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OctaFX: Most crucial economic events in the second half of 2023. Part 2

In this article, OctaFX experts describe three events investors and traders should be aware of. Learn more about the ongoing food crisis, the state of the European economy in case of energy shortages, and the impact of OPEC decisions on oil prices.

KUALA LUMPUR, MALAYSIA – Media OutReach – 18 September 2023 – With the global economy weakening, you may wonder what will impact capital markets in the second half of 2023. Will the food crisis worsen again? What factors will influence European currency this winter? What will be the key themes of the year ahead? Several vital stories in the remainder of 2023 are worth considering when investing in global markets.

The food crisis of 2022–2023 worsens again

One of the most significant food crises in history, affecting more than 1 billion people worldwide, continues into the second half of 2023. Over a quarter of a billion people are estimated to suffer from acute hunger, and some are on the brink of starvation. The situation has not improved now. Economic factors have added to climate problems, the effects of the pandemic, and the Ukrainian conflict.

In 2022, there were disruptions in global supply chains due to the coronavirus pandemic. Subsequently, with the beginning of the Ukrainian conflict, they worsened—there was a sharp jump in food prices (wheat, rice, corn, vegetable oil, and others). The world was cut off from the supply of goods, primarily grain—a food crisis broke out.

In 2023, the world is still in a situation of low cereal availability. Still, it is exacerbated by a strong U.S. dollar, which has strengthened due to the tightening of monetary policy in the U.S. Low-and middle-income countries importing food (mainly countries on the African continent) are unable to do so because of high prices and devaluation of local currencies against the dollar.

Reduced availability of grain crops is a fact of life. The current harvest season in July–August promises severe grain shortages and maise worldwide. Key importers are already buying in anticipation of future needs. In the autumn-winter period, prices for major grain crops will likely rise, which can be used for speculative transactions in grain futures.

Europe’s energy crisis is not over

The energy crisis in the EU is still being felt in the gas market. Gas prices in 2022 were significantly higher than in the previous year. Although the period of wild prices last year is over, this does not mean the problem has disappeared.

Gas demand is down in 2023, but not due to efficiency improvements or structural changes in the energy sectors. The main reason for the decline in demand is the fall in production in energy-intensive industries, especially in the chemical one. This has reduced the need for gas and lowered its cost.

Although the EU has accumulated significant gas reserves, a cold winter could pose a challenge to the region’s energy security. If reserves are depleted, prices will start to rise again. In addition, the lack of reliable pipelines, including Nord Stream, is forcing a turn to more expensive liquefied natural gas (LNG). This creates additional problems and financial costs for consumers in Europe.

This puts the ECB in a difficult position. On the one hand, there’s a falling production and on the otherhigh prices. You have to choose between low inflation and recession on the one hand and a weak euro and high inflation on the other hand‘, said Kar Yong Ang, the OctaFX financial market analyst. ‘And, therefore, it is possible that euro currency will once again go to parity with the dollar’, he added.

The meeting of OPEC and non-OPEC members on 26 November in Vienna will determine the oil prices

On 26 November, the 36th semi-annual OPEC and non-OPEC Ministerial Meeting will be held in Vienna. The meeting will discuss the extension of the oil production cut agreement. From May until the end of 2023, many OPEC+ countries (Saudi Arabia, UAE, Kuwait, Iraq, Algeria, Gabon, Kazakhstan, Azerbaijan, and Oman) decided to further voluntarily reduce oil production by another 1.2 million bpd, while Russia extended its voluntary restrictions also until the end of the year. As a result, the total voluntary reduction from May to December should amount to 1.66 million bpd.

Depending on the decision made at the meeting, the overall oil supply may change. In case of its stronger reduction, the price of oil will rise. If there are no changes due to the meeting, or they decide to increase production, the cost of oil will fall. Therefore, it is recommended to make all trading decisions related to Brent and WTI trades with the upcoming meeting in mind.

