gov. HPH undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
GUANGZHOU, China, Oct. 09, 2024 (GLOBE NEWSWIRE) — The board of directors (the “Board”) of Fanhua Inc. (Nasdaq: FANH) (the “Company” or “Fanhua”), a leading independent technology-driven financial services provider in China, today issued an updated press release to correct its press release disseminated on October 1, 2024 which announced changes to its board of directors and management team (the “Original Announcement”). The statement regarding the professional experience of the newly appointed chairperson of the Board in the Original Announcement is hereby replaced with and changed to “Since June 2023, Ms. Hang Suong Nguyen has served as the Vice President of WEALTH WILL LIMITED, overseeing operational strategies and driving the company’s capital deployment and growth in multiple emerging markets. Prior to that, from late 2018 until May 2023, she held the position of Sales Director at Trustwell Far East Pte. Ltd., where she was responsible for formulating and executing sales strategies, managing the sales team, analyzing market demands, maintaining customer relationships, and expanding business channels, making significant contributions to the company’s cross-border business. She obtained her Bachelor’s degree in International Business from Vietnam National University in 2008 and her Master’s degree in Business Administration from Hanoi University of Science and Technology in 2009.” Except for the above, there are no other changes to the Original Announcement. The updated press release is as follows.
GUANGZHOU, China, October 9, 2024 (GLOBE NEWSWIRE) — the board of directors (the “Board”) of Fanhua Inc. (Nasdaq: FANH) (the “Company” or “Fanhua”), a leading independent technology-driven financial services provider in China, today announced that Ms. Hang Suong Nguyen has been appointed as the new Chairperson of the Board, effective September 30, 2024.
Ms. Hang Suong Nguyen, Chairperson of the Board
Since June 2023, Ms. Hang Suong Nguyen has served as the Vice President of WEALTH WILL LIMITED, overseeing operational strategies and driving the company’s capital deployment and growth in multiple emerging markets. Prior to that, from late 2018 until May 2023, she held the position of Sales Director at Trustwell Far East Pte. Ltd., where she was responsible for formulating and executing sales strategies, managing the sales team, analyzing market demands, maintaining customer relationships, and expanding business channels, making significant contributions to the company’s cross-border business. She obtained her Bachelor’s degree in International Business from Vietnam National University in 2008 and her Master’s degree in Business Administration from Hanoi University of Science and Technology in 2009.
The Board also announces that incumbent independent directors Mr. Yunxiang Tang and Mr. Allen Lueth, along with incumbent executive director Mr. Ben Lin, have tendered their resignations from the Board due to personal reasons, effective September 30, 2024. Additionally, Mr. Lin has resigned from the position of Chief Strategy Officer.
The Board has appointed Ms. Jiaxing Shi as Independent Director and the Chair of the Audit Committee and Mr. Changfu Li as Independent Director and the Chair of the Compensation Committee to fill the vacancies left by the departure of Mr. Tang and Mr. Lueth, effective September 30, 2024.
Ms. Jiaxing Shi, Independent Director and the Chair of Audit Committee
Ms. Jiaxing Shi has served as the Investment Operations Manager at YD Network Technology Co Ltd. since March 2024, overseeing the company’s investment strategy, and financial due diligence to optimize long-term returns. Prior to this role, she served as senior audit professionals at UHY LLP and Marcum LLP from 2022 to 2024. Prior to that, she served as senior manager position in financial reporting and investor relations role at Aurora Mobile Ltd. (Nasdaq: JG) from 2018 to 2022. She received an MBA Degree in Financial Management from Goldey-Beacom College in 2018 and a Master Degree in Accounting from St. John’s University in 2015. She received Bachelor’s Degree in Inner Mongolia University of Finance and Economics in 2013.
Mr. Changfu Li, Independent Director and the Chair of Compensation Committee
Mr. Changfu Li has over a decade of experience in senior management, with a focus on strategic operations and cost management across various industries. Mr. Li has served as a consulting advisor at Beijing Shanying Legal Consulting Co., Ltd since November 2023. Prior to this, he served as a procurement supervisor at Shanghai Sanqing Industrial Development Co., Ltd. from June 2010 to March 2020, where he managed procurement operations and contributed to sales strategy planning. And later he was promoted to Vice President of Administration and Purchasing Manager at the company’s Guangzhou branch in March 2020. Before that, from 2006 to 2010, Mr. Li held the position of procurement associate at Zhejiang Shalangsi Craft Co., Ltd. Mr. Li earned his bachelor’s degree in International Economics and Trade from Yanbian University in 2006.
With the appointment and departure of these directors, the composition of the Board will be adjusted accordingly. Below is the updated list of board members:
Ms. Hang Suong Nguyen, Chairperson of Fanhua Inc.
Mr. Yinan Hu, Vice Chairperson and Chief Executive Officer of Fanhua Inc.
Mr. Peng Ge, Executive Director and Chief Financial Officer of Fanhua Inc.
Mr. Mengbo Yin, Independent Director and Chair of Nominating and Governance Committee of Fanhua Inc.
Ms. Jiaxing Shi, Independent Director and Chair of Audit Committee of Fanhua Inc.
Mr. Changfu Li, Independent Director and Chair of Compensation Committee of Fanhua Inc.
Mr. Yinan Hu, Vice Chairperson and Chief Executive Officer of Fanhua, commented: “We are thrilled to announce that Ms. Nguyen has been appointed as our new Chairperson, a decision that signifies a major milestone for the Company’s strategic upgrade towards pursuing growth by harnessing the power of artificial intelligence. At the same time, we deeply appreciate the significant contributions that Mr. Yunxiang Tang, Mr. Allen Lueth, and Mr. Ben Lin have made during their tenure. As we look ahead, our commitment to our strategic goals and growth remains unwavering. With Ms. Nguyen at the helm as Chairperson, we are poised to build upon our momentum and achieve even greater heights.”
Ms. Hang Suong Nguyen, Chairperson of Fanhua, stated: “It is my pleasure to join the Board and take on the role of Fanhua’s Chairperson. I understand the significant responsibility that comes with this position and I am confident in our Company’s future. And I look forward to working with all of Fanhua’s team members to meet challenges and achieve great success together.”
About Fanhua Inc.
Driven by its digital technologies and professional expertise in the insurance industry, Fanhua Inc. is the leading independent financial service provider in China, focusing on providing insurance-oriented family asset allocation services that covers customers’ full lifecycle and a one-stop service platform for individual sales agents and independent insurance intermediaries.
With strategic focus on long-term life insurance products, we offer a broad range of insurance products, claims adjusting services and various value-added services to meet customers’ diverse needs, through an extensive network of digitally empowered sales agents and professional claims adjustors. We also operate Baowang (www.baoxian.com), an online insurance platform that provides customers with a one-stop insurance shopping experience.
This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Fanhua and the industry. Potential risks and uncertainties include, but are not limited to, those relating to its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused by factors beyond its control including macroeconomic conditions in China. Except as otherwise indicated, all information provided in this press release speaks as of the date hereof, and Fanhua undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Fanhua believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Fanhua is included in Fanhua’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.
Fonterra Co-operative Group Ltd has today announced changes to its Management Team to support the next phase of its strategic delivery.
Managing Director Co-operative Affairs Mike Cronin has been leading the potential Consumer divestment process and will dedicate his focus to this critical project full time.
Former Fonterra alumni Matt Bolger will return to the Co-op and step into the Managing Director Co-operative Affairs position from March 2025.
CEO Miles Hurrell says “exploring options for the potential divestment of our Consumer businesses is one of the most important projects Fonterra has undertaken and has the potential to unlock significant value for our farmer shareholders and unit holders.
“As we progress this work, Mike will step away from the Managing Director Co-operative Affairs role to dedicate his time to the potential divestment. He will remain a key member of the Fonterra Management Team.
“Mike has been with Fonterra since 2002 and has been involved in a number of key strategic projects for the Co-op, including Trading Amongst Farmers, the Governance and Representation Review, the Co-operative Difference and Flexible Shareholding.
“Mike is a highly respected leader and industry figure, holding the Managing Director Co-operative Affairs role since 2014. I personally value his trusted advice and strategic leadership. He will remain with the Co-op until the potential divestment process is concluded.
“I’m also pleased to announce Matt Bolger’s appointment to the Managing Director Co-operative Affairs role and look forward to welcoming him back to the Co-op on the 5th of March,” says Mr Hurrell.
Matt spent more than 18 years with Fonterra in a variety of roles, including General Manager Capital Strategy and Director of Farmer Services, as well as time leading global sales teams offshore.
He stepped into his current position as Pro Vice-Chancellor of The University of Waikato Management School in 2020 and is the current Chairman of the Dairy Companies Association of New Zealand (DCANZ).
“As Managing Director Co-operative Affairs, Matt will be responsible for functions including Farm Source, Global Stakeholder Affairs and Trade, Governance, Risk and Audit, Corporate Communications, Legal and Māori Strategy.
“As we implement our revised strategy, Matt’s knowledge of the Co-op’s farmers, stakeholder relations experience and commercial acumen will serve him well,” says Mr Hurrell.
Matt completed his Bachelor of Science in Business Administration at Georgetown University in Washington DC, majoring in International Business with Minors in English and Japanese.
About Fonterra
Fonterra is a co-operative owned and supplied by thousands of farming families across Aotearoa New Zealand. Through the spirit of co-operation and a can-do attitude, Fonterra’s farmers and employees share the goodness of our milk through innovative consumer,foodservice and ingredients brands. Sustainability is at the heart of everything we do, and we’re committed to leaving things in a better way than we found them. We are passionate about supporting our communities by Doing Good Together.
We also advise New Zealanders in the affected areas to follow the advice of local authorities at all times (including any evacuation orders) and seek suitable shelter. Visitors and tourists staying in travel accommodation should follow the guidance of hotel/resort management. It is considered sensible practice not to venture outdoors during a hurricane and remain well away from the sea and rivers. We recommend you stay informed of developments by monitoring local news and weather reports.
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The Government of Canada supports the development of voluntary Made-in-Canada sustainable investment guidelines (otherwise known as a taxonomy) that would categorize investments based on scientifically determined eligibility criteria that are consistent with the goal of reaching net-zero emissions by 2050 and limiting global temperature rise to 1.5°C above pre-industrial levels.
October 9, 2024
The Government of Canada supports the development of voluntary Made-in-Canada sustainable investment guidelines (otherwise known as a taxonomy) that would categorize investments based on scientifically determined eligibility criteria that are consistent with the goal of reaching net-zero emissions by 2050 and limiting global temperature rise to 1.5°C above pre-industrial levels.
This is a high standard that will be important for building and maintaining the credibility of a Canadian taxonomy, which will mobilize private capital for low- or non-emitting activities with a “green” category.
