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Champasack to Develop Areas Around Two Waterfalls for Tourism

Khon Phapheng and Somphamit or Li Phi falls.

Khon Phapheng and Somphamit or Li Phi falls will be developed with an estimated construction value of USD 500,000.

Thai Government Takes Steps to Legalize Undocumented Lao Workers

Migrant workers from Laos, Cambodia and Myanmar in Thailand.

The Thai government has announced that it will provide work permits and visas to Lao nationals so that they can remain in the country legally and continue working for the next two years.

Coface Q3 2022 Barometer: ‘A Cold Chill on The Global Economy’

HONG KONG SAR – Media OutReach – 17 October 2022 – Beyond the repercussions of the war in Ukraine, the global monetary tightening and the multiple constraints on Chinese growth paint a gloomy outlook. In the short term, the economy seems to be settling into a regime of “stagflation”, where almost no growth and rapidly rising prices coexist. The possibility of a global recession, meanwhile, is becoming clearer.
In this context, Coface is making general downward revisions to its GDP growth forecasts and its country and sectoral assessments.
Eight countries, including Italy, Denmark, Switzerland, Egypt, and Chile, have had their assessment revised downwards after the 19 downgrades in the 2nd quarter.
The 49 downgrades of sectoral assessments highlight the clear deterioration of conditions in sectors sensitive to the economic cycle such as construction, metals and wood, in a variety of geographies.

Coface-EN.jpg

Winter and recession looming in Europe

Most of the risks mentioned in our previous publications have materialised: the energy crisis in Europe, persistent inflation, and aggressive monetary tightening. This has led Coface to revise down significantly its world growth forecasts for 2023: it should be below 2% as in 2001, 2008, 2009 and 2020.

While the growth forecasts have been revised downwards for all regions worldwide, Europe is the one whose outlook has darkened the most with a recession that seems inevitable in all the main economies this winter. Indeed, the energy crisis is intensifying and the old continent is preparing for “imposed” sobriety. Whether it takes the form of a “voluntary” reduction (suspension of activities that have become unprofitable because of energy costs) or rationing decreed by governments, the drop in energy consumption will necessarily translate into lower production and a decline in GDP. The extent of the decline will depend largely on the severity of the winter, and Germany, the continent’s leading industrial power, will be at the forefront.

Consequently, the majority of our country risk assessment downgrades this quarter again concern European economies. Coface is proceeding with 6 additional downgrades, notably for 3 countries where the risk was still considered very low: Denmark, Switzerland and Luxembourg. Only Norway, a gas producer, remains in a position to enjoy the best risk assessment.

Faced with the prospect of persistently high global energy prices, almost half of the 49 downgrades of sectoral assessments concern energy-intensive industries such as chemicals, paper and metals. However, unlike the previous quarter, when most of these downgrades were in Europe, this time we also downgraded these sectors in most Asian economies and, for example, also in South Africa.

Central banks step up the fight against persistent inflation

Recent months have confirmed the materialisation of persistently high and increasingly widespread inflation in advanced and emerging economies.

In this environment, the main central banks remain resolutely aggressive and most of them have returned to key interest rate levels unseen in the last decade. The Fed, for example, raised its key rate 3 times in a row by 75 basis points this summer. This aggressiveness is leading to increased monetary tightening in other countries – particularly emerging countries – in order to halt the depreciation of their currencies against the USD.

Such a tightening of monetary and financial conditions, should it continue at the current pace, would obviously threaten global growth and financial stability.

Three emerging central banks are continuing to pursue counter-current monetary policies: Russia, Turkey and China. The Chinese monetary authorities have lowered some benchmark interest rates in order to support activity in response to the confirmation of a sharp slowdown in the economy. It continues to be affected by the zero-COVID strategy, the severe drought this summer and the crisis in the property sector. In particular, the woes of the property sector, which is estimated to account for 30% of GDP, will contribute to China’s growth falling well below the standards of the last decades in 2022 (3.2%) and 2023 (4.0%), contributing to the sharp overall slowdown.