We live in an unstable economic and political environment of challenge and turmoil. However, amidst the challenges, there are opportunities for those investors who keep their finger on the pulse of the action. From September 2023 onwards, there will be many opportunities, starting with the U.S. Federal Reserve’s interest rate decision and OPEC meeting in Vienna. How to utilise the opportunities we have described is up to you. The only thing is that they should not be ignored.

Hashtag: #OctaFX

The issuer is solely responsible for the content of this announcement.

About OctaFX

is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services already utilised by clients from 180 countries with more than 42 million trading accounts. Free educational webinars, articles, and analytical tools they provide help clients reach their investment goals.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

OctaFX has also won more than 60 awards since its foundation, including the ‘Best Online Broker Global 2022’ award from World Business Outlook and the ‘Best Global Broker Asia 2022’ award from International Business Magazine.

Ever Higher Data Recovery Centre Ventures into Cambodian Market with New Expansion

SINGAPORE – Media OutReach – 18 September 2023 – Ever Higher Data Recovery Centre (EHDR) is delighted to announce the news of its venture into the Cambodian market to bridge critical data recovery needs. This exciting development comes as a result of a strategic collaboration with Grep Tech (Cambodia) Co. Ltd.

The company has observed a notable trend where international clients often reach out to its Singapore headquarters due to a lack of service providers offering comprehensive data recovery expertise. Some of these clients also expressed frustration from prior unsuccessful data recovery attempts. Leveraging its extensive experience, knowledge, and expertise, Ever Higher Data Recovery Centre made the decision to venture into the Cambodian market to deliver effective solutions to those in need.

Through this collaboration, Ever Higher Data Recovery Centre aims to provide tailor-made data recovery services to the Cambodian market. Moreover, this expansion into new markets will expose the company’s technical teams to a wide spectrum of scenarios and challenges, providing them with an opportunity to enhance their skills and delve deeper into their studies.

Established in 2015, Ever Higher Data Recovery Centre is a leading data recovery expert that specialises in range of data recovery services in Singapore – including USB thumb drive data recovery, mobile phone data recovery, hard disk repair and more. The company also has plans to expand into the realms of forensic and cybersecurity services. Drawing upon their profound expertise in data management, all recovery procedures will be meticulously conducted on-site, ensuring that customers may have peace of mind knowing that their data remains protected and confidential.

With a core focus to extend top-tier data recovery services to the Cambodian market, this expansion seeks to address the unique challenges faced by clients. The new service centre for data recovery will be conveniently situated on the grounds of Grep Tech (Cambodia).

For more information, please visit https://www.3verhigher.com/.

Hashtag: #EverHigherDataRecoveryCentre

The issuer is solely responsible for the content of this announcement.

De Beers Group Doubles Down On Natural Diamonds With the Return of the Iconic ‘A Diamond is Forever’ Category Campaign

Additional $20 million investment includes the return of ‘Seize the Day’ advertising reimagined for the 2023 holiday season
Lightbox ends LGD engagement ring test

HONG KONG SAR – Media OutReach – 18 September 2023 – De Beers Group today announced it will reintroduce its ‘A Diamond is Forever’ tagline with an additional $20 million investment to support consumer demand in natural diamonds for the 2023 holiday season in the US and China.

Caption

The category investment will be incremental to De Beers’ current brand activities and will see the return of the company’s highly successful ‘Seize the Day’ campaign, with a modern sensibility to reflect the priorities and values of a new generation of end clients.

The $20 million investment will be used to support a broad media mix in the US and China, targeting end clients with an energetic ‘just in time message’ for the major gift giving holiday season. The campaign will include traditional media – print, out of home, and digital – and a robust investment into influencer-developed content ensuring the key attributes of natural diamonds are conveyed in an engaging and relevant way.

Further to running the campaign itself, De Beers is also making the materials available to the trade for their use free of charge. De Beers will work with leading industry organisations to communicate how retailers can access select campaign assets.