Importantly, the Canadian taxonomy would also establish a “transition” category to identify, and boost funding for, scientifically credible pathways to rapidly decarbonize Canada’s emissions-intensive sectors. Canada’s leadership in the transition aspect of taxonomy will be a notable and valuable contribution to the international dialogue on transition finance.
The development of the metrics-based Canadian taxonomy would first focus on the following sectors for the Canadian economy: electricity, transportation, buildings, agriculture and forestry, manufacturing, and extractives, including mineral extraction and processing, and natural gas. A taxonomy for two to three priority sectors will be released within 12 months of the arm’s-length, third-party organization(s) beginning its work.
Once finalized, the Canadian taxonomy would be available for entities such as financial institutions, lenders, and companies to use on a voluntary basis. It would not be mandatory.
Details of the Canadian Taxonomy
This backgrounder outlines the government’s expectations for the development and implementation of the Canadian taxonomy, including:
Guiding Principles
Defining green and transition investments
Priority Sectors
Company-level expectations
Governance and Funding
Background on Taxonomy
To close the climate financing gap, financial market participants, including banks, insurers, pension plans and asset managers, have indicated that they need clarity about what economic activities are considered “green” or “transition.” A taxonomy is a tool that can provide this clarity by promoting a shared understanding or classification system that defines or categorizes these activities.
Like the proposed Canadian taxonomy, many international taxonomies also use detailed eligibility criteria, anchored in climate science, to support the taxonomy’s credibility among international investors. These eligibility criteria often involve the use of performance-based metrics and thresholds to demonstrate what economic activities are aligned with pathways to limiting global temperature rise to 1.5°C above pre-industrial levels, in line with the Paris Agreement. These taxonomies likewise aim to preserve interoperability with other jurisdictions to reflect the global nature of financial and capital markets.
A taxonomy supports a wide range of use cases. For example, taxonomies can be used to set standards for classifying climate-related financial instruments (e.g., bonds or loans), and/or to evaluate the green or transition credentials of financial instruments and issuers. The aim of the Canadian taxonomy would be to mobilize investment in support of Canada’s net-zero transition by enabling investors to understand and communicate which key activities and investments will deliver a Canadian net-zero economy.
Over 40 jurisdictions worldwide are developing or have implemented taxonomies, which generally are calibrated to a particular country’s domestic economic reality and priorities. This is an opportunity to develop a Made-in-Canada taxonomy that aligns with Canada’s net-zero pathways and drives transformational investments within Canada’s economy that will also create good-paying, sustainable jobs.
The Sustainable Finance Action Council (SFAC), which was composed of 25 of Canada’s leading deposit-taking institutions, insurance companies, and pension funds, was launched by the Government of Canada in May 2021 to help lead the Canadian financial sector towards integrating sustainable finance into standard industry practice. The SFAC’s recommendations on taxonomy, including its Taxonomy Roadmap Report, have been important inputs for informing the Government of Canada’s next steps on taxonomy. The Government of Canada thanks the SFAC for its advice on taxonomy and its valuable contribution to building a sustainable finance market in Canada throughout its mandate, which concluded on March 31, 2024.
i. Guiding Principles
The Canadian taxonomy would be developed and maintained in accordance with the following principles (Guiding Principles), which draw from the recommendations of the SFAC and international organizations, as well as from international taxonomy precedents.
These Guiding Principles are intended to ensure that the Canadian taxonomy fulfills its objective of being a credible and usable tool for financial market participants and others to identify green and transition investments.
Guiding Principles
Usable
Mobilize capital toward the net-zero transition.
Credible
Clear, rigorous, and credible science-based criteria that align with limiting global temperature rise to 1.5°C above pre-industrial levels, with no or low overshoot and all relevant emissions scopes considered. Any activity which receives the green or transition taxonomy label must be scientifically defensible as being aligned with this.
Comprehensive
Cover transition and green activities that make a material positive contribution to climate change mitigation, addressing high-emitting sectors.
Interoperable
Be interoperable and broadly compatible with other major science-based taxonomies and frameworks globally, while reflecting Canada’s own economic context.
Transparent
A governance structure that is transparent, efficient, adaptive, and results-oriented; safeguards scientific integrity; and engages with key stakeholders, including provincial and territorial governments, civil society, financial market participants, industry, and Indigenous partners.
Dynamic
A built-in review process to ensure the Canadian taxonomy is updated as the landscape evolves.
Holistic
Do-No-Significant-Harm criteria addressing environmental, social, and Indigenous objectives.
ii. Defining green and transition investments
At a high level, the Canadian taxonomy would define which economic activities are green or transition in line with SFAC recommendations, as follows:
Green: low-or zero-emitting activities, such as green hydrogen, solar, and wind energy generation, or those that enable them, such as electricity transmission lines and hydrogen pipelines; and,
Transition: decarbonizing emission-intensive activities that are critical for sectoral transformation and consistent with a net-zero, 1.5°C transition pathway, such as installing lower-emitting (electric) furnaces to produce steel.
Activities are expected to be classified according to a categorization framework to be confirmed and operationalized. The figure below shows an example of such a framework proposed by the SFAC.
Have low or zero downstream scope 3 emissions; and,
Sell into or benefit from markets that are expected to grow in the global net-zero transition.
Transition activities are expected to be those that:
Have material scope 1 and 2 emissions but make significant emission reductions;
Have low or zero scope 3 emissions; and,
Do not create carbon lock-in and path dependency.
As well as activities that:
Have material scope 3 emissions but significantly reduce their scope 1 and 2 emissions;
Do not face immediate demand-side risk (i.e., market contraction); and,
Have lifespans proportionate to when global demand for their products is expected to decline.
iii. Priority Sectors
The initial phase of taxonomy development would focus on developing eligibility criteria for the following priority sectors. A taxonomy for two to three priority sectors will be released within 12 months of the arm’s-length, third-party organization(s) beginning its work. The final determination of eligible activities would rest with the third-party organization(s) which will develop, implement, and maintain the Canadian taxonomy, and align with the guiding principles, including scientific credibility and alignment with limiting global warming to 1.5°C:
Electricity, which could include activities related to low- and zero-emitting electricity generation, electricity storage, and grid infrastructure improvements.
Transportation, which could include low- and zero-emitting passenger and freight transportation activities in a variety of transportation modes (e.g., road, rail, marine transport) as well as enabling infrastructure (e.g., electric vehicle charging).
Buildings, which could include the construction and operation of high-performance buildings, the retrofitting of buildings to improve their performance, and the installation of equipment to reduce the emissions of buildings and their occupants.
Agriculture and Forestry, which could include the sustainable production of crops and livestock, activities to decarbonize agricultural production, and the planting, sustainable management, and restoration of forests.
Heavy Industry:
These important sectors of the Canadian economy have been prioritized based on the following criteria:
Anticipated future levels of green and transition investment opportunity, including as assessed by market participants;
Importance of their decarbonization for decarbonizing the Canadian economy, based on current sectoral emissions and projections of future emission reductions; and
Economic significance to Canada, including current levels of investment and economic activity.
Further below is a list of examples of activities within these sectors that may be eligible for a green or transition taxonomy label, subject to the development of activity-specific performance criteria and Do-No-Significant-Harm requirements.
iv. Company-level expectations
The Government of Canada supports the adoption of net-zero targets, credible transition plans, and robust climate disclosures by Canadian companies. These are key infrastructure elements of a robust sustainable finance market and are essential to achieving net-zero goals, fostering transparency, and enabling informed decision-making.
The Government of Canada has committed to moving towards mandatory climate-related financial disclosures across a broad spectrum of the Canadian economy. Mandatory disclosure requirements are already in place for federal Crown corporations and federally regulated financial institutions. The Government of Canada intends to bring forward amendments to the Canada Business Corporations Act to enable climate-related financial disclosure requirements for large, federally incorporated private companies.
The Government of Canada encourages the developers of the taxonomy to consider including these company-level requirements as part of the eligibility criteria for green and transition labelling in the Canadian taxonomy, in line with SFAC’s recommendations.
Potential Company-Level Actions for Taxonomy Users
Net-Zero Targets
A commitment to reach net-zero emissions by 2050 or earlier, usually with interim targets.
Credible Transition Plans
A strategy that lays out the company’s targets, actions, and/or resources for its transition toward a lower-carbon economy, including actions such as reducing its greenhouse gas emissions.
Robust Climate Disclosure
The provision of information about a company’s climate-related governance, risk management, strategy, and metrics and targets.
v. Governance and Funding
Developing a taxonomy requires significant climate science and sectoral expertise and engagement with stakeholders, including financial market participants, industry, civil society, governments, regulators, and Indigenous partners. In addition, good governance practices are needed to oversee the development and implementation of a Canadian taxonomy that safeguards scientific integrity and meets market needs. The guiding principle of scientific credibility will ensure that the taxonomy’s green and transition labels are only applied to activities that are in line with the goal of limiting global warming to 1.5°C with no or limited overshoot.
The Canadian taxonomy would be developed, implemented, and maintained at arm’s length to the Government of Canada by an organization or organizations external-to-government.
The final determination of guiding principles, eligible activities, priority sectors and company-level expectations would rest with the external-to-government organization.
The Government of Canada would contribute funding to support the technical work to develop the eligibility criteria for the taxonomy.
Examples of Potential Taxonomy Eligible Activities
Under the Canadian taxonomy, a range of economic activities that contribute to Canada’s net-zero transition will be eligible for a “green” or “transition” label, which, for example, could be used in the context of labelled bond issuances. Not all economic activities will be eligible.
Through a survey of international taxonomies, the following examples of activities in priority sectors that may be eligible for a green and/or transition label were identified. These examples are in no way intended to direct the work of the arm’s length organization or organizations who will develop, implement, and maintain the Canadian taxonomy, who would make final determinations with respect to the inclusion of and criteria for these example activities, in line with the guiding principles, including alignment with limiting global warming to 1.5°C. As such, these examples should be considered indicative only, not prescriptive.
It is expected that activity-specific performance criteria would be developed for each activity included in the Canadian taxonomy along, with Do-No-Significant-Harm requirements, to define the circumstances under which that activity would be eligible for green or transition labelling. That is, only some forms of a given activity might be eligible while other forms of the same activity might be ineligible. Some forms of an eligible activity may be green-eligible while other forms would be transition-eligible. As such, the examples below show activities that may be eligible, subject to activity-specific criteria and Do-No-Significant-Harm requirements.
These examples are not intended to be exhaustive. The international taxonomies surveyed to identify these examples reflect the economic and net-zero transition needs of other jurisdictions, which may be different from those of Canada, so it is to be expected that the Canadian taxonomy could break new ground and include sub-sectors or activities not covered in these examples. For example, it could include green and transition activities in the agricultural sector such as certain forms of crop and livestock agriculture.