Widespread monetary tightening clearly darkens the outlook for the global construction sector. Industrial metals and timber prices have fallen steadily in recent months, and are down by 20% and 60% respectively since the beginning of the year, leading Coface to downgrade these sectors in several geographical areas.

Danger! Conflicting objectives between fiscal and monetary policies

While central banks are determined to fight inflation with “whatever it takes”, many are faced with a conflict of objectives with the fiscal policy of their country/region. National governments, fighting against the contraction of activity, have indeed multiplied measures to support household purchasing power and corporate cash flow. The outcome will be a potentially explosive cocktail for public finances: a widening public deficit and soaring financing costs.

Click here to download the full barometer

Hashtag: #Coface

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

COFACE: FOR TRADE

With 75 years of experience and an extensive international network, Coface is a leader in trade credit insurance and adjacent specialty services, including Factoring, Debt Collection, Single Risk insurance, Bonding and Information services. Coface’s experts work to the beat of the global economy, helping ~50,000 clients in 100 countries build successful, growing, and dynamic businesses across the world. Coface helps companies in their credit decisions. The Group’s services and solutions strengthen their ability to sell by protecting them against the risks of non-payment in their domestic and export markets. In 2021, Coface employed ~4,538 people and registered a turnover of €1.57 billion.

For more information, visit

Scooterson Finds New Home in Launchpad One-North Singapore

SINGAPORE – Media OutReach – 17 October 2022 – Scooterson, the developer of the world’s first semi-autonomous e-scooter, has found a new home in Singapore. After securing US$74M contract to build their electric scooters in the country, the company has decided to join JTC Launchpad One-North, a community of tech innovators and enablers.

Located in a sprawling complex close to downtown Singapore, the community boasts of industry trailblazers, which Scooterson is poised to become.
Located in a sprawling complex close to downtown Singapore, the community boasts of industry trailblazers, which Scooterson is poised to become.

Great Company, Great Community

When co-founder Deepansh Jain was asked why they decided to relocate to Launchpad One-North, he only had one answer: “Building a great company requires a good environment.” His co-founder, Mihnea “de Vries” Chis expounded: “With more than 700 startups concentrated within LaunchPad, it is very easy to bounce ideas off and get help from other founders, this is why being here is essential for a startup.”

JTC Launchpad is a one-stop strategic destination for companies who wants to rapidly test innovative concepts and acquire the seed funding they need for commercial success. The Launchpad community boasts a flourishing network that has produced some of the region’s best trailblazers in fintech, mobility, biomedical sciences, eCommerce, hospitality, engineering, and many other industries.

For the micro-mobility tech company, it was a chance to be close to a startup ecosystem that shares the same ideals as their rapidly growing business. In addition, the complex afforded them the privacy to test their vehicles and further hone the capabilities of Rolley, their semi-autonomous e-scooter.

As the home of exciting ventures, Launchpad also attracts top-level talents. When Scooterson ran a hiring test, they discovered they received more highly qualified applicants when their location was registered as the Launchpad complex. By relocating their factory within the JTC compound, Scooterson looks forward to working with the best minds in tech and manufacturing who can bring their product to new heights.

Growing Beyond the Workplace

The Launchpad One-North community is strengthened by their shared passion for emerging tech and the social connections forged in strategic locations around the compound. The area is thoughtfully designed with intersecting paths meant to foster collaboration and create a deep sense of community.

Highly-engaged employees are crucial in keeping a company running. The compound has areas like Timbre+, where employees can enjoy a wide range of delectable dishes while watching live performances. The casual atmosphere also encourages startup founders to have meaningful conversations with seasoned investors–resulting in renewed passion and strengthened enthusiasm.

With this fantastic community, Scooterson is optimistic that they can take the next version of Rolley to unprecedented heights.