In parallel, De Beers confirmed that a recent Lightbox lab-grown diamond (LGD) engagement ring test has now ended. Through the test the company deepened its understanding of LGDs and evaluated the changing landscape and consumer perceptions associated with them. Lightbox will continue to focus on where it sees the most promising future opportunities in the sector – in fashion jewellery and in loose stones at accessible price points – and will not sell LGD engagement rings.

Further, the engagement ring test reinforced existing insights into the wider LGD sector that indicate the commercial proposition for many LGD engagement ring offers is likely unsustainable, with retailers already needing to double the number of LGD carats sold every two years just to maintain a flat absolute gross profit.

De Beers’ most recent consumer survey data for the US and China sees natural diamonds ranked in the top three most desired luxury items for women to acquire. In the US, four in five women see natural diamonds as carrying significant meaning and being the perfect way to mark an important moment in a relationship, while the primary motivation for LGD purchases is price. Four times as many luxury jewellery consumers state they would choose natural diamonds for special occasions compared with those choosing LGDs, while more than three and a half times as many say they would be proud to wear natural diamonds compared with those who would be proud to wear LGDs.

Al Cook, CEO of De Beers Group, said: “Natural diamonds have remained icons of love for centuries. And De Beers advertising has remained iconic over the decades. We’re proud to build on this tradition by reviving and refreshing one of our most successful campaigns. By investing ahead of the holiday season, we aim to support the industry, drive consumer demand and underline our confidence in the future of the diamond dream.”

David Prager, Chief Brand Officer of De Beers Group, said: “For more than 75 years ‘A Diamond is Forever’ has perfectly encapsulated the symbolic promise of a natural diamond. Through our category investments in both traditional media and influencer-created content, we will reintroduce the highly successful ‘Seize the Day’ campaign, modernised for a new generation. De Beers is committed to supporting retailers to unlock the strong underlying desire for natural diamonds this holiday season.”

Hashtag: #DeBeers #NaturalDiamonds #seizetheday #adiamondisforever

The issuer is solely responsible for the content of this announcement.

About De Beers Group

Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world’s largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of De Beers Group’s strategy as it develops a portfolio of offers that span the diamond value chain, including its jewellery houses, De Beers Jewellers and De Beers Forevermark, and other pioneering solutions such as diamond sourcing and traceability initiatives Tracr and GemFair. De Beers Group also provides leading services and technology to the diamond industry in the form of education and laboratory services via De Beers Institute of Diamonds and a wide range of diamond sorting, detection and classification technology systems via De Beers Group Ignite. De Beers Group is committed to ‘,’ a holistic and integrated approach for creating a better future – where safety, human rights and ethical integrity continue to be paramount; where communities thrive and the environment is protected; and where there are equal opportunities for all. De Beers Group is a member of the Anglo American plc group. For further information, visit .

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Mitsubishi Electric Asia Partners with Evercomm to help Decarbonize Manufacturing in Asia

  • New partnership addresses the lack of a standard methodology to trace carbon emissions challenges in a shift to lower carbon solutions for industries ahead of COP 28.
  • Software provider Evercomm enhances decarbonization with its data simulation software, and Mitsubishi Electric provides energy management solutions to help achieve CO2 reductions from Asia to global industry clients.
  • Manufacturing Industry Environmental Responsibility: This partnership enables businesses to be more environmentally responsible. This technology allows for more informed decisions based on third-party verified emissions data, helps industries toward net-zero goals, and accelerates the region’s shift towards a sustainable, low-carbon future.

SINGAPORE – Media OutReach – 18 September 2023 – Mitsubishi Electric Asia has announced an ESG-driven partnership with Evercomm, Singapore. This collaboration is created to overcome barriers to adopting intelligent manufacturing initiatives across the Asia-Pacific region with emerging technology towards low-carbon manufacturing.