In consideration of Canada’s economic makeup, the taxonomy could potentially include activities that significantly reduce the emissions of existing natural gas production and/or the emissions associated with a limited buildout of existing production sites. The technical drafters may also consider a broad range of possible eligibility criteria for existing natural gas production, such as the displacement of more polluting fuels internationally, provided they are aligned with limiting global temperature rise to 1.5°C above pre-industrial levels. Based on the Guiding Principles, the Government does not anticipate new natural gas production to be eligible. The final determination of eligible activities across all sectors will be made by the arms length, external organization(s).
In the electricity sector, examples of potentially eligible green or transition activities include:
Co-generation of heating or cooling and electricity from solar energy;
Electricity generation from bioenergy;
Electricity generation using concentrated solar power (CSP) technology;
Electricity generation from geothermal energy;
Electricity generation from hydropower;
Electricity generation from ocean energy technologies;
Electricity generation using solar photovoltaic technology;
Electricity generation from wind power;
Storage of electricity; and,
Transmission and distribution of electricity.
In the transportation sector, examples of potentially eligible green or transition activities include:
Low carbon transport infrastructure, such as electric vehicle charging.
Zero-emission and low-emission operations of the following modes of transportation:
Air transport, including ground handling operations;
Freight transport by road;
Inland water transport;
Road passenger transport;
Sea and coastal water transport;
Railway transport; and,
Urban and suburban passenger land transport.
In the buildings sector, examples of potentially eligible green or transition activities include:
Acquisition and ownership of low-emitting and energy-efficient buildings;
Construction of low-emitting and energy-efficient new buildings;
Installation of energy efficiency equipment;
Installation of renewable energy technologies; and,
Renovation of existing buildings to reduce emissions and/or improve energy efficiency.
In the agriculture and forestry sectors, examples of potentially eligible green or transition activities include:Footnote 1
Afforestation;
Conservation, restoration, and maintenance of natural forests; and,
Sustainable forest management.
In the heavy industry sector, examples of potentially eligible green or transition activities include:
The low-emission or energy-efficient manufacturing of:
Aluminum;
Basic chemicals, such as ammonia, aromatics BTX, carbon black, chlorine, nitric acid, and soda ash;
Cement;
Hydrogen;
Iron and steel; and,
Plastics in primary form.
The manufacturing of:
Batteries;
Energy efficiency equipment for buildings, such as energy-efficient appliances and light sources, energy-efficient HVAC systems, heat pumps, and energy-efficient building automation and control systems;
Equipment for the production of hydrogen through electrolysis;
Low-carbon technologies for household sector;
Low-carbon technologies for transport, such as low-carbon vehicles that meet transportation sector criteria; and,
Source: United Kingdom – Executive Government & Departments
New trade sanctions unit becomes operational
New unit to help businesses comply with the UK’s trade sanctions to launch today.
Unit has new and enhanced powers to crack down on businesses in breach and make sure UK sanctions are effective.
Sanctions are helping to defund Putin’s illegal war, depriving Russia of over $400 billion of funds since February 2022.
UK sanctions against Russia are set to be strengthened as the Government launches a new unit to help companies comply with trade sanctions and penalise those who do not.
Following Russia’s invasion of Ukraine, the UK implemented its most comprehensive set of sanctions against a major economy, with over £20 billion worth of trade with Russia now sanctioned.
The new Office of Trade Sanctions Implementation (OTSI), launching today, will work with industry to make complying with sanctions obligations as straightforward as possible by issuing guidance and user-friendly online tools.
There has been overwhelming support from business in implementing sanctions against Russia, and the vast majority of businesses comply. For the minority that don’t, OTSI will have powers to publish information about sanctions breaches and impose civil monetary penalties.
Business and Trade Secretary Jonathan Reynolds said:
Sanctions are vital in defunding Putin’s illegal war and only by working hand in hand with business can we make them as effective as possible.
This new unit will help ensure businesses comply with trade sanctions and take decisive enforcement action where needed so that, together with business, we can continue to exert maximum pressure on Putin’s regime.
Sanctions Minister Stephen Doughty said:
This new government is resolutely committed to strengthening our sanctions regime, with robust enforcement and penalties for those who fail to comply. From Moscow to Tehran – kleptocrats, aggressors and the enablers who support and facilitate their wealth and malign actions should be on notice.
OTSI will be instrumental in providing vital additional tools not only to help businesses comply with our sanctions, but also to deter and impose costs upon those seeking to breach them.
The new unit is part of the Department for Business and Trade. OTSI will work with businesses to offer guidance, issue licences and investigate reports of trade sanctions breaches.
Chloe Cina, international sanctions expert and Royal United Services Institute (RUSI) fellow said:
Investing in a new specialist unit to issue guidance, grant licences, and enforce certain trade sanctions across 21 UK regimes is compelling evidence that the novel measures introduced as part of the UK’s response to Russia’s invasion of Ukraine are here to stay.
The industry will be reassured to see that the most complex restrictions relating to professional services will now be dealt with by OTSI directly from today.
This launch also sees new reporting obligations introduced for financial services firms, money service businesses and legal service providers. They will now be expected to inform OTSI of suspected breaches of certain trade sanctions.
OTSI’s new enforcement powers for trade sanctions complement those HMRC already has. While HMRC remains responsible for the enforcement of trade sanctions on goods that cross the UK border as part of its customs role, OTSI now has lead enforcement responsibility for sanctioned services leaving the UK, as well as trade in sanctioned goods and services anywhere else in the world where a UK business or person is involved.
Notes to editors:
From today, OTSI takes on responsibility for issuing licences for certain sanctioned activity – specifically the provision of standalone services, including professional and business services. Sanctions licensing for the export of goods and the provision of ancillary services (services related to the export of tangible goods) remain the responsibility of the Export Control Joint Unit (ECJU). DBT’s Import Controls Team continue to be responsible for licensing the import of goods and other activities (including provision of ancillary services) which are prohibited under UK import sanctions. More information is available here
A full list of the UK’s sanctions can be found here
IRVINE, Calif., Oct. 09, 2024 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity IoT solutions, today announced its powerful new System-in-Package (SiP) solutions powered by Qualcomm® Technologies’ chipsets that reinforce Lantronix’s position in industrial and enterprise IoT innovation, bringing advanced Artificial Intelligence (AI) and Machine Learning (ML) capabilities to the edge.
“Qualcomm Technologies and Lantronix have had strong relationships for more than 15 years,” stated Dev Singh, vice president of Business Development and head of Industrial Automation at Qualcomm Technologies Inc. “Utilizing Qualcomm Technologies’ cutting-edge processors, Lantronix enables its customers to seamlessly deploy AI solutions at the edge, bringing its expertise in embedded computing and IoT to deliver reliable, industrial-grade systems.”
With a combination of leading-edge performance and cost efficiency, Lantronix’s five new SiP families are set to accelerate the development of AI-driven applications in industrial and enterprise use cases, including robotics, industrial automation, video surveillance, video collaboration and drones. The new SiP modules are compliant with the Trade Agreements Act (TAA) and the National Defense Authorization Act (NDAA).
“With the addition of these five new SiP solutions, we continue our strategic collaboration with Qualcomm Technologies that has enabled Lantronix to build a proven track record of successfully delivering integrated, collaborative solutions that are driving forward IoT and AI/ML technologies to meet the evolving needs of today’s advanced-edge applications,” said Mathi Gurusamy, chief strategy officer for Lantronix.
Lantronix enables the creation of superior, high-performance AI-driven applications by integrating AI capabilities from the Qualcomm® AI Hub. The Qualcomm AI Hub provides a reference base of more than 100 AI models and a simplified model optimization process to efficiently utilize AI capabilities (3.5 to 100 INT-8 TOPS) in these SiP families.
IQ9 Series SiPs for Industrial and Robotics Applications
Lantronix’s pin-compatible 9100IQ and 9075IQ SiPs, powered by the Qualcomm® IQ-9100 and IQ-9075 processors, provide scalable, power-efficient and robust computing to autonomous devices and next-generation Industry 4.0 designs using advanced AI. The new IQ9 Series can enable:
Robust safety functions in autonomous mobile robots (AMR) or platforms with functional safety (FuSa) up to level SIL-3 level (IQ-9100-based SiPs only)
Device robustness with fault tolerance Error Correction Code (ECC) memory support and system cost savings by leveraging an integrated, dedicated safety island (IQ-9100) or real-time subsystem (IQ-9075) with four dedicated independent processing cores supporting real-time operating systems for system error monitoring and other critical functions.
Robot perception, navigation and versatility improvement through a powerful Qualcomm® Adreno™ 663 GPU and support for up to 16 concurrent cameras.
Interactive industrial edge AI systems utilizing up to 100 TOPS by integrating Large Language Model (LLM) support at the edge. The IQ9 Series Hexagon tensor processor can achieve a generation rate of 12 tokens per second when running the Llama 2 13B parameter mode.
Fanless systems to enhance operating temperature with the SiP family supporting a -40°C to 115°C junction temperature range.
Learn more about Lantronix’s 9100IQ and 9075IQ SiP families here.
Lantronix’s Open-Q 8550CSfor Advanced Video and AI Applications
Building on the success of its existing Open-Q SiP portfolio, Lantronix’s Open-Q 8550CS family, powered by Qualcomm® Technologies’ QSC8550 processor, delivers high AI performance, power efficiency and advanced Wi-Fi® 7 and Bluetooth® 5 connectivity, making it ideal for long-term, high-demand edge computing applications. Benefits include the abilities to:
Enhance video conferencing meeting experiences, automated guided vehicle pathing, smart camera image quality and edge AI box scalability with the family’s octal-core computing capabilities and 48 AI TOPS tensor performance.
Perform complex 3D rendering and computer vision tasks with a powerful Adreno 740 GPU supporting ray tracing, Open GL ES, Vulkan and Open CL profiles and 4K240/8K60 video decoding and 4K120/8K30 encoding.
Connect edge AI boxes leveraging high-speed 2.5G and 10G Ethernet ports.
Learn more about Lantronix’s Open-Q 8550CS SiP family here.
Lantronix’s Open-Q 6490CS and 5430CS for Scalable AI Solutions
Lantronix’s pin-compatible Open-Q 6490CS and Open-Q 5430CS families, powered by Qualcomm® Technologies’ QCS6490 and QCS5430 processors, allow customers to scale their product lines with minimal development effort while benefiting from low-power AI performance, Wi-Fi 6E and BLE 5+ connectivity as well as flexible peripheral expansion. Features include:
Real-time machine learning on 6th-generation AI engine, delivering 3.5 to 13 AI TOPS and complemented with up to octal-core CPU and Adreno 640 class GPU.
Advanced multimedia and AI powered camera support through up to three concurrent ISPs supporting up to 192MP cameras, 4K30 encoding and 4K60 decoding, sufficient to handle up to 8 camera streams simultaneously for video-intensive applications.
Percepxion™ device management for over-the-air (OTA) upgrades for performance, security and software feature improvements.
Learn more about Lantronix’s Open-Q 6490CS here and 5430CS families here.