Becoming the First of Its Kind

Traditionally, Singapore is known for a vibrant startup community in industries like biomedical sciences, urban solutions, engineering, and infocomm. Scooterson aims to be the first of its kind to manufacture a globally distributed electric two-wheeler from the country. As an emerging player in the micro-mobility industry, Scooterson has achieved unparalleled success through its Elf and Rolley e-scooters, with the latter receiving the prestigious 2018 Red Dot Design Award.

This success was further validated by the awarding of US$74M million in contract necessary for further development and manufacture of Rolley e-scooters. Scooterson aims to start selling Rolley e-scooters to global markets, starting with Los Angeles, USA.

Meeting a Growing Demand

Light electric vehicles that rely on AI technology are increasingly gaining relevance in today’s postpandemic world, where deliveries and efficient travels are in demand. With the help of AI, micromobility vehicles can learn the riders riding styles and adjust movements as needed helping them ride safely even if they have trouble balancing. For businesses, smart scooters help lower operational costs by reducing the need to rebalance fleets or deal with urban clutter and obstructions. These are exciting opportunities in the scooter micro-mobility sector with the potential for rapid growth.

The move to One-North provides Scooterson total of 14,000 square feet of factory and R&D space – more than enough room to manufacture their award-winning AI-powered e-scooters.

In Pursuit of Vertical Integration

As Scooterson joins the Launchpad Community, they expect to forge strategic partnerships that yield vertical integration opportunities. They plan to expand around the area by growing their manufacturing plant and vertically integrating components like battery manufacturing into their existing operations. The aim is to reduce COGS and adapt Manufacturing 4.0 practices to create better products that constantly delight customers.

With the vibrant Launchpad community, finding strategic partners and achieving vertical integration is in the foreseeable future. Many successful startups in the community have discovered fruitful integrations with other founders who share the same vision of using emerging tech to create meaningful impact.

Scooterson also aims to set an example of Singapore’s superior location for hardware tech R&D and manufacturing – eventually attracting other global mobility and deep tech startups with the same mission of changing the world through intelligent mobility solutions. This will contribute in presenting Singapore as a premier destination for tech startups needing manufacturing capabilities.

Moving to Launchpad One-North creates synergistic opportunities for Scooterson and its fellow tech startup founders.

Hashtag: #Scooterson

About Scooterson

Scooterson is on a mission to redefine the future of global mobility. By integrating AI into their micromobility vehicles, founders Mihnea “de Vries” Chis and Deepansh Jain aim to give riders an easy and intelligent solution with the ability to adjust to their riding styles.

The Rolley e-scooter is their latest product and is the first semi-autonomous e-scooter that’s easy to learn, even for customers without biking experience. With the help of AI, Rolley automatically adjusts torque settings to match battery levels and to adapt to the rider’s riding patterns and surroundings. It boasts an innovative design made from aerospace-grade aluminium and magnesium alloy and reinforced with Carbon/Kevlar. The clean-looking e-scooter is also three times lighter than conventional e-scooters and comes with smart BMS and anti-shenanigans tech.

At the moment, interested buyers can reserve their units and be informed when the new batch is released.

Scooterson also offers business solutions and a sharing platform. Businesses can enjoy a complete solution for personal mobility needs, while neighborhoods can take advantage of rental scooters provided through a ride-sharing platform.

To learn more about Scooterson and its innovative products and services, visit its .

The Hong Kong Institute of Surveyors Building Surveyors Conference 2022  ”Sustainability in Built Asset and Countryside Conservation” Balancing conservation and economic development

HONG KONG SAR – Media OutReach – 14 October 2022 – The Hong Kong Institute of Surveyors Building Surveying Division hosted the Building Surveyors Conference 2022 at New World Millennium Hong Kong Hotel today. Themed “Sustainability in Built Asset and Countryside Conservation”, the Conference gathered around 250 professionals from various government departments, business leaders, experts, and scholars to deliberate on surveying industry prospects. Sr CHEUNG Hau-wai, SBS, Chairman of the Hong Kong Green Building Council attended the Conference as its Guest of Honour.