The top three barriers to adopting intelligent manufacturing initiatives in Asia-Pacific are employee resistance to technology adoption, lack of requisite skills, and need for definitions of the value of smart manufacturing. Manufacturing industries face heightened pressure from growing carbon tax regulations, requiring greater vendor authenticity and governmental compliance on CO2 emissions related to energy use and industrial processes.

This partnership answers to the pressure of this competitive landscape; Mitsubishi Electric and Evercomm bring innovative manufacturing solutions explicitly designed for heavy and automated industry sectors to assess and reduce CO2 emissions more efficiently.

“Data transparency to verify business practices is an industry imperative today – especially when carbon reporting and accountability stakes are high in Asia for manufacturers and all sectors,” says Chen Chiu-Hao (Ted), CEO of Evercomm, Singapore. “Our technology supports industries to shift toward lower-carbon practices.”

This collaboration underpins Singapore’s target of net-zero emissions by 2050. The Singapore government supports the industry to reach a robust manufacturing capacity through green technology. Singapore PM Lee echoed this at the G20 summit recently, stating global cooperation was needed in areas such as forming reliable and resilient supply chains, creating a conducive environment for decarbonisation investments, and smoothening climate transitions through high-integrity carbon markets.

“Ahead of COP 28, we want to lead the charge in transforming the manufacturing sector. By marrying automation expertise with precision in carbon emission verification, we are poised to redefine smart manufacturing practices in the region,” explains Kunihiko Seki, Managing Director Mitsubishi Electric Asia.

Through this partnership, Evercomm and Mitsubishi Electric will offer solutions integrating Evercomm’s software and Mitsubishi Electric’s products to realize carbon neutrality for customers. The companies plan to consolidate manufacturing site data of CO2 emissions and reductions collected by Mitsubishi Electric’s SCADA into Evercomm’s management software.

This consolidation will offer industries carbon efficiency with transparency and more efficiency. Using this proprietary software increases data authenticity by up to 90%, increases productivity in carbon accounting by up to 80%, reduces external assurance time by up to 60%, and thereby reduces third-party verification costs.

Six Industry benefits from this partnership

1. Carbon Emission Verification: The platform focuses on verifying carbon emissions, a crucial step in accurately assessing an organization’s environmental impact. This verification process ensures that reported emissions data is reliable and can be used for decision-making and reporting.

2. Carbon Footprint Management: The platform aims to help businesses and organizations better understand and quantify their carbon footprint. This involves tracking and measuring greenhouse gas emissions from various activities and operations, including energy consumption and transportation.

3. Automation: This partnership offers automation solutions to simplify the process of carbon footprint disclosure. It reduces the administrative burden of collecting and reporting emissions data and provides emerging tech accuracy.

4. Net-Zero Planning: Support businesses in achieving net-zero carbon emissions. This includes planning and management tools to help organizations reduce their carbon footprint and transition to carbon-neutral operations.

5. Digital Transformation: Technology speeds up how organizations report their sustainability efforts. This can make it easier for businesses to integrate environmental considerations into their overall strategy.

6. Regulatory Compliance: Accurate carbon emissions data is often required for compliance with environmental regulations and reporting requirements.

Mitsubishi Electric Asia has pioneered developing carbon-neutral and energy-saving management systems within factory automation, robotics, and industrial technology. These are engineered to reduce energy consumption and optimise operational efficiency while minimizing environmental impact. Their proven solution brings robust expertise to this partnership toward advancing sustainable manufacturing and industrial practices.

By 2051, Mitsubishi Electric pledged to net zero greenhouse gas emissions in their entire value chain and zero greenhouse gas emissions from factories and offices by 2031. The company already offers clients the capacity to monitor energy usage better and implement AI-driven automation of processes. With this partnership with Evercomm, Mitsubishi Electric can now allow industries more effective ways to be ESG-compliant, help their clients improve their digital automation and energy monitoring, and now include greenhouse gas monitoring, thereby reducing costs.