About Lantronix
Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth industries including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.
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The most recent growth statistics showed that the Australian economy faces some strong headwinds. In an environment where global growth is subdued, the national economy grew just 0.2 per cent in the June 2024 quarter. Yet Western Australia’s growth was considerably faster. With a quarterly growth rate of 0.9 per cent, Western Australia tied with South Australia as the fastest‑growing state in the nation.
There are other positive signs. Investment in WA continues to grow, reflecting business confidence in WA’s future. In the past financial year, the value of new capital expenditure in Western Australia rose 18.5 per cent in the mining industry and 16.9 per cent in non‑mining industries. This new investment accounts for nearly a quarter of Australia’s new private investment, showing that WA continues to punch above its weight.
As pro‑growth progressives, we recognise that government has a role to play in boosting the growth rate and continuing to build on WA’s economic success. Higher productivity also increases the speed limit of the economy, allowing Australians to live longer, and live better.
What are the best policies to encourage growth? As the nation’s most export‑oriented state, international settings are of particular significance for Western Australia. Since coming to office, the Albanese government has sought to stabilise Australia’s relationships with our major trading partners.
Under the former Coalition government, China effectively closed the door to many of our exports. Since May 2022, as a result of the Albanese government’s calm and consistent approach – in concert with a great deal of hard work and advocacy by industry – most of the Australian products previously subject to impediments have been able to re‑enter China’s market. That includes coal, cotton, timber logs, barley, and wine. Trade impediments imposed by China on around $20 billion of Australian exports remain on less than $1 billion.
We have also worked to build stronger partnerships with countries throughout our region. Foreign Minister Penny Wong and Trade Minister Don Farrell have worked to diversify our trading relationships, by leading a diplomatic and business push into countries throughout the South East Asia and the Pacific.
A key element is the development of a new South East Asia Economic Strategy, based on a report that the government commissioned from Nicholas Moore, the former CEO of the Macquarie Group, titled ‘Invested: Australia’s Southeast Asia Economic Strategy to 2040’. This strategy aims to boost trade and investment by enhancing economic engagement and leveraging Australia’s strengths: a well‑capitalised corporate sector, sophisticated capital markets, and a substantial national savings pool.
In the mining sector, the government’s production tax incentive scheme seeks to nurture the critical minerals and green hydrogen industries. These tax credits aim to secure Australia’s critical mineral supply chain and assist with the energy transition in economically productive ways. Yet, remarkably Peter Dutton has opposed production tax incentives. His position puts him at odds with both major parties in Western Australian – Liberal and Labor. As Resources Minister Madeleine King puts it, Dutton’s stance is ‘anti‑resources and anti‑WA’.
Another important part of Labor’s pro‑growth productivity agenda is competition reform. The last big wave of national competition policy took place in the 1990s, when consumers were given more choice about their electricity provider and a host of unnecessary regulations were scrapped. During the 2000s and 2010s, Australia experienced a rise in market concentration and markups, and a drop in economic dynamism. Too many industries have become dominated by too few companies. Disappointing productivity performance in the 2010s is likely linked to the lack of competition in many Australian markets and Australian consumers have suffered.
Last year, our government established a competition taskforce in the Australian Treasury, mandated to identify reforms that would create a more competitive economy that drives down costs. This year, the Albanese government has introduced the biggest shakeup of our merger laws in half a century, aiming to ensure that the merger control system is simpler, quicker, and more efficient. Our reforms will ensure quicker approvals for low‑risk mergers but that the competition watchdog sees all high‑risk mergers through mandatory reporting thresholds.
Another priority of the competition taskforce is the reform of non‑compete clauses. One in 5 Australian workers have a clause in their employment contract that limits their ability to move to a competing company. Non‑compete clauses slow wage growth and impede new business formation. In the United States, the government has estimated that scrapping non‑compete clauses would boost wages by US$500 for the typical worker, and lead to the creation of 8,000 more businesses annually. In Australia, we are actively considering the best way to address the adverse effects of non‑compete clauses.
These are just some examples of how the Albanese government, with the states and territories, is revitalising the National Competition Policy to deliver more jobs, more startups, and more prosperity. Western Australia is on board with National Competition Policy and stands to share the benefits.
Being pro‑growth is not about being anti‑fairness. Indeed, the best way to deliver for the most vulnerable is through a growing economy, where everyone can share in the gains. By choosing openness, encouraging dynamism, and strengthening competition, we can get a better deal and expand opportunities for consumers, workers, and households in Western Australia.
Climate Change Minister Simon Watts will chair negotiations on carbon markets at this year’s United Nations Climate Change Conference (COP29) alongside Singapore’s Minister for Sustainability and Environment, Grace Fu.
“Climate change is a global challenge, and it’s important for countries to be enabled to work together and support each other in the transition to a low emission, net zero future,” Mr Watts says.
“To support cooperation and unlock financial investment, Minister Fu and I have been asked to co-chair negotiations that will finalise details for how countries can cooperate on carbon markets under the Paris Agreement. Having credible, high integrity, and transparent carbon markets are good for countries, consumers, and the climate as they encourage direct investment towards reducing emissions.
“It is an honour to be selected as one of the eight Ministerial representatives from among 195 countries to chair these negotiations. It recognises New Zealand and Singapore’s expertise in carbon markets and emissions pricing mechanisms, and the Government’s work to restore credibility in our domestic carbon market, the Emissions Trading Scheme.”
The UN Climate Change system drives global action to reduce the impacts of climate change through the implementation of the Paris Agreement. These meetings also allow businesses and civil society to engage on climate solutions and navigating the economic transition.
COP29 will be held in Baku, Azerbaijan from 11-22 November 2024. Ministers Watts and Fu will engage with their counterparts in preparation for the meeting to ensure smooth negotiations.
“The Government accounts released today show that spending and debt continues to grow under the current Government, but there is no plan to deliver a better economy,” said NZCTU Te Kauae Kaimahi Economist Craig Renney.
“Net Core Crown Debt increased by $20bn last year, with revenue from taxation also rising by $8bn. The OBEGAL deficit increased $3.4bn last year alone, to $12.9bn.
Finance Minister Nicola Willis admitted, “The accounts show the corrosive impact of low growth and low productivity…and we are cutting back on the investments needed to lift both.” Yet there is no plan to solve this problem, Renney said.
“The Government accounts showed our overreliance on income tax and GST taxes to balance the books. Source deductions from wages increased 10.1% during the last year. The GST take increased by 4.1%. But other sources of taxation have not increased at the same rate, or have fallen in the form of corporate taxation (-5.9%). We need a better conversation about how taxes are being levied and why.” Renney said.
“Spending on welfare has increased by 8%, with Jobseeker Support expenses rising by 17%. Welfare payments would be higher if the one-off $600m cost-of-living support is removed. Unemployment is expected to rise significantly in the future, meaning that welfare expenses will be higher in the future.”
Renney said “The Government has provisioned $500m for the Cook Straight Ferry (iREX) Costs, which is only the cost of the works abandoned to date. This doesn’t include the cost of cancelling the ferry contract, nor the cost of purchasing the replacement ferries necessary. The Government is likely facing a $bn bill for that decision alone.”
“The Minister signalled new cuts in her speech at the event, while requiring new economic growth to deliver on their financial aspirations. Yet decisions like iREX show that the Government has no means of delivering sustainable growth. Health New Zealand is looking for $2bn in savings right now, yet the Government is looking for further savings in spending on top.”
“The Government’s fiscal strategy needs to change. Government debt is low by international standards, and there is no shortage of projects to invest in. These would improve employment and economic outcomes – both of which will benefit working people. Yet the Government is wedded to plan that will see unemployment rise, and investment fall. It’s time for a better plan.” Renney said.
China’s commerce ministry said Wednesday the country’s anti-dumping move on brandy imported from the European Union (EU) is a “legitimate trade remedy measure and entirely in accordance with World Trade Organization (WTO) rules.”
The decision to take anti-dumping measures against EU brandy imports, which was announced Tuesday, was based on legal investigations in response to a request from the domestic industry, the ministry said in a statement.
Meanwhile, the ministry noted that the EU’s anti-subsidy probe into Chinese electric vehicles was not launched at the industry’s request. Furthermore, the EU move has been strongly opposed by relevant EU member states and their industries.
The EU’s action seriously lacked factual and legal basis and clearly violated WTO rules, which was a practice of protectionism in the name of trade remedies, the ministry said.
To defend the legitimate rights and interests of China’s electric vehicle industry, the country has lodged strong representation at the WTO and appealed to the WTO dispute settlement over relevant anti-subsidy measures, it said.
China has always opposed the abuse of trade remedy measures, the ministry said, urging the EU to immediately correct its wrong practices and work with China to safeguard the overall economic and trade situation between the two sides.