The public concern about conservation and sustainability has been increasing in recent years. Meanwhile, the HKSAR Government is also determined to promote ecological conservation and green development. This vision is reflected in the “Northern Metropolis Development Strategy” announced last year at the Policy Address and the expansion of the (then) Environmental Bureau to the Environment and Ecology Bureau.

This Conference gathered speakers from inside and outside the Building Surveying field to share their thoughts and insights on balancing conservation and socio-economic development. It inspired the surveyors to achieve the shared goal of making a better and greener society.

Sr CHEUNG Hau-wai, SBS, Chairman of the Hong Kong Green Building Council noted in his opening address, “The theme of the Building Surveyor Conference 2022 has highlighted timely on the important topic of “Sustainability in Built asset and Countryside Conservation”. To achieve carbon natural before 2050, I wish to advocate to surveyors to design and operate a people-orientated, sharing and ecologically balanced sustainable built environment, including through enhancing the use of renewable energy and energy efficiency in new buildings and retro-commissioning our existing buildings.”

The Conference comprised three sections, namely “Countryside Conservation”, “Green Building”, and “Sustainable Development”. Nine industry leaders, experts and scholars deliberated the industry trends of sustainable development and explored prospects of building surveying profession from all-rounded and professional perspectives. Speakers included

Ms YU Po-mei, Clarice, JP, Director of Buildings, Buildings Department, Hong Kong SAR Government deliberating on “Setting Building Standards for a Sustainable Built Environment”; Mr TSE Cheong-wo, Edward, JP, Director of Architectural Services, Architectural Services Department, Hong Kong SAR Government on “Sustainable and Liveable City: Our Way Out”; Prof TANG Man-bun, Stephen, BBS, Head of Countryside Conservation Office, Environmental Protection Department, Hong Kong SAR Government on “Countryside Conservation & Urban-Rural Symbiosis”; Prof LAM Chiu-ying, SBS, Chairman, The Hong Kong Countryside Foundation on “Conservation and Restoration of Natural and Cultural Assets in Hong Kong”; Prof LAM Kin-che, SBS, JP, Adjunct Professor of Department of Geography and Resource Management, The Chinese University of Hong Kong on “Environmental Impact Assessment of Countryside Development”; Dr Eric WIKRAMANAYAKE, Director of Wildlife and Wetlands, WWF – Hong Kong on “Integrating The Green with The Gray: The Inner Deep Bay Wetland Landscape as A Nature-Based Solution for A Livable, Climate-Resilient Northern Metropolis”; and Mr HO Ho-yin, Patrick, Deputy Head of Sustainable Development, Swire Properties Limited on “Advancing to Net-Zero Built Asset – Swire Properties’ Strategy and Vision”, and more. It aroused active discussion among the attendees.

Sr CHEUNG Man-to, Arthur, Chairman, HKIS Building Surveying Division mentions, “Surveyors always need to keep pace with time and adopt new technologies and innovative approaches to design an urban built environment in harmony with sustainable development. We can contribute our professions throughout the entire project cycle to enhance the quality of new and existing buildings and strive to achieve sustainability for a better and greener Hong Kong.”

Sr KWOK Pak-wai, Jeffrey, Organising Committee Chairman of HKIS Building Surveyors Conference 2022 notes in his closing speech, “The Conference covered the latest initiatives for sustainable development in different aspects and the direction of the surveying industry in the future. We hope to deliver all-around skills and knowledge to enlighten our participants into achieving our common goal of unleashing Hong Kong’s potential in sustainable development.”