Hashtag: #MitsubishiElectric #Evercomm #Net-zero #Carbonneutral

The issuer is solely responsible for the content of this announcement.

About Evercomm

Evercomm is a software company supporting businesses to net zero. Its proprietary carbon accounting platform tracks, measures, and analyses CO2 emissions from industries such as water and waste performances, translating them into carbon emission values per ISO 14064-1 standards. All their data undergoes third-party verification, ensuring the integrity of its carbon accounting reports. Headquartered in Singapore, Evercomm collaborates with the United Nations and government agencies in Singapore.

About Mitsubishi Electric Asia

Mitsubishi Electric Asia is a subsidiary of Mitsubishi Electric Corporation, a world-leading manufacturer of products ranging from home electronics, industrial and factory automation, semiconductors and devices, public utility systems, and defence and space systems. Established in Singapore in 1977, Mitsubishi Electric Asia has provided reliable, high-quality products to homes, businesses, and industries in Asia Pacific. Mitsubishi Electric Asia seeks to be established as a marketing and engineering hub with its well-networked and strategic presence in the region. At Mitsubishi Electric Asia, we live by our pledged commitment to change for the better with every move we make.

ROSEN, GLOBAL INVESTOR COUNSEL, Encourages PacWest Bancorp Investors to Secure Counsel Before Important Deadline in Securities Class Action – PACW, PACWP

New York, New York – Newsfile Corp. – September 16, 2023 – WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of securities of PacWest Bancorp (NASDAQ: PACW) (NASDAQ: PACWP) between February 28, 2022 and May 3, 2023, both dates inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 10, 2023.

SO WHAT: If you purchased PacWest securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the PacWest class action, go to https://rosenlegal.com/submit-form/?case_id=13000 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 10, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (1) PacWest had understated the impact of interest rate hikes on Pacific Western Bank (“PWB”), a smaller bank with excessive concentration in specific industries; (2) accordingly, PacWest had overstated the stability and/or sustainability of its deposit base; (3) as a result, PacWest was exceptionally vulnerable to excessive deposit flows and/or a liquidity crisis; and (4) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the PacWest class action, go to https://rosenlegal.com/submit-form/?case_id=13000 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

The issuer is solely responsible for the content of this announcement.

GLOBALLY RECOGNIZED ROSEN LAW FIRM Encourages Origin Materials, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action – ORGN, ORGNW

New York, New York – Newsfile Corp. – September 16, 2023 – WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Origin Materials, Inc. (NASDAQ: ORGN) (NASDAQ: ORGNW) between February 23, 2023 and August 9, 2023, both dates inclusive (the “Class Period”), of the important October 24, 2023 lead plaintiff deadline.

SO WHAT: If you purchased Origin securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Origin class action, go to https://rosenlegal.com/submit-form/?case_id=18703 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 24, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Origin would not be able to meet its previously announced timeline for the construction of the Origin 2 plant; (2) demand for paraxylene (“PX”), a product that can replace non-sustainable chemicals in existing supply chains to produce polyethylene terephthalate (“PET”), had dropped such that it would not be the production focus of Origin 2; (3) Origin could not construct Origin 2 at its previously disclosed cost; (4) Origin could not construct Origin 2 at the scale it had previously identified; and (5) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Origin class action, go to https://rosenlegal.com/submit-form/?case_id=18703 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

The issuer is solely responsible for the content of this announcement.