President Lai delivers 2024 National Day Address 2024-10-10
President Lai Ching-te on the morning of October 10 attended the ROC’s 113th Double Tenth National Day Celebration in the plaza fronting the Presidential Office Building, and delivered an address titled “ Taiwan Together for Our Shared Dream.” A translation of the president’s address follows: National Day Celebration Chairperson Han Kuo-yu (韓國瑜), Vice President Bi-khim Hsiao, Premier Cho Jung-tai (卓榮泰), Prime Minister of Tuvalu Feleti Teo and Madame Tausaga Teo, heads of delegations from diplomatic allies and friendly nations, distinguished guests from home and abroad, and my fellow citizens here in person and watching on TV or online: Good morning. Today, we gather together to celebrate the birthday of the Republic of China, praise the beautiful Taiwan of today, and usher in the better Taiwan for tomorrow. One hundred and thirteen years ago, a group of people full of ideals and aspirations rose in revolt and overthrew the imperial regime. Their dream was to establish a democratic republic of the people, to be governed by the people and for the people. Their ideal was to create a nation of freedom, equality, and benevolence. However, the dream of democracy was engulfed in the raging flames of war. The ideal of freedom had for long eroded under authoritarian rule. But we will never forget the Battle of Guningtou 75 years ago, or the August 23 Artillery Battle 66 years ago. Though we arrived on this land at different times and belonged to different communities, we defended Taiwan, Penghu, Kinmen, and Matsu. We defended the Republic of China. We will never forget the Kaohsiung Incident 45 years ago, or wave after wave of democracy movements. Again and again, people who carried the dream of democracy and the ideal of freedom, through valiant sacrifice and devotion, gave their lives to open the door to democracy. Over more than a century, the people’s desire to master their own destiny has finally been fulfilled. My fellow citizens, though the Republic of China was driven out of the international community, the people of Taiwan have never exiled themselves. On this land, the people of Taiwan toil and labor, but when our friends face natural disasters or an unprecedented pandemic, we do not hesitate to extend a helping hand. “Taiwan Can Help” is not just a slogan. It is a movement by the people of Taiwan to cherish peace and do good for others. In the past, our people, going out into the world equipped with only a briefcase, sparked Taiwan’s economic achievements. Now, Taiwan’s chip technology drives the whole world, and has become a global force for prosperity and development. The people of Taiwan are diverse, and they are fearless. Our own Nymphia Wind is a queen on the world stage. The people of Taiwan are truly courageous. Lin Yu-ting (林郁婷), a daughter of Taiwan, is a queen of the boxing world. At 17 years old, Taiwan’s own Tsai Yun-rong (蔡昀融) put steady hands to work and won first place for woodwork in a global skills competition. Chen Sz-yuan (陳思源), at 20, took first for refrigeration and air conditioning, using the skills passed down by his father. A new generation of “Made in Taiwan” youth is putting a new shine on an old label. I want to thank generation after generation of fellow citizens for coming together and staying together through thick and thin. The Republic of China has already put down roots in Taiwan, Penghu, Kinmen, and Matsu. And the Republic of China and the People’s Republic of China are not subordinate to each other. On this land, democracy and freedom are growing and thriving. The People’s Republic of China has no right to represent Taiwan. The 23 million people of Taiwan, now more than ever, must reach out our branches to embrace the future. My fellow citizens, we have overcome challenge after challenge. All along, the Republic of China has shown steadfast resolve; and all along, the people of Taiwan have shown unwavering tenacity. We fully understand that our views are not all the same, but we have always been willing to accept one another. We fully understand that we have differences in opinion, but we have always been willing to keep moving forward hand in hand. This is how the Republic of China Taiwan became what it is today. As president, my mission is to ensure that our nation endures and progresses, and to unite the 23 million people of Taiwan. I will also uphold the commitment to resist annexation or encroachment upon our sovereignty. It is also my mission to safeguard the lives and property of the public, firmly carry out our Four Pillars of Peace action plan, strengthen national defense, stand side by side with democratic countries, jointly demonstrate the strength of deterrence, and ensure peace through strength, so that all generations can lead good lives. All the more, my mission is to care for the lives and livelihoods of the 23 million people of Taiwan, actively develop our economy, and expand investment in social care. I must also ensure that the fruits of our economic growth can be enjoyed by all our people. However, Taiwan faces relentless challenges, and the world’s challenges are just as much our own. The world must achieve sustainable development as we grapple with global climate change. Sudden outbreaks of infectious diseases impact human lives and health around the globe. And expanding authoritarianism is posing a host of challenges to the rules-based international order, threatening our hard-won free and democratic way of life. For these reasons, I have established three committees at the Presidential Office: the National Climate Change Committee, the Healthy Taiwan Promotion Committee, and the Whole-of-Society Defense Resilience Committee. These committees are interrelated, and they are closely connected by the theme of national resilience. We intend to build up a more resilient Taiwan, proactively deal with challenges, and bring Taiwan into deeper cooperation with the international community. We must strengthen Taiwan’s ability to adapt to the risks associated with extreme weather, continue promoting our second energy transition, and ensure a stable power supply. We must steadily advance toward our goal of net-zero transition by 2050 through the development of more forms of green energy, deep energy saving, and advanced energy storage. In terms of health, we must effectively fight the spread of global infectious diseases, and raise the population’s average life expectancy while reducing time spent living with illness or disability. We must achieve health equality so that people are healthy, the nation is stronger, and so that the world embraces Taiwan. Finally, we must strengthen resilience throughout Taiwan in national defense, economic livelihoods, disaster prevention, and democracy. As the people of Taiwan become more united, our nation grows more stable. As our society becomes better prepared, our nation grows more secure, and there is also greater peace and stability in the Taiwan Strait. Taiwan is resolved in our commitment to upholding peace and stability in the Taiwan Strait and achieving global security and prosperity. We are willing to work with China on addressing climate change, combatting infectious diseases, and maintaining regional security to pursue peace and mutual prosperity for the well-being of the people on the two sides of the Taiwan Strait. For a long time now, countries around the world have supported China, invested in China, and assisted China in joining the World Trade Organization, thereby promoting China’s economic development and enhancing its national strength. This was done out of the hope that China would join the rest of the world in making global contributions, that internally it would place importance on the livelihoods of the people, and that externally it would maintain peace. As we stand here today, international tensions are on the rise, and each day countless innocents are suffering injuries or losing their lives in conflict. We hope that China will live up to the expectations of the international community, that it will apply its influence and work with other countries toward ending Russia’s invasion of Ukraine and conflicts in the Middle East. And we hope that it will take up its international responsibilities and, along with Taiwan, contribute to the peace, security, and prosperity of the region and the globe. In an era when the international landscape is becoming increasingly chaotic, Taiwan will become more calm, more confident, and stronger; it will become a force for regional peace, stability, and prosperity. I believe that a stronger democratic Taiwan is not only the ideal of our 23 million people, but also the expectation of the international community. We will continue to make Taiwan stronger and promote cross-sector economic development. Taiwan’s economic strength is no “miracle”; it is the result of the joint efforts of all the people of Taiwan. We must strive for an innovative economy, a balanced Taiwan, and inclusive growth; we must stay on top of changes in global trends, and continue to remain a key player in supply chains for global democracies. Going forward, in addition to our 5+2 innovative industries plan and Six Core Strategic Industries policy, we will more vigorously develop Taiwan’s Five Trusted Industry Sectors, namely semiconductors, AI, military, security and surveillance, and next-generation communications, and help expand their global presence. We will also promote the transformation and development of medium, small, and micro enterprises and help them develop their international markets. My fellow citizens, we will continue working to achieve a Taiwan that is balanced across all its regions. In the central government’s proposed general budget plan for next year, general grants for local governments and general centrally funded tax revenues increased significantly, by NT$89.5 billion, reaching a total of NT$724.1 billion, a record high. And our budget for flood control will be raised by NT$15.9 billion from this year, bringing the total to NT$55.1 billion. This will help municipalities across the country in addressing the challenges of extreme weather. We will also expedite improvements to the safety of our national road network and create a human-friendly transportation environment. Furthermore, we will improve our mass rapid transit network and connect the greater Taipei area comprising Taipei, New Taipei, Keelung, and Taoyuan. We will roll out the new Silicon Valley plan for Taoyuan, Hsinchu, and Miaoli to form a central technology cluster connecting the north with the south and launch the Smart Technology Southern Industrial Ecosystem Development Plan. We will accelerate promotion of safety in our eastern transportation network so that locals can go home on safer roads. We will also enhance basic infrastructure in the outlying island areas to raise the quality of life for locals and increase their capacity for tourism. My fellow citizens, we must all the more ensure the well-being of our people across the generations. To our young parents, we will continue to promote version 2.0 of our national childcare policy for ages 0–6. We are going even further by already increasing childcare subsidies, and we will also enhance the quality of preschool services. Children are the future of our country, and the government has the responsibility to help take care of them. To our young students, we will continue to provide free tuition for students of high schools and vocational high schools, and we will also continue to subsidize tuition for students of private junior colleges, colleges, and universities. And we are taking that a step further by establishing the Ten-Billion-Dollar Youth Overseas Dream Fund. Young people have dreams, and the government has the responsibility to help youth realize those dreams. To our young adults and those in the prime of life, next year, the minimum wage will once again be raised, and the number of rent-subsidized housing units will be increased. We will expand investment in society and provide more support across life, work, housing, and health, and support for the young and old. Raising a family is hard work, and the government has a responsibility to help lighten the load. To our senior citizens all around Taiwan, next year, Taiwan will become a “super-aged society.” In advance, we will launch our Long-term Care 3.0 Plan and gradually implement the 888 Program for the prevention and treatment of chronic diseases. We will also establish a NT$10 billion fund for new cancer drugs and advance the Healthy Taiwan Cultivation Plan. We will build a stronger social safety net and provide enhanced care for the disadvantaged. And we will bring mental health support to people of all ages, including the young and middle-aged, to truly achieve care for all people of all ages throughout the whole of our society. I am deeply aware that what everyone cares about the most is the pressure of high housing prices, and that what they most detest is rampant fraud. I give the people my promise that our administration will not shirk these issues; even if it offends certain groups, we will address them no matter the price. We will redouble our efforts to combat fraud and fight housing speculation. We will expand care for renters and strike a balance with the needs of people looking to change homes. We will walk together, continuing down the path toward achieving housing justice. We have with us today former President Chen Shui-bian, former President Tsai Ing-wen, and leaders from different political parties. I want to thank all of you for attending. Your presence represents the strength our nation has built up over generations, as well as the values and significance of Taiwan’s diverse democracy. Our nation must become more united, and our society must grow more stable. I also want to thank Legislative Yuan President Han and Premier Cho for recently initiating cooperation among the ruling and opposition parties to facilitate discussion among the ruling and opposition party caucuses. In democratic countries, political parties internally promote the nation’s progress through competition, and externally they unite to work toward achieving national interests. No matter our political party, no matter our political stances, national interests come before the interests of parties, and the interests of parties can never take precedence over the interests of the people. And this is precisely the spirit upheld by those who sacrificed, who gave everything they had, in order to establish the Republic of China. This is the lesson we take from our predecessors who, generation upon generation, overcame authoritarianism, and sacrificed and devoted themselves to the pursuit of democracy. That is precisely why, regardless of party affiliation or regardless of our differences, we are gathered here today. Regardless of what name we choose to call our nation – the Republic of China; Taiwan; or the Republic of China Taiwan – we must all share common convictions: Our determination to defend our national sovereignty remains unchanged. Our efforts to maintain the status quo of peace and stability in the Taiwan Strait remain unchanged. Our commitment to hoping for parity and dignity, and healthy and orderly dialogue and exchanges between the two sides of the strait remains unchanged. Our determination, from one generation to the next, to protect our free and democratic way of life remains unchanged. I believe this is the dream that Taiwan’s 23 million people all share; it is also the shared ideal that Taiwanese society and the international community hold. The stronger the commitment of the Taiwanese people, the greater the tenacity of democracy around the world. The greater the tenacity of the Taiwanese people, the stronger the commitment of democracy around the world. Let’s keep going, Republic of China! Let’s keep going, Taiwan! Regardless of our differences, let’s keep going forward! Thank you.
MILES AXLE Translation. Region: Russian Federation –
Source: Moscow Government – Government of Moscow –
Since the beginning of the year, specialists from JSC Mosgaz have reconstructed facade gas pipelines at 117 addresses throughout the capital. The total length of the repaired networks is more than 11.8 kilometers, which is comparable to the length of several streets.
Moscow facades serve not only as architectural decoration for the city. Important engineering networks are hidden on and behind the facades, including gas pipelines responsible for the uninterrupted supply of gas to homes.
Repair of facade gas pipelines is not just replacing old pipes with new ones. It is a multi-stage process that includes thorough diagnostics, planning and the use of modern technologies. The work uses a four-level diagnostic system for facade gas pipelines. It allows you to accurately determine the degree of wear and the need for repairs.