List of speakers (in order of speech delivery)

Prof TANG Man-bun, Stephen, BBS,
Head of Countryside Conservation Office, Environmental Protection Department, HKSAR

Prof LAM Chiu-ying, SBS,
Chairman, The Hong Kong Countryside Foundation

Prof LAM Kin-che, SBS, JP,
Adjunct Professor of Department of Geography and Resource Management, The Chinese University of Hong Kong

Ms YU Po-mei, Clarice, JP,
Director of Buildings, Buildings Department, HKSAR

Mr TSE Cheong-wo, Edward, JP,
Director of Architectural Services, Architectural Services Department, HKSAR

Ir LEUNG Chi-fung,
Director – Operations, Business Environment Council Limited

Dr Eric WIKRAMANAYAKE,
Director of Wildlife and Wetlands, WWF – Hong Kong

Mr HO Ho-yin, Patrick,
Deputy Head of Sustainable Development, Swire Properties Limited

Ir Dr CHAN Wing-hong, Cary, JP,
Executive Director, Hong Kong Green Building Council

List of speakers and topics is downloadable here.
Conference Booklet is downloadable here.
High-resolution event photos are downloadable here.

Photo Captions:

001 Sr CHEUNG Hau-wai, SBS, Chairman, Hong Kong Green Building Council (3rd from Left); Sr CHEUNG Man-to, Arthur, Chairman, HKIS Building Surveying Division (2nd from Right); Sr CHIU Kam-kuen, President, The Hong Kong Institute of Surveyors (3rd from Right) and HKIS Office Bearers gathered at the Hong Kong Institute of Surveyors Building Surveyors Conference 2022.
002 Sr Cheung Hau-wai, SBS, Chairman, Hong Kong Green Building Council attended the Conference as the Guest of Honour.
003 Sr CHEUNG Man-to, Arthur, Chairman, HKIS Building Surveying Division delivered the opening speech.
004 The Conference is conducted physically this year, receiving enthusiastic participation.

Hashtag: #HongKongInstituteofSurveyors #HKIS

About the Hong Kong Institute of Surveyors

Established in 1984, The Hong Kong Institute of Surveyors (HKIS) is the only surveying professional body incorporated by ordinance in Hong Kong. As of 14 October 2022, the number of members reached 10,780, of which 7,616 were corporate members, 62 were associate members and 3,102 were probationers and students. HKIS work includes setting standards for professional services and performance, establishing codes of ethics, determining requirements for admission as professional surveyors, and encouraging members to upgrade skills through continuing professional development.

The Institute has an important consultative role in government policy making and on issues affecting the profession. We have advised the government on issues such as building safety and unauthorized building works, problems of property management, town planning and development strategies, construction quality and housing problems. We have also issued guidance notes on floor area measurement, real estates valuation and land boundary survey, etc.

Please visit our official website:
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About Building Surveying Division

Established in 1985, Building Surveying Division (BSD) is one of six divisions of the HKIS. The total number of professional building surveyors as at Oct 2022 has increased to 1,595 from 119 since the establishment. In the past 36 years, the Division organized many conferences and visits, and issued a number of publications to promote the service and image of building surveying profession.

Professional building surveyors are qualified by professional assessments with prescribed practical training. We uphold the stringent professional standards of HKIS, which require a high level of service and efficiency as well as compliance with a strict code of professional conduct.

Dominica Adopts TRON as “National Blockchain”, Setting a Path for More to Follow

GENEVA, SWITZERLAND – Media OutReach – 14 October 2022 – The recent high-level collaboration between TRON and the Caribbean island country Dominica marks a crucial breakthrough in the history of blockchain. It is also expected to pioneer a model for sovereign states to develop the blockchain industry.

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On October 7 (AST), the Government of Dominica announced on its official website that it had entered into an agreement with TRON, appointing TRON Protocol as its designated national blockchain infrastructure. Meanwhile, TRON has obtained the government’s endorsement to issue Dominica Coin (DMC), a blockchain-based fan token, to promote Dominica’s global fanfare for its natural heritage and tourist attractions while boosting its economic growth. This agreement is, to date, the highest level of cooperation between a sovereign state and a blockchain platform, which cements TRON’s legal status as the national blockchain infrastructure of Dominica. Industry experts thought highly of this move and believed that such an alliance will provide an excellent model for small and medium economies to develop the digital economy.