Saudi Arabia-China Entrepreneurs Association signs MoU with Hong Kong Trade Development Council

  • Agreement signed at the at Belt and Road Summit to promote trade and business between the two regions
  • Middle East delegation showcases market and growth opportunities in the Kingdom and beyond

HONG KONG SAR – Media OutReach – 16 September 2023 – Saudi Arabia-China Entrepreneurs Association has signed a Memorandum of Understanding (MoU) with Hong Kong Trade Development Council (“HKTDC”) to promote trade and business between Hong Kong and Saudi Arabia. The MoU was signed during the eighth Belt and Road Summit on 13th September 2023, which was jointly organized by the Hong Kong Special Administrative Region Government and the HKTDC. Under the theme of “Ten Years of Cooperation for Mutual Benefit,” the summit spanned two days and attracted nearly 6,000 government officials, business leaders, and entrepreneurs from almost 70 countries and regions. Over 100 delegations from overseas and Mainland China participated in various summit activities.

Jerry Li shares about investment opportunities in the Middle East
Jerry Li shares about investment opportunities in the Middle East

This year’s summit explored opportunities in emerging markets along the Belt and Road Initiative, particularly the Middle East markets and the South East Asia markets. In his opening speech, Mr. John Lee, the Chief Executive of the Hong Kong Special Administrative Region, expressed his belief in the potential of the Association of Southeast Asian Nations (ASEAN) and Middle East regions. Since the full implementation of customs clearance this year, he has led business and professional delegations to visit these two regions twice, resulting in fruitful outcomes. Li cited his visit to the Middle East in February as an example, highlighting substantial achievements such as Hong Kong companies providing hydrogen-powered cars and refueling stations, offering energy-saving and environmental services, and planning cooperative ventures in the hotel industry. These accomplishments reflect the diverse business opportunities in the Middle East.

The Middle Eastern countries are key partners of the Belt and Road Initiative, providing extensive cooperation opportunities and potential for economic, trade, and infrastructure development with China. Focusing on the new opportunities, developments, and collaborations that the Middle East market offers under the Belt and Road Initiative, this year’s summit boasts the largest number of Middle Eastern guests in its history. Among them are notable figures such as Rania A. Al-Mashat, Minister of International Cooperation of the Arab Republic of Egypt, and Abdulla Bin Touq AlMarri, Minister of Economy of the United Arab Emirates, along with several Middle Eastern enterprises.

During the roundtable discussion at the Middle East session, Jerry Li, Founding Partner of eWTP Arabia Capital and Director-General of the Saudi Arabia-China Entrepreneurs Association, remarked, “The Middle East and Hong Kong are full of potential for cooperation and mutual benefit in the fields of finance, new energy, and digital technology. The Middle East has set numerous development goals to achieve its 2030 vision, while Hong Kong possesses world-class financial and technological talents, as well as industry clusters. Collaboration between the two parties will not only diversify the Middle East’s economy but also enhance Hong Kong’s international influence and reshape its position as a global financial center.”

During the Belt and Road Summit, Saudi Arabia-China Entrepreneurs Association (SCEA), a non-profit organisation initiated by eWTP Arabia Capital to boost cooperation between the private sectors in Saudi Arabia and China, has signed a Memorandum of Understanding (MoU) with the HKTDC. The MoU aims to strengthen the commercial and economic ties between Hong Kong and the Middle East regions, particularly start-ups and service providers looking to expand beyond their countries of origin.

Jerry Li signs MoU with Patrick Lau, Deputy Executive Director, Hong Kong Trade Development Council
Jerry Li signs MoU with Patrick Lau, Deputy Executive Director, Hong Kong Trade Development Council

Since its establishment, Saudi-China Entrepreneurs Association (SCEA) has been committed to becoming a vital bridge between Hong Kong and the Middle East. In February this year, Chief Executive Mr. John Lee visited the Middle East and expressed his support towards the establishment of the SCEA in Saudi Arabia. In July, the SCEA officially announced the establishment of its first Asian office in Hong Kong and signed a MOU to cooperate with 11 Mainland China and Hong Kong companies and facilitate their entry in the Saudi market. Additionally, the SCEA assisted in facilitating the visit of His Excellency Engineer Abdullah Al-Swaha, the Saudi Minister of Communications and Information Technology, to Hong Kong in July, further enhancing cooperation between the two parties.