The first stage is studying the documentation. Specialists analyze all available information about the gas pipeline in order to create a clear work plan and select the necessary equipment. At the second stage, Mosgaz employees record defects and damage and determine the need for an instrumental survey, which is the third stage. Using modern equipment, specialists conduct a detailed analysis of the gas pipeline in order to identify hidden defects. Then the degree of wear of the gas pipeline is assessed, the necessary repair work is planned and the best option is selected – eliminating defects or replacing a section.
Such detailed diagnostics of facade gas pipelines allows to determine the category of their technical condition and physical wear objectively and accurately, and also to give recommendations for designing a new gas pipe or repairing an existing one. During repairs, specialists install a bypass – a spare route for gas, which allows to avoid disconnecting consumers from the service.
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.
President Lai receives congratulations from foreign guests attending 2024 National Day celebration President Lai receives congratulations from foreign guests attending 2024 National Day celebration 2024-10-10
On the morning of October 10 at the Presidential Office Building, President Lai Ching-te and the First Lady, accompanied by Vice President Bi-khim Hsiao, received congratulations from members of the foreign diplomatic corps and foreign organizations stationed in Taiwan, as well as guests from around the world attending the 2024 National Day Celebration of the Republic of China. From 9:30 a.m. more than 140 foreign guests, including Prime Minister Feleti Teo of Tuvalu, who was accompanied by his wife, Deputy Prime Minister and Minister of Natural Resources, Petroleum, and Mining Cordel Hyde of Belize, Deputy Prime Minister and Minister of Transport, Works, Land and Surveys and Physical Planning Montgomery Daniel of Saint Vincent and the Grenadines, Senate President Alvina Reynolds and Speaker Claudius Francis of Saint Lucia, and Minister of State Gustav Aitaro of the Republic of Palau, came forward in turn to offer congratulations to President Lai and Vice President Hsiao, who expressed their appreciation to them for attending the celebration. Secretary-General to the President Pan Men-an (潘孟安) and Minister of Foreign Affairs Lin Chia-lung (林佳龍) were also in attendance. In addition to the delegation led by Prime Minister Teo and those from our other diplomatic allies, foreign guests who came to offer their congratulations included US Congresspersons Debbie Lesko, Andy Biggs, and Carol Miller, who was accompanied by her husband; a Japanese Diet congratulatory delegation: Japanese House of Councillors Members Santo Akiko, Yamamoto Junzo, Takinami Hirofumi, Umemura Mizuho, and Wada Masamune; Members of the Scottish Parliament Jamie Greene, Rhoda Grant, and Karen Adam; Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman and other members of the diplomatic corps; representatives of foreign organizations stationed in Taiwan: American Institute in Taiwan Taipei Office Director Raymond Greene, who was accompanied by his wife, Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki, who was accompanied by his wife, Head of the European Economic and Trade Office Lutz Guellner, who was accompanied by his wife, Singapore Trade Office in Taipei Trade Representative Yip Wei Kiat, Australian Office in Taipei Representative Robert Niel Fergusson, Canadian Trade Office in Taipei Executive Director James Stafford Nickel, who was accompanied by his wife, French Office in Taipei Director Franck Paris, German Institute Taipei Director General Jörg Wolfram Polster, who was accompanied by his wife, and British Office Taipei Representative John Dennis.
The brief highlights the substantial presence of Indigenous Peoples in Asia and the Pacific and the importance of traditional knowledge and genetic resources for climate action, food security, and medicine, as well as language diversity and cultural heritage. It explains the shortfalls of existing FTAs and why they should be based on informed consent, equitable benefit sharing, and full source disclosure in patents. It details how some FTAs have included traditional knowledge and genetic resources and shows how trade deals can help Indigenous Peoples benefit from greater regional cooperation.
Source: Hong Kong Government special administrative region
Hong Kong Customs detects smuggling case of suspected scheduled agarwood (with photo) Hong Kong Customs detects smuggling case of suspected scheduled agarwood (with photo) *************************************************************************************
Hong Kong Customs, on September 25, detected a smuggling case of suspected scheduled agarwood at the Tuen Mun River Trade Terminal and seized about 1 tonne of suspected scheduled agarwood with an estimated market value of about $18 million. Through risk assessment, Customs on that day selected for inspection a 20-foot container arriving in Hong Kong from Nansha, Guangdong. Upon examination, Customs officers found the batch of suspected scheduled agarwood therein. In the operation, Customs arrested a 35-year-old woman suspected to be connected with the case. Hong Kong Customs will continue to closely co-operate with the Agriculture, Fisheries and Conservation Department to combat cross-boundary smuggling of endangered species. Under the Protection of Endangered Species of Animals and Plants Ordinance, any person found guilty of importing an endangered species without a licence is liable to a maximum fine of $10 million and imprisonment for 10 years. Members of the public may report any suspected smuggling activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002/).
Ends/Thursday, October 10, 2024Issued at HKT 15:10
Source: Australian Government – Minister of Foreign Affairs
The Albanese Labor Government has agreed a timetable with China for the full resumption of Australian live rock lobster exports by the end of the year.
This will save the jobs of 3,000 Australians employed in the industry, 2,000 of which are in Western Australia.
The agreement to a timetable for the re-entry of live rock lobster was made during a meeting between Prime Minister Albanese and China’s Premier Li Qiang today on the sidelines of the ASEAN Summit in Vientiane, Laos.
This outcome is another step towards stabilising the bilateral relationship between China and Australia. This is positive news for the lobster industry and for Chinese consumers, who will have access to high-quality Australian rock lobsters in time for Lunar New Year.
Since 2020, Australian rock lobsters have been effectively prevented from entering China’s market, which was worth over $700 million in 2019.
We acknowledge the Australian rock lobster industry for their resilience during a challenging period.
The Albanese Government has seen progress on the removal of trade impediments for wine, barley, coal, cotton, timber logs, copper ores and concentrates; and some meat establishments – almost $20 billion worth of Australian exports.
With our patient, calibrated, and deliberate approach, we are restoring Australian trade with our largest export market.
The Albanese Government will continue with its calm and consistent approach to the China relationship – where we cooperate where we can, disagree where we must, and engage in the national interest.
Quotes attributable to Prime Minister Anthony Albanese:
“Resolution of trade impediments is at the top of our Government’s agenda. The reinstatement in normalised trade for all commodities is front and centre of the Government’s engagement strategy with China.
“It is in the interests of both our countries to continue this path of stabilising our relationship. A resumption in trade for all Australian commodities is an important part of this process.
“Having dialogue helps us navigate our differences and build upon areas where we can cooperate – without compromising on any Australian interests.”
Quotes attributable to Foreign Minister Penny Wong:
“The Albanese Government’s approach to China has been patient, calibrated and deliberate – and our approach has paid dividends for Australians and for the national interest.
“We continue to urge Australian businesses to diversify to grow value for their companies and for their country.
Quotes attributable to Trade and Tourism Minister Don Farrell:
“This is a great outcome for the Australian lobster industry and for Chinese consumers.
“The Albanese Government is delivering for Australian farmers, miners, businesses and workers.
“I encourage businesses to continue to take advantage of new trade diversification opportunities created by this Government.”
Quotes attributable to Minister for Agriculture, Fisheries and Forestry, Julie Collins:
“This agreement on a timetable with China for the full resumption of trade by the end of the year is a significant step forward for Australia’s rock lobster industry and will deliver job security for fishing communities in regional areas.
“The resumption of full Australian rock lobster exports to China is expected to have a trade potential of over $700 million.”
ZURICH, 10 October 2024 – 21Shares AG (“21Shares”), one of the world’s largest issuers of crypto exchange traded products (ETPs), today announced the launch of the 21Shares Future of Crypto Index ETP (FUTR) on Euronext Paris and Euronext Amsterdam. FUTR represents the latest addition to its growing European product lineup, representing the firm’s 44th crypto ETP, its 10th crypto basket ETP, and its first-ever crypto megatheme ETP.
Exchange
Product Name
Ticker
ISIN
Fee
Euronext Paris
21Shares Future of Crypto Index ETP
FUTR FP
CH1382892102
1.49%
Euronext Amsterdam
21Shares Future of Crypto Index ETP
FUTR NA
CH1382892102
1.49%
“Global excitement, demand and momentum for crypto is undeniable. And 21Shares has been at the forefront of increasing global access to the crypto asset class since inception in 2018 – offering investors a six-year track record of developing, launching and managing crypto ETPs,” said Hany Rashwan, Co-Founder and CEO of 21Shares. “As 21Shares’ first-ever crypto megatheme ETP, FUTR represents the next evolution of the firm’s European product lineup and a potential opportunity for investors looking for the next step after allocating to Bitcoin (BTC) and Ethereum (ETH).”
Rashwan continued: “With the launch of FUTR, 21Shares is thrilled to leverage the firm’s world-class product development and research capabilities to bring investors access to a future-oriented, broad-based index offering easy exposure to the most promising sectors of the crypto ecosystem.”
FUTR provides investors with comprehensive exposure to the top sectors and themes anticipated to drive the future growth of the crypto market. By tracking a broad-based index that covers over 80% of the market, the ETP offers exposure to six key megathemes expected to drive long-term growth in the crypto market:
Payment Platforms: Payment platforms are blockchains or protocols specialized in transferring value.
Smart Contract Platforms: A smart contract platform is a base blockchain with built-in general-purpose programmability that allows developers to write smart contracts and launch decentralized applications (dApps).
Blockchain Accelerators: A blockchain accelerator is a separate blockchain that helps augment the network capacity of a settlement blockchain by orders of magnitude while inheriting the security guarantees of the latter.
Decentralized Finance (DeFi): Decentralized finance is internet-native financial infrastructure that does not rely on a centralized institution such as a bank, broker, or similar intermediaries.
AI and Data Solutions: This refers to platforms that leverage artificial intelligence and data technologies to enhance various aspects of crypto ecosystems.
Social and Gaming: This refers to an overlaying sector between blockchain, crypto, and the gaming industries, along with social elements that enhance player interactions and community building.
FUTR takes a market-capitalization weighted approach, with leading assets from each of these six megathemes. In addition, FUTR offers dynamic allocation, a strategy that evolves with the market to provide alignment with emerging trends and opportunities. Further, FUTR excludes meme tokens, privacy tokens and assets below a $2M liquidity threshold, focusing on quality investments. FUTR is 100% physically backed by the underlying assets stored securely in cold storage by an institutional-grade custodian, offering enhanced protection.
21Shares worked with MarketVector Indexes as the index provider for FUTR. MarketVector Indexes brings deep market knowledge in crypto indices to the digital assets landscape.
“The 21Shares Future of Crypto Index provides a dynamic framework for tracking key sectors driving the next phase of crypto growth. We’re excited to partner with 21Shares on this forward-thinking, innovative product”, said Steven Schoenfeld, CEO of MarketVector Indexes.