Roosevelt Skerrit, Prime Minister of Dominica, set a high value on this partnership. According to him, the Government of Dominica has been committed to building a more inclusive and diversified economy with the help of new technologies. Benefiting from TRON’s openness and cost-effectiveness, Small Island Developing States such as Dominica will be better integrated into the global economy in the future.

An island country in the Caribbean region, Dominica is member of several regional organizations including the Caribbean Community, the Organization of Eastern Caribbean States, the Association of Caribbean States, and the Bolivarian Alliance for the Americas. It has an economy based on agriculture and tourism and shows huge untapped potential. As the Caribbean rises to be a star region for global blockchain adoption, countries here have been actively embracing blockchain and cryptocurrency one after another, and Dominica is no exception. This May, the Parliament of the Commonwealth of Dominica passed the Virtual Assets Business Act. It is believed by local officials that the bill will create fresh opportunities for employment, trade, and investment, catalyzing economic transformation and all-round development for Dominica.

However, it is challenging for small and medium economies with limited technological power to develop blockchain and cryptocurrency on their own. This is testified by the failure of Sango Coin issued by the Central African Republic (CAR) this year: only 5% of the supply was sold after the token launch, according to Reuters.

Working with prestigious blockchains, which have enormous user bases and state-of-the-art technology, may be the best way for these countries to embrace cryptocurrency and blockchain at large.

The statement by Dominica describes TRON Protocol as one of the leading global blockchain platforms renowned for its efficient and cost-effective crypto settlement system. Statistics show that TRON is one of the world’s three largest public chains. As of writing this article, its number of users has exceeded 115 million with over 4 billion transactions and more than $50 billion assets on the blockchain. Therefore, this cooperation will allow TRON to assist the Government of Dominica in technological development and crypto user acquisition with its expertise and experience in the digital economy.

Moreover, the Virtual Asset Business Act was drafted with the support of the Eastern Caribbean Central Bank (ECCB), which means that the cooperation is likely to open a gate for TRON to enter the Caribbean, facilitating the region’s infrastructure construction needed for the digital economy. The promising prospect of Dominica may be replicated in more Caribbean countries.

TRON and its founder Justin Sun have long been concerned about the digital transformation of Caribbean countries. He was appointed the new Ambassador and Permanent Representative of the Government of Grenada to the WTO at the end of 2021, and in June 2022, he attended the WTO’s 12th Ministerial Conference (MC12) in Geneva, Switzerland as head of the Grenada delegation. Sun stated at the conference that blockchain and stablecoins can empower trade, e-commerce, and many other industries, and that blockchain and crypto technologies can inject impetus into the economies of Small Island Developing States in the Caribbean region. As TRON furthers its partnership with sovereign states such as Grenada and Dominica, Sun’s vision of driving economic growth for small and medium economies and achieving financial inclusivity with blockchain and crypto technologies is becoming a reality.

Founded by Justin Sun in 2017, TRON is dedicated to building the next-generation infrastructure for the global Internet and finance. It is believed to be one of the largest and most active communities in the blockchain world. The TRON blockchain is one of the world’s three largest public chains today. In addition to the public chain, TRON’s comprehensive blockchain ecosystem also covers the NFT, DeFi, and distributed storage protocol, among others. Its aim is to become a mainstream financial service provider, according to Sun’s plan.

Hashtag: #TRONDAO

Japan Supports Promotion of Disability-Inclusive Communities in Laos

The Government of Japan has provided grant assistance worth USD 321,573 to support the promotion of disability-inclusive communities in Laos.

Tropical Depression to Cause Rainfall in Southern and Central Laos This Weekend

Tropical depression is approaching from South China Sea.

The department of Meteorology and Hydrology has issued a warning for heavy rains as a tropical depression that originated in the south China sea is likely to hit parts of Laos between 14-15 October.