Operated by SCEA, eWTP Arabia Capital has established deep partnerships with the Hong Kong government, major financial institutions, industrial companies, and technological innovation platforms in Hong Kong since Chief Executive Mr. John Lee’s visit to the Middle East in February. Supported by the HKTDC, eWTP Arabia Capital has hosted more than 100 partners from various industries in Hong Kong, including real estate, finance, trade, technology innovation, and healthcare. Currently, eWTP Arabia Capital is actively facilitating the establishment of these institutions and companies’ presence in Saudi Arabia.

COFE founder participates in the Belt and Road Summit project roadshow
COFE founder participates in the Belt and Road Summit project roadshow

eWTP Arabia Capital has invited a Saudi business delegation to attend the Belt and Road Summit and showcase their products during the pitch sessions in a bid to facilitate connections with investors in Hong Kong. The delegation comprises COFE, a Kuwait-originated company that offers an online marketplace for coffee enthusiasts, Advanced Communications & Electronic Systems Company (ACES), a Saudi Arabia-based digital infrastructure company, and Navigator Consulting, a Saudi Arabia-based strategic consulting company. They were represented by Ali Al Ebrahim, Founder and CEO of COFE, Akram Aburas, CEO and Founder of ACES, and Alfred Wang, CEO of Navigator Consulting.

Hashtag: #eWTPArabiaCapital

The issuer is solely responsible for the content of this announcement.

eWTP Arabia Capital

Founded in 2019, eWTP Arabia Capital (“eWTPA”) is an investment firm based in Saudi Arabia and China. Backed by marquee investors Public Investment Fund (PIF) and eWTP Capital, the firm helps create robust local digital ecosystems in the MENA region by partnering with market-leading Chinese businesses and providing a gateway for these companies to establish a strong and sustainable presence in the region. To date, eWTPA has invested in over 18 companies in the cloud and digital sector, 13 of which have already established themselves successfully in KSA, and 4 of which are expected to be listed soon; more have emerged as industry leaders or regional unicorns, since its initial US$400 million Fund I. eWTPA’s portfolio span across enterprise services, cloud services, cyber security, fintech, cross-border supply chain, retail and consumer, e-commerce, logistics and digital entertainment, within the GCC and MENA region.

Justin Sun Speaks at the Prestigious Milken Institute Asia Summit

Continuously promoting industry breakthroughs, Asia will become an important crypto center

SINGAPORE – Media OutReach – 16 September 2023 – Justin Sun, the esteemed founder of TRON and a member of the HTX Global Advisory Committee, was cordially invited to participate in the highly anticipated 2023 Milken Institute Asia Summit on September 14. During this prestigious event, Sun engaged in a profound and insightful dialogue with Kirk Wagar, the President of Wagar Global Advisors and Former Ambassador of US to Singapore, focusing on pertinent issues concerning the future trajectory of the crypto industry.

image_1.jpeg

In the course of their conversation, Justin Sun expressed a notable viewpoint, highlighting the insufficient recognition of stablecoins as a significant real-world use case and there is vast potential of cryptocurrency and blockchain technology in revolutionizing global settlement and payment systems. He believes that the key to effectively addressing these trust issues or alleviating market concerns lies in transparency and decentralization. Furthermore, he underscored the immense influence that Asia wields in the realm of crypto, solidifying its pivotal role in shaping the industry’s future.

Justin Sun: Firm Belief in Blockchain and Advancing the Crypto Industry

During the conversation, Justin Sun eloquently emphasized the lack of attention given to stablecoins as a significant real-world use case. He highlighted the immense potential of cryptocurrency and blockchain technology in global settlement and payment systems. Illustrating this point with TRON as an example, Sun revealed that the blockchain currently hosts approximately $50 billion worth of stablecoins, including popular ones like USDT, USDC, TUSD, as well as decentralized stablecoins such as USDD and USDJ. Notably, the TRON network boasts a daily trading volume surpassing $12 billion, surpassing many other platforms trading in US dollars while maintaining significantly lower transaction costs.