The launch of FUTR also represents an expansion of 21Shares’ collaboration with Flow Traders, who will act as the market maker for the product.
“This is another step forward in supporting the broader adoption of digital assets, and we are thrilled to continue to expand our role in being the leading liquidity provider in the crypto ETP space as well as our partnership with 21Shares,” said Michael Lie, Global Head of Digital Assets at Flow Traders. “Innovative products like FUTR with diversified exposure to key themes in crypto, much like sector ETFs in TradFi, are going to be essential in expanding the full reach of digital assets and its value to financial markets. In our role, we will continue supporting innovative products and driving the convergence of TradFi and crypto.”
For more details about the 21Shares Future of Crypto Index ETP, including the factsheet, please click here.
21.co is the world’s leader in providing access to crypto through simple and easy to use products. 21.co is the parent company of 21Shares, one of the world’s largest issuers of crypto exchange traded products (ETPs) – which is powered by Onyx, a proprietary technology platform used to issue and operate cryptocurrency ETPs for 21Shares and third parties. The company was founded in 2018 by Hany Rashwan and Ophelia Snyder. 21Shares is registered in Zurich, Switzerland with offices in Zurich, London and New York. For more information, please visit 21Shares.
MarketVector IndexesTM (“MarketVector”) is a regulated Benchmark Administrator in Europe, incorporated in Germany and registered with the Federal Financial Supervisory Authority (BaFin). MarketVector maintains indexes under the MarketVectorTM, MVIS®, and BlueStar® names. With a mission to accelerate index innovation globally, MarketVector is best known for its broad suite of Thematic indexes, a long-running expertise in Hard Asset-linked Equity indexes, and its pioneering Digital Asset index family. MarketVector is proud to be in partnership with more than 25 Exchange Traded Product (ETP) issuers and index fund managers in markets throughout the world, with more than USD 50 billion in assets under management.
About Flow Traders
Flow Traders is a leading multi-asset market maker founded more than twenty years ago, the firm expanded into digital assets trading in 2017, focusing on centralized exchanges before expanding its operations to include over-the-counter trading, options trading and decentralized finance. Additionally, Flow Traders strategically invests in builders and teams driving the convergence of centralized and decentralized finance.
DISCLAIMER
This document is not an offer to sell or a solicitation of an offer to buy or subscribe for securities of 21Shares AG in any jurisdiction. Neither this document nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever or for any other purpose in any jurisdiction. Nothing in this document should be considered investment advice.
This document and the information contained herein are not for distribution in or into (directly or indirectly) the United States, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful.
This document does not constitute an offer of securities for sale in or into the United States, Canada, Australia or Japan. The securities of 21Shares AG to which these materials relate have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will not be a public offering of securities in the United States. Neither the US Securities and Exchange Commission nor any securities regulatory authority of any state or other jurisdiction of the United States has approved or disapproved of an investment in the securities or passed on the accuracy or adequacy of the contents of this presentation. Any representation to the contrary is a criminal offence in the United States.
Within the United Kingdom, this document is only being distributed to and is only directed at: (i) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”); or (iii) persons who fall within Article 43(2) of the Order, including existing members and creditors of the Company or (iv) any other persons to whom this document can be lawfully distributed in circumstances where section 21(1) of the FSMA does not apply. The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
Exclusively for potential investors in any EEA Member State that has implemented the Prospectus Regulation (EU) 2017/1129 the Issuer’s Base Prospectus (EU) is made available on the Issuer’s website under http://www.21Shares.com.
The approval of the Issuer’s Base Prospectus (EU) should not be understood as an endorsement by the SFSA of the securities offered or admitted to trading on a regulated market. Eligible potential investors should read the Issuer’s Base Prospectus (EU) and the relevant Final Terms before making an investment decision in order to understand the potential risks associated with the decision to invest in the securities. You are about to purchase a product that is not simple and may be difficult to understand.
This document constitutes advertisement within the meaning of the Prospectus Regulation (EU) 2017/1129 and the Swiss Financial Services Act (the “FinSA”) and not a prospectus. The 2023 Base Prospectus of 21Shares AG has been deposited pursuant to article 54(2) FinSA with SIX Exchange Regulation AG in its function as Swiss prospectus review body within the meaning of article 52 FinSA. The 2023 Base Prospectus and the key information document for any products may be obtained at 21Shares AG’s website (https://21shares.com/ir/prospectus or https://21shares.com/ir/kids).
In a period of nearly five months earlier this year, members of the teaching faculty of the Central Academy of Fine Arts, in Beijing, visited people who have been recognized as “role models” and “master craftsman” in different trades in Shanghai, and portrayed them in various forms of art.
Now, these paintings, sculptures, drawings, prints and digital works, some 200 pieces depicting 75 figures, are on show at Shanghai Workers’ Cultural Palace to celebrate the 75th anniversary of the founding of the People’s Republic of China and to pay tribute to these endeavoring at the grassroots, from different walks of life.
Since 2015, the Central Academy of Fine Arts has been motivating its teachers and students to make portrayals for model workers from various fields, to create an image archive of the figures who have contributed to the country. Figures at the current exhibition include these from the manufacturing industries, science and new technologies such as AI and biotech, the fields of cultural heritage and protection and different sections of the city administration.
Yu Ding, the exhibition’s curator and dean of CAFA’s Sino-French Institute of Arts and Design Management, in Shanghai, says the event has built a bridge to connect artists and professionals from a wider social spectrum who share responsibilities to empower the country with hard work and hold up high the spirit of devotion.
The exhibition is organized by the Shanghai Municipal Trade Union Council.
12 October 2024 – For the first time this year, the theme of the World Migratory Bird Day highlights the importance of insects for migratory birds, and calls more action to protect decreasing populations of insects.
Insects are vital energy sources for many bird species during the breeding season and their migration. They significantly affect the timing, duration, and overall success of bird migrations. Insect populations have declined dramatically in recent decades as a result of the use of insecticides and the destruction of their habitats linked to agricultural intensification, urbanization and road development. Climate change and biological invasions also cause the death of insects by starvation, disease or predation.
World Migratory Bird Day campaign in 2024, draws attention to need for proactive measures to reverse this decline such as reducing use of pesticides and fertilisers as well as encouraging organic farming.
Bird populations in World Heritage sites are also increasingly affected by avian flu. UNESCO World Heritage Centre together with its partner organizations have conducted earlier this year a webinar series entitled How to protect wildlife from avian flu in UNESCO World Heritage sites, Biosphere Reserves and Ramsar sites in April and May 2024.
These webinars were organized with the financial support of the Swiss Federal Office for Environment (FOEN) in collaboration with UNESCO World Heritage Centre, UNESCO Man and the Biosphere Programme, the Secretariat of the Convention on Migratory Species (CMS) and its CMS FAO Co-convened Scientific Task Force on Avian Influenza and Wild Birds, the Secretariat of the Ramsar Convention on Wetlands of International Importance, the International Union for Conservation of Nature.
Highly pathogenic avian influenza not only causes to death of many wild bird species worldwide, but also causing significant mortality of mammals. Held in different time zones to reach out all regions, three webinars aimed to raise awareness of the site management authorities in UNESCO World Heritage sites, Biosphere Reserves and Ramsar sites on the avian influenza outbreak and its irreversible cause of biodiversity loss globally in designated sites recognized internationally for their importance to nature conservation and which are critically important for migratory species.
During the webinars, scientists and representatives of internationally designated sites provided information on the current situation of the sites, which are affecting by the outbreak of the avian flu and how site management authorities together with the scientists combat the spread of the virus. Recordings and presentations of keynote speakers of the webinars on avian flu as well as the guidelines, other related documents and examples of different countries available on website to draw attention to the subject.
World Migratory Bird Day is a global awareness raising campaign that aims to highlights the need for international cooperation to conserve migratory birds. In 2024, World Migratory Bird Day is celebrating on 11 May and 12 October, reflecting the cyclical nature of seasonal bird migrations in different hemispheres.
Source: United Kingdom – Executive Government & Departments
UK Statement for the Enhanced Interactive Dialogue on the Interim Report on Haiti. Delivered by the UK’s Permanent Representative to the WTO and UN, Simon Manley.
Location:
Geneva
Delivered on:
(Transcript of the speech, exactly as it was delivered)
Thank you, Mrs Vice-President.
La détérioration des droits humains en Haiti continue de choquer, notamment avec une autre tuerie la semaine passée. L’augmentation du recrutement, de l’exploitation et l’abus d’enfants combinée avec l’aggravation de la violence sexuelle afin de semer la terreur et punir les communautés sont intolérables. Ceci s’ajoute aux enlèvements et meurtres qui continuent d’être utilisés par les gangs criminels pour faire souffrir la population.
La stabilité et la sécurité sont essentielles dans le combat contre le fléau des gangs. C’est pour cela que nous soutenons la résolution créant la Mission multinationale d’appui à la sécurité en Haïti. De plus, le Royaume-Uni contribuera £5 millions à la Mission d’appui afin que le Haut-Commissariat aux droits de l’homme puisse s’assurer que le déploiement respecte les standards internationaux de droits humains, de conduite et de discipline.
Nous continuons d’agir contre les auteurs de ces violations des droits humains en Haiti avec des sanctions et nous avons coparrainé la dernière liste adoptée par le Conseil de Sécurité le mois dernier.
Director Salazar, Mr O’Neill,
Where can the international community best focus its efforts to assist the Haitian government to bring the stability and security that the country so desperately needs and deserves?
Thank you.
Thank you, Mrs Vice-President.
The deterioration of human rights in Haiti continues to shock with another horrifying killing last week. The growing recruitment, exploitation, and abuse of children combined with a significant increase in the use of sexual violence to spread fear and punish communities are sickening. This is in addition to kidnapping and murder that have long been used by criminal gangs to inflict suffering on the population.
Stability and security are vital components to tackling the scourge of gangs, and to this end we strongly supported the UN Resolution to bring about the Multinational Security Support mission to Haiti. Furthermore, the UK has pledged £5 million to the Support mission to assist the Office of the High Commissioner for Human Rights in ensuring the deployment’s compliance with international standards on human rights, conduct and discipline.
We continue to take action against perpetrators of human rights abuses in Haiti through sanctions, and co-sponsored the latest designations agreed by the UNSC last month.
Director Salazar, Mr O’Neill,
Where can the international community best focus its efforts to assist the Haitian government to bring the stability and security that Haiti so desperately needs and deserves?
MILES AXLE Translation. Region: Russian Federation –
Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –
The city of Innopolis hosted the traditional international forum Digital Innopolis Days, which this year was combined with the AI IN conference on artificial intelligence. The topics of the discussions were focused on key areas and technologies: artificial intelligence, robotics, unmanned systems, innovations in education and personnel training.