Kirk Wagar pointed out during the conversation that there are still concerns in the market regarding cryptocurrencies.

Justin Sun believes that the key to effectively addressing these trust issues or alleviating market concerns lies in increasing transparency and ensuring decentralization.

“I think the primary way to address these doubts is by increasing transparency. It’s extremely important for regulators because they need to keep records and be able to permanently check, which can ensure everything is in order,” explained Justin Sun.

Furthermore, Justin Sun drew attention to the crucial aspect of decentralization, drawing parallels with the design principles of Bitcoin. He underscored the absence of a single controlling entity or nation in Bitcoin transactions, highlighting the importance of decentralized governance in establishing a global financial consensus. As the founder of TRON, Sun reiterated his unwavering commitment to decentralization, aligning with other prominent public chains like Ethereum and Solana. The operation of TRON relies on thousands of global nodes, ensuring transparency and decentralization, which in turn inspires confidence in regulatory agencies.

Asia’s Crypto Industry Ascends, Setting its Sights on Large-Scale Applications: Insights from Justin Sun at the Milken Institute Asia Summit

During the conversation, Justin Sun eloquently highlighted the remarkable ascent of Asia in the crypto domain. He elucidated that the crypto industry originated in Asia and has progressively expanded from China to encompass influential regions such as Singapore, South Korea, Japan, and Hong Kong. Presently, Asia has reclaimed its position as one of the world’s foremost crypto hubs.

Justin Sun emphasized that following the actions taken by the US Securities and Exchange Commission, numerous leading investment institutions in the United States have shifted their focus towards Asia. Consequently, they have dedicated the majority of the past three years to exploring opportunities in locations such as Singapore, Hong Kong, South Korea, and Japan. Sun believes that leveraging Asia as a pivotal battleground for the advancement of crypto technology can not only generate a broader range of use cases for the industry but also offer enhanced regulatory clarity. This, in turn, would facilitate the development process of the crypto industry in the United States.

During the conversation, Justin Sun shared his experience in promoting the adoption of crypto technology during his tenure at the World Trade Organization (WTO). He noted that while the WTO primarily focuses on traditional trade, a consensus has yet to be formed regarding e-commerce and blockchain. Nonetheless, Sun firmly believes that blockchain presents a cost-effective solution capable of providing financial services to underserved regions like Africa. Currently, an increasing number of individuals are embracing crypto technology as a daily payment solution, utilizing TRON network and decentralized methods for transactions. Sun acknowledged that fostering widespread adoption of crypto technology will require sustained efforts over the long term. However, he remains optimistic about the industry’s trajectory, expecting it to enter mainstream applications within the next 5 to 10 years.

Justin Sun remarked, “Although the crypto industry has a history of over a decade, it is still in a very early stage. Its ultimate objective is to achieve widespread adoption and large-scale applications. However, before reaching that milestone, several obstacles, including regulatory challenges and infrastructure enhancements, must be overcome to address user convenience and mitigate risks in daily usage. Establishing a comprehensive regulatory framework holds the key to unlocking substantial growth potential in the crypto industry. Currently, the number of crypto users stands at approximately 100 million. However, with clear regulations in place, the crypto industry envisions attracting 2-3 billion users within the next 3 to 5 years.” Justin Sun hopes to see regulatory progress in the next 6 to 12 months.

It is worth noting that the 2023 Milken Institute Asia Summit, now in its tenth edition, was hosted by the esteemed non-profit and nonpartisan think tank, Milken Institute, in the United States. This influential event centered around the theme “Bridging Complexity and Opportunity,” bringing together prominent figures from diverse fields such as politics and economics. Their collective efforts aimed to foster discussions on pressing global issues, including digital development and access to capital.

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