At the plenary session “Prospects for robotization of Russia: converting problems into tasks,” the following spoke: Minister of Science and Higher Education Valery Falkov, Minister of Industry and Trade Anton Alikhanov, Deputy Minister of Energy Eduard Sheremetsev, representatives of the largest industrial enterprises, such as KAMAZ and Transmashholding.
Valery Falkov spoke about approaches to training personnel for robotics, and also noted important changes taking place in the higher education system. First of all, this is the search for models of its implementation in accordance with the needs of the modern technological structure and training of specialists of the future, reformatting engineering education. The head of the Ministry of Education and Science noted that any educational program related to production should contain a block on automation systems and robotics, and universities need to qualitatively build work in the market of additional professional education.
Vice-Rector for Continuing and Pre-University Education at SPbPU Dmitry Tikhonov noted: The forum platform is very representative and practice-oriented. Based on the results of last year, we launched three new educational projects with new partners, contacts with whom were established precisely at DID. This year there were interesting sections in the field of UAS and AI, which showed the diversity of potential areas of application of these technologies.
The use of artificial intelligence in education and university management, digital development of the education system, and new collaborations in this area were discussed at the forum by Vladimir Tuchkevich, Head of the Department for Development of Portals and Mobile Applications at SPbPU, and Denis Ivanov, Deputy Director of the Institute of Computer Science and Cybersecurity.
Traditionally, an interesting discussion unfolded around the digital departments. This year, a closed session was held for the best students of the project and an HR studio was organized. The Polytechnic was represented by IKNK student Ekaterina Chadayeva, one of the best graduates of the program “Development of digital solutions based on 1C technologies”.
Several useful events were organized for students. This was not only an introduction to various companies, but also a strategic session for graduates of digital departments. There we discussed what a dream digital department should be like, – Ekaterina shared her impressions.
Industrial partners presented their best practices for working with universities within the framework of the Digital Departments project.
At the forum, we exchanged practices and visions for the future development of IT education. Every year, companies’ interest in joint programs for professional retraining of the digital department is growing. For example, the company “1C” presented a joint program with the Polytechnic University, in the implementation of which 15 employers are participating at once. This approach demonstrates the importance of this project and allows us to create programs that are truly relevant for the industry, – said the head of the project office “Digital Departments” of SPbPU Nadezhda Tsvetkova.
The forum also hosted a closed event of Gazprom partner universities, where the curator of the project “PAO Gazprom Flagship University” Yanis Olekhnovich and the head of the employment assistance sector Elvira Tuktamysheva gave a report. They presented the results of the implementation of educational programs and events for training personnel and developing applied IT competencies necessary for an engineer to perform the company’s tasks. Part of the report was a presentation of specialized interactive educational and demonstration complexes based on VR technologies. These complexes allow students to be trained using the example of the industrial partner’s technologies.
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.
RELEASE: $52 Million Multistate Settlement with Marriott for Data Breach of Starwood Guest Reservation Database
Posted on Oct 9, 2024 in Latest Department News, Newsroom
DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
KA ʻOIHANA PILI KĀLEPA
OFFICE OF CONSUMER PROTECTION
JOSH GREEN, M.D.
GOVERNOR | KE KIAʻĀINA
NADINE Y. ANDO
DIRECTOR | KA LUNA HOʻOKELE
THOMAS MANA MORIARTY
EXECUTIVE DIRECTOR
FOR IMMEDIATE RELEASE
October 9, 2024
$52 Million Multistate Settlement with Marriott for Data Breach of Starwood Guest Reservation Database
HONOLULU — The state of Hawai‘i Department of Commerce and Consumer Affairs Office of Consumer Protection announced today that a coalition of 50 attorneys general has reached a settlement with Marriott International, Inc. as the result of an investigation into a large multiyear data breach of one of its guest reservation databases. The Federal Trade Commission, which has been coordinating closely with the states throughout this investigation, has reached a parallel settlement with Marriott. Under the settlement with the attorneys general, Marriott has agreed to strengthening its data security practices using a dynamic risk-based approach, provide certain consumer protections, and make a $52 million payment to states. The state of Hawai‘i will receive$438,045.00 from the settlement.
Marriott acquired Starwood in 2016 and took control of the Starwood computer network within the same year. However, from July 2014 until September 2018, intruders in the system went undetected. This led to the breach of 131.5 million guest records pertaining to customers in the United States. The impacted records included contact information, gender, dates of birth, legacy Starwood Preferred Guest information, reservation information, and hotel stay preferences, as well as a limited number of unencrypted passport numbers and unexpired payment card information.
Shortly after the breach of the Starwood database was announced, a coalition of 50 attorneys general launched a multistate investigation into the breach. Today’s settlement resolves allegations by the attorneys general that Marriott violated state consumer protection laws, personal information protection laws, and, where applicable, breach-notification laws by failing to implement reasonable data security measures and remediate data security deficiencies, particularly when attempting to use and integrate Starwood into its systems.
“When companies choose to collect and store consumer data, they must take steps to secure it,” stated Executive Director of the Office of Consumer Protection, Mana Moriarty. “We will continue to hold businesses accountable for their failure to do so.”
Under the terms of the settlement, Marriott has agreed to strengthen and continually improve its cybersecurity practices. Some of the specific measures include:
Implementation of a comprehensive Information Security Program. This includes new overarching security program mandates, such as incorporating zero-trust principles, regular security reporting to the highest levels within the company, including the Chief Executive Officer, and enhanced employee training on data handling and security.
Data minimization and disposal requirements, which will lead to less consumer data being collected and retained.
Specific security requirements with respect to consumer data, including component hardening, conducting an asset inventory, encryption, segmentation to limit an intruder’s ability to move across a system, patch management to ensure that critical security patches are applied in a timely manner, intrusion detection, user access controls, and logging and monitoring to keep track of movement of files and users within the network.
Increased vendor and franchisee oversight, with a special emphasis on risk assessments for “Critical IT Vendors,” and clearly outlined contracts with cloud providers.
In the future, if Marriott acquires another entity, it must timely further assess the acquired entity’s information security program and develop plans to address identified gaps or deficiencies in security as part of the integration into Marriott’s network.
An independent third-party assessment of Marriott’s information security program every two years for a period of 20 years for additional security oversight.
These settlement terms are grounded in a well-developed risk-based approach in which Marriott not only needs to conduct an annual enterprise level risk assessment, but it must also perform risk analyses throughout the year for changes to security controls. Those ongoing risk assessments must address the criteria of “harm to others” – which would include potential harm to consumers.
As part of the settlement, Marriott will give consumers specific protections, including a data deletion option, even if consumers do not currently have that right under state law. Marriott must offer multifactor authentication to consumers for their loyalty rewards accounts, such as Marriott Bonvoy, as well as reviews of those accounts if there is suspicious activity.
Connecticut, Maryland, and Oregon as well as the District of Columbia, Illinois, Louisiana, Massachusetts, North Carolina, and Texas co-led the multistate investigation, assisted by the Executive Committee of Alabama, Arizona, Arkansas, Florida, Nebraska, New Jersey, New York, Ohio, Pennsylvania, and Vermont, and were joined by Alaska, Colorado, Delaware, Georgia, Hawai‘i, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Mexico, North Dakota, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
###
Media Contact:
William Nhieu
Communications Officer Department of Commerce and Consumer Affairs Email:[email protected]
The Hong Kong Special Administrative Region Government and the Ministry of Commerce today signed the Second Agreement Concerning Amendment to the Mainland & Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services (Amendment Agreement II).
Chief Executive John Lee witnessed the signing of the new agreement by Financial Secretary Paul Chan and Deputy China International Trade Representative of the Ministry of Commerce Li Yongjie this afternoon.
Scheduled to be implemented on March 1, 2025, the Amendment Agreement II introduces new liberalisation measures across several service sectors where Hong Kong enjoys competitive advantages, such as financial services, construction and related engineering services, testing and certification, telecommunications, motion pictures, television and tourism services.
The Trade & Industry Department explained that the liberalisation measures take various forms, including removing or relaxing restrictions on equity shareholding and business scope in the establishment of enterprises, relaxing qualification requirements for Hong Kong professionals providing services, and easing restrictions on Hong Kong’s exports of services to the Mainland market.
Most of the measures apply to the whole Mainland, while some of them are designated for pilot implementation in the nine Pearl River Delta municipalities in the Guangdong-Hong Kong-Macao Greater Bay Area, it added.
The Chief Executive thanked the central government for its care and support for the Hong Kong SAR, as well as the Ministry of Commerce and relevant authorities for actively working towards the Hong Kong SAR Government’s proposal of further opening up the Mainland market to Hong Kong in trade in services.
“The Amendment Agreement II introduces new liberalisation measures across different service sectors where Hong Kong enjoys competitive advantages, making it easier for Hong Kong service suppliers to establish enterprises and develop business on the Mainland, enabling more Hong Kong professionals to obtain qualifications to practise on the Mainland, allowing more of Hong Kong’s quality services to be provided to the Mainland market, and contributing to and serving the country’s development,” he said.
“The Hong Kong SAR Government will continue to encourage different sectors of the community to leverage the unique advantages of ‘one country, two systems’ and join hands with their counterparts on the Mainland to promote the competitiveness of the professional services sector, in order to inject new impetus to economic development and achieve high-quality development.”
Speaking at a media session after the signing ceremony, the Financial Secretary pointed out that the further relaxation under CEPA will enable Hong Kong firms and professional sectors to get into the Mainland market a lot easier.
“Depending on specific sectors, the progress will be different. But I am sure for the professional sectors, people are very keen to expand their foothold into the Mainland by using the Greater Bay Area as the starting point. So this will have a very positive impact on Hong Kong,” Mr Chan said.
An example of the measures regarding construction and related engineering services is that Hong Kong general practice surveying enterprises will be allowed to provide professional services in Guangdong Province through filing of records.
For tourism services, there will be measures to optimise the implementation of the 144-hour visa-exemption policy for foreign group tours entering Guangdong from Hong Kong.
Mr Chan said the Government will be communicating with the different sectors and working with the different stakeholders to move as fast as possible, to materialise the various implementation details, so that the businesses and professionals in Hong Kong would find it useful and easier to expand into the Mainland.
Furthermore, the department noted that the Amendment Agreement II brings institutional innovation and collaboration enhancement, including the addition of allowing Hong Kong-invested enterprises to adopt Hong Kong law and allowing Hong Kong-invested enterprises to choose for arbitration to be seated in Hong Kong.
It also added commitments regarding domestic regulation to ensure the transparency, predictability and efficiency of regulations on trade in services.
In addition, the new agreement removed the period requirement on Hong Kong service suppliers to engage in substantive business operations in Hong Kong for three years in most service sectors.
This will allow Hong Kong startups to enjoy the preferential treatment under CEPA in a shorter time and attract enterprises and talent from around the world to establish a presence in Hong Kong and explore the Mainland market, the department noted.